{
  "url": "https://openlegislation.uk/eu-decision-2015-657",
  "json_url": "https://openlegislation.uk/eu-decision-2015-657.json",
  "id": "eudn/2015/657",
  "title": "Commission Decision (EU) 2015/657 of 5 February 2013 on State aid granted by Germany and Austria to Bayerische Landesbank (Case SA.28487 (C 16/09, ex N 254/09)) (notified under document C(2013) 507) (Only the German text is authentic) (Text with EEA relevance)",
  "short_title": "Decision (EU) 2015/657 on State aid granted by Germany and Austria to Bayerische Landesbank (Case SA.28487 (C…",
  "long_title": "Commission Decision (EU) 2015/657 of 5 February 2013 on State aid granted by Germany and Austria to Bayerische Landesbank (Case SA.28487 (C 16/09, ex N 254/09)) (notified under document C(2013) 507) (Only the German text is authentic) (Text with EEA relevance)",
  "citation": "EU Decision 2015/657",
  "type": "eudn",
  "year": "2015",
  "number": "657",
  "version": "current",
  "date": "2013-02-05",
  "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-2015-657/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-2015-657/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-2015-657/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-2015-657/article-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/4",
      "kind": "article",
      "number": "4",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/article-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/5",
      "kind": "article",
      "number": "5",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/article-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/eu-decision-2015-657/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/A",
      "kind": "division",
      "number": "A",
      "heading": "GENERAL COMMITMENTS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/I/division/A/division/1",
      "kind": "division",
      "number": "1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-A/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/A"
    },
    {
      "path": "annex/I/division/A/division/2",
      "kind": "division",
      "number": "2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-A/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/A"
    },
    {
      "path": "annex/I/division/A/division/3",
      "kind": "division",
      "number": "3",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-A/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/A"
    },
    {
      "path": "annex/I/division/B",
      "kind": "division",
      "number": "B",
      "heading": "REDUCTION OF BALANCE SHEET TOTAL/RESTRICTION OF BUSINESS ACTIVITIES",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/I/division/B/division/4",
      "kind": "division",
      "number": "4",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-B/division-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/B"
    },
    {
      "path": "annex/I/division/B/division/5",
      "kind": "division",
      "number": "5",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-B/division-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/B"
    },
    {
      "path": "annex/I/division/B/division/6",
      "kind": "division",
      "number": "6",
      "heading": "[Restriction of business activities—core business] In the core business of the following business areas, the following restrictions will be observed, the aim being that only business with a link to Germany should be conducted. The term ‘with a link to Germany’ means that (i) the customer or its parent or a significant subsidiary has its registered office in Germany; or (ii) the business involves financing for trade or financing relating to exports involving […] risk insurance (e.g. an export credit agency), and the customer receiving the financing is an offtaker of a customer with a link to Germany as defined at (i) above; or (iii) the project to be financed is located in Germany, or one or more customers with a link to Germany as defined at (i) above are involved in the project either as offtakers of the goods or raw materials to be produced or as users by virtue of purchase or transfer-of-use contracts, or hold at least a [15-50] % ownership share in the project company, or have undertaken to supply more than [30-70] % of the supplies for the project that are to be financed; or (iv) in the international real estate business, the customer holds substantial German assets in its portfolio.",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-B/division-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/B"
    },
    {
      "path": "annex/I/division/B/division/7",
      "kind": "division",
      "number": "7",
      "heading": "[Overruns] With respect to the RWA ceilings laid down in point 6(a) to (c):",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-B/division-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/B"
    },
    {
      "path": "annex/I/division/B/division/8",
      "kind": "division",
      "number": "8",
      "heading": "[Closure of business activities] The following areas no longer form part of the core business and will be closed:",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-B/division-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/B"
    },
    {
      "path": "annex/I/division/C",
      "kind": "division",
      "number": "C",
      "heading": "CLOSURE OF LOCATIONS/DIVESTMENT OF SHAREHOLDINGS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/I/division/C/division/9",
      "kind": "division",
      "number": "9",
      "heading": "[Locations] The following BayernLB locations set up as branches or representative offices were closed on the dates indicated:",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-C/division-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/C"
    },
    {
      "path": "annex/I/division/C/division/10",
      "kind": "division",
      "number": "10",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-C/division-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/C"
    },
    {
      "path": "annex/I/division/C/division/11",
      "kind": "division",
      "number": "11",
      "heading": "[Sales of holdings] BayernLB will sell the holdings listed below and in Annex III on the best terms obtainable and in their entirety by the dates specified (date of signing), or has already sold the holding on the date shown.",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-C/division-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/C"
    },
    {
      "path": "annex/I/division/C/division/12",
      "kind": "division",
      "number": "12",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-C/division-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/C"
    },
    {
      "path": "annex/I/division/C/division/13",
      "kind": "division",
      "number": "13",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-C/division-13",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/C"
    },
    {
      "path": "annex/I/division/C/division/14",
      "kind": "division",
      "number": "14",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-C/division-14",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/C"
    },
    {
      "path": "annex/I/division/C/division/15",
      "kind": "division",
      "number": "15",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-C/division-15",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/C"
    },
    {
      "path": "annex/I/division/C/division/16",
      "kind": "division",
      "number": "16",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-C/division-16",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/C"
    },
    {
      "path": "annex/I/division/C/division/17",
      "kind": "division",
      "number": "17",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-C/division-17",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/C"
    },
    {
      "path": "annex/I/division/D",
