natgillin/translations-raw huggingface dataset:
Derudover var der ingen ikkestøttede tilbudsgivere blandt de tilbudsgivere, der indgav et bud på de overførte ATE-aktiviteter.
It is limited to the minimum amount necessary.
Eftersom overtagelsen af de overførte ATE-aktiviteter blev godkendt af den hellenske konkurrencemyndighed [105], kan det endelig antages, at overtagelsen ikke er til skade for en effektiv konkurrence i Grækenland.
Such close scrutiny of the use of the State-guaranteed ELA and regular verification that its use is limited to the minimum also ensures that that liquidity is proportionate and does not lead to undue distortion of competition.
Overtagelsen af de overførte ATE-aktiviteter er derfor i overensstemmelse med afsnit 4 i omstruktureringsmeddelelsen.
The Commission also notes that Greece has given a commitment that the Bank will implement a restructuring plan reducing its reliance on central bank funding and that the Bank will comply with behavioural limitations, as analysed in section 7.6.
Konklusion vedrørende overtagelsen af de overførte ATE-aktiviteter
Those factors ensure that the reliance on liquidity support will end as soon as possible and that such aid is proportionate.
Det konkluderes, at overtagelsen i lyset af de græske bankers usædvanlige situation og de nærmere betingelser for overtagelsen af de overførte ATE-aktiviteter er forenelig med de krav, der er fastlagt i omstruktureringsmeddelelsen.
Measure L2 therefore complies with the 2008 Banking Communication and the 2011 Prolongation Communication.
Foreneligheden af overtagelsen af Geniki med omstruktureringsmeddelelsen
As the 2013 Banking Communication has not introduced further requirements as regards guarantees, measure L2 also complies with the 2013 Banking Communication.
Virkning af overtagelsen af Geniki for bankens langsigtede rentabilitet
COMPLIANCE OF MEASURES B1, B2, B3 AND B4 WITH THE 2008 BANKING COMMUNICATION, THE RECAPITALISATION COMMUNICATION, THE 2011 PROLONGATION COMMUNICATION AND THE 2013 BANKING COMMUNICATION
Med hensyn til rentabilitet i driften vil bankens overtagelse af Geniki fremme genoprettelsen af bankens langsigtede rentabilitet.
As indicated in recital 241, and 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 [100]: appropriateness, necessity and proportionality.
Ifølge den analyse, som banken forelagde på overtagelsestidspunktet, vil en fusion mellem to banker i samme geografiske marked skabe synergieffekter såsom omkostningsbesparelser gennem personalenedskæringer og filiallukninger.
The Recapitalisation Communication and the 2011 Prolongation Communication set out further guidance on the level of remuneration required for State capital injections.
Banken overtager kunder og indskydere i Geniki og reducerer således distributionsomkostningerne væsentligt.
Appropriateness of the measures
Med hensyn til likviditetsstillingen havde Geniki flere indlån end nettoudlån som anført i betragtning 65.
The Commission considers the HFSF recapitalisations (measures B1, B2, B3, and B4) to be appropriate because they enable the Bank to comply with capital requirements.
Overdragelsen øgede derfor bankens likviditet og bidrog til at reducere bankens indlånsunderskud.
Without the HFSF recapitalisations, the Bank would have been unable to pursue its activities and would have lost access to ECB refinancing operations.
Derudover var Geniki tilstrækkeligt kapitaliseret inden bankens overtagelse.
In that respect, the Commission noted in the Piraeus Opening Decision that the Bank is one of the largest banking institutions in Greece, both in terms of lending and collection of deposits.
Det er således ikke sandsynligt, at banken får behov for yderligere kapital fremover som følge af overtagelsen.
As such, the Bank is a systemically important bank for Greece.
Overtagelsen er derfor positiv for genoprettelsen af bankens langsigtede rentabilitet.
Consequently, a default by the Bank would have created a serious disturbance in the Greek economy.
Virkning af overtagelsen af Geniki for bankens støttebehov
Under the then prevailing circumstances, financial institutions in Greece had difficulties in accessing funding.
Selv om overtagelsen har en positiv indvirkning på bankens rentabilitet, er den i dette tilfælde ikke afgørende for bankens rentabilitet, jf. omstruktureringsmeddelelsens punkt 23.
That lack of funding limited their ability to provide loans to the Greek economy.
Banken betalte imidlertid kun 1 mio. EUR for købet af Geniki, hvilket anses for at være et meget lille beløb.
In that context, the disturbance to the economy would have been aggravated by the default of the Bank.
Geniki var desuden tilstrækkeligt kapitaliseret, og Société Générale indskød som en betingelse for transaktionen et stort kapitalbeløb i banken [106].
