natgillin/translations-raw huggingface dataset:
Grækenlands tilsagn bør sikre, at der anvendes egne midler, og at de oprindelige aktionærer og private investorer, der har hybridkapital i banken, deltager i omstruktureringen.
The Bank did not pay any consideration to purchase the selected assets and liabilities of Probank.
Bankens egetbidrag: afhændelser og omkostningsnedskæringer
Moreover, the Bank's offer was conditional on the HFSF covering the capital needs created by the acquisition of Probank's assets.
Banken har afhændet en række mindre forretninger, som f.eks. forsikringsaktiviteterne i Tyrkiet, og en majoritetsandel i et datterselskab, der handler med fast ejendom.
In conclusion, the Bank did not use aid to finance the acquisition of Probank and that acquisition does not contravene the principle that aid should be limited to the minimum necessary.
I henhold til omstruktureringsplanen skal banken sælge en minoritetsandel i Finansbank som anført i betragtning 387, som vil sætte banken i stand til at generere kapital internt.
As mentioned in recital 86, Probank was not viable on a stand-alone basis.
Banken vil også sælge […], sit private equity-datterselskab og andre værdipapirer.
The MEFP of May 2013 provided for the resolution of the undercapitalised banks through a Purchase & Assumption procedure.
I betragtning af den nedgearing og de afhændelser, der allerede er gennemført, og efter opfyldelsen af tilsagnene vedrørende nedgearing og afhændelse af udenlandske forretninger vil banken have genereret betydelig kapital.
As stated in recital 87, the Bank of Greece noted that the adoption of resolution measures was crucial to maintain depositors' confidence in the Greek banking system.
Nedbringelsen af bankens internationale aktiver vil også i betydelig grad reducere risikoen for yderligere behov for støtte i fremtiden.
The acquisition can therefore be considered to be part of a consolidation process which is necessary to restore financial stability of the kind described in point 41 of the Restructuring Communication.
Dette hjælper derfor med at reducere støtten til det nødvendige minimum.
No non-aided bidder submitted any valid bid to acquire Probank, and the sale process was open and non-discriminatory.
For at begrænse kapitalbehovet vil banken ikke anvende […] som beskrevet i betragtning 154.
The acquisition of Probank was also authorised by the Hellenic Competition Authority.
Grækenland har desuden afgivet tilsagn om, at banken ikke vil foretage dyre opkøb.
In view of those elements, it can be concluded that the acquisition of Probank falls under the exemption in point 41 of the Restructuring Communication.
Banken har også indledt et vidtrækkende omkostningsnedskæringsprogram som anført i afsnit 2.4.2.
Conclusion on the acquisition of Probank
Historiske aktionærers del af byrden og ny kapital rejst på markedet
It is concluded that, in the light of the specificities of the acquisition of Probank, that acquisition is in line with the requirements laid down in the Restructuring Communication.
De eksisterende aktionærer i banken blev udvandet ved udstedelserne med fortegningsret i 2009 og 2010 [147] og efterfølgende af stabilitetsfondens rekapitalisering (foranstaltning B3).
COMPLIANCE OF MEASURES A, B1, B2 AND B3 WITH THE RESTRUCTURING COMMUNICATION
De eksisterende aktionærers post var blevet indskrænket fra 100 % forud for rekapitaliseringen foråret 2013 til kun 5,1 %.
Sources of difficulties and consequences on the assessment under the Restructuring Communication
Der er desuden ikke udbetalt udbytte til ordinære aktionærer siden 2007 eller til amerikanske præferenceaktionærer siden 2009.
As indicated in sections 2.1.1 and 2.1.2, the difficulties faced by the Bank mainly come from the Greek sovereign crisis and the deep recession in Greece and southern Europe.
Efterstillede kreditorers del af byrden
As regards the former factor, the Greek government lost access to financial markets and finally had to negotiate an agreement with its domestic and international creditors, the PSI programme, which resulted in a haircut of the claims held against the State by 53,3 %.
Bankens efterstillede kreditorer har bidraget til bankens omstruktureringsomkostninger.
In addition, 31,5 % of the claims was exchanged for new GGBs with lower interest rates and longer maturities.
Banken gennemgik flere passivstyringsoperationer for at generere kapital som beskrevet i betragtning 149 og 150.
Those new GGBs were bought back by the State from the Greek banks in December 2012 at a price between 30,2 % and 40,1 % of their nominal value, thereby crystalising a further loss for the Greek banks.
De resterende instrumenter er omfattet af forbuddet mod kuponrente beskrevet i betragtning 159.
