natgillin/translations-raw huggingface dataset:
The HFSF has received as remuneration, from the date of disbursement of those EFSF notes to the date of the Spring 2013 recapitalisation, the accrued interests on the EFSF notes plus a 1 % fee [139].
Kot je navedeno v oddelkih 2.1.1 in 2.1.2, so težave, s katerimi se sooča skupina, predvsem posledica grške dolžniške krize in globoke recesije v Grčiji in južni Evropi.
As underlined in the Eurobank Opening Decision, that remuneration is lower than the 7 % to 9 % range as defined in the Recapitalisation Communication.
Kar zadeva dolžniško krizo, je grška vlada izgubila dostop do finančnih trgov in je morala na koncu s pogajanji doseči sporazum z domačimi in mednarodnimi upniki, tj. program PSI, s katerim so se terjatve do države znižale za 53,3 %.
However, the period of low remuneration was limited to one year for measure B1 and five months for measure B2 (that is to say, until the conversion of the bridge recapitalisation into a standard recapitalisation in ordinary shares, namely measure B4).
Poleg tega je bilo 31,5 % terjatev poravnanih z novimi grškimi državnimi obveznicami z nižjimi obrestnimi merami in daljšimi roki zapadlosti.
While the first and second bridge recapitalisations did not trigger the dilution of existing shareholders, the Spring 2013 recapitalisation, which was the conversion of the first and second bridge recapitalisations, heavily diluted those shareholders, as their stake in the Bank’s equity fell to 1,4 %.
Država je decembra 2012 te nove grške državne obveznice odkupila od grških bank po ceni od 30,2 % do 40,1 % njihove nominalne vrednosti in s tem povzročila dodatne izgube grških bank.
The abnormal situation which prevailed from the date of the first bridge recapitalisation was then terminated.
Poleg vpliva programa PSI in odkupa dolga na kapitalski položaj skupine je ta med letom 2010 in sredino leta 2012 zabeležila tudi velik odliv vlog zaradi nevarnosti izstopa Grčije iz euroobmočja kot posledice nevzdržnega javnega dolga in gospodarske recesije.
The doubts raised in the Eurobank Opening Decision have therefore been allayed.
Ukrepi B1, B2, B3 in B4 znašajo 5839 milijonov EUR, kar je skoraj enako znesku izgub, vknjiženemu po programu PSI (5781 milijonov EUR).
Furthermore, given the atypical source of the Bank’s difficulties, where losses come mainly from a debt waiver in favour of the State (the PSI programme and the debt buy-back, which provide a significant advantage to the State, that is to say, a debt reduction) and from the consequences of a protracted recession in its domestic market, the Commission can accept such a temporary deviation from the standard remuneration requirements set in the Recapitalisation Communication [140].
V takem primeru in pod pogojem, da težave ne izvirajo predvsem iz pretirano tveganega ravnanja, bo Komisija v skladu s točko 14 Sporočila o podaljšanju iz leta 2011 omilila svoje zahteve.
Measure B3 was a commitment to provide capital.
Komisija priznava, da del potreb po kapitalu izvira iz običajne izpostavljenosti finančne institucije tveganju državnih posojilojemalcev v domači državi.
That commitment made in December 2012 was implemented in an actual injection of capital in May- June 2013, a mere five months later.
Navedeno dejstvo je bilo poudarjeno tudi v uvodnih izjavah 58 in 69 sklepa o začetku postopka za skupino Eurobank.
For that reason and for the reasons set out in recital 322, it is acceptable that no remuneration was paid for that commitment.
Zato je potreba po obravnavi vprašanj moralnega tveganja v načrtu prestrukturiranja skupine manjša kot pri drugih finančnih institucijah, ki prejemajo pomoč in so nakopičile prekomerna tveganja.
As regards measure B4, according to point 8 of the 2011 Prolongation Communication capital injections should be subscribed at a sufficient discount to the share price adjusted for the dilution effect to give a reasonable assurance of an adequate remuneration for the State.
Ukrepi pomoči so manj izkrivljajoči, zato bi bilo treba ukrepe za omejitev izkrivljanja konkurence sorazmerno omiliti.
