commiss decis decemb tax measur bank bank foundat implement itali notifi document number italian version authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite regard comment procedur letter date march commiss receiv parliamentari question subject request italian author suppli inform order assess scope effect law decemb quot law quot letter date june juli italian author provid commiss inform law relat legisl decre quot decre quot examin inform receiv commiss advis italian author letter date march aforement law decre aid element request halt measur implement letter date april italian author inform commiss suspend implement instrument inform suppli commiss letter june letter date octob commiss inform italian govern decid initi procedur laid articl ec treati respect aid commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment measur commiss receiv comment interest parti june forward italian author opportun react comment receiv letter date juli ii detail descript aid law decre introduc tax advantag consolid bank sector reduct rate incom tax irpeg bank merg engag similar restructur year oper provid profit special reserv distribut period year profit special reserv exce differ sum credit debit post merger bank sum credit debit largest pre merger bank articl articl decre tax neutral transact good hold ancillari activ transfer bank pursuant law juli return transfer institut articl decre imposit fix amount replac indirect tax due connect oper cite articl articl decre tax neutral respect local tax due increas properti time chang ownership connect oper cite articl articl decre exempt tax transfer bank foundat bank hold capit banca italia articl decre law decre introduc tax advantag bank foundat measur bank foundat dealt present decis decre grant tax benefit relat merger oper carri year implement measur suspend tax save concern oper complet fact transpir oper carri suspens benefit measur treat oper carri suspens decis execut basi oper carri italian author put itl billion eur million maximum theoret amount tax benefit beneficiari measur refer paragraph claim year period estim includ tax benefit grant measur paragraph state own bank itali form public limit compani gradual convert final oblig law convert public limit compani share market held profit institut refer quot bank foundat quot law juli introduc special tax rule bank foundat own control newli creat bank transfer asset bank measur paragraph refer asset defin condit return transfer institut bank foundat commiss provision consid aid grant law decre connect bank merger incompat common market light articl reason law decre grant tax advantag bank merger favour undertak notabl carri merger oper enabl grow size benefit economi scale lower cost confin bank sector constitut sector scheme fall scope articl treati advantag grant forgo tax revenu state resourc aid affect trade member state make easier italian bank expand abroad difficult foreign bank enter itali aid bank de minimi limit italian author state tax advantag bank justifi fact consolid modernis bank sector commiss doubt make aid compat basi articl treati commiss sole compet check aid project meet compat criterion requir prior notif addit aid satisfi condit laid commun guidelin state aid rescu restructur firm difficulti measur question constitut oper aid link carri specif project reduc firm current expenditur commiss unabl assess precis volum involv carri ant examin ground commiss initi procedur laid articl ec treati iii comment interest parti commiss receiv number comment beneficiari aid similar made italian author argu event commiss consid measur incompat aid ground rule recoveri aid legitim expect recipi expect justifi fact commiss call question law juli grant similar benefit fact notic pursuant articl case aid grant itali banco di napoli commiss view quot allow asset revalu partial tax exempt system provid recapitalis public bank undercapitalis order compli minimum capit level laid commun direct bank amato law made replac unlimit state guarante public bank limit capit inject step treat public privat bank limit distort competit conclud capit contribut bank provid amato law constitut state aid mean articl ec treati quot oper clear banca italia relev competit author credit sector recoveri aid run counter proportion principl merger oper carri basi tax incent recoveri produc financi instabl beneficiari alter condit base merger decis iv comment itali respons initi procedur italian govern state bank system itali subject strict public control direct govern intervent manag larg major bank bank divid institut categori oper limit quot specialis principl quot advers affect effici competit system reason author step earli onward abandon specialis principl privatis state own bank encourag increas averag size italian bank law juli previous grant tax advantag bank similar consid decis law decre part process aim modernis bank sector process take place italian govern undertook gener reform taxat system gener reform involv introduct quot dual incom tax quot dit quot imposta regional sull attività produtt quot irap tax appli bank favour condit econom sector compens specif tax advantag envisag bank measur repres derog normal tax rule special temporari measur justifi process consolid bank sector italian author submit court instanc rule special system levi constitut derog tax arrang gener appli activ evalu sole context special tax arrang applic sector legitim italian legisl seek adapt tax system specif characterist bank sector impli decreas gener tax burden present case respect rest economi italian author reckon rule state aid hinder improv gener fair consist