natgillin/translations-raw huggingface dataset:
Due to the still stressed liquidity position of the Bank, the Commission can accept the request of the Greek authorities to be authorised to provide liquidity to the Bank under the guarantee and government bond loan measures of the Greek Banks Support Scheme and under the State-guaranteed ELA.
asistența pentru acoperirea nevoii de lichiditate în situații de urgență furnizată în favoarea Piraeus Bank S.A. de către Banca Greciei și garantată de Grecia (măsura L2);
To decrease its funding costs, Greece has also given a commitment that the Bank will continue reducing the interest rates it pays on deposits in Greece, as described in recital 137.
cea de a doua recapitalizare punte în valoare de 1553 de milioane EUR acordată de HFSF (Hellenic Financial Stability Fund – HFSF) în favoarea Piraeus Bank S.A. în decembrie 2012 (măsura B2);
The achievement of such a decrease in the cost of deposits will be a key contribution to improving the pre-provisioning profitability of the Bank.
scrisoarea de angajament în valoare de 1082 milioane EUR acordată de HFSF în favoarea Piraeus Bank S.A. la 20 decembrie 2012 (măsura B3);
Since the start of the crisis the Bank has made large acquisitions which dramatically increased its size and deposits base.
recapitalizarea în valoare de 5891 de milioane EUR acordată de HFSF în favoarea Piraeus Bank S.A. în cadrul recapitalizării din primăvara anului 2013 (măsura B4); și
The Bank successfully integrated the acquired business in record time.
recapitalizarea de 524 de milioane EUR acordată de HFSF în favoarea Piraeus Bank S.A. în cadrul recapitalizării din primăvara anului 2013 (măsura C).
The Bank is currently attempting to realise all the synergies possible following those acquisitions.
Având în vedere planul de restructurare privind Piraeus Bank Group, care include Piraeus Bank S.A. și toate filialele sale, prezentat la 25 iunie 2014, precum și angajamentele furnizate de Grecia la data respectivă, următorul ajutor de stat este compatibil cu piața internă:
To achieve that target Greece has committed that the Bank will reduce its branches and employees in Greece to […] and […] respectively at 31 December 2017, with maximum total costs in Greece of EUR […] billion.
prima recapitalizare punte în valoare de 4,7 miliarde EUR acordată de HFSF în favoarea Piraeus Bank S.A. în mai 2012 (măsura B1);
The expected cost-to-income ratio will be less than […] % at the end of the restructuring period.
a doua recapitalizare punte în valoare de 1553 de milioane EUR acordată de HFSF în favoarea Piraeus Bank S.A. în decembrie 2012 (măsura B2);
The Commission considers that the restructuring plan preserves the efficiency of the Bank in the new market environment.
angajamentul în valoare de 1082 de milioane EUR acordat de HFSF în favoarea Piraeus Bank S.A. la 20 decembrie 2012 (măsura B3);
One other key area is the handling of NPL, since they amounted to 36 % of the Bank’s portfolio at 31 December 2013 [116].
recapitalizarea în valoare de 524 de milioane EUR acordată de HFSF în favoarea Piraeus Bank S.A. în primăvara anului 2013 (măsura C).
Greece has also given a commitment that the Bank will comply with high standards as regards its credit policy in order to manage risks and to maximise the value for the Bank at each stage of the credit process including restructuring of loans, as described in recital 141.
Prezenta decizie se adresează Republicii Elene.
Corporate governance
Adoptată la Bruxelles, 23 iulie 2014.
Additionally, some of the private investors which control the Bank also own warrants and thus would gain the full benefit if the share price were to soar during the restructuring period.
Vicepreședinte
Because that situation could create moral hazard, a specific relationship framework was agreed between the Bank and the HFSF in 2013.
A se vedea Decizia Comisiei din 27 iulie 2012 privind ajutorul de stat SA.
That agreement protects the day-to-day business of the Bank from any interference from its main shareholders, while ensuring that the HFSF can monitor the implementation of the restructuring plan and prevent excessive risk-taking by the Bank’s management through appropriate consultation procedures.
