natgillin/translations-raw huggingface dataset:
EUR 11106 million
Kot je poudarjeno v sklepu o začetku postopka za skupino NBG, je navedeno nadomestilo nižje od razpona od 7 % do 9 %, opredeljenega v sporočilu o dokapitalizaciji.
EUR 8677 million
Medtem ko se zaradi prve in druge premostitvene dokapitalizacije delež obstoječih delničarjev ni zmanjšal, je dokapitalizacija iz pomladi 2013 povzročila veliko zmanjšanje deleža obstoječih delničarjev, saj je njihov delež v lastniškem kapitalu skupine padel na 5,1 %.
EUR 10027 million
Dvomi, izraženi v sklepu o začetku postopka za skupino NBG, so bili torej odpravljeni.
Guarantees: EUR 14,8 billion
Ker z ukrepom B3 ni bil zagotovljen dovolj velik odbitek cene delnic po prilagoditvi za učinek slabitve, je bilo dejansko nemogoče doseči dovolj velik odbitek teoretične cene brez pravice vpisa [138].
Bond loans: EUR 0,8 billion
Pred dokapitalizacijo iz pomladi 2013 je bil kapital skupine negativen, njena tržna kapitalizacija pa je bila le majhen del zneska potrebnega povečanja kapitala.
As of 30 November 2013
V takih okoliščinah se pojavi vprašanje, ali bi bilo treba izločiti vse obstoječe delničarje.
State-guaranteed ELA
Komisija ugotavlja, da je bil emisijski tečaj določen v višini povprečne tržne cene v petdesetih dneh pred določitvijo emisijskega tečaja, od katere se je odštel 50-odstotni odbitek.
Funding and Guarantee
Komisija poleg tega ugotavlja, da se je delež že obstoječih delničarjev močno zmanjšal, saj so imeli po navedeni dokapitalizaciji v lasti samo 5,1 % deleža skupine.
EUR 30,9 billion
Zato bi uporaba dodatnega odbitka na tržno ceno imela le omejen vpliv na nadomestilo GFSF.
As of 31 December 2012
Glede na poseben položaj grških bank, pojasnjen v uvodni izjavi 320, in dejstvo, da potreba po pomoči izhaja iz odpisa dolga v korist države, Komisija meni, da je bil emisijski tečaj za delnice, ki jih je vpisala država, dovolj nizek.
Total liquidity aid granted to the Bank
Kot je pojasnjeno v uvodni izjavi 112, vsak nakupni bon vključuje pravico do nakupa 8,23 delnice GSFS v določenih razdobjih in po določenih izvršilnih cenah.
LEGAL BASIS FOR THE COMPATIBILITY ASSESSMENT
Nadomestilo, ki ga je prejel GSFS za delnice, ki jih ima, je dejansko omejeno na teh ravneh.
As concluded in recital 207, the legal basis for the assessment of the aid measures should be Article 107(3)(b) of the Treaty [132].
Navedeno nadomestilo je nižje od razpona od 7 % do 9 %, opredeljenega v sporočilu o prestrukturiranju.
Guidance for recapitalisation measures can be found in the Recapitalisation Communication and the 2011 Prolongation Communication.
Zaradi razlogov, pojasnjenih v uvodnih izjavah 313 in 320, ker bi GSFS prejel minimalno pozitivno nadomestilo, če bi bili nakupni boni izvršeni, ter ker je bil cilj memoranduma o gospodarskih in finančnih politikah privabiti nekatere zasebne vlagatelje, da bi nekatere banke ostale v zasebnem upravljanju in bi se preprečil položaj, v katerem bi bil celotni bančni sektor pod nadzorom GSFS, Komisija lahko sprejme tako odstopanje od standardnih zahtev glede nadomestila iz sporočila o dokapitalizaciji.
The Restructuring Communication defines the approach adopted by the Commission as regards the assessment of restructuring plans, in particular the need to return to viability, to ensure a proper contribution from the beneficiary and to limit distortions of competition.
