natgillin/translations-raw huggingface dataset:
Sammenholdt med den samlede modtagne statslige rekapitalisering er egetbidraget og byrdefordelingen, navnlig i form af salg af aktier og reduktion af udlånsporteføljen, meget lavere end det niveau, som Kommissionen normalt anser for tilstrækkeligt.
Last, since that acquisition was authorised by the Hellenic Competition Authority [108], it can be assumed that the outcome of the sale process does not endanger effective competition in Greece.
Reduktionen vedrører kun de udenlandske aktiviteter, der tegner sig for en begrænset del af bankens aktiviteter [119], og det er ikke hensigten at reducere udlåns- og indlånsporteføljen i Grækenland i forbindelse med omstruktureringen, der tværtimod er steget markant i det seneste år efter overtagelserne.
In view of those elements, it can be concluded that the acquisition of the Cypriot Transferred Activities falls under the exemption in point 41 of the Restructuring Communication.
Kommissionen tager imidlertid hensyn til de forhold, der er anført i afsnit 7.6.1, og navnlig til det forhold, at den modtagne støtte er delvist omfattet af undtagelsen i punkt 14 i forlængelsesmeddelelsen fra 2011, der giver Kommissionen mulighed for at acceptere et lavere egetbidrag og en lavere byrdefordeling.
Conclusion on the acquisition of the Cypriot Transferred Activities
Kommissionen bemærker ligeledes på den positive side, at banken rejste 1444 mio. EUR på markedet i maj 2013 og 1750 mio. EUR i marts 2014, […].
It is concluded that, in the light of the unique situation of Greek banks and the specificities of the acquisition of the Cypriot Transferred Activities, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Den kapital, der blev rejst i marts 2014, blev desuden rejst til en aktiekurs svarende til den aktiekurs, som stabilitetsfonden tegnede aktier til i forbindelse med rekapitaliseringen i foråret 2013 (foranstaltning B4).
Compliance of the acquisition of MBG with the Restructuring Communication
Den høje emissionskurs begrænsede således udvandingen af stabilitetsfonden.
Effect of the acquisition of MBG on the long-term viability of the Bank
Banken tilbagebetalte ligeledes præferenceaktierne (foranstaltning A).
The acquisition of the fully recapitalised MBG enhances the long-term viability of the Bank.
Under hensyntagen til disse faktorer kan omstruktureringsplanen imidlertid anses for at omfatte tilstrækkelige foranstaltninger vedrørende egetbidraget og byrdefordelingen med henblik på at begrænse støtten til det nødvendige minimum.
According to the analysis submitted by the Bank at the time of the acquisition, the transaction will lead to considerable synergies such as cost synergies through branch and staff reduction, lower deposit costs and revenue synergies.
I henhold til omstruktureringsmeddelelsen skal en omstruktureringsplan indeholde foranstaltninger, der begrænser konkurrencefordrejninger og sikrer en konkurrencedygtig banksektor.
In the meantime, the Bank has fully integrated MBG.
Endvidere skal disse foranstaltninger også afhjælpe moral hazard-problemer og sikre, at der ikke anvendes statsstøtte til finansiering af konkurrencebegrænsende adfærd.
In addition, since MBG was adequately capitalised before being acquired by the Bank and since the bank paid a purchase price of EUR 1 million, the acquisition is not likely to create any future capital needs for the Bank.
I henhold til punkt 31 i omstruktureringsmeddelelsen skal Kommissionen ved vurderingen af støttebeløbets størrelse og de konkurrencefordrejninger, støtten har givet anledning til, både tage hensyn til det absolutte og det relative støttebeløb samt byrdefordelingen og bankens position på markedet efter omstruktureringen.
In addition, the seller gave a commitment, as part of the transaction, to inject EUR 400 million of capital into the Bank.
I den henseende minder Kommissionen om, at banken har modtaget kapitalstøtte fra staten svarende til 23,7 % af dens risikovægtede aktiver [120].
That commitment was implemented in the framework of the Spring 2013 recapitalisation, during which BCP injected EUR 400 million into the Bank.
Derudover fik banken likviditetsgarantier i 2010 for et beløb på 9,9 mia. EUR og statsobligationslån for et beløb på 1,3 mia. EUR, der tilsammen svarede til næsten 25 % af bankens balance.
It is concluded that the acquisition is positive for the restoration of the long-term viability of the Bank and that the purchase price of MBG was so low that it did not prevent the aid from being limited to the minimum necessary.
