natgillin/translations-raw huggingface dataset:
It is expected that impairments will amount to less than […] % of customer loans from 2014 to 2018, with a return on assets expected at […] % in 2018.
Komisija je 3. januarja 2013 prejela pripombe grške banke k sklepu o začetku postopka za skupino NBG.
The return on equity of Finansbank will remain high throughout the period.
Navedena grška banka je pripomnila, da je dokapitalizacija grških bank s strani GSFS načeloma dobrodošel korak v smeri bolj zdravega in uspešnejšega bančnega sistema, in ni izrazila ugovorov v zvezi z dokapitalizacijo skupine.
The Bank sold its Turkish insurance business (life and non-life) in 2012 at a capital gain of EUR […] million [90].
Vendar je navedena grška banka ob tem, ko je izrazila svojo popolno podporo za načelo dokapitalizacije grških bank s strani GSFS, pojasnila, da pričakuje, da bo dokapitalizacija s strani GSFS na voljo vsem bankam, ki v Grčiji poslujejo pod podobnimi pogoji, da se tako zmanjša izkrivljanje konkurence in prepreči diskriminacija.
Non-banking activities: sale of […] real estate activities
PRIPOMBE GRČIJE K FORMALNEMU POSTOPKU PREISKAVE GLEDE PRVE PREMOSTITVENE DOKAPITALIZACIJE
The Bank succeeded in raising significant amounts of capital on the market and reduced thereby the State aid which it needed.
Banka Grčije je v zvezi s primernostjo prve premostitvene dokapitalizacije navedla, da je bil znesek v višini 18 milijard EUR kapitala, s katerim je GSFS maja 2012 dokapitaliziral štiri največje grške banke, manjši od končnega zneska, ki so ga navedene banke potrebovale, da bi postopno dosegle ter ohranile količnik navadnega lastniškega temeljnega kapitala, določen na 10 %, in količnik navadnega lastniškega temeljnega kapitala, določen na 7 % na podlagi triletnega neugodnega stresnega scenarija.
First, the Bank raised private capital in 2009 with a rights issue of EUR 1247 million.
Navedla je tudi, da je bila prva premostitvena dokapitalizacija začasna, saj naj bi bil postopek dokapitalizacije zaključen s povečanji delniškega kapitala, ki naj bi jih opravile navedene štiri banke.
In 2010 the Bank again raised EUR 1815 million [92] in private capital from the market.
Banka Grčije je ugotovila tudi, da je dokapitalizacija največje grške banke del dolgoročnejšega prestrukturiranja grškega bančnega sektorja.
As mentioned in recital 109, the Bank also managed to raise EUR 1079 million in capital from private investors through the Spring 2013 recapitalisation.
Ugotovila je, da pri bankah, ki ostanejo zasebne, tudi vodstvo zelo verjetno ostane isto, če pa banka postane državna (tj. v lasti GSFS), lahko GSFS imenuje novo vodstvo, ki ga v vsakem primeru oceni Banka Grčije.
The shareholders, which included those who participated in the 2009 and 2010 capital increases, were heavily diluted by the Spring 2013 recapitalisation: the HFSF received 84,4 % of the Bank's shares and the new investors received 10,5 % of the shareholding, leaving the pre-existing shareholders with a shareholding of only 5,1 %.
Banka Grčije je navedla, da redno ocenjuje okvir korporativnega upravljanja, ustreznost vodstva in profil tveganja vsake banke, da bi zagotovila, da se ne prevzemajo prevelika tveganja.
No dividend has been paid to ordinary shareholders since 2007 or to US preference shareholders since 2009 [93].
Poudarila je tudi, da je GSFS že imenoval predstavnike v upravni odbor dokapitaliziranih bank.
The Bank raised EUR 2,5 billion in capital from the market in May 2014.
V zvezi z nujnostjo prve premostitvene dokapitalizacije je Banka Grčije navedla, da je bila dokapitalizacija skupine omejena zaradi zagotovitve izpolnitve tedaj veljavnih minimalnih kapitalskih zahtev (8 %).
The Bank intends to […].
