2014/525/EU: Commission Decision of 20 March 2013 on the measures SA.23425 (11/C) (ex NN 41/10) implemented by Italy in 2004 and 2009 for SACE BT S.p.A. (notified under document C(2013) 1501) Text with EEA relevance
Data as of 2026-07-04 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
The initial capital allocation of EUR 105,8 million from SACE for the establishment of SACE BT in 2004 which included the share capital paid up in full by SACE amounting to EUR 100 million and SACE's contribution of EUR 5,8 million to SACE BT's reserves (‘Fondo di Organizzazione’) does not constitute aid within the meaning of Article 107(1) of the Treaty.
The 74,15 % Excess of loss reinsurance provided by SACE on 5 June 2009 in favour of SACE BT contains aid, which has been put into effect in breach of Article 108(3) of the Treaty and which is incompatible with the internal market. The aid element within the measure corresponds to the difference between the reinsurance fee that a private reinsurer would have charged for such a high portion of reinsurance and the one that was charged from SACE BT. In line with the Commission's case practice ( 160 ) , the Commission considers that the fee for such a high portion of reinsurance and risk should have been at least 10 % higher than the fee charged by the private reinsurers for the smaller part of reinsurance and risk. For an amount of EUR 1,56 million paid by SACE BT to SACE, the aid to recover amounts to EUR 156 000.
The recapitalisation of SACE BT carried out on 18 June 2009 in the form of a transfer of EUR 29 million to cover SACE BT's losses registered in 2008 constitutes aid, which has been put into effect in breach of Article 108(3) of the Treaty and which is incompatible with the internal market.
The recapitalisation of SACE BT carried out on 4 August 2009 when the Ordinary Assembly of SACE BT's Shareholders approved the transfer of the amount of EUR 41 million from SACE into the capital account of SACE BT (‘ versamento in conto capitale ’) constitutes aid, which has been put into effect in breach of Article 108(3) of the Treaty and which is incompatible with the internal market.
1. Italyshall recover from SACE BT the incompatible aid such as defined in Articles 2, 3 and 4. 2. The sums to be recovered shall bear interest from the date on which they were put at the disposal of SACE BT until their actual recovery, namely: EUR 156 000 as of 5 June 2009 (Article 2), EUR 29 million as of 18 June 2009 (Article 3) and EUR 41 million as of 4 August 2009 (Article 4). 3. The interest shall be calculated on a compound basis in accordance with Chapter V of Regulation (EC) No 794/2004 ( 161 ) . 4. Recovery of the aid shall be immediate and effective. 5. Italy shall ensure that this Decision is implemented within four months following the date of notification of this Decision.
1. Within two months following notification of this Decision, Italy shall submit the following information: (a) the total amount (principal and recovery interests) to be recovered from SACE BT; (b) a detailed description of the measures already taken and planned to comply with this Decision; (c) documents demonstrating that SACE BT has been ordered to repay the aid. 2. Italy 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 Articles 2, 3 and 4 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 SACE BT.
This Decision is addressed to the Italian Republic.
INFORMATION ABOUT THE AMOUNTS OF AID RECEIVED, TO BE RECOVERED AND ALREADY RECOVERED
ANNEX INFORMATION ABOUT THE AMOUNTS OF AID 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 reimbursed ( *1 ) Principal Recovery interest ( *1 ) Million of national currency.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.