natgillin/translations-raw huggingface dataset:
Det udækkede finansieringsbehov blev senere revurderet, og ifølge beslutning 11/1/21.5.2013 truffet af den græske nationalbanks afviklingsforanstaltningskommission blev det fastlagt til 3732,6 mio. EUR.
That adverse scenario is based on a set of assumptions agreed with the HFSF.
Europa-Kommissionen, Generaldirektoratet for Økonomiske og Finansielle Anliggender.
The restructuring plan shows that the Bank is able to withstand a reasonable amount of stress as, in the adverse scenario, the Bank remains profitable at the end of the restructuring period, with a return on equity of […] % and a Core Tier One ratio of […] % in 2018.
The Second Economic Adjustment Programme for Greece — March 2012, s. 17, findes på:
The 2013 stress tests performed by the Bank of Greece confirm that the amount of additional capital which will be raised in 2014, namely EUR 2864 million, is sufficient to cope with the baseline scenario in the restructuring period.
Se afsnit II »The restructuring of the Greek Sovereign Debt« i Report on the Recapitalisation and Restructuring of the Greek Banking Sector, Bank of Greece, december 2012, på:
The Bank will also submit a contingent capital plan to the Bank of Greece with measures to be implemented if the economic environment should deteriorate further.
Pressemeddelelse fra finansministeriet af 9. marts 2012:
The Commission recalls that in the assessment of the capital needs under the baseline scenario, the Bank of Greece already introduced several adjustments which resulted in an increase of the estimated capital needs compared to the capital needs estimated by the Bank in its own baseline scenario.
En banks egentlige kernekapital (CT1) — en af de lovpligtige kapitalangivelser, som der føres tilsyn med i overensstemmelse med kapitalkravsdirektivet.
The baseline capital needs estimated by the Bank of Greece can therefore be considered as a kind of stress test.
Se fodnote 14, s. 106.
To conclude that the Bank is viable, the Commission does not require that the Bank has enough capital upfront to cover the stressed scenario capital needs estimated by the Bank of Greece, as the latter estimated level represents a high level of stress.
Se fodnote 15.
In addition, it is positive that the Bank will not make additional investments in non-investment grade paper, which will help to preserve its capital and liquidity position.
Se fodnote 14, s. 104.
The Commission can therefore conclude that the Bank has taken sufficient measures to address the viability issues for the Greek domestic banking activities and the foreign activities.
Den Europæiske Centralbank og de nationale centralbanker udgør tilsammen Eurosystemet, som er euroområdets centralbanksystem.
Assessment of the compliance of measures A, B1, B2, B3 and B4 with the Restructuring Communication
Pressemeddelelse fra finansministeriet af 3. december 2012:
As stated in the Restructuring Communication, banks and their stakeholders need to contribute to the restructuring as much as possible in order to ensure that aid is limited to the minimum necessary.
I mangel af et sådant tilbagekøb kunne markedsværdien af disse obligationer være steget afhængigt af udviklingen i markedsparametre som rentesatser og sandsynligheden for Grækenlands misligholdelse af sine lån.
Thus banks should use their own resources to finance the restructuring, for instance by selling assets, while the stakeholders should absorb the losses of the bank where possible.
Inklusive det forventede tab på nye lån udstedt i Grækenland i perioden fra juni 2013 til december 2016.
The commitments made by the Bank should ensure that own resources are used and that original shareholders and private investors, holding hybrid capital of the Bank, contribute to the restructuring.
Virkningen af PTL for udenlandsk risiko blev beregnet efter udenlandsk skat og under hensyntagen til de tilsagn angående afhændelser, som Grækenland foreslog Kommissionen på det tidspunkt.
Own contribution by the Bank:
NBG's hensættelser til tab på lån pr. juni 2013 proforma for FBB's og Probanks hensættelser.
divestments and cost cutting
Eurobanks hensættelser til tab på lån pr. juni 2013 proforma for hensættelserne i New Hellenic Postbank og New Proton Bank, som blev købt af banken i august 2013.
The Bank has divested significant businesses in order to enhance its capital adequacy.
Se tabel 2.
The sale of its large Polish and Turkish subsidiaries has improved its capital position by about EUR 750 million.
Disse egenkapitalbeløb omfatter for 2010, 2011 og 2012 en mængde præferenceaktier for i alt 950 mio. EUR tildelt af Grækenland i 2009, men ikke de to bro-rekapitaliseringer, som banken fik i 2012 til en værdi af 5311 mio. EUR.
Those sales have also improved the liquidity position of the Bank.
