natgillin/translations-raw huggingface dataset:
In addition, since no non-aided bidder submitted any bid to acquire the perimeter of activities acquired by the Bank, there is no crowding out of non-aided investors.
Lastni prispevek in porazdelitev bremena
In conclusion, in view of the elements in recitals 257 and 258, the acquisition does not fall under the prohibition in points 39 and 40 of the Restructuring Communication.
Kot je navedeno v sporočilu o prestrukturiranju, morajo banke in njihovi delničarji čim bolj prispevati k prestrukturiranju in tako zagotoviti, da se pomoč omeji na najmanjšo potrebno.
In addition, the Commission recalls that the Bank’s need for aid does not stem from mismanagement or inappropriate risk taking.
Zato morajo banke za financiranje prestrukturiranja uporabiti svoje vire, na primer s prodajo sredstev, delničarji pa morajo absorbirati izgube banke, če je to mogoče.
Conclusion on the acquisition of Citibank Greece
Lastni prispevek skupine: odprodaje in znižanje stroškov
It is concluded that, in the light of the unique situation of the Bank [106] and the specificities of the acquisition of Citibank Greece, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Skupina je že odprodala nekaj malih podjetij v tujini (Ukrajina) in zmanjšala del svojega portfelja, da bi okrepila svojo kapitalsko ustreznost in likvidnostni položaj.
COMPLIANCE OF MEASURES A, B1, B2, B3, AND B4 WITH THE RESTRUCTURING COMMUNICATION
Skupina je na primer od leta 2009 do leta 2013 tujo aktivo zmanjšala za 1,9 milijarde EUR [114].
Sources of difficulties and consequences on the assessment under the Restructuring Communication
V načrtu prestrukturiranja je predvidena prodaja nadaljnjih sredstev v jugovzhodni Evropi, kot je opisano v uvodni izjavi 107.
As indicated in sections 2.1.1 and 2.1.2, the difficulties faced by the Bank come mainly from the Greek sovereign crisis and the deep recession in Greece and southern Europe.
Ob upoštevanju dosedanjega zmanjšanja zadolževanja in že opravljenih odprodaj bo skupina po izvedbi navedenih zavez bistveno zmanjšala geografsko območje v jugovzhodni Evropi, na katerem deluje.
As regards the former factor, the Greek government lost access to financial markets and finally had to negotiate an agreement with its domestic and international creditors, the PSI programme, which resulted in a haircut of the claims held against the State by 53,3 %.
Z zmanjševanjem mednarodnih sredstev skupine se bo zmanjšalo tudi naključno tveganje, da bo pomoč potrebna v prihodnosti.
In addition, 31,5 % of the claims was exchanged for new GGBs with lower interest rates and longer maturities.
Zmanjševanje torej pripomore k zmanjšanju zneska pomoči na najmanjšega potrebnega.
Those new GGBs were bought back by the State from the Greek banks in December 2012 at a price between 30,2 % and 40,1 % of their nominal value, thereby crystalising a further loss for the Greek banks.
Da bi skupina omejila svoje kapitalske potrebe, se je zavezala, da kapitala ne bo uporabljala za podporo svojim odvisnim podjetjem v tujini ali za njihovo povečanje, kot je opisano v uvodni izjavi 119.
Beside the impact of the PSI programme and the debt buy-back on its capital position, the Bank also observed huge deposit outflows between 2010 and mid-2012, due to the risk that Greece might exit the euro area as a consequence of an unsustainable public debt and due to the economic recession.
Poleg tega zaveze Grčije zagotavljajo, da skupina ne bo izvajala nadaljnjih prevzemov.
Measures B1, B2, B3 and B4 amount to EUR 4571 million, which is less than the amount of the loss booked following the PSI programme (EUR 4786 million).
Skupina je začela izvajati tudi obsežen program za znižanje stroškov, kot je navedeno v oddelku 2.4.2.
In such a case, and if the difficulties do not result primarily from excessive risk-taking behaviour, point 14 of the 2011 Prolongation Communication provides that the Commission will lighten its requirements.
