natgillin/translations-raw huggingface dataset:
The acquired portfolio includes a large number of loans which are totally written-off.
Panga rahvusvaheliste varade kahandamine vähendab märkimisväärselt ka tulevase abivajaduse riski.
Indeed, the valuation of that new portfolio of loans could offset the limited capital need stemming from their integration in the balance sheet of the Bank.
Seega aitab see tagada, et abi summa piirdub minimaalselt vajalikuga.
In addition, the Bank has raised EUR 1,2 billion of private capital at a price per share higher than the price per share at which the HFSF subscribed in the Spring 2013 recapitalisation.
Nagu on kirjeldatud põhjenduses 119, ei kasuta pank oma kapitalivajaduste piiramiseks kapitalitoetust ega laienda välismaiste tütarettevõtjate tegevust.
In those specific circumstances, it cannot be claimed that the acquisition was financed through State aid.
Lisaks nähakse Kreeka võetud kohustustega ette, et pank ei tee enam omandamistehinguid.
The acquisition will not increase the need for aid or reduce the remuneration of the existing aid.
Pank on end sidunud ka ulatusliku kulude vähendamise programmiga, nagu on osutatud punktis 2.4.2.
It can therefore not be considered that aid was used to fund that acquisition.
Lisaks kauaaegsete aktsionäride osalemisele kulude jagamises on pank alates kriisi puhkemisest 2008. aastal kaasanud olulises koguses erakapitali: 2009. aastal 986 miljonit eurot, 2013. aastal 550 miljonit eurot ja 2014. aastal 1200 miljonit eurot.
In addition, since no non-aided bidder submitted any bid to acquire the perimeter of activities acquired by the Bank, there is no crowding out of non-aided investors.
Allutatud laenude omanike osalus kulude jagamises
In conclusion, in view of the elements in recitals 257 and 258, the acquisition does not fall under the prohibition in points 39 and 40 of the Restructuring Communication.
Panga ümberkorralduskulusid on aidanud maksta ka panga allutatud laenude omanikud.
In addition, the Commission recalls that the Bank’s need for aid does not stem from mismanagement or inappropriate risk taking.
Pank võttis kapitali genereerimiseks ette mitu kohustuste juhtimise menetlust.
Conclusion on the acquisition of Citibank Greece
Nagu on kirjeldatud põhjenduses 114, vahetati kohustusi kogusummas 828 miljonit eurot, mis tähendas 436 miljoni euro suurust kapitalikasumit.
It is concluded that, in the light of the unique situation of the Bank [106] and the specificities of the acquisition of Citibank Greece, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Järelejäävatele instrumentidele laieneb põhjenduses 124 kirjeldatud kupongimaksete tegemise keeld.
COMPLIANCE OF MEASURES A, B1, B2, B3, AND B4 WITH THE RESTRUCTURING COMMUNICATION
Komisjon on seetõttu seisukohal, et panga hübriidkapitali omavad erainvestorid jagavad kulusid piisaval määral ja et ümberkorraldamisteatise asjaomased kriteeriumid on seega täidetud.
Sources of difficulties and consequences on the assessment under the Restructuring Communication
Järeldus omapanuse ja kulude jagamise kohta
As indicated in sections 2.1.1 and 2.1.2, the difficulties faced by the Bank come mainly from the Greek sovereign crisis and the deep recession in Greece and southern Europe.
Võrreldes riigipoolse rekapitaliseerimise kogusummaga jäävad omapanus ja kulude jagamine, eeskätt varade müügi ja laenuportfelli kahandamise kujul, olulisel määral alla taseme, mida komisjon loeb üldjuhul piisavaks.
As regards the former factor, the Greek government lost access to financial markets and finally had to negotiate an agreement with its domestic and international creditors, the PSI programme, which resulted in a haircut of the claims held against the State by 53,3 %.
Kärpeid tehti vaid välistegevuses, [116] mis moodustab panga tegevusest vaid väikese osa, [117] ning ümberkorraldamine ei hõlma Kreeka-põhise laenu- ja hoiuseportfelli suuruse vähendamist.
In addition, 31,5 % of the claims was exchanged for new GGBs with lower interest rates and longer maturities.
