natgillin/translations-raw huggingface dataset:
Derfor gav foranstaltning B2 banken en fordel for statslige midler.
The second-highest offer therefore did not comply with the requirements of the Bank of Greece.
Da foranstaltningen kun blev stillet til rådighed for banken, er den selektiv.
It should also be noted that under the sale contract the HFSF received 1418,75 million new ordinary shares of the Bank at the offer price of EUR 0,48 each [124].
Kommissionen finder, at foranstaltning B2 udgør statsstøtte.
Conclusion on the existence of aid
Den blev anmeldt som støtteforanstaltning af de nationale myndigheder.
On the basis of the foregoing, the Commission considers that measures T, TT, NTT1 and NTT2 all constitute State aid.
Den modtagne kapital beløb sig til 1341 mio. EUR.
Regarding measure T, the Commission concludes that the aid benefited the activities of T Bank as they were transferred to TT Bank and later to New TT Bank.
Tilsagnserklæring (foranstaltning B3)
Regarding measure TT, the Commission concludes that it benefited the activities of TT Bank which were transferred to New TT Bank.
Ved foranstaltning B3 forpligtede stabilitetsfonden sig til at yde den nødvendige ekstra kapital til at fuldføre rekapitaliseringen af banken op til det beløb, som den græske nationalbank anmodede om i forbindelse med 2012-stresstesten.
The beneficiary of measures NTT1 and NTT2 is New TT Bank.
Omstændighederne, hvorunder stabilitetsfonden kan yde støtte til pengeinstitutter, er præcist defineret og begrænset af loven.
Therefore, the Commission concludes that the economic activities of T Bank, as they were harboured in TT Bank and later in New TT Bank, have benefited from recapitalisation aid amounting to EUR 677 million while the activities carried out by TT Bank harboured in New TT Bank have benefited from State aid in the form of capital support of EUR 4457,96 million (measures TT, NTT1 and NTT2).
Anvendelsen af sådanne statslige midler er derfor at tilregne staten.
Table 10
Stabilitetsfonden afgav et tilsagn om at yde op til 528 mio. EUR i ekstra kapital.
Overview of the total aid received by T Bank, TT Bank and New TT Bank
Dette tilsagn befordrer også bankens mulighed for at rejse privat kapital på markedet, idet investorerne er sikre på, at hvis banken ikke kan finde en del af kapitalen på markedet, så vil stabilitetsfonden stille den til rådighed.
Financing of funding gap from T to TT
Ingen privat investor ville have accepteret at forpligte sig, førend vilkårene for rekapitaliseringen var kendt, og på det tidspunkt havde banken ikke adgang til kapitalmarkedet.
TT Bank’s activities
Eftersom banken driver virksomhed på andre europæiske bankmarkeder, og pengeinstitutter fra andre medlemsstater driver virksomhed i Grækenland, især på forsikringsmarkedet, vil foranstaltning B3 sandsynligvis påvirke samhandelen mellem medlemsstaterne og dreje konkurrencen.
New TT Bank’s activities
Foranstaltning B3 udgør derfor statsstøtte og blev anmeldt af de græske myndigheder som sådan den 27. december 2012.
Financing of funding gap from TT Bank to New TT Bank
Rekapitaliseringen foråret 2013 (foranstaltning B4) er omlægningen af den første og anden bro-rekapitalisering (foranstaltning B1 og B2) og tilsagnserklæringen (foranstaltning B3) til en permanent rekapitalisering på 5839 mio. EUR i ordinære aktier.
As explained in recitals 199 and 200, the legal basis for the assessment of aid measures to Greek banks should, at present, be Article 107(3)(b) of the Treaty.
Eftersom foranstaltning B4 er omlægningen af den allerede tildelte støtte, involverer den stadig statslige midler, men den øger ikke det nominelle beløb herfor.