Banken modtog desuden statsgaranteret ELA.
Effect of the acquisition of MBG on the amount of aid needed by the Bank
Foranstaltninger til begrænsning af potentielle fordrejninger af konkurrencen er dermed nødvendige i lyset af det store støttebeløb.
However, the Bank only paid EUR 1 million to purchase MBG, which is considered to be a very small amount.
Derudover har banken store markedsandele i Grækenland.
Furthermore, MBG was adequately capitalised by BCP and, as a condition of the transaction, BCP injected EUR 400 million of capital into the Bank [109].
Overtagelsen af de overførte ATE-aktiviteter, Geniki, de overførte cypriotiske aktiviteter og MBG øgede bankens markedsandele.
It is concluded that, in the light of the specificities of the transaction (acquisition at a very low price of a fully capitalised bank and injection of capital by the seller into the Bank), the acquisition of MBG does not generate any further capital needs for the Bank and therefore, the acquisition of MBG exceptionally does not contravene the requirement to minimise the aid.
Efter disse overtagelser beløb bankens andel af indlån i Grækenland sig til 29 % ved udgangen af 2013, og markedsandelen af boliglån, forbrugerlån og erhvervslån var henholdsvis 25 %, 22 % og 35 % (sammenholdt med henholdsvis 10 %, 8 %, 8 % og 14 % i 2011) [121].
Distortive effect of the acquisition of MBG on competition
Kommissionen minder om, at bankens vanskeligheder i vidt omfang skyldtes eksterne forstyrrelser såsom den græske statsgældskrise og den langvarige recession, der har rystet den græske økonomi siden 2008, som allerede anført i betragtning 74 i Piraeus-indledningsafgørelsen.
MBG was not deemed viable on a stand-alone basis by the Bank of Greece, when it reviewed the viability of all the Greek banks early in 2012.
Behovet for at afhjælpe moral hazard-problemer er således mindsket.
MBG was generating large losses for BCP which therefore wanted to sell it and, if no sale was possible, could have considered to let it fail The sale of MBG was also part of BCP’s restructuring plan [110].
Som anført i afsnit 7.6.1 i denne afgørelse er den konkurrencefordrejende virkning af støtteforanstaltningerne mindre i lyset af disse faktorer og således også nødvendigheden af foranstaltninger til at begrænse konkurrencefordrejninger.
Furthermore, no non-aided bidder submitted any valid bid to acquire MBG.
Af disse grunde kan Kommissionen undtagelsesvis acceptere, at hensigten med omstruktureringsplanen til trods for det store støttebeløb og de store markedsandele ikke er at nedbringe balancen og udlån i Grækenland.
Against that background, it can be concluded that the acquisition of MBG falls under the exemption in point 41 of the Restructuring Communication.
Det ville imidlertid være problematisk, hvis den mest støttede bank blandt de fire store græske banker og den bank, som voksede mest som følge af opkøb i de seneste år, fortsat voksede hurtigere i omstruktureringsperioden end markedet med risiko for at fortrænge de mindre støttede banker.
Conclusion on the acquisition of MBG
Kommissionen glæder sig derfor over tilsagnet om, at banken ikke vil vokse hurtigere end markedet.
It is concluded that, in the light of the unique situation of Greek banks and the specificities of the acquisition of MBG, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Kommissionen bemærker, at banken ud over den allerede gennemførte nedgearing og omstrukturering fortsat vil nedgeare og omstrukturere sine udenlandske aktiver inden den 30. juni 2018 [122].
Sources of difficulties and consequences on the assessment under the Restructuring Communication
Derudover gav banken tilsagn om ikke at anvende statsstøtte til at finansiere flere aktiviteter på dette område.
As indicated in sections 2.1.1 and 2.1.2, the difficulties faced by the Bank come mainly from the Greek sovereign crisis and the deep recession in Greece and southern Europe.
Statsstøtten vil således ikke blive anvendt til at fordreje konkurrencen på disse udenlandske markeder.
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 %.
Grækenland har også givet tilsagn om, at banken ikke vil foretage dyre opkøb, hvilket sikrer, at banken ikke bruger den modtagne statsstøtte til at opkøbe nye virksomheder.
In addition, 31,5 % of the claims was exchanged for new GGBs with lower interest rates and longer maturities.
Tilsagnet om at gennemføre strenge retningslinjer for prissætning på nye udlån på grundlag af en korrekt kreditrisikovurdering vil ligeledes forhindre banken i at fordreje konkurrencen på det græske marked med uhensigtsmæssige prisstrategier for udlån til kunder.
