natgillin/translations-raw huggingface dataset:
Therefore the Commission considers it to be relatively small given that that amount enabled the sale of the Cypriot Transferred Activities and, as explained in recital 190, ensured the maintenance of the financial stability in Greece.
Znesek izplačane državne podpore je bil torej samo vsota prve in druge premostitvene dokapitalizacije, tj. 6253 milijonov EUR, in del te pomoči je bil odplačan v šestih mesecih med dokapitalizacijo iz pomladi 2013 (ukrep B4), saj je zasebna udeležba presegala znesek zaveze.
Following the sale of the Cypriot Transferred Activities, the Greek branches ceased to exist as stand-alone competitors as they were fully integrated into the Bank.
V točki 31 sporočila o prestrukturiranju je navedeno, da mora Komisija poleg absolutnega zneska pomoči upoštevati pomoč „v razmerju do tveganju prilagojene tehtane aktive banke“.
The Commission concludes that given the relatively small aid amount to the Cypriot Transferred Activities and the fact that they will not continue to exist as stand-alone competitors, there are no undue distortions of competition.
Postavlja se torej vprašanje, katero stopnjo RWA je treba uporabiti, in natančneje, ali bi bilo treba državno pomoč oceniti glede na RWA, ki je obstajal na začetku ali na koncu obdobja.
Conclusion on compliance with the Restructuring Communication
Ukrepi B1, B2 in B3 so namenjeni kritju kapitalske potrebe, ki jo je Banka Grčije opredelila marca 2012 (stresni test iz leta 2012).
On the basis of the analysis in recitals 199 to 206, it is concluded that the sale of the Cypriot Transferred Activities and their integration into the Bank ensure their long-term viability, that aid is limited to the minimum necessary and that there is no undue distortion of competition, in line with the Restructuring Communication.
To dodatno dokazuje, da so bili ukrepi B1, B2 in B3 ukrepi pomoči, povezani z banko Piraeus v obsegu, v kakršnem je obstajala na dan 31. marca 2012.
EXISTENCE AND AMOUNT OF AID
Ker je banki Piraeus uspelo privabiti zasebni kapital, je bil znesek, ki ga je GSFS dokončno vložil v banko Piraeus v obliki navadnih delnic, 5891 milijonov EUR, kar je 17,3 % RWA banke Piraeus na dan 31. marca 2012.
The Commission has to establish the existence of State aid to the Bank within the meaning of Article 107(1) of the Treaty.
Sklepna ugotovitev glede obstoja in skupnega zneska pomoči, ki jo je prejela banka Piraeus
Existence of aid in the measures granted under the Greek Bank Support Scheme
Ukrepi A, B1, B2, B3, B4, L1 in L2 pomenijo državno pomoč v smislu člena 107(1) Pogodbe.
State liquidity support granted under the guarantee and the government bond loan measures (measure L1)
Navedeni ukrepi so povzeti v preglednici 11.
The Commission has already established in the decisions approving and prolonging the Greek Banks Support Scheme [95] that liquidity support granted under the scheme constitutes aid.
Preglednica 11
In 2011, the Bank issued bonds guaranteed by the State amounting to a total of EUR 9,9 billion.
Pregled skupne pomoči, ki jo je prejela banka Piraeus
At the end of March 2014, the outstanding amount of bonds guaranteed by the State and of government bonds was EUR 9,9 billion and EUR 1024 million respectively [96].
Vrsta ukrepa
Future liquidity support granted under the Greek Banks Support Scheme would also constitute aid.
Znesek pomoči
The Commission has already established in the Decision of 19 November 2008 on the Greek Banks Support Scheme that recapitalisations to be granted under its recapitalisation measure constitutes aid.
Pomoč/RWA
The Bank has received EUR 750 million by means of preference shares, which represents 2,1 % of the Bank’s RWA [97].
Prednostne delnice
Existence of aid in the State-guaranteed ELA (measure L2)
Kapitalska podpora
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.
