L 16328 Official Journal of the European Union 23.6.2011 COMMISSION DECISION of 15 September 2010 on the State aid C 26/09 (ex N 289/09) which Latvia is planning to implement for the restructuring of AS Parex banka (notified under document C(2010) 6202) (Only the English text is authentic) (Text with EEA relevance) (2011/364/[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, 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: 1. PROCEDURE (), On 10 November 2008 Latvia notified to the Commission a package of measures in favour of AS Parex banka (hereinafter ‘Parex banka’), designed to support the stability of the financial system, which was approved on 24 November 2008 (%) (hereinafter ‘first rescue Decision’) based on Latvia's commitment to submit a restructuring plan for Parex banka within 6 months. On 26 January 2009, Latvia informed the Commission about several changes to the public support measures to Parex banka. Those changes were approved on 11 February 2009 (}) (hereinafter ‘second rescue Decision’). On 29 March 2009, Latvia notified to the Commission the need for further changes to the recapitalisation measure. Those changes were approved by Commission Decision of 11 May 2009 (%) (hereinafter ‘third rescue Decision’). (2)  On 11 May 2009, Latvia notified a restructuring plan for Parex banka. On 5 June 2009 a request for information (1) OJ C 239, 6.10.2009, p. 11. () Commission Decision of 24 November 2008 in case NN68/08 Public Support Measures to JSC Parex Banka, O] C 147, 27.6.2009, .1 G }éommission Decision of 11 February 2009 in case NN 3/09 Amendments to the Public support measures to JSC Parex Banka, O] C 147, 27.6.2009, p. 2. (*) Commission Decision of 11 May 2009 in case N 189/09 Amendments to the Public support measures to JSC Parex Banka, O] C 176, 29.7.2009, p. 3. was sent to the Latvian authorities. On 15 June 2009 a meeting was held between the Latvian authorities and the Commission. Latvia replied partially to that request for information by letter of 7 July 2009. (3) By letter of 29 July 2009, the Commission informed Latvia that it had decided to initiate the procedure under Article 108(2) TFEU (°) (hereinafter ‘opening Decision’) in respect of the restructuring aid measures. (4)  The opening Decision was published in the Official Journal of the European Union of 6 October 2009 and interested parties were requested to submit their comments on the proposed restructuring aid measures within 1 month from the date of publication. The Commission received no comments from interested parties. However, after the expiry of the prescribed period, the Commission received letters dated 15 June and 13 July 2010 from Valerijs Kargins and Viktors Krasovickis, the former majority sharcholders of Parex banka (hereinafter ‘former majority shareholders). Furthermore, the Commission received letters from members of the Latvian parliament dated 22 June and 1 July 2010. (5) By letter of 12 August 2009, the Latvian authorities requested that the deadline for the submission of addi- tional information set in the opening Decision be extended until 15 October 2009. On 4 September 2009 they presented a revised restructuring plan for Parex banka along with additional information as a response to the opening Decision. The revised restruc- turing plan was further updated on 22 September 2009 and additional information was provided. Meetings were held between the Latvian authorities and the Commission on 11 and 17 September 2009. (6) In addition, Latvia provided further information and clarifications on 11 September, 6 and 26 October, 9 and 23 December 2009, 19 February and 2 March 2010. (7 On 12 and 26 October 2009 Latvia provided information regarding a potential change of the restruc- turing strategy for Parex banka. On 22 March 2010 a (°) Commission Decision of 29 July 2009 in case C 26/09 (ex N 289/09) — Restructuring aid to JSC Parex Banka, O] C 239, 6.10.2009, p. 11.