natgillin/translations-raw huggingface dataset:
Therefore, applying a further discount on the market price would have had a small impact on the remuneration of the HFSF.
Navedeno ugotovitev podpira dejstvo, da je banka Piraeus ob prevzemu ciprskih prenesenih dejavnosti, s katerimi je povečala svoj kapital, vknjižila zelo slabo ime.
In view of the specific situation of the Greek banks explained in recital 256, and given the fact that the need for aid stems to a large extent from a waiver of debt in favour of the State, the Commission considers that the issue price of the shares subscribed by the State was sufficiently low.
Če bi bilo vseeno treba šteti, da je banka Piraeus plačala pozitivno ceno, Komisija ugotavlja, da je GSFS kot pogoj za prevzem kupcu dal zavezo, da bo vložil znesek nakupne cene v kapitalu.
The HFSF also issued warrants and granted one warrant for each new share subscribed by a private investor participating in the Spring 2013 recapitalisation.
S prevzemom torej ni bila ustvarjena potreba po dodatni državni pomoči za banko Piraeus.
The HFSF granted those warrants for no consideration.
Ugotovljeno je, da glede na nenavadne pogoje (nizka nakupna cena in zaveza GSFS, da bo vložil znesek nakupne cene v okviru povečanja kapitala) prevzem ciprskih prenesenih dejavnosti izjemoma ni v nasprotju z načelom, da mora biti pomoč omejena na najmanjšo potrebno.
As explained in recital 106, each warrant incorporates the right to purchase 4,48 shares of the HFSF at specified intervals and strike prices.
Izkrivljajoči učinek prevzema ciprskih prenesenih dejavnosti na konkurenco
The exercise price is equal to the subscription price of the HFSF increased by an annual and cumulative margin (4 % for year one, 5 % for year two, 6 % for year three, 7 % for year four and 8 % per cent annualised for the last six months).
Namen prodaje grških poslov ciprskih bank je bil zaščititi stabilnost grškega bančnega sistema in zagotoviti, da bi lahko ciprske banke prodale navedene dejavnosti, preden bi te ostale brez kakršne koli vrednosti.
The remuneration received by the HFSF on the shares it owns is de facto capped at those levels.
Posel je torej mogoče šteti za del konsolidacije, ki je potrebna za ponovno vzpostavitev finančne stabilnosti, kot je opisano v točki 41 sporočila o prestrukturiranju.
That remuneration is lower than the 7 % to 9 % range defined in the Recapitalisation Communication.
Poleg tega ni noben ponudnik, ki ni prejemal pomoči, predložil veljavne ponudbe za prevzem treh ciprskih bank.
However, because those warrants were a key factor in the success of the rights issue and private placement launched by the Bank in the framework of the Spring 2013 recapitalisation, the Commission considers that those warrants enabled the Bank to reduce the amount of aid by EUR 1444 million.
Prodajni postopek je bil odprt, pregleden in nediskriminacijski.
Indeed due to the low capital ratio of the Bank prior to the recapitalisation and the high uncertainty prevailing at the time, the simulations which were then available showed that without the warrants, private investors would not have achieved a sufficient return and would not have participated.
Nazadnje, ker je navedeni prevzem odobril grški organ za konkurenco [108], je mogoče predpostavljati, da izid prodaje ne ogroža učinkovite konkurence v Grčiji.
For the reasons explained in recitals 249 and 256, because the HFSF would receive a minimal positive remuneration if the warrants were exercised and because it was an objective of the MEFP to attract some private investors to keep some banks under private management, and avoid situations where the whole banking sector would be controlled by the HFSF, the Commission can accept such a deviation from the standard remuneration requirements set out in the Recapitalisation Communication.
Glede na navedeno je mogoče ugotoviti, da prevzem ciprskih prenesenih dejavnosti spada pod izjemo iz točke 41 sporočila o prestrukturiranju.
That acceptance is also based on the fact that the HFSF law, as amended in March 2014, does not provide for any adjustment of the warrants in the event of a non-pre-emptive share capital increase, and that in the event of a rights issue only the warrant strike price may be adjusted and the adjustment may take place only ex post and only up to the amount of the proceeds realised from the sale of pre-emption rights of the HFSF.
