Common use of Conclusion Clause in Contracts

Conclusion. Based on an assessment of the information submitted by the Icelandic authorities, the Mortgage Loan Scheme appears to constitute State aid within the meaning of Article 61(1) of the EEA Agreement. Furthermore, the Authority doubts that the Mortgage Loan Scheme can be regarded as complying with Article 61(3)(b) of the EEA Agreement, in combination with the requirements laid down in the IAG. The Authority thus doubts that the Mortgage Loan Scheme is compatible with the functioning of the EEA Agreement. Consequently, and in accordance Article 4(4) of Part II of Protocol 3, the Authority is obliged to open the procedure provided for in Article 1(2) of Part I of Protocol 3. The decision to open proceedings is without prejudice to the final decision of the Authority, which may conclude that the measures in question are compatible with the functioning of the EEA Agreement. In light of the foregoing considerations, the Authority, acting under the procedure laid down in Article 1(2) of Part I of Protocol 3, invites the Icelandic authorities to submit their comments within one month of the date of receipt of this Decision. In light of the foregoing considerations, within one month of receipt of this decision, the Authority request the Icelandic authorities to provide all documents, information and data needed for assessment of the compatibility of the transfer of mortgage loans secured against collateral in residential property from financial undertakings to the HFF. (1) See paragraph 48 et seq. of the IAG. (2) In some cases the Commission required the plans to be submitted within three months. (3) See the chapter on ‘Return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules’, under the State Aid Guidelines on the Authority’s home page. (4) This table outlines good practices in presenting information of the bank’s activities related to the impaired assets that would feed into the viability review for cases of individual aid granting, but could be applied per analogy also to schemes. The Authority invites Iceland to forward a copy of this decision to any potential aid recipients of the aid immediately. The Authority would like to remind the Icelandic authorities that, according to the provisions of Protocol 3, any incompatible aid unlawfully put at the disposal of the beneficiaries will have to be recovered, unless this recovery would be contrary to the general principal of law, HAS ADOPTED THIS DECISION: The EFTA Surveillance Authority has decided to initiate the formal investigation procedure provided for in Article 1(2) of Part I of Protocol 3 to the Agreement between the EFTA States on the establishment of a Surveillance Authority and a Court of Justice regarding the scheme on the transfer of mortgage loans secured against collateral in residential property from financial undertakings to the Housing Financing Fund. The Icelandic authorities are invited, pursuant to Article 6(1) of Part II of Protocol 3 to the Agreement between the EFTA States on the establishment of a Surveillance Authority and a Court of Justice, to submit their comments on the opening of the formal investigation procedure within one month from the notification of this Decision. The Icelandic authorities are requested to provide within one month from notification of this decision, all documents, information and data needed for assessment of the compatibility of the aid measure. This Decision is addressed to the Republic of Iceland. Only the English version is authentic. Done at Brussels, 10 mars 2010.

Conclusion. Based on an assessment of the information submitted by the Icelandic Norwegian authorities, the Mortgage Loan Scheme appears Authority preliminary concludes that the additional payments to the Hurtigruten companies (reimbursement of the NOx tax/NOx Fund contribution, a general compensation payment of NOK 66 million in 2008 as well as the release in winter of one of the 11 ships allocated to the route) constitute State aid within the meaning of Article 61(1) of the EEA Agreement. Furthermore, the The Authority has doubts that the Mortgage Loan Scheme can be regarded as complying these measures comply with Article 61(3)(b59(2) or Article 61(3) of the EEA Agreement, in combination conjunction with the requirements laid down in the IAGAuthority’s State Aid Guidelines on Maritime Transport and/or Guidelines on rescuing and restructuring firms in difficulty. The Authority thus Authority, therefore, doubts that the Mortgage Loan Scheme is above measures are compatible with the functioning of the EEA Agreement. Consequently, and in accordance Article 4(4) of Part II of Protocol 3, the Authority is obliged to open the formal investigation procedure provided for in Article 1(2) of Part I of Protocol 3. The decision to open proceedings a formal investigation procedure is without prejudice to the final decision of the Authority, which may conclude that the measures in question are compatible with the functioning of the EEA Agreement. In light of the foregoing considerations, the Authority, acting under the procedure laid down in Article 1(2) of Part I of Protocol 3, invites the Icelandic Norwegian authorities to submit their comments within one month of the date of receipt of this Decision. In light of the foregoing considerations, within one month of receipt of this decision, the Authority request the Icelandic Norwegian authorities to provide all documents, information and data needed for assessment of the compatibility of the transfer of mortgage loans secured against collateral in residential property from financial