2005/827/EC: Commission Decision of 16 June 2004 on the measures implemented by Spain for Siderúrgica Añón SA (notified under document number C(2004) 1813) (Text with EEA relevance)

1 The state aid which Spain has granted to Siderúrgica Añón SA is incompatible with the common market.

2 The aid referred to in paragraph 1 includes the following: (a) the aid element involved in the stake acquired by SODIGA in the share capital of Siderúrgica Añón, which corresponds to: (i) an annual premium of 5,13 % applied to the initial capital injection of EUR 1803060 reduced by the five annual repayments of EUR 150916 in the case of the first stake, acquired in 2001, and (ii) an annual premium of 3,86 % applied to the initial capital injection of EUR 495180 reduced by the four annual repayments of EUR 41868 in the case of the second stake, acquired in 2002; (b) the grant awarded by IGAPE on 10 November 2000, amounting to EUR 2399407; (c) the interest subsidies granted with respect to the syndicated loan of EUR 9616193 of 2 April 2001 via the 30 % guarantee, i.e. 0,3 % p.a., and the direct interest subsidy of 0,25 % p.a. provided by IGAPE, which in total amounts to EUR 52889,1 p.a.; (d) the payment of the formalisation fee of EUR 48081 by IGAPE with respect to the loan of EUR 9616193 of 2 April 2001; (e) the interest subsidy of 5,7 % p.a. contained in the interest-free loan of EUR 1803036 granted by the Ministry of Science and Technology on 29 December 2000.

1 Spain shall refrain from any further grant of aid to the recipient via the measures referred to in Article 1. With regard to payments already authorised but not made by the date of adoption of this Decision, Spain may require the reimbursement of all payments made after the date of adoption of this Decision or as of that date shall adjust the conditions of the measures listed in Article 1 to market conditions as referred to in this Decision.

2 Spain shall take all necessary measures to recover from the recipient the aid referred to in Article 1.

3 Recovery shall be effected without delay 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 first put at the disposal of the recipient until their actual recovery. The interest rate to be applied shall be the reference rate used for calculating the grant equivalent of regional aid. The interest rate referred to in the first subparagraph shall be applied on a compound basis throughout the entire period referred to therein.

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

This Decision is addressed to the Kingdom of Spain.