While that recapitalisation did not provide for a significant discount to the share price as adjusted for the dilution effect, it was, in fact, impossible to achieve a significant discount to the theoretical ex-right price [141].
Program PSI in odkup dolga pomenita odpis dolga državi, zato je lahko nadomestilo države za dokapitalizacijo bank nižje.
Prior to the Spring 2013 recapitalisation, the capital of the Bank was negative and its market capitalisation was only a couple of hundred millions of euros.
Ker pa se je grško gospodarstvo od leta 2008 skrčilo za približno 25 %, mora skupina svojo organizacijo, strukturo stroškov in poslovno mrežo prilagoditi temu novemu okolju, da bi ponovno vzpostavila donosnost.
In such circumstances, the question arises whether the existing shareholders should have been fully wiped out.
Zato mora skupina kljub temu, da se ne postavlja vprašanje moralnega tveganja, prestrukturirati svoje dejavnosti v Grčiji, da bi si zagotovila dolgoročno uspešno poslovanje.
The Commission notes that the issue price was set at a 50 % discount to the average market price over the fifty days preceding the determination of the issue price.
Komisija ugotavlja tudi, da je bila izpostavljenost skupine tveganju grških državnih posojilojemalcev večja kot izpostavljenost nekaterih drugih bank v Grčiji.
The Commission also notes that the dilution of the pre-existing shareholders has been huge, since after that recapitalisation they held only 1,4 % of the shareholding of the Bank.
Zato nekaterih izgub iz grških državnih obveznic (izgub zaradi programa PSI) ni mogoče pripisati običajni izpostavljenosti finančne institucije tveganju državnih posojilojemalcev v domači državi.
Therefore, applying a further discount on the market price would only have had a negligible impact on the remuneration of the HFSF.
Drugi vir izgub skupine so izgube iz njenih posojil grškim gospodinjstvom in družbam.
In view of the specific situation of the Greek banks explained in recital 322, and given t he fact that the need for aid stems from a waiver of debt in favour of the State, the Commission considers the issue price to be sufficiently low.
Komisija meni, da so te izgube predvsem posledica izjemno obsežnega in dolgotrajnega zmanjševanja BDP, ki se je v petih letih zmanjšal za približno 25 %, in niso nastale zaradi tvegane posojilne prakse skupine.
In conclusion, measures B1, B2, B3 and B4 are necessary as rescue aid in both their amount and form.
Zato pomoč, dodeljena za pokritje navedenih izgub, ne ustvarja moralnega tveganja, ki nastane, če se pomoč uporabi za zaščito banke pred posledicami preteklega tveganega ravnanja.
Proportionality — measures limiting negative spill-over effects
Pomoč je zato manj izkrivljajoča [146].
That situation may therefore lead to serious distortions of competition.
Skupina je na primer leta 2012 zabeležila izgube v Romuniji, Bolgariji in Ukrajini, medtem ko so navedena odvisna podjetja prejela notranja sredstva skupine v višini 1,8 milijarde EUR.
However, Greece has given a commitment to implement a number of measures aiming at reducing negative spill-over effects.
Test izjemnih situacij, ki je bil opravljen leta 2012 za določitev potreb skupine po kapitalu, je pokazal tudi, da je del potreb po kapitalu izviral iz izgub iz tujih posojil.
In particular, the commitments provide that the Bank’s operations will continue to be run on a commercial basis, as explained in recitals 131 and 132.
Napovedi kreditne izgube za navedena posojila so v osnovnem scenariju znašale 1228 milijonov EUR, v negativnem scenariju pa 1622 milijonov EUR.
Greece has also committed to an acquisition ban, as well as to a number of divestments abroad and in non-banking activities in Greece, as set out in recital 133.
Točka 14 Sporočila o podaljšanju iz leta 2011 torej zajema velik del izgub in posledično potrebo po pomoči, zato lahko Komisija omili svoje zahteve.
Limits to distortions of competition will be further assessed in section 7.6.
Del potrebe po pomoči izvira iz izgub iz posojil v Grčiji zaradi izredno globoke in dolgotrajne recesije in ne iz tvegane posojilne politike.
