natgillin/translations-raw huggingface dataset:
I mangel af et sådant tilbagekøb kunne markedsværdien af disse obligationer være steget afhængigt af udviklingen i markedsparametre som rentesatser og sandsynligheden for Grækenlands misligholdelse af sine lån.
The Bank will also sell […] as well as its private equity subsidiary and other securities.
Prognoserne for tab på lån omfatter det forventede tab på nye lån udstedt i Grækenland i perioden fra juni 2013 til december 2016.
Considering the deleveraging and the divestments already implemented and following the implementation of the commitments related to the deleveraging and divestments of foreign businesses, the Bank will have generated a significant amount of capital.
Virkningen af PTL for udenlandsk risiko blev beregnet efter udenlandsk skat og under hensyntagen til de tilsagn angående afhændelser, som Grækenland foreslog Kommissionen på det tidspunkt.
The downsizing of the Bank's international assets will also significantly reduce the contingent risk that aid will be needed in the future.
NBG's hensættelser til tab på lån pr. 30. juni 2013 proforma for First Business Banks og Probanks hensættelser.
It therefore helps in reducing the amount of aid to the minimum.
Eurobanks hensættelser til tab på lån pr. 30. juni 2013 proforma for hensættelserne i New Hellenic Postbank og New Proton Bank, som blev købt af banken i august 2013.
In order to limit its capital needs, the Bank will not use […], as described in recital 154.
Se tabel 2.
In addition, the commitments made by Greece provide that the Bank will not make costly acquisitions.
Kilder:2012 og 2013: Financial results 2013 — Consolidated financial statements, s. 42-432011: Financial results 2012 — Consolidated financial statements, s. 44-452010: Financial results 2010 — Consolidated financial statements, s. 42-43.
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
Disse egenkapitalbeløb omfatter:for 2010 en mængde præferenceaktier for i alt 350 mio. EUR tildelt af Grækenland i 2009for 2011, 2012 og 2013 en mængde præferenceaktier for i alt 1350 mio. EUR tildelt i 2009 og 2011.Disse beløb omfatter ikke den bro-rekapitalisering, som banken fik i 2012 til en værdi af 9756 mio. EUR.
Its costs will further decrease until 2017.
I henhold til det konsoliderede årsregnskab for 2012.
Its workforce is being reduced and most of the salaries adjusted downwards.
Fortrolig oplysning.
The existing shareholders of the Bank were successively diluted by the rights issues completed in 2009 and 2010 [147] and then by the HFSF recapitalisation (measure B3).
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 1/4/23.3.2012.
The stake held by the shareholders of the Bank was reduced from 100 % prior to the Spring 2013 recapitalisation to only 5,1 % afterwards.
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 1/6/23.3.2012.
In addition, no dividend has been paid to ordinary shareholders since 2007 or to US preference shareholders since 2009.
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 1/5/23.3.2012.
Besides that burden-sharing by historical shareholders, the Bank has raised a significant amount of capital since the crisis started in late 2008, that is to say EUR 1247 million in 2009, EUR 1815 million in 2010, EUR 1079 million in 2013 and EUR 2500 million in 2014.
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 1/1/23.3.2012.
That capital raised has contributed to reducing the amount of capital needs which had to be filled by State aid.
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 1/3/23.3.2012.
Burden-sharing by subordinated debt holders
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 1/2/23.3.2012.
The Bank's subordinated debt holders have contributed to the restructuring costs of the Bank.
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 1/7/23.3.2012.
The Bank has performed several liability management exercises in order to generate capital, as described in recitals 149 and 150.
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 1/8/23.3.2012.
The still outstanding instruments are subject to the coupon ban mentioned in recital 159.
FB Bank havde modtaget græske statsobligationer i januar 2009, som udløb i december 2011.
Therefore, the Commission considers that an adequate burden-sharing from the bank's private hybrid investors is ensured and the requirements of the Restructuring Communication in that respect are met.
E-mail fra den græske nationalbank til Kommissionen, 11. maj 2013.
Conclusion on own contribution and burden-sharing
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 10/2/10.5.2013.
The Commission observes that in comparison with the total State recapitalisation received, the own contribution and burden-sharing in the form of sale of assets and downsizing is much lower than what the Commission would usually consider sufficient.
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 13/1/7.11.2013.
For instance, the restructuring plan envisages no downsizing of the Greek banking activities and the retention of a majority stake in Finansbank.
Stabilitetsfondens aktivitetsrapport for perioden juli-december 2013 på: http://www.hfsf.gr/files/HFSF_activities_Jul_2013_Dec_2013_en.pdf.
