commiss decis novemb condition approv aid grant itali public bank banco di sicilia sicilcassa notifi document number italian text authent text eea relev ec commiss european commun regard treati establish european commun articl thereof regard agreement european econom area articl thereof interest parti notic submit comment accord abovement articl procedur letter juli commiss ask italian author inform propos remedi crisi affect sicilian public sector bank set region bank unit aegi public sector bank banco di sicilia bs suitabl reinforc mediocredito central mc specialis bank control treasuri italian author repli letter date septemb contain document request commiss gener explan plan rescu public sector bank sicili measur involv liquid save bank sicilcassa sc compulsori administr transfer asset liabil bs support banca italia fondo interbancario di tutela dei depos fitd order determin recoveri plan contain state aid commiss ask detail letter date octob italian author repli letter decemb packag measur support transfer includ contribut fitd absorb itl billion loss incur sc assist banca italia accord treasuri decre septemb measur quantifi stage precis figur deficit result liquid sc plan mc major sharehold bs subscript capit itl billion specif provis made plan part effort strengthen bs treasuri decis transfer bs hold irfi mediocredito della sicilia small public sector financi institut specialis manag region fund sicilian firm irfi time transfer transact place sc wound septemb take view propos measur element state aid respect sc bs mean articl treati commiss initi proceed articl time ask italian author clarifi aid measur envisag manag mc bs integr remain part sc undertook radic restructur base plan provid stringent cut staff cost averag sector manag programm poor qualiti asset plan develop servic activ provid bank diversifi sourc incom line viabl credit institut rigor applic restructur plan allow bank attain profit year earlier anticip plan effort made bs acknowledg market june insur compani cardiff member pariba group decid minor hold bank capit meet decemb march juli italian author provid commiss document request includ report irfi bs restructur plan drawn mc report estim debit balanc liquid sc itl billion total provis requir banca italia cover debit itl billion lastli fax octob italian govern inform commiss commit privatis mc open transpar discriminatori sale procedur june sale place gener privatis italian bank system time privatis bs descript sicilian public sector bank bs public sector financi institut transform joint stock compani pursuant law juli quot amato quot law implement decre law requir bank activ entrust privat joint stock compani separ public bodi whilst social secur activ entrust bank foundat pursu object public interest social previous entrust public sector bank bank foundat hold capit bank compani aid question fondazion banco di sicilia held equiti bs rest held treasuri sicilian region bs group engag bank financi intermedi sector compos bs head bank control bs banco di sicilia intern sa luxembourg irfi mediocredito della sicilia spa small public sector financi institut specialis manag region fund sicilian firm financi compani bs domest bank branch sicili abroad london york italian author present propos question bs group emerg period crisi affect difficulti sicilian economi result deterior asset hamper long stand oper resourc alloc ineffici inadequ commerci polici prevent diversifi sourc incom suffici group high oper cost wage cost significantli reduc profit financi year bs incur total loss itl billion order make shortfal fund largest italian bank subscrib subordin debentur loan itl billion end bank fund compris itl billion subordin debt total itl billion bs start record slight improv end due satisfactori perform portfolio hold reduct readjust respect loan profit reach itl billion return equiti inadequ bank restructur assist capit inject treasuri itl billion paid itl billion outstand amato law sicilian region itl billion region law recapitalis sicilian bank capit inject sharehold improv solvenc ratio accord prudenti ratio laid european bank rule treasuri contribut strengthen bs transfer control interest irfi small public sector financi institut specialis manag region aid sicilian firm bs acquisit irfi bs group significantli alter group balanc asset account group consolid asset effect consolid result limit septemb bs decid acquir asset liabil sc small region bank difficulti wound treasuri septemb year extraordinari administr decis necessit loss incur sc result manag part administr incompat principl healthi prudent manag ambigu relat bank custom bank posit revis administr adjust respect claim itl billion show loss itl billion includ deficit itl billion inject itl billion sicilian region supplement contribut provid region law june recapitalis sicilian bank net asset total itl billion august administr estim minimum itl billion requir recapitalis restructur sc bank account situat preclud return viabil pursuant articl italian bank law approv banca italia administr transfer bs entir bank busi sc symbol sum itl asset liabil sc bs sold invit tender privat negoti contract sale administr continu manag loan default itl billion legal action respect transfer settl debt legal action civil liabil damag respect administr sc quot due dilig quot process asset liabil transfer entrust intern audit firm complet septemb eventu conclud begin calcul liquid