L27/12 Official Journal of the European Union 3.2.2015 DECISIONS COMMISSION DECISION (EU) 2015/162 of 9 July 2014 on the State aid SA.36612 (2014/C) (ex 2013/NN) implemented by Latvia for Parex (notified under document C(2014) 4550) (Only the English text is authentic) (Text with EEA relevance) THE EUROPEAN COMMISSION, Having regard to the Treaty on the Functioning of the European Union, and in particular the first subparagraph of Article 108(2) thereof, Having called on interested parties to submit their comments pursuant to the provision(s) cited above ('), Whereas: 1. PROCEDURE 1.1. Previous measures in favour of Parex (1)  On 10 November 2008 Latvia notified to the Commission a package of State aid measures in favour of AS Parex banka (Parex banka’), designed to support the stability of the financial system. The Commission temporarily approved those measures on 24 November 2008 (3 (first rescue Decision’) based on Latvia’s commitment to submit a restructuring plan for Parex banka within six months. (2)  Following requests from Latvia, the Commission approved two sets of changes to the aid measures concerning Parex banka by decisions of 11 February 2009 (}) (‘second rescue Decision’) and 11 May 2009 (%) (‘third rescue Decision’). (3)  On 11 May 2009 Latvia notified a restructuring plan for Parex banka. By decision of 29 June 2009 (°) the Commission came to the preliminary conclusion that the notified restructuring measures constituted State aid to Parex banka and expressed doubts that such aid could be found compatible with the internal market. As a result the Commission decided to initiate the procedure laid down in Article 108(2) of the Treaty and required Latvia to provide information needed for the assessment of the compatibility of the aid. (4)  Between 11 May 2009 and 15 September 2010, several information exchanges and discussions occurred between Latvia and the Commission concerning the restructuring of Parex banka. During that period Latvia updated the restructuring plan of Parex banka several times. (5)  The restructuring plan envisaged a split of Parex banka into a newly established so-called ‘good bank’ named AS Citadele banka (‘Citadele’), which would take over all core assets and some non-core assets (°), and a so-called ‘bad bank’ (Reverta’ (")) which kept the remaining non-core and non-performing assets. That split was implemented on 1 August 2010. 1 (*) Commission Decision SA.36612 — 2014/C (ex 2013/NN) (O] C 147,16.5.2014,p. 11). (¥ Commission Decision NN 68/08 (O] C 147, 27.6.2009, p. 1). (*) Commission Decision NN 3/09 (O) C 147, 27.6.2009, p. 2). (*) Commission Decision N 189/09 (O] C 176, 29.7.2009, p. 3). (*) Commission Decision C 26/09 (ex N 289/09) (O] C 239, 6.10.2009, p. 11). (®) In particular, performing loans to borrowers located in the Commonwealth of Independent States (‘CIS’), the Lithuanian subsidiary, branches in Sweden and Germany and the wealth management business, with the latter including the Swiss subsidiary. () The bad bank initially kept the name of Parex banka a?ter the split that took place on 1 August 2010, but in May 2012 it changed its corporate name into ‘AS Reverta’.