natgillin/translations-raw huggingface dataset:
The measure was therefore granted in March 2013.
Kot je pojasnjeno v uvodni izjavi 178, prodaja ciprskih prenesenih dejavnosti spada pod oddelek iz sporočila o prestrukturiranju o „ponovni vzpostavitvi uspešnega poslovanja s prodajo banke“.
The actual recapitalisation took place in the framework of the Spring 2013 recapitalisation [89].
V skladu s točko 17 sporočila o prestrukturiranju je treba pri prodaji banke v težavah drugi finančni instituciji upoštevati zahteve glede uspešnega poslovanja, lastnega prispevka in omejevanja izkrivljanja konkurence.
The recapitalisation of the Bank was made by the HFSF, which is an entity set up and financed by Greece to support banks, and so the disbursement was made by using State resources.
Dolgoročno uspešno poslovanje ciprskih prenesenih dejavnosti na podlagi prodaje
As to the beneficiary of the State aid, the recapitalisation, as explained in recital 72, aimed to cover the capital needs that would result from the acquisition of the Cypriot Transferred Activities.
V točki 17 sporočila o prestrukturiranju je pojasnjeno, da lahko prodaja banke v težavah drugi finančni instituciji prispeva k ponovni vzpostavitvi dolgoročno uspešnega poslovanja, če kupec uspešno posluje in je sposoben absorbirati prenos banke v težavah ter lahko pripomore k povrnitvi zaupanja v trge.
Moreover, the recapitalisation would be available to any Greek bank that would acquire the Cypriot Transferred Activities.
Banka Piraeus je uspešno vključila ciprske prenesene dejavnosti.
The bid of the Bank, as submitted to the HFSF for approval, took into account a recapitalisation by the HFSF.
Kot je navedeno v oddelku 7.6, je mogoče banko Piraeus na podlagi njenega načrta prestrukturiranja šteti za subjekt z uspešnim poslovanjem.
At that time capital was scarce for the Greek banks and none of them would have acquired the Cypriot Transferred Activities without the promise of a recapitalisation.
Dejstvo, da so bile ciprske prenesene dejavnosti prenesene na banko Piraeus, torej omogoča ponovno vzpostavitev njihovega uspešnega poslovanja.
Therefore, even though the formal recipient of the capital provided by the HFSF is the Bank, the Commission considers that the beneficiary of the State aid is the Cypriot Transferred Activities, since the measure enables them to be sold to a Greek bank.
Lastni prispevek in porazdelitev bremena
Without the recapitalisation of the Bank, they would not have been acquired by a Greek bank.
Komisija v zvezi s prispevkom delničarjev treh ciprskih bank k stroškom prestrukturiranja ugotavlja, da tri ciprske banke ciprskih prenesenih dejavnosti niso prodale po njihovi knjigovodski vrednosti, ampak po vrednosti, prilagojeni v skladu s poročilom PIMCO.
They would have been left in groups undergoing extreme difficulties (both Cyprus Popular Bank and Bank of Cyprus were under resolution in view of their large capital needs) and would therefore probably have failed or, at least, would have suffered from a large outflow of deposits.
Poleg tega so tri ciprske banke tudi po navedeni prilagoditvi na banko Piraeus prenesle več sredstev kot obveznosti.
In relation to the existence of an advantage, the Commission also observes that the recapitalisation of the Bank by the HFSF does not comply with the market economy investor principle: at that time of high uncertainty, a private investor operating under normal market conditions would not have given a commitment to inject a large amount of capital into the Bank in the future without knowing the terms of the future injection (that is to say the issue price) in advance.
Dosežena je bila torej zadostna porazdelitev bremena delničarjev, ker so izgubo vrednosti ciprskih prenesenih dejavnosti nosili njihovi prodajalci.
Moreover, the measure is prima facie selective since it applies exclusively to the Cypriot Transferred Activities (each of which constitutes an undertaking) and not to any other undertaking.
Ukrepi za omejitev izkrivljanja konkurence
Last, the Cypriot Transferred Activities, that is to say. the Greek branches of the three Cypriot Banks, compete with other banks, including subsidiaries of foreign banks, which are active in Greece or potentially interested in entering the Greek market.
