natgillin/translations-raw huggingface dataset:
As a result of the two buy backs, the stock of subordinated and hybrid debt decreased from EUR 1045 million at 31 December 2011 to EUR 283 million at 31 December 2013 [91].
Navedeni pomisleki so temeljili na majhnem številu predlaganih ukrepov, ki naj bi jih banka New TT Bank sprejela zaradi ustvarjanja dobička v prihodnosti, negotovosti sheme prostovoljnega upokojevanja v zvezi z roki in deleža zaposlenih, ki so se prostovoljno upokojili, neobstoja nadaljnjih ukrepov za zmanjšanje stroškov osebja, pomanjkanja ukrepov za racionalizacijo mreže podružnic po prevzemu banke T Bank in hkratne nezmožnosti izkoriščanja morebitnih sinergij [109].
COMMITMENTS OF THE GREEK AUTHORITIES
Komisija je v uvodnih izjavah 90 in 91 sklepa o začetku postopka za banko New TT izrazila pomisleke, ali se bi lahko ambiciozno zmanjšanje obrestnih marž za obstoječe vloge in povečanje posojilnih marž pri izdajanju novih posojil izvedlo, ne da bi banka New TT Bank pri tem izgubila večje število strank in brez tveganih posojil.
Greece gave a commitment that the Bank and its affiliates will implement the restructuring plan submitted on 16 April 2014 and gave further commitments regarding the implementation of the restructuring plan (‘the Commitments’).
Komisija je dvomila tudi, ali bo banka New TT Bank podvojila svoj portfelj posojil podjetjem, kot je bilo načrtovano, in ali bi lahko glede na pomanjkanje strokovnega znanja dosegla načrtovano visoko stopnjo rasti neto prihodkov iz obresti.
The Commitments, listed in the Annex, are summarised in this section.
Komisija je zato v uvodni izjavi 95 sklepa o začetku postopka za banko New TT menila, da bi vključitev banke TT Bank v večje finančno podjetje z uspešnim poslovanjem povečalo možnosti banke New TT Bank za uspešno poslovanje, saj bi omogočila racionalizacijo stroškov, prevrednotenje vlog in novih posojil ter nudenje več različnih produktov.
First Greece has given a commitment that the Bank will restructure its commercial operations in Greece, setting a maximum number of branches and employees as well as a maximum amount of total costs to be complied with at 31 December 2017 [92].
V banko New TT Bank so bile vključene gospodarske dejavnosti, ki so se prej izvajale v okviru banke TT Bank, vključno z dejavnostmi banke T Bank, zato je Komisija začela formalni postopek preiskave glede tega, ali ukrepa T in TT nudita dolgoročno rešitev za uspešno poslovanje banke New TT Bank ter zainteresirane strani pozvala, naj predložijo pripombe.
Greece has also given a commitment that the Bank will reduce the cost of deposits collected in Greece and will comply with a maximum ratio of net loans to deposits by 31 December 2017 [93].
Komisija je glede porazdelitve bremena menila, da samostojno prestrukturiranje zvišuje stroške prestrukturiranja, zato je dvomila, da je bila državna pomoč omejena na najnižjo potrebno.
Regarding the Bank’s foreign subsidiaries, Greece has given a commitment that the Bank will not provide additional capital support unless predefined conditions are met.
Komisija je ugotovila tudi, da je kljub temu, da je bilo breme ustrezno porazdeljeno na delničarje in imetnike podrejenega dolga, kar je bilo najverjetneje največ, kar je bilo mogoče, zaradi neplačila nadomestila potrebno temeljito prestrukturiranje v smislu ukrepov za uspešnost poslovanja in ukrepov za omejitev izkrivljanja konkurence.
Greece has also given a commitment that the Bank will significantly deleverage its international assets by 30 June 2018 [94].
Komisija je ugotovila tudi, da je velik del nastalih izgub izviral iz odpisa dolga v korist države, zaradi česar je bilo nižje nadomestilo upravičeno [110].
Greece has given a commitment that the Bank will divest its insurance activities, its real estate subsidiary and a number of securities and will reduce the size of its private equity portfolio.
