natgillin/translations-raw huggingface dataset:
Kommissionen erkender, at en del af kapitalbehovet kan tilskrives et pengeinstituts normale eksponering for risikoen ved udlån til staten i hjemlandet.
It is thus 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.
Det forhold blev også påpeget i betragtning 63 og 74 i Piraeus-indledningsafgørelsen.
Measures B1, B2, B3 and B4 therefore comply with the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication.
Som følge heraf har banken et mindre behov for at afhjælpe moral hazard-problemer i sin omstruktureringsplan end andre støttede pengeinstitutter, som har akkumuleret for store risici.
COMPLIANCE OF THE ACQUISITIONS OF ATE TRANSFERRED ACTIVITIES, OF GENIKI, OF THE CYPRIOT TRANSFERRED ACTIVITIES AND OF MBG WITH THE RESTRUCTURING COMMUNICATION
Da støtteforanstaltningerne er mindre konkurrencefordrejende, bør de foranstaltninger, der er truffet for at begrænse konkurrencefordrejningerne, derfor lempes tilsvarende.
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.
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.
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.
Kommissionen bemærker imidlertid også, at bankens eksponering for udlån til staten var større end de øvrige store græske bankers eksponering [111].
In addition, acquisitions may endanger or complicate the restoration of viability.
Det er således ikke alle tab på GSO'er, der kan tilregnes et pengeinstituts normale eksponering for risikoen ved udlån til staten i hjemlandet.
The Commission must therefore assess whether the acquisitions made by the Bank can be reconciled with the Restructuring Communication.
Den anden kilde til bankens tab er tabene på dens udlån til græske husholdninger og virksomheder.
Compliance of the acquisition of the ATE Transferred Activities with the Restructuring Communication
Kommissionen finder, at disse tab primært skyldes den usædvanligt dybe og langvarige recession og nedgangen i BNP på ca. 25 % over fem år og ikke en risikabel udlånspraksis i banken.
Effect of the acquisition of the ATE Transferred Activities on the long-term viability of the Bank
Som følge heraf skaber den støtte, der blev ydet til at dække tabene, ikke moral hazard-problemer, hvilket er tilfældet, når støtten beskytter en bank mod konsekvenserne af tidligere risikabel adfærd.
The acquisition of the ATE Transferred Activities brought to the Bank a large pool of deposits with a much smaller amount of net loans [104].
Støtten er derfor mindre fordrejende [112].
It therefore contributed to significantly reducing the very high loan-to-deposit ratio of the Bank.
En del af bankens kapitalbehov og tab på lån hidrører imidlertid fra en række internationale datterselskaber.
Furthermore, the acquisition has led to considerable synergies such as cost synergies through branch, staff reduction and IT integration, funding synergies and revenue synergies.
Flere af disse udenlandske virksomheder havde været tabsgivende i de senere år.
Effect of the acquisition of the ATE Transferred Activities on the amount of aid needed by the Bank
Tabene på internationale aktiviteter beløb sig til 244 mio. EUR før skat i 2012 [113].
In line with 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.
De udenlandske aktiver drænede ligeledes likviditeten.
The consideration paid by the Bank for the acquisition of the ATE Transferred Activities was determined at 0,6 % of the value of the transferred deposits and amounted to approximately EUR 95 million.
Det kan derfor konkluderes, at en betydelig del af tabene og behovet for støtte er omfattet af punkt 14 i forlængelsesmeddelelsen fra 2011, der giver Kommissionen mulighed for at lempe kravene.
It was equivalent to 0,02 % of the total assets of the Bank at the time of the acquisition.
På samme måde skyldes en del af støttebehovet den usædvanligt dybe recession og ikke risikabel udlånspraksis.
That amount can therefore be considered as small, but not negligible.
Denne støtte skaber ikke moral hazard-problemer og er derfor mindre fordrejende.
The acquisition of ATE Transferred Activities dramatically improved the very stressed liquidity position of the Bank and put it in a much more viable situation.
Endelig skyldes en del af støttebehovet bankens egen risikotagning, især i forbindelse med bankens store beholdning af GSO'er og udenlandske datterselskaber.
The Commission recalls that […].
