natgillin/translations-raw huggingface dataset:
Den 3. december 2013 oplyste Grækenland Kommissionen om den forventede afvikling af de tre andelsbanker (i det følgende benævnt »de tre andelsbanker«), nemlig Cooperative Bank of Dodecanese (»banken for Dodekaneserne«), Cooperative Bank of Evia (»banken for Evia«) og Cooperative Bank of Western Macedonia (»banken for Vestmakedonien«).
On 12 June 2014 the Greek authorities submitted a final restructuring plan for the Bank (‘the restructuring plan’) to the Commission.
Den 4. december 2013 anmodede Kommissionens tjenestegrene Grækenland om oplysninger om den forventede afvikling af de tre andelsbanker.
On the same date they provided information on the State-guaranteed ELA.
Den 5. december 2013 fremsendte Grækenland de ønskede oplysninger til Kommissionens tjenestegrene.
They indicated that they intended to continue providing the Bank with liquidity support, as well as State guarantees on debt instruments and government bond loans under the Greek Banks Support Scheme [6].
Den 8. december 2013 foretog den græske nationalbank afviklingen af de tre andelsbanker og overførslen af de tre andelsbankers udvalgte forpligtelser til banken.
The Commission has had numerous meetings, teleconferences and electronic mail exchanges with representatives of the Greek authorities and the Bank.
Den 17. december 2013 anmeldte Grækenland den statsstøtte, der blev ydet i forbindelse med afviklingen af de tre andelsbanker.
Greece accepts that exceptionally this Decision is adopted in the English language only.
BESKRIVELSE
PROCEDURE RELATED TO THE STATE SUPPORT GRANTED TO THE THREE COOPERATIVE BANKS
BANKEN OG DENS VANSKELIGHEDER
On 3 December 2013, Greece informed the Commission about the anticipated resolution of three cooperative banks (‘the three Cooperative Banks’), namely Cooperative Bank of Dodecanese (‘Dodecanese Bank’), Cooperative Bank of Evia (‘Evia Bank’) and Cooperative Bank of Western Macedonia (‘Western Macedonia Bank’).
Den græske banksektors situation generelt
On 4 December 2013, the Commission services asked Greece to submit information regarding the anticipated resolution of the three Cooperative Banks.
Grækenlands bruttonationalprodukt (BNP) faldt med 20 % fra 2008 til 2012 som vist i tabel 1.
On 5 December 2013, Greece submitted the requested information to the Commission services.
Som følge heraf oplevede de græske banker en hastigt stigende misligholdelsesprocent på lån ydet til græske husholdninger og virksomheder [7].
On 8 December 2013, the Bank of Greece proceeded with the resolution of the three Cooperative Banks and the transfer of the selected liabilities of the three Cooperative Banks to the Bank.
Denne udvikling har været en belastning for de græske bankers aktivbeholdninger og skabt et øget behov for kapital.
On 17 December 2013, Greece notified the State support provided in the framework of the resolution of the three Cooperative Banks.
Tabel 1
DESCRIPTION
Real BNP-vækst i Grækenland, 2008-2013
THE BANK AND ITS DIFFICULTIES
Kilde:
General context of the Greek banking sector
Eurostat:http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&plugin=1&language=en&pcode=tec00115.
Greece’s real gross domestic product (‘GDP’) fell by 20 % from 2008 to 2012, as shown in Table 1.
Grækenland
As a result, Greek banks faced a rapidly increasing default rate on loans to Greek households and companies [7].
Real BNP-vækst, %
Those developments have adversely affected the performance of the assets of Greek banks and given rise to capital needs.
Desuden iværksatte Grækenland i februar 2012 en obligationsombytning for den private sektor kaldet »Private Sector Involvement« (i det følgende benævnt »PSI-programmet«).
Table 1
Tabel 2
Real GDP Growth in Greece, 2008-13
Samlede PSI-tab hos de største græske banker (mio. EUR)
Source:
Bank of Greece, Report on the Recapitalisation and the Restructuring of the Greek Banking Sector, december 2012, s. 14.
Eurostat, available online at http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&plugin=1&language=en&pcode=tec00115
Banker
Greece
Pålydende værdi af statslige lån (2)
In addition, in February 2012, Greece implemented a private sector bond exchange known as Private Sector Involvement (‘the PSI programme’).
