natgillin/translations-raw huggingface dataset:
Ligeledes vil tilsagnet om at gennemføre strenge retningslinjer for prissætning på nye udlån på grundlag af en ordentlig kreditrisikovurdering forhindre banken i at fordreje konkurrencen på det græske marked med uhensigtsmæssige prisstrategier for udlån til kunder.
Greek banking activities
Under hensyntagen til den specifikke situation beskrevet i afsnit 7.6.1 og foranstaltningerne i omstruktureringsplanen mener Kommissionen, at der er truffet tilstrækkelige beskyttelsesforanstaltninger til at begrænse konkurrencefordrejningerne.
As regards liquidity and the Bank’s reliance on Eurosystem funding, the restructuring plan foresees a limited growth of the balance sheet in Greece while the deposit base should grow again.
TILSYN
The reliance on State-guaranteed ELA, which has already fallen, will continue to decrease which will also help the Bank to reduce its cost of funding.
Som anført i tilsagnene [121] vil Grækenland sikre, at den tilsynsførende administrator, som er udpeget af banken med Kommissionens godkendelse, indtil udgangen af omstruktureringsperioden, nemlig 31. december 2018, fører tilsyn med de tilsagn, som Grækenland har givet om omstrukturering af aktiviteterne i Grækenland og udlandet og om selskabsledelse og erhvervsmæssig drift.
The sale of securities and of other non-core activities will also strengthen the liquidity position of the Bank.
Det kan derfor konkluderes, at der vil blive ført korrekt tilsyn med gennemførelsen af omstruktureringsplanen.
Due to the still stressed liquidity position of the Bank, the Commission can accept the request of the Greek authorities to be authorised to provide liquidity to the Bank under the guarantee and government bond loan measures of the Greek Banks Support Scheme and under the State-guaranteed ELA.
Det kan konkluderes, at Grækenland ulovligt gennemførte støtteforanstaltning B1, B2, B3 og B4 i strid med traktatens artikel 108, stk. 3, eftersom de blev gennemført før Kommissionens formelle godkendelse.
The achievement of such a decrease in the cost of deposits will be a key contribution to improving the pre-provisioning profitability of the Bank.
Kommissionen mener dog, at omstruktureringsplanen sammen med tilsagnene i bilaget sikrer genoprettelsen af bankens langsigtede rentabilitet, er tilstrækkelig med hensyn til byrdefordelingen og egetbidraget og på en hensigtsmæssig og proportional måde afbøder de konkurrencefordrejende virkninger af de støtteforanstaltninger, der er undersøgt i nærværende afgørelse.
Since the start of the crisis the Bank has started rationalising its commercial network in Greece, through a reduction in the number of branches and employees [108].
Den fremlagte omstruktureringsplan og tilsagnene opfylder kriterierne i omstruktureringsmeddelelsen, hvorfor støtteforanstaltningerne kan anses for at være forenelige med det indre marked —
By 2017, the total costs of the Bank will have decreased by a further […]% compared to 2013.
VEDTAGET DENNE AFGØRELSE:
To achieve that target Greece has committed that the Bank will reduce its branches and employees in Greece to […] and […] respectively at 31 December 2017, with maximum total costs [109] in Greece of EUR […] million.
Artikel 1
The expected cost-to-income ratio will be less than […]% at the end of the restructuring period.
