natgillin/translations-raw huggingface dataset:
Under sådanne omstændigheder ville det ikke have været muligt at sælge Nea Proton Bank og integrere den i en større enhed.
Lastly, it noted that, although New TT Bank remained on the market almost as TT Bank had been before, the distortions of competition would be limited given the former’s relatively small size and the absence of foreign activities.
Desuden overholder rekapitaliseringen ikke det markedsøkonomiske investorprincip.
However, the Commission doubted whether sufficient measures had been taken to limit undue distortions of competition and took the view that a price leadership ban and other behavioural measures might be necessary [112].
Nea Proton Bank konkurrerer med andre banker, herunder datterselskaber af udenlandske banker, som driver virksomhed i Grækenland eller er potentielt interesserede i at komme ind på det græske marked.
COMMENTS FROM INTERESTED PARTIES ON THE FORMAL INVESTIGATION PROCEDURE REGARDING THE FIRST BRIDGE RECAPITALISATION
Derfor har kapitaltilførslen en virkning for samhandelen mellem medlemsstaterne og er potentielt konkurrencefordrejende.
COMMENTS FROM A GREEK BANK
Kommissionen konkluderer, at kapitaltilførslen på 395 mio. EUR til Nea Proton Bank udgør statsstøtte efter traktatens artikel 107, stk. 1.
On 3 January 2013, the Commission received comments submitted by a Greek bank on the Eurobank Opening Decision.
Støttemodtager af foranstaltning NP3
That Greek bank commented that the recapitalisation of Greek banks by the HFSF constituted, in principle, a welcome step towards a healthier and more viable banking system and expressed no objection to the recapitalisation of Eurobank.
Som allerede forklaret i betragtning 188 anser Kommissionen Nea Proton Bank for at være støttemodtageren af kapitaltilførslen på 395 mio. EUR til Nea Proton Bank, idet støtten gjorde det muligt for den at videreføre sine økonomiske aktiviteter hos banken.
However, while expressing its entire support for the principle of the recapitalisation of Greek banks by the HFSF, that Greek bank explained that, in order to minimise distortions of competitions and to avoid discrimination, it expected that recapitalisation by the HFSF to be open to all banks operating in Greece under similar conditions.
Den skal navnlig undersøge, om i) salgsprocessen var åben og ikkediskriminerende, ii) salget foregik på markedsvilkår, og iii) pengeinstituttet eller staten maksimerede salgsprisen på de involverede aktiver og passiver.
COMMENTS FROM GREECE ON THE FORMAL INVESTIGATION PROCEDURES
Bankens tilbud var det eneste, som overholdt stabilitetsfondens udbudsvejledning.
COMMENTS FROM GREECE ON THE FORMAL INVESTIGATION PROCEDURE REGARDING THE FIRST BRIDGE RECAPITALISATION
Fordi den finansielle rådgiver kontaktede et stort antal banker og på forhånd havde opstillet krav og en tidsfrist, man skulle overholde, hvis buddene skulle være gyldige, mener Kommissionen, at udbuddet var åbent og ikkediskriminerende.
On 5 September 2012, Greece submitted comments which had been prepared by the Bank of Greece and the HFSF on the Eurobank Opening Decision.
Som følge heraf konkluderer Kommissionen i overensstemmelse med punkt 49 i bankmeddelelsen fra 2008, punkt 20 i omstruktureringsmeddelelsen og sin egen afgørelsespraksis [116], at salgsprisen var markedsprisen, og at den kan udelukke statsstøtte til banken.
It also noted that the first bridge recapitalisation was temporary, given that the recapitalisation process would be concluded with share capital increases by those four banks.
Konklusion om forekomsten af statsstøtte og det samlede modtagne støttebeløb
The Bank of Greece also observed that the recapitalisation of the largest Greek banks is part of the longer term restructuring of the Greek banking sector.
