natgillin/translations-raw huggingface dataset:
Regarding the appropriateness of the first bridge recapitalisation, to address the issue of potential State interference in the event that 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.
Pakkumiskutsele vastanud ostjate piiratud arvu põhjal ei saa välistada, et pakkumine oli avatud, arvestades, et teistelt investoritelt ei olnud mõistlik ametlikku pakkumist loota.
The HFSF pointed out that it is a fully independent private-law legal entity with autonomy of decision.
Kõnealusel ajal olid Kreekas tegutsevad välismaised pangad sügava ja pikaajalise majanduslanguse tagajärjel suuri laenukahjumeid kandva Kreeka pangandussüsteemi rahalise olukorra ebastabiilsuse tõttu loobunud või loobumas Kreekat hõlmavast tegevusest (nt Geniki, MBG, Emporiki Bank).
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.
Teiste sõnadega, nad olid Kreeka turult lahkumas ja ei otsinud seal uusi investeerimisvõimalusi.
It also pointed to the governing structure of the HFSF.
Lisaks sellele on alust arvata, et kõnealusest tegevusest oleks huvitatud üksnes investor, kes suudab omandatud tegevuse kiirelt stabiliseerida ja elujõuliseks muuta, st suur pangagrupp.
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.
Lõpuks, arvestades müügi korraldamiseks ette nähtud äärmiselt lühikest aega, mille dikteeris finantskriis, milles kõnealused pangad tegutsesid, oli välismaiste pankade või muud liiki investorite müügiprotsessis osalemine väga ebatõenäoline, kuna nimetatud investorid oleksid tavatingimustes soovinud enne ametliku pakkumise tegemist läbi viia müügiks pakutavate varade analüüsi.
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.
Seetõttu teeb komisjon järelduse, et Küprose üleantud tegevuse müügihind oli võrdne turuhinnaga ning abi olemasolu ostjale, st Piraeuse pangale, võib välistada.
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.
Kokkusobivuse hindamise õiguslik alus
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.
Euroopa Liidu 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 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.
Komisjon on möönnud, et ülemaailmne finantskriis võib tekitada mõne liikmesriigi majanduses tõsise häire ning et abimeetmed pankadele võivad selle häire kõrvaldada.
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.
Seda kinnitati ka 2008. aasta pangandusteatises, rekapitaliseerimisteatises ja ümberkorraldamisteatises.
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.
Komisjon on seisukohal, et tingimused riigiabi heakskiitmiseks Euroopa Liidu toimimise lepingu artikli 107 lõike 3 punkti b alusel on täidetud, sest finantsturgudel on taas täheldatud pingeid.
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.
Komisjon kinnitas seda seisukohta, võttes 2011. aastal vastu pikendusteatise [91] ja 2013. aastal pangandusteatise [92].
ASSESSMENT OF AID RELATED TO THE ACQUISITION OF ATE AND THE GREEK OPERATIONS OF THE THREE CYPRIOT BANKS
Seoses Kreeka majandusega on komisjon oma otsustes Kreeka pankade toetuskava heakskiitmise ja pikendamise kohta, aga ka Kreeka riigi poolt üksikutele pankadele antud riigiabi [93] heakskiitmise raames tunnistanud, et Kreeka majandus on tõsiselt häiritud ning riigi toetus pankadele on sobiv selle häire kõrvaldamiseks.
ASSESSMENT OF AID RELATED TO ATE
Seega peaks abimeetmete hindamise õiguslik alus olema Euroopa Liidu toimimise lepingu artikli 107 lõike 3 punkt b.
In the ATE Restructuring Decision, the Commission concluded that the measures described in recitals 58 and 108 of this Decision constitute State aid and that they are in line with the internal market.
Finantskriisi ajal koostas komisjon kokkusobivuskriteeriumid eri abimeetmete jaoks.
In the ATE Liquidation Decision, the Commission concluded that the measures described in recitals 109 and 110 of this Decision constitute State aid to the ATE Transferred Activities.
Abimeetmete hindamise põhimõtted kehtestati esmalt 2008. aasta pangandusteatises.
Moreover, the Commission concluded that the aid to ATE is compatible with the internal market only if the integration of the ATE Transferred Activities is implemented according to plan and if the restructuring plan of the Bank – which includes the ATE Transferred Activities — enables its long-term viability to be restored.
