natgillin/translations-raw huggingface dataset:
To that end, the Member State must present a capital raising plan, ensure adequate burden-sharing by the shareholders and subordinated creditors, and prevent the outflow of funds prior to the restructuring decision.
Deloitte suoritti New TT Bankin nettoarvon arvioinnin 30 päivänä elokuuta 2013, ja 15 päivänä marraskuuta 2013 Kreikan rahoitusvakausrahasto suoritti pankille 54,9 miljoonan euron käteismaksun, kuten Kreikan rahoitusvakausrahaston vuoden 2013 heinä-joulukuulta antaman toimintakertomuksen sivulla 2 todetaan.
According to the 2013 Banking Communication, the capital raising plan should include right issues, voluntary liability management exercises, capital accretive divestments, deleveraging measures, earning retention and other measures such as, for example, strict costs and remuneration policies.
Toimintakertomus on saatavilla verkko-osoitteessa:
Point 47 of the 2013 Banking Communication provides that once capital shortfalls are identified, a bank must prevent outflows of funds through a number of measures which aim at ensuring the same outcome as regular dividend and coupon bans, acquisition bans, price leadership bans or advertising bans.
Kreikan rahoitusvakausrahaston saamien osakkeiden lopullinen määrä määriteltiin pankin osakkeiden volyymipainotettuun keskihintaan Ateenan arvopaperipörssissä ylimääräistä yhtiökokousta edeltävien kymmenen työpäivän aikana (vähimmäismäärä 1418750000 osaketta).
The Commission notes that such bans are already complied with by the Bank as they are included in the list of commitments submitted by Greece, as described in recital 133, and that the Bank has not paid any cash dividend since 2008.
Ks. alaviite 31.
The 2014 recapitalisation commitment (measure C) provides a cushion to absorb future losses as determined by the stress test exercise performed by the Bank of Greece in 2013 and disclosed on 6 March 2014.
Kreikan valtiovarainministeriön takaus- ja joukkovelkakirjalainatoimenpiteiden toiminnasta 13 päivänä joulukuuta 2013 julkaiseman raportin mukaan.
The results of the stress test show that the Bank needs EUR 2945 million of additional capital to cover its future losses in a stress scenario.
950 miljoonaa euroa on kustannusten nettomäärä.
Measure C only covers the capital need which will remain insofar as (i) it cannot be covered through further divestments or capital enhancement measures (the Commission considers that the Bank has analysed all potential divestments and committed to all those which can reduce the capital needs in the framework of the capital plan submitted to the Bank of Greece) and (ii) it is not covered by private investors in the framework of the share capital increase which will take place in April 2014.
Varsinainen määrä oli 950,125 miljoonaa euroa.
Therefore it does not provide the Bank with any excess capital.
Ks. Eurobankin Annual Financial Report for the year ended 31 December 2009, s. 6, saatavilla verkko-osoitteessa:
As explained in recitals 385 to 395, the Bank has already taken actions before the stress test to limit the amount of capital needed to the minimum.
Kreikan keskuspankin 7 päivänä marraskuuta 2011 päivätyn kirjeen mukaan takaukset koskevat maksuvalmiusavun kokonaismäärää.
If, in the framework of the current capital raising exercise, the Bank manages to raise most of the capital needed from private investors and the additional aid paid out by the HFSF remains below EUR 1 billion, no further own contribution by the Bank will be necessary.
Kreikan keskuspankin 7 päivänä huhtikuuta 2014 toimittamat tiedot.
However, if the aid paid out under measure C is above that level, it would be appropriate for the Bank to divest more activities.
Ks. taulukko 3.
As regards burden-sharing, the 2013 Banking Communication provides that adequate burden-sharing entails contributions by shareholders, hybrid capital holders and subordinated debt holders before aid in the form of capital support is granted.
Ks. johdanto-osan 57 kappale.
The Commission notes that Greece has amended its national legislative framework to ensure that subordinated creditors will contribute to the costs of restructuring of the Bank before any additional capital is injected into the Bank.
