Brussels, 29-11-2012 — /europawire.eu/ — Since the start of the financial crisis in October 2008, EU Member States have taken hundreds of measures in favour of financial institutions in order to preserve financial stability. Most of this support constitutes state aid in the meaning of the EU rules (Article 107 (1) of the Treaty on the Functioning of the European Union – TFEU). This means that it cannot be implemented before it has been approved by the Commission.
The Commission has responded to this unprecedented support to the financial sector by streamlining Member States’ initiatives into a coordinated European response to the crisis via the application of EU state aid rules. It has been firm on principles and flexible on procedure, making EU State aid rules the main EU level crisis management and resolution tool for the financial sector.
The Commission issued a first set of guidelines on how it would assess aid granted to banks in financial crisis already in October 2008, just days after the collapse of Lehman Brothers. Further guidance followed, specifying how the Commission would assess recapitalisation measures, impaired asset measures and bank restructuring plans. This crisis regime for state aid to the financial sector is still in place.
Today’s decisions approving restructuring aid for four Spanish banks are fully in line with this framework. The Commission has applied this framework consistently since the beginning of the crisis. The Commission already took more than 50 decisions on bank restructuring and resolution on the basis of these rules – not only in countries under a financial assistance programme (Greece, Ireland and Portugal) but also concerning banks based in other Member States, for example the United Kingdom, Germany and the Netherlands.
1. Why are the Spanish banks recapitalised? Why now?
After financial conditions for the Spanish banking sector deteriorated, a financial assistance programme was agreed by the Eurogroup in July 2012 and a Memorandum of Understanding (MoU) was signed with Spain.
The financing is to be channelled to the financial institutions in need state aid through the Spanish fund for the orderly restructuring of banks (FROB), acting as agent of the Spanish government. The package has been provided by the European Financial Stability Fund (EFSF) and is being transferred to the European Stability Mechanism (ESM) that is taking over the functions of the EFSF.
The MoU entailed an ambitious timetable, according to which state aid can be granted to individual banks with a capital deficit based on recapitalisation and restructuring plans to be assessed and approved by the Commission. The aid will be disbursed only after Commission approval of their restructuring plans. This has further strengthened the use of the EU State Aid rule as the crisis resolution mechanism for the financial sector.
The capital needs of the banks were determined through a bottom-up stress test and asset quality review conducted by independent consultants.
2. What are the different groups of banks in the framework of the MoU?
On the basis of the stress test results and the plans to address potentially identified capital shortfalls, the banks are categorised in four groups.
Group 0: banks for which no capital shortfall is identified and no further public action is required. Group 0 comprises Unicaja, Sabadell, Bankinter,Caixabank, Kutxabank, Santander and BBVA.
Group 1: banks already owned by the FROB. These are: BFA-Bankia, CatalunyaCaixa, NCG Banco and Banco de Valencia.
Group 2: banks identified by the bottom-up stress test as unable to meet their existing capital shortfalls without having recourse to state aid. This group includes Banco Mare Nostrum, Banco Caja 3, Liberbank and Ceiss.
Group 3: banks identified by the stress test as able to meet existing capital shortfalls from private sources without recourse to state aid until end December 2012 and having credible recapitalisation plans. Banks in Group 3 are Ibercaja and Banco Popular. These banks will not need State Aid.
3. Under what conditions can the Commission approve state aid for a bank in the current crisis?
A Member State granting state aid to a financial institution has to submit a restructuring plan. Only if this plan is in line with the EU state aid rules can the aid be allowed. The main requirements are:
- First, viability: The restructuring plan has to demonstrate that the bank is able to restore its long-term viability over time. To this effect, the bank has to review its business models with the aim of regaining the ability to lend and compete without state support following the restructuring period. This ensures that the bank can lend to the real economy on a solid basis. Depending on the facts of each case, such a review may require a refocus on the banks’ core business and the closing-down of risky and/or loss-making activities.
- Second, burden-sharing: To protect the interests of taxpayers and avoid that aided banks enjoy an undue advantage in the form of cheap or free capital, the received state aid needs to be repaid as quickly as possible and remunerated according to market rates. To ensure that state aid is kept to the minimum necessary, banks should first try to cover the restructuring cost through internal measures, like divestments or other burden sharing measures making capital holders (such as equity holders, or hybrid capital holders) contribute to an adequate level, so that state aid only covers the remaining gap.