system demonstr initi situat penalis undertak sector add figur show bank contribut compani tax revenu account countri ad figur support claim bank sector subject higher tax burden reduct tax burden achiev grant bank taxat rule sector govern decid offer incent consolid sector measur consid gener natur bank includ italian branch foreign bank elig tax break differ treatment respect sector justifi natur gener scheme system bank sector subject specif regul result bank constitut peculiar categori taxpay bank subject addit oblig respect undertak result differ tax treatment object justifi typic sector measur paragraph extent paragraph concern good hold ancillari activ transfer bank pursuant law juli time convers public bank public limit compani own bank foundat oper assign asset bank foundat order avoid taxat revalu asset case hold capit banca italia choic place foundat law march newli creat foundat institut elig sharehold banca italia decre modifi rule allow foundat hold share banca italia asset increas capit bank contribut activ lower profit indic measur question provid tax exempt transfer asset foundat order penalis bank consequ privatis process measur question distort competit distort competit bank oper itali includ member state distort bank oper itali bank oper abroad initi situat unfavour establish itali measur affect trade member state make easier italian bank expand abroad difficult foreign bank enter itali contrari foreign bank particip merger itali benefit tax break measur involv state resourc tax advantag automat condit implement specif oper measur paragraph oper involv tax burden place absenc tax benefit measur paragraph temporari reduct compani tax compens long term increas profit interest bank taxat increas reject hypothesi measur constitut aid compat articl consolid bank system part import commun project introduc euro creat singl intern market bank servic import consolid bank sector order avoid generalis crisi system initi symptom evidenc financi difficulti banco di sicilia banco di napoli descript measur quot oper quot aid correct tax advantag grant relat specif identifi project merger amount aid determin basi object transpar paramet measur reduc current expenditur outlai relat oper except natur tax measur qualifi compat articl intend facilit develop bank activ advers affect trade extent contrari common interest possibl resort articl exhaust circumst commun guidelin state aid rescu restructur firm difficulti commiss recognis occas consolid bank sector inevit present circumst commiss accept gener argument favour compat articl verifi case case individu beneficiari measur condit appli articl met assess aid subject commiss analysi aid scheme instrument member state offer tax advantag financi institut fulfil condit laid scheme member state question grant advantag individu basi notifi individu case commiss natur measur commiss undertak gener abstract examin scheme question aid question compat compet undertak examin pursuant treati regul ec case law court examin scheme applic merger oper refer unknown number asset transfer bank bank foundat scheme conceiv implement member state view achiev specif express effect consolid italian bank sector element assess scheme involv state aid compat common market found scheme addit view specif circumst case assess aid grant scheme chang individu case natur beneficiari consid undertak mean articl ec treati consequ open commun bank sector advantag specif bank bound affect trade member state distort competit addit light requir laid notabl prior exist restructur plan specif oper rank restructur undertak difficulti mean commun guidelin state aid rescu restructur firm difficulti advantag relat invest exception consid compat guidelin nation region aid respect ad consolid oper rare confin bank activ area elig region aid final element suggest individu aid consid compat ground commiss note itali ask analys individu case aid reason oblig stage proceed view request accompani inform commiss conduct assess individu case inform provid commiss context complet notif individu aid pursuant articl italian author awar commiss doubt scheme consid case specif featur assess individu basi duti inform commiss featur provid inform need individu assess commiss acknowledg peculiar natur bank principl justifi introduct specif tax rule sector measur examin repres adapt gener system distinct featur bank ad hoc aid effect improv competit undertak merg bank relat oper fact bank sector restructur time extrins factor bear relat normal oper tax system bank sector impli natur gener scheme system bank benefit favour rule merger reason accept measur question justifi natur gener scheme system repres derog normal tax rule quot case law court aid form aid programm concern econom sector cover articl treati articl measur design give undertak industri sector partial reduct financi charg aris normal applic gener social secur system justif exempt basi natur gener scheme system regard aid quot equal establish tax natur measur question suffic shield applic articl treati measur confer advantag bank enabl grow size benefit economi scale lower cost advantag select natur select vi vi bank sector confin compani involv merger consolid oper aid measur paragraph neutral respect rel size compani involv simplic sake acquisit involv bank tax benefit directli proport size sum credit debt smaller purchas bank smaller purchas bank tax advantag lower accru hypothet larger buyer bank place smaller buyer disadvantag respect larger addit extent smaller buyer disadvantag tax benefit appli commun bank branch establish itali tend limit size element select sector foreign italian