Võttes aga arvesse punktis 7.6.1 osutatud asjaolusid ning eeskätt seda, et Alpha pank sai Kreeka suurimate pankade seas abi kõige vähem ning et saadud abi kuulub täies ulatuses 2011. aasta pikendusteatise punktiga 14 ette nähtud erandi alla, mille kohaselt võib komisjon nõustuda väiksema omapanuse ja tagasihoidlikuma kulude jagamisega, võib eeldada, et ümberkorralduskava tagab piisava omapanuse ja piisavad kulude jagamise meetmed.
Those new GGBs were bought back by the State from the Greek banks in December 2012 at a price between 30,2 % and 40,1 % of their nominal value, thereby crystalising a further loss for the Greek banks.
Meetmed konkurentsi moonutamise piiramiseks
Beside the impact of the PSI programme and the debt buy-back on its capital position, the Bank also observed huge deposit outflows between 2010 and mid-2012, due to the risk that Greece might exit the euro area as a consequence of an unsustainable public debt and due to the economic recession.
Ümberkorraldamisteatise kohaselt tuleb ümberkorralduskavas esitada meetmed, mille eesmärk on piirata konkurentsi moonutamist ja tagada pangandussektori konkurentsivõime.
Measures B1, B2, B3 and B4 amount to EUR 4571 million, which is less than the amount of the loss booked following the PSI programme (EUR 4786 million).
Peale selle tuleks nende meetmete puhul tegeleda ka moraaliriski küsimusega ja need peaksid tagama, et riigiabi ei kasutata konkurentsivastase tegevuse rahastamiseks.
In such a case, and if the difficulties do not result primarily from excessive risk-taking behaviour, point 14 of the 2011 Prolongation Communication provides that the Commission will lighten its requirements.
Ümberkorraldamisteatise punkti 31 kohaselt peab komisjon abi suuruse ja selle konkurentsi moonutava mõju hindamisel arvesse võtma nii absoluutset kui ka suhtelist abisummat ning kulude jagamise ulatust ja finantsasutuse turupositsiooni pärast ümberkorraldamist.
The largest part of the capital needs stem from regular exposure of a financial institution to the sovereign risk of its domestic country.
Selles küsimuses tuletab komisjon meelde, et pank sai riigilt kapitalitoetust, mis vastab 12 protsendile tema riskiga kaalutud varast [118].
That fact was also pointed out in recitals 58 and 69 of the Alpha Opening Decision.
Pank sai ka likviidsustagatisi summas 14 miljardit eurot (30. novembri 2011. aasta seisuga) ning riigivõlakirju summas 1,6 miljardit eurot (30. septembri 2011. aasta seisuga), mis moodustavad kokku 25 % panga tolleaegsest bilansimahust.
The Commission also observes that the Bank’s exposure to the Greek sovereign risk was smaller than that of the other main Greek banks, so it cannot be considered to have accumulated an excessive exposure to sovereign debt.
Peale selle sai pank riigi tagatud erakorralist likviidsusabi.
As a consequence there is less need for the Bank to address moral hazard issues in its restructuring plan than for other aided financial institutions which accumulated excessive risks.
Seega on asjaomast suurt abisummat silmas pidades konkurentsi moonutamist piiravate meetmete kohaldamine põhjendatud.
As the aid measures are less distortive, the measures taken to limit distortions of competition should therefore be proportionately softened.
Pärast Emporiki panga omandamist kuulus pangale 30. juuni 2013. aasta seisuga 21 % Kreeka hoiuseturust, eluaseme hüpoteeklaenude, tarbimislaenude ja ärilaenude turgudel oli aga panga osa vastavalt 23 %, 20 % ja 21 % [119].
Since the PSI programme and the debt buy-back constitute a debt waiver in favour of the State, the remuneration of the State when recapitalising banks can be lower.
Citibanki Kreeka haru omandamise järel suurenes panga osa hoiuseturul vähem kui 1 % võrra.
However since the Greek economy has contracted by about 25 % since 2008 and since the Bank has acquired a less viable bank in the form of Emporiki Bank, the Bank has to adapt its organisation, its cost structure and its commercial network to that new environment, in order to restore profitability.