Egenkapitalbeløbet pr. 31. december 2013 indeholder rekapitaliseringen i maj 2013 (da de to bro-rekapitaliseringer blev omlagt til ordinære aktier).
The share capital increase of Eurobank Properties enabled the Bank to increase its capital by EUR 200 million.
Finansministerens beslutning 9250/9.10.2011 om stiftelse af overgangsinstituttet benævnt »Nea Proton Bank S.A.« (det græske statstidende FEK B' 2246/2011).
Considering the deleveraging and divestments already implemented and following the implementation of this additional downsizing, the Bank will have significantly reduced its geographical footprint in […]
Startkapitalen blev i henhold til ministerbeslutning af 9. oktober 2011 betalt i to rater:
In addition, the Bank has given a commitment that it will further reduce the size of its foreign activities if it needs a capital injection from the HFSF of more than EUR 1 billion.
Risikovægtede aktiver er en lovbestemt samlebetegnelse for et pengeinstituts risikoeksponering, som bruges af tilsynsførende myndigheder til at overvåge pengeinstitutters kapitalgrundlag.
In such a scenario, the Bank would reduce its portfolio of international assets to no more than EUR 3,5 billion.
Se artikel 63E, stk. 9, i lov 3601/2007.
If the capital injection under measure C is less than EUR 1 billion, private investors will have injected at least EUR 1,5 billion, that is to say more than the HFSF.
Finansministerens beslutning 2124/B95/18.1.2013 om stiftelse af overgangsinstituttet benævnt »New TT Hellenic Postbank S.A.« (d et græske statstidende FEK B' 74/2013).
That larger participation from private investors would significantly reduce the amount of aid needed, thereby enhancing the burden-sharing.
Bilag 1, artkel 1 ιγ (13) i ministerbeslutning 2124/B95/2013.
The Bank has also given a commitment that it will sell its large and profitable insurance subsidiary.
Deloitte foretog en værdiansættelse af New TT Banks nettoaktiver pr. 30. august 2013, og den 15. november 2013 udbetalte stabilitetsfonden 54,9 mio. EUR i kontanter til banken som angivet i stabilitetsfondens aktivitetsrapport for perioden juli-december 2013, s. 2:
In order to limit its capital needs, the Bank has given a commitment that it will not use capital to support or increase the size of its foreign subsidiaries, as described in recital 128.
Det endelige antal aktier, som stabilitetsfonden modtog, blev fastslået på grundlag af den ud fra omsætningen vægtede gennemsnitlige kurs på bankens aktier på Athens fondsbørs over de seneste 10 børsdage forud for datoen for den ekstraordinære generalforsamling (med et minimum af 1418750000 aktier).
Additionally, the commitments provide that the Bank will not make further acquisitions.
Se fodnote 31.
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
Ifølge finansministeriets rapport af 13. december 2013 om forvaltningen af garantiforanstaltningen og foranstaltningen med statsobligationslån.
Its costs will further decrease until 2018. […]
950 mio. EUR er beløbet før omkostninger.
Greece has in particular committed that until […] the Bank will not pay to any employee or manager a total annual remuneration (wage, pension contribution, bonus) higher than […].
Ifølge den græske nationalbanks brev af 7. november 2011 gælder garantierne summen af al likviditetsstøtte i en nødsituation (ELA).
Additionally, if HFSF has to subscribe to any share of the Bank, Greece has committed to apply a salary cap in line with the 2013 Banking Communication [151].
Oplyst af den græske nationalbank den 7. april 2014.
Burden-sharing by historical shareholders and new capital raised on the market
I før-tegningsaftalen hedder det:
The existing shareholders of the Bank were heavily diluted by the Spring 2013 recapitalisation (measure B4).
»The Effective Risk payable to the Bank shall include the EFSF bonds and any coupon payments and accrued interest to the EFSF bonds for the period from the issuance of the bonds until the conversion of the Advance into share capital and other convertible financial instruments as prescribed herein«.
Indeed, the stake held by existing shareholders had been reduced from 100 % prior to the Spring 2013 recapitalisation to only 1,44 %.
Se tabel 3.
The Commission also notes that the Bank has paid no cash dividend since 2008.
Bekendtgørelse fra Eurobank den 30. april 2013 om beslutninger truffet af aktionærerne på bankens ekstraordinære generalforsamling 30.4.2013:
Finally the Commission takes a favourable view of the fact that the HFSF will inject additional capital only if the Bank fails to raise it from the market at a price deemed reasonable and established on the basis of two independent valuators.
http://www.eurobank.gr/Uploads/pdf/ΑΠΟΦΑΣΕΙΣ%20ΕΓΣ%2030%204 %202013_ENG(FINAL).pdf
Burden-sharing by subordinated debt holders
Se betragtning 57.
