natgillin/translations-raw huggingface dataset:
The Recapitalisation Communication [125] sets out further guidance on the level of remuneration required for State capital injections.
Lisaks toimus New TT Banki majandustegevuse pakkumine konkurentidele avatud ja mittediskrimineeriva enampakkumise kaudu.
Finally, the Commission has explained in the Restructuring Communication [126] how it will assess restructuring plans.
Märkimisväärne osa abimeetmetest NTT1 ja NTT2 oli pigem vajalik võla kustutamise tõttu riigi kasuks (erasektori kaasamise programmi raames) ning erakordselt kauaaegse majanduslanguse, mitte kohatute laenamistavade tõttu.
In its assessment of the restructuring plan of the Bank under the Restructuring Communication, the Commission will take into account all the measures listed in Table 8.
Lisaks oli New TT Banki tegevusmaht väike, müügiprotsess avatud, läbipaistev ja mittediskrimineeriv ning New TT Bank lõpetab tegevuse iseseisva konkurendina.
Compatibility of the aid measures with the 2008 Banking Communication and the Recapitalisation Communication
Seepärast järeldab komisjon, et olenemata väga suurest abisummast ja antud riigiabi ebapiisavast hüvitamisest ei esine põhjendamatut konkurentsi moonutamist.
Compatibility of measure T with the 2008 Banking Communication and the Recapitalisation Communication
Järeldus abimeetmete T, TT, NTT1 ja NTT2 kokkusobivuse kohta ümberkorraldamisteatisega
Regarding measure T, in its T Bank Decision the Commission found that the intervention fulfils the requirements of Article 107(3)(b) of the Treaty and decided it was compatible with the internal market for reasons of financial stability for a period of six months as from the date of adoption of that Decision.
Komisjon järeldab, et New TT Banki müük Eurobankile ning seotud ümberkorraldused tagavad New TT Banki pikaajalise elujõulisuse, abi piiramise vajaliku miinimumiga ja põhjendamatu konkurentsi moonutamise ärahoidmise.
The Greek authorities did not submit an updated restructuring plan for TT Bank which took into account the integration of T Bank’s activities into TT Bank before the end of that six-month period.
Kõik tabelis 8 loetletud abimeetmed tuleks lugeda kokkusobivaks siseturuga.
However, in recital 83 of the New TT Opening Decision the Commission considered that omission was understandable as a decision had been taken in the meanwhile that TT Bank would be resolved.
EUROBANKILE ANTUD ABI HINDAMINE
As the Greek authorities submitted a restructuring plan for New TT Bank in January 2013 and an updated one in March 2013, both of which deal with the activities transferred from T Bank to TT Bank, the Commission, in its New TT Opening Decision, approved measure T provisionally as rescue aid until a final decision was taken on measures T, TT, NTT1 and NTT2.
ABI OLEMASOLU JA SUURUS
Compatibility of measure TT with the 2008 Banking Communication
Abi olemasolu Kreeka pankade toetuskava raames võetud meetmete puhul
In its Decision of 19 November 2008 [127] the Commission has already concluded that measure TT, which was granted in May 2009 under the recapitalisation measure which is part of the Greek Banks Support Scheme, is compatible rescue aid under the 2008 Banking Communication.
Tagatisena ja riigivõlakirjadena antud riigi likviidsustoetus (meede L1)
The decision of 19 November 2008 did not refer to the Recapitalisation Communication, which had not been adopted at that time.
Komisjon on oma otsustes Kreeka pankade toetuskava [131] heakskiitmise ja pikendamise kohta juba sätestanud, et kava raames antud likviidsustoetus kujutab endast abi.
Compatibility of measures NTT1 and NTT2 with the 2008 Banking Communication and the Recapitalisation Communication
15. aprilli 2011. aasta seisuga oli tagatissumma 13600 miljonit eurot, 30. novembril 2013. aastal oli see tõusnud 13932 miljonile eurole.
The Commission has already temporarily approved measures NTT1 and NTT2 as rescue aid in the New TT Opening Decision.