bank fact aid branch foreign bank suffici elimin bia favour merger italian oper aid cover bank oper differenti measur constitut aid sector merger oper expect profit carri sector benefit aid select element disappear case bank sector gener subject heavier tax burden bia tax system justifi natur busi call compens bia correct select measur justifi specif activ cover presenc select measur measur bank acquir hold undertak cheapli own bank involv oper repli italian author oper concern compani financi insur compani tax break grant bank involv proport size bank busi consider appli measur paragraph except neutral respect rel size particip appli mutati mutandi tax benefit paragraph addit appli bank involv merger consolid oper transfer asset repres aid sector similar oper perform sector benefit tax rule measur gener natur confer select advantag beneficiari consider made respect measur paragraph hold capit banca italia case argu tax exempt transfer asset repres derog gener taxat rule initi placement hold bank temporari oper altern time reflect busi choic oper reason paragraph appli hold banca italia obtain free charg sold foundat revalu placement hold bank mere temporari oper prefer solut assign asset foundat bank deriv benefit respect hypothet situat hold origin foundat word bank penalis tax oper offset voluntari transfer benefit tax exempt oper bank convert cash hold increas bank capit consid tax exempt transfer share banca italia constitut aid extent joint oper assign share bank transfer foundat impact bank balanc sheet situat share banca italia asset bank foundat choic made time take account implic option term capit structur tax liabil institut transfer aim correct previou voluntari transfer result busi decis justifi special tax treatment tax exempt transfer asset bank foundat repres select advantag oper origin opt favour place asset bank order avoid tax capit gain line reason paragraph suggest effect trade member state gener speak aid benefit undertak sector expos cross border trade regard affect trade court justic observ quot state financi aid strengthen posit undertak compar undertak compet intra commun trade regard affect aid quot respect doubt year financi servic provid consum financi servic potenti directli indirectli cross frontier member state liberalis financi servic integr financi market effect greatli increas sensit intra commun trade distort competit aid grant credit undertak offer financi servic competit european credit establish distort intra commun trade tendenc heighten introduct singl currenc complet open market increas competit pressur commun countri born mind bank carri activ consist essenti collect deposit grant loan cross border basi encount obstacl expand abroad obstacl frequent due fact local bank establish make costli foreign competitor enter market liberalis increasingli offer bank opportun provid servic member state aid grant intern domest hamper aid aim ensur surviv local bank forc market ow low profit competit liabl distort competit commun make difficult foreign bank enter italian market aid small amount small bank oper affect trade member state state court justic aid small amount liabl affect trade member state strong competit sector question advantag grant forgo tax revenu state resourc court justic consist held quot measur public author grant undertak tax exempt involv transfer state resourc place person exempt appli favour financi posit taxpay constitut state aid mean articl treati quot argument oper place absenc measur aid increas state revenu accept rule oper type cover scheme place assert impli normal tax rule appli merger sector design discourag merger oper rais revenu fact aid scheme increas number amount taxabl oper creat addit revenu state relev context reason measur question constitut state aid aid bank gener de minimi limit rule individu case measur paragraph fall de minimi threshold case measur deem fall scope articl treati aid compat articl aid social charact grant individu consum aid make good damag caus natur disast except occurr aid grant economi area feder republ germani affect divis germani aid compat articl aid promot cultur heritag conserv categori aid decis council member state invok derog aid compat articl strengthen italian bank system consid quot project common european interest quot benefit econom oper member state commun promot concret precis defin project quot remedi disturb economi member state quot evid italian bank system suffer system crisi aid extend territori member state consid compat articl develop region concern addit respect rank aid quot oper quot aid categori purpos assess relev region guidelin embrac type expenditur relat quot initi invest quot invest fix capit relat set establish extens exist establish start activ involv fundament chang product product process exist establish measur concern expenditur link specif merger acquisit project assist region assess oper aid prohibit compat articl develop econom activ concern condit appli commun guidelin state aid rescu restructur firm difficulti met scheme limit sme aid notifi individu commiss restructur plan submit bank benefit aid difficulti aid intend restor long term viabil guidelin requir measur mitig advers effect aid competitor present case aid intend strengthen posit beneficiari regard competitor benefit measur aid sme concern commiss note scheme appli undertak sme advantag qualifi invest aid aid expenditur consid compat featur scheme commiss compat reason articl provis requir aid quot advers affect trade condit extent contrari common interest quot condit commiss view met present case respect previou measur made easier public bank