commiss decis juli aid grant flemish region belgian airlin vlaams luchttransportmaatschappij nv dutch french text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof notic parti concern submit comment requir articl regard comment fact march cityfly express cityfly lodg complaint commiss state aid measur cityfly alleg flemish region grant prepar grant state aid airlin vlaams luchttransportmaatschappij nv vlm form interest free loan bfr million commiss brought alleg attent belgian author letter date order enabl examin transact light state aid rule articl treati ask answer question content document statuten set vlaams luchttransportmaatschappij nv hold equiti compani term amount rate interest durat flemish region grant propos grant loan vlaams luchttransportmaatschappij nv transact place suppli copi loan contract document annex condit decis flemish region repli receiv month allow juli commiss belgian author remind letter august belgian author commiss answer question set repli question found document suppli copi vlm statuten constitut appear vlm public limit compani set belgian law regist offic van tichelenlei wommelgem belgium form februari unlimit durat initi capit bfr million capit increas occas end stood bfr million divid sharehold made compani govern privat law individu privat compani object state purchas sale exchang leas oper repair mainten aircraft account belgium abroad oper aircraft schedul schedul servic turn term loan belgian author answer amount bfr million rate interest schedul repay year payment loan instal bfr million document suppli copi loan contract note transact place commiss inform advanc requir articl treati novemb commiss decid initi proceed pursuant articl treati misgiv motiv step sprang consider interest free loan constitut state aid scope articl treati articl eea agreement face loan question qualifi exempt pursuant articl articl decemb commiss wrote belgian author inform initi proceed give notic submit observ letter publish offici journal european commun invit member state interest parti submit observ accord articl ii interest parti airlin british airwai cityfly submit observ public notic offici journal european commun argu loan constitut state aid scope articl cityfly enclos copi vlm balanc sheet profit loss account contend ration privat investor grant vlm loan loss airlin aid distort competit rout oper vlm antwerp london rout vlm competit cityfly submit vlm special guarante repay loan form secur mortgag amount aid involv total interest vlm pai loan grant investor oper normal market condit full amount loan british airwai cityfly ask commiss find aid incompat common market british airwai argu aid qualifi exempt provid articl cityfly ask commiss order recoveri aid commiss wrote belgian author februari french februari dutch provid full detail observ submit british airwai cityfly suggest turn repli observ iii letter date januari belgium submit observ respons decis initi proceed commiss letter decemb belgium contend loan constitut state aid pursuant articl affect trade extent contrari common interest distort competit commun airlin loan help vlm set connect antwerp london london citi airport rout constitut market separ antwerp london heathrow antwerp london gatwick rout oper sabena cityfly belgium argu restructur aid intend cover oper loss indirect aid initi invest made region airlin measur realiti form capit inject satisfi test nation investor market economi bring return form interest dividend brought flemish region indirect benefit term employ improv situat busi establish direct link antwerp london citi airport benefit exceed return privat investor expect capit invest likewis exce benefit obtain interest paid vlm belgium argu loan aid compon aid exempt reason compat common market pursuant articl intend facilit develop econom activ exempt necessarili cover invest airlin competit highli capit intens industri aid involv limit ceil commiss set aid small medium size enterpris iv commiss wrote belgian author copi loan contract seek detail guarante lender flemish region borrow vlm ask belgian author detail vlm turnov copi balanc sheet profit loss account year repli receiv time allow june commiss belgian author remind belgium answer commiss request inform letter date june question guarante currenc contract compani obtain flemish region prior consent order transfer mortgag movabl immov properti transfer state asset condit appl chage structur sharehold reduct capit requir infring contract termin immedi immedi repay advanc demand letter suppli draft submiss put forward main argument transact constitut state aid test ration investor market economi satisfi small size vlm small scale invest risk compani good prospect profit suppos transact constitut state aid compat common market enabl entrant compet establish larg compani market highli competit ow small scale affect trade extent contrari common interest interest consum region lastli allow benefit de minimi rule letter juli belgian author copi balanc sheet profit losss account commiss request addit juli suppli copi loan contract found date decemb stipul monei made beneficiari dai legal assess articl treati articl eea agreement aid grant state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state contract parti incompat common market function agreement loan bfr million flemish region grant vlm constitut aid mean provis transact public charact shown fact loan grant region author flemish region court justic held state aid includ aid grant central region local author member state public privat bodi establish appoint administ aid loan distort competit affect trade member state benefit singl compani busi air transport extend member state potenti entir eea natur directli relat trade entri forc air transport packag januari complet process liber greatli increas scope competit vlm commun airlin compani hold oper licenc grant accord council regul eec pursuant articl council regul eec articl council regul eec member state member state concern expressli provid regul permit vlm exercis traffic right rout commun set fare freeli judgment march case itali commiss court justic held aid affect trade member state distort competit recipi undertak compet produc member state export product member state grant aid undertak domest product maintain increas result undertak establish member state significantli chanc export product market member state aid small amount liabl affect trade