natgillin/translations-raw huggingface dataset:
Endelig blev der som konkluderet i betragtning 227 ikke brugt statsstøtte til at finansiere opkøbet (køb for 1 EUR af en bank, der var tilstrækkeligt kapitaliseret til at kunne klare den græske nationalbanks stresstest).
Second, given the atypical source of the Bank’s difficulties, where losses came mainly from a debt waiver in favour of the State (the PSI programme and the debt buy-back, which provide a significant advantage to the State, that is to say, a debt reduction) and from the consequences of a protracted recession in its domestic economy, the Commission can accept such a temporary deviation from the standard remuneration requirements set out in the Recapitalisation Communication [101].
På denne baggrund kan det konkluderes, at opkøbet af Emporiki Bank er i overensstemmelse med afsnit 4 i omstruktureringsmeddelelsen.
As regards measure B3, it was a commitment to provide capital.
Konklusion vedrørende opkøbet af Emporiki Bank
That commitment made in December 2012 was implemented in an actual injection of capital in May-June 2013, a mere five months later.
I lyset af de græske bankers usædvanlige situation og de nærmere betingelser for opkøbet af Emporiki Bank kan det konkluderes, at opkøbet opfylder de krav, der er fastlagt i omstruktureringsmeddelelsen.
For that reason and for the reasons set out in recital 212, it is acceptable that no remuneration was paid for that commitment.
Foreneligheden af overtagelsen af de tre andelsbankers udvalgte aktiver og passiver med omstruktureringsmeddelelsen
As regards measure B4, according to point 8 of the 2011 Prolongation Communication, capital injections should be subscribed at a sufficient discount to the share price adjusted for the dilution effect to give a reasonable assurance of an adequate remuneration for the State.
Nærmere betegnet har integrationen af de tre andelsbankers indskud i bankens balance forbedret dens likviditetsprofil.
In such circumstances, the question arises whether the existing shareholders should have been fully wiped out.
Alpha Bank S.A.'s forhold mellem nettoudlån og nettoindlån faldt med ca. 1,5 %, og dens afhængighed af finansiering fra eurosystemet faldt dermed også.
The Commission notes that the issue price was set at a 50 % discount to the average market price over the fifty days preceding the determination of the issue price.
Desuden gav overtagelsen banken lejlighed til at forøge sin indtjening ved at udvide kundekredsen i flere geografiske områder.
The Commission also notes that the dilution of the existing shareholders has been huge, since after the recapitalisation they held only 4,9 % of the shareholding of the Bank.
Banken overtog ikke omkostningstung infrastruktur eller filialnet.
Therefore, applying a further discount on the market price would have had a small impact on the remuneration of the HFSF.
Den overtog heller ikke lån.
In view of the specific situation of the Greek banks explained in recital 212, and given the fact that the need for aid stems from a waiver of debt in favour of the State, the Commission considers that the issue price of the shares subscribed by the State was sufficiently low.
Den øgede derfor ikke sin risiko eller sine kapitalkrav.
The HFSF also issued warrants and granted one warrant for each new share subscribed by a private investor participating in the Spring 2013 recapitalisation.
Virkningen af overtagelsen for det støttebeløb, som banken havde brug for
The HFSF granted those warrants for no consideration.
I overensstemmelse med punkt 23 i omstruktureringsmeddelelsen bør omstruktureringsstøtte ikke anvendes til opkøb af andre virksomheder, men kun til at dække de omstruktureringsomkostninger, der er nødvendige for at genoprette bankens rentabilitet.
As explained in recital 93, each warrant incorporates the right to purchase 7,40 shares of the HFSF at selected intervals and strike prices.
Den pris, banken betalte for overtagelsen af de overførte aktiver og passiver fra alle tre andelsbanker, blev fastsat til 2,1 % af værdien af de overførte indskud og beløb sig til ca. 9 mio. EUR svarende til 0,01 % af bankens samlede balance på overtagelsestidspunktet.
The exercise price is equal to the subscription price of the HFSF increased by an annual and cumulative margin (4 % for year one, 5 % for year two, 6 % for year three, 7 % for year four then 8 % annualised for the last six months).
Den pris kan derfor anses for at være meget lav.
The remuneration received by the HFSF on the shares it owns is de facto capped at those levels.
Desuden havde banken allerede rejst 550 mio. EUR i privat kapital i forbindelse med rekapitaliseringen foråret 2013.
That remuneration is lower than the 7 % to 9 % range as defined in the Recapitalisation Communication.
Det kan konkluderes, at købsprisen på de overførte aktiver og passiver (primært indskud) fra de tre andelsbanker var så lav, at den ikke hindrede støtten i at være begrænset til det nødvendige minimum.
