1.The EUR 3 billion recapitalisation, the EUR 10 billion guarantee granted by Germany to HSH in the form of a risk shield and the liquidity guarantees granted by Germany constitute state aid caught by Article 107(1) of the Treaty on the Functioning of the European Union.
2.The aid in the form of a EUR 3 billion recapitalisation, a EUR 10 billion guarantee granted by Germany to HSH in the form of a risk shield and the liquidity guarantees granted by Germany are compatible with the internal market, in light of the commitments set out in Annexes I and III and subject to compliance with the conditions set out in in Annex II.
Germany shall ensure that the original restructuring plan submitted on 1 September 2009, as last modified by Germany’s communication of 11 July 2011, is implemented in full, including the commitments set out in Annexes I and III and the conditions set out in in Annex II, and in accordance with the timetable laid down therein.
Germany shall inform the Commission within two months of notification of this Decision of the measures taken to comply with it.
This Decision is addressed to the Federal Republic of Germany.
Germany is requested to forward a copy of this Decision to the beneficiary of the aid without delay.
Done at Brussels, 20 September 2011.
For the Commission
Joaquín Almunia
Vice-President