natgillin/translations-raw huggingface dataset:
The sale of its large Polish and Turkish subsidiaries has improved its capital position by about EUR 750 million.
Sellega seoses märgib komisjon ära lisaks juba elluviidud finantsvõimenduse vähendamisele ja ümberkorraldamisele Eurobanki võetud kohustuse müüa oma kindlustusetegevus […] ning kohustuse vähendada oma rahvusvahelisi varasid 31. detsembriks 2018, mis toob endaga tõenäoliselt kaasa edasised loobumised […] ja […], ning tema kohustuse mitte kasutada abi nende ettevõtete kasvu rahastamiseks.
Those sales have also improved the liquidity position of the Bank.
Komisjon peab proportsionaalseks, et välismaiste varade vähendamine on ulatuslikum, kui Kreeka finantsstabiilsuse fond annab meetme C raames Eurobankile täiendavat finantsabi summas, mis ületab summa 1 miljard eurot.
The share capital increase of Eurobank Properties enabled the Bank to increase its capital by EUR 200 million.
Nagu on osutatud põhjenduses 295, tooks selline makse kaasa abi suurema moonutava mõju kui lihtsalt kohustus osaleda kapitali suurendamises.
Considering the deleveraging and divestments already implemented and following the implementation of this additional downsizing, the Bank will have significantly reduced its geographical footprint in […]
Ümberkorraldamisteatise punktis 31 sätestatakse, et kulude jagamise meetmete hindamisel tuleb arvesse võtta nii riigilt saadud abi eest makstavat hinda kui ka kulude jagamise astet.
In addition, the Bank has given a commitment that it will further reduce the size of its foreign activities if it needs a capital injection from the HFSF of more than EUR 1 billion.
Seega jääb konkurentsi täiendav moonutamine piiratuks, kui Kreeka finantsstabiilsuse fondi kapitalisüst jääb alla 1 miljardi euro.
In such a scenario, the Bank would reduce its portfolio of international assets to no more than EUR 3,5 billion.
Ka võttis Kreeka kohustuse kehtestada omandamise keeld, tagamaks, et Eurobank ei kasuta saadud riigiabi uute ettevõtete omandamiseks.
If the capital injection under measure C is less than EUR 1 billion, private investors will have injected at least EUR 1,5 billion, that is to say more than the HFSF.
See keeld aitab tagada, et abi kasutatakse rangelt ainult Kreeka pangategevuse elujõulisuse taastamise toetamiseks ja mitte laienemiseks näiteks välisturgudel.
That larger participation from private investors would significantly reduce the amount of aid needed, thereby enhancing the burden-sharing.
Kohustus vähendada Kreeka hoiustelt makstavat jätkusuutmatult kõrget intressi tagab samuti selle, et abi ei kasutata jätkusuutmatu hoiuse kogumise strateegiate rahastamiseks, mis moonutab konkurentsi Kreeka turul.
The Bank has also given a commitment that it will sell its large and profitable insurance subsidiary.
Kohustus rakendada uute laenude hindade määramisel rangeid asjakohasel krediidiriski hindamisel põhinevaid suuniseid aitab samuti Eurobankil vältida klientide laenude puhul ebakohaste hinnamääramise strateegiatega konkurentsi moonutamist Kreeka turul.
In order to limit its capital needs, the Bank has given a commitment that it will not use capital to support or increase the size of its foreign subsidiaries, as described in recital 128.
Võttes arvesse punktis 7.6.1 kirjeldatud eriolukorda ja ümberkorralduskavas sätestatud meetmeid, on komisjon seisukohal, et konkurentsi moonutamise piiramiseks võetud kaitsemeetmed on piisavad.
Additionally, the commitments provide that the Bank will not make further acquisitions.
JÄRELEVALVE
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
Vastavalt ümberkorraldamisteatise punktile 5 nõutakse korrapäraste aruannete esitamist, et võimaldada komisjonil kontrollida ümberkorralduskava nõuetekohast rakendamist.