A monitoring trustee has also been appointed in the Bank to monitor the correct implementation of commitments on corporate governance and commercial operations.
Pomoč, dodeljena v takih okoliščinah, ne ustvarja moralnega tveganja in je zato manj izkrivljajoča.
It will avoid any detrimental change in the Bank’s commercial practice and thereby reduce the potential negative spill-over effects.
Nazadnje, del potrebe po pomoči izvira iz prevzemanja tveganj skupine, zlasti v zvezi z njenimi odvisnimi podjetji v tujini in večjim deležem grških državnih obveznic, ki jih je imela v lasti.
Finally a new comprehensive restructuring plan was submitted on 16 April 2014 to the Commission.
Uspešno poslovanje
That restructuring plan will be assessed in section 7.6.
Načrt prestrukturiranja mora zagotoviti, da lahko finančna institucija do konca obdobja prestrukturiranja ponovno vzpostavi svojo dolgoročno uspešno poslovanje (oddelek 2 Sporočila o prestrukturiranju).
To conclude, the doubts raised in the Eurobank Opening Decision have been allayed.
V zadevnem primeru je obdobje prestrukturiranja opredeljeno kot obdobje od datuma sprejetja tega sklepa do 31. decembra 2018.
Measures B1, B2, B3 and B4 are proportionate in the light of point 15 of the 2008 Banking Communication.
Grčija je v skladu s točkami 9 do 11 Sporočila o prestrukturiranju predložila celovit in podroben načrt prestrukturiranja, ki vsebuje popolne informacije o poslovnem modelu skupine.
Conclusion on the compliance of the HFSF recapitalisations with the 2008 Banking Communication, Recapitalisation Communication and the 2011 Prolongation Communication
Načrt opredeljuje tudi vzroke za težave, s katerimi se srečuje skupina, in sprejete ukrepe za odpravo vseh težav v zvezi z uspešnim poslovanjem, s katerimi se je srečevala.
The Commission thus concludes that the HFSF recapitalisations (measures B1, B2, B3 and B4) are appropriate, necessary and proportionate, in the light of point 15 of the 2008 Banking Communication, of the Recapitalisation Communication and the 2011 Prolongation Communication.
Načrt prestrukturiranja zlasti opisuje izbrano strategijo za ohranitev operativne učinkovitosti skupine in odpravo visoke ravni nedonosnih posojil, nizke operativne učinkovitosti in ranljivega likvidnostnega in kapitalskega položaja ter strategijo za podjetja skupine v tujini, katerih financiranje in kapital sta bila odvisna od matičnega podjetja.
COMPLIANCE WITH THE RESTRUCTURING COMMUNICATION OF THE PURCHASES OF NEW TT BANK AND NEA PROTON BANK BY THE BANK
Bančne dejavnosti v Grčiji
Points 23 and 40 of the Restructuring Communication explain that acquisitions of undertakings by aided banks are normally contrary to the obligations to limit the restructuring costs and to limit distortions of competition.
Kar zadeva likvidnost in odvisnost skupine od financiranja iz Eurosistema, je v načrtu prestrukturiranja predvidena omejena rast bilance v Grčiji in ponovna rast depozitne osnove.
In addition, they may endanger or complicate the restoration of viability.
Odvisnost od izredne likvidnostne pomoči, ki se je že zmanjšala, se bo še naprej zmanjševala, kar bo prispevalo tudi k znižanju stroškov financiranja skupine.
The Commission must therefore assess whether the acquisitions made by the Bank can be reconciled with the Restructuring Communication.
Zaveza v zvezi z razmerjem med posojili in vlogami, opisana v uvodni izjavi 127, zagotavlja, da bo imela skupina ob koncu obdobja prestrukturiranja vzdržno strukturo bilance stanja.
Compliance of the acquisition of New TT Bank with the Restructuring Communication
Prodaja vrednostnih papirjev in drugih sekundarnih dejavnosti bo prav tako okrepila likvidnostni položaj skupine in zagotovila, da skupina ne bo odvisna od trgov medbančnih posojil.
