natgillin/translations-raw huggingface dataset:
Specifically, the Commission criticised that the proposed balance sheet reduction was far less substantial than the Commission would normally have expected from a bank having received such a high amount of aid, both in absolute terms and in terms of risk weighted assets.
Pank prognoosib väärtuse langusega seotud kulude järk-järgulist vähenemist ümberkorraldusperioodi jooksul vastavalt alternatiivsele põhistsenaariumile.
The Commission received comments from EBS, who provided additional elements to support the restructuring plan.
Vähenemissuunda peetakse asjakohaseks, võttes arvesse, et i) Iirimaa majanduse oodatav taastumine peaks aeglustama uute laenuvõlgade tekkimise kiirust, ii) prognoositav kinnisvarahindade kasv peaks piirama hüpoteeklaenudest tekkivate kahjumite suurust ja iii) panga tõhusamad krediidijuhtimise tegevused [60] peaksid kiirendama/tõhustama laenude sissenõudmist ja laenude restruktureerimist.
In addition, two interested parties submitted comments which largely confirmed the Commission's doubts as to the adequacy of the proposed measures to address distortions of competition and burden sharing.
Selles osas kiidab komisjon heaks Iirimaa võetud kohustuse seoses panga kvalitatiivsete ja kvantitatiivsete ümberkorralduseesmärkidega VKEde ja hüpoteeklaenude portfelli valdkonnas.
Ireland did not provide any comments.
Seetõttu oodatakse kasumlikkuse järk-järgulist kasvu.
Moreover, since the comments submitted by EBS and the two interested parties relate to measures to address distortions of competition and burden sharing under a restructuring plan submitted for EBS which will no longer be implemented, those comments are not relevant as regards the restructuring plan submitted for the Bank (AIB and EBS merged), so that there is no reason for the Commission to examine them in the present decision.
Tugev kapitalipuhver
Instead, in Section 5.2 of this Decision the Commission examines the compatibility of the aid measures originally granted in favour of EBS, along with the measures originally granted in favour of AIB and those granted in favour of the Bank, in light of the restructuring plan submitted for the Bank, including the viability of the Bank, the limitation of the aid to the minimum, and the appropriateness of the measures to limit distortions of competition.
Komisjon hindab positiivselt, et pank on hästi kapitaliseeritud asutus, millel on ümberkorraldusperioodi lõpuni mugav kapitalipuhver.
POSITION OF THE IRISH AUTHORITIES
Alternatiivse põhistsenaariumi alusel säilitab pank 2017. aastal [2–6] miljardi euro suuruse kapitalipuhvri, kui minimaalseks regulatiivseks kapitalinõudeks on 8 % (ja [3–8] miljardi euro suuruse, kui künnis on 5,5 %), mis võimaldaks pangal katta edasisi kahjumeid, kui Iirimaa majanduse taastumine on prognoositust aeglasem.
Ireland accepts that the measures constitute State aid and is of the view that the measures are compatible with the internal market on the basis of Article 107(3)(b) of the Treaty as they are necessary to remedy a serious disturbance in the Irish economy.
Pangal on kasutada ka 1,6 miljardi euro ulatuses CoCo-võlakirju kapitalibaasi tugevdamiseks, kui seda vaja on.
As described in Section 2.7 of this Decision, Ireland has given a series of commitments, which are set out in detail in the Annex.
Selles osas on Iirimaa võtnud kohustuse, et pank ei osta CoCo-võlakirju tagasi enne, kui on avaldatud varade kvaliteedi läbivaatamise/stressitesti tulemused.
ASSESSMENT
Komisjon võtab teadmiseks, et pank kavatseb 2009. aasta eelisaktsiad enne ümberkorraldusperioodi lõppu tagasi osta [61].
EXISTENCE OF STATE AID
maini 2014 toimub tagasiostmine nimiväärtuses ja pärast seda kuupäeva kohaldatakse 25 % juurdehindlust.
The Commission must first assess whether the measures granted to the beneficiaries constitute State aid within the meaning of Article 107(1) of the Treaty.
