natgillin/translations-raw huggingface dataset:
HSSB anførte navnlig, at aftalen fuldt ud sikrer indskyderne i de tre cypriotiske bankers filialer, sikrer det græske samfunds interesser og den finansielle stabilitet og ikke belaster den græske statsgæld.
In December 2000, the company was listed on the Athens Stock Exchange.
Stabilitetsfonden gav ligeledes tilsagn om at dække kapitalbehovet (erhververens) i forbindelse med overtagelsen af de tre cypriotiske bankers græske filialer.
ATE operated in all banking activities, both retail and corporate, provided financial services such as insurance activities and leasing activities and acquired major participations in companies operating in non-financial sectors, including sugar production industry and dairy production industry.
Tabel 6 viser en oversigt over de aktiver og passiver i de tre cypriotiske banker, der blev overført til banken (»overførte cypriotiske aktiviteter«).
In July 2012, ATE offered its services through its network of 468 branches and employed 5024 people.
Tabel 6
In July 2012, its total deposits amounted to EUR 14,9 billion for total assets of EUR 21,8 billion [36].
Overførte aktiviteter fra de tre cypriotiske banker
Since 2006, ATE has also offered its services outside Greece with a 74 % stake in ATE Bank Romania and a stake of 20,3 % of the common share capital and 25 % of the preference shares in AIKBanka Serbia.
Lånevilkår »Carve out and sale of the Greek assets of Cypriot banks«, 10. april 2013.
The difficulties of ATE arose before the Greek sovereign crisis mainly as a result of poor asset quality and of traditionally low pre-impairment profitability.
Overførte aktiviteter
Furthermore, the Greece sovereign crisis affected all Greek banks, including ATE, in two ways: (i) the loss of access of Greece to international debt markets severely affected the liquidity position of Greek banks and (ii) asset quality deteriorated and increased impairments.
Aktiver
In April 2011 Greece injected EUR 1445 million into ATE (including EUR 675 million originally granted under the Greek recapitalisation measure).
Anlægsaktiver (eksklusive udskudte skatteaktiver)
Nevertheless, in the second half of 2011, the capital situation of ATE deteriorated mainly due to its participation in the PSI programme.
Passiver
As illustrated in Table 2, its total PSI-related charge amounted to around EUR 4329 million before tax and was entirely booked in its 2011 accounts.
Aktiverne overført til banken beløb sig til ca. 18,9 mia. EUR, og passiverne beløb sig til ca. 15 mia. EUR.
On 22 March 2012, Greece submitted a report by the Bank of Greece proposing the resolution of ATE via a Purchase & Assumption procedure in respect of the ATE Transferred Activities, while the remaining assets and liabilities would be resolved via a bad bank.
Blot tre banker, herunder banken, indgav ikkebindende bud den 21. og 22. marts 2013.
On 26 July 2012, the Board of Directors of the HFSF approved the Bank’s bid.
Den 22. marts 2013 godkendte stabilitetsfonden bankens overtagelse af de tre cypriotiske bankers aktiviteter i Grækenland.
On 27 July 2012, the Bank of Greece proceeded with the transfer of the ATE Transferred Activities to the Bank [37].
Det blev navnlig aftalt, at banken skulle betale 237 mio. EUR for overtagelsen af aktiviteterne overført fra Bank of Cyprus, 258 mio. EUR for overtagelsen af aktiviteterne overført fra Cyprus Popular Bank og 29 mio. EUR for overtagelsen af aktiviteterne overført fra Hellenic Bank.
The Bank of Greece concluded, based on audited figures, that the funding gap would be EUR 7471 million and the HFSF granted the Bank European Financial Stability Facility bonds (‘EFSF bonds’) worth EUR 7471 million.
Overtagelse af MBG
Furthermore, the HFSF committed to provide capital to the Bank, in order for the ATE Transferred Activities to be capitalised up to 9 %.
Den 22. april 2013 indgik banken en endelig aftale med BCP vedrørende overtagelse af hele MBG's aktiepost og BCP's deltagelse i en kommende kapitalforhøjelse i banken.
That amount was initially estimated at EUR 500 million, but the final amount was determined at EUR 570 million.