750 milijonov EUR
Since the State-guaranteed ELA granted to the Bank does not comply with those four cumulative conditions, in particular because it is State-guaranteed and it is granted in conjunction with other support measures, it cannot be concluded that the State-guaranteed ELA does not constitute State aid.
Prva premostitvena dokapitalizacija
The State-guaranteed ELA meets the requirements laid down in Article 107(1) of the Treaty.
Druga premostitvena dokapitalizacija
First, because that measure includes a State guarantee in favour of the Bank of Greece, any loss will be borne by the State.
Pismo o zavezi
The measure therefore involves State resources.
4700 milijonov EUR
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.
1553 milijonov EUR
The State-guaranteed ELA therefore grants an advantage to the Bank.
1082 milijonov EUR
Because 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.
8085 milijonov EUR
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.
Skupna pomoč, izplačana banki Piraeus A + B1 + B2
On the basis of the above, the Commission considers that the State-guaranteed ELA (measure L2) constitutes State aid.
7003 milijonov EUR
The amount of State-guaranteed ELA has varied over time.
Dokapitalizacija
On 31 December 2012, it amounted to around EUR 31,4 billion.
5891 milijonov EUR
After a sharp decrease in 2013, it amounted to only EUR 750 million at the end of that year.
Skupna kapitalska pomoč, izplačana banki Piraeus, brez pomoči, odplačane v šestih mesecih
Existence of aid in the measures granted through the HFSF
6641 milijonov EUR
First bridge recapitalisation (measure B1)
Nominalni znesek pomoči
In section 5.1 of the Piraeus Opening Decision, the Commission has already concluded that the first bridge recapitalisation constitutes State aid.
Likvidnostna podpora
The capital received amounted to EUR 4,7 billion.
Jamstvo
Second bridge recapitalisation (measure B2)
Obligacijsko posojilo
Measure B2 was implemented with HFSF resources, which, as explained in recital 65 of the Piraeus Opening Decision, involve State resources.
Jamstva: 9,9 milijarde EUR
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 Eurosystem funding.
Obligacijska posojila: 1,3 milijarde EUR
Furthermore, the remuneration of measure B2 consisted of the accrued interests on EFSF notes and an additional 1 % fee.
ELA z državnim jamstvom
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.
Financiranje in jamstvo
Therefore, measure B2 granted an advantage to the Bank from State resources.
31,4 milijarde EUR
As the measure was made available only to the Bank, it is selective in nature.
Skupna likvidnostna pomoč, odobrena banki Piraeus
The position of the Bank was strengthened as a result of measure B2 since the Bank was provided with the financial resources necessary to continue to comply with the capital requirements, thus leading to distortions of competition.
42,6 milijarde EUR
Since the Bank is active in banking markets in other Member States and since financial institutions from other Member States operate in Greece or would potentially be interested in operating in Greece measure B2 affects trade between Member States.
PRAVNA PODLAGA ZA OCENO ZDRUŽLJIVOSTI
The Commission considers that measure B2 constitutes State aid.
Kot je bilo ugotovljeno v uvodni izjavi 183, bi bilo treba ukrepe pomoči oceniti na podlagi člena 107(3)(b) Pogodbe [98].
It was notified as aid by the national authorities.
Smernice za ukrepe dokapitalizacije so na voljo v sporočilu o dokapitalizaciji in sporočilu o podaljšanju iz leta 2011.
The HFSF receives its resources from the State.
Likvidnostna podpora, ki jo je banka Piraeus že prejela, je bila dokončno odobrena z zaporednimi sklepi, s katerimi so bili odobreni ukrepi na podlagi programa pomoči grškim bankam ter njihove spremembe in podaljšanja [99].
The letter therefore commits State resources.
Kakršna koli prihodnja likvidnostna podpora za banko Piraeus bo morala biti dodeljena v okviru programa, ki ga bo ustrezno odobrila Komisija.
Accordingly the use of those State resources is imputable to the State.
Pravna podlaga za oceno združljivosti prednostnih delnic (ukrep A)
The HFSF gave a commitment to provide up to EUR 1082 million of additional capital.
