natgillin/translations-raw huggingface dataset:
Fordi forrentningen er klart lavere end forrentningen af lignende kapitalinstrumenter på markedet, ville banken utvivlsomt have været ude af stand til at rejse den pågældende kapital på sådanne vilkår på markedet.
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.
Derfor gav foranstaltning B2 banken en fordel ved hjælp af statsmidler.
It would not be the case if the measure were not appropriate to remedy the disturbance.
Da foranstaltningen kun blev stillet til rådighed for banken, er den i sagens natur selektiv.
Necessity: The aid measure must, in its amount and form, be necessary to achieve the objective.
Bankens stilling blev styrket på grund af foranstaltning B2, idet banken fik stillet de nødvendige midler til rådighed til fortsat at kunne opfylde de kapitalkrav, og foranstaltningen førte således til konkurrencefordrejninger.
Therefore it must be of the minimum amount necessary to achieve the objective, and take the form most appropriate to remedy the disturbance.
Eftersom banken er aktiv på bankmarkeder i andre medlemsstater, og finansieringsinstitutter fra andre medlemsstater opererer i eller er potentielt interesseret i at operere i Grækenland, påvirker foranstaltning B2 samhandelen mellem medlemsstaterne.
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.
Kommissionen finder, at foranstaltning B2 udgør statsstøtte.
The Recapitalisation Communication sets out further guidance on the level of remuneration required for State capital injections.
Den blev anmeldt som støtte af de nationale myndigheder.
Finally, the Commission has explained in the Restructuring Communication how it will assess restructuring plans.
Den modtagne kapital beløb sig til 1553 mio. EUR.
In its assessment of the restructuring plan of the Bank under the Restructuring Communication, the Commission will take into account all the measures listed in Table 11.
Tilsagnserklæring (foranstaltning B3)
Compliance of the aid measure C with the 2008 Banking Communication and the Recapitalisation Communication
Ved foranstaltning B3 forpligtede stabilitetsfonden sig til at indskyde den nødvendige supplerende kapital til at fuldføre rekapitaliseringen af banken op til det beløb, som den græske centralbank anmodede om i forbindelse med 2012-stresstesten.
Appropriateness
Det er nøje fastsat og afgrænset ved lov, på hvilke betingelser stabilitetsfonden kan yde støtte til finansieringsinstitutter.
With respect to the appropriateness of the measure, that is to say, the commitment given by the HFSF to recapitalise the Bank amounting to EUR 524 million, the Commission considers that the measure is appropriate because it allowed the Greek operations of the three Cypriot Banks to be sold to the Bank.
Brugen af disse statsmidler må derfor tilregnes staten.
In the absence of the measure, none of the Greek banks, including the Bank, would have been willing to acquire the Cypriot Transferred Activities at a time no bank outside of Greece was willing to enter that market.
Stabilitetsfonden forpligtede sig til at indskyde op til 1082 mio. EUR i yderligere kapital.
If the Cypriot Transferred Activities had not been acquired, those activities and in particular the deposits of the Greek branches would have been in danger.
Tilsagnserklæringen gav banken en fordel, fordi den betryggede indskyderne i, at banken ville kunne rejse den fulde nødvendige kapital, eftersom stabilitetsfonden ville tilvejebringe kapitalen, hvis ikke banken selv kunne rejse den på markedet.
The measure therefore ensured that financial stability in Greece is maintained.
Dette tilsagn gjorde det ligeledes nemmere at rejse privat kapital på markedet, idet investorerne blev forsikret om, at stabilitetsfonden, hvis banken ikke kunne rejse den fulde kapital på markedet, ville tilvejebringe den resterende kapital.
On that basis, the Commission finds that the measure is appropriate as rescue aid.
Ingen privat investor ville have accepteret at forpligte sig, før vilkårene for rekapitaliseringen var kendt, og på det tidspunkt havde banken ikke adgang til kapitalmarkederne.
Necessity
Denne fordel var selektiv, da den ikke blev givet til alle banker i Grækenland.
In line with the 2008 Banking Communication, the aid measure must, in its amount and form, be necessary to achieve the objective of the measure.
Eftersom banken er aktiv i andre medlemsstater, og pengeinstitutter fra andre medlemsstater opererer i eller er potentielt interesseret i at operere i Grækenland, vil foranstaltning B3 sandsynligvis også påvirke samhandelen mellem medlemsstaterne og fordreje konkurrencen.
It implies that a capital injection, for example, must be of the minimum amount necessary to achieve that objective.
Foranstaltning B3 udgør derfor statsstøtte og blev anmeldt af de græske myndigheder som sådan.
