natgillin/translations-raw huggingface dataset:
In addition, the Bank had to pay a guarantee fee of […] bps to the State.
Järeldus Kreeka finantsstabiilsuse fondi võimaldatud rekapitaliseerimiste kokkusobivuse kohta 2008. aasta pangandusteatise, rekapitaliseerimisteatise ja 2011. aasta pikendusteatisega
As a result, the total cost of State-guaranteed ELA for the Bank is much higher than the normal costs of ECB refinancing.
Eespool kirjeldatut arvesse võttes järeldab komisjon, et finantsstabiilsuse fondi korraldatud rekapitaliseerimised (meetmed B1, B2, B3 ja B4) on 2008. aasta pangandusteatise punkti 15, rekapitaliseerimisteatise ja 2011. aasta pikendusteatise kontekstis asjakohased, vajalikud ja proportsionaalsed.
In particular, the difference between the former and the latter is higher than the level of the guarantee fee requested by the 2011 Prolongation Communication.
OMANDAMISTEHINGU KOKKUSOBIVUS ÜMBERKORRALDAMISTEATISEGA
As a result, the total remuneration charged by the State can be considered as sufficient.
Ümberkorraldamisteatise punkti 23 kohaselt ei tohi abi saanud pangad rahastada riigiabist teiste ettevõtjate omandamist, välja arvatud juhul, kui see on oluline panga elujõulisuse taastamiseks.
As regards the amount of the State-guaranteed ELA, it is regularly reviewed by the Bank of Greece and the ECB based on the actual needs of the Bank.
Peale selle sätestatakse teatise punktides 40 ja 41, et pangad ei tohiks kasutada riigiabi konkureerivate ettevõtete omandamiseks, välja arvatud juhul, kui see moodustab osa finantsstabiilsuse taastamiseks vajalikust konsolideerimisprotsessist või kui see on vajalik tõhusa konkurentsi tagamiseks.
They closely monitor its use and ensure it is limited to the minimum necessary.
Lisaks võivad omandamistehingud ohustada elujõulisuse taastamist või muuta selle keeruliseks.
Therefore measure L2 does not provide the Bank with excess liquidity which could be used to finance activities distorting competition.
Komisjon peab seega hindama, kas panga sõlmitud omandamistehingud on kooskõlas ümberkorraldamisteatisega.
It is limited to the minimum amount necessary.
Emporiki panga omandamise kokkusobivus ümberkorraldamisteatisega
Such close scrutiny of the use of the State-guaranteed ELA and regular verification that its use is limited to the minimum also ensures that that liquidity is proportional and does not lead to undue distortion of competition.
Emporiki panga omandamise mõju panga pikaajalisele elujõulisusele
The Commission also notes that Greece has committed that the Bank will implement restructuring measures reducing its reliance on central bank funding and that the Bank will comply with behavioural limitations, as analysed in section 7.6.
Äritegevuse kasumlikkuse seisukohalt aitab Emporiki panga omandamine taastada panga pikaajalist elujõulisust, kuna kahe ühel geograafilisel turul tegutseva panga liitmine võimaldab luua märkimisväärse koostoime, vähendades näiteks töötajate arvu ja üldkulusid ning sulgedes filiaale.
Those factors ensure that the reliance on liquidity support will end as soon as possible and that such aid is proportional.
Pank omandab kliendid ja hoiused ning vähendab samal ajal olulisel määral turunduskulusid.
Measure L2 therefore complies with the 2008 Banking Communication and the 2011 Prolongation Communication.
Peakorteri tegevuse ratsionaliseerimise kõrval sulgeb pank koondatud üksuse paljud filiaalid.
COMPLIANCE OF MEASURES B1, B2, B3 AND B4 WITH THE 2008 BANKING COMMUNICATION, THE RECAPITALISATION COMMUNICATION AND THE 2011 PROLONGATION COMMUNICATION
Seda näitab muu hulgas asjaolu, et omandatud üksuse laenude ja hoiuste suhtarv oli umbes 115 %, mis on panga väga kõrgest näitajast oluliselt väiksem [103].
As indicated in recital 189, and in line with point 15 of the 2008 Banking Communication, in order for aid to be compatible under Article 107(3)(b) of the Treaty it must comply with the general criteria for compatibility [99]: appropriateness, necessity and proportionality.
