natgillin/translations-raw huggingface dataset:
I betragtning af de afgivne tilsagn, de vidtrækkende omstruktureringsforanstaltninger, som banken allerede har iværksat, og det hensigtsmæssige egetbidrag samt den passende byrdefordeling som nævnt ovenfor mener Kommissionen, at der er tilstrækkelige garantier for, at potentielle konkurrencefordrejninger kan begrænses på trods af det høje støttebeløb, som AIB og EBS har modtaget før og efter fusionen.
With regard to the return to profitability, the plan sets out an appropriate mix of planned actions.
KONKLUSION VEDRØRENDE FOREKOMSTEN AF STATSSTØTTE OG FORENELIGHED
New lending will be granted at higher interest rates.
Foranstaltningerne »a« til »o« i tabel 3 anses for at være omstruktureringsstøtte i henhold til traktatens artikel 107, stk. 1.
In addition, the pricing of (back-book) loans and deposits will be improved where possible.
I betragtning af Irlands tilsagn konkluderer Kommissionen, at omstruktureringsplanen for banken er i overensstemmelse med omstruktureringsmeddelelsen, at omstruktureringsstøtten er begrænset til det strengt nødvendige, og at konkurrencefordrejningerne holdes på et så lavt niveau som muligt.
These measures, together with the discontinuation of the ELG scheme guarantee fees, will enable the Bank to progressively drive the recovery of its NIM.
VEDTAGET FØLGENDE AFGØRELSE:
Furthermore, the Bank's planned actions, notably the staff severance programme [59] and the pay and benefits review, which aim at reducing its operating costs (by EUR [200-600] million by 2015 as compared to 2012 levels) will enable it to reach a more sustainable operating cost base in light of the Bank's prospects/ability to generate revenue.
Artikel 1
Those actions, combined with the planned increase in income, will help the Bank to significantly improve its cost income ratio (forecasted at [45-55] % in 2017 as compared to 123 % in 2012).
Følgende foranstaltninger udgør statsstøtte i henhold til traktatens artikel 107, stk. 1:
In that respect, the Commission welcomes the commitment given by Ireland on the reduction of the Bank's operating costs by EUR [200-600] million by 2015 as compared to 2012 and the commitment that the cost income ratio will not exceed [45-65] % (unless GDP growth is below 2 %, in which event the cost income ratio will not exceed [50-70] %).
Foranstaltninger til fordel for AIB
The Bank forecasts progressively decreasing impairment charges over the restructuring period under the alternative base scenario.
Garantier under CIFS-ordningen på op til 133 mia. EUR
This decreasing trend is considered appropriate given that (i) the expected economic recovery in Ireland should slowdown the pace of new defaulted loans, (ii) the projected increase in house prices should limit loss severity on mortgage loans and (iii) the Bank's strengthened credit management activities [60] should accelerate/improve loans collections and loans restructuring.
Garantier under ELG-ordningen på op til 62,5 mia. EUR
In that respect, the Commission welcomes the commitment given by Ireland in relation to the Bank's qualitative and quantitative restructuring targets relating to the SME and mortgage loan portfolio.
Overtagelse af værdiforringede aktiver (overførsler til NAMA for 20,4 mia. EUR), hvilket udgør et anslået støttebeløb på 1,6 mia. EUR
Under the alternative base scenario, the Bank will not return to profitability before 2016.
Rekapitalisering i form af præferenceaktier i maj 2009 for et beløb på 3,5 mia. EUR
Notwithstanding the impact of impairment charges, the Bank's profitability is structurally weak due to a large legacy portfolio of low-yielding assets (tracker mortgages and NAMA bonds).
Rekapitalisering i form af ny egenkapital i december 2010 for et beløb på 3,7 mia. EUR
As a result, the ROE will remain low until the end of the restructuring period, reaching only [5-15] % in 2017.
En statsgaranti for likviditetsstøtte i en krisesituation frem til K2 2011 for et beløb på [5-15 mia. EUR].
