In view of those international developments, and in order best to mitigate systemic risks arising from securitisation markets, the Commission should, before the end of 2009 and after consulting the Committee of European Supervisors, decide whether an increase of the retention requirement should be proposed, and whether the methods of calculating the retention requirement deliver the objective of a better alignment of the interests of the originators or sponsors and the investors.

In its Decision 2002/581/EC [6] on the tax measures for and foundations implemented by Italy, the Commission considered that tax exemptions aimed at restructuring sectors in difficulty by specifically favouring mergers and acquisitions should be regarded as aid aimed at reducing firms' current expenses and thus constituting operating aid.

For those purposes, as regards the sector, the role of the Advisory Committee (BAC) set up by Directive 2000/12/EC should be adapted.

The sale by Mundial Confiança (MC), an insurance subsidiary of the Portuguese financial institution CGD, of its holding (5,46 %) in Crédito Predial Português (CPP) to Banco Santander Central Hispano (BSCH) on 5 April 2000. The capital gain realised by MC was EUR 9,3 million.

Current market concerns primarily reflect the fact that the solvency of the Irish sovereign and the system have become inextricably linked in the crisis; they have led to a steep increase in Irish sovereign bond yields, while the domestic banking system is effectively cut off from international market funding.

the preparation of a plan to underpin the solvency and viability of undercapitalised institutions in the credit union sector, including by granting the Central of Ireland the necessary powers to promote a higher degree of consolidation of the sector through mergers where appropriate, with government financial support if warranted;

An exception may, however, be made from the restriction as to form of rescue aid in the sector See the footnote to point 25(a) of the Guidelines, which states that, notwithstanding this, aid granted in a form other than loan guarantees or loans fulfilling the conditions in point 25(a) should fulfil the general principles of rescue aid and cannot consist in structural financial measures related to the bank’s own funds.

For instance a may, in certain circumstances, be prohibited from proposing the highest interest rates offered on the market to retail depositors.

However, considering that the number of international money orders only reaches slightly over 2 % of the total number of money orders and banker’s orders, it may be considered to be negligible for the purposes of this Decision, given also the ever increasing liberalisation initiatives in respect of money transfers across borders, such as the single euro payment area.

In the case of paper savings certificates, however, it was not possible to carry out a comparative analysis of the Italian market, because this kind of postal savings certificate was the only one still on the market in paper form.

In case of the above services, for the purposes of payment made to persons with account, payments between payment accounts (simple transactions and group transfers where payments are made from a single account to several persons) could be considered substitute products.

According to Act CXII: 1996 on credit institutions and financial enterprises (the Act), financial services and auxiliary activities are subject to authorisation.

The will concentrate on providing typical retail services to its traditional customer segments, being private customers and SMEs, and withdraw from other activities such as proprietary trading or investments in structured products and divest non-core subsidiaries.

The proceeds of the levy collected by suppliers are paid into an account in the name of Zarządca Rozliczeń S.A. This is a special purpose company, fully owned and controlled by the State, founded under Chapter 7 of the Act.

Moreover, where the cash value of the special-purpose reserve exceeded the value recognised for supervisory purposes, the difference was entered as a provision under liabilities so that none of BayernLB's equity capital was entered on the liabilities side either in terms of commercial law or for supervisory purposes.

GECB considers that Article 87(2)(b) EC applies in the present context since there was a serious threat to the stability of the entire sector which came close to a natural disaster.

Indemnification for any litigation adversely affecting the business: AGB agreed to indemnify the GECIH, GECB and other purchaser’s indemnified persons (the Purchaser) in respect of any losses resulting from any claims brought against the Purchaser as a result of any matter occurring prior to the Closing Date which adversely affects the banking business.

entailed AGB’s core activities.

However, since the above mentioned audits of AGB that were carried out after the imposition of forced administration revealed losses in excess of the bank’s capital it was considered the best way to ensure AGB’s long term viability by creating a separate organisational unit, AGB1, for AGB’s core activities.

In the course of the sale of AGB1 to GECB, AGB as the seller of AGB1 entered into a number of guarantee arrangements in favour of GECB which are set out in the Deed of Warranties, signed on 21 June 1998.