natgillin/translations-raw huggingface dataset:
Kommissionen noterer sig de adfærdsmæssige tilsagn, som er anført i afsnit 6 i Tilsagnspakken, såsom et forbud mod annoncering af statsstøtte og et forbud mod aggressiv handelspraksis, som forhindrer CGD i at bruge støtten til konkurrencebegrænsende markedsadfærd.
CGD’s coverage ratio has to be assessed in light of the fact that the bank traditionally has a strong foothold as mortgage provider in Portugal and hence has a large share of mortgages in its loan portfolio with an average loan-to-value ratio of around [70-80] %.
Kommissionen ser navnlig positivt på et forbud mod at foretage opkøb, hvilket sikrer, at statsstøtten ikke vil blive brugt til at overtage konkurrenter, men i stedet vil tjene sit tilsigtede formål, dvs. at genoprette CGD's rentabilitet.
Taking those factors into account, a coverage of credit at risk of [50-60] % appears to be adequate to cover for CGD’s future loan losses over the restructuring period.
Alt i alt finder Kommissionen, at der er tilstrækkelige beskyttelsesforanstaltninger til at begrænse potentielle konkurrencefordrejninger, især i lyset af anvendelsen af punkt 14 i forlængelsesmeddelelsen fra 2011 som følge af begivenheder, der fører til nødvendigheden af statsstøtte, nemlig EBA's statslige buffer.
The Commission finally notes that all the measures set out in the restructuring plan are geared to restore CGD’s viability and to result in a satisfactory level of profitability, as indicated by the Return on Equity (‘ROE’) of [5-10] % for CGD’s banking activities in Portugal that is targeted for 31 December 2017, as well as the ROE of [5-10] % for the consolidated results of all activities of the CGD group as of 31 December 2017.
Overvågning
Aid limited to the minimum, own contribution and burden-sharing
I medfør af afsnit 5 i omstruktureringsmeddelelsen skal Kommissionen have periodiske rapporter for at kontrollere, at omstruktureringsplanen gennemføres korrekt.
The Restructuring Communication indicates that an appropriate contribution by the beneficiary is necessary in order to limit the aid to a minimum and to address distortions of competition and moral hazard.
Desuden vil den korrekte gennemførelse af omstruktureringsplanen og den fuldstændige og korrekte gennemførelse af alle tilsagn i Tilsagnspakken til stadighed blive overvåget af en uafhængig og tilstrækkeligt kvalificeret tilsynsførende administrator.
To that end, it provides that (i) both the restructuring costs and the amount of aid should be limited and (ii) a significant own contribution is necessary.
KONKLUSION
CGD’s restructuring plan does not contain any elements that suggest that the aid exceeds the means required to restore long-term viability.
På baggrund af Portugals tilsagn konkluderes det, at omstruktureringsstøtten er begrænset til det nødvendige minimum, at konkurrencefordrejninger imødegås i tilstrækkelig grad, og at den fremlagte omstruktureringsplan er egnet til at genoprette CGD's langsigtede rentabilitet.
As described in recital (13), the capital shortfall which needed to be covered was determined on the basis of the MoU as agreed between the Portuguese Government, on the one hand, and the IMF, the ECB and the Commission, on the other hand.
Omstruktureringsstøtten bør anses for forenelig med det indre marked i medfør af artikel 107, stk. 3, litra b), i traktaten.
According to point 34 of the Restructuring Communication, adequate remuneration of any State intervention is one of the most appropriate limitations of distortions of competition.
VEDTAGET DENNE AFGØRELSE:
The Commission notes in that context that the capital provided in form of CoCos is adequately remunerated, in line with the guidelines of the Commission and the ECB [16].
Artikel 1
The remuneration of the CoCos starts at an initial 8,5 % for the first year and will with step-ups increase over time, resulting in an average annual remuneration rate of 9,2 % over the investment period.
