natgillin/translations-raw huggingface dataset:
The fact that the aid rescues the activities transferred to the Bank could in theory create distortions of competition.
Nacionalni organi so ga priglasili kot pomoč.
However, the Commission notes the small size of Probank and the sale process, in which the competitors had the opportunity to bid for the selected assets and liabilities of Probank.
Prejeti kapital je znašal 2326 milijonov EUR.
Moreover, immediately after their transfer, the economic activities of Probank were fully integrated within the Bank and ceased to exist as a separate economic activity or competitor.
Udeležba GSFS v dokapitalizaciji iz pomladi 2013 (ukrep B3)
Conclusion on the compliance of measures PB1 and PB2 with the Banking Communication and the Recapitalisation Communication
Udeležba GSFS v dokapitalizaciji iz pomladi 2013 (ukrep B3) je delno preoblikovanje prve in druge premostitvene dokapitalizacije (ukrepa B1 in B2) v trajno dokapitalizacijo v višini 8677 milijonov EUR v navadnih delnicah.
It is concluded that measures PB1 and PB2 are appropriate and necessary and, in the light of the deep restructuring foreseen for the Bank, into which the economic activities of Probank have been transferred, are proportionate to the intended objective, in line with the 2008 Banking Communication and the Recapitalisation Communication.
Ker ukrep B3 pomeni preoblikovanje že dodeljene pomoči, še vedno vključuje državna sredstva, vendar ne zvišuje nominalnega zneska pomoči.
In recital 260 the Commission noted as regards the remuneration of measure PB1 that the HFSF will probably not fully recover the EUR 562,73 million injected for the resolution of Probank (measure PB1).
Vendar za dani nominalni znesek pomoči poveča prednost skupine (in s tem izkrivljanje konkurence), ker je to trajna dokapitalizacija in ne začasna dokapitalizacija kot v primeru ukrepov B1 in B2.
Long-term viability of Probank's activities through sale
Taka podpora ni bila dodeljena vsem bankam, ki delujejo v Grčiji.
Member States may therefore encourage the exit of non-viable players while allowing for the exit process to take place within an appropriate timeframe that preserves financial stability.
Komisija v zvezi z izkrivljanjem konkurence in vplivom na trgovino na primer ugotavlja, da je pomoč skupini omogočila poslovanje v drugih državah članicah, kot sta Romunija in Bolgarija.
However, Probank was not viable on a standalone basis and was put into liquidation.
Likvidacija skupine bi povzročila prenehanje njenih dejavnosti v tujini prek likvidacije teh dejavnosti ali prodaje teh podjetij.
Therefore, the fact that the activities of Probank have been transferred to the Bank allows their long-term viability to be restored.
Poleg tega zavarovalniške dejavnosti skupine v Grčiji konkurirajo dejavnostim hčerinskih družb zavarovalnic iz drugih držav članic.
Moreover, the fact that Probank's activities were fully integrated [127] within the Bank and ceased to operate as an independent entity constitutes in-depth restructuring as required by the insufficient remuneration of the State aid.
Ukrep torej izkrivlja konkurenco in vpliva na trgovino med državami članicami.
The equity and the subordinated debt were not transferred to the Bank but remained in the entity in liquidation.
Znesek državne pomoči, vključene v ukrepe B1, B2 in B3, je 9756 milijonov EUR.
Regarding the amount of aid received, the total aid received in the form of capital amounted to EUR [742,7 to 842,7] million (measures PB1 and PB2).
Kot je navedeno v oddelku 7.1.3.3, je bil v trajno dokapitalizacijo v višini 8677 milijonov EUR (ukrep B3) pretvorjen samo del prve in druge premostitvene dokapitalizacije (ukrepa B1 in B2), medtem ko je bila razlika odplačana GSFS šest mesecev po tem, ko je bila dodeljena [130].
Measure PB1 corresponded to around 21,15 % of the RWA of Probank at 30 June 2013.
V točki 31 sporočila o prestrukturiranju je navedeno, da mora Komisija poleg absolutnega zneska pomoči upoštevati pomoč „v razmerju do tveganju prilagojene tehtane aktive banke“.
Measure PB2, by definition, corresponded to […] % of the assets transferred from Probank.