The aid granted to the Bank, that is to say the sum of measures B1, B2, B3 and B4, or EUR 7335 million, is above the amount of the loss booked following the PSI programme (EUR 5911 million).
I medfør af afsnit 5 i omstruktureringsmeddelelsen skal Kommissionen have periodiske rapporter for at kontrollere, at omstruktureringsplanen gennemføres korrekt.
As a consequence there is less need for the Bank to address moral hazard issues in its restructuring plan than for other aided financial institutions which accumulated excessive risks.
Som anført i tilsagnene [123] fra Grækenland vil Grækenland sikre, at den tilsynsførende administrator, som allerede er udpeget af banken med Kommissionens godkendelse, indtil udgangen af omstruktureringsperioden, dvs. den 31. december 2018, fører tilsyn med de tilsagn, som Grækenland har givet om omstrukturering af aktiviteterne i Grækenland og udlandet og om selskabsledelse og forretningsaktiviteter.
As the aid measures are less distortive, the measures taken to limit distortions of competition should therefore be proportionately softened.
Kommissionen mener derfor, at der er sikret et korrekt tilsyn med gennemførelsen af omstruktureringsplanen.
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 banks can be lower.
Konklusion vedrørende foreneligheden af foranstaltning A, B1, B2, B3 og B4 med omstruktureringsmeddelelsen
The Commission, however, observes that the Bank’s exposure to the Greek sovereign risk was larger than the exposure of the other large Greek banks [111].
Kommissionen mener, at omstruktureringsplanen sammen med tilsagnene i bilaget til denne afgørelse sikrer genoprettelsen af bankens langsigtede rentabilitet, at den er tilstrækkelig med hensyn til byrdefordelingen og egetbidraget, at den på en hensigtsmæssig måde afbøder de konkurrencefordrejende virkninger af de støtteforanstaltninger, der er undersøgt i denne afgørelse, og at den er proportional.
As a result, not all the losses on GGBs can be attributed to the standard exposure of a financial institution to the sovereign risk of its domestic country.
Omstruktureringsplanen og de tilsagn, der blev forelagt Kommissionen, opfylder kriterierne i omstruktureringsmeddelelsen.
The second source of losses for the Bank is the losses on its loans to Greek households and corporations.
KONKLUSION
The Commission considers that those losses are mainly due to the exceptionally deep and protracted recession GDP contraction of approximately 25 % over five years, and are not due to risky lending practices by the Bank.
Kommissionen beklager, at Grækenland ulovligt har gennemført støtteforanstaltning B2, B3 og B4 i strid med traktatens artikel 108, stk. 3, eftersom foranstaltningerne blev gennemført, før de formelt blev anmeldt.
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.
Disse foranstaltninger samt de øvrige foranstaltninger, der er analyseret i denne afgørelse kan imidlertid anses for at være forenelige med det indre marked —
The aid is therefore less distortive [112].
VEDTAGET DENNE AFGØRELSE
However, part of the capital needs and loan losses of the Bank comes from some international subsidiaries.
Artikel 1
The stress tests performed in 2012 to determine the capital needs of the Bank indicated that credit loss projections on foreign loans amounted to EUR 1314 million in the base scenario and EUR 1624 million in the adverse scenario.
Følgende foranstaltninger, der er gennemført af Grækenland, udgør statsstøtte i henhold til traktatens artikel 107, stk. 1:
Several of those foreign businesses were loss-making in recent years.
likviditetsstøtten i en nødsituation tilført Piraeus Bank S.A. af den græske centralbank og garanteret af Grækenland (foranstaltning L2)
The losses from international activities amounted to EUR 244 million before taxes in 2012 [113].
den anden midlertidige rekapitalisering på 1553 mio. EUR ydet af den græske finansielle stabilitetsfond (»stabilitetsfonden«) til Piraeus Bank S.A. i december 2012 (foranstaltning B2)
The foreign assets also constituted a drain on liquidity.
tilsagnserklæringen på 1082 mio. EUR afgivet af stabilitetsfonden til Piraeus Bank S.A. den 20. december 2012 (foranstaltning B3)
Therefore, it can be concluded that 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.
rekapitaliseringen på 5891 mio. EUR ydet af stabilitetsfonden til Piraeus Bank S.A. i foråret 2013 (foranstaltning B4)
Similarly, part of the need for aid stems from the exceptionally deep recession in Greece and not from risky lending.
rekapitaliseringen på 524 mio. EUR ydet af stabilitetsfonden til Piraeus Bank S.A. i foråret 2013 (foranstaltning C).