Moreover, measures B1, B2, B3 and B4 came about to a significant extent because of the PSI programme, a highly extraordinary and unpredictable event and not as a result of mismanagement or excessive risk-taking from the Bank.
I lyset af transaktionens særlige karakter (overtagelse til en meget lav pris af en fuldt kapitaliseret bank og sælgerens indskud af kapital i banken) konkluderer Kommissionen, at overtagelsen ikke forøger bankens kapitalbehov, og at overtagelsen af Geniki derfor undtagelsesvis ikke strider mod princippet om, at støtten skal begrænses til det nødvendige minimum.
The measures are therefore mainly intended to deal with the results of the PSI programme and contribute to maintaining financial stability in Greece.
Konkurrencefordrejende virkning af overtagelsen af Geniki
In the Piraeus Opening Decision, the Commission expressed doubts as to whether all the measures possible had been taken immediately to avoid the Bank needing aid again in the future.
Overtagelsen kan derfor anses for at være led i en konsolideringsproces, der er nødvendig for at genoprette den finansielle stabilitet, jf. omstruktureringsmeddelelsens punkt 41.
As described in recitals 115, 116 and 117, the Bank has also significantly restructured its activities, with many cost reductions already implemented.
Derudover var der ingen ikkestøttede tilbudsgivere blandt de tilbudsgivere, der indsendte et gyldigt bud på overtagelsen af Geniki.
Therefore the Commission’s doubts have been allayed.
Banken fortrængte derfor ikke ikkestøttede tilbudsgivere.
In the Piraeus Opening Decision, the Commission also expressed doubts as to whether sufficient safeguards existed in case the Bank came under State control, or in case private shareholders retained control while the majority of the ownership would be held by the State.
Eftersom overtagelsen blev godkendt af den hellenske konkurrencemyndighed [107], kan det antages, at overtagelsen ikke er til skade for en effektiv konkurrence i Grækenland.
The commitments described in recitals 140 and 141 of this Decision ensure that the credit operations of the Bank will be run on a commercial basis and daily business will be protected from State interference.
På den baggrund kan det konkluderes, at overtagelsen af Geniki er omfattet af undtagelsen i omstruktureringsmeddelelsens punkt 41.
Significant actions have been taken to minimise future losses and to ensure that the activities of the Bank are not jeopardised by inappropriate governance.
Konklusion vedrørende overtagelsen af Geniki
On that basis, the Commission finds that measures B1, B2, B3 and B4 are appropriate.
Det konkluderes, at overtagelsen i lyset af de græske bankers usædvanlige situation og de nærmere betingelser for overtagelsen af Geniki er forenelig med de krav, der er fastlagt i omstruktureringsmeddelelsen.
Necessity — limitation of the aid to the minimum
Foreneligheden af overtagelsen af de overførte cypriotiske aktiviteter med omstruktureringsmeddelelsen
In line with the 2008 Banking Communication, the aid measure must, in its amount and form, be necessary to achieve its objective.
Virkning af overtagelsen af de overførte cypriotiske aktiviteter for bankens langsigtede rentabilitet
It means that the capital injection must be of the minimum amount necessary to achieve the objective.
Overtagelsen af de overførte cypriotiske aktiviteter øger bankens langsigtede rentabilitet.
The amount of capital support was calculated by the Bank of Greece in the framework of the stress test of 2012 so as to ensure that the Bank’s Core Tier 1 capital ratio remained above a certain level over the period 2012-2014, as reflected in Table 3.
Ifølge den analyse, som banken forelagde på overtagelsestidspunktet, vil transaktionen skabe betydelige synergieffekter såsom omkostningsbesparelser gennem administrations- og personaleomkostninger og en betydelig nedbringelse af indlånsomkostningerne.
Measures B1, B2, B3 and B4 therefore do not provide the Bank with any excess capital.
Efter overtagelsen har banken integreret de tre cypriotiske bankers græske aktiviteter fuldt ud, omdøbt alle filialerne i de tre cypriotiske banker, og den er godt i gang med at rationalisere netværket.
As explained in recital 250, actions have been taken to reduce the risk that the Bank will need additional aid in the future.
Der var blevet foretaget store hensættelser på udlånsporteføljerne i de tre cypriotiske bankers græske aktiviteter.
As regards the remuneration of the first and second bridge recapitalisations (measures B1 and B2), the Commission recalls that they were granted in May 2012 and December 2012 respectively, and paid in kind in the form of EFSF notes.