Kavas on osta eelisaktsiad tagasi riigile, kes reinvesteeriks sama summa viivitamata panka omakapitali (lihtaktsiate) vormis.
According to that provision, State aid is any aid granted by a Member State or through State resources in any form whatsoever which distorts, or threatens to distort, competition by favouring certain undertakings, in so far as it affects trade between Member States.
Selle tagajärjel panga bilansimaht ei muutu.
The qualification of a measure as State aid requires the following conditions to be met: (i) the measure must be financed through State resources; (ii) it must grant an advantage upon its recipient; (iii) that advantage must be selective; and (iv) the measure must distort or threaten to distort competition and have the potential to affect trade between Member States.
Panga kapitalistruktuur uute Basel III reeglite valguses siiski paraneks [62].
Those conditions being cumulative, they must all be present before a measure is characterised as State aid.
Kõnealuse toimingu tulemusena suureneb riigi osalus pangas praeguselt 99,8 % tasemelt vähesel määral.
The Commission has already established in previous decisions [53] that the conditions set out in Article 107(1) of the Treaty are met for all restructuring aid measures listed in Table 3 and that those measures therefore constitute aid within the meaning of that provision.
Järeldus
The Commission maintains that view and notes that the total aid amount of the recapitalisation and impaired asset measures has been calculated at EUR 22,475 billion.
AIB poolt juba rakendatud algatused (s.t finantsvõimenduse vähendamine, kulude vähendamine, parem rahastamisprofiil) koos ümberkorraldusperioodi jooksul kasumlikkuse taastamiseks kavandatutega (s.t uute laenude andmine kõrgema hinnaga/olemasolevate laenude ja hoiuste ümberhindamine, töötajatega seotud kulude edasised vähendamised ja tõhusamad krediidijuhtimise tegevused [63]) on panga finantsraskuste olemust arvestades asjakohased [64].
That amount comprises recapitalisations for AIB and EBS and the merged entity of EUR 20,775 billion and impaired asset measures for AIB and EBS of EUR 1,7 billion (estimated amount).
Sellele vastavalt on ümberkorralduskavas veenvalt sätestatud õige strateegia panga pikaajalise elujõulisuse taastamiseks.
Moreover, the Commission has taken into account guarantees in favour of AIB and EBS [54].
Eespool kirjeldatud tegevuste kogum tundub sobivat panga tulevase elujõulisuse tagamiseks ilma riigi täiendava toetuseta.
In addition, the Commission considers that the redemption of the 2009 Preference Shares (before or after the step up) and the subsequent reinjection of the same amount in the form of ordinary shares do not constitute new aid.
Panga kasumlikkuse taastamine võib panga vanade varade madala tootluse tõttu siiski ümberkorraldusperioodi lõpuni venima jääda.
The Commission has already approved that measure in the Decisions in cases N 241/09 and SA.32891 (N 553/10).
Seetõttu jääb panga omakapitali tasuvus alternatiivse põhistsenaariumi alusel isegi ümberkorraldusperioodi lõpus suhteliselt madalale tasemele, kuid näitab mõõdukat kasvusuundumust.
COMPATIBILITY
Eespool toodud elemente arvesse võttes teeb komisjon kokkuvõttes järelduse, et panga ümberkorralduskavas on veenvalt sätestatud pikaajalise elujõulisuse taastamise tee.
Application of Article 107(3)(b) of the Treaty
Abi piiramine miinimumiga: omapanus ja koormuse jagamine
Article 107(3)(b) of the Treaty sets out that State aid can be regarded as compatible with the internal market where it is granted to ‘remedy a serious disturbance in the economy of a Member State’.
Ümberkorraldamisteatise punkti 3 kohaselt on vajalik abisaaja asjakohane omapanus, et piirata abi miinimumiga, hoida konkurentsimoonutused võimalikult väikestena ja vältida moraaliriske.
Despite a slow economic recovery which was observed since 2013, the Commission still considers that the requirements for State aid to be approved pursuant to Article 107(3)(b) of the Treaty continue to be fulfilled in view of the persisting stress in financial markets.
