natgillin/translations-raw huggingface dataset:
Med hensyn til proportionaliteten af den første bro-rekapitalisering bemærkede stabilitetsfonden, at de foranstaltninger, den traf, f.eks. som beskrevet i betragtning 175 til nærværende afgørelse, var tilstrækkelige som beskyttelsesforanstaltninger i lyset af størrelsen af de modtagne støttebeløb og den langvarige redningsperiode.
Those commitments aim at ensuring that the Bank does not deviate from prudent banking practices when granting or restructuring loans to its employees, managers and shareholders, as well as to public entities, political parties and media companies [103].
Desuden anførte stabilitetsfonden, at der var truffet hensigtsmæssige foranstaltninger med henblik på at sikre, at de banker, som stabilitetsfonden deltog i, ikke udvekslede kommercielt følsomme oplysninger.
Finally Greece has given a commitment that the Bank will comply with some behavioural limitations, such as a coupon and dividend ban, an acquisition ban and a ban on advertising State support [104].
Der var f.eks. tale om udnævnelse af forskellige repræsentanter for stabilitetsfonden til at sidde i disse banker, mandater til disse repræsentanter, som specifikt beskyttede mod en informationsstrøm mellem to repræsentanter, og klare interne instrukser til disse personer om ikke at videresende kommercielt følsomme oplysninger om banken.
Those commitments will be monitored until 31 December 2018 by a monitoring trustee.
Desuden anførte stabilitetsfonden, at den ikke udøvede sine rettigheder i forbindelse med bankerne på en måde, som kunne forhindre, begrænse, forvride eller i betydelig grad formindske eller hæmme en effektiv konkurrence.
Separately, Greece has indicated that it would seek the approval of the Commission prior to any buy-back of the warrants by the Bank or by any State entity including the HFSF [105].
Til sidst påpegede stabilitetsfonden, at medlemmerne af dens bestyrelse og dens medarbejdere var underlagt strenge regler om fortrolighed og betroede opgaver og bundet af bestemmelserne om forretningshemmelighed.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
VURDERING AF STØTTEN VEDRØRENDE DE OPKØBTE VIRKSOMHEDER
On 27 July 2012, the Commission opened the formal investigation procedure in order to verify whether the conditions of the 2008 Banking Communication [106] were met regarding the appropriateness, necessity and proportionality of the first bridge recapitalisation provided by the HFSF in favour of the Bank (measure B1).
VURDERING AF STATSSTØTTE VEDRØRENDE AFVIKLINGEN AF DE TRE ANDELSBANKER
Regarding the appropriateness of the measure, since the aid came after prior recapitalisations and liquidity aid and given the protracted rescue period, the Commission expressed doubts as to whether all actions possible had been taken by the Bank to avoid a need for aid in the future [107].
Forekomst af statsstøtte og støttebeløb
In addition, the Commission was not clear who would control the Bank once the first bridge recapitalisation was replaced by a permanent recapitalisation [108] as the Bank might come under the control either of the State or of minority private owners.
Kommissionen skal først afgøre, om der forekommer statsstøtte efter traktatens artikel 107, stk. 1, i forbindelse med afviklingen af de tre andelsbanker (dvs. dækningen af de udækkede finansieringsbehov, der muliggjorde overførslen af indlån).
The Commission noted that it would wish to ensure that the quality of the Bank's management and in particular its lending process should not deteriorate in either case.
Ifølge denne bestemmelse er statsstøtte enhver form for støtte, som ydes ved hjælp af statsmidler under enhver tænkelig form, og som fordrejer eller truer med at fordreje konkurrencevilkårene ved at begunstige visse virksomheder eller visse produktioner, i det omfang den påvirker samhandelen mellem medlemsstaterne.
Regarding the necessity of the first bridge recapitalisation, in recital 67 of the NBG Opening Decision the Commission questioned whether all the measures possible had been taken to avoid the Bank again needing aid in the future.
Kommissionen vil først vurdere, om følgende potentielle støttemodtagere opnåede en fordel: i) andelsbankerne og de »aktiviteter«, der potentielt blev overført til banken, og ii) banken.
Moreover, since the duration of the bridge recapitalisation period was uncertain the Commission could not reach a conclusion as to whether the remuneration was sufficient and complied with the remuneration and burden-sharing principles under State aid rules.
Forekomsten af statsstøtte til de tre andelsbanker og de aktiviteter, der potentielt blev overført til banken.
Furthermore, as the terms of the conversion of the first bridge recapitalisation into a permanent recapitalisation were not known at the time the NBG Opening Decision was adopted, the Commission could not assess them.
