L 18824 Official Journal of the European Union 21.7.2010 IV (Acts adopted before 1 December 2009 under the EC Treaty, the EU Treaty and the Euratom Treaty) 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) 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 interested parties to submit their comments pursuant to those provisions (1), Whereas: 1. PROCEDURE By Decision of 18 December 2008 (?) (hereinafter ‘the recapitalisation Decision’), the Commission concluded that the EUR 3,5 billion recapitalisation of KBC provided by the Belgian Federal government (*) (here- inafter ‘the first recapitalisation’) was compatible with the common market as rescue aid on the basis of Article 87(3)(b) of the Treaty for a period of six months. The Commission in its Decision also required the submission of a plan by the Belgian authorities within six months. On 22 January 2009, the Flemish government and KBC announced a further strengthening of KBC's capital base through a EUR 2 billion recapitalisation by the Flemish government. The Flemish government (%) furthermore () Commission Decision in Case C 18/09, KBC, (O] C 216, 10.9.2009, p. 10). () Commission Decision in Case N 602/08, KBC, (O] C 109, 13.5.2009, p. 4). Hereinafter, references to the ‘recapitalisation Decision’ refer to the Decision mentioned in this footnote. (®) Belgische federale overheid, les autorités fédérales belges. () Vlaamse overheid, le gouvernement flamand. committed to provide an additional stand-by facility of EUR 1,5 billion (hereinafter together called ‘the second recapitalisation’). On 14 May 2009, the Belgian Federal government (°) and KBC announced that they reached an agreement concerning an asset relief measure (hereinafter ‘the State Protection measure) to cover KBC's exposure to Collat- eralised Debt Obligations (hereinafter ‘CDOs’). The Commission received information on the second recap- italisation and the State Protection measure on 18 May, 8 June and 12 June 2009. The Belgian authorities submitted a restructuring plan for KBC on 18 June 2009 with regard to the first recap- italisation. The Belgian authorities notified the second recapitali- sation and the State Protection measure on 19 June 2009. On 30 June 2009, the Commission approved the second recapitalisation for a period of six months, subject to the submission of a restructuring plan, and temporarily approved the State Protection measure. At the same time, it opened the procedure under Article 88(2) of the Treaty with regard to the valuation and other aspects of the State Protection measure (hereinafter ‘the opening Decision’) (9). (°) For the purposes of this decision, the Commission hereinafter in referring to the Belgian authorities does not distinguish between the Belgian Federal government and the Flemish authorities. Consequently both will be referred to as ‘Belgian authorities’. (%) The opening decision refers to three points: the approval of the second recapitalisation as rescue aid for six months, the temporary approval of the State Protection measure and opening on certain aspects of the State Protection measure.