Komisija je glede izkrivljanja konkurence ugotovila, da je zaradi visokega zneska pomoči, ki so ga prejele banka TT Bank in prenesene dejavnosti banke T Bank, ter neplačila nadomestila potrebno temeljito prestrukturiranje in zmanjšanje prisotnosti banke New TT Bank na trgu.
In addition, the Bank will not purchase non-investment grade securities, with limited exceptions [95].
Izgube so izvirale zlasti iz lastništva grških državnih obveznic;
Greece gave a number of commitments related to the corporate governance of the Bank.
Komisija je ugotovila, da je imela banka TT Bank glede na svojo velikost v lasti več grških državnih obveznic kot druge grške banke, in menila, da to kaže na neprimerno tveganje [111].
It committed to limit the remuneration of the Bank’s employees and managers, to make the Bank comply with Greek laws on corporate governance and set up an efficient and adequate organisational structure [96].
Nazadnje je ugotovila, da je banka New TT Bank na trgu prisotna v skoraj enakem obsegu kot pred njo banka TT Bank, vendar bi bilo zaradi relativne majhnosti banke New TT Bank in dejstva, da ne izvaja tujih dejavnosti, izkrivljanje konkurence omejeno.
Greece has also given a commitment that the Bank will enhance its credit policy, in order to prevent any discrimination at any stage of the credit process and to ensure decisions on granting and restructuring loans aim at maximising the profitability of the Bank.
Komisija je dvomila, da so bili sprejeti primerni ukrepi za omejevanje neupravičenega izkrivljanja konkurence, in menila, da bi bili morda potrebni prepoved narekovanja cen in drugi ukrepi ravnanja [112].
Greece has given a commitment that the Bank will improve the monitoring of credit risk as well as the restructuring of loans [97].
PRIPOMBE ZAINTERESIRANIH STRANI K FORMALNEMU POSTOPKU PREISKAVE GLEDE PRVE PREMOSTITVENE DOKAPITALIZACIJE
A number of commitments deal with the operations of the Bank with connected borrowers.
PRIPOMBE GRŠKE BANKE
Those commitments aim at ensuring that the Bank does not deviate from prudent banking practices when granting or restructuring loans to its employees, managers and shareholders, as well as to public entities, political parties and media companies [98].
Komisija je 3. januarja 2013 prejela pripombe, ki jih je grška banka predložila sklepu o začetku postopka za skupino Eurobank.
Finally Greece has given a commitment to impose further restrictions for the Bank, such as a coupon and dividend ban, an acquisition ban and an advertising ban [99].
Navedena grška banka je menila, da dokapitalizacija grških bank iz sklada HFSF načeloma predstavlja pozitiven korak k bolj zdravemu in poslovno uspešnejšemu bančnemu sistemu; dokapitalizaciji skupine Eurobank ni ugovarjala.
Those commitments will be monitored until 31 December 2018 by a monitoring trustee.
Navedena grška banka je ob izražanju svoje popolne podpore načelu dokapitalizacije grških bank iz sklada HFSF pojasnila, da je zaradi zmanjšanja izkrivljanja konkurence in izogibanja diskriminaciji pričakovala, da bo navedena dokapitalizacija iz sklada HFSF na voljo vsem bankam, ki v Grčiji poslujejo pod podobnimi pogoji.
Separately, in the framework of the current capital increase of the Bank, since the HFSF is backstopping the capital increase, Greece gave a commitment that it would implement the measures provided for in Article 6a of the HFSF Law as amended on 30 March 2014, a provision which aims at allocating the residual amount of the capital shortfall of a credit institution to the holders of its capital instruments and other subordinated liabilities, as may be necessary, prior to any injection of capital by the HFSF.
PRIPOMBE GRČIJE K FORMALNIM POSTOPKOM PREISKAVE
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURES
PRIPOMBE GRČIJE K FORMALNEMU POSTOPKU PREISKAVE GLEDE PRVE PREMOSTITVENE DOKAPITALIZACIJE
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE REGARDING THE FIRST BRIDGE RECAPITALISATION
Grčija je 5. septembra 2012 predložila pripombe k sklepu o začetku postopka za skupino Eurobank, ki sta jih pripravila grška centralna banka in sklad HFSF.
