natgillin/translations-raw huggingface dataset:
The Commission therefore considers that the baseline capital needs estimated by the Bank of Greece assume a certain degree of stress.
Vt punkt 2.3.1.2, „Rekapitaliseerimismeetme raames kohaldatud riigipoolne rekapitaliseerimine”.
To conclude that the Bank is viable, the Commission does not require that the Bank has enough capital upfront to cover the stressed scenario capital needs estimated by the Bank of Greece, as the latter estimated level represents a high level of stress and as the March 2014 capital raising shows that the Bank has regained access to capital markets.
Emporiki panga konsolideeritud finantsaruanne, 31. detsember 2011, lk 9.
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.
Finantsstabiilsuse fondi iga-aastane finantsaruanne perioodi kohta 1. jaanuarist 2012 kuni 31. detsembrini 2012, lk 8, internetis kättesaadav: http://www.hfsf.gr/files/hfsf_annual_report_2012_en.pdf.
It is therefore concluded that the Bank has taken sufficient measures to restore its long-term viability.
http://www.alpha.gr/files/deltia_typou/Deltio_Typou_20130201EN.pdf.
Own contribution and burden-sharing
Ostu- ja ülevõtmismenetlus on kriisilahendusmenetlus, mille käigus tehakse kindlaks likvideeritava juriidilise isiku kvaliteetsed varad ja kohustused ning seejärel müüakse enampakkumisel, et kanda need lõppkokkuvõttes üle elujõulisele äriühingule.
As stated in the Restructuring Communication, banks and their stakeholders need to contribute to the restructuring as much as possible in order to ensure that aid is limited to the minimum necessary.
Kreeka keskpanga krediidi- ja kindlustuskomisjoni 8. veebruari 2013. aasta otsus nr 97/3.
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.
Vt Kreeka keskpanga kriisilahendusmeetmete komisjoni 8. detsembri 2013. aasta otsus nr 14/4.
Own contribution by the Bank: divestments and cost cutting
Vt Kreeka keskpanga kriisilahendusmeetmete komisjoni 8. detsembri 2013. aasta otsus nr 14/5.
The Bank has already divested some small foreign businesses (Ukraine) and deleveraged part of its portfolio in order to enhance both its capital adequacy and its liquidity position.
Termin „likviidsuspuudujääk” võib siinkohal olla eksitav, kuna see on seotud kapitalitoetuse meetme ja mitte likviidsusabiga.
For instance the Bank has deleveraged EUR 1,9 billion of foreign assets from 2009 to 2013 [114].
Kreeka keskpanga krediidi- ja kindlustuskomisjoni 8. veebruari 2013. aasta otsus nr 97/2.
The restructuring plan foresees the sale of further assets in South-Eastern Europe, as described in recital 107.
Vt Kreeka keskpanga kriisilahendusmeetmete komisjoni 8. detsembri 2013. aasta otsus nr 14/1.
Considering the deleveraging and the divestments already implemented and following the implementation of those commitments, the Bank will have significantly reduced its geographical footprint in South-Eastern Europe.
Vt Kreeka keskpanga kriisilahendusmeetmete komisjoni 8. detsembri 2013. aasta otsus nr 14/2.
The downsizing of the Bank’s international assets will also significantly reduce the contingent risk that aid will be needed in the future.
Kreeka keskpanga krediidi- ja kindlustuskomisjoni 8. veebruari 2013. aasta otsus nr 97/1.
It therefore helps to reduce the amount of aid to the minimum.
Vt Kreeka keskpanga kriisilahendusmeetmete komisjoni 8. detsembri 2013. aasta otsus nr 14/7.
The Bank sold its insurance activities in 2007.
Vt Kreeka keskpanga kriisilahendusmeetmete komisjoni 8. detsembri 2013. aasta otsus nr 14/8.
It therefore has no significant activity in that market which could be sold to generate resources.
Pangaautomaat on elektromehhaaniline pangandusseade, mille abil kliendid saavad teha põhilisi tehinguid ilma filiaali esindaja (telleri) abita, näiteks võtta välja sularaha.
