natgillin/translations-raw huggingface dataset:
Similarly, part of the need for aid stems from the exceptionally deep recession in Greece and not from risky lending.
Ako je uvedené v záväzkoch, na ktoré sa Grécko zaviazalo [123], Grécko zabezpečí, aby monitorovací správca, ktorý bol vymenovaný bankou po schválení Komisiou, do konca obdobia reštrukturalizácie, t. j. do 31. decembra 2018, monitoroval záväzky Grécka týkajúce sa reštrukturalizačných činností v Grécku a v zahraničí a záväzky týkajúce sa správy a riadenia spoločnosti a obchodných činností.
Such aid does not create moral hazard and is therefore less distortive.
Komisia sa preto domnieva, že je zabezpečené riadne monitorovanie vykonávania plánu reštrukturalizácie.
Finally, part of the need for aid comes from the Bank’s own risk taking as regards its large holding of sovereign debt and its foreign subsidiaries.
Záver o súlade opatrení A, B1, B2, B3 a B4 s oznámením o reštrukturalizácii
Viability
Komisia sa domnieva, že plán reštrukturalizácie, keď sa posudzuje spoločne so záväzkami v prílohe k tomuto rozhodnutiu, zabezpečuje obnovenie dlhodobej životaschopnosti banky, je dostatočný, pokiaľ ide rozdelenie zaťaženia a vlastný príspevok, a je vhodný na vykompenzovanie rušivých účinkov opatrení pomoci preskúmaných v tomto rozhodnutí na hospodársku súťaž a je primeraný.
A restructuring plan must ensure that the financial institution is able to restore its long-term viability by the end of the restructuring period (section 2 of the Restructuring Communication).
Plán reštrukturalizácie a záväzky predložené Komisii spĺňajú kritériá oznámenia o reštrukturalizácii.
In the case at hand, the restructuring period is defined as the period between the date of adoption of this Decision and 31 December 2018.
ZÁVER
In line with points 9, 10 and 11 of the Restructuring Communication, Greece submitted a comprehensive and detailed restructuring plan which provides complete information on the Bank’s business model.
Komisia vyjadruje poľutovanie nad tým, že Grécko protiprávne vykonalo opatrenia pomoci B2, B3 a B4 v rozpore s článkom 108 ods. 3 zmluvy, pretože boli vykonané pred ich formálnym oznámením.
The plan also identifies the causes of the difficulties faced by the Bank, as well as the measures taken to tackle all viability issues which it faced.
Tieto opatrenia, ako aj iné opatrenia analyzované v tomto rozhodnutí sa však môžu považovať za zlučiteľné s vnútorným trhom,
In particular, the restructuring plan describes the strategy chosen to preserve the Bank’s operational efficiency and to tackle the high level of NPL, its vulnerable liquidity and capital positions, and its foreign businesses, which, during recent years, have relied on their parent company for their funding and capital.
PRIJALA TOTO ROZHODNUTIE:
Greek banking activities
Článok 1
The reliance on State-guaranteed ELA, which has already fallen, will continue to decrease which will also help the Bank to reduce its cost of funding.
núdzová podpora likvidity, ktorú banke Piraeus Bank S.A. poskytla centrálna banka Grécka a za ktorú ručilo Grécko (opatrenie L2);
The loan-to-deposit ratio commitment mentioned in recital 137 ensures that the Bank’s balance sheet structure will be sustainable at the end of the restructuring period.
druhá preklenovacia rekapitalizácia vo výške 1553 miliónov EUR, ktorú banke Piraeus Bank S.A. poskytol v decembri 2012 Helénsky fond finančnej stability (ďalej len „HFSF“) (opatrenie B2);
The sale of securities and of other non-core activities will also strengthen the liquidity position of the Bank.
záväzný prísľub vo výške 1082 miliónov EUR, ktorý banke Piraeus Bank S.A. poskytol HFSF 20. decembra 2012 (opatrenie B3);
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.
rekapitalizácia vo výške 5891 miliónov EUR, ktorú banke Piraeus Bank S.A. poskytol HFSF na jar 2013 (opatrenie B4), a
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.
rekapitalizácia vo výške 524 miliónov EUR, ktorú banke Piraeus Bank S.A. poskytol HFSF na jar 2013 (opatrenie C).
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.