The Commission considers nevertheless that the Bank is on the right path to reach more competing ROE levels/profitability in the future, as the new lending with higher margins and the re-priced (back-book) loans will progressively compensate the drag on profitability stemming from those low-yielding legacy assets.
Garantier under CIFS-ordningen på op til 14,4 mia. EUR
a strong capital buffer
Garantier under ELG-ordningen på op til 8,0 mia. EUR
Finally, the Commission notes positively that the Bank is a well-capitalised institution which has a comfortable capital buffer up until the end of the restructuring period.
Overtagelse af værdiforringede aktiver (overførsler til NAMA for 0,9 mia. EUR), hvilket udgør et anslået støttebeløb på 0,1 mia. EUR
Under the alternative base scenario, the Bank will maintain a capital buffer of EUR [2-6] billion in 2017 with a minimum regulatory capital requirement of 8 % (and EUR [3-8] billion with a 5,5 % threshold), which would enable the Bank to absorb further losses if the economic recovery of Ireland is lower than forecasted.
Rekapitalisering i form af særlige investeringsaktier i maj og december 2010 for et beløb på 0,625 mia. EUR
Furthermore, the Bank has EUR 1,6 billion of CoCos available to strengthen its capital base if needed.
En statsgaranti for likviditetsstøtte i en krisesituation for et beløb på [0-5 mia. EUR].
The Commission takes note that the Bank plans to redeem the 2009 Preference shares [61] before the end of the restructuring period.
Foranstaltninger til fordel for banken (den fusionerede enhed)
Until 13 May 2014, redemption is at par, and after that date a step up of 25 % will be applied.
Rekapitalisering i form af ordinære aktier i juli 2011 for et beløb på 5 mia. EUR
It is envisaged that the amount of the Preference Shares would be redeemed to the State, who would immediately reinvest the same amount in the form of equity (ordinary shares) in the Bank.
Rekapitalisering i form af betingede kapitalbeviser i juli 2011 for et beløb på 1,6 mia. EUR
As a consequence, there will be no change to the size of the Bank's balance sheet.
Rekapitalisering i form af kapitalindskud i juli 2011 for et beløb på 6,1 mia. EUR.
However, the Bank's capital structure will be improved in light of the new Basel III rules [62].
Den i stk. 1 anførte statsstøtte er forenelig med det indre marked efter traktatens artikel 107, stk. 3, på baggrund af omstruktureringsplanen og tilsagnene i bilaget.
Moreover, the State's stake in the Bank will increase marginally from its current level of 99,8 % as a consequence of that operation.
Artikel 2
conclusion
Irland sikrer, at den omstruktureringsplan med senere ændringer, der blev fremlagt den 28. september 2012, herunder tilsagnene i bilaget, gennemføres fuldt ud.
The initiatives already undertaken by AIB (i.e. deleveraging, cost reductions, improved funding profile) combined with those planned throughout the restructuring period in order to restore its profitability (i.e. new lending at higher price/re-pricing of back-book loans and deposits, further staff related cost reductions and strengthened credit management activities [63]) are appropriate regarding the nature of the Bank's financial difficulties [64].
Artikel 3
Accordingly, the restructuring plan convincingly sets out the right strategy for the Bank's return to long-term viability.
Denne afgørelse er rettet til Irland.
The combination of the actions described above appears apt to ensure the Bank's future viability without further State support.
Udfærdiget i Bruxelles, den 7. maj 2014.
However, the Bank's return to profitability might be protracted until the end of the restructuring period due to the Bank's low-yielding legacy assets.
På Kommissionens vegne
Therefore, the Bank's ROE, under the alternative base case scenario, remains at a comparatively low level, even at the end of the restructuring period, but shows a moderate upward trend.
Næstformand
Taking into account the above elements, the Commission concludes overall that the restructuring plan of the Bank convincingly sets out the path to restoring its long-term viability.
EUT C 214 af 7.8.2010, s. 3.
Limiting aid to the minimum: own contribution and burden sharing
Kommissionens afgørelse i sag N 241/09, Recapitalisation of Αllied Irish Bank by the Irish State (EUT C 223 af 16.9.2009, s. 2).
