natgillin/translations-raw huggingface dataset:
Pr. 15. april 2011 havde banken modtaget statsobligationslån for 1737 mio. EUR og fået statsgarantier for 13,6 mia. EUR i henhold til den græske bankstøtteordning.
Those mitigating measures include the sale of additional assets (sale of […] [33], sale of […] % of the insurance subsidiary and the reduction of the participation in the real estate activities to 20 % by […]) [34].
I omstruktureringsplanen for banken, som de græske myndigheder fremsendte til Kommissionen den 16. marts 2014, angav de græske myndigheder, at de havde til hensigt at fortsætte med at yde garantier og statsobligationslån i henhold til ordningen i omstruktureringsperioden.
Since those enhanced mitigating measures are able to cover only a very small part of the identified capital needs, the extraordinary general meeting of shareholders decided on 12 April 2014 to proceed with a capital increase of EUR 2864 million.
Statslig rekapitalisering ydet i henhold til rekapitaliseringsforanstaltningen i den græske bankstøtteordning (foranstaltning A)
It takes the form of a non-pre-emptive equity offering (that is to say, a capital increase with cancellation of pre-emption rights) to international investors and a public offering in Greece.
I maj 2009 modtog banken en kapitaltilførsel på 950 mio. EUR [46] (foranstaltning A) i henhold til rekapitaliseringsforanstaltningen i den græske bankstøtteordning.
If the demand from private investors is insufficient to cover the entire capital increase, the HFSF will cover the gap by subscribing the remaining new shares, subject to prior conversion of the existing subordinated capital instruments of the Bank into shares.
Hvis præferenceaktierne fremover ikke indløses inden fem år fra udstedelsen, og der ikke er truffet en beslutning af aktionærerne på generalforsamlingen om indløsningen af dem, vil den græske finansminister forhøje udbyttebetalingen med 2 % om året kumulativt (dvs. en udbyttebetaling på 12 % i år seks, 14 % i år syv osv.).
Resolution of Proton Bank and Nea Proton Bank
Statsgaranteret ELA (foranstaltning L2)
On 9 October 2011, the Bank of Greece proceeded with the resolution of Proton Bank.
ELA er en ekstraordinær foranstaltning, der sætter et solvent pengeinstitut, som står over for midlertidige likviditetsproblemer, i stand til at modtage finansiering fra Eurosystemet, uden at en sådan transaktion er en del af den fælles pengepolitik.
The license of Proton Bank was recalled by the Bank of Greece which put it into liquidation [35].
Den rente, som et sådant pengeinstitut betaler for ELA, er […] basispoint højere end den rente, det betaler for den almindelige centralbankbaserede refinansiering.
On a proposal from the Bank of Greece and following the decision of the Minister of Finance [36], Nea Proton Bank was created as an interim credit institution and all the deposits (retail, bank and government), the branch network and selected assets (loans and securities portfolios) of Proton Bank were transferred to it.
Den græske nationalbank har ansvaret for ELA-programmet, hvilket betyder, at enhver omkostning og risiko ved tilvejebringelsen af likviditetsstøtte i en nødsituation bæres af den græske nationalbank [47].
Equity claims, subordinated debt, and high-risk loans remained with Proton Bank.
Grækenland udstedte til den græske nationalbank en statsgaranti, som gælder for summen af al likviditetsstøtte i en nødsituation, som nationalbanken har ydet.
HFSF injected initial share capital of EUR 250 million [37] into Nea Proton Bank and was its only shareholder.
Vedtagelsen af artikel 50, stk. 7, i lov 3943/2011 om ændring af artikel 65, stk. 1, i lov 2362/1995 gav finansministeren mulighed for at udstede garantier på vegne af staten til den græske nationalbank for at beskytte dennes fordringer hos kreditinstitutterne.
The size of the opening balance sheet of Nea Proton Bank was approximately EUR 3 billion.
De banker, der får likviditetsstøtte i en nødsituation, skal betale et garantigebyr til staten på […] basispoint.
At the end of 2011, Nea Proton Bank’s risk weighted assets (‘RWA’ [38]) amounted to EUR 1,2 billion.