V zvezi z ukrepi za omejitev izkrivljanja konkurence točka 30 sporočila o prestrukturiranju določa, da „[o]cena Komisije glede potrebe po takih ukrepih temelji na vrednosti in obsegu dejavnosti, ki bi jih zadevna banka opravljala po izvedbi kredibilnega načrta prestrukturiranja […] Narava in oblika takih ukrepov se določi[ta] na podlagi dveh meril: prvič, na podlagi višine pomoči ter pogojev in okoliščin, v katerih je bila pomoč dodeljena, in drugič, na podlagi značilnosti trgov, na katerih bo poslovala banka upravičenka.“
Hence, the rescue of those activities distorts competition and has an effect on trade between Member States.
Kot je opisano v uvodni izjavi 196, višina pomoči ustreza približno 3 % RWA ciprskih prenesenih dejavnosti.
The Commission therefore concludes that the recapitalisation of the Bank by the HFSF amounting to EUR 524 million constitutes State aid within the meaning of Article 107(1) of the Treaty.
Komisija zato meni, da je razmeroma majhna, glede na to, da je navedeni znesek omogočil prodajo ciprskih prenesenih dejavnosti in, kot je pojasnjeno v uvodni izjavi 190, zagotovil ohranitev finančne stabilnosti v Grčiji.
Beneficiary of the State aid
Po prodaji ciprskih prenesenih dejavnosti so grške podružnice prenehale obstajati kot samostojni konkurenti, saj so bile v celoti vključene v banko Piraeus.
As already explained in recital 173, the Commission regards the Cypriot Transferred Activities as being the beneficiary of the disbursement of the EFSF bonds by the HFSF.
Komisija ugotavlja, da glede na razmeroma majhen znesek pomoči za ciprske prenesene dejavnosti in dejstvo, da ne bodo še naprej obstajale kot samostojni konkurenti, ni neupravičenega izkrivljanja konkurence.
Furthermore, as explained in recitals 71 and 173, the Cypriot Transferred Activities, that is to say the Greek branches of the three Cypriot Banks, had to be acquired by another bank for reasons of financial stability and mainly because the three Cypriot Banks were in a very difficult situation.
Sklepna ugotovitev glede skladnosti s sporočilom o prestrukturiranju
Therefore, the sale of the Cypriot Transferred Activities and whether that sale entails State aid to the buyer, that is to say the Bank, should be examined under the ‘Viability through sale of a bank’ section of the Restructuring Communication [90].
Na podlagi analize iz uvodnih izjav 199 do 206 je ugotovljeno, da prodaja ciprskih prenesenih dejavnosti in njihova vključitev v banko Piraeus zagotavljata njihovo dolgoročno uspešno poslovanje, da je pomoč omejena na najmanjšo potrebno in da ni neupravičenega izkrivljanja konkurence, kar je v skladu s sporočilom o prestrukturiranju.
For the purpose of that sale, the Bank of Greece decided to contact only the largest domestic banks operating in Greece, of which only the Bank and two other banks submitted non-binding offers.
Dokapitalizacijo banke Piraeus s strani GSFS v višini 524 milijonov EUR je torej treba razglasiti za združljivo z notranjim trgom.
The Bank is the only bidder that submitted a valid binding offer.
OCENA POMOČI, DODELJENE BANKI PIRAEUS
The limited set of buyers contacted cannot exclude that the tender was open given that it was reasonable not to expect a formal bid from other investors.
OBSTOJ IN ZNESEK POMOČI
Indeed, at that time, due to the financial instability of the Greek banking system, which registered large loan losses due to the deep and protracted recession, foreign banks present in Greece had divested, or were about to divest themselves of their Greek activities (e.g. Geniki, MBG, Emporiki Bank).
Komisija mora ugotoviti obstoj državne pomoči za banko Piraeus v smislu člena 107(1) Pogodbe.
In other words, they were exiting the Greek market and were not seeking new investments opportunities in Greece.