Sel eesmärgil on teatises ette nähtud, et i) abisummat tuleks piirata ja ii) tuleb anda oluline omapanus.
In July 2013, the Commission confirmed that view by adopting the Communication on the application, from 1 August 2013, of State aid rules to support measures in favour of banks in the context of the financial crisis [55].
Ümberkorraldamisteatises on ka ette nähtud, et pank peaks ümberkorraldamise rahastamiseks kasutama esmalt enda vahendeid, et abi oleks võimalik piirata miinimumiga.
The CBI has already confirmed on earlier occasions that the Bank has systemic importance for the financial market in Ireland [56].
Ümberkorraldamisega seotud kulusid ei tohiks kanda eranditult riik, vaid ka need, kes panka investeerisid.
Without the restructuring aid measures granted, the supervisory authority might have closed the Bank, or AIB and EBS pre-merger, due to a breach of minimum regulatory capital requirements.
See eesmärk saavutatakse eelkõige sellega, et kahjum kaetakse olemasolevast kapitalist.
Compatibility assessment
Saavutatud on peaaegu täielik koormuse jagamine AIB endiste omanike poolt.
All measures identified as State aid have been provided in the context of the restructuring of the Bank (the merged entity).
Aktsionärid on kõrvale jäetud ja riigile kuulub praegu pangast 99,8 %.
The Restructuring Communication sets out the rules applicable to the granting of restructuring aid to financial institutions in the current crisis.
Komisjon on seetõttu seisukohal, et koormuse jagamine endiste omanike poolt on märkimisväärne ja piisav.
According to the Restructuring Communication, to be compatible with the internal market under Article 107(3)(b) of the Treaty, the restructuring of a financial institution in the context of the current financial crisis has to (i) lead to the restoration of the viability of the bank, (ii) include sufficient own contribution by the beneficiary (burden-sharing) and ensure that the aid is limited to the minimum necessary and (iii) contain sufficient measures limiting the distortion of competition.
Praegu on pangale jäänud ainult marginaalne allutatud võla summa (s.t ligikaudu 34 miljonit eurot 31. detsembri 2012 seisuga) […].
For its compatibility assessment, the Commission has based itself on the alternative base scenario proposed by the Bank, which relies on more prudent assumptions than the base scenario.
Seetõttu on allutatud võlausaldajad ümberkorralduskuludesse piisavalt panustanud.
According to point 13 of the Restructuring Communication, long-term viability is achieved when a bank is able to compete in the marketplace for capital on its own merits in compliance with the relevant regulatory requirements.
Pank maksab CoCo-võlakirjade eest fikseeritud 10 % suurust hüvitist ja eelisaktsiate eest 8 % suurust hüvitist (rahas või selle asemel uute lihtaktsiate väljaandmise teel).
For a bank to do so, it must be able to cover all its costs and provide an appropriate return on equity, taking into account the risk profile of the bank.
Eeltoodut arvesse võttes teeb komisjon järelduse, et panga ümberkorralduskavas on ette nähtud asjakohane omapanus ja koormuse jagamine.
Point 14 of the Restructuring Communication stipulates that long-term viability requires that any State aid received is either redeemed over time or is remunerated according to normal market conditions, thereby ensuring that any form of additional State aid is terminated.
Konkurentsimoonutusi piiravad meetmed
The Irish authorities have submitted a restructuring plan which sets out the Bank's strategy to return to viability without further State aid by focusing on (i) the re-orientation of the Bank into a smaller institution, focused on Ireland, with an improved funding profile; (ii) improved levels of profitability through NIM enhancement, cost reductions measures and gradually reduced impairment charges; and (iii) maintaining a strong capital buffer.
Ümberkorraldamisteatise punktis 4 on ette nähtud, et ümberkorralduskava peab sisaldama konkurentsimoonutusi piiravaid meetmeid.
a smaller institution, focused on Ireland, with an improved funding profile
Kõnealused meetmed peaksid lähtuma konkurentsimoonutustest turgudel, kus abisaaja pärast ümberkorraldamist tegutsema hakkab.
