natgillin/translations-raw huggingface dataset:
Støtteforanstaltning C's forenelighed med bankmeddelelsen fra 2008 og rekapitaliseringsmeddelelsen
Regarding the appropriateness of the first bridge recapitalisation, the Bank of Greece noted that the amount of EUR 18 billion of capital with which the HFSF recapitalised the four largest Greek banks in May 2012 was less than the final amount which was needed for those banks to gradually reach and maintain a Core Tier 1 capital ratio set at 10 % by June 2012 and a Core Tier 1 capital ratio set at 7 % under a three-year adverse stress scenario.
Hensigtsmæssighed
It also noted that the first bridge recapitalisation was temporary, given that the recapitalisation process would be concluded with share capital increases by those four banks.
Med hensyn til foranstaltningens hensigtsmæssighed, dvs. stabilitetsfondens tilsagn om rekapitalisering af banken på 524 mio. EUR, mener Kommissionen, at foranstaltningen er hensigtsmæssig, fordi den gjorde det muligt at sælge de tre cypriotiske bankers græske aktiviteter til banken.
The Bank of Greece also observed that the recapitalisation of the largest Greek banks was part of the longer-term restructuring of the Greek banking sector.
Uden foranstaltningen ville ingen af de græske banker, herunder banken, have været villige til at overtage de overførte cypriotiske aktiviteter på et tidspunkt, hvor ingen bank uden for Grækenland var interesseret i at komme ind på markedet.
It noted that where a bank remains in private hands, the management will most probably remain the same, while if a bank becomes State-owned (that is to say, owned by the HFSF), the HFSF could appoint new management which, in any case, will be assessed by the Bank of Greece.
Hvis de overførte cypriotiske aktiviteter ikke var blevet overtaget, ville disse aktiviteter, og navnlig de græske filialers indlån, have været i fare.
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.
Foranstaltningen sikrede derfor, at den finansielle stabilitet i Grækenland opretholdes.
It also pointed out that the HFSF had already appointed representatives in the Boards of Directors of the recapitalised banks.
På den baggrund finder Kommissionen, at foranstaltningen er egnet som redningsstøtte.
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.
Nødvendighed
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.
Ifølge bankmeddelelsen fra 2008 skal støtteforanstaltningen både med hensyn til beløb og form være nødvendig for at nå målet for foranstaltningen.
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 would be safeguarded by the fact that the suspension of the voting rights of the HFSF would be lifted if, inter alia, the restructuring plan were substantively violated.
Det betyder, at en kapitaltilførsel f.eks. skal være begrænset til det nødvendige minimum for at nå dette mål.
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.
Kommissionen bemærker på den positive side, at støtten blev ydet i form af en kapitaltilførsel som led i rekapitaliseringen i foråret 2013, da stabilitetsfonden ikke ydede støtte til banken, men modtog ordinære aktier af samme værdi.
Regarding the appropriateness of the first bridge recapitalisation, to address the issue of potential State interference in the event that 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.
Foranstaltningen er således nødvendig for at nå målet om at begrænse forstyrrelsen i det græske banksystem og økonomien som helhed.
The HFSF pointed out that it is a fully independent private-law legal entity with autonomy of decision.
Proportionalitet
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.
De støttede aktiviteter blev solgt efter de græske myndigheders iværksættelse af en udbudsprocedure.
It also pointed to the governing structure of the HFSF.
De overførte aktiviteter blev desuden hurtigt integreret i banken.
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.
I henhold til støttekriterierne skulle de støttede aktiviteter ophøre med at eksistere som selvstændige konkurrenter på markedet.
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.
Støttebeløbet var desuden forholdsvis lille, da det svarer til ca. 3 % af de overførte cypriotiske aktiviteters samlede nettoudlån (eller ca. 3 % af deres risikovægtede aktiver) [94].
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.
Kommissionen mener derfor, at foranstaltningen var udformet med henblik på at minimere uforholdsmæssige konkurrencefordrejninger.
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.
Konklusion om foreneligheden med bankmeddelelsen fra 2008 og rekapitaliseringsmeddelelsen
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.
På grundlag af analysen i betragtning 189-197 konkluderes det, at stabilitetsfondens rekapitalisering af banken på 524 mio. EUR var hensigtsmæssig, nødvendig for at nå målet om at begrænse forstyrrelsen i det græske banksystem og økonomien som helhed, udformet med henblik på at minimere uforholdsmæssige konkurrencefordrejninger og forenelig med bankmeddelelsen fra 2008 og rekapitaliseringsmeddelelsen.
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.
Støtteforanstaltningens forenelighed med omstruktureringsmeddelelsen
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.
