7.9.2006 Official Journal of the European Union L 24417 COMMISSION DECISION of 6 April 2005 on the aid scheme which Italy is planning to implement for ship financing (notified under document number C(2005) 844) (Only the Italian text is authentic) (Text with EEA relevance) (2006/599/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 the provisions cited above, Whereas: I. PROCEDURE On 26 November 1998 the Commission approved the Italian shipbuilding guarantee scheme provided for in Article 5 of Law No 261 of 31 July 1997, and considered that the aid intensity provided for by the scheme amounted to 1 %. That Article was amended by Law No 413 of 30 November 1998. On 16 May 2001 Italy notified the Commission of the adoption of a decree of the Minister for the Treasury, the Budget and Economic Planning, which supplemented the guarantee scheme, arguing that, with these modifications and additions, the scheme should be considered free of aid. It is this notification which is the subject of the present decision. Following the notification there was some corre- spondence with Italy in order to obtain further infor- mation. In addition, the Commission had numerous informal contacts with the Italian authorities and with their consultant, and met them on two occasions. 4 By letter dated 30 April 2003, the Commission informed Italy that it had decided to initiate the procedure laid down in Article 88(2) of the EC Treaty in respect of the notified measure. The Commission Decision to initiate the procedure was published in the Official Journal of the European Union (1). The Commission invited interested parties to submit their comments on the aid. The Commission received no comments from interested parties. By letters dated 4 June 2003, 22 July 2003 and 3 June 2004 the Italian authorities submitted their observations on the Commission’s Decision to initiate the procedure. A meeting between the Italian authorities and the Commission took place on 27 January 2004. By letter dated 3 November 2004 the Italian authorities asked the Commission to define its position on the case. The Commission replied to that letter on 22 December 2004; it did not receive any further correspondence from Italy. II. DESCRIPTION OF THE SCHEME The Special Guarantee Fund for Ship Financing (Fondo speciale di garanzia per il credito navale — ‘the Fund) was provided for in Article 5 of Law No 261 of 31 July 1997. Following a tender procedure, the financial, administrative and technical management of the Fund was entrusted to Mediocredito Centrale SpA (Medio- credito’). The Fund is intended to cover the risk of failure to recover loans for the construction and conversion of ships granted by banks to Italian and foreign shipowners for work carried out in Italian shipyards. For this purpose the Fund is to provide second-priority end-financing guarantees to the ship- owners. The Italian authorities have confirmed that the Fund is not yet operative, so that no guarantees have yet been granted. () O] C 145, 21.6.2003, p. 48.