Kava raames antav edasine likviidsustoetus kujutab samamoodi abi.
Compatibility of aid measures T, TT, NTT1 and NTT2 with the Restructuring Communication
Rekapitaliseerimiskava raames kohaldatud riigipoolne rekapitaliseerimine (meede A)
Lack of appropriate remuneration of the aid: to be taken into account in the assessment under the Restructuring Communication
Oma 19. novembri 2008. aasta otsuses on komisjon juba sätestanud, et Kreeka pankade toetuskava raames võetud rekapitaliseerimismeede kujutab endast abi.
In recital 45 of the T Bank Decision, the Commission noted that the HDIGF and the HFSF will probably not recover any money and that the financing of the funding gap from T Bank to TT Bank is therefore similar to a grant.
Eurobankile on eraldatud 950 miljonit eurot eelisaktsiaid, mis moodustavad 2 % panga riskiga kaalutud varast [132].
Moreover, as concluded in recital 101 of the New TT Opening Decision, the HFSF could expect to recover only part of its initial share capital injection of EUR 500 million (measure NTT2).
2010. aastal viis Kreeka sisse mitmed muudatused eelisaktsiate tehnilistesse parameetritesse.
Moreover, the Commission observed that there will be no remuneration for the HFSF covering the funding gap from TT Bank to New TT Bank (measure NTT1) and there is a very small likelihood that the HFSF will recover much of the EUR 3,7 billion.
Et muudatused tõstavad riigihüvitist, st kupongimaksed kasvavad igal aastal 2 %, kui eelisaktsiaid ei ole viie aasta jooksul tagasi ostetud, järeldab komisjon, et tehniliste parameetrite muutmine ei too Eurobankile kaasa eelist ega sisalda seega täiendavat riigiabi.
Finally, the Commission notes that the State will most probably not recover any amount in respect of measure TT since its equity claims, related to the preference shares issued in May 2009, remained in TT Bank, which was put into liquidation.
Abi olemasolu riigi tagatud likviidsusabi puhul (meede L2)
As indicated in recitals 77 and 102 of the New TT Opening Decision, the absence of remuneration triggers the need for in-depth restructuring, both in terms of viability measures and in terms of measures to limit distortions of competition.
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.
Long-term viability of New TT Bank’s activity through sale
Et riigi tagatud erakorraline likviidsusabi ei ole nimetatud nelja kumulatiivse tingimusega kooskõlas (eeskätt riigi tagatise tõttu ja seepärast, et see eraldati koos muude toetusmeetmetega), kujutab see abi.
In section 3.2.4.1 of the New TT Opening Decision, the Commission raised serious doubts as to whether New TT Bank could restore its long-term viability on a stand-alone basis and whether New TT Bank could achieve the planned growth of income.
Riigi tagatud erakorraline likviidsusabi vastab aluslepingu artikli 107 lõike 1 tingimustele.
Moreover, it pointed out that New TT Bank had taken only a limited number of measures to generate profits and that there was a lack of measures on the part of New TT Bank to reduce personnel costs and to rationalise the branch network.
Esiteks hõlmab meede riigitagatise andmist Kreeka keskpangale ning mis tahes kahjumi kannab riik.
It also referred to the synergies that could be achieved by the integration of New TT Bank into a large financial entity.
Seega hõlmab meede riigi vahendeid.
Moreover, in line with the MEFP, the sale of the New TT Bank was a priority action, taking into consideration the public interest and financial stability, as well as the protection of the HFSF’s assets.
Erakorraline likviidsusabi võimaldab pankadel saada rahalisi vahendeid olukorras, kus neil puudub juurdepääs hulgirahastamise turgudele ja eurosüsteemi tavapärastele refinantseerimistehingutele.
Therefore, the fact that the activities of New TT Bank are now placed within the Bank allows their long-term viability to be restored.
Seega andis riigi tagatud erakorraline likviidsusabi Eurobankile eelise.
New TT Bank ceases to exist as an autonomous competitor.
Et erakorraline likviidsusabi piirdub pangandussektoriga, on meede valikuline.
The operational merger between New TT Bank and the Bank was completed by 14 April 2014.
Ning kuna riigi tagatud erakorraline likviidsusabi võimaldas Eurobankil turul edasi tegutseda, vältida makseviivitusi ja turult lahkumist, on tegemist konkurentsi moonutamisega.
The ‘Hellenic Postbank’-branded branch network will be reduced (the Bank intends to keep the brand ‘Hellenic Postbank’ for certain branches, while the ‘T-bank’ brand will not be kept and the ‘T-bank’ branch network will be nearly entirely closed) in combination with the full operational integration of back office and other headquarter functions within the Bank.
Kuna pank tegutseb ka muudel Euroopa finantsturgudel ja kuna teiste liikmesriikide finantsasutused tegutsevad või oleksid olnud huvitatud tegutsemisest omakorda Kreekas, mõjutab eelis ka liikmesriikidevahelist kaubandust.
The Commission concludes that the restructuring plan ensures that an in-depth restructuring as required by the insufficient remuneration will be achieved.
Riigi tagatud erakorraline likviidsusabi (meede L2) kujutab endast riigiabi.
The Commission’s concerns expressed in recital 99 of the New TT Opening Decision, as to whether the restructuring costs were inflated given the restructuring of New TT Bank on a stand-alone basis, were addressed by the Voluntary Exit Scheme [128], which was implemented by New TT Bank on a stand-alone basis in July 2013, and by the sale of New TT Bank to the Bank.
Nimetatud likviidsusabi suurus on olnud varieeruv.
More precisely, the rationalisation of the branch network, the full integration of T Bank and the full operational integration of New TT Bank into the Bank limit the restructuring costs to the minimum.
31. detsembril 2012 oli see umbes 12 miljardit eurot.
Concerning burden-sharing of shareholders and subordinated debt holders, the Commission has already established, in recital 100 of the New TT Opening Decision, that the shareholders and subordinated debt holders were not transferred to New TT Bank but have remained in TT Bank, that is to say, the entity in liquidation.
Abi olemasolu Kreeka finantsstabiilsuse fondi võetud meetmete puhul
Therefore, the Commission considers that the restructuring costs are limited to the minimum and that sufficient burden-sharing has been achieved.
Esimene ajutine rekapitaliseerimine (meede B1)
However, as already concluded in recital 251, the absence of remuneration triggered the need for in-depth restructuring, both in terms of viability measures and in terms of measures to limit distortions of competition.
Eurobanki uurimise algatamise otsuse punktis 5.1 on komisjon juba järeldanud, et esimene ajutine rekapitaliseerimine kujutab endast riigiabi.
Regarding the amount of aid received, the Commission recalls that, in recital 104 of the New TT Opening Decision, it noted that New TT Bank has received EUR 4,6 billion of aid (measures NTT1 and NTT2), which represents more than 70 % of the RWA of TT Bank and more than 90 % of the RWA of New TT Bank.
Saadud kapital on 3970 miljonit eurot.
Further the Commission noted that TT Bank (which is the legal entity which previously performed the activities which were harboured in New TT Bank) had previously received aid under the Greek Banks Support Scheme [129] TT Bank received a first capital injection of EUR 224,96 million in the form of preference shares (measure TT), which was equivalent to 2,9 % of its RWA at that time.
Teine ajutine rekapitaliseerimine (meede B2)
Furthermore, on the resolution of T Bank, the activities of T Bank that were transferred to TT Bank received a resolution aid of approximately EUR 678 million (measure T), which was equivalent to 37,7 % of the RWA of T Bank as at the merger reference date (31 March 2011).
Meede B2 viidi ellu finantsstabiilsuse fondi vahenditest, mis hõlmasid riigi vahendeid, nagu on selgitatud Eurobanki uurimise algatamise otsuse põhjenduses 47.