deficit itl billion effort bs integr sc organis structur set sicilian bank unit assist mc wholli own treasuri subsidiari specialis open market subsidis medium long term loan small medium size firm quarter mc underwrot increas bs reserv capit inject itl billion princip sharehold treasuri direct hold sicilian region fondazion banco di sicilia ensur mc place board bs member increas vice chairman appoint interest acquir mc bs benefit network branch improv loan offer firm ow treasuri bank experi quot project financ quot sector produc signific synergi acquisit mc stake bs rate agenc standard poor moodi lower assess point complet transact sc divis bs branch continu bs proceed integr organis data process system agreement trade union confirm decre law septemb convert law novemb lai urgent measur resolv sicilcassa spa crisi restructur banco di sicilia spa sc staff continu benefit pre exist wage social secur arrang pend trade union agreement regul consequ employe banco di sicilia industri plan law stipul agreement derog provis forc collect agreement bank sector integr sc econom activ bs total balanc sheet itl billion tabl give place italian bank term asset doubl number branch sicili emploi person share brought sc control interest irfi rose bs essenti activ itali asset sale frankfurt subsidiari direct hold abroad limit london york subsidiari repres pari luxembourg subsidiari bs hold signific stake italian banca italo romena spa specialis financ trade itali romania austrian bank centro international handelsbank ag centrobank bs hold bank valletta malta regard capit itl billion inject mc itl billion recapitalis treasuri amato law itl billion partner cardiff gave bs fund itl billion line minimum solvenc ratio impos bank supervisori author good financi result enabl repai part subordin loan advanc reduc half tabl balanc sheet banco di sicilia gt tabl gt sourc banco di sicilia report sc transact led deterior posit bs loan default doubt loan rose increas due sc high level loan default princip reason bank result incom servic proport brokerag margin limit end larg extent depend tradit bank activ tabl oper result subject consider readjust respect loan relat sc asset profit itl billion due extraordinari incom bs sold bank subsidiari banca del sud banca credem branch ravenna total itl billion bs forecast year readjust respect loan default reach extraordinari level bs consid provid adequ loss loan year produc posit result year ordinari manag tabl profit loss account banco di sicilia gt tabl gt sourc banco di sicilia report measur state measur italian author plan deal crisi affect sicilian credit institut commiss examin part proceed order determin state aid articl ec treati decis fitd contribut itl billion liquid sc order cover part deficit result transfer sc asset liabil bs possibl banca italia grant bs part transfer sc asset liabil banca italia advanc accord treasuri decre septemb order offset loss result compulsori wind deficit establish itl billion decemb itl billion paid sc bs interest amount banca italia contribut itl billion cover deficit italian author state residu charg cover liquid sc sale asset sold bs capit increas itl billion bs reserv mc transfer bs treasuri share irfi proceed commiss establish time contribut fitd itl billion liquid sc aim cover deficit result sale bs sc asset liabil constitut state aid articl treati inform comment interest parti comment parti receiv commiss period comment itali procedur italian author put forward argument intend demonstr measur constitut state aid regard compat ec treati comment italian author submit document memoranda august action banca italia treasuri decre septemb italian author emphasis measur benefit sc depositor purchas asset liabil bs consid sc benefit measur liquid ceas trade deni bank econom activ separ legal person regard recipi aid bs author regard bi contribut compens disadvantag encount bs acquisit sc difficulti integr bodi manag inherit debt addit italian author state sale asset liabil sc block minimis cost born depositor commun stress effort made find buyer sc econom activ bs prepar acquir credit institut posit exploit potenti transact ow knowledg sicilian territori environ banca italia act fitd contribut larger amount itl billion neg consequ particip fund italian author stress contribut made resort endeavour restructur reviv credit institut fail result public resourc minimum machineri provid treasuri decre septemb activ order calcul public resourc result quot due dilig quot procedur liquid administr sc bs sale deficit determin definit liabil attach asset transfer sc born bs lastli italian author state commiss contribut constitut aid aid fitd benefit entir italian bank system view fact italian bank subsidiari foreign bank itali particip fund capit inject mc bs italian author state invest mc carri accord principl privat investor oper market economi letter date march juli commiss mc institut bodi oper order demonstr independ treasuri econom financi strateg reason invest regard independ bank mc state bank administr board includ member appoint treasuri power influenc board manag polici decis remit sharehold meet profit invest mc state return capit tax year good invest prospect bank downward trend long term rate mc strong strateg reason carri transact specialis bank abolit distinct short term bank medium long term bank requir network distributor product mezzogiorno fact attempt acquir public sector bank south