natgillin/translations-raw huggingface dataset:
A significant part of aid measures NTT1 and NTT2 was needed because of a waiver of debt in favour of the State (in the form of the PSI programme) and because of the exceptionally long recession rather than as a consequence of inappropriate lending practices.
V točki 31 Sporočila o prestrukturiranju je navedeno, da mora Komisija poleg absolutnega zneska pomoči upoštevati tudi pomoč „v razmerju do tveganju prilagojene tehtane aktive banke“.
Additionally, the size of the activities of New TT Bank was small, the sale process was open, transparent and non-discriminatory, and New TT Bank will not continue to exist as an autonomous competitor.
Zato se pojavi vprašanje, katera raven tveganju prilagojene aktive naj se uporabi, oziroma, ali naj se uporabi raven na začetku ali raven na koncu tega obdobja.
Therefore the Commission concludes that, despite the large amount of aid and the absence of appropriate remuneration for the State aid granted, there is no undue distortion of competition.
Ukrepi B1, B2, B3 in B4 so namenjeni pokritju potrebe po kapitalu, ki jo je grška centralna banka določila marca 2012 (test izjemnih situacij iz leta 2012).
Conclusion on the compatibility of aid measures T, TT, NTT1 and NTT2 with the Restructuring Communication.
Ta dejavnik potrjuje, da so bili ukrepi B1, B2, B3 in B4 ukrepi pomoči, povezani s skupino v obsegu, v kakršnem je ta obstajala 31. marca 2012.
The Commission concludes that the sale of New TT Bank to the Bank and the associated restructuring ensure New TT Bank’s long-term viability, the limitation of aid to the minimum necessary and the absence of undue distortions of competition.
Skupina je 31. marca 2014 prejela pismo o zavezi sklada HFSF, s katerim se je ta zavezal k udeležbi pri povečanju delniškega kapitala skupine za znesek do 2864 milijonov EUR (ukrep C).
All the aid measures listed in Table 8 should be declared compatible with the internal market.
Zaradi razlogov, pojasnjenih v uvodni izjavi 277, ta ukrep vključuje uporabo državnih sredstev.
ASSESSMENT OF AID GRANTED TO THE BANK
Ukrep pomeni prednost za skupino, saj zagotavlja, da bo lahko pridobila potrebni kapital, kar bo pomirilo deponente in skupini olajšalo zbiranje kapitala zasebnih vlagateljev.
EXISTENCE AND THE AMOUNT OF AID
Če zasebni vlagatelji ne bodo vpisali celotnega zneska povečanja kapitala, bo moral sklad HFSF izpolniti zavezo iz pisma o zavezi in dejansko vložiti kapital v skupino.
Existence of aid in the measures granted under the Greek Banks Support Scheme
Tak kapitalski vložek bi v primerjavi s pismom o zavezi pomenil večjo prednost v korist skupine.
State liquidity support granted under the guarantee and the government bond loan measures (measure L1)
Za razliko od samega pisma o zavezi dejanski kapitalski vložek zviša kapitalsko ustreznost skupine.
The Commission has already established in the decisions approving and prolonging the Greek Banks Support Scheme [131] that liquidity support granted under the scheme constitutes aid.
Niti pismo o zavezi niti njegova morebitna izvedba v obliki dejanskega kapitalskega vložka nista skladna z načelom vlagatelja v tržnem gospodarstvu.
The outstanding amount of guarantees as of 15 April 2011 was EUR 13600 million, and reached EUR 13932 million as of 30 November 2013.
Tudi če bi sklad HFSF nove delnice kupil po enaki ceni kot zasebni vlagatelji, se okoliščine udeležbe sklada močno razlikujejo od okoliščin udeležbe zasebnih vlagateljev, ki bodo vpisali nove delnice.
Future liquidity support granted under that scheme would also constitute aid.
Sklad HFSF se je zavezal, da bo po potrebi vpisal celotni znesek povišanja delniškega kapitala, preden se kateri koli zasebni vlagatelj uradno zaveže k nakupu delnic.