Samlet pålydende værdi (3) = (1) + (2)
Greek banks were involved in the PSI programme, in the course of which the Greek government offered existing private bondholders new securities (including new Greek Government Bonds (‘GGBs’), GDP-linked securities and PSI payment notes issued by the European Financial Stability Fund (‘EFSF’)) in exchange for existing GGBs, with a nominal discount of 53,5 % and longer maturities [8].
PSI-tab på GSO'er (4)
The Greek authorities announced the results of that exchange of bonds on 9 March 2012 [9].
PSI-tab på statslige lån (5)
The exchange resulted in significant losses for the bondholders (estimated by the Bank of Greece at 78 % of the face amount of old GGBs on average for the Greek banks) and capital needs which were retroactively booked in the Greek banks’ 2011 financial statements.
Samlet bruttotab på PSI (6) = (4) + (5)
Table 2
Samlet bruttotab på PSI/CT1 [10] (dec. 2011) (/%)
Total PSI losses of the main Greek banks (EUR million)
Samlet bruttotab på PSI/samlede aktiver (dec. 2011) (%)
Bank of Greece, Report on the Recapitalisation and the Restructuring of the Greek Banking Sector, December 2012, p.
Dette beløb blev beregnet på grundlag af en stresstest udført af den græske nationalbank fra december 2011 til udgangen af december 2014 (i det følgende benævnt »2012-stresstesten«), som var baseret på Blackrocks prognose for tab på lån [12].
14.
Midlerne til rekapitaliseringen af de græske banker udbetales gennem stabilitetsfonden.
Banks
Tabel 3 viser en oversigt over beregningen af kapitalbehovet hos de største græske banker, jf. 2012-stresstesten.
Face amount Face amount of GGBs (1)
Tabel 3
Face amount of state related loans (2)
Stresstest 2012: De største græske bankers kapitalbehov (mio. EUR)
Total face amount (3) = (1) + (2)
Reference-CT1 (dec. 2011) (1)
PSI loss of state-related loans (5)
Samlet bruttotab på PSI (dec. 2011) (2)
Total gross PSI loss (6) = (4) + (5)
Hensættelser vedrørende PSI (juni 2011) (3)
Total gross PSI loss/Core Tier 1 [10] (Dec 2011) (%)
Prognoser for akkumuleret bruttotab for kreditrisiko (4)
Total gross PSI loss/Total assets (Dec 2011) (%)
Hensættelser til tab på lån (dec. 2011) (5)
Since the Greek banks faced substantial capital shortfalls as a result of the PSI programme and the continuing recession, the Memorandum of Economic and Financial Policies (‘MEFP’) of the Second Adjustment Programme for Greece between the Greek government, the European Union, the International Monetary Fund (‘IMF’) and the European Central Bank (‘ECB’) dated 11 March 2012 made funds available for those banks’ recapitalisation.
Intern kapitaldannelse (6)
The Greek authorities estimated the total bank recapitalisation needs and resolution costs to be financed under that programme at EUR 50 billion [11].
Mål-CT1 (dec. 2014) (7)
That amount was calculated on the basis of a stress test performed by the Bank of Greece for the period starting December 2011 and ending December 2014 (‘the stress test of 2012’), which relied on the loan losses forecast performed by Blackrock [12].
Kapitalbehov (8) = (7) - [(1) + (2) + (3) + (4) + (5) + (6)]
The funds for the recapitalisation of the Greek banks are available through the HFSF.
Ifølge MEFP vil banker, der indsender planer for rentabel kapitalisering, få lejlighed til at ansøge om og modtage offentlig støtte på en måde, som bevarer den private sektors incitamenter til at tilføre kapital og dermed minimere byrden for skatteborgerne [13].
Table 3 summarises the calculation of capital needs for the main Greek banks as they result from the stress test of 2012.
Den græske nationalbank mente, at kun de fire største banker havde indsendt planer for rentabel kapitalisering (Eurobank, National Bank of Greece, Piraeus Bank og Alpha Bank) [14].
Table 3
De modtog den første tilførsel af brokapital fra stabilitetsfonden i maj 2012.
Stress test of 2012: Capital needs of the main Greek banks (EUR million)
Indlånsomkostningerne steg og indskrænkede bankernes nettorentemarginal.