På baggrund af betragtning (182)-(190) mener Kommissionen, at foranstaltning Pr1, Pr2 og Pr3, NP1, NP2 og NP3 alle opfylder de betingelser, der er fastlagt i traktatens artikel 107, stk. 1, og udgør statsstøtte.
It noted that where a bank remains in private hands, the management will most probably remain the same, while if a bank becomes State-owned (that is to say, owned by the HFSF), the HFSF may appoint new management which, in any case, will be assessed by the Bank of Greece.
Med hensyn til foranstaltning Pr1, Pr2 og Pr3 konkluderer Kommissionen, eftersom de bidrog til den fortsatte eksistens af Proton Banks aktiviteter, som senere blev overført til Nea Proton Bank, at de kan anses for også at gavne Nea Proton Bank, som rummer disse aktiviteter.
The Bank of Greece noted that it assesses the corporate governance framework, the adequacy of management and the risk profile of every bank on an ongoing basis in order to ensure that excessive risks are not taken.
Som allerede anført i betragtning (184) er støttemodtageren af foranstaltning NP1 Nea Proton Bank, som rummer de overførte aktiviteter fra Proton Bank.
It also pointed out that the HFSF had already appointed representatives in the Board of Directors of the recapitalised banks.
Desuden er Nea Proton Bank også støttemodtager af foranstaltning NP2 og NP3.
Regarding the necessity of the first bridge recapitalisation, the Bank of Greece observed that the Bank’s recapitalisation was limited so as to ensure that the then applicable minimum capital requirements (8 %) were met.
Derfor konkluderer Kommissionen, at Nea Proton Banks aktiviteter har fået statsstøtte i form af kapitalforanstaltninger for 2111,6 mio. EUR (foranstaltning Pr1, NP1, NP2 og NP3), statsgarantier for 149,4 mio. EUR (foranstaltning Pr2) og græske statsobligationer for 78 mio. EUR (foranstaltning Pr2) som vist i tabel 9.
It also stated that the protracted period of time prior to the recapitalisations was due to the sharp deterioration of the operating environment in Greece and the impact of the PSI programme, to the complexity of the whole project and to the need to maximise private investors’ participation in the share capital increases.
Tabel 9
Regarding the proportionality of the first bridge recapitalisation, the Bank of Greece pointed out that the full implementation of the restructuring plan to be submitted to the Commission is safeguarded by the fact that the suspension of the voting rights of the HFSF will be lifted if, inter alia, the restructuring plan is substantively violated.
Overblik over den samlede støtte til Proton Bank og Nea Proton Bank
The Bank of Greece also observed that the Bank’s difficulties were not due either to an underestimation of risks by the Bank’s management or to commercially aggressive actions.
Støttebeløb (mio. EUR)
Comments prepared by the HFSF
Proton Banks aktiviteter
Regarding the appropriateness of the first bridge recapitalisation, to address the issue of potential State interference if the State provides high amounts of State aid through the HFSF and the HFSF has full voting rights, the HFSF stated that the HFSF-funded banks are not considered to be public entities or under State control and that they would not be controlled by the State after they have been permanently recapitalised by the HFSF.
Rekapitalisering
The HFSF pointed out that it is a fully independent private-law legal entity with autonomy of decision.
Finansiering af udækket finansieringsbehov fra PB til NPB
It is not subject to government control, pursuant to Article 16C, paragraph 2 of the HFSF Law, according to which the credit institutions to which the HFSF has provided capital support are not part of the broader public sector.
Kapitalstøtte ydet i alt
It also referred to the governing structure of the HFSF.
Statsobligationslån
As regards the intervention of the HFSF in the Bank’s management, the HFSF noted that it would respect the Bank’s autonomy and not interfere with its day-to-day management given that its role is limited to that laid down in the HFSF Law.
Garanti
It stated that there would not be any State interference or coordination and that the decisions of the Bank regarding the lending process (inter alia on collateral, pricing and solvency of borrowers) would be taken on the basis of commercial criteria.
