natgillin/translations-raw huggingface dataset:
It has also started to rationalise the other subsidiaries, to strengthen the loan underwriting process and to reduce the subsidiaries’ funding gap.
Grčija se je zavezala tudi k prepovedi prevzemov, ki zagotavlja, da skupina prejete državne pomoči ne bo uporabila za prevzem novih podjetij.
It is planning to divest the […] subsidiary […] [149].
Navedena prepoved prispeva k zagotovitvi, da se bo pomoč uporabila izključno v podporo ponovni vzpostavitvi uspešnega bančnega poslovanja v Grčiji in ne za rast podjetij, na primer tistih v tujini.
It will also further restructure the operations of the […] and […] subsidiaries before their potential sale at a later stage, as mentioned in recital 116.
Zaveza za znižanje nevzdržno visokih obrestnih mer, ki jih skupina plačuje za grške vloge, zagotavlja tudi, da se pomoč ne bo uporabila za financiranje nevzdržnih strategij zbiranja vlog, ki izkrivljajo konkurenco na grškem trgu.
The overall profitability of the foreign operations will be restored from […] onwards.
Podobno bo zaveza za izvajanje strogih smernic v zvezi z oblikovanjem cen novih posojil na podlagi ustrezne ocene kreditnega tveganja skupini preprečila izkrivljanje konkurence na grškem trgu z neustreznimi strategijami oblikovanja cen posojil za stranke.
At the same date, the funding granted to the foreign subsidiaries will have been reduced by […] compared to the level as of 31 December 2012.
Ob upoštevanju posebnega položaja, opisanega v oddelku 7.6.1, in ukrepov, predvidenih v načrtu prestrukturiranja, Komisija meni, da obstajajo ustrezni zaščitni ukrepi za omejitev izkrivljanja konkurence.
Therefore the Commission believes that the Bank will have sufficiently restructured and reduced those foreign subsidiaries in size to avoid it being exposed to additional capital needs and liquidity shortages in the future.
SPREMLJANJE
The commitment described in recital 128 to refrain from injecting large amounts of capital into the Bank’s international subsidiaries also ensures that foreign subsidiaries will not represent a threat for capital or liquidity.
V skladu z oddelkom 5 Sporočila o prestrukturiranju se zahtevajo redna poročila, na podlagi katerih lahko Komisija preveri, ali se načrt prestrukturiranja ustrezno izvaja.
Conclusion on viability
Kot je navedeno v zavezah [154], bo Grčija zagotovila, da bo skrbnik spremljanja, ki ga je skupina že imenovala po odobritvi Komisije, spremljal zaveze Grčije v zvezi s prestrukturiranjem dejavnosti v Grčiji in v tujini ter upravljanjem podjetij in komercialnimi dejavnostmi.
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.
Komisija zato ugotavlja, da je zagotovljeno ustrezno spremljanje izvajanja načrta prestrukturiranja.
In fact, the return on equity of the Bank will amount to […] % in 2018 according to the base scenario.
SKLEPNA UGOTOVITEV
At the same time, the Bank’s capital position is projected to remain at a satisfactory level, since the capital adequacy ratio will not fall below […] % from 2014 onwards.
Komisija ugotavlja, da je Grčija nezakonito izvajala ukrepe pomoči SA.34825 (2012/C), SA.34825 (2014/N), SA.36006 (2013/NN), SA.34488 (2012/C, ex 2012/NN) in SA.31155 (2013/C) (2013/NN) s kršitvijo člena 108(3) Pogodbe o delovanju Evropske unije, saj jih je izvajala pred njihovo uradno priglasitvijo.
Finally, the Commission also takes note of the adverse scenario described in the restructuring plan of the Bank as submitted by the Greek authorities.
Vendar Komisija ugotavlja, da načrt prestrukturiranja skupaj z zavezami iz Priloge zagotavlja ponovno vzpostavitev dolgoročnega uspešnega poslovanja skupine in da je ustrezen v zvezi s porazdelitvijo bremena in lastnim prispevkom ter primeren in sorazmeren za izničenje učinkov izkrivljanja konkurence zaradi ukrepov pomoči, ki so proučeni v tem sklepu.
