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Commission Decision (EU) 2016/1208 of 23 December 2015 on State aid granted by Italy to the bank Tercas (Case SA.39451 (2015/C) (ex 2015/NN)) (notified under document C(2015) 9526) (Text with EEA relevance)

Commission Decision (EU) 2016/1208 of 23 December 2015 on State aid granted by Italy to the bank Tercas (Case SA.39451 (2015/C) (ex 2015/NN)) (notified under document C(2015) 9526) (Text with EEA relevance)

Decision (EU) 2016/1208 · Decision · 5 articles

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 ↗

Article 1

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The State aid implemented through measure 1, which is a non-repayable contribution of EUR 265 million, measure 2, which is a guarantee for EUR 35 million of credit exposures to […] with an aid element of EUR 0,14 million, and measure 3, which is a further non-repayable contribution of EUR 30 million, in total EUR 295,14 million, unlawfully granted to Tercas by Italy on 7 July 2014 in breach of Article 108(3) of the Treaty on the Functioning of the European Union, is incompatible with the internal market.

Article 2

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1.   Italy shall recover the aid referred to in Article 1 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 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  ( 117 ) and Commission Regulation (EC) No 271/2008  ( 118 ) amending Regulation (EC) No 794/2004.

Article 3

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1.   Recovery of the aid referred to in Article 1 shall be immediate and effective. 2.   Italy shall ensure that this decision is implemented within four months following the date of notification of this Decision.

Article 4

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1.   Within two months following notification of this Decision, Italy shall submit the following information to the Commission: (a) the total amount (principal and interest) to be recovered from the beneficiary; (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.   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 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.

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Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.

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