natgillin/translations-raw huggingface dataset:
In the second scenario where the HFSF would have to subscribe any share of the bank, Greece committed to amend the commitment to put it in line with the 2013 Banking Communication.
Glej sklad HFSF, Annual Financial report for the period from 1.1.2012 to 31.12.2012 (Letno finančno poročilo za obdobje od 1.1.2012 do 31.12.2012), avgust 2013, na voljo na spletni strani:
The Commission notes that, if the HFSF would subscribe any share, to remain in line with the 2013 Banking Communication, the duration of the remuneration cap would be amended, to last until the earlier of the end of the restructuring plan — 31 December 2018 — or a transaction equivalent to the repayment of the aid.
Tveganju prilagojena aktiva je regulatorni agregat, ki meri izpostavljenost finančne institucije tveganju; uporabljajo ga nadzorniki pri spremljanju kapitalske ustreznosti finančnih institucij.
Since ordinary shares cannot be repaid by the Bank, the Commission accepts that a sale of the shares on the secondary market at a profit could be considered equivalent to a repayment of the aid.
Glej odstavek 9 člena 63E zakona št. 3601/2007.
In conclusion, in both scenarios, the commitment on limitation of remuneration issued by Greece complies with the requirements of the 2013 Banking Communication.
Odločba 7/3/18.1.2013 odbora za ukrepe reševanja grške centralne banke.
As regards the remuneration of the State, the 2011 Prolongation Communication requires that new shares are issued at a discount to market price, after adjustment for dilution.
Odločba št. 2124/B95/18.1.2013 finančnega ministra o ustanovitvi začasne kreditne institucije z imenom „New TT Hellenic Postbank S.A.“ (grški vladni uradni list FEK B’ 74/2013).
The Commission observes that the purpose of that requirement is to ensure that the State receives a sufficient remuneration for its shareholding in the Bank and that the historical shareholders are correspondingly diluted.
Priloga 1, člen 1 ιγ (13) ministrske odločbe 2124/B95/2013.
In the case of measure C, the State is already the main shareholder of the Bank, holding more than 90 % of the shares.
Družba Deloitte je izvedla oceno neto vrednosti sredstev banke New TT Bank na dan 30. avgusta 2013, sklad HFSF pa je 15. novembra 2013 skupini izplačal 54,9 milijona EUR v denarnih sredstvih, kot je navedeno v poročilu o dejavnostih grškega sklada za finančno stabilnost za obdobje julij–december 2013, str.
Therefore an excessive discount to market price would decrease the remuneration of the State on measure B4, and may entail aid to the investors if the discount underestimates the value of the Bank.
2, na voljo na spletni strani:
In order to avoid such a situation, the subscription price cannot be lower than a floor price determined on the basis of two appraisals from independent valuators.
Končno število delnic, ki jih je prejel sklad HFSF, se je določilo na podlagi cene, izračunane na podlagi povprečja obsega trgovanja, ki so jo delnice skupine dosegle na borzi v Atenah v desetih delovnih dneh pred datumom izredne generalne skupščine (najmanjše število delnic je bilo določeno na 1418750000).
Therefore the detailed arrangements of the price determination protect the HFSF from an excessive dilution by the new investors, while ensuring the HFSF subscribes new shares at a price which reflects the value of the Bank.
Glej opombo 31.
In those circumstances, the Commission can accept that the new shares may be issued at a lower discount to current market price than that envisaged by the 2011 Prolongation Communication and it considers the floor price to be acceptable.
V skladu s poročilom o delovanju ukrepa jamstva in ukrepa obligacijskih posojil, ki ga je ministrstvo za finance predložilo 13. decembra 2013.
If the shares were issued at a higher price, it would have risked discouraging private investors from participating in the share capital increase and consequently would have limited private capital raising.
950 milijonov EUR je znesek brez stroškov.
Therefore, the Commission considers the level of own contribution and burden-sharing to be appropriate for measure C.