Postavlja se torej vprašanje, katero stopnjo tveganju prilagojene aktive bi bilo treba uporabiti in, natančneje, ali bi bilo treba državno pomoč oceniti glede na tveganju prilagojeno aktivo, ki je obstajala na začetku ali na koncu obdobja.
Such amounts of aid in combination with the absence of remuneration call for a significant reduction in the market presence of the beneficiary.
Ukrepi B1, B2 in B3 so namenjeni kritju kapitalske potrebe, ki jo je Banka Grčije opredelila marca 2012 (stresni test iz leta 2012).
Regarding the market on which Probank operated, the Commission notes that Probank was a very small bank (approximately 1 % of Greek banks' total assets and a market share of about 1 % for loans and less than 2 % for deposits) and consequently the assets and liabilities of Probank which were transferred into the Bank were small compared with the size of the Greek banking system.
Ta dejavnik potrjuje, da so bili ukrepi B1, B2 in B3 ukrepi pomoči, povezani s skupino v obsegu, v kakršnem je ta obstajala 31. marca 2012.
Moreover, the activities of Probank were offered to competitors through an open auction.
Ker je skupina uspela pridobiti zasebni kapital, je dejanski znesek, ki ga je GSFS vložil v skupino, znašal le 8677 milijonov EUR, kar pomeni 13,6 % tveganju prilagojene aktive skupine na dan 31. marca 2012.
Following its sale, Probank ceased to exist as a stand-alone competitor as the transferred activities were fully integrated within the Bank.
Sklepna ugotovitev glede obstoja in skupnega zneska pomoči, ki jo je prejela skupina
It is concluded that given the small size of the transferred activities, the open sales process, and the full integration of Probank's activities into the Bank, there are no undue distortions of competition, despite the very large amount of aid and the absence of remuneration.
Ukrepi A, B1, B2, B3, L1 in L2 pomenijo državno pomoč v smislu člena 107(1) Pogodbe.
On the basis of that analysis, the Commission concludes that the sale of the selected assets and liabilities of Probank and their integration into the Bank ensures Probank's activities return to long-term viability, that the aid is limited to the minimum necessary and that there are no undue distortions of competition, in line with the Restructuring Communication.
Navedeni ukrepi so povzeti v preglednici 12.
Conclusion on the compatibility of aid related to Probank with the internal market
Preglednica 12
All the aid measures listed in Table 11 are thus compatible with the internal market.
Pregled skupne pomoči, ki jo je prejela skupina
ASSESSMENT OF AID GRANTED TO THE BANK
Sklic
EXISTENCE AND THE AMOUNT OF AID
Vrsta ukrepa
The Commission has to establish the existence of State aid within the meaning of Article 107(1) of the Treaty.
Znesek pomoči
Existence of aid in the measures granted under the Greek Bank Support Scheme (measures L1 and A)
Pomoč/Tveganju prilagojena aktiva
State liquidity support granted under the guarantee and the government bond loan measures (measure L1)
Prednostne delnice
The Commission has already established in the decisions approving and prolonging the Greek Banks Support Scheme [128] that liquidity support granted under the scheme constitutes aid.
Kapitalska podpora
The outstanding amount of guarantees as of 15 April 2011 was EUR 12873 million, and reached EUR 14798 million as of 30 November 2013.
1350 milijonov EUR
At those dates, the outstanding loans of government bonds to the Bank amounted to EUR 787 million and EUR 847 million respectively.
Prva premostitvena dokapitalizacija
Future liquidity support granted under that scheme would also constitute aid.
Druga premostitvena dokapitalizacija
State recapitalisation granted under the Recapitalisation Scheme (measure A)
7430 milijonov EUR
The Commission has already established in the Decision of 19 November 2008 on the Greek Banks Support Scheme that recapitalisations to be granted under the recapitalisation measure included under that scheme will constitute aid.
2326 milijonov EUR
The Bank has received EUR 1350 million by means of preference shares, which represents 2,1 % of the Bank's RWA [129].
Skupna finančna pomoč, dodeljena skupini
In 2010, Greece introduced several changes to the technical parameters of those preference shares whereby, if the preference shares are not redeemed within five years, the coupon then increases by 2 % each year.