undertakings to the HFF. (1) See paragraph 48 et seq. of the IAG. (2) In some cases the Commission required the plans to be submitted within three months. (3) See the chapter on ‘Return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules’, under the State Aid Guidelines on the Authority’s home page. (4) This table outlines good practices in presenting information of the bank’s activities related to the impaired assets that would feed into the viability review for cases of individual aid granting, but could be applied per analogy also to schemesrevised Hurtigruten Agreement. The Authority invites Iceland requests the Norwegian authorities to forward a copy of this decision to any the potential aid recipients recipient of the aid immediately. The Authority would like to must remind the Icelandic Norwegian authorities that, according to the provisions Article 14 of Part II of Protocol 3, any incompatible aid unlawfully put at the disposal of granted to the beneficiaries will have to be recovered, unless (exceptionally) this recovery would be contrary to the a general principal of EEA law, HAS ADOPTED THIS DECISION: The EFTA Surveillance Authority has decided to initiate the formal investigation procedure provided for in Article 1(2) of Part I of Protocol 3 is opened into the additional payments to Hurtigruten (reimbursement of the NOx tax/NOx Fund contribution, a general compensation payment of NOK 66 million in 2008 as well as the release in winter of one of the 11 ships allocated to the Agreement between route) implemented by the EFTA States on the establishment of a Surveillance Authority and a Court of Justice regarding the scheme on the transfer of mortgage loans secured against collateral in residential property from financial undertakings to the Housing Financing FundNorwegian authorities. The Icelandic Norwegian authorities are invited, pursuant to Article 6(1) of Part II of Protocol 3 to the Agreement between the EFTA States on the establishment of a Surveillance Authority and a Court of Justice3, to submit their comments on the opening of the formal investigation procedure within one month from the notification of this Decision. The Icelandic Norwegian authorities are requested to provide within one month from notification of this decision, all documents, information and data needed for assessment of the compatibility of the aid measure. This Decision is addressed to the Republic Kingdom of IcelandNorway. Only the English language version of this decision is authentic. Done at Brussels, 10 mars on 14 July 2010.

Conclusion. Based on an assessment of the information submitted by the Icelandic authoritiesNorwegian authori- ties, the Mortgage Loan Scheme appears to constitute State Authority has doubts whether the aid measure(s) consti- tute aid within the meaning of Article 61(1) of the EEA AgreementAgree- ment. Furthermore, the Authority has doubts that the Mortgage Loan Scheme whether these measures can be regarded as complying with Article 61(3)(b61(3)(c) of the EEA Agreement, in combination with the requirements laid down in the IAGAuthority's State Aid Guidelines on environmental protection and on aid for research and development. The Authority thus doubts that the Mortgage Loan Scheme is above measures are compatible with the functioning of the EEA Agreement. Consequently, and in accordance Article 4(4) of Part II of Protocol 33 to the Surveillance and Court Agreement, the Authority is obliged to open the procedure provided for in Article 1(2) of Part I of Protocol 3. The decision to open proceedings is without prejudice to Autho- the final decision of the Authority, which may conclude that the measures in question are compatible with the functioning of the EEA Agreement. In light of the foregoing considerations, the Authority, acting under the procedure laid down in Article 1(2) of Part I of Protocol 33 to the Surveillance and Court Agreement, invites requests the Icelandic Norwegian authorities to submit their comments within one month of the date of receipt of this Decision. In light of the foregoing considerationsconsideration, the Authority requires that, within one month of receipt of this decision, the Authority request the Icelandic Norwegian authorities to provide all documents, information and data needed for assessment of the compatibility of the transfer of mortgage loans secured against collateral in residential property from financial undertakings to support scheme. It requests the HFF. (1) See paragraph 48 et seq. of the IAG. (2) In some cases the Commission required the plans to be submitted within three months. (3) See the chapter on ‘Return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules’, under the State Aid Guidelines on the Authority’s home page. (4) This table outlines good practices in presenting information of the bank’s activities related to the impaired assets that would feed into the viability review for cases of individual aid granting, but could be applied per analogy also to schemes. The Authority invites Iceland Norwegian authorities to forward a copy of this decision letter to any the potential aid recipients of the aid immediately. The Authority would like to remind the Icelandic authorities that, according to the provisions of Protocol 3, any incompatible aid unlawfully put at the disposal of the beneficiaries will have to be recovered, unless this recovery would be contrary to the general principal of lawimmedia- tely, HAS ADOPTED THIS DECISION: The EFTA Surveillance Authority has decided to initiate open the formal investigation procedure provided for in Article 1(2) of Part I of Protocol 3 