Its costs will further decrease until 2018. […]
Nagu on sätestatud kohustustes, [154] tagab Kreeka, et järelevalve eest vastutav usaldusisik, kelle Eurobank on komisjoni nõusolekul juba ametisse nimetanud, jälgib Kreeka kohustuste täitmist Kreekas ja välismaal seoses tegevuse ümberkorraldamise, ettevõtte juhtimise ja äritegevusega.
Greece has in particular committed that until […] the Bank will not pay to any employee or manager a total annual remuneration (wage, pension contribution, bonus) higher than […].
Komisjon leiab seega, et ümberkorralduskava rakendamise nõuetekohane järelevalve on tagatud.
Additionally, if HFSF has to subscribe to any share of the Bank, Greece has committed to apply a salary cap in line with the 2013 Banking Communication [151].
JÄRELDUS
Burden-sharing by historical shareholders and new capital raised on the market
Komisjon leiab, et Kreeka on ebaseaduslikult rakendanud abimeetmeid SA.34825 (2012/C), SA.34825 (2014/N), SA.36006 (2013/NN), SA.34488 (2012/C, ex 2012/NN) SA.31155 (2013/C) (2013/NN), rikkudes Euroopa Liidu toimimise lepingu artikli 108 lõiget 3, kuna meetmeid rakendati enne nende ametlikku teavitamist.
The existing shareholders of the Bank were heavily diluted by the Spring 2013 recapitalisation (measure B4).
Komisjon leiab aga siiski, et ümberkorralduskava, koos lisades loetletud kohustustega, tagab Eurobanki pikaajalise elujõulisuse, on kulude jagamise ja omapanuse osas piisav ning tasakaalustab asjakohaselt ja proportsionaalselt käesolevas otsuses uuritud abimeetmete konkurentsi moonutavat mõju.
Indeed, the stake held by existing shareholders had been reduced from 100 % prior to the Spring 2013 recapitalisation to only 1,44 %.
Esitatud ümberkorralduskava ja lisatud kohustused vastavad ümberkorraldamisteatise kriteeriumidele ning abimeetmeid võib seega pidada kokkusobivaks siseturuga,
The Commission also notes that the Bank has paid no cash dividend since 2008.
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
Finally the Commission takes a favourable view of the fact that the HFSF will inject additional capital only if the Bank fails to raise it from the market at a price deemed reasonable and established on the basis of two independent valuators.
Artikkel 1
Burden-sharing by subordinated debt holders
Järgmised Kreeka teostatud või kavandatud meetmed on riigiabi Euroopa Liidu toimimise lepingu artikli 107 lõike 1 alusel:
The Bank’s subordinated debt holders have contributed to paying for the restructuring costs of the Bank.
Kreeka finantsstabiilsuse fondi 2012. aasta detsembris Eurobankile võimaldatud teine ajutine rekapitaliseerimine summas 1341 miljonit eurot (meede B2);
The still outstanding instruments are subject to the coupon ban described in recital 133.
Kreeka finantsstabiilsuse fondi võetud rekapitaliseerimise kohustus summas 2864 miljonit eurot, millele järgnes 12. aprillil 2014 toimunud aktsionäride erakorralisel koosolekul heaks kiidetud osakapitali suurendamine 2864 miljoni euro võrra Kreeka finantsstabiilsuse fondi muudetud seaduse 3864/2010 alusel (meede C);
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.
Kreeka finantsstabiilsuse fondi 28. augustil 2013 tehtud kapitalisüst Nea Proton Bankile summas 395 miljonit eurot (meede NP3).
In conclusion, considering the elements developed in section 7.6.1, the Commission considers sufficient own contribution and burden-sharing measures have been implemented by Greece to limit the amount of aid measures A, B1, B2, B3 and B4 to the minimum necessary.