Pr. 31. december 2011 havde banken fået 14,95 mia. EUR i statsgaranteret ELA [48], mens beløbet pr. 31. december 2012 var 12 mia. EUR i statsgaranteret ELA.
Acquisition of Nea Proton Bank by the Bank
Støtteforanstaltninger bevilget til banken gennem stabilitetsfonden
The Greek law on bank resolution requires that the HFSF must dispose of its shares in an interim credit institution within two years from the date of the Ministerial decision establishing that interim credit institution [39].
Siden 2012 har banken fået støtte fra flere af stabilitetsfondens kapitalforanstaltninger.
In line with that obligation and pursuant to the MEFP, the HFSF proceeded with the sale of its shares in Nea Proton Bank.
Tabel 6 giver et overblik over disse støtteforanstaltninger.
The financial advisor of the HFSF contacted a wide range of potential investors (including Greek banks, foreign banks and financial sponsors) but only two parties, the Bank and a US hedge fund, submitted final offers.
Tabel 6
Only the offer made by the Bank was considered to be compliant with the process letter of the HFSF and was therefore valid.
Kapitalstøtteforanstaltninger bevilget til banken gennem stabilitetsfonden
At 31 May 2013, Nea Proton Bank’s RWA were EUR 811 million and its regulatory capital was EUR – 203 million.
Første bro-rekapitalisering — maj 2012 (mio. EUR) Anden bro-rekapitalisering — dec.
At the same date, Nea Proton Bank needed a total recapitalisation of EUR 276 million to reach a 9 % Core Tier One capital ratio.
Beløb
Resolution of TT Bank and New TT Bank
Første bro-rekapitalisering (foranstaltning B1)
On 18 January 2013, the Greek authorities proceeded with the resolution of TT Bank.
Betragtning 15-32 til Eurobank-indledningsafgørelsen rummer en detaljeret beskrivelse af den første bro-rekapitalisering i maj 2012 (foranstaltning B1).
The license of TT Bank was recalled by the Bank of Greece which put it into liquidation [40].
Baggrunden for og de primære træk ved denne foranstaltning beskrives i dette afsnit.
On a proposal from the Bank of Greece and following the decision of the Minister of Finance [41], New TT Bank was created as an interim credit institution and EUR 10,8 billion of assets (in the form of cash, T-bills, performing loans, retail deposits, central funding and GGBs [42]) were transferred to New TT Bank.
Den 20. april 2012 gav stabilitetsfonden banken et brev om, at den forpligtede sig til at deltage i bankens planlagte aktiekapitalforhøjelse med et beløb af op til 4,2 mia. EUR.
A total amount of EUR 1,2 billion of net assets remained in TT Bank: ‘in the form of’ equity claims, non-performing loans, tax assets and liabilities of TT, and levies and duties of any kind.
I henhold til foranstaltning B1 overførte stabilitetsfonden 3,97 mia. EUR i EFSF-obligationer til banken den 28. maj 2012 i overensstemmelse med bestemmelserne om bro-rekapitaliseringer i lov 3864/2010 om oprettelse af stabilitetsfonden.
HFSF injected initial share capital of EUR 500 million into New TT Bank and was its only shareholder.
Begge beløb i tilsagnserklæringen og i den første bro-rekapitalisering var beregnet af den græske nationalbank for at sikre, at banken nåede en samlet kapital på 8 % pr. 31. december 2011, da bro-rekapitaliseringen blev bogført med tilbagevirkende kraft i bankens regnskaber.
The size of the opening balance sheet of New TT Bank after the capital injection was approximately EUR 15,1 billion.
Vedrørende perioden mellem datoen for den første bro-rekapitalisering og datoen for omlægningen af den første bro-rekapitalisering til ordinære aktier og andre konvertible finansielle instrumenter var det i før-tegningsaftalen mellem banken og stabilitetsfonden bestemt, at banken skulle betale stabilitetsfonden et årligt gebyr på 1 % af den nominelle værdi af EFSF-obligationerne, og at enhver kuponbetaling og påløben rente på EFSF-obligationerne for denne periode ville udgøre et yderligere kapitalbidrag fra stabilitetsfonden [49].