Som anført i betragtning 178 henhører salget af de overførte cypriotiske aktiviteter under afsnittet i omstruktureringsmeddelelsen om genoprettelse af rentabiliteten gennem salg af en bank.
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.
I overensstemmelse med punkt 17 i omstruktureringsmeddelelsen skal kravene til rentabilitet, egetbidrag og begrænsning af konkurrencefordrejningerne overholdes i tilfælde af et salg af en nødlidende bank til et andet pengeinstitut.
ASSESSMENT OF AID RELATED TO THE ACQUISITION OF ATE AND THE GREEK OPERATIONS OF THE THREE CYPRIOT BANKS
Langsigtet rentabilitet af de overførte cypriotiske aktiviteter gennem et salg
ASSESSMENT OF AID RELATED TO ATE
Det præciseres i punkt 17 i omstruktureringsmeddelelsen, at salget af en nødlidende bank til et andet pengeinstitut kan bidrage til at genoprette dens langsigtede rentabilitet, hvis køberen er rentabel og i stand til at overtage den nødlidende bank, og det kan hjælpe med til at genoprette tilliden på markedet.
In the ATE Restructuring Decision, the Commission concluded that the measures described in recitals 58 and 108 of this Decision constitute State aid and that they are in line with the internal market.
Det er lykkedes banken at integrere de overførte cypriotiske aktiviteter.
In the ATE Liquidation Decision, the Commission concluded that the measures described in recitals 109 and 110 of this Decision constitute State aid to the ATE Transferred Activities.
Som anført i afsnit 7.6 kan banken på grundlag af sin omstruktureringsplan anses for at være en rentabel enhed.
Moreover, the Commission concluded that the aid to ATE is compatible with the internal market only if the integration of the ATE Transferred Activities is implemented according to plan and if the restructuring plan of the Bank – which includes the ATE Transferred Activities — enables its long-term viability to be restored.
Det forhold, at de overførte cypriotiske aktiviteter er blevet overdraget til banken, gør det derfor muligt at genoprette deres langsigtede rentabilitet.
That restoration of long-term viability will be established in section 7.6.2.
Egetbidrag og byrdefordeling
Therefore, the Commission does not have to reassess the aforementioned measures and confirms that they are compatible with the internal market.
Med hensyn til aktionærerne i de tre cypriotiske bankers bidrag til omstruktureringsomkostningerne observerer Kommissionen, at de tre cypriotiske banker ikke solgte de overførte cypriotiske aktiviteter til bogført værdi, idet værdien blev justeret i overensstemmelse med PIMCO-rapporten.
ASSESSMENT OF AID RELATED TO THE GREEK OPERATIONS OF THE THREE CYPRIOT BANKS (MEASURE C)
Selv efter justeringen overførte de tre cypriotiske banker flere aktiver end passiver til banken.
Existence and the amount of aid
Byrdefordelingen mellem aktionærerne var derfor tilstrækkelig, da værditabet på de overførte cypriotiske aktiviteter blev båret af sælgerne.
The Commission has to establish the existence of State aid within the meaning of Article 107(1) of the Treaty in relation to measure C. According to that provision, State aid is any aid granted by Member State resources in any form whatsoever which distorts, or threatens to distort, competition by favouring certain undertakings or the production of certain goods, in so far as it affects trade between Member States.
Foranstaltninger til begrænsning af konkurrencefordrejninger
The recapitalisation by the HFSF of the Bank for EUR 524 million, was committed in March 2013 during the bidding process for the acquisition of the Cypriot Transferred Activities.
Med hensyn til foranstaltninger til begrænsning af konkurrencefordrejninger bestemmes følgende i punkt 30 i omstruktureringsmeddelelsen: »Udgangspunktet for Kommissionens vurdering af behovet for sådanne foranstaltninger vil være størrelsen, rækkevidden og omfanget af de aktiviteter, som den pågældende bank vil have efter gennemførelsen af en troværdig omstruktureringsplan […].
The measure was therefore granted in March 2013.
Disse foranstaltningers art og form vil afhænge af to kriterier: for det første støttebeløbets størrelse og de vilkår og omstændigheder, hvorunder støtten er ydet, og for det andet forholdene på det marked eller de markeder, hvor den modtagende bank vil operere.«
The actual recapitalisation took place in the framework of the Spring 2013 recapitalisation [89].
Som anført i betragtning 196 svarer støttebeløbet til ca. 3 % af de overførte cypriotiske aktiviteters risikovægtede aktiver.
The recapitalisation of the Bank was made by the HFSF, which is an entity set up and financed by Greece to support banks, and so the disbursement was made by using State resources.