Grčija se je zavezala tudi, da bo omejila nadomestila upravljavcem skupine, […].
The largest part of the capital needs stem from regular exposure of a financial institution to the sovereign risk of its domestic country.
Porazdelitev bremena na stare delničarje in novi kapital, zbran na trgu
That fact was also pointed out in recitals 58 and 69 of the Alpha Opening Decision.
Poleg tega skupina dividend v denarnih sredstvih ni izplačala že od leta 2008.
The Commission also observes that the Bank’s exposure to the Greek sovereign risk was smaller than that of the other main Greek banks, so it cannot be considered to have accumulated an excessive exposure to sovereign debt.
Ob navedeni porazdelitvi bremena starih delničarjev je skupina od začetka krize leta 2008 zbrala znaten znesek zasebnega kapitala, tj. 986 milijonov EUR leta 2009, 550 milijonov EUR leta 2013 in 1200 milijonov EUR leta 2014.
As a consequence there is less need for the Bank to address moral hazard issues in its restructuring plan than for other aided financial institutions which accumulated excessive risks.
Porazdelitev bremena na imetnike podrejenega dolga
As the aid measures are less distortive, the measures taken to limit distortions of competition should therefore be proportionately softened.
Imetniki podrejenega dolga skupine so prispevali h kritju stroškov prestrukturiranja skupine.
Since the PSI programme and the debt buy-back constitute a debt waiver in favour of the State, the remuneration of the State when recapitalising banks can be lower.
Skupina je izvedla več ukrepov upravljanja obveznosti, da bi ustvarila kapital.
However since the Greek economy has contracted by about 25 % since 2008 and since the Bank has acquired a less viable bank in the form of Emporiki Bank, the Bank has to adapt its organisation, its cost structure and its commercial network to that new environment, in order to restore profitability.
Skupni znesek zamenjanih obveznosti je znašal 828 milijonov EUR, kapitalski dobiček pa 436 milijonov EUR, kot je opisano v uvodni izjavi 114.
Therefore, notwithstanding the absence of moral hazard issue, the Bank must rationalise its operations in Greece to secure its long-term viability.
Za preostale neporavnane instrumente velja prepoved kuponov, navedena v uvodni izjavi 124.
As a result, the aid granted to cover those losses does not create moral hazard, which is the case when the aid shelters a bank from the consequences of past risky behaviours.
Lastni prispevek in porazdelitev bremena, zlasti v obliki prodaje premoženja in zmanjšanjem portfelja posojil, sta v primerjavi s skupnim zneskom dokapitalizacij, prejetih od države, precej nižja od tega, kar Komisija običajno šteje za zadostno.
The aid is therefore less distortive [107].
Zmanjšanje se nanaša le na tuje dejavnosti [116], ki predstavljajo omejen del skupine [117], v okviru prestrukturiranja pa ni predvideno nobeno zmanjšanje obsega portfelja posojil in vlog v Grčiji.
However, part of the capital needs and loan losses of the Bank comes from some international subsidiaries.
Vendar se lahko ob upoštevanju elementov, obravnavanih v oddelku 7.6.1, in zlasti dejstev, da je banka Alpha Bank prejela najmanj pomoči med velikimi grškimi bankami, prejeta pomoč pa v celoti izpolnjuje pogoje za izvzetje iz točke 14 sporočila o podaljšanju iz leta 2011, na podlagi katere lahko Komisija sprejme nižji lastni prispevek in porazdelitev bremena, za načrt prestrukturiranja šteje, da zagotavlja ustrezne ukrepe za lastni prispevek in porazdelitev bremena.
In 2012, for instance, activities in Cyprus, Romania, Serbia, FYROM and Bulgaria were loss-making, while activities in Albania only broke even.
Ukrepi za omejitev izkrivljanja konkurence
The stress tests performed in 2012 to determine the capital needs of the Bank indicated that credit loss projections on foreign loans amounted to EUR 921 million in the base scenario and EUR 1201 million in the adverse scenario.
Sporočilo o prestrukturiranju zahteva, da se v načrtu prestrukturiranja predlagajo ukrepi za omejevanje izkrivljanja konkurence in zagotavljanje konkurenčnega bančnega sektorja.