Følgende foranstaltninger, der er gennemført af Grækenland, udgør statsstøtte i henhold til traktatens artikel 107, stk. 1:
The Commission considers that the restructuring plan preserves the efficiency of the Bank in the new market environment.
likviditetsstøtte i nødsituationer tilført Alpha Bank S.A. af den græske nationalbank og garanteret af Grækenland (foranstaltning L2)
One other key area is the handling of NPL, since they amounted to 32,4 % of the portfolio at 31 December 2013 [110].
den anden tilførsel af brokapital på 1042 mio. EUR ydet af den græske finansielle stabilitetsfond (»stabilitetsfonden«) til Alpha Bank i december 2012 (foranstaltning B2)
The Bank plans to enhance its credit policy (limits, collateral coverage) and to focus on the core activity in order to minimise its losses.
tilsagnserklæringen på 1629 mio. EUR givet af stabilitetsfonden til Alpha Bank S.A. den 21. december 2012 (foranstaltning B3)
Greece has also given a commitment that the Bank will comply with high standards as regards its credit policy in order to manage risks and to maximise the value for the Bank at each stage of the credit process, as described in recital 122.
rekapitaliseringen på 4021 mio. EUR ydet af stabilitetsfonden til Alpha Bank S.A. i foråret 2013 (foranstaltning B4).
Corporate governance
Stabilitetsfondens finansiering af det samlede udækkede finansieringsbehov på 427 mio. EUR i forbindelse med overførslen af udvalgte aktiver og passiver fra Cooperative Bank of Dodecanese, Evia Cooperative Bank og Cooperative Bank of Western Macedonia til Alpha Bank S.A. i december 2013 udgør ikke statsstøtte efter traktatens artikel 107, stk. 1.
Another point of attention is the governance of the Bank given that the HFSF owns 69,9 % [111] of the Bank’s shares following the 2014 share capital increase, but with restricted voting power.
I lyset af omstruktureringsplanen for Alpha Bank Group (Alpha Bank og alle dens datterselskaber og filialer), som blev fremlagt den 12. juni 2014, og Grækenlands tilsagn givet samme dato er følgende statsstøtteforanstaltninger forenelige med det indre marked:
Additionally, some of the private investors which control the Bank also own warrants and thus would gain the full benefit should the share price soar during the restructuring period.
kapitaltilførslen på 940 mio. EUR ydet af Grækenland til Alpha Bank S.A. i maj 2009 i henhold til rekapitaliseringsforanstaltningen (foranstaltning A)
Because that situation could create moral hazard, a specific relationship framework was agreed between the Bank and the HFSF in 2013.
likviditetsstøtte i nødsituationer tilført Alpha Bank S.A. af den græske nationalbank og garanteret af Grækenland siden juli 2011 for et beløb af 23,6 mia. EUR pr. 31. december 2012 (foranstaltning L2)
That agreement protects the day-to-day business of the Bank from any interference from its main shareholders, while ensuring that the HFSF can monitor the implementation of the restructuring plan and prevent excessive risk-taking by the Bank’s management through appropriate consultation procedures.
den første tilførsel af brokapital på 1900 mio. EUR ydet af stabilitetsfonden til Alpha Bank S.A. i maj 2012 (foranstaltning B1)
The Bank has also committed to monitor closely its exposure to connected borrowers.
den anden tilførsel af brokapital på 1042 mio. EUR ydet af stabilitetsfonden til Alpha Bank S.A. i december 2012 (foranstaltning B2)
The Commission notes positively the fact that the HFSF automatically regains voting rights if the Bank does not implement its restructuring plan.
rekapitaliseringen på 4021 mio. EUR ydet af stabilitetsfonden til Alpha Bank S.A. i foråret 2013 (foranstaltning B4).
International activities
Artikel 2
Some of the Bank’s international activities have drained the Bank’s capital, liquidity and profitability in the past, as explained in recital 266.
Denne afgørelse er rettet til Den Hellenske Republik.
The restructuring plan anticipates that the Bank will continue to re-focus on its domestic market.
Udfærdiget i Bruxelles, den 9. juli 2014.
The Bank has already sold its unprofitable subsidiary in Ukraine.
Næstformand
It is planning further rationalisation of its network in retained subsidiaries, as described in recital 109.
Kommissionens beslutning af 19. november 2008 i statsstøttesag N 560/2008, »Support Measures for the Credit Institutions in Greece« ( EUT C 125 af 5.6.2009, s. 6).