Obstoj pomoči pri ukrepih, odobrenih na podlagi programa pomoči grškim bankam
Moreover it is reasonable to assume that only an investor able to quickly stabilise and make viable the acquired activities — i.e. a large banking group — would have been interested in those activities.
Državna likvidnostna podpora, dodeljena na podlagi ukrepa jamstva in ukrepa državnih obligacijskih posojil (ukrep L1)
Finally, due to the very short timeframe available to close the sale — which was dictated by the financial crisis within which the selling banks were operation — the participation of foreign banks or other types of investors in the sales procedure was very unlikely, since those investors would normally have wanted to carry out a due diligence of the assets offered for sale before submitting a formal bid.
Komisija je v sklepih o odobritvi in podaljšanju programa pomoči grškim bankam [95] že ugotovila, da likvidnostna podpora, odobrena na podlagi programa, pomeni pomoč.
The Commission, therefore, concludes that the sale price of the Cypriot Transferred Activities was the market price and that aid to the buyer, that is to say the Bank, can be excluded.
Konec marca 2014 je bil neporavnani znesek obveznic z državnim jamstvom in državnih obveznic 9,9 milijarde EUR oziroma 1024 milijonov EUR [96].
Legal basis for the compatibility assessment
Prihodnja likvidnostna podpora, odobrena na podlagi programa pomoči grškim bankam, bi prav tako pomenila pomoč.
Article 107(3)(b) of the Treaty empowers the Commission to find that aid is compatible with the internal market if it is intended ‘to remedy a serious disturbance in the economy of a Member State’.
Komisija je v sklepu z dne 19. novembra 2008 o programu pomoči grškim bankam že ugotovila, da dokapitalizacija, ki naj bi bila odobrena na podlagi ukrepa dokapitalizacije, pomeni pomoč.
The Commission has acknowledged that the global financial crisis can create a serious disturbance in the economy of a Member State and that measures supporting banks may remedy that disturbance.
Banka Piraeus je prejela 750 milijonov EUR v obliki prednostnih delnic, kar pomeni 2,1 % RWA banke Piraeus [97].
This has been confirmed in the 2008 Banking Communication, the Recapitalisation Communication, and the Restructuring Communication.
Obstoj pomoči pri ELA z državnim jamstvom (ukrep L2)
The Commission still considers that the requirements for State aid to be approved pursuant to Article 107(3)(b) of the Treaty are fulfilled in view of the reappearance of stress in financial markets.
Komisija je v točki 51 sporočila o bančništvu iz leta 2008 pojasnila, da zagotovitev sredstev centralnih bank finančnim institucijam ne pomeni pomoči, če so izpolnjeni štirje kumulativni pogoji, ki se nanašajo na solventnost finančne institucije, zavarovanje sredstev, obrestno mero, ki se zaračuna finančni instituciji, in neobstoj posrednega jamstva države.
The Commission confirmed that view by adopting the 2011 Prolongation Communication [91] and the 2013 Banking Communication [92].
Ker ELA z državnim jamstvom, odobrena banki Piraeus, ne izpolnjuje navedenih štirih kumulativnih pogojev, zlasti ker vključuje jamstvo države in je odobrena v povezavi z drugimi ukrepi podpore, ni mogoče ugotoviti, da ELA z državnim jamstvom ne pomeni državne pomoči.
In respect of the Greek economy, in its decisions approving and prolonging the Greek Banks Support Scheme as well as in its approvals of State aid measures granted by Greece to individual banks [93], the Commission has acknowledged that there is a threat of serious disturbance in the Greek economy and that State support of banks is suitable to remedy that disturbance.
ELA z državnim jamstvom izpolnjuje zahteve iz člena 107(1) Pogodbe.
Therefore, the legal basis for the assessment of the aid measures should be Article 107(3)(b) of the Treaty.
Prvič, ker navedeni ukrep vključuje državno jamstvo v korist Banke Grčije, bo kakršno koli izgubo nosila država.
During the financial crisis, the Commission has developed compatibility criteria for different types of aid measures.
Ukrep torej vključuje državna sredstva.