The foreign assets also constituted a drain on liquidity since the intra-group funding amounted to several billion euros.
Poleg tega morajo navedeni ukrepi obravnavati tudi vprašanja moralnega tveganja in zagotoviti, da se državna pomoč ne uporabi za financiranje protikonkurenčnega ravnanja.
In conclusion, since, among the four largest Greek banks, the Bank had the lowest holding of GGBs at the time of the PSI and since the loss resulting from the PSI was larger than the aid received through measures B, B2, B3 and B4, it can be concluded that most of the losses and the need for aid fall under point 14 of the 2011 Prolongation Communication, which allows the Commission to lighten its requirements.
V točki 31 sporočila o prestrukturiranju je navedeno, da mora Komisija pri ocenjevanju zneska pomoči in izkrivljanja konkurence, ki pri tem nastane, upoštevati absolutni in relativni znesek prejete državne pomoči ter stopnjo porazdelitve bremena in položaj na trgu, ki ga bo finančna ustanova imela po prestrukturiranju.
Part of the need for aid stems from Greek loan losses due to the exceptionally deep and long recession and not from risky lending.
Komisija v zvezi s tem opozarja, da je skupina od države prejela kapitalsko podporo, enako 12 % njene tveganju prilagojene aktive [118].
Such aid does not create moral hazard and is therefore less distortive.
Poleg tega je skupina 30. novembra 2011 pridobila likvidnostna jamstva v višini 14 milijard EUR, 30. septembra 2011 pa državna obligacijska posojila v višini 1,6 milijarde EUR, kar skupaj predstavlja 25 % bilance stanja skupine na navedeni datum.
Finally, a limited part of the need for aid comes from the Bank’s own risk taking as regards its foreign subsidiaries.
Skupina je prejela tudi izredno likvidnostno pomoč z državnim jamstvom.
Viability
Ukrepi za omejitev morebitnih izkrivljanj konkurence so torej zaradi navedenega visokega zneska pomoči utemeljeni.
A restructuring plan must ensure that the financial institution is able to restore its long-term viability by the end of the restructuring period (section 2 of the Restructuring Communication).
Po prevzemu banke Emporiki Bank je imela skupina na področju vlog v Grčiji 30. junija 2013 21-odstotni tržni delež, njeni tržni deleži na področju stanovanjskih hipotekarnih posojil, posojil potrošnikom in posojil podjetjem pa so bili 23-, 20- oziroma 21-odstotni [119].
In the case at hand, the restructuring period is defined as the period between the date of adoption of this Decision and 31 December 2018.
Po prevzemu grških dejavnosti banke Citibank se je tržni delež skupine na področju vlog povečal za manj kot 1 %.
In line with points 9, 10 and 11 of the Restructuring Communication, Greece submitted a comprehensive and detailed restructuring plan which provides complete information on the Bank’s business model.
Komisija opozarja, da so težave skupine nastale predvsem zaradi zunanjih pretresov, kot sta grška dolžniška kriza in dolgotrajna recesija, ki je po letu 2008 povzročila motnje v grškem gospodarstvu, kot je navedeno v uvodni izjavi 69 sklepa o začetku postopka za skupino Alpha.
The plan also identifies the causes of the difficulties faced by the Bank, as well as the measures taken to tackle all viability issues which it faced.
Potreba po obravnavi vprašanj moralnega tveganja je majhna, saj skupina ni prevzemala prevelikih tveganj.
Greek banking activities
Zato lahko Komisija izjemoma sprejme, da načrt prestrukturiranja kljub visokemu znesku pomoči in velikemu tržnemu deležu ne predvideva zmanjšanja bilance stanja in posojil v Grčiji.
As regards liquidity and the Bank’s reliance on Eurosystem funding, the restructuring plan foresees a limited growth of the balance sheet in Greece while the deposit base should grow again.
Vendar Komisija ugotavlja, da so državne dokapitalizacije skupini omogočile opravljanje bančnih dejavnosti na tujih trgih.
