{"id":119069,"date":"2023-11-30T09:20:21","date_gmt":"2023-11-30T07:20:21","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/commission-approves-e833-million-danish-and-swedish-state-aid-measure-to-recapitalise-sas\/"},"modified":"2023-11-30T09:20:21","modified_gmt":"2023-11-30T07:20:21","slug":"commission-approves-e833-million-danish-and-swedish-state-aid-measure-to-recapitalise-sas","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/commission-approves-e833-million-danish-and-swedish-state-aid-measure-to-recapitalise-sas\/","title":{"rendered":"Commission approves \u20ac833 million Danish and Swedish State aid measure to recapitalise SAS"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/119069\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\n<p>The European Commission has approved a recapitalisation of SAS amounting to approximately \u20ac833 million (SEK 9.5 billion) granted in October 2020. The measure is approved under the State aid COVID Temporary Framework. That recapitalisation measure was part of a larger recapitalisation package, which also involved a significant participation of private investors, including the conversion of outstanding privately-held debt instruments into equity.<\/p>\n<p>On 11 August 2020 Denmark and Sweden notified to the Commission, under the COVID Temporary Framework, a State recapitalisation of SAS of up to \u20ac1 billion at the time (up to SEK 11 billion). On 17 August 2020, the Commission adopted a decision finding that this measure complied with EU State aid rules. Given high interest from private investors, the recapitalisation ultimately amounted to approximately EUR 833 million (SEK 9.5 billion), of which approximately \u20ac460 million (SEK 5.25 billion) was provided by Denmark and approximately \u20ac373 million (SEK 4.25 billion) by Sweden.<\/p>\n<p>On 10 May 2023, the General Court annulled the decision on the grounds that the recapitalisation did not include a step-up mechanism to increase the remuneration of the States and incentivise their exit in line with the COVID Temporary Framework. On 4 July 2023, the Commission opened an in-depth investigation to assess further this issue.<\/p>\n<p>In today&#8217;s decision, the Commission found that the mechanism put forward by SAS complies with the COVID Temporary Framework and has therefore approved the measure, under the condition that such mechanism is put in place within two months from the notification of the present decision to those Member States.<\/p>\n<p>The recapitalisation by the two Member States comprises:<\/p>\n<ul>\n<li>Approximately \u20ac175 million (around SEK 2 billion) equity participation through the subscription of new shares, shared between Denmark and Sweden.<\/li>\n<li>Approximately \u20ac526 million (SEK 6 billion) newly issued State hybrid notes with the features of an equity instrument non-convertible into shares, of which approximately \u20ac219 million (SEK 2.5 billion) is allocated to Sweden and approximately \u20ac307 million (SEK 3.5 billion) is allocated to Denmark.<\/li>\n<li>Approximately 131 million (around SEK 1.5 billion) equity participation through the subscription and underwriting of new shares in a rights issue, shared between Denmark and Sweden.<\/li>\n<\/ul>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_23_6096\">European Commission<\/a><\/p>\n<\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/vaufien\/commission-approves-e833-million-danish-and-swedish-state-aid-measure-to-recapitalise-sas\/\">Commission approves \u20ac833 million Danish and Swedish State aid measure to recapitalise SAS<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[719,557,8481,12466,2793,606,607,608],"class_list":["post-119069","post","type-post","status-publish","format-standard","hentry","category-news","tag-aid","tag-commission","tag-danish","tag-recapitalise","tag-swedish","tag-vau_viikkokatsaus","tag-vauen","tag-vaufien"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/119069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=119069"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/119069\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=119069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=119069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=119069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}