banco di napoli time recent privatis order assess treasuri hold irfi italian author commun report drawn financi compani giubergia warburg gw opinion report bs share acquir treasuri exchang stake irfi nomin addit author claim contribut interest irfi treasuri attempt bs rationalis structur hold public sector financi institut irfi bs sc mc lastli state regard transfer irfi bs compens delai payment resourc grant amato law approv commiss assess aid commiss note unabl determin aid bs prior recapitalis mc contribut banca italia compat ow failur italian author notifi propos measur decis grant aid inform possess incomplet commiss unabl prior decis assess data whilst understand reason italian author carri transact quickli commiss regret notifi advanc view delai present italian author restructur plan inform request commiss aid unlaw grant commiss determin compat mean articl ec treati advantag recipi assess financi transact member state commiss appli principl quot privat investor oper market economi quot aid question grant septemb commiss appli principl set commun public undertak transact involv aid privat investor oper normal market economi condit undertaken transact question ow poor return relat risk involv contribut fondo interbancario di tutela dei depos basi inform submit italian author proceed commiss view fitd decis contribut itl billion liquid sc cover deficit result transfer asset liabil bs basi infonn time constitut state aid mean articl treati commiss conclud document commun italian author notabl articl associ fitd minut fitd board meet measur question constitut state aid verifi signific contribut public sector bank adopt decis august accord commiss direct eec june transpar financi relat member state public undertak amend direct eec found decis accord articl associ unanim note privat sector bank account major vote fitd board date decis question advanc grant banca italia accord decre septemb transfer asset liabil sicilcassa banco di sicilia made support banca italia treasuri decre septemb decre banca italia grant month advanc govern secur interest rate bank place depositor bank compulsori liquid cover loss imposs recov claim institut banca italia fix amount advanc extent loss redempt plan present case intervent central bank intend reimburs bs loss incur respect sc busi activ cover contribut fitd word liquid calcul total loss incur sc result deficit itl billion determin contribut itl billion banca italia procedur commiss assess inform provid italian author comment condit public resourc grant decre septemb posit italian author aid intend sole sc contribut banca italia intend reimburs bs loss asset transfer sc regard aid bs bs acquir asset sc includ loan default reimburs banca italia loss sc default intervent banca italia theoret time decis fundament decis bs mc confirm italian author measur purchas sc constitut sort guarante whilst intend bs cover oper loss sc allow surviv public contribut creat distort lead surviv econom activ appar prospect viabil sc disappear econom activ includ restructur bs form integr part fact sc liquid alter commiss assess distort competit product structur bank network branch continu exist oper market liquid legal entiti quot concern quot stai busi distort caus public contribut allow econom activ appar prospect econom financi viabil surviv assum fact offici transpar invit tender italian author state bs support mc italian bank express interest acquir packag asset liabil sc point banco di napoli put sale foreign bank interest invest southern itali conclud inform provid italian author actual competit tender deadlin sc domest foreign candid hand report liquid refer express interest bank purchas part bank remov liabil econom reason believ sc network worth potenti buyer abroad bs bs larg network sicili margin price prepar pai branch potenti foreign buyer lastli bank area custom commiss suffici inform rule possibl bs benefit directli advanc grant banca italia order limit exposur risk commiss consid statement italian author public resourc essenti order prevent greater damag bank market result larger contribut fitd state directli indirectli princip portion financi assist bank difficulti commiss decid state aid invok fact state support alter commiss assess support articl treati short commiss conclud basi forego contribut grant bs banca italia decre septemb order sc remain busi satisfi criterion privat investor market economi decis advanc banca italia connect transfer sc asset notifi advanc commiss capit inject banco di sicilia italian author announc plan aid sicilian bank includ provis direct aid bs form capit increas reserv mc aim rationalis structur treasuri hold place bank activ sicili govern control mediocredito inject fresh capit bs bs urgent capit solvenc ratio compli prudenti regul profit poor improv rationalis cost structur cost invest aim renew product activ bs unabl fund commiss examin public privat natur bs mc order decid contribut regard compli principl privat investor market economi articl direct eec public natur bank public undertak undertak public author exercis directli indirectli domin influenc hold major part firm subscrib capit exercis de facto control social bodi present case privat limit compani statu bank prevent regard public undertak sharehold public author bank creat transform limit liabil compani public credit institut law compar public sector bank present case treasuri retain larger hold financi difficulti