At a time when it was very difficult for Greek banks to find capital, the measure covered the capital needs that would result from the payment of the purchase price for the acquisition of the Cypriot Transferred Activities so that the acquisition could occur.
Stabilitetsfondens deltagelse i rekapitaliseringen i foråret 2013 med henblik på dækning af det kapitalbehov, der blev identificeret i 2013-stresstesten (foranstaltning B4)
Moreover, the Commission notes positively that the aid took the form of a capital injection in the framework of the Spring 2013 recapitalisation as the HFSF did not give a grant to the Bank but received ordinary shares for the same value.
Stabilitetsfondens deltagelse i rekapitaliseringen i foråret 2013 med henblik på dækning af det kapitalbehov, der blev identificeret i 2012-stresstesten (foranstaltning B4), er en delvis omlægning af den første og anden midlertidige rekapitalisering (foranstaltning B1 og B2) til en permanent rekapitalisering på 5891 mio. EUR i ordinære aktier.
The measure is therefore necessary to achieve the objective of limiting the disturbance in the Greek banking system and the economy as a whole.
Eftersom foranstaltning B4 er en delvis omlægning af den allerede tildelte støtte, involverer den stadig statsmidler, men den øger ikke det nominelle støttebeløb.
Proportionality
Henset til det nominelle støttebeløb øger den imidlertid bankens fordel (og virker derfor konkurrencefordrejende), idet der er tale om en permanent rekapitalisering og ikke en midlertidig rekapitalisering som i tilfældet med foranstaltning B1 og B2.
The aided activities were sold after the Greek authorities launched a call for tender.
Kommissionen bemærker, at en sådan støtte ikke blev ydet til alle banker i Grækenland.
In addition, the acquired activities were quickly integrated within the Bank.
For så vidt angår konkurrencefordrejninger og påvirkning af samhandelen, bemærker Kommissionen f.eks., at støtten satte banken i stand til at fortsætte sine aktiviteter i andre medlemsstater.
The aid did not allow the aided activities to remain as separate competitors on the market.
En afvikling af banken ville have medført et ophør af dens aktiviteter i udlandet i form af afvikling eller salg af disse aktiviteter.
Furthermore the amount of the aid was relatively small as it corresponds to around 3 % of the total net loans of the Cypriot Transferred Activities (or around 3 % of their RWA) [94].
Derudover opererede en række banker fra andre medlemsstater i Grækenland.
Therefore, the Commission considers that the measure was designed in such a way as to minimise undue distortions of competition.
Derfor fordrejer foranstaltningen konkurrencen og påvirker samhandelen mellem medlemsstaterne.
Conclusion on the compliance with the 2008 Banking Communication and the Recapitalisation Communication
Kommissionen finder således, at foranstaltning B4 udgør statsstøtte.
On the basis of the analysis in recitals 189 to 197, it is concluded that the recapitalisation of the Bank by the HFSF amounting to EUR 524 million was appropriate, necessary to achieve the objective of limiting the disturbance in the Greek banking system and the economy as a whole and was designed in such a way as to minimise undue distortions of competition, and is in line with the 2008 Banking Communication and the Recapitalisation Communication.
Konklusion vedrørende foranstaltning B1, B2, B3 og B4
Compliance of the aid measure with the Restructuring Communication
Foranstaltning B1, B2, B3 og B4 udgør statsstøtte efter traktatens artikel 107, stk. 1.
As explained in recital 178, the sale of the Cypriot Transferred Activities falls under the section of the Restructuring Communication on ‘Viability through sale of a bank’.
Spørgsmålet er derfor, hvilket niveau for risikovægtede aktiver der bør anvendes, og mere præcist, om statsstøtten skal vurderes på grundlag af niveauet for risikovægtede aktiver i begyndelsen af perioden eller ved udgangen af perioden.
The Bank successfully integrated the Cypriot Transferred Activities.
Foranstaltning B1, B2 og B3 skal dække et kapitalbehov identificeret af den græske centralbank i marts 2012 (2012-stresstesten).
As stated in section 7.6, on the basis of its restructuring plan the Bank can be considered as a viable entity.
Dette forhold viser yderligere, at foranstaltning B1, B2, og B3 var støtteforanstaltninger relateret til bankens omfang pr. 31. marts 2012.
Therefore, the fact that the Cypriot Transferred Activities have been transferred to the Bank allows their long-term viability to be restored.
Den bevilgede støtte til banken beløb sig til summen af den første og anden midlertidige rekapitalisering (foranstaltning B1 og B2) og stabilitetsfondens tilsagn (foranstaltning B3), dvs. 7335 mio. EUR eller 21,5 % af bankens risikovægtede aktiver pr. 31. marts 2012.