As explained in recital 201, in order for an aid to be compatible under Article 107(3)(b) of the Treaty it must comply with the general criteria for compatibility:
Dog gør den fordelen for banken endnu større (og virker derfor konkurrencefordrejende), idet der er tale om en permanent rekapitalisering og ikke en midlertidig rekapitalisering som i tilfældet med foranstaltning B1 og B2.
appropriateness, necessity and proportionality.
Sammenlignet med foranstaltning B3, som kun er et tilsagn og ikke en faktisk rekapitalisering, øgede foranstaltning B4 bankens solvensgrad og giver den derfor en større fordel.
The Recapitalisation Communication [125] sets out further guidance on the level of remuneration required for State capital injections.
Kommissionen bemærker, at en sådan støtte ikke blev ydet til alle banker i Grækenland.
Finally, the Commission has explained in the Restructuring Communication [126] how it will assess restructuring plans.
For så vidt angår konkurrencefordrejninger og påvirkning af samhandelen, bemærker Kommissionen f.eks., at støtten satte banken i stand til at fortsætte sin drift i andre medlemsstater såsom Rumænien og Bulgarien.
In its assessment of the restructuring plan of the Bank under the Restructuring Communication, the Commission will take into account all the measures listed in Table 8.
En afvikling af banken ville have medført et ophør af dens aktiviteter i udlandet i form af afvikling eller salg af disse.
Compatibility of the aid measures with the 2008 Banking Communication and the Recapitalisation Communication
Desuden konkurrerer bankens forsikringsaktiviteter i Grækenland med de aktiviteter, der drives af datterselskaber af forsikringsselskaber fra andre medlemsstater.
Compatibility of measure T with the 2008 Banking Communication and the Recapitalisation Communication
Derfor fordrejer foranstaltningen konkurrencen og påvirker samhandelen mellem medlemsstaterne.
Regarding measure T, in its T Bank Decision the Commission found that the intervention fulfils the requirements of Article 107(3)(b) of the Treaty and decided it was compatible with the internal market for reasons of financial stability for a period of six months as from the date of adoption of that Decision.
Følgelig udgør foranstaltning B4 statsstøtte.
The Greek authorities did not submit an updated restructuring plan for TT Bank which took into account the integration of T Bank’s activities into TT Bank before the end of that six-month period.
Konklusion vedrørende foranstaltning B1, B2, B3 og B4
However, in recital 83 of the New TT Opening Decision the Commission considered that omission was understandable as a decision had been taken in the meanwhile that TT Bank would be resolved.
Foranstaltning B1, B2, B3 og B4 udgør statsstøtte efter traktatens artikel 107, stk. 1.
As the Greek authorities submitted a restructuring plan for New TT Bank in January 2013 and an updated one in March 2013, both of which deal with the activities transferred from T Bank to TT Bank, the Commission, in its New TT Opening Decision, approved measure T provisionally as rescue aid until a final decision was taken on measures T, TT, NTT1 and NTT2.
Den statsstøtte, der indgår i foranstaltning B1, B2, B3 og B4, beløber sig til 5839 mio. EUR, hvilket er lig med det beløb, som stabilitetsfonden faktisk udbetalte i statsstøtte til banken.
Compatibility of measure TT with the 2008 Banking Communication
Punkt 31 i omstruktureringsmeddelelsen angiver, at Kommissionen ud over det absolutte støttebeløb skal vurdere støtten »i forhold til bankens risikovægtede aktiver«.
In its Decision of 19 November 2008 [127] the Commission has already concluded that measure TT, which was granted in May 2009 under the recapitalisation measure which is part of the Greek Banks Support Scheme, is compatible rescue aid under the 2008 Banking Communication.
Spørgsmålet bliver derfor, hvilket niveau for risikovægtede aktiver der bør anvendes, altså niveauet i begyndelsen af perioden eller ved udgangen af perioden.
The decision of 19 November 2008 did not refer to the Recapitalisation Communication, which had not been adopted at that time.