Med hensyn til de tre andelsbanker bemærker Kommissionen, at Lesvos-Limnos Bank, Achaia Bank og Lamia Bank er blevet sat til afvikling, og at deres banklicenser er blevet kaldt tilbage.
Regarding the proportionality of the measure, the Commission expressed doubts as to whether the safeguards (State support advertisement ban, coupon and dividend ban, call option ban and buy-back ban as described in recital 71 of the NBG Opening Decision) were sufficient in relation to the first bridge recapitalisation.
De gennemfører derfor ikke længere økonomiske aktiviteter på bankmarkedet.
Furthermore, in recital 72 of the NBG Opening Decision the Commission stated that distortions of competition could be caused by the lack of rules preventing the HFSF from coordinating the four largest Greek banks (namely, the Bank, Alpha Bank, Eurobank and Piraeus Bank) and the absence of adequate safeguards to avoid them sharing commercially sensitive information.
Den statslige støtte, dvs. dækningen af de udækkede finansieringsbehov, ville kun udgøre statsstøtte til de overførte fordringer og passiver efter traktatens artikel 107, stk. 1,. hvis de sammen udgør en virksomhed.
The Commission, therefore, proposed the appointment of a monitoring trustee, who would be physically present in the Bank.
Virksomhedsbegrebet omfatter enhver enhed, som udøver økonomisk virksomhed, uanset denne enheds retlige status og dens finansieringsmåde.
COMMENTS FROM INTERESTED PARTIES ON THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
Økonomisk virksomhed er enhver form for virksomhed af industriel eller handelsmæssig art, hvorved der udbydes varer og tjenesteydelser på markedet.
Comments from a Greek bank
For at afgøre, om der er tale om støtte til en virksomhed, skal det derfor vurderes, om overførslen af fordringer og passiver indebærer overførslen af en økonomisk aktivitet.
On 3 January 2013, the Commission received comments from a Greek bank on the NBG Opening Decision.
Som allerede nævnt i 2.2.1 blev kun indlån samt fordringer og passiver over for HDIGF overført til banken efter afviklingen af de tre andelsbanker.
That Greek bank commented that the recapitalisation of Greek banks by the HFSF constituted, in principle, a welcome step towards a healthier and more viable banking system and expressed no objection to the recapitalisation of the Bank.
De tre andelsbanker havde 187 medarbejdere og i alt 21 filialer.
However, while expressing its entire support for the principle of the recapitalisation of Greek banks by the HFSF, that Greek bank explained that, in order to minimise distortions of competitions and to avoid discrimination, it expected recapitalisation by the HFSF to be open to all banks operating in Greece under similar conditions.
Det skal bemærkes, at hverken filialer, ansættelseskontrakter eller lån automatisk blev overført mellem de tre andelsbanker og banken.
COMMENTS FROM GREECE ON THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
Det forhold, at lån ikke overføres til banken, men forbliver hos de tre andelsbanker under afvikling, og det forhold, at filialer og ansættelseskontrakter ikke blev overført, styrker [109] konklusionen om, at der ikke er tale om overførsel af økonomisk aktivitet.
On 5 September 2012, Greece submitted comments which had been prepared by the Bank of Greece and the HFSF.
De overførte passiver (dvs. indlån) kan ikke betragtes som modtager af statsstøtte, da de ikke udgør en virksomhed.
COMMENTS FROM THE BANK OF GREECE
De tre eksisterende juridiske enheder er således blevet sat til afvikling og udfører ikke længere bankaktiviteter.
Regarding the appropriateness of the first bridge recapitalisation, the Bank of Greece noted that the amount of EUR 18 billion of capital with which the HFSF recapitalised the four largest Greek banks in May 2012 was less than the final amount which was needed in order for those banks to gradually reach and maintain a Core Tier 1 ratio set at 10 % and Core Tier 1 ratio set at 7 % under a three-year adverse stress scenario.
Samtidig udgør de overførte passiver ikke en økonomisk aktivitet.
It also noted that the first bridge recapitalisation was temporary given that the recapitalisation process would be concluded with share capital increases by those four banks.
Det konkluderes derfor, at stabilitetsfondens bevilling af EFSF-obligationer til banken for at dække det udækkede finansieringsbehov fra købet af de tre andelsbankers aktiver og passiver ikke gør det muligt at videreføre sidstnævntes økonomiske aktiviteter.
The Bank of Greece also observed that the recapitalisation of the largest Greek banks is part of the longer term restructuring of the Greek banking sector.
Stabilitetsfondens støtte udgør derfor hverken støtte til de afviklede enheder eller støtte til de overførte aktiver og passiver.
