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Commission Decision of 24 July 2013 on the State aid SA.35062 (13/N-2) implemented by Portugal for Caixa Geral de Depósitos (notified under document C(2013) 4801) (Only the English text is authentic) (Text with EEA relevance) (2014/767/EU)

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  1. Introductory Text

  2. Article 1.The State aid consisting of the subscription by Portugal of...

  3. Article 2.Portugal shall ensure that the restructuring plan submitted on 15...

  4. Article 3.Portugal shall inform the Commission within two months of notification...

  5. Article 4.This Decision is addressed to the the Portuguese Republic.

    1. ANNEX

      COMMITMENTS CAIXA GERAL DE DEPÓSITOS, S.A.

      1. 1. Background

      2. 2. Definitions

      3. 3. General

        1. 3.1. Portugal is to ensure that the Restructuring Plan for CGD...

        2. 3.2. Portugal is to ensure that the Commitments are fully observed...

        3. 3.3. The Restructuring Period will end on 31 December 2017. The...

      4. 4. Restructuring of cgd: split into core activities and non-core activities...

        1. 4.1. CGD will split its activities into two parts: the Core...

        2. 4.2. The Core Activities

          1. 4.2.1. The Domestic Core Activities include the net assets set out...

          2. 4.2.2. The International Core Activities and the International Instrumental Activities include...

          3. 4.2.3. Size

            1. 4.2.3.1. By end-December 2014 the balance sheet size of the Core...

            2. 4.2.3.2. By end-December 2016, the balance sheet size of the Core...

            3. 4.2.3.3. The total exposure on the consolidated balance sheet to […]...

            4. 4.2.3.4. Should it become likely that the above balance sheet, RWA,...

          4. 4.2.4. Branches and Employees

          5. 4.2.5. Description of Core Activities

            1. 4.2.5.1. The Core Activities shall be those of a commercial retail...

            2. 4.2.5.2. Consequently, during the Restructuring Period CGD:

          6. 4.2.6. Principles which apply to the International Core Activities and to...

          7. 4.2.7. Restructuring plan for BCG Spain

            1. 4.2.7.1. CGD shall restructure the business of BCG Spain, in order...

            2. 4.2.7.2. CGD commits to cease all activities in the Spanish operation...

            3. 4.2.7.3. The restructuring of BCG Spain shall be carried out in...

              1. 4.2.7.3.1. Phase 1

              2. 4.2.7.3.2. Phase 2

                1. 4.2.7.3.2.1. Starting from […], CGD will continue the implementation of the...

                2. 4.2.7.3.2.2. If the KPIs referred to above are not met by...

        3. 4.3. The Non-Core Activities

          1. 4.3.1. The sale of Caixa Seguros

            1. 4.3.1.1. CGD’s main subsidiary active in the insurance business, Caixa Seguros,...

          2. 4.3.2. Assets allocated to the Non-Core Activities to be run-down

            1. 4.3.2.1. The Non-Core Activities include the assets set out below (cut-off...

            2. 4.3.2.2. By end-December 2014, the Non-Core Assets shall not be higher...

            3. 4.3.2.3. By end-December 2016, the Non-Core Assets shall not be higher...

            4. 4.3.2.4. Principles which apply to the Non-Core Activities

      5. 5. Repayment Mechanism of the AID

        1. 5.1. CGD undertakes to repay the EUR 900 million CoCos in...

        2. 5.2. Without prejudice to the competences of Bank of Portugal as...

        3. 5.3. CGD undertakes to pay EUR 405,415 (equivalent amount to the...

      6. 6. Behavioural measures and corporate governance

        1. 6.1. Ban on acquisitions: CGD commits to refrain from making acquisitions....

        2. 6.2. Ban on commercial aggressive practices: The beneficiary bank shall avoid...

        3. 6.3. Proprietary trading: Portugal will ensure that CGD will not engage...

        4. 6.4. Advertising: CGD must not use the granting of the aid...

        5. 6.5. Assurances regarding corporate governance

          1. 6.5.1. All members of the management bodies of CGD shall have...

          2. 6.5.2. Besides the committees established in CGD’s Articles of Incorporation (being...