Bank of Greece, Report on the Recapitalisation and the Restructuring of the Greek Banking Sector, December 2012, p.
Da de græske banker blev udelukket fra engrosfinansieringsmarkederne, blev de fuldstændig afhængige af finansiering fra Eurosystemet [15], hvoraf en stigende del var statsgaranteret ELA ydet af den græske nationalbank.
8
Den 3. december 2012 iværksatte Grækenland et tilbagekøbsprogram for de nye GSO'er, som investorerne havde modtaget i forbindelse med PSI-programmet, til kurser fra 30,2 til 40,1 i forhold til den nominelle værdi [16].
Reference Core Tier 1 (Dec 2011) (1)
I december 2012 modtog de fire største græske banker endnu en tilførsel af brokapital fra stabilitetsfonden.
Provisions related to PSI (June 2011) (3)
I foråret 2013 blev brokapitalen til de fire banker konverteret til en permanent rekapitalisering i form af ordinære aktier og med stabilitetsfonden som hovedaktionær og ejer af over 80 % af aktiekapitalen i hver af de fire banker.
Gross Cumulative Loss Projections for credit risk (4)
Stabilitetsfonden modtog aktier uden stemmeret fra de banker, som det lykkedes at tiltrække en forud fastsat mængde privat kapital (banken, Piraeus Bank S.A. og National Bank of Greece S.A.), mens de private investorer fik warrants på stabilitetsfondens aktier.
Loan loss reserves (Dec 2011) (5)
Analysen omfattede prognoser for tab på lån i to makroøkonomiske scenarier, et referencescenarie og et negativt scenarie.
Capital needs (8) = (7) – [(1) + (2) + (3) + (4) + (5) + (6)]
Prognoserne for tab på lån i udenlandske udlånsporteføljer blev vurderet af den græske nationalbank ved hjælp af input fra rådgiveren.
Postbank (TT Bank)
På baggrund af rådgiverens vurdering af prognoserne for tab på lån gennemførte den græske nationalbank i efteråret 2013 endnu en stresstest (i det følgende benævnt »2013-stresstesten«) for at vurdere, hvor solide de græske bankers kapitalstilling var, både i et referencescenarie og et negativt scenarie.
According to the MEFP, ‘banks submitting viable capital raising plans will be given the opportunity to apply for and receive public support in a manner that preserves private sector incentives to inject capital and thus minimises the burden for taxpayers’ [13].
Den græske nationalbank foretog en vurdering af kapitalbehovet med teknisk bistand fra en anden rådgiver.
The Bank of Greece found that only the four largest banks (Eurobank, National Bank of Greece, Piraeus Bank and Alpha Bank) submitted viable capital raising plans [14].
Tabel 4
They received a first bridge recapitalisation by the HFSF in May 2012.
Stresstest 2013: Kapitalbehovet hos de græske banker, beregnet på et konsolideret grundlag i referencescenariet (mio. EUR)
Domestic deposits in the banks in Greece decreased by 37 % in total between the end of 2009 and June 2012 due to the recession and political uncertainty.
Bank of Greece, 2013 Stress Test of the Greek Banking Sector, marts 2014, s. 42.
Those banks had to pay higher interest rates to try to retain deposits.
Reference-CT1 (juni 2013) (1)
The costs of deposits increased, reducing the net interest margin of the banks.
Hensættelser til tab på lån (juni 2013) (2)
As Greek banks were shut out from wholesale funding markets, they became entirely dependent on Eurosystem financing [15], a growing portion of which was in the form of State-guaranteed ELA granted by the Bank of Greece.
PTL for græsk risiko (3)
On 3 December 2012, Greece launched a buy-back programme on the new GGBs received by the investors in the framework of the PSI programme, at prices ranging from 30,2 % to 40,1 % of their nominal value [16].
PTL for udenlandsk risiko [19] (4)
The Greek banks participated in that buy-back programme which crystallised further losses on their balance sheets, since most of the accounting loss (that is, the difference between market value and nominal value) booked on those new GGBs at the time of the PSI programme became definitive and irreversible [17].
Intern kapitaldannelse (5)
In December 2012, the four largest Greek banks received a second bridge recapitalisation from the HFSF.