Beside the impact of the PSI programme and the debt buy-back on its capital position, the Bank also observed significant deposit outflows between 2010 and mid-2012, due to the risk that Greece would exit the euro area as a consequence of an unsustainable public debt and the economic recession.
Kommissionen mener derfor, at der er sikret en passende byrdefordeling mellem bankens private indskydere af hybridkapital, og at kriterierne i omstruktureringsmeddelelsen i den sammenhæng er opfyldt.
Measures B1, B2 and B3 amount to EUR 9756 million, which is less than the amount of the loss booked following the PSI programme (EUR 11735 million).
Konklusion vedrørende egetbidrag og byrdefordeling
In such a case, and if the difficulties do not come primarily from excessive risk-taking behaviour, point 14 of the 2011 Prolongation Communication provides that the Commission will lighten its requirements.
Kommissionen bemærker, at egetbidraget og byrdefordelingen i form af salget af aktier sammenlignet med den samlede modtagne statslige rekapitalisering er meget lavere end det niveau, som Kommissionen normalt anser for tilstrækkeligt.
The Commission acknowledges that part of the capital needs stem from the standard exposure of a financial institution to the sovereign risk of its domestic country.
Omstruktureringsplanen omhandler f.eks. ingen indskrænkning af de græske bankaktiviteter og fastholdelsen af majoritetsandelen i Finansbank.
That fact was also pointed out in recitals 60 and 71 of the NBG Opening Decision.
I den henseende minder Kommissionen om, at banken har modtaget kapital fra staten svarende til 17,3 % af sine risikovægtede aktiver [148].
Since the PSI programme and the debt buy-back constitute a debt waiver in favour of the State, the remuneration of the State when recapitalising the Bank can be lower.
Dette bemærkes også i betragtning 68 til NBG-indledningsafgørelsen.
The second source of losses for the Bank is the losses on its loans to Greek households and corporations.
Behovet for at afhjælpe problemer med »moral hazard« er mindsket.
The Commission considers that those losses are mainly due to the exceptionally deep and protracted GDP contraction of approximately 25 % over five years, and are not due to risky lending practices by the Bank.
Som drøftet i afsnit 7.6.1 er den konkurrencefordrejende virkning af støtteforanstaltningerne mindre i lyset af disse faktorer og således også nødvendigheden af foranstaltninger, der har til formål at begrænse konkurrencefordrejningerne.
As a result, the aid granted to cover those losses does not create moral hazard, which is the case when the aid shelters a bank from the consequences of past risky behaviours.
Kommissionen kan følgelig undtagelsesvis acceptere, at omstruktureringsplanen til trods for det store støttebeløb ikke indeholder en nedbringelse af balancen og udlånene i Grækenland.
The aid is therefore less distortive [144].
Kommissionen bemærker imidlertid, at de statslige rekapitaliseringer satte banken i stand til at videreføre sin bankvirksomhed på udenlandske markeder.
However, some of the capital needs and loan losses of the Bank come from some international subsidiaries.
I den henseende bemærker Kommissionen bankens tilsagn i tillæg til den allerede gennemførte nedgearing og omstrukturering om at sælge de udenlandske aktiver […] inden den 30. juni 2018 [150].
In 2012 for instance, activities in Romania and Bulgaria were loss-making.
Støtten vil derfor ikke blive anvendt til at fordreje konkurrencen på disse udenlandske markeder.
The foreign assets also constituted a drain on liquidity since the intra-group funding amounted to about EUR […] billion at 31 December 2012.
Grækenland har også givet tilsagn om, at banken ikke vil foretage opkøb, hvilket sikrer, at banken ikke bruger den modtagne statsstøtte til at opkøbe nye virksomheder.
In conclusion, a significant part of the losses and the need for aid fall under point 14 of the 2011 Prolongation Communication, which allows the Commission to lighten its requirements.
Dette tilsagn medvirker til at sikre, at statsstøtten kun benyttes til at støtte genoprettelsen af rentabiliteten i den græske bankvirksomhed og ikke til vækst f.eks. på udenlandske markeder.
Part of the need for aid stems from Greek loan losses due to the exceptionally deep and long recession and not from risky lending.
Forpligtelsen til at nedsætte den uholdbart høje rente, der betales på græske indskud, sikrer også, at statsstøtten ikke bruges til at finansiere indlånsstrategier, som fordrejer konkurrencen på det græske marked.
Such aid does not create moral hazard and is therefore less distortive.
Tilsagnet om at gennemføre strenge retningslinjer for prissætning på nye udlån [151] på grundlag af en ordentlig kreditrisikovurdering vil ligeledes forhindre banken i at fordreje konkurrencen på det græske marked med uhensigtsmæssige prisstrategier for udlån til kunder.