Pravna podlaga za oceno združljivosti ELA z državnim jamstvom (ukrep L2)
That commitment also facilitated the raising of private capital from the market, since investors were reassured that, if the Bank could not find part of the capital from the market, the HFSF would provide it.
SKLADNOST UKREPA L2 S SPOROČILOM O BANČNIŠTVU IZ LETA 2008, SPOROČILOM O DOKAPITALIZACIJI IN SPOROČILOM O PODALJŠANJU IZ LETA 2011
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 markets.
Da bi bila pomoč združljiva na podlagi člena 107(3)(b) Pogodbe, mora izpolnjevati splošna merila za združljivost: primernost, nujnost in sorazmernost.
That advantage is selective since it was not granted to all the banks operating in Greece.
Ker grške banke niso več imele dostopa do trgov medbančnih posojil in so postale v celoti odvisne od financiranja centralne banke, kot je navedeno v uvodni izjavi 37, in ker si banka Piraeus ni mogla sposoditi zadostnega zneska sredstev na podlagi rednih operacij refinanciranja, se je banka Piraeus zanašala na ELA z državnim jamstvom za zagotovitev zadostne likvidnosti in preprečitev svojega propada.
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, measure B3 is also likely to affect trade between Member States and to distort competition.
Komisija meni, da je ukrep L2 primeren mehanizem za odpravo resne motnje, ki bi jo povzročil propad banke Piraeus.
Measure B3 therefore constitutes aid and was notified as State aid by the Greek authorities.
Ker ELA z državnim jamstvom vključuje razmeroma visoke stroške financiranja za banko Piraeus, za banko Piraeus obstaja zadostna spodbuda, da se pri razvoju svojih dejavnosti ne zanaša na navedeni vir financiranja.
HFSF’s participation in the Spring 2013 recapitalisation to cover the capital needs of the stress test of 2013 (measure B4)
Banka Piraeus je morala plačevati obrestno mero, ki je bila za […] bazičnih točk višja od tiste za redne operacije refinanciranja Eurosistema.
HFSF’s participation in the Spring 2013 recapitalisation aiming to cover the capital needs identified in the stress test of 2012 (measure B4) is the partial conversion of the first and second bridge recapitalisations (measures B1 and B2) into a permanent recapitalisation of EUR 5891 million in ordinary shares.
Poleg tega je morala banka Piraeus državi plačati premijo za jamstvo v višini […] bazičnih točk.
Since measure B4 is the partial conversion of aid already granted, it still involves State resources but it does not increase the nominal amount of aid.
Zato so skupni stroški ELA z državnim jamstvom za banko Piraeus mnogo višji od običajnih stroškov refinanciranja ECB.
However for a given nominal amount of aid, 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.
Kar zadeva znesek ELA z državnim jamstvom, ga Banka Grčije in ECB redno preverjata ob upoštevanju dejanskih potreb banke Piraeus.
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.
Z ukrepom L2 torej banki Piraeus niso zagotovljena čezmerna likvidna sredstva, ki bi se lahko uporabila za financiranje dejavnosti, ki izkrivljajo konkurenco.
A liquidation of the Bank would have led to the termination of its activities abroad, through the liquidation of those activities or their sale.
Ukrep je omejen na najmanjši potrebni znesek.
In addition, certain banks from other Member States were operating in Greece.
Tak natančen nadzor nad uporabo ELA z državnim jamstvom in redno preverjanje, ali je njena uporaba omejena na najmanjšo potrebno, zagotavljata tudi, da je ta likvidnost sorazmerna in ne vodi do neupravičenega izkrivljanja konkurence.
Therefore, the measure distorts competition and affects trade between Member States.
Komisija tudi ugotavlja, da se je Grčija zavezala, da bo banka Piraeus izvedla načrt prestrukturiranja, s katerim bo zmanjšala svojo odvisnost od financiranja s strani centralne banke, in da bo banka Piraeus ravnala v skladu z omejitvami ravnanja, kot je analizirano v oddelku 7.6.
The Commission therefore considers that measure B4 constitutes State aid.