Sklepna ugotovitev glede prevzema ciprskih prenesenih dejavnosti
In addition, it was an objective of the MEFP to keep some banks under private management.
Učinek prevzema banke MBG na dolgoročno uspešno poslovanje banke Piraeus
Moreover, the relationship framework and automatic reintroduction of voting rights in the event of non-implementation of the restructuring plan provide safeguards against future excessive risk taking by private managers.
Prevzem popolnoma dokapitalizirane banke MBG izboljšuje dolgoročno uspešno poslovanje banke Piraeus.
Finally, the PSI and the December 2012 buy-back are a kind of remuneration to the State, as the latter’s debt towards the Bank was reduced by several billion euros.
Glede na analizo, ki jo je ob prevzemu predložila banka Piraeus, bo posel privedel do pomembnih sinergij, kot so stroškovne sinergije na podlagi zmanjšanja števila podružnic in osebja, nižji stroški vlog in prihodkovne sinergije.
For all those reasons, the Commission can accept that the HFSF receives non-voting shares.
Banka Piraeus je medtem v celoti vključila banko MBG.
The Commission therefore concludes that measure B4 was necessary.
Ker je bila poleg tega banka MBG ustrezno kapitalizirana, preden jo je banka Piraeus prevzela, in ker je banka Piraeus plačala nakupno ceno v višini 1 milijon EUR, prevzem verjetno ne bo ustvaril prihodnjih kapitalskih potreb za banko Piraeus.
In conclusion, measures B1, B2, B3 and B4 are necessary as rescue aid in both their amount and form.
Poleg tega se je prodajalec v okviru posla zavezal, da bo v banko Piraeus vložil 400 milijonov EUR kapitala.
Proportionality — measures limiting negative spill-over effects
Navedena zaveza je bila izvedena v okviru dokapitalizacije iz pomladi 2013, med katero je banka BCP v banko Piraeus vložila 400 milijonov EUR.
The Bank has received a very large amount of State aid.
Ugotovljeno je, da je prevzem pozitiven za ponovno vzpostavitev dolgoročno uspešnega poslovanja banke Piraeus in da je bila nakupna cena banke MBG tako nizka, da ni preprečevala, da bi bila pomoč omejena na najmanjšo potrebno.
However, Greece has given a commitment to implement a number of measures aiming at reducing negative spill-over effects.
Vendar je banka Piraeus za nakup banke MBG plačala le 1 milijon EUR, kar je zelo majhen znesek.
In particular, the commitments provide that the Bank’s operations will continue to be run on a commercial basis, as explained in recitals 136 and 137.
Poleg tega je banka BCP ustrezno kapitalizirala banko MBG in je v banko Piraeus vložila 400 milijonov EUR kapitala, kar je bil pogoj za posel [109].
Greece has also committed to an acquisition ban and to a number of divestments, as described in recitals 138, 139 and 143.
Ugotovljeno je, da glede na posebnosti posla (prevzem po zelo nizki ceni popolnoma kapitalizirane banke in kapitalski vložek prodajalca v banko Piraeus) prevzem banke MBG ne ustvarja dodatnih kapitalskih potreb za banko Piraeus in zato prevzem banke MBG izjemoma ni v nasprotju z zahtevo, da mora biti pomoč omejena na najmanjšo potrebno.
Limits to distortions of competition will be further assessed in section 7.6.
Izkrivljajoči učinek prevzema banke MBG na konkurenco
A monitoring trustee has been appointed in the Bank to monitor the correct implementation of commitments on corporate governance and commercial operations.
Ko je Banka Grčije na začetku leta 2012 pregledala uspešnost poslovanja vseh grških bank, za banko MBG ni štela, da je sposobna samostojno uspešno poslovati.
That will avoid any detrimental change in the Bank’s commercial practice and thereby reduce the potential negative spill-over effects.
Banka MBG je ustvarjala velike izgube za banko BCP, ki jo je zato želela prodati, in, če prodaja ne bi bila mogoča, bi lahko razmislila o tem, da bi jo pustila propasti.