Navedeno sprejetje temelji tudi na dejstvu, da zakon o GSFS, kakor je bil spremenjen marca 2014, ne določa nikakršne prilagoditve nakupnih bonov v primeru povečanja delniškega kapitala brez predkupne pravice in da se lahko v primeru nove izdaje delnic s pravico prednostnega nakupa prilagodi samo izvršilna cena nakupnih bonov ter da se lahko prilagoditev izvede samo naknadno in le do višine prihodka, ustvarjenega s prodajo predkupnih pravic GSFS.
That framework was complemented by the 2013 Banking Communication, which applies to aid measures notified or granted without prior approval after 31 July 2013.
Poleg tega bo zaveza Grčije, da bo pred kakršnim koli odkupom nakupnih bonov, ki jih je izdal GSFS, zaprosila za odobritev Komisije, Komisiji omogočila zagotovitev, da se z morebitnimi prihodnjimi odkupi ne bo dodatno zmanjšalo nadomestilo za GSFS in povečalo nadomestilo za imetnike nakupnih bonov.
Legal basis for the assessment of the compatibility of the liquidity support to the Bank (measure L1)
V zvezi z dejstvom, da so delnice GSFS neglasovalne, Komisija opozarja, da potreba po pomoči ne izhaja predvsem iz prevelikega tveganja.
The liquidity support already received by the Bank has been definitively approved through the successive decisions authorising the measures under the Greek Banks Support Scheme and the Scheme's amendments and prolongations [133].
Cilj programa, dogovorjenega med grško vlado, Unijo, MDS in ECB, je bil obenem, da bi nekatere banke ostale v zasebnem upravljanju.
The terms of such aid will have to be authorised by the Commission before it is granted and therefore do not have to be further assessed in this decision.
Komisija zato ugotavlja, da je bil ukrep B3 nujen.
Legal basis for the assessment of the compatibility of the preference shares (measure A)
Ukrepi B1, B2 in B3 so torej po višini in obliki nujni za reševanje.
The recapitalisation granted in 2009 in the form of preference shares (measure A), was granted under the recapitalisation measure of the Greek Banks Support Scheme, which was approved in 2008 under the 2008 Banking Communication.
Sorazmernost – ukrepi, ki omejujejo negativne učinke prelivanja
It therefore does not have to be reassessed under the 2008 Banking Communication and must be assessed under the Restructuring Communication only.
Skupina je prejela zelo velik znesek državne pomoči.
Legal basis for the assessment of the compatibility of the State-guaranteed ELA (measure L2)
Ta položaj lahko povzroči resno izkrivljanje konkurence.
The compatibility of the State-guaranteed ELA (measure L2) should be first assessed on the basis of the 2008 Banking Communication and the 2011 Prolongation Communication.
Vendar se je Grčija zavezala, da bo izvedla vrsto ukrepov za zmanjšanje negativnih učinkov prelivanja.
Any State-guaranteed ELA granted after 31 July 2013 falls under the 2013 Banking Communication.
V zavezah je zlasti navedeno, da bo poslovanje skupine še naprej potekalo na poslovni podlagi, kot je pojasnjeno v uvodnih izjavah 157 in 158.
Legal basis for the assessment of the compatibility of the HFSF recapitalisations (measures B1, B2 and B3)
Grčija se je zavezala tudi k uvedbi prepovedi prevzemov ter k številnim odprodajam v tujini in odprodajam nebančnih dejavnosti v Grčiji, kot je navedeno v uvodni izjavi 159.
The compatibility of the HFSF recapitalisations (measures B1, B2 and B3), in particular as regards remuneration, should first be assessed on the basis of the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication.
Omejitve izkrivljanja konkurence bodo podrobneje ocenjene v oddelku 7.6.
In the NBG Opening Decision the Commission expressed doubts as to the compatibility of measure B1 with those Communications.
V skupini je bil imenovan skrbnik spremljanja za spremljanje pravilnega izvajanja zavez glede korporativnega upravljanja in komercialnih dejavnosti.
Since they were implemented before 1 August 2013, those measures do not fall under the 2013 Banking Communication.
S tem bodo preprečene kakršne koli škodljive spremembe poslovne prakse skupine in zmanjšani morebitni negativni učinki prelivanja.
The compatibility of the HFSF recapitalisations (measures B1, B2 and B3) should also be assessed on the basis of the Restructuring Communication.
Nazadnje je bil Komisiji 25. junija 2014 predložen nov obsežen načrt prestrukturiranja.
COMPLIANCE OF MEASURE L2 WITH THE 2008 BANKING COMMUNICATION, THE 2011 PROLONGATION COMMUNICATION AND THE 2013 BANKING COMMUNICATION
Navedeni načrt prestrukturiranja bo ocenjen v oddelku 7.6.
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: appropriateness, necessity and proportionality.
Dvomi, izraženi v sklepu o začetku postopka za skupino NBG, so bili torej odpravljeni.
Because Greek banks were shut out from wholesale markets and became entirely dependent on central bank financing, as indicated in recital 46, and since the Bank could not borrow a sufficient amount of funds through the standard refinancing operations, the Bank relied on State-guaranteed ELA to obtain sufficient liquidity thereby preventing it from defaulting.
Ukrepi B1, B2 in B3 so sorazmerni glede na točko 15 sporočila o bančništvu iz leta 2008.
The Commission considers measure L2 to be an appropriate mechanism to remedy the serious disturbance which would have been caused by the default of the Bank.
Sklepna ugotovitev o skladnosti dokapitalizacij iz GSFS s sporočilom o bančništvu iz leta 2008, sporočilom o dokapitalizaciji in sporočilom o podaljšanju iz leta 2011
Since the State-guaranteed ELA entails a relatively high cost of funding for the Bank, the Bank has a sufficient incentive to avoid relying on that source of funding for developing its activities.
SKLADNOST S PREVZEMI TREH ZADRUŽNIH BANK, BANKE FB IN BANKE PROBANK S SPOROČILOM O PRESTRUKTURIRANJU
The Bank had to pay an interest rate of […] bps higher than standard refinancing operations with the Eurosystem.
V točki 23 sporočila o prestrukturiranju je pojasnjeno, da se prevzemi podjetij s strani bank, ki prejemajo pomoč, ne smejo financirati z državno pomočjo, razen če je to nujno za ponovno vzpostavitev uspešnega poslovanja podjetja.
In addition, the Bank had to pay a guarantee fee of […] bps to the State.
Poleg tega je v točkah 40 in 41 sporočila o prestrukturiranju navedeno, da banke ne smejo uporabljati državne pomoči za prevzem konkurenčnih dejavnosti, razen če je ta sestavni del konsolidacije, ki je potrebna za ponovno vzpostavitev uspešnega poslovanja ali za zagotavljanje učinkovite konkurence.
As a result, the total cost of State-guaranteed ELA for the Bank is much higher than the normal costs of ECB refinancing.
Poleg tega lahko prevzemi ogrozijo ali otežijo ponovno vzpostavitev uspešnega poslovanja.
In particular, the difference between the former and the latter is higher than the level of the guarantee fee requested by the 2011 Prolongation Communication.
Komisija mora torej oceniti, ali je mogoče prevzeme, ki jih je opravila skupina, šteti za skladne s sporočilom o prestrukturiranju.
As a result, the total remuneration charged by the State can be considered as sufficient.
Skladnost prevzema izbranih obveznosti treh zadružnih bank s sporočilom o prestrukturiranju
As regards the amount of the State-guaranteed ELA, it is regularly reviewed by the Bank of Greece and the ECB based on the actual needs of the Bank.
Učinek prevzema na dolgoročno uspešno poslovanje skupine
They closely monitor its use and ensure it is limited to the minimum necessary.
Prevzem izbranih sredstev in obveznosti treh zadružnih bank krepi dolgoročno uspešno poslovanje skupine.
Therefore measure L2 does not provide the Bank with excess liquidity which could be used to finance activities distorting competition.
Natančneje so grške banke v času reševanja med letom 2010 in sredino leta 2012 že beležile pomembne odlive vlog ter bile izključene iz mednarodnih trgov financiranja.
It is limited to the minimum amount necessary.
Iz tega razloga so štiri od petih največjih grških bank predložile ponudbe za prevzem vlog treh zadružnih bank.
