natgillin/translations-raw huggingface dataset:
Regarding the 2013 measure, the Commission has declared it temporarily compatible in the Opening decision but has opened the formal investigation procedure due to doubts over the compatibility of the measure, in particular ‘doubts that HSH will return to viability as assumed in the 2011 restructuring decision on the basis of the new business plan’ [66].
Kuna uute õigusnormidega hoolitsetakse selle eest, et need summad tegelikult garantii andjale tagasi makstakse, tagab see, et abi, mida HSH kriisi ajal sai, piirdub minimaalselt vajalikuga.
As the 2013 measure has been notified and declared temporarily compatible before the 2013 Banking Communication [67] became applicable, the Commission continues to base its assessment of the 2013 measure on Article 107(3)(b) TFEU, as explained in the 2011 Prolongation Communication and according to the general principles applicable for State aid granted to financial institutions set out in the 2008 Banking Communication, further elaborated in the Recapitalisation Communication and the Restructuring Communication [68] and subsequently amended by the 2010 Prolongation Communication and the 2011 Prolongation Communication.
Kulude jagamise meetmed on ellu viidud 2011. aasta otsuses ette nähtud viisil ja komisjon kinnitab oma algatamisotsuses toodud hinnangut, et tal ei ole kahtlust, et kõnealused meetmed on 2013. aasta meetme kokkusobivuse mõttes endiselt asjakohased.
Assessment of the grounds for opening
Komisjon teeb selle põhjal järelduse, et abi piirdub minimaalselt vajalikuga ja sisaldab piisavat omapanust.
Regarding its doubts on viability, the Commission noted in particular three factors in the Opening decision (see section 2.4 for a more comprehensive overview):
Konkurentsi põhjendamatu kahjustamise vältimine
the further deterioration in the economic situation in the shipping sector;
Konkurentsi kahjustamisega seoses võtab komisjon teadmiseks, et abi eesmärk on tagada lõpuks HSH kui iseseisva finantseerimisasutuse kadumine turult kas a) teisele finantseerimisasutusele võõrandamise kaudu või b) uute tehingute tegemise lõpetamise kaudu, mille tagajärjel muutub HSH turuosa teiste turuosaliste jaoks kättesaadavaks.
the economic under-performance by the bank compared to the base case financial projections of the 2011 decision, also and in particular regarding the development of new business to the extent expected;
Komisjon on seisukohal, et Saksamaa esitatud kohustuste eesmärk võõrandamismenetluse ajal on täita 2008. aasta pangandusteatise punktis 3 esitatud tingimused konkurentsi kahjustamise vähendamiseks:
the increase of the guarantee fee payments due to the higher guarantee amount.
äritegevuse piiramine laevanduse rahastamise valdkonna piiramise kaudu [1–2] miljardi euroni aastas ja äriklientide valdkonna piiramise kaudu Saksamaaga seotud tehingutega ning kohustuse kaudu mitte kaubelda enda nimel;
As mentioned in section 1, Germany sent the Commission a number of restructuring plans provided by the bank.
bilansimahu edasine vähendamine 2016. aastal [100–110] miljardi euroni ja 2017. aastal [90–100] miljardi euroni ning
However:
selliste äritavade piiramine, mis ei sobi kokku abi saamisega, näiteks reklaamikeeld, ülevõtmiskeeld ja hüvitise ülempiir.
the situation in the shipping sector has further deteriorated significantly since the Opening decision, with the Baltic Dry Shipping Index marking new all-time lows in February 2016, leading to even deeper and far-reaching losses on the remaining shipping portfolio held by HSH;
Lisaks väärtustab komisjon Saksamaa kohustust, et HSH Nordbank võtab pärast edukat võõrandamist uue nime ja et antud on sõnaselge luba HSH varade võõrandamiseks üksikult või pakettidena erinevatele ostjatele, nagu kohustustes on öeldud.
in every year since the Opening decision, HSH has underperformed its own projections regarding new business volumes — which over various plans had already been significantly revised downwards — in particular in the corporate and the shipping segments;
Kui võõrandamismenetlus ei lõpe edukalt põhjusel, et a) pakkujaid ei ole, b) on ainult pakkujad, kes ei tule kohustuste alusel kõne alla, c) kõrgeim pakkumine viib negatiivse hinnani või d) komisjonipoolne elujõulisuse hinnang lõpeb tulemusega, et ühendatud ettevõte ei ole elujõuline, võtavad Saksamaa ja HSH kohustuse, et pank lõpetab uute tehingute tegemise ja hakkab haldama oma varasid korrakohase likvideerimise eesmärgil [70].
