Translation of "exécution d'une garantie " (French → English) :

The Belgian authorities therefore could not claim that the prohibition on paying a guarantee deemed to be incompatible aid was contrary to Union law.

(67)‘secured liability’ means a liability where the right of the creditor to payment or other form of performance is secured by a charge, pledge or lien, or collateral arrangements including liabilities arising from repurchase transactions and other title transfer collateral arrangements.

‘secured liability’ means a liability where the right of the creditor to payment or other form of performance is secured by a charge, pledge or lien, or collateral arrangements including liabilities arising from repurchase transactions and other title transfer collateral arrangements;

2. If an obligation is not fulfilled and no time limit for fulfilment has been given, the security shall be forfeited when the competent authority establishes that it was not fulfilled.

It has simplified the procedures for the creation, perfection, validity and enforceability of financial collateral by providing that the only formal requirement for its provision is that it must be evidenced in writing or in a legally equivalent manner.

87. Furthermore, it is clear from subparagraphs (d) to (f) of Article 78(3) and from Articles 83 and 84 of Regulation No 2342/2002 on the rules for the implementation of Articles 71 and 73 of the Financial Regulation that each institution must first attempt to recover Community claims by means of offsetting and that, if (partial or total) recovery is not achieved, it must initiate the procedure for recovery by any other means offered by the law (enforcement of any guarantee lodged in advance, enforcement of a decision secured in accordance with Article 72(2) of the Financial Regulation or enforcement of a decision secured by legal action ...[+++]).