On 27 July 2012, the Commission opened the formal investigation procedure in order to verify whether the conditions of the 2008 Banking Communication [100] were met regarding the appropriateness, necessity and proportionality of the first bridge recapitalisation provided by the HFSF in favour of the Bank (measure B1).
Pripombe, ki jih je pripravila grška centralna banka
Regarding the appropriateness of the measure, given the fact that the aid came after prior recapitalisation and liquidity aid and given the protracted rescue period, the Commission expressed doubts as to whether all actions possible had been taken by the Bank to avoid a need for aid in the future [101].
Grška centralna banka je glede primernosti prve premostitvene dokapitalizacije ugotovila, da je znesek v višini 18 milijard EUR kapitala, s katerim je sklad HFSF maja 2012 dokapitaliziral štiri največje banke, manjši od končnega zneska, ki so ga banke potrebovale za postopno doseganje in ohranjanje 10-odstotnega deleža navadnega lastniškega temeljnega kapitala, določenega v testu izjemnih situacij junija 2012, in 7-odstotnega deleža navadnega lastniškega temeljnega kapitala iz triletnega negativnega testa izjemnih situacij.
In addition, the Commission was not clear who would control the Bank once the first bridge recapitalisation was replaced by a permanent recapitalisation [102] as the Bank might come under the control either of the State or of minority private owners.
Navedla je tudi, da je bila prva premostitvena dokapitalizacija začasna, saj bi se postopek dokapitalizacije zaključil s povečanji kapitalskih deležev navedenih štirih bank.
The Commission noted that it would wish to ensure that the quality of the Bank’s management and notably its lending process should not deteriorate in either case.
Grška centralna banka je ugotovila tudi, da je dokapitalizacija največje grške banke del dolgoročnejšega prestrukturiranja grškega bančnega sektorja.
Regarding the necessity of the first bridge recapitalisation, in recital 66 of the Eurobank Opening Decision the Commission questioned whether all the measures possible had been taken to avoid that the Bank again would need aid in the future.
Ugotovila je, da pri bankah, ki ostanejo zasebne, tudi vodstvo najpogosteje verjetno ostane isto, če pa banka postane državna (tj. v lasti sklada HFSF), lahko sklad HFSF imenuje novo vodstvo, ki ga v vsakem primeru oceni grška centralna banka.
Moreover, since the duration of the bridge recapitalisation period was uncertain the Commission could not conclude whether it was sufficient and complied with the remuneration and burden-sharing principles under State aid rules.
Grška centralna banka je navedla, da redno ocenjuje okvir upravljanja podjetij, ustreznost vodenja in profil tveganja vsake banke, da se prepreči sprejemanje prekomernih tveganj.
Furthermore, as the terms of the conversion of the first bridge recapitalisation into a permanent recapitalisation were not known at the time the Eurobank Opening Decision was adopted, the Commission could not assess them.
Poudarila je tudi, da je sklad HFSF že imenoval predstavnike v upravni odbor dokapitaliziranih bank.
Regarding the proportionality of the measure, the Commission expressed doubts as to whether the safeguards (advertisement ban, coupon and dividend ban, call option ban and buy-back ban as described in recital 71 of the Eurobank Opening Decision) were sufficient in relation to the first bridge recapitalisation.
Grška centralna banka je glede nujnosti prve premostitvene dokapitalizacije ugotovila, da je bila dokapitalizacija skupine omejena, da se je zagotovilo izpolnjevanje tedaj veljavnih minimalnih kapitalskih zahtev (8 %).
Furthermore, in recital 72 of the Eurobank Opening Decision the Commission stated that distortions of competition could be caused by the lack of rules preventing the HFSF from coordinating all the four largest Greek banks (namely, the Bank, Alpha Bank, NBG and Piraeus) and the absence of adequate safeguards to avoid them sharing commercially sensitive information.