Finally a new comprehensive restructuring plan was submitted on 25 June 2014 to the Commission.
Prodaja banke MBG je bila tudi del načrta prestrukturiranja banke BCP [110].
That restructuring plan will be assessed in section 7.6.
Poleg tega ni veljavne ponudbe za prevzem banke MBG predložil noben ponudnik, ki ni prejemal pomoči.
To conclude, the doubts raised in the Piraeus Opening Decision have been allayed.
Glede na navedeno je mogoče ugotoviti, da prevzem banke MBG spada pod izjemo iz točke 41 sporočila o prestrukturiranju.
Measures B1, B2, B3 and B4 are proportionate in the light of point 15 of the 2008 Banking Communication.
Sklepna ugotovitev glede prevzema banke MBG
Conclusion on the compliance of the HFSF recapitalisations with the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication
Ugotovljeno je, da je prevzem banke MBG glede na edinstveni položaj grških bank in posebnosti tega prevzema v skladu z zahtevami iz sporočila o prestrukturiranju.
It is thus concluded that the HFSF recapitalisations (measures B1, B2, B3 and B4) are appropriate, necessary and proportionate, in the light of point 15 of the 2008 Banking Communication, of the Recapitalisation Communication and of the 2011 Prolongation Communication.
SKLADNOST UKREPOV A, B1, B2, B3 IN B4 S SPOROČILOM O PRESTRUKTURIRANJU
Measures B1, B2, B3 and B4 therefore comply with the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication.
Viri težav in posledice za oceno na podlagi sporočila o prestrukturiranju
COMPLIANCE OF THE ACQUISITIONS OF ATE TRANSFERRED ACTIVITIES, OF GENIKI, OF THE CYPRIOT TRANSFERRED ACTIVITIES AND OF MBG WITH THE RESTRUCTURING COMMUNICATION
Kot je navedeno v oddelkih 2.1.1 in 2.1.2, so težave, s katerimi se spopada banka Piraeus, predvsem posledica grške dolžniške krize in globoke recesije v Grčiji in južni Evropi.
Point 23 of the Restructuring Communication explains that acquisitions of undertakings by aided banks cannot be financed through State aid unless this is essential for restoring an undertaking’s viability.
Kar zadeva prvi dejavnik, je grška vlada izgubila dostop do finančnih trgov in je morala nazadnje s pogajanji doseči dogovor s svojimi domačimi in mednarodnimi upniki, tj. program PSI, s katerim so se terjatve do države znižale za 53,3 %.
Furthermore, points 40 and 41 of the Restructuring Communication state that banks should not use State aid for the acquisition of competing businesses, unless the acquisition is part of a consolidation process necessary to restore financial stability or to ensure effective competition.
Poleg tega je bilo 31,5 % terjatev zamenjanih za nove GDO z nižjimi obrestnimi merami in daljšimi ročnostmi.
In addition, acquisitions may endanger or complicate the restoration of viability.
Država je decembra 2012 te nove GDO odkupila od grških bank po ceni od 30,2 % do 40,1 % njihove nominalne vrednosti in s tem povzročila dodatne izgube za grške banke.
The Commission must therefore assess whether the acquisitions made by the Bank can be reconciled with the Restructuring Communication.
Poleg vpliva programa PSI in odkupa dolga na kapitalski položaj banke Piraeus je ta od leta 2010 do sredine leta 2012 zabeležila tudi velik odliv vlog zaradi tveganja izstopa Grčije iz euroobmočja kot posledice nevzdržnega javnega dolga in gospodarske recesije.
Compliance of the acquisition of the ATE Transferred Activities with the Restructuring Communication
Pomoč, dodeljena banki Piraeus, tj. vsota ukrepov B1, B2, B3 in B4 ali 7335 milijonov EUR, je višja od zneska izgube, vknjižene po programu PSI (5911 milijonov EUR).
Effect of the acquisition of the ATE Transferred Activities on the long-term viability of the Bank
Velik del kapitalskih potreb izhaja iz običajne izpostavljenosti finančne institucije deželnemu tveganju njene države.
