The following measures constitute State aid that was unlawfully put into effect by Spain in breach of Article 108(3) of the Treaty on the Functioning of the European Union and that are incompatible with the internal market:

• Measure 1

  The State guarantee granted by IVF on 5 November 2009 for a bank loan to Fundación Valencia for the subscription of shares in Valencia CF, in the context of the capital increase by Valencia CF, in the amount of EUR 19,193 million.

• Measure 2

  The State guarantee granted by IVF on 26 July 2010 for a bank loan to Fundación Hercules for the subscription of shares in Hercules CF, in the context of the capital increase by Hercules CF, in the amount of EUR 6,143 million.

• Measure 3

  The State guarantee granted by IVF on 17 February 2011 for two bank loans to Fundación Elche for the subscription of shares in Elche CF, in the context of the capital increase by Elche CF, in the amount of EUR 3,688 million.

• Measure 4

  The increase granted by IVF on 10 November 2010 to Fundación Valencia, in the amount of EUR 1,188 million for the payment of overdue capital, interest and costs of the loan guaranteed by measure 1.