natgillin/translations-raw huggingface dataset:
Such amounts of aid in combination with the absence of remuneration call for a significant reduction in the market presence of the beneficiary.
Kuna pank tegutseb ka muudel Euroopa finantsturgudel ja kuna teiste liikmesriikide finantsasutused tegutsevad või oleksid olnud huvitatud tegutsemisest omakorda Kreekas, mõjutab eelis ka liikmesriikidevahelist kaubandust.
Regarding the market on which Probank operated, the Commission notes that Probank was a very small bank (approximately 1 % of Greek banks' total assets and a market share of about 1 % for loans and less than 2 % for deposits) and consequently the assets and liabilities of Probank which were transferred into the Bank were small compared with the size of the Greek banking system.
Eespool esitatut aluseks võttes leiab komisjon, et riigi tagatud erakorraline likviidsusabi (meede L2) kujutab endast riigiabi.
Moreover, the activities of Probank were offered to competitors through an open auction.
Nimetatud likviidsusabi suurus on olnud varieeruv.
Following its sale, Probank ceased to exist as a stand-alone competitor as the transferred activities were fully integrated within the Bank.
31. detsembril 2012 oli see umbes 30,9 miljardit eurot.
It is concluded that given the small size of the transferred activities, the open sales process, and the full integration of Probank's activities into the Bank, there are no undue distortions of competition, despite the very large amount of aid and the absence of remuneration.
Abi olemasolu HFSFi kaudu võetud meetmete puhul (meetmed B1, B2 ja B3)
On the basis of that analysis, the Commission concludes that the sale of the selected assets and liabilities of Probank and their integration into the Bank ensures Probank's activities return to long-term viability, that the aid is limited to the minimum necessary and that there are no undue distortions of competition, in line with the Restructuring Communication.
Esimene ajutine rekapitaliseerimine (meede B1)
Conclusion on the compatibility of aid related to Probank with the internal market
NBG uurimise algatamise otsuse punktis 5.1 on komisjon juba järeldanud, et esimene ajutine rekapitaliseerimine kujutab endast riigiabi.
All the aid measures listed in Table 11 are thus compatible with the internal market.
Saadud kapital on 7430 miljonit eurot.
ASSESSMENT OF AID GRANTED TO THE BANK
Teine ajutine rekapitaliseerimine (meede B2)
EXISTENCE AND THE AMOUNT OF AID
Meede B2 viidi ellu HFSFi vahenditest, mis hõlmasid riigi vahendeid, nagu on selgitatud NBG uurimise algatamise otsuse põhjenduses 49.
The Commission has to establish the existence of State aid within the meaning of Article 107(1) of the Treaty.
Mis puudutab eelise olemasolu, siis tõstis meede B2 panga omavahendite suhtarvu tasemele, mis võimaldas tal jätkata turul tegutsemist ning andis juurdepääsu eurosüsteemi rahalistele vahenditele.
Existence of aid in the measures granted under the Greek Bank Support Scheme (measures L1 and A)
Lisaks kujutab meetme B2 hüvitamine intresside kogunemist EFSFi võlakirjadele, samuti täiendavat 1 % suurust tasu.
State liquidity support granted under the guarantee and the government bond loan measures (measure L1)
Et hüvitis on ilmselt väiksem sarnaste turul liikuvate kapitaliinstrumentide hüvitistest, ei oleks pank kindlasti suutnud sellistel tingimustel samaväärsel hulgal kapitali turult hankida.
The Commission has already established in the decisions approving and prolonging the Greek Banks Support Scheme [128] that liquidity support granted under the scheme constitutes aid.
Seega kujutas meede B2 pangale riigi vahenditest eelise andmist.
The outstanding amount of guarantees as of 15 April 2011 was EUR 12873 million, and reached EUR 14798 million as of 30 November 2013.
Et meede oli kättesaadav vaid pangale, on see valikuline.
At those dates, the outstanding loans of government bonds to the Bank amounted to EUR 787 million and EUR 847 million respectively.
Meetme B2 kohaldamise tulemusena panga seisund tugevnes, kuna panga käsutusse anti edasiseks kapitalinõuete täimiseks vajalikud rahalised vahendid, mis tekitas konkurentsimoonutusi.
Future liquidity support granted under that scheme would also constitute aid.
Kuna pank tegutseb ka teiste liikmesriikide pangandusturgudel ja kuna teiste liikmesriikide finantsasutused tegutsevad Kreekas, eeskätt kindlustusturul, mõjutab meede B2 ka liikmesriikidevahelist kaubandust.
State recapitalisation granted under the Recapitalisation Scheme (measure A)
Komisjon leiab, et meede B2 kujutab endast riigiabi.
The Commission has already established in the Decision of 19 November 2008 on the Greek Banks Support Scheme that recapitalisations to be granted under the recapitalisation measure included under that scheme will constitute aid.
Riigi pädevad asutused käsitlesid oma teatises seda samuti abina.
The Bank has received EUR 1350 million by means of preference shares, which represents 2,1 % of the Bank's RWA [129].
Saadud kapital on 2326 miljonit eurot.
In 2010, Greece introduced several changes to the technical parameters of those preference shares whereby, if the preference shares are not redeemed within five years, the coupon then increases by 2 % each year.
HFSFi osalemine 2013. aasta kevadises rekapitaliseerimises (meede B3)
Given that the changes increase the remuneration of the State in the event that they would not be redeemed or converted after five years, the Commission concludes that the modifications of the technical parameters do not provide any advantage to the Bank and hence do not involve additional State aid.
HFSFi osalemine 2013. aasta kevadises rekapitaliseerimises (meede B3) tähendab esimese ja teise ajutise rekapitaliseerimise (meetmed B1 ja B2) osalist konverteerimist püsivaks rekapitaliseerimiseks 8677 miljoni euro väärtuses lihtaktsiatesse.
Existence of aid in the State-guaranteed ELA (measure L2)
Et meede B3 kujutab juba antud abi konverteerimist, sisaldab see endiselt riigi vahendeid, kuid ei suurenda abi nominaalväärtust.
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 counter-guarantee from the State.
Abi teatava nominaalsumma korral suurendab see siiski panga eelist (ja süvendab seega konkurentsimoonutusi), kuna tegemist on püsiva ja mitte ajutise rekapitaliseerimisega, nagu meetmete B1 ja B2 puhul.
Since the State-guaranteed ELA granted to the Bank does not comply with those four cumulative conditions, notably because it is State-guaranteed and it is granted in conjunction with other support measures, it cannot be concluded that the State-guaranteed ELA does not constitute State aid.
Kõik Kreekas tegutsevad pangad sellist abi ei saanud.
The State-guaranteed ELA meets the conditions laid down in Article 107(1) of the Treaty.
Mis puudutab konkurentsi moonutamist ja mõju kaubandusele, märgib komisjon näiteks, et abi aitas pangal jätkata oma tehinguid teistes liikmesriikides, nagu Rumeenias ja Bulgaarias.
First, because that measure includes a State guarantee in favour of the Bank of Greece, any loss will be borne by the State.
Panga likvideerimine oleks toonud kaasa tegevuse lõpetamise välisturgudel kas likvideerimise või ettevõtjate müügi teel.
The measure therefore involves State resources.
Lisaks konkureerib pank Kreekas oma kindlustusteenustega muudest liikmesriikidest pärit kindlustusettevõtjate tütarettevõtjatega.
The State-guaranteed ELA enables banks to get funding at a time when they have no access to the wholesale funding market and to the standard Eurosystem refinancing operations.
Seega piiratakse meetmega konkurentsi ja see mõjutab liikmesriikidevahelist kaubandust.
The State-guaranteed ELA therefore grants an advantage to the Bank.
Komisjon leiab, et meede B3 kujutab endast riigiabi.
Since the State-guaranteed ELA is limited to the banking sector, the measure is selective.
Järeldus meetmete B1, B2 ja B3 kohta
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.
Meetmed B1, B2 ja B3 kujutavad endast riigiabi aluslepingu artikli 107 lõike 1 tähenduses.
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.
Ümberkorraldamisteatise punktis 31 on märgitud, et lisaks abi absoluutsummale on komisjon võtnud arvesse ka panga riskiga kaalutud varaga seotud abi.
On the basis of the above, the Commission considers that the State-guaranteed ELA (measure L2) constitutes State aid.
Seega tekib küsimus, millist riskiga kaalutud vara taset tuleks kasutada ehk täpsemalt, kas riigiabi hindamise aluseks tuleks võtta olemasolev riskiga kaalutud vara nimetatud perioodi alguses või lõpus.
The amount of State-guaranteed ELA has varied over time.
Meetmete B1, B2 ja B3 eesmärk on katta Kreeka keskpanga 2012. aasta märtsis kindlaks määratud kapitalivajadus (2012. aasta stressitest).
On 31 December 2012, it amounted to around EUR 30,9 billion.
Asjaomasest tegurist nähtub, et meetmed B1, B2 ja B3 kujutasid endast abimeetmeid, mis olid seotud panga näitajatega seisuga 31. märts 2012.
Existence of aid in the measures granted through the HFSF (measures B1, B2 and B3)
Esimene ja teine ajutine rekapitaliseerimine moodustasid kokku 9756 miljonit eurot.
First bridge recapitalisation (measure B1)
Asjaomane summa moodustab 15,3 % panga riskiga kaalutud varast seisuga 31. märts 2012.
In section 5.1 of the NBG Opening Decision, the Commission has already concluded that the first bridge recapitalisation constitutes State aid.
Kuna pank suutis kaasata erakapitali, oli summa, mille HFSF eraldas pangale, üksnes 8677 miljonit eurot, mis moodustab 31. märtsi 2012. aasta seisuga 13,6 % panga riskiga kaalutud varast.
The capital received amounted to EUR 7430 million.
Järeldus panga saadud abi olemasolu ja kogusumma kohta
Second bridge recapitalisation (measure B2)
Meetmed A, B1, B2, B3, L1 ja L2 kujutavad endast riigiabi aluslepingu artikli 107 lõike 1 tähenduses.
Measure B2 was implemented with HFSF resources, which, as explained in recital 49 of the NBG Opening Decision, involved State resources.
Tabelis 12 on esitatud kokkuvõte nende meetmete kohta.
As regards the existence of an advantage, measure B2 increased the Bank's capital ratio to a level that allowed it to continue functioning on the market and accessing Eurosystem funding.
Tabel 12
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.
Viide
As the measure was made available only to the Bank, it was selective in nature.
Abisumma
The position of the Bank was strengthened as a result of measure B2 since the Bank was provided with the financial resources necessary to continue complying with the capital requirements, thus leading to distortions of competition.
Abi/riskiga kaalutud vara
The Commission considers that measure B2 constitutes State aid.
Kapitalitoetus
It was notified as aid by the national authorities.
1350 miljonit eurot
The capital received amounted to EUR 2326 million.
Esimene ajutine rekapitaliseerimine
The HFSF's participation in the Spring 2013 recapitalisation (measure B3)
Teine ajutine rekapitaliseerimine
The HFSF's participation in the Spring 2013 recapitalisation (measure B3) is the partial conversion of the first and second bridge recapitalisations (measures B1 and B2) into a permanent recapitalisation of EUR 8677 million in ordinary shares.
7430 miljonit eurot
Since measure B3 is the conversion of aid already granted, it still involves State resources but it does not increase the nominal amount of aid.
2326 miljonit eurot
However, for a given nominal amount of aid, it increases the advantage to the Bank (and therefore the distortions of competition) since it is a permanent recapitalisation and not a temporary recapitalisation as in the case of measures B1 and B2.
Pangale antud finantsabi kokku
Such support was not granted to all banks operating in Greece.
11106 miljonit eurot
As regards distortions of competition and effect on trade, the Commission notes for instance that the aid enabled the Bank to pursue its operations in other Member States, such as Romania or Bulgaria.
2013. aasta kevadine rekapitaliseerimine
A liquidation of the Bank would have led to the termination of its activities abroad, through the liquidation of those activities or the sale of those businesses.
8677 miljonit eurot
In addition, the insurance activities of the Bank in Greece compete with the activities of subsidiaries of insurance companies from other Member States.
Pangale antud abi kokku, v.a 6 kuu jooksul tagasi makstud abi
Therefore, the measure distorts competition and affects trade between Member States.
10027 miljonit eurot
The Commission considers that measure B3 therefore constitutes State aid.
Abi nominaalsumma
Conclusion on measures B1, B2, and B3
Likviidsustoetus
Measures B1, B2, and B3 constitute State aid within the meaning of Article 107(1) of the Treaty.
Garantiid: 14,8 miljardit eurot
The amount of State aid included in measures B1, B2, and B3 is EUR 9756 million.
Obligatsioonilaen: 0,8 miljardit eurot
As indicated in section 7.1.3.3, only part of the first and second bridge recapitalisations (measures B1 and B2) was converted into a permanent recapitalisation of EUR 8677 million (measure B3), while the balance was repaid to the HFSF six months after it was granted [130].
Seisuga 30. november 2013
Point 31 of the Restructuring Communication indicates that, besides the absolute amount of aid, the Commission has to take into account the aid ‘in relation to the bank's risk-weighted assets’.
Riigi tagatud erakorraline likviidsusabi
Measures B1, B2, and B3 were granted over the course of a one-year period, from April 2012 [131] until May 2013.
Rahastamine ja garantii
During that period, the RWA of the Bank changed.
30,9 miljardit eurot
The question therefore arises as to which level of RWA should be used, and particularly whether the State aid should be assessed by reference to the RWA that existed at the beginning of the period or at the end of the period.
Seisuga 31. detsember 2012
Measures B1, B2, and B3 aim at covering a capital need identified by the Bank of Greece in March 2012 (the stress test of 2012).
Pangale antud likviidsusabi kokku
In other words, the capital needs that those State support measures aim to address already existed in March 2012.
46,5 miljardit eurot
The Commission therefore considers that the aid amount included in measures B1, B2, and B3 should be compared to the RWA of the Bank at 31 March 2012.
KOKKUSOBIVUSE HINDAMISE ÕIGUSLIK ALUS
It is also recalled that, after March 2012 and until the Spring 2013 recapitalisation, the Bank of Greece did not take into account acquisitions made by Greek banks to adjust their capital needs upwards or downwards.
Vastavalt põhjenduses 207 tehtud järeldusele peaks abimeetmete hindamise õiguslik alus olema aluslepingu artikli 107 lõike 3 punkt b [132].
That factor further demonstrates that measures B1, B2, and B3 were aid measures related to the perimeter of the Bank as it existed at 31 March 2012.
Juhised rekapitaliseerimismeetmete kohta asuvad rekapitaliseerimisteatises ja 2011. aasta pikendusteatises.
The first and second bridge recapitalisations together amounted to EUR 9756 million.
Ümberkorraldamisteatises on määratletud komisjoni lähenemisviis ümberkorralduskavade hindamisele, eeskätt vajadus taastada elujõulisus, tagada abisaaja nõuetekohane omaosalus ja piirata konkurentsi moonutamist.
That amount represents 15,3 % of the RWA of the Bank at 31 March 2012.
Kõnealust raamistikku täiendati 2013. aasta pangandusteatisega, mida kohaldatakse pärast 31. juulit 2013 eelneva heakskiiduta teatatud või võetud abimeetmete suhtes.
Since the Bank managed to attract private capital, the actual amount injected by the HFSF into the Bank amounted to only EUR 8677 million, which represents 13,6 % of the RWA of the Bank at 31 March 2012.
Pangale eraldatud likviidsustoetuse (meede L1) kokkusobivuse hindamise õiguslik alus
Conclusion on the existence and total amount of aid received by the Bank
Pangale juba eraldatud likviidsustoetus kiideti lõplikult heaks mitme järjestikuse otsusega, millega anti luba võtta meetmeid Kreeka pankade toetuskava raames, samuti kava muutmise ja pikendamise kaudu [133].
Measures A, B1, B2, B3, L1 and L2 constitute State aid within the meaning of Article 107(1) of the Treaty.
Iga edasine likviidsustoetuse andmine pangale toimub kava alusel, mille on täielikult heaks kiitnud komisjon.
Those measures are summarised in Table 12.
Abi tingimused peab enne eraldamist heaks kiitma komisjon ning seetõttu ei ole vaja neid käesolevas otsuses põhjalikumalt hinnata.
Table 12
Eelisaktsiate kokkusobivuse hindamise õiguslik alus (meede A)
Overview of the total aid received by the Bank
Riigi tagatud erakorralise likviidsusabi kokkusobivuse hindamise õiguslik alus (meede L2)
Ref.
HFSFi rekapitaliseerimiste (meetmed B1, B2 ja B3) kokkusobivuse hindamise õiguslik alus
Type of measure
MEETME L2 KOKKUSOBIVUS 2008.
Amount of aid
AASTA PANGANDUSTEATISE, 2011.
Aid/RWA
AASTA PIKENDUSTEATISE JA 2013.
Preference Shares
AASTA PANGANDUSTEATISEGA
Capital support
Aluslepingu artikli 107 lõike 3 punkti b alusel on kokkusobiv abi, mis vastab järgmistele kokkusobivuse üldkriteeriumidele: asjakohasus, vajalikkus ja proportsionaalsus.
EUR 1350 million
Kuna Kreeka pangad jäid hulgimüügiturust kõrvale ja muutusid täielikult sõltuvaks keskpanga rahalistest vahenditest, nagu on märgitud põhjenduses 46, ning kuna pank ei saanud laenata piisavaid vahendeid tavaliste refinantseerimistehingute kaudu, tugines ta piisava likviidsuse saamiseks riigi tagatud erakorralisele likviidsusabile, hoides sel viisil ära makseviivitused.
First bridge recapitalisation
Komisjoni arvates on meede L2 asjakohane mehhanism tõsise häire kõrvaldamiseks, mille panga makseraskused oleksid põhjustanud.
Second bridge recapitalisation
Et riigi tagatud erakorraline likviidsusabi põhjustas pangale suhteliselt kõrgeid rahastamiskulusid, on pank piisavalt motiveeritud mitte toetuma oma tegevuse arendamisel nimetatud rahastamisallikale.
EUR 7430 million
Pank oli kohustatud maksma […] baaspunkti võrra kõrgemat intressimäära kui eurosüsteemi tavapäraste refinantseerimistehingute puhul.
EUR 2326 million
Lisaks oli pank kohustatud maksma riigile garantiitasu […] baaspunkti.
Total capital aid granted to the Bank
Selle tulemusel on riigi tagatud erakorralise likviidsusabi kogumaksumus EKP refinantseerimise maksumusest palju suurem.
EUR 11106 million
Mis puudutab riigi tagatud erakorralise likviidsusabi summat, siis vaatavad Kreeka keskpank ja EKP selle vastavalt panga tegelikele vajadustele korrapäraselt läbi.
EUR 8677 million
Seega ei taga meede L2 pangale liigset likviidsust, mida pank võiks kasutada konkurentsi moonutava tegevuse rahastamiseks.
EUR 10027 million
Riigi tagatud erakorralise likviidsusabi kasutamise sedavõrd põhjalik jälgimine ja korrapärane kontrollimine selgitamaks, kas selle kasutamine piirdub minimaalselt vajalikuga, tagab ühtlasi, et likviidsus on proportsionaalne ja ei moonuta põhjendamatult konkurentsi.
Guarantees: EUR 14,8 billion
MEETMETE B1, B2 JA B3 KOKKUSOBIVUS 2008.
Bond loans: EUR 0,8 billion
AASTA PANGANDUSTEATISE, REKAPITALISEERIMISTEATISE JA 2011.
As of 30 November 2013
AASTA PIKENDUSTEATISEGA
State-guaranteed ELA
Nagu on osutatud põhjenduses 305, on aluslepingu artikli 107 lõike 3 punkti b alusel kokkusobiv abi, mis vastab järgmistele kokkusobivuse üldkriteeriumidele: [134] asjakohasus, vajalikkus ja proportsionaalsus.
Funding and Guarantee
Rekapitaliseerimisteatises ja 2011. aasta pikendusteatises sätestati edasised juhised riigi kapitalisüstide puhul nõutavate hüvitise tasemete kohta.
EUR 30,9 billion
Meetmete asjakohasus
As of 31 December 2012
Komisjoni arvates on HFSFi rekapitaliseerimised (meetmed B1, B2 ja B3) asjakohased, kuna need hoidsid ära panga pankroti.