The total amount of foreign assets will shrink by at least a further […]% by 31 December 2017 (compared to 31 December 2012).
Den fik nummer SA.26678 (N 560/2008).
The overall profitability of international activities will be restored from […] onwards.
Ordningen blev senere forlænget og ændret som beskrevet i fodnote 2.
Therefore the Commission believes that the Bank will have sufficiently restructured and reduced those foreign businesses in size to avoid it being exposed to additional capital needs and liquidity shortages in the future.
Se Kommissionens afgørelse af 27. juli 2012 i statsstøttesag SA.34823 (2012/C) (ex 2012/NN) om den græske finansielle stabiliseringsfonds rekapitalisering af Alpha Bank, »Recapitalisation Alpha Bank by the Hellenic Financial Stability Fund« ( EUT C 357 af 20.11.2012, s. 36).
The commitment described in recital 119 to refrain from injecting large amounts of capital in the Bank’s international subsidiaries also ensures that foreign subsidiaries will not represent a threat for capital or liquidity.
Pressemeddelelse fra stabilitetsfonden af 24. december 2012: http://www.hfsf.gr/files/press_release_20121224_en.pdf.
Conclusion on viability
Disse foranstaltninger blev registreret af Kommissionen som sag SA.36004 (2013/NN).
The base case scenario as described in section 2.4 shows that at the end of the restructuring period the Bank will be able to realise a return which allows it to cover all its costs and provide an appropriate return on equity taking into account its risk profile.
Anmeldelsen blev registreret under nr. SA.34823 (2012/C) (ex 2012/NN).
At the same time, the Bank’s capital position is projected to remain at a satisfactory level.
Europa-Kommissionen, Generaldirektoratet for Økonomiske og Finansielle Anliggender.
Finally, the Commission takes note of the adverse scenario described in the restructuring plan of the Bank as submitted by the Greek authorities.
The Second Economic Adjustment Programme for Greece — March 2012, s. 17, findes på: http://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp94_en.pdf.
That adverse scenario is based on a set of assumptions agreed with the HFSF.
Se afsnit II »The restructuring of the Greek Sovereign Debt« i Report on the Recapitalisation and Restructuring of the Greek Banking Sector, Bank of Greece, december 2012, på: http://www.bankofgreece.gr/BogEkdoseis/Report_on_the_recapitalisation_and_restructuring.pdf.
It takes into account a longer and deeper recession, as well as a more severe deflation of real estate prices [112].
Pressemeddelelse fra finansministeriet af 9. marts 2012: http://www.pdma.gr/attachments/article/80/9%20MARCH%202012%20-%20RESULTS.pdf.
The restructuring plan shows that the Bank is able to withstand a reasonable amount of stress as, in the adverse scenario, the Bank remains profitable and well capitalised at the end of the restructuring period.
En banks egentlige kernekapital (CT1) er en af de lovpligtige kapitalangivelser, som der føres tilsyn med i banksektoren i overensstemmelse med kapitalkravsdirektivet.
The amount of additional capital which was raised in 2014, namely EUR 1,2 billion, is sufficient to cope with the baseline scenario of the 2013 stress test in the restructuring period and to repay the preference shares, which the Bank did in April 2014 [113].
Se fodnote 7, s. 106.
The Bank will also submit a contingent capital plan to the Bank of Greece with measures to be implemented if the economic environment deteriorates further.
Se fodnote 8.
The Commission recalls that in the assessment of the capital needs under the baseline scenario, the Bank of Greece already introduced several adjustments which resulted in an increase of the estimated capital needs compared to the capital needs estimated by the Bank in its own baseline scenario.
Se fodnote 7, s. 104.
The Commission therefore considers that the baseline capital needs estimated by the Bank of Greece assume a certain degree of stress.
Den Europæiske Centralbank og de nationale centralbanker udgør tilsammen Eurosystemet, som er euroområdets centralbanksystem.