Navedeni dejavniki zagotavljajo, da se bo odvisnost od likvidnostne podpore čim prej končala in da je taka pomoč sorazmerna.
Conclusion on measures B1, B2, B3 and B4
SKLADNOST UKREPOV B1, B2, B3 IN B4 S SPOROČILOM O BANČNIŠTVU IZ LETA 2008, SPOROČILOM O DOKAPITALIZACIJI, SPOROČILOM O PODALJŠANJU IZ LETA 2011 IN SPOROČILOM O BANČNIŠTVU IZ LETA 2013
Measures B1, B2, B3 and B4 constitute State aid within the meaning of Article 107(1) of the Treaty.
Kot je navedeno v uvodni izjavi 241 in v skladu s točko 15 sporočila o bančništvu iz leta 2008, mora pomoč, da bi bila združljiva na podlagi člena 107(3)(b) Pogodbe, izpolnjevati splošna merila za združljivost: [100] primernost, nujnost in sorazmernost.
The amount of State aid included in measures B1, B2, and B3 is EUR 7335 million.
Sporočilo o dokapitalizaciji in sporočilo o podaljšanju iz leta 2011 vsebujeta nadaljnje smernice glede ravni nadomestila, potrebnega za kapitalske vložke iz državnih virov.
As indicated in section 7.1.3.3, since the Bank attracted private capital amounting to EUR 1444 million in the Spring 2013 recapitalisation, only part of the first and second bridge recapitalisation (measures B1 and B2) was converted into a permanent recapitalisation (measure B4).
Primernost ukrepov
The additional capital of EUR 1082 million (measure B3) committed by the HFSF was not necessary and therefore not paid out.
Komisija meni, da so dokapitalizacije iz GSFS (ukrepi B1, B2, B3 in B4) primerne, ker banki Piraeus omogočajo izpolnjevanje kapitalskih zahtev.
The amount of State support paid out was therefore only the sum of the first and the second bridge recapitalisations, that is to say EUR 6253 million and part of that aid was repaid within six months during the Spring 2013 recapitalisation (measure B4) as the private participation exceeded the amount of the commitment.
Banka Piraeus brez dokapitalizacij iz GSFS ne bi mogla nadaljevati svojih dejavnosti in bi izgubila dostop do operacij refinanciranja ECB.
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’.
Komisija je v zvezi s tem v sklepu o začetku postopka Piraeus navedla, da je banka Piraeus ena od največjih bančnih institucij v Grčiji, tako v smislu dajanja posojil kot v smislu zbiranja vlog.
Measures B1, B2, and B3 were granted over the course of a one-year period, from April 2012 until May 2013.
Banka Piraeus je kot taka sistemsko pomembna za Grčijo.
During that period, the RWA of the Bank increased greatly following successive acquisitions.
Zato bi propad banke Piraeus povzročil resno motnjo v grškem gospodarstvu.
The question therefore arises as to which level of RWA should be used, and more particularly whether the State aid should be assessed by reference to the RWA that existed at the beginning of the period or at the end of the period.
Finančne institucije v Grčiji so v takratnih prevladujočih okoliščinah imele težave z dostopom do financiranja.
Measures B1, B2, and B3 aim at covering a capital need identified by the Bank of Greece in March 2012 (the stress test of 2012).
Zaradi navedenega pomanjkanja financiranja je bila omejena njihova možnost zagotavljanja posojil za grško gospodarstvo.
In other words, the capital needs that those State support measures aim to address already existed in March 2012.
V teh okoliščinah bi propad banke Piraeus še poslabšal motnje v gospodarstvu.
The Commission therefore considers that the aid amount included in measures B1, B2, and B3 should be compared to the RWA of the Bank at 31 March 2012.
Poleg tega so bili ukrepi B1, B2, B3 in B4 sprejeti predvsem zaradi programa PSI, zelo nenavadnega in nepredvidljivega dogodka, in ne zaradi slabega upravljanja ali prevelikega tveganja banke Piraeus.