V skladu z dopisom grške centralne banke z dne 7. novembra 2011 „jamstva veljajo za celoten znesek izredne likvidnostne pomoči (ELA)“.
Conclusion on own contribution and burden-sharing
Informacije je predložila grška centralna banka dne 7. aprila 2014.
The Commission observes that, in comparison with the total State recapitalisation received, the own contribution and burden-sharing in the form of sale of assets is much lower than the levels the Commission would usually consider as sufficient.
Sporazum o obdobju pred vpisom je določal:
However, in view of the elements developed in section 7.6.1, 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.
„Dejansko tveganje, ki se izplača skupini, vključuje obveznice instrumenta EFSF in vsa izplačila kupona ter natečene obresti na obveznice instrumenta EFSF v obdobju od izdaje obveznic do pretvorbe predplačila v delniški kapital in druge konvertibilne finančne instrumente, kot je določeno v tem dokumentu.“
The restructuring plan also complies with the requirements of the 2013 Banking Communication as regards measure C.
Glej preglednico 3.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
Objava skupine Eurobank z dne 30. aprila 2013 o sklepih izredne generalne skupščine delničarjev skupine z dne 30. aprila 2013, na voljo na spletni strani:
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
http://www.eurobank.gr/Uploads/pdf/ΑΠΟΦΑΣΕΙΣ%20ΕΓΣ%2030%204 %202013_ENG(FINAL).pdf
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.
Glej uvodno izjavo 57.
In that respect, the Commission recalls that the Bank has received capital from the State equivalent to 16 % of its RWA (excluding measure C).
Odločba 2/3/9.4.2012 odbora za ukrepe reševanja grške centralne banke.
With measure C, the Bank gets a commitment to inject an additional EUR 2864 billion, bringing the total capital aid to 23,7 % of the Bank’s RWA.
Preostali znesek je plačal sklad HFSF, saj je v skladu s členom 9(12) zakona št. 4051/2012 po potrebi nadomestil sklad HDIGF pri pokrivanju likvidnostne vrzeli z dne 29. februarja 2012.
Apart from capital support, the Bank has also received liquidity support.
Glej uvodno izjavo 53.
The Bank has obtained liquidity guarantees that amounted to EUR 13600 million as of 15 April 2011 and to EUR 13932 million as of 30 November 2013, representing 17 % of the Bank’s balance sheet at the same date.
Ukrep je bil v sklepu Komisije z dne 16. maja 2012 v zadevi v zvezi z državno pomočjo SA.
The Bank also benefited from State-guaranteed ELA for an amount of EUR 12 billion as of 31 December 2012, which represented 18 % of the balance sheet of the Bank on that date.
34115 (12/NN) – Grčija, „Resolution of T-Bank“ (Reševanje banke T Bank) (v nadaljnjem besedilu: sklep o banki T Bank) ( UL C 284, 20.9.2012, str.
The need to implement measures to limit potential distortions of competition is thus justified in view of that relatively large amount of aid.
9) in sklepu o začetku postopka za banko New TT ocenjen kot državna pomoč, ki koristi dejavnostim banke T Bank, prenesenim na banko TT Bank.
In additional, the market share of the Bank in Greece is large, with market shares of 17 % for loans and 12 % for deposits at 31 December 2012.
V skladu z odločbo 26/2/17.12.2011 odbora za kredite in zavarovanja grške centralne banke je bila prvotna likvidnostna vrzel ocenjena na 700 milijonov EUR.
The acquisitions of New TT Bank and Nea Proton Bank increased the market shares of the Bank to 20,7 % for loans and 18,8 % for deposits in September 2013 [153].
Odločba 2/1/9.4.2012 odbora za ukrepe reševanja grške centralne banke.
The Commission recalls that the difficulties of the Bank come mainly from external shocks such as the Greek sovereign crisis and the protracted recession which has disrupted the Greek economy since 2008, as was noted in recital 69 of the Eurobank Opening Decision.
