Commission Decision of 24 March 2009 on State aid C 47/05 (ex NN 86/05) implemented by Greece for Hellenic Vehicle Industry SA (ELVO) (notified under document C(2009) 1476) (Text with EEA relevance)

• Articles: 5

Article 1

The State aid amounting to GRD 239 944 390 and EUR 712 827,99 unlawfully granted by Greece in favour of ELVO, in breach of Article 88(3) of the Treaty, is incompatible with the common market.

Article 2

1.   Greece shall recover the aid referred to in Article 1 from the beneficiary. The aid shall be recovered exclusively from the revenue of ELVO from its civil activities.

2.   The sums to be recovered shall bear interest from the date on which they were put at the disposal of the beneficiary until the date of their actual recovery.

3.   The interest shall be calculated on a compound basis in accordance with Chapter V of Commission Regulation (EC) No 794/2004  ( 12 ) .

Article 3

1.   Recovery of the aid referred to in Article 1 shall be immediate and effective.

2.   Greece shall ensure that this Decision is implemented within four months following the date of notification hereof.

Article 4

1.   Within two months following notification of this Decision, Greece shall submit the following information to the Commission:

(a)

the total amount (principal and recovery interest) to be reimbursed by the beneficiary (in this respect Greece shall in particular indicate the exact date of repayment of EUR 634 088,99 under Tax Waiver B (see recital 14, second dashed indent));

(b)

a detailed description of the measures already taken and planned to comply with this Decision;

(c)

documents demonstrating that the beneficiary has been ordered to repay the aid.

2.   Greece shall keep the Commission informed of the progress of the national measures taken to implement this Decision until recovery of the aid referred to in Article 1 has been completed. It shall immediately submit, on simple request by the Commission, information on the measures already taken and planned to comply with this Decision. It shall also provide detailed information concerning the amounts of aid and recovery interest already recovered from the beneficiary.

Article 5

This Decision is addressed to the Hellenic Republic.