- Third, compensatory measures: the distortion of competition created by the aid needs to be compensated. Measures to that effect should be proportionate to the size of the aid and the characteristics of the market on which the bank operates. In practical terms this is addressed for example by requirements for the bank to divest certain subsidiaries or cease its business activities in certain fields, and by behavioural measures such as acquisition bans.
Burden sharing and measures to limit competition distortions address moral hazard, thus ensuring that banks and their owners do not learn the wrong lessons from the crisis, i.e. that gains are private and losses are socialised at the expense of the taxpayer.
A Member State granting aid to a financial institution has to submit a plan for the orderly resolution of the entity if its long term viability cannot be restored and if this option is less costly for the taxpayer than restructuring. An orderly resolution allows the entity to exit the market in an orderly manner, i.e. while preserving financial stability.
4. Is the approval of aid a mere formality under the crisis rules?
Since the beginning of the crisis, the Commission has been able to grant temporary approval quickly (sometimes in less 48 hours) to state aid granted to financial institutions, provided the Member State complied with the conditions and provided the necessary information. This has helped to preserve financial stability at the height of the crisis and provided legal certainty to the market.
However, final approval by the Commission is always conditional on the submission of a restructuring plan within 6 months. Typically, the Commission services work together with the Member State and the bank to ensure that the restructuring plan is in line with the three pillars mentioned above (viability, burden sharing, competition). This often entails complex negotiations and significant changes to the initial plans.
Contrary to other financial assistance programmes (Greece, Ireland, Portugal), the MoU signed with Spain foresees that the aid cannot be granted before approval by the Commission of the restructuring plans of the banks receiving aid. In the case of Spain, Commission approval will therefore allow the aid from the European Stability Mechanism (ESM) to be disbursed, via the Spanish Fund for the Orderly Restructuring of Banks (FROB). The restructuring plans also take into account the state aid that banks may have already received before Spain’s programme for financial assistance was set up.
5. Which banks have to present restructuring plans?
All banks which receive state aid – other than liquidity guarantees – in the European Union have to present restructuring plans that comply with EU state aid rules. For Spain, these are all banks in so-called “Group 1” and “Group 2” (see above), receiving recapitalisation and transferring assets to the Asset Management Company.
Today, the Commission has approved restructuring plans for the four Group 1 banks, i.e. the banks which had already been nationalised and had already received state aid, in line with the timetable of the MoU.
6. Who decides how much state aid banks get? Was this based on the stress test alone?
The MoU foresees that banks can only receive capital after having conducted an asset screening and stress test exercise (stress diagnostics) for the main asset groups held by the major Spanish banking groups. The objective of the stress diagnostics was to determine the overall capital needs of individual Spanish banks. The screening work was performed by auditors and an external consultant, Oliver Wyman. The methodology of this valuation had been endorsed by a group composed of the Bank of Spain, the Commission and the European Central Bank (ECB), with the International Monetary Fund (IMF) as observer.
However, the stress test is only the starting point. In order to determine the final capital needs of a bank, further elements come into play. First, banks will transfer their risky assets related to real estate and their real estate development assets to an Asset Management Company (AMC), the “Sareb”, and thus remove them from their balance sheet. This will relieve the banks from further losses deriving from this risky portfolio and decreases the overall riskiness of the bank’s balance sheet. Transferring troubled assets to the AMC will in itself be considered as state aid.1
Second, the capital and subordinated debt holders of the banks need to participate in the recapitalisation effort via burden sharing measures aimed at reducing the overall capital needs. This also serves to limit the cost of bank restructuring for taxpayers, in line with the MoU.
Spain has agreed that existing equity holders will lose their claims depending of the economic valuation of each bank when state capital is injected in the form of equity. For holders of preference shares and perpetual subordinated debt, burden sharing will be implemented firstly by applying a haircut to the nominal amount of the instrument and subsequently through conversion of these securities into equity or equity equivalent instruments. As regards the holders of dated subordinated debt they will be given the choice between conversion into equity or into a senior debt instrument after taking an appropriate haircut.
As a result, there will be no cash outflow from banks to the holders of these securities with the sole exception of the holders of dated subordinated debt instruments deciding to convert into new debt securities with a maturity matching that of the subordinated debt being exchanged.