It noted that where a bank remains in private hands, the management will most probably remain the same, while if a bank becomes State-owned (that is to say, owned by the HFSF), the HFSF may appoint new management which, in any case, will be assessed by the Bank of Greece.
Forekomsten af statsstøtte til banken
The Bank of Greece noted that it assesses the corporate governance framework, the adequacy of management and the risk profile of every bank on an ongoing basis in order to ensure that excessive risks are not taken.
Når Kommissionen skal afgøre, om salget af de tre andelsbankers aktiver og passiver indebærer statsstøtte til banken, skal den vurdere, om visse krav er opfyldt.
It also pointed out that the HFSF had already appointed representatives in the Board of Directors of the recapitalised banks.
Den skal navnlig undersøge, om i) salgsprocessen var åben og ikkediskriminerende, ii) salget foregik på markedsvilkår, og iii) staten maksimerede salgsprisen på de involverede aktiver og passiver [110].
Regarding the necessity of the first bridge recapitalisation, the Bank of Greece observed that the Bank's recapitalisation was limited so as to ensure that the then applicable minimum capital requirements (8 %) were met.
Som allerede nævnt i betragtning 64 kontaktede den græske nationalbank kun de fem største græske kreditinstitutter med aktiviteter i Grækenland på daværende tidspunkt.
It also stated that the protracted period of time prior to the recapitalisations was due to the sharp deterioration of the operating environment in Greece and the impact of the PSI programme, to the complexity of the whole project and to the need to maximise private investors' participation in the share capital increases.
Det begrænsede antal købere, der blev kontaktet, betyder ikke nødvendigvis, at udbuddet ikke var åbent, eftersom de var de eneste kreditinstitutter, der sandsynligvis ville være interesseret i at afgive bud.
Regarding the proportionality of the first bridge recapitalisation, the Bank of Greece pointed out that the full implementation of the restructuring plan to be submitted to the Commission is safeguarded by the fact that the suspension of the voting rights of the HFSF will be lifted if, inter alia, the restructuring plan is substantively violated.
Faktisk blev kun indlån udbudt til salg.
The Bank of Greece also observed that the Bank's difficulties were not due either to an underestimation of risks by the Bank's management or to commercially aggressive actions.
For at drage fordel af synergier i forbindelse med disse indlån er det derfor nødvendigt at have aktiviteter i det berørte geografiske område.
COMMENTS FROM THE HFSF
En bank uden tilstedeværelse i området kunne ikke tilbyde tjenester til indskydere.
Regarding the appropriateness of the first bridge recapitalisation, to address the issue of potential State interference if the State provides high amounts of State aid through the HFSF and the HFSF has full voting rights, the HFSF stated that the HFSF-funded banks are not considered to be public entities or under State control and that they will not be controlled by the State after they have been permanently recapitalised by the HFSF.
Fastholdelsen af indlån ville derfor være minimal, og køberen skulle afholde omkostningerne til køb af indlånene uden at opnå nogen fordel.
The HFSF pointed out that it is a fully independent private-law legal entity with autonomy of decision.
Den græske nationalbank kunne derfor med rimelighed inden for den korte tidshorisont, der var tilgængelig til at afvikle de tre andelsbanker, antage, at kun kreditinstitutter, hvis forretningsmodeller gør det muligt at servicere sådanne indskydere, ville være interesserede i at købe aktiverne.
It is not subject to government control, pursuant to Article 16C(2) of the HFSF law, according to which the credit institutions to which the HFSF has provided capital support are not part of the broader public sector.
Bankens bud blev foretrukket med hensyn til betaling og tid til gennemførelsen af overførslen.
It also referred to the governing structure of the HFSF.
Banken tilbød at betale et beløb svarende til […] % af de overførte indlån og anslog, at overførslen kunne gennemføres på en arbejdsdag.
As regards the intervention of the HFSF in the Bank's management, the HFSF noted that it would respect the Bank's autonomy and not interfere with its day-to-day management given that its role is limited to that laid down in the HFSF law.
På grundlag af ovennævnte konkluderer Kommissionen i overensstemmelse med punkt 20 i omstruktureringsmeddelelsen og sin egen afgørelsespraksis, at statsstøtte til banken kan udelukkes [111].
It stated that there would not be any State interference or coordination and that the decisions of the Bank regarding the lending process (inter alia on collateral, pricing and solvency of borrowers) would be taken on the basis of commercial criteria.
Konklusion vedrørende forekomsten af statsstøtte
The HFSF pointed out that the HFSF law and the pre-subscription agreement set appropriate safeguards in order to prevent existing private shareholders from excessive risk-taking.