Own contribution and burden-sharing
Den udbetalte støtte til banken beløb sig til summen af den første og anden midlertidige rekapitalisering (foranstaltning B1 og B2), dvs. 6253 mio. EUR eller 18,4 % af bankens risikovægtede aktiver pr. 31. marts 2012.
Concerning the contribution of the shareholders of the three Cypriot Banks to the restructuring costs, the Commission observes that the three Cypriot Banks did not sell the Cypriot Transferred Activities at their book value but at the value adjusted in line with the PIMCO report.
Da banken også rejste privat kapital, beløb stabilitetsfondens endelige tilførsel til banken sig til 5891 mio. EUR i form af ordinære aktier, hvilket udgjorde 17,3 % af bankens risikovægtede aktiver pr. 31. marts 2012.
In addition, even after that adjustment was made, the three Cypriot Banks transferred more assets than liabilities to the Bank.
Konklusion om forekomsten af statsstøtte og det samlede støttebeløb modtaget af banken
Therefore, sufficient burden-sharing of shareholders was achieved since the loss in the value of the Cypriot Transferred Activities was borne by their sellers.
Foranstaltning A, B1, B2, B3, B4, L1 og L2 udgør statsstøtte efter traktatens artikel 107, stk. 1.
Measures to limit distortions of competition
Foranstaltningerne er opsummeret i tabel 11.
Regarding measures to limit distortions of competition, point 30 of the Restructuring Communication provides that ‘the Commission takes as a starting point for its assessment of the need for such measures, the size, scale and scope of the activities that the bank in question would have upon implementation of a credible restructuring plan … The nature and form of such measures will depend on two criteria: first, the amount of the aid and the conditions and circumstances under which it was granted and, second, the characteristics of the market or markets on which the beneficiary bank will operate.’
Tabel 11
As described in recital 196, the amount of aid corresponds to around 3 % of the RWA of the Cypriot Transferred Activities.
Overblik over den samlede støtte til banken
Therefore the Commission considers it to be relatively small given that that amount enabled the sale of the Cypriot Transferred Activities and, as explained in recital 190, ensured the maintenance of the financial stability in Greece.
Foranstaltningens art
Following the sale of the Cypriot Transferred Activities, the Greek branches ceased to exist as stand-alone competitors as they were fully integrated into the Bank.
Støttebeløb
The Commission concludes that given the relatively small aid amount to the Cypriot Transferred Activities and the fact that they will not continue to exist as stand-alone competitors, there are no undue distortions of competition.
Støtte/risikovægtede aktiver
Conclusion on compliance with the Restructuring Communication
Præferenceaktier
On the basis of the analysis in recitals 199 to 206, it is concluded that the sale of the Cypriot Transferred Activities and their integration into the Bank ensure their long-term viability, that aid is limited to the minimum necessary and that there is no undue distortion of competition, in line with the Restructuring Communication.
Første midlertidige rekapitalisering
EXISTENCE AND AMOUNT OF AID
Anden midlertidige rekapitalisering
The Commission has to establish the existence of State aid to the Bank within the meaning of Article 107(1) of the Treaty.
Tilsagnserklæring
Existence of aid in the measures granted under the Greek Bank Support Scheme
4700 mio. EUR
State liquidity support granted under the guarantee and the government bond loan measures (measure L1)
1553 mio. EUR
The Commission has already established in the decisions approving and prolonging the Greek Banks Support Scheme [95] that liquidity support granted under the scheme constitutes aid.
1082 mio. EUR
In 2011, the Bank issued bonds guaranteed by the State amounting to a total of EUR 9,9 billion.
Samlet kapitalstøtte ydet til banken A + B1 + B2 + B3
At the end of March 2014, the outstanding amount of bonds guaranteed by the State and of government bonds was EUR 9,9 billion and EUR 1024 million respectively [96].
8085 mio. EUR
Future liquidity support granted under the Greek Banks Support Scheme would also constitute aid.
Samlet støtte udbetalt til banken A + B1 + B2
The Commission has already established in the Decision of 19 November 2008 on the Greek Banks Support Scheme that recapitalisations to be granted under its recapitalisation measure constitutes aid.
7003 mio. EUR
The Bank has received EUR 750 million by means of preference shares, which represents 2,1 % of the Bank’s RWA [97].
Rekapitalisering
Existence of aid in the State-guaranteed ELA (measure L2)
5891 mio. EUR
The Commission clarified in point 51 of the 2008 Banking Communication that the provision of central banks’ funds to financial institutions does not constitute aid if four cumulative conditions are met regarding the solvency of the financial institution, the collateralisation of the facility, the interest rate charged to the financial institution, and the absence of counter-guarantee from the State.