2008. aasta pangandusteatise punkti 15 kohaselt peab Euroopa Liidu toimimise lepingu artikli 107 lõike 3 punkti b alusel kokkusobiv abi vastama järgmistele kokkusobivuse üldkriteeriumidele:
That restoration of long-term viability will be established in section 7.6.2.
asjakohasus: abi peab olema sihipärane, et tõhusalt saavutada majanduses esineva tõsise häire kõrvaldamise eesmärk.
Therefore, the Commission does not have to reassess the aforementioned measures and confirms that they are compatible with the internal market.
Nii ei oleks see juhul, kui meede ei ole häire kõrvaldamiseks asjakohane;
ASSESSMENT OF AID RELATED TO THE GREEK OPERATIONS OF THE THREE CYPRIOT BANKS (MEASURE C)
vajalikkus: abimeede peab oma suuruse ja vormi poolest olema eesmärgi saavutamiseks vajalik.
Existence and the amount of aid
Eesmärgini jõudmiseks peab meede olema minimaalse vajaliku suurusega ning häirete kõrvaldamiseks kõige kohasemas vormis;
The Commission has to establish the existence of State aid within the meaning of Article 107(1) of the Treaty in relation to measure C. According to that provision, State aid is any aid granted by Member State resources in any form whatsoever which distorts, or threatens to distort, competition by favouring certain undertakings or the production of certain goods, in so far as it affects trade between Member States.
proportsionaalsus: meetmete positiivset mõju tuleb hoida konkurentsimoonutuste suhtes asjakohaselt tasakaalus, et moonutused piirduksid meetme eesmärkide saavutamiseks vajaliku miinimumiga.
The recapitalisation by the HFSF of the Bank for EUR 524 million, was committed in March 2013 during the bidding process for the acquisition of the Cypriot Transferred Activities.
Rekapitaliseerimisteatises sätestati edasised juhised riigipoolsete kapitalisüstide puhul nõutavate hüvitamise tasemete kohta.
The measure was therefore granted in March 2013.
Ümberkorraldamisteatises selgitas komisjon ümberkorralduskavade hindamise meetodit.
The actual recapitalisation took place in the framework of the Spring 2013 recapitalisation [89].
Piraeuse panga ümberkorralduskava hindamisel ümberkorraldamist käsitleva teatise kohaselt võtab komisjon arvesse kõiki tabelis 11 osutatud meetmeid.
The recapitalisation of the Bank was made by the HFSF, which is an entity set up and financed by Greece to support banks, and so the disbursement was made by using State resources.
Abimeetme C kokkusobivus 2008. aasta pangandusteatise ja rekapitaliseerimisteatisega
As to the beneficiary of the State aid, the recapitalisation, as explained in recital 72, aimed to cover the capital needs that would result from the acquisition of the Cypriot Transferred Activities.
Asjakohasus
Moreover, the recapitalisation would be available to any Greek bank that would acquire the Cypriot Transferred Activities.
Seoses meetme asjakohasusega, st Kreeka finantsstabiilsuse fondi võetud kohustusega rekapitaliseerida Piraeuse pank 524 miljoni euro ulatuses, leiab komisjon, et meede on asjakohane, kuna see võimaldas müüa kõnealusele pangale kolme Küprose panga Kreekat hõlmava tegevuse.
The bid of the Bank, as submitted to the HFSF for approval, took into account a recapitalisation by the HFSF.
Meetme puudumise korral ei oleks ükski Kreeka pank, sealhulgas Piraeuse pank, soovinud Küprose üleantud tegevust omandada ajal, kui ükski pank väljaspool Kreekat ei tahtnud sellele turule tulla.
At that time capital was scarce for the Greek banks and none of them would have acquired the Cypriot Transferred Activities without the promise of a recapitalisation.
Kui Küprose üleantud tegevus oleks jäänud omandamata, oleks see seadnud ohtu kõnealuse tegevuse ja eelkõige Kreeka filiaalide hoiused.
Therefore, even though the formal recipient of the capital provided by the HFSF is the Bank, the Commission considers that the beneficiary of the State aid is the Cypriot Transferred Activities, since the measure enables them to be sold to a Greek bank.
Seega suudeti Kreekas meetme abil säilitada finantsstabiilsus.
Without the recapitalisation of the Bank, they would not have been acquired by a Greek bank.
Seepärast leiab komisjon, et meede oli asjakohane päästmisabina.
They would have been left in groups undergoing extreme difficulties (both Cyprus Popular Bank and Bank of Cyprus were under resolution in view of their large capital needs) and would therefore probably have failed or, at least, would have suffered from a large outflow of deposits.
