natgillin/translations-raw huggingface dataset:
The Commission considers measure L2 to be an appropriate mechanism to remedy a serious disturbance, which would have been caused by the default of the Bank.
Izvršilna cena je enaka vpisni ceni sklada HFSF, povečana za letno in kumulativno maržo (4 % za prvo leto, 5 % za drugo leto, 6 % za tretje leto, 7 % za četrto leto in nato 8 % za zadnjih šest mesecev, prilagojenih na letno raven).
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.
Nadomestilo, ki ga je sklad HFSF prejel za delnice v svoji lasti, je dejansko omejeno na navedene ravni.
The Bank had to pay an interest rate of […] bps higher than regular refinancing operations with the Eurosystem.
Navedeno nadomestilo je nižje od razpona od 7 % do 9 %, ki je določeno v sporočilu o dokapitalizaciji.
In addition, the Bank had to pay a guarantee fee of […] bps to the State.
Ker so bili nakupni boni ključni dejavnik za uspeh izdaje pravic in zasebne prodaje, ki jih je skupina izvedla pred dokapitalizacijo iz pomladi 2013, Komisija meni, da so skupini omogočili zmanjšanje pomoči za 550 milijonov EUR.
As a result, the total cost of State-guaranteed ELA for the Bank is much higher than the normal costs of ECB refinancing.
Simulacije, ki so bile takrat na voljo, so dejansko pokazale, da zasebni vlagatelji zaradi nizkega količnika kapitalske ustreznosti skupine pred dokapitalizacijo in zaradi velike negotovosti, ki je v tistem času prevladovala, brez nakupnih bonov ne bi imeli zadostnega donosa in ne bi sodelovali.
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.
Sklad HFSF bi ob uveljavitvi nakupnih bonov prejel minimalno pozitivno nadomestilo, cilj memoranduma o gospodarskih in finančnih politikah pa je bil privabiti zasebne vlagatelje, da bi nekatere banke ostale v zasebnem upravljanju in ne bi bil ves bančni sektor pod nadzorom sklada HFSF, zato lahko Komisija iz razlogov iz uvodnih izjav 205 in 212 sprejme tako odstopanje od standardnih zahtev glede nadomestila iz sporočila o dokapitalizaciji.
As a result, the total remuneration charged by the State can be considered as sufficient.
Ta odločitev temelji tudi na dejstvu, da zakon o skladu HFSF, kakor je bil spremenjen marca 2014, ne zagotavlja morebitne prilagoditve nakupnih bonov v primeru povečanja delniškega kapitala brez predkupne pravice, v primeru izdaje pravic pa se lahko prilagodi le izvršilna cena nakupnega bona, vendar šele naknadno in le do zneska prihodkov od prodaje predkupnih pravic sklada HFSF.
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.
Poleg tega bo Komisija lahko zaradi zaveze Grčije, da bo pred morebitnim odkupom nakupnih bonov, ki jih je izdal sklad HFSF, od Komisije pridobila soglasje, zagotovila, da morebitni prihodnji odkup ne bo še bolj zmanjšal nadomestila sklada HFSF in povečal nadomestila imetnikom nakupnih bonov.
They closely monitor its use and ensure it is limited to the minimum necessary.
Komisija glede tega, da so delnice sklada HFSF neglasovalne, opozarja, da se potreba po pomoči ni pojavila zlasti zaradi prevzemanja prevelikih tveganj.
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 proportional and does not lead to undue distortion of competition.
Komisija zato ugotavlja, da je bil ukrep B4 nujen.
The Commission also notes that Greece has committed that the Bank will implement restructuring measures reducing its reliance on central bank funding and that the Bank will comply with behavioural limitations, as analysed in section 7.6.
Ukrepi B1, B2, B3 in B4 so torej po višini in obliki nujni za reševanje.
Those factors ensure that the reliance on liquidity support will end as soon as possible and that such aid is proportional.
Sorazmernost – ukrepi, ki omejujejo negativne učinke prelivanja
Measure L2 therefore complies with the 2008 Banking Communication and the 2011 Prolongation Communication.
Komisija ugotavlja, da je skupina prejela zelo visok znesek državne pomoči.
COMPLIANCE OF MEASURES B1, B2, B3 AND B4 WITH THE 2008 BANKING COMMUNICATION, THE RECAPITALISATION COMMUNICATION AND THE 2011 PROLONGATION COMMUNICATION
Vendar se je Grčija zavezala, da bo izvedla več ukrepov za zmanjšanje negativnih učinkov prelivanja.
