natgillin/translations-raw huggingface dataset:
Finally the Commission takes a favourable view of the fact that the HFSF will inject additional capital only if the Bank fails to raise it from the market at a price deemed reasonable and established on the basis of two independent valuators.
31), Decizia Comisiei din 26 iulie 2012 privind ajutorul de stat SA.34488 (2012/C) (ex 2012/NN) – „Ajutor în favoarea Nea Proton Bank prin înființarea și capitalizarea Nea Proton Bank și inițierea procedurii oficiale de investigare” ( JO C 357, 20.11.2012, p.
Burden-sharing by subordinated debt holders
26), Decizia Comisiei din 6 mai 2013 privind ajutorul de stat SA.31155 (2013/C) (ex 2013/NN) (ex 2010/N) – „Ajutor de stat în favoarea TT Hellenic Postbank S.A. prin înființarea și capitalizarea băncii punte New TT Hellenic Postbank S.A.”
The Bank’s subordinated debt holders have contributed to paying for the restructuring costs of the Bank.
( JO C 190, 29.6.2013, p.
The Bank performed several liability management exercises in order to generate capital.
70).
The total amount of liabilities exchanged amounted to EUR 748 million, with a capital gain of EUR 565 million, as described in recitals 122 and 123.
Eurobank Ergasias S.A. și toate filialele sale (filialele și sucursalele elene și de altă naționalitate, atât din sectorul bancar, cât și din cel nebancar).
The still outstanding instruments are subject to the coupon ban described in recital 133.
„Banca” se referă la Eurobank Group.
Therefore, the Commission considers that an adequate burden-sharing from the bank’s private hybrid investors is ensured and the requirements of the Restructuring Communication in that respect are met.
Decizia Comisiei din 19 noiembrie 2008 în cazul ajutorului de stat N560/08 „Măsuri de sprijin pentru instituțiile de credit din Grecia” ( JO C 125, 5.6.2009, p.
In conclusion, considering the elements developed in section 7.6.1, the Commission considers sufficient own contribution and burden-sharing measures have been implemented by Greece to limit the amount of aid measures A, B1, B2, B3 and B4 to the minimum necessary.
6).
The 2013 Banking Communication complements the Restructuring Communication and calls for enhanced burden-sharing and for banks obtaining capital support to undertake additional measures to limit the aid to the minimum.
Schema a fost ulterior prelungită și modificată, astfel cum este descris în nota de subsol 6.
Point 29 of the 2013 Banking Communication requires the Member State to demonstrate that all measures to limit such aid to the minimum have been exploited to the maximum extent.
Adunarea generală anuală din 29 iunie 2012 a decis schimbarea denumirii întreprinderii din EFG Eurobank Ergasias S.A. în Eurobank Ergasias S.A.
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.
Decizia Comisiei din 27 iulie 2012 privind ajutorul de stat SA.34825 (2012/C), „Recapitalizarea EFG Eurobank de către Fondul elen de stabilitate financiară” ( JO C 359, 21.11.2012, p.
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.
31).
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.
Comunicat de presă al HFSF din 24 decembrie 2012, disponibil online la:
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.
Notificarea a fost înregistrată cu numărul SA.34825 (2014/NN).
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.
JO C 190, 29.6.2013, p.
Therefore it does not provide the Bank with any excess capital.
70.
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.
Deficitul de finanțare a fost reevaluat ulterior și, în conformitate cu Decizia 11/1/21.5.2013 a Comitetului pentru măsuri de rezoluție al Băncii Greciei, a fost stabilit la 3732,6 milioane EUR.
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.
Deficitul de finanțare se referă la diferența dintre valoarea activelor și valoarea nominală a pasivelor transferate către noua bancă.
However, if the aid paid out under measure C is above that level, it would be appropriate for the Bank to divest more activities.
Comisia Europeană – Direcția Generală Afaceri Economice și Financiare.
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.
A se vedea secțiunea II „Restructurarea datoriei suverane a Greciei” din Raportul privind recapitalizarea și restructurarea sectorului bancar elen, Banca Greciei, decembrie 2012, disponibil online la:
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.
Comunicat de presă al Ministerului de Finanțe din 9 martie 2012, disponibil online la:
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.
Rata capitalului de bază de rangul 1 al unei bănci este una dintre ratele capitalului obligatoriu monitorizat de autoritatea de supraveghere în cadrul Directivei privind cerințele de capital.