Glej opombo 53.
The need to address moral hazard issues is reduced as the Bank does not seem to have taken excessive risks.
V skladu z odločbo 7/1/18.1.2013 odbora za kredite in zavarovanja grške centralne banke je bila prvotna likvidnostna vrzel ocenjena na približno 4096 milijonov EUR.
As discussed in section 7.6.1, the distortive effect of the aid measures is lower in the light of those factors and so is the need for measures to limit distortions of completion.
Odločba 11/1/21.5.2013 odbora za ukrepe reševanja grške centralne banke.
For those reasons, the Commission can exceptionally accept that, in spite of the high aid amount, the restructuring plan does not envisage any downsizing of the balance sheet and loans in Greece.
Banka EFG Eurobank, Letno poročilo 2010, str.
However, the Commission notes that the State recapitalisations enabled the Bank to continue its banking activities in foreign markets and its insurance activities in Greece.
9, na voljo na spletni strani:
In that respect, the Commission notes, in addition to the deleveraging and restructuring already implemented, the Bank’s commitment to sell its insurance activities by […] as well as its commitment to reduce the size of its international assets by 31 December 2018, which will probably entail further divestments in […] and […], and its commitment not to use aid to fund the growth of those businesses.
Načrt prestrukturiranja, str.
The Commission finds it proportionate that the reduction of foreign assets be deeper if, under measure C, the HFSF pays the Bank additional capital aid of more than EUR 1 billion.
50, na podlagi neto posojil.
As indicated in recital 295, such a payment would make the aid more distortive than a mere commitment to participate in the capital increase.
Načrt prestrukturiranja, str.
However, if the additional capital injected is less than EUR 1 billion, it would entail a larger participation of at least EUR 1,5 billion from private investors.
62–63.
Additionally, the larger private participation would constitute additional burden-sharing, as explained in recital 388.
Načrt prestrukturiranja, str.
Point 31 of the Restructuring Communication states that both the price paid for assistance obtained from the State and the degree of burden-sharing will be taken into account when assessing burden-sharing measures.
64 (številke za leto 2012 na pro-forma osnovi).
Therefore additional distortions of competition will remain limited if the HFSF injects less than EUR 1 billion.
Stališča skupine z dne 10. septembra 2013.
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.
Načrt prestrukturiranja, str.
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 loans to customers.
61.
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.
Finančne napovedi, priložene načrtu prestrukturiranja, ki je bil Komisiji priglašen 16. aprila 2014.
MONITORING
Načrt prestrukturiranja, str.
Pursuant to section 5 of the Restructuring Communication, regular reports are required to allow the Commission to verify that the restructuring plan is being implemented properly.
76.
CONCLUSION
62.
The Commission finds that Greece has unlawfully implemented aid measures SA.34825 (2012/C), SA.34825 (2014/N), SA.36006 (2013/NN), SA.34488 (2012/C, ex 2012/NN) SA.31155 (2013/C) (2013/NN) in breach of Article 108(3) of the Treaty on the Functioning of the European Union, since they were implemented before their formal notification.
Načrt prestrukturiranja, str.
However the Commission finds that the restructuring plan when taken together with the commitments in the Annexes 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.
51.
The restructuring plan and commitments submitted fulfil the criteria of the Restructuring Communication and the aid measures can therefore be considered compatible with the internal market,
Glej opombo 68.
HAS ADOPTED THIS DECISION:
Glej opombo 72.
Article 1
Neto rezultati grških dejavnosti bodo leta 2015 postali pozitivni, saj bodo zadevne dejavnosti leta 2015, 2016, 2017 oziroma 2018 prinesle 20 milijonov EUR, 304 milijonov EUR, 471 milijonov EUR oziroma 554 milijonov EUR dobička.
the emergency liquidity assistance provided to Eurobank Ergasias SA.
