natgillin/translations-raw huggingface dataset:
De overførte forpligtelser (dvs. indskud) kan ikke anses for at være begunstiget af statens støtte, da de ikke udgør en »virksomhed«.
It stated that without the PSI it would have avoided the need for recapitalisation in 2012 and would have been well positioned to repay the preference shares in accordance with their contractual terms.
De tre eksisterende juridiske enheder er altså under afvikling og udøver ikke længere bankvirksomhed.
Moreover, it commented that even after recording significant capital losses as a result of the participation of the Bank in the PSI, it still had a positive net asset value.
Samtidig udgør de overførte aktiver og passiver ikke en økonomisk aktivitet.
The Bank added that it is operating on a very strong base and has been extremely proactive in implementing measures to successfully work through a period of extreme stress.
Det konkluderes derfor, at stabilitetsfondens tildeling af EFSF-obligationer til banken til dækning af det udækkede finansieringsbehov vedrørende de overtagne aktiver og passiver fra de tre andelsbanker ikke tillader disse at videreføre deres økonomiske aktivitet.
It commented that since the beginning of the crisis it had not engaged in any aggressive commercial policies or inappropriate risk taking while it focused on managing credit risk, it addressed imbalances in its funding profile by orderly deleveraging and it actively managed its cost base by rationalising the operating platform and optimising procurement spending.
Støtten fra stabilitetsfonden udgør derfor hverken statsstøtte til de afviklede enheder eller støtte til de overførte aktiver og passiver.
Moreover, it stressed the considerable burden-sharing among stakeholders.
Statsstøtte til banken
It also pointed to the significant safeguards available to the official sector to prevent excessive risk-taking by recapitalised banks and to closely monitor the proper implementation of the restructuring plans, such as the appointment of representatives of the Ministry of Finance and the HFSF in the Bank’s board of directors and respective committees.
Med hensyn til, hvorvidt afhændelsen af de tre andelsbankers aktiver og passiver indebærer statsstøtte til banken, skal Kommissionen vurdere, om visse betingelser er opfyldt, og navnlig om i) salgsproceduren er åben, betingelsesløs og ikkediskriminerende, ii) salget foregår på markedsvilkår, og iii) staten maksimerer salgsprisen på de pågældende aktiver og passiver [92].
It also underlined that the HFSF would monitor implementation of the restructuring plan, and that the suspension of the HFSF’s voting rights would be lifted in case of material failure.
Som nævnt i betragtning 52 kontaktede den græske nationalbank kun de fire systemisk vigtige græske banker for at bortauktionere de udvalgte aktiver og passiver fra de tre andelsbanker, idet den ønskede, at indskuddene blev overført til fuldt rekapitaliserede pengeinstitutter.
For those reasons, the Bank believed that the architecture and terms of the permanent recapitalisation should provide strong incentives to existing and new shareholders to participate in forthcoming capital increases.
Kun banken selv og Eurobank afgav bindende tilbud.
Regarding the necessity of the measure, the Bank noted that the aid measure addressed the capital deficit caused by PSI so that the bank complied with the minimum capital adequacy ratios imposed by the Bank of Greece, continued to have access to ECB refinancing operations and would be able to support its customers and the Greek economy during a difficult juncture.
Alpha Banks bud blev valgt som det bedste i et udbud, der blev afholdt af afviklingsmyndigheden, og hvor der blev taget hensyn til den tilbudte pris og evnen til hurtigt og nemt at overtage og integrere de overtagne indskud.
Regarding the proportionality of the measure, the Bank declared its intention not to use its aid to distort competition.
Den udbudte pakke omfattede kun indskud og ingen infrastruktur.
It also stressed that it had not engaged in any aggressive commercial policies since receiving the State aid.
Køberen kunne derfor kun være en bank med egen infrastruktur og et filialnet i Grækenland til betjening af indskyderne.
It also noted that since all large Greek banks were aid recipients and that since the appetite of foreign players in the Greek market for Greek risk was diminishing, the ability of any aid recipient to distort competition to the detriment of a non-aided recipient was minimised.
Da Kommissionen ikke har grund til at tro, at salget ikke fandt sted på markedsvilkår, konkluderer den, at den i overensstemmelse med punkt 80 i bankmeddelelsen fra 2013, punkt 20 i omstruktureringsmeddelelsen og Kommissionens egen beslutningspraksis [93] kan udelukke, at der var tale om statsstøtte til banken.
COMMENTS FROM ANOTHER GREEK BANK
Konklusion vedrørende forekomsten af statsstøtte
On 3 January 2013, the Commission received comments submitted by a Greek bank on the Alpha Opening Decision.
Statsstøtten i forbindelse med salget af de tre andelsbanker begunstiger ikke en økonomisk aktivitet eller en virksomhed.
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.