Eurobanki grupp (Eurobank Ergasias S.A ja selle tütarettevõtjad (nii panganduse kui ka muuga tegelevad Kreekas ja Kreekast väljaspool asuvad tütarettevõtjad ja filiaalid)) puudutava 16. aprillil 2014 esitatud ümberkorralduskava ja Kreeka 16. aprillil 2014 esitatud kohustuste valguses on järgmine riigiabi siseturuga kokkusobiv:
The 2013 Banking Communication complements the Restructuring Communication and calls for enhanced burden-sharing and for banks obtaining capital support to undertake additional measures to limit the aid to the minimum.
Kreeka keskpanga antud ja Kreeka Vabariigi alates 2011. aasta juulist tagatud erakorraline likviidsusabi Eurobankile summas 12 miljardit eurot 31. detsembril 2012 (meede L2);
Point 29 of the 2013 Banking Communication requires the Member State to demonstrate that all measures to limit such aid to the minimum have been exploited to the maximum extent.
Kreeka finantsstabiilsuse fondi 2012. aasta mais Eurobankile võimaldatud esimene ajutine rekapitaliseerimine summas 3970 miljonit eurot (meede B1);
To that end, the Member State must present a capital raising plan, ensure adequate burden-sharing by the shareholders and subordinated creditors, and prevent the outflow of funds prior to the restructuring decision.
Kreeka finantsstabiilsuse fondi 2012. aasta detsembris Eurobankile võimaldatud teine ajutine rekapitaliseerimine summas 1341 miljonit eurot (meede B2);
According to the 2013 Banking Communication, the capital raising plan should include right issues, voluntary liability management exercises, capital accretive divestments, deleveraging measures, earning retention and other measures such as, for example, strict costs and remuneration policies.
Kreeka finantsstabiilsuse fondi rekapitaliseerimise kohustus summas 2864 miljonit eurot Eurobanki suhtes, millele järgnes 12. aprillil 2014 toimunud aktsionäride erakorralisel koosolekul heaks kiidetud osakapitali suurendamine 2864 miljoni euro võrra Kreeka muudetud finantsstabiilsuse seaduse 3864/2010 alusel (meede C);
Point 47 of the 2013 Banking Communication provides that once capital shortfalls are identified, a bank must prevent outflows of funds through a number of measures which aim at ensuring the same outcome as regular dividend and coupon bans, acquisition bans, price leadership bans or advertising bans.
Kreeka 2009. aasta mais Proton Bankile tehtud kapitalisüst summas 80 miljonit eurot (meede Pr1);
The Commission notes that such bans are already complied with by the Bank as they are included in the list of commitments submitted by Greece, as described in recital 133, and that the Bank has not paid any cash dividend since 2008.
Proton Bankist Nea Proton Banki ülekantud tegevusega seotud rahastamispuudujäägi katmine 1121,6 miljoni euro suuruses summas Kreeka hoiuste ja investeeringute tagamise fondi ning Kreeka finantsstabiilsuse fondi poolt 2011. aasta oktoobris ja 2012. aasta mais (meede N1);
The 2014 recapitalisation commitment (measure C) provides a cushion to absorb future losses as determined by the stress test exercise performed by the Bank of Greece in 2013 and disclosed on 6 March 2014.
Kreeka finantsstabiilsuse fondi 2011. aasta oktoobris, 2012. aasta veebruaris, 2012. aasta augustis ja 2012. aasta detsembris Nea Proton Bankile tehtud kapitalisüst kogusummas 515 miljonit eurot (meede NP2);
The results of the stress test show that the Bank needs EUR 2945 million of additional capital to cover its future losses in a stress scenario.
Kreeka finantsstabiilsuse fondi 28. augustil 2013 tehtud kapitalisüst Nea Proton Bankile summas 395 miljonit eurot (meede NP3);
Measure C only covers the capital need which will remain insofar as (i) it cannot be covered through further divestments or capital enhancement measures (the Commission considers that the Bank has analysed all potential divestments and committed to all those which can reduce the capital needs in the framework of the capital plan submitted to the Bank of Greece) and (ii) it is not covered by private investors in the framework of the share capital increase which will take place in April 2014.