It is also recalled that, after March 2012 and until the Spring 2013 recapitalisation, the Bank of Greece did not take into account acquisitions made by Greek banks to adjust their capital needs upwards or downwards.
Ukrepi so torej namenjeni predvsem obravnavanju rezultatov programa PSI in ohranjanju finančne stabilnosti v Grčiji.
That element further demonstrates that measures B1, B2, and B3 were aid measures related to the perimeter of the Bank as it existed at 31 March 2012.
Komisija je v sklepu o začetku postopka Piraeus izrazila dvome glede tega, ali so bili takoj sprejeti vsi mogoči ukrepi, da bi se banka Piraeus izognila potrebi po dodatni pomoči v prihodnosti.
The aid granted to the Bank amounted to the sum of the first and the second bridge recapitalisations (measures B1 and B2) and the commitment given by the HFSF (measure B3), that is to say EUR 7335 million or 21,5 % of the Bank’s RWA at 31 March 2012.
Kot je navedeno v uvodnih izjavah 140 in 141 tega sklepa, se je Grčija zavezala, da bo izvedla vrsto ukrepov v zvezi s korporativnim upravljanjem in komercialnimi dejavnostmi banke Piraeus.
The aid paid out to the Bank amounted to the sum of the first and the second bridge recapitalisations (measures B1 and B2), that is to say EUR 6253 million or 18,4 % of the Bank’s RWA at 31 March 2012.
Kot je opisano v uvodnih izjavah 115, 116 in 117, je banka Piraeus tudi obširno prestrukturirala svoje dejavnosti in že izvedla številna znižanja stroškov.
Since the Bank managed to attract private capital, the amount definitively injected by the HFSF into the Bank in the form of ordinary shares amounted to EUR 5891 million, which represents 17,3 % of the Bank’s RWA at 31 March 2012.
Dvomi Komisije so bili torej odpravljeni.
Conclusion on the existence and total amount of aid received by the Bank
Komisija je v sklepu o začetku postopka Piraeus izrazila dvome tudi glede tega, ali obstajajo zadostni zaščitni ukrepi za primer, da bi banka Piraeus prešla pod nadzor države ali da bi nadzor obdržali zasebni delničarji, medtem ko bi bila večinska lastnica država.
Measures A, B1, B2, B3, B4, L1 and L2 constitute State aid within the meaning of Article 107(1) of the Treaty.
V zavezah, opisanih v uvodnih izjavah 140 in 141 tega sklepa, je zagotovljeno, da bo kreditno poslovanje banke Piraeus potekalo na poslovni podlagi in da bo vsakodnevno poslovanje zaščiteno pred vmešavanjem države.
Those measures are summarised in Table 11.
Okvir odnosov, o katerem sta se dogovorila GSFS in banka Piraeus, zagotavlja tudi, da so interesi države kot glavnega delničarja zaščiteni pred prevzemanjem prevelikih tveganj s strani vodstva banke Piraeus.
Table 11
Ukrepi B1, B2, B3 in B4 torej zagotavljajo ohranjanje finančne stabilnosti v Grčiji.
Overview of the total aid received by the Bank
Sprejeti so bili pomembni ukrepi za zmanjšanje prihodnjih izgub in zagotovitev, da neustrezno upravljanje ne bo ogrožalo dejavnosti banke Piraeus.
Ref.
Na podlagi navedenega Komisija ugotavlja, da so ukrepi B1, B2, B3 in B4 primerni.
Type of measure
Nujnost – omejitev pomoči na najmanjšo potrebno
Amount of aid
V skladu s sporočilom o bančništvu iz leta 2008 mora biti ukrep pomoči po višini in obliki nujen za doseganje cilja ukrepa.
Aid/RWA
To pomeni, da mora biti kapitalski vložek omejen na najmanjši znesek, potreben za doseganje cilja.
Preference Shares
Znesek kapitalske podpore je izračunala Banka Grčije v okviru stresnega testa iz leta 2012, da bi zagotovila, da bi delež navadnega lastniškega temeljnega kapitala banke Piraeus v obdobju 2012–2014 ostal nad določeno ravnjo, kot je prikazano v preglednici 3.