adopt statu public limit compani place plai field bank institut consider paragraph present measur effect improv competit beneficiari sector intern competit strong de minimi aid circumst measur question deem compat individu case event case notifi individu commiss articl addit italian state provid suffici inform justifi compat individu case accord articl regul ec neg decis respect unlaw aid commiss decid member state concern measur recov aid beneficiari commiss requir recoveri aid contrari gener principl commun law commiss consid gener principl commun law stand recoveri legitim expect court justic state quot view mandatori natur supervis state aid commiss articl treati undertak aid grant principl entertain legitim expect aid law grant complianc procedur laid articl dilig oper determin procedur quot aid question grant prior notif fact commiss call question law juli note law notifi italian govern commiss assess aspect law connect individu case capit inject subject commiss apprais element present measur issu consid capit inject grant law provid recapitalis public bank oper advantag link made replac unlimit state guarante public bank limit capit inject interest competit public bank bodi transform public limit compani equal treatment public privat bank justif appli present case point repli italian author public bank except convert public limit compani end convers made compulsori law novemb fact commiss time call question measur similar implement decre measur favour tax exempt transfer asset bank foundat relat bank institut necessarili assess similar transfer bank institut back foundat transfer ancillari asset bank institut effect facilit convers public bank public limit compani return asset foundat possibl revalu tax exempt purpos effect improv profit indic bank lastli law mechan effect measur question commiss accept remain ad hoc measur justifi principl specif circumst relat introduct similar measur consid compat time common market fact oper clear banca italia relev competit author credit sector itali note banca italia compet state aid aspect reason beneficiari aid entertain legitim expect measur compat common market decid carri aid merger oper dilig oper account possibl aid declar incompat tax advantag repres sine qua profit merger prudent oper carri oper reason claim recoveri aid run counter proportion principl aid recov includ interest accord commiss practic calcul basi refer rate calcul grant equival region aid vi conclus commiss find itali unlawfulli implement law decre breach articl treati legisl measur confer advantag bank enabl grow size benefit economi scale lower cost law decre introduc tax advantag bank foundat measur applic bank foundat subject present decis dealt separ advantag grant forgo tax revenu state resourc aid grant bank select discrimin sector respect sector measur question repres adapt gener system distinct featur bank sector ad hoc aid effect improv competit undertak merg bank measur justifi natur gener scheme system sole except tax exempt transfer bank foundat bank hold capit banca italia articl decre extent joint oper assign share bank transfer foundat impact bank balanc sheet aid benefit undertak oper sector characteris cross border activ aid deem affect trade aid bank gener fall de minimi limit compat articl commiss find state aid incompat common market requir member state recov consid ground beneficiari aid entertain legitim expect measur compat common market decis concern aid scheme implement immedi includ recov individu aid grant scheme commiss recal decis aid scheme prejudic possibl individu aid consid part compat common market merit context futur commiss decis virtu exempt regul light forego consider compat individu aid appear extrem circumst present case adopt decis articl prejudic articl state aid bank itali grant law decemb legisl decre basi articl legisl decre incompat common market articl advantag provid articl legisl decre constitut state aid joint oper assign share capit banca italia bank transfer foundat impact bank balanc sheet articl itali withdraw scheme refer articl articl itali measur recov beneficiari aid grant scheme refer articl unlawfulli made beneficiari recoveri effect delai accord procedur nation law provid effect implement decis aid recov includ interest date dispos beneficiari date recoveri interest calcul basi refer rate calcul grant equival region aid articl itali inform commiss month notif decis measur compli articl decis address italian republ brussel decemb commiss mario monti member commiss oj footnot oj commiss notic pursuant articl ec treati member state interest parti aid grant banco di napoli case oj legisl decre decemb legisl decre decemb case ladbrok race commiss ecr ii case confederación española de transport de mercancía cetm commiss ecr ii case germani commiss ecr paragraph case itali commiss ecr paragraph case belgium commiss ecr paragraph join case itali sardegna line commiss ecr paragraph oj aid grant octob guidelin appli virtu point paragraph oj case kingdom belgium commiss quot maribel bi ter quot scheme ecr paragraph case itali commiss ecr paragraph case philip morri holland commiss ecr paragraph case itali commiss ecr paragraph case italian republ commiss ecr paragraph guidelin nation region aid oj point oj aid grant octob guidelin appli virtu point paragraph law juli oj case spain commiss ecr paragraph commiss decis recapitalis main sicilian bank oj commiss notic pursuant articl ec treati aid grant itali banco di napoli oj commiss decis juli give condit approv aid grant itali banco di napoli oj novemb condition approv aid grant itali public bank banco di sicilia sicilcassa oj