Commission Decision of 29 June 2011 on the State aid No SA.32504 (2011/N) and C 11/10 (ex N 667/09) implemented by Ireland for Anglo Irish Bank and Irish Nationwide Building Society (notified under document C(2011) 4432) (Only the English text is authentic) (Text with EEA relevance) (2012/269/EU)

Article 1 U.K.

The following aid, which Ireland has implemented in favour of Anglo Irish Bank and Irish Nationwide Building Society or which it plans to implement in favour of the merged entity of those two banks, is compatible with the internal market, in light of the commitments by Ireland set out in Annex I:

(a)

[…] recapitalisations of Anglo Irish Bank in the amount of EUR 29,44 billion;

(b)

Implemented recapitalisations of Irish Nationwide Building Society in the amount of EUR 5,4 billion;

(c)

Implemented State guarantees for Anglo Irish Bank, including the Guarantee Scheme for Credit Institutions (CIFS), the Eligible Liabilities Guarantee Scheme (ELG), the Emergency Liquidity Assistance (ELA) and guarantees on short-term liabilities and off-balance sheet liabilities;

(d)

Implemented State guarantees for Irish Nationwide Building Society, including CIFS, ELG, ELA and guarantees on short-term liabilities;

(e)

Implemented asset relief measure for Anglo Irish Bank, namely transfers of eligible loans to the National Assets Management Agency (NAMA) of EUR 35 billion;

(f)

Implemented asset relief measure for Irish Nationwide Building Society, namely transfers of eligible loans to NAMA of EUR 8,9 billion;

(g)

[…] recapitalisation of the merged entity of EUR 3,3 billion in a stress case;

(h)

Planned guarantees for the merged entity on its wholesale funding, deposits and off-balance sheet liabilities.