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Commission Decision of 3 September 2013 State aid SA.32554 (09/C) Restructuring aid for Hypo Group Alpe Adria implemented by Austria (notified under document C(2013) 5648) (Only the German text is authentic) (Text with EEA relevance) (2014/341/EU)

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  1. Introductory TextNext Match

  2. Article 1.(1) The following measures constitute State aid: Previous MatchNext Match

  3. Article 2.Austria shall ensure that the liquidation plan submitted on 29...Previous MatchNext Match

  4. Article 3.This Decision is addressed to the Republic of Austria. Previous MatchNext Match

  5. SignaturePrevious MatchNext Match

    1. ANNEXPrevious MatchNext Match

      1. Preliminary remarks Previous MatchNext Match

      2. Commitments Previous MatchNext Match

        1. I. Implementation of the restructuring plan; Monitoring Trustee Previous MatchNext Match

        2. II. Definitions Previous MatchNext Match

          1. 1. Operational entities Previous MatchNext Match

            1. 1.1. HBA Previous MatchNext Match

            2. 1.2. SEE/SEE network Previous MatchNext Match

          2. 2. Wind-down part Previous MatchNext Match

            1. 2.1. Wind-down participations Previous MatchNext Match

            2. 2.2. Wind-down financials Previous MatchNext Match

            3. 2.3. HBI Previous MatchNext Match

        3. III. General commitments Previous MatchNext Match

          1. 1. Pursuit of a prudent, sound and sustainable business policy Previous MatchNext Match

          2. 2. Profit transfer Previous MatchNext Match

          3. 3. Own contribution Previous MatchNext Match

            1. 3.1. No dividend or coupon payments that are not required by...Previous MatchNext Match

              1. 3.1.1. Austria will ensure that HGAA, during the implementation of the...Previous MatchNext Match

              2. 3.1.2. The capital instruments referred to above do not include those...Previous MatchNext Match

              3. 3.1.3. The dividend ban under point 3.1.1 does not apply to...Previous MatchNext Match

            2. 3.2. No calling in or repurchase of capital instruments that are...Previous MatchNext Match

              1. 3.2.1. Austria will ensure that HGAA, during the implementation of the...Previous MatchNext Match

              2. 3.2.2. With the prior agreement of the Commission services, this excludes...Previous MatchNext Match

              3. 3.2.3. With the prior agreement of the Commission, the specific determination...Previous MatchNext Match

          4. 4. Behavioural commitments/restrictions on new business Previous MatchNext Match

            1. 4.1. Replacement of the commitments dated 30 November 2013 (Annex to...Previous MatchNext Match

              1. 4.1.1. HGAA will limit new business in the public finance segment...Previous MatchNext Match

              2. 4.1.2. HGAA will disburse new retail mortgages only with a loan-to-value...Previous MatchNext Match

              3. 4.1.3. The internal funding cost matrix for every new engagement (within...Previous MatchNext Match

              4. 4.1.4. After properly calculating the funding cost (in accordance with point...Previous MatchNext Match

              5. 4.1.5. The return on equity within the meaning of the above...Previous MatchNext Match

              6. 4.1.6. […] may be provided to clients only if the client...Previous MatchNext Match

              7. 4.1.7. HGAA will ensure an annual re-rating and complete financial documentary...Previous MatchNext Match

              8. 4.1.8. The Republic of Austria commits to ensuring that the loan-to-deposit...Previous MatchNext Match

              9. 4.1.9. HGAA will replace or re-train credit officers and relationship managers...Previous MatchNext Match

              10. 4.1.10. HGAA shall not acquire any shareholdings in companies or parts...Previous MatchNext Match

              11. 4.1.11. HGAA shall not use the aid for promotion purposes. Previous MatchNext Match

              12. 4.1.12. The implementation of the above measures will be monitored on...Previous MatchNext Match

            2. 4.2. Scope of the commitments (‘Restrictions on new business’) pursuant to...Previous MatchNext Match

              1. 4.2.1. Definition of the Corporate, Public Finance and Retail segments Previous MatchNext Match

              2. 4.2.2. New business within the Corporate and Public Finance segments Previous MatchNext Match