Komisjon tuletab meelde, et panga raskused olid peamiselt tingitud välistest šokkidest, nagu Kreeka võlakriis ja pikaajaline majanduslangus, mis on Kreeka majanduses häireid põhjustanud alates 2008. aastast, nagu on juba märgitud ka Alpha menetluse algatamise otsuse põhjenduses 69.
Therefore, notwithstanding the absence of moral hazard issue, the Bank must rationalise its operations in Greece to secure its long-term viability.
Vajadus tegeleda moraaliriski küsimustega on panga puhul väiksem, kuna pank ei võtnud liigseid riske.
As a result, the aid granted to cover those losses does not create moral hazard, which is the case when the aid shelters a bank from the consequences of past risky behaviours.
Komisjon märgib siiski, et riigipoolne rekapitaliseerimine võimaldas pangal jätkata oma pangandustegevust välisturgudel.
The aid is therefore less distortive [107].
Selles küsimuses nendib komisjon, et lisaks juba elluviidud finantsvõimenduse vähendamise ja ümberkorraldusmeetmetele teeb pank 30. juuniks 2018 oma välisvarade puhul täiendavaid ümberkorraldusi ja vähendab finantsvõimendust, [120] täites samal ajal kohustust mitte kasutada abi kõnealuse tegevuse laiendamise rahastamiseks.
However, part of the capital needs and loan losses of the Bank comes from some international subsidiaries.
Seega ei kasutata abi konkurentsi moonutamiseks asjaomastel välisturgudel.
In 2012, for instance, activities in Cyprus, Romania, Serbia, FYROM and Bulgaria were loss-making, while activities in Albania only broke even.
Peale selle võttis Kreeka kohustuse kehtestada omandamiskeeld, mille eesmärk on tagada, et pank ei kasuta saadud riigiabi uute äriühingute omandamiseks.
The stress tests performed in 2012 to determine the capital needs of the Bank indicated that credit loss projections on foreign loans amounted to EUR 921 million in the base scenario and EUR 1201 million in the adverse scenario.
See keeld aitab tagada, et abi kasutatakse igal juhul ainult Kreeka pangandustegevuse elujõulisuse taastamise toetamiseks ja mitte näiteks laienemiseks välisturgudel.
The foreign assets also constituted a drain on liquidity since the intra-group funding amounted to several billion euros.
Kohustus vähendada Kreeka hoiustelt makstavat jätkusuutmatult kõrget intressi tagab samuti selle, et abi ei kasutata jätkusuutmatute hoiuste kogumise strateegiate rahastamiseks, mis moonutavad konkurentsi Kreeka turul.
In conclusion, since, among the four largest Greek banks, the Bank had the lowest holding of GGBs at the time of the PSI and since the loss resulting from the PSI was larger than the aid received through measures B, B2, B3 and B4, it can be concluded that most of the losses and the need for aid fall under point 14 of the 2011 Prolongation Communication, which allows the Commission to lighten its requirements.
Kohustus rakendada uute laenude hinnastamisel rangeid, asjakohasel krediidiriski hindamisel põhinevaid suuniseid aitab samuti pangal vältida klientidele antavate laenude puhul kasutatavate ebakohaste hinnastamisstrateegiate kaudu konkurentsi moonutamist Kreeka turul.
Part of the need for aid stems from Greek loan losses due to the exceptionally deep and long recession and not from risky lending.
Võttes arvesse punktis 7.6.1 kirjeldatud konkreetset olukorda ja ümberkorralduskavas sätestatud meetmeid, on komisjon seisukohal, et konkurentsi moonutamise piiramiseks on ette nähtud piisavad tagatised.
Such aid does not create moral hazard and is therefore less distortive.
JÄRELEVALVE
Finally, a limited part of the need for aid comes from the Bank’s own risk taking as regards its foreign subsidiaries.
Ümberkorraldamisteatise 5. jao sätetega on ette nähtud korrapäraste aruannete esitamine, et komisjon saaks kontrollida ümberkorralduskava nõuetekohast rakendamist.