The Bank has already undertaken far-reaching restructuring measures which led to a considerably smaller balance sheet as compared to pre-crisis levels, which were the result of uncontrolled growth (EUR 118 billion in 2013 compared to EUR 136,7 billion in 2011 [57]).
Käesoleval juhul on vaja tagada, et võimalikud uued sisenejad saaksid Iirimaa kontsentreeritud pangandusturule konkurentsi hoogustamise eesmärgil hõlpsasti siseneda.
The reduction was notably achieved through foreign business disposals, transfers of ‘high-risk property’ assets to NAMA and other asset deleveraging [58].
Pank kohustub kasutama 2014. aasta juulist kuni 2017. aasta juunini teatavaid konkurentsimeetmeid, nimelt pakkuma asjaomastele konkurentidele [67] teenuste paketti ja tarbijate liikuvuse paketti.
As a result, the Bank's current exposure to the property and construction sector has been reduced and is expected to further decrease in relative terms until the end of the restructuring period.
Teenuste paketi eesmärk on vähendada konkurendi sisenemiskulusid või laienemiskulusid.
The Commission considers that the new strategy is prudent and appropriate in a post-crisis environment.
Teenuste paketist abisaaja saab pangalt lisakulu eest (otseselt teenuse osutamisega seotud kulud) eelkõige toetust mitmeteks tugitoiminguteks (näiteks kliiring, paberipõhiste tehingute töötlemine) ning võib seejärel otsustada investeerida omaenda taristusse alles hilisemal etapil, kui tema kliendibaas on püsikulude katmiseks piisavalt suur.
The Bank has given a commitment to limit lending to […] to underpin its more prudent business strategy.
Abisaaja saab lisakulu eest ka juurdepääsu panga pangaautomaatide võrgule, mida tema kliendid saavad viivitamata kogu riigis kasutada.
The Bank is also strengthening its return to a more conservative traditional banking model where it will substantially fund its loan portfolio through customer deposits with a projected LDR below [95-120] % at the end of the restructuring period under the alternative base scenario.
Tarbijate liikuvuse pakett vähendab abisaajate jaoks klientide leidmise kulusid.
That target is the result of the ambitious and well-achieved deleveraging plan and relatively prudent assumptions regarding the evolution of the volume of deposits.
Abisaajad võtavad panga kaudu ühendust panga klientidega ja tutvustavad neile alternatiivseid tooteid nende arvelduskontode, eraisikute krediitkaarditoodete, ettevõtete arvelduskontode, ettevõtete krediitkaartide, hüpoteekide ning VKEde ja ettevõtete laenude jaoks.
The Commission notes positively that the Bank projects not to be overly dependent on wholesale funding and institutional funding sources, such as ECB funding, according to the alternative base scenario.
Kuigi on raske ennustada, kui palju panga kliente otsustab viia pangatooted üle meetmest abisaajate juurde, on see lähenemine klientidele sihipärasem ja vähem kulukas kui üldised reklaamimeetmed.
improved levels of profitability
Eespool kirjeldatud meetmed loovad raamistiku, et ergutada uusi tulijaid Iiri pangandusturule sisenema ja piiravad seega pangale antud abist põhjustatud konkurentsimoonutusi.
With regard to the return to profitability, the plan sets out an appropriate mix of planned actions.
Lisaks suhtub komisjon positiivselt Iirimaa võetud kohustustesse, mis on seotud teatavate äripiirangutega ümberkorraldusperioodi jooksul, eelkõige […] laenude andmise piirmääraga […] ja […].
New lending will be granted at higher interest rates.
Omandamiskeeld tagab samuti, et riigiabi ei kasutata konkurentide ülevõtmiseks, vaid selle ettenähtud eesmärgil, nimelt ümberkorraldamisprotsessi rahastamiseks.
In addition, the pricing of (back-book) loans and deposits will be improved where possible.
Pank järgib ka reklaami ja sponsorluse keeluga seotud tegevusalaseid kohustusi [68].
These measures, together with the discontinuation of the ELG scheme guarantee fees, will enable the Bank to progressively drive the recovery of its NIM.