Banken overtog rent faktisk disse lån til en pris, der lå godt under de nominelle beløb, idet købsprisen blev nedsat for at tage højde for de fremtidige tab anslået af PIMCO i en stresstest.
The HFSF has received as remuneration, from the date of disbursement of the EFSF notes to the date of the Spring 2013 recapitalisation, the accrued interest on the EFSF notes plus a 1 % fee [101].
Risikoen for, at tab på lån vil overstige de tab, som allerede er afspejlet i den lave købspris, er derfor begrænset.
As underlined in the Piraeus Opening Decision, that remuneration is lower than the 7 % to 9 % range defined in the Recapitalisation Communication.
Banken overtog ligeledes en stor indlånsportefølje, der næsten var lige så stor som de erhvervede nettolån.
However, the period of low remuneration was limited to one year for measure B1 and five months for measure B2 (that is to say, until the conversion of the bridge recapitalisation into a standard recapitalisation in ordinary shares, namely measure B4).
Den styrkede således sin likviditetsstilling.
While the first and second bridge recapitalisations did not trigger the dilution of existing shareholders, the Spring 2013 recapitalisation, which was the partial conversion of the first and second bridge recapitalisations, heavily diluted the pre-existing shareholders, as their stake in the Bank’s equity fell to 2,3 %.
Virkning af overtagelsen af de overførte cypriotiske aktiviteter for bankens støttebehov
The abnormal situation which prevailed from the date of the first bridge recapitalisation was then terminated.
Som analyseret i afsnit 7.3 var formålet med støtten at dække erhververens kapitalbehov i forbindelse med overtagelsen af de overførte cypriotiske aktiviteter, da overtagelsen ville sikre opretholdelsen af den finansielle stabilitet i Grækenland.
The doubts raised in the Piraeus Opening Decision have therefore been allayed.
Den endelige modydelse, som banken betalte for overtagelsen af de overførte ATE-aktiviteter, var langt lavere end den bogførte værdi af den overførte låneportefølje.
Second, given the atypical source of the Bank’s difficulties, where losses came mainly from a debt waiver in favour of the State (the PSI programme and the debt buy-back, which provide a significant advantage to the State, that is to say, a debt reduction) and from the consequences of a protracted recession in its domestic economy, the Commission can accept such a temporary deviation from the standard remuneration requirements set in the Recapitalisation Communication [102].
Den var endog lavere end værdien af lånene efter nedsættelsen for at tage højde for de fremtidige tab anslået af PIMCO i stresstesten.
As regards measure B3, it was a commitment to provide capital in the framework of a future capital increase.
Anskaffelsesprisen kan derfor betragtes som negativ.
That commitment made in December 2012 could have been implemented in an actual injection of capital in May-June 2013, a mere five months later, when the Bank proceeded with its capital increase.
Denne konklusion understøttes af det forhold, at banken bogførte en stor negativ goodwill i forbindelse med overtagelsen af de overførte cypriotiske aktiviteter, der øgede bankens kapital.
Since the Bank attracted private investors, the HFSF was not required to inject the capital committed.
Antages det imidlertid, at banken betalte en positiv pris, bemærker Kommissionen, at stabilitetsfonden som en forudsætning for overtagelsen havde givet køberen et tilsagn om at indskyde købsprisen i kapital.
In view of the short period during which that commitment to provide capital was in place and for the reasons set out in recital 256, it is acceptable that no remuneration was paid for that commitment.
Overtagelsen førte således ikke til et behov for yderligere statsstøtte til banken.
As regards measure B4, in line with point 8 of the 2011 Prolongation Communication, capital injections should be subscribed at a sufficient discount to the share price, adjusted for the dilution effect, to give a reasonable assurance of an adequate remuneration for the State.
Det konkluderes, at overtagelsen undtagelsesvis ikke strider mod princippet om, at støtten skal begrænses til det nødvendige minimum, på grund af de atypiske vilkår (lav købspris i forbindelse med en kapitalforhøjelse og stabilitetsfondens tilsagn om at indskyde købsprisen i forbindelse med en kapitalforhøjelse).
While measure B4 did not provide for a significant discount to the share price as adjusted for the dilution effect, it was, in fact, impossible to achieve a significant discount to the theoretical ex-right price [103].
Konkurrencefordrejende virkning af overtagelsen af de overførte cypriotiske aktiviteter
Prior to the Spring 2013 recapitalisation, the Bank’s market capitalisation was only a few hundred millions euros.
Salget af de cypriotiske bankers græske aktiviteter havde til formål at sikre det græske banksystems stabilitet og at sikre, at de cypriotiske banker kunne sælge disse aktiviteter, inden de sandsynligvis ville tabe værdi.
