English to Italian Bus/Financial Finance (general) Aiuti di Stato (Islanda)

Non mi è chiaro a cosa si riferisca esattamente questo "when":

"Loan agreement concluded with Arion

In October 2008, it was clear that Kaupthing could no longer be saved and the FME therefore took over the operations of the bank.
In line with the Act No 125/2008 on the Authority for Treasury disbursements due to Unusual Financial Market Circumstances etc. (the “Emergency Act”), which was passed on 6 October 2008, the FME decided to split Kaupthing into an old and a new bank.
(...)

Kaupthing, the Government and Arion reached an agreement on 3 September 2009 regarding the capitalisation of Arion and the basis for compensation from Kaupthing to Arion (the “Kaupthing capitalisation agreement”).
According to this agreement, Kaupthing had the option of acquiring control of Arion by subscribing to new share capital and was to pay for the new share capital with the old bank’s own assets (i.e. the assets that had not been transferred pursuant to the FME decision as described above).
Before Kaupthing could decide whether it would acquire a majority stake in Arion, an agreement needed to be reached with the CBI on the settlement of the outstanding claims as some of the assets it would need to pay for the new share capital had been placed as collateral against loans provided by the CBI to Kaupthing, including the housing loan portfolio.
Therefore, on 30 November 2009, the Ministry of Finance, the CBI and the Kaupthing Resolution Committee entered into an agreement on the settlement of the CBI’s claims against Kaupthing (the “settlement agreement”).
The settlement of overnight loans was the subject of Article 3 of the settlement agreement and there the parties agreed that Arion Bank would assume Kaupthing’s debt towards the CBI by issuing a bond in the amount of approximately ISK […] billion, in a specific form attached to the agreement as Appendix II, with the CBI in turn assigning the housing loan portfolio to Arion.
On 22 January 2010, Arion and the CBI concluded a loan agreement, which, according to the CBI and Arion, represented the formal completion of Article 3 of the settlement agreement and the capitalisation agreement, ** i.e. when ** the creditors of Kaupthing became owners of Arion.
The loan agreement replaced the aforementioned bond."