Skupina se ni zavezala, da bo izvedla točno ta določeni program odprodaje in se lahko, kot je opisano v Prilogi, odloči za izbiro drugačne strategije za doseganje splošnega cilja.
(‘Eurobank’) by the Bank of Greece and guaranteed by Hellenic Republic (measure L2);
Objava skupine Eurobank z dne 19. junija 2013, na voljo na spletni strani:
the second bridge recapitalisation of EUR 1341 million granted by the Hellenic Financial Stability Fund (‘HFSF’) to Eurobank in December 2012 (measure B2);
Glej konsolidirana računovodska izkaza za leti 2011 in 2013.
the commitment letter of EUR 528 million granted by the HFSF to Eurobank on 21 December 2012 (measure B3);
Glej zaveze v poglavju II Priloge.
the recapitalisation of EUR 5839 million granted by the HFSF to Eurobank in May 2013 (measure B4);
Glej opombo 85.
the recapitalisation commitment of EUR 2864 million granted by the HFSF following the EUR 2864 million share capital increase approved by the extraordinary meeting of shareholders on 12 April 2014 under the HFSL law 3864/2010 as amended (measure C);
Glej zaveze v oddelku A poglavja III Priloge.
the capital injection of EUR 395 million granted by the HFSF to Nea Proton Bank on 28 August 2013 (measure NP3).
Glej opombo 89.
In the light of the restructuring plan relating to the Eurobank Group (Eurobank Ergasias S.A and all its subsidiaries (Greek and non-Greek subsidiaries and branches, both banking and non-banking).submitted on 16 April 2014 and the commitments provided by Greece on 16 April 2014, the following State aid is compatible with the internal market:
Glej zaveze v oddelku C poglavja III Priloge.
the capital injection of EUR 950 million granted by Greece to Eurobank in May 2009 under the Recapitalisation Scheme (measure A);
Sporočilo Komisije – Uporaba pravil o državni pomoči za ukrepe v zvezi s finančnimi institucijami v okviru trenutne svetovne finančne krize (UL C 270, 25.10.2008, str.
the emergency liquidity assistance provided to Eurobank by the Bank of Greece and guaranteed by Greece since July 2011, for an amount of EUR 12 billion as of 31 December 2012 (measure L2);
8).
the first bridge recapitalisation of EUR 3970 million granted by the HFSF to Eurobank in May 2012 (measure B1);
Uvodna izjava 59 sklepa o začetku postopka za skupino Eurobank.
the second bridge recapitalisation of EUR 1341 million granted by the HFSF to Eurobank in December 2012 (measure B2);
Uvodna izjava 63 sklepa o začetku postopka za skupino Eurobank.
the recapitalisation commitment of EUR 2864 million granted by the HFSF to Eurobank following the EUR 2864 million share capital increase approved by the extraordinary meeting of shareholders on 12 April 2014 under the HFSL law 3864/2010 as amended (measure C);
Sporočilo Komisije – Dokapitalizacija finančnih institucij v trenutni finančni krizi:
the capital injection of EUR 80 million granted by Greece to Proton Bank in May 2009 (measure Pr1);
omejitev pomoči na najmanjšo potrebno in zaščitni ukrepi za preprečevanje neupravičenega izkrivljanja konkurence (UL C 10, 15.1.2009, str.
the financing of the total funding gap of EUR 1121,6 million by the Hellenic Deposit and Investment Guarantee Fund (HDIGF) and the HFSF to the activities transferred from Proton Bank to Nea Proton Bank, in October 2011 and May 2012 (measure NP1);
2).
the total capital injection of EUR 515 million granted by the HFSF to Nea Proton Bank in October 2011, February 2012, August 2012 and December 2012 (measure NP2);
Sporočilo Komisije o ponovni vzpostavitvi uspešnega poslovanja in ocena ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči (UL C 195, 19.8.2009, str.
the capital injection of EUR 224,96 million granted by Greece to TT Bank in May 2009 (measure TT);
Uvodna izjavi 75 in 77 sklepa o začetku postopka za banko New TT.
the financing of the total funding gap of EUR 3732,6 million by the HFSF to the activities transferred from TT Bank to New Hellenic Postbank (‘New TT Bank’), in January and June 2013 (measure NTT1);
Sklep Komisije z dne 16. maja 2012 o državni pomoči SA.34115 (12/NN) „Resolution of T Bank“ (Reševanje banke T Bank) ( UL C 284, 20.9.2012, str.