Seega parandab see märkimisväärselt panga laenude ja hoiuste suhtarvu.
The Recapitalisation Communication and the 2011 Prolongation Communication elaborate further on the level of remuneration required for State capital injections.
Staatilisest vaatenurgast on omandamistehingul positiivne mõju ka panga kapitali adekvaatsuse määrale, kuna pank omandas hästi kapitaliseeritud panga ühe euro eest.
Appropriateness of the measures
31. märtsi 2012. aasta seisuga oli omandamise tulemusena koondunud üksuse kapitali adekvaatsuse määr pro forma 11,8 %, samal ajal kui panga sama näitaja oli vaid 8,8 %.
Without the HFSF recapitalisations, the Bank would have been unable to pursue its activities and would have lost access to ECB refinancing operations.
Emporiki panga hea kapitaliseeritus on kaitseks tulevaste kahjumite puhul, mis võivad stressitestis avalduda (vt tabel 3).
In that respect, the Commission noted in the Alpha Opening Decision that the Bank is one of the largest banking institutions in Greece, both in terms of lending and collection of deposits.
Panga kapitali adekvaatsuse määra kasvu staatilised hinnangud näitasid positiivset mõju selle pikaajalisele kapitalipositsioonile liiga suurena.
As such, the Bank is a systemically important bank for Greece.
Seega mõjutab Citibanki Kreeka haru omandamine panga pikaajalise elujõulisuse taastamist positiivselt.
Consequently, default by the Bank would have created a serious disturbance in the Greek economy.
Omandamistehingu mõju panga vajatava abi summale
Under the then prevailing circumstances, financial institutions in Greece had difficulties in accessing funding.
Ümberkorraldamisteatise punkti 23 kohaselt ei tohiks ümberkorraldusabi kasutada teiste ettevõtjate omandamiseks, vaid ainult selliste ümberkorralduskulude katmiseks, mis on vajalikud panga elujõulisuse taastamiseks.
That lack of funding limited their ability to provide loans to the Greek economy.
Kuigi Citibanki Kreeka haru omandamisel on positiivne mõju panga elujõulisusele, ei ole see aga käesoleval juhul vajalik panga elujõulisuse taastamiseks ümberkorraldamisteatise punkti 23 tähenduses.
In that context, the disturbance to the economy would have been aggravated by the default of the Bank.
Pank maksis Emporiki panga omandamise eest tasu ainult ühe euro.
Moreover, measures B1, B2, B3 and B4 came about mainly 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.
Niisiis ei rahastatud ostu riigiabist.
The measures therefore mainly aim at dealing with the results of the PSI programme and contribute to maintaining financial stability in Greece.
See asjaolu viitab ka sellele, et kõnealune tehing ei suurendanud panga kapitalivajadust.
In the Alpha 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.
Peale selle oli Emporiki pank hästi kapitaliseeritud (st 2012. aasta stressitestis nõutud ulatuses, vt tabel 3).
As indicated in recitals 121 and 122 of this Decision, Greece has committed to implement a number of actions related to the corporate governance and commercial operations of the Bank.
Seda silmas pidades ei põhjusta Emporiki panga omandamine pangale tõenäoliselt tulevikus kapitalivajadust.
As described in recitals 99 and 106, the Bank has also significantly restructured its activities, with many cost reductions already implemented.
Kokkuvõttes võib märkida, et ebatüüpilisi tingimusi (stressitesti nõuetele vastaval tasemel täielikult kapitaliseeritud panga omandamine ühe euroga) arvesse võttes ei ole Emporiki panga omandamine erandjuhuna vastuolus nõudega, et abi peab piirduma minimaalselt vajalikuga.
Therefore the Commission’s doubts have been allayed.
Omandamistehingu moonutav mõju konkurentsile
In the Alpha 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.
Ümberkorraldamisteatise punktide 39 ja 40 kohaselt ei tohiks riigiabi kasutada nii, et see kahjustab konkurente, kes ei saa samasugust riiklikku toetust, ning eeskätt konkureerivate ettevõtete omandamiseks.
The commitments described in recitals 121 and 122 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.