The acquisition of the ATE Transferred Activities brought to the Bank a large pool of deposits with a much smaller amount of net loans [104].
To dejstvo je bilo poudarjeno tudi v uvodnih izjavah 63 in 74 sklepa o začetku postopka Piraeus.
It therefore contributed to significantly reducing the very high loan-to-deposit ratio of the Bank.
Zato je potreba po obravnavi vprašanj moralnega tveganja v načrtu prestrukturiranja banke Piraeus manjša kot pri drugih finančnih institucijah, ki so prejele pomoč in so nakopičile prekomerna tveganja.
Furthermore, the acquisition has led to considerable synergies such as cost synergies through branch, staff reduction and IT integration, funding synergies and revenue synergies.
Ker so ukrepi pomoči manj izkrivljajoči, bi bilo torej treba ukrepe, sprejete za omejitev izkrivljanja konkurence, sorazmerno omiliti.
Effect of the acquisition of the ATE Transferred Activities on the amount of aid needed by the Bank
Vendar Komisija ugotavlja, da je bila izpostavljenost banke Piraeus grškemu deželnemu tveganju večja kot izpostavljenost drugih velikih grških bank [111].
In line with point 23 of the Restructuring Communication, restructuring aid should not be used for the acquisition of other companies but merely to cover restructuring costs which are necessary to restore the viability of the Bank.
Zato nekaterih izgub iz GDO ni mogoče pripisati običajni izpostavljenosti finančne institucije deželnemu tveganju njene države.
The consideration paid by the Bank for the acquisition of the ATE Transferred Activities was determined at 0,6 % of the value of the transferred deposits and amounted to approximately EUR 95 million.
Drugi vir izgub banke Piraeus so izgube iz njenih posojil grškim gospodinjstvom in družbam.
It was equivalent to 0,02 % of the total assets of the Bank at the time of the acquisition.
Komisija meni, da so navedene izgube predvsem posledica izjemno globoke in dolgotrajne recesije ter zmanjšanja BDP za približno 25 % v petih letih, in ne posledica tvegane posojilne prakse banke Piraeus.
That amount can therefore be considered as small, but not negligible.
Zato pomoč, odobrena za kritje navedenih izgub, ne ustvarja moralnega tveganja, ki nastane, če se pomoč uporabi za zaščito banke pred posledicami preteklega tveganega ravnanja.
The acquisition of ATE Transferred Activities dramatically improved the very stressed liquidity position of the Bank and put it in a much more viable situation.
Pomoč je torej manj izkrivljajoča [112].
The Commission recalls that […].
Vendar del kapitalskih potreb in izgub iz posojil banke Piraeus izvira iz mednarodnih hčerinskih družb.
Therefore the acquisition and its low purchase price can be considered as essential for the restoration of the long-term viability of the Bank and falls under the exemption in point 23 of the Restructuring Communication.
Stresni test, opravljen leta 2012 za določitev kapitalskih potreb banke Piraeus, je pokazal, da napovedi kreditne izgube iz tujih posojil znašajo 1314 milijonov EUR v osnovnem scenariju in 1624 milijonov EUR v neugodnem scenariju.
Distortive effect of the acquisition of the ATE Transferred Activities on competition
Več teh tujih družb je v zadnjih letih ustvarjalo izgubo.
In line with points 39 and 40 of the Restructuring Communication, State aid should not be used to the detriment of non-aided companies and in particular for acquiring competing businesses.
Izgube iz mednarodnih dejavnosti so leta 2012 znašale 244 milijonov EUR pred obdavčitvijo [113].
Point 41 of the Restructuring Communication also states that acquisitions may be authorised if they are part of a consolidation process necessary to restore financial stability or to ensure effective competition.
Tuja aktiva je pomenila tudi obremenitev likvidnih sredstev.
In such circumstances the acquisition process should be fair and the acquisition should ensure the conditions of effective competition in the relevant market.
Zato je mogoče ugotoviti, da velik del izgub in potrebe po pomoči spadajo pod točko 14 sporočila o podaljšanju iz leta 2011, ki Komisiji dovoljuje, da omili svoje zahteve.