As indicated in recital 189, and in line with point 15 of the 2008 Banking Communication, in order for aid to be compatible under Article 107(3)(b) of the Treaty it must comply with the general criteria for compatibility [99]: appropriateness, necessity and proportionality.
Zaveze zagotavljajo zlasti, da se bodo dejavnosti skupine še naprej opravljale na komercialni osnovi, kot je pojasnjeno v uvodnih izjavah 121 in 122.
The Recapitalisation Communication and the 2011 Prolongation Communication elaborate further on the level of remuneration required for State capital injections.
Grčija se je zavezala tudi k uvedbi prepovedi prevzemov ter k številnim odprodajam, kot je pojasnjeno v uvodnih izjavah 123 do 124.
Appropriateness of the measures
Ukrepi za omejitev izkrivljanja konkurence so podrobneje ocenjeni v oddelku 7.6.
As regards the appropriateness of the HFSF recapitalisations (measures B1, B2, B3, and B4), the Commission considers them appropriate because they enable the Bank to comply with capital requirements.
V skupini je bil imenovan tudi skrbnik spremljanja, ki bo spremljal pravilno izvajanje zavez o upravljanju podjetij in komercialnih dejavnostih.
Without the HFSF recapitalisations, the Bank would have been unable to pursue its activities and would have lost access to ECB refinancing operations.
To bo preprečilo škodljive spremembe poslovne prakse skupine in s tem zmanjšalo morebitne negativne učinke prelivanja.
In that respect, the Commission noted in the Alpha Opening Decision that the Bank is one of the largest banking institutions in Greece, both in terms of lending and collection of deposits.
Poleg tega je bil 12. junija 2014 Komisiji predložen nov obsežen načrt prestrukturiranja.
As such, the Bank is a systemically important bank for Greece.
Ta je ocenjen v oddelku 7.6.
Consequently, default by the Bank would have created a serious disturbance in the Greek economy.
Pomisleki, izraženi v sklepu o začetku postopka za skupino Alpha, so bili odpravljeni.
Under the then prevailing circumstances, financial institutions in Greece had difficulties in accessing funding.
Ukrepi B1, B2, B3 in B4 so sorazmerni glede na točko 15 sporočila o bančništvu iz leta 2008.
That lack of funding limited their ability to provide loans to the Greek economy.
Sklepna ugotovitev o skladnosti dokapitalizacij iz sklada HFSF s sporočilom o bančništvu iz leta 2008, sporočilom o dokapitalizaciji in sporočilom o podaljšanju iz leta 2011
The measures therefore mainly aim at dealing with the results of the PSI programme and contribute to maintaining financial stability in Greece.
Banke, ki prejemajo pomoč, v skladu s točko 23 sporočila o prestrukturiranju prevzemov podjetij ne morejo financirati prek državne pomoči, razen če je to potrebno za ponovno vzpostavitev uspešnega poslovanja.
In the Alpha Opening Decision, the Commission expressed doubts as to whether all the measures possible had been taken immediately to avoid the Bank needing aid again in the future.
V točkah 40 in 41 sporočila o prestrukturiranju je navedeno, da banke ne smejo uporabljati državne pomoči za prevzem konkurenčnih dejavnosti, razen če je prevzem sestavni del konsolidacije, ki je potrebna za ponovno vzpostavitev uspešnega poslovanja ali za zagotavljanje učinkovite konkurence.
As indicated in recitals 121 and 122 of this Decision, Greece has committed to implement a number of actions related to the corporate governance and commercial operations of the Bank.
Poleg tega lahko prevzemi ogrozijo ali otežijo ponovno vzpostavitev uspešnega poslovanja.
As described in recitals 99 and 106, the Bank has also significantly restructured its activities, with many cost reductions already implemented.
Komisija mora zato presoditi, ali so prevzemi, ki jih je izvedla skupina, skladni s sporočilom o prestrukturiranju.
Therefore the Commission’s doubts have been allayed.
Skladnost prevzema banke Emporiki Bank s sporočilom o prestrukturiranju
In the Alpha Opening Decision, the Commission also expressed doubts as to whether sufficient safeguards existed in case the Bank came under State control, or in case private shareholders retained control while the majority of the ownership would be held by the State.