Such amounts of aid in combination with the absence of remuneration call for a deep restructuring.
Mis puutub eelise olemasollu, siis tõstis meede B2 Eurobanki omavahendite suhtarvu tasemele, mis võimaldas jätkata turul tegutsemist ja saada juurdepääsu eurosüsteemi rahalistele vahenditele.
On the other hand, in recital 104 of the New TT Opening Decision, the Commission pointed out the circumstances under which the aid was granted.
Lisaks kujutab meetme B2 hüvitamine intresside kogunemist Euroopa Finantsstabiilsuse Fondi (EFSF) võlakirjadele, samuti täiendavat 1 % suurust tasu.
More precisely, a significant part of the losses which TT Bank has incurred in recent years do not seem to stem from risk-taking activities but from the holding of GGBs.
Et hüvitis on ilmselt väiksem sarnaste turul liikuvate kapitaliinstrumentide hüvitistest, ei oleks Eurobank kindlasti suutnud sellistel tingimustel samaväärsel hulgal kapitali turult hankida.
The Commission also observed that the high loan losses on lending to households and corporations stem mainly from the exceptionally deep and long recession and not from risky lending.
Seega kujutas meede B2 Eurobankile riigi vahenditest eelise andmist.
The aid therefore seems to create few distortions of competition.
Et meede oli kättesaadav vaid Eurobankile, on see valikuline.
However, the Commission observed that, proportionally to its size, TT Bank had held far more GGBs than the other banks in Greece, a factor that reflects some inappropriate risk-taking.
Meetme B2 tulemus on Eurobanki seisundi tugevnemine ja konkurentsi moonutamine, sest abisaaja käsutusse anti rahalisi vahendeid, mis olid vajalikud kapitalinõuete täitmiseks.
As already noted, New TT Bank ceases to exist as an autonomous competitor that determines its policy on a stand-alone basis.
Kuna Eurobank tegutseb ka muudel Euroopa pangandusturgudel ja kuna teiste liikmesriikide finantsasutused tegutsevad omakorda Kreekas, eeskätt kindlustusturul, mõjutab meede B2 tõenäoliselt ka liikmesriikidevahelist kaubandust.
The restructuring plan of the Bank is based on the assumption of the full integration of New TT Bank, even if the Bank will continue to use the brand ‘Hellenic Postbank’ for some branches and products.
Komisjoni leiab, et meede B2 kujutab endast riigiabi.
Regarding the market on which New TT Bank operated, in recital 106 of the New TT Opening Decision, the Commission pointed out that TT Bank was a medium-sized bank in Greece (approximately 6 % in terms of deposits) and that the assets and liabilities of TT Bank that were transferred into New TT Bank were relatively small compared to the size of the Greek banking system.
Riigi pädevad asutused käsitlesid oma teatises seda samuti abina.
Therefore, it concluded that, despite the exceptionally large aid amount, the distortions of competition caused by the aid to New TT Bank could be considered to be rather limited.
Saadud kapital on 1341 miljonit eurot.
The planned downsizing of the ‘Hellenic Postbank’-branded branch network, with a reduction of approximately 50 branches [130] out of 196, further confirms the assessment in recital 263 that the distortions of competition caused by the aid to New TT Bank could be considered to be rather limited.
Kohustuse võtmise kinnitus (meede B3)
Moreover, the activities of New TT Bank were offered to competitors through an open and non-discriminatory auction.
Meetmega B3 võttis Kreeka finantsstabiilsuse fond kohustuse anda Eurobanki rekapitaliseerimise lõpuleviimiseks vajalikku täiendavat kapitali summa ulatuses, mille Kreeka keskpank 2012. aasta stressitesti raames kehtestab.
A significant part of aid measures NTT1 and NTT2 was needed because of a waiver of debt in favour of the State (in the form of the PSI programme) and because of the exceptionally long recession rather than as a consequence of inappropriate lending practices.
Kreeka finantsstabiilsuse fondist finantsasutustele toetuse eraldamise tingimused on täpselt määratletud ja piiritletud seadusega.