Such close scrutiny of the use of the State-guaranteed ELA and regular verification that its use is limited to the minimum also ensures that that liquidity is proportionate and does not lead to undue distortion of competition.
Vključitev vlog treh zadružnih bank v bilanco stanja skupine je izboljšala njen profil likvidnosti.
The Commission also notes that Greece has given a commitment that the Bank will implement a restructuring plan reducing its reliance on central bank funding and that the Bank will comply with behavioural limitations, as analysed in section 7.6.
Če skupina ne bi prevzela vlog treh zadružnih bank, bi bilo neto razmerje med posojili in vlogami skupine višje.
This ensures that the reliance on liquidity support will end as soon as possible and that such aid is proportionate.
Poleg tega je skupina hitro vključila prevzete vloge, ne da bi ob tem prevzela kako drago infrastrukturo ali drago mrežo podružnic.
Measure L2 therefore complies with the 2008 Banking Communication and the 2011 Prolongation Communication.
Skupina obenem ni prevzela nobenih posojil, zato prevzem ni povečal njenega tveganja ali njene kapitalske zahteve.
As the 2013 Banking Communication has not introduced further requirements as regards guarantees, measure L2 also complies with the 2013 Banking Communication.
Učinek prevzema na znesek pomoči, ki ga je potrebovala skupina
COMPLIANCE OF MEASURES B1, B2 AND B3 WITH THE 2008 BANKING COMMUNICATION, THE RECAPITALISATION COMMUNICATION AND THE 2011 PROLONGATION COMMUNICATION
V skladu s točko 23 sporočila o prestrukturiranju se pomoč za prestrukturiranje ne sme uporabiti za prevzem drugih podjetij, temveč se mora uporabiti le za kritje stroškov prestrukturiranja, potrebnih za ponovno vzpostavitev uspešnega poslovanja skupine.
As indicated in recital 305, 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 [134]: appropriateness, necessity and proportionality.
V tem primeru prevzem, čeprav pozitivno vpliva na uspešnost poslovanja skupine, ni bistven za njeno uspešno poslovanje v smislu točke 23 sporočila o prestrukturiranju.
The Recapitalisation Communication and the 2011 Prolongation Communication set out further guidance on the level of remuneration required for State capital injections.
Vendar je bila nakupna cena zelo nizka.
Appropriateness of the measures
Sklene se, da prevzem treh zadružnih bank ni negativno vplival na omejevanje stroškov prestrukturiranja na najmanjšo potrebno raven.
The Commission considers the HFSF recapitalisations (measures B1, B2 and B3) to be appropriate because they prevent the bankruptcy of the Bank.
Učinek izkrivljanja konkurence zaradi prevzema
Without them, its activities could not have continued as the Bank had a negative equity at the end of 2012 [135].
V skladu s točkama 39 in 40 sporočila o prestrukturiranju se državna pomoč ne sme uporabiti za prevzem konkurenčnih dejavnosti v škodo podjetij, ki niso prejemniki pomoči.
In that respect, the Commission noted in the NBG Opening Decision that the Bank is one of the largest banking institutions in Greece, both in terms of lending and collection of deposits.
V točki 41 sporočila o prestrukturiranju je navedeno tudi, da se lahko prevzemi odobrijo, če so sestavni del konsolidacije, ki je potrebna za ponovno vzpostavitev uspešnega poslovanja ali za zagotavljanje učinkovite konkurence, da mora biti postopek prevzema pravičen in da mora pridobitev zagotavljati pogoje učinkovite konkurence na upoštevnem trgu.
As such, the Bank is a systemically important bank for Greece.
Banka Grčije je presodila, da tri zadružne banke niso bile sposobne uspešnega poslovanja, ukrepi za reševanje pa so bili potrebni zaradi ohranjanja finančne stabilnosti.
Consequently, a default of the Bank would have created a serious disturbance in the Greek economy.
Prevzem treh zadružnih bank je torej mogoče šteti za del konsolidacije, ki je potrebna za ponovno vzpostavitev finančne stabilnosti, kot je opisano v točki 41 sporočila o prestrukturiranju.
Under the then prevailing circumstances, financial institutions in Greece had difficulties in accessing funding.
Obenem je bila nakupna cena zelo nizka.