Vajalikkus
In relation to the existence of an advantage, the Commission also observes that the recapitalisation of the Bank by the HFSF does not comply with the market economy investor principle: at that time of high uncertainty, a private investor operating under normal market conditions would not have given a commitment to inject a large amount of capital into the Bank in the future without knowing the terms of the future injection (that is to say the issue price) in advance.
2008. aasta pangandusteatise kohaselt peab abimeede oma suuruse ja vormi poolest olema eesmärgi saavutamiseks vajalik.
Moreover, the measure is prima facie selective since it applies exclusively to the Cypriot Transferred Activities (each of which constitutes an undertaking) and not to any other undertaking.
See tähendab, et näiteks kapitalisüst peab olema eesmärgi saavutamiseks minimaalse vajaliku suurusega.
Last, the Cypriot Transferred Activities, that is to say. the Greek branches of the three Cypriot Banks, compete with other banks, including subsidiaries of foreign banks, which are active in Greece or potentially interested in entering the Greek market.
Ajal, kui Kreeka pankadel oli väga raske kapitali hankida, kattis kõnealune meede kapitalivajadused, mis oleksid tekkinud ostuhinna maksmisel Küprose üleantud tegevuse omandamise eest, et omandamine saaks toimuda.
Hence, the rescue of those activities distorts competition and has an effect on trade between Member States.
Lisaks tõstab komisjon positiivselt esile, et abi anti kapitalisüstina 2013. aasta kevadise rekapitaliseerimise raames, kuna Kreeka finantsstabiilsuse fond ei andnud Piraeuse pangale rahalist toetust, vaid omandas sama väärtusega lihtaktsiaid.
The Commission therefore concludes that the recapitalisation of the Bank by the HFSF amounting to EUR 524 million constitutes State aid within the meaning of Article 107(1) of the Treaty.
Seega on meede vajalik, et saavutada Kreeka pangandussüsteemis ja majanduses tervikuna tekkinud häire piiramise eesmärk.
Beneficiary of the State aid
Proportsionaalsus
As already explained in recital 173, the Commission regards the Cypriot Transferred Activities as being the beneficiary of the disbursement of the EFSF bonds by the HFSF.
Abi saanud tegevus müüdi pärast seda, kui Kreeka ametiasutused kuulutasid välja pakkumismenetluse.
Furthermore, as explained in recitals 71 and 173, the Cypriot Transferred Activities, that is to say the Greek branches of the three Cypriot Banks, had to be acquired by another bank for reasons of financial stability and mainly because the three Cypriot Banks were in a very difficult situation.
Omandatud tegevus integreeriti kiiresti Piraeuse pangaga.
Therefore, the sale of the Cypriot Transferred Activities and whether that sale entails State aid to the buyer, that is to say the Bank, should be examined under the ‘Viability through sale of a bank’ section of the Restructuring Communication [90].
Abimeede ei võimaldanud abi saanud tegevusel jääda turule eraldi konkurendina.
For the purpose of that sale, the Bank of Greece decided to contact only the largest domestic banks operating in Greece, of which only the Bank and two other banks submitted non-binding offers.
Lisaks oli abisumma suhteliselt väike, moodustades ligikaudu 3 % Küprose üleantud tegevuse netolaenude kogusummast (või ligikaudu 3 % selle riskiga kaalutud varadest) [94].
The Bank is the only bidder that submitted a valid binding offer.
Seepärast leiab komisjon, et meetme kavandamisel oli peetud silmas põhjendamatute konkurentsimoonutuste minimeerimise vajadust.
The limited set of buyers contacted cannot exclude that the tender was open given that it was reasonable not to expect a formal bid from other investors.
Järeldus kokkusobivuse kohta 2008. aasta pangandusteatise ja rekapitaliseerimisteatisega
Indeed, at that time, due to the financial instability of the Greek banking system, which registered large loan losses due to the deep and protracted recession, foreign banks present in Greece had divested, or were about to divest themselves of their Greek activities (e.g. Geniki, MBG, Emporiki Bank).
Põhjendustes 189–197 esitatud analüüsi põhjal järeldatakse, et Piraeuse panga rekapitaliseerimine 524 miljoni euro suuruses summas Kreeka finantsstabiilsuse fondist oli asjakohane ja vajalik, saavutamaks eesmärki piirata häiret Kreeka pangandussüsteemis ja majanduses tervikuna, ning kavandatud nii, et minimeerida põhjendamatuid konkurentsimoonutusi, ning on kooskõlas 2008. aasta pangandusteatise ja rekapitaliseerimisteatisega.