Kreikan rahoitusvakausrahasto maksoi jäljelle jääneen määrän, sillä sovellettavan lain 4051/2012 9 artiklan 12 kohdan mukaisesti se on Kreikan talletus- ja investointitakausrahaston sijasta vastannut rahoitusvajeen kattamisesta 29 päivästä helmikuuta 2012 lähtien.
The Commission also notes that Greece has given a commitment that it will implement the measures provided for in Article 6a of the HFSF law as amended in 2014, which provide for the allocation of the capital shortfall to the holders of its capital instruments and other subordinated liabilities as may be necessary.
Kreikan keskuspankin kriisinratkaisutoimenpidekomitean päätös 2/3/9.4.2012.
While such burden-sharing will only take place after the date of the 2014 recapitalisation commitment (measure C), on the basis of point 45 of the 2013 Banking Communication the Commission considers disproportionate results would follow if mandatory conversion of subordinated debt and hybrid capital had to occur already at the moment of the commitment.
Ks. johdanto-osan 53 kappale.
If the Bank were to raise sufficient private capital to cover all of its capital need as determined by the stress test performed by the Bank of Greece, the conversion of subordinated debt holders would be disproportionate.
Toimenpide arvioitiin TT Bankiin siirrettyjä T Bankin toimintoja hyödyttäväksi valtiontueksi 16 päivänä toukokuuta 2012 tehdyssä komission päätöksessä valtiontuesta SA.34115 (12/NN) – Kreikka, ”T Bankin kriisinratkaisu” (jäljempänä ’T Bankia koskeva päätös’ ( EUVL C 284, 20.9.2012, s. 6)), ja New TT Bankia koskevan menettelyn aloittamispäätöksessä.
The commitment by Greece to bail-in subordinated creditors before any capital support is actually paid out to the Bank is therefore sufficient to ensure proper burden-sharing.
Alkuperäinen rahoitusvaje arvioitiin 700 miljoonan euron suuruiseksi Kreikan keskuspankin luotto- ja vakuutusasioiden komitean päätöksen 26/2/17.12.2011 mukaisesti.
Moreover, in order to ensure that the owners of the Bank participate to the maximum extent in the reconstitution of an adequate capital basis over the restructuring period, Greece gave a commitment that, until the end of the restructuring period, the Bank will retain dividends and not pay any coupons which it is not under law obliged to pay.
Ks. alaviite 53.
Thereby, in line with point 26 of the Restructuring Communication and point 47 of the 2013 Banking Communication the Bank will not use State aid to make payments on own funds if there are insufficient profits to make such payments.
Kreikan keskuspankin kriisinratkaisutoimenpidekomitean päätös 2/1/9.4.2012.
The Bank has also committed that until 31 December 2017 the Bank will not pay to any employee or manager a total annual remuneration (wage, pension contribution, bonus) higher than the total annual remuneration of the Governor of the Bank of Greece (not taking into account any voluntary partial waiver of remuneration by the Governor).
Tästä syystä New TT Bank on Kreikan rahoitusvakausrahastolle 11 päivänä helmikuuta 2013 lähettämässään kirjeessä sitoutunut palauttamaan Kreikan rahoitusvakausrahastolle 227 miljoonan euron määrän, jos hallintotuomioistuin tekee asiassa Kreikan rahoitusvakausrahaston kannalta myönteisen päätöksen.
Additionally, in case HFSF has to subscribe to any share of the Bank, Greece has committed to apply a salary cap in line with the 2013 Banking Communication [152].
Ks. alaviite 31, s. 6 ja 48.
The Commission has to assess whether that commitment covering two scenarios fulfils the requirements laid down in the 2013 Banking Communication.
Alkuperäinen rahoitusvaje arvioitiin 4096 miljoonan euron suuruiseksi Kreikan keskuspankin kriisinratkaisutoimenpidekomitean päätöksen 7/1/18.1.2013 mukaisesti.
In the first scenario where the HFSF does not actually inject new capital into the Bank, the aid enshrined in measure C will be limited to a mere underwriting commitment of a capital increase, and the HFSF will not disburse a single euro since all the new shares will have been subscribed by private investors.