11106 milijonov EUR
Given that the changes increase the remuneration of the State in the event that they would not be redeemed or converted after five years, the Commission concludes that the modifications of the technical parameters do not provide any advantage to the Bank and hence do not involve additional State aid.
Dokapitalizacija iz pomladi 2013
Existence of aid in the State-guaranteed ELA (measure L2)
8677 milijonov EUR
The Commission clarified in point 51 of the 2008 Banking Communication that the provision of central banks' funds to financial institutions does not constitute aid if four cumulative conditions are met regarding the solvency of the financial institution, the collateralisation of the facility, the interest rate charged to the financial institution, and the absence of counter-guarantee from the State.
Skupna kapitalska pomoč, dodeljena skupini, brez pomoči, odplačane v šestih mesecih
Since the State-guaranteed ELA granted to the Bank does not comply with those four cumulative conditions, notably because it is State-guaranteed and it is granted in conjunction with other support measures, it cannot be concluded that the State-guaranteed ELA does not constitute State aid.
10027 milijonov EUR
The State-guaranteed ELA meets the conditions laid down in Article 107(1) of the Treaty.
Nominalni znesek pomoči
First, because that measure includes a State guarantee in favour of the Bank of Greece, any loss will be borne by the State.
Likvidnostna podpora
The measure therefore involves State resources.
Jamstva: 14,8 milijarde EUR
The State-guaranteed ELA enables banks to get funding at a time when they have no access to the wholesale funding market and to the standard Eurosystem refinancing operations.
Obligacijska posojila: 0,8 milijarde EUR
The State-guaranteed ELA therefore grants an advantage to the Bank.
30. novembra 2013
Since the State-guaranteed ELA is limited to the banking sector, the measure is selective.
Izredna likvidnostna pomoč z državnim jamstvom
Because the State-guaranteed ELA allows the Bank to continue operating on the market and avoids it defaulting and having to exit the market, it distorts competition.
Sredstva in jamstvo
Since the Bank is active in other Member States and since financial institutions from other Member States operate or would potentially be interested in operating in Greece, the advantage granted to the Bank affects trade between Member States.
30,9 milijarde EUR
On the basis of the above, the Commission considers that the State-guaranteed ELA (measure L2) constitutes State aid.
31. decembra 2012
The amount of State-guaranteed ELA has varied over time.
Skupna likvidnostna pomoč, dodeljena skupini
On 31 December 2012, it amounted to around EUR 30,9 billion.
46,5 milijarde EUR
Existence of aid in the measures granted through the HFSF (measures B1, B2 and B3)
PRAVNA PODLAGA ZA OCENO ZDRUŽLJIVOSTI
First bridge recapitalisation (measure B1)
Kot je bilo ugotovljeno v uvodni izjavi 207, bi bilo treba ukrepe pomoči oceniti na podlagi člena 107(3)(b) Pogodbe [132].
In section 5.1 of the NBG Opening Decision, the Commission has already concluded that the first bridge recapitalisation constitutes State aid.
Smernice za ukrepe dokapitalizacije so na voljo v sporočilu o dokapitalizaciji in sporočilu o podaljšanju iz leta 2011.
The capital received amounted to EUR 7430 million.
V sporočilu o prestrukturiranju je opredeljen pristop Komisije v zvezi z oceno načrtov prestrukturiranja, zlasti potrebo po ponovni vzpostavitvi uspešnega poslovanja, zagotovitvi ustreznega prispevka upravičenca in omejitvi izkrivljanja konkurence.
Second bridge recapitalisation (measure B2)
Navedeni okvir je bil dopolnjen s sporočilom o bančništvu iz leta 2013, ki se uporablja za ukrepe pomoči, priglašene ali odobrene brez predhodne odobritve po 31. juliju 2013.
Measure B2 was implemented with HFSF resources, which, as explained in recital 49 of the NBG Opening Decision, involved State resources.
Pravna podlaga za oceno združljivosti likvidnostne podpore za skupino (ukrep L1)
As regards the existence of an advantage, measure B2 increased the Bank's capital ratio to a level that allowed it to continue functioning on the market and accessing Eurosystem funding.