Total liquidity aid granted to the Bank
Ilma meetmeteta ei oleks pank suutnud tegevust jätkata, sest panga omakapital oli 2012. aasta lõpu seisuga negatiivne [135].
LEGAL BASIS FOR THE COMPATIBILITY ASSESSMENT
Seepärast on pank Kreeka jaoks süsteemselt oluline pank.
As concluded in recital 207, the legal basis for the assessment of the aid measures should be Article 107(3)(b) of the Treaty [132].
Panga makseviivitused oleksid seetõttu tekitanud tõsise häire Kreeka majanduses.
Guidance for recapitalisation measures can be found in the Recapitalisation Communication and the 2011 Prolongation Communication.
Sellises olukorras oli Kreeka finantsasutustel raskusi rahastamisele juurdepääsuga.
The Restructuring Communication defines the approach adopted by the Commission as regards the assessment of restructuring plans, in particular the need to return to viability, to ensure a proper contribution from the beneficiary and to limit distortions of competition.
Rahastamisprobleemid piirasid nende suutlikkust laenata Kreeka majandusele.
That framework was complemented by the 2013 Banking Communication, which applies to aid measures notified or granted without prior approval after 31 July 2013.
Sellises olukorras oleks panga makseviivitused häiret Kreeka majanduses veelgi süvendanud.
Legal basis for the assessment of the compatibility of the liquidity support to the Bank (measure L1)
Meetmed B1, B2 ja B3 võeti lisaks peamiselt erasektori osaluse programmi tõttu, mis oli ülimalt erakorraline ja ettenägematu sündmus, ning mitte eeskätt panga oskamatu juhtimise või ülemäärase riskide võtmise tulemusel.
The liquidity support already received by the Bank has been definitively approved through the successive decisions authorising the measures under the Greek Banks Support Scheme and the Scheme's amendments and prolongations [133].
Seega lahendatakse meetmetega põhimõtteliselt nimetatud programmi tagajärgi ja aidatakse säilitada Kreeka finantsstabiilsust.
The terms of such aid will have to be authorised by the Commission before it is granted and therefore do not have to be further assessed in this decision.
Nagu on märgitud käesoleva otsuse põhjendustes 156–158, on Kreeka kohustunud võtma rea meetmeid panga üldjuhtimise ja äritehingute valdkonnas.
Legal basis for the assessment of the compatibility of the preference shares (measure A)
Nagu kirjeldati punktis 2.4, on pank oma tegevust ka oluliselt ümber korraldanud ja paljude kulude vähendamine on juba saavutatud.
The recapitalisation granted in 2009 in the form of preference shares (measure A), was granted under the recapitalisation measure of the Greek Banks Support Scheme, which was approved in 2008 under the 2008 Banking Communication.
Seega on komisjoni kahtlused hajutatud.
It therefore does not have to be reassessed under the 2008 Banking Communication and must be assessed under the Restructuring Communication only.
NBG uurimise algatamise otsuses väljendas komisjon kahtlusi ka seoses sellega, kas olid nähtud ette piisavad tagatised juhuks, kui panka hakkab näiteks kontrollima riik või kui eraaktsionäride kontroll säilib juhul, kui enamusosalus läheks riigi kätte.
Legal basis for the assessment of the compatibility of the State-guaranteed ELA (measure L2)
Põhjendustes 156–158 kirjeldatud kohustustega tagatakse panga krediiditehingute äriline iseloom ja igapäevapanganduse kaitsmine riigi sekkumise eest.
The compatibility of the State-guaranteed ELA (measure L2) should be first assessed on the basis of the 2008 Banking Communication and the 2011 Prolongation Communication.
HFSFi ja panga vahel sõlmitud raamkokkulepe tagab ka riigi kui põhiaktsionäri huvide kaitsmise panga juhtkonna ülemäärase riskide võtmise eest.
Any State-guaranteed ELA granted after 31 July 2013 falls under the 2013 Banking Communication.
Meetmetega B1, B2 ja B3 tagatakse seega finantsstabiilsuse säilitamine Kreekas.