Such aid does not create moral hazard and is therefore less distortive.
I lyset af omstruktureringsplanen for Piraeus Bank Group, der omfatter Piraeus Bank S.A. og alle bankens datterselskaber og filialer, og som blev fremlagt den 25. juni 2014, og Grækenlands tilsagn af samme dato er følgende statsstøtte forenelig med det indre marked:
Finally, part of the need for aid comes from the Bank’s own risk taking as regards its large holding of sovereign debt and its foreign subsidiaries.
kapitaltilførslen på 750 mio. EUR ydet af Grækenland til Piraeus Bank S.A. i maj 2009 og december 2011 i henhold til rekapitaliseringsordningen (foranstaltning A)
Viability
likviditetsstøtte i en nødsituation tilført Piraeus Bank S.A. af den græske centralbank og garanteret af Grækenland siden juli 2011 for et beløb på 30,4 mia. EUR pr. 31. december 2012 (foranstaltning L2)
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).
den første midlertidige rekapitalisering på 4,7 mia. EUR ydet af stabilitetsfonden til Piraeus Bank S.A. i maj 2012 (foranstaltning B1)
In the case at hand, the restructuring period is defined as the period between the date of adoption of this Decision and 31 December 2018.
den anden midlertidige rekapitalisering på 1553 mio. EUR ydet af stabilitetsfonden til Piraeus Bank S.A. i december 2012 (foranstaltning B2)
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.
tilsagnserklæringen om 1082 mio. EUR afgivet af stabilitetsfonden til Piraeus Bank S.A. den 20. december 2012 (foranstaltning B3)
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.
rekapitaliseringen på 524 mio. EUR ydet af stabilitetsfonden til Piraeus Bank S.A. i foråret 2013 (foranstaltning C).
In particular, the restructuring plan describes the strategy chosen to preserve the Bank’s operational efficiency and to tackle the high level of NPL, its vulnerable liquidity and capital positions, and its foreign businesses, which, during recent years, have relied on their parent company for their funding and capital.
Artikel 2
Greek banking activities
Udfærdiget i Bruxelles, den 23. juli 2014.
The reliance on State-guaranteed ELA, which has already fallen, will continue to decrease which will also help the Bank to reduce its cost of funding.
På Kommissionens vegne
The loan-to-deposit ratio commitment mentioned in recital 137 ensures that the Bank’s balance sheet structure will be sustainable at the end of the restructuring period.
Næstformand
The sale of securities and of other non-core activities will also strengthen the liquidity position of the Bank.
Kommissionens beslutning af 19. november 2008 i statsstøttesag N 560/2008 om støtteforanstaltninger til kreditinstitutter i Grækenland – »Support Measures for the Credit Institutions in Greece« ( EUT C 125 af 5.6.2009, s. 6).
Due to the still stressed liquidity position of the Bank, the Commission can accept the request of the Greek authorities to be authorised to provide liquidity to the Bank under the guarantee and government bond loan measures of the Greek Banks Support Scheme and under the State-guaranteed ELA.
Den blev registreret som sag SA.26678 (N 560/2008).
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 137.
Ordningen blev senere forlænget og ændret som anført i fodnote 4.
The achievement of such a decrease in the cost of deposits will be a key contribution to improving the pre-provisioning profitability of the Bank.
»Banken« henviser til Piraeus Bank Group.
Since the start of the crisis the Bank has made large acquisitions which dramatically increased its size and deposits base.
Se fodnote 1.
The Bank successfully integrated the acquired business in record time.
Pressemeddelelse fra stabilitetsfonden af 24. december 2012, findes på: http://www.hfsf.gr/files/press_release_20121224_en.pdf
The Bank is currently attempting to realise all the synergies possible following those acquisitions.
Kommissionen registrerede disse foranstaltninger som sag SA.36005 (2013/NN).
It has started rationalising its commercial network in Greece, through a reduction in the number of branches and employees [115].
Kommissionens afgørelse af 23. maj 2011 i statsstøttesag SA.31154 om omstrukturering af Agricultural Bank of Greece – »Restructuring of Agricultural Bank of Greece« ( EUT C 317 af 29.10.2011, s. 4).
By 2017, the total costs of the Bank in Greece will have decreased by a further […]% compared to 2013.
P&A-proceduren er en afviklingsprocedure, der har til formål at identificere aktiver og passiver af høj kvalitet i en juridisk enhed under afvikling og auktionere disse med henblik på overførsel til et rentabelt selskab.