Navedla je tudi, da je daljše obdobje pred dokapitalizacijami temeljilo na hitrem slabšanju poslovnega okolja v Grčiji in učinku programa PSI, zapletenosti celotnega projekta ter potrebi po čim večji udeležbi zasebnih vlagateljev pri povečanjih delniškega kapitala.
Regarding the contribution by hybrid and subordinated debt holders, on 3 January 2012 the Bank offered to buy back preferred securities at prices ranging from 45 % to 70 % of the nominal value of those securities.
Banka Grčije je glede sorazmernosti prve premostitvene dokapitalizacije poudarila, da je celotna izvedba načrta prestrukturiranja, ki se bo predložil Komisiji, zagotovljena, ker bo začasni odvzem glasovalnih pravic GSFS odpravljen, če med drugim pride do resne kršitve načrta prestrukturiranja.
On that occasion, the Bank also bought back covered bonds.
Banka Grčije je še navedla, da težave skupine ne izhajajo niti iz dejstva, da je vodstvo skupine podcenilo tveganja, niti iz tržno agresivnega ravnanja.
For each of those buy-backs, the price was determined on the basis of the market value of the instruments and contained a premium of not more than ten percentage points, which was added to encourage investors to participate in the buy-back.
PRIPOMBE GSFS
The acceptance rate was 44 % and the overall increase in capital amounted to about EUR 302 million [94].
GSFS je glede primernosti prve premostitvene dokapitalizacije, da se obravnava vprašanje morebitnega vmešavanja države, če država zagotovi visoke zneske državne pomoči prek GSFS, ta pa ima polne glasovalne pravice, navedel, da se banke, ki jih financira GSFS, ne štejejo za javne subjekte ali subjekte pod državnim nadzorom, po trajni dokapitalizaciji iz GSFS pa jih država ne bo nadzirala.
Later in 2012 and 2013 the Bank launched additional liability management exercises on securities issued to investors, including covered bonds, hybrid instruments, Tier 2 instruments and preference shares issued in the United States.
GSFS je poudaril, da je popolnoma neodvisen pravni subjekt zasebnega prava z avtonomijo odločanja.
Those buybacks generated additional capital of EUR […] million.
Na podlagi člena 16C(2) zakona o GSFS, v skladu s katerim kreditne institucije, za katere je GSFS zagotovil kapitalsko podporo, niso del širšega javnega sektorja, GSFS ni pod nadzorom države.
Overall, the Bank indicates that the total amount of capital generated by liability management exercises over recent years amounts to approximately EUR […] million [95].
Omenil je tudi upravno strukturo GSFS.
As a result of those buy-backs, the outstanding amount of subordinated and hybrid debt decreased to EUR 293 million at 31 December 2013.
Kar zadeva vmešavanje GSFS v vodenje skupine, je GSFS navedel, da bo upošteval avtonomijo skupine in ne bo posegal v njeno vsakodnevno vodenje, ker je njegova vloga omejena na to, kar je določeno v zakonu o GSFS.
COMMITMENTS OF THE GREEK AUTHORITIES
Navedel je, da ne bo nikakršnega vmešavanja države ali usklajevanja in da se bodo odločitve skupine glede postopka dodeljevanja posojil (med drugim o zavarovanju, oblikovanju cen in solventnosti posojilojemalcev) sprejemale na podlagi tržnih meril.
On 25 June 2014, Greece gave a commitment that the Bank and its affiliates will implement the restructuring plan submitted on 25 June 2014 and gave further commitments regarding the implementation of the restructuring plan (‘the Commitments’).
GSFS je poudaril, da sta zakon o GSFS in sporazum o obdobju pred vpisom določila primerne zaščitne ukrepe za zagotavljanje, da obstoječi zasebni delničarji ne sprejemajo preveč tveganih odločitev.
The Commitments, in the Annex, are summarised in this section.
Izpostavil je elemente, kot so (i) imenovanje predstavnikov GSFS kot neodvisne neizvršne člane upravnega odbora skupine in njihova prisotnost v odborih, (ii) skrben pregled poslovanja v skupini, ki ga izvaja GSFS, in (iii) dejstvo, da bodo po končni dokapitalizaciji njegove glasovalne pravice omejene le toliko časa, dokler bo skupina ravnala v skladu s pogoji načrta prestrukturiranja.