Endelig skulle BCP bidrage med 400 mio. EUR til rekapitaliseringen af banken gennem privat tegning uden fortegningsret.
Acquisition of Geniki
Banken skulle herefter overtage det fuldt rekapitaliserede MBG for 1 mio. EUR.
Geniki was established in 1937.
Den 19. juni 2013 meddelte banken, at overtagelsen af MBG var afsluttet.
Geniki provided financial services in the sectors of retail banking, corporate banking and capital market services.
Overblik over den samlede virkning af overtagelserne
In 2004 Société Générale acquired the majority of Geniki’s shares.
I tabel 7 sammenfattes effekten af de successive overtagelser på bankens størrelse og struktur i Grækenland (ingen af de opkøbte enheder omfattede udenlandske aktiver, undtagen de overførte ATE-aktiviteter, som indeholder mindre rumænske aktiver).
Geniki operated 104 branches and employed 1391 employees as at 31 December 2012 [38].
Som følge af disse overtagelser har banken nu den største markedsandel på det græske indlåns- og udlånsmarked.
Total assets amounted to EUR 2,6 billion, total net loans to EUR 1,9 billion and deposits to around EUR 2 billion [39].
Tabel 7
The Greek sovereign crisis had a very negative impact on the banking sector performance.
Effekt af de successive overtagelser på Piraeus' størrelse i Grækenland
Furthermore, the participation of the Greek banks in the PSI programme led to a rapid deterioration of their capital situation.
Data indsendt den 10. juni 2014 af Piraeus Bank
As illustrated in Table 2, Geniki’s total PSI-related charge amounted to around EUR 292 million before tax and was entirely booked in its 2011 accounts.
Kun Grækenland
As illustrated in Table 3, the amount of the capital needs of Geniki were estimated at EUR 281 million and were calculated on the basis of a stress test performed by the Bank of Greece.
Kun Piraeus
In June 2012, Société Générale approached all four of the large Greek banks, in an attempt to sell Geniki.
Cypriotiske banker
The Bank was the only one interested in acquiring Geniki.
NY KONCERN
The negotiations between Société Générale and the Bank for the sale of Geniki led to an official agreement on 19 October 2012 that: (i) Société Générale would sell and the Bank would purchase the 99,08 % stake that Société Générale holds in Geniki, and that (ii) Société Générale would assign and transfer and the Bank would acquire 100 % of Geniki’s share capital advances that Société Générale has concluded and will conclude in the future.
Bruttoudlån
Société Générale ultimately agreed to make an advance payment of approximately EUR 290 million to Geniki and to subscribe a bond issued by the Bank for an amount of approximately EUR 170 million.
del af ny koncern
The Bank then acquired Geniki for EUR 1 million.
Nettoudlån
On 14 December 2012, the Bank announced that the acquisition of Société Générale’s stake in Geniki was completed.
Ansatte
Acquisition of the Greek operations of the three Cypriot Banks
Filialer
The Bank of Cyprus, the Cyprus Popular Bank and the Hellenic Bank were founded in 1899, 1901 and 1976 respectively.
STØTTEFORANSTALTNINGER
Following the extraordinary Eurogroup meeting on 15 March 2013, an agreement was reached on the main parameters of a bailout plan for Cyprus by the European Union, the IMF and the ECB.
Støtteforanstaltninger til fordel for banken i henhold til den græske bankstøtteordning (foranstaltning L1 og A)
The Hellenic Systemic Stability Board (‘HSSB’) unanimously proposed the transfer of the Greek assets and liabilities of the branches of the three Cypriot Banks in Greece to an existing Greek bank.
Banken har modtaget og modtager fortsat støtte i henhold til garantiforanstaltningen og foranstaltningen med statsobligationslån.
Furthermore, the HFSF agreed to cover the capital needs (of the acquirer) that would result from the acquisition of the Greek branches of the three Cypriot Banks.
Denne støtte vil i denne afgørelse blive betegnet som »foranstaltning L1«.
Table 6 summarises the assets and liabilities of the three Cypriot Banks which were ultimately transferred to the Bank (‘Cypriot Transferred Activities’).