The Commission has already established in the Decision of 19 November 2008 on the Greek Banks Support Scheme that recapitalisations to be granted under the recapitalisation measure included under that scheme will constitute aid.
Poleg tega bo sklad HFSF sodeloval le, če bo zanimanje zasebnih vlagateljev za nakup po najnižji ceni iz objavljenega razpona cen nezadostno.
The Bank has received EUR 950 million by means of preference shares, which represents 2 % of the Bank’s RWA [132].
Tako bo sklad HFSF zagotovil kapital, ki ga skupina ne bo mogla pridobiti na trgu, po enaki ceni za delnico.
In 2010 Greece introduced several changes to the technical parameters of those preference shares.
Zato sklad zagotavlja kapital v znesku ali po ceni, ki je trg ni pripravljen zagotoviti.
Given that the changes increase the remuneration of the State, with an automatic increase of the coupon by 2 % each year if the preference shares are not redeemed within five years, the Commission concludes that the modifications of the technical parameters do not provide any advantage to the Bank and hence do not involve additional State aid.
Ukrep C je selektiven, saj je bil dodeljen samo skupini.
Existence of aid in the State-guaranteed ELA (measure L2)
Položaj skupine se je okrepil, saj je dobila finančna sredstva, ki jih je potrebovala, da bi lahko še naprej izpolnjevala predpisane kapitalske zahteve, ki jih je določila grška centralna banka.
The Commission clarified in point 51 of the 2008 Banking Communication that the provision of central banks’ funds to financial institutions does not constitute aid if four cumulative conditions are met regarding the solvency of the financial institution, the collateralisation of the facility, the interest rate charged to the financial institution, and the absence of counter-guarantee from the State.
Zato ukrep zagotavlja prednost, ki izkrivlja konkurenco.
Since the State-guaranteed ELA to the Bank does not comply with those four cumulative conditions, notably because it is State guaranteed and it is granted in conjunction with other support measures, it constitutes aid.
Poleg tega bi lahko ukrep C prizadel trgovino med državami članicami, saj skupina deluje na drugih evropskih bančnih trgih in finančne institucije iz drugih držav članic delujejo v Grčiji, zlasti na zavarovalniškem trgu.
The State-guaranteed ELA meets the conditions laid down in Article 107(1) of the Treaty.
Zaveza za dokapitalizacijo iz leta 2014 pomeni državno pomoč v smislu člena 107(1) Pogodbe.
ELA enables banks to get funding at a time when they have no access to the wholesale funding market and to the regular Eurosystem refinancing operations.
Ukrepi A, B1, B2, B3, B4 in C so državna pomoč v smislu člena 107(1) Pogodbe.
The State-guaranteed ELA to the Bank therefore grants an advantage to it.
Preglednica 11
Since ELA is limited to the banking sector the measure is selective.
Pregled skupne pomoči, ki jo je prejela skupina
And since the State-guaranteed ELA allows the Bank to continue operating on the market and avoids it defaulting and having to exit the market, it distorts competition.
Sklic
Since the Bank is active in other Member States and since financial institutions from other Member States operate or would potentially be interested in operating in Greece, the advantage granted to the Bank affects trade between Member States.
Vrsta ukrepa
The State-guaranteed ELA (measure L2) constitutes State aid.
Znesek pomoči
The amount of State-guaranteed ELA has varied over time.
Pomoč/tveganju prilagojena aktiva
At 31 December 2012 it amounted to around EUR 12 billion.
Prednostne delnice
Existence of aid in the measures granted through the HFSF
Kapitalska podpora
First bridge recapitalisation (measure B1)
950 milijonov EUR
In section 5.1 of the Eurobank Opening Decision, the Commission has already concluded that the first bridge recapitalisation constitutes State aid.
Prva premostitvena dokapitalizacija
The capital received amounted to EUR 3970 million.
Druga premostitvena dokapitalizacija
Measure B2 was implemented with HFSF resources, which, as explained in recital 47 of the Eurobank Opening Decision, involve State resources.
Dokapitalizacija iz pomladi 2013
As regards the existence of an advantage, measure B2 increased the Bank’s capital ratio to a level that allowed it to continue to function on the market and to access Euro-system funding.