Statsstøtten, der består af Portugals tegning af nyudstedte ordinære aktier til et beløb på 750 mio. EUR fra CGD og Portugals tegning af konvertible instrumenter udstedt af CGD til et beløb på 900 mio. EUR, er forenelig med det indre marked på baggrund af de tilsagn, der er anført i bilaget.
The step-up mechanism will encourage CGD to exit from the State intervention.
Artikel 2
The Commission notes that according to the restructuring plan and the related commitments CGD will use its excess capital for the full repayment of the CoCos (see Section 5 of the Commitments).
Portugal sikrer, at omstruktureringsplanen, som blev fremlagt den 15. oktober 2012 og suppleret ved fremlæggelse af 19. juli 2013, gennemføres fuldt ud, herunder tilsagnene i bilaget, og i overensstemmelse med den i bilaget fastsatte tidsplan.
CGD will in 2014 use [50-60] % of its excess capital and [90-100] % of excess capital in 2015 and in the following years to repay the EUR 900 million of CoCos.
Artikel 3
The repayment mechanism limits the buffer of capital that CGD can hold on its balance sheet and thereby ensures that the aid will over the restructuring period remain limited to the minimum necessary.
Senest to måneder efter meddelelsen af denne afgørelse underretter Portugal Kommissionen om, hvilke foranstaltninger der er truffet til at efterkomme den.
It is furthermore important to note that the sale of the insurance arm will free regulatory capital and hence make it more likely that CGD will have excess capital that can be used for the repayment of the CoCos, thus also contributing to the restructuring costs by its own means.
Artikel 4
However, the Commission notes that CGD did not comply with the dividend ban but paid out dividends in the amount of EUR 405415, in contravention of the commitment given by Portugal in the context of the Rescue Decision.
Denne afgørelse er rettet til Den Portugisiske Republik.
The aim of the dividend and coupon bans is to prevent the outflow of funds, thereby ensuring that the aid can be repaid and hence that State aid is limited to the minimum necessary.
Udfærdiget i Bruxelles, den 23. juli 2013.
To that end, shareholders of the bank as well as holders of hybrid capital and subordinated debt should as far as possible be excluded from the potential benefit of the State aid.
På Kommissionens vegne
As CGD was in a position to pay out dividends, it was demonstrated that the aid amount was not limited to the minimum necessary.
Næstformand
The information that CGD provided in the course of the misuse investigation procedure has not changed the Commission’s assessment in the Opening Decision that the payments qualified as dividend payments which fell under the dividend ban of the Rescue Decision or shown a legal obligation to make the payment which would have allowed for a payment of dividends under the Rescue Decision.
EUT C 116 af 23.4.2013, s. 13.
The Commission concludes that the aid measures in the amount of EUR 1650 million were limited to the minimum necessary, with the exception of an amount of EUR 405415 that was used for dividend payments.
Se fodnote 1.
In that respect the Commission takes in particular note of the commitment by CGD to pay back to Portugal an amount equaling the dividend payment and therefore the amount by which the aid granted exceeded the minimum necessary.
EFT L 83 af 27.3.1999, s. 1.
Given that commitment, the aid is deemed to have been limited to the minimum necessary.
I denne afgørelse er de finansielle oplysninger vedrørende CGD generelt baseret på en forsigtighedstilgang, som CGD anvender ved fremlæggelse af finansielle oplysninger til Banco de Portugal som led i sine lovfæstede forpligtelser og internt til finansielle fremskrivninger, som regelmæssigt ajourføres for hver forretningsenhed.
In addition, the Commission notes that Portugal has committed to a ban on dividend, coupon and interest payments (see Section 6.7 of the Commitments).
CGD har også anvendt forsigtighedstilgangen til alle finansielle oplysninger i sin omstruktureringsplan samt til oplysningerne i de finansierings- og kapitalplaner, som regelmæssigt sendes til Den Internationale Valutafond (»IMF«), Den Europæiske Centralbank ( »ECB«) og Europa-Kommissionen ( »Trojkaen«).
Point 24 of the Restructuring Communication furthermore stipulates that an adequate remuneration of State capital is also a means of achieving burden-sharing.
CGD-koncernen offentliggør dog sit årsregnskab i årsberetningerne under anvendelse af regnskabsprincipper.
As established in recital (76), the Commission considers that the capital provided in form of CoCos is adequately remunerated.
For bedre at kunne sammenligne med offentligt tilgængelige data er nogle af de finansielle oplysninger i denne afgørelse derfor angivet på grundlag af regnskabsprincipper, men i så fald er det altid klart anført.
Limiting distortions of competition
Forpligtelser over for kunder.
Finally, section 4 of the Restructuring Communication requires that the restructuring plan contains measures limiting distortions of competition.
Forpligtelser i alt minus forpligtelser over for enten kunder eller centralbanken.
Such measures should be tailor-made to address the distortions on the markets where the beneficiary bank operates post-restructuring.
Afgørelse i sag SA.34055 (11/N) af 30.5.2012 (EUT C 249 af 18.8.2012, s. 5).
The nature and form of such measures depend on two criteria:
Udeladt af fortrolighedshensyn.
first, the amount of the aid and the conditions and circumstances under which it was granted and, second, the characteristics of the markets on which the beneficiary will operate.
Se pressemeddelelse 10191/11 fra Rådet for Den Europæiske Union af 17.5.2011.http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/122072.pdf
Furthermore, the Commission must take into account the extent of the benficiary’s own contribution and burden-sharing over the restructuring period.
EUT C 195 af 19.8.2009, s. 9.
The Commission recalls that CGD has received State aid in the form of capital injections and CoCos in the amount of EUR 1650 million.
EUT C 356 af 6.12.2011, s. 7.
The aid amount is equivalent to 2,3 % of CGD’s Risk Weighted Assets (RWA) [17] which is comparatively low.
Anbefalingerne fra ECB's styrelsesråd om prisen på rekapitaliseringer af 20. november 2008.
As the CoCos are adequately remunerated, only moderate measures are necessary to limit potential distortions of competition.
Pr. den relevante referencedato, hvor støtteforanstaltningen blev indrømmet.
The proportionate downsizing of CGD in terms of balance sheet size, geographical footprint and staff will contribute to limiting competition distortions.
BILAG
Whilst the divestment of Caixa Seguros and the downsizing and restructuring of the Spanish operation will contribute to the bank’s restoration of viability, the remaining balance sheet reduction is considered appropriate compared to the distortions of competition stemming from the aid
TILSAGN CAIXA GERAL DE DEPÓSITOS, S.A.
In addition to those structural measures, Portugal also committed to several behavioural constraints.
Baggrund
The Commission takes note of those behavioural commitments set out in Section 6 of the Commitments, such as a ban on advertising State support and a ban on aggressive commercial practices, preventing CGD from using the aid for anti-competitive market conduct.
Dette dokument indeholder vilkårene (»Tilsagn«) for omstruktureringen af Caixa Geral de Depósitos S.A. (»CGD« eller »banken«), som den portugisiske republik og CGD har forpligtet sig til at opfylde.
It in particular welcomes an acquisition ban, which ensures that the State aid will not be used to take over competitors, but that it will instead serve its intended purpose, namely to restore CGD’s viability.
Definitioner
In sum, the Commission considers that there are sufficient safeguards to limit potential distortions of competition, in particular in light of the application of point 14 of the 2011 Prolongation Communication as a consequence of the events leading to the necessity for State aid, namely the EBA sovereign buffer.
I dette dokument omfatter ord i ental ord i flertal (og omvendt), medmindre andet fremgår af sammenhængen, og de heri anvendte termer har følgende betydninger:
Monitoring
Betydning
Pursuant to section 5 of the Restructuring Communication, regular reports are required to allow the Commission to verify that the restructuring plan is being implemented properly.