Likviditetsstøtte ydet i alt
The HFSF pointed out that the HFSF Law and the pre-subscription agreement set appropriate safeguards in order to prevent existing private shareholders from excessive risk-taking.
Retsgrundlag for vurderingen af støttens forenelighed
It pointed to elements such as (i) the appointment of HFSF representatives as independent non-executive members of the Board of Directors of the Bank and their presence at committees, (ii) the HFSF carrying out due diligence in the Bank and (iii) the fact that, after the final recapitalisation, its voting rights would be restricted only for as long as the Bank complied with the terms of the restructuring plan.
Traktatens artikel 107, stk. 3, litra b), giver Kommissionen beføjelse til at afgøre, at støtten er forenelig med det indre marked, hvis den har til formål at »afhjælpe en alvorlig forstyrrelse i en medlemsstats økonomi«.
Regarding the necessity of the first bridge recapitalisation and specifically regarding the level of the remuneration of aid, the HFSF stated that the remuneration had been agreed with the representatives of the Commission, the ECB and the IMF.
Kommissionen har anerkendt, at den globale finansielle krise kan skabe alvorlige forstyrrelser i en medlemsstats økonomi, og at foranstaltningerne til støtte for bankerne kan bidrage til at afhjælpe sådanne forstyrrelser.
That agreed level took into account that the first bridge recapitalisation would be converted into a permanent recapitalisation before 30 September 2012, a deadline which was set in March 2012 in the MEFP between the Commission, the ECB and the IMF and Greece.
Dette er blevet bekræftet i bankmeddelelsen fra 2008, rekapitaliseringsmeddelelsen og omstruktureringsmeddelelsen.
Regarding the proportionality of the first bridge recapitalisation, the HFSF noted that the measures it adopted, such as those described in recital 165 of the present decision, are sufficient safeguards in view of the large amounts of aid received and the protracted rescue period.
På baggrund af den på ny anspændte situation på de finansielle markeder mener Kommissionen fortsat, at forudsætningerne for, at en støtte kan godkendes på grundlag af traktatens artikel 107, stk. 3, litra b), er opfyldt.
Moreover, the HFSF stated that there are appropriate measures in place in order to ensure that banks in which the HFSF participates do not share commercially sensitive information between them.
Kommissionen bekræftede denne holdning ved at vedtage forlængelsesmeddelelsen fra 2011 [117] og bankmeddelelsen fra 2013 [118].
Such measures include the appointment of different HFSF representatives to those banks, the mandates addressed to those representatives which specifically safeguard against the flow of information from one representative to another and clear internal instructions to those officers not to transmit commercially sensitive information of the banks.
Med hensyn til den græske økonomi har Kommissionen i sine afgørelser om godkendelse og forlængelse af den græske bankstøtteordning samt sin godkendelse af statsstøtteforanstaltninger ydet af Grækenland til forskellige banker [119] anerkendt, at der består en trussel om alvorlige forstyrrelser af den græske økonomi, og at statens støtte til bankerne er egnet til at afhjælpe denne forstyrrelse.
Moreover, the HFSF stated that it does not exercise its rights in relation to the banks in a manner which may prevent, restrict, distort or significantly lessen or impede effective competition.
Støtteforanstaltningerne skal derfor vurderes på grundlag af traktatens artikel 107, stk. 3, litra b).
Lastly, the HFSF pointed out that the members of its Board of Directors and its employees are subject to strict confidentiality rules and fiduciary duties and are bound by provisions concerning professional secrecy with regards to its affairs.
Hvis statsstøtte skal være forenelig i henhold til traktatens artikel 107, stk. 3, litra b), skal den opfylde de generelle forenelighedskriterier:
COMMENTS FROM GREECE ON THE FORMAL INVESTIGATION PROCEDURE REGARDING NEA PROTON BANK
hensigtsmæssighed Støtten skal være klart målrettet for effektivt at kunne afhjælpe en alvorlig forstyrrelse i økonomien.
