natgillin/translations-raw huggingface dataset:
Beløbet for 2013 omfatter hele rekapitaliseringen i foråret 2013.
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.
Inklusive ATE og Geniki
The commitment described in recital 138 to refrain from injecting large amounts of capital into the Bank’s international subsidiaries also contributes to ensuring that foreign subsidiaries will not represent a threat for capital or the liquidity position of the Bank.
Inklusive ATE og Geniki, de græske filialer af de tre cypriotiske banker og MBG
Conclusion on viability
Se afsnit 2.3.1.2 om statslig rekapitalisering ydet i henhold til rekapitaliseringsforanstaltningen.
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.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 40.
At the same time, the Bank’s capital position is projected to remain at a satisfactory level.
Se betragtning 27 i ATE-afviklingsafgørelsen.
Finally, the Commission takes note of the adverse scenario described in the restructuring plan of the Bank as submitted by the Greek authorities.
Hellenic Bank Association, data tilgængelige på: http://62.1.43.74/4Statistika/UplPDFs/network2012engl.pdf
That adverse scenario is based on a set of assumptions agreed with the HFSF.
PIMCO-rapport »Independent Due Diligence of the Banking System in Cyprus«, 1. februar 2013.
It takes into account a longer and deeper recession, as well as a more severe deflation of real estate prices.
Kapitalprognoserne blev både foretaget i et referencescenarie og et negativt scenarie.
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.
Se betragtning 101.
The amount of additional capital which was raised in 2014, namely EUR 1750 million, 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 May 2014 [117]. […] 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 betragtning 101.
The Commission therefore considers that the baseline capital needs estimated by the Bank of Greece assume a certain degree of stress.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 51.
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 that estimated level represents a high level of stress and as the capital raising of March 2014 shows that the Bank has regained access to capital markets.
Begrebet »risikovægtede aktiver« er en lovbestemt samlebetegnelse for en finansiel institutions risikoeksponering, som bruges af tilsynsførende myndigheder til at overvåge finansielle institutioners kapitalgrundlag.
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.
Forretningshemmelighed
It is therefore concluded that the combination of the already implemented restructuring and the additional proposed restructuring are sufficient to restore the Bank’s long-term viability.
Ifølge den græske centralbanks brev af 7. november 2011 gælder garantierne den samlede likviditetsstøtte i en nødsituation (ELA).
As stated in section 3 of 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.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 133.
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.
Eksklusive den del af rekapitaliseringen tegnet af stabilitetsfonden for at dække kapitalbehovet i forbindelse med overtagelsen af ATE Bank og de tre cypriotiske bankers græske filialer.
Own contribution by the Bank: divestments and cost cutting
Der redegøres nærmere herfor i betragtning 101.
The Bank has already divested small foreign businesses (in the United States of America) and deleveraged part of its portfolio in order to enhance both its capital adequacy and its liquidity position.
I tegningsaftalen hedder det: »Den effektive risiko, der skal betales til banken, omfatter EFSF-obligationerne og eventuelle kuponbetalinger og påløbne renter på EFSF-obligationerne for perioden fra udstedelsen af obligationerne indtil omlægningen af forskuddet til aktiekapital og andre konvertible finansielle instrumenter som foreskrevet heri.«
The restructuring plan foresees the deleveraging of its foreign activities, as described in recitals 125 to 129.
Se tabel 3.
Considering the deleveraging and the divestments already implemented and following the implementation of the commitments related to the deleveraging and divestments of foreign businesses, the Bank will have significantly reduced its geographical presence in […].
Se betragtning 112.
The downsizing of the Bank’s international assets will also significantly reduce the contingent risk that aid will be needed in the future.
Udnyttelseskursen den 2. januar 2014 var f.eks. 1,7340 EUR, den 2. juli 2014 var den 1,7680 EUR, den 2. januar 2015 vil den være 1,8105 EUR og den 2. juli 2015 1,8530 EUR osv.
It therefore helps to reduce the amount of aid to the minimum.
Se afsnit 2.3.3.4.