I omstruktureringsplanen for banken fremsendt af de græske myndigheder til Kommissionen den 25. juni 2014 anmodede de græske myndigheder om tilladelse til at fortsætte med at yde garantier og statsobligationslån til banken i henhold til støtteordningen i omstruktureringsperioden, hvis der blev behov for en sådan støtte, selv om det ikke forventes at ske.
Table 6
Statslig rekapitalisering ydet i henhold til rekapitaliseringsforanstaltningen (foranstaltning A)
Transferred Activities of the three Cypriot Banks
Banken indløste præferenceaktierne den 22. maj 2014 som angivet i betragtning 52.
Assets
ELA er en ekstraordinær foranstaltning, der gør det muligt for en solvent finansiel institution, som har midlertidige likviditetsproblemer, at modtage finansiering fra Eurosystemet, uden at en sådan operation udgør en del af den fælles pengepolitik.
Shipping loans and other loans originated from and managed in Greece and booked in the Cypriot loan book
Den rente, som en sådant finansiel institution betaler for ELA, er […] [45] basispoint højere end den rente, den betaler for almindelig centralbankrefinansiering.
Fixed assets (excluding deferred tax assets)
Den græske centralbank har ansvaret for ELA-programmet, hvilket betyder, at enhver omkostning og risiko ved tilvejebringelsen af likviditetsstøtte i en nødsituation bæres af den græske centralbank [46].
Liabilities
Grækenland udstedte en statsgaranti til den græske centralbank for den samlede likviditetsstøtte i en nødsituation, som centralbanken har ydet.
All the deposits of the three Cypriot Banks collected in Greece
Vedtagelsen af artikel 50, stk. 7, i lov 3943/2011 om ændring af artikel 65, stk. 1, i lov 2362/1995 gav finansministeren mulighed for at udstede garantier på vegne af staten til den græske centralbank for at beskytte dennes fordringer hos kreditinstitutterne.
The assets transferred to the Bank amounted to approximately EUR 18,9 billion and the liabilities amounted to approximately EUR 15 billion.
De banker, der får likviditetsstøtte i en nødsituation, skal betale et garantigebyr til staten på […] basispoint.
However, the parties to the transaction agreed to take into account the amount of losses that was forecast in the PIMCO report for the banks in Cyprus, under an adverse scenario [41].
Pr. 31. december 2011 havde banken fået 11,64 mia. EUR i statsgaranteret ELA, mens beløbet pr. 31. december 2012 var 31,4 mia. EUR i statsgaranteret ELA [47].
According to the PIMCO report, the value of the assets that would be transferred to the Bank amounted to approximately EUR 16,5 billion.
Efter et markant fald i 2013 havde banken kun fået 750 mio. EUR i statsgaranteret ELA ved udgangen af året.
The liabilities transferred amounted to approximately EUR 14,5 billion.
Støtteforanstaltninger til fordel for banken gennem stabilitetsfonden (foranstaltning B1, B2, B3 og B4)
On 21 and 22 March 2013, only three banks, including the Bank, submitted non-binding offers.
Siden 2012 har banken fået støtte fra flere af stabilitetsfondens kapitalstøtteforanstaltninger.
On 22 March 2013, the HFSF granted its consent to the acquisition of the three Cypriot Banks’ operations in Greece by the Bank.
Tabel 8 giver et overblik over disse støtteforanstaltninger.
The total consideration paid by the Bank for the acquisition of the Cypriot Transferred Activities was EUR 524 million.
Tabel 8
In particular, it was agreed that the Bank would pay EUR 237 million for the acquisition of the transferred activities of the Bank of Cyprus, EUR 258 million for the acquisition of the transferred activities of the Cyprus Popular Bank and EUR 29 million for the acquisition of the transferred activities of the Hellenic Bank.
Støtteforanstaltninger til fordel for banken gennem stabilitetsfonden
In June 2013, in the framework of the Spring 2013 recapitalisation [42] the HFSF injected EUR 524 million of capital into the Bank to cover the purchase price paid by the Bank.
Første midlertidige rekapitalisering — maj 2012 (mio. EUR)
Acquisition of MBG
2012 (mio. EUR)
MBG was established in 2000.
Deltagelse i rekapitalisering i maj 2013
MBG operated 119 branches and employed 1174 employees as at 31 December 2012 [43].
