A separate administration and separate accounts for the non-marketable and the marketable risk activities must therefore be introduced immediately.

Modification of the list of marketable risk countries

Next, this sum is divided by the average capital supporting the marketable risk activity.

This means that the definition of marketable risks is not immutable and may change over time.

The Belgian State's alleged guarantee to the ONDD in relation to its marketable risks (hereinafter: Measure 1

This is due to the fact that the separation of the capital supporting the activity relating to marketable and non-marketable risks is carried out on the entire capital (see Table 2 and recital (135)).

The repayment of this aid must be financed by Ducroire/Delcredere's marketable risk activity

In the alternative, the Commission will analyse the expected profitability of the marketable risk activity in the recitals that follow.

SACE subscribes the remaining 74,15 % of the Excess of loss reinsurance for the marketable credit risk; (second measure

Moreover, the reason why the percentage of marketable risks covered at the time was so low was because of the link between these risks and a non-marketable risk.

However, the Commission notes that Ducroire/Delcredere did not keep separate accounts for marketable and non-marketable risk activities.

As described above, these marketable risks were composed exclusively of risks relating to debtors located in the ten States which acceded to the European Union in May 2004.

[The activity of marketable risks cover] shall not benefit from the State guarantee.

marketable risks means commercial and political risks with a maximum risk period of less than two years, on public and non-public buyers in the countries listed in the Appendix

[The activity of marketable risks cover] shall not benefit from the State guarantee.