Spain has introduced legislation to ensure the effectiveness of the burden sharing measures, including when necessary by mandatory means.
In addition, each bank may carry out other divestments generating capital.
The final capital needs of the banks to be met through state aid are determined only after having considered all these elements. This ensures that the contribution of taxpayers is limited to the amount necessary.
7. How does the transfer of problematic assets to the asset management company (“Sareb”) work?
Real estate related foreclosed assets and real estate development assets are to be removed from the banks receiving state aid. The value of those assets has been provided by an external consultant under the methodology described in point 6 above.
The estimated value of those assets was then further reduced. This has been done by applying various haircuts related to the specific conditions of the transfer to the asset management company (AMC). For instance, the fact that the AMC purchases a large quantity of assets would result in a lower transfer price. Another reason for a discount is that certain expenses previously borne by the bank must now be assumed by the AMC, such as asset management and administration costs.
The Commission has assessed the conditions of transfer of those assets with the help of external experts and concluded that they were in line with EU state aid rules.
8. How does the Commission ensure that Member States implement plans to restructure banks that have received state aid?
Member States give the Commission a legal commitment to abide by the restructuring plans which the Commission approves. The Commission has a monitoring system, including periodic reports and possibly a trustee in more complex cases, to ensure that the restructuring plans and commitments are duly implemented. There will be a trustee for BFA/Bankia, NGC Banco and Catalunya Banc.
9. Does the Commission look at state aid issues in other programme countries?
All state aid provided to banks everywhere within the EU has to be approved by the Commission under EU state aid rules. This is also the case in countries under a programme of financial assistance.
For further information on the Commission’s state aid action in programme countries, go to
10. Under which specific rules is state aid to banks assessed?
State aid to banks is assessed under the EU’s crisis rules for the rescue and restructuring of financial institutions.
A first Communication, adopted in October 2008, spelt out basic principles for support schemes, such as keeping support limited in time and scope, ensuring that eligibility for a support scheme was not based on nationality or avoiding that beneficiary banks unfairly attract new additional business solely as a result of the government support (see IP/08/1495). A good illustration is the Irish support scheme for banks, which was amended so as to ensure a non-discriminatory coverage of banks with systemic relevance to the Irish economy, regardless of origin (see IP/08/1497).
This was followed by a Communication on the recapitalisation of banks in December 2008, tackling the need to recapitalise banks, address solvency issues and access to credit for the real economy (see IP/08/1901) and in February 2009 by the “Impaired Assets Communication” providing a framework to deal with the problems of toxic assets (see IP/09/322).
Finally, in July 2009, the Commission adopted the “Restructuring Communication”, providing clarity on how the Commission would examine the restructuring of banks so that they can return to long-term viability, share the weight of the cost of their rescue, and address any distortions of competition resulting from the large amounts of aid the banks received (see IP/09/1180).
11. Why do we have EU state aid rules at all?
State aid control was already laid down in the founding treaties of the European Communities. Its objective is to ensure that public interventions do not distort competition and trade in the EU internal market. In this respect, State aid is defined as an advantage conferred on a selective basis to companies by a public authority.
Article 107 of the Treaty on the Functioning of the European Union submits State aid to notification and approval by the Commission. The TFEU leaves room for a number of policy objectives of common interest for which public support can be found compatible with the internal market. As State aid distorts competition, it is only allowed in cases where public intervention is justified and under certain conditions.
The Commission has complemented the fundamental rules with a series of legislative acts that provide for a number of exemptions, establishing a worldwide unique system of state aid control. The Commission has also adopted guidelines specifying the principles and conditions according to which it assesses State aid. State aid control is one of the pillars of the EU Single Market since it ensures that governments and local authorities of all Member States are submitted to the same rules in their interventions.
In particular, the Commission has adopted guidelines on the rescue and restructuring of companies. These guidelines specify the conditions under which restructuring aid can be allowed such as the need of a restructuring plan restoring viability, the need for an own contribution of the company to restructuring costs, and the need to compensate for competition distortions created by the aid.
The crisis rules for rescue and restructuring of financial institutions implemented by the Commission since 2008 have adapted these general principles to the specific features of the financial sector and the need to preserve financial stability during the crisis. They are based on Article 107(3)(b) of the TFEU, which allows state aid to remedy a serious disturbance in the economy of a Member State.
