{
  "url": "https://openlegislation.uk/eu-decision-2012-269",
  "json_url": "https://openlegislation.uk/eu-decision-2012-269.json",
  "id": "eudn/2012/269",
  "title": "Commission Decision of 29 June 2011 on the State aid No SA.32504 (2011/N) and C 11/10 (ex N 667/09) implemented by Ireland for Anglo Irish Bank and Irish Nationwide Building Society (notified under document C(2011) 4432) (Only the English text is authentic) (Text with EEA relevance) (2012/269/EU)",
  "short_title": "Commission Decision of 29 June 2011 on the State aid No SA.32504 (2011/N) and C 11/10 (ex N 667/09) implemented by Ireland for Anglo Irish Bank and Irish Nationwide Building Society (notified under document C(2011) 4432) (Only the English text is authentic) (2012/269/EU)",
  "long_title": "Commission Decision of 29 June 2011 on the State aid No SA.32504 (2011/N) and C 11/10 (ex N 667/09) implemented by Ireland for Anglo Irish Bank and Irish Nationwide Building Society (notified under document C(2011) 4432) (Only the English text is authentic) (Text with EEA relevance) (2012/269/EU)",
  "citation": "EU Decision 2012/269",
  "type": "eudn",
  "year": "2012",
  "number": "269",
  "version": "current",
  "date": "2011-06-29",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 0,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-decision-2012-269/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/article-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/article-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/article-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/eu-decision-2012-269/signature",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/I",
      "kind": "annex",
      "number": "I",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/I/division/COMMITMENTS",
      "kind": "division",
      "number": "COMMITMENTS UNDERTAKEN BY IRELAND",
      "heading": "State aid case C 11/10 — restructuring of Anglo Irish Bank and INBS (together ‘the merged entity’)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/I/division/COMMITMENTS/division/1",
      "kind": "division",
      "number": "(1)",
      "heading": "Duration of the commitments. Unless otherwise specified, all commitments taken by the Irish authorities will remain valid and applicable until the assets of the merged entity are fully worked out, including the promissory notes.",
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/COMMITMENTS"
    },
    {
      "path": "annex/I/division/COMMITMENTS/division/2",
      "kind": "division",
      "number": "(2)",
      "heading": "Management of existing assets. The merged entity will manage existing commercial assets in a way that maximises Net Present Value (NPV) of the assets in accordance with normal commercial practice and fiduciary duties. Specifically, if a client cannot respect the terms of his loan, the merged entity will only restructure the lending terms (deferral or partial waiver of repayments, conversion of (part of) the claim in capital, etc.) if such a restructuring would lead to enhancing the present value of the loan (i.e. if the present value of the cash flows to be expected from the restructuring is higher than the present value of the cash flows which can be expected from liquidation). In summary, the merged entity will manage its commercial asset portfolio in the same way as a private asset manager would manage the work-out of a similar book.",
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/COMMITMENTS"
    },
    {
      "path": "annex/I/division/COMMITMENTS/division/3",
      "kind": "division",
      "number": "(3)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/COMMITMENTS"
    },
    {
      "path": "annex/I/division/COMMITMENTS/division/4",
      "kind": "division",
      "number": "(4)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/COMMITMENTS"
    },
    {
      "path": "annex/I/division/COMMITMENTS/division/5",
      "kind": "division",
      "number": "(5)",
      "heading": "Cap on new lending. Consistent with the objective to work out the merged entity’s post-NAMA loan book over a 10-year period and commitment (3) above, the merged entity’s net commercial loan book will not exceed plan forecasts by more than […] in any single year during the plan period, excluding currency movements. That cap applies to the full commercial lending activity of the merged entity, including lending described under point (7).",
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/COMMITMENTS"
    },
    {
      "path": "annex/I/division/COMMITMENTS/division/6",
      "kind": "division",
      "number": "(6)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/COMMITMENTS"
    },
    {
      "path": "annex/I/division/COMMITMENTS/division/7",
      "kind": "division",
      "number": "(7)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/COMMITMENTS"
    },
    {
      "path": "annex/I/division/COMMITMENTS/division/8",
      "kind": "division",
      "number": "(8)",
      "heading": "Transfer of legacy Anglo and INBS deposits. Following the transfer of all legacy Anglo and INBS deposits (where deposits do not include intra-group deposits, interbank deposits, wholesale funding, debt-securities in issue or funding provided central banks and/or equivalent institutions), the merged entity will be left with the categories of deposits and accounts specified below (‘excluded liabilities’) which are permitted to remain in the merged entity, subject to any associated commitments:",