Principles for assessing aid measures were first laid down in the 2008 Banking Communication.
ELA omogoča bankam, da pridobijo financiranje v času, ko nimajo dostopa do trga medbančnih posojil in rednih Eurosistemovih operacij refinanciranja.
In line with point 15 of the 2008 Banking Communication, in order for an aid to be compatible under Article 107(3)(b) of the Treaty it must comply with the general criteria for compatibility:
ELA z državnim jamstvom torej banki Piraeus zagotavlja prednost.
Appropriateness: The aid has to be well-targeted in order to be able to effectively achieve the objective of remedying a serious disturbance in the economy.
Ker je ELA z državnim jamstvom omejena na bančni sektor, je ukrep selektiven.
It would not be the case if the measure were not appropriate to remedy the disturbance.
Ker ELA z državnim jamstvom banki Piraeus omogoča nadaljnje poslovanje na trgu ter preprečuje njen propad in posledični izstop s trga, izkrivlja konkurenco.
Necessity: The aid measure must, in its amount and form, be necessary to achieve the objective.
Ker je banka Piraeus dejavna v drugih državah članicah in ker finančne institucije iz drugih držav članic delujejo ali bi bile morebiti zainteresirane za delovanje v Grčiji, prednost, zagotovljena banki Piraeus, vpliva na trgovino med državami članicami.
Therefore it must be of the minimum amount necessary to achieve the objective, and take the form most appropriate to remedy the disturbance.
Glede na navedeno Komisija meni, da ELA z državnim jamstvom (ukrep L2) pomeni državno pomoč.
Proportionality: The positive effects of the measure must be properly balanced against the distortions of competition, in order for the distortions to be limited to the minimum necessary to achieve the measure’s objectives.
Znesek ELA z državnim jamstvom se je s časom spreminjal.
The Recapitalisation Communication sets out further guidance on the level of remuneration required for State capital injections.
Obstoj pomoči pri ukrepih, odobrenih prek GSFS
Finally, the Commission has explained in the Restructuring Communication how it will assess restructuring plans.
Prva premostitvena dokapitalizacija (ukrep B1)
In its assessment of the restructuring plan of the Bank under the Restructuring Communication, the Commission will take into account all the measures listed in Table 11.
Komisija je v oddelku 5.1 sklepa o začetku postopka Piraeus že ugotovila, da prva premostitvena dokapitalizacija pomeni državno pomoč.
Compliance of the aid measure C with the 2008 Banking Communication and the Recapitalisation Communication
Prejeti kapital je znašal 4,7 milijarde EUR.
Appropriateness
Druga premostitvena dokapitalizacija (ukrep B2)
With respect to the appropriateness of the measure, that is to say, the commitment given by the HFSF to recapitalise the Bank amounting to EUR 524 million, the Commission considers that the measure is appropriate because it allowed the Greek operations of the three Cypriot Banks to be sold to the Bank.
Ukrep B2 je bil izveden s sredstvi GSFS, ki, kot je bilo pojasnjeno v uvodni izjavi 65 sklepa o začetku postopka Piraeus, vključujejo državna sredstva.
In the absence of the measure, none of the Greek banks, including the Bank, would have been willing to acquire the Cypriot Transferred Activities at a time no bank outside of Greece was willing to enter that market.
Kar zadeva obstoj prednosti, se je z ukrepom B2 delež kapitala banke Piraeus povečal na raven, ki ji je omogočala nadaljnje delovanje na trgu in dostop do financiranja iz Eurosistema.
If the Cypriot Transferred Activities had not been acquired, those activities and in particular the deposits of the Greek branches would have been in danger.
Poleg tega je nadomestilo za ukrep B2 vključevalo natečene obresti na obveznice EFSF in dodatno 1-odstotno provizijo.
The measure therefore ensured that financial stability in Greece is maintained.
Ker je navedeno nadomestilo očitno nižje od nadomestila za podobne kapitalske instrumente na trgu, banka Piraeus pod takimi pogoji na trgu zagotovo ne bi mogla zbrati navedenega kapitala.
On that basis, the Commission finds that the measure is appropriate as rescue aid.
