commiss decis state aid implement spain restructur aid public spanish shipyard state aid case nn notifi document number spanish text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof regard council regul ec june establish rule aid shipbuild regard council regul ec june aid shipyard restructur call interest parti submit comment pursuant provis cite regard comment procedur base regul ec commiss decis august authoris restructur aid spanish public shipyard amount approxim eur billion council regul condit approv aid aid restructur purpos provid inform press commiss inform number transact involv public spanish civil shipyard place year letter date januari march commiss request inform matter spain repli letter decis juli commiss initi procedur laid articl ec treati open transact state hold compani sociedad estat de participation industrial sepi bought shipyard juliana cadiz motor factori manis separ compani astillero español sa spanish author inform decis letter commiss date august spain letter date septemb submit comment open procedur inform commiss state hold compani sepi juli decid merg publicli own shipyard spain group commiss decid novemb extend procedur laid articl ec treati extens respect transact hand sepi bazán hand aesa bazán creat group izar letter date novemb commiss inform spain extens procedur request relev inform assess aid element transact letter date novemb commiss clarifi make proper evalu need annual account concern shipyard aesa document clarifi compani evalu time chang ownership spain letter date januari submit comment extens procedur commiss remind spain letter date februari annual report compani provid spain provid inform letter date juli includ request annual report spain provid request annual report commiss decid august issu inform injunct pursuant articl council regul ec march lai detail rule applic articl ec treati procedur regul order spain submit inform spain inform letter date august commiss underlin receiv request inform final decis base inform spain letter date octob repli inform injunct provid request annual report commiss decid extend procedur laid articl ec treati extens cover newli found suspect illeg state aid link transact sepi aesa shipyard letter date commiss inform spain extens procedur request relev inform assess suspect aid letter date juli spain repli extens letter date octob novemb commiss request clarif spain repli letter date novemb provid inform letter date april open commiss receiv comment denmark letter decemb extens comment uk letter februari extens comment receiv royal van lent shipyard letter date septemb parti request anonym letter date septemb izar letter date octob comment forward spain letter date februari march octob spain provid comment letter date march april novemb izar novemb brought action commiss court instanc request annul extens procedur ii detail descript aid beneficiari concern compani astillero español sa aesa bazán de construccion naval militar sa bazán izar construccion naval izar astillero de cadiz srl cadiz astillero de puerto real srl puerto real astillero de sestao srl sestao astillero de sevilla srl sevilla juliana constructora gijonesa sa juliana manis diesel engin compani sa manis astillero taller del noroest astano chang fene transact cover procedur public spanish shipyard compani belong structur spanish state hold compani sepi civil yard directli own astano independ compani own hold aesa subsidiari sepi aesa carri shipbuild activ hold compani activ manag shipyard compani sepi own bazán compani compris militari shipyard independ compani begin structur ownership public shipyard sepi astano aesa bazan puerto real sevilla sestao manis juliana cadiz barrera astand set transact refer transfer decemb sepi bought shipyard compani cadiz juliana ship motor factori compani manis aesa price eur yard barrera astand privatis longer part present investig led structur sepi astano aesa bazan puerto real sevilla sestao manis juliana cadiz sepi juli decid merg publicli own shipyard group merger place main oper oper refer transfer sepi own militari shipbuild group bazán bought aesa remain shipyard compani puerto real sestao sevilla esp oper refer transfer bazán bought shipyard compani juliana cadiz astano ship motor factori manis directli sepi esp compani dissolv merg bazán chang izar current structur shipyard sepi astano aesa bazan vard puerto real sevilla sestao manis juliana cadiz izar decis open formal investig procedur open procedur commiss state doubt transfer sepi paid price report eur million aesa compani juliana cadiz manis contain state aid doubt aid compat common market appear compat commiss decis approv restructur aid packag public shipyard group constitut incompat restructur aid pursuant indent subparagraph articl regul ec establish rule aid shipbuild shipbuild regul find base argument firstli quot sale quot genuin oper capit inject aesa remain yard puerto real sevilla sestao continu busi time previou perform appar continu poor result commerci investor prepar purchas yard condit decis extend formal investig procedur commiss novemb decid extend procedur cover transfer undertaken merg public spanish yard group extens procedur commiss note proxim transact place ultim led creation group public yard procedur need extend transact lead merger order fulli correctli evalu state aid civil shipyard contain transact sepi