Den statslige støtte i forbindelse med salget af de tre andelsbanker udgør ikke statsstøtte til de tre andelsbanker, til de overførte aktiver eller til banken.
It pointed to elements such as (i) the appointment of HFSF representatives as independent non-executive members of the Board of Directors of the Bank and their presence at committees, (ii) the HFSF carrying out due diligence in the Bank and (iii) the fact that, after the final recapitalisation, its voting rights would be restricted only for as long as the Bank complied with the terms of the restructuring plan.
Hermed udgør foranstaltningen ikke statsstøtte, jf. traktatens artikel 107, stk. 1.
Regarding the necessity of the first bridge recapitalisation and specifically regarding the level of the remuneration of aid, the HFSF stated that the remuneration had been agreed with the representatives of the Commission, the ECB and the IMF.
VURDERING AF STØTTEN VEDRØRENDE FIRST BUSINESS BANK
That agreed level took into account that the first bridge recapitalisation would be converted into a permanent recapitalisation before 30 September 2012, a deadline which was set in March 2012 in the MEFP between the Commission, the ECB, the IMF and Greece.
Kommissionen skal afgøre, om foranstaltningen udgør statsstøtte efter traktatens artikel 107, stk. 1.
Regarding the proportionality of the first bridge recapitalisation, the HFSF noted that the measures it adopted, such as those described in recital 175, are sufficient safeguards in view of the large amounts of aid received and the protracted rescue period.
Forekomst af statsstøtte i de foranstaltninger, der blev ydet i henhold til den græske bankstøtteordning (foranstaltning FB1, FB2 og FB3)
Moreover, the HFSF stated that there are appropriate measures in place in order to ensure that banks in which the HFSF participates do not share commercially sensitive information between them.
Kapitaltilførslen på 50 mio. EUR fra den græske stat til FB Bank i juli 2009 (foranstaltning FB1), de græske statsobligationer for 60 mio. EUR i maj 2012 (foranstaltning FB2) og statsgarantien til FB Bank for udstedte obligationer med en nominel værdi på 50 mio. EUR i marts 2011 (foranstaltning FB3) blev ydet i henhold til den græske bankstøtteordning [112].
Such measures include the appointment of different HFSF representatives to those banks, the mandates addressed to those representatives which specifically safeguard against the flow of information from one representative to another and clear internal instructions to those officers not to transmit commercially sensitive information of the banks.
I afgørelsen om godkendelse af denne ordning konkluderede Kommissionen, at de foranstaltninger, der blev ydet i henhold til ordningen, ville udgøre statsstøtte.
Moreover, the HFSF stated that it does not exercise its rights in relation to the banks in a manner which may prevent, restrict, distort or significantly lessen or impede effective competition.
Kommissionen mener derfor, at de overførte aktiviteter ikke længere ville have eksisteret uden de pågældende foranstaltninger.
Lastly, the HFSF pointed out that the members of its Board of Directors and its employees are subject to strict confidentiality rules and fiduciary duties and are bound by provisions concerning professional secrecy with regards to its affairs.
Foranstaltningerne bidrog til stabilisering og fortsættelse af de økonomiske aktiviteter, som senere blev overført til banken, og Kommissionen finder derfor, at de har gavnet FB Banks økonomiske aktiviteter, som senere blev overført til banken, og udgør statsstøtte efter traktatens artikel 107, stk. 1.
ASSESSMENT OF AID RELATED TO THE ACQUIRED BUSINESSES
Forekomst af statsstøtte i de foranstaltninger, der blev ydet med henblik på afviklingen af FB Bank (foranstaltning FB4 og FB5)
ASSESSMENT OF THE STATE SUPPORT RELATED TO THE RESOLUTION OF THE THREE COOPERATIVE BANKS
Kommissionen bemærker, at stabilitetsfonden er en enhed, der er stiftet og finansieres af Grækenland til at støtte banker, og at foranstaltning FB4 og FB5 derfor involverer statslige ressourcer.
Existence and the amount of aid
Kommissionen bemærker også, at foranstaltning FB4 og FB5 er selektive, da de kun gavner FB Banks aktiviteter.
The Commission first has to assess whether the State support related to the resolution of the three Cooperative Banks (meaning the financing of the funding gaps which enabled the transfer of the deposits) constitutes State aid within the meaning of Article 107(1) of the Treaty.
Kommissionen mener endvidere, at foranstaltning FB4 og FB5 giver FB Banks aktiviteter en klar fordel, fordi de sikrer deres overlevelse.