(mio. EUR) [48]
On 22 April 2013, the Bank signed a definitive agreement with BCP regarding the acquisition of the entire share capital of MBG and the participation of BCP in a forthcoming capital increase of the Bank.
Foranstaltning
According to that agreement, BCP would contribute EUR 400 million to the regulatory recapitalisation of MBG (of which EUR 139 million had already been contributed by BCP in December 2012) through the conversion of subordinated and senior credits from BCP to MBG into equity.
Beløb
Furthermore, all the funding provided by BCP to MBG in the past would be reimbursed by the latter in two tranches: EUR 650 million would be paid on the date of closing of the transaction and the amount of approximately EUR 250 million would be paid within six months from closing.
Første midlertidige rekapitalisering (foranstaltning B1)
Last, BCP would contribute EUR 400 million to the recapitalisation of the Bank through a private placement with the exclusion of pre-emptive rights.
Betragtning 14-33 i Piraeus-indledningsafgørelsen indeholder en detaljeret beskrivelse af den første midlertidige rekapitalisering i maj 2012 (foranstaltning B1).
The Bank would then acquire the fully recapitalised MBG for EUR 1 million.
Baggrunden for og de primære træk ved denne foranstaltning beskrives i dette afsnit.
On 19 June 2013, the Bank announced the completion of the acquisition of MBG.
Den 20. april 2012 afgav stabilitetsfonden en tilsagnserklæring, hvorved den forpligtede sig til at medvirke ved den planlagte udvidelse af bankens aktiekapital med et beløb på op til 5 mia. EUR.
Overview of the combined effect of the acquisitions
I henhold til foranstaltning B1 overførte stabilitetsfonden 4,7 mia. EUR i EFSF-obligationer til banken i maj 2012 i overensstemmelse med bestemmelserne om midlertidige rekapitaliseringer i lov 3864/2010 om oprettelse af stabilitetsfonden (»lov om stabilitetsfonden«).
Table 7 provides an overview of the effect of the successive acquisitions on the size and shape of the Bank in Greece (none of the acquired entities included foreign assets, except ATE Transferred Activities that contain small Romanian assets).
For perioden mellem datoen for den første midlertidige rekapitalisering og datoen for omlægningen af den første midlertidige rekapitalisering til ordinære aktier og andre konvertible finansielle instrumenter var det i tegningsaftalen mellem banken og stabilitetsfonden bestemt, at banken skulle betale stabilitetsfonden et årligt gebyr på 1 % af den nominelle værdi af EFSF-obligationerne, og at eventuelle kuponbetalinger og påløbne renter på EFSF-obligationerne for denne periode ville udgøre et yderligere kapitalbidrag fra stabilitetsfonden til banken [49].
As a result of those acquisitions, the Bank now holds the largest market share on the Greek deposit and loan market.
Den anden midlertidige rekapitalisering (foranstaltning B2)
Table 7
Banken bogførte yderligere tab i efteråret 2012.
Effect of the successive acquisitions on Piraeus’ size in Greece
Tilsagnserklæringen af 20. december 2012 (foranstaltning B3)
Cypriot Banks
Ud over den anden midlertidige rekapitalisering afgav stabilitetsfonden den 20. december 2012 en tilsagnserklæring til banken, hvorved den forpligtede sig til at medvirke ved en udvidelse af bankens aktiekapital og ved udstedelsen af konvertible kapitalinstrumenter for et maksimalt beløb på 1082 mio. EUR (foranstaltning B3).
ΝΕW GROUP
Summen af de to midlertidige rekapitaliseringer (foranstaltning B1 og B2) og det yderligere beløb, der blev givet tilsagn om i december 2012 (foranstaltning B3), betød, at stabilitetsfonden havde forpligtet sig til at dække det samlede kapitalbehov, der var identificeret i 2012-stresstesten (7335 mio. EUR [50]).
Gross loans
Stabilitetsfondens deltagelse i rekapitaliseringen i foråret 2013 (foranstaltning B4) og delvis tilbagebetaling af foranstaltning B1 og B2
part of new group
Den 23. april 2013 godkendte aktionærerne på generalforsamlingen en forhøjelse af bankens aktiekapital på 8429 mio. EUR [51].
