
Article 1 
The State aid provided by the Netherlands to ABN AMRO Group is compatible with the internal market, subject to the conditions set out in Articles 3 to 9.
That State aid was provided as follows:

— recapitalisation aid worth between EUR 4,2 billion and EUR 5,45 billion respectively in favour of FBN and ABN AMRO N, and
— EUR 71,7 billion of liquidity aid.
Article 2 
For the purposes of this Decision, the following definitions apply:

((a)) ‘ABN AMRO Group’ means ABN AMRO Group and its wholly owned direct or indirect subsidiaries, including the entities in which ABN AMRO Group has sole control within the meaning of Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings (the EC Merger Regulation).
((b)) ‘rank first’ means to offer the most attractive price.
((c)) ‘retail customers’ means all individual customers (as opposed to corporate customers).
((d)) ‘standardised retail savings and deposit products’ means all standardised retail and deposit products covering at any point in time at least 85 % in volume of the products of ABN AMRO Group in the retail savings and deposit market.
((e)) ‘standardised mortgage products’ means all standardised retail and deposit products covering at any point in time at least 85 % in volume of the products of ABN AMRO Group in mortgages.
((f)) Private Banking NL means all clients of BU Private Banking except those that are part of Private Banking International
Article 3 

1. In the absence of the Commission’s prior authorisation, ABN AMRO Group shall not rank first with respect to standardised retail savings and deposit products for retail customers among the […] financial institutions having the largest market share in volume on the Dutch retail savings market in any of the following segments:
— savings accounts;
— fixed term deposits with a period of 1 year;
— fixed term deposits with a period of 2 years;
— fixed term deposits with a period of 3 years;
— fixed term deposits with a period of 4 years; and
— fixed term deposits with a period of 5 years.Notwithstanding the first subparagraph, where three financial institutions jointly rank first among the […] financial institutions having the largest market share in a segment of the Dutch retail savings and deposit market, ABN AMRO Group may match the rate of those three financial institutions with respect to standardised products in the corresponding segment.
2. In the absence of the Commission’s prior authorisation, ABN AMRO Group shall not rank first with respect to any standardised type of mortgage among the […] financial institutions having the largest market share on the Dutch retail mortgage market.Notwithstanding the first subparagraph, where three financial institutions jointly rank first among the […] financial institutions having the largest market share in the Dutch retail mortgage market, ABN AMRO Group may match the rate of those three financial institutions with respect to the corresponding standardised type of mortgage.
3. To ensure compliance with paragraphs 1 and 2, ABN AMRO Group shall on a permanent basis, and at least every week, monitor the conditions offered by the […] other financial institutions having the largest market share in volume on the respective Dutch savings markets, to the extent these conditions are available in the public domain. If the figures of any of those […] other financial institutions are not publicly available, they will be replaced by the figures of next largest financial institutions from the market share ranking.As soon as ABN AMRO Group detects that it offers a more favourable price for any of its products than that price which it is allowed to offer on the basis of paragraph 1 and paragraph 2 of this article ABN AMRO Group shall immediately inform the Commission. It shall immediately adjust the products price and implement the price adjustment as soon as possible’.With respect to retail savings and deposit products, ABN AMRO Group shall implement the adjustment no later than ten working days from the date on which it noticed the condition variation. However, if the variation concerns products for which the price can only be amended at the end of a month and there are less than ten working days between the time when the variation was noticed and the end of a month, ABN AMRO Group shall implement the adjustment at the first opportunity from the end of the subsequent month.With respect to mortgages, ABN AMRO Group shall adjust its pricing within ten working days from the date on which it noticed the condition variation and the adjustment shall be implemented no later than fifteen working days from the date on which the variation from the condition was noticed.
4. The condition as laid down in paragraphs 1 and 2 shall apply for 3 years as from the date of this Decision. ABN AMRO Group shall submit to the Commission a compliance report with this condition on a quarterly basis and at the latest within 2 weeks of publication of ABN AMRO Group’s quarterly financial results.
Article 4 

1. ABN AMRO Group shall use its best efforts to achieve the projections (including net interest revenues) submitted to the Commission in the December 2009 Restructuring Plan, as updated by the November 2010 Restructuring Plan. The November 2010 projections shall be achieved, at ABN AMRO Group’s consolidated level.ABN AMRO Group shall report to the Commission on a quarterly basis setting out a breakdown of the projections and the actual figures (including net interest revenues) at the level of the four segments defined in the December 2009 Restructuring Plan and the November 2010 Restructuring Plan: namely, Retail Banking, Private Banking NL, Private Banking International, Commercial & Merchant Banking.ABN AMRO Group may submit a reasoned request to the Commission to revise its projections (including net interest revenues) to take into account external developments.
2. ABN AMRO Group shall provide a breakdown of net interest revenue projections into volumes and margins on a consolidated level and at the level of private banking.ABN AMRO Group shall report to the Commission on a quarterly basis, and at the latest within 2 weeks after the publication of its quarterly financial results, setting out whether the net interest revenues achieved at the consolidated level are in line with the projections referred to in paragraph 1. That report shall also set out a comparison of projected margins and actual margins at the consolidated level and at the level of private banking.If the net interest revenues achieved at the consolidated level are not in line with those projections, ABN AMRO Group shall set out in that report the measures taken to achieve those projections.
3. The obligations laid down in paragraphs 1 and 2 shall apply for 3 years as from the date of this Decision.
Article 5 

