2014/532/EU: Commission Decision of 23 November 2011 on State aid No C 28/10 implemented by Portugal for the short-term export credit insurance scheme (notified under document C(2011) 7756) Text with EEA relevance

The State aid involved in the short-term export-credit insurance scheme in application of Decree-Law No 175/2008 establishing the Finova of 26 August 2008 and Decree-Law No 211/1998 laying down the rules applicable to mutual guarantee societies of 16 July 1998 (as amended by Decree-Law No 19/2001 of 30 January 2001 and Decree-Law No 309-A/2007 of 7 September 2007), unlawfully granted by Portugal, in breach of Article 108(3) of the Treaty on the Functioning of the European Union, is incompatible with the internal market.

Individual aid granted under the scheme referred to in Article 1 which, at the time the aid is granted, fulfils the conditions laid down by a Regulation adopted pursuant to Article 1 of Regulation (EC) No 994/98 or by any other approved aid scheme is compatible with the internal market, up to the maximum aid intensities or de minimis limits applicable to this type of aid.

1 Portugal shall recover the incompatible aid referred to in Article 1 from the beneficiaries.

2 The sums to be recovered shall bear interest from the date on which they were made available to the beneficiary until their actual recovery.

3 The interest shall be calculated on a compound basis in accordance with Chapter V of Regulation (EC) No 794/2004, as amended by Regulation (EC) No 271/2008.

4 Portugal shall immediately abolish the scheme referred to in Article 1 and cancel all outstanding payments of aid under the scheme referred to in Article 1 with effect from the date of notification of this Decision.

1 Recovery of the aid grated under the scheme referred to in Article 1 shall be immediate and effective.

2 Portugal shall ensure that this decision is implemented within four months following the date of notification of this Decision.

1 Within two months following notification of this Decision, Portugal shall submit the following information to the Commission: (a) The list of beneficiaries that have received aid under the scheme referred to in Article 1 and the total amount of aid received by each of them; (b) The total amount (principal and recovery interest) to be recovered from each beneficiary; (c) A detailed description of the measures already taken and planned to comply with this Decision; (d) Documents demonstrating that the beneficiaries have been ordered to repay the aid.

2 Portugal shall keep the Commission informed of the progress of the national measures taken to implement this Decision until recovery of the aid referred to in Article 1 has been completed. It shall immediately submit, on simple request by the Commission, information on the measures already taken and planned to comply with this Decision. It shall also provide detailed information concerning the amounts of aid and recovery interest already recovered from the beneficiaries.

This Decision is addressed to the Portuguese Republic.