natgillin/translations-raw huggingface dataset:
Regarding the necessity of the first bridge recapitalisation, the Bank of Greece observed that the Bank’s recapitalisation was limited so as to ensure that the then applicable minimum capital requirements (8 %) were met.
31. detsembril 2012 oli see umbes 23,6 miljardit eurot.
It also stated that the protracted period of time prior to the recapitalisations was due to the sharp deterioration of the operating environment in Greece and the impact of the PSI programme, to the complexity of the whole project and to the need to maximise private investors’ participation in the share capital increases.
Pangale finantsstabiilsuse fondi kaudu antud abi olemasolu (meetmed B1, B2, B3 ja B4)
Regarding the proportionality of the first bridge recapitalisation, the Bank of Greece pointed out that the full implementation of the restructuring plan to be submitted to the Commission was safeguarded by the fact that the suspension of the voting rights of the HFSF would be lifted if the restructuring plan were substantively violated.
Esimene ajutine rekapitaliseerimine (meede B1)
The Bank of Greece also observed that the Bank’s difficulties were not due either to an underestimation of risks by the Bank’s management or to commercially aggressive actions.
Alpha uurimise algatamise otsuse punktis 5.1 on komisjon juba järeldanud, et esimene ajutine rekapitaliseerimine kujutab endast riigiabi.
COMMENTS FROM THE HFSF
Saadud kapital on 1,9 miljardit eurot.
Regarding the appropriateness of the first bridge recapitalisation, to address the issue of potential State interference in case the State provides high amounts of State aid through the HFSF and the HFSF has full voting rights, the HFSF stated that the HFSF-funded banks are not considered to be public entities or under State control and that they will not be controlled by the State after they have been permanently recapitalised by the HFSF.
Teine ajutine rekapitaliseerimine (meede B2)
The HFSF pointed out that it is a fully independent private-law legal entity with autonomy of decision.
Meede B2 viidi ellu finantsstabiilsuse fondi vahenditest, mis hõlmasid riigi vahendeid, nagu on selgitatud Alpha uurimise algatamise otsuse põhjenduses 47.
It is not subject to government control, pursuant to Article 16(C)(2) of the HFSF law, according to which the credit institutions to which the HFSF has provided capital support are not part of the broader public sector.
Eelise olemasolu küsimuses tõstis meede B2 panga omavahendite suhtarvu tasemele, mis võimaldas jätkata turul tegutsemist ja saada juurdepääsu eurosüsteemi rahalistele vahenditele.
It also pointed to the governing structure of the HFSF.
Lisaks hõlmas meetmega B2 seotud tasu EFSFi võlakirjadelt kogunenud intressi ning samuti täiendavat 1 % suurust tasu.
As regards the intervention of the HFSF in the Bank’s management, the HFSF noted that it would respect the Bank’s autonomy and not interfere with its day-to-day management given that its role is limited to that laid down in the HFSF Law.
Kuna see tasu on ilmselgelt väiksem sarnaste turul liikuvate kapitaliinstrumentidega seotud tasudest, ei oleks pank kindlasti suutnud sellistel tingimustel samaväärsel hulgal kapitali turult hankida.
It stated that there would not be any State interference or coordination and that the decisions of the Bank regarding the lending process (inter alia on collateral, pricing and solvency of borrowers) would be taken on the basis of commercial criteria.
Seega kujutas meede B2 pangale riigi vahenditest eelise andmist.
The HFSF pointed out that the HFSF Law and the pre-subscription agreement contained appropriate safeguards in order to prevent existing private shareholders from excessive risk-taking.
Kuna meede oli kättesaadav vaid pangale, oli see valikuline.
It pointed to elements such as: (i) the appointment of HFSF representatives as independent non-executive members of the Board of Directors of the Bank and their presence at committees; (ii) the HFSF carrying out due diligence in the Bank; and (iii) the fact that after the final recapitalisation its voting rights would be restricted only for as long as the Bank complied with the terms of the restructuring plan.