However, in view of the elements developed in section 7.6.1, under which the Commission can accept a lower own contribution and burden-sharing, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures.
Bankens bud af 25. juli 2013, baseret på den græske nationalbanks data pr. 31. marts 2013.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
Data indgivet af den græske nationalbank den 2. april 2014.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Den græske nationalbanks kredit- og forsikringskommissions beslutning 85/1/26.7.2013.
Point 31 of the Restructuring Communication states that when assessing the amount of aid and the resulting competition distortions, the Commission has to take into account both the absolute and relative amount of the State aid received as well as the degree of burden-sharing and the position of the financial institution on the market after the restructuring.
Stabilitetsfonden, Probank — gennemgang af modtagne bud, 25. juli 2013.
In that respect, the Commission recalls that the Bank has received capital from the State equivalent to 17,3 % of its RWA [148].
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 12/2/26.7.2013.
In addition, the Bank has obtained liquidity guarantees amounting to EUR 12900 million as of 15 April 2011 and to EUR 14798 million as of 31 December 2013.
Differencen opstod primært, fordi bruttobeløbet for de faktiske overførte lån var mindre end det oprindeligt anslåede beløb på 197 mio. EUR, fordi hensættelserne til lån også steg med 141 mio. EUR, og fordi værdiansættelsen af egenkapitalen og obligationsporteføljen var faldet sammen med værdiansættelsen af passiver og primært indlån.
The Bank had also received loans of government bonds for EUR 847 million at that date, as well as State-guaranteed ELA amounting to EUR 30,9 billion at 31 December 2012.
Ifølge Grækenlands rapport af 13. december 2013 om forvaltningen af garantiforanstaltningen og foranstaltningen med statsobligationslån.
The need to implement measures to limit potential distortions of competition is thus justified in view of that large amount of aid.
Ifølge den græske nationalbanks brev af 7. november 2011 gælder garantierne summen af al likviditetsstøtte i en nødsituation (ELA).
Additionally, the market share of the Bank in Greece is large, with market shares of 22 % for loans and 25 % for deposits at 31 December 2013 [149].
Oplysninger anført i anmeldelse af 25. juni 2014.
The Commission recalls that the difficulties of the Bank come mainly from external shocks such as the Greek sovereign crisis and the protracted recession which has disrupted the Greek economy since 2008.
Omstruktureringsplan indgivet den 25. juni 2014, bilag I, s. 24.
This was also noted in recital 68 of the NBG Opening Decision.
Som anført i betragtning 101 og 102 blev forpligtelsen bevilget i april 2012, og rekapitaliseringen fandt sted i maj 2012.
The need to address moral hazard issues is therefore reduced in consequence.
I før-tegningsaftalen hedder det: »Den effektive risiko, der skal betales til banken, omfatter EFSF-obligationerne og eventuelle kuponbetalinger og påløbne renter på EFSF-obligationerne for perioden fra udstedelsen af obligationerne og indtil omlægningen af forskudsbeløbet til aktiekapital og andre konvertible finansielle instrumenter i overensstemmelse med denne aftales bestemmelser«.
As discussed in section 7.6.1, the distortive effect of the aid measures is lower in the light of those factors as is the need for measures to limit distortions of competition.
Se tabel 3.
For those reasons, the Commission can exceptionally accept that, in spite of the high aid amount, the restructuring plan does not envisage any downsizing of the balance sheet and loans in Greece.
http://www.nbg.gr/wps/wcm/connect/71b1f08a-2c84-4cfe-a368-f985c93d2da9/20130523_Announcement_Cut+Off+Date+and+Subscription+Period_final+clean+…%283%29_EN.pdf?MOD=AJPERES.
However, the Commission notes that the State recapitalisations enabled the Bank to continue its banking activities in foreign markets.
Udnyttelseskursen den 26. december 2013 var eksempelvis 4,3758 EUR.
In that respect, the Commission notes, in addition to the deleveraging and restructuring already implemented, the commitment to divest the foreign assets […] by 30 June 2018 [150].
Den 26. juni 2014 vil den være 4,4616 EUR, den 26. december 2014 vil den være 4,5689 EUR, den 26. juni 2015 vil den være 4,6761 EUR osv.
The aid will therefore not be used to distort competition on those foreign markets.
Dette beløb på 60 mio. EUR i græske statsobligationer blev tildelt og bevilget banken i september 2013 i henhold til den græske nationalbanks kredit- og forsikringskommissions beslutning 73/1/10/05.2013 og den græske nationalbanks afviklingsforanstaltningskommissions beslutning 10/1/10.5.2003.
Greece has also committed that the Bank will not make acquisitions, ensuring that the Bank will not use the State aid received to acquire any new business.