ATE was not deemed viable on a stand-alone basis by the Bank of Greece when it reviewed the viability of all the Greek banks early in 2012.
Prav tako del potrebe po pomoči izhaja iz izjemno globoke recesije v Grčiji in ne iz tveganega posojanja.
Furthermore, the Bank of Greece analysed different alternatives for ATE (for example, liquidation) and concluded that selling the ATE Transferred Activities was the most attractive option, since it would reduce the execution risk and would minimise the costs for Greece.
Taka pomoč ne ustvarja moralnega tveganja in je torej manj izkrivljajoča.
The acquisition can thus be considered to be part of a consolidation process which is necessary to restore financial stability of the kind described in point 41 of the Restructuring Communication.
Nazadnje, del potrebe po pomoči izvira iz lastnega tveganja banke Piraeus, kar zadeva njen velik delež državnega dolga in njene tuje hčerinske družbe.
Furthermore, no non-aided bidder submitted a bid for the ATE Transferred Activities.
Uspešno poslovanje
Last, since the acquisition of the ATE Transferred Activities was authorised by the Hellenic Competition Authority [105], it can be assumed that the outcome of the sale process does not endanger effective competition in Greece.
Načrt prestrukturiranja mora zagotoviti, da lahko finančna institucija do konca obdobja prestrukturiranja ponovno vzpostavi dolgoročno uspešno poslovanje (oddelek 2 sporočila o prestrukturiranju).
The acquisition of the ATE Acquired Activities is therefore in line with section 4 of the Restructuring Communication.
V obravnavanem primeru je obdobje prestrukturiranja opredeljeno kot obdobje od datuma sprejetja tega sklepa do 31. decembra 2018.
Conclusion on the acquisition of the ATE Transferred Activities
Grčija je v skladu s točkami 9, 10 in 11 sporočila o prestrukturiranju predložila celovit in podroben načrt prestrukturiranja, ki vsebuje popolne informacije o poslovnem modelu banke Piraeus.
It is concluded that, in the light of the unique situation of Greek banks and the specificities of the acquisition of the ATE Transferred Activities, that acquisition is in line with the requirements laid down in the Restructuring Communication.
V načrtu so opredeljeni vzroki za težave banke Piraeus in ukrepi, sprejeti za spoprijemanje z vsemi težavami uspešnega poslovanja, s katerimi se je srečevala.
Compliance of the acquisition of Geniki with the Restructuring Communication
V načrtu prestrukturiranja so zlasti opisani strategija, izbrana za ohranitev operativne učinkovitosti banke Piraeus in odpravo visoke ravni NPL, reševanje njenega ranljivega likvidnostnega in kapitalskega položaja ter njenih tujih podjetij, ki so se v zadnjih letih pri svojem financiranju in kapitalu zanašala na svojo matično družbo.
Effect of the acquisition of Geniki on the long-term viability of the Bank
Grške bančne dejavnosti
In terms of operating profitability, the acquisition of Geniki will enhance the Bank’s return to long-term viability.
Kar zadeva likvidnost [114] in odvisnost banke Piraeus od financiranja iz Eurosistema, sta v načrtu prestrukturiranja predvidena omejena rast bilance v Grčiji in ponovna rast depozitne osnove.
According to the analysis submitted by the Bank at the time of that acquisition, merging two banks in the same geographical market will create synergies such as cost savings through personnel reduction and branch closures.
Odvisnost od ELA z državnim jamstvom, ki se je že zmanjšala, se bo še naprej zmanjševala, kar bo prispevalo tudi k znižanju stroškov financiranja banke Piraeus.
The Bank will acquire the customers and depositors of Geniki, thereby significantly reducing distribution costs.
Zaveza glede razmerja med posojili in vlogami, navedena v uvodni izjavi 137, zagotavlja, da bo bilančna struktura banke Piraeus ob koncu obdobja prestrukturiranja vzdržna.
In terms of liquidity position, as illustrated in recital 65, Geniki held more deposits than net loans.
Prodaja vrednostnih papirjev in drugih sekundarnih dejavnosti bo prav tako okrepila likvidnostni položaj banke Piraeus.