5839 milijonov EUR
Because that remuneration is manifestly lower than the remuneration of similar capital instruments in the market, the Bank would have certainly been unable to raise that capital on such terms in the market.
Zaveza za zagotovitev kapitalske podpore
As a result of measure B2, the position of the Bank was strengthened since the Bank was provided with the financial resources necessary to continue to comply with the capital requirements, thus leading to competition distortions.
9653 milijonov EUR
Since the Bank is active in other European banking markets and since financial institutions from other Member States operate in Greece, notably in the insurance market, measure B2 is also likely to affect trade between Member States.
Skupni kapital, izplačan skupini
The Commission considers that measure B2 constitutes State aid.
6789 milijonov EUR [bi lahko znašal 9653 milijonov EUR, če bo moral sklad HFSF zagotoviti celotni znesek povečanja kapitala iz aprila 2014]
It was notified as aid by the national authorities.
Nominalni znesek pomoči
The capital received amounted to EUR 1341 million.
Likvidnostna podpora
Commitment letter (measure B3)
13932 milijonov EUR
By measure B3, the HFSF committed to provide the additional capital necessary to complete the recapitalisation of the Bank up to the amount requested by the Bank of Greece in the framework of the stress test of 2012.
30. novembra 2013
The HFSF receives its resources from the State.
Izredna likvidnostna pomoč z državnim jamstvom
The Commission therefore concludes that the letter commits State resources.
Sredstva in jamstvo
The circumstances in which the HFSF can grant support to financial institutions are precisely defined and limited by law.
12000 milijonov EUR
Accordingly the use of those State resources is imputable to the State.
31. decembra 2012
The HFSF gave a commitment to provide up to EUR 528 million of additional capital.
Skupna likvidnostna pomoč, dodeljena skupini
The commitment letter granted an advantage to the Bank because it reassured depositors that the Bank would be able to raise the entire amount of capital it had to raise, that is to say, the HFSF would provide the capital should the Bank fail to raise it on the market.
25932 milijonov EUR
That commitment also facilitates the raising of private capital from the market, since investors are reassured that, if the Bank cannot find part of the capital from the market, the HFSF will provide it.
PRAVNA PODLAGA ZA OCENO ZDRUŽLJIVOSTI
No private investor would have accepted to commit before the terms of the recapitalisation were known, and at that time the Bank had no access to capital market.
Kot je bilo ugotovljeno v uvodni izjavi 200, je treba ukrepe pomoči oceniti na podlagi člena 107(3)(b) Pogodbe [135].
Since the Bank is active in other European banking markets and since financial institutions from other Member States operate in Greece, notably in the insurance market, measure B3 is also likely to affect trade between Member States and to distort competition.
Navodila glede ukrepov dokapitalizacije so na voljo v Sporočilu o dokapitalizaciji in Sporočilu o podaljšanju iz leta 2011.
Measure B3 therefore constitutes aid and was notified as State aid by the Greek authorities on 27 December 2012.
V Sporočilu o prestrukturiranju je opredeljen pristop Komisije v zvezi z oceno načrtov prestrukturiranja, zlasti potrebe po ponovni vzpostavitvi uspešnega poslovanja, da se zagotovi ustrezen prispevek upravičenca in omeji izkrivljanje konkurence.
The Spring 2013 recapitalisation (measure B4) is the conversion of the first and second bridge recapitalisations (measures B1 and B2) and of the commitment letter (measure B3) into a permanent recapitalisation of EUR 5839 million in ordinary shares.
Navedeni okvir je bil dopolnjen s Sporočilom o bančništvu iz leta 2013, ki se uporablja za ukrepe pomoči, priglašene po 1. avgustu 2013.
Since measure B4 is the conversion of aid already granted, it still involves State resources but it does not increase the nominal amount of aid.
Pravna podlaga za oceno združljivosti likvidnostne podpore skupini (ukrep L1)
However, it increases the advantage to the Bank (and therefore the distortions of competition) since it is a permanent recapitalisation and not a temporary recapitalisation as in the case of measures B1 and B2.