Rentabilitet
Therefore the acquisition and its low purchase price can be considered as essential for the restoration of the long-term viability of the Bank and falls under the exemption in point 23 of the Restructuring Communication.
En omstruktureringsplan skal sikre, at pengeinstituttet er i stand til at genoprette sin langsigtede rentabilitet inden udløbet af omstruktureringsperioden (afsnit 2 i omstruktureringsmeddelelsen).
Distortive effect of the acquisition of the ATE Transferred Activities on competition
I det foreliggende tilfælde er omstruktureringsperioden defineret som perioden mellem datoen for vedtagelsen af denne afgørelse og den 31. december 2018.
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.
I overensstemmelse med punkt 9, 10 og 11 i omstruktureringsmeddelelsen fremsendte Grækenland en omfattende og detaljeret omstruktureringsplan, som giver fuldstændige oplysninger om bankens forretningsmodel.
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.
I planen påpeges også årsagerne til bankens vanskeligheder samt de foranstaltninger, der er truffet for at afhjælpe alle bankens rentabilitetsproblemer.
In such circumstances the acquisition process should be fair and the acquisition should ensure the conditions of effective competition in the relevant market.
I omstruktureringsplanen beskrives navnlig den valgte strategi til at sikre bankens driftseffektivitet og nedbringe det høje niveau af nødlidende lån, dens sårbare likviditets- og kapitalstilling og dens udenlandske selskaber, som gennem de seneste år har været afhængige af moderselskabet med hensyn til finansiering og kapital.
ATE was not deemed viable on a stand-alone basis by the Bank of Greece when it reviewed the viability of all the Greek banks early in 2012.
Græsk bankvirksomhed
Furthermore, the Bank of Greece analysed different alternatives for ATE (for example, liquidation) and concluded that selling the ATE Transferred Activities was the most attractive option, since it would reduce the execution risk and would minimise the costs for Greece.
Med hensyn til likviditet [114] og bankens afhængighed af finansiering fra Eurosystemet regnes der i omstruktureringsplanen med en begrænset vækst på balancen i Grækenland, mens indlånsbasen skulle stige igen.
The acquisition can thus 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.
Afhængigheden af statsgaranteret ELA, som allerede er blevet mindre, vil fortsat falde, og det vil også gøre det nemmere for banken at nedbringe sine finansieringsomkostninger.
Furthermore, no non-aided bidder submitted a bid for the ATE Transferred Activities.
Tilsagnet om forholdet mellem udlån og indlån anført i betragtning 137 sikrer, at bankens balancestruktur er bæredygtig ved udløbet af omstruktureringsperioden.
Last, since the acquisition of the ATE Transferred Activities was authorised by the Hellenic Competition Authority [105], it can be assumed that the outcome of the sale process does not endanger effective competition in Greece.
Salget af værdipapirer og afhændelse af andre aktiviteter uden for kerneforretningen vil også styrke bankens likviditetsstilling.
The acquisition of the ATE Acquired Activities is therefore in line with section 4 of the Restructuring Communication.
På grund af bankens fortsat pressede likviditetsstilling kan Kommissionen godtage de græske myndigheders anmodning om at måtte tilføre banken likviditet i henhold til den græske bankstøtteordnings foranstaltninger vedrørende garantier og statsobligationslån og den statsgaranterede ELA.
Conclusion on the acquisition of the ATE Transferred Activities
Siden krisens begyndelse har banken foretaget store opkøb, der har øget bankens størrelse og indlånsbase markant.
It is concluded that, in the light of the unique situation of Greek banks and the specificities of the acquisition of the ATE Transferred Activities, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Banken har integreret de opkøbte virksomheder på rekordtid.
Compliance of the acquisition of Geniki with the Restructuring Communication
Banken er i gang med at realisere alle synergieffekterne af disse overtagelser.
Effect of the acquisition of Geniki on the long-term viability of the Bank
Banken er begyndt at rationalisere sit filialnet i Grækenland ved at reducere antallet af filialer og ansatte [115].
In terms of operating profitability, the acquisition of Geniki will enhance the Bank’s return to long-term viability.
Kommissionen mener, at omstruktureringsplanen sikrer bankens effektivitet i det nye markedsklima.
According to the analysis submitted by the Bank at the time of that acquisition, merging two banks in the same geographical market will create synergies such as cost savings through personnel reduction and branch closures.
Banken agter at forbedre sin kreditpolitik (grænser, sikkerhedsstillelse) og at fokusere på kerneaktiviteten for at minimere sine tab. Grækenland har også givet tilsagn om, at banken vil overholde høje standarder for kreditpolitikken for at styre risici og maksimere værdien for banken på hvert trin af kreditprocessen, herunder omlægning af lån, som anført i betragtning 141.
The Bank will acquire the customers and depositors of Geniki, thereby significantly reducing distribution costs.
Selskabsledelse
In terms of liquidity position, as illustrated in recital 65, Geniki held more deposits than net loans.
Derudover ejer nogle af de private investorer, der kontrollerer banken, også warrants, og de ville således få den fulde fordel, hvis aktiekursen steg kraftigt i omstruktureringsperioden.
In addition, Geniki was adequately capitalised before being acquired by the Bank.
Da situationen kunne skabe moral hazard-problemer, nåede banken og stabilitetsfonden til enighed om en særlig ramme for deres indbyrdes forbindelser i 2013.
Thus, the acquisition is not likely to create any future capital needs for the Bank.
Denne aftale sikrer, at bankens største aktionærer ikke blander sig i bankens daglige drift, og sikrer samtidig, at stabilitetsfonden kan overvåge gennemførelsen af omstruktureringsplanen og forhindre, at bankens ledelse tager for store risici, gennem hensigtsmæssige høringsprocedurer.
The acquisition is therefore positive for the restoration of the long-term viability of the Bank.
Banken har også lovet nøje at overvåge sin eksponering for tilknyttede låntagere.
Effect of the acquisition of Geniki on the amount of aid needed by the Bank
Kommissionen ser positivt på, at stabilitetsfonden automatisk genvinder sine stemmerettigheder, hvis banken ikke gennemfører sin omstruktureringsplan.
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.
Internationale aktiviteter
However, the Bank only paid EUR 1 million to purchase Geniki, which is considered to be a very small amount.
En række af bankens internationale aktiviteter har førhen trukket store veksler på dens kapital og likviditet som anført i betragtning 323.
Furthermore, Geniki was adequately capitalised and, as a condition to the transaction, Société Générale injected a significant amount of capital into the Bank [106].
Ifølge omstruktureringsplanen vil banken fortsat have fokus på hjemmemarkedet.
The Commission concludes that, in the light of the specificities of the transaction (acquisition at a very low price of a fully capitalised bank and injection of capital by the seller into the Bank), the acquisition does not generate any further capital need for the Bank and therefore the acquisition of Geniki exceptionally does not contravene the principle that aid should be limited to the minimum necessary.
Banken har allerede solgt sit datterselskab i USA.
Distortive effect of the acquisition of Geniki on competition
Den er også begyndt at rationalisere de øvrige datterselskaber for at skærpe udlånsgarantiproceduren og mindske datterselskabernes udækkede finansieringsbehov.
As stated in recital 274, 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, except under specific circumstances.
Den planlægger en yderligere rationalisering af sit netværk i de tilbageværende datterselskaber som anført i betragtning 130.
Geniki was not deemed viable on a stand-alone basis by the Bank of Greece, when it reviewed the viability of all the Greek banks early in 2012.
De samlede udenlandske aktiver vil således blive reduceret fremover.
Geniki was generating large losses for Société Générale which therefore wanted to sell it and, if no sale was possible, could have considered how to let it fail.
Ved afslutningen af omstruktureringsperioden vil de tegne sig for en […] del af bankens samlede balance.
The acquisition 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.
Derfor mener Kommissionen, at banken vil have omstruktureret og indskrænket disse udenlandske selskaber tilstrækkeligt til at undgå at blive eksponeret for yderligere kapitalbehov og likviditetsmangler i fremtiden.
Furthermore, no non-aided bidder submitted any valid bid to acquire Geniki.
Bankens tilsagn som omhandlet i betragtning 138 om at afholde sig fra at tilføre store kapitalbeløb til sine internationale datterselskaber bidrager også til at sikre, at udenlandske datterselskaber ikke kommer til at udgøre en trussel mod bankens kapital- eller likviditetsstilling.