Acquisition of New TT Bank by the Bank
Anden bro-rekapitalisering (foranstaltning B2)
As part of the MEFP commitments, the HFSF proceeded with the sale of its shares in New TT Bank.
Banken bogførte yderligere tab i efteråret 2012.
In that way, it also fulfilled its obligation to dispose of its shares in that interim credit institution within two years of the latter’s creation.
Den 21. december 2012 gennemførte stabilitetsfonden den anden bro-rekapitalisering på 1341 mio. EUR (foranstaltning B2), som igen foregik ved overdragelse af EFSF-obligationer til banken.
The Bank agreed to pay a total of EUR 681 million in the form of newly issued ordinary shares to purchase New TT Bank.
Tilsagnserklæringen af 21. december 2012 (foranstaltning B3)
According to the Subscription Agreement, the initial consideration paid by the Bank was subject to further adjustments based on a Net Asset Value evaluation [43].
I tillæg til den anden bro-rekapitalisering gav stabilitetsfonden den 21. december 2012 banken en tilsagnserklæring om sin deltagelse i bankens aktiekapitalforhøjelse og de konvertible instrumenter, der skulle udstedes, med et samlet beløb på op til 528 mio. EUR (foranstaltning B3).
Consequently, the Bank’s extraordinary general meeting of shareholders of 26 August 2013 approved the increase of the Bank’s share capital by EUR 425625000, by issuing 1418750000 new ordinary shares [44] with a nominal value of EUR 0,3 each and an offer price of EUR 0,48 each.
Summen af de to bro-rekapitaliseringer (foranstaltning B1 og B2) og det ekstra tilsagnsbeløb fra december 2012 (foranstaltning B3) betød, at stabilitetsfonden havde forpligtet sig til at dække det samlede kapitalbehov, der var identificeret i 2012-stresstesten (5839 mio. EUR [50]).
The capital increase was subscribed entirely by the HFSF by way of contribution in kind.
Rekapitaliseringen foråret 2013 (foranstaltning B4)
That contribution in kind took the form of all the shares of New TT Bank owned by the HFSF, with a total value of EUR 681 million.
Den 30. april 2013 godkendte aktionærerne på generalforsamlingen en forhøjelse af bankens aktiekapital med et beløb af 5839 mio. EUR (»rekapitaliseringen foråret 2013«).
Following that transaction, the shareholding of HFSF in the Bank increased from 93,5 % to 95,2 %.
Banken udstedte derfor 3789317357 nye aktier med en nominel værdi af 0,30 EUR til kurs 1,54 EUR pr. stk.
AID MEASURES
Samme dato besluttede generalforsamlingen desuden, at det fulde kapitalbeløb ville blive tilvejebragt af stabilitetsfonden og blive betalt i naturalier, nemlig EFSF-obligationer.
The Bank benefited from capital support measures A, B1, B2, B3, B4 and C and liquidity support measures L1 and L2.
Derfor tilførte stabilitetsfonden i maj 2013 banken i alt 5839 mio. EUR i form af ordinære aktier (foranstaltning B4).
Proton Bank and Nea Proton bank benefited from following measures:
Det beløb svarer til summen af foranstaltningerne B1, B2 og B3.
, Pr2 Pr3, NP1, NP2 and NP3.
Ved hjælp af rekapitaliseringen foråret 2013 blev den første og anden bro-rekapitalisering (foranstaltning B1 og B2) omlagt til en permanent rekapitalisering, og forpligtelsen til at tilføre yderligere kapitalstøtte (foranstaltning B3) blev indført.
T Bank, TT bank and New TT bank benefited from measures T, TT, NTT1 and NTT2.
Kursen på nye aktier blev fastsat til 50 % af den ud fra omsætningen vægtede gennemsnitlige aktiekurs de seneste 50 børsdage forud for fastsættelsen af emissionskursen.
Aid measures granted to the Bank under the Greek Banks Support Scheme
Som følge af et omvendt aktiesplit, som generalforsamlingen besluttede den 30. april 2012 [51], blev kursen på de nye aktier fastsat til 1,54 EUR pr. stk.
The Bank has obtained several forms of aid under the Greek Banks Support Scheme, under the recapitalisation measure, the guarantee measure and the government bond loan measure.
Straks efter rekapitaliseringen foråret 2013 blev stabilitetsfonden bankens største aktionær med en post på 98,56 %.
State liquidity support granted under the guarantee measure and the government bond loan measure (measure L1)
Imidlertid faldt denne post til 93,55 % i juni 2013, efter at banken havde foretaget endnu en passivstyringsoperation (se afsnit 2.4.5).
The Bank has benefited and continues to benefit from aid under the guarantee measure and the government bond loan measure.
I august 2013 udstedte banken nye aktier til stabilitetsfonden med henblik på køb af New TT bank, hvorved stabilitetsfondens post steg til 95,23 % [52].
That aid will be described in this Decision as ‘measure L1’.
Rekapitaliseringstilsagnet fra 2014 (foranstaltning C)
As of 30 November 2013 [45], the guarantees granted to the Bank amounted to around EUR 13,9 billion.
Den 6. marts 2014 indberettede den græske nationalbank resultaterne af en stresstest foretaget i anden halvdel af 2013.
At that date, there was no outstanding loan of government bonds to the Bank.
Den græske nationalbank anførte, at bankens kapitalbehov i referencescenariet ville nå op på 2945 mio. EUR i perioden 2014-2016.
As of 15 April 2011, the Bank had received loans of government bonds amounting to EUR 1737 million and benefited from EUR 13,6 billion of State guarantees granted under the Greek Banks Support Scheme.
Den 31. marts 2014 sendte stabilitetsfonden et brev til banken om, at den både kunne og ville være bagstopper for enhver aktiekapitalforhøjelse, der måtte blive gennemført i henhold til lov 3864/2010 om stabilitetsfonden som ændret den 30. marts 2014, i det omfang det var nødvendigt for at opfylde det kapitalbehov, der blev identificeret i stresstesten.
In the restructuring plan for the Bank submitted by the Greek authorities to the Commission on 16 March 2014 the Greek authorities signalled their intention to continue granting guarantees and lending government bonds under the scheme during the restructuring period.
Ifølge loven om stabilitetsfonden vil stabilitetsfonden, hvis der ved udgangen af tegningsperioden ikke er tilstrækkelig efterspørgsel fra private investorer efter aktierne til den kurs, som stabilitetsfondens almindelige råd har fastsat på grundlag af to uafhængige værdiansættelser, tegne de resterende aktier, forudsat at bankens eksisterende efterstillede kapitalinstrument forinden er blevet konverteret til aktier som bestemt i artikel 6a.
State recapitalisation granted under the recapitalisation measure of the Greek Banks Support scheme (measure A)
Den 12. april 2014 godkendte generalforsamlingen en aktiekapitalforhøjelse på 2864 mio. EUR i henhold til loven om stabilitetsfonden og anførte, at emissionskursen ikke kunne være lavere end den nominelle værdi på 0,30 EUR pr. aktie og den mindstekurs, der skulle fastsættes af stabilitetsfonden [53].
In May 2009, the Bank received a capital injection of EUR 950 million [46] (measure A) under the recapitalisation measure of the Greek Banks Support scheme.
I overensstemmelse med loven om stabilitetsfonden udpegede denne to uafhængige rådgivere til at fastslå bankens værdi.
That capital injection was equivalent to around 2 % of the RWA the Bank had at that time.
De to intervaller overlapper hinanden i betydelig grad.
In 2010 the duration of the preference shares was extended while their remuneration was increased.
På baggrund af disse værdiansættelser fastsatte stabilitetsfondens almindelige råd den 14. april 2014 den kurs, der svarede til den mindstekurs, til hvilken bankens nye aktier kan tilbydes investorerne, og den kurs, til hvilken stabilitetsfonden selv vil aftage resten af de nyudstedte aktier om nødvendigt [54].
From this point forward, if the preference shares are not redeemed within five years from their issue and no decision has been taken by the general meeting of shareholders as to the redemption of those shares, the Greek Minister of Finance will increase the coupon by 2 % per year on a cumulative basis (that is to say, a coupon of 12 % for year six, 14 % for year seven, etc…).