In order to limit its capital needs, the Bank will not use capital to support or expand its foreign subsidiaries, as described in recital 138.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 117.
In addition, the commitments made by Greece ensure that the Bank will not make costly acquisitions.
Inklusive bidrag til Deposit and Investment Guarantee Fund (»TEKE«).
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 128.
Its costs will further decrease until 2017.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 133.
Its workforce is being reduced and salaries adjusted downwards.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 136.
Greece has also committed to limit the remuneration of the Bank’s managers, […].
Årsberetning for 2012 for 2012-tal, http://www.piraeusbankgroup.com/en/investors/financials/annual-reportsOmstruktureringsplan fremsendt den 25. juni 2014, s. 96, for 2014-tal.
Burden-sharing by historical shareholders and new capital raised on the market
Omstruktureringsplan fremsendt den 25. juni 2014, s. 97.
The historical shareholders of the Bank were diluted by the rights issue completed in 2009 [118] and then again by the HFSF recapitalisation (measure B4) and private capital raising of 2013 and March 2014.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 149.
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 2,3 % after that recapitalisation.
Se tilsagnene i bilaget, kapitel I.
In addition, the Bank has not paid any dividend in cash since 2008.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 44.
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 807 million in 2009, EUR 1444 million in 2013 and EUR 1750 million in 2014.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 147.
Burden-sharing by subordinated debt holders
Se tilsagnene i bilaget, kapitel II.
The Bank’s hybrid and subordinated debt holders have contributed to the restructuring costs of the Bank.
Se tilsagnene i bilaget, kapitel II.
The Bank has performed several liability management exercises in order to generate capital, as described in recital 134.
Se bilag, kapitel II.
The still outstanding instruments are subject to the coupon ban mentioned in recital 143.
Se bilag, kapitel III, afsnit A.
Therefore, the Commission considers that an adequate burden-sharing from the Bank’s hybrid and subordinated debt holders is ensured and the requirements of the Restructuring Communication in that respect are met.
Se bilag, kapitel III, afsnit C.
Conclusion on own contribution and burden-sharing
»Endelig skal det præciseres, at Den Hellenske Republik vil anmode om Europa-Kommissionens godkendelse inden tilbagekøb af warrants udstedt af Alpha Bank eller en statslig enhed, herunder stabilitetsfonden, således at Europa-Kommissionen kan kontrollere, at det påtænkte tilbagekøb af de pågældende warrants ikke er i strid med statens krav til forrentning i henhold til statsstøttereglerne.«
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.
Meddelelse fra Kommissionen — Statsstøttereglernes anvendelse på foranstaltninger truffet over for pengeinstitutter i forbindelse med den aktuelle globale finanskrise (EUT C 270 af 25.10.2008, s. 8).
The downsizing only concerns the foreign activities, which account for a limited part of the Bank [119] and the restructuring does not envisage any reduction of the size of the loan and deposit books in Greece, which, to the contrary, have increased dramatically over the last year, following acquisitions.
Betragtning 64 i Piraeus-indledningsafgørelsen.
However, the Commission takes into account the elements discussed in section 7.6.1 and in particular the facts that the aid received partly 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.
Betragtning 68 i Piraeus-indledningsafgørelsen.
The Commission also notes positively that the Bank raised EUR 1444 million on the market in May 2013 and EUR 1750 million in March 2014, […].
Se betragtning 35.
Moreover, the capital raised in March 2014 was raised at a price per share equal to the price per share at which the HFSF subscribed in the framework of the Spring 2013 recapitalisation (measure B4).
Meddelelse fra Kommissionen om genoprettelse af rentabiliteten i finanssektoren under den nuværende krise og vurdering af omstruktureringsforanstaltninger på grundlag af statsstøttereglerne (EUT C 195 af 19.8.2009, s. 9).
The high issue price therefore limited the dilution of the HFSF.
Meddelelse fra Kommissionen om anvendelse af statsstøtteregler på støtteforanstaltninger til fordel for banker i forbindelse med finanskrisen fra og med 1. januar 2012 (EUT C 356 af 6.12.2011, s. 7).