The Bank’s subordinated debt holders have contributed to paying for the restructuring costs of the Bank.
Det resterende beløb blev betalt af stabilitetsfonden, da denne i henhold til artikel 9, stk. 12, i lov 4051/2012, som relevant, erstattede HDIGF i dennes funktion til dækning af det udækkede finansieringsbehov pr. 29. februar 2012.
The Bank performed several liability management exercises in order to generate capital.
Decision 2/3/9.4.2012 of the Resolution Measures Committee of the Bank of Greece.
The total amount of liabilities exchanged amounted to EUR 748 million, with a capital gain of EUR 565 million, as described in recitals 122 and 123.
Se betragtning 53.
The still outstanding instruments are subject to the coupon ban described in recital 133.
Ifølge Kommissionens afgørelse af 16. maj 2012 i statsstøttesag SA.34115 (12/NN) — Grækenland, »Resolution of T Bank« ( »T Bank-afgørelsen«), EUT 284 af 20.9.2012, s. 6, og New TT-indledningsafgørelsen blev foranstaltningen vurderet til at være statsstøtte til fordel for de T Bank-aktiviteter, som var blevet overført til TT Bank.
Therefore, the Commission considers that an adequate burden-sharing from the bank’s private hybrid investors is ensured and the requirements of the Restructuring Communication in that respect are met.
Det oprindelige udækkede finansieringsbehov blev anslået til 700 mio. EUR i henhold til den græske nationalbanks kredit- og forsikringskommissions beslutning 26/2/17.12.2011.
In conclusion, considering the elements developed in section 7.6.1, the Commission considers sufficient own contribution and burden-sharing measures have been implemented by Greece to limit the amount of aid measures A, B1, B2, B3 and B4 to the minimum necessary.
Decision 2/1/9.4.2012 of the Resolution Measures Committee of the Bank of Greece.
The 2013 Banking Communication complements the Restructuring Communication and calls for enhanced burden-sharing and for banks obtaining capital support to undertake additional measures to limit the aid to the minimum.
New TT Bank har af den grund forpligtet sig over for stabilitetsfonden ved brev af 11. februar 2013 til, at den vil tilbagebetale beløbet på 227 mio. EUR til stabilitetsfonden, hvis statsrådet træffer afgørelse til fordel for stabilitetsfonden.
Point 29 of the 2013 Banking Communication requires the Member State to demonstrate that all measures to limit such aid to the minimum have been exploited to the maximum extent.
Se fodnote 31, s. 6 og 48.
To that end, the Member State must present a capital raising plan, ensure adequate burden-sharing by the shareholders and subordinated creditors, and prevent the outflow of funds prior to the restructuring decision.
Det oprindelige udækkede finansieringsbehov blev anslået til ca. 4096 mio. EUR i henhold til den græske nationalbanks afviklingsforanstaltningskommissions beslutning 7/1/18.1.2013.
According to the 2013 Banking Communication, the capital raising plan should include right issues, voluntary liability management exercises, capital accretive divestments, deleveraging measures, earning retention and other measures such as, for example, strict costs and remuneration policies.
EFG Eurobank, Annual report 2010, s. 9:
Point 47 of the 2013 Banking Communication provides that once capital shortfalls are identified, a bank must prevent outflows of funds through a number of measures which aim at ensuring the same outcome as regular dividend and coupon bans, acquisition bans, price leadership bans or advertising bans.
Omstruktureringsplanen s. 50, baseret på nettolåneværdien.
The Commission notes that such bans are already complied with by the Bank as they are included in the list of commitments submitted by Greece, as described in recital 133, and that the Bank has not paid any cash dividend since 2008.
Omstruktureringsplanen s. 62-63.
The 2014 recapitalisation commitment (measure C) provides a cushion to absorb future losses as determined by the stress test exercise performed by the Bank of Greece in 2013 and disclosed on 6 March 2014.
Omstruktureringsplanen s. 64 (2012-tal på proformabasis).
The results of the stress test show that the Bank needs EUR 2945 million of additional capital to cover its future losses in a stress scenario.
Fremsendt af banken 10. september 2013.
Measure C only covers the capital need which will remain insofar as (i) it cannot be covered through further divestments or capital enhancement measures (the Commission considers that the Bank has analysed all potential divestments and committed to all those which can reduce the capital needs in the framework of the capital plan submitted to the Bank of Greece) and (ii) it is not covered by private investors in the framework of the share capital increase which will take place in April 2014.