      "kind": "division",
      "number": "D",
      "heading": "OTHER BEHAVIOURAL OBLIGATIONS/CORPORATE GOVERNANCE",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/I/division/D/division/18",
      "kind": "division",
      "number": "18",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-D/division-18",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/D"
    },
    {
      "path": "annex/I/division/D/division/19",
      "kind": "division",
      "number": "19",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-D/division-19",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/D"
    },
    {
      "path": "annex/I/division/D/division/20",
      "kind": "division",
      "number": "20",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-D/division-20",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/D"
    },
    {
      "path": "annex/I/division/D/division/21",
      "kind": "division",
      "number": "21",
      "heading": "[Assurances on corporate governance] The management board (Vorstand) of BayernLB is independent in the daily and operational management of business and its sole duty is to the company. Neither the board of directors (Verwaltungsrat) nor the general meeting may issue instructions to it. Supervision and monitoring will be concentrated in the board of directors (which will in future be known as the supervisory board (Aufsichtsrat)); for business of fundamental importance the general rules under the law on public limited companies regarding the approval of the supervisory board (Zustimmungsvorbehalt) will apply. In addition, BayernLB is subject to legal supervision by its legal supervision authority and banking supervision by BaFin and the Bundesbank.",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-D/division-21",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/D"
    },
    {
      "path": "annex/I/division/D/division/22",
      "kind": "division",
      "number": "22",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-D/division-22",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/D"
    },
    {
      "path": "annex/I/division/D/division/23",
      "kind": "division",
      "number": "23",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-D/division-23",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/D"
    },
    {
      "path": "annex/I/division/D/division/24",
      "kind": "division",
      "number": "24",
      "heading": "Within the possibilities under civil law, BayernLB will remunerate its bodies, employees and essential agents in line with the following principles:",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-D/division-24",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/D"
    },
    {
      "path": "annex/I/division/D/division/25",
      "kind": "division",
      "number": "25",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-D/division-25",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/D"
    },
    {
      "path": "annex/I/division/D/division/26",
      "kind": "division",
      "number": "26",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-D/division-26",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/D"
    },
    {
      "path": "annex/I/division/D/division/27",
      "kind": "division",
      "number": "27",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-D/division-27",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/D"
    },
    {
      "path": "annex/I/division/D/division/28",
      "kind": "division",
      "number": "28",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-D/division-28",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/D"
    },
    {
      "path": "annex/I/division/E",
      "kind": "division",
      "number": "E",
      "heading": "CONTRIBUTION BY THE BAVARIAN SAVINGS BANKS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/I/division/E/division/29",
      "kind": "division",
      "number": "29",
      "heading": "[Conversion of silent participations and acquisition of LBS Bayern] The Bavarian savings banks are prepared to share the burden of restructuring BayernLB to the tune of EUR 1,65 billion by acquiring LBS and converting their silent participations (stille Einlagen).",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-E/division-29",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/E"
    },
    {
      "path": "annex/I/division/F",
      "kind": "division",
      "number": "F",
      "heading": "BAYERNLABO",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/I/division/F/division/30",
      "kind": "division",
      "number": "30",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-F/division-30",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/F"
    },
    {
      "path": "annex/I/division/G",
      "kind": "division",
      "number": "G",
      "heading": "REMUNERATION OF THE GUARANTEE/CLAW-BACK",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/I/division/G/division/31",
      "kind": "division",
      "number": "31",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-G/division-31",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/G"
    },
    {
      "path": "annex/I/division/G/division/32",
      "kind": "division",
      "number": "32",
      "heading": "[Total premium] The bank will pay an total annual premium of EUR 200 million for the guarantee retroactively from 1 January 2010. This total premium consists of the following:",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-G/division-32",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/G"
    },
    {
      "path": "annex/I/division/H",
      "kind": "division",
      "number": "H",
      "heading": "REPAYMENT OF BAVARIA'S SILENT PARTICIPATION OF EUR 3 BILLION",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/I/division/H/division/33",
      "kind": "division",
      "number": "33",
      "heading": "[Further reduction of risk positions] In order to repay the entire silent participation of the Land of Bavaria by 2017, BayernLB undertakes to reduce its risk positions by a further EUR 10 billion by 2017, broken down by business segments as follows, a divergence of a maximum of [10-15] % per segment being disregarded as long as a total reduction of EUR 10 billion is achieved:",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-I/division-H/division-33",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I/division/H"
    },
    {
      "path": "annex/II",
      "kind": "annex",
      "number": "II",
      "heading": "CONDITIONS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/II/division/1",
      "kind": "division",
      "number": "1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-II/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
    },
    {
      "path": "annex/II/division/2",
      "kind": "division",
      "number": "2",
      "heading": "The one-off claw-back payment of EUR 1,24 billion will be made in the following tranches:",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-II/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
    },
    {
      "path": "annex/II/division/3",
      "kind": "division",
      "number": "3",
      "heading": "The aid repayment of EUR 3 billion will be made in the following tranches:",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-II/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
    },
    {
      "path": "annex/II/division/4",
      "kind": "division",
      "number": "4",
      "heading": null,
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-II/division-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
    },
    {
      "path": "annex/III",
      "kind": "annex",
      "number": "III",
      "heading": "FURTHER REDUCTION IN HOLDINGS",
      "url": "https://openlegislation.uk/eu-decision-2015-657/annex-III",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2015/657",
    "retrieved_at": "2026-10-31T18:18:17.472023+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."
}