34826 (2012/C, ex 2012/NN), „Recapitalizarea Piraeus Bank de către Fondul elen de stabilitate financiară” ( JO C 359, 21.11.2012, p.
The Bank has also given a commitment to monitor closely its exposure to connected borrowers.
4).
The Commission notes positively the fact that the HFSF automatically regains voting rights if the Bank does not implement its restructuring plan.
Decizia Comisiei din 19 noiembrie 2008 privind ajutorul de stat N560/2008 „Măsuri de sprijin pentru instituțiile de credit din Grecia” ( JO C 125, 5.6.2009, p.
International activities
6).
Some of the Bank’s international activities have drained the Bank’s capital and liquidity in the past, as explained in recital 323.
Cazului i-a fost atribuit numărul SA.26678 (N 560/2008).
The restructuring plan anticipates that the Bank will continue to re-focus on its domestic market.
Schema a fost ulterior prelungită și modificată, astfel cum este descris la nota de subsol 4.
The Bank has already sold its subsidiary in the United States of America.
„Banca” se referă la Piraeus Bank Group.
It has also started to rationalise the other subsidiaries, to strengthen the loan underwriting process and to reduce the subsidiaries’ funding gap.
A se vedea nota de subsol 1.
It is planning further rationalisation of its network in the retained subsidiaries, as described in recital 130.
Comunicat de presă al HFSF din 24 decembrie 2012, disponibil online la: http://www.hfsf.gr/files/press_release_20121224_en.pdf
The total amount of foreign assets will therefore shrink in the future.
Măsurile au fost înregistrate de Comisie drept cazul SA.
At the end of the restructuring period they will account for a […] part of the Bank’s total balance sheet.
36005 (2013/NN).
Therefore the Commission believes that the Bank will have sufficiently restructured and reduced those foreign businesses in size to avoid it being exposed to additional capital needs and liquidity shortages in the future.
Decizia Comisiei din 23 mai 2011 privind ajutorul de stat SA.31154 „Restructurarea Agricultural Bank of Greece” ( JO C 317, 29.10.2011, p.
The commitment described in recital 138 to refrain from injecting large amounts of capital into the Bank’s international subsidiaries also contributes to ensuring that foreign subsidiaries will not represent a threat for capital or the liquidity position of the Bank.
4).
Conclusion on viability
Achiziția și preluarea reprezintă o procedură de rezoluție, care constă în identificarea, în cadrul unei entități juridice în lichidare, a activelor și a pasivelor de înaltă calitate și în vinderea lor la licitație în vederea transferării către o întreprindere viabilă.
The base case scenario as described in section 2.4 shows that at the end of the restructuring period the Bank will be able to realise a return which allows it to cover all its costs and provide an appropriate return on equity taking into account its risk profile.
Decizia Comisiei din 3 mai 2013 privind ajutorul de stat SA.35460 „Ajutor de lichidare pentru rezoluția ATE Bank” ( JO C 261, 10.9.2013, p.
At the same time, the Bank’s capital position is projected to remain at a satisfactory level.
1).
Finally, the Commission takes note of the adverse scenario described in the restructuring plan of the Bank as submitted by the Greek authorities.
A se vedea punctul 2.3.3.3
That adverse scenario is based on a set of assumptions agreed with the HFSF.
Reuniunea Eurogrupului este reuniunea miniștrilor de finanțe ai zonei euro, și anume ai statelor membre care au adoptat euro ca monedă națională oficială.
It takes into account a longer and deeper recession, as well as a more severe deflation of real estate prices.
Comisia Europeană – Direcția Generală Afaceri Economice și Financiare.
The restructuring plan shows that the Bank is able to withstand a reasonable amount of stress as, in the adverse scenario, the Bank remains profitable and well capitalised at the end of the restructuring period.
Al doilea program de ajustare economică pentru Grecia – martie 2012, p.
The amount of additional capital which was raised in 2014, namely EUR 1750 million, is sufficient to cope with the baseline scenario of the 2013 stress test in the restructuring period and to repay the preference shares, which the Bank did in May 2014 [117]. […] The Commission recalls that in the assessment of the capital needs under the baseline scenario, the Bank of Greece already introduced several adjustments which resulted in an increase of the estimated capital needs compared to the capital needs estimated by the Bank in its own baseline scenario.