The Bank also repaid the preference shares (measure A).
Meddelelse fra Kommissionen om statsstøttereglernes anvendelse fra den 1. august 2013 på støtteforanstaltninger til fordel for banker i forbindelse med finanskrisen (EUT C 216 af 30.7.2013, s. 1).
Taking into account all those elements, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures to limit the aid to the minimum necessary.
Se fodnote 6.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
Se fodnote 4.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 51.
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.
Se Piraeus-indledningsafgørelsen, betragtning 41.
In that respect, the Commission recalls that the Bank has received capital support from the State equivalent to 23,7 % of its RWA [120].
Det bemærkes også, at Grækenland bevilgede støtten til banken i henhold til den græske bankstøtteordning, som er blevet godkendt af Kommissionen på grundlag af traktatens artikel 107, stk. 3, litra b), og igennem stabilitetsfonden, hvis stiftelse også er blevet godkendt ved Kommissionens afgørelse.
In addition, the Bank obtained liquidity guarantees in 2010 amounting to EUR 9,9 billion and government bond loans for an amount of EUR 1,3 billion, representing together almost 25 % of the Bank’s balance sheet.
Se betragtning 41 i Kommissionens beslutning i sag NN 51/2008, Garantiordning for banker i Danmark (EUT C 273 af 28.10.2008, s. 2).
In addition, the Bank received State-guaranteed ELA.
Se betragtning 96.
Measures to limit potential distortions of competition are therefore necessary in view of the large amount of the aid.
De påløbne renter tæller som et yderligere bidrag fra stabilitetsfonden og reducerer dermed den betaling, som stabilitetsfonden skulle erlægge til banken for at betale for rekapitaliseringen i foråret 2013.
Additionally, the market share of the Bank in Greece is large.
Se også afsnit 7.5.1.
The acquisition of the ATE Transferred Activities, Geniki, MBG and the Cypriot Transferred Activities increased the market shares of the Bank.
Den teoretiske kurs uden tegningsrettigheder (»TERP«) er en almindeligt accepteret teknik på markedet til kvantificering af udvandingseffekten af aktiekapitalforhøjelser.
After those acquisitions, the Bank’s market share in deposits in Greece amounted to 29 % at the end of 2013, while its market shares in residential mortgages, consumer loans and corporate loans were 25 %, 22 % and 35 % respectively (compared with 10 %, 8 %, 8 % and 14 % respectively in 2011) [121].
Se betragtning 55.
The Commission recalls that the difficulties of the Bank resulted to a large extent 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 74 of the Piraeus Opening Decision.
Kommissionens afgørelse af 30. august 2013 i sag SA.34724, »Restructuring of Banco Comercial Português (BCP) Group«, endnu ikke offentliggjort.
For those reasons, the Commission can exceptionally accept that, in spite of the high aid amount and the high market shares, the restructuring plan does not envisage any downsizing of the balance sheet and loans in Greece.
Se punkt 28 i omstruktureringsmeddelelsen og betragtning 320 i Kommissionens afgørelse af 5. april 2011 om Nederlandenes foranstaltninger C 11/09 (ex NN 53b/2008, NN 2/10 og N 19/10) til fordel for ABN AMRO Group NV (oprettet efter fusionen mellem Fortis Bank Nederland og ABN AMRO N) (EUT L 333 af 15.12.2011, s. 1).
However it would be problematic if the most aided bank among the four large Greek banks and the one which grew the most through acquisitions over the last years would continue to grow in the restructuring period at a pace quicker than the market, potentially crowding out the less aided banks.
Banken ejer et stort antal mellem- og langfristede EFSF-obligationer, og bankens likviditetsbehov er således større, end hvis rekapitaliseringen var blevet betalt kontant.
Therefore, the Commission welcomes the commitment that the Bank will not grow quicker than the growth of the market.
Denne del af likviditetsbehovet er ikke udtryk for en uhensigtsmæssig forretningsmodel eller balancestruktur.
However, the Commission notes that the State recapitalisations enabled the Bank to continue its banking activities in foreign markets.