T Bankist Hellenic Postbanki („TT Bank”) ülekantud tegevusega seotud rahastamispuudujäägi katmine 677 miljoni euro suuruses summas Kreeka hoiuste ja investeeringute tagamise fondi ning Kreeka finantsstabiilsuse fondi poolt 2011. aasta detsembris ja 2013. aasta veebruaris (meede T);
Therefore it does not provide the Bank with any excess capital.
Kreeka 2009. aasta mais TT Bankile tehtud kapitalisüst summas 224,96 miljonit eurot (meede TT);
As explained in recitals 385 to 395, the Bank has already taken actions before the stress test to limit the amount of capital needed to the minimum.
TT Bankist New Hellenic Postbanki („New TT Bank”) ülekantud tegevusega seotud rahastamispuudujäägi katmine 3732,6 miljoni euro suuruses summas Kreeka hoiuste ja investeeringute tagamise fondi ning Kreeka finantsstabiilsuse fondi poolt 2013. aasta jaanuaris ja juunis (meede NTT1);
If, in the framework of the current capital raising exercise, the Bank manages to raise most of the capital needed from private investors and the additional aid paid out by the HFSF remains below EUR 1 billion, no further own contribution by the Bank will be necessary.
Kreeka finantsstabiilsuse fondi 29. jaanuaril 2013 New TT Bankile tehtud kapitalisüst summas 500 miljonit eurot (meede NTT2).
However, if the aid paid out under measure C is above that level, it would be appropriate for the Bank to divest more activities.
Artikkel 2
As regards burden-sharing, the 2013 Banking Communication provides that adequate burden-sharing entails contributions by shareholders, hybrid capital holders and subordinated debt holders before aid in the form of capital support is granted.
Käesolev otsus on adresseeritud Kreeka Vabariigile.
The Commission notes that Greece has amended its national legislative framework to ensure that subordinated creditors will contribute to the costs of restructuring of the Bank before any additional capital is injected into the Bank.
Brüssel, 29. aprill 2014
The Commission also notes that Greece has given a commitment that it will implement the measures provided for in Article 6a of the HFSF law as amended in 2014, which provide for the allocation of the capital shortfall to the holders of its capital instruments and other subordinated liabilities as may be necessary.
Komisjoni nimel
While such burden-sharing will only take place after the date of the 2014 recapitalisation commitment (measure C), on the basis of point 45 of the 2013 Banking Communication the Commission considers disproportionate results would follow if mandatory conversion of subordinated debt and hybrid capital had to occur already at the moment of the commitment.
Joaquín Almunia
If the Bank were to raise sufficient private capital to cover all of its capital need as determined by the stress test performed by the Bank of Greece, the conversion of subordinated debt holders would be disproportionate.
Komisjoni otsus, 27. juuli 2012, riigiabi nr SA.
The commitment by Greece to bail-in subordinated creditors before any capital support is actually paid out to the Bank is therefore sufficient to ensure proper burden-sharing.
34825 (2012/C) (ex 2012/NN) kohta „EFG Europanga rekapitaliseerimine Kreeka Finantsstabiilsuse Fondi poolt” ( ELT C 359, 21.11.2012, lk 31); komisjoni otsus, 26. juuli 2012, riigiabi nr SA.
Moreover, in order to ensure that the owners of the Bank participate to the maximum extent in the reconstitution of an adequate capital basis over the restructuring period, Greece gave a commitment that, until the end of the restructuring period, the Bank will retain dividends and not pay any coupons which it is not under law obliged to pay.
34488 (2012/C) (ex 2012/NN) kohta „Abi Nea Proton Bankile Nea Proton Banki asutamise ja kapitaliseerimise teel ning ametliku uurimismenetluse algatamine ” ( ELT C 357, 20.11.2012, lk 26); komisjoni otsus, 6. mai 2013, riigiabi nr SA.
Thereby, in line with point 26 of the Restructuring Communication and point 47 of the 2013 Banking Communication the Bank will not use State aid to make payments on own funds if there are insufficient profits to make such payments.