Porteføljeadministration
Moreover, the correct implementation of the Restructuring Plan and the full and correct implementation of all commitments contained in the Commitments will be continuously monitored by an independent, sufficiently qualified Monitoring Trustee.
udvikling af specialiserede løsninger for investering af besparelser på detaildelen (forvaltning af gensidige fonde og pensionsfonde og udvikling af skræddersyede løsninger til individuelle investeringsbehov) og institutionelle kunder, der omfatter pensionsfonde, forsikringsselskaber, erhvervsvirksomheder og offentlige institutioner (forvaltning af investeringsporteføljer baseret på kundekrav gennem benchmark tracking eller ved at følge absolutte afkastløsninger)
CONCLUSION
Bankassurance
In view of the commitments made by Portugal it is concluded that the restructuring aid is limited to the minimum necessary, that competition distortions are sufficiently addressed and that the submitted restructuring plan is apt to restore CGD’s long-term viability.
et partnerskab mellem en bank og et forsikringsselskab som tredjepart, hvorved banken sælger forsikringsselskabsprodukter via sit detailnet
The restructuring aid should be found compatible with the internal market pursuant to Article 107(3)(b) of the Treaty,
Banco Caixa Geral, S.A.
HAS ADOPTED THIS DECISION:
(Spanien), der også omtales som den spanske detailvirksomhed
Article 1
CGD's største datterselskab inden for forsikringsbranchen
The State aid consisting of the subscription by Portugal of newly issued ordinary shares in the amount of EUR 750 million from CGD and the subscription by Portugal of convertible instruments issued by CGD in an amount of EUR 900 million is compatible with the internal market, in the light of the commitments set out in the Annex.
forholdet mellem driftsudgifter (løn- og SA&G-omkostninger) og driftsindtægter (summen af nettorenteindkomst, gebyrindkomst, indtægter fra kapitalinstrumenter, indtægter fra finansielle transaktioner samt alle andre indkomster fra transaktioner)
Article 2
Tilsagn
Portugal shall ensure that the restructuring plan submitted on 15 October 2012 and complemented by the submission of 19 July 2013 is implemented in full, including the commitments set out in the Annex and in accordance with the schedule set out in that Annex.
tilsagn vedrørende omstrukturering af CGD, der er anført i dette dokument
Article 3
Korporativ bankvirksomhed
Portugal shall inform the Commission within two months of notification of this Decision of the measures taken to comply with it.
banktjenesteydelser, som tilbydes virksomheder, enten store selskaber eller SMV'er
Article 4
Dækningsgrad for credit at risk
This Decision is addressed to the the Portuguese Republic.
dækningsgrad for credit at risk med akkumulerede hensættelser til imødegåelse af tab på udlån
Done at Brussels, 23 July 2013.
Kerneregion
For the Commission
den indenlandske kerneregion (Portugal) og den internationale kerneregion (jf. klausul 4.2.2.1)
Vice-President
som defineret i instruks nr. 16/2004 (konsolideret version af 31. maj 2013 — omfatter revisionen, der blev indført ved den portugisiske centralbanks instruks 23/2011) svarende til summen af følgende elementer:
OJ C 116, 23.4.2013, p.
samlet værdi af restancer på lån i hovedstol eller renter i en periode på mindst 90 dage.
13.
Lån på løbende konto, som ikke tidligere er bevilget, betragtes som credit at risk, når overtrækket har varet i 90 dage
See footnote 1.
samlet værdi af udestående lån, der er blevet omlagt efter ikke at være blevet udlignet i en periode på mindst 90 dage, uden at der er stillet passende sikkerhed (som dækker det fulde beløb i udestående hovedstol og renter), eller uden at låntager har foretaget fuld betaling af alle renter og andre skyldige omkostninger
OJ L 83, 27.3.1999, p.
samlet kreditværdi med afdrag af hovedstol eller renter, som har været forfalden i under 90 dage, men som det bevisligt er berettiget at klassificere som credit at risk, herunder debitors konkurs eller likvidation.