Meetme B2 tulemusena tugevnes panga seisund, pidades silmas, et abisaaja käsutusse anti kapitalinõuete jätkuvaks täitmiseks vajalikke rahalisi vahendeid, ning see moonutas konkurentsi.
The HFSF stated that there are appropriate measures in place in order to ensure that banks in which the HFSF participates do not share commercially sensitive information between them.
Kuna pank tegutseb ka muudel ELi pangandusturgudel ja teiste liikmesriikide finantsasutused tegutsevad omakorda Kreekas, mõjutab meede B2 tõenäoliselt ka liikmesriikidevahelist kaubandust.
They include the appointment of different HFSF representatives to those banks, the mandates addressed to those representatives which specifically safeguard against the flow of information from one representative to another and clear internal instructions to those representatives not to transmit commercially sensitive information of the banks.
Komisjon leiab, et meede B2 kujutab endast riigiabi.
Moreover, the HFSF stated that it does not exercise its rights in relation to the banks in a manner which may prevent, restrict, distort or significantly lessen or impede effective competition.
Riigi ametiasutused teatasid sellest kui abist.
Lastly, the HFSF pointed out that the members of its Board of Directors and its employees are subject to strict confidentiality rules and fiduciary duties and are bound by provisions concerning professional secrecy with regards to its affairs.
Saadud kapital on 1042 miljonit eurot.
ASSESSMENT OF THE STATE SUPPORT RELATED TO THE ACQUISITION OF SELECTED LIABILITIES OF THE THREE COOPERATIVE BANKS
Kohustuste võtmise kinnitus (meede B3)
The Commission first has to assess whether the State support related to the resolution of the three Cooperative Banks (meaning the financing of the funding gaps which enabled the transfer of the deposits, including interbank liabilities, and the claims and liabilities against the HDIGF) constitutes State aid within the meaning of Article 107(1) of the Treaty.
Meetmega B3 võttis Kreeka finantsstabiilsuse fond kohustuse anda panga rekapitaliseerimisprotsessi lõpetamiseks vajalikku täiendavat kapitali summa ulatuses, mille Kreeka keskpank kehtestas 2012. aasta stressitesti raames.
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.
Finantsstabiilsuse fondi vahendid tulevad riigilt.
The Commission will start by assessing whether or not the following potential beneficiaries benefited from an advantage: (i) the Cooperative Banks and the potentially transferred ‘activities’ to the Bank; and (ii) the Bank.
Seega järeldab komisjon, et kohustuste võtmise kinnitus hõlmab riigi vahendeid.
Existence of aid to the Cooperative Banks and the potentially transferred ‘activities’ to the Bank
Kreeka finantsstabiilsuse fondist finantsasutustele toetuse eraldamise tingimused on täpselt määratletud ja piiritletud seadusega.
With regards to the Cooperative Banks, the Commission notes that Dodecanese Bank, Evia Bank and Western Macedonia Bank have been put in liquidation and their banking licenses withdrawn.
Seega võib selliste riigi vahendite kasutamist käsitada riikliku meetmena.
Therefore, they will no longer carry out economic activities on the banking market.
Finantsstabiilsuse fond võttis kohustuse eraldada täiendavat kapitali kuni 1629 miljoni euro ulatuses.
The State support, that is to say the financing of the funding gaps, would constitute aid to the transferred claims and liabilities within the meaning of Article 107(1) of the Treaty only if they together constituted an undertaking.
Kohustuste võtmise kinnitus andis pangale eelise, kuna see taastas hoiustajate kindlustunde selle suhtes, et pank suudab hankida kogu vajaliku kapitali, st saada finantsstabiilsuse fondist kapitali juhul, kui ta ei suuda seda turult hankida.
The concept of an undertaking encompasses every entity engaged in an economic activity, regardless of legal status and the way in which it is financed.
Kohustus hõlbustas ka turult erakapitali hankimist, kuna investorid said kinnituse, et kui pank ei suuda osa kapitalist saada turult, eraldab selle finantsstabiilsuse fond.
Any activity consisting in offering goods or services on a given market is regarded as an economic activity.
Ükski erainvestor ei oleks enne rekapitaliseerimise tingimuste teatavaks saamist nõustunud kapitali andma ning pangal ei olnud sel ajal juurdepääsu kapitaliturule.
Therefore, in order to conclude whether there is aid to an undertaking, it should be assessed whether the transfer of the claims and liabilities entails the transfer of an economic activity.
Kõnealune eelis on valikuline, kuna seda said ainult teatavad Kreekas tegutsevad pangad.
As mentioned in section 2.2.2, following the resolution of the Cooperative Banks, only the deposits, the interbank liabilities and the claims and liabilities towards the HDIGF were transferred to the Bank.
Kuna pank tegutseb ka muudel ELi pangandusturgudel ja teiste liikmesriikide finantsasutused tegutsevad omakorda Kreekas, mõjutab meede B3 tõenäoliselt ka liikmesriikidevahelist kaubandust ning võib moonutada konkurentsi.
The three Cooperative Banks employed 227 employees and had 18 branches in total.
Seega kujutab meede B3 endast abi ja Kreeka ametiasutused teatasid sellest kui abist 27. detsembril 2012.
It should be noted that there was no automatic transfer of branches or employment contracts or loans between the three Cooperative Banks and the Bank.
Finantsstabiilsuse fondi osalus 2013. aasta kevadises rekapitaliseerimises (meede B4) kujutab endast esimese ja teise ajutise rekapitaliseerimise (meetmed B1 ja B2) ning kohustuste võtmise kinnituse (meede B3) osalise täitmise konverteerimist püsivaks rekapitaliseerimiseks väärtuses 4021 miljonit eurot lihtaktsiate vormis.
Therefore, the fact that loans are not transferred to the Bank but remain with the three Cooperative Banks into liquidation, the fact that no branch is transferred and the lack of automatic transfer of labour contracts contribute [91] to the conclusion that there is no transfer of economic activity.
Asjaolu, et meetme B3 kohase kohustuste võtmise kinnitusega hõlmatud summast eraldati kapitali vaid teataval määral, tuleneb sellest, et 550 miljonit eurot kapitali saadi erainvestoritelt.
The transferred liabilities (that is to say deposits) cannot be considered to be the beneficiary of State support, as they do not constitute an ‘undertaking’.
Kuna meede B4 kujutab endast juba antud abi konverteerimist, sisaldab see endiselt riigi vahendeid, kuid ei suurenda abi nimiväärtust.
In summary, the three existing legal entities have been put into liquidation and no longer carry out any banking activities.
Siiski suurendab see panga saadud eelist (ja seega konkurentsimoonutusi), kuna tegemist on püsiva ja mitte ajutise rekapitaliseerimisega, nagu olid meetmed B1 ja B2.
At the same time, the transferred assets and liabilities do not constitute an economic activity.
Võrreldes meetmega B3, mis on vaid kohustus ja mitte tegelik rekapitaliseerimine, tõstis meede B4 panga kapitali adekvaatsust ning andis seega suurema eelise.
It is therefore concluded that the grant of EFSF bonds by the HFSF to the Bank to cover the funding gap of the acquired assets and liabilities of the three Cooperative Banks does not allow the continuation of the latter’s economic activities.
Komisjon märgib, et kõik Kreekas tegutsevad pangad sellist abi ei saanud.
Therefore, the HFSF support constitutes neither aid to the liquidated entities nor aid to the transferred assets and liabilities.
Seetõttu on pangale antud eelis valikuline.
Existence of aid to the Bank
Konkurentsi moonutamise ja kaubandusele avaldatava mõju kohta märgib komisjon näiteks, et abi aitas pangal jätkata oma tegevust teistes liikmesriikides.
With regards to whether the sale of the three Cooperative Banks’ assets and liabilities entails State aid to the Bank, the Commission must assess whether certain requirements are met and in particular whether: (i) the sale process is open, unconditional and non-discriminatory; (ii) the sale takes place on market terms; and (iii) the State maximises the sale price for the assets and liabilities involved [92].
Panga likvideerimine oleks toonud kaasa tegevuse lõpetamise välisturgudel kas välismaiste tegevusharude likvideerimise või müügi teel.
As mentioned in recital 52 the Bank of Greece only contacted the four systemic Greek banks in order to auction the selected assets and liabilities of the three Cooperative Banks, as it considered that deposits should be transferred to fully recapitalised institutions.
Seega moonutatakse meetmega konkurentsi ja see mõjutab liikmesriikidevahelist kaubandust.
Only the Bank and Eurobank submitted binding offers.
Meede kujutab endast riigiabi.
Alpha Bank was selected as best bidder in a competitive tender organised by the resolution authority, which took into account the price proposed and the ability to take over and integrate the purchased deposits in a seamless and rapid manner.
Järeldus meetmete B1, B2, B3 ja B4 kohta
The package for sale comprised only deposits without any infrastructure.
Meetmed B1, B2, B3 ja B4 kujutavad endast riigiabi ELi toimimise lepingu artikli 107 lõike 1 tähenduses.
The Buyer could therefore only be a bank with infrastructure and a branch network in Greece, to serve the depositors.
Seetõttu moodustas tegelikult välja makstud riigiabi summa üksnes 4021 miljonit eurot.
As the Commission has no reason to believe that the sale did not take place on market terms, it concludes that aid to the Bank can be excluded, in line with point 80 of the 2013 Banking Communication, point 20 of the Restructuring Communication and the Commission’s decisional practice [93].
Ümberkorraldamisteatise punktis 31 on märgitud, et lisaks abi absoluutväärtusele peab komisjon arvesse võtma ka „selle suhet panga riskiga kaalutud varadesse”.
Conclusion on the existence of aid
Seega tekib küsimus, kas riskiga kaalutud vara maht peaks hõlmama ka Emporiki panga omandamist, ning eeskätt kas riigiabi hindamisel tuleks lähtuda riskiga kaalutud vara mahust kõnealuse ajavahemiku alguse või lõpu seisuga.
The State support involved in the sale of the three Cooperative Banks does not favour any economic activity or any undertaking.
Meetmete B1, B2, B3 ja B4 eesmärk on katta Kreeka keskpanga 2012. aasta märtsis (2012. aasta stressitestis) kindlaksmääratud kapitalivajadus.
Therefore, the measure does not constitute aid within the meaning of Article 107(1) of the Treaty.
Samuti tuletatakse meelde, et Kreeka keskpank ei võtnud ajavahemikus 2012. aasta märtsist kuni 2013. aasta kevadise rekapitaliseerimiseni arvesse Kreeka pankade omandamistehinguid, et korrigeerida nende kapitalivajadust kas üles- või allapoole.
ASSESSMENT OF AID GRANTED TO THE BANK
Sellest asjaolust nähtub veelgi selgemalt, et meetmed B1, B2, B3 ja B4 kujutasid endast abimeetmeid, mis olid seotud panga näitajatega seisuga 31. märts 2012.
EXISTENCE AND THE AMOUNT OF AID
Kuna pangal õnnestus hankida erakapitali, eraldas finantsstabiilsuse fond kapitali üksnes 4021 miljoni euro ulatuses, mis moodustab 9,1 % panga riskiga kaalutud varast seisuga 31. märts 2012.
The Commission has to establish the existence of State aid to the Bank within the meaning of Article 107(1) of the Treaty.
Järeldus abi olemasolu ja kogusumma kohta
Existence of aid in the measures granted under the Greek Bank Support Scheme (measures L1 and A)
Meetmed A, B1, B2, B3 ja B4 kujutavad endast riigiabi ELi toimimise lepingu artikli 107 lõike 1 tähenduses.