That adverse scenario is based on a set of assumptions agreed with the HFSF.
Predloženi načrt prestrukturiranja in zaveze izpolnjujejo merila iz Sporočila o prestrukturiranju, zato se lahko ukrepi pomoči štejejo za združljive z notranjim trgom –
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 at the end of the restructuring period, with a return on equity of […] % and a Core Tier One ratio of […] % in 2018.
Člen 1
The 2013 stress tests performed by the Bank of Greece confirm that the amount of additional capital which will be raised in 2014, namely EUR 2864 million, is sufficient to cope with the baseline scenario in the restructuring period.
Naslednji ukrepi, ki jih izvaja ali načrtuje Grčija, so državna pomoč v smislu člena 107(1) Pogodbe:
The Bank will also submit a contingent capital plan to the Bank of Greece with measures to be implemented if the economic environment should deteriorate further.
izredna likvidnostna pomoč, ki sta jo skupini Eurobank Ergasias SA.
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.
(v nadaljnjem besedilu: skupina Eurobank) zagotovila grška centralna banka in zajamčila Helenska republika (ukrep L2);
The baseline capital needs estimated by the Bank of Greece can therefore be considered as a kind of stress test.
druga premostitvena dokapitalizacija v višini 1341 milijonov EUR, ki je bila decembra 2012 dodeljena skupini Eurobank v okviru grškega sklada za finančno stabilnost (v nadaljnjem besedilu: sklad HFSF) (ukrep B2);
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.
pismo o zavezi za zagotovitev sredstev v višini 528 milijonov EUR, ki jih je 21. decembra 2012 skupini Eurobank dodelil sklad HFSF (ukrep B3);
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.
dokapitalizacija v višini 5839 milijonov EUR, ki jo je maja 2013 skupini Eurobank dodelil sklad HFSF (ukrep B4);
The Commission can therefore conclude that the Bank has taken sufficient measures to address the viability issues for the Greek domestic banking activities and the foreign activities.
zaveza za dokapitalizacijo v višini 2864 milijonov EUR, ki jo je sklad HFSF dodelil po povečanju delniškega kapitala za 2864 milijonov EUR, ki je bilo odobreno na izredni skupščini delničarjev 12. aprila 2014 v skladu s spremenjenim zakonom o skladu HFSF št. 3864/2010 (ukrep C);
Assessment of the compliance of measures A, B1, B2, B3 and B4 with the Restructuring Communication
kapitalski vložek v višini 395 milijonov EUR, ki ga je 28. avgusta 2013 banki Nea Proton Bank dodelil sklad HFSF (ukrep NP3).
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.
V skladu z načrtom prestrukturiranja, povezanim s skupino Eurobank (Eurobank Ergasias S.A z vsemi njenimi podružnicami (grškimi in negrškimi odvisnimi podjetji in podružnicami iz bančnega in nebančnega sektorja)), ki je bil predložen 16. aprila 2014, in zavezami, ki jih je Grčija zagotovila 16. aprila 2014, je z notranjim trgom združljiva naslednja državna pomoč:
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.
kapitalski vložek v višini 950 milijonov EUR, ki ga je maja 2009 Grčija dodelila skupini Eurobank v okviru sheme dokapitalizacije (ukrep A);
The commitments made by the Bank should ensure that own resources are used and that original shareholders and private investors, holding hybrid capital of the Bank, contribute to the restructuring.
izredna likvidnostna pomoč, ki jo od julija 2011 skupini Eurobank zagotavlja grška centralna banka in jamči Grčija, in sicer v višini 12 milijard EUR od 31. decembra 2012 (ukrep L2);
Own contribution by the Bank:
prva premostitvena dokapitalizacija v višini 3970 milijonov EUR, ki jo je maja 2012 skupini Eurobank dodelil sklad HFSF (ukrep B1);
divestments and cost cutting
druga premostitvena dokapitalizacija v višini 1341 milijonov EUR, ki jo je bila decembra 2012 skupini Eurobank dodelil sklad HFSF (ukrep B2);
The Bank has divested significant businesses in order to enhance its capital adequacy.