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.
A se vedea nota de subsol 14, p.
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.
106.
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.
A se vedea nota de subsol 15.
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.
A se vedea nota de subsol 14, p.
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.
104.
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).
Banca Centrală Europeană și băncile centrale naționale constituie împreună Eurosistem, sistemul băncilor centrale din zona euro.
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].
Comunicat de presă al Ministerului de Finanțe din 3 decembrie 2012, disponibil online la:
The Commission has to assess whether that commitment covering two scenarios fulfils the requirements laid down in the 2013 Banking Communication.
http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdf Răscumpărarea datoriei proprii la un preț cu mult inferior valorii nominale a generat o reducere substanțială a datoriilor pentru Grecia.
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.
În absența unei astfel de răscumpărări, valoarea de piață a obligațiunilor ar fi putut crește în funcție de evoluția parametrilor pieței, cum ar fi ratele dobânzii și probabilitatea incapacității de plată a Greciei.
The 2013 Banking Communication provides that the remuneration limitation can end when the aid has been repaid.
Sunt incluse pierderile estimate din acordarea de împrumuturi noi în Grecia în perioada iunie 2013-decembrie 2016.
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).
Impactul previziunilor privind pierderile din împrumuturi pentru riscul de schimb valutar a fost calculat pe baza impozitării din străinătate și luând în considerare angajamentele propuse Comisiei de Grecia la momentul respectiv cu privire la dezinvestiții.
In such circumstances, the Commission can accept that the remuneration limitation applies for a fixed period of time.
Provizioanele pentru pierderi din împrumuturi ale NBG în iunie 2013 conform dispozițiilor FBB și Probank.
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.
Informație confidențială.
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.
Planul inițial de majorare a capitalului a fost mai puțin ambițios, dat fiind că, de exemplu, Banca planificase să își păstreze o prezență semnificativă în […] și nu s-a angajat decât la o vânzare a […] % din filiala de asigurări.
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.
Decizia nr.
In conclusion, in both scenarios, the commitment on limitation of remuneration issued by Greece complies with the requirements of the 2013 Banking Communication.
20/3/9.10.2011 a Comitetului pentru credite și asigurări al Băncii Greciei.
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.
Decizia nr.
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.
9250/9.10.2011 a ministrului de finanțe de instituire a unei instituții de credit intermediare denumită „Nea Proton Bank S.A.”
In the case of measure C, the State is already the main shareholder of the Bank, holding more than 90 % of the shares.
(Monitorul oficial elen FEK B’2246/2011).
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.
Capitalul social inițial a fost vărsat în conformitate cu decizia ministerială din 9 octombrie 2011 în două tranșe:
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.
Activele ponderate în funcție de risc reprezintă un agregat de reglementare care măsoară expunerea la risc a unei instituții financiare și care este utilizat de către autoritățile de supraveghere pentru a monitoriza rata de adecvare a capitalului instituțiilor financiare.
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.
A se vedea articolul 63E alineatul (9) din Legea nr.
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.
3601/2007.
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.
Decizia nr.
Therefore, the Commission considers the level of own contribution and burden-sharing to be appropriate for measure C.
7/3/18.1.2013 a Comitetului pentru măsuri de rezoluție al Băncii Greciei.
Conclusion on own contribution and burden-sharing
Decizia nr.
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.
2124/B95/18.1.2013 a ministrului de finanțe de instituire a unei instituții de credit intermediare denumită „New TT Hellenic Postbank S.A.”
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.
(Monitorul Oficial al Greciei, FEK B’74/2013).
The restructuring plan also complies with the requirements of the 2013 Banking Communication as regards measure C.
Anexa 1, articolul 1 ιγ (13) din decizia ministerială nr.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
2124/B95/2013.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Numărul final al acțiunilor primite de către HFSF a fost stabilit pe baza prețului mediu ponderat în funcție de risc al acțiunilor Băncii la Bursa de valori din Atena în zece zile lucrătoare înainte de data adunării generale extraordinare (cu un minim de 1418750000 de acțiuni).
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.
A se vedea nota de subsol 31.
In that respect, the Commission recalls that the Bank has received capital from the State equivalent to 16 % of its RWA (excluding measure C).
Conform raportului privind funcționarea măsurilor de garantare și de creditare prin emisiunea de obligațiuni prezentat de Ministerul de Finanțe la 13 decembrie 2013.