                1. 4.2.2.1. General definitions Previous MatchNext Match

                2. 4.2.2.2. Additional criteria Previous MatchNext Match

                3. 4.2.2.3. Limitations Previous MatchNext Match

              3. 4.2.3. New business in the Retail segment Previous MatchNext Match

                1. 4.2.3.1. Further definitions and considerations Previous MatchNext Match

                2. 4.2.3.2. Limitations/Exclusions Previous MatchNext Match

        4. IV. Reprivatisation of the operational entities Previous MatchNext Match

          1. 1. Reduction in balance sheet totals and market presence Previous MatchNext Match

            1. 1.1. On 31 December 2008 HGAA was active as an international...Previous MatchNext Match

            2. 1.2. Soon after HGAA was nationalised, it withdrew from all new...Previous MatchNext Match

            3. 1.3. HGAA’s remaining market activities on 31 December 2012, i.e. the...Previous MatchNext Match

            4. 1.4. The remaining operational entities are to be privatised as quickly...Previous MatchNext Match

          2. 2. Maintaining profitability until reprivatisation Previous MatchNext Match

          3. 3. Earliest possible reprivatisation Previous MatchNext Match

            1. 3.1. Reprivatisation Previous MatchNext Match

            2. 3.2. Date of reprivatisation Previous MatchNext Match

            3. 3.3. Reprivatisation deadline Previous MatchNext Match

            4. 3.4. Execution deadline Previous MatchNext Match

            5. 3.5. Extension of the execution deadlines Previous MatchNext Match

            6. 3.6. Change of purchaser Previous MatchNext Match

            7. 3.7. Failure to meet the reprivatisation or execution deadlines Previous MatchNext Match

          4. 4. Sale procedure Previous MatchNext Match

            1. 4.1. Austria undertakes that HGAA will initiate the sale procedures needed...Previous MatchNext Match

            2. 4.2. Reprivatisation of the operational entities will take place either as...Previous MatchNext Match

        5. V. Wind-down part Previous MatchNext Match

          1. 1. Wind-down of existing business that preserves capital and value Previous MatchNext Match

            1. 1.1. Austria commits that HGAA, with effect from the date of...Previous MatchNext Match

            2. 1.2. The assets in the wind-down part will be actively and...Previous MatchNext Match

            3. 1.3. In principle the assets must be sold as quickly as...Previous MatchNext Match

            4. 1.4. All assets that cannot be sold under 1.3 will expire...Previous MatchNext Match

          2. 2. No new business in the wind-down part Previous MatchNext Match

            1. 2.1. Austria commits that, with effect from the date of adoption...Previous MatchNext Match

            2. 2.2. Prolongations with existing customers remain allowed in the wind-down part...Previous MatchNext Match

            3. 2.3. In the case of engagements whose performance is affected, the...Previous MatchNext Match

            4. 2.4. Furthermore, (financing of) expenditure on direct enhancements of assets to...Previous MatchNext Match

          3. 3. Wind-down of HBI Previous MatchNext Match

      3. 2. Monitoring Trustee Previous MatchNext Match

        1. I. Appointment Previous MatchNext Match

          1. 1. Austria will ensure that HGAA appoints, in accordance with the...Previous MatchNext Match

          2. 2. The Trustee must be independent of HGAA, at no time...Previous MatchNext Match

          3. 3. With the agreement of the Commission, the Trustee already appointed...Previous MatchNext Match

        2. II. Duties and obligations of the Trustee Previous MatchNext Match

          1. 1. The duty of the Trustee is to monitor the full...Previous MatchNext Match

          2. 2. The Trustee will report quarterly to the Commission on the...Previous MatchNext Match

          3. 3. The Commission, Austria and HGAA may submit comments on the...Previous MatchNext Match

        3. III. Duties and obligations of Austria and HGAA Previous MatchNext Match

        4. IV. Replacement and discharge of the Trustee Previous MatchNext Match

          1. 1. If the Trustee does not fulfil his duties and obligations...Previous MatchNext Match

          2. 2. If the Trustee is removed, he may be required to...Previous MatchNext Match

      4. 2. Final provisions Previous MatchNext Match

        1. I. Reporting on further aid Previous MatchNext Match

          1. 1. The Republic of Austria undertakes not to grant further aid...Previous MatchNext Match

        2. II. Settlement of legal disputes Previous MatchNext Match

          1. 1. In the event of a conflict between Austria’s commitments and...Previous MatchNext Match

          2. 2. After receiving a sufficiently documented alternative proposal from HGAA, the...Previous MatchNext Match

        3. III. Consultation clause Previous MatchNext Match

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