1. ABN AMRO Group shall not acquire control of more than [0 - 7] % of any undertaking.
2. By derogation from paragraph 1, ABN AMRO Group may make acquisitions if the total gross cumulative purchase price (excluding the assumption or transfer of debt in relation to such acquisitions) paid by ABN AMRO Group for all such acquisitions during a period of 3 years following the date of this Decision is less than EUR [0 - 600] million.The prohibition laid down in paragraph 1 shall not apply to private equity acquisitions by ABN AMRO Group if they fit within its business plan and the planned budget of its ‘Private Equity’ division as submitted to the Commission on 5 October 2010.The prohibition laid down in paragraph 1 shall also not apply to […] equity stakes taken by ABN AMRO Group’s division ‘Energy, Commodities and Transportation’ in support of its normal financing business if they fit within ABN AMRO Group’s business plan and the planned budget of that division as submitted to the Commission on 10 January 2010.ABN AMRO Group shall report to the Commission on a quarterly basis and at the latest within 2 weeks after the publication of its quarterly financial results. That report shall list actual acquisitions by the ‘Private Equity’ and ‘Energy, Commodities and Transportation’ divisions. The report shall also provide detailed information on ABN AMRO Group’s other acquisitions which it is allowed to make on the basis of the first subparagraph.
3. The prohibition laid down in paragraph 1 shall apply for at least 3 years as from the date of this Decision or until the date on which the Netherlands’ shareholding stake in ABN AMRO Group falls below 50 %, whichever is later. That prohibition shall cease to apply at the latest 5 years as from the date of this Decision.In the event that the prohibition laid down in paragraph 1 applies for more than 3 years as from the date of this Decision, the total gross cumulative purchase price applicable under subparagraph 1 of paragraph 2 shall be increased by EUR [0 - 200] million per year.
Article 6 
ABN AMRO Group shall not advertise the fact that it is State-owned nor make any reference to any State support received in its communications with existing or potential customers and or investors for a period of at least 3 years as from the date of this Decision or until the date on which the Netherlands’ stake falls below 50 % of the shares in ABN AMRO Group, whichever is later. That prohibition shall cease to apply at the latest 5 years as from the date of this Decision.
Notwithstanding that prohibition, ABN AMRO Group may refer to the fact that it is State-owned and to any other State support it received whenever such reference is required under applicable legislative or regulatory provisions.
Article 7 

1. ABN AMRO Group shall offer customers of Private Banking NL the option to end their private banking relationship with ABN AMRO Group and to transfer their investment portfolios to other banks. That offer shall hold for a period of two consecutive months (‘the relevant period’).The relevant period shall start as soon as possible after the date of this Decision allowing for (if required) a reasonable period for preparation, and within a year after the date of this Decision at the latest. ABN AMRO Group shall submit for approval to the Commission a start date for the relevant period at least 4 weeks before the relevant period is supposed to start.
2. ABN AMRO Group shall provide to all its Private Banking NL customers the terms of the offer, described in paragraph 1, in an unambiguous way on the first day of the relevant period at the latest. The information to be sent by ABN AMRO Group to its customers shall first be provided to the Commission at least 4 weeks before that information is sent to its customers.
3. ABN AMRO Group shall facilitate the closure of private banking relationships where so requested by customers, using the ordinary procedures at the lowest cost possible. If the customer decides to transfer its position and/or (related) security rights, and if that transfer is possible from the perspective of the transferee bank, ABN AMRO shall facilitate such a transfer. Customers shall be informed of the option to transfer positions rather than liquidating them and will be informed of the costs of the two options.ABN AMRO Group shall cover its own administrative, transfer and transaction costs which are the direct consequence of the ending of the private banking relationship and the transfer of portfolios.ABN AMRO Group shall not be obliged to cover other financial consequences for the customer.
Article 8 
ABN AMRO Group shall not pay any coupon on core Tier 1, Tier-1 and Tier-2 capital instruments (including hybrid capital instruments and preference shares) issued before the date of this Decision or exercise any call option rights in relation to such capital instruments until 10 March 2013 included, unless there is legal obligation to do so.
ABN AMRO Group may issue new capital instruments after the date of this Decision or pay coupons on such new capital instruments, unless such issues or payments result in an obligation to pay coupons on its own existing capital instruments
By derogation from the first subparagraph, ABN AMRO Group may call FCC instrument (namely EUR 87,5 million, 6,25 % non-cumulative non-voting perpetual class A series I preference shares issued by Fortis Capital Company Ltd).
Until 10 March 2013 included, ABN AMRO Group shall only pay a dividend on its ordinary shares if that dividend exceeds EUR 100 million.
Article 9 
By 30 June 2011 at the latest, ABN AMRO Group shall pay to the Netherlands an adjusted interest rate on the loans identified in the electronic mail from the Commission to the Dutch State dated 24 June 2010. The amounts adjusted with interest come to EUR 18 152 722.
Article 10 
Within 2 months of notification of this Decision, the Netherlands shall inform the Commission of the measures it has taken to comply with this Decision.
Article 11 
This Decision is addressed to the Kingdom of the Netherlands.
Done at Brussels, 5 April 2011.
For the Commission
Joaquín ALMUNIA
Vice-President