For more information on how the Commission is implementing state aid rules in the crisis, go to: http://ec.europa.eu/competition/state_aid/legislation/temporary.html
12. Why not simply suspend the State aid rules in times of crisis?
In bad economic times, individual countries may be tempted to favour their own companies even more than in times of prosperity, risking a breakdown of international trade and investment.
Since the start of the financial crisis in 2008, the crisis regime put in place for the real economy (the so-called “Temporary Framework”, now expired) and for the financial sector ensured that the EU had a common response to the challenges posed by the crisis. These common rules have preserved a Single Market for banking and financial services.
Sticking to these common rules today is more necessary than ever because keeping the EU Single Market together and ensuring it remains competitive and dynamic are key to restoring economic growth.
Finally, the conditions set out in state aid rules ensure the interests of taxpayers are preserved, i.e. that the aid is adequately remunerated and eventually repaid. This is essential as taxpayers have been asked to make a very high contribution to the rescue and restructuring of the financial system since the beginning of this crisis.
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- Digi Communications N.V. announces: the Supreme Court of Hungary dismissed the Company’s appeal related to the 5G Tender procedure
- Customer Data Platform Industry to Reach $1.5 Billion in 2021: CDP Institute Report
- Donna Thomas Joins Visual Data Media Services as Senior Vice President of Sales, Americas
- Discover how business proposals almost write themselves with the use of Artificial Intelligence in a new update from Offorte.com
- Haizol, Where Buyers Meet Suppliers
- Digi Communications N.V. announces the publishing of the Financial Calendar for 2021
- Digi Communications NV announces: Final dismissal by the US Court of the claim brought by certain US citizens against all the initial defendants, including i-TV Digitális Távközlési Zrt
- Firebolt Group Joins Top 1% of Companies Recognized for Sustainability Efforts
- Electriq Global and GVG Oil Trade B.V. to partner in fuelling Passenger Canal Boats with Electriq Fuel
- Haizol Deliver Fast Lead Times & Quality Parts at speed in the lead up to Chinese New Year
- Digi Communications N.V. announces the conclusion a MVNO agreement between the Company’s Italian subsidiary (Digi Italy) and Vodafone regarding the access to Vodafone’s radio spectrum and mobile communication network and infrastructure
- Experts demand for more transparency for medical treatment of politicians
- Electriq Global will launch its Zero Emissions, Hydrogen-Rich Fuel in the Netherlands by powering passenger canal boats with an Electriq PowerPack in compliance with the Amsterdam municipality requirement that all passenger vessels will be emission-free from 2025
- Spanish team wins the Farming by Satellite Prize 2020
- Digi Communications N.V. announces the senior facility agreement concluded between Digi Group and a syndicate of banks
- Corma.de launches Social Links OSINT Academy
- Can Chinese save the world economy?
- Pleme social network has been building throughout the Pandemic
- Visual Data Media Services to Partner with Endeavour Capital for Next Phase of Growth
- Digi Communications NV announces the release of the Q3 2020 Financial Results
- Haizol Expand its Capabilities into Motorcycle Manufacturing & Custom Made Bike Parts
- Digi Communications NV announces Investors Call on the Financial Results for Q3 2020
- Dutch Police selects bodycams from Zepcam to support police officers on the street
- Palette Life Sciences expands availability of online education and resources for paediatric urologists across Europe
- Sumitomo Corporation Europe Limited and NORCE Norwegian Research Centre AS sign Memorandum of Understanding
- Syniti & SAP Expand Partnership to Increase Client Options for Moving Harmoniously to SAP S/4HANA
- China’s manufacturing industry continues to expand according to the latest Purchasing Managers’ Index figures, with Haizol at the forefront of the growth
- AutoSock sono conformi alla regolamentazione Svizzera riguardante le catene da neve
- Introverts, nerds and geeks make the best salespeople
- Digi Communications NV announces the extension of the agreement entered into between the Company’s subsidiary from Spain (Digi Spain) and Telefonica Moviles España, S.A. regarding the access to TME’s radio spectrum and mobile communication network and infrastructure
- Tiqets’ US Awakens Week Highlights Exclusive New Experiences From Newly Reopened Museums and Attractions
- Haizol Boosts Companies Operational Agility
- Eveliqure announces the initiation of a Phase 1 clinical study of its combined Shigella and ETEC vaccine candidate