Section 3 of the Restructuring Communication indicates that an appropriate contribution by the beneficiary is necessary to limit the aid to a minimum and to address distortions of competition and moral hazard.
Kommissionens afgørelse i sag N 553/10, Second emergency recapitalisation in favour of Allied Irish Banks, plc (EUT C 76 af 10.3.2011, s. 4).
To that end, it provides that (i) the amount of aid should be limited and (ii) a significant own contribution is necessary.
Bruttokapitaltilførslerne var på henholdsvis 3,9 mia. EUR og 6,3 mia. EUR, med et gebyr på 0,2 mia. EUR, som AIB betalte tilbage til den irske stat.
The Restructuring Communication further provides that, to keep the aid limited to the minimum, the bank should first use its own resources to finance the restructuring.
Kommissionens afgørelse gav mulighed for rekapitalisering som en redningsforanstaltning i seks måneder, på betingelse af at der blev forelagt en opdateret omstruktureringsplan.
The costs associated with the restructuring should not only be borne by the State but also by those who invested in the bank.
Den anden del af rekapitaliseringen blev ikke foretaget i februar.
That objective is achieved in particular by absorbing losses with available capital.
Kommissionens afgørelse i sag N160/10, Recapitalisation of EBS (EUT C 217 af 11.8.2010, s. 2).
Quasi full burden sharing has been achieved from the former owners of AIB.
Kommissionens afgørelse i sag C25/10 (ex N 212/10), Restructuring of Educational Building Society (EUT C 300 af 6.11.2010, s. 17).
Shareholders have been wiped out and the State currently owns 99,8 % of the Bank.
EUT C 195 af 19.8.2009, s. 9.
The Commission therefore considers that the amount of burden-sharing from the former owners is significant and adequate.
I april 2012 blev det besluttet, at Permanent TSB skulle forblive aktiv som den tredje nationale långiver sammen med AIB og BoI.
With regard to subordinated debt holders, a series of Liability Management Exercises/Debt Buy Backs were carried out between 2009 and 2011, which have contributed EUR 5,4 billion of Core Tier 1 capit al (buy back of Tier 1 and Tier 2 instruments).
De vigtigste supplerende oplysninger blev fremsendt den 10. og 11. januar, den 13. februar og den 20. og 27. marts 2014 og vedrørte finansielle prognoser.
By doing so, the Bank contributed EUR 3,3 billion of Core Tier 1 Capital to limit the aid to the minimum necessary.
Jf. fodnote 2.
The Bank pays a fixed remuneration of 10 % on the CoCos and 8 % on the preference shares (in cash or through the issuance of new ordinary shares in lieu).
Jf. fodnote 10.
In addition, a step up of 25 % is applied on the preference shares if the Bank does not repurchase them up to 13 May 2014.
Kapitalinstrumenter, der opfylder kravene i artikel 28, 29 og 31 i Europa-Parlamentets og Rådets forordning (EU) nr. 575/2013 af 26. juni 2013 om tilsynsmæssige krav til kreditinstitutter og investeringsselskaber og om ændring af forordning (EU) nr. 648/2012 (EUT L 176 af 27.6.2013, s. 1).
The Commission considered that remuneration as appropriate, albeit at a low level, in the light of AIB's/the Bank's distressed situation [66].
Betinget kapital er gæld, der bliver til egenkapital, når visse udløsende omstændigheder er opfyldt.
Considering the above, the Commission concludes that the Bank's restructuring plan provides for appropriate own contribution and burden-sharing.
200 afdelinger for AIB og 74 afdelinger for EBS pr. december 2013.
Measures limiting the distortions of competition
I februar 2011 blev Anglo Irish Banks kundeindlån overført til Allied Irish Bank (GB), som nu tilbyder indlånsydelser til omkring 60000 forbrugere på massemar kedet i Storbritannien.
Section 4 of the Restructuring Communication requires that the restructuring plan contains measures limiting distortions of competition.
Tracker-realkreditlån er en type realkreditlån med variabel rente.
Such measures should address the distortions on the markets where the beneficiary operates after restructuring.