Teatise punktis 41 on samuti sätestatud, et omandamist võidakse lubada juhtudel, kui see on finantsstabiilsuse taastamiseks vajaliku konsolideerimisprotsessi osa või kui see on vajalik tõhusa konkurentsi tagamiseks.
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.
Sellistel juhtudel peaks omandamisprotsess olema õiglane ning tagama asjaomasel turul tõhusa konkurentsi tingimused.
Measures B1, B2, B3 and B4 therefore ensure that financial stability in Greece is maintained.
Kui müük ei oleks õnnestunud, oleks äriühing Crédit Agricole võinud hakata mõtlema selle likvideerimisele.
Significant actions are taken to minimise future losses and to ensure that the activities of the Bank are not jeopardised by inappropriate governance.
Seega võib tehingut pidada finantsstabiilsuse taastamiseks vajaliku konsolideerimisprotsessi osaks ümberkorraldamisteatise punktis 41 kirjeldatud viisil.
On that basis, the Commission finds that measures B1, B2, B3 and B4 are appropriate.
Mitte ükski abi mitte saav pakkuja ei esitanud Emporiki panga omandamiseks kehtivat pakkumist ning müügiprotsess oli avatud, läbipaistev ja mittediskrimineeriv.
Necessity – limitation of the aid to the minimum
Seega ei tõrjunud pank eemale ühtegi abi mitte saavat pakkujat.
According to the 2008 Banking Communication, the aid measure must, in its amount and form, be necessary to achieve its objective.
Kuna kõnealuse omandamise kinnitas Kreeka konkurentsiamet, ei ohustata müügiprotsessi tulemusena tõhusa konkurentsi tingimusi Kreekas.
It implies that the capital injection must be of the minimum amount necessary to achieve the objective.
Peale selle ei tulene panga abivajadus oskamatust juhtimisest ega ülemäärasest riskide võtmisest.
The amount of capital support was calculated by the Bank of Greece in the framework of a stress test so as to ensure that Core Tier 1 capital remained above a certain level over the period 2012-14, as reflected in Table 3.
Nagu on osutatud põhjenduses 227, ei kasutatud kõnealuse omandamistehingu rahastamiseks riigiabi (Kreeka keskpanga stressitesti läbimiseks piisaval tasemel kapitaliseeritud panga omandamine ühe euro eest).
It therefore does not provide the Bank with any excess capital.
Eespool kirjeldatut silmas pidades järeldatakse, et Emporiki panga omandamine on kooskõlas ümberkorraldamisteatise 4. jaoga.
As explained in recital 206, actions have been taken to reduce the risk that the Bank will need additional aid in the future.
Järeldus Emporiki panga omandamise kohta
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.
Komisjon järeldab, et Kreeka pankade ainulaadset olukorda ja Emporiki panga omandamise konkreetseid asjaolusid silmas pidades vastab omandamine ümberkorraldamisteatises sätestatud nõuetele.
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 [100].
Kolme ühistupanga teatavate valitud varade ja kohustuste omandamise kokkusobivus ümberkorraldamisteatisega
As underlined in the Alpha Opening Decision, that remuneration is lower than the 7 % to 9 % range as defined in the Recapitalisation Communication.
Valitud varade ja kohustuste omandamise mõju panga pikaajalisele elujõulisusele
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).
Kolme ühistupanga teatavate valitud varade ja kohustuste omandamine toetab panga pikaajalist elujõulisust.
While the first and second bridge recapitalisations did not trigger the dilution of existing shareholders, the Spring 2013 recapitalisation, which was the conversion of the first and second bridge recapitalisations, heavily diluted the pre-existing shareholders, as their stake in the Bank’s equity fell to 4,9 %.
Täpsemalt parandas kolme ühistupanga hoiuste kandmine panga bilanssi tolle likviidsusprofiili.
The abnormal situation which prevailed from the date of the first bridge recapitalisation was then terminated.
Äriühingu Alpha Bank S.A. laenude ja hoiuste suhtarv (neto) vähenes umbes 1,5 % ning kahanes ka äriühingu sõltuvus eurosüsteemi rahalistest vahenditest.
The doubts raised in the Alpha Opening Decision have therefore been allayed.
Peale selle andis asjaomaste varade ja kohustuste omandamine pangale võimaluse suurendada tulusid, laiendades mitmes geograafilises piirkonnas oma kliendibaasi.