Likvidnostna podpora, ki jo je skupina že prejela, je bila dokončno odobrena z zaporednimi odločbami o odobritvi ukrepov v okviru programa pomoči grškim bankam ter odobritvi sprememb in podaljšanj programa [136].
Compared to measure B3, which is only a commitment and not an actual recapitalisation, measure B4 increased the capital adequacy of the Bank and is therefore more advantageous.
Kakršno koli prihodnjo likvidnostno podporo bo treba skupini dodeliti v okviru programa, ki ga je Komisija ustrezno odobrila.
The Commission notes that such support was not granted to all banks operating in Greece.
Pogoje za tako pomoč bo morala Komisija odobriti pred dodelitvijo pomoči, zato jih v tem sklepu ni treba podrobneje oceniti.
As regards distortions of competition and effect on trade, the Commission notes for instance that the aid enabled the Bank to pursue its operations in other Member States, such as Romania or Bulgaria.
Pravna podlaga za oceno združljivosti prednostnih delnic (ukrep A)
A liquidation of the Bank would have led to the termination of its activities abroad, through the liquidation of those activities or the sale of the businesses.
Pravna podlaga za oceno združljivosti izredne likvidnostne pomoči z državnim jamstvom (ukrep L2)
In addition, the insurance activities of the Bank in Greece compete with the activities of subsidiaries of insurance companies from other Member States.
Pravna podlaga za oceno združljivosti dokapitalizacij iz sklada HFSF (ukrepi B1, B2, B3 in B4)
Therefore, the measure distorts competition and affects trade between Member States.
Pravna podlaga za oceno združljivosti zaveze za dokapitalizacijo iz leta 2014 (ukrep C)
Measure B4 therefore constitutes State aid.
SKLADNOST UKREPA L2 S SPOROČILOM O BANČNIŠTVU IZ LETA 2008, SPOROČILOM O PODALJŠANJU IZ LETA 2011 IN SPOROČILOM O BANČNIŠTVU IZ LETA 2013
Conclusion on measures B1, B2, B3 and B4
Ker grške banke niso imele dostopa do trga medbančnih posojil in so postale povsem odvisne od financiranja centralne banke, kot je navedeno v uvodni izjavi 32, in ker si skupina ni mogla izposoditi zadostnih sredstev prek rednih operacij refinanciranja, je potrebovala izredno likvidnostno pomoč z državnim jamstvom, da bi si zagotovila zadostno likvidnost in s tem preprečila svoj propad.
Measures B1, B2, B3 and B4 constitute State aid within the meaning of Article 107(1) of the Treaty.
Komisija meni, da je ukrep L2 primeren mehanizem za odpravo resne motnje, ki bi jo povzročil propad skupine.
The amount of State aid included in measures B1, B2, B3 and B4 is EUR 5839 million, which was also the amount of State support actually paid out by HFSF to the Bank.
Izredna likvidnostna pomoč z državnim jamstvom pomeni razmeroma visoke stroške financiranja za skupino, zato ima ta zadostno spodbudo, da se pri razvoju svojih dejavnosti ne zanaša na navedeni vir financiranja.
Point 31 of the Restructuring Communication indicates that, besides the absolute amount of aid, the Commission has to take into account the aid ‘in relation to the bank’s risk-weighted assets’.
Skupina je morala plačevati obrestno mero, ki je bila […] bazičnih točk višja od tiste za redne operacije refinanciranja Eurosistema.
Measures B1, B2, B3 and B4 have been granted over the course of a one-year period, from April 2012 until May 2013.
Poleg tega je morala državi plačati provizijo za jamstvo v višini […] bazičnih točk.
During that period, the RWA of the Bank changed.
Zato so skupni stroški izredne likvidnostne pomoči z državnim jamstvom za skupino bistveno višji od običajnih stroškov refinanciranja ECB.
The question therefore arises as to which level of RWA should be used, that is to say, that which existed at the beginning of the period or that which existed at the end of the period.
Kar zadeva znesek izredne likvidnostne pomoči z državnim jamstvom, ga grška centralna banka in ECB redno preverjata ob upoštevanju dejanskih potreb skupine.