Net loans
Dette beløb blev beregnet som summen af:
Employees
7335 mio. EUR til dækning af det kapitalbehov, der blev identificeret i 2012-stresstesten, hvoraf stabilitetsfonden tegnede aktier for 5891 mio. EUR (foranstaltning B4) og private investorer tegnede aktier for 1444 mio. EUR
Branches
570 mio. EUR indskudt af stabilitetsfonden til dækning af de lovbestemte kapitalkrav i forbindelse med overtagelsen af ATE Bank i overensstemmelse med det tilsagn, der blev givet i juli 2012 — en foranstaltning, der blev vurderet af Kommissionen i ATE-afviklingsafgørelsen, hvor den konkluderede, at foranstaltningen ikke udgjorde statsstøtte til banken
AID MEASURES
524 mio. EUR indskudt af stabilitetsfonden til dækning af kapitalbehovet i forbindelse med betalingen af købsprisen for de tre cypriotiske bankers græske aktiviteter — denne del af kapitalforhøjelsen udgør foranstaltning C [52].
Aid measures granted to the Bank under the Greek Banks Support Scheme (measures L1 & A)
Kursen på nye aktier blev fastsat til 1,70 EUR pr. aktie, hvilket svarer til 50 % af den ud fra omsætningen vægtede gennemsnitlige aktiekurs de seneste 50 børsdage forud for kursfastsættelsen.
The Bank obtained several forms of aid under the Greek Banks Support Scheme, under the recapitalisation measure, the guarantee measure and the government bond loan measure.
Den 3. juni 2013 meddelte bankens bestyrelse udstedelsen af 3888268914 nye aktier med en nominel værdi på 0,30 EUR til kurs 1,70 EUR pr. aktie [53].
State liquidity support granted under the guarantee measure and the government bond loan measure (measure L1)
Den 28. juni 2013 [54] meddelte banken, at bestyrelsen havde godkendt fuld betaling af den samlede aktiekapitalforhøjelse på 8429 mio. EUR, inklusive præmiebeløb.
The Bank has benefited and continues to benefit from aid under the guarantee measure and the government bond loan measure.
Den samlede private deltagelse i bankens aktiekapitalforhøjelse beløb sig til 1444 mio. EUR [55].
That aid will be described in this Decision as ‘measure L1’.
Dette beløb omfatter BCP's deltagelse som angivet i betragtning 80.
In 2010, the Bank issued bonds guaranteed by the State amounting to a total of EUR 9,9 billion.
Stabilitetsfondens deltagelse i aktiekapitalforhøjelsen beløb sig således til 6985 mio. EUR.
Greece also lent the Bank EUR 1289 million of government bonds.
Straks efter rekapitaliseringen i foråret 2013 blev stabilitetsfonden bankens største aktionær med en post på 81 % [56].
At the end of March 2014, the outstanding amount of government bonds was EUR 1024 million [44].
Stabilitetsfonden udstedte warrants og tildelte private investorer en warrant pr. tegnet aktie uden modydelse [57].
In the restructuring plan for the Bank submitted by the Greek authorities to the Commission on 25 June 2014 the Greek authorities requested authorisation to continue granting guarantees and lending government bonds to the Bank under the Greek Banks Support Scheme during the restructuring period, should the need for such liquidity support arise, although that is not expected to happen.
Den enkelte warrant giver ret til at købe 4,48 aktier i stabilitetsfonden på bestemte tidspunkter og til bestemte udnyttelseskurser.
State recapitalisation granted under the recapitalisation measure (measure A)
I henhold til loven om stabilitetsfonden som ændret i 2014 er det kun muligt at ændre udnyttelseskurserne for warrants i forbindelse med en fortegningsemission.
In May 2009 and December 2011, the Bank received from Greece under the recapitalisation measure of the Greek Bank Support Scheme capital injections of EUR 370 million and EUR 380 million respectively, totalling EUR 750 million (measure A), equivalent to around 2,1 % of the risk weighted assets (‘RWA’) [45] of the Bank at that time.
En sådan ændring skal desuden foretages efterfølgende og kun op til det realiserede overskud af salget af stabilitetsfondens fortegningsrettigheder.
