natgillin/translations-raw huggingface dataset:
Kommissionen konkluderer, at foranstaltning PB1 og PB2 er hensigtsmæssige, nødvendige og i lyset af den forventede gennemgribende omstrukturering af banken, hvori Probanks økonomiske aktiviteter nu indgår, proportional i forhold til det tilsigtede mål i overensstemmelse med bankmeddelelsen fra 2008 og rekapitaliseringsmeddelelsen.
In fact, the HFSF has no prospect of making a profit on its contribution: in exchange for its contribution, it did not receive any claim against the Bank but only a claim against the entity under liquidation, that is to say Probank [122].
Med hensyn til forrentningen af foranstaltning PB1 bemærkede Kommissionen i betragtning 260, at stabilitetsfonden sandsynligvis ikke få hele sit bidrag på 562,73 mio. EUR tilført med henblik på afvikling af Probank (foranstaltning PB1) tilbage.
Therefore, the HFSF will probably not fully recover the money contributed.
Sikring af langsigtet rentabilitet i Probanks aktiviteter gennem et salg
That selective advantage which measures PB1 and PB2 provide distorts competition by keeping one banking activity alive, allowing it to operate on the market and to compete with other banks which are active in Greece or potentially interested in entering the Greek market.
Medlemsstaterne kan derfor tilskynde til, at urentable aktører forsvinder fra markedet, og samtidig sørge for, at deres udtræden fra markedet af hensyn til den finansielle stabilitet sker inden for en passende tidsramme.
Hence, measures PB1 and PB2 have an effect on trade between Member States and potentially distort competition.
Probank var dog ikke rentabel som selvstændig enhed og blev sat til afvikling.
It is therefore concluded that the coverage by the HFSF of the funding gap from Probank to the Bank, for an amount of EUR 562,73 million and the commitment of the HFSF to cover the capital needs related to the transferred assets, which may amount to EUR [180 to 280] million, constitute State aid within the meaning of Article 107(1) of the Treaty.
Det forhold, at Probanks aktiviteter var blevet overført til banken, gør det derfor muligt at genoprette deres langsigtede rentabilitet.
Beneficiary of measures PB1 and PB2
Det forhold, at Probanks aktiviteter blev fuldt integreret [127] i banken, og Probank ophørte som selvstændig enhed, udgør den gennemgribende omstrukturering, der er nødvendig som følge af den utilstrækkelige forrentning af statsstøtten.
Probank's activities are the beneficiary of measures PB1 and PB2, as the latter allowed the continuation of those activities within the Bank.
Som forklaret i betragtning 258 sikrer den valgte afviklingsprocedure for Probank, at omstruktureringsomkostningerne begrænses til et minimum.
As to whether the sale of Probank's activities constitutes State aid to the Bank, in line with point 49 of the 2008 Banking Communication the Commission needs to assess whether certain requirements are met.
Stabilitetsfonden forpligtede sig desuden til kun at dække køberens kapitalbehov fra de overførte aktier op til det minimumsbeløb, der er fastsat ved lov.
The Bank acquired the assets and liabilities of Probank because it submitted the preferred offer in the framework of a non-discriminatory tender procedure open to other banks.
Integrationen af Probanks økonomiske aktiviteter i en større enhed og de synergier, der opnås derved, herunder gennem rationaliseringen af Probanks filialnet, konsolideringen af IT-infrastrukturen og sænkelsen af finansieringsomkostninger, hjælper med at begrænse omstruktureringsomkostningerne til et minimum sammenlignet med et scenarie, hvor staten ville have forsøgt at genoprette rentabiliteten for Probank som selvstændig enhed.
The Bank of Greece decided to contact only the four largest banks operating in Greece, of which only the Bank and one other bank submitted offers.
Egenkapitalen og den efterstillede gæld blev ikke overført til banken, men forblev i enheden under afvikling.
The Bank was the preferred bidder in terms of price and expected synergies.