Kommissionen mener derfor, at støttebeløbet er forholdsvis lille, da det pågældende beløb gjorde det muligt at sælge de overførte cypriotiske aktiviteter og sikrede opretholdelsen af den finansielle stabilitet i Grækenland som angivet i betragtning 190.
As to the beneficiary of the State aid, the recapitalisation, as explained in recital 72, aimed to cover the capital needs that would result from the acquisition of the Cypriot Transferred Activities.
Efter salget af de cypriotiske aktiviteter ophørte de græske filialer med at eksistere som selvstændige konkurrenter, da de blev fuldt integreret i banken.
Moreover, the recapitalisation would be available to any Greek bank that would acquire the Cypriot Transferred Activities.
Kommissionen konkluderer, at der ikke sker uforholdsmæssige konkurrencefordrejninger, da støttebeløbet til de cypriotiske aktiviteter er forholdsvis lille, og da filialerne ophører med at eksistere som selvstændige konkurrenter.
The bid of the Bank, as submitted to the HFSF for approval, took into account a recapitalisation by the HFSF.
Konklusion vedrørende foreneligheden med omstruktureringsmeddelelsen
At that time capital was scarce for the Greek banks and none of them would have acquired the Cypriot Transferred Activities without the promise of a recapitalisation.
På grundlag af analysen i betragtning 199-206 konkluderes det, at salget af de overførte cypriotiske aktiviteter og deres integration i banken sikrer deres langsigtede rentabilitet, at støtten er begrænset til det nødvendige minimum, og at der ikke sker uforholdsmæssige konkurrencefordrejninger, jf. omstruktureringsmeddelelsen.
Therefore, even though the formal recipient of the capital provided by the HFSF is the Bank, the Commission considers that the beneficiary of the State aid is the Cypriot Transferred Activities, since the measure enables them to be sold to a Greek bank.
Stabilitetsfondens rekapitalisering af banken på 524 mio. EUR skal derfor erklæres forenelig med det indre marked.
Without the recapitalisation of the Bank, they would not have been acquired by a Greek bank.
VURDERING AF STØTTEN TIL BANKEN
They would have been left in groups undergoing extreme difficulties (both Cyprus Popular Bank and Bank of Cyprus were under resolution in view of their large capital needs) and would therefore probably have failed or, at least, would have suffered from a large outflow of deposits.
FOREKOMST AF STATSSTØTTE OG STØTTEBELØB
In relation to the existence of an advantage, the Commission also observes that the recapitalisation of the Bank by the HFSF does not comply with the market economy investor principle: at that time of high uncertainty, a private investor operating under normal market conditions would not have given a commitment to inject a large amount of capital into the Bank in the future without knowing the terms of the future injection (that is to say the issue price) in advance.
Kommissionen skal afgøre, om der forekommer statsstøtte til banken efter traktatens artikel 107, stk. 1.
Moreover, the measure is prima facie selective since it applies exclusively to the Cypriot Transferred Activities (each of which constitutes an undertaking) and not to any other undertaking.
Forekomst af statsstøtte i de foranstaltninger, der blev ydet i henhold til den græske bankstøtteordning
Last, the Cypriot Transferred Activities, that is to say. the Greek branches of the three Cypriot Banks, compete with other banks, including subsidiaries of foreign banks, which are active in Greece or potentially interested in entering the Greek market.
Statslig likviditetsstøtte ydet i henhold til garantiforanstaltningen og foranstaltningen med statsobligationslån (foranstaltning L1)
Hence, the rescue of those activities distorts competition and has an effect on trade between Member States.
Kommissionen har allerede fastslået i de afgørelser, hvorved den godkendte og forlængede den græske bankstøtteordning [95], at likviditetsstøtten ydet i henhold til ordningen udgør statsstøtte.
The Commission therefore concludes that the recapitalisation of the Bank by the HFSF amounting to EUR 524 million constitutes State aid within the meaning of Article 107(1) of the Treaty.
Kommissionen har allerede i sin afgørelse af 19. november 2008 om den græske bankstøtteordning fastslået, at rekapitaliseringer ydet i henhold til rekapitaliseringsforanstaltningen udgør statsstøtte.
Beneficiary of the State aid
Banken har modtaget 750 mio. EUR i form af præferenceaktier, som repræsenterer 2,1 % af bankens risikovægtede aktiver [97].
As already explained in recital 173, the Commission regards the Cypriot Transferred Activities as being the beneficiary of the disbursement of the EFSF bonds by the HFSF.
Forekomst af statsstøtte i den statsgaranterede ELA (foranstaltning L2)
Furthermore, as explained in recitals 71 and 173, the Cypriot Transferred Activities, that is to say the Greek branches of the three Cypriot Banks, had to be acquired by another bank for reasons of financial stability and mainly because the three Cypriot Banks were in a very difficult situation.