group context commiss underlin provis capit public undertak place market condit order exclud exist state aid doubt sale price esp yard motor factori consid market price econom advantag constitut state aid confer izar transact applic commun provis rescu restructur aid public civil shipyard commiss doubt transact compat common market decis extend formal investig procedur investig case commiss found sepi provid loan amount eur compani cadiz juliana manis bought appear loan provid compani difficulti commiss consid consid state aid commiss note appear juli aesa receiv capit inject sepi eur commiss consid state aid appear shipyard puerto real sestao sevilla virtual time receiv capit inject aesa similar total amount capit inject aesa shipyard place dai transfer bazán final appear bazán compens loss eur connect bui shipyard astano cadiz juliana manis commiss doubt sepi inject amount compani connect transfer bazán base inform directli relat transfer led creation izar commiss decid extend procedur doubt loan capit inject compat common market final note extens procedur commiss stress case doubt grant addit aid express decis initi current procedur confirm aid grant restructur public spanish yard consid incompat recov iii comment interest parti comment open procedur commiss receiv comment open procedur denmark opinion transact aesa sepi consid illeg capit inject violat aid packag agre aesa denmark support commiss decis open procedur denmark claim bazán receiv aid condit ceas commerci shipbuild takeov bazán number civil shipyard contradict condit final denmark claim danish yard suffer competit spanish yard receiv state aid comment extens commiss receiv comment unit kingdom uk extens procedur uk share commiss doubt restructur public shipyard spain compat market principl underlin kei concern treatment debt state own aesa yard uk understand consider time transact uk consid merg commerci naval group singl entiti izar greater opportun circumvent state aid rule uk wide held view uk industri spanish yard secur shipbuild major convers order competit combin aid measur dispos claim concret exampl spanish yard work uk yard bid term hard explain normal commerci condit appli believ spain plai quot pass parcel quot loss make yard devic allow continu provis subsidi sector avoid restructur essenti comment extens commiss receiv comment parti parti request anonym made joint comment case state aid case note izar activ construct repar mainten transform recreat ship luxuri yacht underlin investig aid creat distort market recreat ship izar facil militari shipyard cartagena san fernando purpos joint comment case case receiv royal van lent shipyard bv activ construct mega yacht compani claim aid grant spanish govern past year extrem prejudici current competitor market commiss receiv comment izar izar firstli claim fund provid sepi consid state resourc loan eur sepi aesa izar claim loan matter sepi take claim loan aesa shipyard capit inject eur sepi aesa izar claim place septemb time aesa own shipyard consid aid shipyard loss cover eur sepi izar izar claim place annual report izar izar final claim incorrect legal base question recov aid provid public spanish shipyard iv comment spain comment open comment open procedur spain clarifi sum sepi paid aesa shipyard motor factori consider lower mention open fact price compani eur eur million state open price compani eur cadiz eur juliana eur manis spain provid commiss argument view transfer state aid main argument transact made order prepar privatis compani sepi specialist privatis transfer compani sepi clear interest buyer found reason subsequ transfer compani bazán alleg purpos transact prepar compani privatis spain consid sepi act market actor bought compani need pai reason price circumst book optim solut comment extens extens procedur spain provid commiss argument state aid involv transfer price esp compani correct spain sepi sharehold concern compani behav market actor decid reorganis shipbuild group aim advantag synergi necess increas capac militari product larg order book expect futur increas sector spain underlin link set transact involv aesa sepi set transact lead creation izar aim privatis concern compani aim creat larg shipbuild group spain spain claim fact price compani cadiz juliana manis chang short time frame eur million esp show transact object transfer shipyard compani bazán asset liabil unaffect impli advantag shipyard compani spain claim public resourc provid transact spain state advantag proven benefit bazán transfer militari natur bazán put doubt articl ec treati appli except provid articl ec treati claim price intern transact group necessarili market base spain claim transact consider price esp fulli reason reflect valu concern shipyard market investor paid price equal book situat spain argu gener principl reorganis activ group affect competit situat emerg compani compani integr compani spain respect refer court case denkavit italiana banco exterior de españa ecotrad altiformi ancillari defenc case commiss price low constitut aid bazán izar spain refer commiss decis juli decis state price paid transfer car plant entiti treuhand low commiss consid irrelev concern intern transact treuhand spain argu reason market price exist fail commiss determin suspect state aid requir procedur regul jurisprud commiss practic spain provid inform book concern yard econom risk