Therefore, the Commission cannot consider its doubts expressed in the Opening decision to be allayed by those restructuring plans.
Võõrandamismenetlus
Change in the purpose of the aid
Nagu punktis 4.1 on üksikasjalikult kirjeldatud, jagatakse HSH 2016. aasta meetmete raames valdusettevõtjaks HoldCo ja tegevtütarettevõtjaks OpCo, kusjuures OpCo kas võõrandatakse 28. veebruariks 2018 või peab lõpetama uute tehingute tegemise.
The Commission notes the fact that Germany has re-notified the 2013 measure as State aid to be used for the orderly wind-down of HSH Nordbank through either an aid-free sale or stopping new business and winding down.
Need meetmed ei sisalda uut abi.
Based on that new purpose of the aid, the Commission deems it unnecessary to assess the restructuring plans received in more detail and does not draw any consequences from the fact that its doubts on the viability of the bank have not been allayed.
Ümberkorraldamisteatise punkti 2 ja 2008. aasta pangandusteatise punkti 5 kohaselt peavad olema täidetud teatud tingimused, et võõrandamismenetlusega suudetaks a) taastada panga võõrandamise kaudu selle elujõulisus ja b) tagada, et ostjale abi ei anta.
Instead, the Commission will assess the compatibility of the aid based on section 2 of the Restructuring Communication and in particular the subsection ‘Viability through sale of a bank’ as well as on section 5 of the 2008 Banking Communication [69] ‘Aid for the controlled winding up of financial institutions’.
Kohustustes on ta juba esitanud olulisimate vaheetappide hiliseimad võimalikud tähtajad.
According to section 2 of the Restructuring Communication, the sale of an ailing bank to another financial institution can contribute to the restoration of long-term viability, if the purchaser is viable and capable of absorbing the transfer of the ailing bank.
Seoses küsimusega, kas võõrandamise tulemuseks on elujõuline ettevõte, võtab komisjon heameelega teadmiseks Saksamaa mõlemad kohustused, et võõrandamismenetluses osalevad pakkujad peavad olema a) vajalike finantsressurssidega ja sektori kohta oluliste tõendatud teadmistega, et juhtida OpCo-d elujõulise ja aktiivse konkurendina ja b) avalikust sektorist sõltumatud.
The purchaser should demonstrate to the Commission that the integrated entity will be viable.
Liidumaapangad ja avalik-õiguslikud hoiukassad (kui nad esitavad pakkumise koos teiste pakkujatega) võivad pakkumismenetluses osaleda.
According to section 5 of the 2008 Banking Communication, aid for the controlled wind-down of financial institutions needs to be assessed mutatis mutandis according to section 3 of the 2008 Banking Communication, in particular
Lisaks kiidab komisjon heaks hulga Saksamaa kohustusi, mille eesmärk on OpCo majandusolukorra parandamine, näiteks edasiste ümberkorraldusmeetmete võtmine kulude vähendamise vormis (2016. aastal [570–590] miljoni euroni ja 2017. aastal [520–550] miljoni euroni), panga likviidsuse ja riskide juhtimise parandamine ning üldine kohustus panga varade ja kohustuste jätkusuutlikuks haldamiseks, et parandada väljavaateid edukaks võõrandamiseks võimalikult kõrge hinnaga ja kohustusi täites.
limitation of the aid to the minimum — private sector contribution; and
Komisjon juhib tähelepanu sellele, et kui võõrandamismenetluse raames on laekunud lõplik pakkumine, peab komisjon vastu võtma järgmise otsuse.
avoidance of undue distortions of competition.
Selles otsuses uuritakse, a) kas ühendatud ettevõte on tegelikult elujõuline ja b) kas lõplik hinnapakkumine on tegelikult positiivne ning ostjale ega võõrandatud finantseerimisasutusele ei anta võõrandamismenetluse käigus abi [71].
Those requirements are equivalent to the requirements under section 2 of the Restructuring Communication in case of a successful sale.
Komisjonile teeb heameelt Saksamaa kohustus edastada lõplik pakkumine kontrollimiseks ja heakskiitmiseks komisjonile.
Moreover, given that the orderly wind-down of the bank can be fulfilled by selling OpCo, the specific criteria set out in point 49 of the 2008 Banking Communication have to be fulfilled, namely ‘in order to ensure that no aid is granted to the buyers of the financial institution or parts of it or to the entities sold, it is important that…:
Vajaliku elujõulisuse hindamise kohta märgib komisjon, et lihtsalt omanikuvahetus, mis ei sisalda ärimudeli muutmist, nt börsile mineku korral, tooks elujõulisuse suhtes kaasa samad kahtlused, mida komisjon väljendas algatamisotsuses ja mida ei olnud võimalik hajutada, nagu on selgitatud käesoleva otsuse punktis 4.1.2.
The sales process should be open and non-discriminatory,
Kõnealuste kohustuste ja eeltoodud kaalutluste alusel teeb komisjon järelduse, et 2008. aasta pangandusteatise punkti 49 ning ümberkorraldamisteatise punktide 17 ja 18 tingimused on täidetud.
The sale should take place on market terms,
Järelevalve
The financial institution … should maximise the sales price …’.
Komisjon tunneb rõõmu Saksamaa kinnituse üle, et kohustuste täitmist lastakse ulatuslikult ja üksikasjalikult kontrollida kvalifitseeritud ja sõltumatul järelevalve eest vastutaval usaldusisikul.
Those requirements are equivalent to the requirements under section 2 of the Restructuring Communication regarding the sales process.
JÄRELDUS
According to point 50 of the 2008 Banking Communication, any new aid to either buyer or sold entity found according to the above criteria will lead to a separate assessment.
Komisjon teeb kohustuste ja eeltoodud hindamise alusel järelduse, et 2013. aasta meedet, millest teatati uuesti abina HSH korrakohaseks likvideerimiseks, võib käsitleda siseturu eeskirjadega kokkusobivana,
Limitation of the aid to the minimum
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
Regarding the limitation of the aid to the minimum and the private sector contribution, the Commission refers to its assessment in recital 57 of the Opening decision where it found that the increase of the second-loss guarantee — while being new aid — stayed within the boundaries of what it had originally approved in the 2011 decision.
Artikkel 1
In finding the measure temporarily compatible, the Commission considered further the presence of a one-time payment of EUR 275 million from the bank to the guarantee provider and the fact that the additional EUR 3 billion of guarantee could be considered as senior to the existing guarantee of EUR 7 billion.
Artikkel 2
Those two additional elements allowed the Commission to find that the remuneration adequately takes into account the greater risk to the guarantee provider.
2013. aasta meede, teise järjekoha kahju garantii taassuurendamine 3 miljardi euro võrra, mida võimaldas HSH Nordbankile Finanzfonds AöR, kujutab endast riigiabi ELi toimimise lepingu artikli 107 lõike 1 tähenduses ja on käesoleva otsuse I lisas toodud kohustusi silmas pidades siseturuga kokkusobiv.
The Commission maintains that assessment while pointing out at the same time that a large part of the guarantee fee structure was implemented in order to ensure sufficient claw-back of the aid amount.
Artikkel 3
By ensuring that those amounts are effectively paid back to the guarantee provider, the new arrangement continues to ensure that the aid received by HSH during the crisis is limited to the minimum.
Käesolev otsus on adresseeritud Saksamaale.
Burden-sharing measures have been implemented as envisaged under the 2011 decision and the Commission reiterates its assessment from the Opening decision that it has no doubts that those measures are still adequate for the compatibility of the 2013 measure.
Brüssel, 2. mai 2016
On that basis, the Commission concludes that the aid is limited to the minimum and contains sufficient own contribution.
Komisjoni nimel
Avoidance of undue distortions of competition
Margrethe Vestager
Regarding distortions of competition, the Commission takes into consideration that the aid provided serves to ensure that HSH is ultimately going to disappear from the market as a stand-alone entity, either (a) through a sale to a different entity;or (b) through stopping new business, thereby making the market share held by HSH available to other market participants.
ELT C 315, 29.10.2013, lk 81.
During the time of the sales process, the Commission considers that the business commitments provided by Germany serve to fulfil the conditions on minimising distortions of competition as is sought by section 3 of the 2008 Banking Communication, namely:
Komisjoni 20. septembri 2011. aasta otsus 2012/477/EL riigiabi SA.29338 (C 29/09 (ex N 264/09)) kohta, mida Saksamaa Liitvabariik andis ettevõtjale HSH Nordbank AG (ELT L 225, 21.8.2012, lk 1).
business restrictions in the form of limiting shipping business to EUR [1-2] billion a year, limiting business with corporate clients to business with a relation to Germany and a commitment to not engage in proprietary trading;
Vt 2011. aasta otsuse põhjendus 48.
a further decrease in the overall size of the balance sheet to EUR [100-110] billion in 2016 and EUR [90-100] billion in 2017; and
Vt joonealune märkus 1.
restrictions of conduct which is considered incompatible with receiving aid such as an advertisement ban, an acquisition ban and a cap on remuneration.
27. aprillil 2016 edastas Saksamaa kohustuste loendi paranduse, milles oli parandatud ühes kohustuses esinenud viga.
The Commission takes positively into account also the fact that Germany commits that the name HSH Nordbank is going to disappear after a successful sale as well as the fact that a sale of HSH in parts or asset bundles to different parties is specifically allowed, as reflected in the commitments.
Finanzfonds AöR-i kaudu kuulub mõlemale liidumaale 65 % osalus; otseselt kuulub Hamburgile 10,8 % ja Schleswig-Holsteinile 9,58 %.
In case the sales process fails because (a) there are no bidders; or (b) only bidders which do not qualify according to the commitments; or (c) the highest bid results in a negative price; or (d) the Commission's assessment of the viability of the joint entity is negative, Germany and HSH commit that the bank is going to stop new business and manages its assets with the view to wind them down [70].
Vt algatamisotsuse põhjendus 54.
On that basis, the Commission considers that during the sales process as well as after and independent of its final outcome, the commitments provided by Germany ensure avoiding undue distortions of competition.
Garantiide üksikasjaliku kirjelduse leiab 2011. aasta otsuse põhjendustest 42–47.
The sales process
Vt algatamisotsuse põhjendus 13.
As assessed in detail in section 4.1, the 2016 measures will split HSH into a holding company HoldCo and an operating subsidiary OpCo with the latter either being sold by 28 February 2018 or stopping new business.
Makseviivituses olev riskipositsioon tähistab panga oodatavat kahju vastaspoole kohustuste täitmatajätmise korral.
Those measures do not involve new aid.
Seda kasutatakse finantseerimisasutuste krediidiriski arvutamiseks.
According to section 2 of the Restructuring Communication and section 5 of the 2008 Banking Communication, there are requirements on the sales procedure in order to be acceptable to (a) achieve viability through the sale of the bank; and (b) contribute to the absence of aid to the buyer.
Konfidentsiaalne teave.
Regarding the question of aid to the buyer, the Commission notes positively Germany's commitments to sell OpCo through an open, transparent and competitive tender sales procedure as well as at a positive price by 28 February 2018.
Vt kohustuste loendi punktid 2 ja 4.
Germany is going to provide a timeline with monitoring milestones to the Commission once the sales process has been launched.
Vt kohustuste loendi punkt 3.1.
Germany has already included the latest possible dates for major milestones in the commitments.
Vt joonelaune märkus 12.
Regarding the question of whether a viable entity will result from the sales process, the Commission takes positive note of the following two commitments provided by Germany, namely that bidders participating in the sales process (a) should demonstrate the necessary financial resources and relevant expertise to run OpCo as a viable and active competitor; and (b) will be independent from the public sector.
Vt kohustuste loendi punkt 2.3.
Landesbanken and publicly-owned Sparkassen (if bidding jointly with other bidders) are allowed to participate in the tender process.
Üksikasjad leiab kohustuste loendi punktist 4.2.