Derfor udgør foranstaltningen ikke statsstøtte efter traktatens artikel 107, stk. 1.
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 that recapitalisation by the HFSF would be open to all banks operating in Greece under similar conditions.
VURDERING AF STATSSTØTTE TIL BANKEN
COMMENTS FROM GREECE ON THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
STATSSTØTTE OG STØTTEBELØB
On 5 September 2012, Greece submitted comments which had been prepared by the Bank of Greece and the HFSF on the Alpha Opening Decision.
Kommissionen skal afgøre, om banken modtager statsstøtte efter traktatens artikel 107, stk. 1.
COMMENTS FROM THE BANK OF GREECE
Statsstøtte i de foranstaltninger, der blev ydet i henhold til den græske bankstøtteordning (foranstaltning L1 og A)
Regarding the appropriateness of the first bridge recapitalisation, the Bank of Greece noted that the first bridge recapitalisation was temporary, given that the recapitalisation process would be concluded with share capital increases by the four banks concerned.
Kommissionen har allerede fastslået i de afgørelser, hvorved den godkendte og forlængede den græske bankstøtteordning [94], at likviditetsstøtten ydet i henhold til ordningen udgør statsstøtte.
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.
Fremtidig likviditetsstøtte ydet i henhold til ordningen vil også udgøre statsstøtte.
It noted that where a bank was to remain in private hands, the management would most probably remain the same, while if a bank was to become State-owned (that is to say, owned by the HFSF), the HFSF could appoint new management which, in any case, would have to be assessed by the Bank of Greece.
Kommissionen har allerede fastslået i sin afgørelse af 19. november 2008 om den græske bankstøtteordning, at rekapitaliseringerne, der skulle ydes i henhold til ordningens rekapitaliseringsforanstaltning, ville udgøre statsstøtte.
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.
Banken modtog 940 mio. EUR i form af præferenceaktier, som på det tidspunkt repræsenterede 2 % af bankens risikovægtede aktiver.
It also pointed out that the HFSF had already appointed representatives in the Boards of Directors of the recapitalised banks.
Statsstøtte i den statsgaranterede ELA (foranstaltning L2)
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.
Kommissionen præciserede i punkt 51 i bankmeddelelsen fra 2008, at centralbankers tilrådighedsstillelse af midler til pengeinstitutter ikke udgør statsstøtte, hvis fire kumulative betingelser er opfyldt med hensyn til pengeinstituttets solvens, sikkerhedsstillelsen for faciliteten, den rentesats, pengeinstituttet skal betale, samt fraværet af en modgaranti fra staten.
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.
Eftersom den statsgaranterede ELA til banken ikke opfylder alle fire betingelser, især fordi den er statsgaranteret og ydet i kombination med andre støtteforanstaltninger, udgør den statsstøtte.
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 was safeguarded by the fact that the suspension of the voting rights of the HFSF would be lifted if the restructuring plan were substantively violated.
Den statsgaranterede ELA opfylder betingelserne i traktatens artikel 107, stk. 1.
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 det første vil staten skulle bære ethvert tab, fordi foranstaltningen rummer en statsgaranti til fordel for den græske nationalbank.
COMMENTS FROM THE HFSF
Foranstaltningen omfatter derfor statsmidler.
Regarding the appropriateness of the first bridge recapitalisation, to address the issue of potential State interference in case 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.
ELA sætter bankerne i stand til at skaffe finansiering på et tidspunkt, hvor de ikke har adgang til engrosfinansieringsmarkedet og de almindelige refinansieringsmuligheder i Eurosystemet.
The HFSF pointed out that it is a fully independent private-law legal entity with autonomy of decision.
Den statsgaranterede ELA giver derfor banken en fordel.
It is not subject to government control, pursuant to Article 16(C)(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.
Eftersom ELA er begrænset til banksektoren, er foranstaltningen selektiv.
It also pointed to the governing structure of the HFSF.
Den statsgaranterede ELA fordrejer konkurrencen, fordi den giver banken mulighed for at fortsætte driften på markedet og undgå at misligholde sine forpligtelser og dermed skulle forlade markedet.
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.
Eftersom banken driver virksomhed i andre medlemsstater, og pengeinstitutter fra andre medlemsstater driver virksomhed eller potentielt ville være interesserede i at gøre det i Grækenland, påvirker denne fordel for banken samhandelen mellem medlemsstaterne.
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.
Den statsgaranterede ELA (foranstaltning L2) udgør statsstøtte.
The HFSF pointed out that the HFSF Law and the pre-subscription agreement contained appropriate safeguards in order to prevent existing private shareholders from excessive risk-taking.
Det statsgaranterede ELA-beløb har varieret med tiden.
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.
Den 31. december 2012 beløb denne støtte sig til ca. 23,6 mia. EUR.
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.