Učinek prevzema banke Emporiki Bank na dolgoročno uspešno poslovanje skupine
The commitments described in recitals 121 and 122 of this Decision ensure that the credit operations of the Bank will be run on a commercial basis and daily business will be protected from State interference.
Prevzem banke Emporiki Bank bo glede operativne donosnosti pospešil ponovno vzpostavitev dolgoročnega uspešnega poslovanja skupine, saj združitev dveh bank na istem geografskem trgu skupini omogoča uresničitev pomembnih sinergij, na primer v obliki zmanjšanja števila zaposlenih, zaprtja podružnic in znižanja režijskih stroškov.
The relationship framework agreed between the HFSF and the Bank also ensures that interests of the State as main shareholder are protected against excessive risk-taking by the management of the Bank.
Skupina pridobi stranke in vloge ter znatno zniža stroške distribucije.
Measures B1, B2, B3 and B4 therefore ensure that financial stability in Greece is maintained.
Zapira številne podružnice združenega subjekta in tudi racionalizira naloge glavne poslovalnice.
Significant actions are taken to minimise future losses and to ensure that the activities of the Bank are not jeopardised by inappropriate governance.
Kar zadeva likvidnostne položaje, prevzem ugodno vpliva na skupino.
On that basis, the Commission finds that measures B1, B2, B3 and B4 are appropriate.
Dejansko je razmerje med posojili in vlogami prevzetega subjekta znašalo 115 %, kar je precej manj od zelo visokega razmerja med posojili in vlogami skupine [103].
Necessity – limitation of the aid to the minimum
Prispeva torej k znatnemu izboljšanju razmerja med posojili in vlogami skupine.
According to the 2008 Banking Communication, the aid measure must, in its amount and form, be necessary to achieve its objective.
Podobno je pro forma količnik navadnega lastniškega temeljnega kapitala združenega subjekta znašal 11,1 %, količnik navadnega lastniškega temeljnega kapitala skupine pa 7,9 %.
It implies that the capital injection must be of the minimum amount necessary to achieve the objective.
Visok kapital banke Emporiki Bank pomeni zaščito pred prihodnjimi izgubami, ki bi se lahko udejanjile v testu izjemnih situacij, kot je prikazano v preglednici 3.
The amount of capital support was calculated by the Bank of Greece in the framework of a stress test so as to ensure that Core Tier 1 capital remained above a certain level over the period 2012-14, as reflected in Table 3.
Pri statičnem opazovanju povečanja količnika kapitalske ustreznosti skupine je bil precenjen pozitiven učinek na njen dolgoročni kapitalski položaj.
It therefore does not provide the Bank with any excess capital.
Prevzem je torej pozitiven za ponovno vzpostavitev dolgoročno uspešnega delovanja skupine.
As explained in recital 206, actions have been taken to reduce the risk that the Bank will need additional aid in the future.
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 2012 and December 2012 respectively and paid in kind in the form of EFSF notes.
V skladu s točko 23 sporočila o prestrukturiranju se lahko pomoč za prestrukturiranje uporablja le za kritje stroškov prestrukturiranja, potrebnih za ponovno vzpostavitev uspešnega poslovanja skupine, in se ne sme uporabiti za prevzeme drugih podjetij.
The HFSF has received as remuneration, from the date of disbursement of the EFSF notes to the date of the Spring 2013 recapitalisation, the accrued interest on the EFSF notes plus a 1 % fee [100].
V tem primeru ima prevzem pozitivne posledice za uspešno poslovanje skupine, vendar ni potreben za njeno uspešno poslovanje v smislu točke 23 sporočila o prestrukturiranju.
As underlined in the Alpha Opening Decision, that remuneration is lower than the 7 % to 9 % range as defined in the Recapitalisation Communication.
To pomeni tudi, da skupina zaradi plačila nakupne cene ni imela kapitalskih potreb.
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 B4).
Poleg tega je bila banka Emporiki bank ustrezno kapitalizirana (tj. do ravni, ki je bila zahtevana v okviru testa izjemnih situacij iz leta 2012, kot je prikazano v preglednici 3).
While the first and second bridge recapitalisations did not trigger the dilution of existing shareholders, the Spring 2013 recapitalisation, which was the conversion of the first and second bridge recapitalisations, heavily diluted the pre-existing shareholders, as their stake in the Bank’s equity fell to 4,9 %.
Zato ni verjetno, da bo imela skupina zaradi prevzema v prihodnosti kapitalsko potrebo.