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.
Therefore, the sale of the Cypriot Transferred Activities and whether that sale entails State aid to the buyer, that is to say the Bank, should be examined under the ‘Viability through sale of a bank’ section of the Restructuring Communication [90].
Eftersom den statsgaranterede ELA til banken ikke opfylder disse fire kumulative betingelser, især fordi den er statsgaranteret og ydet i kombination med andre støtteforanstaltninger, kan det ikke konkluderes, at den statsgaranterede ELA ikke udgør statsstøtte.
For the purpose of that sale, the Bank of Greece decided to contact only the largest domestic banks operating in Greece, of which only the Bank and two other banks submitted non-binding offers.
Den statsgaranterede ELA opfylder kravene i traktatens artikel 107, stk. 1.
The Bank is the only bidder that submitted a valid binding offer.
For det første vil staten skulle bære ethvert tab, fordi foranstaltningen omfatter en statsgaranti til fordel for den græske centralbank.
The limited set of buyers contacted cannot exclude that the tender was open given that it was reasonable not to expect a formal bid from other investors.
Foranstaltningen omfatter derfor statsmidler.
Indeed, at that time, due to the financial instability of the Greek banking system, which registered large loan losses due to the deep and protracted recession, foreign banks present in Greece had divested, or were about to divest themselves of their Greek activities (e.g. Geniki, MBG, Emporiki Bank).
ELA sætter bankerne i stand til at skaffe finansiering på et tidspunkt, hvor de ikke har adgang til engrosfinansieringsmarkedet og Eurosystemets regelmæssige markedsoperationer.
In other words, they were exiting the Greek market and were not seeking new investments opportunities in Greece.
Den statsgaranterede ELA giver derfor banken en fordel.
Moreover it is reasonable to assume that only an investor able to quickly stabilise and make viable the acquired activities — i.e. a large banking group — would have been interested in those activities.
Eftersom den statsgaranterede ELA er begrænset til banksektoren, er foranstaltningen selektiv.
Finally, due to the very short timeframe available to close the sale — which was dictated by the financial crisis within which the selling banks were operation — the participation of foreign banks or other types of investors in the sales procedure was very unlikely, since those investors would normally have wanted to carry out a due diligence of the assets offered for sale before submitting a formal bid.
Eftersom den statsgaranterede ELA giver banken mulighed for fortsat at operere på markedet og ikke misligholde sine forpligtelser og dermed blive nødt til at trække sig ud af markedet, fordrejer den konkurrencen.
The Commission, therefore, concludes that the sale price of the Cypriot Transferred Activities was the market price and that aid to the buyer, that is to say the Bank, can be excluded.
Eftersom banken er aktiv i andre medlemsstater, og pengeinstitutter fra andre medlemsstater opererer i eller er potentielt interesseret i at operere i Grækenland, påvirker denne fordel for banken samhandelen mellem medlemsstaterne.
Legal basis for the compatibility assessment
På baggrund af ovenstående mener Kommissionen, at den statsgaranterede ELA (foranstaltning L2) udgør statsstøtte.
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’.
Det statsgaranterede ELA-beløb er blevet ændret over tid.
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.
Forekomst af statsstøtte i de foranstaltninger, der blev ydet gennem stabilitetsfonden
This has been confirmed in the 2008 Banking Communication, the Recapitalisation Communication, and the Restructuring Communication.
Første midlertidige rekapitalisering (foranstaltning B1)
The Commission still considers that the 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.
I afsnit 5.1 i Piraeus-indledningsafgørelsen har Kommissionen allerede konkluderet, at den første midlertidige rekapitalisering udgør statsstøtte.
The Commission confirmed that view by adopting the 2011 Prolongation Communication [91] and the 2013 Banking Communication [92].
Den modtagne kapital beløb sig til 4,7 mia. EUR.
In respect of 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 [93], 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.
Den anden midlertidige rekapitalisering (foranstaltning B2)
Therefore, the legal basis for the assessment of the aid measures should be Article 107(3)(b) of the Treaty.
Foranstaltning B2 blev gennemført med stabilitetsfondens midler, der som anført i betragtning 65 i Piraeus-indledningsafgørelsen involverer statsmidler.
During the financial crisis, the Commission has developed compatibility criteria for different types of aid measures.
For så vidt angår forekomsten af en fordel, øgede foranstaltning B2 bankens kapitalprocent til et niveau, der gav den mulighed for fortsat at operere på markedet og få adgang til finansiering fra Eurosystemet.
Principles for assessing aid measures were first laid down in the 2008 Banking Communication.
Desuden bestod forrentningen af foranstaltning B2 af den påløbne rente på EFSF-obligationerne plus et gebyr på 1 %.
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: