natgillin/translations-raw huggingface dataset:
As such, the Bank is a systemically important bank for Greece.
Proportsionaalsus – negatiivse ülekanduva mõju piiramise meetmed
Consequently, a default by the Bank would have created a serious disturbance in the Greek economy.
Piraeuse pank sai väga suures mahus riigiabi.
Under the then prevailing circumstances, financial institutions in Greece had difficulties in accessing funding.
Selline olukord võib viia konkurentsi tõsise moonutamiseni.
That lack of funding limited their ability to provide loans to the Greek economy.
Kreeka on aga võtnud endale kohustuse rakendada mitmeid meetmeid negatiivse ülekanduva mõju piiramiseks.
In that context, the disturbance to the economy would have been aggravated by the default of the Bank.
Eelkõige näevad võetud kohustused ette, et panga tehingud toimuvad jätkuvalt ärilistel alustel, nagu selgitati põhjendustes 136 ja 137.
Moreover, measures B1, B2, B3 and B4 came about to a significant extent because of the PSI programme, a highly extraordinary and unpredictable event and not as a result of mismanagement or excessive risk-taking from the Bank.
Kreeka on võtnud kohustuse järgida ka omandamiskeeldu ja väljuda mitmetest investeeringutest, nagu on kirjeldatud põhjendustes 138, 139 ja 143.
The measures are therefore mainly intended to deal with the results of the PSI programme and contribute to maintaining financial stability in Greece.
Konkurentsimoonutuste piiramist hinnatakse põhjalikumalt punktis 7.6.
In the Piraeus Opening Decision, the Commission expressed doubts as to whether all the measures possible had been taken immediately to avoid the Bank needing aid again in the future.
Piraeuse panga üldjuhtimise ja äritehingutega seotud kohustuste nõuetekohase rakendamise kontrollimiseks nimetati pangas ametisse järelevalve eest vastutav usaldusisik.
As described in recitals 115, 116 and 117, the Bank has also significantly restructured its activities, with many cost reductions already implemented.
25. juunil 2014 esitati komisjonile viimaks uus ulatuslik ümberkorralduskava.
Therefore the Commission’s doubts have been allayed.
Kõnealust ümberkorralduskava hinnatakse punktis 7.6.
In the Piraeus Opening Decision, the Commission also expressed doubts as to whether sufficient safeguards existed in case the Bank came under State control, or in case private shareholders retained control while the majority of the ownership would be held by the State.
Kokkuvõttes on menetluse algatamise otsuses tõstatatud kahtlused hajutatud.
The commitments described in recitals 140 and 141 of this Decision ensure that the credit operations of the Bank will be run on a commercial basis and daily business will be protected from State interference.
Meetmed B1, B2, B3 ja B4 on 2008. aasta pangandusteatise punkti 15 seisukohast proportsionaalsed.
The relationship framework agreed between the HFSF and the Bank also ensures that interests of the State as main shareholder are protected against excessive risk-taking by the management of the Bank.
Järeldused Kreeka finantsstabiilsuse fondi rekapitaliseerimiste kokkusobivuse kohta 2008. aasta pangandusteatise, rekapitaliseerimisteatise ja 2011. aasta pikendusteatisega
Measures B1, B2, B3 and B4 therefore ensure that financial stability in Greece is maintained.
ATE ÜLEANTUD TEGEVUSE, GENIKI, KÜPROSE ÜLEANTUD TEGEVUSE JA MBG OMANDAMISE KOKKUSOBIVUS ÜMBERKORRALDAMISTEATISEGA
Significant actions have been taken to minimise future losses and to ensure that the activities of the Bank are not jeopardised by inappropriate governance.
Ümberkorraldamiskava punktis 23 selgitatakse, et abi saavate pankade teostatavat ettevõtete omandamist ei tohi rahastada riigiabist, välja arvatud juhul, kui see on ettevõtte elujõulisuse taastamiseks hädavajalik.
On that basis, the Commission finds that measures B1, B2, B3 and B4 are appropriate.
Ümberkorraldamiskava punktides 40 ja 41 märgitakse, et pangad ei tohi kasutada riigiabi konkureerivate ettevõtete omandamiseks, välja arvatud juhul, kui omandamine moodustab finantsstabiilsuse taastamiseks või konkurentsi tõhususe tagamiseks vajaliku konsolideerimisprotsessi osa.
Necessity — limitation of the aid to the minimum
Lisaks võib omandamine seada ohtu elujõulisuse taastamise või muuta selle keeruliseks.
In line with the 2008 Banking Communication, the aid measure must, in its amount and form, be necessary to achieve its objective.
Komisjon peab seega hindama, kas panga teostatud ettevõtete omandamine on kooskõlas ümberkorraldamisteatisega.
It means that the capital injection must be of the minimum amount necessary to achieve the objective.
ATE üleantud tegevuse omandamise kokkusobivus ümberkorraldamisteatisega
The amount of capital support was calculated by the Bank of Greece in the framework of the stress test of 2012 so as to ensure that the Bank’s Core Tier 1 capital ratio remained above a certain level over the period 2012-2014, as reflected in Table 3.
ATE üleantud tegevuse omandamise mõju Piraeuse panga pikaajalisele elujõulisusele
Measures B1, B2, B3 and B4 therefore do not provide the Bank with any excess capital.
ATE üleantud tegevuse omandamine tõi Piraeuse panka suure hulga hoiuseid, laenude netosumma oli samal ajal palju väiksem [104].
As explained in recital 250, actions have been taken to reduce the risk that the Bank will need additional aid in the future.
See aitas märkimisväärselt vähendada Piraeuse panga väga suurt laenude ja hoiuste suhtarvu.
As regards the remuneration of the first and second bridge recapitalisations (measures B1 and B2), the Commission recalls that they were granted in May 2012 and December 2012 respectively, and paid in kind in the form of EFSF notes.
Lisaks sellele on omandamine kaasa aidanud märkimisväärsete sünergiate tekkele, nagu näiteks kulude sünergia filiaalide ja töötajate vähendamise ning IT integratsiooni tulemusel, rahastamisel tekkiv sünergia ja sissetulekute sünergia.
The HFSF has received as remuneration, from the date of disbursement of the EFSF notes to the date of the Spring 2013 recapitalisation, the accrued interest on the EFSF notes plus a 1 % fee [101].
Omandamine on seega Piraeuse panga pikaajalise elujõulisuse taastamise seisukohalt väga positiivne.
As underlined in the Piraeus Opening Decision, that remuneration is lower than the 7 % to 9 % range defined in the Recapitalisation Communication.
ATE üleantud tegevuse omandamise mõju Piraeuse pangale vajaliku abi suurusele
However, the period of low remuneration was limited to one year for measure B1 and five months for measure B2 (that is to say, until the conversion of the bridge recapitalisation into a standard recapitalisation in ordinary shares, namely measure B4).
Ümberkorraldamisteatise punkti 23 kohaselt ei tohi ümberkorraldusabi kasutada teiste ettevõtete omandamiseks, vaid ainult selliste ümberkorralduskulude rahastamiseks, mis on panga elujõulisuse taastamiseks vajalikud.
While the first and second bridge recapitalisations did not trigger the dilution of existing shareholders, the Spring 2013 recapitalisation, which was the partial conversion of the first and second bridge recapitalisations, heavily diluted the pre-existing shareholders, as their stake in the Bank’s equity fell to 2,3 %.
Piraeuse panga ATE üleantud tegevuse omandamise eest makstavaks tasuks määrati 0,6 % üleantud hoiuste väärtusest ja summa suurus oli umbes 95 miljonit eurot.
The abnormal situation which prevailed from the date of the first bridge recapitalisation was then terminated.
See võrdus 0,02 %ga Piraeuse panga koguvaradest omandamise ajal.
The doubts raised in the Piraeus Opening Decision have therefore been allayed.
Kõnealust summat võib seega pidada väikeseks, aga mitte tühiseks.
Second, given the atypical source of the Bank’s difficulties, where losses came mainly from a debt waiver in favour of the State (the PSI programme and the debt buy-back, which provide a significant advantage to the State, that is to say, a debt reduction) and from the consequences of a protracted recession in its domestic economy, the Commission can accept such a temporary deviation from the standard remuneration requirements set in the Recapitalisation Communication [102].
ATE üleantud tegevuse omandamine parandas märgatavalt Piraeuse panga äärmiselt pingelist likviidsuspositsiooni ja muutis panga olukorra märksa toimivamaks.
As regards measure B3, it was a commitment to provide capital in the framework of a future capital increase.
Komisjon tuletab meelde, et […].
That commitment made in December 2012 could have been implemented in an actual injection of capital in May-June 2013, a mere five months later, when the Bank proceeded with its capital increase.
Seega võib omandamist ja selle eest makstud madalat ostuhinda lugeda Piraeuse panga pikaajalise elujõulisuse taastamiseks hädavajalikuks ning selle suhtes kohaldatakse ümberkorraldamisteatise punktis 23 sätestatud erandit.
Since the Bank attracted private investors, the HFSF was not required to inject the capital committed.
ATE üleantud tegevuse omandamise moonutav mõju konkurentsile
In view of the short period during which that commitment to provide capital was in place and for the reasons set out in recital 256, it is acceptable that no remuneration was paid for that commitment.
Ümberkorraldamisteatise punktide 39 ja 40 kohaselt ei tohi riigiabi kasutada abi mitte saavate ettevõtete kahjustamiseks ja eelkõige konkureerivate ettevõtete omandamiseks.
As regards measure B4, in line with point 8 of the 2011 Prolongation Communication, capital injections should be subscribed at a sufficient discount to the share price, adjusted for the dilution effect, to give a reasonable assurance of an adequate remuneration for the State.
Samas märgitakse ümberkorraldamisteatise punktis 41, et omandamist võib lubada juhul, kui see on finantsstabiilsuse taastamiseks või konkurentsi tõhususe tagamiseks vajaliku konsolideerimisprotsessi osa.
While measure B4 did not provide for a significant discount to the share price as adjusted for the dilution effect, it was, in fact, impossible to achieve a significant discount to the theoretical ex-right price [103].
Sellistel asjaoludel peab omandamise protsess olema õiglane ning asjaomasel turul tuleb kindlustada tõhusa konkurentsi tingimused.
Prior to the Spring 2013 recapitalisation, the Bank’s market capitalisation was only a few hundred millions euros.
Omandamist võib seega pidada finantsstabiilsuse taastamiseks vajaliku konsolideerimisprotsessi osaks ümberkorraldamisteatise punktis 41 kirjeldatud tähenduses.
In such circumstances, the question arises whether the existing shareholders should have been fully wiped out.
ATE üleantud tegevuse omandamiseks ei teinud pakkumist ükski abi mitte saav pakkuja.
The Commission also notes that the dilution of the existing shareholders has been huge, since after the Spring 2013 recapitalisation they held only 2,3 % of the shareholding of the Bank.
ATE üleantud tegevuse omandamine on seega kooskõlas ümberkorraldamisteatise 4. jaoga.
Therefore, applying a further discount on the market price would have had a small impact on the remuneration of the HFSF.
Järeldus ATE üleantud tegevuse omandamise kohta
In view of the specific situation of the Greek banks explained in recital 256, and given the fact that the need for aid stems to a large extent from a waiver of debt in favour of the State, the Commission considers that the issue price of the shares subscribed by the State was sufficiently low.
Komisjon jõuab järeldusele, et Kreeka pankade ainulaadset olukorda ja ATE üleantud tegevuse omandamise eripärasid silmas pidades vastab see omandamine ümberkorraldamisteatises sätestatud nõuetele.
The HFSF also issued warrants and granted one warrant for each new share subscribed by a private investor participating in the Spring 2013 recapitalisation.
Geniki omandamise kokkusobivus ümberkorraldamisteatisega
The HFSF granted those warrants for no consideration.
Geniki omandamise mõju Piraeuse panga pikaajalisele elujõulisusele
As explained in recital 106, each warrant incorporates the right to purchase 4,48 shares of the HFSF at specified intervals and strike prices.
Tegevuse kasumlikkust silmas pidades aitab Geniki omandamine kaasa Piraeuse panga pikaajalise elujõulisuse taastumisele.
The exercise price is equal to the subscription price of the HFSF increased by an annual and cumulative margin (4 % for year one, 5 % for year two, 6 % for year three, 7 % for year four and 8 % per cent annualised for the last six months).
Kõnealuse omandamise ajal Piraeuse panga esitatud analüüsi kohaselt tekitab samas geograafilises piirkonnas asuval turul tegutseva kahe panga ühendamine sünergiaid, nagu näiteks kulude kokkuhoid töötajate arvu vähendamise ja filiaalide sulgemise teel.
The remuneration received by the HFSF on the shares it owns is de facto capped at those levels.
Piraeuse pank saab juurde Geniki kliendid ja hoiustajad, vähendades sellega oluliselt jaotuskulusid.
That remuneration is lower than the 7 % to 9 % range defined in the Recapitalisation Communication.
Mis puudutab likviidsuspositsiooni, siis Genikil oli rohkem hoiuseid kui laene, nagu selgitati põhjenduses 65.
However, because those warrants were a key factor in the success of the rights issue and private placement launched by the Bank in the framework of the Spring 2013 recapitalisation, the Commission considers that those warrants enabled the Bank to reduce the amount of aid by EUR 1444 million.
Seetõttu suurendas omandamine Piraeuse panga likviidsust ning aitas pangal laenude ja hoiuste suhtarvu vähendada.
Indeed due to the low capital ratio of the Bank prior to the recapitalisation and the high uncertainty prevailing at the time, the simulations which were then available showed that without the warrants, private investors would not have achieved a sufficient return and would not have participated.
Lisaks oli Geniki piisavalt kapitaliseeritud, enne kui Piraeuse pank Geniki omandas.
For the reasons explained in recitals 249 and 256, because the HFSF would receive a minimal positive remuneration if the warrants were exercised and because it was an objective of the MEFP to attract some private investors to keep some banks under private management, and avoid situations where the whole banking sector would be controlled by the HFSF, the Commission can accept such a deviation from the standard remuneration requirements set out in the Recapitalisation Communication.
Seega ei tohiks omandamine tekitada Piraeuse pangale mingeid edasisi kapitalivajadusi.
That acceptance is also based on the fact that the HFSF law, as amended in March 2014, does not provide for any adjustment of the warrants in the event of a non-pre-emptive share capital increase, and that in the event of a rights issue only the warrant strike price may be adjusted and the adjustment may take place only ex post and only up to the amount of the proceeds realised from the sale of pre-emption rights of the HFSF.
Omandamine on seega Piraeuse panga pikaajalise elujõulisuse taastamise seisukohalt positiivne.
Moreover, the commitment given by Greece that it would seek the approval of the Commission prior to any buy-back of the warrants issued by the HFSF will allow the Commission to ensure that any potential future buy-back does not further reduce the remuneration of HFSF and increase the remuneration of the warrant holders.
Geniki omandamise mõju Piraeuse pangale vajaliku abi suurusele
As regards the fact that the HFSF shares are non-voting, the Commission recalls that the need for aid does not come mainly from excessive risk taking.
Kuigi kõnealusel juhul on omandamisel Piraeuse panga elujõulisusele positiivne mõju, ei ole see ümberkorraldamisteatise punkti 23 tähenduses panga elujõulisuse seisukohalt oluline.
In addition, it was an objective of the MEFP to keep some banks under private management.
Piraeuse pank maksis Geniki omandamise eest siiski ainult 1 miljon eurot, mida peetakse väga väikeseks summaks.
Moreover, the relationship framework and automatic reintroduction of voting rights in the event of non-implementation of the restructuring plan provide safeguards against future excessive risk taking by private managers.
Lisaks oli Geniki piisavalt kapitaliseeritud ja tehingu tingimusena tegi Société Générale Piraeuse pangale märkimisväärse kapitalisüsti [106].
Finally, the PSI and the December 2012 buy-back are a kind of remuneration to the State, as the latter’s debt towards the Bank was reduced by several billion euros.
Komisjon teeb järelduse, et arvesse võttes tehingu eripära (täielikult kapitaliseeritud panga väga madala hinnaga omandamine ja müüja tehtud kapitalisüst Piraeuse panka), ei toonud omandamine Piraeuse pangale kaasa mis tahes edasist kapitalivajadust ning seetõttu ei ole Geniki omandamine erandlikult vastuolus põhimõttega, et abi peaks piirduma minimaalselt vajalikuga.
For all those reasons, the Commission can accept that the HFSF receives non-voting shares.
Geniki omandamise moonutav mõju konkurentsile
The Commission therefore concludes that measure B4 was necessary.
Nagu on märgitud põhjenduses 274, ei tohi ümberkorraldamisteatise punktide 39 ja 40 kohaselt riigiabi kasutada abi mitte saavate ettevõtete kahjustamiseks ja eelkõige konkureerivate ettevõtete omandamiseks, viimane on lubatud üksnes teatud tingimustel.
In conclusion, measures B1, B2, B3 and B4 are necessary as rescue aid in both their amount and form.
Omandamist võib seega pidada finantsstabiilsuse taastamiseks vajaliku konsolideerimisprotsessi osaks ümberkorraldamisteatise punktis 41 kirjeldatud tähenduses.
Proportionality — measures limiting negative spill-over effects
Lisaks ei teinud Geniki omandamiseks mis tahes asjakohast pakkumist ükski abi mitte saav pakkuja.
The Bank has received a very large amount of State aid.
Seega ei tõrjunud Piraeuse pank eemale ühtegi abi mitte saavat pakkujat.
However, Greece has given a commitment to implement a number of measures aiming at reducing negative spill-over effects.
Lõpuks, ostuhind oli väga madal.
In particular, the commitments provide that the Bank’s operations will continue to be run on a commercial basis, as explained in recitals 136 and 137.
Sellepärast ei saa väita, et Piraeuse pank kasutas omandamise rahastamiseks riigiabi.
Greece has also committed to an acquisition ban and to a number of divestments, as described in recitals 138, 139 and 143.
Nimetatud asjaolusid silmas pidades võib teha järelduse, et Geniki omandamise suhtes on kohaldatav ümberkorraldamisteatise punktis 41 sätestatud erand.
Limits to distortions of competition will be further assessed in section 7.6.
Järeldus Geniki omandamise kohta
A monitoring trustee has been appointed in the Bank to monitor the correct implementation of commitments on corporate governance and commercial operations.
Komisjon jõuab järeldusele, et Kreeka pankade ainulaadset olukorda ja Geniki omandamise eripärasid silmas pidades vastab see omandamine ümberkorraldamisteatises sätestatud nõuetele.
That will avoid any detrimental change in the Bank’s commercial practice and thereby reduce the potential negative spill-over effects.
Küprose üleantud tegevuse omandamise kokkusobivus ümberkorraldamisteatisega
Finally a new comprehensive restructuring plan was submitted on 25 June 2014 to the Commission.
Küprose üleantud tegevuse omandamise mõju Piraeuse panga pikaajalisele elujõulisusele
That restructuring plan will be assessed in section 7.6.
Küprose üleantud tegevuse omandamine suurendab Piraeuse panga pikaajalist elujõulisust.
To conclude, the doubts raised in the Piraeus Opening Decision have been allayed.
Omandamise ajal Piraeuse panga esitatud analüüsi kohaselt tekitab üleandmine märkimisväärseid sünergiaid, nagu näiteks kulude sünergia haldus- ja personalikulude kokkuhoiu tulemusel ning hoiuste maksumuse märgatav paranemine.
Measures B1, B2, B3 and B4 are proportionate in the light of point 15 of the 2008 Banking Communication.
Piraeuse pank on kolme Küprose panga Kreeka tegevus alates nende omandamisest täielikult integreerinud, kõik kolme Küprose panga filiaalid ümber nimetanud ja teinud edusamme võrgustiku ratsionaliseerimisel.
Conclusion on the compliance of the HFSF recapitalisations with the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication
Kolme Küprose panga Kreekat hõlmava tegevusega seotud laenuportfellid olid hästi kindlustatud.
It is thus concluded that the HFSF recapitalisations (measures B1, B2, B3 and B4) are appropriate, necessary and proportionate, in the light of point 15 of the 2008 Banking Communication, of the Recapitalisation Communication and of the 2011 Prolongation Communication.
Piraeuse pank omandas kõnealused laenud hinnaga, mis oli tunduvalt väiksem nende nimiväärtusest: ostuhinda kärbiti tulevaste kahjumite kajastamiseks PIMCO stressitesti raames antud hinnangu põhjal.
Measures B1, B2, B3 and B4 therefore comply with the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication.
See vähendab võimalust, et laenukahjumi tekkimise risk ületab juba madalas ostuhinnas kajastuva kahjumi.
COMPLIANCE OF THE ACQUISITIONS OF ATE TRANSFERRED ACTIVITIES, OF GENIKI, OF THE CYPRIOT TRANSFERRED ACTIVITIES AND OF MBG WITH THE RESTRUCTURING COMMUNICATION
Piraeuse pank omandas ka suure hulga hoiuseid, peaaegu sama palju kui omandatud laenude netosumma.
Point 23 of the Restructuring Communication explains that acquisitions of undertakings by aided banks cannot be financed through State aid unless this is essential for restoring an undertaking’s viability.
Selle abil tugevdas ta oma likviidsuspositsiooni.
Furthermore, points 40 and 41 of the Restructuring Communication state that banks should not use State aid for the acquisition of competing businesses, unless the acquisition is part of a consolidation process necessary to restore financial stability or to ensure effective competition.
Küprose üleantud tegevuse omandamise mõju Piraeuse pangale vajaliku abi suurusele
In addition, acquisitions may endanger or complicate the restoration of viability.
Punktis 7.3 esitatud analüüsi kohaselt oli abi eesmärk katta Küprose üleantud tegevuse omandaja kapitalivajadused, sest nende omandamine aitas tagada Kreeka finantsstabiilsuse säilitamise.
The Commission must therefore assess whether the acquisitions made by the Bank can be reconciled with the Restructuring Communication.
Tasu, mille Piraeuse pank Küprose üleantud tegevuse omandamise eest lõpuks maksis, oli palju väiksem kui omandatud väärtpaberiportfelli arvestuslik väärtus.
Compliance of the acquisition of the ATE Transferred Activities with the Restructuring Communication
Pärast selle vähendamist tulevaste kahjumite kajastamiseks PIMCO stressitesti raames antud hinnangu põhjal oli see isegi väiksem kui laenude väärtus.
Effect of the acquisition of the ATE Transferred Activities on the long-term viability of the Bank
Omandamishinda võib seega pidada negatiivseks.
The acquisition of the ATE Transferred Activities brought to the Bank a large pool of deposits with a much smaller amount of net loans [104].
Seda järeldust toetab asjaolu, et Piraeuse pank kajastas Küprose üleantud tegevust omandades suure negatiivse firmaväärtuse, mis suurendas panga kapitali.
It therefore contributed to significantly reducing the very high loan-to-deposit ratio of the Bank.
Kui asutakse siiski seisukohale, et Piraeuse pank maksis positiivse hinna, siis märgib komisjon, et Kreeka finantsstabiilsuse fond oli omandamise eeltingimusena võtnud ostja ees kohustuse teha ostuhinna suurune kapitalisüst.
Furthermore, the acquisition has led to considerable synergies such as cost synergies through branch, staff reduction and IT integration, funding synergies and revenue synergies.
Seega ei põhjustanud omandamine Piraeuse pangale täiendava riigiabi vajadust.
Effect of the acquisition of the ATE Transferred Activities on the amount of aid needed by the Bank
Küprose üleantud tegevuse omandamise moonutav mõju konkurentsile