The reliance on State-guaranteed ELA, which has already fallen, will continue to decrease which will also help the Bank to reduce its cost of funding.
Komisija glede tega ugotavlja, da bo skupina poleg že zmanjšane zadolženosti in izvedenega prestrukturiranja nadalje prestrukturirala in zmanjšala svojo tujo aktivo do 30. junija 2018 [120] ob zavezi, da za financiranje rasti navedenih dejavnosti ne bo uporabila pomoči.
The sale of securities and of other non-core activities will also strengthen the liquidity position of the Bank.
Grčija se je zavezala tudi k prepovedi prevzemov, ki zagotavlja, da skupina prejete državne pomoči ne bo uporabila za prevzem novih podjetij.
Due to the still stressed liquidity position of the Bank, the Commission can accept the request of the Greek authorities to be authorised to provide liquidity to the Bank under the guarantee and government bond loan measures of the Greek Banks Support Scheme and under the State-guaranteed ELA.
Navedena prepoved prispeva k zagotavljanju, da se bo pomoč uporabila izključno v podporo ponovni vzpostavitvi uspešnega bančnega poslovanja v Grčiji in ne na primer za rast na tujih trgih.
The achievement of such a decrease in the cost of deposits will be a key contribution to improving the pre-provisioning profitability of the Bank.
Podobno bo zaveza za izvajanje strogih smernic v zvezi z oblikovanjem cen novih posojil na podlagi ustrezne ocene kreditnega tveganja skupini preprečila izkrivljanje konkurence na grškem trgu z neustreznimi strategijami oblikovanja cen posojil za stranke.
Since the start of the crisis the Bank has started rationalising its commercial network in Greece, through a reduction in the number of branches and employees [108].
Ob upoštevanju posebnega položaja, opisanega v oddelku 7.6.1, in ukrepov, predvidenih v načrtu prestrukturiranja, Komisija meni, da obstajajo ustrezni zaščitni ukrepi za omejitev izkrivljanja konkurence.
By 2017, the total costs of the Bank will have decreased by a further […]% compared to 2013.
SPREMLJANJE
To achieve that target Greece has committed that the Bank will reduce its branches and employees in Greece to […] and […] respectively at 31 December 2017, with maximum total costs [109] in Greece of EUR […] million.
V skladu z oddelkom 5 sporočila o prestrukturiranju se zahtevajo redna poročila, na podlagi katerih lahko Komisija preveri, ali se načrt prestrukturiranja ustrezno izvaja.
The expected cost-to-income ratio will be less than […]% at the end of the restructuring period.
Kot je navedeno v zavezah Grčije [121], bo Grčija zagotovila, da bo do konca obdobja prestrukturiranja, tj. do 31. decembra 2018, skrbnik spremljanja, ki ga je skupina že imenovala s soglasjem Komisije, spremljal zaveze Grčije v zvezi s prestrukturiranjem dejavnosti v Grčiji in v tujini ter upravljanjem podjetij in komercialnimi dejavnostmi.
The Commission considers that the restructuring plan preserves the efficiency of the Bank in the new market environment.
Zato se lahko sklene, da bo izvajanje načrta prestrukturiranja ustrezno spremljano.
One other key area is the handling of NPL, since they amounted to 32,4 % of the portfolio at 31 December 2013 [110].
SKLEPNA UGOTOVITEV
The Bank plans to enhance its credit policy (limits, collateral coverage) and to focus on the core activity in order to minimise its losses.
Sklene se, da je Grčija nezakonito izvajala ukrepe pomoči B1, B2, B3 in B4 s kršitvijo člena 108(3) Pogodbe, saj jih je izvajala pred uradno odobritvijo Komisije.
Greece has also given a commitment that the Bank will comply with high standards as regards its credit policy in order to manage risks and to maximise the value for the Bank at each stage of the credit process, as described in recital 122.
Vendar Komisija ugotavlja, da načrt prestrukturiranja skupaj z zavezami iz Priloge zagotavlja ponovno vzpostavitev dolgoročnega uspešnega poslovanja skupine in da je ustrezen v zvezi s porazdelitvijo bremena in lastnim prispevkom ter primeren in sorazmeren za izničenje učinkov izkrivljanja konkurence zaradi ukrepov pomoči, ki so proučeni v tem sklepu.