Kreikan keskuspankin kriisinratkaisutoimenpidekomitean päätös 11/1/21.5.2013.
The 2013 Banking Communication provides that the remuneration limitation can end when the aid has been repaid.
EFG Eurobank, vuosikertomus 2010, s. 9, saatavilla verkko-osoitteessa:
However, the aid included in such an underwriting commitment in relation to a prospective capital increase cannot be repaid where the commitment in question is never put into effect (since no money was ever disbursed by the State to the Bank).
Rakenneuudistussuunnitelma, s. 50, nettolainojen perusteella.
In such circumstances, the Commission can accept that the remuneration limitation applies for a fixed period of time.
Rakenneuudistussuunnitelma, s. 62–63.
In the second scenario where the HFSF would have to subscribe any share of the bank, Greece committed to amend the commitment to put it in line with the 2013 Banking Communication.
Rakenneuudistussuunnitelma, s. 64.
The Commission notes that, if the HFSF would subscribe any share, to remain in line with the 2013 Banking Communication, the duration of the remuneration cap would be amended, to last until the earlier of the end of the restructuring plan — 31 December 2018 — or a transaction equivalent to the repayment of the aid.
Rakenneuudistussuunnitelma, s. 61.
Since ordinary shares cannot be repaid by the Bank, the Commission accepts that a sale of the shares on the secondary market at a profit could be considered equivalent to a repayment of the aid.
Rakenneuudistussuunnitelmaan liitetyt taloudelliset ennusteet, ilmoitettu komissiolle 16 päivänä huhtikuuta 2014.
In conclusion, in both scenarios, the commitment on limitation of remuneration issued by Greece complies with the requirements of the 2013 Banking Communication.
Rakenneuudistussuunnitelma, s. 76.
As regards the remuneration of the State, the 2011 Prolongation Communication requires that new shares are issued at a discount to market price, after adjustment for dilution.
Ks. alaviite 69.
The Commission observes that the purpose of that requirement is to ensure that the State receives a sufficient remuneration for its shareholding in the Bank and that the historical shareholders are correspondingly diluted.
Rakenneuudistussuunnitelma, s. 62.
In the case of measure C, the State is already the main shareholder of the Bank, holding more than 90 % of the shares.
Rakenneuudistussuunnitelma, s. 51.
Therefore an excessive discount to market price would decrease the remuneration of the State on measure B4, and may entail aid to the investors if the discount underestimates the value of the Bank.
Ks. alaviite 68.
In order to avoid such a situation, the subscription price cannot be lower than a floor price determined on the basis of two appraisals from independent valuators.
Ks. alaviite 72.
Therefore the detailed arrangements of the price determination protect the HFSF from an excessive dilution by the new investors, while ensuring the HFSF subscribes new shares at a price which reflects the value of the Bank.
Kreikassa harjoitetun toiminnan nettotulos kääntyy positiiviseksi vuonna 2015, jolloin tuotto on 20 miljoonaa euroa.
In those circumstances, the Commission can accept that the new shares may be issued at a lower discount to current market price than that envisaged by the 2011 Prolongation Communication and it considers the floor price to be acceptable.
Vuonna 2016 tuotto on 304 miljoonaa euroa, vuonna 2017 se on 471 miljoonaa euroa, ja vuonna 2017 se on 554 miljoonaa euroa.
If the shares were issued at a higher price, it would have risked discouraging private investors from participating in the share capital increase and consequently would have limited private capital raising.
Pankin 9 päivänä toukokuuta 2013 toimittamat luvut.
Therefore, the Commission considers the level of own contribution and burden-sharing to be appropriate for measure C.
Pankki ei ole sitoutunut panemaan täytäntöön tätä nimenomaista myyntiohjelmaa ja voi edelleen vapaasti valita eri strategian kokonaistavoitteen saavuttamiseksi, kuten liitteessä kuvataan.
