natgillin/translations-raw huggingface dataset:
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.
Európska centrálna banka a národné centrálne banky spoločne vytvárajú Eurosystém, centrálny bankový systém eurozóny.
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.
Tlačová správa ministerstva financií z 3. decembra 2012, k dispozícii na webovej adrese:
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.
Ak by sa k spätnému odkúpeniu prikročilo, trhová hodnota týchto dlhopisov mohla stúpnuť v závislosti od vývoja parametrov trhu, ako sú napríklad úrokové sadzby a pravdepodobnosť platobnej neschopnosti Grécka.
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.
Vrátane očakávaných strát vyplývajúcich z tvorby nových úverov v Grécku v období od júna 2013 do decembra 2016.
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.
Vplyv odhadovaných úverových strát u zahraničného rizika bol vypočítaný po odrátaní zahraničných daní a s prihliadnutím na záväzky, ktoré Grécko v tom čase predložilo Komisii v súvislosti s odpredajom aktív.
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).
Rezervy na úverové straty banky NBG k júnu 2013 odhadnuté podľa rezerv banky FBB a banky Probank.
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].
Rezervy na úverové straty banky Eurobank k júnu 2013 odhadnuté podľa rezerv banky New Hellenic Postbank a banky New Proton Bank, ktoré banka nadobudla v auguste 2013.
The Commission has to assess whether that commitment covering two scenarios fulfils the requirements laid down in the 2013 Banking Communication.
Pozri tabuľku 2.
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.
Dôverné informácie.
The 2013 Banking Communication provides that the remuneration limitation can end when the aid has been repaid.
Pôvodný plán zvýšenia kapitálu bol menej ambiciózny.
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).
Banka napríklad plánovala ponechať si významnú mieru účasti v […] a zaviazala sa iba na odpredaj […] % poisťovacej dcérskej spoločnosti.
In such circumstances, the Commission can accept that the remuneration limitation applies for a fixed period of time.
Rozhodnutie 20/3/9.10.2011 výboru banky Bank of Greece pre úvery a poistenie.
The Commission considers that the commitment made by Greece, which lasts until 31 December 2017 (i.e. for three years and eight months, ending one year before the end of the restructuring plan) is a correct application of the last paragraph of point 38 of the 2013 Banking Communication.
Rozhodnutie 9250/9.10.2011 ministra financií, ktorým sa ustanovuje dočasná úverová inštitúcia pod názvom „Nea Proton Bank SA“ (Úradný vestník Helénskej republiky FEK B’ 2246/2011).
Because the annual remuneration of the Governor of the Bank of Greece is lower than the cap set in the second paragraph of point 38 of the 2013 Banking Communication, and because that commitment will apply to the entire group, the Commission then considers that the commitment proposed by Greece for the case where no share is subscribed by the HFSF in the framework of the planned capital increase is in line with point 38 of the 2013 Banking Communication.
Počiatočný kapitál bol na základe ministerského rozhodnutia z 9. októbra 2011 splatený v dvoch splátkach;
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.
Rizikovo vážené aktíva predstavujú regulačný úhrn, ktorý udáva mieru vystavenia finančnej inštitúcie riziku a ktorý používajú orgány dohľadu na monitorovanie kapitálovej primeranosti finančných inštitúcií.
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.
Pozri článok 63E ods. 9 zákona č. 3601/2007.
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.
Rozhodnutie 7/3/18.1.2013 výboru banky Bank of Greece pre opatrenia na riešenie krízových situácií.
In conclusion, in both scenarios, the commitment on limitation of remuneration issued by Greece complies with the requirements of the 2013 Banking Communication.
Rozhodnutie č. 2124/B95/18.1.2013 ministra financií, ktorým sa ustanovuje dočasná úverová inštitúcia pod názvom „New TT Hellenic Postbank S.A.“ (Úradný vestník Helénskej republiky FEK B’ 74/2013).
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.