estim yard risk divid element econom risk exist contract econom risk utilis capac econom risk commerci labour relat fiscal spain claim book refer deduct estim risk price esp compani reflect real advantag buyer bazán izar tabl eur million compani book estim risk estim net puerto real sestao sevilla cadiz juliana manis astano reaction danish comment spain consid comment aid bazán fall scope procedur irrelev spain deni alleg transact aesa sepi constitut aid unjustifi flow fund final spain state problem face danish shipyard due competit spanish yard unfair competit korea comment receiv uk spain express surpris alleg cross subsidi militari civil product alleg uk yard mix civil militari product deni spanish shipyard benefit measur authoris european commiss comment extens extens procedur spain provid commiss argument view state aid involv loan capit inject note commiss firstli spain claim sepi act privat investor market economi aim maximis profit commiss proven sepi resourc state imput state loan sepi cadiz juliana manis spain state sepi decemb compani debt aesa eur cadiz eur juliana eur manis sepi claim aesa consid aid shipyard interest rate charg similar market rate mibor point capit inject eur sepi aesa spain state capit inject juli state open septemb year time aesa activ sold shipyard bazán distort competit caus capit inject capit inject aesa intend organis orderli closur aesa spain respect refer court judgment eni lanerossi suspect capit inject astano cadiz juliana manis spain inform annual report izar year take eur million loss connect acquisit concern shipyard spain aid involv sepi shipyard transfer bazán spain extens argument possibl aid authoris incompat case commiss declar illeg aid provid public spanish shipyard reaction comment provid parti spain fulli agre state izar issu product luxuri yacht comment parti spain claim firstli ship cover shipbuild regul comment account state luxuri yacht built izar state aid izar worldwid share market minim percent deni claim invest shipyard san fernando cartagena place assess legal base articl ec treati aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market pursuant establish case law european court criterion trade affect met recipi firm carri econom activ involv trade member state articl ec treati categori aid decis council act qualifi major propos commiss consid compat common market commiss note council adopt basi june shipbuild regul forc januari decemb appli illeg aid provid period line commiss notic determin applic rule assess unlaw state aid shipbuild econom activ involv trade member state aid shipbuild fall scope articl ec treati commiss note shipbuild regul quot shipbuild quot mean build propel seago commerci vessel commiss note articl regul state aid grant shipbuild ship repair ship convers compat common market compli provis regul provis appli aid grant undertak engag activ relat entiti august pursuant regul ec commiss exception approv packag restructur aid spanish public merchant shipyard order return viabil end includ aid previous approv total packag esp billion eur billion give agreement council stress quot time time quot natur aid packag spanish govern undertaken commit yard receiv aid restructur rescu loss compens privatis reflect condit attach commiss decis approv aid underlin indent subparagraph articl shipbuild regul provis state rescu restructur aid grant undertak grant aid pursuant regul ec consequ aid excess aid authoris initi commiss decis august consid incompat common market approv legal base commiss note shipyard sestao puerto real sevilla cadiz juliana built repair ship time undertak cover regul manis fene astano consid relat entiti commiss note aesa izar parent compani owner shipyard fall scope articl shipbuild regul correspond line commiss previou decis link public spanish shipyard decis approv aid decis declar aid sepi aesa incompat assess aid transfer state case cover transfer compani hold compani potenti aid provid connect transfer assess carri examin relev aspect transfer issu rais open procedur extens treat separ role sepi open extens commiss presum sepi act behalf state behaviour transact imput state spain contest claim sepi function independ state behaviour imput state spain view sepi act market investor fund provid sepi case consid state aid commiss note sepi public hold compani directli depend ministri financ consid public undertak sens commiss direct ec amend commiss direct eec due ownership financi particip public author directli indirectli exercis domin influenc sepi court defin fund consid state resourc state sum measur question perman held treasuri fact constantli remain public control compet nation author suffici categoris state resourc court judgment case franc ladbrok race commiss appli sepi resourc court decis court judgment stardust marin outlin criteria imput state aid measur public undertak court infer set indic aris circumst case context measur exampl indic provid court integr public compani structur public administr natur activ exercis market normal condit competit privat oper legal statu undertak sens subject public law ordinari compani law intens supervis exercis public author manag undertak indic show case involv public author adopt measur unlikelihood involv regard compass measur content condit sepi compani legal statu annual report access public spanish registri supervis compani