Omstruktureringsplanen s. 64.
Therefore it does not provide the Bank with any excess capital.
Omstruktureringsplanen s. 61.
As explained in recitals 385 to 395, the Bank has already taken actions before the stress test to limit the amount of capital needed to the minimum.
Finansielle prognoser vedlagt omstruktureringsplanen, anmeldt til Kommissionen den 16. april 2014.
If, in the framework of the current capital raising exercise, the Bank manages to raise most of the capital needed from private investors and the additional aid paid out by the HFSF remains below EUR 1 billion, no further own contribution by the Bank will be necessary.
Omstruktureringsplanen s. 76.
However, if the aid paid out under measure C is above that level, it would be appropriate for the Bank to divest more activities.
Se fodnote 69.
As regards burden-sharing, the 2013 Banking Communication provides that adequate burden-sharing entails contributions by shareholders, hybrid capital holders and subordinated debt holders before aid in the form of capital support is granted.
Omstruktureringsplanen s. 62.
The Commission notes that Greece has amended its national legislative framework to ensure that subordinated creditors will contribute to the costs of restructuring of the Bank before any additional capital is injected into the Bank.
Omstruktureringsplanen s. 51.
The Commission also notes that Greece has given a commitment that it will implement the measures provided for in Article 6a of the HFSF law as amended in 2014, which provide for the allocation of the capital shortfall to the holders of its capital instruments and other subordinated liabilities as may be necessary.
Se fodnote 68.
While such burden-sharing will only take place after the date of the 2014 recapitalisation commitment (measure C), on the basis of point 45 of the 2013 Banking Communication the Commission considers disproportionate results would follow if mandatory conversion of subordinated debt and hybrid capital had to occur already at the moment of the commitment.
Se fodnote 72.
If the Bank were to raise sufficient private capital to cover all of its capital need as determined by the stress test performed by the Bank of Greece, the conversion of subordinated debt holders would be disproportionate.
Nettoresultatet af den græske bankvirksomhed bliver positivt fra 2015 med 20 mio. EUR og 304 mio. EUR, 471 mio. EUR og 554 mio. EUR i overskud i henholdsvis 2016, 2017 og 2018.
The commitment by Greece to bail-in subordinated creditors before any capital support is actually paid out to the Bank is therefore sufficient to ensure proper burden-sharing.
Tallene er fremsendt af banken den 9. maj 2013.
Moreover, in order to ensure that the owners of the Bank participate to the maximum extent in the reconstitution of an adequate capital basis over the restructuring period, Greece gave a commitment that, until the end of the restructuring period, the Bank will retain dividends and not pay any coupons which it is not under law obliged to pay.
Banken har ikke forpligtet sig til at gennemføre netop dette afhændelsesprogram og har fortsat som beskrevet i bilaget frie hænder til at vælge en anden strategi for at nå det overordnede mål.
Thereby, in line with point 26 of the Restructuring Communication and point 47 of the 2013 Banking Communication the Bank will not use State aid to make payments on own funds if there are insufficient profits to make such payments.
Meddelelse fra Eurobank af 19. juni 2013:
The Bank has also committed that until 31 December 2017 the Bank will not pay to any employee or manager a total annual remuneration (wage, pension contribution, bonus) higher than the total annual remuneration of the Governor of the Bank of Greece (not taking into account any voluntary partial waiver of remuneration by the Governor).
Bekendtgørelse af resultaterne af udbuddet af værdipapirer i den eksisterende kernekapital (Tier1) og lavere supplerende kapital (Lower Tier 2) af 20. februar 2013:
Additionally, in case HFSF has to subscribe to any share of the Bank, Greece has committed to apply a salary cap in line with the 2013 Banking Communication [152].
Passivstyringsoperation:
The Commission has to assess whether that commitment covering two scenarios fulfils the requirements laid down in the 2013 Banking Communication.
http://www.eurobank.gr/Uploads/pdf/Press%20Release_Offer%20Results_ENGLISH.pdf and Report of the Hellenic Financial Stability Fund for the period January-June 2013:
In the first scenario where the HFSF does not actually inject new capital into the Bank, the aid enshrined in measure C will be limited to a mere underwriting commitment of a capital increase, and the HFSF will not disburse a single euro since all the new shares will have been subscribed by private investors.
Se de konsoliderede årsregnskaber for 2011 og 2013.
The 2013 Banking Communication provides that the remuneration limitation can end when the aid has been repaid.