Viability
Nagu on sätestatud Kreeka võetud kohustustes, [121] tagab riik, et ümberkorraldusperioodi lõpuni, st 31. detsembrini 2018, jälgib järelevalve eest vastutav usaldusisik, kelle pank on komisjoni nõusolekul ametisse nimetanud, Kreeka-põhise ja välismaise tegevuse ümberkorraldamise, äriühingu üldjuhtimise ja äritegevuse valdkonnas võetud kohustuste täitmist.
A restructuring plan must ensure that the financial institution is able to restore its long-term viability by the end of the restructuring period (section 2 of the Restructuring Communication).
Seega võib järeldada, et ümberkorralduskava rakendamist jälgitakse nõuetekohaselt.
In the case at hand, the restructuring period is defined as the period between the date of adoption of this Decision and 31 December 2018.
KOKKUVÕTE
In line with points 9, 10 and 11 of the Restructuring Communication, Greece submitted a comprehensive and detailed restructuring plan which provides complete information on the Bank’s business model.
Komisjon järeldab, et Kreeka rakendas abimeetmeid B1, B2, B3 ja B4 ebaseaduslikult, rikkudes ELi toimimise lepingu artikli 108 lõiget 3, kuna need meetmed võeti enne komisjonilt ametliku heakskiidu saamist.
The plan also identifies the causes of the difficulties faced by the Bank, as well as the measures taken to tackle all viability issues which it faced.
Komisjon leiab siiski, et ümberkorralduskava tagab koos lisas loetletud kohustustega panga pikaajalise elujõulisuse taastamise, et see kava on kulude jagamise ja omapanuse seisukohast piisav ning et see tasakaalustab asjakohaselt ja proportsionaalselt käesolevas otsuses uuritud abimeetmete konkurentsi moonutavat mõju.
Greek banking activities
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
As regards liquidity and the Bank’s reliance on Eurosystem funding, the restructuring plan foresees a limited growth of the balance sheet in Greece while the deposit base should grow again.
Artikkel 1
The reliance on State-guaranteed ELA, which has already fallen, will continue to decrease which will also help the Bank to reduce its cost of funding.
Järgmised Kreeka rakendatud meetmed moodustavad riigiabi Euroopa Liidu toimimise lepingu artikli 107 lõike 1 tähenduses:
The sale of securities and of other non-core activities will also strengthen the liquidity position of the Bank.
Kreeka finantsstabiilsuse fondi 2012. aasta detsembris äriühingule Alpha Bank S.A. võimaldatud teine ajutine rekapitaliseerimine summas 1042 miljonit eurot (meede B2);
Due to the still stressed liquidity position of the Bank, the Commission can accept the request of the Greek authorities to be authorised to provide liquidity to the Bank under the guarantee and government bond loan measures of the Greek Banks Support Scheme and under the State-guaranteed ELA.
Kreeka finantsstabiilsuse fondi 21. detsembri 2012. aasta kohustuste võtmise kinnitus äriühingule Alpha Bank S.A. 1629 miljoni euro andmise kohta (meede B3);
The achievement of such a decrease in the cost of deposits will be a key contribution to improving the pre-provisioning profitability of the Bank.
Kreeka finantsstabiilsuse fondi antud 427 miljoni euro suurune toetus kogu likviidsuspuudujäägi katmiseks Dodekaneeside ühistupanga, Evia ühistupanga ja Lääne-Makedoonia ühistupanga teatavate valitud varade ja kohustuste ülekandmisel äriühingule Alpha Bank S.A. 2013. aasta detsembris ei ole riigiabi Euroopa Liidu toimimise lepingu artikli 107 lõike 1 tähenduses.
Since the start of the crisis the Bank has started rationalising its commercial network in Greece, through a reduction in the number of branches and employees [108].
Võttes arvesse Alpha panga kontserniga (Alpha pank koos kõigi tütarettevõtjate ja filiaalidega) seotud ümberkorralduskava, mis esitati 12. juunil 2014, ning Kreeka ametiasutuste 12. juunil 2014 võetud kohustusi, loetakse järgmised riigiabi meetmed siseturuga kokkusobivaks:
By 2017, the total costs of the Bank will have decreased by a further […]% compared to 2013.
