natgillin/translations-raw huggingface dataset:
Den situation kan derfor føre til alvorlige konkurrencefordrejninger.
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.
Grækenland har imidlertid givet tilsagn om at gennemføre en række foranstaltninger med sigte på at mindske de negative afsmittende virkninger.
Because Greek banks were shut out from wholesale markets and became entirely dependent on central bank financing, as indicated in recital 46, and since the Bank could not borrow a sufficient amount of funds through the standard refinancing operations, the Bank relied on State-guaranteed ELA to obtain sufficient liquidity thereby preventing it from defaulting.
Der er navnlig givet tilsagn om, at banken vil fortsætte sin drift erhvervsmæssigt som forklaret i betragtning 157 og 158.
The Commission considers measure L2 to be an appropriate mechanism to remedy the serious disturbance which would have been caused by the default of the Bank.
Grækenland har også forpligtet sig til at indføre et forbud mod opkøb samt en række afhændelser i udlandet og inden for andre områder end bankvirksomhed som beskrevet i betragtning 159.
Since the State-guaranteed ELA entails a relatively high cost of funding for the Bank, the Bank has a sufficient incentive to avoid relying on that source of funding for developing its activities.
Begrænsningerne af konkurrencefordrejninger vil blive yderligere vurderet i afsnit 7.6.
The Bank had to pay an interest rate of […] bps higher than standard refinancing operations with the Eurosystem.
Der er også udnævnt en tilsynsførende administrator i banken til at overvåge den korrekte gennemførelse af tilsagnene om selskabsledelse og erhvervsmæssig drift.
In addition, the Bank had to pay a guarantee fee of […] bps to the State.
Det skal hindre enhver skadelig forandring i bankens forretningsmæssige praksis og derved mindske de potentielle negative afsmittende virkninger.
As a result, the total cost of State-guaranteed ELA for the Bank is much higher than the normal costs of ECB refinancing.
Endelig blev der fremlagt en ny omfattende omstruktureringsplan den 25. juni 2014 for Kommissionen.
In particular, the difference between the former and the latter is higher than the level of the guarantee fee requested by the 2011 Prolongation Communication.
Den omstruktureringsplan vil blive vurderet i afsnit 7.6.
As a result, the total remuneration charged by the State can be considered as sufficient.
Den tvivl, som Kommissionen udtrykte i NBG-indledningsafgørelsen, er derfor blevet fjernet.
As regards the amount of the State-guaranteed ELA, it is regularly reviewed by the Bank of Greece and the ECB based on the actual needs of the Bank.
Foranstaltning B1, B2 og B3 er proportionale i lyset af punkt 15 i bankmeddelelsen fra 2008.
They closely monitor its use and ensure it is limited to the minimum necessary.
Konklusionen vedrørende foreneligheden af stabilitetsfondens rekapitaliseringer med bankmeddelelsen fra 2008, rekapitaliseringsmeddelelsen og forlængelsesmeddelelsen fra 2011
Therefore measure L2 does not provide the Bank with excess liquidity which could be used to finance activities distorting competition.
FORENELIGHEDEN AF KØBET AF DE TRE ANDELSBANKER, FB BANK OG PROBANK MED OMSTRUKTURERINGSMEDDELELSEN
It is limited to the minimum amount necessary.
Punkt 23 i omstruktureringsmeddelelsen forklarer, at støttede bankers opkøb af virksomheder ikke kan finansieres ved statsstøtte, medmindre det er nødvendigt for at genoprette en virksomheds rentabilitet.
Such close scrutiny of the use of the State-guaranteed ELA and regular verification that its use is limited to the minimum also ensures that that liquidity is proportionate and does not lead to undue distortion of competition.
I punkt 40 og 41 i omstruktureringsmeddelelsen forklares det videre, at banker ikke må bruge statsstøtte til at opkøbe konkurrerende virksomheder, medmindre opkøbet er led i en konsolideringsproces, der er nødvendig for at genoprette den finansielle stabilitet eller sikre en effektiv konkurrence.
The Commission also notes that Greece has given a commitment that the Bank will implement a restructuring plan reducing its reliance on central bank funding and that the Bank will comply with behavioural limitations, as analysed in section 7.6.
Opkøb kan endvidere true eller komplicere genoprettelsen af rentabiliteten.
This ensures that the reliance on liquidity support will end as soon as possible and that such aid is proportionate.
Kommissionen skal derfor vurdere, om bankens opkøb kan forenes med omstruktureringsmeddelelsen.
Measure L2 therefore complies with the 2008 Banking Communication and the 2011 Prolongation Communication.