bs led reduct share fondazion banco di sicilia sicilian region benefit treasuri financi resourc continu capitalis bank recent crisi year commiss note capit inject bs event control public sector bodi mc public sector bank time transact convert limit compani law novemb convers limit compani bank state major hold mc continu wholli own treasuri italian author mc wholli own treasuri oper complet independ public author normal sharehold right meet basi inform provid author commiss establish special rule applic mc strengthen independ administr relat major sharehold case treasuri contrari power appoint dismiss administr establish bank gener commerci polici power enjoi firm commerci law manag mc defin major sharehold treasuri wholli own mc decis mc acquir interest bs reserv capit increas public measur order assess public measur form capit contribut commiss appli principl privat investor market economi state aid public measur carri condit accept privat investor commun public author hold presumpt state aid public undertak contribut capit circumst accept privat investor oper normal market economi condit case financi posit compani structur volum debt normal return expect reason time capit invest inadequ cash flow reason compani unabl rais fund need invest capit market principl applic bank sector case public hold capit firm state aid financi posit firm normal return dividend capit gain expect reason time capit invest risk involv transact high extend long period enabl commiss establish privat investor test satisfi shown state capac sharehold act privat sharehold end commiss requir coher detail restructur plan show suppos normal return state invest oper accept privat investor market economi state aid compon italian author provid commiss industri plan mc drawn time invest bs plan bs restructur year integr sc rationalis manag cost staff cost rigor manag perform loan creat diversifi bank unit southern itali italian author point mc transact examin standpoint polici recent year aim diversifi sourc revenu mc access network bs chiefli concentr region enabl integr activ bank specialis soft loan merchant bank project financ corpor retail bank commiss acknowledg decis mc major sharehold bs similar measur recent specialis financi institut diversifi busi sourc incom commiss note strateg diversif measur credit establish provid effect posit term profit ow consequ reduct risk acquisit stabl sourc profit plan accompani industri project forecast expect return discount posit effect diversif case plan drawn bs commiss note profit improv remain averag european bank sector reach year extens restructur plan show bs attain suffici level profit year posit effect cooper commerci bank invest bank satisfactorili reflect industri plan privat investor wait year obtain satisfactori return invest involv similar risk contrari mc base choic public object obtain adequ profit note mc produc modest profit recent year commiss consid privat investor invest project invest help restor financi equilibrium firm obtain return capit invest capabl offset improv poor return asset opinion commiss capit increas bs reserv mc satisfi criterion privat investor market economi defin commiss commun novemb member state regard state aid note commiss decis bank sector recapitalis transact constitut aid carri sharehold state normal market condit amount cost wind assist firm minimum solvenc ratio criteria bank viabil time guarante equal competit theori bank reduc commit order compli solvenc criterion increas net worth viabil bs poor threaten solvenc ratio commiss consid contribut mc determin guarante bs solvenc ratio assess term privat investor principl transfer banco di sicilia treasuri hold irfi juli capit increas irfi equiti princip divid sicilian region treasuri sc problem insuffici capitalis bs relat competitor prompt main sharehold propos capit oper regard irfi order bring hold bs juli treasuri contribut control interest irfi bs held minor interest treasuri share estim itl million irfi form part composit consolid bs increas group hold letter octob sicilian region inform commiss propos draft region law repurchas treasuri hold bs part region support fund region hold irfi subsequ sold market region cooper bank propos plan implement draft region law discuss region assembl end work june regard contribut treasuri oper regularis treasuri appar transfer hold irfi defin share absenc evalu asset treasuri provid assist sicilian bank wish wait bs recov establish exchang irfi share bs order benefit reduct bank net posit note articl procedur initi imposs quantifi state assist ow insuffici inform bs share receiv exchang treasuri meet held brussel decemb italian author present commiss report independ consult firm giubergia warburg gw assess sharehold treasuri receiv exchang stake irfi consult point consider degre uncertainti made difficult bs produc estim wide rang itl billion itl billion basi estim bs share valu level fluctuat neg minimum maximum itl itl nomin commiss consid broad rang determin amount treasuri contribut note maximum slightli italian author itl nomin opt higher end rang note italian author lower figur law forc prohibit issu share nomin commiss note privat investor act treasuri contribut grant industri plan show bs return level profit line market averag gw report bank rate return transact strengthen competit posit bs net worth financi statu wind option recapitalis constitut aid place condit provid return