The recapitalisation took the form of preference shares subscribed by Greece which had a coupon of 10 % and a maturity of five years.
Der kan ikke foretages ændringer i forbindelse med en aktiekapitalforhøjelse uden fortegningsret.
The Bank redeemed the preference shares on 22 May 2014, as described in recital 52.
Støtteforanstaltninger til ATE
ELA is an exceptional measure enabling a solvent financial institution, facing temporary liquidity problems, to receive Eurosystem funding without such an operation being part of the single monetary policy.
Som nævnt i betragtning 58 havde ATE allerede på tidspunktet for ATE-omstruktureringsafgørelsen draget fordel af statsstøtteforanstaltninger.
The interest rate paid by a financial institution for ELA is […] basis points (‘bps’) higher than the interest it pays for regular Central Bank refinancing.
I december 2011 indskød den græske stat 290 mio. EUR i ATE.
The Bank of Greece is responsible for the ELA programme, which means that any cost of, and the risks arising from, the provision of ELA are incurred by the Bank of Greece [46].
Som anført i betragtning 62 og 63 involverede overdragelsen den 27. juli 2012 også yderligere statsstøtte.
Greece granted the Bank of Greece a State guarantee which applies to the total amount of ELA granted by the Bank of Greece.
Stabilitetsfonden overførte 7471 mio. EUR i EFSF-obligationer til banken til dækning af det udækkede finansieringsbehov.
The adoption of Article 50(7) of law 3943/2011, which amended Article 65(1) of law 2362/1995, allowed the Minister of Finance to grant guarantees on behalf of the State to the Bank of Greece in order to safeguard the Bank of Greece’s claims against the credit institutions.
Stabilitetsfonden gav ligeledes tilsagn om at rekapitalisere banken med et beløb på op til 570 mio. EUR.
The banks benefiting from ELA have to pay a guarantee fee to the State amounting to […] bps.
Den samlede støtte ydet i forbindelse med P&A-proceduren beløber sig til 8041 mio. EUR.
At 31 December 2011, the Bank had benefited from EUR 11,64 billion of State-guaranteed ELA, while at 31 December 2012 the Bank had benefited from EUR 31,4 billion of State-guaranteed ELA [47].
Støtteforanstaltninger til de tre cypriotiske bankers græske aktiviteter (foranstaltning C)
After a sharp decrease in 2013, the Bank benefited at the end of that year from only EUR 750 million of State-guaranteed ELA.
Som allerede nævnt i betragtning 77 og 101 gav stabilitetsfonden på tidspunktet for overtagelsen af de tre cypriotiske bankers græske aktiviteter tilsagn om en kapitaltilførsel på 524 mio. EUR til banken (foranstaltning C).
Aid measures granted to the Bank through the HFSF (measures B1, B2, B3 & B4)
Ved hjælp af omstruktureringsplanen vil banken fokusere på sin kernebankvirksomhed i Grækenland.
Aid measures granted to the Bank through the HFSF
Den højeste prioritet er at sikre bankens græske bankvirksomheds overlevelse og rentabilitet.
1st bridge recapitalisation — May 2012
Derfor indeholder omstruktureringsplanen en række foranstaltninger til forbedring af bankens driftseffektivitet og nettorentemarginal samt foranstaltninger, der styrker dens kapitalstilling og balancestruktur.
2nd bridge recapitalisation — Dec 2012
Hvad angår driftseffektiviteten, har banken allerede påbegyndt et omfattende rationaliseringsprogram.
Commitment letter — Dec 2012
Fra den 31. december 2011 til den 31. december 2013 reducerede banken sin fysiske tilstedeværelse i Grækenland med i alt 322 filialer under hensyntagen til omstruktureringen af de opkøbte enheder efter overtagelsesdatoen.
Participation in the May 2013 recapitalisation
Banken har fastholdt tempoet i 2014, og […] filialer er allerede blevet lukket i første halvår.
(EUR million) [48]
Tabel 9
Measure
Omstrukturering af det græske filialnet 2010- H1 2014
Amount
Omstruktureringsplan fremsendt den 25. juni 2014, s. 40 og 125, og årsrapporter for 2012.
The first bridge recapitalisation (measure B1)