Foranstaltning B1, B2, B3 og B4 skal dække et kapitalbehov, som den græske nationalbank konstaterede i marts 2012 (2012-stresstesten).
Compatibility of measures NTT1 and NTT2 with the 2008 Banking Communication and the Recapitalisation Communication
Dette forhold viser yderligere, at foranstaltning B1, B2, B3 og B4 var støtteforanstaltninger relateret til bankens omfang, som det forelå pr. 31. marts 2012.
The Commission has already temporarily approved measures NTT1 and NTT2 as rescue aid in the New TT Opening Decision.
Den 31. marts 2014 modtog banken en tilsagnserklæring fra stabilitetsfonden, hvorved stabilitetsfonden lovede at deltage i forhøjelsen af bankens kapital med et beløb af op til 2864 mio. EUR (foranstaltning C).
Compatibility of aid measures T, TT, NTT1 and NTT2 with the Restructuring Communication
Som forklaret i betragtning 277 involverer denne foranstaltning anvendelse af statslige midler.
Lack of appropriate remuneration of the aid: to be taken into account in the assessment under the Restructuring Communication
Denne foranstaltning udgør en fordel for banken, idet den sikrer, at banken vil kunne rejse den fornødne kapital, hvilket vil betrygge indskyderne og befordre dens adgang til private investorers kapital.
In recital 45 of the T Bank Decision, the Commission noted that the HDIGF and the HFSF will probably not recover any money and that the financing of the funding gap from T Bank to TT Bank is therefore similar to a grant.
Hvis private investorer ikke tilvejebringer den fulde kapitalforhøjelse, skal stabilitetsfonden faktisk tilføre banken kapital i henhold til tilsagnserklæringen.
Moreover, as concluded in recital 101 of the New TT Opening Decision, the HFSF could expect to recover only part of its initial share capital injection of EUR 500 million (measure NTT2).
En sådan kapitaltilførsel ville i sammenligning med tilsagnserklæringen udgøre en større fordel for banken.
Moreover, the Commission observed that there will be no remuneration for the HFSF covering the funding gap from TT Bank to New TT Bank (measure NTT1) and there is a very small likelihood that the HFSF will recover much of the EUR 3,7 billion.
I forhold til blot en erklæring øger den faktiske kapitaltilførsel bankens solvensgrad.
Finally, the Commission notes that the State will most probably not recover any amount in respect of measure TT since its equity claims, related to the preference shares issued in May 2009, remained in TT Bank, which was put into liquidation.
Hverken tilsagnserklæringen eller dens potentielle udmøntning i form af en faktisk kapitaltilførsel overholder det markedsøkonomiske investorprincip.
As indicated in recitals 77 and 102 of the New TT Opening Decision, the absence of remuneration triggers the need for in-depth restructuring, both in terms of viability measures and in terms of measures to limit distortions of competition.
Selv om stabilitetsfonden skulle købe nye aktier til samme kurs som private investorer, er omstændighederne for stabilitetsfondens deltagelse meget anderledes end for private investorers, når de vil tegne nye aktier.
Long-term viability of New TT Bank’s activity through sale
Stabilitetsfonden har forpligtet sig til at tegne hele aktiekapitalforhøjelsen om nødvendigt, før nogen privat investor formelt har forpligtet sig til at købe aktier.
In section 3.2.4.1 of the New TT Opening Decision, the Commission raised serious doubts as to whether New TT Bank could restore its long-term viability on a stand-alone basis and whether New TT Bank could achieve the planned growth of income.
Private investorer, som tegner nye aktier, vil være sikre på, at banken under alle omstændigheder vil rejse den fulde nødvendige kapital, eftersom stabilitetsfonden vil optræde som bagstopper og købe alle de aktier, der ikke er tegnet af private investorer.
Moreover, it pointed out that New TT Bank had taken only a limited number of measures to generate profits and that there was a lack of measures on the part of New TT Bank to reduce personnel costs and to rationalise the branch network.