First, Greece has given a commitment that the Bank will restructure its commercial operations in Greece, setting a maximum number of branches and employees as well as a maximum amount of total costs to be achieved by 31 December 2017 [96].
GSFS je glede nujnosti prve premostitvene dokapitalizacije in zlasti glede stopnje nadomestila pomoči navedel, da je bilo nadomestilo dogovorjeno s predstavniki Komisije, ECB in MDS.
Greece has also given a commitment that the Bank will reduce the cost of deposits collected in Greece and will comply with a maximum ratio of net loans-to-deposits [97] by 31 December 2017 [98].
V navedeni dogovorjeni stopnji se je upoštevalo, da bo prva premostitvena dokapitalizacija v trajno dokapitalizacijo pretvorjena pred 30. septembrom 2012, tj. rokom, ki je bil marca 2012 določen z memorandumom o gospodarskih in finančnih politikah med Komisijo, ECB, MDS in Grčijo.
Regarding the Bank's foreign subsidiaries, Greece has given a commitment that the Bank will not provide […], and that it will divest a minority stake in that subsidiary.
GSFS je glede sorazmernosti prve premostitvene dokapitalizacije ugotovil, da so ukrepi, ki jih je sprejel, kot so na primer tisti iz uvodne izjave 175, glede na visoke prejete zneske pomoči in podaljšano obdobje reševanja ustrezni zaščitni ukrepi.
Greece has also given a commitment that the Bank will deleverage a number of foreign subsidiaries by 30 June 2018 [99].
GSFS je navedel tudi, da so vzpostavljeni primerni ukrepi za zagotavljanje, da si banke, v katerih je udeležen GSFS, ne izmenjujejo poslovno občutljivih podatkov.
Greece has given a commitment that the Bank will divest […] and its private equity subsidiary, as well as a number of securities.
Med navedene ukrepe spadajo imenovanje različnih predstavnikov GSFS v navedene banke, pooblastila navedenim predstavnikom, ki izrecno ščitijo pred pretokom informacij od enega predstavnika k drugemu in jasna interna navodila navedenim uradnikom, naj ne prenašajo poslovno občutljivih informacij bank.
In addition, the Bank will not purchase non-investment grade securities, with limited exceptions [100].
Poleg tega je GSFS navedel, da svojih pravic v zvezi z bankami ne uresničuje na način, ki bi lahko preprečeval, omejeval, izkrivljal ali bistveno zmanjšal ali oviral učinkovito konkurenco.
Greece has given a number of commitments related to the corporate governance of the Bank.
Nazadnje je GSFS poudaril, da za člane njegovega upravnega odbora in njegove zaposlene veljajo stroga pravila zaupnosti in fiduciarne dolžnosti ter da jih zavezujejo določbe o varovanju poslovne skrivnosti v zvezi z njegovim poslovanjem.
It gave a commitment to limit the remuneration of the Bank's employees and managers, […] [101].
OCENA POMOČI, POVEZANE S PREVZETIMI PODJETJI
Greece has also given a commitment that the Bank will enhance its credit policy, in order to ensure that decisions on granting and restructuring loans aim at maximising the viability and profitability of the Bank.
OCENA DRŽAVNE PODPORE, POVEZANE Z REŠEVANJEM TREH ZADRUŽNIH BANK
Greece has given a commitment that the Bank will comply with high standards regarding the monitoring of credit risk as well as the restructuring of loans [102].
Obstoj in znesek pomoči
A number of commitments deal with the operations of the Bank with connected borrowers.
Komisija mora najprej proučiti, ali državna podpora v zvezi z reševanjem treh zadružnih bank (kot financiranje likvidnostne vrzeli, ki je omogočilo prenos vlog) pomeni državno pomoč v smislu člena 107(1) Pogodbe.
Those commitments aim at ensuring that the Bank does not deviate from prudent banking practices when granting or restructuring loans to its employees, managers and shareholders, as well as to public entities, political parties and media companies [103].