Dette behov vil automatisk forsvinde, når EFSF-obligationerne udløber.
The Commission notes that, in addition to the deleveraging and restructuring already implemented, the Bank will further restructure and deleverage its foreign assets by 30 June 2018 [122].
Se betragtning 116.
In addition the Bank gave a commitment not to use aid to fund the growth of those activities.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 132.
The aid will therefore not be used to distort competition on those foreign markets.
Se betragtning 52.
Greece has also committed that the Bank will not make costly acquisitions, ensuring that the Bank will not use the State aid received to acquire new business.
Se betragtning 132.
That ban contributes to ensuring that the aid is strictly used to support the restoration of the viability of the Greek banking activities, and not, for instance, to grow in foreign markets.
Størrelsen af den foreslåede foranstaltning vedrørende egetbidrag skal sammenholdes med bankens størrelse inden overtagelsen af de overførte ATE-aktiviteter, Geniki, BCP og de overførte cypriotiske aktiviteter af de grunde, der er anført i afsnit 7.1.3.5.
The commitment to decrease the interest paid on Greek deposits from unsustainably high levels also ensures that the aid will not be used to finance unsustainable deposit collection strategies which distort competition on the Greek market.
Hvis der tages høje for den faktisk udbetalte støtte, der er mest fordelagtig og således mest konkurrencefordrejende, reduceres støttebeløbet til 19,4 % af bankens risikovægtede aktiver.
Similarly, the commitment to implement strict guidelines as regards the pricing of new loans, based on a proper credit risk assessment, will prevent the Bank from distorting competition on the Greek market with inappropriate pricing strategies on the loans to customers.
Omstruktureringsplan fremsendt den 25. juni 2014, s. 35.
Taking into account the specific situation described in section 7.6.1 and the measures provided for in the restructuring plan, the Commission considers there are sufficient safeguards to limit distortions of competition.
Se betragtning 129.
Monitoring
BILAG
In accordance with section 5 of the Restructuring Communication, regular reports are required to allow the Commission to verify that the restructuring plan is being implemented properly.
PIRAEUS BANK — DEN HELLENSKE REPUBLIKS TILSAGN
As stated in the commitments given by Greece [123], Greece will ensure that until the end of the restructuring period, namely, 31 December 2018, the Monitoring Trustee, which has been appointed by the Bank with the approval of the Commission, will monitor the commitments given by Greece on the restructuring of activities in Greece and abroad and on corporate governance and commercial operations.
Den Hellenske Republik giver hermed følgende tilsagn (»tilsagnene«) som en integreret del af omstruktureringsplanen.
The Commission therefore finds that proper monitoring of the implementation of the restructuring plan is ensured.
Tilsagnene omfatter tilsagnene om at gennemføre omstruktureringsplanen (»omstruktureringstilsagnene«) og tilsagnene om selskabsledelse og forretningsaktiviteter.
Conclusion on the compliance of measures A, B1, B2, B3 and B4 with the Restructuring Communication
Tilsagnene finder anvendelse fra datoen for vedtagelse af Kommissionens afgørelse om godkendelse af omstruktureringsplanen (»afgørelsen«).
The Commission finds that the restructuring plan when considered together with the commitments in the Annex to this Decision ensures the restoration of the long-term viability of the Bank, is sufficient with respect to burden-sharing and own contribution, is appropriate to offset the competition distorting effects of the aid measures examined in this Decision and is proportionate.
Denne tekst fortolkes i lyset af afgørelsen på baggrund af den generelle EU-retlige ramme og ved henvisning til Rådets forordning (EF) nr. 659/1999 [1].KAPITEL I. DEFINITIONER
The restructuring plan and commitments submitted to the Commission fulfil the criteria of the Restructuring Communication.
I forbindelse med tilsagnene forstås ved:
CONCLUSION
Banken Piraeus Bank S.A. og alle dens datterselskaber.
The Commission regrets that Greece has unlawfully implemented aid measures B2, B3 and B4 in breach of Article 108(3) of the Treaty, since they were implemented before their formal notification.