Effect of the acquisition of New TT Bank on the long-term viability of the Bank
Zaradi še vedno negotovega likvidnostnega položaja skupine lahko Komisija ugodi zahtevi grških organov, da se odobri njihova zagotovitev likvidnosti skupini na podlagi ukrepov jamstva in državnih obligacijskih posojil v okviru programa pomoči grškim bankam.
In terms of operating profitability, the acquisitions made by the Bank will enhance the Bank’s return to long-term viability as merging two banks in the same geographical market gives the opportunity to realise meaningful synergies, for instance in the form of personnel reduction, branch closures and reduced overhead costs.
Da bi skupina znižala svoje stroške financiranja, se je zavezala tudi k nadaljnjemu zniževanju obrestnih mer, ki jih plačuje za vloge, kot je opisano v uvodni izjavi 127.
The Bank will acquire the customers and depositors, while significantly reducing the distribution costs.
Komisija ugotavlja, da bo tako znižanje stroškov vlog bistveno prispevalo k izboljšanju donosnosti skupine pred oblikovanjem rezervacij.
It will close most of the ‘T-Bank’-branded branches and some of the ‘Hellenic Postbank’-branded branches, in addition to rationalising headquarters functions.
Po začetku krize je skupina temeljito racionalizirala svojo poslovno mrežo v Grčiji z zmanjšanjem števila podružnic in zaposlenih.
In particular, the Bank of Greece noted in its letter to the HFSF dated 8 July 2013 that the Bank had been under much pressure for the two years preceding the transaction.
V zvezi s svojo kreditno politiko se je zavezala tudi k izpolnjevanju visokih standardov, da bi v vsaki fazi kreditnega postopka čim bolj povečala vrednost za skupino, kot je opisano v uvodnih izjavah 131 in 132.
The Bank of Greece observed that the Bank had lost market shares in Greece, and that it was relying significantly on Eurosystem funding and emergency liquidity assistance.
Upravljanje podjetij
In its letter the Bank of Greece referred to the large funding gap, to the consolidated loan-to-deposit ratio of 132 % and to the deteriorated perception of the Bank by customers.
Ta dogovorjeni okvir ščiti vsakodnevno poslovanje skupine pred prekomernim poseganjem njenega glavnega delničarja in hkrati zagotavlja, da lahko sklad HFSF spremlja izvajanje načrta prestrukturiranja in z ustreznimi postopki posvetovanja prepreči prevzemanje prevelikih tveganj s strani vodstva skupine.
In that letter the Bank of Greece indicated that the acquisition of New TT Bank by the Bank would lead to ‘a substantial increase of deposits of [the Bank], thereby improving its overall funding profile, depositors' perception and its ability to attract new deposits at more attractive terms than currently’.
Skupina se je zavezala tudi, da bo pozorno spremljala svojo izpostavljenost povezanim posojilojemalcem.
The acquisition therefore contributes to repairing the liquidity position of the Bank, which is essential to the restoration of long-term viability.
Zakon o skladu HFSF, kot je bil spremenjen leta 2014, določa, da bodo delnice, ki jih je sklad HFSF vpisal v okviru dokapitalizacije iz pomladi 2013, izgubile glasovalno pravico, če bodo zasebni vlagatelji leta 2014 vpisali vsaj 50 % povečanja kapitala.
The Commission acknowledged the positive impact of the acquisition in a letter from its services to the HFSF dated 8 July 2013.
Kar zadeva ponovno vzpostavitev dolgoročnega uspešnega poslovanja skupine, Komisija ne bi zavzela negativnega stališča v zvezi z nadzorom, dodeljenim zasebnim delničarjem, če bi ti v skupino vložili velik znesek lastnega denarja.
In that letter the Commission indicated that the draft restructuring plan of the Bank, which had been submitted by Greece prior to the acquisition of New TT Bank, did not meet the requirement of restoration of long-term viability, due to the vulnerability of the Bank’s balance sheet at the end of the restructuring period.
Komisija ugotavlja, da omejitev glasovalnih pravic sklada HFSF ne bo veljala za glasovanje v zvezi s statutom skupine, korporacijskimi dejanji ali drugimi strateškimi odločitvami.
In the same letter the Commission indicated that the ‘acquisition of the deposit-rich [New TT Bank] would be a key contributor to the repair of the balance sheet of [the Bank] and thereby the restoration of its long term viability’.
