2005/173/EC: Commission Decision of 12 May 2004 on the State aid implemented by Spain for further restructuring aid to the public Spanish shipyards State aid Case C 40/00 (ex NN 61/00) (notified under document number C(2004) 1620) (Text with EEA relevance)

The State aid which Spain has implemented for the public Spanish shipyards, currently owned by IZAR, amounting to EUR 500473000 is incompatible with the common market.

1 Spain shall take all necessary measures to recover from the public Spanish shipyards the aid referred to in Article 1, and unlawfully made available to the beneficiaries, except the EUR 192100000 already recovered.

2 Recovery shall be effected without delay and in accordance with the procedures of national law provided that they allow the immediate and effective execution of the decision. The sums to be recovered shall bear interest throughout the period running from the date on which they were first put at the disposal of the beneficiaries until their actual recovery. The interest rate to be applied will be the reference rate used for calculating the grant equivalent of regional aid.

3 The interest rate referred to in paragraph 2 will be applied on a compound basis throughout the entire period referred to in paragraph 2.

Spain shall inform the Commission, within two months of notification of this Decision, of the measures planned and already taken to comply with it. It will provide this information using the questionnaire attached in Annex of this Decision.

This Decision is addressed to the Kingdom of Spain.