To conclude that the Bank is viable, the Commission does not require that the Bank has enough capital upfront to cover the stressed scenario capital needs estimated by the Bank of Greece, as the latter estimated level represents a high level of stress and as the March 2014 capital raising shows that the Bank has regained access to capital markets.
Pressemeddelelse fra finansministeriet af 3. december 2012: http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdf.
In addition, it is positive that the Bank will not make additional investments in non-investment grade paper, which will help to preserve its capital and liquidity position.
Dette tilbagekøb af landets egen gæld til en kurs, der lå langt under den pålydende værdi, gav Grækenland en betydelig gældsreduktion.
It is therefore concluded that the Bank has taken sufficient measures to restore its long-term viability.
Hvis tilbagekøbet ikke var foretaget, kunne markedsværdien af disse nye GSO'er være steget afhængigt af udviklingen i markedsparametre såsom rentesatser og sandsynligheden for Grækenlands misligholdelse.
Own contribution and burden-sharing
Inklusive det forventede tab på nye lån udstedt i Grækenland i perioden juni 2013 til december 2016.
As stated in the Restructuring Communication, banks and their stakeholders need to contribute to the restructuring as much as possible in order to ensure that aid is limited to the minimum necessary.
Virkningen af PTL for udenlandsk risiko blev beregnet efter udenlandsk skat og under hensyntagen til de tilsagn angående afhændelser, som Grækenland foreslog GD for Konkurrence på det tidspunkt.
Thus banks should use their own resources to finance the restructuring, for instance by selling assets, while the stakeholders should absorb the losses of the bank where possible.
NBG's hensættelser til tab på lån pr. 30. juni 2013 proforma for First Business Banks og Probanks hensættelser.
Own contribution by the Bank: divestments and cost cutting
Eurobanks hensættelser til tab på lån pr. 30. juni 2013 proforma for hensættelserne i New Hellenic Postbank og New Proton Bank, som blev købt i august 2013.
The Bank has already divested some small foreign businesses (Ukraine) and deleveraged part of its portfolio in order to enhance both its capital adequacy and its liquidity position.
http://www.alpha.gr/files/investorrelations/IFRS_Alphagroup_Q3_2013_en.pdf.
For instance the Bank has deleveraged EUR 1,9 billion of foreign assets from 2009 to 2013 [114].
Se tabel 2.
The restructuring plan foresees the sale of further assets in South-Eastern Europe, as described in recital 107.
I 2010, 2011 og 2012 omfatter disse egenkapitalbeløb præferenceaktier for i alt 940 mio. EUR tildelt af Grækenland i 2009, mens beløbene i 2012 ikke omfatter de to tilførsler af brokapital, som banken fik i 2012, til en værdi af 2942 mio. EUR.
Considering the deleveraging and the divestments already implemented and following the implementation of those commitments, the Bank will have significantly reduced its geographical footprint in South-Eastern Europe.
Egenkapitalen i 2013 omfatter den fulde rekapitalisering fra stabilitetsfonden og private investorer i 2012 og 2013, som i alt beløber sig til 4571 mio. EUR.
The downsizing of the Bank’s international assets will also significantly reduce the contingent risk that aid will be needed in the future.
Alpha Banks fremsendelse af oplysninger til Kommissionen, 25. juni 2013.
It therefore helps to reduce the amount of aid to the minimum.
2011 årsregnskaber: http://www.alpha.gr/files/investorrelations/GROUP_IAS_FY_2011_en1.pdf.
The Bank sold its insurance activities in 2007.
Se afsnit 2.3.1.2 Statslig rekapitalisering ydet i henhold til rekapitaliseringsforanstaltningen.
It therefore has no significant activity in that market which could be sold to generate resources.
Emporiki Banks konsoliderede årsregnskaber pr. 31. december 2011, s. 9.
In order to limit its capital needs, the Bank will not use capital to support or grow its foreign subsidiaries, as described in recital 119.
