CASE COMMENTS: STATE AIDS – CONCEPT OF STATE AID – IMPUTABILITY TO THE STATE – STATE RESOURCES– INDEMNIFICATION GUARANTEE

Imputability – State resources: The General Court rules that in order to assess whether an indemnifying guarantee constitutes State aid, regard must be had to the moment when the State undertakes a legally binding commitment to provide the guarantee (Elliniki Nafpigokataskevastiki/Commission)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. GCEU, 10 November 2011, Elliniki Nafpigokataskevastiki a.o. v. Commission, Case T-384/08 A guarantee against recovery of incompatible unlawful aid granted in a highly complex factual context In 2001, Greece decided to fully privatise Hellenic Shipyard SA ('HSY'), hitherto majority owned by a Greek State-owned bank (ETVA). The purchaser (HDW/Ferrostaal) had been granted a guarantee by ETVA to compensate ETVA for any unlawful aid that HSY would have to reimburse ('the Indemnification Clause'). A company ('GNSH') was created to manage the participation of the buyers in HSY. In 2005, ThyssenKrupp bought the shares of GNSH and HSY (integrated in 'TKMS'). In

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  • European Commission - Legal Service (Brussels)

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Bruno Stromsky, Imputability – State resources: The General Court rules that in order to assess whether an indemnifying guarantee constitutes State aid, regard must be had to the moment when the State undertakes a legally binding commitment to provide the guarantee (Elliniki Nafpigokataskevastiki/Commission), 16 February 2012, Concurrences N° 1-2012, Art. N° 42243, pp. 172-173

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