natgillin/translations-raw huggingface dataset:
Den skal navnlig undersøge, om i) salgsprocessen var åben og ikkediskriminerende, ii) salget foregik på markedsvilkår, og iii) pengeinstituttet eller staten maksimerede salgsprisen på de involverede aktiver og passiver.
At the same time, the transferred liabilities do not constitute an economic activity.
Den græske nationalbank opfordrede de to budgivere til at indgive forbedrede bud.
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.
Den græske nationalbank valgte NBG, fordi dens bud sikrede de laveste afviklingsomkostninger [114].
Therefore, the HFSF support does not constitute either aid to the liquidated entities or aid to the transferred assets and liabilities.
Kommissionen bemærker, at den græske nationalbank kun kontaktede fire banker [115].
Existence of aid to the Bank
Det begrænsede antal købere, der blev kontaktet, betyder ikke nødvendigvis, at udbuddet ikke var åbent, eftersom der ikke findes andre banker med aktiviteter i Grækenland af tilstrækkelig størrelse til at absorbere de udbudte aktiver og med tilstrækkelig kapital på afviklingstidspunktet, og i betragtning af den begrænsede interesse, der blev udvist af udenlandske kredit- og finansieringsinstitutter med bankaktiviteter i Grækenland.
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 was open, unconditional and non-discriminatory; (ii) the sale took place on market terms; and (iii) the State maximised the sale price for the assets and liabilities involved [110].
Den græske nationalbank fastsatte endvidere på forhånd den portefølje af aktiver og passiver, der skulle overføres, og den tidsplan, som buddene skulle overholde for at være gyldige.
As already mentioned in recital 64, the Bank of Greece only contacted the five largest Greek credit institutions operating in Greece at that time.
Kommissionen mener, at salgsprocessen var åben og ikkediskriminerende.
The limited set of buyers contacted cannot exclude that the tender was open given that they were the only credit institutions likely to be interested in submitting an offer.
Den negative pris (når man tager højde for det udækkede finansieringsbehov og dækningen af ovennævnte kapitalbehov) for FB Banks aktiver og passiver udelukker ikke, at salgsprisen afspejler virksomhedens markedsværdi [116].
Indeed, the package for sale only included deposits.
Kommissionen har ingen grund til at tro, at det afgivne bud og den erlagte pris ikke afspejlede markedsprisen på virksomheden.
Therefore, to benefit from synergies on those deposits, it is necessary to operate in the geographical area concerned.
Ifølge græsk lov anslås dagsværdien af de overførte aktiver indledningsvis af den græske nationalbank, hvorefter den bekræftes og justeres af uafhængige eksperter i de efterfølgende seks måneder.
A bank with no presence in those areas could not offer services to depositors, thus deposit retention would be minimal and the acquirer would support the cost of acquiring the deposits for no benefit.
Kommissionen mener derfor, at salget foregik på markedsvilkår.
The Bank of Greece could therefore reasonably assume within the short timeframe available to resolve the three Cooperative Banks that only credit institutions whose business models were consistent with being able to service those depositors would have an interest in acquiring those assets.
Som følge heraf konkluderer Kommissionen i overensstemmelse med punkt 49 i bankmeddelelsen fra 2008, punkt 20 i omstruktureringsmeddelelsen og sin egen afgørelsespraksis [117], at statsstøtte til banken kan udelukkes.
The Bank's offer was the preferred one in terms of consideration and time required for the conclusion of the transfer.
Konklusion om forekomsten af statsstøtte og det samlede modtagne støttebeløb
The Bank offered to pay as consideration an amount equal to […] % of the transferred deposits and estimated that the transfer could be completed within one working day.
På baggrund af betragtning 190-197 mener Kommissionen, at foranstaltning FB1, FB2, FB3, FB4 og FB5 alle opfylder de betingelser, der er fastlagt i traktatens artikel 107, stk. 1, og udgør statsstøtte.
On the basis of the above, the Commission concludes that State aid to the Bank can be excluded, in line with point 20 of the Restructuring Communication and the Commission's decisional practice [111].
Derfor konkluderer Kommissionen, at FB Banks aktiviteter har fået statsstøtte i form af kapitalforanstaltninger for 606,97 mio. EUR (foranstaltning FB1, FB4 og FB5) ud over lån af græske statsobligationer for 60 mio. EUR (foranstaltning FB2) og statsgarantier for 50 mio. EUR (foranstaltning FB3) som vist i tabel 10.
Conclusion on the existence of aid
Tabel 10
The State support involved in the sale of the three Cooperative Banks does not constitute State aid to the three Cooperative Banks, to the transferred assets or to the Bank.