Príloha 1 článok 1 písm. ιγ ods. 13 ministerského rozhodnutia 2124/B95/2013.
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.
Spoločnosť Deloitte vykonala posúdenie čistej hodnoty aktív banky New TT Bank k 30. augustu 2013 a 15. novembra 2013 vyplatil HFSF banke sumu 54,9 milióna EUR v hotovosti, ako je uvedené v správe o činnostiach Helénskeho fondu finančnej stability za obdobie od júla do decembra 2013, s.
In the case of measure C, the State is already the main shareholder of the Bank, holding more than 90 % of the shares.
2, k dispozícii na webovej adrese:
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.
Konečný počet akcií, ktoré získal HFSF, sa stanovil na základe objemom váženej priemernej ceny akcií banky na aténskej burze cenných papierov v priebehu desiatich pracovných dní pred dátumom konania mimoriadneho valného zhromaždenia (pričom minimálny počet akcií je 1418750000).
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.
Pozri poznámku pod čiarou č. 31.
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.
Podľa správy o fungovaní opatrenia poskytnutia záruky a opatrenia dlhopisov, ktorú predložilo ministerstvo financií 13. decembra 2013.
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.
Suma 950 miliónov EUR predstavuje výšku kapitálovej injekcie po odpočítaní nákladov.
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.
Podľa listu banky Bank of Greece zo 7. novembra 2011 „sa záruky vzťahujú na celkovú výšku prostriedkov núdzovej likvidity“.
Therefore, the Commission considers the level of own contribution and burden-sharing to be appropriate for measure C.
Informácie poskytla Bank of Greece 7. apríla 2014.
Conclusion on own contribution and burden-sharing
V predbežnej zmluve o upísaní sa stanovuje, že:
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.
„Skutočné riziká splatné banke zahŕňajú obligácie ENFS a všetky kupónové platby a vzniknuté úroky k obligáciám ENFS v období od vydania týchto dlhopisov až do konverzie zálohovej platby na základné imanie a iné konvertibilné finančné nástroje, ako je stanovené v tejto zmluve“.
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.
Pozri tabuľku 3.
The restructuring plan also complies with the requirements of the 2013 Banking Communication as regards measure C.
Vyhlásenie banky Eurobank z 30. apríla 2013 o uzneseniach mimoriadneho valného zhromaždenia akcionárov banky z 30. apríla 2013, k dispozícii na webovej adrese:
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
http://www.eurobank.gr/Uploads/pdf/ΑΠΟΦΑΣΕΙΣ%20ΕΓΣ%2030%204 %202013_ENG(FINAL).pdf
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Pozri odôvodnenie 57.
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.
Rozhodnutie 2/3/9.4.2012 výboru banky Bank of Greece pre opatrenia na riešenie krízových situácií.
In that respect, the Commission recalls that the Bank has received capital from the State equivalent to 16 % of its RWA (excluding measure C).
Zostávajúcu sumu vyplatil HFSF v súlade s článkom 9 ods. 12 zákona č. 4051/2012 a nahradil fond HDIGF v úlohe krytia likvidnej medzery k 29. februáru 2012.
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.
Pozri odôvodnenie 53.
Apart from capital support, the Bank has also received liquidity support.
V rozhodnutí Komisie zo 16. mája 2012 vo veci štátnej pomoci SA.
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.
34115 (12/NN) – Grécko „Riešenie krízovej situácie banky T bank“ [ďalej len „rozhodnutie v prípade banky T Bank“ ( Ú. v.
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.
EÚ 284, 20.9.2012, s.
The need to implement measures to limit potential distortions of competition is thus justified in view of that relatively large amount of aid.
6)] a v rozhodnutí o začatí konania v prípade banky New TT bolo opatrenie hodnotené ako štátna pomoc podporujúca aktivity banky T Bank, ktoré boli prevedené na banku TT Bank.
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.
Podľa rozhodnutia 26/2/17.12.2011 výboru banky Bank of Greece pre úvery a poistenie bola počiatočná likvidná medzera odhadovaná na 700 miliónov EUR.
