Commission Decision (EU) 2015/455Show full title

Article 1 U.K.

1. The following measures implemented by Greece constitute State aid within the meaning of Article 107(1) of the Treaty:

(a) the emergency liquidity assistance provided to Piraeus Bank S.A. by the Bank of Greece and guaranteed by Greece (measure L2);

(b) the second bridge recapitalisation of EUR 1 553 million granted by the Hellenic Financial Stability Fund (‘HFSF’) to Piraeus Bank S.A. in December 2012 (measure B2);

(c) the commitment letter of EUR 1 082 million granted by the HFSF to Piraeus Bank S.A. on 20 December 2012 (measure B3);

(d) the recapitalisation of EUR 5 891 million granted by the HFSF to Piraeus Bank S.A. in Spring 2013 (measure B4); and

(e) the recapitalisation of EUR 524 million by the HFSF to Piraeus Bank S.A. granted in Spring 2013 (measure C).

2. In the light of the restructuring plan relating to the Piraeus Bank Group, which includes Piraeus Bank S.A. and all its subsidiaries and branches, submitted on 25 June 2014 and of the commitments provided by Greece on that date, the following State aid is compatible with the internal market:

(a) the capital injection of EUR 750 million granted by Greece to Piraeus Bank S.A. in May 2009 and December 2011 under the Recapitalisation Scheme (measure A);

(b) the emergency liquidity assistance provided to Piraeus Bank S.A. by the Bank of Greece and guaranteed by Greece since July 2011, for an amount of EUR 30,4 billion at 31 December 2012 (measure L2);

(c) the first bridge recapitalisation of EUR 4,7 billion granted by the HFSF to Piraeus Bank S.A. in May 2012 (measure B1);

(d) the second bridge recapitalisation of EUR 1 553 million granted by the HFSF to Piraeus Bank S.A. in December 2012 (measure B2);

(e) the commitment of EUR 1 082 million granted by the HFSF to Piraeus Bank S.A. on 20 December 2012 (measure B3);

(f) the recapitalisation of EUR 5 891 million granted by the HFSF to Piraeus Bank S.A. in Spring 2013 (measure B4); and

(g) the recapitalisation of EUR 524 million granted by the HFSF to Piraeus Bank S.A., in Spring 2013 (measure C).