Overblik over den samlede støtte til FB Banks aktiviteter
Therefore, the measure does not constitute aid within the meaning of Article 107(1) of the Treaty.
Støttens art
ASSESSMENT OF AID RELATED TO FIRST BUSINESS BANK
Støttebeløb (mio. EUR)
The Commission has to assess whether the measures constitute State aid within the meaning of Article 107(1) of the Treaty.
Rekapitalisering
Existence of aid in the measures granted under the Greek Banks Support Scheme (measures FB1, FB2 and FB3)
Finansiering af det udækkede finansieringsbehov fra FB Bank til banken
The EUR 50 million capital injection by Greece into FB Bank in July 2009 (measure FB1), the Greek government securities amounting to EUR 60 million in May 2012 (Measure FB2) and the State guarantee given to FB Bank for issued bonds with a nominal value of EUR 50 million in March 2011 (measure FB3) were granted under the Greek Banks Support Scheme [112].
Forpligtelse til at dække kapitalbehovene i forbindelse med aktiver overført fra FB Bank til banken
In the decision approving that scheme, the Commission concluded that measures granted under that scheme would constitute State aid.
Kapitalstøtte ydet i alt
Therefore, the Commission notes that the transferred activities would no longer exist without those measures.
Faktisk udbetalt kapitalstøtte i alt
Those measures have contributed to the stabilisation and the continuance of the economic activities which were later transferred to the Bank and therefore the Commission considers that they have benefited the economic activities of FB Bank which were later transferred to the Bank and constitute State aid within the meaning of Article 107(1) of the Treaty.
Statsobligationslån
Existence of aid in the measures granted in view of the resolution of FB Bank (measures FB4 and FB5)
Garanti
The Commission notes that the HFSF is an entity set up and financed by Greece to support banks, and therefore measures FB4 and FB5 involve State resources.
Likviditetsstøtte ydet i alt
The Commission also notes that measures FB4 and FB5 are selective in nature, since they only benefit FB Bank's activities.
Retsgrundlag for vurderingen af støttens forenelighed
Moreover the Commission considers that measures FB4 and FB5 provide FB Bank's activities with a clear advantage by keeping them alive.
EF-traktatens artikel 107, stk. 3, litra b), giver Kommissionen beføjelse til at afgøre, at støtten er forenelig med det indre marked, hvis den har til formål at »afhjælpe en alvorlig forstyrrelse i en medlemsstats økonomi«.
The transfer order in that case is indeed a sale ‘en bloc’.
På baggrund af den på ny anspændte situation på de finansielle markeder mener Kommissionen fortsat, at forudsætningerne for, at en støtte kan godkendes på grundlag af traktatens artikel 107, stk. 3, litra b), er opfyldt.
Moreover, without measure FB5, the sale would not be possible because the transfer would have a potential negative impact on the acquirer's capital adequacy ratio.
Kommissionen bekræftede denne holdning ved at vedtage forlængelsesmeddelelsen fra 2011 [118] og bankmeddelelsen fra 2013 [119].
Therefore, the transferred activities would no longer exist and measures FB4 and FB5 thus provide them with a clear advantage.
Med hensyn til den græske økonomi har Kommissionen i sine afgørelser om godkendelse og forlængelse af den græske bankstøtteordning samt sin godkendelse af statsstøtteforanstaltninger ydet af Grækenland til forskellige banker anerkendt, at der består en trussel om alvorlige forstyrrelser af den græske økonomi, og at statens støtte til bankerne er egnet til at afhjælpe denne forstyrrelse.
The Commission considers that measures FB4 and FB5 do not comply with the market economy investor principle (‘MEIP’).
Støtteforanstaltningerne skal derfor vurderes på grundlag af traktatens artikel 107, stk. 3, litra b).
In fact, the HFSF has no prospect of making a profit on its contribution: in exchange for its contribution, it received no claim against the Bank but only a claim against the entity under liquidation, that is to say FB Bank [113].
I overensstemmelse med punkt 15 i bankmeddelelsen fra 2008 skal støtte — for at være forenelig i henhold til traktatens artikel 107, stk. 3, litra b) — opfylde de generelle forenelighedskriterier:
Therefore, the HFSF will not probably fully recover the money contributed.
Hensigtsmæssighed Støtten skal være klart målrettet for effektivt at kunne afhjælpe en alvorlig forstyrrelse i økonomien.
The selective advantage which measures FB4 and FB5 provide distorts competition by keeping one banking activity alive, allowing it to operate on the market and to compete with other banks, including subsidiaries of foreign banks, which are active in Greece or potentially interested in entering the Greek market.