There was therefore no crowding-out of any non-aided bidder by the Bank.
Konklusion vedrørende rentabilitet
In addition, since the acquisition was authorised by the Hellenic Competition Authority [107], it can be assumed that the outcome of the sale process does not endanger effective competition in Greece.
Referencescenariet, der er beskrevet i afsnit 2.4, viser, at banken ved udgangen af omstruktureringsperioden vil kunne få et afkast, som sætter den i stand til at dække alle sine omkostninger og sikre et passende afkast på egenkapitalen under hensyntagen til bankens risikoprofil.
Finally the purchase price was very low.
Samtidig viser prognosen for bankens kapitalstilling, at denne forbliver på et tilfredsstillende niveau.
It can therefore not be considered that the Bank used State aid to finance the acquisition.
Endelig bemærker Kommissionen det negative scenarie, der beskrives i bankens omstruktureringsplan som forelagt af de græske myndigheder.
In view of those elements, it can be concluded that the acquisition of Geniki falls under the exemption in point 41 of the Restructuring Communication.
Dette negative scenarie bygger på et sæt formodninger, som er aftalt med stabilitetsfonden.
Conclusion on the acquisition of Geniki
Det forudsætter en længere og dybere recession og en alvorligere deflation i ejendomspriserne.
It is concluded that, in the light of the unique situation of Greek banks and the specificities of the acquisition of Geniki, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Omstruktureringsplanen viser, at banken er i stand til at modstå en rimelig mængde stress, idet banken i det negative scenarie fortsat er rentabel og har en god kapitalstilling ved udgangen af omstruktureringsperioden.
Compliance of the acquisition of the Cypriot Transferred Activities with the Restructuring Communication
Kommissionen mener derfor, at kapitalbehovet i referencescenariet som anslået af den græske centralbank kan anses for at være en slags stresstest.
Effect of the acquisition of the Cypriot Transferred Activities on the long-term viability of the Bank
Kommissionen kan godt konkludere, at banken er rentabel, uden at banken har kapital nok på forhånd til at dække kapitalbehovet i det negative scenarie som anslået af den græske centralbank, da dette anslåede niveau rummer en høj grad af stress, og da kapitalforhøjelsen i marts 2014 viser, at banken på ny har fået adgang til kapitalmarkederne.
The acquisition of the Cypriot Transferred Activities enhances the long-term viability of the Bank.
Desuden er det positivt, at banken ikke agter at foretage yderligere investeringer i ikkeinvesteringsværdige værdipapirer, hvilket vil bidrage til at opretholde dens kapital- og likviditetsstilling.
According to the analysis submitted by the Bank at the time of the acquisition, the transaction will lead to considerable synergies such as cost synergies through administration and staff cost savings and significant improvement of the cost of deposits.
Det konkluderes derfor, at den allerede gennemførte omstrukturering og den yderligere planlagte omstrukturering er tilstrækkelig til at genoprette bankens langsigtede rentabilitet.
Since the acquisition the Bank has fully integrated the Greek operations of the three Cypriot Banks, rebranded all the branches of the three Cypriot Banks and is well advanced in the rationalisation of the network.
Som anført i afsnit 3 i omstruktureringsmeddelelsen bør bankerne og deres kapitalindskydere i så udstrakt grad som muligt bidrage til omstruktureringen, så det sikres, at støtten begrænses til det nødvendige minimum.
The loan portfolios of the Greek operations of the three Cypriot Banks were well provisioned.
Bankerne bør således anvende deres egne midler til at finansiere omstruktureringen ved f.eks. at afhænde aktiver, og kapitalindskyderne bør så vidt muligt absorbere bankens tab.
Indeed, the Bank acquired those loans at a price well below their nominal amounts: the purchase price was decreased to reflect the future losses estimated by PIMCO in the framework of a stress test.
Bankens egetbidrag: afhændelser og omkostningsnedskæringer
The risk of loan losses exceeding those already reflected in the low purchase price is therefore limited.
Banken har allerede afhændet små udenlandske selskaber (i USA) og nedgearet en del af sin portefølje for at forbedre sit kapitalgrundlag og sin likviditetsstilling.