Navedla je tudi, da je daljše časovno obdobje pred dokapitalizacijami temeljilo na hitrem slabšanju poslovnega okolja v Grčiji in učinka programa PSI, zahtevnosti celotnega projekta in potrebi po čim večji udeležbi zasebnih vlagateljev pri povečanju delniškega kapitala.
The Commission, therefore, proposed the appointment of a monitoring trustee who would be physically present in the Bank.
Grška centralna banka je glede sorazmernosti prve premostitvene dokapitalizacije poudarila, da je celotna izvedba načrta prestrukturiranja, ki se bo predložil Komisiji, zagotovljena, ker bo začasni odvzem glasovalnih pravic sklada HFSF odpravljen, če med drugim pride do resne kršitve načrta prestrukturiranja.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE REGARDING NEA PROTON BANK
Grška centralna banka je ugotovila tudi, da težave skupine niso nastale zaradi neustrezne ocene tveganj vodstva skupine ali tržno agresivnih ukrepov.
On 26 July 2012, the Commission opened the formal investigation procedure in order to verify whether the EUR 1122 million intervention by the Resolution Scheme of the HDIGF (measure NP1), as well as the EUR 250 million capital injection by the HFSF and the capital injections by the HFSF amounting to a total of EUR 300 million (measure NP2), in favour of Nea Proton Bank complied with the general criteria for compatibility and the requirements of the 2008 Banking Communication, the Recapitalisation Communication [103] and the Restructuring Communication [104] (restoration of long-term viability, burden-sharing and limitation of the aid to the minimum necessary, and limitation of distortions of competition).
Pripombe, ki jih je pripravil sklad HFSF
Regarding the appropriateness of the measures, the Commission stated that those measures were appropriate as rescue aid.
Sklad HFSF je glede primernosti prve premostitvene dokapitalizacije, da se obravnava vprašanje morebitnega vmešavanja države, če država zagotovi visoke zneske državne pomoči prek sklada HFSF, ta pa ima polne glasovalne pravice, navedel, da se banke, ki jih financira sklad HFSF, ne štejejo za javne subjekte ali subjekte pod državnim nadzorom, po trajni dokapitalizaciji iz sklada HFSF pa jih država ne bo nadzirala.
Regarding the necessity of the measures, the Commission noted that the intervention of the Resolution Scheme of the HDIGF was necessary in both its amount and form, while the capital injections by the HFSF were necessary only in their form.
Sklad HFSF je poudaril, da je popolnoma neodvisen pravni subjekt zasebnega prava, ki je neodvisen pri odločanju.
However, as regards the amount of capital injections by the HFSF, in recital 59 of the Nea Proton Opening Decision the Commission expressed doubts as to whether Nea Proton Bank would be able to restore its long-term viability on a stand-alone basis and whether a stand-alone restructuring was the cheapest option available.
V skladu z odstavkom 2 člena 16C zakona o skladu HFSF, ki navaja, da kreditne institucije, katerim je sklad HFSF zagotovil kapitalsko podporo, niso del širšega javnega sektorja, sklad HFSF ni pod državnim nadzorom.
Furthermore, in recitals 60 and 61 of the Nea Proton Opening Decision the Commission stated that the inability of Nea Proton Bank to sufficiently remunerate the recapitalisation by the HFSF created doubts as to whether it was a fundamentally sound bank and therefore triggered the need for in-depth restructuring.
Omenil je tudi upravno strukturo sklada HFSF.
As regards the proportionality of the measures, the Commission considered that they were proportionate as rescue aid.
Sklad HFSF je glede posredovanja sklada HFSF pri upravljanju skupine pojasnil, da bi spoštoval samostojnost skupine in ne bi posegal v njeno vsakodnevno upravljanje, saj je njegova vloga omejena v skladu z zakonom o skladu HFSF.
Regarding the restoration of long-term viability of Nea Proton Bank, in recital 65 of the Nea Proton Opening Decision the Commission expressed doubts as to whether that bank could be made viable on a stand-alone basis.
