2014/189/EU: Commission Decision of 28 December 2012 on State aid SA.33760 (12/N-2, 11/C, 11/N); SA.33763 (12/N-2, 11/C, 11/N); SA.33764 (12/N-2, 11/C, 11/N); SA.30521 (MC 2/10); SA.26653 (C9/09); SA.34925 (12/N-2, 12/C, 12/N); SA.34927 (12/N-2, 12/C, 12/N); SA.34928 (12/N-2, 12/C, 12/N) implemented by the Kingdom of Belgium, the French Republic and the Grand Duchy of Luxembourg in favour of Dexia, DBB/Belfius and DMA (notified under document C(2012) 9962) Text with EEA relevance

1 The aid measures approved in the Commission’s conditional decision of 26 February 2010 on State aid C 9/09 have been unlawfully applied by Belgium, France and Luxembourg.

2 The Commission’s decision of 26 February 2010 on State aid C 9/09 implemented by Belgium, France and Luxembourg is revoked.

1 The measures implemented by Belgium, France and Luxembourg, before the decision of 26 February 2010, to provide EUR 8,75 billion in aid for Dexia in the form of a capital increase (including Arcofin’s participation) and aid for the treatment of impaired assets, and EUR 135 billion in the form of a guarantee and a guaranteed liquidity assistance operation (‘emergency liquidity’ or ELA), constitute State aid within the meaning of Article 107(1) TFEU.

2 The following measures implemented or contemplated by Belgium, France and Luxembourg to assist Dexia since the decision of 26 February 2010 constitute State aid within the meaning of Article 107(1) TFEU: (a) the temporary refinancing guarantee (EUR 55 billion) and the final refinancing guarantee (EUR 85 billion) for Dexia SA and DCL; (b) the sale of DBB/Belfius on 20 October 2011, which benefited Dexia SA and DBB/Belfius; (c) the EUR 5,5 billion recapitalisation of Dexia SA; (d) the emergency liquidity (ELA) granted by the BNB to DBB/Belfius (between 5 October 2011 and 31 January 2012, the maximum amount granted being EUR […] billion); (e) half of the emergency liquidity (ELA) granted by the Banque de France to DCL (since 2 February 2012, the maximum amount granted has been EUR […] billion); (f) the commitment to recapitalise the NEC and DMA (to assist these entities of the new development bank); (g) the sale of DMA in favour of Dexia SA and DMA.

3 The aid referred to in paragraphs 1 and 2 is compatible with the internal market provided that the commitments referred to in Article 3 are met.

1 Belgium, France and Luxembourg shall respect all the commitments set out in Annex I to this Decision within the time limits fixed.

2 Belgium shall respect all the commitments set out in Annex II to this Decision within the time limits fixed.

3 France shall respect all the commitments set out in Annex III to this Decision within the time limits fixed.

Belgium, France and Luxembourg shall inform the Commission, within a period of two months from the date of notification of this Decision, of the measures taken to comply therewith.

This Decision is addressed to the Kingdom of Belgium, the French Republic and the Grand Duchy of Luxembourg.