Foreneligheden af opkøbet af udvalgte aktiver og passiver i de tre andelsbanker med omstruktureringsmeddelelsen
As the 2013 Banking Communication has not introduced further requirements as regards guarantees, measure L2 also complies with the 2013 Banking Communication.
Virkningen af opkøbet for bankens langsigtede rentabilitet
COMPLIANCE OF MEASURES B1, B2 AND B3 WITH THE 2008 BANKING COMMUNICATION, THE RECAPITALISATION COMMUNICATION AND THE 2011 PROLONGATION COMMUNICATION
Opkøbet af udvalgte aktiver og passiver i de tre andelsbanker forbedrer bankens langsigtede rentabilitet.
As indicated in recital 305, 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 [134]: appropriateness, necessity and proportionality.
På tidspunktet for opkøbet var de græske banker allerede hårdt ramt af indlånsflugten fra 2010 til midten af 2012 og var udelukket fra de internationale finansieringsmarkeder.
The Recapitalisation Communication and the 2011 Prolongation Communication set out further guidance on the level of remuneration required for State capital injections.
Fire af de fem største banker indgav derfor tilbud på de tre andelsbankers indlån.
Appropriateness of the measures
Integrationen af de tre andelsbankers indlån i bankens balance gavnede dens likviditetsprofil.
The Commission considers the HFSF recapitalisations (measures B1, B2 and B3) to be appropriate because they prevent the bankruptcy of the Bank.
Hvis banken ikke havde opkøbt de tre andelsbankers indlån, ville bankens forhold mellem nettoudlån og -indlån have været højere.
Without them, its activities could not have continued as the Bank had a negative equity at the end of 2012 [135].
Banken integrerede endvidere hurtigt de opkøbte indlån uden at overtage dyr infrastruktur eller et dyrt filialnet.
In that respect, the Commission noted in the NBG Opening Decision that the Bank is one of the largest banking institutions in Greece, both in terms of lending and collection of deposits.
Banken overtog endelig ingen udlån, og opkøbet hævede derfor ikke dens risici eller kapitalkrav.
As such, the Bank is a systemically important bank for Greece.
Virkningen af opkøbet for det støttebeløb, som banken havde brug for
Consequently, a default of the Bank would have created a serious disturbance in the Greek economy.
I overensstemmelse med punkt 23 i omstruktureringsmeddelelsen bør omstruktureringsstøtte ikke anvendes til opkøb af andre virksomheder, men kun til at dække de omstruktureringsomkostninger, der er nødvendige for at genoprette bankens rentabilitet.
Under the then prevailing circumstances, financial institutions in Greece had difficulties in accessing funding.
Selv om opkøbet i dette tilfælde havde en positiv virkning for bankens rentabilitet, er det ikke nødvendigt for dens rentabilitet i henhold til punkt 23 i omstruktureringsmeddelelsen.
That lack of funding limited their ability to provide loans to the Greek economy.
Købsprisen var dog meget lav.
In that context, the disturbance to the economy would have been aggravated by the default of the Bank.
Det konkluderes, at opkøbet af de tre andelsbanker ikke strider mod princippet om, at omstruktureringsomkostningerne skal begrænses til det nødvendige minimum.
Moreover, measures B1, B2 and B3 came about mainly because of the PSI programme, a highly extraordinary and unpredictable event, and not primarily as a result of mismanagement or excessive risk-taking by the Bank.
Konkurrencefordrejende virkning af opkøbet
The measures thereby deal principally with the results of the PSI programme and contribute to maintaining financial stability in Greece.
I overensstemmelse med punkt 39 og 40 i omstruktureringsmeddelelsen bør statsstøtte ikke anvendes til skade for konkurrenter, der ikke nyder tilsvarende offentlig støtte, eller til opkøb af konkurrerende virksomheder.
In the NBG Opening Decision, the Commission expressed doubts as to whether all steps possible had been taken immediately to avoid the Bank needing aid again in the future.
Den græske nationalbank fandt, at de tre andelsbanker ikke var rentable, og at afviklingsforanstaltningerne var nødvendige for at opretholde den finansielle stabilitet.
As described in section 2.4, the Bank has also started to restructure its activities, with cost reductions already implemented.
Opkøbet af de tre andelsbanker kan derfor anses for at være led i en konsolideringsproces, som er nødvendig for at genoprette den finansielle stabilitet som beskrevet i punkt 41 i omstruktureringsmeddelelsen.
Therefore the Commission's doubts have been allayed.
Købsprisen var desuden meget lav.
In the NBG Opening Decision, the Commission also expressed doubts as to whether sufficient safeguards existed in the event that the Bank came under State control, or in the event that private shareholders retained control while the majority of the ownership would be held by the State.