Stresstest-CT1 (dec. 2016) (6)
In spring 2013, the bridge recapitalisation of the four banks was converted into permanent recapitalisation in ordinary shares, with the HFSF holding more than 80 % of the shareholding of each of the four banks.
Den 6. marts 2014 bekendtgjorde den græske nationalbank resultatet af 2013-stresstesten og anmodede bankerne om inden medio april 2014 at indsende deres planer for rejsning af kapital til dækning af kapitalbehovet i referencescenariet.
In July 2013, the Bank of Greece commissioned an advisor to carry out a diagnostic study on the loan portfolios of all Greek banks.
Fra ultimo marts 2013 til primo maj 2014 rejste bankerne kapital.
That advisor carried out credit loss projections (‘CLPs’) on all domestic loan books of the Greek banks as well as on loans carrying Greek risk in foreign branches and subsidiaries over a three-and-a-half-year and a loan-lifetime horizon.
Støttemodtageren
The analysis provided CLPs under two macroeconomic scenarios, a baseline and an adverse one.
Banken yder generelle banktjenester, primært i Grækenland og Sydøsteuropa (Cypern, Rumænien, Bulgarien, Serbien, Albanien og Den Tidligere Jugoslaviske Republik Makedonien (FYROM)) samt i Det Forenede Kongerige.
The CLPs for foreign loan portfolios were estimated by the Bank of Greece using some input from the advisor.
Den tilbyder den fulde vifte af bank- og finansprodukter og tjenesteydelser til private såvel som erhvervslivet.
Based on the advisor’s assessment of the CLPs, in autumn 2013 the Bank of Greece launched a new stress test exercise (‘the stress test of 2013’) to assess the robustness of the Greek banks’ capital position under both a baseline and an adverse scenario.
Den driver detail- og forretningsbankvirksomhed og private banking, formueforvaltning, likviditetsstyring og investeringsbankvirksomhed.
The Bank of Greece conducted the capital needs assessment with the technical support of a second advisor.
Banken er etableret i Grækenland, og dens aktier noteres på Athens fondsbørs.
The key components of the capital needs assessment under the stress test of 2013 were: (i) the CLPs [18] on banks’ loan portfolios on a consolidated basis for Greek risk and foreign risk, net of existing loan reserves; and (ii) the estimated operating profitability of banks for the period from June 2013 to December 2016, based on a conservative adjustment of the restructuring plans which had been submitted to the Bank of Greece during the fourth quarter of 2013.
Den 30. september 2012 beskæftigede banken i alt 17119 personer, hvoraf omtrent en tredjedel var ansat i det sydøstlige Europa og i Det Forenede Kongerige, mens de resterende to tredjedele var ansat i Grækenland [22].
Table 4 summarises the calculation of capital needs for the main Greek banks on a consolidated basis under the baseline scenario for that stress test of 2013.
Banken deltog i PSI-programmet og ombyttede GSO'er og statslige lån med en pålydende værdi af 6043 mio. EUR.
Table 4
Dens samlede PSI-relaterede omkostninger beløb sig til ca. 4786 mio. EUR før skat og blev fuldt ud bogført i 2011-regnskaberne [23].
Stress test of 2013: Capital needs of the Greek banks on a consolidated basis in the baseline scenario (EUR million)
Bankens nøgletal i december 2010, december 2011, december 2012 og december 2013 (konsoliderede data) vises i tabel 5.
Bank of Greece, 2013 Stress Test of the Greek Banking Sector, March 2014, p.
Tabel 5
42.
Alpha Banks nøgletal 2010, 2011, 2012 og 2013
Reference Core Tier 1 (June 2013) (1)
Kilder:
Loan Loss reserves (June 2013) (2)
Proforma 2012: Omstruktureringsplan for Alpha Bank, juni 2014, s. 24.
CLPs for Greek risk (3)
2012 og 2011: Finansielle resultater 2012 — Konsoliderede årsregnskaber: http://www.alpha.gr/files/investorrelations/IFRS_Alphagroup_FY_2012_en.pdf
CLPs for foreign [19] (4)
2010: Finansielle resultater 2011 — Konsoliderede årsregnskaber: http://www.alpha.gr/files/investorrelations/IFRS_Alphagroup_FY_2011_en.pdf.