Se stabilitetsfondens årsregnskab: »HFSF Annual Financial report for the period from 1/1/2012 to 31/12/2012«, s. 8, på: http://www.hfsf.gr/files/hfsf_annual_report_2012_en.pdf.
Additionally, the commitments made by Greece provide that the Bank will not make further acquisitions.
http://www.alpha.gr/files/deltia_typou/Deltio_Typou_20130201EN.pdf.
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
En købs- og overtagelsesprocedure er en procedure for afvikling af en juridisk enhed, som består i at identificere denne enheds aktiver og passiver af høj kvalitet og bortauktionere dem med henblik på at overføre dem til et rentabelt selskab.
Its costs will further decrease until 2017.
Se den græske nationalbanks kredit- og forsikringskommissions beslutning 97/3/8.2.2013.
Its workforce is being reduced and salaries adjusted downwards.
Se den græske nationalbanks afviklingsforanstaltningskommissions beslutning 14/4/8.12.2013.
Greece has also committed to limit the remuneration of the Bank’s managers, […].
Se den græske nationalbanks afviklingsforanstaltningskommissions beslutning 14/5/8.12.2013.
Burden-sharing by historical shareholders and new capital raised on the market
Udtrykket »udækket finansieringsbehov« kan være vildledende, da det beskriver en kapitalstøtteforanstaltning og ikke likviditetsstøtte.
The historical shareholders of the Bank were diluted by the rights issue completed in 2009 [115] and then again by the HFSF recapitalisation (measure B4) and private capital raising of 2013 and March 2014.
Se den græske nationalbanks kredit- og forsikringskommissions beslutning 97/2/8.2.2013.
For instance, the stake held by the shareholders of the Bank, which at the time included the investors that injected money in 2009, was reduced from 100 % prior to the Spring 2013 recapitalisation to only 4,9 % after that recapitalisation.
Se den græske nationalbanks afviklingsforanstaltningskommissions beslutning 14/1/8.12.2013.
In addition, the Bank has not paid any dividend in cash since 2008.
Se den græske nationalbanks afviklingsforanstaltningskommissions beslutning 14/2/8.12.2013.
In addition to that burden-sharing by historical shareholders, the Bank has raised a significant amount of private capital since the crisis started in 2008, that is to say EUR 986 million in 2009, EUR 550 million in 2013 and EUR 1200 million in 2014.
Se den græske nationalbanks kredit- og forsikringskommissions beslutning 97/1/8.2.2013.
Burden-sharing by subordinated debt holders
Se den græske nationalbanks afviklingsforanstaltningskommissions beslutning 14/7/8.12.2013.
The Bank’s subordinated debt holders have contributed to the restructuring costs of the Bank.
Se den græske nationalbanks afviklingsforanstaltningskommissions beslutning 14/8/8.12.2013.
The Bank performed several liability management exercises in order to generate capital.
ATM (Automated Teller Machine): pengeautomat.
The total amount of liabilities exchanged reached EUR 828 million, with a capital gain of EUR 436 million, as described in recital 114.
De græske myndigheders oplysninger af 24. juni 2014.
The still outstanding instruments are subject to the coupon ban mentioned in recital 124.
Omstruktureringsplan for Alpha Bank, juni 2014, s. 64.
Therefore, the Commission considers that an adequate burden-sharing from the bank’s private hybrid investors is ensured and the requirements of the Restructuring Communication in that respect are met.
Risikovægtede aktiver er en lovbestemt samlebetegnelse for et pengeinstituts risikoeksponering og bruges af tilsynsførende myndigheder til at overvåge pengeinstitutters kapitalgrundlag.
Conclusion on own contribution and burden-sharing
Forretningshemmelighed.
In comparison with the total State recapitalisation received, the own contribution and burden-sharing, especially in the form of sale of assets and downsizing of the loan book, is much lower than what the Commission would usually consider sufficient.