Ingen blandt de aktører, der ikke nød offentlig støtte, indsendte et gyldigt bud på opkøbet af de tre andelsbankers aktiver og passiver, og salgsproceduren var åben og ikkediskriminerende.
The commitments described in recitals 156, 157 and 158 ensure the credit operations of the Bank will be run on a commercial basis and daily business will be protected from State interference.
Opkøbet er derfor omfattet af undtagelsen i punkt 41 i omstruktureringsmeddelelsen.
Significant actions have been taken to minimise future losses and to ensure that the activities of the Bank are not jeopardised by inappropriate governance.
Konklusion vedrørende opkøbet af en del af aktiverne og passiverne i de tre andelsbanker
On that basis, the Commission finds that measures B1, B2 and B3 are appropriate.
Kommissionen konkluderer, at dette opkøb i lyset af de græske bankers usædvanlige situation [141] og de nærmere betingelser for opkøbet af de tre andelsbanker er foreneligt med de krav, der er fastlagt i omstruktureringsmeddelelsen.
Necessity– limitation of the aid to the minimum
Foreneligheden af opkøbet af FB Bank med omstruktureringsmeddelelsen
According to the 2008 Banking Communication, the aid measure must, in its amount and form, be necessary to achieve the objective.
Virkningen af opkøbet af FB Bank for bankens langsigtede rentabilitet
It means that the capital injection must be of the minimum amount necessary to achieve the objective.
Med hensyn til rentabilitet i driften bør opkøbet af FB Bank styrke bankens tilbagevenden til rentabilitet på langt sigt, da en fusion mellem to banker i samme geografiske marked giver anledning til at opnå meningsfyldte synergieffekter.
The amount of capital support was calculated by the Bank of Greece in the framework of the stress test of 2012 so as to ensure that the Bank's Core Tier 1 ratio remained above a certain level over the period 2012-14, as reflected in Table 3.
På tidspunktet for opkøbet forventede banken at opnå synergieffekter ved at rationalisere filialnettet, tilpasse produkttilbuddet og kreditpolitikkerne samt strømline og konsolidere IT-platformen.
Measures B1, B2 and B3 therefore do not provide the Bank with excess capital.
I sit endelige tilbud anslog banken, at den ville eliminere størstedelen af FB Banks driftsomkostninger, og at den forventede, at omkostningerne for de overførte indlån ville blive tilpasset bankens rentepolitik, dvs. at renten på FB Banks indlån ville blive reduceret til de niveauer, som banken betalte af sine indlån, samtidig med at man fastholdt FB Bank eksisterende kunder.
As explained in recital 314, actions have been taken to reduce the risk that the Bank might need additional aid in the future.
Med hensyn til fremtidige tab på lån opkøber banken FB Banks udlån til dagsværdi, ikke bogført værdi.
As regards the remuneration of the first and second bridge recapitalisations (measures B1 and B2), the Commission recalls that they were granted in May and December 2012, and paid in kind in the form of EFSF notes.
Denne faktor begrænser risikoen ved fremtidige værdiforringelsestab.
The HFSF has received as remuneration, from the date of disbursement of those EFSF notes to the date of the Spring 2013 recapitalisation, the accrued interests on the EFSF notes plus a 1 % fee [136].
Med hensyn til likviditetsstillingen har transaktionen også en gavnlig virkning på banken, da den opkøbte flere indlån end nettoudlån.
As underlined in the NBG Opening Decision, that remuneration is lower than the 7 % to 9 % range defined in the Recapitalisation Communication.
Med hensyn til kapitalkrav bemærkes det, at bankens tilbud var betinget af, at stabilitetsfonden dækkede kapitalbehovet fra opkøbet af FB Banks aktiver.
However, the period of low remuneration was limited to one year for measure B1 and five months for measure B2 (that is to say, until the conversion of the bridge recapitalisation into a standard recapitalisation in ordinary shares, namely measure B3).
I sidste ende udnyttede banken ikke denne mulighed, da det lykkedes for den at rejse tilstrækkelig privat kapital fra markedet i maj 2014.
While the first and second bridge recapitalisations did not trigger the dilution of existing shareholders, the Spring 2013 recapitalisation, which was the partial conversion of the first and second bridge recapitalisations, heavily diluted the pre-existing shareholders, as their stake in the Bank's equity fell to 5,1 %.
Kommissionen mener derfor, at opkøbet er positivt for genoprettelsen af bankens langsigtede rentabilitet.
The abnormal situation which prevailed from the date of the first bridge recapitalisation was then terminated.
