OpenLegislation

Article 1

United Kingdom

Original text. Later amendments are not shown.

1.

The state aid which Spain has granted to Siderúrgica Añón SA is incompatible with the common market.

2.

The aid referred to in paragraph 1 includes the following:

(a)

the aid element involved in the stake acquired by SODIGA in the share capital of Siderúrgica Añón, which corresponds to:

  1. (i)

    an annual premium of 5,13 % applied to the initial capital injection of EUR 1 803 060 reduced by the five annual repayments of EUR 150 916 in the case of the first stake, acquired in 2001, and

  2. (ii)

    an annual premium of 3,86 % applied to the initial capital injection of EUR 495 180 reduced by the four annual repayments of EUR 41 868 in the case of the second stake, acquired in 2002;

(b)

the grant awarded by IGAPE on 10 November 2000, amounting to EUR 2 399 407;

(c)

the interest subsidies granted with respect to the syndicated loan of EUR 9 616 193 of 2 April 2001 via the 30 % guarantee, i.e. 0,3 % p.a., and the direct interest subsidy of 0,25 % p.a. provided by IGAPE, which in total amounts to EUR 52 889,1 p.a.;

(d)

the payment of the formalisation fee of EUR 48 081 by IGAPE with respect to the loan of EUR 9 616 193 of 2 April 2001;

(e)

the interest subsidy of 5,7 % p.a. contained in the interest-free loan of EUR 1 803 036 granted by the Ministry of Science and Technology on 29 December 2000.