Capital support
Z ukrepi B1, B2, B3 in B4 banki Piraeus torej ni zagotovljen presežni kapital.
EUR 750 million
Kot je pojasnjeno v uvodni izjavi 250, so bili sprejeti ukrepi za zmanjšanje tveganja, da bi banka Piraeus v prihodnosti potrebovala dodatno pomoč.
First bridge recapitalisation
Kar zadeva nadomestilo za prvo in drugo premostitveno dokapitalizacijo (ukrepa B1 in B2), Komisija opozarja, da sta bili odobreni maja 2012 oziroma decembra 2012 in izplačani v naravi v obliki obveznic EFSF.
Second bridge recapitalisation
GSFS je kot nadomestilo od datuma izplačila obveznic EFSF do datuma dokapitalizacije iz pomladi 2013 prejel natečene obresti na obveznice EFSF in 1-odstotno provizijo [101].
Commitment letter
Kot je poudarjeno v sklepu o začetku postopka Piraeus, je navedeno nadomestilo nižje od razpona od 7 % do 9 %, opredeljenega v sporočilu o dokapitalizaciji.
EUR 4700 million
Vendar je bilo obdobje nizkega nadomestila omejeno na eno leto pri ukrepu B1 in pet mesecev pri ukrepu B2 (tj. do preoblikovanja premostitvene dokapitalizacije v standardno dokapitalizacijo v navadnih delnicah, tj. ukrep B4).
EUR 1553 million
Medtem ko se zaradi prve in druge premostitvene dokapitalizacije delež obstoječih delničarjev ni zmanjšal, je dokapitalizacija iz pomladi 2013 povzročila veliko zmanjšanje deleža obstoječih delničarjev, saj je njihov delež v lastniškem kapitalu banke Piraeus padel na 2,3 %.
EUR 1082 million
Neobičajno stanje, ki je prevladovalo od datuma prve premostitvene dokapitalizacije, se je nato končalo.
EUR 8085 million
Drugič, glede na nenavaden izvor težav banke Piraeus, ki je izgube utrpela predvsem zaradi odpisa dolga v korist države (program PSI in odkup dolga, ki državi zagotavljata precejšnjo prednost, tj. zmanjšanje dolga) in posledic dolgotrajne recesije v njenem domačem gospodarstvu, lahko Komisija sprejme tako začasno odstopanje od standardnih zahtev glede nadomestila iz sporočila o dokapitalizaciji [102].
EUR 7003 million
Navedeno zavezo, sprejeto decembra 2012, bi bilo mogoče izvesti z dejanskim kapitalskim vložkom maja–junija 2013, le pet mesecev pozneje, ko je banka Piraeus izvedla povečanje kapitala.
Total capital aid paid out to the Bank minus aid repaid within 6 months
Kar zadeva ukrep B4, morajo biti kapitalski vložki v skladu s točko 8 sporočila o podaljšanju iz leta 2011 vpisani z dovolj velikim odbitkom cene delnic (po prilagoditvi za učinek slabitve), da se zagotovi razumno zagotovilo, da bo država prejela primerno nadomestilo.
EUR 6641 million
Ker z ukrepom B4 ni bil zagotovljen dovolj velik odbitek cene delnic po prilagoditvi za učinek slabitve, je bilo dejansko nemogoče doseči dovolj velik odbitek teoretične cene brez pravice vpisa [103].
Nominal amount of aid
Komisija ugotavlja, da je bil emisijski tečaj določen v višini povprečne tržne cene v petdesetih dneh pred določitvijo emisijskega tečaja, od katere se je odštel 50-odstotni odbitek.
Liquidity support
Komisija tudi ugotavlja, da se je delež obstoječih delničarjev močno zmanjšal, saj so imeli po dokapitalizaciji iz pomladi 2013 v banki Piraeus le še 2,3-odstotni delež.
Guarantee
Uporaba dodatnega odbitka za tržno ceno bi torej imela majhen učinek na nadomestilo GSFS.