accept privat investor compar state measur privat investor market economi assess amount aid base comparison cost transact appropri discount commiss conclud basi inform possess capit increas constitut aid compat assess light bs restructur measur conclus total aid grant sicilian bank amount itl billion set tabl tabl summari aid measur gt tabl gt effect trade member state liberalis financi servic integr financi market malc intra commun trade increasingli sensit distort competit trend set continu econom monetari union distort trade aid grant bank group bs busi loan financi servic collect resourc wide rang custom liabl distort competit credit institut aid weakest institut harm effect contribut downward pressur bank margin aid encourag ineffici defeat market disciplin protect govern readi interven credit institut run difficulti remov incent creditor monitor behaviour debtor institut longer subject supervis verdict market protect natur unjustifi excess act incent poor manag part credit institut bs suppli loan financi resourc firm compet intern market offer financi servic competit european credit institut bs limit presenc abroad aid grant sc asset question distort trade member state term collect resourc area degre competit high distort competit caus aid consider bs largest network branch southern itali addit sc network significantli improv size scope bs give consider competit advantag area compar potenti oper foreign firm effect trade member state bank principl offer servic freeli restrict frontier princip take deposit grant loan encount obstacl expans abroad obstacl frequent link firm local root domest bank make market entri expens foreign competitor complet singl market bank opportun offer servic member state aid grant bank oper nation internation liabl restrict opportun aid design secur surviv bank oper local level forc market result lower profit lack competit distort competit commun level make difficult foreign bank enter italian market aid question sc wound transfer asset liabil bs event asset acquir foreign competitor wish acquir signific commerci presenc sicili sc custom turn bank possibl member state bs acquir sc liabil asset asset restor guarante advanc banca italia sc custom transfer bank possibl member state expans bs network acquisit sc achiev capit contribut mc conclud aid sc bs acquisit asset liabil sc caught articl treati distort competit extent liabl affect intra commun trade assess compat treati aid sicilian public sector bank establish financi support grant bs sc involv state aid commiss aid declar compat gener interest accord articl treati present case note aid aid social charact grant individu consum aid promot develop area itali aid design remedi econom disturb intend remedi difficulti specif recipi bs sc oper sector commiss consid problem sicilian bank stem system bank crisi itali bs sc italian credit institut difficulti number bank state own encount difficulti sc loss specif link larg poorli manag commerci lend polici sicili insuffici strict monitor risk involv sc sc medium size bank deposit guarante fund neg consequ financi market collaps bank margin bank fail italian author mean organis control liquid avoid crisi aid justifi commun interest ground generalis bank crisi derog part articl consider compat aid question assess basi specif rule govern rescu restructur aid gener principl state aid firm difficulti compat number condit met case restructur aid full implement restructur plan base realist assumpt make restor reason timescal requir minimum return capit invest secur firm long term viabil take suffici measur offset distort competit allow conclus drawn aid contrari common interest proportion aid aim pursu limit amount aid minimum restructur ensur recoveri effort receiv maximum support firm full implement restructur plan complianc oblig laid commiss final decis establish arrang monitor fulfil condit accord guidelin restructur aid commiss consid aid assess commiss view situat special measur prevent bankruptci bank neg consequ financi market difficulti gener natur specif bank question true case examin view local natur assist bank viabil firm meet held palermo septemb director gener bs provid commiss restructur strateg redeploy plan bank entiti result integr sc bs drawn credit establish agreement mc assist auditor kpmg plan provid recoveri bank year return level profit sector basi plan mc inform commiss reason contribut sicilian bank unit hypothes plan suffici realist concern weaker aspect bs aim renew oper profil restor financi econom equilibrium fund plan take account region extern context plan correctli identifi import problem bs deal includ effect structur financi manag weak whilst equal common bs sc integr branch bank past conduct compet territori expans project manag standpoint complex organis structur inappropri staff polici incompat comput system undevelop commerci activ riski financi manag standpoint strateg develop analysi show homogen territori expans uncontrol credit polici integr presenc abroad invest high risk transact lack innov product inadequaci caus loss claim portfolio inadequ capitalis fall profit liquid crisi loss claim increas oper imbal reduct interest margin annual loss asset imbal increas unproduct asset reduct liabil charg excess recours interbank market network branch characteris uncontrol expans branch open northern itali bank competit prove profit ow inadequ margin excess risk high structur cost staff