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Commission Decision (EU) 2017/1959Show full title

Commission Decision (EU) 2017/1959 of 18 July 2017 on the State aid SA.34720 — 2015/C (ex 2013/N) implemented by Denmark Aid for the restructuring of Vestjysk Bank (notified under document C(2017) 4990) (Only the English text is authentic) (Text with EEA relevance)

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  1. Introductory Text

  2. Article 1.The restructuring aid which Denmark has implemented in favour of...

  3. Article 2.This Decision is addressed to the Kingdom of Denmark.

  4. Signature

    1. ANNEX

      TERM SHEET (CASE SA.34720) DENMARK — RESTRUCTURING PLAN OF VESTJYSK BANK

      1. 1. BACKGROUND

      2. 2. DEFINITIONS

      3. 3. GENERAL

        1. 3.1. Denmark undertakes to ensure that the Commitments are fully observed...

        2. 3.2. The Restructuring Period shall end on 31 December 2018, provided...

      4. 4. RESTRUCTURING OF VESTJYSK: CAPITALISATION AND REBALANCING OF THE LOAN BOOK...

        1. 4.1. Vestjysk shall throughout the Restructuring Period maintain capital at least...

        2. 4.2. Vestjysk shall throughout the Restructuring Period comply with the following...

        3. 4.3. Vestjysk's balance sheet size for 2017 shall not be higher...

        4. 4.4. Vestjysk shall rebalance its lending in the Restructuring Period as...

        5. 4.5. Net lending measured as average net lending per year to...

        6. 4.6. Vestjysk shall not provide new lending to clients outside the...

        7. 4.7. Large exposures:

      5. 5. BEHAVIOURAL MEASURES AND CORPORATE GOVERNANCE

        1. 5.1. Ban on acquisitions: Vestjysk shall not acquire any stake in...

        2. 5.2. Advertising: Vestjysk must not use the granting of the aid...

      6. 6. RESTRUCTURING VESTJYSK BANK'S RISK MANAGEMENT

        1. 6.1. The Bank will further improve and centralise the risk management...

        2. 6.2. The total recurrent operating (staff expenses, branches, administrative and other...

      7. 7. REPAYMENT OF THE STATE

        1. 7.1. Vestjysk shall completely redeem its State Hybrids at par together...

      8. 8. COMMITMENTS ON CREDIT AND PRICING POLICIES

        1. 8.1. Vestjysk will:

      9. 9. ADJUSTMENT MECHANISM

        1. 9.1. If the targets mentioned in section 4.3 in a given...

      10. 10. REPORTING

        1. 10.1. Denmark shall ensure that the full and correct implementation of...

        2. 10.2. A Monitoring Trustee shall report semi-annually to the Commission on...

      11. 11. MONITORING TRUSTEE

        1. 11.1. Denmark shall appoint a Monitoring Trustee whose mandate is to...

        2. 11.2. The Monitoring Trustee shall be independent of the Bank and...

        3. 11.3. The Trustee shall be remunerated by the Bank in a...

        4. Appointment Of The Monitoring Trustee

          1. 11.4. No later than four weeks after the Effective Date, Denmark...

          2. 11.5. The Commission shall have the discretion to approve or reject...

          3. 11.6. If all the proposed Trustees are rejected, Denmark shall submit...

          4. 11.7. If all further proposed Trustees are rejected by the Commission,...

        5. Duties and obligations of the Monitoring Trustee

          1. 11.8. The Trustee shall assume its specified duties in order to...

          2. 11.9. The Monitoring Trustee shall:

        6. Duties and obligations of Denmark and the Bank

          1. 11.10. The Bank shall provide and shall cause its advisors to...

        7. Replacement, discharge and reappointment of the Trustee

          1. 11.11. If the Trustee ceases to perform its functions under the...

          2. 11.12. The Commission may, after hearing the Monitoring Trustee, request Denmark...

          3. 11.13. Denmark, with the prior approval of the Commission, may replace...

          4. 11.14. If the Trustee is removed, the Trustee may be required...

          5. 11.15. Besides the removal, the Trustee shall cease to act only...

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