The capital injection of EUR 500 million granted by the HFSF to New TT Bank on 29 January 2013 (measure NTT2).
6).
Article 2
Uvodna izjava 83 sklepa o začetku postopka za banko New TT.
This Decision is addressed to the Hellenic Republic.
Uvodni izjavi 88 in 89 sklepa o začetku postopka za banko New TT.
Done at Brussels, 29 April 2014.
Uvodna izjava 103 sklepa o začetku postopka za banko New TT.
For the Commission
Uvodna izjava 104 sklepa o začetku postopka za banko New TT.
Vice-President
Uvodna izjava 107 sklepa o začetku postopka za banko New TT.
Commission Decision of 27 July 2012 on State aid No SA.34825 (2012/C) (ex 2012/NN) — Recapitalisation of EFG Eurobank by the Hellenic Financial Stability Fund (OJ C 359, 21.11.2012, p.
Glej opombi 4 in 6.
31), Commission Decision of 26 July 2012 on State aid No SA.34488 (2012/C) (ex 2012/NN) — Aid to Nea Proton Bank through creation and capitalisation of Nea Proton Bank, and initiation of the formal investigation (OJ C 357, 20.11.2012, p.
Ponudba hedge sklada ni bila skladna s pismom o postopku sklada HFSF.
26), Commission Decision of 6 May 2013 on State aid No SA.31155 (2013/C) (ex 2013/NN) (ex 2010/N) — State aid to Hellenic Postbank S.A. through the creation and the capitalisation of the bridge bank New Hellenic Postbank S.A.
Pogojevala je izvedbo skrbnega pregleda, za katerega je sklad zahteval dodatni čas, vendar ta zahteva ni bila združljiva z rokom iz memoranduma o gospodarskih in finančnih politikah.
(OJ C 190, 29.6.2013, p.
V ponudbi so bila zahtevana tudi znatna zastopanja in jamstva, hedge sklad pa je dodal omejitev zneska dodatnega kapitala v višini 25 milijonov EUR, ki ga je bil pripravljen po potrebi vložiti, vendar samo v enem letu.
70).
Glej tudi uvodno izjavo 82 Sklepa Komisije o državni pomoči SA.
Eurobank Ergasias S.A and all its subsidiaries (Greek and non-Greek subsidiaries and branches, both banking and non-banking).
34053 (12/N) z dne 28. novembra 2012 – „Recapitalisation and Restructuring of Banco de Valencia S.A. – Spain“ (Dokapitalizacija s strani Španije in prestrukturiranje banke Banco de Valencia S.A) ( UL C 75, 14.3.2013, str.
‘The Bank’ refers to the Eurobank Group.
1).
That scheme was subsequently prolonged and amended as described in footnote 6.
7).
The annual General Meeting of 29 June 2012 decided to change the corporate name of EFG Eurobank Ergasias S.A. to Eurobank Ergasias S.A.
Sporočilo Komisije o uporabi pravil o državni pomoči za podporne ukrepe v korist bank v okviru finančne krize od 1. avgusta 2013 dalje (v nadaljnjem besedilu: sporočilo o bančništvu) (UL C 216, 30.7.2013, str.
See Commission decision of 27 July 2012 on State aid SA.34825 (2012/C), ‘Recapitalisation of EFG Eurobank by the Hellenic Financial Stability Fund’ ( OJ C 359, 21.11.2012, p.
1.).
31).
Glej opombi 9 in 11.