Rakendamine ja järelevalve
Furthermore, the Bank's planned actions, notably the staff severance programme [59] and the pay and benefits review, which aim at reducing its operating costs (by EUR [200-600] million by 2015 as compared to 2012 levels) will enable it to reach a more sustainable operating cost base in light of the Bank's prospects/ability to generate revenue.
Ümberkorraldamisteatise punkti 5 kohaselt on ette nähtud üksikasjalike korrapäraste aruannete komisjonile kättesaadavaks tegemine, nii et komisjonil on võimalik kontrollida ümberkorralduskava nõuetekohast rakendamist.
Those actions, combined with the planned increase in income, will help the Bank to significantly improve its cost income ratio (forecasted at [45-55] % in 2017 as compared to 123 % in 2012).
Ametisse nimetatakse järelevalve eest vastutav usaldusisik, kes esitab komisjonile korrapäraseid aruandeid ümberkorralduskava rakendamise kohta pangas ja võetud kohustuste täitmise kohta.
In that respect, the Commission welcomes the commitment given by Ireland on the reduction of the Bank's operating costs by EUR [200-600] million by 2015 as compared to 2012 and the commitment that the cost income ratio will not exceed [45-65] % (unless GDP growth is below 2 %, in which event the cost income ratio will not exceed [50-70] %).
Võttes arvesse kohustusi, pangas juba rakendatud kaugeleulatuvaid ümberkorraldusmeetmeid ja pidades silmas eespool sätestatud omapanuse ja koormuse jagamise nõuetekohasust, on komisjon seisukohal, et võimalike konkurentsimoonutuste vältimiseks on olemas piisavad tagatised, vaatamata AIB-le ja EIB-le enne ja pärast nende ühinemist antud suurele abisummale.
The Bank forecasts progressively decreasing impairment charges over the restructuring period under the alternative base scenario.
JÄRELDUS ABI OLEMASOLU JA KOKKUSOBIVUSE KOHTA
This decreasing trend is considered appropriate given that (i) the expected economic recovery in Ireland should slowdown the pace of new defaulted loans, (ii) the projected increase in house prices should limit loss severity on mortgage loans and (iii) the Bank's strengthened credit management activities [60] should accelerate/improve loans collections and loans restructuring.
Tabelis 3 loetletud meetmeid a–o käsitletakse ümberkorraldusabina aluslepingu artikli 107 lõike 1 tähenduses.
In that respect, the Commission welcomes the commitment given by Ireland in relation to the Bank's qualitative and quantitative restructuring targets relating to the SME and mortgage loan portfolio.
Iirimaa võetud kohustusi silmas pidades teeb komisjon järelduse, et panga ümberkorralduskava on kooskõlas ümberkorraldamisteatisega, ümberkorraldusabi on piiratud vajaliku miinimumiga ja konkurentsimoonutusi hoitakse võimalikult väikestena.
Under the alternative base scenario, the Bank will not return to profitability before 2016.
Ümberkorraldusabi on seega vastavalt aluslepingu artikli 107 lõike 3 punktile b siseturuga kokkusobiv.
Notwithstanding the impact of impairment charges, the Bank's profitability is structurally weak due to a large legacy portfolio of low-yielding assets (tracker mortgages and NAMA bonds).
Komisjon
As a result, the ROE will remain low until the end of the restructuring period, reaching only [5-15] % in 2017.
ON VASTU VÕTNUD JÄRGMISE OTSUSE:
The Commission considers nevertheless that the Bank is on the right path to reach more competing ROE levels/profitability in the future, as the new lending with higher margins and the re-priced (back-book) loans will progressively compensate the drag on profitability stemming from those low-yielding legacy assets.
Artikkel 1
a strong capital buffer
AIB suhtes võetud meetmed
Finally, the Commission notes positively that the Bank is a well-capitalised institution which has a comfortable capital buffer up until the end of the restructuring period.
Garantiid krediidiasutuste finantstoetusskeemi alusel summas kuni 133 miljardit eurot;
Under the alternative base scenario, the Bank will maintain a capital buffer of EUR [2-6] billion in 2017 with a minimum regulatory capital requirement of 8 % (and EUR [3-8] billion with a 5,5 % threshold), which would enable the Bank to absorb further losses if the economic recovery of Ireland is lower than forecasted.