31155 (2013/C) (ex 2013/NN) (ex 2010/NN) kohta „State aid to Hellenic Postbank S.A. through the creation and the capitalisation of the bridge bank New Hellenic Postbank S.A.” (riigiabi TT Hellenic Postbankile sildasutuse New TT Hellenic Postbank S.A. loomise ja kapitaliseerimise teel) ( ELT C 190, 29.6.2013, lk 70).
The Bank has also committed that until 31 December 2017 the Bank will not pay to any employee or manager a total annual remuneration (wage, pension contribution, bonus) higher than the total annual remuneration of the Governor of the Bank of Greece (not taking into account any voluntary partial waiver of remuneration by the Governor).
Eurobank Ergasias S.A ja selle kõik tütarettevõtjad (nii Kreekas kui ka väljaspool Kreekat asuvad tütarettevõtjad ja filiaalid, nii pangad kui ka muud asutused).
Additionally, in case HFSF has to subscribe to any share of the Bank, Greece has committed to apply a salary cap in line with the 2013 Banking Communication [152].
Eurobanki all peetakse silmas Eurobanki gruppi.
The Commission has to assess whether that commitment covering two scenarios fulfils the requirements laid down in the 2013 Banking Communication.
Komisjoni otsus, 19. november 2008, riigiabi nr 560/208 kohta „Support Measures for the Credit Institutions in Greece” (meetmed Kreeka krediidiasutuste toetamiseks) ( ELT C 125, 5.6.2009., lk 6).
In the first scenario where the HFSF does not actually inject new capital into the Bank, the aid enshrined in measure C will be limited to a mere underwriting commitment of a capital increase, and the HFSF will not disburse a single euro since all the new shares will have been subscribed by private investors.
Kava tähistati numbriga SA.26678 (N 560/08).
The 2013 Banking Communication provides that the remuneration limitation can end when the aid has been repaid.
Seejärel kava pikendati ja muudeti joonealuses märkuses nr 6 kirjeldatud viisil.
However, the aid included in such an underwriting commitment in relation to a prospective capital increase cannot be repaid where the commitment in question is never put into effect (since no money was ever disbursed by the State to the Bank).
29. juuni 2012. aasta iga-aastasel üldkoosolekul otsustati muuta ärinimi EFG Eurobank Ergasias S.A. ärinimeks Eurobank Ergasias S.A..
In such circumstances, the Commission can accept that the remuneration limitation applies for a fixed period of time.
Vt komisjoni 27. juuli 2012. aasta otsus riigiabi nr SA.
In the second scenario where the HFSF would have to subscribe any share of the bank, Greece committed to amend the commitment to put it in line with the 2013 Banking Communication.
ELT C 357, 20.11.2012, lk 26.
The Commission notes that, if the HFSF would subscribe any share, to remain in line with the 2013 Banking Communication, the duration of the remuneration cap would be amended, to last until the earlier of the end of the restructuring plan — 31 December 2018 — or a transaction equivalent to the repayment of the aid.
ELT C 190, 29.6.2013, lk 70.
Since ordinary shares cannot be repaid by the Bank, the Commission accepts that a sale of the shares on the secondary market at a profit could be considered equivalent to a repayment of the aid.
Rahastamispuudujääk hinnati hiljem ümber ning Kreeka keskpanga kriisilahenduskomisjoni otsuse 11/1/21.5.2013 kohaselt on lõppsumma 3732,6 miljonit eurot.
In conclusion, in both scenarios, the commitment on limitation of remuneration issued by Greece complies with the requirements of the 2013 Banking Communication.
Rahastamispuudujääk kajastab uude panka üle kantud vara väärtuse ja kohustuste nimiväärtuse vahet.
As regards the remuneration of the State, the 2011 Prolongation Communication requires that new shares are issued at a discount to market price, after adjustment for dilution.
Vt dokumendi „Report on the Recapitalisation and Restructuring of the Greek Banking Sector” (Kreeka pangandussektori rekapitaliseerimise ja ümberkorraldamise aruanne) II jagu „The restructuring of the Greek Sovereign Debt” (Kreeka riigivõla ümberkorraldamine), Kreeka keskpank, detsember 2012.