However, because those warrants were a key factor in the success of the right issue and private placement launched by the Bank before the Spring 2013 recapitalisation, the Commission considers that they enabled the Bank to reduce the amount of aid by EUR 550 million.
Som nævnt i betragtning 229 bør statsstøtte i overensstemmelse med punkt 39 og 40 i omstruktureringsmeddelelsen ikke anvendes til skade for konkurrenter, der ikke nyder tilsvarende offentlig støtte, særlig ikke til opkøb af konkurrerende virksomheder, undtagen under bestemte omstændigheder.
Indeed due to the low capital ratio of the Bank prior to the recapitalisation and the high uncertainty prevailing at the time, the simulations which were then available showed that without the warrants private investors would not achieve a sufficient return and would not participate.
Den græske nationalbank anså ikke de tre andelsbanker for at være rentable, og den mente, at vedtagelsen af afviklingsforanstaltningerne var nødvendige for at opretholde finansiel stabilitet.
For the reasons explained in recitals 205 and 212, because the HFSF would receive a minimal positive remuneration if the warrants were exercised and because it was an objective of the MEFP to attract private investors to keep some banks under private management and avoid situations where the whole banking sector would be controlled by the HFSF, the Commission can accept such a deviation from the standard remuneration requirements set out in the Recapitalisation Communication.
Opkøbene kan derfor anses for at være led i en konsolideringsproces, som er nødvendig for at genoprette den finansielle stabilitet som beskrevet i punkt 41 i omstruktureringsmeddelelsen.
That acceptance is also based on the fact that the HFSF law, as amended in March 2014, does not provide for any adjustment of the warrants in the event of a non-pre-emptive share capital increase, and that in the case of a rights issue only the warrant strike price may be adjusted and the adjustment may take place only ex post and only up to the amount of the realised proceeds from the sale of pre-emption rights of the HFSF.
Desuden var der ingen blandt de aktører, der ikke nød offentlig støtte, som indsendte et gyldigt bud på overtagelsen af de tre andelsbankers aktiver og passiver, og det eneste andet bud kom fra en bank, som have modtaget endnu mere støtte.
Moreover, the commitment given by Greece that it would seek the approval of the Commission prior to any buy-back of the warrants issued by the HFSF will allow the Commission to ensure that any future buy-back does not further reduce the remuneration of HFSF and increase the remuneration of the warrant holders.
Desuden var det en beskeden mængde aktiver og passiver, der blev overtaget, så overtagelsen ændrede ikke markedets struktur [104].
As regards the fact that the HFSF shares are non-voting, the Commission recalls that the need for aid does not come mainly from excessive risk taking.
Konklusion vedrørende overtagelsen af de tre andelsbankers udvalgte aktiver og passiver med omstruktureringsmeddelelsen
Moreover, the relationship framework and automatic reintroduction of voting rights in the event of non-implementation of the restructuring plan provide safeguards against future excessive risk taking by private managers.
Det konkluderes, at overtagelsen af de tre andelsbankers udvalgte aktiver og passiver set i lyset af de nærmere betingelser herfor opfylder de krav, der er fastlagt i omstruktureringsmeddelelsen.
Finally, the PSI and the December 2012 buy-back are a kind of remuneration to the State, as the latter’s debt towards the Bank was reduced by several billions of euros.
Foreneligheden af opkøbet af Citibank Greece med omstruktureringsmeddelelsen
For all those reasons, the Commission can accept that the HFSF receives non-voting shares.
Virkningen af opkøbet for bankens langsigtede rentabilitet
The Commission therefore concludes that measure B4 was necessary.
Opkøbet af Citibank Greece, herunder Diners, vil øge bankens langsigtede rentabilitet.
In conclusion, measures B1, B2, B3 and B4 are necessary as rescue aid in both their amount and form.
Banken overtog en velpolstret lånebank.
Proportionality – measures limiting negative spill-over effects
Desuden er nettoudlånsporteføljen meget mindre end de overtagne indskud.
The Commission notes that the Bank received a very large amount of State aid.
Integrationen af Citibank Greeces indskud i bankens balance vil forbedre bankens mellem- til langsigtede finansieringsprofil og samtidig øge bankens rentabilitet.
That situation may therefore lead to serious distortions of competition.
Desuden vil banken gennem opkøbet styrke sin licens og evne til at tiltrække indskud og dermed opnå en afbalanceret og levedygtig forretningsmodel.
However, Greece has committed to implement a number of measures aiming at reducing negative spill-over effects.