- eFax führt das EMEA-Kanalprogramm ein
- eFax lance un programme de distribution dans la région EMEA
- Mono Solutions partners with Lokale Internetwerbung to launch in leadhub platform
- Syniti Launches Podcast Series to Address Growing Focus on Mergers, Acquisitions and Divestitures, featuring Leading CEOs
- Mono Solutions and Ecwid partner for the seamless delivery of websites with e-commerce for small businesses
- Galata Chemicals to produce Tin Stabilizers and Intermediates at Dahej, India
- Sintecs selected as Mentor’s value-added reseller of its HyperLynx® products in Europe focused on serving Altium Designer® users
- INFOCUS CORPORATION AND CELEXON EUROPE SIGN EXCLUSIVE EUROPEAN MASTER DISTRIBUTION AGREEMENT
- L’Awakening Week de Tiqets en France met en avant les nouvelles expériences exclusives de plus de 15 musées et attractions qui ont récemment rouvert
- Tiqets UK Awakens Celebrates Reopened Museums & Attractions and Sponsors Visits for NHS Staff
- Tiqets Awakening Weeks Brings Together 100+ Museums and Attractions to Celebrate Their Reopenings
- A Jewish-Bedouin Partnership is bringing the Negev cuisine to Europe
- Digi Communications NV announces the release of the H1 2020 Financial Results
- New Chief Financial Officers appointed at Mono Solutions & Bauer Media Group SME Services
- Digi Communications NV announces Investors Call on the Financial Results for H1 2020
- Palette Life Sciences AB and Gedeon Richter Plc. Receive National Marketing Authorization in the United Kingdom for Novel Pain Relief Product, LIDBREE™
- Palette Life Sciences launches Deflux.com/UK, an online resource for paediatric urologists, parents and caregivers in the United Kingdom
- Digi Communications N.V. announces the publishing of Independent Limited Assurance Report issued by the external auditor of the Company on 30 July 2020 regarding the information included in the current reports issued by the Company under Law 24/2017 (Article 82) and FSA Regulation no. 5/2018
- The Pavilions Hotels & Resorts Excited To Announce First Luxury Resort Brand In El Nido, Palawan Island Philippines
- New Customer Data Platform Options Emerge During Pandemic Slowdown: CDP Institute Report
- Digi Communications N.V. announces The Competition Council authorized the economic concentration accomplished by the Company’s Romanian subsidiary („RCS&RDS”) by gaining control over some of the assets held by Akta Telecom S.A., Digital Cable Systems S.A. and ATTP Telecommunications S.R.L.
- TABS Score™ Expands its European Footprint; Begins Partnership Discussions Amongst Key Players in EU Venture Ecosystem
- Mono and Brandify partner to bring appointment booking to local businesses
- Digi Communications N.V. announces ANCOM approval for RCS & RDS S.A. to continue to apply a surcharge for certain roaming services provided in the EEA for a renewed maximum period of 12 months
- DerbySoft Expands Metasearch Coverage for Hotels Around the World
- Palette Life Sciences Announces European Distribution Expansion for Deflux® and Solesta® for More Than Twenty Countries Through Five Leading Distributors and Direct Sales Effort
- Pierre Koukjian and Cedric Koukjian, Designer Duo in Collaboration with Bulgari
- Pierre Koukjian et Cédric Koukjian, Duo de designers en collaboration avec Bulgari
- Former Duff & Phelps EMEA Leader Yann Magnan joins 73 Strings as Co-founder and CEO
- Concern for the oceans drives consumers to 'vote with their forks' for sustainable seafood
- Digi Communications N.V.: Exercise of stock option by Marius Catalin Vărzaru, a Non-Executive Director and VP of the Board of Directors of the Company
- SecurLine Certified to Protect Classified Communications
- Digi Communications N.V. announces that a stock option programme was approved for employees and managers of the Romanian Subsidiary of the Company
- Digi Communications NV announces the exercise of stock options by the Executive Directors of the Company
- Matvil Corp. продолжает бороться с противозаконными действиями юридической системы Молдовы
- Digi Communications NV announces the release of the Q1 2020 Financial Results
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the general shareholders’ meeting approval from 30 April 2020
- MEDIS medical imaging systems acquires Advanced Medical Imaging Development S.r.l. (AMID) and secures further investment from Van Herk Ventures
- Digi Communications NV announces Investors Call on the Financial Results for Q1 2020
- Digi Communications N.V. announces the availability of the instructions on the 2019 share dividend payment
- Mono Solutions hires Chief Product Officer
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 27 – 30 Apr 2020
- Digi Communications N.V.: GSM resolutions from 30 Apr 2020 approving, amongst others, the 2019 Annual Accounts; availability of the adopted Annual Financial Report for the year ended Dec 31, 2019 for the Group