Skladno s slednjo določbo je državna pomoč vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem, kolikor prizadene trgovino med državami članicami.
Finally Greece has given a commitment that the Bank will comply with some behavioural limitations, such as a coupon and dividend ban, an acquisition ban and a ban on advertising State support [104].
Komisija bo najprej proučila, ali je bila prednost dana naslednjim morebitnim upravičencem: (i) zadružnim bankam in morebitnim na skupino prenesenim „dejavnostim“ ter (ii) skupini.
Those commitments will be monitored until 31 December 2018 by a monitoring trustee.
Obstoj pomoči trem zadružnim bankam in morebitnim na skupino prenesenim dejavnostim.
Separately, Greece has indicated that it would seek the approval of the Commission prior to any buy-back of the warrants by the Bank or by any State entity including the HFSF [105].
Kar zadeva tri zadružne banke, Komisija ugotavlja, da se je začel postopek likvidacije bank Lesvos-Limnos, Achaia in Lamia, bankam pa so bila preklicana dovoljenja.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
Banke zato ne bodo več izvajale gospodarskih dejavnosti na bančnem trgu.
On 27 July 2012, the Commission opened the formal investigation procedure in order to verify whether the conditions of the 2008 Banking Communication [106] were met regarding the appropriateness, necessity and proportionality of the first bridge recapitalisation provided by the HFSF in favour of the Bank (measure B1).
Državna podpora, tj. financiranje likvidnostnih vrzeli, bi pomenila državno pomoč prenesenim terjatvam in obveznostim v smislu člena 107(1) Pogodbe samo, če bi skupaj sestavljale podjetje.
Regarding the appropriateness of the measure, since the aid came after prior recapitalisations and liquidity aid and given the protracted rescue period, the Commission expressed doubts as to whether all actions possible had been taken by the Bank to avoid a need for aid in the future [107].
S pojmom podjetja je zajet vsak subjekt, ki opravlja gospodarsko dejavnost, ne glede na njegov pravni status in način njegovega financiranja.
In addition, the Commission was not clear who would control the Bank once the first bridge recapitalisation was replaced by a permanent recapitalisation [108] as the Bank might come under the control either of the State or of minority private owners.
Katera koli dejavnost ponudbe blaga ali storitev na določenem trgu velja za gospodarsko dejavnost.
The Commission noted that it would wish to ensure that the quality of the Bank's management and in particular its lending process should not deteriorate in either case.
Da se torej ugotovi, ali gre za pomoč podjetju, bi bilo treba oceniti, ali prenos terjatev in obveznosti predstavlja prenos gospodarske dejavnosti.
Regarding the necessity of the first bridge recapitalisation, in recital 67 of the NBG Opening Decision the Commission questioned whether all the measures possible had been taken to avoid the Bank again needing aid in the future.
Kot je že bilo omenjeno v oddelku 2.2.1, so bile po reševanju treh zadružnih bank na skupino prenesene samo vloge ter terjatve in obveznosti do GJSVN.
Moreover, since the duration of the bridge recapitalisation period was uncertain the Commission could not reach a conclusion as to whether the remuneration was sufficient and complied with the remuneration and burden-sharing principles under State aid rules.
Tri zadružne banke so imele 187 zaposlenih in skupno 21 podružnic.
Furthermore, as the terms of the conversion of the first bridge recapitalisation into a permanent recapitalisation were not known at the time the NBG Opening Decision was adopted, the Commission could not assess them.
Opozoriti bi bilo treba, da ni bilo samodejnega prenosa podružnic ali zaposlitvenih pogodb ali posojil med tremi zadružnimi bankami in skupino.
Regarding the proportionality of the measure, the Commission expressed doubts as to whether the safeguards (State support advertisement ban, coupon and dividend ban, call option ban and buy-back ban as described in recital 71 of the NBG Opening Decision) were sufficient in relation to the first bridge recapitalisation.
Zato dejstvo, da posojila niso bila prenesena na skupino, temveč ostajajo v treh zadružnih bankah, ki so v postopku likvidacije, dejstvo, da ni bilo prenosa podružnic, in odsotnost samodejnega prenosa delovnih pogodb prispevajo [109] k ugotovitvi, da ne gre za prenos gospodarske dejavnosti.