Realkreditrenten følger (»tracks«) og ligger i en fast afstand over Den Europæiske Centralbanks basisrente.
In the present case it needs to be ensured that potential new entrants can easily enter the concentrated Irish banking market to boost competition.
ECB-renten, som lå på 4,25 % i juli 2008, faldt til 1 % i maj 2009.
The Bank commits to operate between July 2014 and June 2017 certain competition measures, namely the provision to relevant competitors [67] of a Services Package and a Customer Mobility Package.
Jf. Kommissionens afgørelse i sag N 725/09, Establishment of a National Asset Management Agency (NAMA) (EUT C 94 af 14.4.2010, s. 10).
The Service Package aims at reducing the cost of entry or the cost of expansion of a competitor.
Jf. Kommissionens afgørelse i sag NN 48/08, Guarantee Scheme for Banks in Ireland (EUT C 312 af 6.12.2008, s. 2).
In particular, the beneficiary of the Service Package will receive support for several back-up functions (such as clearing, treatment of paper transactions) at incremental cost by the Bank (costs directly incurred by the provision of that service), and may then decide to invest in its own infrastructure only at a later stage when its customer base is large enough to absorb fixed costs.
Jf. Kommissionens afgørelse i sag N 349/09, Credit Institutions Eligible Liability Guarantee Scheme (EUT C 72 af 20.3.2010, s. 6), og forlængelser heraf.
That beneficiary will also access the Bank's ATM network at incremental cost, immediately offering a national coverage to its customers.
AIB: Kommissionens afgørelse i sag N 241/09, og Kommissionens afgørelse i sag SA.31891 (N 533/10)EBS: Kommissionens afgørelse i sag N 160/10.
The Customer Mobility Package will reduce the costs of customer acquisition for its beneficiaries.
Den kapital, der blev indskudt af finansministeren og den nationale pensionsreservefond, beløb sig til 6,1 mia. EUR.
The beneficiaries will contact the Bank's customers, via the Bank, and will present them with alternative products for their current accounts, personal credit card products, business current accounts, business credit cards, mortgages and SME and corporate loans.
Der blev ikke udstedt nye aktier, og der blev ikke aftalt nogen modydelse for den indskudte kapital.
Although it is difficult to predict how many customers of the Bank will decide to switch their banking products to the beneficiaries of the measure, this customer approach is more targeted and less costly than general advertising measures.
Beskrevet i betragtning 18-33 i afgørelse N 241/09.
The measures described above provide a framework to stimulate new entry on the Irish banking market and hence limit the distortions of competition caused by the aid granted to the Bank.
Støttebeløbet for foranstaltningerne i form af overtagelse af værdiforringede aktiver for både AIB og EBS er skønnede beløb, da de sidste trancher af aktiver, der er overført til NAMA, endnu ikke er godkendt af Kommissionen.
In addition, the Commission views positively the commitments given by Ireland which relate to certain business restrictions during the restructuring period, in particular the cap on lending to […] in […] and […].
Disse skøn er baseret på de oplysninger, Irland fremlagde den 14. februar 2013.
The acquisition ban will also ensure that the State aid will not be used to take over competitors, but to serve its intended purpose, namely to finance the restructuring process.
Forretningshemmelighed.
Moreover, the Bank will respect behavioural commitments relating to a ban on advertising and sponsorship [68].
Passivstyring: tilbagekøb eller konvertering af efterstillet gæld til kapitalinstrumenter (egentlig kernekapital), normalt til en lavere pris.
Implementation and monitoring
Dette kan også ske i form af en sænkelse af gældens pålydende værdi eller tidlig indløsning til en anden værdi end den pålydende værdi.
Finally, Section 5 of the Restructuring Communication requires that detailed regular reports are made available to the Commission so that it can verify that the restructuring plan is being implemented properly.
Situation pr. 30. juni 2013.
A monitoring trustee will be appointed who will provide regular reports to the Commission on the implementation of the restructuring plan by the Bank and the respect of the commitments given.
Fuldtidsækvivalenter.
