{
  "url": "https://openlegislation.uk/eu-decision-2014-884/annex/division-5",
  "json_url": "https://openlegislation.uk/eu-decision-2014-884/annex/division-5.json",
  "legislation": "eudn/2014/884",
  "legislation_title": "Commission Decision of 11 March 2014 on State aid SA.34445 (12/C) implemented by Denmark for the transfer of property-related assets from FIH to the FSC (notified under document C(2014) 1280) (Only the English text is authentic) (Text with EEA relevance) (2014/884/EU)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2014-884",
  "path": "annex/division/5",
  "kind": "division",
  "number": "5",
  "heading": "Behavioural measures and corporate governance",
  "text": "5.1. Ban on acquisitions FIH shall not acquire any stake in any undertaking. This applies both to undertakings which have the legal form of a company and packages of assets which form a business.\nActivities not comprised by the acquisition ban This ban does not apply to acquisitions that must be made in exceptional circumstances to maintain financial stability or in the interests of effective competition, provided they have been approved beforehand by the Commission. This does neither apply to acquisitions that take place in the ordinary course of the banking business in the management of existing claims towards ailing firms and to disposal and restructuring within FIH Holding Group.\nExemptions not requiring the Commission’s prior approval FIH may acquire stakes in undertakings provided that the purchase price paid by FIH for any acquisition is less than 0,01 % of the balance sheet size of FIH at the date of the Commission decision and that the cumulative purchase prices paid by FIH for all such acquisitions over the whole restructuring period is less than 0,025 % of the balance sheet size of FIH at the date of the Commission decision.\n5.2. Ban on commercial aggressive practices FIH shall avoid engaging in aggressive commercial practices throughout the duration of the Restructuring Plan.\n5.3. Deposits FIH will not offer more favourable prices for deposit products (notably but not exclusively for retail deposits in FIH Direct Bank) than the two best-priced competitors in a given market.\nThe restriction does not apply if FIH’s share of the total deposit market is less than 5 %.\n5.4. Advertising FIH must not use the granting of the aid measures or any advantages arising therefrom for advertising purposes. Further, its overall annual advertising expenses will be below EUR 1 million.\n5.5. Ban on coupon payments FIH will refrain during the Restructuring Period from making any payments on capital instruments, unless those payments stem from a legal obligation, and not call or buy back those instruments without prior approval of the Commission. Coupons on capital instruments held by the state may be paid, unless such payments would trigger coupon payments to other investors that otherwise would not be mandatory. This commitment not to pay coupons during the Restructuring Period does not apply for newly issued instruments (meaning instruments issued after the Commission’s final approval of the restructuring plan), provided any payment of coupons on such newly issued instruments will not create a legal obligation to make any coupon payments on FIH’s securities existing at the moment of the adoption of the Commission’s Restructuring Decision.\n5.6. Ban on dividend payments All dividends paid to FIH Holding will be retained until settlement of the share purchase agreement respectively the end of the Restructuring Period, whichever is longer. Thus, FIH Holding shall not distribute funds to its shareholders by way of dividends or otherwise until the final settlement of the purchase price agreement. To retain earnings in the FIH Holding group, FIH shall not pay dividends to other entities than FIH Holding.\n5.7. Restrictions on FIH Holding related to ownership FIH Holding shall not pledge its shareholding in FIH. Related party transactions shall be at arm’s length. No decision affecting the creditworthiness or liquidity of FIH Holding compromising its capability of paying a negative variable purchase price if required shall be taken.\nFIH Holding is only allowed to conduct business as holding company for FIH and any shareholder loans shall not be repaid.\n5.8. Buy Back of Hybrid Capital Instruments or other Capital Instruments With regard to the buy-back of hybrid capital instruments or other capital instruments existing in FIH on 2 March 2012, FIH will respect the rules concerning Tier 1 and Tier 2 capital transactions as set out in the MEMO/09/441 of 8 October 2008. In any case FIH will consult the Commission before making announcements to the market concerning Tier 1 and Tier 2 capital transactions.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "FIH’s share of the market is derived from the Danish Central Bank’s MFI-statistics (www.statistikbanken.dk/DNMIN). It is based on the total amount of deposits from Danish residents in the Danish MFI sector relative to deposits from Danish residents in FIH."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "http://europa.eu/rapid/press-release_MEMO-09-441_en.htm"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2014/884/annex/division/5",
    "retrieved_at": "2026-11-01T15:14:33.383829+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."
}