natgillin/translations-raw huggingface dataset:
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.
Druhý program ekonomických úprav pre Grécko – marec 2012, s.
The Commission therefore considers that the baseline capital needs estimated by the Bank of Greece assume a certain degree of stress.
17, k dispozícii na webovej adrese: http://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp94_en.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 the latter estimated level represents a high level of stress and as the March 2014 capital raising shows that the Bank has regained access to capital markets.
Pozri oddiel II „Reštrukturalizácia gréckeho štátneho dlhu“ Správy o rekapitalizácii a reštrukturalizácii gréckeho bankového sektora, Bank of Greece, december 2012, k dispozícii na webovej adrese: http://www.bankofgreece.gr/BogEkdoseis/Report_on_the_recapitalisation_and_restructuring.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.
Tlačová správa ministerstva financií z 9. marca 2012, k dispozícii na webovej adrese: http://www.pdma.gr/attachments/article/80/9 %20MARCH%202012 %20-%20RESULTS.pdf.
It is therefore concluded that the Bank has taken sufficient measures to restore its long-term viability.
Podiel základného kapitálu Tier 1 banky je jedným z regulačných koeficientov podielu kapitálu, ktoré sleduje orgán dohľadu v rámci vykonávania smernice o kapitálových požiadavkách.
Own contribution and burden-sharing
Pozri poznámku pod čiarou č. 7, s.
As stated in 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.
106.
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. 8.
Own contribution by the Bank: divestments and cost cutting
Pozri poznámku pod čiarou č. 7, s.
The Bank has already divested some small foreign businesses (Ukraine) and deleveraged part of its portfolio in order to enhance both its capital adequacy and its liquidity position.
104.
For instance the Bank has deleveraged EUR 1,9 billion of foreign assets from 2009 to 2013 [114].
Európska centrálna banka a národné centrálne banky spoločne vytvárajú Eurosystém, systém centrálnych bánk eurozóny.
The restructuring plan foresees the sale of further assets in South-Eastern Europe, as described in recital 107.
Tlačová správa ministerstva financií z 3. decembra 2012, k dispozícii na webovej adrese: http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdf.Výsledkom tohto spätného odkúpenia vlastného dlhu za cenu hlboko pod nominálnou hodnotou bolo pre Grécko významné zníženie dlhu.
Considering the deleveraging and the divestments already implemented and following the implementation of those commitments, the Bank will have significantly reduced its geographical footprint in South-Eastern Europe.
Ak by sa k spätnému odkúpeniu prikročilo, trhová hodnota týchto nových gréckych štátnych dlhopisov mohla stúpnuť v závislosti od vývoja parametrov trhu, ako sú napríklad úrokové sadzby a pravdepodobnosť platobnej neschopnosti 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 očakávaných strát vyplývajúcich 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 odhadovaných úverových strát u zahraničného rizika bol vypočítaný po odrátaní zahraničných daní a s prihliadnutím na záväzky týkajúce sa odpredaja, ktoré sa v tom čase poskytli Generálnemu riaditeľstvu pre hospodársku súťaž.
The Bank sold its insurance activities in 2007.
Rezervy na úverové straty banky NGB k 30. júnu 2013 odhadnuté podľa rezerv banky First Business Bank a banky Probank.
It therefore has no significant activity in that market which could be sold to generate resources.
Rezervy na úverové straty banky Eurobank k 30. júnu 2013 odhadnuté podľa rezerv banky New Hellenic Postbank a banky New Proton Bank, ktoré boli nadobudnuté v auguste 2013.
In order to limit its capital needs, the Bank will not use capital to support or grow its foreign subsidiaries, as described in recital 119.
http://www.alpha.gr/files/investorrelations/IFRS_Alphagroup_Q3_2013_en.pdf.
Additionally, the commitments made by Greece provide that the Bank will not make further acquisitions.
Pozri tabuľku 2.
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
Sumy základného kapitálu za rok 2010, 2011 a 2012 zahŕňajú 940 miliónov EUR prioritných akcií, ktoré poskytlo Grécko v roku 2009; za rok 2012 uvedené sumy nezahŕňajú dve preklenovacie rekapitalizácie vo výške 2942 miliónov EUR, ktoré banka dostala v roku 2012.
Its costs will further decrease until 2017.
Informácie, ktoré banka Alpha Bank poskytla Komisii 25. júna 2013.