          3. 6.5.3. All of CGD’s decisions shall be taken on purely commercial...

          4. 6.5.4. Portugal commits not to exert any influence on the day-to-day...

          5. 6.5.5. The Credit Council, the Extended Credit Council, and the Audit...

          6. 6.5.6. CGD ensures that until 31 December 2013 at the latest...

          7. 6.5.7. CGD ensures that until 31 December 2013 at the latest...

          8. 6.5.8. In order to ensure CGD’s compliance with principles set out...

        6. 6.6. Remuneration of bodies and employees:

          1. 6.6.1. CGD shall verify the incentive effect and appropriateness of its...

          2. 6.6.2. CGD as a financial institution shall establish and implement its...

          3. 6.6.3. Furthermore, CGD’s remuneration policy of the Board Members shall also...

          4. 6.6.4. Likewise, CGD commits to ensure that the Bank complies with...

          5. 6.6.5. In particular, CGD undertakes to restrict the total remuneration to...

        7. 6.7. Ban on dividend, coupon and interest payments: CGD will not...

        8. 6.8. Support of Portuguese SMEs: In view of securing financing to...

        9. 6.9. Other rules of conduct: CGD shall continue expansion of its...

        10. 6.10. Monitoring Trustee

          1. 6.10.1. Portugal shall ensure that the full and correct implementation of...

          2. 6.10.2. The appointment, duties, obligations and discharge of the Monitoring Trustee...

          3. 6.10.3. Portugal and CGD shall ensure that, during the implementation of...

          4. 6.10.4. CGD will report annually to the Commission on the evolution...

        11. 6.11. Divestiture Trustee

          1. 6.11.1. Portugal shall ensure that CGD sells the insurance business unit’s...

          2. 6.11.2. Portugal shall ensure that CGD sells its non-strategic holdings (stake...

          3. 6.11.3. The Divestiture Trustee shall be independent of CGD and work...

      7. Appendix I

        1. THE MONITORING TRUSTEE

          1. (A) Appointment of the Monitoring Trustee

            1. (i) Portugal undertakes to ensure that CGD appoints a Monitoring Trustee...

            2. (ii) The Trustee must be independent of CGD. The Trustee must...

            3. (iii) Portugal shall submit the names of two or more persons...

            4. (iv) These proposals must contain sufficient information about those persons to...

            5. (v) The Commission has the discretion to approve or reject the...

            6. (vi) If all the proposed Trustees are rejected, Portugal shall submit...

            7. (vii) If all further proposed Trustees are also rejected by the...

          2. (B) Appointment of the Divestiture Trustee

            1. (i) Portugal undertakes to ensure that CGD appoints a Divestiture Trustee...

            2. (ii) Portugal shall submit the names of two or more persons...

            3. (iii) Portugal shall submit the names of two or more persons...

          3. (C) General duties and obligations

          4. (D) Duties and obligations of the Monitoring Trustee and the Divestiture...

            1. (1) The duty of the Trustee is to guarantee full and...

            2. (2) The Trustee:

            3. (3) The Divestiture Trustee shall sell the insurance business unit’s assets...

            4. (4) The Divestiture Trustee shall sell remaining non-strategic holdings (estimated sale...

          5. (E) Duties and obligations of CGD

            1. (1) CGD is to provide and to require its advisors to...

            2. (2) Subject to CGD’s approval (this approval may not be unreasonably...

          6. (F) Replacement, discharge and reappointment of the Trustee

            1. (1) If the Trustee terminates its functions under the Commitments or...

            2. (2) If the Trustee is removed in accordance with paragraph F...

            3. (3) Besides removal in accordance with paragraph F(1), the Trustee is...

      8. Appendix II

        1. NET ASSETS CONTRIBUTION ARISING FROM PARTICIPATIONS ON OTHER DOMESTIC BUSINESS...

      9. Appendix III

        1. DETAILED ASSETS OF BCG SPAIN (INCLUDING ASSETS THAT WILL BE...

      10. Appendix IV

        1. DETAILED ASSETS OF THE SPANISH BRANCH

      11. Appendix V

        1. LIST OF THE […] SPANISH BRANCHES ([…])

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