Commission Decision of 27 March 2012 on the measures SA. 26909 (2011/C) implemented by Portugal for the restructuring of Banco Português de Negócios (BPN) (notified under document C(2012) 2043) (Only the Portuguese version is authentic) (Text with EEA relevance) (2012/660/EU)

Article 1 U.K.

1. The following measures granted by Portugal constitute state aid:

i.

Loans granted by CGD before nationalisation;

ii.

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

iii.

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

iv.

Capital injection by the State of 15 February 2012;

v.

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

vi.

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

vii.

Transfer to the State of costs linked to litigation.

2. 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.