natgillin/translations-raw huggingface dataset:
It also referred to the governing structure of the HFSF.
Komisija zato ugotavlja, da prenesene dejavnosti brez teh ukrepov ne bi več obstajale.
As regards the intervention of the HFSF in the Bank's management, the HFSF noted that it would respect the Bank's autonomy and not interfere with its day-to-day management given that its role is limited to that laid down in the HFSF law.
Ti ukrepi so prispevali k stabilizaciji in nadaljevanju gospodarskih dejavnosti, ki so bile pozneje prenesene na skupino, zato Komisija meni, da so koristili gospodarskim dejavnostim banke FB, ki so bile pozneje prenesene na skupino, in pomenijo državno pomoč v smislu člena 107(1) Pogodbe.
It stated that there would not be any State interference or coordination and that the decisions of the Bank regarding the lending process (inter alia on collateral, pricing and solvency of borrowers) would be taken on the basis of commercial criteria.
Obstoj pomoči pri ukrepih, dodeljenih za reševanje banke FB (ukrepa FB4 in FB5)
The HFSF pointed out that the HFSF law and the pre-subscription agreement set appropriate safeguards in order to prevent existing private shareholders from excessive risk-taking.
Komisija ugotavlja, da je GSFS subjekt, ki ga je ustanovila in financirala Grčija z namenom podpore bankam, ter da ukrepa FB4 in FB5 zato vključujeta državna sredstva.
It pointed to elements such as (i) the appointment of HFSF representatives as independent non-executive members of the Board of Directors of the Bank and their presence at committees, (ii) the HFSF carrying out due diligence in the Bank and (iii) the fact that, after the final recapitalisation, its voting rights would be restricted only for as long as the Bank complied with the terms of the restructuring plan.
Komisija ugotavlja tudi, da sta ukrepa FB4 in FB5 po naravi selektivna, saj koristita zgolj dejavnostim banke FB.
Regarding the necessity of the first bridge recapitalisation and specifically regarding the level of the remuneration of aid, the HFSF stated that the remuneration had been agreed with the representatives of the Commission, the ECB and the IMF.
Obenem Komisija meni, da ukrepa FB4 in FB5 zagotavljata bistvene prednosti dejavnostim banke FB, saj jih ohranjata kot take.
That agreed level took into account that the first bridge recapitalisation would be converted into a permanent recapitalisation before 30 September 2012, a deadline which was set in March 2012 in the MEFP between the Commission, the ECB, the IMF and Greece.
Nalog za prenos v tem primeru pomeni „neprekinjeno prodajo“.
Regarding the proportionality of the first bridge recapitalisation, the HFSF noted that the measures it adopted, such as those described in recital 175, are sufficient safeguards in view of the large amounts of aid received and the protracted rescue period.
Medtem ko lastniški kapital in podrejeni dolg ne bosta prenesena, pa najbolj produktivna bančna sredstva bodo (podružnice, vloge in posojila).
Moreover, the HFSF stated that there are appropriate measures in place in order to ensure that banks in which the HFSF participates do not share commercially sensitive information between them.
Ukrep FB4 torej prenesenim dejavnostim zagotavlja prednost, ker zagotavlja zadostna sredstva za kritje vlog, prenesene dejavnosti pa se zaradi neprekinjene prodaje sredstev banke FB ohranjajo.
Such measures include the appointment of different HFSF representatives to those banks, the mandates addressed to those representatives which specifically safeguard against the flow of information from one representative to another and clear internal instructions to those officers not to transmit commercially sensitive information of the banks.
Prodaja obenem ne bi bila možna brez ukrepa FB5, ker bi prenos lahko negativno vplival na prevzemnikov količnik kapitalske ustreznosti.
Moreover, the HFSF stated that it does not exercise its rights in relation to the banks in a manner which may prevent, restrict, distort or significantly lessen or impede effective competition.
Prenesene dejavnosti zato ne bi več obstajale, torej jim ukrepa FB4 in FB5 zagotavljata jasno prednost.