Furthermore, in recital 72 of the NBG Opening Decision the Commission stated that distortions of competition could be caused by the lack of rules preventing the HFSF from coordinating the four largest Greek banks (namely, the Bank, Alpha Bank, Eurobank and Piraeus Bank) and the absence of adequate safeguards to avoid them sharing commercially sensitive information.
Prenesene obveznosti (tj. vloge) ne morejo šteti, kot da so deležne državne podpore, saj ne predstavljajo podjetja.
The Commission, therefore, proposed the appointment of a monitoring trustee, who would be physically present in the Bank.
Na kratko, trije obstoječi pravni subjekti so v postopku likvidacije in ne izvajajo več bančnih dejavnosti.
COMMENTS FROM INTERESTED PARTIES ON THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
Obenem prenesene obveznosti ne pomenijo gospodarske dejavnosti.
Comments from a Greek bank
Zato se sklene, da se s tem, ko je GSFS skupini dodelil obveznice instrumenta EFSF za kritje likvidnostne vrzeli prevzetih sredstev in obveznosti treh zadružnih bank, ne omogoča nadaljevanje njihovih gospodarskih dejavnosti.
On 3 January 2013, the Commission received comments from a Greek bank on the NBG Opening Decision.
Podpora GSFS zato ne pomeni pomoči likvidiranim subjektom ali pomoči prenesenim sredstvom in obveznostim.
That Greek bank commented that the recapitalisation of Greek banks by the HFSF constituted, in principle, a welcome step towards a healthier and more viable banking system and expressed no objection to the recapitalisation of the Bank.
Obstoj pomoči skupini
However, while expressing its entire support for the principle of the recapitalisation of Greek banks by the HFSF, that Greek bank explained that, in order to minimise distortions of competitions and to avoid discrimination, it expected recapitalisation by the HFSF to be open to all banks operating in Greece under similar conditions.
Glede tega, ali prodaja sredstev in obveznosti treh zadružnih bank vključuje državno pomoč skupini, mora Komisija oceniti, ali so izpolnjeni nekateri pogoji in zlasti, ali (i) je bil postopek prodaje odprt, neomejen in nediskriminacijski; (ii) ali je prodaja potekala pod tržnimi pogoji ter (iii) ali je država zagotovila najvišjo možno prodajno ceno za zadevna sredstva in obveznosti [110].
COMMENTS FROM GREECE ON THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
Kot je navedeno že v uvodni izjavi 64, je Banka Grčije stopila v stik samo s petimi največjimi grškimi kreditnimi institucijami, ki so tedaj delovale v Grčiji.
On 5 September 2012, Greece submitted comments which had been prepared by the Bank of Greece and the HFSF.
Omejeno število kontaktiranih kupcev ne more izključevati, da je bil razpis odprt, glede na to, da so bile navedene kreditne institucije edine, ki so bile verjetno zainteresirane za predložitev ponudbe.
COMMENTS FROM THE BANK OF GREECE
Dejansko je paket, ki je bil naprodaj, vključeval zgolj vloge.
Regarding the appropriateness of the first bridge recapitalisation, the Bank of Greece noted that the amount of EUR 18 billion of capital with which the HFSF recapitalised the four largest Greek banks in May 2012 was less than the final amount which was needed in order for those banks to gradually reach and maintain a Core Tier 1 ratio set at 10 % and Core Tier 1 ratio set at 7 % under a three-year adverse stress scenario.
Da bi se torej lahko izkoristile sinergije teh vlog, je potrebno delovanje na obravnavanem zemljepisnem območju.
It also noted that the first bridge recapitalisation was temporary given that the recapitalisation process would be concluded with share capital increases by those four banks.
Banka, ki na navedenih območjih ni prisotna, ne more ponuditi storitev vlagateljem, zaradi česar bi bila ohranitev vlagateljev minimalna, prevzemnik pa bi brez koristi prevzel stroške prevzema.
