2006/177/EC: Commission Decision of 19 May 2004 on State aid No C 4/2003 (ex NN 102/2002) implemented by Italy for WAM SpA (notified under document number C(2004) 1812) (Text with EEA relevance)

The aid granted to WAM SpA pursuant to Law No 394/81 falls within the scope of Article 87(1) of the EC Treaty. Since it has not been previously notified to the Commission in breach of Article 88(3) of the EC Treaty, it constitutes unlawful aid.

1 The aid of EUR 104313,20 that Italy granted to WAM SpA in the form of an interest-rate subsidy from 24 April 1996, except for the portion corresponding to eligible costs for consultancy services, participation in fairs and exhibitions and market surveys and amounting to EUR 6258,79, constitutes unlawful aid to the extent that it exceeds the threshold of EUR 50000 laid down in the 1992 de minimis rule . Italy shall take all necessary measures to recover the excess amount of EUR 48054,95.

2 The aid of EUR 106366,60 that Italy granted to WAM SpA in the form of an interest-rate subsidy from 9 November 2000 up to the date of the present decision constitutes unlawful aid except for the portion corresponding to eligible costs for training measures and amounting to EUR 1435,95. Italy shall take all necessary measures to recover the resulting amount of EUR 104930,65.

3 Recovery of the aid referred to in paragraphs 1 and 2 above 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 aid to be recovered shall include interest until the date of its recovery and with effect respectively: (a) from 24 April 1996 as regards the aid referred to in paragraph 1 and (b) from the date of this decision as regards the aid referred to in paragraph 2.

1 Italy shall refrain from granting WAM SpA any further aid in the form of an interest-rate subsidy by way of the measure which is the subject of this decision and which is referred to in Article 2(2) above by either ordering the immediate repayment of the loan granted or by adjusting, as of the date of this decision, the interest rate on the loan in line with the reference rate applicable at the time the loan was granted and fixed by the Commission for the purpose of calculating the grant equivalent of regional aid.

2 The reference rate referred to in paragraph 1 of this Article shall be applied on a compound basis throughout the periods referred to in points (a) and (b) of the second subparagraph of Article 2(3).

Italy shall inform the Commission, within two months of notification of this decision, of the measures taken to comply with it, using the questionnaire in Annex to the decision.

This decision is addressed to the Republic of Italy.