Med hensyn til størrelsen af den modtagne støtte beløb den samlede støtte modtaget i form af kapital sig til [742,7-842,7] mio. EUR (foranstaltning PB1 og PB2).
The Bank of Greece only contacted four banks.
Sådanne støttebeløb i kombination med manglen på forrentning kræver en kraftig indskrænkning af støttemodtagerens tilstedeværelse på markedet.
The limited set of buyers contacted cannot exclude that the tender was open given the lack of other banks operating in Greece with sufficient size to absorb the tendered activities and with adequate capital at the time of resolution.
For så vidt angår det marked, hvorpå Probank drev virksomhed, bemærker Kommissionen, at Probank var en meget lille bank (under 1 % i markedsandel af de græske bankers samlede aktiver, under 1 % i markedsandel for udlån og under 2 % i markedsandel for indlån), hvorfor Probanks aktiver og passiver, der blev overført til banken, var af en forholdsvis beskeden størrelse i forhold til det græske banksystem.
In addition, until the resolution of Probank, no foreign credit and financial institution had submitted a valid binding proposal to acquire Probank despite the repeated postponement of the deadline.
Desuden blev Probanks aktiviteter tilbudt konkurrenterne i et åbent udbud.
At the time of the resolution, the interest shown by foreign credit and financial institutions in engaging in banking activities in Greece was very limited.
Efter salget ophørte Probank med at eksistere som selvstændig enhed, da den blev fuldt integreret i banken.
Moreover, the Bank of Greece had determined in advance the portfolio of the assets and liabilities to be transferred and the timetable which the offers had to meet in order to be valid.
Kommissionen konkluderer, at der med den beskedne størrelse af de overførte aktiver, den åbne udbudsprocedure og den fuldstændige integration af Probanks aktiviteter i banken ikke sker uberettigede fordrejninger af konkurrencen trods det meget store støttebeløb og den manglende forrentning.
Therefore, the Commission concludes that the sale process was open and non-discriminatory.
På grundlag af analysen ovenfor konkluderer Kommissionen, at salget af udvalgte aktiver og passiver i Probank og bankens integration i banken sikrer, at Probanks aktiviteter på lang sigt bliver rentable, at støtten er begrænset til det nødvendige minimum, og at der ikke foregår uberettiget fordrejning af konkurrencen, i overensstemmelse med omstruktureringsmeddelelsen.
The negative price (that is to say, taking into account the funding gap and the coverage of the aforementioned capital needs) for the assets and liabilities of Probank does not preclude that the sale price reflects the market value of the business [123].
Konklusion vedrørende foreneligheden af støtten vedrørende Probank med det indre marked
Indeed, the fair value of the assets had been estimated by the Bank of Greece and verified by external auditors.
Alle de støtteforanstaltninger, der er anført i tabel 11, er således forenelige med det indre marked.
On the basis of the above, in line with point 49 of the 2008 Banking Communication, point 20 of the Restructuring Communication and the Commission's decisional practise [124], it is concluded that State aid to the Bank can be excluded.
VURDERING AF STØTTEN TIL BANKEN
On the basis of recitals 236 to 240, the Commission considers that measures PB1 and PB2 fulfil the conditions laid down in Article 107(1) of the Treaty and constitute State aid.
FOREKOMST AF STATSSTØTTE OG STØTTEBELØB
Therefore, it is concluded that the activities of Probank have received State aid in the form of capital support of EUR [742,7 to 842,7] million (measures PB1 and PB2), as summarised in Table 11.
Kommissionen skal afgøre, om der forekommer statsstøtte efter traktatens artikel 107, stk. 1.
Table 11
Forekomst af statsstøtte i de foranstaltninger, der blev ydet i henhold til den græske bankstøtteordning (foranstaltning L1 og A)
Overview of the total aid to Probank's activities
Kommissionen har allerede fastslået i de afgørelser, hvorved den godkendte og forlængede den græske bankstøtteordning [128], at likviditetsstøtten ydet i henhold til ordningen udgør statsstøtte.