In such circumstances, the question arises whether the existing shareholders should have been fully wiped out.
Derudover var der ingen ikkestøttede tilbudsgivere blandt de tilbudsgivere, der indsendte et gyldigt bud på overtagelsen af de tre cypriotiske banker.
The Commission also notes that the dilution of the existing shareholders has been huge, since after the Spring 2013 recapitalisation they held only 2,3 % of the shareholding of the Bank.
Salgsprocessen var åben, gennemsigtig og ikkediskriminerende.
Therefore, applying a further discount on the market price would have had a small impact on the remuneration of the HFSF.
Eftersom overtagelsen blev godkendt af den hellenske konkurrencemyndighed [108], kan det endelig antages, at overtagelsen ikke er til skade for en effektiv konkurrence i Grækenland.
In view of the specific situation of the Greek banks explained in recital 256, and given the fact that the need for aid stems to a large extent from a waiver of debt in favour of the State, the Commission considers that the issue price of the shares subscribed by the State was sufficiently low.
På den baggrund kan det konkluderes, at overtagelsen af de overførte cypriotiske aktiviteter er omfattet af undtagelsen i omstruktureringsmeddelelsens punkt 41.
The HFSF also issued warrants and granted one warrant for each new share subscribed by a private investor participating in the Spring 2013 recapitalisation.
Konklusion vedrørende overtagelsen af de overførte cypriotiske aktiviteter
The HFSF granted those warrants for no consideration.
Det konkluderes, at overtagelsen i lyset af de græske bankers usædvanlige situation og de nærmere betingelser for overtagelsen af de overførte cypriotiske aktiviteter er forenelig med de krav, der er fastlagt i omstruktureringsmeddelelsen.
As explained in recital 106, each warrant incorporates the right to purchase 4,48 shares of the HFSF at specified intervals and strike prices.
Foreneligheden af overtagelsen af MBG med omstruktureringsmeddelelsen
The exercise price is equal to the subscription price of the HFSF increased by an annual and cumulative margin (4 % for year one, 5 % for year two, 6 % for year three, 7 % for year four and 8 % per cent annualised for the last six months).
Virkning af overtagelsen af MBG for bankens langsigtede rentabilitet
The remuneration received by the HFSF on the shares it owns is de facto capped at those levels.
Overtagelsen af det fuldt rekapitaliserede MBG øger bankens langsigtede rentabilitet.
That remuneration is lower than the 7 % to 9 % range defined in the Recapitalisation Communication.
Ifølge den analyse, som banken forelagde på overtagelsestidspunktet, vil transaktionen skabe betydelige synergieffekter såsom omkostningsbesparelser gennem reduktion af antallet af filialer og ansatte, lavere indlånsomkostninger og indtægtssynergier.
However, because those warrants were a key factor in the success of the rights issue and private placement launched by the Bank in the framework of the Spring 2013 recapitalisation, the Commission considers that those warrants enabled the Bank to reduce the amount of aid by EUR 1444 million.
Banken har efterfølgende integreret MBG fuldt ud.
Indeed due to the low capital ratio of the Bank prior to the recapitalisation and the high uncertainty prevailing at the time, the simulations which were then available showed that without the warrants, private investors would not have achieved a sufficient return and would not have participated.
Da MBG var tilstrækkeligt kapitaliseret inden bankens overtagelse, og da banken betalte en købspris på 1 mio. EUR, er det således ikke sandsynligt, at banken får behov for yderligere kapital fremover som følge af overtagelsen.
For the reasons explained in recitals 249 and 256, because the HFSF would receive a minimal positive remuneration if the warrants were exercised and because it was an objective of the MEFP to attract some private investors to keep some banks under private management, and avoid situations where the whole banking sector would be controlled by the HFSF, the Commission can accept such a deviation from the standard remuneration requirements set out in the Recapitalisation Communication.
Som led i transaktionen gav sælgeren desuden tilsagn om en kapitaltilførsel på 400 mio. EUR til banken.
That acceptance is also based on the fact that the HFSF law, as amended in March 2014, does not provide for any adjustment of the warrants in the event of a non-pre-emptive share capital increase, and that in the event of a rights issue only the warrant strike price may be adjusted and the adjustment may take place only ex post and only up to the amount of the proceeds realised from the sale of pre-emption rights of the HFSF.
Virkning af overtagelsen af MBG for bankens støttebehov
In addition, it was an objective of the MEFP to keep some banks under private management.
Banken betalte imidlertid kun 1 mio. EUR for købet af MBG, hvilket anses for at være et meget lille beløb.