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].
Rozhodnutie 2/1/9.4.2012 výboru banky Bank of Greece pre opatrenia na riešenie krízových situácií.
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.
Pozri poznámku pod čiarou č. 53..
The need to address moral hazard issues is reduced as the Bank does not seem to have taken excessive risks.
Z uvedeného dôvodu sa banka New TT Bank listom z 11. februára 2013 fondu HFSF zaviazala, že v prípade rozhodnutia súdu v prospech HFSF banka New TT Bank vráti sumu 227 miliónov EUR fondu HFSF.
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.
Pozri poznámku pod čiarou č. 31, s.
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.
6 a 48.
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.
Podľa rozhodnutia 7/1/18.1.2013 výboru banky Bank of Greece pre opatrenia na riešenie krízových situácií bola počiatočná likvidná medzera odhadovaná na 4096 miliónov EUR.
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.
Rozhodnutie 11/1/21.5.2013 výboru banky Bank of Greece pre opatrenia na riešenie krízových situácií.
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.
EFG Eurobank, Výročná správa za rok 2010, s.
As indicated in recital 295, such a payment would make the aid more distortive than a mere commitment to participate in the capital increase.
9, dostupná online na adrese:
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.
Plán reštrukturalizácie, s.
Additionally, the larger private participation would constitute additional burden-sharing, as explained in recital 388.
50, na základe čistých úverov.
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.
Plán reštrukturalizácie, s.
Greece has also committed to an acquisition ban, ensuring that the Bank will not use the State aid received to acquire any new business.
Plán reštrukturalizácie, s.
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.
64 (údaje za rok 2012 na základe pro forma).
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.
Údaje, ktoré banka predložila 10. septembra 2013.
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.
Plán reštrukturalizácie, s.
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.
64.
MONITORING
Plán reštrukturalizácie, s.
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.
61.
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.
Finančné projekcie priložené k plánu reštrukturalizácie oznámeného Komisii 16. apríla 2014.
CONCLUSION
76.
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.
Pozri poznámku pod čiarou č. 69.
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.
Plán reštrukturalizácie, s.
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,
62.
HAS ADOPTED THIS DECISION:
Plán reštrukturalizácie, s.
Article 1
51.
the emergency liquidity assistance provided to Eurobank Ergasias SA.
Pozri poznámku pod čiarou č. 72.
(‘Eurobank’) by the Bank of Greece and guaranteed by Hellenic Republic (measure L2);
Čistý výsledok gréckych aktivít bude opäť kladný v roku 2015 a zisk bude na úrovni 20 miliónov EUR v roku 2015, 304 miliónov EUR v roku 2016, 471 miliónov EUR v roku 2017 a 554 miliónov EUR 2018.
the second bridge recapitalisation of EUR 1341 million granted by the Hellenic Financial Stability Fund (‘HFSF’) to Eurobank in December 2012 (measure B2);
Údaje, ktoré banka predložila 9. mája 2013.
the commitment letter of EUR 528 million granted by the HFSF to Eurobank on 21 December 2012 (measure B3);
Banka sa nezaviazala k realizácii tohto konkrétneho programu odpredaja a môže si, ako sa uvádza v prílohe, zvoliť inú stratégiu, aby splnila celkový cieľ.
the recapitalisation of EUR 5839 million granted by the HFSF to Eurobank in May 2013 (measure B4);
Oznámenie banky Eurobank z 19. júna 2013, dostupné online na adrese:
the capital injection of EUR 395 million granted by the HFSF to Nea Proton Bank on 28 August 2013 (measure NP3).