HFSF press release, 24 December 2012, available online at:
Glej opombo 96.
The notification was registered under number SA.34825 (2014/NN).
Glej opombo 97.
OJ C 357, 20.11.2012, p.
Letno finančno poročilo za daljše časovno obdobje od 9. oktobra 2011 do 31. decembra 2012, v skladu s katerim je tveganju prilagojena aktiva na dan 31. decembra 2012 znašala 775,62 milijona EUR.
26.
Glej opombo 4.
OJ C 190, 29.6.2013, p.
Število delnic je bilo določeno na podlagi cene, izračunane na podlagi povprečja obsega trgovanja, ki jo je delnica skupine dosegla na borzi v Atenah v desetih delovnih dneh pred datumom izredne generalne skupščine delničarjev (najmanjše število delnic je bilo določeno na najmanj 1418,75 milijona).
70.
Glej opombo 31, str.
The funding gap was reassessed later and according to the decision 11/1/21.5.2013 of the Resolution Measures Committee of the Bank of Greece, it was finalized at EUR 3732,6 million.
14 in 56.
The funding gap refers to the difference between the value of the assets transferred to the new bank and the nominal value of the liabilities transferred to it.
Ker je bila tržna cena, izračunana na podlagi povprečja obsega trgovanja, v tem obdobju višja od 0,48 EUR, je sklad HFSF prejel najmanjše število delnic, to je 1418,75 milijona po ponudbeni ceni 0,48 EUR za delnico.
European Commission — Directorate-General Economic and Financial Affairs.
0,48 EUR × 1418,75 milijona = 681 milijonov EUR, tj. plačilo skupine skladu HFSF.
The Second Economic Adjustment Programme for Greece — March 2012, p.
Glej opombo 2.
17, available online at:
Sklad HFSF, poročilo o dejavnostih grškega sklada za finančno stabilnost za obdobje januar–junij 2013:
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:
„Eden izmed pogojev v zvezi s ciljnim znižanjem operativnih stroškov v banki New Hellenic Post Bank po njeni ustanovitvi je bilo zmanjšanje števila zaposlenih s shemo prostovoljnega predčasnega upokojevanja. […] 605 zaposlenih je sprejelo ponujene ‚pakete odpovedi‘, pri čemer je skupni znesek sheme znašal približno 35,7 milijona EUR “, na voljo na spletni strani:
Press release of Ministry of Finance of 9 March 2012, available online at:
Skupina Eurobank, „Predlagana povezava banke New Hellenic Postbank s skupino Eurobank“, 16. maj 2013.
The Core Tier One ratio of a bank is one of the regulatory capital ratios monitored by the supervisor in the framework of the Capital Requirement Directive.
Glej uvodno izjavo 36 sklepa o začetku postopka za skupino Eurobank.
See footnote 14, p.
Glej uvodno izjavo 285 tega sklepa v zvezi z ukrepom B3.
106.
Opozoriti je treba tudi, da je Grčija skupini dodelila pomoč v okviru programa pomoči grškim bankam, ki ga je Komisija odobrila na podlagi člena 107(3)(b) Pogodbe, in iz sklada HFSF, katerega ustanovitev je bila prav tako odobrena z odločbo Komisije.
The European Central Bank and the national central banks together constitute the Eurosystem, the central banking system of the euro area.
Glej uvodno izjavo 72:
Press release of Ministry of Finance of 3 December 2012, available online at:
natečene obresti se štejejo kot dodaten prispevek sklada HFSF in so zato znižale znesek, ki ga je moral sklad plačati skupini za dokapitalizacijo iz pomladi 2013.
http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdf.
Glej tudi oddelek 7.6.1.
That buy back of its own debt at a price deeply below par generated a significant debt reduction for Greece.
Teoretična cena brez pravice do vpisa (TERP) je splošno sprejeta tržna metodologija za količinsko opredelitev učinka slabitve povečanja delniškega kapitala.