cost proport credit establish area market trend individu tabl banco di sicilia busi plan gt tabl gt plan correctli take account signific variabl recent develop bank system notabl reduct margin incomplet substitut constitu part reduct brokerag margin due reduct manag fund competit financi intermediari partli offset increas revenu servic activ number bank servic increas save manag payment servic part bs custom sourc revenu highest ad part retain bank restor profit need cover gener expenditur cost financ invest process convers reorganis growth bs offset competit pressur face arriv sicilian market bank northern itali basi analysi characterist custom refer market contain busi plan segment custom incom bracket contribut return profit meet italian author manag bs mc septemb juli commiss stock progress made plan spite difficulti due intern financi crise asia russia plan proceed expect intern restructur rationalis group staff structur regroup subsidiari effici cut workforc commerci action prioriti bs manag produc signific result product incom tradit bank servic effort commerci network enabl bs loss market share retail bank replac altern form fund collect sale asset part recent basic bank help improv bank liquid sold asset strateg sharehold worth itl billion loan default liabil situat total default reduc parallel fall total loan bank take view made suffici provis year busi plan cover futur risk posit effect profit end busi plan consider effort made improv monitor risk commit enter subsidiari greatest effort concern structur cost view integr oper bank reduc oper cost result area good expect restructur plan form part privatis mc carri short period time confirm recoveri subsidiari bs commiss note measur principl provid definit solut recoveri bank reform manag system corpor govern lai root liquid sc lack profit bs commiss consid solut effect control system set distort market commiss regard decis cardiff pariba acquir stake bs view stabl cooper sicilian market confirm viabil plan offset measur point state resourc wind sc activ accord commiss guidelin rescu restructur aid check solut caus distort competit sought signific distort inevit extens measur need offset neg effect aid oper sector offset measur involv addit effort part assist firm relat restructur measur need recoveri measur financ directli indirectli state aid case capac closur offset measur form cessat activ provid profit reduct firm commerci presenc bank statutori solvenc requir basic fund total capit constitut asset weight risk introduc oblig limit growth capac credit institut practic firm subject similar medium long term capitalis requir absolut term bank constant quantifi convention temporarili relax growth strategi credit institut adopt institut strictli satisfi solvenc constraint growth margin attract capit grow capit increas profit ineffici institut limit growth capac whilst highli profit bank growth margin commensur profit quot limit quot growth effici bodi due solvenc constraint good illustr complementari natur prevent prudenti polici competit polici exist solvenc constraint make estim distort competit caus aid credit institut aid regard capit inject distort competit measur term asset weight degre risk capit inject million measur similar effect enabl bank increas level weight asset balanc sheet take account compulsori solvenc constraint level activ transact result potenti distort competit term asset eur million aid bank increas eur million amount asset weight degre risk correl mean aid credit institut exce fund distort competit greater total asset weight risk role compens similar context limit distort competit assess pure guidanc purpos present case point inform request commiss initi articl procedur respect offset measur offer bs competitor commiss reduct incom deriv tradit bank provid busi plan offset measur result reduct reposit bs activ aim diversifi sourc incom italian author present adequ offset measur accompani restructur bs integr sc respect commiss bs decis sell close branch sicili total branch sicili refrain open region year signific measur capabl offset distort effect aid competit measur repres major contribut offset distort creat extent convention estim present instanc reduc bank market share southern itali proportion aid contribut firm restructur note italian author began process restructur sicilian public sector bank state aid question failur effort restructur bank decis italian author wind sc meant remov effici intermediari market contribut made bs recoveri sc commiss favour view decis italian author creat quot bad bank quot decid specif amount state aid debit balanc liquid assess bs inherit respons financi administr loan transfer sc reliev state action restructur bs press integr sc complet part commiss consid remain doubt definit viabil remov result bank transfer mc subsequ privatis parent return fund obtain bank base ratio consolid profit consolid fund amount reach end current year percentag line averag sector expect privat investor justifi transfer solid partner forthcom privatis bank strengthen viabil fact rebuild fund definit recoveri bank entrust major partner busi plan carri present problem sale assess compat aid commiss examin condit bank privatis announc italian author decre februari fax octob italian minist treasuri inform commiss italian govern commit privatis mc basi open transpar discriminatori sale procedur author state retain legal de facto control firm form