
Article 1 
The measure which the Republic of Poland has implemented in favour of Nauta S.A. in the form of acquisition of bonds worth PLN 120 million at an effective interest rate of 5,28 % in 2009-2011 and 8,46 % in 2011-2013 does not constitute state aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Article 2 
This Decision is addressed to the Republic of Poland.
Done at Brussels, 20 March 2013.
For the Commission
Joaquín ALMUNIA
Vice-President