L 34/36 Official Journal of the European Communities 3.2.2001 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 23 June 1999 conditionally approving aid granted by France to Crédit Foncier de France (notified under document number C(1999) 2035) (Only the French text is authentic) (Text with EEA relevance) (2001/89/EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, and in particular, Articles 87 and 88 thereof, Having regard to the Agreement on the European Economic Area, and in particular Articles 61 and 62 thereof, Having given the interested parties notice, in accordance with the abovementioned Articles, to submit their comments (1), Whereas: 1. PROCEDURE By letter of 2 February 1996 the Commission requested information from the French authorities concerning the provision of an overdraft facility of some FRF 20 to 25 billion, via Caisse des Dépots et Consignations (CDC), to meet the liquidity requirements of the specialist financial institution Crédit Foncier de France (CFF). The French authorities replied by letters of 29 February and 21 March 1996, in which they supplied some of the docu- mentation requested and informed the Commission that the new Governor of CFF would shortly be putting forward a plan for restructuring the bank. By letter of 17 April 1996 the Commission asked the French authorities to provide the information it needed in order to complete its analysis of the public support measures for the bank. On 29 April the Minister for () O] C 275, 20.9.1996, p. 2. Economic Affairs and Finance released a statement to the press announcing support for the ailing bank and committing the Government to guaranteeing CFF's debts and restoring its solvency ratio. Taking the view that some of the planned measures for supporting CFF were liable to involve State aid within the meaning of Article 87(1) of the EC Treaty and could not, at that stage and on the basis of the information then available, be declared compatible with the common market, the Commission on 3 July 1996 initiated the procedure provided for in Article 88(2) of the EC Treaty and requested the French authorities to provide further clarifications concerning the planned aid measures. The solution to CFF's problems initially envisaged by the French authorities was based on implementation of a recovery plan, whereby the group was to reorganise and refocus its activities on medium- and long-term property lending, and on a link-up with a partner. Thanks to its credit rating, the new sharcholder was to have enabled the cost of refinancing to be reduced and the bank's own funds to be restored. After the appointment of a new Governor, the bank began pursuing a resolute policy of asset disposals and divestment of non-strategic interests. An agreement was negotiated and concluded with the trade unions enabling a plan to be launched which involved 600 voluntary departures with a view to reducing CFF's workforce to 2 400 by the end of 1997.