zaveza za dokapitalizacijo v višini 2864 milijonov EUR, ki jo je skupini Eurobank dodelil sklad HFSF po povečanju delniškega kapitala za 2864 milijonov EUR, ki je bilo odobreno na izredni skupščini delničarjev 12. aprila 2014 v skladu s spremenjenim zakonom o skladu HFSF št. 3864/2010 (ukrep C);
The sale of its large Polish and Turkish subsidiaries has improved its capital position by about EUR 750 million.
kapitalski vložek v višini 80 milijonov evrov, ki ga je Grčija maja 2009 dodelila banki Proton Bank (ukrep Pr1);
Those sales have also improved the liquidity position of the Bank.
financiranje celotne likvidnostne vrzeli v višini 1121,6 milijona EUR s strani grškega jamstvenega sklada za vloge in naložbe (sklad HDIGF) in sklada HFSF za dejavnosti, ki so bile prenesene z banke Proton Bank na banko Nea Proton Bank, oktobra 2011 in maja 2012 (ukrep NP1);
The share capital increase of Eurobank Properties enabled the Bank to increase its capital by EUR 200 million.
skupni kapitalski vložek v višini 515 milijonov EUR, ki ga je bila oktobra 2011, februarja 2012, avgusta 2012 in decembra 2012 banki Nea Proton Bank dodelil sklad HFSF (ukrep NP2);
Considering the deleveraging and divestments already implemented and following the implementation of this additional downsizing, the Bank will have significantly reduced its geographical footprint in […]
kapitalski vložek v višini 224,96 milijona EUR, ki ga je Grčija maja 2009 dodelila banki TT Bank (ukrep TT);
In addition, the Bank has given a commitment that it will further reduce the size of its foreign activities if it needs a capital injection from the HFSF of more than EUR 1 billion.
financiranje celotne likvidnostne vrzeli v višini 3732,6 milijona EUR s strani sklada HFSF za dejavnosti, ki so bile prenesene z banke TT na banko New Hellenic Postbank (New TT Bank), januarja in junija 2013 (ukrep NTT1);
In such a scenario, the Bank would reduce its portfolio of international assets to no more than EUR 3,5 billion.
kapitalski vložek v višini 500 milijonov EUR, ki ga je 29. januarja 2013 banki New TT Bank dodelil sklad HFSF (ukrep NTT2).
If the capital injection under measure C is less than EUR 1 billion, private investors will have injected at least EUR 1,5 billion, that is to say more than the HFSF.
Člen 2
That larger participation from private investors would significantly reduce the amount of aid needed, thereby enhancing the burden-sharing.
Ta sklep je naslovljen na Helensko republiko.
The Bank has also given a commitment that it will sell its large and profitable insurance subsidiary.
V Bruslju, 29. aprila 2014
In order to limit its capital needs, the Bank has given a commitment that it will not use capital to support or increase the size of its foreign subsidiaries, as described in recital 128.
Za Komisijo
Additionally, the commitments provide that the Bank will not make further acquisitions.
Podpredsednik
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
Sklep Komisije z dne 27. julija 2012 o državni pomoči SA.
Its costs will further decrease until 2018. […]
34825 (2012/C) (ex 2012/NN) – Dokapitalizacija banke EFG Eurobank iz grškega sklada za finančno stabilnost (UL C 359, 21.11.2012, str.
Greece has in particular committed that until […] the Bank will not pay to any employee or manager a total annual remuneration (wage, pension contribution, bonus) higher than […].
31), Sklep Komisije z dne 26. julija 2012 o državni pomoči SA.
Additionally, if 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 [151].
34488 (2012/C) (ex 2012/NN) – Pomoč banki Nea Proton Bank z ustanovitvijo in kapitalizacijo banke Nea Proton Bank ter začetek formalne preiskave (UL C 357, 20.11.2012, str.
Burden-sharing by historical shareholders and new capital raised on the market
26), Sklep Komisije z dne 6. maja 2013 o državni pomoči SA.