The abnormal situation which prevailed from the date of the first bridge recapitalisation was then terminated.
Zaradi neobičajnih pogojev (nakup banke, ki je bila popolnoma kapitalizirana zaradi zahtev iz testa izjemnih situacij, za 1 EUR) prevzem banke Emporiki Bank izjemoma ni v nasprotju z zahtevo glede omejitve pomoči na najnižjo potrebno.
The doubts raised in the Alpha Opening Decision have therefore been allayed.
Učinek izkrivljanja konkurence zaradi prevzemov
Second, given the atypical source of the Bank’s difficulties, where losses came 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 its domestic economy, the Commission can accept such a temporary deviation from the standard remuneration requirements set out in the Recapitalisation Communication [101].
V skladu s točkama 39 in 40 sporočila o prestrukturiranju se državna pomoč ne sme uporabljati na škodo podjetij, ki niso prejemniki pomoči, in zlasti za prevzem konkurenčnih dejavnosti.
As regards measure B3, it was a commitment to provide capital.
V točki 41 sporočila o prestrukturiranju je navedeno tudi, da so prevzemi lahko odobreni, če so sestavni del konsolidacije, ki je potrebna za ponovno vzpostavitev uspešnega poslovanja ali za zagotavljanje učinkovite konkurence.
That commitment made in December 2012 was implemented in an actual injection of capital in May-June 2013, a mere five months later.
V takih okoliščinah mora biti prevzem pravičen in zagotavljati pogoje učinkovite konkurence na upoštevnem trgu.
For that reason and for the reasons set out in recital 212, it is acceptable that no remuneration was paid for that commitment.
Če prodaja ne bi bila mogoča, bi lahko banka Crédit Agricole proučila možnost, da jo pusti, naj propade.
As regards measure B4, 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.
Transakcija se zato lahko šteje za sestavni del konsolidacije, ki je potrebna za ponovno vzpostavitev finančne stabilnosti, kot je opisana v točki 41 sporočila o prestrukturiranju.
In such circumstances, the question arises whether the existing shareholders should have been fully wiped out.
Navedeni prevzem je odobril grški organ za konkurenco, zato rezultat prodaje ne ogroža pogojev učinkovite konkurence v Grčiji.
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.
Poleg tega potreba skupine po pomoči ne izhaja iz slabega upravljanja ali prevzemanja prevelikih tveganj.
The Commission also notes that the dilution of the existing shareholders has been huge, since after the recapitalisation they held only 4,9 % of the shareholding of the Bank.
Kot je bilo ugotovljeno v uvodni izjavi 227, za financiranje tega prevzema ni bila uporabljena državna pomoč (nakup banke, ki je bila kapitalizirana do ravni, potrebne za opravljen test izjemnih situacij grške centralne banke, za 1 EUR).
Therefore, applying a further discount on the market price would have had a small impact on the remuneration of the HFSF.
Ob upoštevanju navedenega se lahko sklene, da je prevzem banke Emporiki bank v skladu z oddelkom 4 sporočila o prestrukturiranju.
In view of the specific situation of the Greek banks explained in recital 212, and given the fact that the need for aid stems 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.
Sklepna ugotovitev glede prevzema banke Emporiki bank
The HFSF also issued warrants and granted one warrant for each new share subscribed by a private investor participating in the Spring 2013 recapitalisation.
Ob upoštevanju izjemnega položaja grških bank in posebnosti prevzema banke Emporiki Bank se sklene, da je navedeni prevzem v skladu z zahtevami iz sporočila o prestrukturiranju.
The HFSF granted those warrants for no consideration.
Skladnost prevzema izbranih sredstev in obveznosti treh zadružnih bank s sporočilom o prestrukturiranju
The remuneration received by the HFSF on the shares it owns is de facto capped at those levels.
Natančneje, vključitev vlog treh zadružnih bank v bilanco stanja skupine je izboljšalo njen profil likvidnosti.
That remuneration is lower than the 7 % to 9 % range as defined in the Recapitalisation Communication.
Neto razmerje med posojili in vlogami banke Alpha Bank S.A. se je zmanjšalo za približno 1,5 %, zmanjšala pa se je tudi njena odvisnost od Eurosistema.
However, because those warrants were a key factor in the success of the right issue and private placement launched by the Bank before the Spring 2013 recapitalisation, the Commission considers that they enabled the Bank to reduce the amount of aid by EUR 550 million.