Desuden vil stabilitetsfonden kun deltage, hvis der ikke er tilstrækkelig efterspørgsel fra private investorer i bunden af den annoncerede kurskategori.
It also referred to the synergies that could be achieved by the integration of New TT Bank into a large financial entity.
Derfor vil stabilitetsfonden tilvejebringe kapital, som banken ikke kan finde på markedet til den samme kurs pr. aktie.
Moreover, in line with the MEFP, the sale of the New TT Bank was a priority action, taking into consideration the public interest and financial stability, as well as the protection of the HFSF’s assets.
Stabilitetsfonden tilvejebringer således kapital for et beløb eller til en kurs, som markedet ikke er villigt til at stille til rådighed.
Therefore, the fact that the activities of New TT Bank are now placed within the Bank allows their long-term viability to be restored.
Da den kun blev tilbudt banken, er foranstaltning C selektiv.
New TT Bank ceases to exist as an autonomous competitor.
Bankens stilling blev styrket, idet den fik stillet de nødvendige midler til rådighed for fortsat at kunne opfylde de kapitalkrav, som den græske nationalbank stiller.
The operational merger between New TT Bank and the Bank was completed by 14 April 2014.
Foranstaltningen giver derfor en fordel, der fordrejer konkurrencen.
The ‘Hellenic Postbank’-branded branch network will be reduced (the Bank intends to keep the brand ‘Hellenic Postbank’ for certain branches, while the ‘T-bank’ brand will not be kept and the ‘T-bank’ branch network will be nearly entirely closed) in combination with the full operational integration of back office and other headquarter functions within the Bank.
Eftersom banken driver virksomhed på andre europæiske bankmarkeder, og pengeinstitutter fra andre medlemsstater driver virksomhed i Grækenland, især på forsikringsmarkedet, vil foranstaltning C sandsynligvis påvirke samhandelen mellem medlemsstaterne.
The Commission concludes that the restructuring plan ensures that an in-depth restructuring as required by the insufficient remuneration will be achieved.
Rekapitaliseringstilsagnet fra 2014 udgør statsstøtte efter traktatens artikel 107, stk. 1.
The Commission’s concerns expressed in recital 99 of the New TT Opening Decision, as to whether the restructuring costs were inflated given the restructuring of New TT Bank on a stand-alone basis, were addressed by the Voluntary Exit Scheme [128], which was implemented by New TT Bank on a stand-alone basis in July 2013, and by the sale of New TT Bank to the Bank.
Den statsstøtte, der indgår i foranstaltning C, beløber sig til 2864 mio. EUR, som udgør 7,5 % af bankens risikovægtede aktiver pr. 31. december 2013 [133].
More precisely, the rationalisation of the branch network, the full integration of T Bank and the full operational integration of New TT Bank into the Bank limit the restructuring costs to the minimum.
Hvis stabilitetsfonden faktisk tilfører banken yderligere kapital som udmøntning af den afgivne tilsagnserklæring, vil det øge fordelen for banken og fordrejningerne af konkurrencen, men ikke det nominelle støttebeløb [134].
Concerning burden-sharing of shareholders and subordinated debt holders, the Commission has already established, in recital 100 of the New TT Opening Decision, that the shareholders and subordinated debt holders were not transferred to New TT Bank but have remained in TT Bank, that is to say, the entity in liquidation.
Foranstaltning A, B1, B2, B3, B4 og C udgør statsstøtte efter traktatens artikel 107, stk. 1.
Therefore, the Commission considers that the restructuring costs are limited to the minimum and that sufficient burden-sharing has been achieved.
Foranstaltningens art
However, as already concluded in recital 251, the absence of remuneration triggered the need for in-depth restructuring, both in terms of viability measures and in terms of measures to limit distortions of competition.
Støttebeløb
Regarding the amount of aid received, the Commission recalls that, in recital 104 of the New TT Opening Decision, it noted that New TT Bank has received EUR 4,6 billion of aid (measures NTT1 and NTT2), which represents more than 70 % of the RWA of TT Bank and more than 90 % of the RWA of New TT Bank.