Lastly, the HFSF pointed out that the members of its Board of Directors and its employees are subject to strict confidentiality rules and fiduciary duties and are bound by provisions concerning professional secrecy with regards to its affairs.
Ukrepa FB4 in FB5 po mnenju Komisije nista skladna z načelom vlagatelja v tržnem gospodarstvu.
ASSESSMENT OF AID RELATED TO THE ACQUIRED BUSINESSES
GSFS dejansko ne namerava ustvariti dobička iz svojega prispevka: v zameno za svoj prispevek ni prejel nobene terjatve zoper skupino, temveč zgolj terjatev zoper subjekt v postopku likvidacije, kar pomeni banko FB [113].
ASSESSMENT OF THE STATE SUPPORT RELATED TO THE RESOLUTION OF THE THREE COOPERATIVE BANKS
GSFS zato najverjetneje ne bo v celoti izterjal prispevanega denarja.
Existence and the amount of aid
Selektivna prednost, ki jo zagotavljata ukrepa FB4 in FB5, izkrivljata konkurenco, saj ohranjata eno bančno dejavnost in ji omogočata, da deluje na trgu ter tekmuje z drugimi bankami, vključno s hčerinskimi družbami tujih bank, ki so dejavne v Grčiji ali so morebiti zainteresirane za vstop na grški trg.
The Commission first has to assess whether the State support related to the resolution of the three Cooperative Banks (meaning the financing of the funding gaps which enabled the transfer of the deposits) constitutes State aid within the meaning of Article 107(1) of the Treaty.
Zato ukrepa FB4 in FB5 vplivata na trgovino med državami članicami in morda izkrivljata konkurenco.
According to that provision, State aid is any aid granted by a Member State or through State resources in any form whatsoever which distorts, or threatens to distort, competition by favouring certain undertakings, in so far as it affects trade between Member States.
Komisija zato ugotavlja, da kritje likvidnostne vrzeli, ki je znašala 456,97 milijona EUR in je bila povezana s sredstvi, ki so bila prenesena z banke FB na skupino, s strani GSFS ter zaveza GSFS za kritje kapitalskih potreb, povezanih s temi sredstvi, ki lahko znašajo 100 milijonov EUR, pomenita državno pomoč v smislu člena 107(1) Pogodbe.
The Commission will start by assessing whether or not there was an advantage for the following potential beneficiaries: (i) the Cooperative Banks and the potentially transferred ‘activities’ to the Bank; and (ii) the Bank.
Upravičenka do ukrepov FB4 in FB5
Existence of aid to the three Cooperative Banks and to the activities potentially transferred to the Bank.
Kot je že bilo pojasnjeno v uvodni izjavi 193, Komisija šteje, da so dejavnosti banke FB upravičenke do ukrepov FB4 in FB5, ker je pomoč omogočila nadaljevanje teh gospodarskih dejavnosti znotraj skupine.
With regards to the three Cooperative Banks, the Commission notes that Lesvos-Limnos Bank, Achaia Bank and Lamia Bank have been put in liquidation and their banking licenses withdrawn.
Pri vprašanju, ali prodaja dejavnosti banke FB vključuje državno pomoč skupini v skladu s točko 49 sporočila o bančništvu iz leta 2008, mora Komisija oceniti, ali so izpolnjene nekatere zahteve.
Therefore, they will no longer carry out economic activities on the banking market.
Komisija mora proučiti, ali (i) je bil postopek prodaje odprt in nediskriminacijski; (ii) ali je prodaja potekala pod tržnimi pogoji ter (iii) ali je finančna institucija ali vlada zagotovila najvišjo možno prodajno ceno za zadevna sredstva in obveznosti.
The State support, that is to say the financing of the funding gaps, would constitute State aid to the transferred claims and liabilities within the meaning of Article 107(1) of the Treaty only if they together constitute an undertaking.
Skupina je pridobila paket sredstev in obveznosti banke FB, ker je predložila prednostno ponudbo v okviru nediskriminacijskega razpisnega postopka, ki je bil odprt za druge banke.
