19.10.2010 Official Journal of the European Union L 274/139 (Acts adopted before 1 December 2009 under the EC Treaty, the EU Treaty and the Euratom Treaty) COMMISSION DECISION of 18 November 2009 on State aid C 10/09 (ex N 138/09) implemented by the Netherlands for ING’s Illiquid Assets Back Facility and Restructuring Plan (notified under document C(2009) 9000) (Only the English text is authentic) (Text with EEA relevance) (2010/608/EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, and in particular the first subparagraph of Article 88(2) thereof, Having regard to the Agreement on the European Economic Area, and in particular Article 62(1)(a) thereof, Having called on Member States and other interested parties to submit their comments pursuant to those provisions ('), the Commission received no comments from interested parties, Whereas: 1. PROCEDURE (1)  On 12 November 2008 the Commission authorised an emergency recapitalisation in case N 528/08. In the recapitalisation measure the Netherlands subscribed to a EUR 10 billion issue of Core-Tier 1 securities by ING. The measure has been authorised for a period of 6 months conditional on the submission of a credible plan within those 6 months (3). The validity of the emergency recapitalisation measure was automatically prolonged with the submission of a restructuring plan until the Commission reached its decision on the plan. (2) On 31 March 2009, in case C 10/09 (ex N 138/09), the Commission authorised an impaired assets measure (‘the IA measure’) for a portfolio of US Alt-A residential mortgage backed securities (RMBS) in favour of ING for a period of 6 months (). The Dutch authorities refer to the measure as the lliquid Assets Back-up Facility’ (TIABF). Due to doubts on the conformity of () Commission decision in case C 10/09 (ex N 138/09) ING, O] C 158, 11.7.2009, p. 13. () Commission decision in case N 528/08, ING, O] C 328, 23.12.2008, p. 10. (*) Commission decision in case C 10/09 (ex N 138/09) ING, O] C 158, 11.7.2009, p. 13. certain aspects of the IA measure with the Communi- cation from the Commission on the treatment of impaired assets in the Community banking sector (¥) (‘the Impaired Asset Communication’) the Commission decided to initiate the procedure laid down in Article 88(2) of the Treaty. (3)  The Commission decision to initiate the procedure was published in the Official Journal of the European Commu- nities (°). The Commission called on interested parties to submit their comments. The Commission received no comments from interested parties. (4)  The authorisation of the IA measure was prolonged in the Commission Decision of 15 September 2009 (°). (5)  In addition, under the Dutch Credit Guarantee scheme (approved in Commission decision in case N 524/08 from 30 October 2008 and prolonged in Commission decision in case N 379/09 (') from 7 July 2009), the Netherlands ~ granted guarantees on medium-term liabilities to ING amounting to (i) USD 9 billion (of which USD 8,25 billion has already been issued) and (i) EUR 5 billion (of which EUR 4,15 billion has already been issued). (6) On 25 November 2008, 8 April 2009, 18 May 2009 and 9 November 2009 the Commission received information from market participants alleging that ING Direct Europe had, for a short period, been advertising the capital injection it received from the Netherlands and that it was perceived as engaging in aggressive commercial behaviour. 4 0] C 72, 26.3.2009, p. 1. () () See footnote 1. (°) Not yet published. (7) Commission Decision of 7 July 2009 in case N 379/09 and NN 16/09, not yet published.