The Commission also notes positively a number of commitments by Germany aimed at improving the state of the business in OpCo, namely the implementation of further restructuring measures in the form of cost reductions (to EUR [570-590] million in 2016 and EUR [520-550] million in 2017), improvements in the liquidity and risk management of the bank as well as a general commitment to manage the bank's assets and liabilities in a sustainable way to maximise the chances of a successful sale at a maximal price within the constraints provided.
Vt kohustuste loendi punktid 4.1 ja 4.2.
The Commission stresses that a further Commission decision will be required once a final bid has been received in the sales process.
Vt kohustuste loendi punkt 5.1.
Such a decision will assess (a) whether the joint entity is indeed viable or not; and (b) whether the final bid price is indeed positive, and the implementation of the sales process does not involve aid to either buyer or the sold entity [71].
Vt kohustuste loendi punkt 5.4.
The Commission takes positive note of the commitment by Germany to submit the final bid for assessment and approval to the Commission.
Vt kohustuste loendi punkt 5.7.
Regarding the required assessment of viability, the Commission notes that a mere change of ownership that did not involve a change in business model, for example through an IPO, would encounter the same doubts in terms of viability as have been raised by the Commission in the Opening decision and not subsequently allayed as assessed in the present decision in section 4.1.2.
Vt kohustuste loendi punkt 5.8.
Based on those commitments and the aforementioned considerations, the Commission concludes that the requirements under point 49 of the 2008 Banking Communication as well as under points 17 and 18 of the Restructuring Communication are met.
Vt kohustuste loendi punkt 5.9.
Monitoring
Vt kohustuste loendi punkt 6.
Finally, the Commission takes positive account of the commitment by Germany to subject the entire set of commitments to rigorous monitoring by a qualified and independent monitoring trustee.
Vt kohustuste loendi punkti 6 alapunktid a–e.
CONCLUSION
Vt kohustuste loendi punkt 7.1.
On the basis of the commitments provided and the preceding assessment, the Commission concludes that the 2013 measure, re-notified as aid for the orderly wind-down of HSH, can be considered as compatible with the rules of the internal market,
Vt kohustuste loendi punkt 7.5.
HAS ADOPTED THIS DECISION:
Vt kohustuste loendi punkt 7.2.
Article 1
Vt kohustuste loendi punkt 8.
The 2016 measures which Germany is planning to implement for HSH Nordbank do not constitute State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Vt kohustuste loendi punkt 10.
Article 2
Vt kohustuste loendi punkt 12.
The 2013 measure, a re-increase in the second-loss guarantee provided by the Finanzfonds to HSH Nordbank, in the amount of EUR 3 billion constitutes State aid within the meaning of Article 107(1) TFEU and it is compatible with the internal market, in light of the commitments set out in Annex I of the present decision.
Vt kohustuste loendi punkt 11.
Article 3
Vt kohustuste loendi punkt 14.2.
This Decision is addressed to the Federal Republic of Germany.
Vt algatamisotsuse põhjendus 30.
Done at Brussels, 2 May 2016.
Vt algatamisotsuse põhjendus 31.
For the Commission
Vt algatamisotsuse põhjendused 38 ja 39.
Member of the Commission
Vt algatamisotsuse põhjendus 40.
OJ C 315, 29.10.2013, p. 81.
Vt algatamisotsuse põhjendus 41.
Commission Decision 2012/477/EU of 20 September 2011 on State aid granted by Germany to HSH Nordbank AG SA.29338 (C 29/09 (ex N 264/09)) (OJ L 225, 21.8.2012, p. 1).
Vt algatamisotsuse põhjendus 45.
See 2011 decision, recital 48.
Komisjoni teatis — Riigiabi eeskirjade kohaldamine meetmete suhtes, mida on võetud seoses finantsasutustega praeguse ülemaailmse finantskriisi olukorras (ELT C 270, 25.10.2008, lk 8).
Cf. footnote 1.
Komisjoni teatis – Finantsasutuste rekapitaliseerimine praeguses finantskriisis: piirdumine minimaalselt vajaliku abiga ja kaitsemeetmed põhjendamatute konkurentsimoonutuste vastu (ELT C 10, 15.1.2009, lk 2).