1.
Afhændelsesadministratoren skal beskytte CGD's legitime finansielle interesser med forbehold for CGD's ubetingede forpligtelse til at afhænde […].
In order to better allow for a comparison with publically available data, some of the financial information in this decision is therefore provided based on accounting perimeters, in which case, however, it is always clearly marked as such.
Ansat
Liabilities to clients.
en person, som har en ansættelseskontrakt med CGD
Total liabilities less liabilities to either clients or the Central bank.
en finanstransaktion, hvorved en virksomhed sælger sine udestående fordringer (dvs. fakturaer) til en tredjepart (en såkaldt faktor) med rabat.
Decision in case SA.34055 (11/N) of 30.5.2012, OJ C 249, 18.8.2012, p.
Et sammensat produkt, der omfatter en blanding af finans-, kreditforsikrings- og finansforvaltningstjenester (inddrivelser)
5.
Internationale instrumentelle aktiviteter
Confidential information.
jf. betydning i klausul 4.2.2.2
BPN was nationalised in 2008 and sold in 2011.
Investeringsbankvirksomhed
Some of its assets have been transferred to CGD.
specialiserede finansielle tjenesteydelser til erhvervskunder og institutionelle kunder, herunder rådgivning i virksomhedsfusioner og -opkøb, projektfinansiering, virksomhedsfinansiering (finansiering af virksomhedsopkøb, struktureret finansiering, obligationer, gældsbreve, securitisering osv.), egenkapitalmarkedstransaktioner (børsintroduktioner, købstilbud, egenkapitaltilknyttede transaktioner osv.) og markedsrisikostyring (gennem risikoafdækning og strukturerede finansløsninger).
See recital 25 of the decision on the New Recapitalisation Scheme for Credit Institutions in Portugal SA.
Endvidere omfatter det tilbud om finansiel formidling og undersøgelsesrapporter til institutionelle og private individuelle investorer, formidling vedrørende fast forrentede værdipapirer og syndikering af strukturerede lån
34055 (11/N) of 30.5.2012.
centrale præstationsindikatorer
Decision of 17 December 2012, case SA.
indlån i forhold til udlån
21.
Tilsynsførende administrator eller administrator
See press release 10191/11 of the Council of the European Union, 17.5.2011.http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/122072.pdf
jf. betydning i klausul 6.10 og bilag I til dette dokument
OJ C 195, 19.8.2009, p.
Ny produktion
9.
består af alle nyindgåede aftaler med undtagelse af al tidligere kontraktligt forpligtet produktion eller eventuel ny produktion, som er strengt nødvendig for at bevare værdien af sikkerheden for lån, eller som på anden vis vedrører en minimering af kapitaltab og/eller en styrkelse af lånets forventede inddrivelsesværdi
OJ C 356, 6.12.2011, p.
ny låneproduktion, som har været forfalden til betaling af renter og/eller hovedstol i mindst 90 dage, i forhold til den samlede nye kreditportefølje
ECB Governing Council recommendations on the pricing of recapitalisations of 20 November 2008.
Handel for egen regning
As of the relevant reference date when the aid measure was granted.
Omstruktureringsperiode
COMMITMENTS CAIXA GERAL DE DEPÓSITOS, S.A.
den tid, der er fastsat i klausul 3.3
Background
Udlejning
This document sets out the terms (the ‘Commitments’) for the restructuring of Caixa Geral de Depósitos S.A.
en aftale om mod betaling at få lov til midlertidigt at anvende et gode (især et køretøj), som ejes af et ikkefinansielt selskab, normalt ledsaget af en bestemmelse om en række tilknyttede tjenesteydelser
(‘CGD’ or ‘the Bank’), which the Portuguese Republic and CGD have committed to implement.