So zreteľom na plán reštrukturalizácie, ktorý bol predložený 25. júna 2014 a ktorý sa týka bankovej skupiny Piraeus Bank Group, ktorá zahŕňa banku Piraeus Bank S.A. a všetky jej dcérske spoločnosti a pobočky, a so zreteľom na záväzky, na ktoré sa Grécko zaviazalo v rovnaký deň, je táto štátna pomoc zlučiteľná s vnútorným trhom:
Since the start of the crisis the Bank has made large acquisitions which dramatically increased its size and deposits base.
kapitálová injekcia vo výške 750 miliónov EUR, ktorú banke Piraeus Bank S.A. poskytlo Grécko v máji 2009 a v decembri 2011 v rámci schémy rekapitalizácie (opatrenie A);
The Bank successfully integrated the acquired business in record time.
núdzová podpora likvidity, ktorú banke Piraeus Bank S.A. poskytla centrálna banka Grécka a za ktorú od júla 2011 ručilo Grécko, vo výške 30,4 miliardy EUR k 31. decembru 2012 (opatrenie L2);
The Bank is currently attempting to realise all the synergies possible following those acquisitions.
prvá preklenovacia rekapitalizácia vo výške 4,7 miliardy EUR, ktorú banke Piraeus Bank S.A. poskytol HFSF v máji 2012 (opatrenie B1);
It has started rationalising its commercial network in Greece, through a reduction in the number of branches and employees [115].
druhá preklenovacia rekapitalizácia vo výške 1553 miliónov EUR, ktorú banke Piraeus Bank S.A. poskytol HFSF v decembri 2012 (opatrenie B2);
By 2017, the total costs of the Bank in Greece will have decreased by a further […]% compared to 2013.
záväzný prísľub vo výške 1082 miliónov EUR, ktorý banke Piraeus Bank S.A. poskytol HFSF 20. decembra 2012 (opatrenie B3);
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.
rekapitalizácia vo výške 524 miliónov EUR, ktorú banke Piraeus Bank S.A. poskytol HFSF na jar 2013 (opatrenie C).
The expected cost-to-income ratio will be less than […] % at the end of the restructuring period.
Článok 2
The Commission considers that the restructuring plan preserves the efficiency of the Bank in the new market environment.
Toto rozhodnutie je určené Helénskej republike.
One other key area is the handling of NPL, since they amounted to 36 % of the Bank’s portfolio at 31 December 2013 [116].
V Bruseli 23. júla 2014
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.
podpredseda
Corporate governance
Pozri rozhodnutie Komisie z 27. júla 2012 o štátnej pomoci SA.
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.
EÚ C 359, 21.11.2012, s.
Because that situation could create moral hazard, a specific relationship framework was agreed between the Bank and the HFSF in 2013.
43).
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.
Rozhodnutie Komisie z 19. novembra 2008 vo veci štátnej pomoci N 560/2008 Support Measures for the Credit Institutions in Greece (Ú. v.
The Bank has also given a commitment to monitor closely its exposure to connected borrowers.
EÚ C 125, 5.6.2009, s.
The Commission notes positively the fact that the HFSF automatically regains voting rights if the Bank does not implement its restructuring plan.
6).
International activities
Opatrenia boli zaevidované pod číslom SA.26678 (N 560/2008).
Some of the Bank’s international activities have drained the Bank’s capital and liquidity in the past, as explained in recital 323.
Tento program sa následne predlžoval a menil, ako je to opísané v poznámke pod čiarou č. 4.
The restructuring plan anticipates that the Bank will continue to re-focus on its domestic market.
Pojem „banka“ sa vzťahuje na bankovú skupinu Piraeus Bank Group.
The Bank has already sold its subsidiary in the United States of America.
Pozri poznámku pod čiarou č. 1.
It has also started to rationalise the other subsidiaries, to strengthen the loan underwriting process and to reduce the subsidiaries’ funding gap.
Tlačová správa HFSF z 24. decembra 2012 dostupná online na stránke: http://www.hfsf.gr/files/press_release_20121224_en.pdf.
It is planning further rationalisation of its network in the retained subsidiaries, as described in recital 130.
Komisia tieto opatrenia zaevidovala ako vec SA.36005 (2013/NN).
The total amount of foreign assets will therefore shrink in the future.
Rozhodnutie Komisie z 23. mája 2011 vo veci štátnej pomoci SA.31154 Restructuring of Agricultural Bank of Greece (Ú. v.