exercis board director constitut larg extent state secretari person directli link govern natur activ includ privatis state own compani activ close link public polici sepi histori behaviour shipyard carri manner consid imput state provid part authoris restructur aid unlaw aid note sepi circumst state aid spanish coal industri deriv point sepi fund state resourc deriv point provis fund investig case shipbuild compani consid imput state provid term conform market economi principl gener principl appli financi transact state public compani call market economi investor principl sepi fund state resourc essenti sepi econom transact shipbuild subsidiari subsidiari compani econom activ hold compani compani act fulli line market economi investor principl market economi investor principl explain detail commiss commun member state applic articl eec treati articl commiss direct eec public undertak manufactur sector court case boch state wai establish measur state aid appli criterion extent undertak obtain sum question privat capit market condit continu quot similar circumst privat sharehold regard forseeabl obtain return leav social region polici sector consider subscrib capit question quot commiss exclud fund provid sepi free aid long sepi action compli market investor principl commiss transact scrutini assess sepi act market investor principl spain claim transact sepi group correspond market condit refer case commiss requir intra group transact market term commiss consid specif case accept state own group firm transfer market term accept state resourc transfer compani competit compani common market aid contain transact link transfer aesa sepi sepi decemb bought compani juliana cadiz manis aesa aspect assess order determin exist state aid transfer issu purchas price paid sepi aesa market price issu sepi provis loan compani bought compli market investor principl purchas price firstli note spain inform commiss price paid compani eur eur million state open procedur spain previous claim eur sepi paid compani correspond book time transact late stage investig inform book earlier unspecifi date spain claim sepi pai market price bought shipyard order privatis classif measur state aid depend aim effect fact shipyard bought alleg purpos privatis reason disregard state aid charact transact addit view sepi state own hold reiter financi transact sepi compani competit compani common market base market principl sepi pai price market price compani state aid seller case aesa commiss note sepi succe privatis compani sold sepi subsidiari bazán juli month sale transact esp annual report concern compani appar book compani end dai sale transact eur cadiz eur juliana eur manis eur explain spain evalu market compani juli transfer bazán spain argu point time market book minu estim risk includ balanc sheet compani risk estim loss ship construct cost activ factor chang time reason assum chang significantli month period compani consider spain estim total risk eur juli commiss conclud sepi decemb paid eur compani book eur dai risk month estim eur conclud sepi paid market price compani amount exceed market price consid state aid seller aesa inform injunct juli commiss request copi document clarifi evalu compani time transfer ownership spain provid inform transact commiss option make estim market base inform market case correspond book minu financi risk lack inform commiss calcul exact financi risk order exclud overestim risk take prudent approach assum financi risk prudent approxim market current circumst approxim book estim book date transact decemb book decemb eur million base market compani exce amount base inform conclud aesa sold sepi eur compani worth eur equal gain eur aesa conclus sepi payment eur compani cadiz juliana manis consid accord market investor principl gain eur made aesa consid state aid aesa sale own shipyard compani involv civil ship construct state aid illeg notifi commiss compat common market authoris restructur aid type aid annual report aesa compani own state continu oper depend financi support respect sharehold sepi aesa aesa shipyard inform commiss conclud aid provid sepi aesa transact transfer compani own aesa sestao sevilla puerto real conclus state aid aesa impli state aid shipbuild activ made commiss decis illeg state aid provid sepi aesa subsequ upheld court loan provid sepi shipyard decemb extens procedur commiss note sepi provid compani juliana cadiz manis loan eur year commiss doubt state aid compani fact situat shipyard compani juliana cadiz manis accumul debt aesa eur sepi compani provid eur quot advanc quot payment cadiz eur million juliana eur million manis eur million repai loan aesa loan carri interest rate mibor point sepi turn claim eur aesa differ eur eur state extens procedur eur due small loan provid sepi shipyard earlier date state aid point view assess focu transact state resourc transfer state beneficiari assess focu sepi loan eur compani juliana cadiz manis differ amount eur state extens procedur eur assum state aid establish amount monei provid issu assess court establish case boch similar circumst privat sharehold regard forese obtain return leav social region polici sector consider provid loan question privat investor take decis level group normal market economi condit expect accept rate profit capit invest court state establish loan state aid appli criterion determin extent