Opatrenia v oblasti riadenia pasív, k dispozícii na webovej adrese:
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:
http://www.eurobank.gr/Uploads/pdf/Press%20Release_Offer%20Results_ENGLISH.pdf. a Správa Helénskeho fondu finančnej stability za obdobie január – jún 2013, k dispozícii na webovej adrese:
the capital injection of EUR 950 million granted by Greece to Eurobank in May 2009 under the Recapitalisation Scheme (measure A);
Pozri konsolidovanú účtovnú závierku za roky 2011 a 2013.
the emergency liquidity assistance provided to Eurobank by the Bank of Greece and guaranteed by Greece since July 2011, for an amount of EUR 12 billion as of 31 December 2012 (measure L2);
Pozri záväzky v prílohe, kapitola II.
the first bridge recapitalisation of EUR 3970 million granted by the HFSF to Eurobank in May 2012 (measure B1);
Pozri poznámku pod čiarou č. 85..
the second bridge recapitalisation of EUR 1341 million granted by the HFSF to Eurobank in December 2012 (measure B2);
Pozri záväzky v prílohe, kapitola III, oddiel A.
the recapitalisation commitment of EUR 2864 million granted by the HFSF to Eurobank following the EUR 2864 million share capital increase approved by the extraordinary meeting of shareholders on 12 April 2014 under the HFSL law 3864/2010 as amended (measure C);
Pozri poznámku pod čiarou č. 89.
the capital injection of EUR 80 million granted by Greece to Proton Bank in May 2009 (measure Pr1);
Pozri záväzky v prílohe, kapitola III, oddiel C.
the financing of the total funding gap of EUR 1121,6 million by the Hellenic Deposit and Investment Guarantee Fund (HDIGF) and the HFSF to the activities transferred from Proton Bank to Nea Proton Bank, in October 2011 and May 2012 (measure NP1);
Oznámenie Komisie – Uplatnenie pravidiel štátnej pomoci na opatrenia prijaté v prospech finančných inštitúcií v súvislosti so súčasnou globálnou finančnou krízou (Ú. v.
the total capital injection of EUR 515 million granted by the HFSF to Nea Proton Bank in October 2011, February 2012, August 2012 and December 2012 (measure NP2);
EÚ C 270, 25.10.2008, s.
the capital injection of EUR 224,96 million granted by Greece to TT Bank in May 2009 (measure TT);
Odôvodnenie 63 rozhodnutia o začatí konania v prípade banky Eurobank.
the financing of the total funding gap of EUR 3732,6 million by the HFSF to the activities transferred from TT Bank to New Hellenic Postbank (‘New TT Bank’), in January and June 2013 (measure NTT1);
Oznámenie Komisie – Rekapitalizácia finančných inštitúcií v súčasnej finančnej kríze:
The capital injection of EUR 500 million granted by the HFSF to New TT Bank on 29 January 2013 (measure NTT2).
obmedzenie pomoci na nevyhnutné minimum a opatrenia proti neprimeranému narušeniu hospodárskej súťaže (Ú. v.
Article 2
EÚ C 10, 15.1.2009, s.
This Decision is addressed to the Hellenic Republic.
2).
Done at Brussels, 29 April 2014.
Oznámenie Komisie „Návrat k životaschopnosti a hodnotenie reštrukturalizačných opatrení vo finančnom sektore v podmienkach súčasnej krízy podľa pravidiel štátnej pomoci“ ( Ú. v.
For the Commission
EÚ C 195, 19.8.2009, s.
Vice-President
9).
Commission Decision of 27 July 2012 on State aid No SA.34825 (2012/C) (ex 2012/NN) — Recapitalisation of EFG Eurobank by the Hellenic Financial Stability Fund (OJ C 359, 21.11.2012, p.
Odôvodnenie 73 rozhodnutia o začatí konania v prípade banky New TT.
31), Commission Decision of 26 July 2012 on State aid No SA.34488 (2012/C) (ex 2012/NN) — Aid to Nea Proton Bank through creation and capitalisation of Nea Proton Bank, and initiation of the formal investigation (OJ C 357, 20.11.2012, p.
Odôvodnenia 75 a 77 rozhodnutia o začatí konania v prípade banky New TT.