The Bank also acquired a large pool of deposits, nearly as large as the net loans acquired.
I henhold til omstruktureringsplanen skal der foretages en nedgearing af bankens udenlandske aktiviteter, jf. betragtning 125-129.
It therefore strengthened its liquidity position.
I betragtning af den nedgearing og de afhændelser, der allerede er gennemført, og efter gennemførelsen af tilsagnene om nedgearing og afhændelser af udenlandske selskaber vil banken have reduceret sin geografiske tilstedeværelse i […] betydeligt.
Effect of the acquisition of the Cypriot Transferred Activities on the amount of aid needed by the Bank
Reduktionen af bankens internationale aktiver vil også reducere den eventuelle risiko for, at der vil blive behov for støtte i fremtiden, betydeligt.
As analysed in section 7.3, the aid aimed to cover the capital needs of the acquirer of the Cypriot Transferred Activities, since their acquisition would ensure the maintenance of financial stability in Greece.
Det bidrager således til at reducere støttebeløbet til et minimum.
The consideration ultimately paid by the Bank for the acquisition of the Cypriot Transferred Activities was far lower than the book value of the acquired portfolio.
For at begrænse kapitalbehovet vil banken ikke bruge kapital til at støtte eller udvide sine udenlandske datterselskaber, jf. betragtning 138.
It was even lower than the value of the loans after it was adjusted downward to reflect the future loan losses estimated by PIMCO under the stress test.
Desuden sikrer Grækenlands tilsagn, at banken ikke foretager dyre opkøb.
The acquisition price could therefore be considered to be negative.
Banken har også indledt et vidtrækkende omkostningsnedskæringsprogram som anført i afsnit 2.4.2.
That conclusion is supported by the fact that the Bank booked a large negative goodwill when acquiring the Cypriot Transferred Activities, which increased its capital.
Grækenland har ligeledes givet tilsagn om at begrænse lønniveauet for bankens ledelse, […].
However, should it nevertheless be considered that the Bank paid a positive price, the Commission observes that, as a pre-condition of the acquisition, the HFSF had given a commitment to the buyer that it would inject the amount of the purchase price in capital.
Historiske aktionærers del af byrden og ny kapital rejst på markedet
The HFSF respected that commitment in the framework of the Spring 2013 recapitalisation.
Banken har desuden ikke udbetalt kontant udbytte siden 2008.
That capital injection is aid to the Cypriot Transferred Activities and not to the Bank as explained in section 6.2.1.
Ud over de historiske aktionærers del af byrden har banken rejst en betydelig privat kapital siden krisens begyndelse i 2008, nemlig 807 mio. EUR i 2009, 1444 mio. EUR i 2013 og 1750 mio. EUR i 2014.
Therefore, the acquisition did not create a need for additional State aid to the Bank.
Efterstillede kreditorers del af byrden
It is concluded that, due to the atypical terms (low purchase price and commitment given by the HFSF to inject the purchase price in the framework of a capital increase), the acquisition of the Cypriot Transferred Activities exceptionally does not contravene the principle that aid should be limited to the minimum necessary.
Bankens indskydere af hybridkapital og efterstillede kreditorer har bidraget til bankens omstruktureringsomkostninger.
Distortive effect of the acquisition of the Cypriot Transferred Activities on competition
Banken har gennemført en række tiltag vedrørende passivstyring for at generere kapital, jf. betragtning 134.
The sale of the Greek operations of the Cypriot Banks aimed to safeguard the stability of the Greek banking system and to ensure that the Cypriot Banks could sell those businesses before they were likely to lose any value.
De resterende instrumenter er omfattet af forbuddet mod kuponrente som angivet i betragtning 143.
The transaction can thus 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.
Derfor mener Kommissionen, at der er sikret en passende byrdefordeling med hensyn til bidrag fra bankens indskydere af hybridkapital og efterstillede kreditorer, og at kravene i omstruktureringsmeddelelsen i den henseende er opfyldt.
Furthermore, no non-aided bidder submitted any valid bid to acquire the three Cypriot Banks.
Konklusion vedrørende egetbidrag og byrdefordeling
The sale process was open, transparent and non-discriminatory.