Commitment letter to cover the capital needs related to Probank's transferred assets to the Bank
Det udestående garantibeløb pr. 15. april 2011 var 12873 mio. EUR og nåede op på 14798 mio. EUR pr. 30. november 2013.
[742,7 to 842,7]
Statslig rekapitalisering ydet i henhold til rekapitaliseringsforanstaltningen (foranstaltning A)
Total capital aid disbursed
Kommissionen har allerede fastslået i sin afgørelse af 19. november 2008 om den græske bankstøtteordning, at rekapitaliseringerne, der skulle ydes i henhold til rekapitaliseringsforanstaltningen efter denne ordning, ville udgøre statsstøtte.
As explained in recitals 206 and 207, the legal basis at present for the assessment of aid measures to Greek banks should be Article 107(3)(b) of the Treaty.
Banken har modtaget 1350 mio. EUR i form af præferenceaktier, som repræsenterer 2,1 % af bankens risikovægtede aktiver [129].
As explained in recital 208, in line with point 15 of the 2008 Banking Communication, in order for an aid to be compatible under Article 107(3)(b) of the Treaty it must comply with the general criteria for compatibility: appropriateness, necessity and proportionality.
I 2010 indførte Grækenland flere ændringer af de tekniske parametre for disse præferenceaktier, som betyder, at udbyttebetalingen stiger med 2 % om året, hvis præferenceaktierne ikke indløses inden fem år.
In its assessment of the restructuring plan under the Restructuring Communication, the Commission will take into account all measures listed in Table 11.
Da ændringerne øger forrentningen til staten, hvis de ikke er blevet indløst eller omlagt efter fem år, konkluderer Kommissionen, at de tekniske parametre ikke giver banken en fordel og derfor ikke indebærer yderligere statsstøtte.
Compliance of the aid measures under the 2008 Banking Communication and the Recapitalisation Communication
Forekomst af statsstøtte i den statsgaranterede ELA (foranstaltning L2)
As regards the appropriateness of measures PB1 and PB2, the Commission considers that the coverage of the funding gap and the commitment to cover the capital needs of the buyer related to the transferred assets are appropriate because they allowed a sale, safeguarded the depositors of Probank and thereby safeguarded financial stability.
Kommissionen præciserede i punkt 51 i bankmeddelelsen fra 2008, at centralbankers tilrådighedsstillelse af midler til pengeinstitutter ikke udgør statsstøtte, hvis fire kumulative betingelser er opfyldt med hensyn til pengeinstituttets solvens, sikkerhedsstillelsen for faciliteten, den rentesats, pengeinstituttet skal betale, samt fraværet af en modgaranti fra staten.
Those activities would not have been able to continue without the aid from the HFSF, as Probank had a negative equity at the time of the resolution.
Eftersom den statsgaranterede ELA til banken ikke opfylder alle fire betingelser, især fordi den er statsgaranteret og ydet i kombination med andre støtteforanstaltninger, kan det ikke konkluderes, at den statsgaranterede ELA ikke udgør statsstøtte.
In the difficult market conditions which then prevailed, no bank would have acquired a portfolio of assets and liabilities with negative value that would have worsened its capital adequacy position.
Den statsgaranterede ELA opfylder betingelserne i traktatens artikel 107, stk. 1.
On 10 May 2013, the Bank of Greece appointed a commissioner in Probank, whose task was also to ensure that any necessary measures would be taken for the completion of the share capital increase of Probank.
For det første vil staten skulle bære ethvert tab, fordi foranstaltningen rummer en statsgaranti til fordel for den græske nationalbank.
The fact that no private investor submitted a final binding proposal for the acquisition of Probank until the time of the resolution, despite the efforts of the commissioner appointed in Probank and the repeated extension of the deadline for the share capital increase of Probank, supports the finding that those activities would not have been able to continue without the aid received from the HFSF.
