natgillin/translations-raw huggingface dataset:
Necessity
Komisjon on 19. novembri 2008. aasta otsuses Kreeka pankade toetuskava kohta juba kindlaks teinud, et kava rekapitaliseerimismeetme raames kohaldatud rekapitaliseerimine kujutab endast abi.
In line with the 2008 Banking Communication, the aid measure must, in its amount and form, be necessary to achieve the objective of the measure.
Piraeuse pank on saanud 750 miljoni euro väärtuses eelisaktsiaid, mis moodustab 2,1 % panga riskiga kaalutud varast [97].
It implies that a capital injection, for example, must be of the minimum amount necessary to achieve that objective.
Abi olemasolu riigi tagatud likviidsusabi puhul (meede L2)
At a time when it was very difficult for Greek banks to find capital, the measure covered the capital needs that would result from the payment of the purchase price for the acquisition of the Cypriot Transferred Activities so that the acquisition could occur.
2008. aasta pangandusteatise punktis 51 selgitas komisjon, et keskpankade rahaliste vahendite eraldamine finantsasutustele ei kujuta abi juhul, kui on täidetud neli kumulatiivset tingimust seoses finantsasutuse maksevõimelisusega, laenu tagatusega, finantsasutuse suhtes kehtestatud intressimääraga ja riigi edasigarantii puudumisega.
Moreover, the Commission notes positively that the aid took the form of a capital injection in the framework of the Spring 2013 recapitalisation as the HFSF did not give a grant to the Bank but received ordinary shares for the same value.
Et riigi tagatud erakorraline likviidsusabi ei ole nimetatud nelja kumulatiivse tingimusega kooskõlas (eeskätt riigi tagatise tõttu ja seepärast, et see eraldati koos muude toetusmeetmetega), ei saa järeldada, et riigi tagatud erakorraline likviidsusabi ei kujuta endast riigiabi.
The measure is therefore necessary to achieve the objective of limiting the disturbance in the Greek banking system and the economy as a whole.
Riigi tagatud erakorraline likviidsusabi vastab Euroopa Liidu toimimise lepingu artikli 107 lõikes 1 sätestatud tingimustele.
Proportionality
Esiteks hõlmab meede riigigarantii andmist Kreeka keskpangale, kusjuures mis tahes kahjumi kannab riik.
The aided activities were sold after the Greek authorities launched a call for tender.
Seega hõlmab meede riigi vahendeid.
In addition, the acquired activities were quickly integrated within the Bank.
Erakorraline likviidsusabi võimaldab pankadel saada rahalisi vahendeid olukorras, kus neil puudub juurdepääs hulgirahastamise turgudele ja eurosüsteemi tavapärastele refinantseerimistehingutele.
The aid did not allow the aided activities to remain as separate competitors on the market.
Sellest lähtuvalt andis erakorraline likviidsusabi Piraeuse pangale eelise.
Furthermore the amount of the aid was relatively small as it corresponds to around 3 % of the total net loans of the Cypriot Transferred Activities (or around 3 % of their RWA) [94].
Kuna erakorraline likviidsusabi piirdub pangandussektoriga, on meede valikuline.
Therefore, the Commission considers that the measure was designed in such a way as to minimise undue distortions of competition.
Et riigi tagatud erakorraline likviidsusabi võimaldas Piraeuse pangal turul edasi tegutseda, vältida makseviivitusi ja turult lahkumist, on tegemist konkurentsi moonutamisega.
Conclusion on the compliance with the 2008 Banking Communication and the Recapitalisation Communication
Kuna pank tegutseb ka teistes liikmesriikides ja kuna teiste liikmesriikide finantsasutused tegutsevad Kreekas või oleksid tõenäoliselt Kreekas tegutsemisest huvitatud, mõjutab Piraeuse pangale antud eelis liikmesriikidevahelist kaubandust.
On the basis of the analysis in recitals 189 to 197, it is concluded that the recapitalisation of the Bank by the HFSF amounting to EUR 524 million was appropriate, necessary to achieve the objective of limiting the disturbance in the Greek banking system and the economy as a whole and was designed in such a way as to minimise undue distortions of competition, and is in line with the 2008 Banking Communication and the Recapitalisation Communication.
Eespool esitatut aluseks võttes leiab komisjon, et riigi tagatud erakorraline likviidsusabi (meede L2) kujutab endast riigiabi.
Compliance of the aid measure with the Restructuring Communication
Nimetatud likviidsusabi suurus on olnud varieeruv.
As explained in recital 178, the sale of the Cypriot Transferred Activities falls under the section of the Restructuring Communication on ‘Viability through sale of a bank’.
31. detsembril 2012 oli see ligikaudu 31,4 miljardit eurot.
In line with point 17 of the Restructuring Communication, in the case of the sale of an ailing bank to another financial institution, the requirements of viability, own contribution and limitations of distortions of competition need to be respected.
Pärast järsku vähenemist 2013. aastal oli likviidsusabi suurus sama aasta lõpus vaid 750 miljonit eurot.
Long-term viability of the Cypriot Transferred Activities through sale
Abi olemasolu Kreeka finantsstabiilsuse fondi kaudu võetud meetmete puhul
Point 17 of the Restructuring Communication clarifies that the sale of an ailing bank to another financial institution can contribute to the restoration of long-term viability, if the purchaser is viable and capable of absorbing the transfer of the ailing bank, and may help to restore market confidence.
Esimene ajutine rekapitaliseerimine (meede B1)
The Bank successfully integrated the Cypriot Transferred Activities.
Menetluse algatamise otsuse punktis 5.1 on komisjon juba teinud järelduse, et esimene ajutine rekapitaliseerimine kujutab endast riigiabi.
As stated in section 7.6, on the basis of its restructuring plan the Bank can be considered as a viable entity.
Piraeuse pangale eraldatud kapital oli 4,7 miljardit eurot.
Therefore, the fact that the Cypriot Transferred Activities have been transferred to the Bank allows their long-term viability to be restored.
Teine ajutine rekapitaliseerimine (meede B2)
Own contribution and burden-sharing
Meede B2 viidi ellu Kreeka finantsstabiilsuse fondi vahenditest, mis hõlmasid riigi vahendeid, nagu on selgitatud menetluse algatamise otsuse põhjenduses 65.
Concerning the contribution of the shareholders of the three Cypriot Banks to the restructuring costs, the Commission observes that the three Cypriot Banks did not sell the Cypriot Transferred Activities at their book value but at the value adjusted in line with the PIMCO report.
Mis puudutab eelise olemasolu, siis tõstis meede B2 Piraeuse panga omavahendite suhtarvu tasemele, mis võimaldas jätkata turul tegutsemist ning andis juurdepääsu eurosüsteemi rahalistele vahenditele.
In addition, even after that adjustment was made, the three Cypriot Banks transferred more assets than liabilities to the Bank.
Lisaks kujutab meetme B2 hüvitamine intresside kogunemist EFSFi võlakirjadele, samuti täiendavat 1 % suurust tasu.
Therefore, sufficient burden-sharing of shareholders was achieved since the loss in the value of the Cypriot Transferred Activities was borne by their sellers.
Et hüvitis on ilmselt väiksem sarnaste turul liikuvate kapitaliinstrumentide hüvitistest, ei oleks Piraeuse pank kindlasti suutnud sellistel tingimustel samaväärsel hulgal kapitali turult hankida.
Measures to limit distortions of competition
Seega kujutas meede B2 Piraeuse pangale riigi vahenditest eelise andmist.
Regarding measures to limit distortions of competition, point 30 of the Restructuring Communication provides that ‘the Commission takes as a starting point for its assessment of the need for such measures, the size, scale and scope of the activities that the bank in question would have upon implementation of a credible restructuring plan … The nature and form of such measures will depend on two criteria: first, the amount of the aid and the conditions and circumstances under which it was granted and, second, the characteristics of the market or markets on which the beneficiary bank will operate.’
Et meede oli kättesaadav ainult Piraeuse pangale, on see valikuline.
As described in recital 196, the amount of aid corresponds to around 3 % of the RWA of the Cypriot Transferred Activities.
Meetme B2 kohaldamise tulemusena Piraeuse panga seisund tugevnes, kuna panga käsutusse anti edasiseks kapitalinõuete täimiseks vajalikud rahalised vahendid, mis tekitas konkurentsimoonutusi.
Therefore the Commission considers it to be relatively small given that that amount enabled the sale of the Cypriot Transferred Activities and, as explained in recital 190, ensured the maintenance of the financial stability in Greece.
Kuna pank tegutseb ka teiste liikmesriikide pangandusturgudel ja kuna teiste liikmesriikide finantsasutused tegutsevad Kreekas või oleksid tõenäoliselt Kreekas tegutsemisest huvitatud, mõjutab meede B2 liikmesriikidevahelist kaubandust.
Following the sale of the Cypriot Transferred Activities, the Greek branches ceased to exist as stand-alone competitors as they were fully integrated into the Bank.
Komisjon leiab, et meede B2 kujutab endast riigiabi.
The Commission concludes that given the relatively small aid amount to the Cypriot Transferred Activities and the fact that they will not continue to exist as stand-alone competitors, there are no undue distortions of competition.
Siseriiklikud ametiasutused andsid sellest teada kui abist.
Conclusion on compliance with the Restructuring Communication
Saadud kapital on 1553 miljonit eurot.
On the basis of the analysis in recitals 199 to 206, it is concluded that the sale of the Cypriot Transferred Activities and their integration into the Bank ensure their long-term viability, that aid is limited to the minimum necessary and that there is no undue distortion of competition, in line with the Restructuring Communication.
Kohustuse võtmise kinnitus (meede B3)
The recapitalisation of the Bank amounting to EUR 524 million by the HFSF should therefore be declared compatible with the internal market.
Meetmega B3 võttis Kreeka finantsstabiilsuse fond kohustuse anda Piraeuse panga rekapitaliseerimise lõpuleviimiseks vajalikku täiendavat kapitali summa ulatuses, mille Kreeka keskpank 2012. aasta stressitesti raames kehtestas.
ASSESSMENT OF AID GRANTED TO THE BANK
Kreeka finantsstabiilsuse fondist finantsasutustele toetuse eraldamise tingimused on täpselt määratletud ja piiritletud seadusega.
EXISTENCE AND AMOUNT OF AID
Seega võib riigi vahendite kasutamist käsitada riikliku meetmena.
The Commission has to establish the existence of State aid to the Bank within the meaning of Article 107(1) of the Treaty.
Kreeka finantsstabiilsuse fond võttis kohustuse eraldada täiendavat kapitali kuni 1082 miljonit eurot.
Existence of aid in the measures granted under the Greek Bank Support Scheme
Kohustuse võtmise kinnitus andis Piraeuse pangale eelise, kuna see taastas hoiustajate kindluse, et pank suudab hankida kogu vajaliku kapitali, st saada finantsstabiilsuse fondist kapitali juhul, kui ta seda turult hankida ei suuda.
State liquidity support granted under the guarantee and the government bond loan measures (measure L1)
Kohustus hõlbustas ka turult erakapitali hankimist, kuna investorid said kinnituse, et juhul, kui Piraeuse pangal ei õnnestu vajalikku kapitaliosa turult saada, eraldab selle Kreeka finantsstabiilsuse fond.
The Commission has already established in the decisions approving and prolonging the Greek Banks Support Scheme [95] that liquidity support granted under the scheme constitutes aid.
Ükski erainvestor ei oleks enne rekapitaliseerimise tingimuste teatavaks tegemist nõustunud kohustusi võtma ning Piraeuse pangal ei olnud sel ajal juurdepääsu kapitaliturgudele.
In 2011, the Bank issued bonds guaranteed by the State amounting to a total of EUR 9,9 billion.
Eelis on valikuline, kuna seda ei antud kõigile Kreekas tegutsevatele pankadele.
At the end of March 2014, the outstanding amount of bonds guaranteed by the State and of government bonds was EUR 9,9 billion and EUR 1024 million respectively [96].
Kuna Piraeuse pank tegutseb ka teistes liikmesriikides ja kuna teiste liikmesriikide finantsasutused tegutsevad Kreekas või oleksid tõenäoliselt seal tegutsemisest huvitatud, mõjutab meede B3 ühtlasi liikmesriikidevahelist kaubandust ning moonutab konkurentsi.
Future liquidity support granted under the Greek Banks Support Scheme would also constitute aid.
Seega kujutab meede B3 endast abi ja Kreeka ametiasutused teatasid sellest kui riigiabist.
The Commission has already established in the Decision of 19 November 2008 on the Greek Banks Support Scheme that recapitalisations to be granted under its recapitalisation measure constitutes aid.
Kreeka finantsstabiilsuse fondi osalemine 2013. aasta kevadises rekapitaliseerimises 2013. aasta stressitestiga kindlaks määratud kapitalivajaduste katmiseks (meede B4)
The Bank has received EUR 750 million by means of preference shares, which represents 2,1 % of the Bank’s RWA [97].
Kreeka finantsstabiilsuse fondi osalemine 2013. aasta kevadises rekapitaliseerimises eesmärgiga katta 2012. aasta stressitestiga kindlaks määratud kapitalivajadused (meede B4) tähendab esimese ja teise ajutise rekapitaliseerimise (meetmed B1 ja B2) osalist konverteerimist püsivaks rekapitaliseerimiseks 5891 miljoni euro väärtuses lihtaktsiatesse.
Existence of aid in the State-guaranteed ELA (measure L2)
Kuna meede B4 kujutab endast juba antud abi osalist konverteerimist, sisaldab see endiselt riigi vahendeid, kuid ei suurenda abi nominaalsummat.
The Commission clarified in point 51 of the 2008 Banking Communication that the provision of central banks’ funds to financial institutions does not constitute aid if four cumulative conditions are met regarding the solvency of the financial institution, the collateralisation of the facility, the interest rate charged to the financial institution, and the absence of counter-guarantee from the State.
Abi teatava nominaalsumma korral suurendab see siiski Piraeuse panga eelist (ja süvendab seega konkurentsimoonutusi), kuna tegemist on püsiva ja mitte ajutise rekapitaliseerimisega, nagu meetmete B1 ja B2 puhul.
Since the State-guaranteed ELA granted to the Bank does not comply with those four cumulative conditions, in particular because it is State-guaranteed and it is granted in conjunction with other support measures, it cannot be concluded that the State-guaranteed ELA does not constitute State aid.
Komisjon märgib, et kõik Kreekas tegutsevad pangad sellist abi ei saanud.
The State-guaranteed ELA meets the requirements laid down in Article 107(1) of the Treaty.
Seoses konkurentsimoonutustega ja mõjuga kaubandusele toob komisjon näiteks, et abi võimaldas Piraeuse pangal jätkata oma tehinguid teistes liikmesriikides.
First, because that measure includes a State guarantee in favour of the Bank of Greece, any loss will be borne by the State.
Piraeuse panga likvideerimine oleks toonud kaasa panga välismaise tegevuse lõpetamise kas selle likvideerimise või müügi teel.
The measure therefore involves State resources.
Lisaks tegutsesid Kreekas teatavad teiste liikmesriikide pangad.
ELA enables banks to get funding at a time when they have no access to the wholesale funding market and to the regular Eurosystem refinancing operations.
Seega piiratakse meetmega konkurentsi ja see mõjutab liikmesriikide vahelist kaubandust.
The State-guaranteed ELA therefore grants an advantage to the Bank.
Sellest lähtuvalt leiab komisjon, et meede B4 kujutab endast riigiabi.
Because the State-guaranteed ELA allows the Bank to continue operating on the market and avoids it defaulting and having to exit the market, it distorts competition.
Meetmed B1, B2, B3 ja B4 kujutavad endast riigiabi Euroopa Liidu toimimise lepingu artikli 107 lõike 1 tähenduses.
Since the Bank is active in other Member States and since financial institutions from other Member States operate or would potentially be interested in operating in Greece, the advantage granted to the Bank affects trade between Member States.
Meetmete B1, B2 ja B3 raames antud riigiabi summa oli 7335 miljonit eurot.
On the basis of the above, the Commission considers that the State-guaranteed ELA (measure L2) constitutes State aid.