Its workforce is being reduced and salaries adjusted downwards.
Účtovná závierka za rok 2011, http://www.alpha.gr/files/investorrelations/GROUP_IAS_FY_2011_en1.pdf.
Greece has also committed to limit the remuneration of the Bank’s managers, […].
Pozri oddiel 2.3.1.2 Štátna rekapitalizácia poskytnutá v rámci rekapitalizačného opatrenia.
Burden-sharing by historical shareholders and new capital raised on the market
Konsolidovaná účtovná závierka banky Emporiki k 31. decembru 2011, s.
The historical shareholders of the Bank were diluted by the rights issue completed in 2009 [115] and then again by the HFSF recapitalisation (measure B4) and private capital raising of 2013 and March 2014.
9.
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 4,9 % after that recapitalisation.
HFSF, Výročná finančná správa za obdobie od 1. januára 2012 do 31. decembra 2012, s.
In addition, the Bank has not paid any dividend in cash since 2008.
8, k dispozícii na webovej adrese: http://www.hfsf.gr/files/hfsf_annual_report_2012_en.pdf.
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 986 million in 2009, EUR 550 million in 2013 and EUR 1200 million in 2014.
http://www.alpha.gr/files/deltia_typou/Deltio_Typou_20130201EN.pdf.
Burden-sharing by subordinated debt holders
Nákup a prevzatie je postup riešenia krízovej situácie, ktorý pozostáva z identifikácie vysokokvalitných aktív a pasív v právnom subjekte v likvidácii s cieľom previesť ich na životaschopnú spoločnosť.
The Bank’s subordinated debt holders have contributed to the restructuring costs of the Bank.
Pozri rozhodnutie 97/3/8.2.2013 výboru banky Bank of Greece pre úvery a poistenie.
The Bank performed several liability management exercises in order to generate capital.
Pozri rozhodnutie 14/4/8.12.2013 výboru banky Bank of Greece pre krízové opatrenia.
The total amount of liabilities exchanged reached EUR 828 million, with a capital gain of EUR 436 million, as described in recital 114.
Pozri rozhodnutie 14/5/8.12.2013 výboru banky Bank of Greece pre krízové opatrenia.
The still outstanding instruments are subject to the coupon ban mentioned in recital 124.
Pojem „likvidná medzera“ tu môže byť zavádzajúci, pretože označuje opatrenie kapitálovej podpory a nie podporu likvidity.
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.
Pozri rozhodnutie 97/2/8.2.2013 výboru banky Bank of Greece pre úvery a poistenie.
Conclusion on own contribution and burden-sharing
Pozri rozhodnutie 14/1/8.12.2013 výboru banky Bank of Greece pre krízové opatrenia.
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.
Pozri rozhodnutie 14/2/8.12.2013 výboru banky Bank of Greece pre krízové opatrenia.
The downsizing only concerns the foreign activities [116], which account for a limited part of the Bank [117] and the restructuring does not envisage any reduction of the size of the loan and deposit books in Greece.
Pozri rozhodnutie 97/1/8.2.2013 výboru banky Bank of Greece pre úvery a poistenie.
However, in view of the elements discussed in section 7.6.1 and in particular the facts that Alpha Bank is the least aided bank among the large Greek banks and that the aid received fully 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, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures.
Pozri rozhodnutie 14/7/8.12.2013 výboru banky Bank of Greece pre krízové opatrenia.
Measures to limit distortions of competition
Pozri rozhodnutie 14/8/8.12.2013 výboru banky Bank of Greece pre krízové opatrenia.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
Bankomat je elektronický bankový výstup, ktorý zákazníkom umožňuje vykonávať základné transakcie bez pomoci zamestnanca pobočky, napríklad výber hotovosti.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Poskytnutie informácií gréckych orgánov z 24. júna 2014.
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.
Plán reštrukturalizácie banky Alpha Bank, jún 2014, s.
In that respect, the Commission recalls that the Bank has received capital support from the State equivalent to 12 % of its RWA [118].
64.
In addition, the Bank has obtained liquidity guarantees amounting to EUR 14 billion at 30 November 2011 and government bond loans for an amount of EUR 1,6 billion at 30 September 2011, representing together 25 % of the Bank’s balance sheet at that date.