Finally, a limited part of the need for aid comes from the Bank's own risk-taking.
Tilsagnet om at afhænde […] sikrer også, at støtten ikke bruges til at opnå vækst på dette marked på bekostning af konkurrenter, der ikke modtager støtte.
However, since the Greek economy has contracted by about 25 % since 2008, the Bank has to adapt its organisation, cost structure and its commercial network to that new environment, in order to restore sufficient profitability.
Under hensyntagen til den specifikke situation beskrevet i afsnit 7.6.1 og foranstaltningerne i omstruktureringsplanen mener Kommissionen, at der er truffet tilstrækkelige beskyttelsesforanstaltninger med henblik på at begrænse konkurrencefordrejningerne.
Therefore notwithstanding the fact that most of the aid does not stem from excessive risk-taking, the Bank must restructure its operations in order to secure its long-term viability.
Tilsyn
Viability
I medfør af afsnit 5 i omstruktureringsmeddelelsen skal Kommissionen modtage periodiske rapporter, så den kan kontrollere, at omstruktureringsplanen gennemføres korrekt.
A restructuring plan must ensure that the financial institution is able to restore its long-term viability by the end of the restructuring period (section 2 of the Restructuring Communication).
Konklusion vedrørende foranstaltning A, B1, B2 og B3's forenelighed med omstruktureringsmeddelelsen
In the case at hand, the restructuring period is defined as the period between the adoption date of this Decision and 31 December 2018.
Kommissionen mener, at omstruktureringsplanen sammen med tilsagnene i bilaget til denne afgørelse sikrer genoprettelsen af bankens langsigtede rentabilitet, er tilstrækkelig med hensyn til byrdefordelingen og egetbidraget og indeholder tilstrækkelige foranstaltninger med henblik på at afbøde de konkurrencefordrejende virkninger.
In line with points 9, 10 and 11 of the Restructuring Communication, Greece submitted a comprehensive and detailed restructuring plan which provides complete information on the Bank's business model.
Den fremlagte omstruktureringsplan og tilsagnene opfylder kriterierne i omstruktureringsmeddelelsen.
The plan also identifies the causes of the difficulties faced by the Bank, as well as the measures taken to tackle all viability issues which it faced.
KONKLUSION
In particular, the restructuring plan describes the strategy chosen to preserve the Bank's operational efficiency and to tackle the high level of non-performing loans, its vulnerable liquidity and capital positions, and its foreign businesses, which relied on their parent company for their funding and capital.
Kommissionen beklager, at Grækenland ulovligt har gennemført støtteforanstaltningerne B1, B2, B3, FB4, FB5, PB1 og PB2 i strid med traktatens artikel 108, stk. 3, eftersom de blev gennemført før den formelle anmeldelse heraf.
Greek banking activities
Disse foranstaltninger kan dog — ligesom de øvrige foranstaltninger, der er analyseret i denne afgørelse — anses for at være forenelige med det indre marked —
As regards liquidity and the Bank's reliance on Eurosystem funding, the restructuring plan foresees a limited growth of the balance sheet in Greece while the deposit base should grow again.
VEDTAGET DENNE AFGØRELSE:
The reliance on emergency liquidity assistance, which has already fallen, will continue to decrease [145] which will also help the Bank to reduce its cost of funding.
Artikel 1
The loan-to-deposit ratio commitment mentioned in recital 153 ensures that the Bank's balance sheet structure will remain sustainable at the end of the restructuring period.
Følgende foranstaltninger, der er gennemført eller planlagt af Grækenland, udgør statsstøtte i henhold til traktatens artikel 107, stk. 1:
The sale of securities and of other non-core activities will also strengthen the liquidity position of the Bank.
den anden bro-rekapitalisering på 2326 mio. ydet af den græske finansielle stabilitetsfond (herefter »stabilitetsfonden«) til NBG i december 2012 (foranstaltning B2)
To decrease its funding costs, Greece has also given a commitment that the Bank will continue reducing the interest rates it pays on deposits in Greece, as described in recital 153.
rekapitaliseringen på 8677 mio. EUR ydet af stabilitetsfonden til NBG i foråret 2013 (foranstaltning B3)
Achieving such a decrease in the cost of deposits will be a key contribution to improving the pre-provisioning profitability of the Bank.
finansieringen af det samlede udækkede finansieringsbehov på 456,97 mio. EUR ydet af stabilitetsfonden til de aktiviteter, der blev overført fra First Business Bank S.A. (herefter »FB Bank«) til NBG i juni og oktober 2013 (foranstaltning FB4)
Since the start of the crisis the Bank has started to rationalise its commercial network in Greece, through a reduction in the number of branches and employees.