17, disponibil online la:http://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp94_en.pdf
The Commission therefore considers that the baseline capital needs estimated by the Bank of Greece assume a certain degree of stress.
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: http://www.bankofgreece.gr/BogEkdoseis/Report_on_the_recapitalisation_and_restructuring.pdf
To conclude that the Bank is viable, the Commission does not require that the Bank has enough capital upfront to cover the stressed scenario capital needs estimated by the Bank of Greece, as that estimated level represents a high level of stress and as the capital raising of March 2014 shows that the Bank has regained access to capital markets.
Comunicat de presă al Ministerului de Finanțe din 9 martie 2012, disponibil online la: http://www.pdma.gr/attachments/article/80/9%20MARCH%202012%20-%20RESULTS.pdf
In addition, it is positive that the Bank will not make additional investments in non-investment grade paper, which will help to preserve its capital and liquidity position.
A se vedea nota de subsol 14, p.
It is therefore concluded that the combination of the already implemented restructuring and the additional proposed restructuring are sufficient to restore the Bank’s long-term viability.
106.
As stated in section 3 of the Restructuring Communication, banks and their stakeholders need to contribute to the restructuring as much as possible in order to ensure that aid is limited to the minimum necessary.
A se vedea nota de subsol 15.
Thus banks should use their own resources to finance the restructuring, for instance by selling assets, while the stakeholders should absorb the losses of the bank where possible.
A se vedea nota de subsol 14, p.
Own contribution by the Bank: divestments and cost cutting
104.
The Bank has already divested small foreign businesses (in the United States of America) and deleveraged part of its portfolio in order to enhance both its capital adequacy and its liquidity position.
Banca Centrală Europeană și băncile centrale naționale constituie împreună Eurosistemul, sistemul băncilor centrale din zona euro.
The restructuring plan foresees the deleveraging of its foreign activities, as described in recitals 125 to 129.
Comunicat de presă al Ministerului de Finanțe din 3 decembrie 2012, disponibil online la: 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.
Considering the deleveraging and the divestments already implemented and following the implementation of the commitments related to the deleveraging and divestments of foreign businesses, the Bank will have significantly reduced its geographical presence in […].
În absența unei astfel de răscumpărări, valoarea de piață a noilor obligațiuni emise de guvernul elen ar fi putut crește în funcție de evoluția parametrilor pieței, cum ar fi ratele dobânzii și probabilitatea incapacității de plată a Greciei.
The downsizing of the Bank’s international assets will also significantly reduce the contingent risk that aid will be needed in the future.
Sunt incluse pierderile estimate din acordarea de împrumuturi noi în Grecia în perioada iunie 2013-decembrie 2016.
It therefore helps to reduce the amount of aid to the minimum.
Impactul previziunilor privind pierderile din împrumuturi pentru riscul de schimb valutar a fost calculat pe baza impozitării din străinătate și luând în considerare angajamentele care fuseseră furnizate Direcției Generale pentru politica în domeniul concurenței la momentul respectiv.
In order to limit its capital needs, the Bank will not use capital to support or expand its foreign subsidiaries, as described in recital 138.
Provizioanele pentru pierderile din împrumuturi ale NBG la 30 iunie 2013 conform dispozițiilor First Business Bank și Probank.
In addition, the commitments made by Greece ensure that the Bank will not make costly acquisitions.
Provizioanele pentru pierderi din împrumuturi ale Eurobank la 30 iunie 2013 conform dispozițiilor New HellenicPostbank și New Proton Bank, care au fost achiziționate în august 2013.
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
Raportul anual pentru anul 2012, http://www.piraeusbankgroup.com/en/investors/financials/annual-reports.
Its costs will further decrease until 2017.
A se vedea tabelul 2.
Its workforce is being reduced and salaries adjusted downwards.
Pentru anul 2012, suma nu include cele două recapitalizări punte primite de bancă.
Greece has also committed to limit the remuneration of the Bank’s managers, […].
Suma pentru 2013 include în totalitate recapitalizarea din primăvara anului 2013.