To achieve that target Greece has committed that the Bank will reduce its branches and employees in Greece to […] and […] respectively at 31 December 2017, with maximum total costs in Greece of EUR […] billion.
Kommissionens afgørelse af 3. maj 2013 i statsstøttesag SA.35460 om afviklingsstøtte til afvikling af ATE Bank – »Liquidation aid for ATE Bank resolution« ( EUT C 261 af 10.9.2013, s. 1).
The expected cost-to-income ratio will be less than […] % at the end of the restructuring period.
Se afsnit 2.3.3.3.
The Commission considers that the restructuring plan preserves the efficiency of the Bank in the new market environment.
Finansministrene i euroområdet, dvs. de medlemsstater, som har indført euroen som officiel valuta, deltager i eurogruppemøderne.
One other key area is the handling of NPL, since they amounted to 36 % of the Bank’s portfolio at 31 December 2013 [116].
»The Second Economic Adjustment Programme for Greece — March 2012«, s. 17, findes på: http://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp94_en.pdf
Greece has also given a commitment that the Bank will comply with high standards as regards its credit policy in order to manage risks and to maximise the value for the Bank at each stage of the credit process including restructuring of loans, as described in recital 141.
Se afsnit II »The restructuring of the Greek Sovereign Debt« i »Report on the Recapitalisation and Restructuring of the Greek Banking Sector«, Bank of Greece, december 2012, findes på: http://www.bankofgreece.gr/BogEkdoseis/Report_on_the_recapitalisation_and_restructuring.pdf
Corporate governance
Se fodnote 14, s. 106.
Additionally, some of the private investors which control the Bank also own warrants and thus would gain the full benefit if the share price were to soar during the restructuring period.
Se fodnote 15.
Because that situation could create moral hazard, a specific relationship framework was agreed between the Bank and the HFSF in 2013.
Se fodnote 14, s. 104.
That agreement protects the day-to-day business of the Bank from any interference from its main shareholders, while ensuring that the HFSF can monitor the implementation of the restructuring plan and prevent excessive risk-taking by the Bank’s management through appropriate consultation procedures.
Den Europæiske Centralbank og de nationale centralbanker udgør tilsammen Eurosystemet, som er euroområdets centralbanksystem.
The Bank has also given a commitment to monitor closely its exposure to connected borrowers.
Pressemeddelelse fra finansministeriet af 3. december 2012, findes på: http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdf.Dette tilbagekøb af landets egen gæld til en kurs, der lå langt under pålydende værdi, gav Grækenland en betydelig gældsreduktion.
The Commission notes positively the fact that the HFSF automatically regains voting rights if the Bank does not implement its restructuring plan.
I mangel af et sådant tilbagekøb kunne markedsværdien af disse nye GSO'er være steget afhængigt af udviklingen i markedsparametre som rentesatser og sandsynligheden for Grækenlands misligholdelse af sine lån.
International activities
Inklusive det forventede tab på nye lån udstedt i Grækenland i perioden fra juni 2013 til december 2016.
Some of the Bank’s international activities have drained the Bank’s capital and liquidity in the past, as explained in recital 323.
Virkningen af prognoserne for tab på lån for udenlandsk risiko blev beregnet efter udenlandsk skat og under hensyntagen til de tilsagn angående afhændelser, som blev afgivet over for Generaldirektoratet for Konkurrence på daværende tidspunkt.
The restructuring plan anticipates that the Bank will continue to re-focus on its domestic market.
NBG's hensættelser til tab på lån pr. 30. juni 2013 proforma for First Business Banks og Probanks hensættelser.
The Bank has already sold its subsidiary in the United States of America.
Eurobanks hensættelser til tab på lån pr. 30. juni 2013 proforma for hensættelserne i New Hellenic Postbank og New Proton Bank, som blev opkøbt i august 2013.
It has also started to rationalise the other subsidiaries, to strengthen the loan underwriting process and to reduce the subsidiaries’ funding gap.
Årsberetning 2012: http://www.piraeusbankgroup.com/en/investors/financials/annual-reports
It is planning further rationalisation of its network in the retained subsidiaries, as described in recital 130.
Se tabel 2.
The total amount of foreign assets will therefore shrink in the future.
For 2012 omfatter dette beløb ikke de to midlertidige rekapitaliseringer, som banken fik.
At the end of the restructuring period they will account for a […] part of the Bank’s total balance sheet.