The Commission has already established in the decisions approving and prolonging the Greek Banks Support Scheme [94] that liquidity support granted under that scheme constitutes aid.
Viide
Future liquidity support granted under that scheme would also constitute aid.
Meetme liik
The Commission has already established in the decision of 19 November 2008 on the Greek Banks Support Scheme that recapitalisations to be granted under its recapitalisation measure would constitute aid.
Abisumma
The Bank received EUR 940 million by means of preference shares, which represented 2 % of the Bank’s RWA at that date.
Rekapitaliseerimisabi suhe panga riskiga kaalutud varasse
Existence of aid in the State-guaranteed ELA (measure L2)
Eelisaktsiad
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 a counter-guarantee from the State.
Kapitalitoetus
Since the State-guaranteed ELA to the Bank does not comply with those four cumulative conditions, in particular because it is State guaranteed and it is granted in conjunction with other support measures, it constitutes aid.
940 miljonit eurot
The State-guaranteed ELA is in line with the requirements laid down in Article 107(1) of the Treaty.
Esimene ajutine rekapitaliseerimine
First, because that measure includes a State guarantee in favour of the Bank of Greece, any loss will be borne by the State.
Teine ajutine rekapitaliseerimine
The measure therefore involves State resources.
Kohustuste võtmise kinnitus
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.
Finantsstabiilsuse fondi osalus 2013. aasta kevadises rekapitaliseerimises
The State-guaranteed ELA therefore grants an advantage to the Bank.
4571 miljonit eurot
Since ELA is limited to the banking sector the measure is selective.
(finantsstabiilsuse fondi makstud summa: 4021 miljonit eurot)
Because 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.
(finantsstabiilsuse fondi makstud summa: 9,1 %)
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.
Pangale antud finantsabi kokku
The State-guaranteed ELA (measure L2) constitutes State aid.
5511 miljonit eurot
The amount of State-guaranteed ELA has varied over time.
(finantsstabiilsuse fondi makstud summa: 4961 miljonit eurot)
At 31 December 2012 it amounted to around EUR 23,6 billion.
(finantsstabiilsuse fondi makstud summa: 11,1 %)
Existence of aid in the measures granted through the HFSF (measures B1, B2, B3 and B4)
Abi nimiväärtus
First bridge recapitalisation (measure B1)
Likviidsustoetus
In section 5.1 of the Alpha Opening Decision, the Commission has already concluded that the first bridge recapitalisation constitutes State aid.
Tagatised
The capital received amounted to EUR 1,9 billion.
Riigivõlakirjad
Measure B2 was implemented with HFSF resources, which, as explained in recital 47 of the Alpha Opening Decision, involve State resources.
Riigivõlakirjad: 1,6 miljardit eurot 30. septembri 2011. aasta seisuga
As regards the existence of an advantage, measure B2 increased the Bank’s capital ratio to a level that allowed it to continue to function on the market and to access Eurosystem funding.
Riigi tagatud erakorraline likviidsusabi
Because that remuneration is manifestly lower than the remuneration of similar capital instruments in the market, the Bank would have certainly been unable to raise that capital on such terms in the market.
23,6 miljardit eurot 31. detsembri 2012. aasta seisuga
Therefore, measure B2 granted an advantage to the Bank from State resources.
Pangale antud likviidsusabi kokku
Since the Bank is active in other European Union banking markets and since financial institutions from other Member States operate in Greece, measure B2 is also likely to affect trade between Member States.
ELi toimimise lepingu artikli 107 lõike 3 punktiga b volitatakse komisjoni tegema kindlaks, kas siseturuga on kokkusobiv abi, mis on antud „mõne liikmesriigi majanduses tõsise häire kõrvaldamiseks”.
The Commission considers that measure B2 constitutes State aid.