Taking into account the commitments, the far-reaching restructuring measures already implemented by the Bank and in light of the appropriateness of the own contribution and burden-sharing as set out above, the Commission considers that there are sufficient safeguards to limit potential distortions of competition despite the high amount of aid granted to AIB and EBS before and after their merger.
ROE omfatter præferenceaktier i gennemsnitlig egenkapital.
CONCLUSION ON THE EXISTENCE OF AID AND COMPATIBILITY
Ekskl. egenkapital.
The measures ‘a’ to ‘o’ listed in Table 3 are considered to be restructuring aid within the meaning of Article 107(1) of the Treaty.
PLAR 2011-nedgearingsmålene på 20,5 mia. EUR er nået.
In view of the commitments made by Ireland, the Commission concludes that the restructuring plan for the Bank is in line with the Restructuring Communication, the restructuring aid is limited to the minimum necessary and competition distortions are sufficiently addressed.
Reduktionen er endnu større — ca. 38 % — sammenholdt med 2009-tallene, inden AIB og EBS fusionerede, hvor AIB's og EBS' samlede aktiver beløb sig til henholdsvis 174,3 mia. EUR og 21,5 mia. EUR.
The restructuring aid is thus compatible with the internal market pursuant to Article 107(3)(b) of the Treaty.
Nedgangen i udlånsporteføljen skyldes afskrivninger og indløsninger, som tilsammen har været højere end den nye produktion.
Accordingly, the Commission,
Obligationer udstedt af NAMA til gengæld for de (dårlige) aktiver, der blev overført til NAMA fra de deltagende kreditinstitutter.
HAS ADOPTED THIS DECISION:
Købsprisen for de aktiver, der blev overført til NAMA, er navnlig blevet betalt ved NAMA's udstedelse af statsgaranterede seniorgældsbeviser/-obligationer for 95 % af købsprisen og af (ikke statsgaranterede) efterstillede gældsbeviser for 5 %.
Article 1
Eksisterende udlånsportefølje sammenholdt med ny produktion.
The following measures constitute State aid pursuant to Article 107(1) of the Treaty:
Bankens MARS blev lanceret i 2012 og var et resultat af drøftelser med den irske regering og den irske centralbank om potentielle løsninger på problemet med misligholdte realkreditlån.
Measures granted in favour of AIB
Under denne strategi giver banken realkreditkunder nye muligheder for afdragsfrihed.
guarantees under the CIFS scheme of up to EUR 133 billion;
MARS-programmet er nu fuldt operationelt og har over 300 specialister tilknyttet, som tager sig af realkreditkunder med økonomiske vanskeligheder.
guarantees under the ELG scheme of up to EUR 62,5 billion;
Fra 1. januar 2014 i henhold til Basel III-reglerne.
an asset relief measure (transfers to NAMA of EUR 20,4 billion), constituting and estimated aid amount of EUR 1,6 billion;
Inden for rammerne af denne afgørelse betyder »lovbestemt minimumskapital« den kapital, som den irske centralbank kræver, at de irske banker skal være i besiddelse af.
a recapitalisation in the form of preference shares in May 2009 for an amount of EUR 3,5 billion;
I forbindelse med den omfattende vurdering, der for øjeblikket foretages af Den Europæiske Centralbank og Den Europæiske Banktilsynsmyndighed, vil der blive anvendt en grænse på 5,5 % af CET1 i et negativt scenarie.
a recapitalisation in the form of new equity capital in December 2010 for an amount of EUR 3,7 billion;
Bankens udestående betingede kapitalinstrumenter er øjeblikkeligt og obligatorisk indløselige og vil blive konverteret til ordinære aktier, såfremt kernekapitalprocenten (eller den egentlige kernekapitalprocent efter datoen for CRD IV's gennemførelse) falder til under den udløsende sats på 8,25 %.
a State guarantee on Emergency Liquidity Assistance until Q2 2011 for an amount of [EUR 5-15 billion];
CRD IV-pakken (kapitalkravsdirektivet og -forordningen) (EUT L 176 af 27.6.2013, s. 1).