Measures B1, B2, B3 and B4 aim at covering a capital need identified by the Bank of Greece in March 2012 (the stress test of 2012).
Pozorno spremljata uporabo te pomoči in zagotavljata, da je omejena na najmanjši potrebni znesek.
In other words, the capital needs those measures covered already existed in March 2012.
Zato ukrep L2 skupini ne zagotavlja presežne likvidnosti, ki bi jo lahko uporabila za financiranje dejavnosti, ki izkrivljajo konkurenco.
The Commission therefore considers that the aid amount included in measures B1, B2, B3 and B4 should be compared to the RWA of the Bank at 31 March 2012.
Ukrep je omejen na najmanjši potrebni znesek.
It is also recalled that the Bank of Greece, after March 2012 and until the Spring 2013 recapitalisation, did not take into account acquisitions made by Greek banks to adjust — upwards or downwards — their capital needs.
Tak natančen nadzor nad uporabo izredne likvidnostne pomoči z državnim jamstvom in redno preverjanje, ali je uporaba te pomoči omejena na najmanjšo potrebno, zagotavljata tudi, da je ta likvidnost sorazmerna in ne povzroča neupravičenega izkrivljanja konkurence.
That factor further demonstrates that measures B1, B2, B3 and B4 were aid measures related to the perimeter of the Bank as it existed at 31 March 2012.
Komisija ugotavlja tudi, da se je Grčija zavezala, da bo izvedla več ukrepov za zmanjšanje negativnih učinkov prelivanja, kot je analizirano v oddelku 7.6, kar dodatno zagotavlja, da se bo skupina čim prej prenehala zanašati na likvidnostno podporo in da je taka pomoč sorazmerna.
The first and second bridge recapitalisations and the commitment letter altogether amounted to EUR 5839 million.
SKLADNOST UKREPOV B1, B2, B3 IN B4 S SPOROČILOM O BANČNIŠTVU IZ LETA 2008, SPOROČILOM O DOKAPITALIZACIJI IN SPOROČILOM O PODALJŠANJU IZ LETA 2011
That amount represents 13,8 % of the RWA of the Bank at 31 March 2012.
Sporočilo o dokapitalizaciji in Sporočilo o podaljšanju iz leta 2011 določata dodatna navodila glede ravni nadomestila, potrebnega za državne kapitalske vložke.
On 31 March 2014 the Bank received a commitment letter from the HFSF, by which the HFSF gave a commitment to participate in the share capital increase of the Bank for an amount of up to EUR 2864 million (measure C).
Primernost ukrepov
For the reasons explained in recital 277, that measure involves the use of State resources.
Komisija meni, da so dokapitalizacije iz sklada HFSF (ukrepi B1, B2, B3 in B4) primerne, saj preprečujejo stečaj skupine.
That measure constitutes an advantage to the Bank since it ensures that the Bank it will find the capital it needs, which will reassure depositors and facilitate it in raising capital from private investors.
Skupina brez teh dokapitalizacij ne bi mogla nadaljevati svojih dejavnosti, saj je bil njen kapital konec leta 2012 negativen [138].
If private investors do not subscribe to the entire amount of the capital increase, the HFSF has to actually inject capital into the Bank in application of the commitment letter.
V zvezi s tem je Komisija v sklepu o začetku postopka za skupino Eurobank opozorila, da je skupina ena od največjih bančnih institucij v Grčiji, tako v smislu dajanja posojil kot v smislu zbiranja vlog.
Such a capital injection would, compared to the commitment letter, constitute a larger advantage in favour of the Bank.
Kot taka je skupina sistemsko pomembna za Grčijo.
Unlike a mere commitment letter, the actual injection of capital increases the capital adequacy of the Bank.
Zato bi propad skupine povzročil resno motnjo v grškem gospodarstvu.
Neither the commitment letter nor its potential implementation in the form of an actual capital injection complies with the market economy investor principle.
V takratnih prevladujočih okoliščinah so imele finančne institucije v Grčiji težave pri dostopu do financiranja.
Even if the HFSF were to purchase the new shares at the same price as private investors, the circumstances of the participation of the HFSF are very different from those of the private investors who will subscribe to new shares.