Støtte/risikovægtede aktiver
Further the Commission noted that TT Bank (which is the legal entity which previously performed the activities which were harboured in New TT Bank) had previously received aid under the Greek Banks Support Scheme [129] TT Bank received a first capital injection of EUR 224,96 million in the form of preference shares (measure TT), which was equivalent to 2,9 % of its RWA at that time.
Præferenceaktier
Furthermore, on the resolution of T Bank, the activities of T Bank that were transferred to TT Bank received a resolution aid of approximately EUR 678 million (measure T), which was equivalent to 37,7 % of the RWA of T Bank as at the merger reference date (31 March 2011).
Kapitalstøtte
Such amounts of aid in combination with the absence of remuneration call for a deep restructuring.
950 mio. EUR
On the other hand, in recital 104 of the New TT Opening Decision, the Commission pointed out the circumstances under which the aid was granted.
Første bro-rekapitalisering
More precisely, a significant part of the losses which TT Bank has incurred in recent years do not seem to stem from risk-taking activities but from the holding of GGBs.
Anden bro-rekapitalisering
The Commission also observed that the high loan losses on lending to households and corporations stem mainly from the exceptionally deep and long recession and not from risky lending.
Tilsagnserklæring
The aid therefore seems to create few distortions of competition.
Rekapitaliseringen foråret 2013
However, the Commission observed that, proportionally to its size, TT Bank had held far more GGBs than the other banks in Greece, a factor that reflects some inappropriate risk-taking.
5839 mio. EUR
As already noted, New TT Bank ceases to exist as an autonomous competitor that determines its policy on a stand-alone basis.
Rekapitaliseringstilsagnet fra 2014
The restructuring plan of the Bank is based on the assumption of the full integration of New TT Bank, even if the Bank will continue to use the brand ‘Hellenic Postbank’ for some branches and products.
Tilsagn om at yde kapitalstøtte
Regarding the market on which New TT Bank operated, in recital 106 of the New TT Opening Decision, the Commission pointed out that TT Bank was a medium-sized bank in Greece (approximately 6 % in terms of deposits) and that the assets and liabilities of TT Bank that were transferred into New TT Bank were relatively small compared to the size of the Greek banking system.
2864 mio. EUR
Therefore, it concluded that, despite the exceptionally large aid amount, the distortions of competition caused by the aid to New TT Bank could be considered to be rather limited.
Samlet kapitalstøtte bevilget banken
The planned downsizing of the ‘Hellenic Postbank’-branded branch network, with a reduction of approximately 50 branches [130] out of 196, further confirms the assessment in recital 263 that the distortions of competition caused by the aid to New TT Bank could be considered to be rather limited.
9653 mio. EUR
Moreover, the activities of New TT Bank were offered to competitors through an open and non-discriminatory auction.
Samlet kapital udbetalt til banken
A significant part of aid measures NTT1 and NTT2 was needed because of a waiver of debt in favour of the State (in the form of the PSI programme) and because of the exceptionally long recession rather than as a consequence of inappropriate lending practices.
6789 mio. EUR (kunne stige til 9653 mio. EUR, hvis stabilitetsfonden skal tilvejebringe hele kapitalforhøjelsen i april 2014)
Additionally, the size of the activities of New TT Bank was small, the sale process was open, transparent and non-discriminatory, and New TT Bank will not continue to exist as an autonomous competitor.
Støttebeløb
Therefore the Commission concludes that, despite the large amount of aid and the absence of appropriate remuneration for the State aid granted, there is no undue distortion of competition.
Likviditetsstøtte
Conclusion on the compatibility of aid measures T, TT, NTT1 and NTT2 with the Restructuring Communication.