Udtrykket »udækket finansieringsbehov« kan derfor være misvisende, da det beskriver en kapitalstøtteforanstaltning og ikke likviditetsstøtte.
That commitment contributes to ensuring that the aid is strictly used to support the restoration of the viability of the Greek banking activities, and not, for instance, to grow in foreign markets.
Stabilitetsfondens aktivitetsrapport for perioden juli-december 2013, marts 2014, s.4, på: http://www.hfsf.gr/files/HFSF_activities_Jul_2013_Dec_2013_en.pdf.
The commitment to decrease the interest paid on Greek deposits from non-profitable high levels also ensures that the aid will not be used to finance deposit collection strategies which distort competition on the Greek market.
2010 Annual Report https://www.nbg.gr/english/the-group/investor-relations/annual-report-offerring-circular/Documents/73301T05_CNB.pdf.
Similarly, the commitment to implement strict guidelines as regards the pricing of new loans [151], based on a proper credit risk assessment, will prevent the Bank from distorting competition on the Greek market with inappropriate pricing strategies on the loans to customers.
2012 Annual Report, https://www.nbg.gr/english/the-group/investor-relations/annual-report-offerring-circular/Documents/NBG%20Form%2020-F.PDF.
The commitment to divest […] also ensures that the aid will not be used to grow on that market at the expense of non-aided competitors.
Omstruktureringsplan indgivet den 25. juni 2014, s. 30 (tal henviser til indenlandske tjenester, herunder f.eks. datterselskaber inden for forsikringer, fast ejendom og turisme).
Taking into account the specific situation described in section 7.6.1 and the measures provided for in the restructuring plan, the Commission considers there are sufficient safeguards to limit distortions of competition.
Se betragtning 72 og 82.
Monitoring
Omstruktureringsplan indgivet den 25. juni 2014, s. 30.
In accordance with section 5 of the Restructuring Communication, regular reports are required to allow the Commission to verify that the restructuring plan is being implemented properly.
Omstruktureringsplan indgivet den 25. juni 2014, bilag I, s. 11.
As stated in the commitments [152], Greece will ensure that the Monitoring Trustee, which was appointed by the Bank with the approval of the Commission, will monitor the commitments undertaken by Greece on the restructuring of activities in Greece and abroad and on corporate governance and commercial operations until the end of the restructuring period, namely, 31 December 2018.
Omstruktureringsplan indgivet den 25. juni 2014, bilag I, s. 9.
The Commission therefore finds that proper monitoring of the implementation of the restructuring plan is ensured.
Forrentningen af risikovægtede aktiver, som ikke er negativt berørt af bankens høje kapitalgrundlag, vil nå op på […] % ved udgangen af omstruktureringsperioden.
Conclusion on the compliance of measures A, B1, B2 and B3 with the Restructuring Communication
Omstruktureringsplan indgivet den 25. juni 2014, s. 13.
The Commission finds that the restructuring plan when taken together with the commitments in the Annex to this Decision ensures the restoration of long-term viability of the Bank, is sufficient with respect to burden-sharing and own contribution, and contains sufficient measures to limit distortions of competition.
Omstruktureringsplan indgivet den 25. juni 2014, s. 34.
The restructuring plan and commitments submitted fulfil the criteria of the Restructuring Communication.
Omstruktureringsplan indgivet den 25. juni 2014, s. 12.
CONCLUSION
De græske myndigheder anslår i deres oplysninger til Kommissionen den 21. november 2013, at kernekapitalprocenten vil stige med 35 basispoint i 2013.
The Commission regrets that Greece has unlawfully implemented aid measures B1, B2, B3, FB4, FB5, PB1, and PB2, in breach of Article 108(3) of the Treaty, since they were implemented before their formal notification.
Financial Report 2010, s. 44.
However, those measures, as well as the other measures analysed in this Decision, can be considered compatible with the internal market,
Omstruktureringsplan indgivet den 25. juni 2014, s. 11.
HAS ADOPTED THIS DECISION:
Se tilsagnene i bilagets kapitel II.
Article 1
De renteswaps, der er aftalt med Grækenland i henhold til en ISDA-aftale, herunder swaps med sikkerhed gennem Titlos Plc, medregnes ikke i nettolånene ved beregningen af forholdet mellem nettoudlån og indlån.
The following measures implemented or planned by Greece constitute State aid within the meaning of Article 107(1) of the Treaty:
Se tilsagnene i bilagets kapitel II.
the emergency liquidity assistance provided to National Bank of Greece S.A.
Se tilsagnene i bilagets afsnit A, kapitel III.
