L 81/36 Official Journal of the European Union 18.3.2006 COMMISSION DECISION of 7 December 2005 Investments of Shetland Leasing and Property Developments Ltd in the Shetland Islands (United Kingdom) (notified under document number C(2005) 4649) (Only the English text is authentic) (Text with EEA relevance) (2006/226EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community and in particular the first paragraph of Article 88 (2) thereof, Having regard to Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 93 of the EC Treaty (!), and in particular Article 14 thereof, Having invited interested third parties to present their obser- vations, in accordance with the first subparagraph of Article 88 ), Whereas: I PROCEDURE () In January 2004 the Commission was informed by a citizen of the United Kingdom of investments made with the involvement of authorities of the Shetland Islands of the United Kingdom which possibly constituted State aid. By letters of 17 February 2004 and of 1 September 2004 the Commission requested the United Kingdom to provide information about these investments, to which the United Kingdom replied by letters of 30 April 2004 and 13 December 2004. (2)  The Commission informed the United Kingdom by letter of 20 April 2005 of the decision to initiate the formal investigation procedure under Article 88 (2) of the EC Treaty. The United Kingdom gave its comments on the case by letter of 19 May 2005. (3)  The Commission decision to initiate the formal investi- gation procedure was published in the Official Journal of (") OJ L 83, 27.3.1999, p. 1. Regulation as amended by the 2003 Act of Accession. the European Union on 10 June 2005 (?). The Commission invited any interested parties to submit their observations on the case. No comments were received. II DESCRIPTION (4)  The Shetland Islands Council (SIC), a public authority in Shetland, set up two trusts, the Shetland Development Trust (Development Trust) and the Shetland Islands Council Charitable Trust (Charitable Trust). (5)  The Development Trust was established to serve as the main means for financing economic development projects in Shetland; it makes funding available through loans. The trustees are the councillors of SIC plus two independent trustees. (6)  The Charitable Trust is the trust fund of the SIC that grants loans for charitable purposes. The trustees of the Charitable Trust are the councillors of SIC, plus two independent trustees. (7)  The funding of both the Charitable Trust and the Devel- opment Trust is derived from a reserve fund set up by the SIC. This reserve fund itself is funded from an agreement concluded on 12 July 1974 between the SIC and oil companies using the harbour facilities of Sullum Voe. This agreement states that fees are paid by these companies ‘in respect of the import of crude oil and as compensation for disturbance caused thereby’. (8)  For commercial and development activities the SIC has set up Shetland Leasing and Property Ltd (SLAP), which is a trading company with limited liability, operating for profit and wholly owned by Charitable Trust. The tasks of SLAP are to take equity holdings in local businesses, to make loans to local industry at commercial rates and to construct industrial buildings for lease at commercial rents. () 0] C 141, 10.6.2005, p. 12.