Germany submitted an amendment of the commitment catalogue, correcting an error in one commitment, on 27 April 2016.
Komisjoni teatis riigiabi eeskirjade kohaldamise kohta alates 1. jaanuarist 2011 pankade kasuks finantskriisi kontekstis võetavate meetmete toetamise suhtes (ELT C 329, 7.12.2010, lk 7) ja komisjoni teatis riigiabi eeskirjade kohaldamise kohta alates 1. jaanuarist 2012 pankade kasuks finantskriisi kontekstis võetavate toetusmeetmete suhtes (ELT C 356, 6.12.2011, lk 7).
Via Finanzfonds, the two Länder hold 65 %; directly Hamburg holds 10,8 % and Schleswig-Holstein 9,58 %.
Vt algatamisotsuse põhjendus 47.
See Opening decision, recital 54.
Vt algatamisotsuse põhjendus 48.
For the detailed description of the guarantees, see recitals 42 to 47 in the 2011 decision.
Vt algatamisotsuse põhjendus 49.
See Opening decision, recital 13.
Vt algatamisotsuse põhjendus 50.
Exposure at default means the expected amount of loss to which a bank is exposed in case of a default of a counterparty.
Vt algatamisotsuse põhjendus 52.
It is used to calculate the credit risk of financial institutions.
Vt algatamisotsuse põhjendused 53 ja 54.
Confidential information.
Vt algatamisotsuse põhjendus 56.
See points 2 and 4 of the commitment catalogue.
Vt algatamisotsuse põhjendus 57.
See point 3.1 of the commitment catalogue.
Vt algatamisotsuse põhjendus 63.
See footnote 12.
Saksamaa edastas märkused, mis kajastavad Saksamaa, Schleswig-Holsteini, Hamburgi ja HSH ühisseisukohta, 30. septembri 2013. aasta kirjaga.
See point 2.3 of the commitment catalogue.
Vt näiteks 2011. aasta otsuse põhjendus 61.
For details see point 4.2 of the commitment catalogue.
Vt põhjendused 37 ja 38.
See points 4.1 and 4.2 of the commitment catalogue.
Saksamaa 21. märtsi 2016. aasta teatega edastatud kiri.
See point 5.1 of the commitment catalogue.
Vt punkt 2.2.2.
See point 5.4 of the commitment catalogue.
Pärast seda, kui panga kaetud 3,2 miljardi euro suurune esimese järjekoha kahju väärtpaberistamise seeria on täielikult ära kasutatud, hüvitatakse kahjud kuni 10 miljardi euro suuruse piirsummani täies ulatuses.
See point 5.7 of the commitment catalogue.
Iga euro suuruse kahjumi tagatud portfellist vahemikus 3,2 miljardit eurot (pluss üks euro kahjumit) kuni 13,2 miljardit eurot maksab garantii andja pangale tagasi.
See point 5.8 of the commitment catalogue.
Vt põhjendused 24 ja 25.
See point 5.9 of the commitment catalogue.
Vt põhjendus 25.
See point 6 of the commitment catalogue.
Riskiga kaalutud varade arvutamisel teeb järelevalveasutus kindlaks selle kapitali absoluutsuuruse, mis pangal peab olema.
See point 6 (a) to (e) of the commitment catalogue.
See õigus anti juba esialgses, 2009. aasta garantiilepingus.
See point 7.1of the commitment catalogue.
ISIN koodid DE000HSH2H15 ja DE000HSH2H23.
See point 7.5 of the commitment catalogue.
Vt punkt 2.1.
See point 7.2 of the commitment catalogue.
Riigiabijuhtumid SA.43390 (2016/N) ja SA.38843 (2015/N), seni avaldamata.
See point 8 of the commitment catalogue.
Komisjoni teatis langenud väärtusega varade käsitlemise kohta ühenduse pangandussektoris (ELT C 72, 26.3.2009, lk 1).
See point 10 of the commitment catalogue.
Komisjoni teatis riigiabieeskirjade kohaldamise kohta alates 1. augustist 2013 finantskriisi kontekstis pankade kasuks võetavate toetusmeetmete suhtes (ELT C 216, 30.7.2013, lk 1).