Kuna Piraeuse pank kaasas 2013. aasta kevadise rekapitaliseerimise jooksul 1444 miljoni euro suuruses summas erakapitali, nagu osutati punktis 7.1.3.3, konverteeriti ainult osa esimesest ja teisest ajutisest rekapitaliseerimisest (meetmed B1 ja B2) püsivaks rekapitaliseerimiseks (meede B4).
The amount of State-guaranteed ELA has varied over time.
Kreeka finantsstabiilsuse fondi poolt 1082 miljoni euro suuruses summas (meede B3) eraldatud täiendavat kapitali ei läinud vaja ning seetõttu ei makstud seda välja.
On 31 December 2012, it amounted to around EUR 31,4 billion.
Väljamakstud riigiabi summa suurus oli seega võrdne üksnes esimese ja teise ajutise rekapitaliseerimise summaga, st 6253 miljonit eurot ning osa nimetatud abist maksti 2013. aasta kevadise kapitaliseerimise ajal kuue kuuga tagasi (meede B4), kuna erasektori osalus ületas summa, mille fond oli kohustunud eraldama.
After a sharp decrease in 2013, it amounted to only EUR 750 million at the end of that year.
Ümberkorraldamisteatise punktis 31 on märgitud, et lisaks abi summa suurusele absoluutväärtuses tuleb komisjonil arvesse võtta ka „selle suhet panga riskiga kaalutud varadesse”.
Existence of aid in the measures granted through the HFSF
Seega tekib küsimus, millist riskiga kaalutud vara taset tuleks kasutada ehk täpsemalt, kas riigiabi hindamise aluseks tuleks võtta olemasolev riskiga kaalutud vara nimetatud perioodi alguses või lõpus.
First bridge recapitalisation (measure B1)
Meetmete B1, B2 ja B3 eesmärk oli katta Kreeka keskpanga poolt 2012. aasta märtsis kindlaks määratud kapitalivajadus (2012. aasta stressitest).
In section 5.1 of the Piraeus Opening Decision, the Commission has already concluded that the first bridge recapitalisation constitutes State aid.
See asjaolu tõendab veelkord, et meetmed B1, B2 ja B3 kujutasid endast abimeetmeid, mis olid seotud Piraeuse panga näitajatega 31. märtsi 2012. aasta seisuga.
The capital received amounted to EUR 4,7 billion.
Piraeuse pangale anti abi esimese ja teise ajutise rekapitaliseerimise (meetmed B1 ja B2) ning Kreeka finantsstabiilsuse fondi võetud kohustuse (meede B3) summa, st 7335 miljoni euro ehk 21,5 % ulatuses Piraeuse panga riskiga kaalutud varast 31. märtsi 2012. aasta seisuga.
Second bridge recapitalisation (measure B2)
Piraeuse pangale maksti välja abi esimese ja teise ajutise rekapitaliseerimise (meetmed B1 ja B2) summa, st 6253 miljoni euro ehk 18,4 % ulatuses panga riskiga kaalutud varast 31. märtsi 2012. aasta seisuga.
Measure B2 was implemented with HFSF resources, which, as explained in recital 65 of the Piraeus Opening Decision, involve State resources.
Kuna Piraeuse pank suutis kaasata erakapitali, oli lõplik summa, mille Kreeka finantsstabiilsuse fond eraldas Piraeuse pangale lihtaktsiates, 5891 miljonit eurot, mis moodustab 31. märtsi 2012. aasta seisuga 17,3 % panga riskiga kaalutud varast.
As regards the existence of an advantage, measure B2 increased the Bank’s capital ratio to a level that allowed it to continue to function on the market and to access Eurosystem funding.
Järeldus Piraeuse panga saadud abi olemasolu ja kogusumma kohta
Furthermore, the remuneration of measure B2 consisted of the accrued interests on EFSF notes and an additional 1 % fee.
Meetmed A, B1, B2, B3, B4, L1 ja L2 kujutavad endast riigiabi Euroopa Liidu toimimise lepingu artikli 107 lõike 1 tähenduses.
Because that remuneration is manifestly lower than the remuneration of similar capital instruments in the market, the Bank would have certainly been unable to raise that capital on such terms in the market.
Tabelis 11 on esitatud kokkuvõte nende meetmete kohta.