Dette ville ikke være tilfældet, hvis foranstaltningen ikke var hensigtsmæssig til at afhjælpe forstyrrelsen.
Hence, measures FB4 and FB5 have an effect on trade between Member States and potentially distort competition.
Nødvendighed Støtten skal både med hensyn til beløb og form være nødvendig for at nå det fastsatte mål.
The Commission therefore concludes that the coverage by the HFSF of the funding gap of EUR 456,97 million related to the assets transferred from FB Bank to the Bank and the commitment of the HFSF to cover the capital needs related to those assets, which may amount to EUR 100 million, constitute State aid within the meaning of Article 107(1) of the Treaty.
Derfor skal den udgøre det minimum, der er nødvendigt for at nå målet, og have den form, der er bedst egnet til at afhjælpe forstyrrelsen.
Beneficiary of measures FB4 and FB5
Proportionalitet De positive virkninger af foranstaltningen skal fuldt ud afvejes mod konkurrencefordrejningerne, for at fordrejningerne kan begrænses til det minimum, der er nødvendigt for at nå formålene med foranstaltningerne.
As already explained in recital 193, the Commission considers FB Bank's activities as the beneficiary of measures FB4 and FB5, as the aid allowed the continuation of those economic activities within the Bank.
Under finanskrisen har Kommissionen udarbejdet forenelighedskriterier for forskellige typer støtteforanstaltninger.
As to whether the sale of FB Bank's activities entails State aid to the Bank, in line with point 49 of the 2008 Banking Communication, the Commission needs to assess whether certain requirements are met.
Principperne for vurdering af støtteforanstaltninger blev fastlagt i bankmeddelelsen fra 2008.
It needs to examine in particular whether (i) the sale process was open and non-discriminatory; (ii) the sale took place on market terms; and (iii) the financial institution or the government maximised the sale price for the assets and liabilities involved.
Rekapitaliseringsmeddelelsen indeholder yderligere retningslinjer for det påkrævede forrentningsniveau for de statslige kapitaltilførsler.
The Bank acquired the package of the assets and liabilities of FB Bank because it submitted the preferred offer in the framework of a non-discriminatory tender procedure open to other banks.
Endelig har Kommissionen forklaret i sin omstruktureringsmeddelelse, hvordan den vil vurdere omstruktureringsplaner.
The Bank of Greece decided to contact only the four largest banks operating in Greece, of which only the Bank and one other bank submitted non-binding offers.
I sin vurdering af omstruktureringsplanen for banken i henhold til omstruktureringsmeddelelsen vil Kommissionen tage hensyn til alle foranstaltningerne i tabel 10.
The Bank of Greece invited the two bidders to submit improved offers.
Støtteforanstaltningernes forenelighed med bankmeddelelsen fra 2008 og rekapitaliseringsmeddelelsen
The Bank of Greece selected NBG because its offer entailed lower resolution costs [114].
Støtteforanstaltning FB1, FB2 og FB3's forenelighed med bankmeddelelsen fra 2008
The Commission observes that the Bank of Greece only contacted four banks [115].
Foranstaltning FB1, FB2 og FB3 blev ydet i henhold til den græske bankstøtteordning.
The limited set of buyers contacted cannot exclude that the tender was open given the lack of other banks operating in Greece with sufficient size to absorb the tendered assets and with adequate capital at the time of resolution and given the limited interest, at the time of resolution, shown by foreign credit and financial institutions in engaging in banking activities in Greece.
Foranstaltningerne i henhold til denne ordning er allerede blevet vurderet til at være forenelige med det indre marked i Kommissionens afgørelse af 19. november 2008.
Moreover, the Bank of Greece determined in advance the portfolio of the assets and liabilities to be transferred and the timetable the offers should meet in order to be valid.
Støtteforanstaltning FB4 og FB5's forenelighed med bankmeddelelsen fra 2008 og rekapitaliseringsmeddelelsen
The Commission considers that the sale process was open and non-discriminatory.
Hensigtsmæssighed
The negative price (that is to say, taking into account the funding gap and the coverage of the aforementioned capital needs) for the assets and liabilities of FB Bank does not preclude that the sale price reflects the market value of the business [116].
For så vidt angår hensigtsmæssigheden af foranstaltning FB4 og FB5, mener Kommissionen, at foranstaltningerne er hensigtsmæssige, fordi de sikrede FB Banks indskydere og dermed den finansielle stabilitet.
The Commission has no reason to consider that the offer made and the price paid did not reflect the market price of the business.