member state strong competit sector question judgment case franc commiss ecr paragraph present case intens competit liber commun air transport busi fact vlm airlin oper antwerp london rout london citi airport irrelev commiss assess aid receiv event reduc chanc competitor actual potenti penetr market rout distort competit extent prevent vlm make assist launch oper rout belgian author claim transact advers affect common interest clear argument relev stage assess object ascertain aid scope articl treati articl eea agreement thirdli doubt aid compon privat investor bank oper normal market condit grant interest free loan compani hold financi difficulti year inform vlm balanc sheet profit loss account show made oper loss bfr million full year oper net loss year amount bfr million equal equiti commiss accept belgian author argument benefit economi flemish region mean test ration investor market economi satisfi flemish author public author account advantag flemish economi direct connect antwerp london citi airport whatsoev behaviour ration investor oper market economi turn amount aid commiss commun entitl applic articl ec treati articl eea agreement state aid aviat sector consid aid compon case amount differ rate airlin pai normal market condit paid extrem case unsecur loan made compani normal circumst unabl obtain financ loan effect equat grant commiss evalu vlm made loss year oper fairli moder thing consid unusu air transport special featur busi earli loss prevent access financi market difficult year civil aviat prospect brighter vlm loss fact fall bfr million activ continu develop lender fact form guarante claim return loan flemish region allow interven run compani consent obtain asset transfer mortgag reduct capit compani chang structur sharehold note late vlm held tangibl asset worth bfr million financi resourc worth bfr million increas bfr million compani equiti capit brought total bfr million clear articl loan contract transact rescind immedi vlm fail compli term condit agre contract vlm subject durat thereof inspect inspector ministri econom affair flemish commun flemish committe supervis busi manag vlaams commissi voor preventief bedrijfsbeleid commiss take view amount aid equal interest vlm pai normal market condit year loan base rate belgium begin belgian state debt entail risk risk premium ad base rate reflect characterist compani industri solid guarante offer claim inquiri made commiss bank sector present case risk premium estim basic point guarante accept flemish region gave assur recov claim case claim secur movabl immov properti mortgag risk premium estim basic point normal commerci rate interest amount aid sum interest payment arriv appli rate sum borrow vi aid grant approv scheme assist notifi commiss accord articl treati omit notifi measur advanc put effect belgium fail fulfil oblig impos articl aid grant unlawfulli vii compat aid common market pursuant articl treati articl eea agreement point articl articl appli aid aid social charact grant individu consum aid make good damag caus natur disast except occurr aid grant economi area germani articl articl list form aid consid compat common market assess made context commun singl member state exempt provid appli commiss satisfi unaid effect market forc incit recipi undertak action conduc object exempt exist order safeguard proper oper common market principl enshrin articl treati exempt prohibit articl treati provid articl interpret strictli assess aid scheme individu aid measur intens competit gradual liber air transport result air transport packag commiss pursu polici rigor control state aid order prevent produc effect contrari common interest articl treati articl eea agreement exempt aid promot facilit develop area loan grant vlm flemish region qualifi exempt provis arrondiss antwerp satisfi test elig region aid loan measur respect singl enterpris part part gener scheme benefit flemish undertak belgian author invok provis articl articl appli aid design promot execut import project common european interest remedi disturb economi member state belgian author reli articl treati articl eea agreement exempt aid facilit develop econom activ contend loan regard facilit develop econom activ benefit airlin competit highli capit intens industri commiss accept argument prepar exempt favour aid enterpris restructur number condit met main restructur programm commiss approv case belgian author loan intend assist restructur made refer restructur programm exempt provid articl articl event inapplic belgian author argu amount aid ceil set commiss aid small medium size undertak doubtless refer commun guidelin state aid rescu restructur firm difficulti set de minimi figur ecu guidelin de minimi facil sector subject special commun rule state aid air transport subject spectal commun rule state aid special rule set de minimi figur procedur purpos order determin measur qualifi acceler clearanc procedur figur bear measur constitut state aid qualifi exempt belgian author wrong claim de minimi rule appli measur fall scope exempt provid articl articl belgium requir put end viii aid compat common market articl treati empow commiss requir member state order recoveri court justic confirm case commiss germani case deufil commiss belgian author requir recov aid unlawfulli grant vlm interest chargeabl rate amount loan month aid recov accord nation law includ rule interest due late payment amount ow govern interest run date award aid measur order restor statu quo withdraw financi benefit unduli accru recipi unlaw aid aid grant adopt decis articl interest free loan bfr million grant flemish region airlin vlaams luchttransportmaatschappij nv vlm includ aid compon unlaw grant breach requir articl ec treati aid compon incompat common market purpos articl treati articl eea agreement articl belgium requir order interest henceforth payabl loan bfr million grant vlm flemish region articl belgium requir order aid compon equal interest charg loan bfr million grant vlm flemish region date loan grant repaid month notif decis monei repaid accord belgian law includ provis interest due late payment amount ow state public author rate interest refer rate evalu region aid measur interest run date aid award articl belgium inform commiss month date notif decis step compli articl decis address kingdom belgium brussel juli commiss neil kinnock member commiss ecr point oj point footnot section commun oj point ecr ecr