The following measures granted by Portugal constitute state aid:

1. i.

   Loans granted by CGD before nationalisation;

2. ii.

   Loans and liquidity lines granted by CGD to BPN after nationalisation and before the sale, with or without an explicit state guarantee;

3. iii.

   Transfer of assets from BPN to the SPVs at book value before and after the sale;

4. iv.

   Capital injection by the State of 15 February 2012;

5. v.

   Liquidity lines to be granted by CGD requested by BIC for the combined entity;

6. vi.

   Right for BIC to transfer deposits with a pricing above […] bps to the State, or to have the State remunerate the difference; and

7. vii.

   Transfer to the State of costs linked to litigation.

The aid measures set out in paragraph 1 are compatible with the internal market in light of the commitments set out in Section 5.2.