Disse aktiviteter ville ikke have kunnet fortsætte uden støtten fra stabilitetsfonden, idet FB Bank havde en negativ egenkapital på tidspunktet for salget af den til banken, og fordi ingen bank under de daværende vanskelige markedsbetingelser ville have købt en portefølje af aktiver og passiver med negativ værdi, der ville have forringet dens solvensgrad.
It is recalled that, under Greek law, the fair value of the transferred assets is initially estimated by the Bank of Greece and then verified and adjusted by external experts during the following six months.
Foranstaltningerne sikrer derfor, at den finansielle stabilitet i Grækenland opretholdes.
As a result, the Commission considers that the sale took place on market terms.
På den baggrund finder Kommissionen, at foranstaltningen er egnet som redningsstøtte.
On the basis of the above, in line with point 49 of the 2008 Banking Communication, point 20 of the Restructuring Communication and its decisional practice [117], the Commission concludes that State aid to the Bank can be excluded.
Nødvendighed
Conclusion on the existence and total amount of aid received
Ifølge bankmeddelelsen fra 2008 skal støtteforanstaltningen både med hensyn til beløb og form være nødvendig for at nå det fastsatte mål.
On the basis of recitals 190 to 197, the Commission considers that measures FB1, FB2, FB3, FB4 and FB5 all fulfil the conditions laid down in Article 107(1) of the Treaty and constitute State aid.
Det betyder, at en kapitaltilførsel skal være det nødvendige minimum for at nå dette mål.
Therefore, the Commission concludes that the activities of FB Bank have received State aid in the form of capital support of EUR 606,97 million (measures FB1, FB4 and FB5), in addition to loans of Greek government securities of EUR 60 million (measure FB2) and State guarantees of EUR 50 million (measure FB3), as summarised in Table 10.
Som den græske nationalbank anførte i sit brev af 8. maj 2013, kunne en tilbagekaldelse af FB Banks licens — trods FB Banks beskedne størrelse — have undermineret indskydernes tillid til det græske banksystem og dermed have påvirket den finansielle stabilitet, hvis der ikke blev truffet afviklingsforanstaltninger.
Table 10
Kommissionen finder, at disse faktorer for finansiel stabilitet understøtter nødvendigheden af foranstaltning FB4 og FB5.
Overview of the total aid to FB Bank's activities
For så vidt angår størrelsen af interventionen, angav den græske nationalbank i sin beslutning 10/1/10.5.2013, at man foretrak en overførsel af udvalgte aktiver og passiver, da det minimerede afviklingsomkostningen.
Nature of aid
Bidraget dækkede præcist differencen mellem dagsværdien af de overførte aktiver og værdien af passiverne.
Amount of aid (in EUR million)
Stabilitetsfonden forpligtede sig desuden til kun at dække kapitalbehovet op til 9 % af de overførte aktiver som anslået af den græske nationalbank.
Recapitalisation
Det forhold, at kun banken — ud af de to budgivere — accepterede at revidere sit tilbud, underbygger konklusionen om, at bidraget ikke var uforholdsmæssigt.
Financing of funding gap from FB Bank to the Bank
FB Banks egenkapital blev desuden ikke overført, men forblev i enheden under afvikling, dvs. FB Bank.
Commitment letter to cover the capital needs related to FB Bank's transferred assets to the Bank
Aktionærerne vil derfor pådrage sig et fuldt tab, og stabilitetsfondens bidrag er ikke blevet forhøjet af omkostningerne til at redde dem.
Total capital aid granted
Med hensyn til forrentningen af støtten vil stabilitetsfonden — som tidligere anført i betragtning 195, sandsynligvis ikke få hele sit bidrag tilbage [120].
Total capital aid eventually disbursed
Den opnår derfor tydeligvis ingen forrentning, og dens bidrag er det samme som et tilskud.
Bond loan
Som angivet i punkt 44 i rekapitaliseringsmeddelelsen kan en utilstrækkeligt forrentet rekapitalisering kun godtages i tilfælde af nødlidende banker, som ikke kan betale renter.
Guarantee
Kommissionen mener, at det er tilfældet for FB Bank.
Total liquidity aid granted
Den manglende forrentning udløser behovet for en gennemgribende omstrukturering i overensstemmelse med rekapitaliseringsmeddelelsen.
Legal basis of the compatibility assessment
Kommissionen konkluderer, at foranstaltning FB4 og FB5 er nødvendige som redningsstøtte med hensyn til både beløb og form for at nå målet om at begrænse forstyrrelsen i det græske banksystem og økonomien som helhed.
Article 107(3)(b) of the Treaty empowers the Commission to find that aid is compatible with the internal market if it is intended ‘to remedy a serious disturbance in the economy of a Member State’.