Corporate governance
Predloženi načrt prestrukturiranja in zaveze izpolnjujejo merila iz sporočila o prestrukturiranju, zato se lahko ukrepi pomoči štejejo za združljive z notranjim trgom –
Another point of attention is the governance of the Bank given that the HFSF owns 69,9 % [111] of the Bank’s shares following the 2014 share capital increase, but with restricted voting power.
SPREJELA NASLEDNJI SKLEP:
Additionally, some of the private investors which control the Bank also own warrants and thus would gain the full benefit should the share price soar during the restructuring period.
Člen 1
Because that situation could create moral hazard, a specific relationship framework was agreed between the Bank and the HFSF in 2013.
Naslednji ukrepi, ki jih izvaja Grčija, pomenijo državno pomoč v smislu člena 107(1) Pogodbe:
That agreement protects the day-to-day business of the Bank from any interference from its main shareholders, while ensuring that the HFSF can monitor the implementation of the restructuring plan and prevent excessive risk-taking by the Bank’s management through appropriate consultation procedures.
izredna likvidnostna pomoč, ki jo je banki Alpha Bank S.A. zagotovila grška centralna banka in zajamčila Grčija (ukrep L2);
The Bank has also committed to monitor closely its exposure to connected borrowers.
druga premostitvena dokapitalizacija v višini 1042 milijonov EUR, ki jo je decembra 2012 banki Alpha Bank S.A. dodelil grški sklad za finančno stabilnost (v nadaljnjem besedilu: sklad HFSF) (ukrep B2);
The Commission notes positively the fact that the HFSF automatically regains voting rights if the Bank does not implement its restructuring plan.
pismo o zavezi za zagotovitev sredstev v višini 1629 milijonov EUR, ki jih je 21. decembra 2012 banki Alpha Bank S.A. dodelil sklad HFSF (ukrep B3);
International activities
dokapitalizacija v višini 4021 milijonov EUR, ki jo je spomladi 2013 banki Alpha Bank S.A. dodelil sklad HFSF (ukrep B4).
Some of the Bank’s international activities have drained the Bank’s capital, liquidity and profitability in the past, as explained in recital 266.
Financiranje skupne likvidnostne vrzeli v višini 427 milijonov EUR, ki jo je sklad HFSF izvedel v okviru prenosa izbranih sredstev in obveznosti bank Cooperative Bank of Dodecanese, Evia Cooperative Bank in Cooperative Bank of Western Macedonia na banko Alpha Bank S.A. decembra 2013, ne pomeni državne pomoči v smislu člena 107(1) Pogodbe.
The restructuring plan anticipates that the Bank will continue to re-focus on its domestic market.
Ob upoštevanju načrta prestrukturiranja za skupino Alpha Bank Group (banka Alpha Bank z vsemi njenimi odvisnimi podjetji in podružnicami), ki je bil predložen 12. junija 2014, in zavez, ki jih je na isti datum predložila Grčija, je z notranjim trgom združljiva naslednja državna pomoč:
The Bank has already sold its unprofitable subsidiary in Ukraine.
kapitalska injekcija v višini 940 milijonov EUR, ki jo je maja 2009 Grčija dodelila banki Alpha Bank S.A. v okviru ukrepa dokapitalizacije (ukrep A);
It is planning further rationalisation of its network in retained subsidiaries, as described in recital 109.
prva premostitvena dokapitalizacija v višini 1900 milijonov EUR, ki jo je maja 2012 banki Alpha Bank S.A. dodelil sklad HFSF (ukrep B1);
The total amount of foreign assets will shrink by at least a further […]% by 31 December 2017 (compared to 31 December 2012).
druga premostitvena dokapitalizacija v višini 1042 milijonov EUR, ki jo je decembra 2012 banki Alpha Bank S.A. dodelil sklad HFSF (ukrep B2);
The overall profitability of international activities will be restored from […] onwards.
dokapitalizacija v višini 4021 milijonov EUR, ki jo je maja 2013 banki Alpha Bank S.A. dodelil sklad HFSF (ukrep B4).