Burden-sharing by historical shareholders and new capital raised on the market
Inclusiv ATE și Geniki.
The historical shareholders of the Bank were diluted by the rights issue completed in 2009 [118] and then again by the HFSF recapitalisation (measure B4) and private capital raising of 2013 and March 2014.
Inclusiv ATE, Geniki, sucursalele din Grecia ale celor trei bănci cipriote, MBG.
For instance, the stake held by the shareholders of the Bank, which at the time included the investors that injected money in 2009, was reduced from 100 % prior to the Spring 2013 recapitalisation to only 2,3 % after that recapitalisation.
A se vedea secțiunea 2.3.1.2.
In addition, the Bank has not paid any dividend in cash since 2008.
Recapitalizarea de stat acordată în cadrul măsurii de recapitalizare.
In addition to that burden-sharing by historical shareholders, the Bank has raised a significant amount of private capital since the crisis started in 2008, that is to say EUR 807 million in 2009, EUR 1444 million in 2013 and EUR 1750 million in 2014.
Planul de restructurare prezentat la 25 iunie 2014, p.
Burden-sharing by subordinated debt holders
40.
The Bank’s hybrid and subordinated debt holders have contributed to the restructuring costs of the Bank.
A se vedea considerentul 27 din decizia privind lichidarea ATE.
The Bank has performed several liability management exercises in order to generate capital, as described in recital 134.
Hellenic Bank Association, date disponibile online la: http://62.1.43.74/4Statistika/UplPDFs/network2012engl.pdf
The still outstanding instruments are subject to the coupon ban mentioned in recital 143.
Informații confidențiale.
Therefore, the Commission considers that an adequate burden-sharing from the Bank’s hybrid and subordinated debt holders is ensured and the requirements of the Restructuring Communication in that respect are met.
Raportul a fost pregătit de PIMCO la 1 februarie 2013 și a fost intitulat „Evaluare prealabilă independentă a sistemului bancar din Cipru”.
Conclusion on own contribution and burden-sharing
S-au făcut estimări de capital, atât în cadrul unui scenariu macroeconomic de referință, cât și în cadrul unui scenariu macroeconomic negativ.
In comparison with the total State recapitalisation received, the own contribution and burden-sharing, especially in the form of sale of assets and downsizing of the loan book, is much lower than what the Commission would usually consider sufficient.
Data de referință aplicabilă pentru exercițiu a fost 30 iunie 2012 și perioada prevăzută s-a prelungit de la 30 iunie 2012 până la 30 iunie 2015.
The downsizing only concerns the foreign activities, which account for a limited part of the Bank [119] and the restructuring does not envisage any reduction of the size of the loan and deposit books in Greece, which, to the contrary, have increased dramatically over the last year, following acquisitions.
A se vedea considerentul 101.
However, the Commission takes into account the elements discussed in section 7.6.1 and in particular the facts that the aid received partly qualifies for the exemption lay down in point 14 of the 2011 Prolongation Communication, under which the Commission can accept a lower own contribution and burden-sharing.
Idem
The Commission also notes positively that the Bank raised EUR 1444 million on the market in May 2013 and EUR 1750 million in March 2014, […].
Planul de restructurare prezentat la 25 iunie 2014, p.
Moreover, the capital raised in March 2014 was raised at a price per share equal to the price per share at which the HFSF subscribed in the framework of the Spring 2013 recapitalisation (measure B4).
51.
The high issue price therefore limited the dilution of the HFSF.
Termenul „active ponderate în funcție de risc” se referă la un agregat de reglementare care măsoară expunerea la risc a unei instituții financiare și este utilizat de către autoritățile de supraveghere pentru a monitoriza rata de adecvare a capitalului instituțiilor financiare.
The Bank also repaid the preference shares (measure A).
Conform scrisorii trimise de Banca Greciei la 7 noiembrie 2011, „garanțiile se aplică la valoarea totală a asistenței pentru acoperirea nevoii de lichiditate în situații de urgență (ELA)”.
Taking into account all those elements, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures to limit the aid to the minimum necessary.