Pozdravlja dejstvo, da bodo skladu HFSF samodejno dodeljene neomejene glasovalne pravice, če skupina ne bo izvedla svojega načrta prestrukturiranja.
That assessment was justified in view of the impact of such an acquisition on the liquidity position of the Bank:
Te določbe zagotavljajo, da lahko sklad HFSF, čeprav ne bo posegal v vsakodnevno poslovanje skupine, ohrani svoje interese kot delničar in kot organ, odgovoren za zagotavljanje pravilnega izvajanja načrta prestrukturiranja.
‘Based on end 2012 figures, the acquisition would make [the] loan-to-deposit ratio drop immediately from 155 % to 123 %, such that it should be possible to meet [the Commission’s] requirement [at] end 2017’.
Mednarodne dejavnosti
The Commission therefore considers that the acquisition is positive for the restoration of the long-term viability of the Bank.
Nekatere mednarodne dejavnosti skupine so v preteklosti močno zmanjšale njen kapital, likvidnost in donosnost, kot je pojasnjeno v uvodnih izjavah 362 in 363.
Effect of the acquisition on the aid amount needed by the Bank
V načrtu prestrukturiranja je predvidena sprememba poslovnega modela skupine v smeri modela banke, ki je bolj osredotočena na […].
In line with point 23 of the Restructuring Communication, restructuring aid should not be used for the acquisition of other companies but merely to cover restructuring costs which are necessary to restore the viability of the Bank.
Skupina je že prodala svoje nedonosno odvisno podjetje na Poljskem EFG Poland.
The Bank paid the purchase price in new shares, so that the acquisition was not financed through State aid.
Začela je tudi racionalizacijo drugih odvisnih podjetij, da bi okrepila postopek zavarovanja posojil in zmanjšala likvidnostno vrzel odvisnih podjetij.
As a result, the capital need created by the payment of the purchase price was immediately covered by the issuance of new shares so that the payment of the purchase price did not create a net increase of the capital needs of the Bank.
Načrtuje prodajo […] odvisnega podjetja […] [149].
Moreover, the HFSF was the 100 % owner of New TT Bank, which implies that all the new shares issued by the Bank were given to the HFSF, that is to say, to the State.
Poleg tega bo nadalje prestrukturirala dejavnosti odvisnih podjetij […] in […] pred njuno morebitno prodajo v poznejši fazi, kot je omenjeno v uvodni izjavi 116.
The acquisition as such will not trigger additional State aid as New TT Bank complied with its regulatory capital requirements.
Splošna donosnost dejavnosti v tujini bo ponovno vzpostavljena od […] dalje.
In addition, that interim credit institution had been created only a few months before it was acquired.
Do istega datuma se bodo finančna sredstva, zagotovljena odvisnim podjetjem v tujini, zmanjšala za […] v primerjavi z njihovo ravnjo na dan 31. decembra 2012.
Since the assets of a failing bank are assessed and valued at fair value before they are transferred to an interim credit institution, it can be assumed that the loan book of New TT Bank did not contain losses that were hidden or were not adequately provisioned.
Zato Komisija meni, da bo skupina ustrezno prestrukturirala navedena odvisna podjetja v tujini in zmanjšala njihovo velikost ter s tem preprečila prihodnjo izpostavljenost dodatnim potrebam po kapitalu in likvidnostnemu primanjkljaju.
In conclusion, in the specific circumstances of this case the acquisition of New TT Bank exceptionally does not contravene the principle that aid should be the minimum necessary.
Zaveza iz uvodne izjave 128, da se bo skupina vzdržala vlaganja velikih zneskov kapitala v svoja mednarodna odvisna podjetja, tudi zagotavlja, da odvisna podjetja v tujini ne bodo ogrožala kapitala ali likvidnosti.
Distortive effect of the acquisition on competition
Sklepna ugotovitev o uspešnem poslovanju
In line with points 39 and 40 of the Restructuring Communication, State aid should not be used to the detriment of non-aided companies for the acquisition of competing businesses.