Likvidnostna podpora, ki jo je skupina že prejela, je bila dokončno odobrena z zaporednimi sklepi o odobritvi ukrepov v okviru programa pomoči grškim bankam ter odobritvi sprememb in podaljšanj programa [133].
Furthermore, the remuneration of measure B2 consists of the accrued interests on EFSF notes and an additional 1 % fee.
Kakršna koli prihodnja likvidnostna podpora za skupino bo morala biti dodeljena v okviru programa, ki ga bo ustrezno odobrila Komisija.
Because that remuneration is manifestly lower than the remuneration of similar capital instruments in the market, the Bank would have certainly been unable to raise that capital on such terms in the market.
Pogoje take pomoči bo morala Komisija odobriti pred dodelitvijo pomoči, zato jih v tem sklepu ni treba podrobneje oceniti.
As the measure was made available only to the Bank, it was selective in nature.
Pravna podlaga za oceno združljivosti izredne likvidnostne pomoči z državnim jamstvom (ukrep L2)
The position of the Bank was strengthened as a result of measure B2 since the Bank was provided with the financial resources necessary to continue complying with the capital requirements, thus leading to distortions of competition.
Pravna podlaga za oceno združljivosti dokapitalizacij iz GSFS (ukrepi B1, B2 in B3)
The Commission considers that measure B2 constitutes State aid.
Da bi bila pomoč združljiva na podlagi člena 107(3)(b) Pogodbe, mora biti skladna s splošnimi merili združljivosti, in sicer mora biti primerna, nujna in sorazmerna.
The HFSF's participation in the Spring 2013 recapitalisation (measure B3)
Ker izredna likvidnostna pomoč z državnim jamstvom vključuje razmeroma visoke stroške financiranja za skupino, za skupino obstaja zadostna spodbuda, da se pri razvoju svojih dejavnosti ne zanaša na navedeni vir financiranja.
The HFSF's participation in the Spring 2013 recapitalisation (measure B3) is the partial conversion of the first and second bridge recapitalisations (measures B1 and B2) into a permanent recapitalisation of EUR 8677 million in ordinary shares.
Skupina je morala plačevati obrestno mero, ki je bila za […] bazičnih točk višja od tiste za standardne Eurosistemove operacije refinanciranja.
Since measure B3 is the conversion of aid already granted, it still involves State resources but it does not increase the nominal amount of aid.
Poleg tega je morala državi plačati provizijo za jamstvo v višini […] bazičnih točk.
However, for a given nominal amount of aid, it increases the advantage to the Bank (and therefore the distortions of competition) since it is a permanent recapitalisation and not a temporary recapitalisation as in the case of measures B1 and B2.
Zato so skupni stroški izredne likvidnostne pomoči z državnim jamstvom za skupino mnogo višji od običajnih stroškov refinanciranja ECB.
Such support was not granted to all banks operating in Greece.
Kar zadeva znesek izredne likvidnostne pomoči z državnim jamstvom, ga Banka Grčije in ECB redno preverjata ob upoštevanju dejanskih potreb skupine.
As regards distortions of competition and effect on trade, the Commission notes for instance that the aid enabled the Bank to pursue its operations in other Member States, such as Romania or Bulgaria.
Pozorno spremljata njegovo uporabo in zagotavljata, da je omejen na najmanjšega potrebnega.
A liquidation of the Bank would have led to the termination of its activities abroad, through the liquidation of those activities or the sale of those businesses.
Z ukrepom L2 torej skupini niso zagotovljena čezmerna likvidna sredstva, ki bi se lahko uporabila za financiranje dejavnosti, ki izkrivljajo konkurenco.
In addition, the insurance activities of the Bank in Greece compete with the activities of subsidiaries of insurance companies from other Member States.
Ukrep je omejen na najmanjši potrebni znesek.
Therefore, the measure distorts competition and affects trade between Member States.
Tak natančen nadzor nad uporabo izredne likvidnostne pomoči z državnim jamstvom in redno preverjanje, ali je njena uporaba omejena na najmanjšo potrebno, zagotavljata tudi, da je ta likvidnost sorazmerna in ne vodi do neupravičenega izkrivljanja konkurence.
The Commission considers that measure B3 therefore constitutes State aid.