Den omfatter således hele Piraeus Bank Group med alle dens græske og ikkegræske datterselskaber og filialer med såvel bankvirksomhed som anden virksomhed.
However, those measures, as well as the other measures analysed in this Decision, can be considered compatible with the internal market,
Kapitalforøgende bud i banksektoren Et bud, som resulterer i en forøgelse af bankens lovbestemte kapitalprocent under hensyntagen til alle relevante elementer, navnlig fortjeneste/tab bogført for transaktionen og nedbringelsen af de risikovægtede aktiver som følge af salget (om nødvendigt korrigeret for stigningen i risikovægtede aktiver som følge af blivende finansielle forbindelser).
HAS ADOPTED THIS DECISION:
Kapitalforøgende bud i forsikringssektoren Et bud, som resulterer i en forøgelse af bankens lovbestemte kapitalprocent.
Article 1
Ethvert bud over den bogførte værdi af forsikringsvirksomheden i bankens regnskaber antages automatisk at være kapitalforøgende.
The following measures implemented by Greece constitute State aid within the meaning of Article 107(1) of the Treaty:
Lukning Datoen for overdragelsen til køberen af ejendomsretten til den frasolgte virksomhed.
the emergency liquidity assistance provided to Piraeus Bank S.A. by the Bank of Greece and guaranteed by Greece (measure L2);
Den frasolgte virksomhed Alle forretninger og aktiver, som banken giver tilsagn om at sælge eller afvikle.
the second bridge recapitalisation of EUR 1553 million granted by the Hellenic Financial Stability Fund (‘HFSF’) to Piraeus Bank S.A. in December 2012 (measure B2);
Ikrafttrædelsesdato Datoen for vedtagelsen af afgørelsen.
the commitment letter of EUR 1082 million granted by the HFSF to Piraeus Bank S.A. on 20 December 2012 (measure B3);
Slutdato for omstruktureringsperioden 31. december 2018.
the recapitalisation of EUR 5891 million granted by the HFSF to Piraeus Bank S.A. in Spring 2013 (measure B4); and
Udenlandske aktiver eller ikkegræske aktiver Aktiver knyttet til kundeaktiviteter uden for Grækenland, uafhængigt af det land, hvor aktiverne bogføres.
the recapitalisation of EUR 524 million by the HFSF to Piraeus Bank S.A. granted in Spring 2013 (measure C).
F.eks. er aktiver, der bogføres i Luxembourg, men knytter sig til kundeaktiviteter i Grækenland, ikke medtaget i denne definition.
In the light of the restructuring plan relating to the Piraeus Bank Group, which includes Piraeus Bank S.A. and all its subsidiaries and branches, submitted on 25 June 2014 and of the commitments provided by Greece on that date, the following State aid is compatible with the internal market:
Omvendt anses aktiver, der bogføres i Luxembourg eller Grækenland, men knytter sig til kundeaktiviteter i andre sydøsteuropæiske lande, for at være udenlandske aktiver og medtages i denne definition.
the capital injection of EUR 750 million granted by Greece to Piraeus Bank S.A. in May 2009 and December 2011 under the Recapitalisation Scheme (measure A);
Udenlandske virksomheder Bankens datterselskaber og filialer med bankvirksomhed eller anden virksomhed.
the emergency liquidity assistance provided to Piraeus Bank S.A. by the Bank of Greece and guaranteed by Greece since July 2011, for an amount of EUR 30,4 billion at 31 December 2012 (measure L2);
Udenlandske datterselskaber Alle bankens datterselskaber med bankvirksomhed eller anden virksomhed uden for Grækenland.
the first bridge recapitalisation of EUR 4,7 billion granted by the HFSF to Piraeus Bank S.A. in May 2012 (measure B1);
Græsk bankvirksomhed Bankens græske bankvirksomhed, uafhængigt af hvor aktiverne bogføres.
the second bridge recapitalisation of EUR 1553 million granted by the HFSF to Piraeus Bank S.A. in December 2012 (measure B2);