30.10.2012 Official Journal of the European Union L 301/1 II (Non-legislative acts) DECISIONS COMMISSION DECISION of 27 March 2012 on the measures SA. 26909 (2011/C) implemented by Portugal for the restructuring of Banco Portugués de Negocios (BPN) (notified under document C(2012) 2043) (Only the Portuguese version is authentic) (Text with EEA relevance) (2012/660/EU) 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, ) Portugal did not submit any prior notification of any of the measures granted to BPN by the State. It informed the Commission of those measures only with considerable delay and after having been repeatedly requested to do so. Having called on interested parties to submit their comments (') (5) In this context, on 14 November 2008 the Commission pursuant to Article 108(2) of the Treaty and having regard to made requests for information regarding the specific state their comments, aid measures provided to BPN as well as requesting a restructuring  plan. The Commission then sent reminders on 5 January and 23 and 29 April 2009. Whereas: 1. Procedure (6)  The Portuguese authorities replied to the information requests on 8 January, 28 April and 23 June 2009, () On 2 November 2008, the. Portuguese Government Wi%hout providiJng i;}fzormatiog on specifig state aid appfoved ; dr;ﬁ law to rllan(}nahse the shares Arepide— measures in favour of BPN or furnishing a restructuring senting the s are c,aplta . hO bBarll,co l;lortulgues € plan. In their letter of 23 June 2009 the Portuguese Negocios, S.A. (BPN' or ‘the bank). That law was authorities indicated that they were considering the pubhshed‘ on 11 N.ovember’ 2008 as Law No 62- option of segregating the assets of BPN and selling the A[2008 (Nationalisation Law’). The nationalisation of bank BPN took effect on 12 November at zero price. ' (2 On 5 November 2008 the Portuguese authorities informed the Commission about the approval of the (7)  The Commission reiterated its requests for information draft law by the Portuguese Government. On 11 and on 17 July, 4 and 14 September, and 30 November 13 November 2008 they informed the Commission of 2009, and 5 February and 16 March 2010. the publication of the Nationalisation Law. (3  The Commission immediately —requested further (8)  The Portuguese authorities replied on 14 August 2009, information concerning any state aid measures to be granted to BPN under the nationalisation procedure as well as the submission of a restructuring plan for BPN. (") O] C 371, 20.12.2011, p. 14. indicating that commercial papers totalling up to EUR 2 billion were to be issued by BPN and subscribed by Caixa Geral de Depoésitos (CGD’) with a state guarantee. In their view the guarantee resulted directly from the Nationalisation Law and therefore could not constitute