Additionally, the size of the activities of New TT Bank was small, the sale process was open, transparent and non-discriminatory, and New TT Bank will not continue to exist as an autonomous competitor.
Seega võib riigi vahendite kasutamist käsitada riikliku meetmena.
Therefore the Commission concludes that, despite the large amount of aid and the absence of appropriate remuneration for the State aid granted, there is no undue distortion of competition.
Finantsstabiilsuse fond võttis kohustuse eraldada täiendavat kapitali kuni 528 miljonit eurot.
Conclusion on the compatibility of aid measures T, TT, NTT1 and NTT2 with the Restructuring Communication.
Kohustuse võtmise kinnitus andis pangale eelise, kuna see taastas hoiustajate kindluse, et Eurobank suudab hankida kogu vajaliku kapitali, st saada finantsstabiilsuse fondist kapitali juhul, kui ta seda turult hankida ei suuda.
The Commission concludes that the sale of New TT Bank to the Bank and the associated restructuring ensure New TT Bank’s long-term viability, the limitation of aid to the minimum necessary and the absence of undue distortions of competition.
Kohustus hõlbustab ka turult erakapitali hankimist, kuna investorid said kinnituse, et kui Eurobank ei suuda turult osa kapitali hankida, eraldab selle finantsstabiilsuse fond.
All the aid measures listed in Table 8 should be declared compatible with the internal market.
Ükski erainvestor ei oleks enne rekapitaliseerimise tingimuste teatavaks tegemist nõustunud kohustusi võtma ning Eurobankil ei olnud sel ajal juurdepääsu kapitaliturule.
ASSESSMENT OF AID GRANTED TO THE BANK
Kuna Eurobank tegutseb ka muudel Euroopa finantsturgudel ja kuna teiste liikmesriikide finantsasutused tegutsevad omakorda Kreekas, eeskätt kindlustusturul, mõjutab meede B3 tõenäoliselt ka liikmesriikidevahelist kaubandust ja moonutab konkurentsi.
EXISTENCE AND THE AMOUNT OF AID
Seega kujutab meede B3 endast abi ja Kreeka ametiasutused teatasid sellest kui abist 27. detsembril 2012.
Existence of aid in the measures granted under the Greek Banks Support Scheme
2013. aasta kevadine rekapitaliseerimine (meede B4) kujutab esimese ja teise ajutise rekapitaliseerimise (meetmed B1 ja B2) ning kohustuse võtmise kinnituse (meede B3) konverteerimist püsivaks rekapitaliseerimiseks väärtuses 5839 miljonit eurot tavaaktsiate vormis.
State liquidity support granted under the guarantee and the government bond loan measures (measure L1)
Et meede B4 kujutab juba antud abi konverteerimist, sisaldab see endiselt riigi vahendeid, kuid ei suurenda abi nominaalväärtust.
The Commission has already established in the decisions approving and prolonging the Greek Banks Support Scheme [131] that liquidity support granted under the scheme constitutes aid.
Siiski suurendab see Eurobanki saadud eelist (ja seega konkurentsimoonutusi), kuna tegemist on püsiva ja mitte ajutise rekapitaliseerimisega, nagu olid meetmed B1 ja B2.
The outstanding amount of guarantees as of 15 April 2011 was EUR 13600 million, and reached EUR 13932 million as of 30 November 2013.
Võrreldes meetmega B3, mis on vaid kohustus ja mitte tegelik rekapitaliseerimine, tõstis meede B4 Eurobanki kapitali adekvaatsust ning andis seega suurema eelise.
Future liquidity support granted under that scheme would also constitute aid.
Komisjon märgib, et kõik Kreekas tegutsevad pangad sellist abi ei saanud.
The Commission has already established in the Decision of 19 November 2008 on the Greek Banks Support Scheme that recapitalisations to be granted under the recapitalisation measure included under that scheme will constitute aid.