The Bank of Greece also observed that the recapitalisation of the largest Greek banks is part of the longer term restructuring of the Greek banking sector.
Banka Grčije je lahko torej v kratkem časovnem okviru, ki je bil na voljo za reševanje treh zadružnih bank, upravičeno domnevala, da bi interes za prevzem navedenih sredstev pokazale samo tiste kreditne institucije, katerih poslovni modeli so bili skladni z zmožnostjo za ponujanje storitev vlagateljem.
It noted that where a bank remains in private hands, the management will most probably remain the same, while if a bank becomes State-owned (that is to say, owned by the HFSF), the HFSF may appoint new management which, in any case, will be assessed by the Bank of Greece.
Ponudba skupine je imela prednost v smislu plačila in potrebnega časa za zaključek prenosa.
The Bank of Greece noted that it assesses the corporate governance framework, the adequacy of management and the risk profile of every bank on an ongoing basis in order to ensure that excessive risks are not taken.
Skupina je kot plačilo ponudila znesek, ki je enak […] % prenesenih vlog, ter ocenila, da bi lahko prenos zaključila v enem delovnem dnevu.
It also pointed out that the HFSF had already appointed representatives in the Board of Directors of the recapitalised banks.
Glede na navedeno Komisija meni, da je državno pomoč skupini mogoče izključiti v skladu s točko 20 sporočila o prestrukturiranju in prakso odločanja Komisije [111].
Regarding the necessity of the first bridge recapitalisation, the Bank of Greece observed that the Bank's recapitalisation was limited so as to ensure that the then applicable minimum capital requirements (8 %) were met.
Sklepna ugotovitev o obstoju pomoči
It also stated that the protracted period of time prior to the recapitalisations was due to the sharp deterioration of the operating environment in Greece and the impact of the PSI programme, to the complexity of the whole project and to the need to maximise private investors' participation in the share capital increases.
Državna podpora v zvezi s prodajo treh zadružnih bank ne pomeni državne pomoči trem zadružnim bankam, prenesenim sredstvom ali skupini.
Regarding the proportionality of the first bridge recapitalisation, the Bank of Greece pointed out that the full implementation of the restructuring plan to be submitted to the Commission is safeguarded by the fact that the suspension of the voting rights of the HFSF will be lifted if, inter alia, the restructuring plan is substantively violated.
Ukrep torej ne pomeni pomoči v smislu člena 107(1) Pogodbe.
The Bank of Greece also observed that the Bank's difficulties were not due either to an underestimation of risks by the Bank's management or to commercially aggressive actions.
OCENA POMOČI, POVEZANE Z BANKO FIRST BUSINESS BANK
COMMENTS FROM THE HFSF
Komisija mora oceniti, ali ukrepi pomenijo državno pomoč v smislu člena 107(1) Pogodbe.
Regarding the appropriateness of the first bridge recapitalisation, to address the issue of potential State interference if the State provides high amounts of State aid through the HFSF and the HFSF has full voting rights, the HFSF stated that the HFSF-funded banks are not considered to be public entities or under State control and that they will not be controlled by the State after they have been permanently recapitalised by the HFSF.
Obstoj pomoči pri ukrepih, dodeljenih v okviru programa pomoči grškim bankam (ukrepi FB1, FB2 in FB3)
The HFSF pointed out that it is a fully independent private-law legal entity with autonomy of decision.
Kapitalski vložek v višini 50 milijonov EUR, ki ga je Grčija julija 2009 dodelila banki FB (ukrep FB1), grški državni vrednostni papirji, ki so maja 2012 znašali 60 milijonov EUR(ukrep FB2), in državno jamstvo, ki je bilo dano banki FB marca 2011 za izdane obveznice v nominalni vrednosti 50 milijonov EUR (ukrep FB3), so bili dodeljeni v okviru programa pomoči grškim bankam [112].
It is not subject to government control, pursuant to Article 16C(2) of the HFSF law, according to which the credit institutions to which the HFSF has provided capital support are not part of the broader public sector.
Komisija je v sklepu o odobritvi tega programa ugotovila, da bi ukrepi, dodeljeni v okviru programa, pomenili državno pomoč.