Internal Capital Generation (5)
Driftsregnskab
Stress test Core Tier 1 ratio (December 2016) (6)
(mio. EUR)
Capital needs (7) = (6) - (1) - (2) - (3) - (4) - (5)
(inkl. Emporiki)
Between the end of March 2013 and early May 2014, banks proceeded with capital increases.
Nettorenteindtægter
The beneficiary
Driftsindtægter i alt
The Bank provides universal banking services mainly in Greece and in South-Eastern Europe (Cyprus, Romania, Bulgaria, Serbia, Albania and the Former Yugoslav Republic of Macedonia (‘FYROM’)) as well as in the United Kingdom.
Driftsudgifter i alt
It offers a full range of banking and financial products and services to households and businesses.
Indtægter før hensættelser
It is active in retail, corporate and private banking, asset management, treasury and investment banking.
Tab ved værdiforringelser til dækning af kreditrisiko
The Bank is incorporated in Greece and its shares are listed on the Athens Stock Exchange.
Tab ved værdiforringelser på GSO'er og PSI-berettigede lån
On 30 September 2012, the Bank employed a total of 17119 people, of which around one-third were employed in South-Eastern Europe and in the United Kingdom, while the remaining two-thirds were employed in Greece [22].
Negativ goodwill
The Bank participated in the PSI programme, exchanging GGBs and State-related loans with a face value of EUR 6043 million.
Nettofortjeneste/tab
Its total PSI-related charge amounted to around EUR 4786 million before tax and was entirely booked in its 2011 accounts [23].
Udvalgte nøgletal
During the buy-back programme of December 2012, the Bank sold the new GGBs it had received in the framework of the PSI at a deep discount to nominal value.
Samlet tilgodehavende hos kunder (lån og forskud) (netto)
That sale crystallised its losses on the new GGBs.
Indskud
The key figures of the Bank in December 2010, December 2011, December 2012 and December 2013 (consolidated data) are presented in Table 5.
Aktiver i alt
Table 5
Egenkapital i alt [24]
Alpha Bank key figures, 2010, 2011, 2012 and 2013
Tabel 5 illustrerer, at banken ud over de enorme tab, den bogførte i 2011 på grund af PSI-programmet (4786 mio. EUR [25]), led under vigende indtjening (bl.a. på grund af de højere indlånsomkostninger) og store og stigende værdiforringelser på sin udlånsportefølje i Grækenland og i udlandet.
Sources:
Bankens likviditetsstilling blev hårdt ramt af indlånsflugten, og forholdet mellem udlån og indlån nåede 152 % pr. 31. december 2011 [26], mens 34 % af dens balance blev finansieret af Eurosystemet pr. samme dato [27].
Pro forma 2012: Restructuring Plan of Alpha Bank, June 2014, p.
Ifølge 2013-stresstesten anslog den græske nationalbank bankens kapitalbehov til 262 mio. EUR i referencescenariet.
24.
I marts 2014 foretog banken en kapitalforøgelse på 1,2 mia. EUR til dækning af det i betragtning 39 nævnte kapitalbehov og til tilbagekøb af præferenceaktier for 940 mio. EUR, som Grækenland ejede [28].
2012 and 2011: Financial results 2012 – Consolidated financial statements: http://www.alpha.gr/files/investorrelations/IFRS_Alphagroup_FY_2012_en.pdf
I modsætning til Eurobanks kapitalforøgelse i april 2014 forpligtede stabilitetsfonden sig ikke til i tilfælde af manglende privat efterspørgsel at tilføre kapital i forbindelse med denne forøgelse.
2010: Financial results 2011 – Consolidated financial statements: http://www.alpha.gr/files/investorrelations/IFRS_Alphagroup_FY_2011_en.pdf
Bankens kapitalforøgelse blev opnået i form af en emission til internationale investorer uden fortegningsret og en offentlig aktieemission i Grækenland.
Profit and loss
Tegningskursen blev fastsat til 0,66 EUR pr. aktie.
(EUR million)
Efter kapitalforøgelsen bekendtgjorde banken den 17. april 2014, at den havde indløst Grækenlands præferenceaktier for et samlet beløb på 940 mio. EUR.
Pro forma 2012
BANKENS ERHVERVELSE AF GRÆSKE BANKAKTIVITETER
(including Emporiki)
Køb af Emporiki Bank
Net Interest Income
Emporiki Bank blev stiftet i 1882.