According to that provision, State aid is any aid granted by a Member State or through State resources in any form whatsoever which distorts, or threatens to distort, competition by favouring certain undertakings, in so far as it affects trade between Member States.
Overførselsordren er i dette tilfælde et samlet salg.
The Commission will start by assessing whether or not there was an advantage for the following potential beneficiaries: (i) the Cooperative Banks and the potentially transferred ‘activities’ to the Bank; and (ii) the Bank.
Selv om egenkapitalen og den efterstillede gæld ikke overføres, overføres de vigtigste produktive bankaktiver (filialer, indlån og udlån).
Existence of aid to the three Cooperative Banks and to the activities potentially transferred to the Bank.
Foranstaltning FB4 giver derfor de overførte aktiver en fordel, da den sikrer tilstrækkelige aktiver til at dække indlånene og til, at de overførte aktiviteter fortsat kan eksistere som følge af det samlede salg af FB Banks aktiver.
With regards to the three Cooperative Banks, the Commission notes that Lesvos-Limnos Bank, Achaia Bank and Lamia Bank have been put in liquidation and their banking licenses withdrawn.
Uden foranstaltning FB5 ville salget endvidere ikke være muligt, fordi overførslen ville have en potentiel negativ indvirkning på køberens solvensgrad.
Therefore, they will no longer carry out economic activities on the banking market.
De overførte aktiviteter ville derfor ikke længere eksistere, og foranstaltning FB4 og FB5 giver dem derfor en klar fordel.
The State support, that is to say the financing of the funding gaps, would constitute State aid to the transferred claims and liabilities within the meaning of Article 107(1) of the Treaty only if they together constitute an undertaking.
Kommissionen mener, at foranstaltning FB4 og FB5 ikke overholder det markedsøkonomiske investorprincip.
The concept of an undertaking encompasses every entity engaged in an economic activity, regardless of legal status and the way in which it is financed.
Stabilitetsfonden har faktisk ikke udsigt til at opnå gevinst af sit bidrag: Til gengæld for sit bidrag modtog den ingen fordring mod banken, men kun en fordring mod den enhed, der er under afvikling, dvs. FB Bank [113].
Any activity consisting in offering goods or services on a given market is regarded as an economic activity.
Stabilitetsfonden vil sandsynligvis derfor ikke få hele sit bidrag tilbage.
Therefore, in order to conclude whether there is aid to an undertaking, it should be assessed whether the transfer of claims and liabilities entail the transfer of an economic activity.
Den selektive fordel, som FB4 og FB5 giver, fordrejer konkurrencen ved at sikre en bankvirksomheds overlevelse, så den kan operere på markedet og konkurrere med andre banker, herunder udenlandske bankers datterselskaber, som er aktive i Grækenland eller potentielt interesserede i at komme ind på det græske marked.
As already mentioned in section 2.2.1, following the resolution of the three Cooperative Banks, only the deposits and the claims and liabilities towards the HDIGF were transferred to the Bank.
Foranstaltning FB4 og FB5 har derfor en virkning for samhandelen mellem medlemsstaterne og er potentielt konkurrencefordrejende.
The three Cooperative Banks employed 187 employees and had 21 branches in total.
Kommissionen konkluderer, at stabilitetsfondens dækning af det udækkede finansieringsbehov på 456,97 mio. EUR vedrørende de aktiver, der blev overført fra FB Bank til banken, og stabilitetsfondens tilsagn om at dække kapitalbehovene fra disse aktiver, som kan beløbe sig til 100 mio. EUR, udgør statsstøtte efter traktatens artikel 107, stk. 1.
It should be noted that there was no automatic transfer of branches or employment contracts or loans between the three Cooperative Banks and the Bank.
Støttemodtager af foranstaltning FB4 og FB5
Therefore, the fact that loans are not transferred to the Bank but remain with the three Cooperative Banks in liquidation, the fact that no branches were transferred and the lack of automatic transfer of labour contracts contribute [109] to the conclusion that there is no transfer of economic activity.
Som allerede forklaret i (193) anser Kommissionen FB Banks aktiviteter for at være støttemodtageren af foranstaltning FB4 og FB5, idet støtten gjorde det muligt at videreføre disse økonomiske aktiviteter hos banken.
The transferred liabilities (that is to say deposits) cannot be considered to be the beneficiary of State support, as they do not constitute an undertaking.
Med hensyn til hvorvidt salget af FB Banks aktiviteter indebærer statsstøtte til banken i overensstemmelse med punkt 49 i bankmeddelelsen fra 2008, skal Kommissionen vurdere, om visse krav er opfyldt.
In summary, the three existing legal entities have been put into liquidation and no longer carry out any banking activities.