Conclusion on own contribution and burden-sharing
Eurobankin ilmoitus 19 päivänä kesäkuuta 2013, saatavilla verkko-osoitteessa:
The Commission observes that, in comparison with the total State recapitalisation received, the own contribution and burden-sharing in the form of sale of assets is much lower than the levels the Commission would usually consider as sufficient.
Ilmoitus olemassa olevia Core-Tier 1 -arvopapereja ja kakkoslistan arvopapereja koskevien tarjouspyyntöjen tuloksista, 20 päivänä helmikuuta 2013, saatavilla verkko-osoitteessa:
However, in view of the elements developed in section 7.6.1, under which the Commission can accept a lower own contribution and burden-sharing, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures.
Ks. vuosien 2011 ja 2013 konsolidoidut tilinpäätökset.
The restructuring plan also complies with the requirements of the 2013 Banking Communication as regards measure C.
Ks. sitoumukset liitteessä olevassa II luvussa.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
Ks. alaviite 85.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Ks. sitoumukset liitteessä olevan III luvun A jaksossa.
Point 31 of the Restructuring Communication states that when assessing the amount of aid and the resulting competition distortions, the Commission has to take into account both the absolute and relative amount of the State aid received as well as the degree of burden-sharing and the position of the financial institution on the market after the restructuring.
Ks. alaviite 89.
In that respect, the Commission recalls that the Bank has received capital from the State equivalent to 16 % of its RWA (excluding measure C).
Ks. sitoumukset liitteessä olevan III luvun C jaksossa.
With measure C, the Bank gets a commitment to inject an additional EUR 2864 billion, bringing the total capital aid to 23,7 % of the Bank’s RWA.
Komission tiedonanto – Valtiontukisääntöjen soveltaminen maailmanlaajuisen finanssikriisin seurauksena rahoituslaitosten suhteen toteutettuihin toimenpiteisiin (EUVL C 270, 25.10.2008, s. 8).
Apart from capital support, the Bank has also received liquidity support.
Eurobankia koskevan menettelyn aloittamispäätöksen johdanto-osan 59 kappale.
The Bank has obtained liquidity guarantees that amounted to EUR 13600 million as of 15 April 2011 and to EUR 13932 million as of 30 November 2013, representing 17 % of the Bank’s balance sheet at the same date.
Eurobankia koskevan menettelyn aloittamispäätöksen johdanto-osan 63 kappale.
The Bank also benefited from State-guaranteed ELA for an amount of EUR 12 billion as of 31 December 2012, which represented 18 % of the balance sheet of the Bank on that date.
Komission tiedonanto – Rahoituslaitosten pääomapohjan vahvistaminen tämänhetkisessä finanssikriisissä:
The need to implement measures to limit potential distortions of competition is thus justified in view of that relatively large amount of aid.
tuen rajaaminen välttämättömään vähimmäismäärään ja suojatoimet kilpailun kohtuuttoman vääristymisen estämiseksi (EUVL C 10, 15.1.2009, s. 2).
In additional, the market share of the Bank in Greece is large, with market shares of 17 % for loans and 12 % for deposits at 31 December 2012.
Komission tiedonanto elinkelpoisuuden palauttamisesta ja rahoitusalalla tämänhetkisessä kriisissä toteutettujen rakenneuudistustoimenpiteiden arvioinnista valtiontukisääntöjen perusteella (EUVL C 195, 19.8.2009, s. 9).
As discussed in section 7.6.1, the distortive effect of the aid measures is lower in the light of those factors and so is the need for measures to limit distortions of completion.
New TT Bankia koskevan menettelyn aloittamispäätöksen johdanto-osan 83 kappale.
For those reasons, the Commission can exceptionally accept that, in spite of the high aid amount, the restructuring plan does not envisage any downsizing of the balance sheet and loans in Greece.
New TT Bankia koskevan menettelyn aloittamispäätöksen johdanto-osan 88 ja 89 kappale.
However, the Commission notes that the State recapitalisations enabled the Bank to continue its banking activities in foreign markets and its insurance activities in Greece.