- RCH Embark on Lasting Partnership with Culinary Institute JRE
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 20 – 24 Apr 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 13 – 17 Apr 2020
- COVID-19: Digi Communications N.V. recommendation regarding participation of shareholders to the AGM convened for 30 April 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 6 – 10 Apr 2020
- DIGI COMMUNICATIONS N.V.: Exercise of stock option by a Non-Executive Director of the Company
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 30 Mar – 3 Apr 2020
- Chief Commercial Officer joins Mono Solutions
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 23 – 27 Mar 2020
- Digi Communications N.V. reports the admission to trading on the regulated market operated by the Irish Stock Exchange plc (trading as Euronext Dublin) of the senior secured notes issued by RCS & RDS S.A., its Romanian subsidiary
- Delft University of Technology Purchases its Second WebClip2Go Video Production System
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 16 – 20 Mar 2020
- Integrated Services Monitoring Capability Launched by Bridge Technologies
- Digi Communications N.V. announces Convocation of the Company’s general shareholders meeting for 30 April 2020 for the approval of, among others, the 2019 Annual Report and of the 2019 Financial Statements
- Digi Communications N.V. announces The Hungarian Competition Council’s decision to issue a new decision approving the Invitel transaction
- Digi Communications N.V. announces Business continuity in light of the novel coronavirus (“COVID-19”) outbreak
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 9 – 13 Mar 2020
- Reporting of legal documents concluded by DIGI Communications N.V. in February 2020 or in other period but effective in February 2020, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 2 – 6 Mar 2020
European Customer Data Platform Industry Grows Quickly Despite Limited Funding: CDP Institute
- « La levée du pilon sur la plate-forme » peut faire la différence entre le saint et l’ordinaire
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 24 – 28 Feb 2020
- EH GROUP ENGINEERING awarded EU Horizon 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 17 – 21 Feb 2020
- Digi Communications NV announces the release of the Preliminary Financial Results for year ended 31 December 2019
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 10 – 14 Feb 2020
- Reporting of legal documents concluded by DIGI Communications N.V. in January 2020 or in other period but effective in January 2020, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Digi Communications NV announces Investor Call on the Preliminary Financial Results for the year ended 31 December 2019
- Consolidation Looms for Fast-Growing Customer Data Platform Industry: CDP Institute Report
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 3–7 Feb 2020
- Digi Communications N.V. hereby reports successful closing of the offering of senior secured notes by RCS & RDS S.A., its Romanian subsidiary
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 27 – 31 Jan 2020
- Digi Communications N.V.: Independent Limited Assurance Report issued by the external auditor on 30 Jan 2020 regarding the information included in the current reports under Law 24/2017 (Article 82) and FSA Regulation no. 5/2018
- Digi Communications N.V.: Rectification of the report published on 15 Jan 2020, regarding legal documents concluded by DIGI COMMUNICATIONS N.V. in other periods but effective in Dec 2019, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Digi Communications N.V. reports the upsize and successful pricing of the offering of senior secured notes by RCS & RDS S.A., its Romanian subsidiary
- RCH To Present New Smart ECR, Robust and Vintage POS Systems at EuroShop 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 20 – 24 Jan 2020
- Digi Communications N.V.: (i) launch of an offering by RCS & RDS S.A. of senior secured notes; (ii) issuance of a notice of conditional full redemption of all outstanding €550.0m 5.0% senior secured notes due 2023 issued by the Company and (iii) restatement by the Company of its unaudited interim condensed consolidated financial statements for the 9-month period ended 30 Sep 2019
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 13 – 17 Jan 2020
- Reporting of legal documents concluded by DIGI Communications N.V. in December 2019 or in other period but effective in December 2019, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 6 – 10 Jan 2020
- Berlin-based SuitePad named Best Places to Work in Hotel Tech 2020 category at HotelTechReport.com’s HotelTechAwards
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 30 Dec 2019 – 3 Jan 2020
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