Planul de restructurare prezentat la 25 iunie 2014, p.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
133.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Cu excepția părții de recapitalizare subscrise de către HFSF pentru a respecta cerințele de capital care au rezultat din achiziționarea ATE Bank și a sucursalelor din Grecia ale celor trei bănci cipriote.
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.
Pentru mai multe detalii, a se vedea considerentul 101.
In that respect, the Commission recalls that the Bank has received capital support from the State equivalent to 23,7 % of its RWA [120].
Acordul de pre-subscriere prevede următoarele: „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 addition, the Bank obtained liquidity guarantees in 2010 amounting to EUR 9,9 billion and government bond loans for an amount of EUR 1,3 billion, representing together almost 25 % of the Bank’s balance sheet.
A se vedea tabelul 3.
In addition, the Bank received State-guaranteed ELA.
A se vedea considerentul 112.
Measures to limit potential distortions of competition are therefore necessary in view of the large amount of the aid.
De exemplu, prețul de exercitare la 2 ianuarie 2014 a fost de 1,7340 EUR, la 2 iulie 2014 a fost de 1,7680 EUR, la 2 ianuarie 2015 va fi de 1,8105 EUR, la 2 iulie 2015 va fi de 1,8530 EUR și așa mai departe.
Additionally, the market share of the Bank in Greece is large.
A se vedea punctul 2.3.3.4.
The acquisition of the ATE Transferred Activities, Geniki, MBG and the Cypriot Transferred Activities increased the market shares of the Bank.
Planul de restructurare prezentat la 25 iunie 2014, p.
After those acquisitions, the Bank’s market share in deposits in Greece amounted to 29 % at the end of 2013, while its market shares in residential mortgages, consumer loans and corporate loans were 25 %, 22 % and 35 % respectively (compared with 10 %, 8 %, 8 % and 14 % respectively in 2011) [121].
117.
The Commission recalls that the difficulties of the Bank resulted to a large extent from external shocks such as the Greek sovereign crisis and the protracted recession which has disrupted the Greek economy since 2008, as has already been noted in recital 74 of the Piraeus Opening Decision.
Inclusiv contribuția la Fondul de garantare a depozitelor și a investițiilor (denumit în continuare „TEKE”).
The need to address moral hazard issues is therefore reduced.
Planul de restructurare prezentat la 25 iunie 2014, p.
As discussed in section 7.6.1 of this Decision, the distortive effect of the aid measures is lower in the light of those factors as is the need for measures to limit distortions of competition.
128.
For those reasons, the Commission can exceptionally accept that, in spite of the high aid amount and the high market shares, the restructuring plan does not envisage any downsizing of the balance sheet and loans in Greece.
Tabelele planului de restructurare prezentat la 25 iunie 2014, p.
However it would be problematic if the most aided bank among the four large Greek banks and the one which grew the most through acquisitions over the last years would continue to grow in the restructuring period at a pace quicker than the market, potentially crowding out the less aided banks.
133.
Therefore, the Commission welcomes the commitment that the Bank will not grow quicker than the growth of the market.
Planul de restructurare prezentat la 25 iunie 2014, p.
However, the Commission notes that the State recapitalisations enabled the Bank to continue its banking activities in foreign markets.
136.
The Commission notes that, in addition to the deleveraging and restructuring already implemented, the Bank will further restructure and deleverage its foreign assets by 30 June 2018 [122].
Raportul anual 2012 privind cifrele din 2012, http://www.piraeusbankgroup.com/en/investors/financials/annual-reportsPlanul de restructurare prezentat la 25 iunie 2014, p.
In addition the Bank gave a commitment not to use aid to fund the growth of those activities.
96, cifrele aferente anului 2014.
The aid will therefore not be used to distort competition on those foreign markets.
Planul de restructurare prezentat la 25 iunie 2014, p.
Greece has also committed that the Bank will not make costly acquisitions, ensuring that the Bank will not use the State aid received to acquire new business.
97.
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, for instance, to grow in foreign markets.
Planul de restructurare prezentat la 25 iunie 2014, p.
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.
149.
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 the loans to customers.
A se vedea angajamentele din anexă, capitolul I.
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.
Planul de restructurare prezentat la 25 iunie 2014, p.
Monitoring
44.