11.7.2 Has the Commission consistently taken into account this relevant characteristic?

The table in Annex VII gives an overview of the cases characterised by cost- cutting measures. In almost every restructuring decision in the C-context, it is mentioned that the beneficiary bank has implemented cost-cutting measures. In the other contexts, this relevant characteristic cannot be found. This can be explained by the fact that operational efficiency is primarily important in the C-context; it is less important in the W-context. Indeed, if a bank is to be wound- down, then there is less need for measures that improve the operational efficiency of the bank. Admittedly, operational efficiency is also important in the T-context and S/T/W-context; but in these contexts, operational efficiency is usually achieved by cost synergies resulting from the integration of (part of) the beneficiary bank in the acquiring bank.1

To conclude, cost-cutting measures are not mentioned in every decision, but this can be explained by the relevant context.