In order to limit its capital needs, the Bank will not use capital to support or grow its foreign subsidiaries, as described in recital 119.
Kreeka ametiasutuste 24. juunil 2014 esitatud teave.
Additionally, the commitments made by Greece provide that the Bank will not make further acquisitions.
Alpha panga ümberkorralduskava, 2014. aasta juuni, lk 64.
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
Riskiga kaalutud varade näitaja on reguleeriv koondnäitaja, millega mõõdetakse finantsasutuse riskipositsiooni ning mida järelevalveasutused kasutavad finantsasutuste kapitali adekvaatsuse kontrollimiseks.
Its costs will further decrease until 2017.
Konfidentsiaalne informatsioon.
Its workforce is being reduced and salaries adjusted downwards.
Kreeka keskpanga 7. novembri 2011. aasta kirja kohaselt kehtivad tagatised erakorralise likviidsusabi suhtes tervikuna.
Greece has also committed to limit the remuneration of the Bank’s managers, […].
Kreeka keskpanga 7. aprillil 2014 esitatud teave.
Burden-sharing by historical shareholders and new capital raised on the market
Alpha panga ümberkorralduskavale lisatud finantsprognoosid, 2014. aasta juuni.
The historical shareholders of the Bank were diluted by the rights issue completed in 2009 [115] and then again by the HFSF recapitalisation (measure B4) and private capital raising of 2013 and March 2014.
Vt joonealune märkus nr 4.
For instance, the stake held by the shareholders of the Bank, which at the time included the investors that injected money in 2009, was reduced from 100 % prior to the Spring 2013 recapitalisation to only 4,9 % after that recapitalisation.
Aktsiate märkimise eellepingus on sätestatud, et pangale makstav tegeliku riski tasu hõlmab EFSFi võlakirju ja mis tahes kupongimakseid, samuti intressi, mis on kogunenud alates võlakirjade väljastamisest kuni ettemakse konverteerimiseni osakapitaliks ja muudeks vahetusinstrumentideks vastavalt lepingus ette nähtud sätetele.
In addition, the Bank has not paid any dividend in cash since 2008.
Vt tabel 3.
In addition to that burden-sharing by historical shareholders, the Bank has raised a significant amount of private capital since the crisis started in 2008, that is to say EUR 986 million in 2009, EUR 550 million in 2013 and EUR 1200 million in 2014.
http://www.alpha.gr/files/investorrelations/deltio_typou_20130501EN.pdf.
Burden-sharing by subordinated debt holders
http://www.alpha.gr/files/investorrelations/Deltio_Typou_20130603EN.pdf.
The Bank’s subordinated debt holders have contributed to the restructuring costs of the Bank.
Aktsiatükeldus on protseduur, mille käigus äriühing jagab olemasolevad aktsiad mitmeks.
The Bank performed several liability management exercises in order to generate capital.
http://www.alpha.gr/files/investorrelations/EA20130416EN.pdf.
The total amount of liabilities exchanged reached EUR 828 million, with a capital gain of EUR 436 million, as described in recital 114.
http://www.hfsf.gr/files/HFSF_activities_Jan_2013_Jun_2013_en.pdf.
The still outstanding instruments are subject to the coupon ban mentioned in recital 124.
http://www.alpha.gr/files/investorrelations/1306010_Warrants_en.pdf.
Therefore, the Commission considers that an adequate burden-sharing from the bank’s private hybrid investors is ensured and the requirements of the Restructuring Communication in that respect are met.
Vt joonealune märkus nr 38.
The downsizing only concerns the foreign activities [116], which account for a limited part of the Bank [117] and the restructuring does not envisage any reduction of the size of the loan and deposit books in Greece.
Alpha panga ümberkorralduskava, 2014. aasta juuni, lk 132, enne Emporiki panga omandamist.