Ifølge den græske nationalbanks brev af 7. november 2011 gælder garantierne summen af al likviditetsstøtte i nødsituationer (ELA).
The downsizing only concerns the foreign activities [116], which account for a limited part of the Bank [117] and the restructuring does not envisage any reduction of the size of the loan and deposit books in Greece.
Oplyst af den græske nationalbank den 7. april 2014.
However, in view of the elements discussed in section 7.6.1 and in particular the facts that Alpha Bank is the least aided bank among the large Greek banks and that the aid received fully qualifies for the exemption lay down in point 14 of the 2011 Prolongation Communication, under which the Commission can accept a lower own contribution and burden-sharing, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures.
De finansielle prognoser i omstruktureringsplanen for Alpha Bank, juni 2014.
Measures to limit distortions of competition
Jf. fodnote 4.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
I før-tegningsaftalen hedder det: »The Effective Risk payable to the Bank shall include the EFSF bonds and any coupon payments and accrued interest to the EFSF bonds for the period from the issuance of the bonds until the conversion of the Advance into share capital and other convertible financial instruments as prescribed herein«.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Se tabel 3.
Point 31 of the Restructuring Communication states that when assessing the amount of aid and the resulting competition distortions, the Commission has to take into account both the absolute and relative amount of the State aid received as well as the degree of burden-sharing and the position of the financial institution on the market after the restructuring.
http://www.alpha.gr/files/investorrelations/deltio_typou_20130501EN.pdf.
In that respect, the Commission recalls that the Bank has received capital support from the State equivalent to 12 % of its RWA [118].
http://www.alpha.gr/files/investorrelations/Deltio_Typou_20130603EN.pdf.
In addition, the Bank has obtained liquidity guarantees amounting to EUR 14 billion at 30 November 2011 and government bond loans for an amount of EUR 1,6 billion at 30 September 2011, representing together 25 % of the Bank’s balance sheet at that date.
Et aktiesplit er et greb besluttet af ledelsen, hvorved et selskab deler sine eksisterende aktier i flere aktier.
In addition, the Bank received State-guaranteed ELA.
http://www.alpha.gr/files/investorrelations/EA20130416EN.pdf.
The measures to limit potential distortions of competition are thus justified in view of that large amount of aid.
http://www.hfsf.gr/files/HFSF_activities_Jan_2013_Jun_2013_en.pdf.
Additionally, the market share of the Bank in Greece is large, with market shares of 15 % for loans and 13 % for deposits at 31 December 2012.
http://www.alpha.gr/files/investorrelations/1306010_Warrants_en.pdf.
The acquisition of Emporiki Bank and, to a much smaller extent, of the three Cooperative Banks and of the Greek activities of Citibank increased the market shares of the Bank.
Jf. fodnote 38.
After the acquisition of Emporiki Bank, the Bank’s market shares in deposits in Greece amounted to 21 % as of 30 June 2013, while its market shares in residential mortgages, consumer loans and corporate loans were 23 %, 20 % and 21 % respectively [119].
Således var udnyttelseskursen den 10. december 2013 0,4488 EUR, den 10. juni 2014 0,4576 EUR, den 10. december 2014 0,4686 EUR og bliver den 10. juni 2015 0,4796 EUR og så fremdeles.
Following the acquisition of the Greek activities of Citibank, the Bank’s market share in deposits increased by less than 1 %.
Se Alpha Banks bekendtgørelse af 10. juni 2013: »Final Terms of Listing and Characteristics of the Titles representing shares ownership rights (Warrants) that resulted from the concluded share capital increase« på: http://www.alpha.gr/files/investorrelations/1306010_Warrants_en.pdf.
The Commission recalls that the difficulties of the Bank resulted mainly from external shocks such as the Greek sovereign crisis and the protracted recession which has disrupted the Greek economy since 2008, as has already been noted in recital 69 of the Alpha Opening Decision.