Z ukrepom B2 je bila torej banki Piraeus zagotovljena prednost iz državnih sredstev.
Necessity
Ker je bil ukrep na voljo samo banki Piraeus, je selektiven.
In line with the 2008 Banking Communication, the aid measure must, in its amount and form, be necessary to achieve the objective of the measure.
Položaj banke Piraeus se je okrepil zaradi ukrepa B2, ker so ji bili zagotovljeni finančni viri, potrebni za nadaljnje izpolnjevanje kapitalskih zahtev, kar je vodilo do izkrivljanja konkurence.
It implies that a capital injection, for example, must be of the minimum amount necessary to achieve that objective.
Ker je banka Piraeus dejavna na bančnih trgih v drugih državah članicah in ker finančne institucije iz drugih držav članic delujejo v Grčiji ali bi bile morebiti zainteresirane za delovanje v Grčiji, ukrep B2 vpliva na trgovino med državami članicami.
At a time when it was very difficult for Greek banks to find capital, the measure covered the capital needs that would result from the payment of the purchase price for the acquisition of the Cypriot Transferred Activities so that the acquisition could occur.
Komisija meni, da ukrep B2 pomeni državno pomoč.
Moreover, the Commission notes positively that the aid took the form of a capital injection in the framework of the Spring 2013 recapitalisation as the HFSF did not give a grant to the Bank but received ordinary shares for the same value.
Nacionalni organi so ga priglasili kot pomoč.
The measure is therefore necessary to achieve the objective of limiting the disturbance in the Greek banking system and the economy as a whole.
Prejeti kapital je znašal 1553 milijonov EUR.
Proportionality
Pismo o zavezi (ukrep B3)
The aided activities were sold after the Greek authorities launched a call for tender.
GSFS se je z ukrepom B3 zavezal, da bo zagotovil dodatni kapital, potreben za dokončanje dokapitalizacije banke Piraeus, do zneska, ki ga je Banka Grčije zahtevala v okviru stresnega testa iz leta 2012.
In addition, the acquired activities were quickly integrated within the Bank.
Okoliščine, v katerih lahko GSFS odobri podporo finančnim institucijam, so natančno določene in omejene z zakonom.
The aid did not allow the aided activities to remain as separate competitors on the market.
Zato je uporabo navedenih državnih sredstev mogoče pripisati državi.
Furthermore the amount of the aid was relatively small as it corresponds to around 3 % of the total net loans of the Cypriot Transferred Activities (or around 3 % of their RWA) [94].
GSFS se je zavezal, da bo zagotovil do 1082 milijonov EUR dodatnega kapitala.
Therefore, the Commission considers that the measure was designed in such a way as to minimise undue distortions of competition.
S pismom o zavezi je bila banki Piraeus zagotovljena prednost, ker so bili z njim imetniki vlog pomirjeni, da bo banka Piraeus sposobna zbrati celotni znesek kapitala, ki ga je morala zbrati, tj. da bo GSFS zagotovil kapital, če ga banka Piraeus ne bi uspela zbrati na trgu.
Conclusion on the compliance with the 2008 Banking Communication and the Recapitalisation Communication
Navedena zaveza je tudi olajšala zbiranje zasebnega kapitala na trgu, ker so bili vlagatelji pomirjeni, da bo GSFS zagotovil del kapitala, če ga banka Piraeus ne bo uspela zbrati na trgu.
On the basis of the analysis in recitals 189 to 197, it is concluded that the recapitalisation of the Bank by the HFSF amounting to EUR 524 million was appropriate, necessary to achieve the objective of limiting the disturbance in the Greek banking system and the economy as a whole and was designed in such a way as to minimise undue distortions of competition, and is in line with the 2008 Banking Communication and the Recapitalisation Communication.
Noben zasebni vlagatelj se ne bi zavezal, dokler ne bi poznal pogojev dokapitalizacije, in takrat banka Piraeus ni imela dostopa do kapitalskih trgov.
Compliance of the aid measure with the Restructuring Communication
Navedena prednost je selektivna, ker ni bila zagotovljena vsem bankam, ki delujejo v Grčiji.