Samlet kapitalstøtte udbetalt til banken med fradrag af støtte tilbagebetalt inden for seks måneder
Since the State-guaranteed ELA granted to the Bank does not comply with those four cumulative conditions, in particular because it is State-guaranteed and it is granted in conjunction with other support measures, it cannot be concluded that the State-guaranteed ELA does not constitute State aid.
6641 mio. EUR
The State-guaranteed ELA meets the requirements laid down in Article 107(1) of the Treaty.
Nominelt støttebeløb
First, because that measure includes a State guarantee in favour of the Bank of Greece, any loss will be borne by the State.
Likviditetsstøtte
The measure therefore involves State resources.
Garanti
ELA enables banks to get funding at a time when they have no access to the wholesale funding market and to the regular Eurosystem refinancing operations.
Obligationslån
The State-guaranteed ELA therefore grants an advantage to the Bank.
Obligationslån: 1,3 mia. EUR
Because the State-guaranteed ELA allows the Bank to continue operating on the market and avoids it defaulting and having to exit the market, it distorts competition.
Statsgaranteret ELA
Since the Bank is active in other Member States and since financial institutions from other Member States operate or would potentially be interested in operating in Greece, the advantage granted to the Bank affects trade between Member States.
Finansiering og garanti
On the basis of the above, the Commission considers that the State-guaranteed ELA (measure L2) constitutes State aid.
31,4 mia. EUR
The amount of State-guaranteed ELA has varied over time.
Samlet likviditetsstøtte ydet til banken
On 31 December 2012, it amounted to around EUR 31,4 billion.
42,6 mia. EUR
After a sharp decrease in 2013, it amounted to only EUR 750 million at the end of that year.
RETSGRUNDLAG FOR VURDERINGEN AF STØTTENS FORENELIGHED
Existence of aid in the measures granted through the HFSF
Som konkluderet i betragtning 183 skal retsgrundlaget for vurderingen af støtteforanstaltningerne være traktatens artikel 107, stk. 3, litra b) [98].
First bridge recapitalisation (measure B1)
Retningslinjer vedrørende rekapitaliseringsforanstaltninger findes i rekapitaliseringsmeddelelsen og forlængelsesmeddelelsen fra 2011.
In section 5.1 of the Piraeus Opening Decision, the Commission has already concluded that the first bridge recapitalisation constitutes State aid.
I omstruktureringsmeddelelsen defineres den tilgang, som Kommissionen har valgt til vurderingen af omstruktureringsplanerne, især behovet for at genoprette rentabiliteten, sikre et korrekt bidrag fra støttemodtageren og begrænse konkurrencefordrejningerne.
The capital received amounted to EUR 4,7 billion.
Denne ramme blev suppleret med bankmeddelelsen fra 2013, som finder anvendelse på støtteforanstaltninger anmeldt eller bevilget uden Kommissionens forudgående godkendelse efter den 31. juli 2013.
Second bridge recapitalisation (measure B2)
Retsgrundlag for vurderingen af foreneligheden af likviditetsstøtten til banken (foranstaltning L1)
Measure B2 was implemented with HFSF resources, which, as explained in recital 65 of the Piraeus Opening Decision, involve State resources.
Den likviditetsstøtte, som banken allerede har modtaget, er blevet endeligt godkendt ved de successive afgørelser om godkendelse af foranstaltninger i henhold til den græske bankstøtteordning og ændringer og forlængelser af denne [99].
As regards the existence of an advantage, measure B2 increased the Bank’s capital ratio to a level that allowed it to continue to function on the market and to access Eurosystem funding.
Enhver fremtidig likviditetsstøtte til banken vil skulle ydes i henhold til en ordning, der er behørigt godkendt af Kommissionen.
Furthermore, the remuneration of measure B2 consisted of the accrued interests on EFSF notes and an additional 1 % fee.
Betingelserne for en sådan støtte vil skulle godkendes af Kommissionen, før støtten bevilges, og de skal derfor ikke vurderes yderligere i denne afgørelse.
Because that remuneration is manifestly lower than the remuneration of similar capital instruments in the market, the Bank would have certainly been unable to raise that capital on such terms in the market.
Retsgrundlag for vurderingen af foreneligheden af præferenceaktierne (foranstaltning A)
Therefore, measure B2 granted an advantage to the Bank from State resources.
Retsgrundlag for vurderingen af foreneligheden af den statsgaranterede ELA (foranstaltning L2)
As the measure was made available only to the Bank, it is selective in nature.