Virkningen af opkøbet for det støttebeløb, som banken havde brug for
The doubts raised in the NBG Opening Decision have therefore been allayed.
Banken ydede ingen betaling for købet af de udvalgte aktiver og passiver i FB Bank.
Furthermore, given the atypical source of the Bank's difficulties, where losses come mainly from a debt waiver in favour of the State (the PSI programme and the debt buy-back, which provide a significant advantage to the State, that is to say, a debt reduction) and from the consequences of a protracted recession in the domestic economy of the Bank, the Commission can accept such a temporary deviation from the standard remuneration requirements set in the Recapitalisation Communication [137].
Bankens tilbud var endvidere betinget af, at stabilitetsfonden dækkede kapitalbehovet fra opkøbet af FB Banks aktiver.
As regards measure B3, according to point 8 of the 2011 Prolongation Communication, capital injections should be subscribed at a sufficient discount to the share price adjusted for the dilution effect to give a reasonable assurance of an adequate remuneration for the State.
Opkøbet betød derfor ikke, at køberen havde brug for yderligere statsstøtte.
While measure B3 did not provide for a significant discount to the share price as adjusted for the dilution effect, it was, in fact, impossible to achieve a significant discount to the theoretical ex-right price [138].
Med hensyn til fremtidige potentielle kapitalbehov som følge af opkøbet bemærkes det, at aktiverne blev opkøbt til dagsværdi, hvilket begrænser risikoen for yderligere tab i fremtiden.
Prior to the Spring 2013 recapitalisation, the capital of the Bank was negative and its market capitalisation was only a small fraction of the amount of the capital increase to be completed.
Banken anvendte således ikke støtte til at finansiere opkøbet af FB Bank, og opkøbet strider ikke mod princippet om, at støtten bør begrænses til det nødvendige minimum.
In such circumstances, the question arises whether the existing shareholders should have been fully wiped out.
Konkurrencefordrejende virkning af opkøbet
The Commission notes that the issue price was set at a 50 % discount to the average market price over the fifty days preceding the determination of the issue price.
Som nævnt i betragtning 76 var FB Bank ikke rentabel som selvstændig enhed.
The Commission also notes that the dilution of the pre-existing shareholders was huge since after that recapitalisation they held only 5,1 % of the shareholding of the Bank.
MEFP af december 2012 omhandlede afviklingen af underkapitaliserede banker gennem en købs- og overtagelsesprocedure eller — som den næstbedste mulighed — gennem etablering af en bro-bank.
Therefore, applying a further discount on the market price would only have had a limited impact on the remuneration of the HFSF.
Som anført i betragtning 77 og i overensstemmelse med MEFP bemærkede den græske nationalbank, at det var nødvendigt at træffe afviklingsforanstaltninger for at sikre indskydernes tillid til det græske banksystem.
In view of the specific situation of the Greek banks explained in recital 320, and given the fact that the need for aid stems from a waiver of debt in favour of the State, the Commission considers that the issue price of the shares subscribed by the State was sufficiently low.
Ingen blandt de aktører, der ikke nød offentlig støtte, indsendte et gyldigt bud på opkøbet af FB Bank, og salgsproceduren var åben og ikkediskriminerende.
The HFSF granted those warrants for no consideration.
Banken fortrængte derfor ikke sådanne budgivere, som ikke nød offentlig støtte.
As explained in recital 112, each warrant incorporates the right to purchase 8,23 shares of the HFSF at specified intervals and strike prices.
Opkøbet af FB Bank var godkendt af den hellenske konkurrencemyndighed [142].
The exercise price is equal to the subscription price of the HFSF increased by an annual and cumulative margin (4 % for year one, 5 % for year two, 6 % for year three, 7 % for year four and then 8 % annualised for the last six months).
På denne baggrund konkluderer Kommissionen, at opkøbet af FB Bank er omfattet af undtagelsen i punkt 41 i omstruktureringsmeddelelsen.
The remuneration received by the HFSF on the shares it owns is de facto capped at those levels.
Konklusion vedrørende opkøbet af FB Bank
That remuneration is lower than the 7 % to 9 % range defined in the Recapitalisation Communication.
Kommissionen konkluderer, at opkøbet af FB Bank i lyset af de nærmere betingelser for dette opkøb er foreneligt med de krav, der er fastlagt i omstruktureringsmeddelelsen.
However, because those warrants were a key factor in the success of the rights issue and private placement launched by the Bank before the Spring 2013 recapitalisation, the Commission considers that those warrants enabled the Bank to reduce the amount of aid by EUR 1079 million.