Kreeka 2009. aasta mais rekapitaliseerimismeetme alusel äriühingule Alpha Bank S.A. tehtud kapitalisüst summas 940 miljonit eurot (meede A);
To achieve that target Greece has committed that the Bank will reduce its branches and employees in Greece to […] and […] respectively at 31 December 2017, with maximum total costs [109] in Greece of EUR […] million.
Kreeka keskpanga antud ja riigi alates 2011. aasta juulist tagatud erakorraline likviidsusabi äriühingule Alpha Bank S.A. summas 23,6 miljardit eurot 31. detsembri 2012. aasta seisuga (meede L2);
The expected cost-to-income ratio will be less than […]% at the end of the restructuring period.
Kreeka finantsstabiilsuse fondi 2012. aasta mais äriühingule Alpha Bank S.A. võimaldatud esimene ajutine rekapitaliseerimine summas 1900 miljonit eurot (meede B1);
The Commission considers that the restructuring plan preserves the efficiency of the Bank in the new market environment.
Kreeka finantsstabiilsuse fondi 2012. aasta detsembris äriühingule Alpha Bank S.A. võimaldatud teine ajutine rekapitaliseerimine summas 1042 miljonit eurot (meede B2);
One other key area is the handling of NPL, since they amounted to 32,4 % of the portfolio at 31 December 2013 [110].
Kreeka finantsstabiilsuse fondi 2013. aasta mais äriühingule Alpha Bank S.A. võimaldatud rekapitaliseerimine summas 4021 miljonit eurot (meede B4).
The Bank plans to enhance its credit policy (limits, collateral coverage) and to focus on the core activity in order to minimise its losses.
Artikkel 2
Greece has also given a commitment that the Bank will comply with high standards as regards its credit policy in order to manage risks and to maximise the value for the Bank at each stage of the credit process, as described in recital 122.
Käesolev otsus on adresseeritud Kreeka Vabariigile.
Corporate governance
Brüssel, 9. juuli 2014
Another point of attention is the governance of the Bank given that the HFSF owns 69,9 % [111] of the Bank’s shares following the 2014 share capital increase, but with restricted voting power.
Komisjoni nimel
Additionally, some of the private investors which control the Bank also own warrants and thus would gain the full benefit should the share price soar during the restructuring period.
Joaquín Almunia
Because that situation could create moral hazard, a specific relationship framework was agreed between the Bank and the HFSF in 2013.
Komisjoni otsus, 19. november 2008, riigiabi nr 560/2008 kohta „Support Measures for the Credit Institutions in Greece” (meetmed Kreeka krediidiasutuste toetamiseks) ( ELT C 125, 5.6.2009, lk 6).
That agreement protects the day-to-day business of the Bank from any interference from its main shareholders, while ensuring that the HFSF can monitor the implementation of the restructuring plan and prevent excessive risk-taking by the Bank’s management through appropriate consultation procedures.
Kava tähistati numbriga SA.26678 (N 560/2008).
The Bank has also committed to monitor closely its exposure to connected borrowers.
Seejärel kava pikendati ja muudeti joonealuses märkuses nr 2 kirjeldatud viisil.
The Commission notes positively the fact that the HFSF automatically regains voting rights if the Bank does not implement its restructuring plan.
Vt komisjoni 27. juuli 2012. aasta otsus riigiabi nr SA.34823 (2012/C) (ex2012 NN) kohta „Alpha panga rekapitaliseerimine Kreeka Finantsstabiilsuse Fondi poolt” ( ELT C 357, 20.11.2012, lk 36).
International activities
Finantsstabiilsuse fondi pressiteade, 24. detsember 2012, internetis kättesaadav: http://www.hfsf.gr/files/press_release_20140415_en.pdf.
Some of the Bank’s international activities have drained the Bank’s capital, liquidity and profitability in the past, as explained in recital 266.
Komisjon registreeris need meetmed juhtumina nr SA.36004 (2013/NN).
The restructuring plan anticipates that the Bank will continue to re-focus on its domestic market.
Teatis registreeriti numbri SA.34823 (2012/C) (ex 2012 NN) all.
The Bank has already sold its unprofitable subsidiary in Ukraine.