On 5 September 2012, Greece submitted comments which had been prepared by the Bank of Greece and the HFSF on the Nea Proton Opening Decision.
Dette ville ikke være tilfældet, hvis foranstaltningen ikke var egnet til at afhjælpe forstyrrelsen.
The Bank of Greece observed that Nea Proton Bank, as an interim credit institution owned by the HFSF, could not provide a longer term business plan on a stand-alone basis.
nødvendighed Støtten skal både med hensyn til beløb og form være nødvendig for at nå det fastsatte mål.
Moreover, the Bank of Greece noted that it is closely following the implementation of the business plan prepared by the HFSF for Nea Proton Bank and submitted to the Commission in order to ensure that Nea Proton Bank could be sold within the period laid down by law.
Derfor skal den udgøre det minimum, der er nødvendigt for at nå målet, og have den form, der er bedst egnet til at afhjælpe forstyrrelsen.
Regarding the profitability growth rate, the Bank of Greece pointed out that the biggest part of the growth was anticipated to occur during 2013 (when net interest income was expected to rise to EUR 55,3 million, compared to EUR 22,7 million for 2012), would stem mainly from the reduction of total interest expenses and would be the result of two factors:
proportionalitet De positive virkninger af foranstaltningen skal afvejes nøje mod konkurrencefordrejningerne, for at fordrejningerne kan begrænses til det minimum, der er nødvendigt for at nå målene med foranstaltningen.
a roll-over of term deposits that used to bear high yields at better terms and a reduction by 30 % of the total outstanding amount of deposits during the first half of 2012.
Under finanskrisen har Kommissionen udarbejdet forenelighedskriterier for forskellige typer støtteforanstaltninger.
Moreover, the Bank of Greece stressed the fact that from 2013 onwards net interest income figures would move quite smoothly and would raise no doubts about the ability of Nea Proton Bank to meet the target.
Principperne for vurdering af støtteforanstaltninger blev fastlagt i bankmeddelelsen fra 2008.
Regarding the necessity of the measures in favour of Nea Proton Bank, the HFSF noted that the Bank of Greece is the pertinent authority to decide on any resolution measure and that the HFSF injected the minimum capital required for regulatory purposes.
Rekapitaliseringsmeddelelsen [120] indeholder yderligere retningslinjer for det påkrævede forrentningsniveau for de statslige kapitaltilførsler.
Regarding the restoration of long-term viability of Nea Proton Bank, the HFSF referred to the resolution framework under which the HFSF had to sell Nea Proton Bank within two years and agreed with the Commission that Nea Proton Bank could be a part of larger and viable entity.
Endelig har Kommissionen forklaret i sin omstruktureringsmeddelelse [121], hvordan den vil vurdere omstruktureringsplaner.
Although the restructuring plan for Nea Proton Bank was based on a ‘stand-alone basis’ model, the HFSF explained that its objective was to facilitate the sale of that bank by improving its attractiveness to investors and its financial results.
I sin vurdering af omstruktureringsplanen for banken i henhold til omstruktureringsmeddelelsen vil Kommissionen tage hensyn til alle foranstaltningerne i tabel 7.
The HFSF commented that the capital injections not only allowed Nea Proton Bank to respect the minimum capital adequacy ratio but also improved its financial position and its attractiveness for any future merger with other small banks.
Forenelighedsvurdering af støtteforanstaltningerne i henhold til bankmeddelelsen fra 2008 og rekapitaliseringsmeddelelsen
The HFSF also noted that the additional capital injection had been needed to cover impairment losses related to the PSI programme and the increased provision charges for loans.
Foranstaltning Pr1, Pr2 og Pr3's forenelighed med bankmeddelelsen fra 2008
The HFSF observed that Nea Proton Bank had improved its cost of funding and the loyalty of deposits.
Foranstaltning Pr1, Pr2 og Pr3 blev ydet i henhold til den græske bankstøtteordning.
