Article 1
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.
Article 2
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.
Article 3
Germany shall inform the Commission within two months of notification of this Decision of the measures taken to comply with it.
Article 4
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