to the Surveillance and Court Agreement between the EFTA States on the establishment of a Surveillance Authority and a Court of Justice against Norway regarding the support scheme on the transfer of mortgage loans secured against collateral for alterative, renewable heating and electricity savings in residential property from financial undertakings to the Housing Financing Fundprivate households. The Icelandic Norwegian authorities are invitedrequested, pursuant to Article 6(1) of Part II of Protocol 3 to the Agreement between the EFTA States on the establishment of a Surveillance Authority and a Court of JusticeAgree- ment, to submit their comments on the opening of the formal investigation procedure within one month from the notification of this Decision. The Icelandic Norwegian authorities are requested required to provide within one month from notification of this decision, all documents, information infor- mation and data needed for assessment of the compatibility of the aid measure. This Decision is addressed to the Republic Kingdom of IcelandNorway. Only the English version is authentic. Done at Brussels, 10 mars 2010.19 December 2007. rity is obliged to open the procedure provided for in Article 1 (2) of Part I of Protocol 3 of the Surveillance and Court Agree- ment. The decision to open proceedings is without prejudice to

Conclusion. Based on an assessment of the information submitted by the Icelandic Norwegian authorities, the Mortgage Loan Scheme appears Authority cannot exclude the possibility that the aid measures referred to above in Part II, Sections 3.1 and 3.2 of this decision constitute State aid within the meaning of Article 61(1) of the EEA Agreement. Furthermore, the Authority has doubts that the Mortgage Loan Scheme these measures can be regarded as complying with Article 61(3)(b61(3)(c) of the EEA Agreement, in combination with the requirements laid down in the IAG. The Authority thus doubts that the Mortgage Loan Scheme is above measures are compatible with the functioning of the EEA Agreement. Consequently, and in accordance with Article 4(4) of Part II of Protocol 3, the Authority is obliged to open the procedure provided for in Article 1(2) of Part I of Protocol 3. The decision to open proceedings is without prejudice to the final decision of the Authority, which may conclude that the measures in question are compatible with the functioning of the EEA Agreement. In light of the foregoing considerations, the Authority, acting under the procedure laid down in Article 1(2) of Part I of Protocol 3, invites the Icelandic Norwegian authorities to submit their comments within one month of the date of receipt of this Decision. In light of Moreover, the foregoing considerationsAuthority requests the Norwegian authorities, within one month of receipt of this decision, the Authority request the Icelandic authorities to provide all documents, information and data needed for the assessment of the compatibility of the transfer of mortgage loans secured against collateral in residential property from financial undertakings to the HFF. (1) See paragraph 48 et seq. of the IAG. (2) In some cases the Commission required the plans to be submitted within three months. (3) See the chapter on ‘Return to viability and the assessment of restructuring two measures in the financial sector in the current crisis under the State aid rules’, under the State Aid Guidelines on the Authority’s home page. (4) This table outlines good practices in presenting information of the bank’s activities related to the impaired assets that would feed into the viability review for cases of individual aid granting, but could be applied per analogy also to schemesexamined here above. The Authority invites Iceland Norwegian authorities are invited to forward a copy of this decision to any the potential aid recipients recipient of the aid immediately. The Authority would like to remind the Icelandic Norwegian authorities that, according to the provisions of Protocol 3, any incompatible aid unlawfully put at the disposal of the beneficiaries will have to be recovered, unless this recovery would be contrary to the general principal of law, HAS ADOPTED THIS DECISION: : Artikel 1 The EFTA Surveillance Authority has decided to initiate open the formal investigation procedure provided for in Article 1(2) of Part I of Protocol 3 against Norway regarding (i) the payment of an ad hoc aid of NOK 36 000 000 to Norsk Film AS for the Agreement between upgrading of infrastructure and (ii) the EFTA States on application of the establishment of a Surveillance Authority preferential tax treatment to Norsk Film AS, Norsk FilmStudio AS and a Court of Justice regarding the scheme on the transfer of mortgage loans secured against collateral in residential property from financial undertakings to the Housing Financing Fund. ScanCam AS. Artikel 2 The Icelandic Norwegian authorities are invited, pursuant to Article 6(1) of Part II of Protocol 3 to the Agreement between the EFTA States on the establishment of a Surveillance Authority and a Court of Justice3, to submit their comments on the opening of the formal investigation procedure within one month from the notification of this Decision. . Artikel 3 The Icelandic Norwegian authorities are requested to provide within one month from notification of this decisionDecision, all documents, information and data needed for assessment of the compatibility of the aid measure. . Artikel 4 This Decision is addressed to the Republic Kingdom of Iceland. Norway. Artikel 5 Only the English version is authentic. Done at Brussels, 10 mars 20102 december 2009.