Nea Proton Bank’s reliance on the Eurosystem fell during 2012 and it had improved its liquidity position.
Foranstaltningerne i henhold til denne ordning er allerede blevet vurderet til at være forenelige med det indre marked i Kommissionens afgørelse af 19. november 2008.
The additional capital injection had helped to reduce interest rates on deposits and to improve interest rate margins.
Foranstaltning NP1 og NP2's forenelighed med bankmeddelelsen fra 2008 og rekapitaliseringsmeddelelsen
Nea Proton Bank had already re-priced some of its loan portfolio, using risk-based pricing with interest rates well above the cost of funding.
Kommissionen godkendte foranstaltning NP1 og NP2 som redningsstøtte i Nea Proton-indledningsafgørelsen.
Moreover, the planned growth rate of the net interest income would occur with a conservative expansion in the corporate market segment and by enhancing portfolio quality.
Men som nævnt i betragtning (142) udtrykte Kommissionen sin tvivl om nødvendigheden af beløbsstørrelsen for foranstaltning NP2, med hensyn til hvorvidt Nea Proton Bank ville kunne genoprette sin langsigtede rentabilitet som selvstændig enhed, og satte derfor spørgsmålstegn ved, at en isoleret omstrukturering var den billigste tilgængelige løsning.
The HFSF observed that in 2012 Nea Proton Bank had significantly reduced its operating costs, that its two only subsidiaries would cease operations, that its participation in insurance brokers was being greatly reduced and that its proprietary trading activities would end.
Som følge deraf var størrelsen af den kapitaltilførsel, som staten foretog før salget, nødvendig for et vellykket salg.
Finally, the HFSF noted that distortions of competition would be limited given the small share of Nea Proton Bank in total banking assets in Greece and the fact that it was not considering aggressive deposit-taking.
Integrationen af Nea Proton Bank i bankens aktiviteter vil løse Nea Proton Banks problemer med den langsigtede rentabilitet i lyset af den omstruktureringsplan, som bankens fremlagde for Kommissionen.
COMMENTS FROM GREECE ON THE FORMAL INVESTIGATION PROCEDURE REGARDING NEW TT BANK
For så vidt angår hensigtsmæssigheden af foranstaltning NP3 — stabilitetsfondens kapitaltilførsel på 395 mio. EUR i Nea Proton Bank før salget heraf til banken — mener Kommissionen, at foranstaltningen er hensigtsmæssig, fordi den bidrog til, at Nea Proton Banks aktiviteter overlevede.
Regarding the necessity of measure NTT2, the Ministry of Finance commented that the Second Adjustment Programme for Greece (second Review-May 2013) required the sale of New TT Bank to a third party by 15 July 2013.
Foranstaltningen sikrer derfor, at den finansielle stabilitet i Grækenland opretholdes.
Regarding the remuneration of measures NTT1 and NTT2, the Ministry of Finance noted that the HFSF, which fills the funding gap until 31 December 2013 instead of the HDIGF, obtains a preferential claim ahead of other unsecured creditors in case of the liquidation of the assets that remained in the ownership of TT Bank and that only the claims of employees to receive 50 % of their compensation rank before the HFSF’s claim.
På den baggrund finder Kommissionen, at foranstaltningen er egnet som redningsstøtte.
Therefore, it observed that the product of the liquidation of those assets will benefit the HFSF mainly and so reduce the cost borne by the State.
Nødvendighed
Regarding the restoration of long-term viability of New TT Bank, the Ministry of Finance observed that, as an interim credit institution, New TT Bank had to be sold within two years of its establishment, in accordance with Article 63E of Law 3601/2007.
Ifølge bankmeddelelsen fra 2008 skal støtteforanstaltningen både med hensyn til beløb og form være nødvendig for at nå målet for foranstaltningen.
The sale of New TT Bank would, in line with the MEFP of May 2013, be completed by 15 July 2013, thus ensuring the long-term viability of its activities.