special right privileg manag board golden share privatis place depend market condit case june commiss take note undertak recal gener principl appli case privatis order determin element state aid principl set competit report stage basi inform privatis bs achiev sale mc group choic buyer determin refer market criteria price buyer busi plan concern commiss take view privatis procedur give rise presumpt state aid part process monitor decis commiss verifi complianc principl set competit report commiss consid privatis provid definit solut abovement problem encount bs ensur futur bank turn privat sharehold market requir financ assess aid commiss account privatis bank bring govern stage sell price determin mc contribut bs valuat view forego regard amount aid relat offset measur commiss consid bs contribut significantli restructur cost resourc commit regard manag sc loan default particip liabil compens respect loan inherit sc cover provis decre septemb conclus basi inform commiss conclud recoveri plan sicilian bank involv substanti state aid form advanc grant banca italia bs decre septemb loss result compulsori wind sc capit increas itl billion bs reserv mc transfer bs treasuri share irfi measur examin articl ec treati determin regard compat common market reason set commiss take view aid grant sicilian public sector bank bs sc compli condit laid guidelin state aid rescu restructur firm difficulti provid condit latest plan notifi fulfil view larg amount aid involv proper implement plan monitor special refer restructur privatis effort ensur recoveri plan submit commiss carri effect full italian author inform commiss month date approv decis object restructur plan achiev progress implement plan deviat actual result forecast chang result increas state aid bs made plan commiss prior approv italian author state charg remain liquid sc cover proce sale asset transfer bs sum question prove insuffici italian state alloc resourc liquid commiss oper constitut addit aid reconsid decis oper notifi advanc condit aid question qualifi exempt ban laid articl ec treati articl eea agreement regard compat common market pursuant articl ec treati articl eea agreement adopt decis articl aid measur total estim itl billion intend recoveri restructur banco di sicilia sicilcassa advanc grant banca italia pursuant treasuri decre septemb absorb loss result liquid sicilcassa capit increas itl billion inject banco di sicilia mediocredito central transfer banco di sicilia treasuri share irfi compat common market eea agreement pursuant articl treati articl eea agreement subject complianc condit set articl contribut itl billion fondo interbancario di tutela dei depos liquid sicilcassa cover part loss result transfer banco di sicilia asset liabil sicilcassa constitut state aid mean articl ec treati articl eea agreement articl itali compli condit ensur recoveri measur aspect restructur plan submit commiss implement amend condit laid restructur plan take account condit impos decis commiss prior consent prevent banco di sicilia benefit carryov tax loss respect loss cover capit inject mediocredito central ensur banco di sicilia repurchas asset wind sicilcassa prove imposs sell parti acquir advantag term wind ensur banco di sicilia sell close branch sicili end decemb guarante banco di sicilia open acquir branch agenc subsidiari commerci structur distribut product sicili decemb articl italian author cooper fulli monitor complianc decis submit commiss detail report applic implement restructur plan privatis firm report examin viabil entiti group remain state control present detail result compar estim contain plan describ extent undertak condit set articl compli report progress repay sicilcassa liquid debit balanc itl billion cover firm liquid provid detail analysi privatis bs achiev sale mediocredito central group financi restructur state hold bank banco di sicilia report refer paragraph commiss immedi approv manag board firm month date fulfil undertak condit refer articl document attach report balanc sheet account report annual half yearli drawn administr banco di sicilia sicilcassa wind complet commiss document implement plan assess mean special audit italian author cooper perform audit articl decis address italian republ brussel novemb commiss mario monti member commiss oj comiss object financi contribut oj public sector bank convert public limit liabil compani law amato law capit itl billion held sicilian region fondazion sicilcassa standard poor rate agenc scale aaa issuer capac reimburs extrem strong aa capac strong capac strong issuer suscept econom condit bbb capac adequ great sensit econom condit bb specul characterist uncertainti payment ccc cc doubt claim payment default moodi scale invest grade risk aaa aa aa aa baa baa scale compar basi footnot remain liabil itl billion cover continu born firm liquid commiss commun member state applic articl ec treati articl commiss direct eec public undertak manufactur sector oj oj oj footnot domin influenc presum public author directli indirectli hold major part undertak subscrib capit control major vote attach share issu undertak appoint half member undertak administr manageri supervisori bodi bulletin ec footnot articl civil code oj footnot commiss decis ec credit lyonnai oj twenti report competit polici point principl commiss refer order determin privatis involv state aid earlier french author letter commiss director gener competit date juli