Measures granted in favour of EBS
I henhold til de nye regler i CRD IV-pakken skal banken bl.a. trække værdien af de fleste af sine udskudte skatteaktiver fra bankens egentlige kernekapital, herunder alle udskudte skatteaktiver, der kan henføres til uudnyttede skattemæssige underskud.
guarantees under the CIFS scheme of up to EUR 14,4 billion;
Fradraget fra den egentlige kernekapital skal indfases jævnt over en 10-årig periode.
guarantees under the ELG scheme of up to EUR 8,0 billion;
Denne undersøgelse, som er en øjebliksundersøgelse, da den ikke tager højde for kommende ikkerealiserede indtjeninger eller tab, har til formål at foretage en fornyet estimering af hensættelser og risikovægtede aktiver og dermed vurdere bankens kapitalgrundlag i juni 2013.
an asset relief measure (transfers to NAMA of EUR 0,9 billion), constituting and estimated aid amount of EUR 0,1 billion;
Se betragtning 69.
a recapitalisation in the form of Special Investment Shares in May and December 2010 for an amount of EUR 0,625 billion;
Der findes yderligere oplysninger om rekapitaliseringsforanstaltningerne i afgørelse i sag N 160/10, betragtning 40-47, afgørelse i sag N 241/09, betragtning 43-48, afgørelse i sag SA 31891 (N 553/10), betragtning 59-65 og afgørelse i sag SA 33296, betragtning 54-60.
Measures granted in favour of the Bank (the merged entity)
Derudover har Kommissionen i tidligere afgørelser fastslået, at støtte under CIFS- og ELG-ordningen samt under NAMA er at betragte som statsstøtte (jf. betragtning 37 og 41).
a recapitalisation in the form of ordinary shares in July 2011 for an amount of EUR 5 billion;
Beløbene under henholdsvis CIFS- og ELG-ordningen findes i tabel 3.
a recapitalisation in the form of contingent capital notes in July 2011 for an amount of EUR 1,6 billion;
EUT C 216 af 30.7.2013, s. 1 (især punkt 6).
a recapitalisation in the form of a capital contribution in July 2011 for an amount of EUR 6,1 billion.
Brev fra den irske centralbanks direktør til finansministeren af 19. november 2010.
The State aid referred to in paragraph 1 is compatible with the internal market in accordance with Article 107(3) of the Treaty in the light of the restructuring plan and the commitments set out in the Annex.
Balancereduktionen er endnu mere markant, når man ser på 2009-balancen for AIB og EBS før fusionen.
Article 2
I 2009 beløb de to institutters samlede aktiver sig til 195 mia. EUR.
Ireland shall ensure that the restructuring plan submitted on 28 September 2012, including the subsequent modifications made thereto, is implemented in full, including the commitments set out in the Annex.
Se afsnit 2.5 i denne afgørelse.
Article 3
Førtidspensionering og frivilligt fratrædelsesprogram.
This Decision is addressed to Ireland.
Som beskrevet i betragtning 68.
Done at Brussels, 7 May 2014.
Se betragtning 46.
For the Commission
Præferenceaktierne vil ikke længere blive opfattet som egentlig kernekapital efter den 1. januar 2018.
Vice-President
Jf. betragtning 32-39.
OJ C 214, 7.8.2010, p. 3.
Jf. betragtning 62-82 i afgørelse i sag N 241/09 og betragtning 76-78 i afgørelse i sag SA.33296.
Commission Decision in Case N 241/09, Recapitalisation of Allied Irish Bank by the Irish State (OJ C 223, 16.9.2009, p. 2).
I forbindelse med dette tilsagn betyder »relevant konkurrent« et kreditinstitut, der opererer i Irland, og som ikke befinder sig i en statsstøttet omstrukturering, når det anmoder om adgang til servicepakken eller kundemobilitetspakken.
Commission Decision in Case N 553/10, Second emergency recapitalisation in favour of Allied Irish Banks plc (OJ C 76, 10.3.2011, p. 4).
Jf. betragtning 86 og bilaget.
The gross capital injections were respectively EUR 3,9 billion and EUR 6,3 billion, including each EUR 0,2 billion of fees repaid by AIB to the Irish government.