However, in view of the elements discussed in section 7.6.1 and in particular the facts that Alpha Bank is the least aided bank among the large Greek banks and that the aid received fully qualifies for the exemption lay down in point 14 of the 2011 Prolongation Communication, under which the Commission can accept a lower own contribution and burden-sharing, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures.
Alpha panga ümberkorralduskava, 2014. aasta juuni, lk 129.
Measures to limit distortions of competition
Alpha panga ümberkorralduskava, 2014. aasta juuni, lk 102–103.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
Filiaalide ja töötajate arvu suurenemine ajavahemikul 2012. aasta septembrist kuni 2013. aasta detsembrini on seotud Emporiki panga omandamisega.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Alpha panga ümberkorralduskava, 2014. aasta juuni, lk 103.
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.
Alpha panga ümberkorralduskavale lisatud finantsprognoosid, 2014. aasta juuni, Alpha panga Kreeka haru arvandmed.
In that respect, the Commission recalls that the Bank has received capital support from the State equivalent to 12 % of its RWA [118].
Alpha panga ümberkorralduskava, 2014. aasta juuni, lk 105.
In addition, the Bank has obtained liquidity guarantees amounting to EUR 14 billion at 30 November 2011 and government bond loans for an amount of EUR 1,6 billion at 30 September 2011, representing together 25 % of the Bank’s balance sheet at that date.
Alpha panga ümberkorralduskava, 2014. aasta juuni, lk 96.
In addition, the Bank received State-guaranteed ELA.
Alpha panga ümberkorralduskavale lisatud finantsprognoosid, 2014. aasta juuni, Alpha panga Kreeka haru arvandmed.
The measures to limit potential distortions of competition are thus justified in view of that large amount of aid.
Alpha panga ümberkorralduskava, 2014. aasta juuni, lk 132.
Additionally, the market share of the Bank in Greece is large, with market shares of 15 % for loans and 13 % for deposits at 31 December 2012.
Alpha panga ümberkorralduskava, 2014. aasta juuni, punkt 5.4.2.
The acquisition of Emporiki Bank and, to a much smaller extent, of the three Cooperative Banks and of the Greek activities of Citibank increased the market shares of the Bank.
http://www.alpha.gr/files/investorrelations/EA20091130EN.pdf.
After the acquisition of Emporiki Bank, the Bank’s market shares in deposits in Greece amounted to 21 % as of 30 June 2013, while its market shares in residential mortgages, consumer loans and corporate loans were 23 %, 20 % and 21 % respectively [119].
http://www.alpha.gr/files/investorrelations/EA20120507EN.pdf.
Following the acquisition of the Greek activities of Citibank, the Bank’s market share in deposits increased by less than 1 %.
Vt lisa II peatükk.
The Commission recalls that the difficulties of the Bank resulted mainly from external shocks such as the Greek sovereign crisis and the protracted recession which has disrupted the Greek economy since 2008, as has already been noted in recital 69 of the Alpha Opening Decision.
Vt lisa III peatüki A jagu.
As discussed in section 7.6.1 of this Decision, the distortive effect of the aid measures is lower in the light of those factors as is the need for measures to limit distortions of competition.
„Finantsstabiilsuse fondi väljastatud ostutähtede puhul tuleks täpsustada, et Kreeka Vabariik küsib Euroopa Komisjonilt enne Alpha panga või ükskõik millise riigiasutuse (sh finantsstabiilsuse fondi) ostutähtede tagasiostu heakskiitu; sel viisil saab komisjon veenduda, et kavandatav ostutähtede tagasiostmine ei ole vastuolus riigiabi eeskirjades sätestatud nõuetega riigi makstava tasu kohta.”
For those reasons, the Commission can exceptionally accept that, in spite of the high aid amount and the high market share, the restructuring plan does not envisage any downsizing of the balance sheet and loans in Greece.
Komisjoni teatis – Riigiabi eeskirjade kohaldamine meetmete suhtes, mida on võetud seoses finantsasutustega praeguse ülemaailmse finantskriisi olukorras (ELT C 270, 25.10.2008, lk 2).
However, the Commission notes that the State recapitalisations enabled the Bank to continue its banking activities in foreign markets.