Komisjon on möönnud, et ülemaailmne finantskriis võib tekitada mõne liikmesriigi majanduses tõsise häire ning et abimeetmed pankadele võivad selle häire kõrvaldada.
The capital received amounted to EUR 1042 million.
Komisjon on seisukohal, et tingimused riigiabi heakskiitmiseks ELi toimimise lepingu artikli 107 lõike 3 punkti b alusel on täidetud, sest finantsturgudel on taas täheldatud pingeid.
Commitment letter (measure B3)
Komisjon kinnitas oma seisukohta pikendusteatise vastuvõtmisega 2011. aastal [96] ja pangandusteatise vastuvõtmisega 2013. aastal.
By measure B3, the HFSF committed to provide the additional capital necessary to complete the recapitalisation of the Bank up to the amount requested by the Bank of Greece in the framework of the stress test of 2012.
Seoses Kreeka majandusega on komisjon oma otsustes Kreeka pankade toetuskava heakskiitmise ja pikendamise kohta, aga ka Kreeka riigilt konkreetsetele pankadele antud riigiabi heakskiitmist käsitlevates otsustes [97] tunnistanud, et Kreeka majandust ohustab tõsine häire ning et riigi toetus pankadele on häire kõrvaldamiseks sobiv.
The HFSF receives its resources from the State.
Seega peaks abimeetmete hindamise õiguslik alus olema ELi toimimise lepingu artikli 107 lõike 3 punkt b.
The Commission therefore concludes that the letter commits State resources.
Finantskriisi ajal töötas komisjon välja eri abimeetmete kokkusobivuskriteeriumid.
The circumstances in which the HFSF can grant support to financial institutions are precisely defined and limited by law.
Abimeetmete hindamise põhimõtted kehtestati esmalt 2008. aasta pangandusteatises.
Accordingly the use of those State resources is imputable to the State.
Nagu on osutatud 2008. aasta pangandusteatise punktis 15, on ELi toimimise lepingu artikli 107 lõike 3 punkti b alusel siseturuga kokkusobiv abi, mis vastab järgmistele kokkusobivuse üldkriteeriumidele.
The HFSF committed to provide up to EUR 1629 million of additional capital.
Vajalikkus: abimeede peab oma summa ja vormi poolest olema eesmärgi saavutamiseks vajalik.
The commitment letter granted an advantage to the Bank because it reassured depositors that the Bank would be able to raise the entire amount of capital it had to raise, that is to say the HFSF would provide the capital should the Bank fail to raise it on the market.
Seega peab see olema eesmärgi saavutamiseks minimaalse vajaliku suurusega ning olema häire kõrvaldamiseks kõige asjakohasemas vormis.
That commitment also facilitated the raising of private capital from the market, since investors were reassured that, if the bank could not find part of the capital from the market, the HFSF would provide it.
Proportsionaalsus: meetme positiivset mõju tuleb hoida konkurentsimoonutuste suhtes asjakohaselt tasakaalus, et moonutused piirduksid meetme eesmärkide saavutamiseks minimaalselt vajalikuga.
No private investor would have accepted to commit to inject capital before the terms of the recapitalisation were known, and at that time the Bank had no access to the capital market.
Suunised rekapitaliseerimismeetmete kohta on esitatud rekapitaliseerimisteatises ja 2011. aasta pikendusteatises.
That advantage is selective since it was not granted to all banks operating in Greece.
Ümberkorraldamisteatises on määratletud komisjoni lähenemisviis ümberkorralduskavade hindamisele, eeskätt vajadus taastada elujõulisus, tagada abisaaja asjakohane omapanus ja piirata konkurentsi moonutamist.
Since the Bank is active in other European Union banking markets and since financial institutions from other Member States operate in Greece, measure B3 is also likely to affect trade between Member States and to distort competition.
Raamistikku täiendati 2013. aasta pangandusteatisega, mis kehtib pärast 31. juulit 2013 teatatud abimeetmete suhtes.