Endelig vil de forventede betydelige synergieffekter i henseende til centrale funktioner, IT-tjenester og driftsudgifter bidrage til bankens langsigtede rentabilitet.
In particular, the commitments provide that the Bank’s operations will continue to be run on a commercial basis, as explained in recitals 121 and 122 Greece has also committed to an acquisition ban, and to a number of divestments, as described in recitals 123 to 124.
Virkningen af opkøbet for det støttebeløb, som banken havde brug for
Limits to distortions of competition will be further assessed in section 7.6.
Banken betalte kun 2 mio. EUR [105] for købet af Citibank Greece og Diners.
A monitoring trustee has also been appointed in the Bank to monitor the correct implementation of commitments on corporate governance and commercial operations.
Den overtagne portefølje indeholder et stort antal lån, som er fuldt afskrevet.
It will avoid any detrimental change in the Bank’s commercial practice and thereby reduce the potential negative spill-over effects.
Værdiansættelsen af denne nye låneportefølje kunne da også udligne det begrænsede kapitalbehov, der hidrørte fra integrationen af porteføljen i bankens balance.
Finally a new comprehensive restructuring plan was submitted on 12 June 2014 to the Commission.
Desuden har banken rejst 1,2 mia. EUR i privat kapital til en kurs pr. aktie, der var højere end den kurs, som stabilitetsfonden tegnede aktier til i forbindelse med rekapitaliseringen foråret 2013.
That restructuring plan will be assessed in section 7.6.
Under disse specifikke omstændigheder kan det ikke hævdes, at opkøbet blev finansieret ved hjælp af statsstøtte.
To conclude, the doubts raised in the Alpha Opening Decision have been allayed.
Opkøbet vil ikke øge behovet for støtte eller nedbringe forrentningen af eksisterende støtte.
Measures B1, B2, B3 and B4 are proportionate in the light of point 15 of the 2008 Banking Communication.
Konkurrencefordrejende virkning af opkøbet
Conclusion on the compliance of the HFSF recapitalisations with the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication
Som angivet i betragtning 241 bør statsstøtte ikke anvendes til skade for konkurrenter, særlig ikke til opkøb af konkurrerende virksomheder.
It is therefore concluded that the HFSF recapitalisations (measures B1, B2, B3 and B4) are appropriate, necessary and proportionate, in the light of point 15 of the 2008 Banking Communication, of the Recapitalisation Communication and of the 2011 Prolongation Communication.
Købsprisen på Citibank Greece var yderst lav, og banken rejste en stor sum privat kapital til en høj aktiekurs.
COMPLIANCE OF THE ACQUISITIONS WITH THE RESTRUCTURING COMMUNICATION
Man kan derfor ikke konkludere, at der blev brugt støtte til at finansiere dette opkøb.
Point 23 of the Restructuring Communication explains that acquisitions of undertakings by aided banks cannot be financed through State aid unless this is essential for restoring an undertaking’s viability.
Da der desuden ikke var nogen blandt de aktører, der ikke nød offentlig støtte, som indsendte et gyldigt bud på købet af de udbudte aktiviteter, var der ikke tale om, at sådanne bydere blev fortrængt.
Furthermore, points 40 and 41 of the Restructuring Communication state that banks should not use State aid for the acquisition of competing businesses, unless the acquisition is part of a consolidation process necessary to restore financial stability or to ensure effective competition.
I lyset af betragtning 257 og 258 falder opkøbet således ikke ind under forbuddet i punkt 39 og 40 i omstruktureringsmeddelelsen.
In addition, acquisitions may endanger or complicate the restoration of viability.
Desuden minder Kommissionen om, at bankens støttebehov ikke skyldes dårlig ledelse eller overdreven risikoadfærd.
The Commission must therefore assess whether the acquisitions made by the Bank can be reconciled with the Restructuring Communication.
Konklusion vedrørende opkøbet af Citibank Greece
Compliance of the acquisition of Emporiki Bank with the Restructuring Communication
I lyset af de græske bankers usædvanlige situation [106] og de nærmere betingelser for opkøbet af Citibank Greece kan det konkluderes, at opkøbet opfylder de krav, der er fastlagt i omstruktureringsmeddelelsen.
Effect of the acquisition of Emporiki Bank on the long-term viability of the Bank
FORENELIGHEDEN AF FORANSTALTNING A, B1, B2, B3 OG B4 MED OMSTRUKTURERINGSMEDDELELSEN
In terms of operating profitability, the acquisition of Emporiki Bank enhances the Bank’s return to long-term viability as merging two banks in the same geographical market allows the Bank to realise meaningful synergies, for instance in the form of personnel reduction, branch closures and reduced overhead costs.