That lack of funding limited their ability to provide loans to the Greek economy.
Noben ponudnik, ki ni prejemal pomoči, ni predložil veljavne ponudbe za prevzem sredstev in obveznosti treh zadružnih bank, postopek prodaje pa je bil odprt in nediskriminacijski.
In that context, the disturbance to the economy would have been aggravated by the default of the Bank.
Grški organ za konkurenco [139] je skupini odobril prevzem izbranih sredstev in obveznosti banke Achaia [140].
Moreover, measures B1, B2 and B3 came about mainly because of the PSI programme, a highly extraordinary and unpredictable event, and not primarily as a result of mismanagement or excessive risk-taking by the Bank.
Zato je mogoče domnevati, da rezultat prodaje ne ogroža učinkovite konkurence v Grčiji.
The measures thereby deal principally with the results of the PSI programme and contribute to maintaining financial stability in Greece.
Prevzem torej spada pod izjemo iz točke 41 sporočila o prestrukturiranju.
In the NBG Opening Decision, the Commission expressed doubts as to whether all steps possible had been taken immediately to avoid the Bank needing aid again in the future.
Sklepna ugotovitev glede prevzema izbranih sredstev in obveznosti treh zadružnih bank
As described in section 2.4, the Bank has also started to restructure its activities, with cost reductions already implemented.
Skladnost prevzema banke FB s sporočilom o prestrukturiranju
Therefore the Commission's doubts have been allayed.
Vpliv prevzema banke FB na dolgoročno uspešno poslovanje skupine
In the NBG Opening Decision, the Commission also expressed doubts as to whether sufficient safeguards existed in the event that the Bank came under State control, or in the event that private shareholders retained control while the majority of the ownership would be held by the State.
Kar zadeva operativno donosnost, bo prevzem banke FB pospešil ponovno vzpostavitev dolgoročnega uspešnega poslovanja skupine, saj združitev dveh bank na istem geografskem trgu prinaša možnost za uresničitev sinergij.
The commitments described in recitals 156, 157 and 158 ensure the credit operations of the Bank will be run on a commercial basis and daily business will be protected from State interference.
Skupina je ob prevzemu pričakovala zlasti, da bo dosegla sinergije z racionalizacijo mreže podružnic, uskladitvijo ponudbe produktov in kreditnih politik ter racionalizacijo in združevanjem platforme IT.
Significant actions have been taken to minimise future losses and to ensure that the activities of the Bank are not jeopardised by inappropriate governance.
Ta dejavnik omejuje tveganje prihodnjih oslabitev.
On that basis, the Commission finds that measures B1, B2 and B3 are appropriate.
Kar zadeva likvidnostni položaj, ima prevzem pozitiven učinek na skupino, saj je ta prevzela več vlog kot neto posojil.
Necessity– limitation of the aid to the minimum
Kar zadeva kapitalske zahteve, je treba opozoriti, da je bila ponudba skupine pogojena s tem, da GSFS krije kapitalske potrebe, ki so nastale s prevzemom sredstev banke FB.
According to the 2008 Banking Communication, the aid measure must, in its amount and form, be necessary to achieve the objective.
Skupina nato ni uporabila te možnosti, saj je v maju 2014 uspela zbrati dovolj zasebnega kapitala na trgu.
It means that the capital injection must be of the minimum amount necessary to achieve the objective.
Komisija zato meni, da prevzem pozitivno vpliva na ponovno vzpostavitev uspešnega poslovanja skupine.
The amount of capital support was calculated by the Bank of Greece in the framework of the stress test of 2012 so as to ensure that the Bank's Core Tier 1 ratio remained above a certain level over the period 2012-14, as reflected in Table 3.
Učinek prevzemov na znesek pomoči, ki ga je potrebovala skupina
As regards the remuneration of the first and second bridge recapitalisations (measures B1 and B2), the Commission recalls that they were granted in May and December 2012, and paid in kind in the form of EFSF notes.
Zato prevzem ni privedel do položaja, ko bi prevzemnik potreboval dodatno državno pomoč.
The HFSF has received as remuneration, from the date of disbursement of those EFSF notes to the date of the Spring 2013 recapitalisation, the accrued interests on the EFSF notes plus a 1 % fee [136].