Therefore, measure B2 granted an advantage to the Bank from State resources.
Tabel 11
As the measure was made available only to the Bank, it is selective in nature.
Ülevaade Piraeuse panga saadud koguabist
The position of the Bank was strengthened as a result of measure B2 since the Bank was provided with the financial resources necessary to continue to comply with the capital requirements, thus leading to distortions of competition.
Viide
Since the Bank is active in banking markets in other Member States and since financial institutions from other Member States operate in Greece or would potentially be interested in operating in Greece measure B2 affects trade between Member States.
Meetme liik
The Commission considers that measure B2 constitutes State aid.
Abisumma
It was notified as aid by the national authorities.
Abi/riskiga kaalutud vara
The capital received amounted to EUR 1553 million.
Eelisaktsiad
Commitment letter (measure B3)
Kapitalitoetus
By measure B3, the HFSF committed to provide the additional capital necessary to complete the recapitalisation of the Bank up to the amount requested by the Bank of Greece in the framework of the stress test of 2012.
750 miljonit eurot
The HFSF receives its resources from the State.
Esimene ajutine rekapitaliseerimine
The letter therefore commits State resources.
Teine ajutine rekapitaliseerimine
Accordingly the use of those State resources is imputable to the State.
4700 miljonit eurot
The HFSF gave a commitment to provide up to EUR 1082 million of additional capital.
1553 miljonit eurot
That commitment also facilitated the raising of private capital from the market, since investors were reassured that, if the Bank could not find part of the capital from the market, the HFSF would provide it.
Piraeuse pangale antud kapitaliabi kokku A + B1 + B2 + B3
No private investor would have accepted to commit before the terms of the recapitalisation were known, and at that time the Bank had no access to capital markets.
8085 miljonit eurot
That advantage is selective since it was not granted to all the banks operating in Greece.
Pangale välja makstud abi kokku A + B1 + B2
Since the Bank is active in other Member States and since financial institutions from other Member States operate or would potentially be interested in operating in Greece, measure B3 is also likely to affect trade between Member States and to distort competition.
7003 miljonit eurot
Measure B3 therefore constitutes aid and was notified as State aid by the Greek authorities.
Rekapitaliseerimine
HFSF’s participation in the Spring 2013 recapitalisation to cover the capital needs of the stress test of 2013 (measure B4)
5891 miljonit eurot
HFSF’s participation in the Spring 2013 recapitalisation aiming to cover the capital needs identified in the stress test of 2012 (measure B4) is the partial conversion of the first and second bridge recapitalisations (measures B1 and B2) into a permanent recapitalisation of EUR 5891 million in ordinary shares.
Piraeuse pangale välja makstud abi kokku, millest on lahutatud 6 kuu jooksul tagasi makstud abi
Since measure B4 is the partial conversion of aid already granted, it still involves State resources but it does not increase the nominal amount of aid.
6641 miljonit eurot
However for a given nominal amount of aid, it increases the advantage to the Bank (and therefore the distortions of competition) since it is a permanent recapitalisation and not a temporary recapitalisation as in the case of measures B1 and B2.
Abi nominaalsumma
The Commission notes that such support was not granted to all banks operating in Greece.
Likviidsustoetus
As regards distortions of competition and effect on trade, the Commission notes for instance that the aid enabled the Bank to pursue its operations in other Member States.
Tagatis
A liquidation of the Bank would have led to the termination of its activities abroad, through the liquidation of those activities or their sale.
Obligatsiooni-laen
In addition, certain banks from other Member States were operating in Greece.
Tagatisi: 9,9 miljardit eurot
Therefore, the measure distorts competition and affects trade between Member States.
Obligatsioonilaene: 1,3 miljardit eurot
The Commission therefore considers that measure B4 constitutes State aid.
Riigi tagatud erakorraline likviidsusabi
Conclusion on measures B1, B2, B3 and B4
Rahastamine ja tagatis
Measures B1, B2, B3 and B4 constitute State aid within the meaning of Article 107(1) of the Treaty.
31,4 miljardit eurot
The amount of State aid included in measures B1, B2, and B3 is EUR 7335 million.
Piraeuse pangale antud likviidsusabi kokku