Retsgrundlag for vurderingen af foreneligheden af stabilitetsfondens rekapitaliseringer (foranstaltning B1, B2, B3 og B4)
The position of the Bank was strengthened as a result of measure B2 since the Bank was provided with the financial resources necessary to continue to comply with the capital requirements, thus leading to distortions of competition.
FORENELIGHEDEN AF FORANSTALTNING L2 MED BANKMEDDELELSEN FRA 2008, REKAPITALISERINGSMEDDELELSEN OG FORLÆNGELSESMEDDELELSEN FRA 2011
Since the Bank is active in banking markets in other Member States and since financial institutions from other Member States operate in Greece or would potentially be interested in operating in Greece measure B2 affects trade between Member States.
En statsstøtte skal for at være forenelig i henhold til traktatens artikel 107, stk. 3, litra b), opfylde de generelle forenelighedskriterier, dvs. kriterierne for, om støtten er hensigtsmæssig, nødvendig og proportional.
The Commission considers that measure B2 constitutes State aid.
Da de græske banker blev udelukket fra engrosmarkedet og blev helt afhængige af centralbankfinansiering som angivet i betragtning 37, og da banken ikke kunne låne et tilstrækkeligt beløb gennem de regelmæssige markedsoperationer, havde banken brug for statsgaranteret ELA for at opnå tilstrækkelig likviditet til at hindre, at den misligholdt sine forpligtelser.
It was notified as aid by the national authorities.
Banken skulle betale en rentesats på […] basispoint mere end for regelmæssige markedsoperationer i Eurosystemet.
By measure B3, the HFSF committed to provide the additional capital necessary to complete the recapitalisation of the Bank up to the amount requested by the Bank of Greece in the framework of the stress test of 2012.
Derudover skulle banken betale et garantigebyr på […] basispoint til staten.
The HFSF receives its resources from the State.
Derfor er bankens samlede omkostninger ved at modtage statsgaranteret ELA meget højere end de normale omkostninger ved refinansiering fra ECB.
The letter therefore commits State resources.
De overvåger nøje anvendelsen heraf og sikrer, at den er begrænset til det nødvendige minimum.
Accordingly the use of those State resources is imputable to the State.
Derfor giver foranstaltning L2 ikke banken for meget likviditet, som kunne bruges til finansiering af aktiviteter, der fordrejer konkurrencen.
The HFSF gave a commitment to provide up to EUR 1082 million of additional capital.
En sådan nøje overvågning af anvendelsen af statsgaranteret ELA og regelmæssig kontrol af, at anvendelsen er begrænset til det nødvendige minimum, sikrer endvidere, at denne likviditet er proportional og ikke medfører urimelige konkurrencefordrejninger.
That commitment also facilitated the raising of private capital from the market, since investors were reassured that, if the Bank could not find part of the capital from the market, the HFSF would provide it.
Kommissionen bemærker ligeledes, at Grækenland har givet tilsagn om, at banken vil gennemføre en omstruktureringsplan, der mindsker dens afhængighed af centralbankfinansiering, og at banken vil overholde adfærdsmæssige restriktioner som anført i afsnit 7.6.
No private investor would have accepted to commit before the terms of the recapitalisation were known, and at that time the Bank had no access to capital markets.
Disse faktorer sikrer, at afhængigheden af likviditetsstøtte vil ophøre snarest muligt, og at en sådan støtte er proportional.
That advantage is selective since it was not granted to all the banks operating in Greece.
FORENELIGHEDEN AF FORANSTALTNING B1, B2, B3 OG B4 MED BANKMEDDELELSEN FRA 2008, REKAPITALISERINGSMEDDELELSEN, FORLÆNGELSESMEDDELELSEN FRA 2011 OG BANKMEDDELELSEN FRA 2013
Since the Bank is active in other Member States and since financial institutions from other Member States operate or would potentially be interested in operating in Greece, measure B3 is also likely to affect trade between Member States and to distort competition.
Som angivet i betragtning 241 og i overensstemmelse med punkt 15 i bankmeddelelsen fra 2008 skal en statsstøtte for at være forenelig i henhold til traktatens artikel 107, stk. 3, litra b), opfylde de generelle forenelighedskriterier [100], dvs. kriterierne for, om støtten er hensigtsmæssig, nødvendig og proportional.
Measure B3 therefore constitutes aid and was notified as State aid by the Greek authorities.
Rekapitaliseringsmeddelelsen og forlængelsesmeddelelsen fra 2011 indeholder yderligere retningslinjer for det påkrævede forrentningsniveau for de statslige kapitalindskud.
HFSF’s participation in the Spring 2013 recapitalisation to cover the capital needs of the stress test of 2013 (measure B4)