tilsagnet om at dække NBG's kapitalbehov fra købet af aktiver overført fra FB Bank til NBG i maj 2013 for et beløb på 100 mio. EUR (foranstaltning FB5)
By 31 December 2017, the total costs of the Bank will have further decreased.
finansieringen af det samlede udækkede finansieringsbehov på 562,73 mio. EUR ydet af stabilitetsfonden til de aktiviteter, der blev overført fra Probank S.A. til NBG i august og december 2013 (foranstaltning PB1), og
To that end, Greece has given a commitment that the Bank will reduce its branches and employees in Greece to […] and […] respectively as of 31 December 2017, with maximum total costs in Greece amounting to EUR […] million.
tilsagnet om at dække NBG's kapitalbehov fra købet af aktiver overført fra Probank til NBG i juli 2013 for et beløb på [180-280] mio. EUR (foranstaltning PB2).
The expected cost-to-income ratio will be less than […] % at the end of the restructuring period.
Stabilitetsfondens finansiering af det samlede udækkede finansieringsbehov på 325,8 mio. EUR i forbindelse med overførslen af udvalgte aktiver og passiver i Cooperative Bank of Lesvos-Limnos, Cooperative Bank of Achaia og Cooperative Bank of Lamia til NBG i marts 2013 udgør ikke statsstøtte i henhold til traktatens artikel 107, stk. 1.
The Commission considers that the restructuring plan will ensure the efficiency of the Bank in the new market environment.
I lyset af omstruktureringsplanen for NBG Group, som omfatter National Bank of Greece og alle dens datterselskaber (græske og ikkegræske datterselskaber og filialer med såvel bankvirksomhed som anden virksomhed), som blev fremlagt den 25. juni 2014, og Grækenlands tilsagn givet den samme dato er følgende statsstøtteforanstaltninger forenelige med det indre marked:
One other key area is the handling of non-performing loans.
Grækenlands kapitaltilførsel på 1350 mio. EUR til NBG i maj 2009 og december 2011 i form af præferenceaktier i henhold til rekapitaliseringsordningen (foranstaltning A)
The Bank plans to enhance its workout activity in order to minimise its losses.
nødlikviditetsstøtte tilført NBG af den græske nationalbank og garanteret af Grækenland siden juli 2011 for et beløb af 30,9 mia. EUR pr. 31. december 2012 (foranstaltning L2)
Under its new operating model, the Bank will manage non-performing loans through a dedicated unit, the priority of which will be to maximise the recoveries for the Bank and to reduce the non-performing loans through sustainable restructuring.
den første bro-rekapitalisering på 7430 mio. EUR ydet af stabilitetsfonden til NBG i maj 2012 (foranstaltning B1)
Greece has also given a commitment that the Bank will comply with high standards as regards its credit policy in order to maximise the value for the Bank at each stage of the credit process, as described in recital 157.
den anden bro-rekapitalisering på 2326 mio. EUR ydet af stabilitetsfonden til NBG i december 2012 (foranstaltning B2)
Corporate governance
Grækenlands kapitaltilførsel på 50 mio. EUR til FB Bank i juli 2009 (foranstaltning FB1)
Another point of attention is the governance of the Bank given that the HFSF owns the majority of the Bank's shares following the 2014 share capital increase, but with restricted voting power.
finansieringen af det samlede udækkede finansieringsbehov på 456,97 mio. EUR ydet af stabilitetsfonden til de aktiviteter, der blev overført fra FB Bank til NBG i juni og oktober 2013 (foranstaltning FB4)
Additionally, some of the private shareholders also own warrants and thus would benefit from the full upside if the share price were to soar during the restructuring period.
tilsagnet om at dække NBG's kapitalbehov fra købet af aktiver overført fra FB Bank til NBG i maj 2013 for et beløb på 100 mio. EUR (foranstaltning FB5)
Because that situation could create moral hazard, a specific relationship framework has been agreed between the Bank and the HFSF since 2013.
finansieringen af det samlede udækkede finansieringsbehov på 562,7 mio. EUR ydet af stabilitetsfonden til de aktiviteter, der blev overført fra Probank til NBG i august og december 2013 (foranstaltning PB1), og
That agreement protects the day-to-day business of the Bank from any interference from its main shareholders, while ensuring the HFSF can monitor the implementation of the restructuring plan and prevent excessive risk-taking by the Bank's management through appropriate consultation procedures.
Artikel 2
The Bank has also given a commitment to monitor closely its exposure to connected borrowers.