Navedel je, da ne bi bilo nobenega vmešavanja ali usklajevanja s strani države in da bi bile odločitve skupine glede postopkov odobritve posojil (med drugim glede zavarovanja s premoženjem, oblikovanja cen in solventnostjo posojilojemalcev) sprejete na podlagi tržnih meril.
The Commission doubted that the restructuring proposed was sufficient compared to the depth of the restructuring required given the absence of sufficient remuneration.
Sklad HFSF je poudaril, da sta zakon o skladu HFSF in sporazum o obdobju pred vpisom določila ustrezne zaščitne ukrepe za zagotavljanje, da obstoječi zasebni delničarji ne sprejemajo preveč tveganih odločitev.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE REGARDING NEW TT BANK
Poudaril je elemente, kot so (i) imenovanje predstavnikov sklada HFSF kot neodvisne neizvršilne člane upravnega odbora skupine in njihova prisotnost na odborih, (ii) skrbni pregled, ki ga sklad HFSF izvaja v skupini, in (iii) dejstvo, da se bi po dokončni dokapitalizaciji njegove glasovalne pravice omejile le za toliko časa, da skupina izpolni pogoje načrta prestrukturiranja.
On 6 May 2013, the Commission opened the formal investigation procedure in order to verify whether the EUR 4,1 billion financing of the funding gap to the transferred activities from TT Bank to New TT Bank (measure NTT1), the EUR 500 million capital injection by the HFSF into New TT Bank (measure NTT2),the EUR 224,96 million capital injection in the form of preference shares under the Greek Banks Support Scheme to TT Bank (measure TT) and the EUR 0,68 billion intervention by the Resolution Scheme of the HDIGF in favour of T Bank’s assets which were transferred to TT Bank (measure T) complied with the general criteria for compatibility and the requirements of the 2008 Banking Communication, the Recapitalisation Communication and the Restructuring Communication (restoration of long-term viability, burden-sharing and limitation of the aid to the minimum necessary, and limitation of distortions of competition).
Sklad HFSF je glede nujnosti prve premostitvene dokapitalizacije in zlasti glede stopnje odplačila pomoči navedel, da je bilo odplačilo dogovorjeno s predstavniki Komisije, ECB in MDS.
The Commission considered that both measures NTT2 and NTT1 were appropriate and necessary in their form as rescue aid.
V navedeni dogovorjeni stopnji se je upoštevalo, da bo prva premostitvena dokapitalizacija v trajno dokapitalizacijo pretvorjena pred 30. septembrom 2012, tj. rokom, ki je bil marca 2012 določen z memorandumom o gospodarskih in finančnih politikah med Komisijo, ECB in MDS ter Grčijo.
As regards the necessity of measure NTT2 in terms of its amount, the Commission, doubting the long-term viability of New TT Bank on a stand-alone basis, considered that restructuring on a stand-alone basis might not be the only and the cheapest option available [105].
Sklad HFSF je glede sorazmernosti prve premostitvene dokapitalizacije ugotovil, da so ukrepi, ki jih je sprejel, kot na primer tisti iz uvodne izjave 165 tega sklepa glede na visoke prejete zneske pomoči in podaljšano obdobje reševanja, ustrezni zaščitni ukrepi.
As regards the remuneration of both measures, the Commission stated that the coverage of the funding gap was a definitive cost without offsetting future revenues which triggered a need for in-depth restructuring [106].
Sklad HFSF je navedel tudi, da so vzpostavljeni ustrezni ukrepi za zagotavljanje, da si banke, v katerih je udeležen sklad HFSF, ne izmenjujejo poslovno občutljivih podatkov.
Regarding the proportionality of both measures, the Commission considered that measures NTT2 and NTT1 were proportionate as rescue aid in the short-term but in recital 79 of the New TT Opening Decision required measures to be introduced rapidly that would limit negative spill-over effects.