Poleg tega so prevzemi skupini omogočili, da poveča svoje prihodke z razširitvijo baze strank v več geografskih regijah.
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 achieve a sufficient return and would not participate.
Skupina ni prevzela nobene drage infrastrukture ali drage mreže podružnic.
For the reasons explained in recitals 205 and 212, 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 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.
Prav tako ni prevzela nobenih posojil.
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 case 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 realised proceeds from the sale of pre-emption rights of the HFSF.
Torej ni povečala svojih zahtev po tveganju ali kapitalskih zahtev.
Moreover, the commitment given by Greece that it would seek the approval of the Commission prior to any buy-back of the warrants issued by the HFSF will allow the Commission to ensure that any future buy-back does not further reduce the remuneration of HFSF and increase the remuneration of the warrant holders.
Učinek prevzema na znesek pomoči, ki ga je potrebovala skupina
As regards the fact that the HFSF shares are non-voting, the Commission recalls that the need for aid does not come mainly from excessive risk taking.
V skladu s točko 23 sporočila o prestrukturiranju se lahko pomoč za prestrukturiranje uporablja le za kritje stroškov prestrukturiranja, potrebnih za ponovno vzpostavitev uspešnega poslovanja skupine, in se ne sme uporabiti za prevzeme drugih podjetij.
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.
Navedeno plačilo se zato lahko šteje za zelo nizko.
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 billions of euros.
Poleg tega je skupina že zbrala 550 milijonov EUR zasebnega kapitala v okviru dokapitalizacije iz pomladi 2013.
For all those reasons, the Commission can accept that the HFSF receives non-voting shares.
Sklene se, da je bila prevzemna cena prenesenih sredstev in obveznosti (v glavnem vlog) treh zadružnih bank tako nizka, da ni preprečila omejitve pomoči na najnižjo potrebno.
The Commission therefore concludes that measure B4 was necessary.
Kot je navedeno v uvodni izjavi 229, v skladu s točkama 39 in 40 sporočila o prestrukturiranju se državna pomoč razen v izjemnih primerih ne sme uporabljati na škodo podjetij, ki niso prejemniki pomoči, in zlasti za prevzem konkurenčnih dejavnosti.
In conclusion, measures B1, B2, B3 and B4 are necessary as rescue aid in both their amount and form.
Po mnenju grške centralne banke tri zadružne banke niso bile sposobne uspešnega poslovanja, ukrepi za reševanje pa so bili potrebni zaradi ohranjanja finančne stabilnosti.
Proportionality – measures limiting negative spill-over effects
Prevzemi se zato lahko štejejo za sestavni del konsolidacije, ki je potrebna za ponovno vzpostavitev finančne stabilnosti, kot je opisana v točki 41 sporočila o prestrukturiranju.
The Commission notes that the Bank received a very large amount of State aid.
Poleg tega noben ponudnik, ki ni prejemal pomoči, ni predložil veljavne ponudbe za prevzem sredstev in obveznosti treh zadružnih bank, edino ponudbo pa je predložila banka, ki je prejela še več pomoči.
That situation may therefore lead to serious distortions of competition.
Obseg prevzetih sredstev in obveznosti ni bil velik in ni spremenil strukture trga [104].
However, Greece has committed to implement a number of measures aiming at reducing negative spill-over effects.
Komisija zato meni, da je zaradi teh posebnih okoliščin odobritev prevzemov upravičena v skladu s točko 41 sporočila o prestrukturiranju.
In particular, the commitments provide that the Bank’s operations will continue to be run on a commercial basis, as explained in recitals 121 and 122 Greece has also committed to an acquisition ban, and to a number of divestments, as described in recitals 123 to 124.
Sklepna ugotovitev glede prevzema izbranih sredstev in obveznosti treh zadružnih bank
Limits to distortions of competition will be further assessed in section 7.6.
Sklene se, da so ob upoštevanju posebnosti prevzemov izbranih sredstev in obveznosti treh zadružnih bank navedeni prevzemi v skladu z zahtevami iz sporočila o prestrukturiranju.
A monitoring trustee has also been appointed in the Bank to monitor the correct implementation of commitments on corporate governance and commercial operations.
Skladnost prevzema banke Citibank Greece s sporočilom o prestrukturiranju
It will avoid any detrimental change in the Bank’s commercial practice and thereby reduce the potential negative spill-over effects.
Učinek prevzema na dolgoročno uspešno poslovanje skupine