Proportionalitet
The Commission has acknowledged that the global financial crisis can create a serious disturbance in the economy of a Member State and that measures supporting banks may remedy that disturbance.
Kommissionen bemærker, at FB Bank ikke længere eksisterer i sin tidligere form.
This has been confirmed in the 2008 Banking Communication, the Recapitalisation Communication, and the Restructuring Communication.
Det forhold, at støtten redder de overførte aktiviteter, kunne teoretisk set skabe konkurrencefordrejninger.
The Commission still considers that requirements for State aid to be approved pursuant to Article 107(3)(b) of the Treaty are fulfilled in view of the reappearance of stress in financial markets.
Kommissionen bemærker dog FB Banks beskedne størrelse og salgsproceduren, hvor konkurrenterne havde lejlighed til at byde på udvalgte aktiver og passiver i FB Bank.
The Commission confirmed that view by adopting the 2011 Prolongation Communication [118] and the 2013 Banking Communication [119].
Desuden blev FB Banks økonomiske aktiviteter umiddelbart efter overførslen fuldt integreret i banken og ophørte med at eksistere som separat økonomisk aktivitet eller konkurrent.
With respect to the Greek economy, in its decisions approving and prolonging the Greek Banks Support Scheme as well as in its approvals of State aid measures granted by Greece to individual banks, the Commission has acknowledged that there is a threat of serious disturbance in the Greek economy and that State support of banks is suitable to remedy that disturbance.
Kommissionen konkluderer derfor, at støtten ikke medfører uberettigede fordrejninger af konkurrencen.
Therefore, the legal basis for the assessment of the aid measures should be Article 107(3)(b) of the Treaty.
Konklusion vedrørende foranstaltning FB4 og FB5's forenelighed
In line with point 15 of the 2008 Banking Communication, in order for an aid to be compatible under Article 107(3)(b) of the Treaty it must comply with the general criteria for compatibility:
Kommissionen konkluderer således, at foranstaltning FB4 og FB5 er hensigtsmæssige, nødvendige og i lyset af FB Banks beskedne størrelse og dens ophør som selvstændig konkurrent ved dens fulde integration i banken proportional i forhold til det tilsigtede mål i overensstemmelse med bankmeddelelsen fra 2008 og rekapitaliseringsmeddelelsen.
Appropriateness The aid has to be well-targeted in order to be able to effectively achieve the objective of remedying a serious disturbance in the economy.
Støtteforanstaltningernes forenelighed med omstruktureringsmeddelelsen
It would not be the case if the measure were not appropriate to remedy the disturbance.
Med hensyn til forrentningen af foranstaltning FB4 bemærkede Kommissionen i betragtning 218, at stabilitetsfonden sandsynligvis ikke få hele sit bidrag på 456,97 mio. EUR tilført med henblik på afvikling af FB Bank (foranstaltning FB4) tilbage.
Necessity The aid measure must, in its amount and form, be necessary to achieve the objective.
Den manglende forrentning udløser behovet for en gennemgribende omstrukturering, både med hensyn til rentabilitetsforanstaltninger og foranstaltninger til begrænsning af konkurrencefordrejninger.
Therefore it must be of the minimum amount necessary to reach the objective, and take the form most appropriate to remedy the disturbance.
Sikring af langsigtet rentabilitet i FB Banks aktiviteter gennem et salg
Proportionality The positive effects of the measure must be properly balanced against the distortions of competition, in order for the distortions to be limited to the minimum necessary to achieve the measure's objectives.
Når et nødlidende kreditinstitut ikke troværdigt kan sikre sin overlevelse på langt sigt, skal det ifølge punkt 21 i omstruktureringsmeddelelsen overvejes at foretage en velordnet afvikling eller sælge det på auktion.
During the financial crisis, the Commission has developed compatibility criteria for different types of aid measures.
Medlemsstaterne kan derfor tilskynde til, at urentable aktører forsvinder fra markedet, og samtidig sørge for, at deres udtræden fra markedet af hensyn til den finansielle stabilitet sker inden for en passende tidsramme.
Principles for assessing aid measures were first laid down in the 2008 Banking Communication.
FB Bank var dog ikke rentabel som selvstændig enhed og blev sat til afvikling.
The Recapitalisation Communication sets out further guidance on the level of remuneration required for State capital injections.
I så henseende præciseres det i punkt 17 i omstruktureringsmeddelelsen, at salget af en nødlidende bank til et andet pengeinstitut kan bidrage til at genoprette den langsigtede rentabilitet, hvis køberen er rentabel og i stand til at opsuge overførslen af den nødlidende bank, og til at genskabe markedets tillid.
Finally, the Commission has explained in the Restructuring Communication how it will assess restructuring plans.