Therefore the Commission believes that the Bank will have sufficiently restructured and reduced those foreign businesses in size to avoid it being exposed to additional capital needs and liquidity shortages in the future.
Člen 2
The commitment described in recital 119 to refrain from injecting large amounts of capital in the Bank’s international subsidiaries also ensures that foreign subsidiaries will not represent a threat for capital or liquidity.
Ta sklep je naslovljen na Helensko republiko.
Conclusion on viability
V Bruslju, 9. julija 2014
The base case scenario as described in section 2.4 shows that at the end of the restructuring period the Bank will be able to realise a return which allows it to cover all its costs and provide an appropriate return on equity taking into account its risk profile.
Za Komisijo
At the same time, the Bank’s capital position is projected to remain at a satisfactory level.
Podpredsednik
Finally, the Commission takes note of the adverse scenario described in the restructuring plan of the Bank as submitted by the Greek authorities.
Odločba Komisije z dne 19. novembra 2008 o državni pomoči N 560/2008, Ukrepi podpore za kreditne institucije v Grčiji (UL C 125, 5.6.2009, str.
That adverse scenario is based on a set of assumptions agreed with the HFSF.
6).
It takes into account a longer and deeper recession, as well as a more severe deflation of real estate prices [112].
Dodeljena ji je bila številka SA.26678 (N 560/2008).
The restructuring plan shows that the Bank is able to withstand a reasonable amount of stress as, in the adverse scenario, the Bank remains profitable and well capitalised at the end of the restructuring period.
Navedena shema je bila nato podaljšana in spremenjena, kot je opisano v opombi 2.
The amount of additional capital which was raised in 2014, namely EUR 1,2 billion, is sufficient to cope with the baseline scenario of the 2013 stress test in the restructuring period and to repay the preference shares, which the Bank did in April 2014 [113].
Glej Sklep Komisije z dne 27. julija 2012 o državni pomoči SA.
The Bank will also submit a contingent capital plan to the Bank of Greece with measures to be implemented if the economic environment deteriorates further.
34823 (2012/C) (ex2012 NN), „Recapitalisation Alpha Bank by the Hellenic Financial Stability Fund“ (Dokapitalizacija banke Alpha Bank iz grškega sklada za finančno stabilnost) ( UL C 357, 20.11.2012, str.
The Commission recalls that in the assessment of the capital needs under the baseline scenario, the Bank of Greece already introduced several adjustments which resulted in an increase of the estimated capital needs compared to the capital needs estimated by the Bank in its own baseline scenario.
36).
The Commission therefore considers that the baseline capital needs estimated by the Bank of Greece assume a certain degree of stress.
Sporočilo za javnost sklada HFSF z dne 24. decembra 2012 je na voljo na spletni strani: http://www.hfsf.gr/files/press_release_20121224_en.pdf
To conclude that the Bank is viable, the Commission does not require that the Bank has enough capital upfront to cover the stressed scenario capital needs estimated by the Bank of Greece, as the latter estimated level represents a high level of stress and as the March 2014 capital raising shows that the Bank has regained access to capital markets.
Komisija je navedene ukrepe evidentirala kot zadevo SA.36004 (2013/NN).
In addition, it is positive that the Bank will not make additional investments in non-investment grade paper, which will help to preserve its capital and liquidity position.
Priglasitev je bila evidentirana pod številko zadeve SA.34823 (2012/C) (ex2012 NN).
It is therefore concluded that the Bank has taken sufficient measures to restore its long-term viability.
Generalni direktorat Evropske komisije za gospodarske in finančne zadeve.
Own contribution and burden-sharing
Drugi program gospodarskega prilagajanja za Grčijo – marec 2012, str.
As stated in the Restructuring Communication, banks and their stakeholders need to contribute to the restructuring as much as possible in order to ensure that aid is limited to the minimum necessary.
17, na voljo na spletni strani: http://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp94_en.pdf