Pod pojmom „rizikovo vážené aktíva“ sa rozumie regulačný úhrn, ktorý udáva mieru vystavenia finančnej inštitúcie riziku a ktorý používajú orgány dohľadu na monitorovanie kapitálovej primeranosti finančných inštitúcií.
In addition, the Bank received State-guaranteed ELA.
Dôverné informácie.
The measures to limit potential distortions of competition are thus justified in view of that large amount of aid.
Podľa listu banky Bank of Greece zo 7. novembra 2011 „sa záruky vzťahujú na celkovú výšku prostriedkov núdzovej likvidity“.
Additionally, the market share of the Bank in Greece is large, with market shares of 15 % for loans and 13 % for deposits at 31 December 2012.
Informácie poskytla Bank of Greece 7. apríla 2014.
The acquisition of Emporiki Bank and, to a much smaller extent, of the three Cooperative Banks and of the Greek activities of Citibank increased the market shares of the Bank.
Finančné prognózy priložené k plánu reštrukturalizácie banky Alpha Bank, jún 2014.
After the acquisition of Emporiki Bank, the Bank’s market shares in deposits in Greece amounted to 21 % as of 30 June 2013, while its market shares in residential mortgages, consumer loans and corporate loans were 23 %, 20 % and 21 % respectively [119].
Pozri poznámku pod čiarou č. 4.
Following the acquisition of the Greek activities of Citibank, the Bank’s market share in deposits increased by less than 1 %.
V predbežnej zmluve o upísaní sa stanovuje, že: „Skutočné riziká splatné banke zahŕňajú obligácie ENFS a všetky kupónové platby a vzniknuté úroky k obligáciám ENFS v období od vydania týchto obligácií až do konverzie zálohovej platby na základné imanie a iné konvertibilné finančné nástroje, ako je stanovené v tejto zmluve“.
The Commission recalls that the difficulties of the Bank resulted mainly 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 69 of the Alpha Opening Decision.
Pozri tabuľku 3.
The need to address moral hazard issues is reduced as the Bank did not take excessive risks.
http://www.alpha.gr/files/investorrelations/deltio_typou_20130501EN.pdf.
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.
http://www.alpha.gr/files/investorrelations/Deltio_Typou_20130603EN.pdf.
For those reasons, the Commission can exceptionally accept that, in spite of the high aid amount and the high market share, the restructuring plan does not envisage any downsizing of the balance sheet and loans in Greece.
Rozdelenie akcií je podnikové opatrenie, ktorým spoločnosť rozdelí svoje existujúce akcie na viac akcií.
However, the Commission notes that the State recapitalisations enabled the Bank to continue its banking activities in foreign markets.
http://www.alpha.gr/files/investorrelations/EA20130416EN.pdf.
In that respect, the Commission notes, in addition to its deleveraging and restructuring already implemented, that the Bank will further restructure and deleverage its foreign assets by 30 June 2018 [120] in addition to the commitment not to use aid to fund the growth of those activities.
http://www.hfsf.gr/files/HFSF_activities_Jan_2013_Jun_2013_en.pdf.
The aid will therefore not be used to distort competition on those foreign markets.
http://www.alpha.gr/files/investorrelations/1306010_Warrants_en.pdf.
Greece has also committed to an acquisition ban, ensuring that the Bank will not use the State aid received to acquire new business.
Pozri poznámku pod čiarou č. 38.
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.
Napríklad realizačná cena k 10. decembru 2013 predstavovala 0,4488 EUR, k 10. júnu 2014 bude predstavovať 0,4576 EUR, k 10. decembru 2014 bude predstavovať 0,4686 EUR, k 10. júnu 2015 bude predstavovať 0,4796 EUR a tak ďalej.
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.
Pozri oznámenie banky Alpha Bank z 10. júna 2013, „Konečné podmienky zoznamov a charakteristík práv predstavujúcich vlastnícke práva (warranty), ktoré vyplynuli z dokončeného navýšenia základného imania“, k dispozícii na webovej adrese: http://www.alpha.gr/files/investorrelations/1306010_Warrants_en.pdf.
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.
Plán reštrukturalizácie banky Alpha Bank, jún 2014, 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.
22.
MONITORING
Banka sa zaviazala, že obmedzí množstvo zahraničných aktív na […] miliárd EUR, pričom celkové aktíva banky budú v roku 2018 podľa finančných prognóz predstavovať […] miliárd EUR.