At the end of the restructuring period they will account for a […] part of the Bank’s total balance sheet.
EÚ C 317, 29.10.2011, s.
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.
4).
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.
Nákup a prevzatie je postup riešenia krízovej situácie banky, ktorý pozostáva z určenia aktív a pasív vysokej kvality v rámci právneho subjektu v likvidácii a ich vydraženia s cieľom previesť ich na životaschopnú spoločnosť.
Conclusion on viability
Rozhodnutie Komisie z 3. mája 2013 vo veci štátnej pomoci SA.35460 Liquidation aid for ATE Bank resolution (Ú. v.
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.
EÚ C 261, 10.9.2013, s.
Finally, the Commission takes note of the adverse scenario described in the restructuring plan of the Bank as submitted by the Greek authorities.
Pozri oddiel 2.3.3.3.
That adverse scenario is based on a set of assumptions agreed with the HFSF.
Zasadnutie Euroskupiny je stretnutie ministrov financií eurozóny, to znamená členských štátov, ktoré prijali euro ako svoju oficiálnu menu.
It takes into account a longer and deeper recession, as well as a more severe deflation of real estate prices.
Európska komisia – Generálne riaditeľstvo pre hospodárske a finančné záležitosti.
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.
Druhý program makroekonomických úprav pre Grécko – marec 2012, s.
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, dostupný online na stránke: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.
Pozri oddiel II Reštrukturalizácia gréckeho štátneho dlhu v správe s názvom Správa o rekapitalizácii a reštrukturalizácii gréckeho bankového sektora (Report on the Recapitalisation and Restructuring of the Greek Banking Sector), centrálna banka Grécka, december 2012, dostupná online na stránke: 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.
Tlačová správa ministerstva financií z 9. marca 2012 dostupná online na stránke: 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.
Pozri poznámku pod čiarou č. 14, s.
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.
Pozri poznámku pod čiarou č. 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.
Pozri poznámku pod čiarou č. 14, s.
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.
Európska centrálna banka a národné centrálne banky spoločne tvoria Eurosystém, čo je systém centrálnych bánk eurozóny.
The restructuring plan foresees the deleveraging of its foreign activities, as described in recitals 125 to 129.
Tlačová správa ministerstva financií z 3. decembra 2012 dostupná online na stránke: http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdf.Spätným odkúpením vlastného dlhu za cenu, ktorá je omnoho nižšia ako nominálna hodnota, sa výrazne znížil dlh Grécka.
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 […].
Ak by takýto program spätného odkúpenia neexistoval, trhová hodnota týchto nových štátnych dlhopisov sa mohla zvýšiť v závislosti od vývoja trhových parametrov, ako sú úrokové sadzby a pravdepodobnosť zlyhania Grécka.
The downsizing of the Bank’s international assets will also significantly reduce the contingent risk that aid will be needed in the future.
Vrátane predpokladaných strát z tvorby nových úverov v Grécku v období od júna 2013 do decembra 2016.
It therefore helps to reduce the amount of aid to the minimum.
Vplyv prognóz strát z úverov pre zahraničné riziko bol vypočítaný po zahraničnej dani a so zohľadnením záväzkov likvidácie, ktoré v tom čase poskytlo Generálne riaditeľstvo pre hospodársku súťaž.
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.
Rezervy na straty z úverov banky NBG k 30. júnu 2013 formálne s rezervami na straty z úverov bánk First Business Bank a Probank.
In addition, the commitments made by Greece ensure that the Bank will not make costly acquisitions.
Rezervy na straty z úverov banky Eurobank k 30. júnu 2013 formálne s rezervami na straty z úverov bánk New Hellenic Postbank a New Proton Bank, ktoré boli nadobudnuté v auguste 2013.
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
Výročná správa za rok 2012, http://www.piraeusbankgroup.com/en/investors/financials/annual-reports.
Its costs will further decrease until 2017.
Pozri tabuľku 2.
Its workforce is being reduced and salaries adjusted downwards.
Táto suma za rok 2012 nezahŕňa dve preklenovacie rekapitalizácie, ktoré banka prijala.
Greece has also committed to limit the remuneration of the Bank’s managers, […].
Suma za rok 2013 zahŕňa celú rekapitalizáciu z jari 2013.
Burden-sharing by historical shareholders and new capital raised on the market
Vrátane bánk ATE a 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.