Omstruktureringsplan
Definitions
den plan, CGD har fremlagt for Europa-Kommissionen via den portugisiske republik som senest ændret og suppleret ved skriftlige meddelelser den 19. juli 2013
In this document, unless the context requires otherwise, the singular shall include the plural (and vice versa) and the capitalized terms used herein have the following meanings:
Afhjælpende foranstaltninger
Term
en eller flere foranstaltninger, som gør det muligt for CGD at opfylde de(t) fastsatte mål.
Meaning
CGD skal præsentere de afhjælpende foranstaltninger som beskrevet i klausul 4.2.3.3.
Asset management
RVA
Bancassurance
risikovægtede aktiver, som skal beregnes på et konsolideret grundlag i overensstemmelse med relevante portugisiske forskrifter og som godkendt af den portugisiske centralbank på datoen for afgørelsen
means a partnership between a bank and a third party insurance company whereby the Bank sells insurance company products through its retail network
SMV
BCG Spain
små og mellemstore virksomheder, som har en omsætning på højst 50 mio. EUR og en krediteksponering for CGD på højst 1 mio. EUR
Banco Caixa Geral, S.A.
potentiel risikoværdi, målet for porteføljerisiko som beskrevet i den ændring, Baselkomitéen for Banktilsyn foretog i 1996.
(Spain) also referred to as the Spanish retail operation
Med henblik på beregningen henviser tallene derfor til en historisk simuleringsmetode, hvor der anvendes en 10-dages ihændehaverperiode, et 99 % konfidensinterval og data for 501 handelsdage (svarende til en toårig horisont)
means CGD’s main subsidiary active in insurance business
Venturekapital
C/I ratio
tilvejebringelse af finansiel kapital til nyetablerede virksomheder, især dem med et højt vækstpotentiale til gengæld for aktier i virksomheden
means the ratio of operating expenses (labour and SG&A costs) to operating income (the sum of net interest income, commission income, revenues from capital instruments, revenues from financial operations, and any other income from operations)
Generelt
Commitments
Portugal sikrer, at omstruktureringsplanen for CGD gennemføres korrekt og i fuldt omfang.
mean the undertakings related to the restructuring of CGD set out in this document
Portugal sikrer, at Tilsagnene opfyldes i fuldt omfang under gennemførelsen af omstruktureringsplanen.
Corporate banking
Omstrukturering af cgd:
means the banking services offered to corporations, either large corporations or SMEs
opdeling I kerneaktiviteter og ikke-kerneaktiviteter
Coverage ratio of credit at risk
kerneaktiviteter og ikke-kerneaktiviteter.
Core Region
Opsplitningen af CGD vil blive foretaget som følger:
means the Domestic Core Region (Portugal) and the International Core Region (as set out in clause 4.2.2.1)
Kerneaktiviteter
Credit at risk
Aktiver allokeret til kerneaktiviteter
as defined in instruction no 16/2004 (consolidated version as of the 31 May 2013 – includes the revision introduced by instruction 23/2011) of the Bank of Portugal, corresponding to the sum of the following elements:
Kerneaktiviteterne omfatter indenlandske kerneaktiviteter (detail — husholdninger, SMV'er, erhvervsbankvirksomhed, investeringsbankvirksomhed, porteføljeadministration, leasing, factoring, udlejning, bankassurance og venturekapital), internationale kerneaktiviteter og internationale instrumentelle aktiviteter.
total value owed on the loans that have payments of principal or interest overdue for a period of at least 90 days.
De indenlandske kerneaktiviteter omfatter de nedenfor anførte nettoaktiver (udløbsdato 31. december 2012):
Current account loans that have not been previously contracted shall be considered as credit at risk when the overdraft has existed for 90 days;
[850-900] mio. EUR i likvide midler hos centralbanken
total value of outstanding loans that have been restructured, after having been unsettled by a period not less than 90 days, without adequate collateral reinforcement (covering the full amount of principal and interest outstanding) or full payment by the borrower of all interest and other charges that were due;