28.12.2012 Official Journal of the European Union L 357/15 COMMISSION DECISION of 25 July 2012 on measure SA.34440 (12/C) implemented by Luxembourg concerning the sale of Dexia BIL (notified under document C(2012) 5264) (Only the French text is authentic) (Text with EEA relevance) (2012/836/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 (1), 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 above Articles (3 and having regard to their comments, Whereas: 1. PROCEDURE By decision of 19 November 2008 (*), the Commission decided not to raise any objections to the emergency measures concerning a liquidity assistance operation (hereinafter: ‘LA operation’) and a guarantee for certain of Dexia’s liabilities (*). The Commission considered these measures to be rescue aid to an undertaking in difficulty and therefore compatible with the internal market on the basis of Article 107(3)(b) TFEU, and authorised the measures for a period of six months from 3 October 2008, specifying that after that time the Commission would re-evaluate the aid as a structural measure. Belgium, France and Luxembourg (hereinafter: ‘the Member States concerned’) notified to the Commission an initial restructuring plan for Dexia on 16, 17 and 18 February 2009 respectively. (") With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively, of the Treaty on the Functioning of the European Union (TFEU’). The two sets of provisions are, in substance, identical. For the purposes of this Decision, references to Articles 107 and 108 of the TFEU should be understood as references to Articles 87 and 88, respectively, of the EC Treaty, where appropriate. The TFEU also introduced certain changes in terminology, such as the replacement of ‘Community’ by ‘Union’, ‘common market’ by ‘internal market' and ‘Court of First Instance’ by ‘General Court’. The terminology of the TFEU is used throughout this Decision. () OJ C 146, 12.5.1998, p. 6, and OJ C 210, 1.9.2006, p. 12. () C(2008) 7388 final. (% In this Decision, ‘Dexia’ and ‘the Dexia group’ refer to Dexia SA and all of its subsidiaries. (3) () O] () O] () 0 ) 0 8 By decision of 13 March 2009, the Commission decided to open the formal investigation procedure laid down in Article 108(2) TFEU on all the aid measures granted to Dexia SA (%). By decision of 30 October 2009 (9), the Commission authorised the extension of the guarantee referred to in recital (1) until 28 February 2010 or until the date of the Commission decision concerning the compatibility of the aid measures and the restructuring plan for Dexia. On 9 February 2010 the Member States concerned sent the Commission information on the additional measures planned to supplement the initial restructuring plan notified in February 2009. By decision of 26 February 2010 (7), the Commission authorised the restructuring plan for Dexia and the conversion of the rescue aid into restructuring aid on condition that all the commitments and conditions estab- lished by the decision were complied with. Since the summer of 2011 Dexia has encountered further difficulties and the Member States concerned have envisaged additional aid measures. By decision of 17 October 2011 (3), the Commission decided to open a formal investigation procedure into the measure involving the sale by Dexia SA of Dexia Bank Belgium (hereinafter: ‘DBB’) and its acquisition by the Belgian State. In the interest of preserving financial stability, the Commission also decided to temporarily approve the measure. The measure is therefore approved for six months from the date of the decision in question or, if Belgium submits a restructuring plan within six months of that date, until such time as the Commission adopts a final decision on the measure. On 18 October 2011 the Member States concerned informed the Commission of a set of potential new measures for a new plan for the restructuring or dismantling of Dexia. As part of the set of new 181, 4.8.2009, p. 42. 274, 19.10.2010, p. 54. 38, 11.2.2012, p. 12. C C 305, 16.12.2009, p. 3. L C