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/COMMITMENTS"
    },
    {
      "path": "annex/I/division/COMMITMENTS/division/9",
      "kind": "division",
      "number": "(9)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/COMMITMENTS"
    },
    {
      "path": "annex/I/division/COMMITMENTS/division/10",
      "kind": "division",
      "number": "(10)",
      "heading": "Monitoring Trustee. The merged entity will appoint a Monitoring Trustee, subject to European Commission’s approval, who will verify the adherence to the above listed commitments.",
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/COMMITMENTS"
    },
    {
      "path": "annex/I/division/COMMITMENTS/division/11",
      "kind": "division",
      "number": "(11)",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-I/division-COMMITMENTS/division-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/COMMITMENTS"
    },
    {
      "path": "annex/II",
      "kind": "annex",
      "number": "II",
      "heading": "APPOINTMENT AND DUTIES OF THE MONITORING TRUSTEE",
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-II",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/II/division/I",
      "kind": "division",
      "number": "I",
      "heading": "The Monitoring Trustee",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
    },
    {
      "path": "annex/II/division/I/division/1",
      "kind": "division",
      "number": "1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-II/division-I/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/I"
    },
    {
      "path": "annex/II/division/I/division/2",
      "kind": "division",
      "number": "2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-II/division-I/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/I"
    },
    {
      "path": "annex/II/division/I/division/3",
      "kind": "division",
      "number": "3",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-II/division-I/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/I"
    },
    {
      "path": "annex/II/division/II",
      "kind": "division",
      "number": "II",
      "heading": "Appointment of the Monitoring Trustee",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
    },
    {
      "path": "annex/II/division/II/division/1",
      "kind": "division",
      "number": null,
      "heading": "Proposal by the Irish authorities",
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-II/division-II/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/II"
    },
    {
      "path": "annex/II/division/II/division/2",
      "kind": "division",
      "number": null,
      "heading": "Approval or rejection by the Commission",
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-II/division-II/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/II"
    },
    {
      "path": "annex/II/division/II/division/3",
      "kind": "division",
      "number": null,
      "heading": "New proposal by the Irish authorities",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/II"
    },
    {
      "path": "annex/II/division/II/division/3/division/4",
      "kind": "division",
      "number": "4",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-II/division-II/division-3/division-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/II/division/3"
    },
    {
      "path": "annex/II/division/II/division/4",
      "kind": "division",
      "number": null,
      "heading": "Monitoring Trustee nominated by the Commission",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/II"
    },
    {
      "path": "annex/II/division/II/division/4/division/5",
      "kind": "division",
      "number": "5",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-II/division-II/division-4/division-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/II/division/4"
    },
    {
      "path": "annex/II/division/III",
      "kind": "division",
      "number": "III",
      "heading": "The duties of the Monitoring Trustee",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
    },
    {
      "path": "annex/II/division/III/division/6",
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      "number": "6",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-II/division-III/division-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/III"
    },
    {
      "path": "annex/II/division/III/division/2",
      "kind": "division",
      "number": null,
      "heading": "Duties and obligations of the Monitoring Trustee",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/III"
    },
    {
      "path": "annex/II/division/III/division/2/division/7",
      "kind": "division",
      "number": "7",
      "heading": "The Monitoring Trustee shall:",
      "url": "https://openlegislation.uk/eu-decision-2012-269/annex-II/division-III/division-2/division-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/III/division/2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2012/269",
    "retrieved_at": "2026-10-31T18:19:14.502139+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}