Osnovni scenarij, ki je opisan v oddelku 2.4, kaže, da bo skupina ob koncu obdobja prestrukturiranja sposobna realizirati donos, ki ji bo omogočil pokritje vseh stroškov in zagotovitev donosa lastniškega kapitala ob upoštevanju njenega profila tveganja.
Point 41 of the Restructuring Communication also states that acquisitions may be authorised if they are part of a consolidation process necessary to restore financial stability or to ensure effective competition, that the acquisition process should be fair and that the acquisition should ensure the conditions of effective competition in the relevant market.
Glede na osnovni scenarij bo donos lastniškega kapitala skupine leta 2018 znašal […] %.
New TT Bank was not a viable bank on a stand-alone basis.
Hkrati se predvideva, da bo kapitalski položaj skupine ostal na zadovoljivi ravni, saj količnik kapitalske ustreznosti po letu 2014 ne bo padel pod […] %.
The consolidation of that bank was requested under the MEFP dated 15 May 2013.
Komisija se je seznanila tudi z negativnim scenarijem, opisanim v načrtu prestrukturiranja skupine, ki so ga predložili grški organi.
The transaction can therefore be considered to be part of a consolidation process which is necessary to restore financial stability of the kind described in point 41 of the Restructuring Communication.
Navedeni negativni scenarij temelji na sklopu predpostavk, dogovorjenih s skladom HFSF.
No non-aided bidder submitted a valid bid for acquiring New TT Bank, and the sale process was open, transparent and non-discriminatory.
Upošteva daljšo in globljo recesijo ter hujšo deflacijo cen nepremičnin [150].
There was therefore no-crowding out of a non-aided bidder by the Bank.
Načrt prestrukturiranja kaže, da je skupina sposobna prenesti razumne obremenitve, saj bi v negativnem scenariju ob koncu obdobja prestrukturiranja ostala donosna in njen donos lastniškega kapitala bi leta 2018 znašal […] %, njen delež navadnega lastniškega temeljnega kapitala pa […] %.
Since that acquisition was authorised by the Hellenic Competition Authority [142], the Commission assumes that the outcome of the sale process ensures the conditions of effective competition in Greece.
Testi izjemnih situacij iz leta 2013, ki jih je opravila grška centralna banka, potrjujejo, da znesek dodatnega kapitala, ki bo pridobljen leta 2014, tj. 2864 milijonov EUR, zadostuje za preživetje skupine v osnovnem scenariju v obdobju prestrukturiranja.
Against that background, it can be concluded that the acquisition of New TT Bank is compatible with section 4 of the Restructuring Communication.
Skupina bo grški centralni banki predložila tudi načrt za pogojni kapital, v katerem bo navedla ukrepe, ki jih bo izvedla, če se bo gospodarsko okolje nadalje poslabšalo.
Conclusion on the acquisition of New TT Bank
Komisija opozarja, da je grška centralna banka pri ocenjevanju potreb po kapitalu v osnovnem scenariju že uvedla več prilagoditev, zaradi katerih so ocenjene potrebe po kapitalu višje od potreb po kapitalu, ki jih je ocenila skupina v svojem osnovnem scenariju.
The Commission concludes that, in the light of the unique situation of Greek banks [143] and the specificities of the acquisition of New TT Bank, that acquisition is compatible with the requirements laid down in the Restructuring Communication.
Osnovne potrebe po kapitalu, ki jih je ocenila grška centralna banka, se lahko zato štejejo za nekakšen test izjemnih situacij.
Compliance of the acquisition of Nea Proton Bank with the Restructuring Communication
Da bi Komisija ugotovila, da je skupina sposobna preživeti, ne zahteva, da ima že na začetku dovolj kapitala, da pokrije potrebe po kapitalu, ki jih je grška centralna banka ocenila v scenariju izjemnih situacij, saj je ta ocenjena raven potreb povezana z zelo velikimi obremenitvami.
Effect of the acquisition of Nea Proton Bank on the long-term viability of the Bank
Poleg tega je dobro, da skupina ne bo nadalje vlagala v obveznice zunaj naložbenega razreda, saj bo to prispevalo k ohranitvi njenega kapitalskega in likvidnostnega položaja.