The Commission observes that the purpose of that requirement is to ensure that the State receives a sufficient remuneration for its shareholding in the Bank and that the historical shareholders are correspondingly diluted.
Panga Core Tier 1 (esimese taseme omavahendid) on omakapitali suhtarv, mida järelevalve teostaja kontrollib kapitalinõuete direktiivi raames.
In the case of measure C, the State is already the main shareholder of the Bank, holding more than 90 % of the shares.
Vt joonealune märkus 14, lk 106.
Therefore an excessive discount to market price would decrease the remuneration of the State on measure B4, and may entail aid to the investors if the discount underestimates the value of the Bank.
Vt joonealune märkus 15.
In order to avoid such a situation, the subscription price cannot be lower than a floor price determined on the basis of two appraisals from independent valuators.
Vt joonealune märkus 14, lk 104.
Therefore the detailed arrangements of the price determination protect the HFSF from an excessive dilution by the new investors, while ensuring the HFSF subscribes new shares at a price which reflects the value of the Bank.
Eurosüsteemi ehk euroala keskse pangasüsteemi moodustavad Euroopa Keskpank ja riikide keskpangad.
In those circumstances, the Commission can accept that the new shares may be issued at a lower discount to current market price than that envisaged by the 2011 Prolongation Communication and it considers the floor price to be acceptable.
Kui tagasiostu ei oleks korraldatud, oleks asjaomaste võlakirjade turuväärtus tõusnud vastavalt turuparameetrite, nagu intressimäärad ja Kreeka kohustuste täitmata jätmise tõenäosus, arengule.
If the shares were issued at a higher price, it would have risked discouraging private investors from participating in the share capital increase and consequently would have limited private capital raising.
Sealhulgas oodatav kahjum Kreeka uutelt laenudelt ajavahemikus 2013. aasta juunist kuni 2016. aasta detsembrini.
Therefore, the Commission considers the level of own contribution and burden-sharing to be appropriate for measure C.
Krediidikahju prognoosil põhinev välismaise riski mõju arvutati välja välismaiste maksude tasumise järgselt ja võttes arvesse Kreeka poolt sel ajal komisjonile seoses investeeringutest väljumisega teatatud kavandatud kohustusi.
Conclusion on own contribution and burden-sharing
Kreeka rahvuspanga laenukahjumi pro forma reservid juunis 2013 FBB ja Probanki eeskirjade kohaselt.
The Commission observes that, in comparison with the total State recapitalisation received, the own contribution and burden-sharing in the form of sale of assets is much lower than the levels the Commission would usually consider as sufficient.
Eurobanki laenukahjumi reservid juunis 2013 New Hellenic Postbanki ja New Proton Banki (mille pank omandas augustis 2013) eeskirjade kohaselt.
However, in view of the elements developed in section 7.6.1, 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.
Vt tabel 2.
The restructuring plan also complies with the requirements of the 2013 Banking Communication as regards measure C.
Konfidentsiaalne informatsioon.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
Esialgne kapitali kaasamise kava ei olnud nii ambitsioonikas.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Näiteks kavatses Eurobank jätta alles olulise osaluse […] ning võttis kohustuse võõrandada üksnes […] % tütarettevõtjast kindlusettevõtjast.
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.
Kreeka keskpanga krediidi- ja kindlustuskomisjoni otsus 20/3/9.10.2011.
In that respect, the Commission recalls that the Bank has received capital from the State equivalent to 16 % of its RWA (excluding measure C).
Rahandusministri otsus 9250/9.10.2011, millega asutati ajutine krediidiasutus Nea Proton Bank S.A.
With measure C, the Bank gets a commitment to inject an additional EUR 2864 billion, bringing the total capital aid to 23,7 % of the Bank’s RWA.
(Kreeka valitsuse ametlik väljaanne FEK, B’ 2246/2011).