The existing shareholders of the Bank were heavily diluted by the Spring 2013 recapitalisation (measure B4).
31155 (2013/C) (ex 2013/NN) (ex 2010/NN) – Državna pomoč banki Hellenic Postbank S.A. z ustvarjanjem in kapitalizacijo premostitvene banke „New Hellenic Postbank S.A.“ ( UL C 190, 29.6.2013, str.
Indeed, the stake held by existing shareholders had been reduced from 100 % prior to the Spring 2013 recapitalisation to only 1,44 %.
70).
The Commission also notes that the Bank has paid no cash dividend since 2008.
Eurobank Ergasias S.A z vsemi njenimi podružnicami (grškimi in negrškimi odvisnimi podjetji in podružnicami iz bančnega in nebančnega sektorja).
Finally the Commission takes a favourable view of the fact that the HFSF will inject additional capital only if the Bank fails to raise it from the market at a price deemed reasonable and established on the basis of two independent valuators.
Izraz „skupina“ se nanaša na skupino Eurobank Group.
Burden-sharing by subordinated debt holders
Odločba Komisije z dne 19. novembra 2008 o državni pomoči N 560/08 „Support Measures for the Credit Institutions in Greece“ (Ukrepi podpore za kreditne institucije v Grčiji) ( UL C 125, 5.6.2009, str.
The Bank’s subordinated debt holders have contributed to paying for the restructuring costs of the Bank.
6).
The Bank performed several liability management exercises in order to generate capital.
Dodeljena ji je bila številka SA.26678 (N 560/08).
The total amount of liabilities exchanged amounted to EUR 748 million, with a capital gain of EUR 565 million, as described in recitals 122 and 123.
Navedena shema je bila nato podaljšana in spremenjena, kot je opisano v opombi 6.
The still outstanding instruments are subject to the coupon ban described in recital 133.
Na letni skupščini dne 29. junija 2012 je bilo ime banke EFG Eurobank Ergasias S.A. spremenjeno v Eurobank Ergasias S.A.
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.
Glej Sklep Komisije z dne 27. julija 2012 o državni pomoči SA.
In conclusion, considering the elements developed in section 7.6.1, the Commission considers sufficient own contribution and burden-sharing measures have been implemented by Greece to limit the amount of aid measures A, B1, B2, B3 and B4 to the minimum necessary.
34825 (2012/C), „Dokapitalizacija banke EFG Eurobank iz grškega sklada za finančno stabilnost“ ( UL C 359, 21.11.2012, str.
The 2013 Banking Communication complements the Restructuring Communication and calls for enhanced burden-sharing and for banks obtaining capital support to undertake additional measures to limit the aid to the minimum.
Sporočilo za javnost sklada HFSF z dne 24. decembra 2012 je na voljo na spletni strani:
Point 29 of the 2013 Banking Communication requires the Member State to demonstrate that all measures to limit such aid to the minimum have been exploited to the maximum extent.
Priglasitev je bila evidentirana pod številko zadeve SA.34825 (2014/NN).
To that end, the Member State must present a capital raising plan, ensure adequate burden-sharing by the shareholders and subordinated creditors, and prevent the outflow of funds prior to the restructuring decision.
UL C 357, 20.11.2012, str.
According to the 2013 Banking Communication, the capital raising plan should include right issues, voluntary liability management exercises, capital accretive divestments, deleveraging measures, earning retention and other measures such as, for example, strict costs and remuneration policies.
26.
Point 47 of the 2013 Banking Communication provides that once capital shortfalls are identified, a bank must prevent outflows of funds through a number of measures which aim at ensuring the same outcome as regular dividend and coupon bans, acquisition bans, price leadership bans or advertising bans.
UL C 190, 29.6.2013, str.
The Commission notes that such bans are already complied with by the Bank as they are included in the list of commitments submitted by Greece, as described in recital 133, and that the Bank has not paid any cash dividend since 2008.
70.
The 2014 recapitalisation commitment (measure C) provides a cushion to absorb future losses as determined by the stress test exercise performed by the Bank of Greece in 2013 and disclosed on 6 March 2014.