The concept of an undertaking encompasses every entity engaged in an economic activity, regardless of legal status and the way in which it is financed.
Banka Grčije se je odločila stopiti v stik samo s štirimi največjimi bankami, ki delujejo v Grčiji, pri čemer so nezavezujoče ponudbe predložile samo skupina in še ena druga banka.
Any activity consisting in offering goods or services on a given market is regarded as an economic activity.
Banka Grčije je oba ponudnika povabila, naj predložita izpopolnjeni ponudbi.
Therefore, in order to conclude whether there is aid to an undertaking, it should be assessed whether the transfer of claims and liabilities entail the transfer of an economic activity.
Banka Grčije je izbrala skupino NBG, ker je njena ponudba pomenila nižje stroške reševanja [114].
As already mentioned in section 2.2.1, following the resolution of the three Cooperative Banks, only the deposits and the claims and liabilities towards the HDIGF were transferred to the Bank.
Komisija ugotavlja, da je Banka Grčije stopila v stik s samo štirimi bankami [115].
The three Cooperative Banks employed 187 employees and had 21 branches in total.
Omejeno število kontaktiranih kupcev ne more izključevati, da je bil razpis odprt, glede na to, da v Grčiji niso delovale druge banke, ki bi bile dovolj velike, da bi lahko absorbirale sredstva na razpisu, in ki bi v času reševanja imele ustrezen kapital, ter glede na omejen interes, ki so ga tuje kreditne in finančne institucije v času reševanja pokazale za vključitev v bančne dejavnosti v Grčiji.
It should be noted that there was no automatic transfer of branches or employment contracts or loans between the three Cooperative Banks and the Bank.
Poleg tega je Banka Grčije vnaprej določila portfelj sredstev in obveznosti, ki jih je potrebno prenesti, ter časovni načrt, ki ga morajo ponudbe upoštevati, da so lahko veljavne.
Therefore, the fact that loans are not transferred to the Bank but remain with the three Cooperative Banks in liquidation, the fact that no branches were transferred and the lack of automatic transfer of labour contracts contribute [109] to the conclusion that there is no transfer of economic activity.
Komisija ugotavlja, da je bil postopek prodaje odprt in nediskriminacijski.
The transferred liabilities (that is to say deposits) cannot be considered to be the beneficiary of State support, as they do not constitute an undertaking.
Negativna cena (tj. ob upoštevanju likvidnostne vrzeli in kritje prej navedenih kapitalskih potreb) za sredstva in obveznosti banke FB ne izključuje možnosti, da prodajna cena izraža tržno vrednost podjetja [116].
In summary, the three existing legal entities have been put into liquidation and no longer carry out any banking activities.
Komisija nima razlogov za domnevo, da ponudba in plačana cena ne izražata tržne cene podjetja.
At the same time, the transferred liabilities do not constitute an economic activity.
Opozoriti je treba, da na podlagi grške zakonodaje najprej Banka Grčije oceni pošteno vrednost prenesenih sredstev, nato jo v naslednjih šestih mesecih preverijo in prilagodijo zunanji strokovnjaki.
It is therefore concluded that the grant of EFSF bonds by the HFSF to the Bank to cover the funding gap of the acquired assets and liabilities of the three Cooperative Banks does not allow the continuation of the latter's economic activities.
Komisija zato ugotavlja, da je prodaja potekala pod tržnimi pogoji.
Therefore, the HFSF support does not constitute either aid to the liquidated entities or aid to the transferred assets and liabilities.
Glede na navedeno Komisija v skladu s točko 49 sporočila o bančništvu iz leta 2008, točko 20 sporočila o prestrukturiranju in svojo prakso odločanja [117] ugotavlja, da se lahko državna pomoč skupini izključi.
Existence of aid to the Bank
Sklepna ugotovitev o obstoju in skupnem znesku prejete pomoči
With regards to whether the sale of the three Cooperative Banks' assets and liabilities entails State aid to the Bank, the Commission must assess whether certain requirements are met and in particular whether (i) the sale process was open, unconditional and non-discriminatory; (ii) the sale took place on market terms; and (iii) the State maximised the sale price for the assets and liabilities involved [110].