Med navedene ukrepe spadajo imenovanje različnih predstavnikov sklada HFSF v navedene banke, pooblastila navedenim predstavnikom, ki izrecno ščitijo pred pretokom informacij od enega predstavnika k drugemu in jasna interna navodila navedenim uradnikom, naj ne prenašajo poslovno občutljivih informacij bank.
Regarding the compatibility of measure T, the Commission had already temporarily approved it as rescue aid on 16 May 2012 in its Decision on the resolution of T Bank (‘T Bank Decision’) [107] but could not give a definitive approval of the aid to T Bank’s activities which were transferred to TT Bank.
Sklad HFSF je navedel tudi, da svojih pravic glede bank ne izvaja na način, ki bi lahko preprečeval, omejeval, izkrivljal ali znatno zmanjšal oziroma oviral učinkovito konkurenco.
The Commission prolonged in the New TT Opening Decision [108] the authorisation of the measure as rescue aid until such time as it would take a final decision on an updated version of the restructuring plan for TT Bank.
Sklad HFSF je nazadnje poudaril, da za člane njegovega upravnega odbora in njegove zaposlene veljajo stroga pravila o zaupnosti in fiduciarne naloge, glede njegovih poslov pa jih zavezujejo določbe o varovanju poklicnih skrivnosti.
Regarding the compatibility of those measures with the Restructuring Communication, the Commission doubted whether New TT Bank would restore its long-term viability on a stand-alone basis.
PRIPOMBE GRČIJE K FORMALNEMU POSTOPKU PREISKAVE GLEDE BANKE NEA PROTON BANK
That scepticism was based on the limited number of the proposed measures to be taken by New TT Bank to generate profits in the future, the uncertainty of the voluntary retirement scheme as regards the timing and the acceptance rate by the employees, the absence of further measures to reduce personnel costs, the lack of measures for rationalisation of the branch network after the acquisition of T Bank and a concomitant failure to exploit potential synergies [109].
Grčija je 5. septembra 2012 predložila pripombe k sklepu o začetku postopka za banko Nea Proton, ki sta jih pripravila grška centralna banka in sklad HFSF.
In recitals 90 and 91 of the New TT Opening Decision the Commission raised concerns about whether the ambitious decrease in interest margins on existing deposits and increase in loan margins on new loan production could be implemented without New TT Bank losing a significant amount of customers and without making risky lending.
Grška centralna banka je ugotovila, da banka Nea Proton Bank kot začasna kreditna institucija v lasti sklada HFSF samostojno ni mogla zagotoviti dolgoročnejšega poslovnega načrta.
Moreover, the Commission doubted whether New TT Bank would double its corporate loan book as planned and whether, given the lack of expertise, it could achieve the planned strong growth rate of the net interest income.
Grška centralna banka je navedla tudi, da skrbno spremlja izvajanje poslovnega načrta, ki ga je sklad HFSF pripravil za banko Nea Proton Bank in predložil Komisiji, da se zagotovi možnost prodaje banke Nea Proton Bank v obdobju, ki ga določa zakon.
Therefore, in recital 95 of the New TT Opening Decision the Commission took the view that the reintegration of TT Bank into a larger viable financial company would increase the viability prospects of the New TT Bank, as it would allow for rationalisation of costs, repricing of deposits and new loans, and the offer of a wider range of products.
Grška centralna banka je glede stopnje rasti donosnosti poudarila, da naj bi bila rast največja leta 2013 (takrat naj bi se neto prihodek od obresti povečal na 55,3 milijona EUR v primerjavi z 22,7 milijona EUR leta 2012), izhajala bi zlasti iz zmanjšanja skupnih stroškov obresti in bi bila rezultat dveh dejavnikov:
As New TT Bank harboured the economic activities previously carried out within TT Bank, including those of T Bank, the Commission opened a formal investigation procedure regarding whether measures T and TT offered a long-term solution for the viability of New TT Bank and invited interested parties to submit comments.
Sklad HFSF je glede nujnosti ukrepov v korist banke Nea Proton Bank navedel, da je grška centralna banka ustrezen organ za odločanje o ukrepih reševanja in da je sklad HFSF vložil najmanjši znesek kapitala, potreben za regulativne namene.