Banken har foretaget en due diligence-undersøgelse af Nea Proton Bank.
According to that provision, State aid is any aid granted by a Member State or through State resources in any form whatsoever which distorts, or threatens to distort, competition by favouring certain undertakings or the production of certain goods, in so far as it affects trade between Member States.
Som angivet i punkt 44 i rekapitaliseringsmeddelelsen kan en utilstrækkeligt forrentet rekapitalisering kun godtages i tilfælde af nødlidende banker, som ikke kan betale renter.
In the Decision approving that scheme, the Commission concluded that measures granted under that scheme would constitute State aid.
Kommissionen mener, at det er tilfældet for Nea Proton Bank.
As concluded in recital 38 of the Nea Proton Opening Decision, Nea Proton Bank harbours the economic activities of Proton Bank.
Den manglende forrentning udløser behovet for en gennemgribende omstrukturering i overensstemmelse med rekapitaliseringsmeddelelsen.
Measures Pr1, Pr2 and Pr3 have benefited Nea Proton Bank, as they contributed to the stabilisation and the continuance of the economic activities which were transferred to it and would otherwise no longer exist.
Kommissionen konkluderer, at foranstaltningen er nødvendig som redningsstøtte med hensyn til både beløb og form for at nå målet om at begrænse forstyrrelsen i det græske banksystem og økonomien som helhed.
Therefore, the Commission considers that they have benefited the economic activities transferred to Nea Proton Bank.
Det forhold, at støtten redder disse økonomiske aktiviteter, kunne teoretisk set skabe konkurrencefordrejninger.
In recital 38 of the same decision the Commission considered Nea Proton Bank to be the economic beneficiary of that measure as Nea Proton Bank harbours the economic activity of Proton Bank which continues to exist because of the aid received.
Kommissionen bemærker dog Nea Proton Banks beskedne størrelse og salgsproceduren, hvor konkurrenterne havde lejlighed til at byde på Nea Proton Bank.
Existence of aid in the initial share capital injection by the HFSF and additional share capital injection by the HFSF in 2012 (measure NP2)
Desuden vil Nea Proton Banks økonomiske aktiviteter umiddelbart efter overdragelsen være fuldt integreret i banken og ophøre med at eksistere som separat økonomisk aktivitet eller konkurrent.
In recitals 41 to 43 of the Nea Proton Opening Decision the Commission has already established that the capital injection by the HFSF of EUR 250 million and the additional capital injections anticipated at the time of that Decision, amounting to a total of EUR 300 million, were State aid within the meaning of Article 107(1) of the Treaty.
Kommissionen konkluderer derfor, at støtten ikke medfører uberettigede fordrejninger af konkurrencen.
As mentioned in recital 93 of the present Decision, out of the possible additional EUR 300 million in capital, HFSF eventually contributed an additional EUR 265 million in 2012, which brings the total recapitalisation aid in 2011 and 2012 to EUR 515 million (measure NP2).
Konklusion vedrørende foranstaltning NP3's forenelighed med bankmeddelelsen fra 2008 og rekapitaliseringsmeddelelsen
Existence of aid in capital injection from the HFSF into Nea Proton Bank prior to its sale to the Bank (NP3)
Kommissionen konkluderer således, at foranstaltning NP3 er hensigtsmæssig, nødvendig og i lyset af den forventede gennemgribende omstrukturering af banken, hvori Nea Proton Banks økonomiske aktiviteter nu indgår, proportional i forhold til det tilsigtede mål.
The Commission considers the capital injection by the HFSF into Nea Proton Bank prior to its sale to the Bank, amounting to EUR 395 million, to be State aid within the meaning of Article 107(1) of the Treaty.
Støtteforanstaltningens forenelighed med omstruktureringsmeddelelsen
The capital injection was provided by the HFSF, which is an entity set up and financed by Greece to support banks, and so was made by using State resources.