Alpha uurimise algatamise otsuse põhjendus 59.
In that respect, the Commission notes, in addition to its deleveraging and restructuring already implemented, that the Bank will further restructure and deleverage its foreign assets by 30 June 2018 [120] in addition to the commitment not to use aid to fund the growth of those activities.
Alpha uurimise algatamise otsuse põhjendus 63.
The aid will therefore not be used to distort competition on those foreign markets.
Vt komisjoni 12. novembri 2008. aasta otsus riigiabi nr SA.
Greece has also committed to an acquisition ban, ensuring that the Bank will not use the State aid received to acquire new business.
510/2008 – Itaalia kohta, „Vendita dei beni della compagnia aerea ALITALIA”, põhjendus 146 ( ELT C 46, 25.2.2009, lk 6).
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.
Komisjoni teatis riigiabieeskirjade kohaldamise kohta alates 1. augustist 2013 finantskriisi kontekstis pankade kasuks võetavate toetusmeetmete suhtes (edaspidi „2013. aasta pangandusteatis”), punkt 80 ( ELT C 216, 30.7.2013, lk 1).
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.
Vt komisjoni 25. jaanuari 2010. aasta otsus riigiabi nr NN 19/2009 kohta, „Restructuring aid to Dunfermline Building Society” (Ümberkorraldusabi Dunfermline Building Societyle), põhjendus 47; komisjoni 25. oktoobri 2010. aasta otsus riigiabi nr N 560/2009 kohta, „Aid for the liquidation of Fionia bank” (Abi Fionia panga likvideerimiseks), põhjendus 55; komisjoni 8. novembri 2010. aasta otsus riigiabi nr N 392/2010 kohta, „Restructuring of CajaSur” (CajaSuri ümberkorraldamine), põhjendus 52.
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.
Vt joonealused märkused nr 1 ja 2.
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.
31. märtsil 2012 oli panga riskiga kaalutud vara 44,2 miljardit eurot.
MONITORING
Komisjoni teatis riigiabi eeskirjade kohaldamise kohta alates 1. jaanuarist 2012 pankade kasuks finantskriisi kontekstis võetavate toetusmeetmete suhtes (edaspidi „2011. aasta pikendusteatis”) ( ELT C 356, 6.12.2011, lk 7).
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.
Vt joonealune märkus nr 6.
As stated in the commitments given by Greece [121], 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.
Vt komisjoni otsus juhtumis nr NN 51/2008 „Guarantee scheme for banks in Denmark” (Tagatisskeem Taani pankadele), põhjendus 41 ( ELT C 273, 28.10.2008, lk 2).
It can therefore be concluded that implementation of the restructuring plan will be properly monitored.
Vt põhjendus 83: kogunenud intresse käsitatakse finantsstabiilsuse fondi täiendava panusena ning selle võrra vähenes fondist pangale 2013. aasta kevadise rekapitaliseerimise raames tehtud makse.
CONCLUSION
Vt ka punkt 7.5.1.
It is concluded that Greece unlawfully implemented aid measures B1, B2, B3 and B4 in breach of Article 108(3) of the Treaty, since they were implemented before their formal approval by the Commission.
Teoreetiline märkimisõiguseta hind on üldkasutatav turumeetod aktsiakapitali suurendamisel tekkiva lahjendusefekti kvantifitseerimiseks.
However the Commission finds that the restructuring plan, when taken together with the commitments in the Annex, ensures the restoration of long-term viability of the Bank, is sufficient with respect to burden-sharing and own contribution, and is appropriate and proportional to offset the competition distorting effects of the aid measures examined in this Decision.
Vt tabel 5.
HAS ADOPTED THIS DECISION:
Tasu arvutamisel võeti arvesse 30 % suurust hoiuste väärtuse languse määra lepingu allkirjastamise ja tehingu sõlmimise vahelisel ajal.
Article 1
Tasu korrigeeritakse tagasiulatuvalt, sõltuvalt enne tehingu sõlmimise kuupäeva kindlaks määratud tegelikust väärtuse languse määrast.
