natgillin/translations-raw huggingface dataset:
Vedrørende sin intervention i bankens ledelse bemærkede stabilitetsfonden, at den ville respektere bankens selvstyre og ikke blande sig i den daglige ledelse, idet dens rolle var begrænset til det i loven om stabilitetsfonden angivne.
COMMITMENTS OF THE GREEK AUTHORITIES
Den anførte, at der ikke ville forekomme indgriben eller samordning fra statens side, og at bankens beslutninger vedrørende udlånsprocessen (bl.a. om sikkerhedsstillelse, prissætning og lånernes solvens) ville blive truffet på grundlag af kommercielle kriterier.
Greece gave a commitment that the Bank and its affiliates will implement the restructuring plan submitted on 16 April 2014 and gave further commitments regarding the implementation of the restructuring plan (‘the Commitments’).
Stabilitetsfonden påpegede, at der i loven om stabilitetsfonden og i før-tegningsaftalen var fastsat passende sikkerhedsforanstaltninger til at hindre eksisterende private aktionærer i at tage for store risici.
The Commitments, listed in the Annex, are summarised in this section.
Den påpegede elementer som i) udnævnelsen af repræsentanter for stabilitetsfonden som uafhængige menige medlemmer af bankens bestyrelse og deres tilstedeværelse i udvalg, ii) stabilitetsfondens due diligence-undersøgelse af banken og iii) de forhold, at dens stemmerettigheder efter den endelige rekapitalisering kun ville være begrænsede, så længe banken overholdt vilkårene i omstruktureringsplanen.
First Greece has given a commitment that the Bank will restructure its commercial operations in Greece, setting a maximum number of branches and employees as well as a maximum amount of total costs to be complied with at 31 December 2017 [92].
Med hensyn til nødvendigheden af den første bro-rekapitalisering og specifikt niveauet for forrentningen af støtten anførte stabilitetsfonden, at forrentningen var blevet aftalt med repræsentanter for Kommissionen, ECB og IMF.
Greece has also given a commitment that the Bank will reduce the cost of deposits collected in Greece and will comply with a maximum ratio of net loans to deposits by 31 December 2017 [93].
Med det aftalte niveau var der taget højde for, at den første bro-rekapitalisering ville blive omlagt til en permanent rekapitalisering inden 30. september 2012, der blev sat som frist i marts 2012 i MEFP mellem Kommissionen, ECB og IMF og Grækenland.
Regarding the Bank’s foreign subsidiaries, Greece has given a commitment that the Bank will not provide additional capital support unless predefined conditions are met.
Med hensyn til proportionaliteten af den første bro-rekapitalisering bemærkede stabilitetsfonden, at de foranstaltninger, den traf, f.eks. som beskrevet i betragtning (165) til nærværende afgørelse, var tilstrækkelige som beskyttelsesforanstaltninger i lyset af størrelsen af de modtagne støttebeløb og den langvarige redningsperiode.
Greece has also given a commitment that the Bank will significantly deleverage its international assets by 30 June 2018 [94].
Desuden anførte stabilitetsfonden, at der var truffet hensigtsmæssige foranstaltninger til at sikre, at de banker, som stabilitetsfonden deltog i, ikke udvekslede kommercielt følsomme oplysninger.
Greece has given a commitment that the Bank will divest its insurance activities, its real estate subsidiary and a number of securities and will reduce the size of its private equity portfolio.
Der var f.eks. tale om udnævnelse af forskellige repræsentanter for stabilitetsfonden til at sidde i disse banker, mandater til disse repræsentanter, som specifikt beskyttede mod en informationsstrøm mellem to repræsentanter, og klare interne instrukser til disse personer om ikke at videresende kommercielt følsomme oplysninger om banken.
In addition, the Bank will not purchase non-investment grade securities, with limited exceptions [95].
Desuden anførte stabilitetsfonden, at den ikke udøvede sine rettigheder i forbindelse med bankerne på en måde, som kunne forhindre, begrænse, forvride eller i betydelig grad formindske eller hæmme en effektiv konkurrence.
Greece gave a number of commitments related to the corporate governance of the Bank.
Til sidst påpegede stabilitetsfonden, at medlemmerne af dens bestyrelse og dens medarbejdere var underlagt strenge regler om fortrolighed og betroede opgaver og bundet af bestemmelserne om forretningshemmelighed.
It committed to limit the remuneration of the Bank’s employees and managers, to make the Bank comply with Greek laws on corporate governance and set up an efficient and adequate organisational structure [96].
BEMÆRKNINGER FRA GRÆKENLAND TIL DEN FORMELLE UNDERSØGELSESPROCEDURE VEDRØRENDE NEA PROTON BANK
Greece has also given a commitment that the Bank will enhance its credit policy, in order to prevent any discrimination at any stage of the credit process and to ensure decisions on granting and restructuring loans aim at maximising the profitability of the Bank.
Den 5. september 2012 fremsendte Grækenland sine bemærkninger, som var udarbejdet af den græske nationalbank og stabilitetsfonden, til Nea Proton-indledningsafgørelsen.
Greece has given a commitment that the Bank will improve the monitoring of credit risk as well as the restructuring of loans [97].
Den græske nationalbank bemærkede, at Nea Proton Bank som et overgangsinstitut ejet af stabilitetsfonden ikke kunne fremsende en langsigtet forretningsplan som selvstændig enhed.
A number of commitments deal with the operations of the Bank with connected borrowers.
Desuden bemærkede den græske nationalbank, at den nøje fulgte gennemførelsen af den forretningsplan, der var udarbejdet af stabilitetsfonden for Nea Proton Bank og fremsendt til Kommissionen, for at sikre, at Nea Proton Bank kunne sælges inden for den lovbestemte periode.
Those commitments aim at ensuring that the Bank does not deviate from prudent banking practices when granting or restructuring loans to its employees, managers and shareholders, as well as to public entities, political parties and media companies [98].
Med hensyn til nødvendigheden af foranstaltningerne til fordel for Nea Proton Bank bemærkede stabilitetsfonden, at den græske nationalbank var den rette myndighed til at træffe en hvilken som helst afviklingsforanstaltning, og at stabilitetsfonden tilførte det nødvendige minimum af kapital i reguleringsøjemed.
Finally Greece has given a commitment to impose further restrictions for the Bank, such as a coupon and dividend ban, an acquisition ban and an advertising ban [99].
Med hensyn til genoprettelsen af Nea Proton Banks langsigtede rentabilitet henviste stabilitetsfonden til afviklingsrammen, ifølge hvilken stabilitetsfonden skulle sælge Nea Proton Bank inden to år, og var enig med Kommissionen i, at Nea Proton Bank kunne indgå i en større og rentabel enhed.
Those commitments will be monitored until 31 December 2018 by a monitoring trustee.
Selv om omstruktureringsplanen for Nea Proton Bank var baseret på en model for en selvstændig enhed, forklarede stabilitetsfonden, at dens mål var at lette salget af denne bank ved at gøre den mere attraktiv i investorernes øjne og forbedre dens finansielle resultater.
Separately, in the framework of the current capital increase of the Bank, since the HFSF is backstopping the capital increase, Greece gave a commitment that it would implement the measures provided for in Article 6a of the HFSF Law as amended on 30 March 2014, a provision which aims at allocating the residual amount of the capital shortfall of a credit institution to the holders of its capital instruments and other subordinated liabilities, as may be necessary, prior to any injection of capital by the HFSF.
Stabilitetsfonden bemærkede, at kapitaltilførslerne ikke alene gjorde det muligt for Nea Proton Bank at overholde minimumskravet til solvensgrad, men også at forbedre sin finansielle stilling og gøre sig selv mere attraktiv for andre små banker med hensyn til en eventuel fusion.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURES
Stabilitetsfonden bemærkede også, at den ekstra kapitaltilførsel havde været nødvendig for at dække værdiforringelsestabene som følge af PSI-programmet og de øgede hensættelser til tab på lån.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE REGARDING THE FIRST BRIDGE RECAPITALISATION
Stabilitetsfonden bemærkede, at Nea Proton Bank havde forbedret sine finansieringsomkostninger og indskydernes loyalitet.
On 27 July 2012, the Commission opened the formal investigation procedure in order to verify whether the conditions of the 2008 Banking Communication [100] were met regarding the appropriateness, necessity and proportionality of the first bridge recapitalisation provided by the HFSF in favour of the Bank (measure B1).
Nea Proton Banks afhængighed af Eurosystemet faldt i løbet af 2012, og den forbedrede sin likviditet.
Regarding the appropriateness of the measure, given the fact that the aid came after prior recapitalisation and liquidity aid and given the protracted rescue period, the Commission expressed doubts as to whether all actions possible had been taken by the Bank to avoid a need for aid in the future [101].
Den yderligere kapitaltilførsel havde bidraget til at sænke renten på indskud og forbedre rentetillægget.
In addition, the Commission was not clear who would control the Bank once the first bridge recapitalisation was replaced by a permanent recapitalisation [102] as the Bank might come under the control either of the State or of minority private owners.
Nea Proton Bank havde allerede omlagt priserne på en del af sin udlånsportefølje ved hjælp af risikobaseret prissætning med rentesatser, der lå en del over finansieringsomkostningerne.
The Commission noted that it would wish to ensure that the quality of the Bank’s management and notably its lending process should not deteriorate in either case.
Desuden ville den planlagte vækst i nettorenteindtægten blive realiseret ved hjælp af en konservativ ekspansion på erhvervskundemarkedet og ved at øge porteføljens kvalitet.
Regarding the necessity of the first bridge recapitalisation, in recital 66 of the Eurobank Opening Decision the Commission questioned whether all the measures possible had been taken to avoid that the Bank again would need aid in the future.
Stabilitetsfonden bemærkede, at Nea Proton Bank i 2012 havde nedbragt sine driftsomkostninger væsentligt, at dens kun to datterselskaber ville indstille driften, at dens deltagelse i forsikringsvirksomhed blev indskrænket i betydeligt omfang, og at dens ejendomshandelsaktiviteter ville blive lukket.
Moreover, since the duration of the bridge recapitalisation period was uncertain the Commission could not conclude whether it was sufficient and complied with the remuneration and burden-sharing principles under State aid rules.
Endelig bemærkede stabilitetsfonden, at konkurrencefordrejningerne ville blive begrænset takket være Nea Proton Banks beskedne andel af de samlede bankaktiver i Grækenland og det forhold, at den ikke overvejede en aggressiv indlånspolitik.
Furthermore, as the terms of the conversion of the first bridge recapitalisation into a permanent recapitalisation were not known at the time the Eurobank Opening Decision was adopted, the Commission could not assess them.
BEMÆRKNINGER FRA GRÆKENLAND TIL DEN FORMELLE UNDERSØGELSESPROCEDURE VEDRØRENDE NEW TT BANK
Regarding the proportionality of the measure, the Commission expressed doubts as to whether the safeguards (advertisement ban, coupon and dividend ban, call option ban and buy-back ban as described in recital 71 of the Eurobank Opening Decision) were sufficient in relation to the first bridge recapitalisation.
Den 19. juli 2013 fremsendte finansministeriet sine bemærkninger til New TT-indledningsafgørelsen.
Furthermore, in recital 72 of the Eurobank Opening Decision the Commission stated that distortions of competition could be caused by the lack of rules preventing the HFSF from coordinating all the four largest Greek banks (namely, the Bank, Alpha Bank, NBG and Piraeus) and the absence of adequate safeguards to avoid them sharing commercially sensitive information.
Med hensyn til nødvendigheden af foranstaltning NTT1 tilføjede finansministeriet, at den nøjagtige værdi af aktiver og passiver, som blev overført til New TT Bank, var defineret på baggrund af de eksterne revisorers rapport i overensstemmelse med artikel 63E, stk. 6, i lov nr. 3601/2007.
The Commission, therefore, proposed the appointment of a monitoring trustee who would be physically present in the Bank.
For så vidt angår nødvendigheden af foranstaltning NTT2, bemærkede finansministeriet, at det andet tilpasningsprogram for Grækenland (revision 2, maj 2013) krævede salg af New TT Bank til en tredjepart inden 15. juli 2013.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE REGARDING NEA PROTON BANK
Med hensyn til forrentningen af de to foranstaltninger NTT1 og NTT2 bemærkede finansministeriet, at stabilitetsfonden, som dækkede det udækkede finansieringsbehov indtil 31. december 2013 i stedet for HDIGF, fik en privilegeret plads foran de øvrige kreditorer i tilfælde af afvikling af de aktiver, der forblev hos TT Bank, og at kun medarbejdernes krav på 50 % af deres løn kom før stabilitetsfondens fordringer.
On 26 July 2012, the Commission opened the formal investigation procedure in order to verify whether the EUR 1122 million intervention by the Resolution Scheme of the HDIGF (measure NP1), as well as the EUR 250 million capital injection by the HFSF and the capital injections by the HFSF amounting to a total of EUR 300 million (measure NP2), in favour of Nea Proton Bank complied with the general criteria for compatibility and the requirements of the 2008 Banking Communication, the Recapitalisation Communication [103] and the Restructuring Communication [104] (restoration of long-term viability, burden-sharing and limitation of the aid to the minimum necessary, and limitation of distortions of competition).
Den bemærkede derfor, at udbyttet af afviklingen af sådanne aktiver primært ville gavne stabilitetsfonden og dermed reducere de omkostninger, som staten skulle bære.
Regarding the appropriateness of the measures, the Commission stated that those measures were appropriate as rescue aid.
Med hensyn til genoprettelse af New TT Banks langsigtede rentabilitet bemærkede finansministeriet, at New TT Bank som et overgangsinstitut skulle sælges inden to år efter stiftelsen heraf i overensstemmelse med artikel 63E i lov nr. 3601/2007.
Regarding the necessity of the measures, the Commission noted that the intervention of the Resolution Scheme of the HDIGF was necessary in both its amount and form, while the capital injections by the HFSF were necessary only in their form.
Salget af New TT Bank ville i tråd med MEFP fra maj 2013 blive gennemført inden 15. juli 2013 og dermed sikre dens aktiviteters rentabilitet på langt sigt.
However, as regards the amount of capital injections by the HFSF, in recital 59 of the Nea Proton Opening Decision the Commission expressed doubts as to whether Nea Proton Bank would be able to restore its long-term viability on a stand-alone basis and whether a stand-alone restructuring was the cheapest option available.
VURDERING AF STØTTEN VEDRØRENDE DE OPKØBTE VIRKSOMHEDER
Furthermore, in recitals 60 and 61 of the Nea Proton Opening Decision the Commission stated that the inability of Nea Proton Bank to sufficiently remunerate the recapitalisation by the HFSF created doubts as to whether it was a fundamentally sound bank and therefore triggered the need for in-depth restructuring.
VURDERING AF STØTTEN VEDRØRENDE NEA PROTON BANK
As regards the proportionality of the measures, the Commission considered that they were proportionate as rescue aid.
Forekomst af statsstøtte og støttebeløb
Regarding the restoration of long-term viability of Nea Proton Bank, in recital 65 of the Nea Proton Opening Decision the Commission expressed doubts as to whether that bank could be made viable on a stand-alone basis.
Kommissionen skal afgøre, om der forekommer statsstøtte efter traktatens artikel 107, stk. 1.
The Commission doubted that the restructuring proposed was sufficient compared to the depth of the restructuring required given the absence of sufficient remuneration.
I henhold til denne bestemmelse er statsstøtte enhver form for støtte, som ydes af en medlemsstat eller ved hjælp af statsmidler under enhver tænkelig form, og som fordrejer eller truer med at fordreje konkurrencevilkårene ved at begunstige visse virksomheder eller visse produktioner, i det omfang den påvirker samhandelen mellem medlemsstaterne.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE REGARDING NEW TT BANK
Forekomst af statsstøtte i de foranstaltninger, der blev ydet i henhold til den græske bankstøtteordning (foranstaltning Pr1, Pr2 og Pr3)
On 6 May 2013, the Commission opened the formal investigation procedure in order to verify whether the EUR 4,1 billion financing of the funding gap to the transferred activities from TT Bank to New TT Bank (measure NTT1), the EUR 500 million capital injection by the HFSF into New TT Bank (measure NTT2),the EUR 224,96 million capital injection in the form of preference shares under the Greek Banks Support Scheme to TT Bank (measure TT) and the EUR 0,68 billion intervention by the Resolution Scheme of the HDIGF in favour of T Bank’s assets which were transferred to TT Bank (measure T) complied with the general criteria for compatibility and the requirements of the 2008 Banking Communication, the Recapitalisation Communication and the Restructuring Communication (restoration of long-term viability, burden-sharing and limitation of the aid to the minimum necessary, and limitation of distortions of competition).
Kapitaltilførslen på 80 mio. EUR fra den græske stat til Proton Bank i maj 2009 (foranstaltning Pr1), de græske statsobligationer for 78 mio. EUR, som Proton Bank fik i april 2009 (foranstaltning Pr2), og statsgarantien til Proton Bank for udstedte obligationer med en nominel værdi på 149,4 mio. EUR i juli 2010 (foranstaltning Pr3) blev ydet i henhold til den græske bankstøtteordning [113].
The Commission considered that both measures NTT2 and NTT1 were appropriate and necessary in their form as rescue aid.
I afgørelsen om godkendelse af denne ordning konkluderede Kommissionen, at de foranstaltninger, der blev ydet i henhold til ordningen, ville udgøre statsstøtte.
As regards the necessity of measure NTT2 in terms of its amount, the Commission, doubting the long-term viability of New TT Bank on a stand-alone basis, considered that restructuring on a stand-alone basis might not be the only and the cheapest option available [105].
Som konkluderet i betragtning 38 til Nea Proton-indledningsafgørelsen rummer Nea Proton Bank også Proton Banks aktiviteter.
As regards the remuneration of both measures, the Commission stated that the coverage of the funding gap was a definitive cost without offsetting future revenues which triggered a need for in-depth restructuring [106].
Foranstaltning Pr1, Pr2 og Pr3 har gavnet Nea Proton Bank, idet de bidrog til stabilisering og fortsættelse af de økonomiske aktiviteter, som blev overført til dem, og uden hvilke de ikke længere ville findes.
Regarding the proportionality of both measures, the Commission considered that measures NTT2 and NTT1 were proportionate as rescue aid in the short-term but in recital 79 of the New TT Opening Decision required measures to be introduced rapidly that would limit negative spill-over effects.
Derfor mener Kommissionen, at de har gavnet de økonomiske aktiviteter, som blev overført til Nea Proton Bank.
Regarding the compatibility of measure T, the Commission had already temporarily approved it as rescue aid on 16 May 2012 in its Decision on the resolution of T Bank (‘T Bank Decision’) [107] but could not give a definitive approval of the aid to T Bank’s activities which were transferred to TT Bank.
Forekomst af statsstøtte i dækningen af det udækkede finansieringsbehov hos Nea Proton Bank (foranstaltning NP1)
The Commission prolonged in the New TT Opening Decision [108] the authorisation of the measure as rescue aid until such time as it would take a final decision on an updated version of the restructuring plan for TT Bank.
I betragtning 31-37 til Nea Proton-indledningsafgørelsen har Kommissionen allerede fastslået, at foranstaltning NP1, interventionen fra HDIGF's afviklingsordning og stabilitetsfonden til dækning af det udækkede finansieringsbehov, udgør statsstøtte efter traktatens artikel 107, stk. 1.
Regarding the compatibility of those measures with the Restructuring Communication, the Commission doubted whether New TT Bank would restore its long-term viability on a stand-alone basis.
I betragtning 38 til samme afgørelse betragtede Kommissionen Nea Proton Bank som den økonomiske modtager af denne foranstaltning, idet Nea Proton Bank rummer Proton Banks økonomiske aktiviteter, som fortsat eksisterer takket være støtten.
That scepticism was based on the limited number of the proposed measures to be taken by New TT Bank to generate profits in the future, the uncertainty of the voluntary retirement scheme as regards the timing and the acceptance rate by the employees, the absence of further measures to reduce personnel costs, the lack of measures for rationalisation of the branch network after the acquisition of T Bank and a concomitant failure to exploit potential synergies [109].
Som nævnt i betragtning (93) til nærværende afgørelse bidrog stabilitetsfonden i sidste ende med yderligere 265 mio. EUR i 2012 ud af de mulige ekstra 300 mio. EUR, hvilket bringer den samlede rekapitalisering i 2011 og 2012 op på 515 mio. EUR (foranstaltning NP2).
Therefore, in recital 95 of the New TT Opening Decision the Commission took the view that the reintegration of TT Bank into a larger viable financial company would increase the viability prospects of the New TT Bank, as it would allow for rationalisation of costs, repricing of deposits and new loans, and the offer of a wider range of products.
Forekomst af statsstøtte i kapitaltilførslen fra stabilitetsfonden til Nea Proton Bank forud for salget af denne til banken (NP3)
As New TT Bank harboured the economic activities previously carried out within TT Bank, including those of T Bank, the Commission opened a formal investigation procedure regarding whether measures T and TT offered a long-term solution for the viability of New TT Bank and invited interested parties to submit comments.
Kommissionen mener, at kapitaltilførslen fra stabilitetsfonden til Nea Proton Bank forud for salget af denne til banken, der beløb sig til 395 mio. EUR, udgør statsstøtte efter traktatens artikel 107, stk. 1.
Regarding burden-sharing, the Commission considered that restructuring on a stand-alone basis inflated the restructuring costs and therefore it doubted that State aid was limited to the minimum.
Kapitaltilførslen blev leveret af stabilitetsfonden, som er en enhed, der er stiftet og finansieres af Grækenland til at støtte banker og således er oprettet ved hjælp af statslige midler.
Moreover, the Commission noted that, despite the fact that sufficient burden-sharing of shareholders and subordinated debt holders was achieved, which was probably the maximum feasible, 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.
Desuden er foranstaltningen af selektiv karakter, eftersom kapitaltilførslen kun ydes til Nea Proton Bank.
The Commission also observed that the fact that a large part of the losses incurred stemmed from the waiver of debt in favour of the State justified a lower remuneration [110].
Endvidere giver interventionen Nea Proton Bank en klar fordel, eftersom den sikrer bankvirksomhedens overlevelse.
Regarding distortions of competition, the Commission noted that the huge amount of aid received by TT Bank and transferred activities of T Bank and the lack of remuneration called for a deep restructuring and reduction of the market presence of New TT Bank.
Uden kapitaltilførsel ville Nea Proton Bank med sin dybt negative kapital være gået konkurs.
Moreover, while the losses stemmed mainly from the holding of GGBs, the Commission observed that TT Bank had held more GGBs than other Greek banks in proportion to its size and considered that it reflected inappropriate risk taking [111].