2014/274/EU: Commission Decision of 20 March 2013 on State Aid No SA.23420 (11/C, ex NN40/10) implemented by Belgium for SA Ducroire/Delcredere NV (notified under document C(2013) 1497) Text with EEA relevance

Article 1

Since the guarantee granted by Belgium to the ONDD did not benefit the ONDD's marketable risk activity, it does not constitute aid.

Article 2

Any internal transfers of resources to the marketable risk activity within the ONDD, the existence of which has not been proved, do not constitute aid.

Article 3

The initial capital allocation granted by the ONDD to Ducroire/Delcredere amounting to EUR 113,4 million does not constitute aid.

Article 4

The initial capital allocation granted by the ONDD to Ducroire/Delcredere amounting to EUR 36,6 million, implemented on 23 September 2004 in breach of Article 108(3) of the Treaty on the Functioning of the European Union, constitutes illegal aid incompatible with the internal market within the meaning of that Treaty.

Article 5

1.   Belgium, through the ONDD, shall recover from Ducroire/Delcredere the aid referred to in Article 4. Belgium shall provide detailed evidence — including certification issued by an independent firm auditing these accounts — that the repayment has been financed exclusively by Ducroire/Delcredere's marketable risk activity. 2.   The sums to be recovered shall include the interest which has accrued between the date on which they were made available to Ducroire/Delcredere (1 January 2005) and the date on which they are actually recovered. 3.   The interest shall be calculated on a compound basis in accordance with Chapter V of Commission Regulation (EC) No 794/2004  ( 90 ) . 4.   Recovery of the aid shall be immediate and effective.

Article 6

A separate administration and separate accounts must be introduced without delay for the non-marketable risk activity and the marketable risk activity, and maintained for as long as the non-marketable risk activity receives state support. The separation of the accounts must take account of the financial data furnished by the Belgian authorities in May 2012. In particular, the resulting breakdown of the capital must be done in the same way as in May 2012.

Article 7

1.   Within two months following notification of this Decision, Belgium shall communicate the following information to the Commission: (a) the total amount (principal and interest) of the aid to be recovered from Ducroire/Delcredere; (b) a detailed description of the measures already taken and planned to comply with this Decision; (c) the documents proving that Ducroire/Delcredere has been served with formal notice to repay the aid. 2.   Belgium 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 4 has been completed. It shall immediately submit, on simple request by the Commission, any information on the measures already taken and planned to comply with this Decision. It shall also provide detailed information on the amounts of aid and interest already recovered from Ducroire/Delcredere.

Article 8

Belgium shall take the measures necessary to implement this Decision within four months following the date of its notification.

Article 9

This Decision is addressed to the Kingdom of Belgium.

INFORMATION ON AMOUNTS RECEIVED, TO BE RECOVERED AND ALREADY RECOVERED

ANNEXSupplementary provisions

ANNEX INFORMATION ON AMOUNTS RECEIVED, TO BE RECOVERED AND ALREADY RECOVERED Identity of the beneficiary Total amount of aid received under the scheme  ( 1 ) Total amount of aid to be recovered  ( 1 ) (Principal) Total amount already repaid  ( 1 ) Principal Interest                                                                       ( 1 )   Million national currency