Udfærdiget i Bruxelles, den 23. juli 2014.
International activities
På Kommissionens vegne
Some of the Bank's international activities have drained the Bank's capital, liquidity and profitability in the past, as explained in recital 372.
Næstformand
The restructuring plan foresees a shift towards a greater focus on its domestic market and Turkey.
National bank of Greece S.A. og alle dens datterselskaber.
The Bank has already started to rationalise the foreign subsidiaries, to strengthen the loan underwriting process and to reduce the subsidiaries' funding gaps.
Den fik nummer SA.26678 (N 560/08).
The total amount of assets outside Greece and Turkey will therefore shrink by […] % from 31 December 2012 to 31 December 2017.
Ordningen blev senere forlænget og ændret som beskrevet i fodnote 4.
Greece has also given a commitment that the Bank will reduce its shareholding in its Turkish subsidiary Finansbank through […].
Se Kommissionens afgørelse af 22. december 2011 i statsstøttesag SA.34064 (11/N) om den anden rekapitalisering af NBG under den græske rekapitaliseringsordning (EUT C 99 af 3.4.2012, s. 4).
[…] welcome since they will strengthen the capital position of the Bank.
Ved »udækket finansieringsbehov« forstås forskellen mellem værdien af de aktiver og værdien af de passiver, der er overført til banken.
Regarding the fact that the Bank envisages retaining a majority shareholding in Finansbank, the Commission observes that Finansbank has been steadily profitable over recent years.
Lov 4051/2012 om reglerne vedrørende pensioner og andre hasteregler vedrørende anvendelsen af memorandummet om lov 4046/2012.
The Commission also observes that the Bank envisages closely monitoring the costs of Finansbank and the risks taken by that subsidiary.
Se Kommissionens afgørelse af 27. juli 2012 i statsstøttesag SA.34824 (2012/C), »Den græske finansielle stabiliseringsfonds rekapitalisering af National Bank of Greece« ( EUT C 359 af 21.11.2012, s. 4).
The commitment that the Bank will not provide […] to Finansbank ensures that Finansbank […].
Pressemeddelelse fra stabilitetsfonden af 24. december 2012 på: http://www.hfsf.gr/files/press_release_20121224_en.pdf.
In view of those elements, the Commission considers that keeping a majority shareholding in Finansbank does not endanger the restoration of profitability.
Bankens halvårsregnskab af 30. juni 2013, august 2013, s. 9, på: https://www.nbg.gr/english/the-group/investor-relations/financial-information/annual-interim-financial-statements/Documents/Annual%20and%20interim%20financial%20statements/Financial%20Report%20NBG%20GROUP-BANK%2030%2006%202013_EN%20FINAL.pdf.
Therefore it is concluded that the Bank will sufficiently restructure its foreign operations and reduce its exposure to the less viable ones.
Se fodnote 2.
Conclusion on viability
Europa-Kommissionen, Generaldirektoratet for Økonomiske og Finansielle Anliggender.
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.
The Second Economic Adjustment Programme for Greece — marts 2012, s. 17, på: http://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp94_en.pdf.
The baseline capital needs estimated by the Bank of Greece therefore assume a certain level of stress.
Pressemeddelelse fra finansministeriet af 9. marts 2012 på: http://www.pdma.gr/attachments/article/80/9%20MARCH%202012%20-%20RESULTS.pdf.
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.
En banks kernekapitalprocent (CT1) — en af de lovpligtige kapitalangivelser, der føres tilsyn med i overensstemmelse med kapitalkravsdirektivet.
The Commission can therefore conclude that the restructuring measures envisaged in the restructuring plan are sufficient to restore the viability of the Bank.
Se fodnote 13, s. 106.
As stated in section 3 of 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.
Se fodnote 14.
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.
Se fodnote 13, s. 104.
The commitments made by Greece should ensure that own resources are used and that original shareholders and private investors, holding hybrid capital of the Bank, contribute to the restructuring.
Den Europæiske Centralbank og de nationale centralbanker udgør tilsammen Eurosystemet, som er euroområdets centralbanksystem.
Own contribution by the Bank: divestments and cost-cutting
Pressemeddelelse fra finansministeriet af 3. december 2012 på: http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdf.
The Bank has already divested some small businesses such as the insurance activities in Turkey and a majority stake in its real estate subsidiary.
Dette tilbagekøb af landets egen gæld til en kurs, der lå langt under pari, gav Grækenland en betydelig gældsreduktion.
The restructuring plan foresees the sale of a minority stake in Finansbank, as described in recital 387, which will enable the Bank to generate capital internally.