Den 15. april 2014 godkendte den buddet fra et investorkonsortium om at tegne nye aktier for 1,3 mia. EUR til kurs 0,30 EUR pr. stk. (»hjørnestensinvestoren« [55] [56]).
State-guaranteed ELA (measure L2)
Den 24. april 2014 bekendtgjorde Eurobank, at man nu indledte en bookbuilding til en kurs af 0,30-0,33 EUR [57].
ELA is an exceptional measure enabling a solvent financial institution, facing temporary liquidity problems, to receive Eurosystem funding without such operation being part of the single monetary policy.
Hvis der er tilstrækkelig efterspørgsel til at dække hele summen på 2864 mio. EUR ved en kurs på over 0,30 EUR, vil hjørnestensinvestoren være nødt til at justere sin kurs opad eller annullere sine ordrer, hvilket vil udløse en kompensation.
The interest rate paid by such financial institution for ELA is […] basis points higher than the interest it pays for regular Central Bank refinancing.
Hvis der er tilstrækkelig efterspørgsel fra private investorer (herunder fra hjørnestensinvestoren) til at dække hele summen på 2864 mio. EUR ved en kurs på 0,30 EUR, vil hjørnestensinvestoren få tildelt aktier som den første.
The Bank of Greece is responsible for the ELA programme, which means that any cost of, and the risks arising from, the provision of ELA are incurred by the Bank of Greece [47].
Hvis der er en utilstrækkelig efterspørgsel (herunder fra hjørnestensinvestoren) ved en kurs på 0,30 EUR, vil efterstillet gæld blive konverteret til nye aktier.
Greece granted to the Bank of Greece a State guarantee which applies to the total amount of ELA granted by the Bank of Greece.
Som bestemt i loven om stabilitetsfonden vil enhver utegnet aktie efter konverteringen af den efterstillede gæld blive tegnet af stabilitetsfonden til samme kurs, nemlig 0,30 EUR pr. stk.
The adoption of Article 50, paragraph 7 of law 3943/2011, which amended Article 65, paragraph 1 of law 2362/1995, allowed the Minister of Finance to grant guarantees on behalf of the State to the Bank of Greece in order to safeguard the Bank of Greece’s claims against the credit institutions.
Støtteforanstaltninger til de opkøbte virksomheder
The banks benefiting from ELA have to pay a guarantee fee to the State amounting to […] basis points.
Siden 2008 har Proton Bank og Nea Proton Bank modtaget støtte i henhold til flere foranstaltninger.
Aid measures granted to the Bank through the HFSF
Tabel 7
Table 6 provides an overview of those aid measures.
Overblik over kapitalstøtteforanstaltninger til Proton Bank og Nea Proton Bank
Table 6
Støttemodtager
Capital support measures granted to the Bank through the HFSF
Støttens art
1st bridge recapitalisation — May 2012 (EUR million)
Støttebevilgende enhed
2nd bridge recapitalisation — Dec 2012 (EUR million)
Udbetalingsdato
Commitment letter — Dec 2012
Beløb (mio. EUR)
Spring 2013 recapitalisation — May 2013 (EUR million)
Proton Banks aktiviteter
Recapitalisation commitment — April 2014 (EUR million)
Kapital i henhold til rekapitaliseringsforanstaltningen:
Measure
Den græske stats præferenceaktier
Amount
Staten
The first bridge recapitalisation (measure B1)
Maj 2009
Recitals 15 to 32 of the Eurobank Opening Decision give a detailed description of the first bridge recapitalisation of May 2012 (measure B1).
Udlån af græske statsobligationer i henhold til den græske foranstaltning med statsobligationslån
The background and main features of that measure are set out in this section.
Statsgaranti for obligationer udstedt i henhold til den græske garantiforanstaltning
On 20 April 2012, the HFSF provided a letter to the Bank committing to participate in a planned share capital increase of the Bank for an amount of up to EUR 4,2 billion.
Juli 2010
Under measure B1, the HFSF transferred EUR 3,97 billion of EFSF bonds to the Bank on 28 May 2012, in line with the provisions for bridge recapitalisations laid down in the law 3864/2010 establishing the HFSF (‘HFSF Law’).