Komisija na podlagi uvodnih izjav 190 do 197 meni, da ukrepi FB1,FB2, FB3, FB4 in FB5 izpolnjujejo pogoje iz člena 107(1) Pogodbe in pomenijo državno pomoč.
As already mentioned in recital 64, the Bank of Greece only contacted the five largest Greek credit institutions operating in Greece at that time.
Zato Komisija ugotavlja, da so dejavnosti banke FB poleg posojil grških državnih vrednostnih papirjev v višini 60 milijonov EUR (ukrep FB2) in grških državnih vrednostnih papirjev v višini 50 milijonov EUR (ukrep FB3) prejele tudi državno pomoč v obliki kapitalske podpore v višini 606,97 milijona EUR (ukrepi FB1, FB4 in FB5), kot je povzeto v preglednici 10.
The limited set of buyers contacted cannot exclude that the tender was open given that they were the only credit institutions likely to be interested in submitting an offer.
Preglednica 10
Indeed, the package for sale only included deposits.
Pregled skupne pomoči, ki jo je za svoje dejavnosti prejela banka FB
Therefore, to benefit from synergies on those deposits, it is necessary to operate in the geographical area concerned.
Narava pomoči
A bank with no presence in those areas could not offer services to depositors, thus deposit retention would be minimal and the acquirer would support the cost of acquiring the deposits for no benefit.
Znesek pomoči (v milijonih EUR)
The Bank of Greece could therefore reasonably assume within the short timeframe available to resolve the three Cooperative Banks that only credit institutions whose business models were consistent with being able to service those depositors would have an interest in acquiring those assets.
Dokapitalizacija
The Bank's offer was the preferred one in terms of consideration and time required for the conclusion of the transfer.
Financiranje likvidnostne vrzeli z banke FB na skupino
The Bank offered to pay as consideration an amount equal to […] % of the transferred deposits and estimated that the transfer could be completed within one working day.
Pismo o zavezi za kritje kapitalskih potreb v zvezi s sredstvi, prenesenimi z banke FB na skupino
On the basis of the above, the Commission concludes that State aid to the Bank can be excluded, in line with point 20 of the Restructuring Communication and the Commission's decisional practice [111].
Skupna dodeljena finančna pomoč
Conclusion on the existence of aid
Skupna izplačana finančna pomoč
The State support involved in the sale of the three Cooperative Banks does not constitute State aid to the three Cooperative Banks, to the transferred assets or to the Bank.
Obligacijsko posojilo
Therefore, the measure does not constitute aid within the meaning of Article 107(1) of the Treaty.
Jamstvo
ASSESSMENT OF AID RELATED TO FIRST BUSINESS BANK
Skupna likvidnost dodeljene pomoči
The Commission has to assess whether the measures constitute State aid within the meaning of Article 107(1) of the Treaty.
Pravna podlaga za oceno združljivosti
Existence of aid in the measures granted under the Greek Banks Support Scheme (measures FB1, FB2 and FB3)
V skladu s členom 107(3)(b) Pogodbe lahko Komisija ugotovi, da je pomoč združljiva z notranjim trgom, če je namenjena „odpravljanju resne motnje v gospodarstvu države članice“.
The EUR 50 million capital injection by Greece into FB Bank in July 2009 (measure FB1), the Greek government securities amounting to EUR 60 million in May 2012 (Measure FB2) and the State guarantee given to FB Bank for issued bonds with a nominal value of EUR 50 million in March 2011 (measure FB3) were granted under the Greek Banks Support Scheme [112].
Komisija je priznala, da lahko zaradi svetovne finančne krize nastane resna motnja v gospodarstvu države članice in da je tako motnjo mogoče odpraviti z ukrepi v podporo bankam.
In the decision approving that scheme, the Commission concluded that measures granted under that scheme would constitute State aid.