Nezadostno financiranje je omejilo njihovo sposobnost zagotavljanja posojil grškemu gospodarstvu.
The HFSF has committed to subscribe the entire share capital increase if needed, before any private investor has formally committed to buy shares.
V takih razmerah bi propad skupine še povečal motnje v gospodarstvu.
Private investors who buy new shares will be certain that in any event the Bank will raise the entire amount of capital needed, since the HFSF will act as a backstop and purchase any shares not subscribed by private investors.
Poleg tega so bili ukrepi B1, B2, B3 in B4 sprejeti predvsem zaradi programa PSI, ki je bil zelo izjemen in nepredvidljiv dogodek, in ne zaradi slabega upravljanja ali prevzemanja prevelikih tveganj s strani skupine.
Secondly, the HFSF will participate only if there is insufficient demand from private investors at the floor of the announced price range.
Ukrepi se zato nanašajo predvsem na rezultate programa PSI in prispevajo k ohranjanju finančne stabilnosti v Grčiji.
As such, the HFSF will provide capital which the Bank cannot find on the market at the same price per share.
Komisija je v sklepu o začetku postopka za skupino Eurobank izrazila dvom o tem, ali so bili takoj sprejeti vsi možni ukrepi za zagotovitev, da skupina v prihodnosti ne bo več potrebovala pomoči.
In consequence, the HFSF provides capital for an amount or at a price which the market is not ready to provide.
Kot je navedeno v uvodnih izjavah 130 do 132 tega sklepa, se je Grčija zavezala, da bo izvedla več ukrepov v zvezi z upravljanjem podjetij in komercialnimi dejavnostmi skupine.
Because it was only granted to the Bank, measure C is selective.
Kot je opisano v uvodnih izjavah 102 do 104 in 111, je skupina tudi obširno prestrukturirala svoje dejavnosti in pri tem že izvedla veliko ukrepov za znižanje stroškov in odprodaj.
The position of the Bank was strengthened since the Bank was provided with the financial resources necessary to continue to comply with the regulatory capital requirements set by the Bank of Greece.
S tem so bili dvomi Komisije odpravljeni.
It therefore provides an advantage which distorts competition.
Komisija je v sklepu o začetku postopka za skupino Eurobank izrazila dvom tudi o tem, ali obstajajo ustrezni zaščitni ukrepi za primer, da bi skupina prešla pod državni nadzor, ali za primer, da bi zasebni delničarji ohranili nadzor, država pa bi postala večinska lastnica skupine.
Since the Bank is active in other European banking markets and since financial institutions from other Member States operate in Greece, notably in the insurance market, measure C is also likely to affect trade between Member States.
Komisija ugotavlja, da zaveze iz uvodnih izjav 131 in 132 zagotavljajo, da se bodo kreditni posli skupine opravljali na komercialni osnovi in da bo vsakodnevno poslovanje zaščiteno pred poseganjem države.
The 2014 recapitalisation commitment constitutes State aid within meaning of Article 107(1) of the Treaty.
Okvir odnosov, o katerem sta se dogovorila sklad HFSF in skupina, zagotavlja tudi, da so interesi države kot glavnega delničarja zaščiteni pred prevzemanjem prevelikih tveganj s strani vodstva skupine.
The amount of aid included in that measure is EUR 2864 million, which represents 7,5 % of the RWA of the Bank at 31 December 2013 [133].
Ukrepi B1, B2, B3 in B4 tako zagotavljajo ohranitev finančne stabilnosti v Grčiji.
If the HFSF actually injects further capital in the Bank in implementation of that commitment, it will increase the advantage to the Bank and the distortions of competition but will not increase the nominal amount of aid [134].
Sprejeti so bili pomembni ukrepi za zmanjšanje prihodnjih izgub in za zagotovitev, da neustrezno upravljanje ne bo ogrožalo dejavnosti skupine.
Measures A, B1, B2, B3, B4 and C constitute State aid within the meaning of Article 107(1) of the Treaty.
Na podlagi tega Komisija ugotavlja, da so ukrepi B1, B2, B3 in B4 primerni.