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 out in the Recapitalisation Communication [101].
Pank ei võtnud üle kulukat taristut ega filiaalivõrgustikku.
As regards measure B3, it was a commitment to provide capital.
Sama kehtib laenude kohta.
That commitment made in December 2012 was implemented in an actual injection of capital in May-June 2013, a mere five months later.
Seega ei suurendanud pank oma riskiportfelli ega kapitalivajadust.
For that reason and for the reasons set out in recital 212, it is acceptable that no remuneration was paid for that commitment.
Omandamistehingu mõju panga vajatava abi summale
As regards measure B4, according to 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.
Ümberkorraldamisteatise punkti 23 kohaselt ei tohiks ümberkorraldusabi kasutada teiste ettevõtjate omandamiseks, vaid ainult selliste ümberkorralduskulude katmiseks, mis on vajalikud panga elujõulisuse taastamiseks.
While that recapitalisation 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 [102].
Kõigilt kolmelt ühistupangalt üle võetud varade ja kohustuste omandamise eest maksti tasuna 2,1 % ülekantud hoiuste väärtusest ehk ligikaudu 9 miljonit eurot, mis moodustas 0,01 % panga bilansimahust omandamistehingu ajal.
Prior to the Spring 2013 recapitalisation, the Bank’s market capitalisation was only a few hundred million euros.
Seepärast võib tasu pidada väga väikeseks.
In such circumstances, the question arises whether the existing shareholders should have been fully wiped out.
Peale selle oli pank 2013. aasta kevadise rekapitaliseerimisega juba kaasanud erakapitali summas 550 miljonit eurot.
The Commission notes that the issue price was set at a 50 % discount to the average market price over the fifty days preceding the determination of the issue price.
Sellest tulenevalt järeldatakse, et kolmelt ühistupangalt üle võetud varade ja kohustuste (peamiselt hoiuste) omandamise eest makstud hind oli nii madal, et selle tõttu ei ületanud abi minimaalselt vajalikku taset.
The Commission also notes that the dilution of the existing shareholders has been huge, since after the recapitalisation they held only 4,9 % of the shareholding of the Bank.
Nagu on osutatud punktis 229, ei tohiks riigiabi ümberkorraldamisteatise punktide 39 ja 40 kohaselt kasutada nii, et see kahjustab konkurente, kes ei saa samasugust riiklikku toetust, ning eeskätt konkureerivate ettevõtete omandamiseks, välja arvatud konkreetsetel tingimustel.
Therefore, applying a further discount on the market price would have had a small impact on the remuneration of the HFSF.
Kreeka keskpank leidis, et kolm ühistupanka ei olnud elujõulised ning et finantsstabiilsuse säilitamiseks oli vaja võtta kriisilahendusmeetmed.
In view of the specific situation of the Greek banks explained in recital 212, and given the fact that the need for aid stems 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.
Seega võib omandamistehingut pidada finantsstabiilsuse taastamiseks vajaliku konsolideerimisprotsessi osaks ümberkorraldamisteatise punktis 41 kirjeldatud viisil.
The HFSF also issued warrants and granted one warrant for each new share subscribed by a private investor participating in the Spring 2013 recapitalisation.
Peale selle ei esitanud kolme ühistupanga varade ja kohustuste omandamiseks kehtivat pakkumist ükski abi mitte saanud pakkuja ning ainus teine pakkumine tuli pangalt, kes oli saanud isegi rohkem abi.
The HFSF granted those warrants for no consideration.
Peale selle oli omandatud varade ja kohustuste maht väike ega mõjutanud turu struktuuri [104].
As explained in recital 93, each warrant incorporates the right to purchase 7,40 shares of the HFSF at selected intervals and strike prices.
Kokkuvõttes leiab komisjon, et osutatud erakorraliste asjaolude tõttu on omandamise lubamine kooskõlas ümberkorraldamisteatise punktiga 41 põhjendatud.
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 then 8 % annualised for the last six months).
Järeldus kolme ühistupanga teatavate valitud varade ja kohustuste omandamise kohta
The remuneration received by the HFSF on the shares it owns is de facto capped at those levels.