In addition, Geniki was adequately capitalised before being acquired by the Bank.
Banka Piraeus je od začetka krize opravila velike prevzeme, s katerimi sta se močno povečali njena velikost in depozitna osnova.
Thus, the acquisition is not likely to create any future capital needs for the Bank.
Banka Piraeus je prevzeto podjetje uspešno vključila v rekordnem času.
The acquisition is therefore positive for the restoration of the long-term viability of the Bank.
Trenutno poskuša uresničiti vse sinergije, ki so mogoče po teh prevzemih.
Effect of the acquisition of Geniki on the amount of aid needed by the Bank
Začela je racionalizirati svojo poslovno mrežo v Grčiji, in sicer z zmanjševanjem števila podružnic in zaposlenih [115].
In this case, although the acquisition has positive implications for the Bank’s viability, it is not essential for its viability within the meaning of point 23 of the Restructuring Communication.
Komisija meni, da načrt prestrukturiranja ohranja učinkovitost banke Piraeus v novem tržnem okolju.
However, the Bank only paid EUR 1 million to purchase Geniki, which is considered to be a very small amount.
Drugo ključno področje je upravljanje NPL, ki so na dan 31. decembra 2013 znašala 36 % portfelja banke Piraeus [116].
Furthermore, Geniki was adequately capitalised and, as a condition to the transaction, Société Générale injected a significant amount of capital into the Bank [106].
Banka Piraeus namerava izboljšati svojo kreditno politiko (limiti, zavarovanja) in se osredotočiti na osrednjo dejavnost, da bi zmanjšala svoje izgube.
The Commission concludes that, in the light of the specificities of the transaction (acquisition at a very low price of a fully capitalised bank and injection of capital by the seller into the Bank), the acquisition does not generate any further capital need for the Bank and therefore the acquisition of Geniki exceptionally does not contravene the principle that aid should be limited to the minimum necessary.
Grčija se je tudi zavezala, da bo banka Piraeus pri svoji kreditni politiki ravnala v skladu z visokimi standardi, da bi obvladovala tveganja in čim bolj povečala vrednost za banko Piraeus v vsaki fazi kreditnega postopka, vključno s prestrukturiranjem posojil, kot je opisano v uvodni izjavi 141.
Distortive effect of the acquisition of Geniki on competition
Korporativno upravljanje
As stated in recital 274, in line with points 39 and 40 of the Restructuring Communication, State aid should not be used to the detriment of non-aided companies and in particular for acquiring competing businesses, except under specific circumstances.
Druga pomembna točka je upravljanje banke Piraeus glede na to, da ima GSFS po dokapitalizaciji iz pomladi 2013 večino delnic banke, vendar z omejeno pravico glasovanja.
Geniki was not deemed viable on a stand-alone basis by the Bank of Greece, when it reviewed the viability of all the Greek banks early in 2012.
Poleg tega imajo nekateri zasebni vlagatelji, ki nadzirajo banko Piraeus, tudi nakupne bone in bi tako dosegli popolno korist, če bi cena delnice v obdobju prestrukturiranja hitro zrasla.
Geniki was generating large losses for Société Générale which therefore wanted to sell it and, if no sale was possible, could have considered how to let it fail.
Ker bi navedeni položaj lahko ustvaril moralno tveganje, sta se banka Piraeus in GSFS leta 2013 dogovorila o posebnem okviru odnosov.
The acquisition can therefore be considered to be part of a consolidation process which is necessary to restore financial stability of the kind described in point 41 of the Restructuring Communication.
Z navedenim dogovorom je vsakodnevno poslovanje banke Piraeus zaščiteno pred kakršnim koli vmešavanjem njenih glavnih delničarjev, obenem pa je zagotovljeno, da lahko GSFS spremlja izvajanje načrta prestrukturiranja in na podlagi ustreznih postopkov posvetovanja prepreči prevzemanje prevelikih tveganj s strani vodstva banke Piraeus.
Furthermore, no non-aided bidder submitted any valid bid to acquire Geniki.
Banka Piraeus se je tudi zavezala, da bo pozorno spremljala svojo izpostavljenost povezanim posojilojemalcem.