In accordance with section 5 of the Restructuring Communication, regular reports are required to allow the Commission to verify that the restructuring plan is being implemented properly.
Plán reštrukturalizácie banky Alpha Bank, jún 2014, s.
As stated in the commitments given by Greece [121], Greece will ensure that until the end of the restructuring period, namely, 31 December 2018, the Monitoring Trustee, which has been appointed by the Bank with the approval of the Commission, will monitor the commitments given by Greece on the restructuring of activities in Greece and abroad and on corporate governance and commercial operations.
132, pred akvizíciou banky Emporiki.
It can therefore be concluded that implementation of the restructuring plan will be properly monitored.
Plán reštrukturalizácie banky Alpha Bank, jún 2014, s.
CONCLUSION
129.
It is concluded that Greece unlawfully implemented aid measures B1, B2, B3 and B4 in breach of Article 108(3) of the Treaty, since they were implemented before their formal approval by the Commission.
Plán reštrukturalizácie banky Alpha Bank, jún 2014, s.
However the Commission finds that the restructuring plan, when taken together with the commitments in the Annex, 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.
102 – 103.
HAS ADOPTED THIS DECISION:
Plán reštrukturalizácie banky Alpha Bank, jún 2014, s.
Article 1
103.
The following measures implemented by Greece constitute State aid within the meaning of Article 107(1) of the Treaty:
Finančné prognózy priložené k plánu reštrukturalizácie banky Alpha Bank, jún 2014, údaj týkajúci sa banky Alpha Bank Greece.
the emergency liquidity assistance provided to Alpha Bank S.A. by the Bank of Greece and guaranteed by Greece (measure L2);
Plán reštrukturalizácie banky Alpha Bank, jún 2014, s.
the second bridge recapitalisation of EUR 1042 million granted by the Hellenic Financial Stability Fund (‘HFSF’) to Alpha Bank S.A. in December 2012 (measure B2);
105.
the commitment letter of EUR 1629 million granted by the HFSF to Alpha Bank S.A. on 21 December 2012 (measure B3);
Plán reštrukturalizácie banky Alpha Bank, jún 2014, s.
the recapitalisation of EUR 4021 million granted by the HFSF to Alpha Bank S.A. in Spring 2013 (measure B4).
96.
The financing by the HFSF of the total funding gap of EUR 427 million, in the framework of the transfer of selected assets and liabilities of Cooperative Bank of Dodecanese, Evia Cooperative Bank and Cooperative Bank of Western Macedonia to Alpha Bank S.A. in December 2013, does not constitute State aid within the meaning of Article 107(1) of the Treaty.
Finančné prognózy priložené k plánu reštrukturalizácie banky Alpha Bank, jún 2014, údaje týkajúce sa gréckych operácií.
In the light of the restructuring plan relating to the Alpha Bank Group (Alpha Bank and all its subsidiaries and branches) submitted on 12 June 2014 and of the commitments provided by Greece on that date, the following State aid is compatible with the internal market:
Plán reštrukturalizácie banky Alpha Bank, jún 2014, s.
the capital injection of EUR 940 million granted by Greece to Alpha Bank S.A. in May 2009 under the recapitalisation measure (measure A);
132.
the emergency liquidity assistance provided to Alpha Bank S.A. by the Bank of Greece and guaranteed by Greece since July 2011, for an amount of EUR 23,6 billion at 31 December 2012 (measure L2);
Plán reštrukturalizácie banky Alpha Bank, jún 2014, oddiel 5.4.2.
the first bridge recapitalisation of EUR 1900 million granted by the HFSF to Alpha Bank S.A. in May 2012 (measure B1);
http://www.alpha.gr/files/investorrelations/EA20091130EN.pdf.
the second bridge recapitalisation of EUR 1042 million granted by the HFSF to Alpha Bank S.A. in December 2012 (measure B2);
http://www.alpha.gr/files/investorrelations/EA20120507EN.pdf.
the recapitalisation of EUR 4021 million granted by the HFSF to Alpha Bank S.A. in May 2013 (measure B4).
Pozri kapitolu II prílohy.
Article 2
Pozri oddiel A kapitolu III prílohy.
This Decision is addressed to the Hellenic Republic.
Pozri oddiel C kapitolu III prílohy.
Done at Brussels, 9 July 2014.
