2011/269/EU: Commission Decision of 27 October 2010 on State aid C 14/09 (ex NN 17/09) granted by Hungary to Péti Nitrogénművek Zrt. (notified under document C(2010) 7274) Text with EEA relevance

• Articles: 6

Article 1

The EUR 52 million investment loan and the HUF 10 billion current facilities loan granted by Hungary to Péti Nitrogénművek Zrt. constitute State aid within the meaning of Article 107(1) TFEU.

Article 2

1.   The State aid unlawfully granted by Hungary to Péti Nitrogénművek Zrt. in breach of Article 108(3) TFEU is partly compatible, partly incompatible with the internal market.

2.   The unlawful State aid consisting in the difference between the subsidised interest rate under the Temporary Framework and the relevant reference rate is compatible with the internal market.

3.   The unlawful State aid consisting in the difference between the effective remuneration of the measures and the subsidised interest rate under the Temporary Framework is incompatible with the internal market.

4.   Hungary shall refrain from granting the State aid referred to in paragraph 3 with effect from the date of notification of this decision.

Article 3

1.   Hungary shall recover the aid referred to in Article 2(3) from the beneficiary.

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 on which they are actually recovered.

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

Article 4

1.   Recovery of the aid referred to in Article 2(3) shall be immediate and effective.

2.   Hungary shall ensure that this Decision is implemented within 4 months of its notification.

Article 5

1.   Within 2 months following notification of this Decision, Hungary shall submit the following information to the Commission:

(a)

the total amount (principal and recovery interest) to be recovered from the beneficiary;

(b)

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

(c)

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

2.   Hungary 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 2(3) with interest 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 6

This Decision is addressed to the Republic of Hungary.