Statsstøtte i de foranstaltninger, der er ydet gennem stabilitetsfonden (foranstaltning B1, B2, B3 og B4)
They 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 representatives not to transmit commercially sensitive information of the banks.
Første tilførsel af brokapital (foranstaltning B1)
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.
I afsnit 5.1 i Alpha-åbningsafgørelsen har Kommissionen allerede konkluderet, at den første tilførsel af brokapital udgør statsstøtte.
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.
Den modtagne kapital beløb sig til 1,9 mia. EUR.
ASSESSMENT OF THE STATE SUPPORT RELATED TO THE ACQUISITION OF SELECTED LIABILITIES OF THE THREE COOPERATIVE BANKS
Anden tilførsel af brokapital (foranstaltning B2)
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, including interbank liabilities, and the claims and liabilities against the HDIGF) constitutes State aid within the meaning of Article 107(1) of the Treaty.
Foranstaltning B2 blev gennemført med stabilitetsfondens midler, der som anført i betragtning 47 til Alpha-åbningsafgørelsen omfatter statslige midler.
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.
For så vidt angår tilstedeværelsen af en fordel, øgede foranstaltning B2 bankens solvensgrad til et niveau, der satte den i stand til at fortsætte sin drift på markedet og få adgang til finansiering fra Eurosystemet.
The Commission will start by assessing whether or not the following potential beneficiaries benefited from an advantage: (i) the Cooperative Banks and the potentially transferred ‘activities’ to the Bank; and (ii) the Bank.
Desuden bestod forrentningen af foranstaltning B2 af den påløbne rente på EFSF-obligationerne plus et gebyr på 1 %.
Existence of aid to the Cooperative Banks and the potentially transferred ‘activities’ to the Bank
Fordi forrentningen er klart lavere end forrentningen af lignende kapitalinstrumenter på markedet, ville banken utvivlsomt have været ude af stand til at rejse den pågældende kapital på sådanne vilkår på markedet.
With regards to the Cooperative Banks, the Commission notes that Dodecanese Bank, Evia Bank and Western Macedonia Bank have been put in liquidation and their banking licenses withdrawn.
Derfor gav foranstaltning B2 banken en fordel gennem tilførslen statslige midler.
Therefore, they will no longer carry out economic activities on the banking market.
Da foranstaltningen kun blev stillet til rådighed for banken, var den selektiv.
The State support, that is to say the financing of the funding gaps, would constitute aid to the transferred claims and liabilities within the meaning of Article 107(1) of the Treaty only if they together constituted an undertaking.
Som resultat af foranstaltning B2 blev bankens stilling styrket, idet den fik stillet de midler til rådighed, der var nødvendige for fortsat at kunne opfylde kapitalkravene, hvilket førte til konkurrencefordrejninger.
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.
Eftersom banken driver virksomhed på andre EU-bankmarkeder, og pengeinstitutter fra andre medlemsstater driver virksomhed i Grækenland, vil foranstaltning B2 sandsynligvis påvirke samhandelen mellem medlemsstaterne.
Any activity consisting in offering goods or services on a given market is regarded as an economic activity.
Kommissionen finder, at foranstaltning B2 udgør statsstøtte.
Therefore, in order to conclude whether there is aid to an undertaking, it should be assessed whether the transfer of the claims and liabilities entails the transfer of an economic activity.
Den blev anmeldt som støtteforanstaltning af de nationale myndigheder.
As mentioned in section 2.2.2, following the resolution of the Cooperative Banks, only the deposits, the interbank liabilities and the claims and liabilities towards the HDIGF were transferred to the Bank.
Den modtagne kapital beløb sig til 1042 mio. EUR.
The three Cooperative Banks employed 227 employees and had 18 branches in total.
Tilsagnserklæring (foranstaltning B3)
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.
Ved foranstaltning B3 forpligtede stabilitetsfonden sig til at yde den nødvendige supplerende kapital til at fuldføre rekapitaliseringen af banken op til det beløb, som den græske nationalbank anmodede om i forbindelse med 2012-stresstesten.
Therefore, the fact that loans are not transferred to the Bank but remain with the three Cooperative Banks into liquidation, the fact that no branch is transferred and the lack of automatic transfer of labour contracts contribute [91] to the conclusion that there is no transfer of economic activity.
Stabilitetsfonden modtager sine midler fra staten.
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’.
Kommissionen konkluderer derfor, at erklæringen er en bevilling af statslige midler.
In summary, the three existing legal entities have been put into liquidation and no longer carry out any banking activities.
Omstændighederne, hvorunder stabilitetsfonden kan yde støtte til pengeinstitutter, er præcist defineret og begrænset af loven.
At the same time, the transferred assets and liabilities do not constitute an economic activity.
Anvendelsen af sådanne statslige midler er derfor at tilregne staten.