Denne foranstaltning omfatter derfor statsmidler.
The measures thereby ensured that financial stability in Greece was maintained.
ELA sætter bankerne i stand til at skaffe finansiering på et tidspunkt, hvor de ikke har adgang til engrosfinansieringsmarkedet og de almindelige refinansieringsmuligheder i Eurosystemet.
The MEFP of May 2013 provided that for those non-core banks [125] which did not meet their capital requirement, the Bank of Greece, in coordination with the HFSF, would assess options to minimise the cost to taxpayers, including Purchase & Assumption procedures, while guaranteeing the security of depositors.
Den statsgaranterede ELA til banken giver den derfor en fordel.
As the Bank of Greece stated in its decision of 26 July 2013 [126], the withdrawal of Probank's license without the application of resolution measures could have an impact on financial stability.
Eftersom ELA er begrænset til banksektoren, er foranstaltningen selektiv.
The Commission considers that those financial stability elements support the necessity of measures PB1 and PB2.
På grundlag af ovennævnte konkluderer Kommissionen, at den statsgaranterede ELA (foranstaltning L2) udgør statsstøtte.
As regards the amount of the measure, the funding gap was carefully assessed by the Greek authorities, taking into account the valuation report prepared by a statutory auditor.
Det statsgaranterede ELA-beløb har varieret med tiden.
The Bank of Greece in its decision 12/1/26.7.2013 stated that a transfer order of selected assets and liabilities was the preferred solution as it minimised the resolution cost.
Den 31. december 2012 beløb denne støtte sig til ca. 30,9 mia. EUR.
That decision is also in line with the Second Economic Adjustment Programme for Greece of July 2013.
Forekomst af statsstøtte i de foranstaltninger, der er ydet gennem stabilitetsfonden (foranstaltning B1, B2 og B3)
Moreover, the HFSF committed to cover the capital needs only up to 9 % of the transferred assets, as they were estimated by the Bank of Greece.
Første bro-rekapitalisering (foranstaltning B1)
Furthermore, the equity was not transferred to the Bank and therefore will be left in the entity into liquidation.
I afsnit 5.1 i NBG-indledningsafgørelsen har Kommissionen allerede konkluderet, at den første bro-rekapitalisering udgør statsstøtte.
Therefore, the shareholders of Probank will suffer a full loss and the contribution of the HFSF is not inflated by the cost of rescuing them.
Anden bro-rekapitalisering (foranstaltning B2)
The Commission considers that to be the case for Probank.
Foranstaltning B2 blev gennemført med stabilitetsfondens midler, der som forklaret i betragtning 49 til NBG-indledningsafgørelsen involverer statslige midler.
In conclusion, the measures are necessary as rescue aid in both its amount and form to achieve the objectives of limiting the disturbance in the Greek banking system and the economy as a whole.
For så vidt angår forekomsten af en fordel, øgede foranstaltning B2 bankens solvensgrad til et niveau, der satte den i stand til at fortsætte sin drift på markedet og få adgang til finansiering fra Eurosystemet.
Probank no longer exists as it previously existed.
Desuden består forrentningen af foranstaltning B2 af den påløbne rente på EFSF-obligationerne plus et gebyr på 1 %.
The fact that the aid rescues the activities transferred to the Bank could in theory create distortions of competition.
Fordi forrentningen er klart lavere end forrentningen af lignende kapitalinstrumenter på markedet, ville banken utvivlsomt have været ude af stand til at rejse den pågældende kapital på sådanne vilkår på markedet.
However, the Commission notes the small size of Probank and the sale process, in which the competitors had the opportunity to bid for the selected assets and liabilities of Probank.
Derfor gav foranstaltning B2 banken en fordel for statslige midler.
Moreover, immediately after their transfer, the economic activities of Probank were fully integrated within the Bank and ceased to exist as a separate economic activity or competitor.