The following measures implemented by Greece constitute State aid within the meaning of Article 107(1) of the Treaty:
Vt ka punktid 7.5.1 ja 7.5.2.
the emergency liquidity assistance provided to Alpha Bank S.A. by the Bank of Greece and guaranteed by Greece (measure L2);
Vt ümberkorraldamisteatise punkt 28 ja komisjoni 5. aprilli 2011. aasta otsus 2011/823/EL meetme C 11/09 (ex NN 53b/08, NN 2/10 ja N 19/10) kohta, mida Madalmaad rakendasid ettevõtja ABN AMRO Group NV suhtes (ettevõtja loodi ettevõtjate Fortis Bank Nederland ja ABN AMRO N ühinemise järel), põhjendus 320 (ELT L 333, 15.12.2011, lk 1).
the second bridge recapitalisation of EUR 1042 million granted by the Hellenic Financial Stability Fund (‘HFSF’) to Alpha Bank S.A. in December 2012 (measure B2);
Vt põhjendus 99.
the commitment letter of EUR 1629 million granted by the HFSF to Alpha Bank S.A. on 21 December 2012 (measure B3);
Sealhulgas hoiuste ja investeeringute tagatisfondi tehtavad osamaksed.
the recapitalisation of EUR 4021 million granted by the HFSF to Alpha Bank S.A. in Spring 2013 (measure B4).
Alpha panga ümberkorralduskavale lisatud finantsprognoosid, 2014. aasta juuni, Alpha Bank S.A arvandmed.
The financing by the HFSF of the total funding gap of EUR 427 million, in the framework of the transfer of selected assets and liabilities of Cooperative Bank of Dodecanese, Evia Cooperative Bank and Cooperative Bank of Western Macedonia to Alpha Bank S.A. in December 2013, does not constitute State aid within the meaning of Article 107(1) of the Treaty.
Kreeka finantsstabiilsuse fond, 31. detsembril 2013 lõppenud aasta finantsaruanne, lk 68, kättesaadav aadressil http://www.hfsf.gr/files/hfsf_annual_report_2013_en.pdf.
In the light of the restructuring plan relating to the Alpha Bank Group (Alpha Bank and all its subsidiaries and branches) submitted on 12 June 2014 and of the commitments provided by Greece on that date, the following State aid is compatible with the internal market:
Ümberkorralduskavas osutatud finantsprognoosid erinevad Kreeka keskpanga tehtud stressitesti tulemustest, kuna test ei põhinenud samadel eeldustel ning sisaldas Kreeka keskpanga täiendavaid kohandusi.
the capital injection of EUR 940 million granted by Greece to Alpha Bank S.A. in May 2009 under the recapitalisation measure (measure A);
http://www.alpha.gr/files/deltia_typou/deltio_typou_170414EN.pdf.
the emergency liquidity assistance provided to Alpha Bank S.A. by the Bank of Greece and guaranteed by Greece since July 2011, for an amount of EUR 23,6 billion at 31 December 2012 (measure L2);
Alpha panga ümberkorralduskava, 2014. aasta juuni, lk 107.
the first bridge recapitalisation of EUR 1900 million granted by the HFSF to Alpha Bank S.A. in May 2012 (measure B1);
Vt põhjendus 116.
the second bridge recapitalisation of EUR 1042 million granted by the HFSF to Alpha Bank S.A. in December 2012 (measure B2);
Nagu osutatakse kohustustes (vt lisa II peatüki punkt 7), on tegevusulatuse vähendamine võimalik allesjäänud välismaiste tütarettevõtjate bilansimahu vähendamise ja/või nende müügi abil.
the recapitalisation of EUR 4021 million granted by the HFSF to Alpha Bank S.A. in May 2013 (measure B4).
Kavandatud omapanuse suurust tuleb võrrelda panga suurusega enne Emporiki panga, kolme ühistupanga hoiuste ning Citibanki Kreeka haru omandamist, võttes arvesse punktis 7.1.3.5 selgitatud põhjusi.