Total Operating Income
I 2000 erhvervede Crédit Agricole Group indledningsvis 6,7 % af aktierne i Emporiki Bank.
Total Operating Expenses
Emporiki Bank drev detail-, forretnings- og investeringsbankvirksomhed, formueforvaltning, porteføljeforvaltning og finansielle tjenesteydelser i al almindelighed.
Pre Provision Income
Den tilbød sine tjenesteydelser i Grækenland gennem sit net af 323 filialer og i udlandet gennem sin filial i Cypern samt datterselskaber i Cypern, Bulgarien, Albanien og Rumænien [29].
Impairment Losses to cover credit risk
Den havde 4230 ansatte pr. 31. december 2012.
Impairment losses on GGBs and loans eligible to PSI
Den 12. oktober 2012 gav stabilitetsfonden sit samtykke til, at banken købte Emporiki Bank af Crédit Agricole.
Negative goodwill
Banken skulle herefter købe den fuldt ud rekapitaliserede Emporiki Bank for 1 EUR.
Net Profit/Loss
I henhold til aktiekøbsaftalen købte banken ikke Emporiki Banks udenlandske datterselskaber, som forblev Crédit Agricoles ejendom, med undtagelse af den cypriotiske filial, som udgjorde en andel på 0,5 mia. EUR af aktiverne, og som indgik i det i købsaftalen definerede omfang.
Selective Volume figures
Den 31. december 2012 efter Crédit Agricoles rekapitalisering var Emporiki Banks kapitalgrundlag 17,6 %, mens dens kapitalprocent var 13,5 %.
Total Loans and Advances to Customers (Net)
Den 1. februar 2013 bekendtgjorde banken, at den havde fået overdraget hele Emporiki Banks aktiekapital [31].
Deposits
Emporiki Banks nøgletal i december 2010, december 2011, december 2012 og januar 2013 vises i tabel 6.
Total Assets
Tabel 6
Total Equity [24]
December 2012: Nøgleindikatorer for Alpha Bank og Emporiki Bank, online: http://www.alpha.gr/page/default.asp?id=9&la=2
Under the stress test of 2013, the Bank of Greece estimated the capital needs of the Bank at EUR 262 million for the baseline scenario.
2011 og 2010: Emporiki Banks konsoliderede årsregnskaber pr. 31. december 2011.
In March 2014, the Bank proceeded with a capital increase of EUR 1,2 billion to cover the capital needs mentioned in recital 39 and to repay the preference shares held by Greece for EUR 940 million [28].
Mia. EUR
In contrast to Eurobank’s capital increase of April 2014, the HFSF did not commit to inject capital in the Bank’s capital increase in case of insufficient private demand.
(konsolideret)
The subscription price was set at EUR 0,66 per share.
Januar 2013
Acquisition of Emporiki Bank
Samlet tilgodehavende hos kunder (lån og forskud) (brutto)
Emporiki Bank was established in 1882.
Hensættelser
In 2000, Crédit Agricole Group initially acquired a 6,7 % stake in Emporiki Bank.
Kundernes tilgodehavender
Emporiki Bank became a subsidiary of Crédit Agricole in 2006, when it acquired a controlling interest.
Finansiering fra Eurosystemet
Crédit Agricole increased its shareholding to 94,99 % in Emporiki Bank at that time.
Egenkapital i alt
Emporiki Bank operated in all banking activities (retail, corporate) as well as in investment banking, asset management, portfolio management and in general financial services.
Tab efter skat
It offered its services in Greece through its network of 323 branches and abroad through its branch in Cyprus as well as through subsidiaries in Cyprus, Bulgaria, Albania and Romania [29].
Nettoudlån/-indlån
It employed 4230 employees at 31 December 2012.
Køb af de tre andelsbankers udvalgte forpligtelser
The Bank participated in the PSI programme, exchanging GGBs and other eligible securities with a face value of EUR 766 million.
Den 8. december 2013 besluttede den græske nationalbank at foretage en afvikling af de tre andelsbanker for henholdsvis Dodekaneserne, Evia og Vestmakedonien.
As illustrated in Table 2, its total PSI-related charge amounted to around EUR 590 million before tax and was entirely booked in its 2011 accounts.