The Court declares that Iceland has failed to fulfil its obligations. Iceland has failed, within the time limits prescribed, to take all the necessary measures to recover from the recipients the State aid declared incompatible with the functioning of the Agreement on the European Economic Area , to cancel any outstanding payments, and to provide the EFTA Surveillance Authority with information. In October 2014, the Authority concluded that the amendments made to the Investment Incentive Scheme in Iceland, as well as five investment agreements, were incompatible with the functioning of the EEA Agreement. Any aid granted under these agreements was therefore not in line with EEA state aid rules and was not covered by the Authority's approval of the scheme in 2010. 

E-25/15