To je bilo potrjeno v sporočilu o bančništvu iz leta 2008, sporočilu o dokapitalizaciji in sporočilu o prestrukturiranju.
Therefore, the Commission notes that the transferred activities would no longer exist without those measures.
Komisija še vedno meni, da so pogoji za odobritev državne pomoči v skladu s členom 107(3)(b) Pogodbe ob upoštevanju ponovitve izjemne situacije na finančnih trgih izpolnjeni.
Those measures have contributed to the stabilisation and the continuance of the economic activities which were later transferred to the Bank and therefore the Commission considers that they have benefited the economic activities of FB Bank which were later transferred to the Bank and constitute State aid within the meaning of Article 107(1) of the Treaty.
Komisija je to stališče potrdila s sprejetjem sporočila o podaljšanju iz leta 2011 [118] in sporočila o bančništvu iz leta 2013 [119].
Existence of aid in the measures granted in view of the resolution of FB Bank (measures FB4 and FB5)
V zvezi z grškim gospodarstvom je Komisija v svojih sklepih o odobritvi in podaljšanju programa pomoči grškim bankam ter v odobritvah ukrepov državne pomoči, ki jo je odobrila Grčija posameznim bankam potrdila, da obstaja grožnja resne motnje v grškem gospodarstvu in da je državna podpora bankam ustrezna za odpravo teh motenj.
The Commission notes that the HFSF is an entity set up and financed by Greece to support banks, and therefore measures FB4 and FB5 involve State resources.
Pravna podlaga za oceno ukrepov pomoči bi moral torej biti člen 107(3)(b) Pogodbe.
The Commission also notes that measures FB4 and FB5 are selective in nature, since they only benefit FB Bank's activities.
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:
Moreover the Commission considers that measures FB4 and FB5 provide FB Bank's activities with a clear advantage by keeping them alive.
Primernost pomoč mora biti dobro usmerjena, da se lahko učinkovito doseže cilj reševanja resne motnje v gospodarstvu.
The transfer order in that case is indeed a sale ‘en bloc’.
To se ne bi zgodilo, če ukrep ne bi bil primeren za odpravo motnje.
While the equity and subordinated debt will not be transferred, the key productive banking assets will be transferred (branches, deposits and loans).
Nujnost ukrep pomoči mora biti po višini in obliki nujen za doseganje cilja.
Measure FB4 therefore provides the transferred activities with an advantage as it provides sufficient assets to cover its deposits and the transferred activities continue to exist due to the sale of FB Bank's assets en bloc.
To pomeni, da mora biti določen v minimalni višini, ki je nujna za doseganje cilja, in v obliki, ki je najbolj primerna za odpravo motnje.
Moreover, without measure FB5, the sale would not be possible because the transfer would have a potential negative impact on the acquirer's capital adequacy ratio.
Sorazmernost pozitivni učinki ukrepa morajo biti ustrezno uravnoteženi z izkrivljanjem konkurence, da bi se izkrivljanje omejilo na najmanjšo raven, ki je potrebna za dosego ciljev ukrepa.
Therefore, the transferred activities would no longer exist and measures FB4 and FB5 thus provide them with a clear advantage.
Komisija je med finančno krizo razvila merila združljivosti za različne vrste ukrepov pomoči.
The Commission considers that measures FB4 and FB5 do not comply with the market economy investor principle (‘MEIP’).
Načela za oceno ukrepov pomoči so bila najprej določena v sporočilu o bančništvu iz leta 2008.
In fact, the HFSF has no prospect of making a profit on its contribution: in exchange for its contribution, it received no claim against the Bank but only a claim against the entity under liquidation, that is to say FB Bank [113].
Sporočilo o dokapitalizaciji vsebuje nadaljnje smernice glede ravni nadomestila, potrebnega za kapitalske vložke iz državnih virov.
Therefore, the HFSF will not probably fully recover the money contributed.
Nazadnje je Komisija v sporočilu o prestrukturiranju pojasnila, kako bo ocenjevala načrte prestrukturiranja.