Komisija tudi ugotavlja, da se je Grčija zavezala, da bo skupina izvedla načrt prestrukturiranja, s katerim bo zmanjšala svojo odvisnost od financiranja s strani centralne banke, in da bo skupina ravnala v skladu z omejitvami ravnanja, kot je analizirano v oddelku 7.6.
Conclusion on measures B1, B2, and B3
To zagotavlja, da se bo odvisnost od likvidnostne podpore čim prej končala in da je taka pomoč sorazmerna.
Measures B1, B2, and B3 constitute State aid within the meaning of Article 107(1) of the Treaty.
SKLADNOST UKREPOV B1, B2 IN B3 S SPOROČILOM O BANČNIŠTVU IZ LETA 2008, SPOROČILOM O DOKAPITALIZACIJI IN SPOROČILOM O PODALJŠANJU IZ LETA 2011
The amount of State aid included in measures B1, B2, and B3 is EUR 9756 million.
Kot je navedeno v uvodni izjavi 305, mora biti pomoč skladna s splošnimi merili združljivosti [134], da bi bila združljiva na podlagi člena 107(3)(b) Pogodbe, in sicer mora biti primerna, nujna in sorazmerna.
As indicated in section 7.1.3.3, only part of the first and second bridge recapitalisations (measures B1 and B2) was converted into a permanent recapitalisation of EUR 8677 million (measure B3), while the balance was repaid to the HFSF six months after it was granted [130].
Sporočilo o dokapitalizaciji in sporočilo o podaljšanju iz leta 2011 vsebujeta nadaljnje smernice glede ravni nadomestila, potrebnega za kapitalske vložke iz državnih virov.
Point 31 of the Restructuring Communication indicates that, besides the absolute amount of aid, the Commission has to take into account the aid ‘in relation to the bank's risk-weighted assets’.
Primernost ukrepov
Measures B1, B2, and B3 were granted over the course of a one-year period, from April 2012 [131] until May 2013.
Komisija meni, da so dokapitalizacije iz GSFS (ukrepi B1, B2 in B3) primerne, saj preprečujejo stečaj skupine.
During that period, the RWA of the Bank changed.
Skupina brez teh dokapitalizacij ne bi mogla nadaljevati svojih dejavnosti, saj je bil njen kapital konec leta 2012 negativen [135].
The question therefore arises as to which level of RWA should be used, and particularly whether the State aid should be assessed by reference to the RWA that existed at the beginning of the period or at the end of the period.
Komisija je v zvezi s tem v sklepu o začetku postopka za skupino NBG navedla, da je skupina ena od največjih bančnih institucij v Grčiji, tako v smislu dajanja posojil kot v smislu zbiranja vlog.
Measures B1, B2, and B3 aim at covering a capital need identified by the Bank of Greece in March 2012 (the stress test of 2012).
Skupina je kot taka sistemsko pomembna za Grčijo.
In other words, the capital needs that those State support measures aim to address already existed in March 2012.
Zato bi propad skupine povzročil resno motnjo v grškem gospodarstvu.
The Commission therefore considers that the aid amount included in measures B1, B2, and B3 should be compared to the RWA of the Bank at 31 March 2012.
Finančne institucije v Grčiji so v takratnih prevladujočih okoliščinah imele težave z dostopom do financiranja.
It is also recalled that, after March 2012 and until the Spring 2013 recapitalisation, the Bank of Greece did not take into account acquisitions made by Greek banks to adjust their capital needs upwards or downwards.
Zaradi navedenega pomanjkanja financiranja je bila omejena njihova možnost zagotavljanja posojil za grško gospodarstvo.
That factor further demonstrates that measures B1, B2, and B3 were aid measures related to the perimeter of the Bank as it existed at 31 March 2012.
V teh okoliščinah bi propad skupine še poslabšal motnje v gospodarstvu.
The first and second bridge recapitalisations together amounted to EUR 9756 million.
Poleg tega so bili ukrepi B1, B2 in B3 sprejeti predvsem zaradi programa PSI, ki je bil zelo izjemen in nepredvidljiv dogodek, in ne prvenstveno zaradi slabega upravljanja ali prevzemanja prevelikih tveganj s strani skupine.
That amount represents 15,3 % of the RWA of the Bank at 31 March 2012.