13932 mio. EUR
The Commission concludes that the sale of New TT Bank to the Bank and the associated restructuring ensure New TT Bank’s long-term viability, the limitation of aid to the minimum necessary and the absence of undue distortions of competition.
Fra den 30. november 2013
All the aid measures listed in Table 8 should be declared compatible with the internal market.
Statsgaranteret ELA
ASSESSMENT OF AID GRANTED TO THE BANK
Finansiering og garanti
EXISTENCE AND THE AMOUNT OF AID
12000 mio. EUR
Existence of aid in the measures granted under the Greek Banks Support Scheme
Fra den 31. december 2012
State liquidity support granted under the guarantee and the government bond loan measures (measure L1)
Samlet likviditetsstøtte ydet til banken
The Commission has already established in the decisions approving and prolonging the Greek Banks Support Scheme [131] that liquidity support granted under the scheme constitutes aid.
25932 mio. EUR
The outstanding amount of guarantees as of 15 April 2011 was EUR 13600 million, and reached EUR 13932 million as of 30 November 2013.
RETSGRUNDLAG FOR VURDERINGEN AF STØTTENS FORENELIGHED
Future liquidity support granted under that scheme would also constitute aid.
Vejledning i rekapitaliseringsforanstaltninger findes i rekapitaliseringsmeddelelsen og forlængelsesmeddelelsen fra 2011.
The Commission has already established in the Decision of 19 November 2008 on the Greek Banks Support Scheme that recapitalisations to be granted under the recapitalisation measure included under that scheme will constitute aid.
Omstruktureringsmeddelelsen definerer den tilgang, som Kommissionen har valgt til vurderingen af omstruktureringsplanerne, især behovet for at genoprette rentabiliteten, sikre et korrekt bidrag fra støttemodtageren og begrænse konkurrencefordrejningerne.
The Bank has received EUR 950 million by means of preference shares, which represents 2 % of the Bank’s RWA [132].
Denne ramme blev suppleret med bankmeddelelsen fra 2013, som finder anvendelse på støtteforanstaltninger anmeldt efter 1. august 2013.
In 2010 Greece introduced several changes to the technical parameters of those preference shares.
Retsgrundlaget for vurdering af foreneligheden af likviditetsstøtten til banken (foranstaltning L1)
Given that the changes increase the remuneration of the State, with an automatic increase of the coupon by 2 % each year if the preference shares are not redeemed within five years, the Commission concludes that the modifications of the technical parameters do not provide any advantage to the Bank and hence do not involve additional State aid.
Den likviditetsstøtte, som banken allerede har modtaget, er blevet endeligt godkendt ved flere på hinanden følgende afgørelser om godkendelse af foranstaltninger i henhold til den græske bankstøtteordning og ændringer og forlængelser af denne [136].
Existence of aid in the State-guaranteed ELA (measure L2)
Enhver fremtidig likviditetsstøtte til banken vil skulle ydes i henhold til en ordning, der er behørigt godkendt af Kommissionen.
The Commission clarified in point 51 of the 2008 Banking Communication that the provision of central banks’ funds to financial institutions does not constitute aid if four cumulative conditions are met regarding the solvency of the financial institution, the collateralisation of the facility, the interest rate charged to the financial institution, and the absence of counter-guarantee from the State.
Betingelserne for en sådan støtte vil skulle godkendes af Kommissionen, før støtten bevilges, og de skal derfor ikke vurderes yderligere i nærværende afgørelse.
Since the State-guaranteed ELA to the Bank does not comply with those four cumulative conditions, notably because it is State guaranteed and it is granted in conjunction with other support measures, it constitutes aid.
Retsgrundlaget for vurdering af foreneligheden af præferenceaktierne (foranstaltning A)
The State-guaranteed ELA meets the conditions laid down in Article 107(1) of the Treaty.
Retsgrundlaget for vurdering af foreneligheden af den statsgaranterede ELA (foranstaltning L2)
First, because this measure includes a State guarantee in favour of the Bank of Greece, any loss will be borne by the State.