Se tilsagnene i bilaget, kapitel II.
However, the aid included in such an underwriting commitment in relation to a prospective capital increase cannot be repaid where the commitment in question is never put into effect (since no money was ever disbursed by the State to the Bank).
Se fodnote 85.
In such circumstances, the Commission can accept that the remuneration limitation applies for a fixed period of time.
Se tilsagnene i bilaget, kapitel III, afsnit C.
In the second scenario where the HFSF would have to subscribe any share of the bank, Greece committed to amend the commitment to put it in line with the 2013 Banking Communication.
Meddelelse fra Kommissionen — Statsstøttereglernes anvendelse på foranstaltninger truffet over for pengeinstitutter i forbindelse med den aktuelle globale finanskrise (EUT C 270 af 25.10.2008, s. 8).
The Commission notes that, if the HFSF would subscribe any share, to remain in line with the 2013 Banking Communication, the duration of the remuneration cap would be amended, to last until the earlier of the end of the restructuring plan — 31 December 2018 — or a transaction equivalent to the repayment of the aid.
Betragtning 59 til Eurobank-indledningsafgørelsen.
Since ordinary shares cannot be repaid by the Bank, the Commission accepts that a sale of the shares on the secondary market at a profit could be considered equivalent to a repayment of the aid.
Betragtning 63 til Eurobank-indledningsafgørelsen.
In conclusion, in both scenarios, the commitment on limitation of remuneration issued by Greece complies with the requirements of the 2013 Banking Communication.
Meddelelse fra Kommissionen — Rekapitalisering af pengeinstitutter under den aktuelle finanskrise:
As regards the remuneration of the State, the 2011 Prolongation Communication requires that new shares are issued at a discount to market price, after adjustment for dilution.
Støttens begrænsning til det nødvendige minimum og sikkerhedsforanstaltninger mod uforholdsmæssige konkurrencefordrejninger, (EUT C 10 af 15.1.2009, s. 2).
The Commission observes that the purpose of that requirement is to ensure that the State receives a sufficient remuneration for its shareholding in the Bank and that the historical shareholders are correspondingly diluted.
Meddelelse fra Kommissionen om genoprettelse af rentabiliteten i finanssektoren under den nuværende krise og vurdering af omstruktureringsforanstaltninger på grundlag af statsstøttereglerne (EUT C 195 af 19.8.2009, s. 9).
In the case of measure C, the State is already the main shareholder of the Bank, holding more than 90 % of the shares.
Betragtning 73 til New TT-indledningsafgørelsen.
Therefore an excessive discount to market price would decrease the remuneration of the State on measure B4, and may entail aid to the investors if the discount underestimates the value of the Bank.
Betragtning 75 og 77 til New TT-indledningsafgørelsen.
In order to avoid such a situation, the subscription price cannot be lower than a floor price determined on the basis of two appraisals from independent valuators.
Kommissionens afgørelse af 16. maj 2012 i statsstøttesag SA.34115 (12/NN) »Resolution of T Bank« ( EUT C 284 af 20.9.2012, s. 9).
Therefore the detailed arrangements of the price determination protect the HFSF from an excessive dilution by the new investors, while ensuring the HFSF subscribes new shares at a price which reflects the value of the Bank.
Betragtning 83 til New TT-indledningsafgørelsen.
In those circumstances, the Commission can accept that the new shares may be issued at a lower discount to current market price than that envisaged by the 2011 Prolongation Communication and it considers the floor price to be acceptable.
Betragtning 88 og 89 til New TT-indledningsafgørelsen.
If the shares were issued at a higher price, it would have risked discouraging private investors from participating in the share capital increase and consequently would have limited private capital raising.
Betragtning 103 til New TT-indledningsafgørelsen.
Therefore, the Commission considers the level of own contribution and burden-sharing to be appropriate for measure C.
Betragtning 104 til New TT-indledningsafgørelsen.
Conclusion on own contribution and burden-sharing
Betragtning 107 til New TT-indledningsafgørelsen.
The Commission observes that, in comparison with the total State recapitalisation received, the own contribution and burden-sharing in the form of sale of assets is much lower than the levels the Commission would usually consider as sufficient.
Se fodnote 4 og 6
However, in view of the elements developed in section 7.6.1, under which the Commission can accept a lower own contribution and burden-sharing, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures.
Tilbuddet fra hedgefonden opfyldte ikke stabilitetsfondens udbudsvejledning.
The restructuring plan also complies with the requirements of the 2013 Banking Communication as regards measure C.