New TT Bankia koskevan menettelyn aloittamispäätöksen johdanto-osan 103 kappale.
In that respect, the Commission notes, in addition to the deleveraging and restructuring already implemented, the Bank’s commitment to sell its insurance activities by […] as well as its commitment to reduce the size of its international assets by 31 December 2018, which will probably entail further divestments in […] and […], and its commitment not to use aid to fund the growth of those businesses.
New TT Bankia koskevan menettelyn aloittamispäätöksen johdanto-osan 104 kappale.
The Commission finds it proportionate that the reduction of foreign assets be deeper if, under measure C, the HFSF pays the Bank additional capital aid of more than EUR 1 billion.
New TT Bankia koskevan menettelyn aloittamispäätöksen johdanto-osan 107 kappale.
As indicated in recital 295, such a payment would make the aid more distortive than a mere commitment to participate in the capital increase.
Ks. alaviitteet 4 ja 6.
However, if the additional capital injected is less than EUR 1 billion, it would entail a larger participation of at least EUR 1,5 billion from private investors.
Riskirahaston tarjous ei ollut Kreikan rahoitusvakausrahaston process letter -kirjeen vaatimusten mukainen.
Additionally, the larger private participation would constitute additional burden-sharing, as explained in recital 388.
Riskirahaston tarjouksen ehtona oli due diligence -tarkastuksen loppuun saattaminen, jota varten se pyysi lisäaikaa, mikä ei sopinut yhteen talous- ja finanssipolitiikasta tehdyssä yhteisymmärryspöytäkirjassa asetetun määräajan kanssa.
Point 31 of the Restructuring Communication states that both the price paid for assistance obtained from the State and the degree of burden-sharing will be taken into account when assessing burden-sharing measures.
Lisäksi riskirahasto pyysi huomattavia vahvistusilmoituksia ja takuita, ja se asetti 25 miljoonan euron katon lisäpääomalle, jonka se oli tarvittaessa valmis sijoittamaan, ja senkin vain vuoden ajaksi.
Therefore additional distortions of competition will remain limited if the HFSF injects less than EUR 1 billion.
Ks. myös johdanto-osan 82 kappale komission päätöksessä, annettu 28 päivänä marraskuuta 2012, valtiontuesta SA.34053 (12/N), Banco de Valencia S.A:n pääomapohjan vahvistaminen ja rakenneuudistus – Espanja (EUVL C 75, 14.3.2013, s. 1).
That ban contributes to ensuring that the aid is strictly used to support the restoration of the viability of the Greek banking activities and not to grow, for instance, in foreign markets.
Komission tiedonanto valtiontukisääntöjen soveltamisesta finanssikriisin yhteydessä pankkien hyväksi toteutettaviin tukitoimenpiteisiin 1 päivästä tammikuuta 2012 (EUVL C 356, 6.12.2011, s. 7).
The commitment to decrease the interest paid on Greek deposits from unsustainably high levels also ensures that the aid will not be used to finance unsustainable deposit collection strategies which distort competition on the Greek market.
Komission tiedonanto valtiontukisääntöjen soveltamisesta finanssikriisin yhteydessä pankkien hyväksi toteutettaviin tukitoimenpiteisiin 1 päivästä elokuuta 2013 (Pankkitiedonanto) (EUVL C 216, 30.7.2013, s. 1).
Similarly, the commitment to implement strict guidelines as regards the pricing of new loans, based on a proper credit risk assessment, will prevent the Bank from distorting competition on the Greek market with inappropriate pricing strategies on loans to customers.
Ks. alaviitteet 9 ja 11.
Taking into account the specific situation described in section 7.6.1 and the measures provided for in the restructuring plan, the Commission considers there are sufficient safeguards to limit distortions of competition.
Ks. alaviite 96.
MONITORING
Ks. alaviite 97.
Pursuant to section 5 of the Restructuring Communication, regular reports are required to allow the Commission to verify that the restructuring plan is being implemented properly.
Ajalta 9. lokakuuta 2011–31. joulukuuta 2012 annettu vuositilinpäätös, jonka mukaan riskipainotettujen omaisuuserien määrä oli 775,62 miljoonaa euroa 31 päivänä joulukuuta 2012.