Likvidnostna vrzel je bila ponovno ocenjena pozneje in v skladu s sklepom 11/1/21.5.2013 odbora za ukrepe reševanja grške centralne banke je na koncu znašala 3732,6 milijona EUR.
The results of the stress test show that the Bank needs EUR 2945 million of additional capital to cover its future losses in a stress scenario.
Likvidnostna vrzel pomeni razliko med vrednostjo sredstev, prenesenih na novo banko, in nominalno vrednostjo obveznosti, ki so bile nanjo prenesene.
As explained in recitals 385 to 395, the Bank has already taken actions before the stress test to limit the amount of capital needed to the minimum.
17, na voljo na spletni strani:
If, in the framework of the current capital raising exercise, the Bank manages to raise most of the capital needed from private investors and the additional aid paid out by the HFSF remains below EUR 1 billion, no further own contribution by the Bank will be necessary.
Delež navadnega lastniškega temeljnega kapitala banke je eden od deležev regulatornega kapitala, ki ga na podlagi direktive o kapitalskih zahtevah spremlja nadzornik.
However, if the aid paid out under measure C is above that level, it would be appropriate for the Bank to divest more activities.
Glej opombo 14, str.
As regards burden-sharing, the 2013 Banking Communication provides that adequate burden-sharing entails contributions by shareholders, hybrid capital holders and subordinated debt holders before aid in the form of capital support is granted.
106.
The Commission notes that Greece has amended its national legislative framework to ensure that subordinated creditors will contribute to the costs of restructuring of the Bank before any additional capital is injected into the Bank.
Glej opombo 15.
The Commission also notes that Greece has given a commitment that it will implement the measures provided for in Article 6a of the HFSF law as amended in 2014, which provide for the allocation of the capital shortfall to the holders of its capital instruments and other subordinated liabilities as may be necessary.
Glej opombo 14, str.
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.
104.
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.
Eurosistem, osrednji bančni sistem euroobmočja, sestavljajo Evropska centralna banka in nacionalne centralne banke držav članic.
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.
Če tak odkup ne bi bil izveden, se bi lahko tržna vrednost navedenih obveznic povečala v skladu z razvojem tržnih parametrov, kot so obrestne mere in verjetnost neplačila Grčije.
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.
Vključno s pričakovano izgubo iz naslova izdajanja novih posojil v Grčiji v obdobju od junija 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.
Učinek napovedi kreditne izgube za tuje tveganje se je izračunal po obračunu tujih davkov in ob upoštevanju zavez, ki jih je v zadevnem času Grčija dala Komisiji glede odprodaj.
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).
Rezervacije banke NBG za izgube iz posojil junija 2013 pred rezervacijami bank FBB in 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].
Rezervacije skupine Eurobank za izgube iz posojil junija 2013 pred rezervacijami bank New Hellenic Postbank in New Proton Bank, ki ju je skupina prevzela avgusta 2013.
The Commission has to assess whether that commitment covering two scenarios fulfils the requirements laid down in the 2013 Banking Communication.
Glej preglednico 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.
Zaupne informacije.
The 2013 Banking Communication provides that the remuneration limitation can end when the aid has been repaid.
Prvotni načrt za zbiranje kapitala je bil manj ambiciozen, saj je skupina načrtovala ohranitev precejšnje prisotnosti v […], zavezala pa se je le k odprodaji […] % odvisne zavarovalnice.
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).
Odločba 20/3/9.10.2011 odbora za kredite in zavarovanja grške centralne banke.
In such circumstances, the Commission can accept that the remuneration limitation applies for a fixed period of time.
Odločba 9250/9.10.2011 finančnega ministra o ustanovitvi začasne kreditne institucije z imenom „Nea Proton Bank S.A.“ (grški vladni uradni list FEK B’ 2246/2011).
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.
Začetni delniški kapital je bil v skladu z ministrsko odločbo z dne 9. oktobra 2011 plačan v dveh obrokih;
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.
9. oktobra 2011 je bilo plačanih 220 milijonov EUR, 3. februarja 2012 pa 30 milijonov EUR.