Panga likvideerimine oleks toonud kaasa tegevuse lõpetamise välisturgudel kas likvideerimise või ettevõtete müügi teel.
The Bank has received EUR 950 million by means of preference shares, which represents 2 % of the Bank’s RWA [132].
Lisaks konkureerib Eurobank Kreekas oma kindlustusteenustega muudest liikmesriikidest pärit kindlustusettevõtete tütarettevõtjatega.
In 2010 Greece introduced several changes to the technical parameters of those preference shares.
Seega piiratakse meetmega konkurentsi ja see mõjutab liikmesriikide vahelist kaubandust.
Given that the changes increase the remuneration of the State, with an automatic increase of the coupon by 2 % each year if the preference shares are not redeemed within five years, the Commission concludes that the modifications of the technical parameters do not provide any advantage to the Bank and hence do not involve additional State aid.
Meede B4 kujutab endast järelikult riigiabi.
Existence of aid in the State-guaranteed ELA (measure L2)
Järeldus meetmete B1, B2, B3 ja B4 kohta
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.
Meetmed B1, B2, B3 ja B4 kujutavad endast riigiabi aluslepingu artikli 107 lõike 1 tähenduses.
Since the State-guaranteed ELA to the Bank does not comply with those four cumulative conditions, notably because it is State guaranteed and it is granted in conjunction with other support measures, it constitutes aid.
Meetmetes B1, B2, B3 ja B4 sisalduv riigiabi moodustab 5839 miljonit eurot – summa, mille Kreeka finantsstabiilsuse fond ka tegelikult Eurobankile välja maksis.
The State-guaranteed ELA meets the conditions laid down in Article 107(1) of the Treaty.
Ümberkorraldamisteatise punktis 31 on märgitud, et lisaks abi absoluutsummale on komisjon võtnud arvesse ka panga riskiga kaalutud varaga seotud abi.
First, because this measure includes a State guarantee in favour of the Bank of Greece, any loss will be borne by the State.
Seoses sellega tekib küsimus, milline riskiga kaalutud vara näitaja aluseks võtta – kas perioodi alguse või lõpu oma.
The measure therefore involves State resources.
Meetmete B1, B2, B3 ja B4 eesmärk on katta Kreeka keskpanga 2012. aasta märtsis kindlaks määratud kapitalivajadus (2012. aasta stressitest).
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.
Asjaomasest tegurist nähtub, et meetmed B1, B2, B3 ja B4 kujutasid endast abimeetmeid, mis olid seotud Eurobanki näitajatega seisuga 31. märts 2012.
The State-guaranteed ELA to the Bank therefore grants an advantage to it.
Esimene ja teine ajutine rekapitaliseerimine ning kohustuste võtmise kinnitus moodustasid kokku 5839 miljonit eurot.
Since ELA is limited to the banking sector the measure is selective.
Asjaomane summa moodustab 13,8 % Eurobanki riskiga kaalutud varast seisuga 31. märts 2012.
And since 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.
31. märtsil 2014 esitas finantsstabiilsuse fond Eurobankile kohustuse võtmise kinnituse lubadusega osaleda panga aktsiakapitali suurendamises kogusummas kuni 2864 miljonit eurot (meede C).
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.
Põhjenduses 277 selgitatud põhjustel hõlmab meede riigi vahendeid.
The State-guaranteed ELA (measure L2) constitutes State aid.
Meede andis Eurobankile eelise, kuna sellega tagati pangale vajaliku kapitali olemasolu, mis omakorda taastab hoiustajate usalduse ja hõlbustab kapitali hankimist erainvestoritelt.
The amount of State-guaranteed ELA has varied over time.
Kui erainvestorid ei märgi kogu kapitali suurendamise summat, peab finantsstabiilsuse fond oma kohustuse võtmise kinnituse kohaselt tegema pangale tegeliku kapitalisüsti.
At 31 December 2012 it amounted to around EUR 12 billion.
Kapitalisüst annaks võrreldes kohustuse võtmise kinnitusega Eurobankile suurema eelise.