Foreneligheden af opkøbet af Probank med omstruktureringsmeddelelsen
Indeed due to the low capital ratio of the Bank prior to the recapitalisation and the high uncertainty at that time, the simulations which were then available showed that without the warrants private investors would not have achieved a sufficient return and would not have participated.
Virkningen af opkøbet af Probank for bankens langsigtede rentabilitet
For the reasons explained in recitals 313 and 320, because the HFSF would receive a minimal positive remuneration if the warrants were exercised and because it was an objective of the MEFP to attract some private investors to keep some banks under private management, and avoid situations where the whole banking sector would be controlled by the HFSF, the Commission can accept such a deviation from the standard remuneration requirements set out in the Recapitalisation Communication.
Med hensyn til rentabilitet i driften vil opkøbet af Probank styrke bankens tilbagevenden til rentabilitet på langt sigt, da banken vil opnå meningsfyldte synergieffekter.
That acceptance is also based on the fact that the HFSF law, as amended in March 2014, does not provide for any adjustment of the warrants in the event of a non-pre-emptive share capital increase, and that in the event of a rights issue, only the warrant strike price may be adjusted and the adjustment may take place only ex post and only up to the amount of the proceeds realised from the sale of pre-emption rights of the HFSF.
På tidspunktet for opkøbet forventede banken en årlig synergieffekt på […] mio. EUR inden udgangen af 2015 [143].
Moreover, the commitment given by Greece that it would seek the approval of the Commission prior to any buy-back of the warrants issued by the HFSF will allow the Commission to ensure that potential future buy-backs do not further reduce the remuneration of the HFSF and increase the remuneration of the warrant holders.
Banken forventede at opnå disse synergieffekter gennem rationalisering af filialnettet og nedskæring af personalet i den kombinerede enhed og gennem fusion af administrationsfunktionerne, konsolidering af IT-systemerne og central drift.
As regards the fact that the HFSF shares are non-voting, the Commission recalls that the need for aid does not come mainly from excessive risk taking.
Banken forventede videre, at en betydelig del af synergieffekterne ville blive opnået ved at tilpasse omkostningerne for de overførte indlån til bankens rentepolitik, dvs. ved at sænke renten på Probanks indlån til de niveauer, som banken betalte af sine indlån.
In addition, it was an objective of the programme between the Greek government, the Union, the IMF and the ECB to keep some banks under private management.
Med hensyn til fremtidige tab på lån opkøbte banken Probanks udlån til dagsværdi, ikke bogført værdi.
Moreover, the relationship framework and automatic reintroduction of voting rights in the event of non-implementation of the restructuring plan provide safeguards against future excessive risk taking by private managers.
Det begrænser risikoen ved fremtidige værdiforringelsestab.
Finally, the PSI and the December 2012 buy-back are a kind of remuneration to the State, as the latter enjoyed a reduction of its debt towards the Bank by several billions euros.
Købet bidrager derfor til at forbedre forholdet mellem bankens udlån og indlån.
For all those reasons, the Commission can accept that the HFSF receives non-voting shares.
Med hensyn til kapitalkrav bemærkes det, at bankens tilbud var betinget af, at stabilitetsfonden dækkede kapitalbehovet fra opkøbet af Probanks aktiver.
The Commission therefore concludes that measure B3 was necessary.
I sidste ende udnyttede banken ikke denne mulighed, da det lykkedes for den at rejse tilstrækkelig privat kapital fra markedet i maj 2014.
In conclusion, measures B1, B2 and B3 are necessary as rescue aid in both their amount and form.
Selv om opkøbet i dette tilfælde havde en positiv virkning for bankens rentabilitet, er det ikke nødvendigt for dens rentabilitet i henhold til punkt 23 i omstruktureringsmeddelelsen.
Proportionality– measures limiting negative spill-over effects
Bankens tilbud var endvidere betinget af, at stabilitetsfonden dækkede kapitalbehovet fra opkøbet af Probanks aktiver.
That situation may therefore lead to serious distortions of competition.
Banken anvendte således ikke støtte til at finansiere opkøbet af Probank, og opkøbet strider ikke mod princippet om, at støtten bør begrænses til det nødvendige minimum.
However, Greece has given a commitment to implement a number of measures aiming at reducing negative spill-over effects.
Som nævnt i betragtning 86 var Probank ikke rentabel som selvstændig enhed.
In particular, the commitments provide that the Bank's operations will continue to be run on a commercial basis, as explained in recitals 157 and 158.
MEFP af maj 2013 omhandlede afviklingen af underkapitaliserede banker gennem en købs- og overtagelsesprocedure.
Greece has also committed to an acquisition ban, as well as to a number of divestments abroad and in non-banking activities in Greece, as set out in recital 159.