Kilder til vanskeligheder og følgerne for vurderingen i henhold til omstruktureringsmeddelelsen
The Bank acquires customers and deposits, while significantly reducing distribution costs.
Som angivet i afsnit 2.1.1 og 2.1.2 hidrører bankens vanskeligheder primært fra den græske statsgældskrise og den dybe recession i Grækenland og Sydeuropa.
It is closing a significant number of branches of the combined entity, in addition to rationalising headquarters functions.
Hvad angår førstnævnte faktor, mistede den græske regering adgangen til finansmarkederne og måtte til sidst forhandle sig til en aftale med sine hjemlige og internationale kreditorer, nemlig PSI-programmet, som resulterede i et haircut af fordringerne mod staten på 53,3 %.
In terms of liquidity positions, the acquisition has a positive effect on the Bank.
Desuden blev 31,5 % af fordringerne ombyttet med nye GSO'er med lavere rentesats og længere løbetid.
Indeed, the loan-to-deposit ratio of the acquired entity was around 115 %, well below the Bank’s very high loan-to-deposit ratio [103].
Staten købte disse nye GSO'er tilbage af de græske banker i december 2012 til en kurs på mellem 30,2 og 40,1 i forhold til deres nominelle værdi, hvilket betød et yderligere tab for de græske banker.
It therefore contributes to significantly improving the loan-to-deposit ratio of the Bank.
Ud over virkningen af PSI-programmet og tilbagekøbet af statsgæld for dens kapitalstilling måtte banken også registrere en enorm indlånsflugt fra 2010 til medio 2012 på grund af risikoen for, at Grækenland ville forlade euroen som følge af den afgrundsdybe statsgæld og økonomiske recession.
From a static point of view, the transaction also has a positive impact on the Bank’s capital ratio, since the Bank acquires a highly capitalised bank for one euro consideration.
Foranstaltning B1, B2, B3 og B4 beløber sig til 4571 mio. EUR, som er mindre end det bogførte tab på PSI-programmet (4786 mio. EUR).
At 31 March 2012, the pro forma capital adequacy ratio of the combined entity was 11,8 % whereas the Bank’s capital adequacy ratio was only 8,8 %.
I et sådant tilfælde og hvis vanskelighederne ikke primært stammer fra overdrevent risikabel adfærd, vil Kommissionen i henhold til punkt 14 i forlængelsesmeddelelsen fra 2011 slække på sine krav.
Similarly, the pro forma Core Tier 1 ratio of the combined entity stood at 11,1 % while the Bank’s Core Tier 1 ratio was 7,9 %.
Størstedelen af kapitalbehovet stammer fra den normale eksponering, som et pengeinstitut har for sin hjemlige finansielle landerisiko.
The high capital of Emporiki Bank provides protection against future losses which could materialise in the stress test, as shown in Table 3.
Det forhold blev også påpeget i betragtning 58 og 69 i Alpha-åbningsafgørelsen.
The static observation of the increase in the capital ratio of the Bank overestimated the positive effect on its long term capital position.
Kommissionen bemærker også, at bankens eksponering over for den græske statsgældsrisiko var mindre end mange andre store græske bankers, så den kan ikke anses for at have opbygget en overdrevent stor eksponering for statsgælden.
The acquisition is therefore positive for the restoration of the long-term viability of the Bank.
Som følge heraf har banken et mindre behov for at afhjælpe problemer med »moral hazard« i sin omstruktureringsplan end andre støttede pengeinstitutter, som opbyggede overdrevent store risici.
Effect of the acquisitions on the amount of aid needed by the Bank
Da støtteforanstaltningerne er mindre konkurrencefordrejende, bør de foranstaltninger, der er truffet for at begrænse konkurrencefordrejningerne, derfor slækkes tilsvarende.
According to point 23 of the Restructuring Communication, restructuring aid should not be used for the acquisition of other companies but merely to cover restructuring costs which are necessary to restore the viability of the Bank.
Eftersom PSI-programmet og tilbagekøbet af statsgæld udgør en gældsfritagelse til fordel for staten, kan forrentningen til staten af dens rekapitalisering af banker være lavere.
In this case, although the acquisition has positive implications for the Bank’s viability, it is not essential for its viability within the meaning of point 23 of the Restructuring Communication.
Men da den græske økonomi er skrumpet med ca. 25 % siden 2008, og eftersom banken har købt en mindre rentabel bank i form af Emporiki Bank, må banken tilpasse sin organisation, omkostningsstruktur og sit filialnet til det nye økonomiske klima for at genskabe rentabiliteten.
The Bank only paid one euro consideration to purchase Emporiki Bank.