Komisjon järeldab, et kolme ühistupanga teatavate valitud varade ja kohustuste omandamise konkreetseid asjaolusid silmas pidades vastab omandamine ümberkorraldamisteatises sätestatud nõuetele.
That remuneration is lower than the 7 % to 9 % range as defined in the Recapitalisation Communication.
Citibanki Kreeka haru omandamise kokkusobivus ümberkorraldamisteatisega
However, because those warrants were a key factor in the success of the right issue and private placement launched by the Bank before the Spring 2013 recapitalisation, the Commission considers that they enabled the Bank to reduce the amount of aid by EUR 550 million.
Citibanki Kreeka haru omandamise mõju panga pikaajalisele elujõulisusele
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 achieve a sufficient return and would not participate.
Citibanki Kreeka haru, sealhulgas Dinersi omandamine toetab panga pikaajalist elujõulisust.
For the reasons explained in recitals 205 and 212, 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 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.
Pank omandas piisava laenukahjumireserviga panga.
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 case 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 realised proceeds from the sale of pre-emption rights of the HFSF.
Peale selle oli laenuportfelli puhasväärtus palju väiksem omandatud hoiuste väärtusest.
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 future buy-back does not further reduce the remuneration of HFSF and increase the remuneration of the warrant holders.
Citibanki Kreeka haru hoiuste kandmine panga bilanssi parandab panga keskpikka ja pikaajalist rahastamisprofiili ning suurendab samal ajal kasumlikkust.
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.
Peale selle tugevdab pank kõnealuse omandamistehinguga oma hoiuste kogumise tegevusharu ja suutlikkust, panustades tasakaalustatud ja jätkusuutliku ärimudeli saavutamisse.
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.
Omandamise mõju panga vajatava abi summale
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 billions of euros.
Pank maksis Citibanki Kreeka haru ja Dinersi omandamise eest tasuna ainult kaks miljonit eurot [105].
For all those reasons, the Commission can accept that the HFSF receives non-voting shares.
Omandatud portfell hõlmab suurel hulgal täielikult mahakantud laene.
The Commission therefore concludes that measure B4 was necessary.
Arvata võib, et asjaomase uue laenuportfelli väärtuse hindamine võib kompenseerida laenuportfelli panga bilanssi kandmisest tulenevat mõningast kapitalivajadust.
In conclusion, measures B1, B2, B3 and B4 are necessary as rescue aid in both their amount and form.
Peale selle on pank hankinud erainvestoritelt kapitali summas 1,2 miljardit eurot, seejuures kõrgema aktsiahinnaga kui Kreeka finantsstabiilsuse fondi makstud märkimishind 2013. aasta kevadise rekapitaliseerimise ajal.
Proportionality – measures limiting negative spill-over effects
Kõnealuseid konkreetseid asjaolusid silmas pidades ei saa väita, et omandamist rahastati riigiabist.
The Commission notes that the Bank received a very large amount of State aid.
Omandamistehing ei suurenda abivajadust ega vähenda juba antud abi eest makstud tasu.
That situation may therefore lead to serious distortions of competition.
Omandamise moonutav mõju konkurentsile
However, Greece has committed to implement a number of measures aiming at reducing negative spill-over effects.
Nagu on osutatud põhjenduses 241, ei tohiks riigiabi kasutada nii, et see kahjustab konkurente, kes ei saa samasugust riiklikku toetust, ning eeskätt konkureerivate ettevõtete omandamiseks.
In particular, the commitments provide that the Bank’s operations will continue to be run on a commercial basis, as explained in recitals 121 and 122 Greece has also committed to an acquisition ban, and to a number of divestments, as described in recitals 123 to 124.
Citibanki Kreeka haru omandamise eest makstud tasu oli väga väike ning pangal õnnestus hankida piisavalt erakapitali kõrge aktsiahinnaga.
Limits to distortions of competition will be further assessed in section 7.6.
Seetõttu ei saa väita, et omandamise rahastamiseks kasutati kõnealust abi.
A monitoring trustee has also been appointed in the Bank to monitor the correct implementation of commitments on corporate governance and commercial operations.
Kuna panga omandatud tegevusüksuste ostmiseks ei esitanud pakkumisi ükski abi mitte saanud konkurent, ei tõrjutud tehinguga kõrvale investoreid, kes abi ei saanud.