Article 2
Kui võtta arvesse üksnes tegelikult välja makstud abi, mis annab suurima eelise ning seega moonutab kõige rohkem ka konkurentsi, moodustab abi summa 11 % panga riskiga kaalutud varast.
This Decision is addressed to the Hellenic Republic.
Alpha panga ümberkorralduskava, 2014. aasta juuni, lk 36.
Done at Brussels, 9 July 2014.
Vt põhjendus 129.
6).
Kohustused sisaldavad ümberkorralduskava rakendamisega seotud kohustusi (edaspidi „ümberkorraldamiskohustused”) ning äriühingu üldjuhtimise ja äritegevusega seotud kohustusi.
It was attributed the number SA.26678 (N 560/2008).
Kohustused jõustuvad samal kuupäeval, kui komisjon võtab vastu otsuse, millega kiidetakse heaks ümberkorralduskava (edaspidi „otsus”).
That scheme was subsequently prolonged and amended as described in footnote 2.
Käesolevat teksti tõlgendatakse otsuse kontekstis ELi õigusaktide üldraamistikus ja viidates nõukogu määrusele (EÜ) nr 659/1999 [1].I PEATÜKK.
See Commission Decision of 27 July 2012 in State aid SA.34823 (2012/C) (ex 2012 NN), ‘Recapitalisation Alpha Bank by the Hellenic Financial Stability Fund’ ( OJ C 357, 20.11.2012, p.
MÕISTED Kohustuste puhul kasutatakse järgmisi mõisteid.
36).
Pank Alpha Bank S.A. ja kõik tema tütarettevõtjad.
HFSF press release, 24 December 2012, available online at: http://www.hfsf.gr/files/press_release_20121224_en.pdf
Seega hõlmab mõiste kogu Alpha panga kontserni koos Kreekas ja väljaspool Kreekat pangandus- või muu tegevusega tegelevate tütarettevõtjate ja filiaalidega.
Those measures were registered by the Commission as case SA.36004 (2013/NN).
Kapitali suurendav pakkumine pangandussektoris pakkumine, mille tulemusel panga regulatiivse kapitali suhtarv suureneb, võttes arvesse kõiki asjakohaseid elemente, eelkõige tehinguga seotud kasumit/kahjumit ning müügist tulenevat riskiga kaalutud vara vähenemist (vajaduse korral korrigeeritud, võttes arvesse riskiga kaalutud vara suurenemist allesjäänud rahastamisseoste mõjul).
The notification was registered under number SA.34823 (2012/C) (ex 2012 NN).
Tehingu sõlmimise kuupäev võõrandatava ettevõtte juriidilise omandiõiguse ostjale ülekandmise kuupäev.
European Commission – Directorate-General Economic and Financial Affairs.
Võõrandatav ettevõte kõik äriüksused ja varad, mida pank müüa kavatseb.
The Second Economic Adjustment Programme for Greece — March 2012, p.
Jõustumiskuupäev/kohustuste jõustumise kuupäev otsuse vastuvõtmise kuupäev.
17, available online at http://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp94_en.pdf
Ümberkorraldusperioodi lõppkuupäev 31. detsember 2018.
See section II ‘The restructuring of the Greek Sovereign Debt’ of the Report on the Recapitalisation and Restructuring of the Greek Banking Sector, Bank of Greece, December 2012, available online at: http://www.bankofgreece.gr/BogEkdoseis/Report_on_the_recapitalisation_and_restructuring.pdf
Välisvarad, väljaspool Kreekat asuvad varad klientide väljaspool Kreekat toimuva tegevusega seotud varad, sõltumata riigist, kus need varad on arvel.
Press release of Ministry of Finance of 9 March 2012, available online at: http://www.pdma.gr/attachments/article/80/9%20MARCH%202012%20-%20RESULTS.pdf
Näiteks ei ole käesoleva mõistega hõlmatud Luksemburgis arvel olevad varad, mis on seotud klientide tegevusega Kreekas.