Garantiid abikõlblike kohustuste garantiiskeemi alusel summas kuni 62,5 miljardit eurot;
Furthermore, the Bank has EUR 1,6 billion of CoCos available to strengthen its capital base if needed.
Varade toetusmeede (üleandmised NAMA-le summas 20,4 miljardit eurot), mis moodustavad riigiabi hinnangulises summas 1,6 miljardit eurot;
The Commission takes note that the Bank plans to redeem the 2009 Preference shares [61] before the end of the restructuring period.
Rekapitaliseerimine uue omakapitali vormis 2010. aasta detsembris summas 3,7 miljardit eurot;
Until 13 May 2014, redemption is at par, and after that date a step up of 25 % will be applied.
Riigigarantii erakorralisele likviidsusabile kuni 2011. aasta 2. kvartalini summas [5–15 miljardit].
It is envisaged that the amount of the Preference Shares would be redeemed to the State, who would immediately reinvest the same amount in the form of equity (ordinary shares) in the Bank.
EBSi suhtes võetud meetmed
As a consequence, there will be no change to the size of the Bank's balance sheet.
Garantiid krediidiasutuste finantstoetusskeemi alusel summas kuni 14,4 miljardit eurot;
However, the Bank's capital structure will be improved in light of the new Basel III rules [62].
Garantiid abikõlblike kohustuste garantiiskeemi alusel summas kuni 8,0 miljardit eurot.
Moreover, the State's stake in the Bank will increase marginally from its current level of 99,8 % as a consequence of that operation.
Varade toetusmeede (üleandmised NAMA-le summas 0,9 miljardit eurot), mis moodustavad riigiabi hinnangulises summas 0,1 miljardit eurot;
conclusion
Rekapitaliseerimine eriotstarbeliste investeerimisaktsiate vormis 2010. aasta mais ja detsembris summas 0,625 miljardit eurot;
The initiatives already undertaken by AIB (i.e. deleveraging, cost reductions, improved funding profile) combined with those planned throughout the restructuring period in order to restore its profitability (i.e. new lending at higher price/re-pricing of back-book loans and deposits, further staff related cost reductions and strengthened credit management activities [63]) are appropriate regarding the nature of the Bank's financial difficulties [64].
Rekapitaliseerimine otsetoetuse kaudu lihtveksli vormis 2010. aasta detsembris summas 0,25 miljardit eurot;
Accordingly, the restructuring plan convincingly sets out the right strategy for the Bank's return to long-term viability.
Riigigarantii erakorralisele likviidsusabile summas [0–5 miljardit];
The combination of the actions described above appears apt to ensure the Bank's future viability without further State support.
Panga (ühinenud üksus) suhtes võetud meetmed
However, the Bank's return to profitability might be protracted until the end of the restructuring period due to the Bank's low-yielding legacy assets.
Rekapitaliseerimine lihtaktsiate vormis 2011. aasta juulis summas 5 miljardit eurot;
Therefore, the Bank's ROE, under the alternative base case scenario, remains at a comparatively low level, even at the end of the restructuring period, but shows a moderate upward trend.
Rekapitaliseerimine omakapitaliks konverteeritavate võlakirjade vormis 2011. aasta juulis summas 1,6 miljardit eurot;
Taking into account the above elements, the Commission concludes overall that the restructuring plan of the Bank convincingly sets out the path to restoring its long-term viability.
Rekapitaliseerimine kapitalitoetuse vormis 2011. aasta juulis summas 6,1 miljardit eurot.
Limiting aid to the minimum: own contribution and burden sharing
Lõikes 1 osutatud riigiabi on vastavalt aluslepingu artikli 107 lõikele 3 siseturuga kokkusobiv, võttes arvesse ümberkorralduskava ja lisas sätestatud kohustusi.
Section 3 of the Restructuring Communication indicates that an appropriate contribution by the beneficiary is necessary to limit the aid to a minimum and to address distortions of competition and moral hazard.
Artikkel 2