Da foranstaltningen kun blev stillet til rådighed for banken, er den selektiv.
Conclusion on the compliance of measures PB1 and PB2 with the Banking Communication and the Recapitalisation Communication
Som resultat af foranstaltning B2 blev bankens stilling styrket, idet banken fik stillet de nødvendige midler til rådighed for fortsat at kunne opfylde kapitalkravene, hvilket førte til konkurrencefordrejninger.
It is concluded that measures PB1 and PB2 are appropriate and necessary and, in the light of the deep restructuring foreseen for the Bank, into which the economic activities of Probank have been transferred, are proportionate to the intended objective, in line with the 2008 Banking Communication and the Recapitalisation Communication.
Eftersom banken driver virksomhed på andre europæiske bankmarkeder, og pengeinstitutter fra andre medlemsstater driver virksomhed i Grækenland, især på forsikringsmarkedet, vil foranstaltning B2 sandsynligvis påvirke samhandelen mellem medlemsstaterne.
In recital 260 the Commission noted as regards the remuneration of measure PB1 that the HFSF will probably not fully recover the EUR 562,73 million injected for the resolution of Probank (measure PB1).
Kommissionen finder, at foranstaltning B2 udgør statsstøtte.
Long-term viability of Probank's activities through sale
Den blev anmeldt som støtteforanstaltning af de nationale myndigheder.
Member States may therefore encourage the exit of non-viable players while allowing for the exit process to take place within an appropriate timeframe that preserves financial stability.
Den modtagne kapital beløb sig til 2326 mio. EUR.
However, Probank was not viable on a standalone basis and was put into liquidation.
Stabilitetsfondens deltagelse i rekapitaliseringen foråret 2013 (foranstaltning B3)
Therefore, the fact that the activities of Probank have been transferred to the Bank allows their long-term viability to be restored.
Stabilitetsfondens deltagelse i rekapitaliseringen foråret 2013 (foranstaltning B3) er den delvise omlægning af den første og anden bro-rekapitalisering (foranstaltning B1 og B2) til en permanent rekapitalisering på 8677 mio. EUR i ordinære aktier.
Moreover, the fact that Probank's activities were fully integrated [127] within the Bank and ceased to operate as an independent entity constitutes in-depth restructuring as required by the insufficient remuneration of the State aid.
Eftersom foranstaltning B3 er omlægningen af den allerede tildelte støtte, involverer den stadig statslige midler, men den øger ikke det nominelle beløb herfor.
As explained in recital 258, the selected way of resolving Probank ensures the limitation of the restructuring costs to the minimum.
For så vidt angår konkurrencefordrejninger og påvirkning af samhandelen, bemærker Kommissionen f.eks., at støtten satte banken i stand til at fortsætte sin drift i andre medlemsstater, såsom Rumænien og Bulgarien.
The equity and the subordinated debt were not transferred to the Bank but remained in the entity in liquidation.
En afvikling af banken ville have medført et ophør af dens aktiviteter i udlandet i form af afvikling eller salg af disse.
Regarding the amount of aid received, the total aid received in the form of capital amounted to EUR [742,7 to 842,7] million (measures PB1 and PB2).
Desuden konkurrerer bankens forsikringsaktiviteter i Grækenland med de aktiviteter, der drives af datterselskaber af forsikringsselskaber fra andre medlemsstater.
Measure PB1 corresponded to around 21,15 % of the RWA of Probank at 30 June 2013.
Foranstaltningen fordrejer derfor konkurrencen og påvirker samhandelen mellem medlemsstaterne.
Measure PB2, by definition, corresponded to […] % of the assets transferred from Probank.
Kommissionen finder, at foranstaltning B3 udgør statsstøtte.
Such amounts of aid in combination with the absence of remuneration call for a significant reduction in the market presence of the beneficiary.