Nea Proton Banks aktiviteter
The EFSF bonds transferred to the Bank were EFSF floating notes with maturities of six and 10 years and an issue date of 19 April 2012.
Udækket finansieringsbehov fra PB til NPB
The Commission has already established in recital 48 of the Eurobank Opening Decision that ‘The bridge recapitalisation finalised on 28 May 2012 is the implementation of the obligation undertaken in the commitment letter and thus a continuation of the same aid’.
Finansiering af udækket finansieringsbehov fra PB til NPB (del 1)
Both the amounts provided in the commitment letter and in the first bridge recapitalisation were calculated by the Bank of Greece to ensure the Bank reached a total capital ratio of 8 % as of 31 December 2011, the date of retroactive booking of the bridge recapitalisation in the Bank’s records.
finansiering af resten af det udækkede finansieringsbehov fra PB til NPB (del 2)
As can be seen from Table 3, measure B1 only covered a limited part of the total capital needs identified by the stress test of 2012.
støtte i alt
The Bank was supposed to raise the capital through a future capital increase and the bridge recapitalisation was intended only to preserve the Bank’s eligibility for ECB financing until that capital increase had taken place.
Aktiekapitaltilførsler til NPB i 2011 og 2012
For the period between the date of the first bridge recapitalisation and the date of the conversion of the first bridge recapitalisation into ordinary shares and other convertible financial instruments, the pre-subscription agreement between the Bank and the HFSF stipulated that the Bank had to pay the HFSH a 1 % annual fee on the nominal value of the EFSF notes and that any coupon payments and accrued interest to the EFSF notes for that period would count as an additional capital contribution by the HFSF [49].
Startkapital
The second bridge recapitalisation (measure B2)
Startkapital i alt
The Bank booked further losses in the autumn of 2012.
Yderligere aktiekapital
Its capital therefore again fell below the minimum capital requirements for it to remain eligible for ECB refinancing.
Yderligere kapital i alt
A second bridge recapitalisation became necessary as a result.
støtte i alt
On 21 December 2012, the HFSF implemented a second bridge recapitalisation of EUR 1341 million (measure B2), which was again paid by transferring EFSF bonds to the Bank.
Rekapitalisering forud for salget til Eurobank
The commitment letter of 21 December 2012 (measure B3)
Aktiekapital
In addition to the second bridge recapitalisation, on 21 December 2012 the HFSF provided the Bank with a commitment letter for its participation in the share capital increase of the Bank and in the convertible instruments to be issued, for a total amount up to EUR 528 million (measure B3).
Støtteforanstaltninger til Proton Bank
The total of the two bridge recapitalisations (measures B1 and B2) and of the additional amount committed in December 2012 (measure B3) meant that the HFSF had committed the total capital needs identified under the stress test of 2012 (EUR 5839 million [50]).
Statslig rekapitalisering modtaget af Proton Bank (foranstaltning Pr1)
The Spring 2013 recapitalisation (measure B4)
I maj 2009 tilførte Grækenland Proton Bank 80 mio. EUR, hvilket svarede til ca. 4,6 % af dens risikovægtede aktiver på det tidspunkt.
On 30 April 2013, the general meeting of shareholders approved an increase in the share capital of the Bank for an amount of EUR 5839 million (‘the Spring 2013 recapitalisation’).
Den kapitaltilførsel skete i henhold til rekapitaliseringsforanstaltningen, som er en del af den græske bankstøtteordning.
The Bank therefore issued 3789317357 new shares with a nominal value of EUR 0,30 at a price of EUR 1,54 per share.
Rekapitaliseringen skete med præferenceaktier.
On the same date the general meeting of shareholders also decided that the full amount of capital would be provided by the HFSF and would be paid in kind, in the form of EFSF bonds.
Statslig likviditetsstøtte modtaget af Proton Bank (foranstaltning Pr2 og Pr3)
As a result, the HFSF injected a total of EUR 5839 million into the Bank in the form of ordinary shares in May 2013 (measure B4).
Proton Bank har også fået støtte via garantiforanstaltningen og foranstaltningen med statsobligationslån, som indgår i den græske bankstøtteordning.
That amount is equal to the sum of measures B1, B2 and B3.