(‘NBG’) by the Bank of Greece and guaranteed by Greece (measure L2);
Se tilsagnene i bilagets afsnit C, kapitel III.
the second bridge recapitalisation of EUR 2326 million granted by the Hellenic Financial Stability Fund (‘HFSF’) to NBG in December 2012 (measure B2);
Grækenlands brev til Kommissionen af 25. juni 2014: Med hensyn til garantier udstedt af stabilitetsfonden præciseres det, at Den Hellenske Republik vil indhente Kommissionens godkendelse af ethvert tilbagekøb af garantier, der foretages af NBG eller en statslig enhed, herunder stabilitetsfonden), således at Kommissionen kan bekræfte, at det planlagte tilbagekøb af garantier ikke er i strid med statsstøttereglernes principper for forrentning.
the recapitalisation of EUR 8677 million granted by the HFSF to NBG in spring 2013 (measure B3);
Meddelelse fra Kommissionen — Statsstøttereglernes anvendelse på foranstaltninger truffet over for pengeinstitutter i forbindelse med den aktuelle globale finanskrise (EUT C 270 af 25.10.2008, s. 8).
the financing of the total funding gap of EUR 456,97 million by the HFSF related to the activities transferred from First Business Bank S.A.
Betragtning 59 til NBG-indledningsafgørelsen.
(‘FB Bank’) to NBG in June and October 2013 (measure FB4);
Betragtning 63 til NBG-indledningsafgørelsen.
the commitment to cover the capital need of NBG related to the acquisition of assets transferred from FB Bank to NBG, in May 2013, for an amount of EUR 100 million (measure FB5);
Se betragtning 146 til Kommissionens afgørelse af 12. november 2008 i statsstøttesag SA.
the financing of the total funding gap of EUR 562,73 million by the HFSF related to the activities transferred from Probank S.A. to NBG, in August and December 2013 (measure PB1); and
510/08 — Italien »Vendita dei beni della compagnia aerea ALITALIA« ( EUT C 46 af 25.2.2009, s. 6).
the commitment to cover the capital need of NBG related to the acquisition of assets transferred from Probank to NBG, in July 2013, for an amount of EUR [180 to 280] million (measure PB2).
Se punkt 49 i bankmeddelelsen fra 2008 og punkt 20 i omstruktureringsmeddelelsen.
The financing by the HFSF of the total funding gap of EUR 325,8 million, in the framework of the transfer to NBG of selected assets and liabilities of Cooperative Bank of Lesvos-Limnos, Cooperative Bank of Achaia and Cooperative Bank of Lamia in March 2013, does not constitute State aid within the meaning of Article 107(1) of the Treaty.
Se fodnote 2 og 4.
In the light of the restructuring plan relating to the NBG Group, which includes National Bank of Greece and all its subsidiaries (Greek and non-Greek subsidiaries and branches, both banking and non-banking activities), submitted on 25 June 2014 and the commitments given by Greece on the same date, the following State aid is compatible with the internal market:
Grækenlands brev til Kommissionen af 14. maj 2013.
the emergency liquidity assistance provided to NBG by the Bank of Greece and guaranteed by Greece since July 2011, for an amount of EUR 30,9 billion at 31 December 2012 (measure L2);
Emporiki Bank blev ikke — som ved afviklingen af de tre andelsbanker — kontaktet, da den i mellemtiden var blevet overtaget af Alpha Bank.
the first bridge recapitalisation of EUR 7430 million granted by the HFSF to NBG in May 2012 (measure B1);
Se også betragtning (82) til Kommissionens afgørelse af 28.11.2012 i statsstøttesag SA.34053 (12/N) — Spain Recapitalisation and Restructuring of Banco de Valencia SA (EUT C 75 af 14.3.2013, s. 3).
the second bridge recapitalisation of EUR 2326 million granted by the HFSF to NBG in December 2012 (measure B2);
Se fodnote 103.
the capital injection of EUR 50 million granted by Greece to FB Bank in July 2009 (measure FB1);
Meddelelse fra Kommissionen om anvendelse af statsstøtteregler på støtteforanstaltninger til fordel for banker i forbindelse med finanskrisen fra og med 1. januar 2012 (»forlængelsesmeddelelsen fra 2011«) ( EUT C 356 af 6.12.2011, s. 7).
the financing of the total funding gap of EUR 456,97 million by the HFSF related to the activities transferred from FB Bank to NBG, in June and October 2013 (measure FB4);
Med hensyn til foranstaltning FB4 har stabilitetsfonden en fordring på 457 mio. EUR over for enheden under afvikling.
the financing of the total funding gap of EUR 562,7 million by the HFSF related to the activities transferred from Probank to NBG, in August and December 2013 (measure PB1); and
Pr. 31. december 2013 beløb de bogførte værdiforringelsestab på denne fordring sig til 377 mio. EUR i stabilitetsfondens regnskab.