undertak obtain sum question privat capit market call privat creditor test annual report juliana cadiz manis clear compani receiv loan difficulti compani neg book valu end record loss auditor state annual account year compani need support sharehold order continu oper sign difficult financi situat shipyard improv reason establish compani obtain loan privat capit market loan compli privat creditor test reason sepi expect repay loan interest provis resourc sepi shipyard compani compli market creditor principl loan constitut state aid compani state aid illeg notifi commiss compat common market authoris restructur aid type aid spain loan amount eur septemb repaid sepi interest izar time dissolv compani juliana cadiz manis illeg aid recov commiss intend inform state aid investig concern extent sepi capit inject izar benefit civil shipbuild aid contain transact link transfer aesa izar aesa juli sold bazán remain shipyard compani puerto real sestao sevilla aspect assess rais decis extend procedur order determin exist state aid purchas price paid izar aesa market price sepi capit inject eur aesa compli market investor principl capit inject sepi decid juli provid aesa eur capit inject dai aesa sold shipyard compani sestao sevilla puerto real bazán capit provid septemb spain claim capit provid septemb aesa sold shipyard distort competit shipbuild annual report aesa year aesa provid eur million shipyard compani sold bazán izar annual report shipyard reveal capit provid shipyard debt cancel spain confirm aesa quot adjust quot debt shipyard compani connect sale bazán reflect yard provid figur debt cancel aesa sold compani esp bazán sale transact gener book loss eur million aesa loss gener shipbuild activ total loss aesa year amount eur million capit inject sepi aesa neg capit eur million end liquid compani law issu assess note similar circumst privat sharehold inject capit expect accept rate profit capit invest firstli evid aesa gener accept return capit fund cover cost link cancel debt shipyard subsequ loss sell shipyard bazán addit aesa pure hold compani involv econom activ gener profit exclud actual ultim beneficiari measur shipyard ownership bazán izar gener accept rate return due past perform lack restructur measur foreseen confirm annual report izar state civil yard made loss conclud capit inject sepi aesa compli market investor principl constitut state aid stress regard aesa cancel debt shipyard eur million improv financi situat amount establish aesa debt cancel involv cash payment sepi decis juli inject eur aesa monei provid septemb enabl aesa immedi cancel debt declar bankruptci state aid perspect aid grant sepi decis juli provid capit inject decis precondit enabl aesa reliev shipyard debt ultim beneficiari aid shipyard effect oper shipyard reliev debt aesa aesa debt cancel improv financi situat concern shipyard eur million commiss assess provis fund sepi transact amount eur state aid illeg notifi commiss compat common market authoris restructur aid type aid conclud market economi investor principl compli spain refer make capit inject order ensur orderli close express lanerossi judgment commiss consid spain argument accept reason firstli lanerossi judgment relev case shipyard benefit capit inject debt reduct oper intend close aid provid spanish argument assess point view closur aesa closur shipyard note procedur start closur aesa start middl court state lanerossi judgment inject capit disregard prospect profit long term provis regard aid situat case sepi expect receiv remuner capit provid civil shipbuild compani aesa final note close cost aesa spain consist social cost link restructur civil shipyard aid cover cost impli violat commiss decis authoris restructur aid purchas price question purchas price constitut state aid izar rais extens procedur date novemb reason state aid provid manner aesa sold shipyard bazán empti shell virtual activ tempt spanish author ensur asset transfer aesa shipyard compani compani civil shipyard bazán appear evid probabl market compani esp small procedur spain provid inform book valu compani eur eur eur sestao sevilla puerto real total eur spain suggest market shipyard eur eur eur total eur note esp yard market price theori impli net gain bazán izar eur spanish estim market correct establish gain bazán izar directli involv resourc sepi state commiss price esp yard establish state aid buyer bazán izar aid contain transact link transfer sepi bazán compani astano cadiz juliana manis sold sepi bazán juli esp extens procedur commiss express doubt market price state aid provid bazán izar extens procedur commiss note compani total book minu eur commiss determin sum book annual report bazán izar loss commiss doubt sepi inject amount compani connect transfer bazán book valu spain inform commiss transfer compani total book eur time transact appear amount fact book loss annual report year bazán izar contrari assum extens procedur price spain provid credibl inform market compani neg conclud price low impli state aid bazán izar recoveri restructur aid grant approv doubt illeg state aid public shipyard confirm commiss assess note extens procedur restructur aid grant consid incompat recov issu commiss consid take consider comment made spain izar context procedur ground part restructur aid authoris incompat reason decis authoris aid commiss request recoveri aid authoris expir