The selective advantage which measures FB4 and FB5 provide distorts competition by keeping one banking activity alive, allowing it to operate on the market and to compete with other banks, including subsidiaries of foreign banks, which are active in Greece or potentially interested in entering the Greek market.
Pri oceni načrta prestrukturiranja skupine bo na podlagi sporočila o prestrukturiranju upoštevala vse ukrepe iz preglednice 10.
Hence, measures FB4 and FB5 have an effect on trade between Member States and potentially distort competition.
Skladnost ukrepov pomoči s sporočilom o bančništvu iz leta 2008 in sporočili o dokapitalizaciji
The Commission therefore concludes that the coverage by the HFSF of the funding gap of EUR 456,97 million related to the assets transferred from FB Bank to the Bank and the commitment of the HFSF to cover the capital needs related to those assets, which may amount to EUR 100 million, constitute State aid within the meaning of Article 107(1) of the Treaty.
Skladnost ukrepov FB1, FB2 in FB3 s sporočilom o bančništvu iz leta 2008
Beneficiary of measures FB4 and FB5
Ukrepi FB1, FB2 in FB3 so bili dodeljeni v okviru programa pomoči grškim bankam.
As already explained in recital 193, the Commission considers FB Bank's activities as the beneficiary of measures FB4 and FB5, as the aid allowed the continuation of those economic activities within the Bank.
Ukrepi na podlagi navedenega programa so bili v odločbi Komisije z dne 19. novembra 2008 razglašeni za združljive z notranjim trgom.
As to whether the sale of FB Bank's activities entails State aid to the Bank, in line with point 49 of the 2008 Banking Communication, the Commission needs to assess whether certain requirements are met.
Skladnost ukrepov FB4 in FB5 s sporočilom o bančništvu iz leta 2008 in sporočili o dokapitalizaciji
It needs to examine in particular whether (i) the sale process was open and non-discriminatory; (ii) the sale took place on market terms; and (iii) the financial institution or the government maximised the sale price for the assets and liabilities involved.
Primernost
The Bank acquired the package of the assets and liabilities of FB Bank because it submitted the preferred offer in the framework of a non-discriminatory tender procedure open to other banks.
Kar zadeva primernost ukrepov FB4 in FB5, Komisija meni, da sta ukrepa primerna, ker ščitita vlagatelje banke FB in torej zagotavljata finančno stabilnost.
The Bank of Greece decided to contact only the four largest banks operating in Greece, of which only the Bank and one other bank submitted non-binding offers.
Te dejavnosti se brez pomoči iz GSFS ne bi mogle nadaljevati, saj je banka FB v času reševanja imela negativen lastniški kapital, v težkih tržnih razmerah, ki so tedaj prevladovale, pa nobena banka ne bi mogla prevzeti portfelja sredstev in obveznosti z negativno vrednostjo, ki bi še poslabšal njen položaj glede kapitalske ustreznosti.
The Bank of Greece invited the two bidders to submit improved offers.
Z ukrepi je bila tako zagotovljena ohranitev finančne stabilnosti v Grčiji.
The Bank of Greece selected NBG because its offer entailed lower resolution costs [114].
Na podlagi navedenega Komisija ugotavlja, da so ukrepi primerni kot pomoč za reševanje.
The Commission observes that the Bank of Greece only contacted four banks [115].
Nujnost
The limited set of buyers contacted cannot exclude that the tender was open given the lack of other banks operating in Greece with sufficient size to absorb the tendered assets and with adequate capital at the time of resolution and given the limited interest, at the time of resolution, shown by foreign credit and financial institutions in engaging in banking activities in Greece.
V skladu s sporočilom o bančništvu iz leta 2008 mora biti ukrep pomoči po višini in obliki nujen za doseganje cilja ukrepa.
Moreover, the Bank of Greece determined in advance the portfolio of the assets and liabilities to be transferred and the timetable the offers should meet in order to be valid.
To pomeni, da mora biti kapitalski vložek omejen na najmanjši znesek, potreben za doseganje navedenega cilja.