Vrátane banky ATE, banky Geniki, gréckych pobočiek troch cyperských bánk a banky 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.
Pozri oddiel 2.3.1.2.
In addition, the Bank has not paid any dividend in cash since 2008.
Štátna rekapitalizácia poskytovaná v rámci opatrenia rekapitalizácie.
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.
Plán reštrukturalizácie predložený 25. júna 2014, s.
The Bank’s hybrid and subordinated debt holders have contributed to the restructuring costs of the Bank.
Pozri odôvodnenie 27 rozhodnutia o likvidácii banky ATE.
The Bank has performed several liability management exercises in order to generate capital, as described in recital 134.
Hellenic Bank Association, údaje dostupné na stránke: http://62.1.43.74/4Statistika/UplPDFs/network2012engl.pdf.
The still outstanding instruments are subject to the coupon ban mentioned in recital 143.
Dôverné tajomstvo.
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.
Správu vypracovala spoločnosť PIMCO, pričom dátum správy bol 1. február 2013 a jej názov „Independent Due Diligence of the Banking System in Cyprus“.
Conclusion on own contribution and burden-sharing
Kapitálové odhady boli vypracované pre základný a pre nepriaznivý makroekonomický scenár.
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.
Použitý referenčný dátum bol 30. jún 2012 a odhad sa týkal obdobia od 30. júna 2012 do 30. júna 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.
Pozri odôvodnenie 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.
Tamže.
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, […].
Plán reštrukturalizácie predložený 25. júna 2014, s.
The high issue price therefore limited the dilution of the HFSF.
Pojmom „rizikovo vážené aktíva“ sa označuje regulačný súhrn, ktorým sa meria expozícia finančnej inštitúcie a ktorý používajú orgány dohľadu na monitorovanie kapitálovej primeranosti finančných inštitúcií.
The Bank also repaid the preference shares (measure A).
Podľa listu centrálnej banky Grécka zo 7. novembra 2011: „Záruky sa vzťahujú na celkovú sumu núdzovej likvidity (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.
Plán reštrukturalizácie predložený 25. júna 2014, s.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Bez časti rekapitalizácie upísanej fondom HFSF na uspokojenie kapitálových požiadaviek, ktoré vyplynuli z nákupu banky ATE Bank a gréckych pobočiek troch cyperských bánk.
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.
Bližšie informácie sú uvedené v odôvodnení 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].
V dohode pred upísaním bolo stanovené: „Skutočné riziko splatné banke zahŕňa dlhopisy ENFS a všetky výplaty kupónu a vzniknuté úroky z dlhopisov ENFS za obdobie od vydania dlhopisov po konverziu preddavku na základné imanie a ďalšie konvertibilné finančné nástroje, ako je tu stanovené.“
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.
Pozri tabuľku 3.
In addition, the Bank received State-guaranteed ELA.
http://www.piraeusbankgroup.com/~/media/Com/Piraeus-Bank-Documents/Press-Releases/2013/Apofaseis_BGM_23042013_en.pdf.
Measures to limit potential distortions of competition are therefore necessary in view of the large amount of the aid.
Pozri odôvodnenie 112.
Additionally, the market share of the Bank in Greece is large.
http://www.piraeusbankgroup.com/~/media/Com/Piraeus-Bank-Documents/Press-Releases/2013/Anakoinwsi-apokomis-DS-gia-AMK.pdf.
The acquisition of the ATE Transferred Activities, Geniki, MBG and the Cypriot Transferred Activities increased the market shares of the Bank.
http://www.piraeusbankgroup.com/en/press-office/announcement/2013/06/anakoinosi-kalipsis.
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].
http://www.hfsf.gr/files/HFSF_activities_Jan_2013_Jun_2013_en.pdf.
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.
http://www.piraeusbankgroup.com/~/media/Com/Downloads/Investors/PIRAEUS-BANKS-ANNOUNCEMENTS-ON-THE-CHARACTERISTICS-OF-HFSF-WARRANTS.pdf.
The need to address moral hazard issues is therefore reduced.
Napríklad realizačná cena bola 2. januára 2014 vo výške 1,7340 EUR, 2. júla 2014 bola 1,7680 EUR, 2. januára 2015 bude 1,8105 EUR, 2. júla 2015 bude 1,8530 EUR a tak ďalej.
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.
Pozri oddiel 2.3.3.4.
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.
Plán reštrukturalizácie predložený 25. júna 2014, s.