Moreover, the relationship framework and automatic reintroduction of voting rights in the event of non-implementation of the restructuring plan provide safeguards against future excessive risk taking by private managers.
MBG var desuden blevet tilstrækkeligt kapitaliseret af BCP, og BCP indskød som en betingelse for transaktionen et kapitalbeløb på 400 mio. EUR i banken [109].
Finally, the PSI and the December 2012 buy-back are a kind of remuneration to the State, as the latter’s debt towards the Bank was reduced by several billion euros.
I lyset af transaktionens særlige karakter (overtagelse til en meget lav pris af en fuldt kapitaliseret bank og sælgerens indskud af kapital i banken) konkluderes det, at overtagelsen af MBG ikke forøger bankens kapitalbehov, og at overtagelsen af MBG derfor undtagelsesvis ikke strider mod kravet om at minimere støtten.
For all those reasons, the Commission can accept that the HFSF receives non-voting shares.
Konkurrencefordrejende virkning af overtagelsen af MBG
The Commission therefore concludes that measure B4 was necessary.
Den græske centralbank mente ikke, at MBG var rentabel som selvstændig enhed i forbindelse med vurderingen af alle de græske banker i starten af 2012.
In conclusion, measures B1, B2, B3 and B4 are necessary as rescue aid in both their amount and form.
MBG gav BCP store tab, og BCP ønskede derfor at sælge MBG, og hvis et salg ikke var muligt, havde BCP muligvis overvejet at lade virksomheden gå fallit.
Proportionality — measures limiting negative spill-over effects
Salget af MBG var ligeledes et led i BCP's omstruktureringsplan [110].
The Bank has received a very large amount of State aid.
På den baggrund kan det konkluderes, at overtagelsen af MBG er omfattet af undtagelsen i afsnit 41 i omstruktureringsmeddelelsen.
However, Greece has given a commitment to implement a number of measures aiming at reducing negative spill-over effects.
Konklusion vedrørende overtagelsen af MBG
In particular, the commitments provide that the Bank’s operations will continue to be run on a commercial basis, as explained in recitals 136 and 137.
Det konkluderes, at overtagelsen i lyset af de græske bankers usædvanlige situation og de nærmere betingelser for overtagelsen af MBG er forenelig med de krav, der er fastlagt i omstruktureringsmeddelelsen.
Greece has also committed to an acquisition ban and to a number of divestments, as described in recitals 138, 139 and 143.
FORENELIGHEDEN AF FORANSTALTNING A, B1, B2, B3 OG B4 MED OMSTRUKTURERINGSMEDDELELSEN
Limits to distortions of competition will be further assessed in section 7.6.
Kilder til vanskeligheder og følgerne for vurderingen i henhold til omstruktureringsmeddelelsen
A monitoring trustee has been appointed in the Bank to monitor the correct implementation of commitments on corporate governance and commercial operations.
Som angivet i afsnit 2.1.1 og 2.1.2 skyldes bankens vanskeligheder primært den græske statsgældskrise og den dybe recession i Grækenland og Sydeuropa.
That will avoid any detrimental change in the Bank’s commercial practice and thereby reduce the potential negative spill-over effects.
Hvad angår førstnævnte faktor, mistede den græske regering adgangen til finansmarkederne og måtte til sidst forhandle en aftale med sine nationale og internationale kreditorer, PSI-programmet, som resulterede i et haircut af fordringerne mod staten på 53,3 %.
Finally a new comprehensive restructuring plan was submitted on 25 June 2014 to the Commission.
Desuden blev 31,5 % af fordringerne ombyttet med nye GSO'er med lavere rentesats og længere løbetid.
That restructuring plan will be assessed in section 7.6.
Staten købte disse nye GSO'er tilbage af de græske banker i december 2012 til en kurs på mellem 30,2 % og 40,1 % af deres nominelle værdi, hvilket betød et yderligere tab for de græske banker.
To conclude, the doubts raised in the Piraeus Opening Decision have been allayed.
Ud over virkningen af PSI-programmet og tilbagekøbet af gæld for dens kapitalstilling måtte banken også registrere en enorm indlånsflugt fra 2010 til medio 2012 på grund af risikoen for, at Grækenland ville forlade euroen som følge af en uholdbar statsgæld og den økonomiske recession.
Measures B1, B2, B3 and B4 are proportionate in the light of point 15 of the 2008 Banking Communication.
Den bevilgede støtte til banken, dvs. summen af foranstaltning B1, B2, B3 og B4 eller 7335 mio. EUR, overstiger det bogførte tab som følge af PSI-programmet (5911 mio. EUR).
Conclusion on the compliance of the HFSF recapitalisations with the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication