2005/652/EC: Commission Decision of 20 October 2004 on the State Aid C 38/03 implemented by Spain (further restructuring aid to the public Spanish shipyards) (notified under document number C(2004) 3918) (Text with EEA relevance)

The State aid amounting to EUR 556,1 million euro unlawfully granted by Spain, in breach of Article 88(3) of the Treaty, in favour of IZAR is incompatible with the common market.

1 Spain shall take all necessary measures to recover from IZAR the aid referred to in Article 1 and unlawfully made available to the beneficiary.

2 Recovery shall be effected without delay and in accordance with the procedures under national law, provided these allow the immediate and effective implementation of this Decision. The sums to be recovered shall bear interest throughout the period running from the date on which they were put at the disposal of the beneficiary until their actual recovery. The interest rate to be applied will be the reference rate used for calculating the grant equivalent of regional aid. The interest rate referred to in paragraph 4 will be applied on a compound basis throughout the entire period referred to in paragraph 3.

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

This Decision is addressed to the Kingdom of Spain.