monitor report date octob aid approv exist aid monitor period expir aid recoveri chang ownership shipyard compani benefit illeg aid establish own izar illeg aid recov izar chang ownership yard aesa sepi izar recoveri aid fall previou owner concern compani reason compani transfer izar market term open transpar tender procedur form reorganis compani sepi group symbol price european court justic rule recent judgment compani bought discriminatori competit condit market price highest price privat investor act normal competit condit readi pai compani situat enjoi state aid aid element assess market price includ purchas price circumst undertak tender grant regard benefit advantag relat market oper ask repai aid element question obviou descript fact present case condit met addit join case itali sim multimedia spa commiss paragraph court stress quot sale share compani beneficiari unlaw aid sharehold parti affect requir recoveri quot present case bazán izar own state hold compani sepi acquir share compani part sepi group elimin legal entiti acquisit share successor previous legal independ yard form share compani izar beneficiari recov aid grant yard articl capit inject yard consid aid bazán spain claim aid fall articl scope state aid rule bazán militari compani time acquisit yard articl stipul quot member state measur consid protect essenti interest secur connect product trade arm munit war materi measur advers affect condit competit common market product intend specif militari purpos quot decis restructur aid ksg commiss state quot onvers measur caught definit state aid mean articl affect militari product commerci dual product fulli justifi basi articl commiss share viewpoint effect virtu militari aspect measur caught articl clear effect competit militari sector interpret conflict word articl quot decis state quot clear measur affect condit competit commerci product accord standard practic commiss assess measur light state aid rule distort threaten distort competit market product caught articl quot commiss note bazán oper izar todai activ militari civil shipbuild aid provid shipyard bought bazán directli exclus link product civil ship refer find present case decis ksg commiss note product civil ship fall articl treati exempt ground articl compani bought shipyard bazán time acquisit involv militari product open decis case nn list paragraph seq number criteria fulfil applic articl ec treati requir spanish author submit commiss evid measur aim promot product militari good activ disput civil shipyard need massiv capit inject order surviv mere fact sold shipbuild compani involv naval construct alter natur shipyard shipyard militari yard fact own compani involv naval activ provid inform shipyard contrari essenti interest spain present case spain simpli fail give credibl explan essenti secur interest affect deni provid kind substanti inform vi conclus sepi purchas aesa compani cadiz juliana manis decemb eur market price ultim benefit aesa remain shipyard compani sestao sevilla puerto real loan eur sepi compani difficulti cadiz juliana manis decemb capit inject eur sepi aesa septemb ultim benefit compani sestao sevilla puerto real adopt decis articl state aid spain implement public spanish shipyard own izar amount eur incompat common market articl spain measur recov public spanish shipyard aid refer articl unlawfulli made beneficiari eur recov recoveri effect delai accord procedur nation law provid effect execut decis sum recov bear interest period run date put dispos beneficiari actual recoveri interest rate appli refer rate calcul grant equival region aid interest rate refer paragraph appli compound basi entir period refer paragraph articl spain inform commiss month notif decis measur plan compli provid inform questionnair attach annex decis articl decis address kingdom spain brussel commiss mario monti member commiss oj oj oj oj oj oj oj oj case monetari amount decis gener round figur euro recalcul spanish peseta oj ecr ecr ecr oj ecr oj oj oj oj ecr paragraph ecr paragraph oj oj oj ecr oj ecr case spain commiss ecr paragraph case dmt ecr paragraph opinion ag jacob case paragraph own number smaller compani total nomin capit esp million eur million compar esp billion eur million shipyard compani puerto real esp billion sestao esp billion sevilla esp billion point judgment quot accept parent compani limit period bear loss subsidiari order enabl close oper condit decis motiv sole likelihood indirect materi profit consider desir protect group imag redirect activ inject capit public investor disregard prospect profit long term provis capit regard aid mean articl treati compat common market assess basi sole criteria laid provis quot inform procedur open izar order determin capit inject provid izar year civil purpos oj cf penultim paragraph page final case bank ecr paragraph germani commiss publish ecr paragraph ecr oj annex inform implement commiss decis ec calcul amount recov provid detail amount unlaw state aid put dispos beneficiari date amount aid currenc comment explain detail interest paid amount aid recov calcul measur plan recov aid describ detail measur plan measur effect effect recoveri aid relev legal basi measur plan timet recoveri process recoveri aid complet recoveri effect provid detail amount aid recov beneficiari date amount aid repaid currenc attach proof repay aid amount tabl point