As explained in recital 178, the sale of the Cypriot Transferred Activities falls under the section of the Restructuring Communication on ‘Viability through sale of a bank’.
Ker je banka Piraeus dejavna v drugih državah članicah in ker finančne institucije iz drugih držav članic delujejo ali bi bile morebiti zainteresirane za delovanje v Grčiji, bo verjetno tudi ukrep B3 vplival na trgovino med državami članicami in izkrivljal konkurenco.
Long-term viability of the Cypriot Transferred Activities through sale
Udeležba GSFS v dokapitalizaciji iz pomladi 2013 za kritje kapitalskih potreb, opredeljenih s stresnim testom iz leta 2013 (ukrep B4)
Point 17 of the Restructuring Communication clarifies that the sale of an ailing bank to another financial institution can contribute to the restoration of long-term viability, if the purchaser is viable and capable of absorbing the transfer of the ailing bank, and may help to restore market confidence.
Udeležba GSFS v dokapitalizaciji iz pomladi 2013 za kritje kapitalskih potreb, opredeljenih s stresnim testom iz leta 2012 (ukrep B4), je delno preoblikovanje prve in druge premostitvene dokapitalizacije (ukrepa B1 in B2) v trajno dokapitalizacijo v višini 5891 milijonov EUR v navadnih delnicah.
The Bank successfully integrated the Cypriot Transferred Activities.
Ker je ukrep B4 delno preoblikovanje že dodeljene pomoči, še vedno vključuje državna sredstva, vendar ne zviša nominalnega zneska pomoči.
As stated in section 7.6, on the basis of its restructuring plan the Bank can be considered as a viable entity.
Vendar za dani nominalni znesek pomoči poveča prednost banke Piraeus (in s tem izkrivljanje konkurence), ker je to trajna dokapitalizacija in ne začasna dokapitalizacija kot v primeru ukrepov B1 in B2.
Therefore, the fact that the Cypriot Transferred Activities have been transferred to the Bank allows their long-term viability to be restored.
Komisija ugotavlja, da taka podpora ni bila dodeljena vsem bankam, ki delujejo v Grčiji.
Own contribution and burden-sharing
V zvezi z izkrivljanjem konkurence in vplivom na trgovino Komisija na primer ugotavlja, da je pomoč banki Piraeus omogočila nadaljevanje poslovanja v drugih državah članicah.
Concerning the contribution of the shareholders of the three Cypriot Banks to the restructuring costs, the Commission observes that the three Cypriot Banks did not sell the Cypriot Transferred Activities at their book value but at the value adjusted in line with the PIMCO report.
Njena likvidacija bi privedla do prenehanja njenih dejavnosti v tujini na podlagi likvidacije teh dejavnosti ali njihove prodaje.
In addition, even after that adjustment was made, the three Cypriot Banks transferred more assets than liabilities to the Bank.
Poleg tega so v Grčiji delovale nekatere banke iz drugih držav članic.
Therefore, sufficient burden-sharing of shareholders was achieved since the loss in the value of the Cypriot Transferred Activities was borne by their sellers.
Ukrep torej izkrivlja konkurenco in vpliva na trgovino med državami članicami.
Measures to limit distortions of competition
Komisija zato meni, da ukrep B4 pomeni državno pomoč.
Regarding measures to limit distortions of competition, point 30 of the Restructuring Communication provides that ‘the Commission takes as a starting point for its assessment of the need for such measures, the size, scale and scope of the activities that the bank in question would have upon implementation of a credible restructuring plan … The nature and form of such measures will depend on two criteria: first, the amount of the aid and the conditions and circumstances under which it was granted and, second, the characteristics of the market or markets on which the beneficiary bank will operate.’
Sklepna ugotovitev glede ukrepov B1, B2, B3 in B4
As described in recital 196, the amount of aid corresponds to around 3 % of the RWA of the Cypriot Transferred Activities.
Ukrepi B1, B2, B3 in B4 pomenijo državno pomoč v smislu člena 107(1) Pogodbe.