CONCLUSION
Ks. alaviite 31, s. 14 ja 56.
The Commission finds that Greece has unlawfully implemented aid measures SA.34825 (2012/C), SA.34825 (2014/N), SA.36006 (2013/NN), SA.34488 (2012/C, ex 2012/NN) SA.31155 (2013/C) (2013/NN) in breach of Article 108(3) of the Treaty on the Functioning of the European Union, since they were implemented before their formal notification.
Koska volyymipainotettu keskimääräinen markkinahinta tänä ajanjaksona oli yli 0,48 euroa, Kreikan rahoitusvakausrahasto sai vähimmäismäärän osakkeita, eli 1418,75 miljoonaa osaketta, tarjoushintaan 0,48 euroa osakkeelta.
However the Commission finds that the restructuring plan when taken together with the commitments in the Annexes ensures the restoration of long-term viability of the Bank, is sufficient with respect to burden-sharing and own contribution, and is appropriate and proportional to offset the competition distorting effects of the aid measures examined in this Decision.
0,48 × 1418,75 miljoonaa = 681 miljoonaa euroa, eli pankin Kreikan rahoitusvakausrahastolle maksama vastike.
The restructuring plan and commitments submitted fulfil the criteria of the Restructuring Communication and the aid measures can therefore be considered compatible with the internal market,
Ks. alaviite 2.
HAS ADOPTED THIS DECISION:
Kreikan rahoitusvakausrahaston raportti tammi-kesäkuulta 2013:
Article 1
Eurobank, ”Proposed combination of the New Hellenic Postbank with Eurobank”, 16 päivänä toukokuuta 2013.
the emergency liquidity assistance provided to Eurobank Ergasias SA.
Ks. tämän päätöksen toimenpidettä B3 koskeva johdanto-osan 285 kappale.
(‘Eurobank’) by the Bank of Greece and guaranteed by Hellenic Republic (measure L2);
On myös huomattava, että Kreikka myönsi tuen pankille Kreikan pankkien tukiohjelmasta, jonka komissio on hyväksynyt perussopimuksen 107 artiklan 3 kohdan b alakohdan mukaisesti, sekä Kreikan rahoitusvakausrahastosta, jonka perustaminen on myös hyväksytty komission päätöksellä.
the second bridge recapitalisation of EUR 1341 million granted by the Hellenic Financial Stability Fund (‘HFSF’) to Eurobank in December 2012 (measure B2);
Ks. alaviitteet 4 ja 3.
the commitment letter of EUR 528 million granted by the HFSF to Eurobank on 21 December 2012 (measure B3);
Ks. komission päätös, tehty 10 päivänä lokakuuta 2008, asiassa NN 51/08, Tanskan pankkien takausjärjestelmä, johdanto-osan 41 kappale (EUVL C 273, 28.10.2008, s. 1).
the recapitalisation of EUR 5839 million granted by the HFSF to Eurobank in May 2013 (measure B4);
Ks. johdanto-osan 72 kappale:
the capital injection of EUR 395 million granted by the HFSF to Nea Proton Bank on 28 August 2013 (measure NP3).
Ks. myös 7.6.1 kohta.
In the light of the restructuring plan relating to the Eurobank Group (Eurobank Ergasias S.A and all its subsidiaries (Greek and non-Greek subsidiaries and branches, both banking and non-banking).submitted on 16 April 2014 and the commitments provided by Greece on 16 April 2014, the following State aid is compatible with the internal market:
Teoreettinen arvo ennen merkintäoikeuksien irtoamista (TERP) on yleisesti hyväksytty markkinamenetelmä pääomakorotuksen laimentumisvaikutuksen määrälliseksi mittaamiseksi.
the capital injection of EUR 950 million granted by Greece to Eurobank in May 2009 under the Recapitalisation Scheme (measure A);
Kreikan kilpailuviranomaisen päätös 584/VII/2013, ei vielä julkaistu.