9.8.4 Remuneration in case of an asset purchase

With respect to asset purchases, the pricing principle can be summed up as follows: the assets should be transferred at a price that matches or remains below their REV.

Interestingly, while in some cases, the Commission noted that the transfer had to take place “at a price not higher than the REV”1, in several other cases, the Commission noted that the transfer price had to be “well below the real economic value”. For instance, in the decision on Banco Mare Nostrum (BMN), the Commission noted that the assets had been fully written down to their transfer value, and that the transfer price was on a relative basis [50-60]% lower than their real economic value.2 The Commission concluded the compensation for the risk of the State was embedded in the low transfer price.3