Kar zadeva prihodnje kapitalske potrebe, ki nastanejo zaradi prevzema, je ugotovljeno, da so bila sredstva prevzeta po pošteni vrednosti, kar omejuje tveganje dodatnih izgub v prihodnosti.
As underlined in the NBG Opening Decision, that remuneration is lower than the 7 % to 9 % range defined in the Recapitalisation Communication.
Skupina torej ni uporabila pomoči za financiranje prevzema banke FB, navedeni prevzem pa ni v nasprotju z načelom, da mora biti pomoč omejena na najmanjšo možno raven.
However, the period of low remuneration was limited to one year for measure B1 and five months for measure B2 (that is to say, until the conversion of the bridge recapitalisation into a standard recapitalisation in ordinary shares, namely measure B3).
Učinek izkrivljanja konkurence zaradi prevzemov
While the first and second bridge recapitalisations did not trigger the dilution of existing shareholders, the Spring 2013 recapitalisation, which was the partial conversion of the first and second bridge recapitalisations, heavily diluted the pre-existing shareholders, as their stake in the Bank's equity fell to 5,1 %.
Kot je navedeno v uvodni izjavi 76, banka FB sama ni bila sposobna uspešnega poslovanja.
The abnormal situation which prevailed from the date of the first bridge recapitalisation was then terminated.
Memorandum o gospodarskih in finančnih politikah iz decembra 2012 je za reševanje podkapitaliziranih bank določil postopek nakupa in prevzema ali, kot drugo najboljšo možnost, ustanovitev premostitvene banke.
The doubts raised in the NBG Opening Decision have therefore been allayed.
Kot je navedeno v uvodni izjavi 77 in v skladu z memorandumom o gospodarskih in finančnih politikah, je Banka Grčije ugotovila, da je bil sprejem reševalnih ukrepov ključnega pomena za ohranitev zaupanja vlagateljev v grški bančni sistem.
Furthermore, given the atypical source of the Bank's difficulties, where losses come mainly from a debt waiver in favour of the State (the PSI programme and the debt buy-back, which provide a significant advantage to the State, that is to say, a debt reduction) and from the consequences of a protracted recession in the domestic economy of the Bank, the Commission can accept such a temporary deviation from the standard remuneration requirements set in the Recapitalisation Communication [137].
Zato se lahko transakcija šteje kot sestavni del konsolidacije, potrebne za ponovno vzpostavitev uspešnega poslovanja, kot je opisano v točki 41 sporočila o prestrukturiranju.
As regards measure B3, according to point 8 of the 2011 Prolongation Communication, capital injections should be subscribed at a sufficient discount to the share price adjusted for the dilution effect to give a reasonable assurance of an adequate remuneration for the State.
Noben ponudnik, ki ni prejemal pomoči, ni predložil veljavne ponudbe za prevzem banke FB, prodajni postopek pa je bil odprt in nediskriminacijski.
While measure B3 did not provide for a significant discount to the share price as adjusted for the dilution effect, it was, in fact, impossible to achieve a significant discount to the theoretical ex-right price [138].
Skupina torej ni izrinila nobenega ponudnika, ki ni prejemal pomoči.
Prior to the Spring 2013 recapitalisation, the capital of the Bank was negative and its market capitalisation was only a small fraction of the amount of the capital increase to be completed.
Prevzem banke FB je odobril grški organ za konkurenco [142].
In such circumstances, the question arises whether the existing shareholders should have been fully wiped out.
Glede na navedeno je mogoče skleniti, da prevzem banke FB spada pod izjemo iz točke 41 sporočila o prestrukturiranju.
The Commission notes that the issue price was set at a 50 % discount to the average market price over the fifty days preceding the determination of the issue price.
Sklepna ugotovitev glede prevzema banke FB
The Commission also notes that the dilution of the pre-existing shareholders was huge since after that recapitalisation they held only 5,1 % of the shareholding of the Bank.
Sklene se, da je navedeni prevzem ob upoštevanju posebnosti prevzema banke FB skladen z zahtevami iz sporočila o prestrukturiranju.