„Pokiaľ ide o warranty, ktoré emitoval HFSF, je potrebné objasniť, že Helénska republika požiada o súhlas Európskej komisie pred každým spätným odkúpením warrantov bankou Alpha Bank alebo akoukoľvek štátnou inštitúciou (vrátane HFSF), aby mohla Európska komisia overiť, že plánované spätné odkúpenie warrantov nie je v rozpore s požiadavkami na štátne odmeňovanie podľa pravidiel štátnej pomoci.“
For the Commission
Oznámenie Komisie – Uplatnenie pravidiel štátnej pomoci na opatrenia prijaté v prospech finančných inštitúcií v súvislosti so súčasnou globálnou finančnou krízou (Ú. v.
Vice-President
EÚ C 270, 25.10.2008, s.
Commission Decision of 19 November 2008 in State aid N 560/2008 ‘Support Measures for the Credit Institutions in Greece’ ( OJ C 125, 5.6.2009, p.
2).
6).
Odôvodnenie 59 rozhodnutia o začatí konania v prípade banky Alpha Bank.
It was attributed the number SA.26678 (N 560/2008).
Odôvodnenie 63 rozhodnutia o začatí konania v prípade banky Alpha Bank.
That scheme was subsequently prolonged and amended as described in footnote 2.
Pozri odôvodnenie 146 rozhodnutia Komisie z 12.
See Commission Decision of 27 July 2012 in State aid SA.34823 (2012/C) (ex 2012 NN), ‘Recapitalisation Alpha Bank by the Hellenic Financial Stability Fund’ ( OJ C 357, 20.11.2012, p.
11.
36).
2008 vo veci štátnej pomoci SA.
HFSF press release, 24 December 2012, available online at: http://www.hfsf.gr/files/press_release_20121224_en.pdf
510/2008 – Italia „Vendita dei beni della compagnia aerea ALITALIA“ ( Ú. v.
Those measures were registered by the Commission as case SA.36004 (2013/NN).
EÚ C 46, 25.2.2009, s.
The notification was registered under number SA.34823 (2012/C) (ex 2012 NN).
6).
European Commission – Directorate-General Economic and Financial Affairs.
Pozri bod 80 oznámenia Komisie o uplatňovaní pravidiel štátnej pomoci na podporné opatrenia v prospech bánk v súvislosti s finančnou krízou od 1. augusta 2013 (ďalej len „oznámenie o bankovníctve z roku 2013“) ( Ú. v.
The Second Economic Adjustment Programme for Greece — March 2012, p.
EÚ C 216, 30.7.2013, s.
17, available online at http://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp94_en.pdf
1).
See section II ‘The restructuring of the Greek Sovereign Debt’ of the Report on the Recapitalisation and Restructuring of the Greek Banking Sector, Bank of Greece, December 2012, available online at: http://www.bankofgreece.gr/BogEkdoseis/Report_on_the_recapitalisation_and_restructuring.pdf
Pozri rozhodnutie Komisie z 25. januára 2010 vo veci štátnej pomoci NN 19/2009 – Pomoc na reštrukturalizáciu spoločnosti Dunfermline Building Society, odôvodnenie 47; rozhodnutie Komisie z 25. októbra 2010 vo veci štátnej pomoci N 560/2009 – Pomoc na likvidáciu banky Fionia, odôvodnenie 55; rozhodnutie Komisie z 8. novembra 2010 vo veci štátnej pomoci N 392/2010 – Reštrukturalizácia spoločnosti CajaSur, odôvodnenie 52.
Press release of Ministry of Finance of 9 March 2012, available online at: http://www.pdma.gr/attachments/article/80/9%20MARCH%202012%20-%20RESULTS.pdf
Pozri poznámky pod čiarou č. 1 a 2.
The Core Tier 1 ratio of a bank is one of the regulatory capital ratio watched by the banking supervisor in the framework of the Capital Requirement Directive.
Rizikovo vážené aktíva banky k 31. marcu 2012 predstavovali 44,2 miliardy EUR.
See footnote 7, p.
Oznámenie Komisie o uplatňovaní pravidiel štátnej pomoci na podporné opatrenia v prospech bánk v súvislosti s finančnou krízou od 1. januára 2012 (ďalej len „oznámenie o predĺžení z roku 2011“) ( Ú. v.
106.
EÚ C 356, 6.12.2011, s.
See footnote 8.
7).
See footnote 7, p.
Pozri poznámku pod čiarou č. 6.