In other words, they were exiting the Greek market and were not seeking new investments opportunities in Greece.
Abimeetme kokkusobivus ümberkorraldamisteatisega
Moreover it is reasonable to assume that only an investor able to quickly stabilise and make viable the acquired activities — i.e. a large banking group — would have been interested in those activities.
Nagu on selgitatud põhjenduses 178, kuulub Küprose üleantud tegevuse müük ümberkorraldamisteatise jao „Elujõulisuse taastamine panga müümise kaudu” alla.
Finally, due to the very short timeframe available to close the sale — which was dictated by the financial crisis within which the selling banks were operation — the participation of foreign banks or other types of investors in the sales procedure was very unlikely, since those investors would normally have wanted to carry out a due diligence of the assets offered for sale before submitting a formal bid.
Ümberkorraldamisteatise punkti 17 kohaselt tuleb raskustesse sattunud panga müügi puhul muule finantsasutusele kinni pidada elujõulisuse ja omapanuse ning konkurentsimoonutuste piiramise nõuetest.
The Commission, therefore, concludes that the sale price of the Cypriot Transferred Activities was the market price and that aid to the buyer, that is to say the Bank, can be excluded.
Küprose üleantud tegevuse pikaajaline elujõulisus müümise kaudu
Legal basis for the compatibility assessment
Ümberkorraldamisotsuse punktis 17 selgitatakse, et pikaajalise elujõulisuse taastamisele võib kaasa aidata raskustes oleva panga müümine muule finantsasutusele, kui ostja on elujõuline ja võimeline raskustes oleva panga edukalt üle võtma ning suudab aidata taastada turu usaldust.
Article 107(3)(b) of the Treaty empowers the Commission to find that aid is compatible with the internal market if it is intended ‘to remedy a serious disturbance in the economy of a Member State’.
Piraeuse pank integreeris edukalt Küprose üleantud tegevuse.
The Commission has acknowledged that the global financial crisis can create a serious disturbance in the economy of a Member State and that measures supporting banks may remedy that disturbance.
Nagu on märgitud punktis 7.6, võib panga ümberkorraldamiskava põhjal lugeda Piraeuse panka elujõuliseks üksuseks.
This has been confirmed in the 2008 Banking Communication, the Recapitalisation Communication, and the Restructuring Communication.
Seepärast võimaldab asjaolu, et Küprose pankade tegevus kanti üle Piraeuse panka, taastada selle pikaajalise elujõulisuse.
The Commission still considers that the requirements for State aid to be approved pursuant to Article 107(3)(b) of the Treaty are fulfilled in view of the reappearance of stress in financial markets.
Omaosalus ja kulude jagamine
The Commission confirmed that view by adopting the 2011 Prolongation Communication [91] and the 2013 Banking Communication [92].
Kolme Küprose panga aktsionäride osaluse kohta ümberkorraldamiskulude kandmisel märgib komisjon, et kolm Küprose panka ei müünud Küprose üleantud tegevust selle arvestusliku väärtusega, vaid vastavalt PIMCO aruandele korrigeeritud väärtusega.
In respect of the Greek economy, in its decisions approving and prolonging the Greek Banks Support Scheme as well as in its approvals of State aid measures granted by Greece to individual banks [93], the Commission has acknowledged that there is a threat of serious disturbance in the Greek economy and that State support of banks is suitable to remedy that disturbance.
Lisaks kandsid kolm Küprose panka isegi pärast kõnealust korrigeerimist Piraeuse pangale üle rohkem varasid kui kohustusi.
Therefore, the legal basis for the assessment of the aid measures should be Article 107(3)(b) of the Treaty.
Seega saavutati aktsionäride puhul piisav kulude jagamine, kuna Küprose üleantud tegevuse väärtuse vähenemise kulud kandsid müüjad.
During the financial crisis, the Commission has developed compatibility criteria for different types of aid measures.
Konkurentsimoonutusi piiravad meetmed
Principles for assessing aid measures were first laid down in the 2008 Banking Communication.
Konkurentsimoonutusi piiravate meetmete kohta on ümberkorraldamisteatise punktis 30 öeldud: „Komisjon lähtub selliste meetmete vajaduse hindamisel asjaomaste pankade tegevuse eeldatavast mahust, ulatusest ja liigist pärast […] usaldusväärse ümberkorraldamiskava rakendamist. […] Meetmete iseloom ja laad sõltub kahest kriteeriumist: esiteks abisumma suurusest ja selle andmise tingimustest ning teiseks selle turu või turgude iseloomust, kus abi saanud pank tegutseb”.