Uanset fraværet af problemer med »moral hazard« skal banken derfor rationalisere sin drift i Grækenland for at sikre sin langsigtede rentabilitet.
The purchase price was therefore not financed through State aid.
En anden kilde til bankens tab er tabene på dens udlån til græske husholdninger og virksomheder.
That fact also implies that the payment of the purchase price did not create any capital need for the Bank.
Kommissionen finder, at disse tab primært skyldes den usædvanligt dybe og langvarige krisebetingede nedgang i BNP på ca. 25 % over fem år og ikke en risikabel udlånspraksis hos banken.
In addition, Emporiki Bank was adequately capitalised (that is to say up to the level required under the 2012 stress test illustrated in Table 3).
Som følge heraf skaber den støtte, der blev ydet til at dække tabene, ikke en »moral hazard«, hvilket er tilfældet, når støtten beskytter en bank mod konsekvenserne af tidligere risikabel adfærd.
As such, the acquisition is unlikely to create any future capital need for the Bank.
Støtten er derfor mindre fordrejende [107].
In conclusion, due to the atypical terms (purchase at EUR 1 of a fully capitalised bank to meet stress test requirements), the acquisition of Emporiki Bank exceptionally does not go against the requirement to minimise the aid.
Men en del af bankens kapitalbehov og tab på lån hidrører fra en række internationale datterselskaber.
Distortive effect of the acquisitions on competition
I 2012 blev f.eks. aktiviteterne i Cypern, Rumænien, Serbien, FYROM og Bulgarien tabsgivende, mens de i Albanien kun lige balancerede.
In line with points 39 and 40 of the Restructuring Communication, State aid should not be used to the detriment of non-aided companies and in particular for acquiring competing businesses.
Stresstesten, der i 2012 blev gennemført for at fastslå kapitalbehovet hos banken, viste fremskrevne tab på udenlandske lån på 921 mio. EUR i referencescenariet og 1201 mio. EUR i det negative scenarie.
Point 41 of the Restructuring Communication also states that acquisitions may be authorised if they are part of a consolidation process necessary to restore financial stability or to ensure effective competition.
De udenlandske aktiver drænede også likviditeten, eftersom den koncerninterne finansiering beløb sig til flere milliarder euro.
In such circumstances the acquisition process should be fair and the acquisition should ensure the conditions of effective competition in the relevant market.
Eftersom banken havde den laveste beholdning af GSO'er af de fire største græske banker på PSI-tidspunktet, og eftersom tabet på PSI var større end den støtte, banken modtog via foranstaltning B1, B2, B3 og B4, kan det således konkluderes, at de fleste af tabene og behovet for støtte falder ind under punkt 14 i forlængelsesmeddelelsen fra 2011, der giver Kommissionen mulighed for at slække på sine krav.
Emporiki Bank was not deemed viable on a stand-alone basis by the Bank of Greece, according to a viability review carried by an external consultant at the beginning of 2012.
En del af støttebehovet hidrører fra tab på græske lån på grund af den usædvanligt dybe og lange recession og ikke risikabel udlånspraksis.
It was creating large losses for Crédit Agricole which therefore wanted to sell it.
En sådan støtte skaber ikke »moral hazards« og er derfor mindre fordrejende.
If no sale was possible, Crédit Agricole could have considered how to let it fail.
Endelig skyldes en begrænset del af støttebehovet bankens egen risikoadfærd med udenlandske datterselskaber.
The transaction can therefore be considered to be part of a consolidation process which is necessary to restore financial stability of the kind described in point 41 of the Restructuring Communication.
Rentabilitet
No non-aided bidder submitted any valid bid to acquire Emporiki Bank, and the sale process was open, transparent and non-discriminatory.
En omstruktureringsplan skal sikre, at pengeinstituttet er i stand til at genskabe sin langsigtede rentabilitet inden udløbet af omstruktureringsperioden (afsnit 2 i omstruktureringsmeddelelsen).
There was therefore no crowding out of a non-aided bidder by the Bank.
I det foreliggende tilfælde er omstruktureringsperioden defineret som perioden mellem datoen for vedtagelsen af nærværende afgørelse og den 31. december 2018.
Since that acquisition was authorised by the Hellenic Competition Authority, the outcome of the sale process does not endanger the conditions of effective competition in Greece.
I overensstemmelse med punkt 9-11 i omstruktureringsmeddelelsen fremsendte Grækenland en omfattende og detaljeret omstruktureringsplan, som giver fuldstændige oplysninger om bankens forretningsmodel.
Furthermore, the Bank’s need for aid does not stem from mismanagement or inappropriate risk taking.