State aid to banks
Einde inhoudsopgave
State aid to banks (IVOR nr. 109) 2018/13.12.3.1:13.12.3.1 Reprivatisation
State aid to banks (IVOR nr. 109) 2018/13.12.3.1
13.12.3.1 Reprivatisation
Documentgegevens:
mr. drs. R.E. van Lambalgen, datum 01-12-2017
- Datum
01-12-2017
- Auteur
mr. drs. R.E. van Lambalgen
- JCDI
JCDI:ADS588264:1
- Vakgebied(en)
Financieel recht / Europees financieel recht
Mededingingsrecht / EU-mededingingsrecht
Toon alle voetnoten
Voetnoten
Voetnoten
See, for instance: Kommunalkredit Austria (KA), SA.32745, 31 March 2011, para. 34b and annex B.
See, for instance: Banco Mare Nostrum (BMN), SA.35488, 20 December 2012, para. 142.
The implications of a strict timeframe can be illustrated by the case of KA. Austria had committed to sell all the KA Neu shares before a specific date. The privatisation of KA Neu failed within the stipulated timeframe. Consequently, KA Neu was put in run-off.
Deze functie is alleen te gebruiken als je bent ingelogd.
When the Member State has nationalised the bank, the exit from State aid is achieved by a reprivatisation. A reprivatisation can be conducted in different ways. In that regard, Member States usually commit to sell the bank in an open and transparent tender.1 There are a few cases in which the Member State committed that the bank would be listed.2
One of the most important modalities of a reprivatisation is the timeframe. In some cases, the Member State committed to reprivatize the bank before a certain date. In other words: there is a clear timeframe in these cases.3 By contrast, in the case of SNS REAAL, the Dutch State did not commit to reprivatize the bank within a certain timeframe. Rather, the Dutch State committed to regularly test the market conditions to reprivatize the bank.
The reprivatisation of the beneficiary bank is thus not always structured in the same way. However, it should be recalled that Member States are not obliged to reprivatize the beneficiary bank. As a corollary, Member States are not obliged to reprivatize the bank in a specific way. They have thus some flexibility in choosing how they reprivatize the bank.