Conclusion. Based on an assessment of the information submitted by the Icelandic authoritiesauthorities and by complainant, the Mortgage Loan Scheme appears to constitute Authority cannot exclude the possibility that the Port of Reykjavík’s purchase of shares in DR and Stálsmiðjan-Slippstöðin from Stáltak constitutes State aid within the meaning of Article 61(1) of the EEA AgreementEEA. FurthermoreMoreover, the Authority has doubts that the Mortgage Loan Scheme these measures can be regarded as complying with Article 61(3)(bArticles 61(2) of the EEA Agreement, in combination with the requirements laid down in the IAGor 61(3)(a)-(c) EEA. The Authority thus doubts that the Mortgage Loan Scheme is above measures are compatible with the functioning of the EEA Agreement. Consequently, and in accordance with Article 4(4) of Part II of Protocol 33 to the Surveillance and Court Agreement, the Authority is obliged to open the procedure provided for in Article 1(2) of Part I of Protocol 33 of the Surveillance and Court Agreement with regard to these measures. The decision to open proceedings is without prejudice to the final decision of the Authority, which may conclude that the measures in question do not constitute State aid or are compatible with the functioning of the EEA Agreement. In light of the foregoing considerations, the Authority, acting under the procedure laid down in Article 1(2) of Part I of Protocol 33 to the Surveillance and Court Agreement, invites requests the Icelandic authorities to submit their comments within one month of the date of receipt of this Decision. In light of the foregoing considerationsconsideration, the Authority requires that, within one month of receipt of this decision, the Authority request the Icelandic authorities to provide all documents, information and data needed for assessment of the compatibility of the transfer of mortgage loans secured against collateral in residential property from financial undertakings to the HFF. (1) See paragraph 48 et seq. of the IAG. (2) In some cases the Commission required the plans to be submitted within three months. (3) See the chapter on ‘Return to viability and the assessment of restructuring measures in the financial sector in the current crisis under described transactions with the State aid rules’, under the State Aid Guidelines on the Authority’s home page. (4) This table outlines good practices in presenting information rules of the bank’s activities related to EEA Agreement. It requests the impaired assets that would feed into the viability review for cases of individual aid granting, but could be applied per analogy also to schemes. The Authority invites Iceland Icelandic authorities to forward a copy of this decision to any the potential aid recipients recipient of the aid immediately. The Authority would like to remind the Icelandic authorities that, according to the provisions of Protocol 3, any incompatible aid unlawfully put at the disposal of the beneficiaries will have to be recovered, unless this recovery would be contrary to the general principal of law, HAS ADOPTED THIS DECISION: The EFTA Surveillance Authority has decided to initiate open the formal investigation procedure provided for in Article 1(2) of Part I of Protocol 3 to the Surveillance and Court Agreement between against Iceland regarding the alleged State aid granted by the Port of Reykjavík to Stáltak hf. (later Stálsmiðjan ehf.) through the Port of Reykjavík’s purchase of Stáltak hf.’s shares in the private limited liability companies Dráttarbrautir Reykjavíkur ehf. and Stálsmiðjan-Slippstöðin ehf. The EFTA States on Surveillance Authority considers that the establishment alleged State aid granted by the Port of Reykjavík to Stáltak hf. (later Stálsmiðjan ehf.) through transfer of chattels to Dráttarbrautir Reykjavíkur ehf., through alleged granting of a loan to Dráttarbrautir Reykjavíkur ehf. during the years 2000-2002 and through remission of Dráttarbrautir Reykjavíkur ehf.’s administrative costs does not constitute State aid within the meaning of Article 61 of the EEA Agreement. The EFTA Surveillance Authority and a Court considers that the alleged State aid granted by Dráttarbrautir Reykjavíkur ehf. to Stáltak hf. (later Stálsmiðjan ehf.) does not constitute State aid within the meaning of Justice regarding Article 61 of the scheme on EEA Agreement. The EFTA Surveillance Authority considers that the transfer alleged State aid granted by Stálsmiðjan-Slippstöðin (later Hafnarhús) to Stáltak hf. (later Stálsmiðjan ehf.) does not constitute State aid within the meaning of mortgage loans secured against collateral in residential property from financial undertakings to Article 61 of the Housing Financing FundEEA Agreement. The Icelandic authorities are invitedrequested, pursuant to Article 6(1) of Part II of Protocol 3 to the Agreement between the EFTA States on the establishment of a Surveillance Authority and a Court of JusticeAgreement, to submit their comments on the opening of the formal investigation procedure within one month from the notification of this Decision. The Icelandic authorities are requested required to provide within one month from the notification of this decisionDecision, all documents, information and data needed for assessment of the compatibility of the aid measuremeasures described in Article 1 of this Decision. In particular, the Icelandic authorities are requested to submit the value assessments necessary in order to evaluate the value of the shares purchased by the Port of Reykjavík in Dráttarbrautir Reykjavíkur and Stálsmiðjan-Slippstöðin. This Decision is addressed to the Republic of Iceland. Only the English version is authentic. Done at Brussels, 10 mars 201030 October 2009.