21. 6. 94 Official Journal of the European Communities No L 154/37 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION , of 7 December 1993 - concerning aid granted by the Spanish Government to Merco, a company (Only the Spanish text is authentic) (94/343/EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, and in particular the first subparagraph of Article 93 (2) thereof, Having regard to Regulation No 136/66/EEC of the Council of 22 September 1966 on the establishment of a common organization of the market in oils and fats ('), as last amended by Regulation (EC) No 3179/93 (3, and in particular Article 33 thereof, and the corresponding provi- sions of the other regulations on the common organiza- tion of the agricultural markets, Having, in accordance with the first subparagraph of Atticle 93 (2), given notice to the parties concerned to submit their comments and having regard to those comments, Whereas : I By letters dated 17 February and 20 March 1992, the Office of the Spanish Permanent Representative to the European Communities notified the Commission of aid paid to Merco, a company. By telex messages of 1 April and 24 July 1992, the Commission requested further information. This informa- tion was submitted to the Commission by letters dated 27 May, 1 July and 31 July 1992. By letter dated 27 May 1992, the Spanish authorities informed the Commission that capital of Pta 9 billion had been injected into Merco on 31 March 1992 by the State, which is a shareholder in that company. In addi- () OJ No 172, 30. 9. 1966, p. 3025/66. () OJ No L 285, 20. 11. 1993, p. 9. tion, it stated that a second instalment of Pta 9 billion and a possible third residual injection of a then unspecified amount were planned. The decision to inject this capital had been taken by the Spanish Government on 23 January 1992 at the same time as a decision to liquidate the company. By letters dated 1 and 31 July 1992, the Spanish authori- ties provided additional information indicating that the total liquidation of the company and the cessation of all its activities had been decided on 23 January 1992. They also indicated that liquidation was at a very advanced stage and would be completed in the short term. They specified that the injections of capital were intended and would be intended to cover compensation payments to staff, accumulated losses and losses on current trading. On the basis of the information available, the Commis- sion took the view that the injections of capital decided upon as part of the measures for the liquidation of the company could be considered as measures intended, inter alia, given the relative size of the sums involved, to cover the losses accumulated by Merco and to pay its creditors, in particular, the financial institutions. This aid, in the form of injections of capital, enabled the latter to remain protected from normal commercial risks by permitting them to recuperate their capital, something which would have been impossible under normal market conditions. The aid therefore constituted an implicit State guarantee to creditors without which they would not have provided the capital required to enable the company to continue its operations. Such aid could be construed as the retrospec- tive payment of operating aid to the company in the form of bank credits granted without any prospect of normal repayment. Under such circumstances, a private operator operating under the normal conditions obtaining in a market economy would not inject such capital. In the