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Commission Decision of 18 November 2009 on the State aid C 18/09 (ex N 360/09) implemented by Belgium for KBC (notified under document C(2009) 8980) (Only the English text is authentic) (Text with EEA relevance) (2010/396/EC)

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  1. Introductory Text

  2. Article 1.The State Protection measure which Kingdom of Belgium has implemented...

  3. Article 2.The Kingdom of Belgium shall inform the Commission, within two...

  4. Article 3.This Decision is addressed to the Kingdom of Belgium.

  5. Signature

    1. ANNEX

      1. Behavioural commitments

        1. (i) With regard to the duration of these behavioural commitments, the...

        2. (ii) The Belgian authorities commit that KBC shall endeavour to maintain...

        3. (iii) They further commit that KBC will maintain its solvency ratio...

        4. (iv) With regard to a ban on acquisitions, the Belgian authorities...

        5. (v) The Belgian authorities commit that KBC will adhere to the...

        6. (vi) The Belgian authorities also commit that KBC will refrain from...

        7. (vii) With regard to the limitation of KBC executive remuneration, the...

        8. (viii) The Belgian authorities commit that KBC will endeavour to ensure,...

        9. (ix) The Belgian authorities commit to re-notify the first recapitalisation under...

        10. (x) In the same vein, the Belgian authorities commit to re-notify...

        11. (xi) Unless in either of the scenarios described in points (ix)...

        12. (xii) As regards the remuneration of the alternative securities under the...

        13. (xiii) The Belgian authorities also commit that KBC or any of...

        14. (xiv) With regard to coupon payments and call options on hybrid...

        15. (xv) Finally, the Belgian authorities have committed that KBC will organise...

      2. Divestments and run-down of business portfolios

        1. (xvi) The Belgian authorities have furthermore committed, within the limits of...

        2. (xvii) KBC will take the necessary steps for the divestment of...

        3. (xviii) As regards the divestment businesses, the Belgian authorities commit that...

        4. Value Preservation Commitments

          1. (xix) With regard to preserving the value of the divestment businesses,...

          2. (xx) The Belgian authorities commit that KBC shall exercise its best...

          3. (xxi) From the date of this Decision until implementation of the...

          4. (xxii) The Belgian authorities commit that no acts which might have...

        5. Additional divestment commitments in respect of Centea and Fidea

          1. (xxiii) As regards the prospective buyer(s) of Centea and Fidea, the...

          2. (xxiv) Furthermore, the Belgian authorities commit that KBC shall make the...

        6. Monitoring trustee

          1. (xxv) A monitoring trustee will be appointed who is to report...

          2. (xxvi) No later than one month after the adoption of this...

        7. Review of the commitment Package

          1. (xxvii) Where appropriate and on the basis of a sufficiently reasoned...

          2. (xxviii) Any such requests shall be sent to the Commission at...

        8. Divestiture trustee

          1. (xxix) If the divestments have not been achieved by the relevant...

          2. (xxx) The Belgian authorities commit that KBC shall grant necessary and...

          3. (xxxi) The Commission shall authorize, subject to it having taken into...

          4. (xxxii) In addition, all fees and expenses of the monitoring and...

        9. Run-down of business portfolios

          1. (xxxiii) The Belgian authorities commit that KBC will take the necessary...

        10. Listing of two CEE-R assets

          1. (xxxiv) The Belgian authorities commit that KBC will carry out the...

      3. Monitoring

        1. (xxxv) The Belgian authorities commit that KBC provides the Commission with...

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