Article 2
Omstruktureringsplan indgivet den 25. juni 2014, s. 17.
This Decision is addressed to the Hellenic Republic.
Se fodnote 109
Done at Brussels, 23 July 2014.
I sin rentabilitetsvurdering fra 2012 udpegede den græske nationalbank de fire største banker i Grækenland, som var egnede til rekapitalisering fra stabilitetsfonden, mens den vurderede, at de øvrige banker, dvs. de »ikkecentrale« banker, ikke var berettigede til rekapitalisering fra stabilitetsfonden.
For the Commission
Den græske nationalbanks afviklingsforanstaltningskommissions beslutning 12/1/26.7.2013.
Vice-President
Omstruktureringsplan indgivet den 25. juni 2014, s. 15.
National bank of Greece S.A. and all its subsidiaries
Se fodnote 1 og 3.
Commission Decision of 19 November 2008 in State aid N 560/08 ‘Support Measures for the Credit Institutions in Greece’ ( OJ C 125, 5.6.2009, p. 6).
Se NBG-indledningsafgørelsen, betragtning 38.
It was attributed the number SA.26678 (N 560/08).
Stabilitetsfonden, årsregnskab for 2013, juni 2014, s. 6.
That scheme was subsequently prolonged and amended as described in footnote 4.
Se fodnote 56.
See Commission Decision of 22 December 2011 in State aid SA.34064 (11/N) ‘Second rescue recapitalisation of NBG under the Greek recapitalisation scheme’ ( OJ C 99, 3.4.2012, p. 4).
Det bemærkes også, at Grækenland bevilgede støtten til banken i henhold til den græske bankstøtteordning, som er blevet godkendt af Kommissionen på grundlag af traktatens artikel 107, stk. 3, litra b), og igennem stabilitetsfonden, hvis stiftelse også er blevet godkendt ved Kommissionens afgørelse.
‘Funding gap’ is a term which refers to the difference between the value of the assets and the value of the liabilities transferred to the bank.
Se fodnote 2 og 3.
Law 4051/2012 on the rules related to pensions and other urgent rules related to the application of the Memorandum of Understanding of the law 4046/2012.
Se betragtning 41 til Kommissionens beslutning af 10. oktober 2008 i sag NN 51/08, Garantiordning for banker i Danmark (EUT C 273 af 28.10.2008, s. 2).
See Commission Decision of 27 July 2012 in State aid SA.
Se 2013 Financial Statements, s. 42.
34824 (12/C), ‘Recapitalisation of National Bank of Greece by the Hellenic Financial Stability Fund’ ( OJ C 359, 21.11.2012, p. 4).
Se betragtning 104: De påløbne renter tæller som et yderligere bidrag fra stabilitetsfonden og reducerer dermed den betaling, som stabilitetsfonden skulle erlægge til banken for at betale for rekapitaliseringen foråret 2013.
HFSF press release, 24 December 2012, available online at: http://www.hfsf.gr/files/press_release_20121224_en.pdf
Se også afsnit 7.6.1.
The Bank's interim financial report of 30 June 2013, August 2013, p. 9 available online at: 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
Den teoretiske kurs uden tegningsrettigheder (»TERP«) er en almindeligt accepteret teknik på markedet til kvantificering af »udvandingseffekten« af aktiekapitalforhøjelser.
See footnote 2.
Den hellenske konkurrencemyndigheds beslutning 542/VII/19.6.2012 offentliggjort i den græske lovtidende (FEK B' 238/8.2.2013) på http://www.epant.gr/img/x2/apofaseis/apofaseis696_1_1362562606.pdf.
A Purchase & Assumption is a resolution procedure which consists of identifying, in a legal entity under liquidation, the assets and liabilities of high quality and auctioning them in order to transfer them to a viable company.
Opkøbet af de overførte aktiver og passiver fra Lamia Bank og Lesvos-Limnos Bank blev ikke anmeldt til den hellenske konkurrencemyndighed, fordi hver af andelsbankernes omsætning ikke oversteg den tærskel på 15 mio. EUR, der er fastsat ved artikel 6, stk. 1, i lov 3959/2011 sammenholdt med artikel 10, stk. 3, litra a), i samme lov.
HFSF, Annual Financial Report for the year ended 31 December 2013, June 2014, p. 8.
Se også afsnit 7.5.1.
European Commission — Directorate-General Economic and Financial Affairs.