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, internetis kättesaadav aadressil http://www.bankofgreece.gr/BogEkdoseis/Report_on_the_recapitalisation_and_restructuring.pdf.
It is planning further rationalisation of its network in retained subsidiaries, as described in recital 109.
Panga Core Tier 1 (esimese taseme põhiomavahendid) on omakapitali suhtarv, mida pangandusjärelevalve teostaja kontrollib kapitalinõuete direktiivi raames.
The total amount of foreign assets will shrink by at least a further […]% by 31 December 2017 (compared to 31 December 2012).
Vt joonealune märkus nr 7, lk 106.
The overall profitability of international activities will be restored from […] onwards.
Vt joonealune märkus nr 8.
Therefore the Commission believes that the Bank will have sufficiently restructured and reduced those foreign businesses in size to avoid it being exposed to additional capital needs and liquidity shortages in the future.
Vt joonealune märkus nr 7, lk 104.
The commitment described in recital 119 to refrain from injecting large amounts of capital in the Bank’s international subsidiaries also ensures that foreign subsidiaries will not represent a threat for capital or liquidity.
Eurosüsteemi ehk euroala keskpankade süsteemi moodustavad Euroopa Keskpank ja riikide keskpangad.
Conclusion on viability
Rahandusministeeriumi pressiteade, 3. detsember 2012, internetis kättesaadav: http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdf.Asjaomane enda võla tagasiost nimiväärtusest palju väiksema hinnaga tõi kaasa Kreeka võlgade olulise vähenemise.
The base case scenario as described in section 2.4 shows that at the end of the restructuring period the Bank will be able to realise a return which allows it to cover all its costs and provide an appropriate return on equity taking into account its risk profile.
Kui tagasiostu ei oleks korraldatud, oleks asjaomaste uute Kreeka riigivõlakirjade turuväärtus tõusnud vastavalt turuparameetrite, näiteks intressimäärade ja Kreeka makseviivituse tõenäosuse arengule.
At the same time, the Bank’s capital position is projected to remain at a satisfactory level.
Sealhulgas oodatav kahjum Kreeka uutelt laenudelt ajavahemikus 2013. aasta juunist kuni 2016. aasta detsembrini.
Finally, the Commission takes note of the adverse scenario described in the restructuring plan of the Bank as submitted by the Greek authorities.
Välismaisest riskist tuleneva krediidikahju prognoosid arvutati pärast välisriigi maksude mahaarvamist ning võttes arvesse tol ajal konkurentsi peadirektoraadi ees võetud kohustusi investeeringust väljumise suhtes.
That adverse scenario is based on a set of assumptions agreed with the HFSF.
Kreeka rahvuspanga laenukahjumireservid 2013. aasta 30. juuni seisuga hõlmavad esimese äripanga (First Business Bank) ja Probanki eraldisi.
It takes into account a longer and deeper recession, as well as a more severe deflation of real estate prices [112].
Eurobanki laenukahjumireservid 2013. aasta 30. juuni seisuga hõlmavad New Hellenic Postbanki ja New Proton Banki (mille pank omandas 2013. aasta augustis) eraldisi.
The restructuring plan shows that the Bank is able to withstand a reasonable amount of stress as, in the adverse scenario, the Bank remains profitable and well capitalised at the end of the restructuring period.
http://www.alpha.gr/files/investorrelations/IFRS_Alphagroup_Q3_2013_en.pdf.
The amount of additional capital which was raised in 2014, namely EUR 1,2 billion, is sufficient to cope with the baseline scenario of the 2013 stress test in the restructuring period and to repay the preference shares, which the Bank did in April 2014 [113].
Vt tabel 2.
The Bank will also submit a contingent capital plan to the Bank of Greece with measures to be implemented if the economic environment deteriorates further.
Alpha panga andmed komisjonile, 25. juuni 2013.
The Commission recalls that in the assessment of the capital needs under the baseline scenario, the Bank of Greece already introduced several adjustments which resulted in an increase of the estimated capital needs compared to the capital needs estimated by the Bank in its own baseline scenario.
2011. aasta finantsaruanne, http://www.alpha.gr/files/investorrelations/GROUP_IAS_FY_2011_en1.pdf.