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.
Suma de 950 de milioane EUR reprezintă suma netă a cheltuielilor.
Apart from capital support, the Bank has also received liquidity support.
Conform scrisorii trimise de Banca Greciei la 7 noiembrie 2011, „garanțiile se aplică la valoarea totală a injecției de capital”.
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.
Informații furnizate de Banca Greciei la 7 aprilie 2014.
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.
Acordul de presubscriere prevede următoarele:
The need to implement measures to limit potential distortions of competition is thus justified in view of that relatively large amount of aid.
„Riscul efectiv datorat Băncii va include obligațiunile emise de FESF și plata cupoanelor și a dobânzii acumulate aferentă obligațiunilor FESF pentru perioada cuprinsă între emisiunea de obligațiuni și conversia avansului în capital social și în alte instrumente financiare convertibile prevăzute de prezentul document.”
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.
A se vedea tabelul 3.
The acquisitions of New TT Bank and Nea Proton Bank increased the market shares of the Bank to 20,7 % for loans and 18,8 % for deposits in September 2013 [153].
Comunicarea Eurobank din 30 aprilie 2013 privind rezoluțiile Adunării generale extraordinare a acționarilor Băncii din 30.4.2013, disponibilă online la:
The Commission recalls that the difficulties of the Bank come mainly from external shocks such as the Greek sovereign crisis and the protracted recession which has disrupted the Greek economy since 2008, as was noted in recital 69 of the Eurobank Opening Decision.
http://www.eurobank.gr/Uploads/pdf/ΑΠΟΦΑΣΕΙΣ%20ΕΓΣ%2030%204%202013_ENG(FINAL).pdf
The need to address moral hazard issues is reduced as the Bank does not seem to have taken excessive risks.
A se vedea considerentul 57.
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.
Decizia nr.
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.
2/3/9.4.2012 a Comitetului pentru măsuri de rezoluție al Băncii Greciei.
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.
Suma rămasă a fost plătită de către HFSF deoarece, în conformitate cu articolul 9 alineatul (12) din Legea nr.
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.
4051/2012, după caz, acesta a înlocuit Fondul elen de garantare a depozitelor și investițiilor în rolul său de acoperire a deficitului de finanțare începând cu 29 februarie 2012.
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.
A se vedea considerentul 53.
As indicated in recital 295, such a payment would make the aid more distortive than a mere commitment to participate in the capital increase.
Măsura a fost evaluată ca ajutor de stat în favoarea activităților T Bank care au fost transferate către TT Bank în decizia Comisiei din 16 mai 2012 în cazul ajutorului de stat SA.34115 (12/NN) – Grecia, „Rezoluția T Bank” ( „Decizia privind T Bank”) ( JO 284, 20.9.2012, p.
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.
6) și în decizia de inițiere a procedurii privind New TT.
Additionally, the larger private participation would constitute additional burden-sharing, as explained in recital 388.
Deficitul de finanțare inițial a fost estimat la 700 de milioane EUR, în conformitate cu Decizia nr.
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.
26/2/17.12.2011 a Comitetului pentru credite și asigurări al Băncii Greciei.
Greece has also committed to an acquisition ban, ensuring that the Bank will not use the State aid received to acquire any new business.
2/1/9.4.2012 a Comitetului pentru măsuri de rezoluție al Băncii Greciei.
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.
A se vedea nota de subsol 53.
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.
Deficitul de finanțare inițial a fost estimat la o valoare de aproximativ 4096 de milioane EUR, în conformitate cu Decizia 7/1/18.1.2013 a Comitetului pentru măsuri de rezoluție al Băncii Greciei.
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.
Decizia nr.
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.
11/1/21.5.2013 a Comitetului pentru măsuri de rezoluție al Băncii Greciei.
MONITORING
EFG Eurobank, Raport anual pentru 2010, p.
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.
9, disponibil online la:
As stated in the commitments [154], Greece will ensure that the Monitoring Trustee, which has already been appointed by the Bank with the approval of the Commission, will monitor the commitments undertaken by Greece on the restructuring of activities in Greece and abroad and on corporate governance and commercial operations.
Planul de restructurare, p.
The Commission therefore finds that proper monitoring of the implementation of the restructuring plan is ensured.
50, pe baza împrumuturilor nete.
CONCLUSION
Planul de restructurare, p.
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.
62-63.