Konklusion vedrørende B1, B2 og B3
Regarding the market on which Probank operated, the Commission notes that Probank was a very small bank (approximately 1 % of Greek banks' total assets and a market share of about 1 % for loans and less than 2 % for deposits) and consequently the assets and liabilities of Probank which were transferred into the Bank were small compared with the size of the Greek banking system.
Foranstaltning B1, B2 og B3 udgør statsstøtte efter traktatens artikel 107, stk. 1.
Moreover, the activities of Probank were offered to competitors through an open auction.
Den statsstøtte, der indgår i foranstaltning B1, B2 og B3, udgør 9756 mio. EUR.
Following its sale, Probank ceased to exist as a stand-alone competitor as the transferred activities were fully integrated within the Bank.
Som anført i afsnit 7.1.3.3 blev kun en del af den første og anden bro-rekapitalisering (foranstaltning B1 og B2) omlagt til en permanent rekapitalisering på 8677 mio. EUR (foranstaltning B3), mens resten blev tilbagebetalt til stabilitetsfonden, seks måneder efter at den var blevet bevilget [130].
It is concluded that given the small size of the transferred activities, the open sales process, and the full integration of Probank's activities into the Bank, there are no undue distortions of competition, despite the very large amount of aid and the absence of remuneration.
Punkt 31 i omstruktureringsmeddelelsen angiver, at Kommissionen ud over det absolutte støttebeløb skal vurdere støtten »i forhold til bankens risikovægtede aktiver«.
On the basis of that analysis, the Commission concludes that the sale of the selected assets and liabilities of Probank and their integration into the Bank ensures Probank's activities return to long-term viability, that the aid is limited to the minimum necessary and that there are no undue distortions of competition, in line with the Restructuring Communication.
Spørgsmålet bliver derfor, hvilket niveau for risikovægtede aktiver der bør anvendes, altså niveauet i begyndelsen af perioden eller ved udgangen af perioden.
Conclusion on the compatibility of aid related to Probank with the internal market
Foranstaltning B1, B2 og B3 skal dække et kapitalbehov, som den græske nationalbank konstaterede i marts 2012 (2012-stresstesten).
All the aid measures listed in Table 11 are thus compatible with the internal market.
Dette forhold viser yderligere, at foranstaltning B1, B2 og B3 var støtteforanstaltninger relateret til bankens omfang, som det forelå pr. 31. marts 2012.
ASSESSMENT OF AID GRANTED TO THE BANK
Det lykkedes for banken at tiltrække privat kapital, og det beløb, som stabilitetsfonden faktisk indskød i banken, beløb sig derfor kun til 8677 mio. EUR, som udgør 13,6 % af bankens risikovægtede aktiver pr. 31. marts 2012.
EXISTENCE AND THE AMOUNT OF AID
Disse foranstaltninger er opsummeret i tabel 12.
State liquidity support granted under the guarantee and the government bond loan measures (measure L1)
Tabel 12
The Commission has already established in the decisions approving and prolonging the Greek Banks Support Scheme [128] that liquidity support granted under the scheme constitutes aid.
Overblik over den samlede støtte til banken
The outstanding amount of guarantees as of 15 April 2011 was EUR 12873 million, and reached EUR 14798 million as of 30 November 2013.
Foranstaltningens type
At those dates, the outstanding loans of government bonds to the Bank amounted to EUR 787 million and EUR 847 million respectively.
Støttebeløb
Future liquidity support granted under that scheme would also constitute aid.
Støtte/risikovægtede aktiver
State recapitalisation granted under the Recapitalisation Scheme (measure A)
Præferenceaktier
The Commission has already established in the Decision of 19 November 2008 on the Greek Banks Support Scheme that recapitalisations to be granted under the recapitalisation measure included under that scheme will constitute aid.
Kapitalstøtte
The Bank has received EUR 1350 million by means of preference shares, which represents 2,1 % of the Bank's RWA [129].