Ukrepi se zato nanašajo predvsem na rezultate programa PSI in prispevajo k ohranjanju finančne stabilnosti v Grčiji.
Since the Bank managed to attract private capital, the actual amount injected by the HFSF into the Bank amounted to only EUR 8677 million, which represents 13,6 % of the RWA of the Bank at 31 March 2012.
Komisija je v sklepu o začetku postopka za skupino NBG izrazila dvom o tem, ali so bili takoj sprejeti vsi možni ukrepi za zagotovitev, da skupina v prihodnosti ne bo več potrebovala pomoči.
Conclusion on the existence and total amount of aid received by the Bank
Kot je navedeno v uvodnih izjavah 156, 157 in 158 tega sklepa, se je Grčija zavezala, da bo izvedla vrsto ukrepov v zvezi s korporativnim upravljanjem in komercialnimi dejavnostmi skupine.
Measures A, B1, B2, B3, L1 and L2 constitute State aid within the meaning of Article 107(1) of the Treaty.
Kot je opisano v oddelku 2.4, je skupina začela prestrukturirati svoje dejavnosti in že izvedla številna znižanja stroškov.
Those measures are summarised in Table 12.
Dvomi Komisije so bili torej odpravljeni.
Table 12
Komisija je v sklepu o začetku postopka za skupino NBG izrazila dvome tudi glede tega, ali obstajajo zadostni zaščitni ukrepi, če bi skupina prešla pod nadzor države ali če bi nadzor obdržali zasebni delničarji, medtem ko bi bila večinska lastnica država.
Overview of the total aid received by the Bank
V zavezah, opisanih v uvodnih izjavah 156, 157 in 158, je zagotovljeno, da bo kreditno poslovanje skupine potekalo na poslovni podlagi in da bo vsakodnevno poslovanje zaščiteno pred vmešavanjem države.
Ref.
Okvir odnosov, o katerem sta se dogovorila GSFS in skupina, zagotavlja tudi, da so interesi države kot glavnega delničarja zaščiteni pred prevzemanjem prevelikih tveganj s strani vodstva skupine.
Type of measure
Ukrepi B1, B2 in B3 tako zagotavljajo ohranitev finančne stabilnosti v Grčiji.
Amount of aid
Sprejeti so bili pomembni ukrepi za zmanjšanje prihodnjih izgub in zagotovitev, da neustrezno upravljanje ne bo ogrožalo dejavnosti skupine.
Aid/RWA
Na podlagi navedenega Komisija ugotavlja, da so ukrepi B1, B2 in B3 primerni.
Preference Shares
Nujnost – omejitev pomoči na najmanjšo potrebno
Capital support
V skladu s sporočilom o bančništvu iz leta 2008 mora biti ukrep pomoči po višini in obliki nujen za doseganje cilja.
EUR 1350 million
To pomeni, da mora biti kapitalski vložek omejen na najmanjši znesek, potreben za doseganje cilja.
First bridge recapitalisation
Znesek kapitalske podpore je izračunala Banka Grčije v okviru stresnega testa iz leta 2012, da bi zagotovila, da bi količnik navadnega lastniškega temeljnega kapitala skupine v obdobju 2012–2014 ostal nad določeno ravnjo, kot je prikazano v preglednici 3.
Second bridge recapitalisation
Z ukrepi B1, B2 in B3 skupini torej ni zagotovljen presežni kapital.
EUR 7430 million
Kot je pojasnjeno v uvodni izjavi 314, so bili sprejeti ukrepi za zmanjšanje tveganja, da bi skupina v prihodnosti morda potrebovala dodatno pomoč.
EUR 2326 million
Kar zadeva nadomestilo za prvo in drugo premostitveno dokapitalizacijo (ukrepa B1 in B2), Komisija opozarja, da sta bila ukrepa dodeljena maja in decembra 2012 ter izplačana s stvarnim vložkom v obliki obveznic instrumenta EFSF.
Total capital aid granted to the Bank
GSFS je od dneva izplačila navedenih obveznic do dneva dokapitalizacije pomladi 2013 prejemal nadomestilo v obliki natečenih obresti na obveznice EFSF in provizije v višini 1 % [136].