In line with point 15 of the 2008 Banking Communication, in order for an aid to be compatible under Article 107(3)(b) of the Treaty it must comply with the general criteria for compatibility:
Nagu on kirjeldatud põhjenduses 196, moodustab abisumma ligikaudu 3 % Küprose üleantud tegevuse riskiga kaalutud varadest.
Appropriateness: The aid has to be well-targeted in order to be able to effectively achieve the objective of remedying a serious disturbance in the economy.
Seetõttu peab komisjon seda suhteliselt väikeseks, arvestades, et kõnealune summa võimaldas müüa Küprose üleantud tegevuse ning tagas Kreekas finantsstabiilsuse säilitamise, nagu selgitati põhjenduses 190.
It would not be the case if the measure were not appropriate to remedy the disturbance.
Pärast Küprose üleantud tegevuse müümist lõpetasid Kreeka filiaalid tegevuse eraldiseisvate konkurentidena, sest nad integreeriti täielikult Piraeuse panka.
Necessity: The aid measure must, in its amount and form, be necessary to achieve the objective.
Komisjon jõuab järeldusele, et arvestades suhteliselt väikest abisummat Küprose üleantud tegevusele ja asjaolu, et kõnealused filiaalid ei jätka eraldiseisvate konkurentidena, puudub põhjendamatu konkurentsimoonutus.
Therefore it must be of the minimum amount necessary to achieve the objective, and take the form most appropriate to remedy the disturbance.
Järeldus kokkusobivuse kohta ümberkorraldamisteatisega
Proportionality: The positive effects of the measure must be properly balanced against the distortions of competition, in order for the distortions to be limited to the minimum necessary to achieve the measure’s objectives.
Põhjendustes 199–206 esitatud analüüsi põhjal võib järeldada, et Küprose üleantud tegevuse müümine ja Piraeuse panka integreerimine tagab selle pikaajalise elujõulisuse, et abi piirdub vajaliku miinimumiga ja et kooskõlas ümberkorraldamisteatisega puudub põhjendamatu konkurentsimoonutus.
The Recapitalisation Communication sets out further guidance on the level of remuneration required for State capital injections.
Lähtuvalt sellest tuleb Piraeuse panga rekapitaliseerimine 524 miljoni euro suuruses summas Kreeka finantsstabiilsuse fondist kuulutada siseturuga kokkusobivaks.
Finally, the Commission has explained in the Restructuring Communication how it will assess restructuring plans.
PIRAEUSE PANGALE ANTUD ABI HINDAMINE
In its assessment of the restructuring plan of the Bank under the Restructuring Communication, the Commission will take into account all the measures listed in Table 11.
ABI OLEMASOLU JA SUURUS
Compliance of the aid measure C with the 2008 Banking Communication and the Recapitalisation Communication
Komisjon peab tegema Piraeuse panga puhul kindlaks riigiabi olemasolu Euroopa Liidu toimimise lepingu artikli 107 lõike 1 tähenduses.
Appropriateness
Abi olemasolu Kreeka pankade toetuskava raames võetud meetmete puhul
With respect to the appropriateness of the measure, that is to say, the commitment given by the HFSF to recapitalise the Bank amounting to EUR 524 million, the Commission considers that the measure is appropriate because it allowed the Greek operations of the three Cypriot Banks to be sold to the Bank.
Tagatisena ja riigivõlakirjadena antud riigi likviidsustoetus (meede L1)
In the absence of the measure, none of the Greek banks, including the Bank, would have been willing to acquire the Cypriot Transferred Activities at a time no bank outside of Greece was willing to enter that market.
Komisjon on oma otsustes Kreeka pankade toetuskava [95] heakskiitmise ja pikendamise kohta juba kindlaks teinud, et kava raames antud likviidsustoetus kujutab endast abi.
If the Cypriot Transferred Activities had not been acquired, those activities and in particular the deposits of the Greek branches would have been in danger.
2011. aastal emiteeris Piraeuse pank riigi tagatisega võlakirju kogusummas 9,9 miljardit eurot.
The measure therefore ensured that financial stability in Greece is maintained.
2014. aasta märtsi lõpus oli riigi tagatisega võlakirjade ja riigivõlakirjade tagasimaksmata summa vastavalt 9,9 miljardit eurot ja 1024 miljonit eurot [96].
On that basis, the Commission finds that the measure is appropriate as rescue aid.
Edasine Kreeka pankade toetuskava raames antav likviidsustoetus kujutaks endast samuti abi.