It is therefore concluded that the grant of EFSF bonds by the HFSF to the Bank to cover the funding gap of the acquired assets and liabilities of the three Cooperative Banks does not allow the continuation of the latter’s economic activities.
Stabilitetsfonden gav tilsagn om at yde op til 1629 mio. EUR i ekstra kapital.
Therefore, the HFSF support constitutes neither aid to the liquidated entities nor aid to the transferred assets and liabilities.
Tilsagnserklæringen gav banken en fordel, fordi den gav indskyderne tillid til, at banken ville kunne rejse det fulde beløb, dvs. at stabilitetsfonden ville tilvejebringe kapitalen, hvis ikke banken selv kunne rejse den på markedet.
Existence of aid to the Bank
Dette tilsagn befordrede også bankens mulighed for at rejse privat kapital på markedet, idet investorerne kunne være sikre på, at hvis banken ikke kunne finde hele kapitalen på markedet, så ville stabilitetsfonden stille den manglende del til rådighed.
With regards to whether the sale of the three Cooperative Banks’ assets and liabilities entails State aid to the Bank, the Commission must assess whether certain requirements are met and in particular whether: (i) the sale process is open, unconditional and non-discriminatory; (ii) the sale takes place on market terms; and (iii) the State maximises the sale price for the assets and liabilities involved [92].
Ingen privat investor ville have accepteret at forpligte sig til at tilføre kapital, førend vilkårene for rekapitaliseringen var kendt, og på det tidspunkt havde banken ikke adgang til kapitalmarkedet.
As mentioned in recital 52 the Bank of Greece only contacted the four systemic Greek banks in order to auction the selected assets and liabilities of the three Cooperative Banks, as it considered that deposits should be transferred to fully recapitalised institutions.
Denne fordel er selektiv, eftersom den ikke blev ydet til alle banker, der drev virksomhed i Grækenland.
Only the Bank and Eurobank submitted binding offers.
Eftersom banken driver virksomhed på andre EU-bankmarkeder, og pengeinstitutter fra andre medlemsstater driver virksomhed i Grækenland, vil foranstaltning B3 sandsynligvis påvirke samhandelen mellem medlemsstaterne og fordreje konkurrencen.
Alpha Bank was selected as best bidder in a competitive tender organised by the resolution authority, which took into account the price proposed and the ability to take over and integrate the purchased deposits in a seamless and rapid manner.
Foranstaltning B3 udgør derfor statsstøtte og blev anmeldt af de græske myndigheder som sådan den 27. december 2012.
The package for sale comprised only deposits without any infrastructure.
Stabilitetsfondens deltagelse i rekapitaliseringen foråret 2013 (foranstaltning B4) udgøres af konverteringen af den første og anden brokapital (foranstaltning B1 og B2) og den delvise udmøntning af tilsagnserklæringen (foranstaltning B3) i en permanent rekapitalisering på 4021 mio. EUR i ordinære aktier.
The Buyer could therefore only be a bank with infrastructure and a branch network in Greece, to serve the depositors.
At det ikke blev det fulde beløb, der var givet tilsagn om gennem foranstaltning B3, som måtte tilføres, skyldes, at der blev rejst 550 mio. EUR i kapital fra private investorer.
As the Commission has no reason to believe that the sale did not take place on market terms, it concludes that aid to the Bank can be excluded, in line with point 80 of the 2013 Banking Communication, point 20 of the Restructuring Communication and the Commission’s decisional practice [93].
Eftersom foranstaltning B4 består i en konvertering af allerede tildelt støtte, omfatter den statslige midler, men øger ikke støttens nominelle beløb.
Conclusion on the existence of aid
Dog gør den fordelen for banken endnu større (og virker derfor konkurrencefordrejende), idet der er tale om en permanent rekapitalisering og ikke en midlertidig rekapitalisering som i tilfældet med foranstaltning B1 og B2.
The State support involved in the sale of the three Cooperative Banks does not favour any economic activity or any undertaking.
Sammenlignet med foranstaltning B3, som kun er et tilsagn og ikke en egentlig rekapitalisering, øgede foranstaltning B4 bankens solvensgrad og giver den derfor en større fordel.
Therefore, the measure does not constitute aid within the meaning of Article 107(1) of the Treaty.
Kommissionen bemærker, at en sådan støtte ikke blev ydet til alle banker i Grækenland.
ASSESSMENT OF AID GRANTED TO THE BANK
Derfor er den fordel, banken fik, selektiv.
EXISTENCE AND THE AMOUNT OF AID
For så vidt angår konkurrencefordrejning og påvirkning af samhandelen, bemærker Kommissionen f.eks., at støtten satte banken i stand til at fortsætte sin drift i andre medlemsstater.
The Commission has to establish the existence of State aid to the Bank within the meaning of Article 107(1) of the Treaty.