natgillin/translations-raw huggingface dataset:
Viability
SPREJELA NASLEDNJI SKLEP: Člen 1
A restructuring plan must ensure that the financial institution is able to restore its long-term viability by the end of the restructuring period (section 2 of the Restructuring Communication).
Naslednji ukrepi, ki jih je izvedla Grčija, pomenijo državno pomoč v smislu člena 107(1) Pogodbe: (a) izredna likvidnostna pomoč, ki jo je banki Piraeus Bank S.A. zagotovila Banka Grčije in za katero je jamčila Grčija (ukrep L2);
In the case at hand, the restructuring period is defined as the period between the date of adoption of this Decision and 31 December 2018.
druga premostitvena dokapitalizacija v višini 1553 milijonov EUR, ki jo je grški sklad za finančno stabilnost (v nadaljnjem besedilu: GSFS) banki Piraeus Bank S.A odobril decembra 2012 (ukrep B2);
In line with points 9, 10 and 11 of the Restructuring Communication, Greece submitted a comprehensive and detailed restructuring plan which provides complete information on the Bank’s business model.
pismo o zavezi za zagotovitev sredstev v višini 1082 milijonov EUR, ki jih je GSFS banki Piraeus Bank S.A odobril 20. decembra 2012 (ukrep B3);
The plan also identifies the causes of the difficulties faced by the Bank, as well as the measures taken to tackle all viability issues which it faced.
dokapitalizacija v višini 5891 milijonov EUR, ki jo je GSFS banki Piraeus Bank S.A odobril pomladi 2013 (ukrep B4), in
In particular, the restructuring plan describes the strategy chosen to preserve the Bank’s operational efficiency and to tackle the high level of NPL, its vulnerable liquidity and capital positions, and its foreign businesses, which, during recent years, have relied on their parent company for their funding and capital.
dokapitalizacija v višini 524 milijonov EUR, ki jo je GSFS banki Piraeus Bank S.A odobril pomladi 2013 (ukrep C).
Greek banking activities
Glede na načrt prestrukturiranja v zvezi s skupino Piraeus Bank Group, ki vključuje banko Piraeus Bank S.A. in vse njene hčerinske družbe in podružnice, predložen 25. junija 2014, ter zaveze, ki jih je na navedeni datum predložila Grčija, je naslednja državna pomoč združljiva z notranjim trgom:
The reliance on State-guaranteed ELA, which has already fallen, will continue to decrease which will also help the Bank to reduce its cost of funding.
izredna likvidnostna pomoč, ki jo od julija 2011 banki Piraeus Bank S.A. zagotavlja Banka Grčije in za katero jamči Grčija, v višini 30,4 milijarde EUR na dan 31. decembra 2012 (ukrep L2);
The loan-to-deposit ratio commitment mentioned in recital 137 ensures that the Bank’s balance sheet structure will be sustainable at the end of the restructuring period.
prva premostitvena dokapitalizacija v višini 4,7 milijarde EUR, ki jo je GSFS banki Piraeus Bank S.A odobril maja 2012 (ukrep B1);
The sale of securities and of other non-core activities will also strengthen the liquidity position of the Bank.
druga premostitvena dokapitalizacija v višini 1553 milijonov EUR, ki jo je GSFS banki Piraeus Bank S.A odobril decembra 2012 (ukrep B2);
Due to the still stressed liquidity position of the Bank, the Commission can accept the request of the Greek authorities to be authorised to provide liquidity to the Bank under the guarantee and government bond loan measures of the Greek Banks Support Scheme and under the State-guaranteed ELA.
zaveza za zagotovitev sredstev v višini 1082 milijonov EUR, ki jih je GSFS banki Piraeus Bank S.A odobril 20. decembra 2012 (ukrep B3);
To decrease its funding costs, Greece has also given a commitment that the Bank will continue reducing the interest rates it pays on deposits in Greece, as described in recital 137.
dokapitalizacija v višini 524 milijonov EUR, ki jo je GSFS banki Piraeus Bank S.A odobril pomladi 2013 (ukrep C).
The achievement of such a decrease in the cost of deposits will be a key contribution to improving the pre-provisioning profitability of the Bank.
Člen 2
Since the start of the crisis the Bank has made large acquisitions which dramatically increased its size and deposits base.
Ta sklep je naslovljen na Helensko republiko.
The Bank successfully integrated the acquired business in record time.
V Bruslju, 23. julija 2014
The Bank is currently attempting to realise all the synergies possible following those acquisitions.
Za Komisijo
It has started rationalising its commercial network in Greece, through a reduction in the number of branches and employees [115].
Podpredsednik
By 2017, the total costs of the Bank in Greece will have decreased by a further […]% compared to 2013.
Odločba Komisije z dne 19. novembra 2008 o državni pomoči N 560/2008 „Ukrepi podpore za kreditne institucije v Grčiji“ ( UL C 125, 5.6.2009, str.
To achieve that target Greece has committed that the Bank will reduce its branches and employees in Greece to […] and […] respectively at 31 December 2017, with maximum total costs in Greece of EUR […] billion.
6).
The expected cost-to-income ratio will be less than […] % at the end of the restructuring period.
Evidentirana je bila pod številko SA.26678 (N 560/2008).
The Commission considers that the restructuring plan preserves the efficiency of the Bank in the new market environment.
Navedena shema je bila pozneje podaljšana in spremenjena, kot je opisano v opombi 4.
One other key area is the handling of NPL, since they amounted to 36 % of the Bank’s portfolio at 31 December 2013 [116].
„Banka Piraeus“ se nanaša na Piraeus Bank Group.
Greece has also given a commitment that the Bank will comply with high standards as regards its credit policy in order to manage risks and to maximise the value for the Bank at each stage of the credit process including restructuring of loans, as described in recital 141.
Sporočilo za javnost GSFS, 24. december 2012, na voljo na spletnem naslovu: http://www.hfsf.gr/files/press_release_20121224_en.pdf.
Corporate governance
Komisija je navedene ukrepe evidentirala kot zadevo SA.36005 (2013/NN).
Additionally, some of the private investors which control the Bank also own warrants and thus would gain the full benefit if the share price were to soar during the restructuring period.
4).
Because that situation could create moral hazard, a specific relationship framework was agreed between the Bank and the HFSF in 2013.
Postopek nakupa in prevzema je postopek reševanja, ki obsega opredelitev visokokakovostnih sredstev in obveznosti v pravnem subjektu, ki je predmet likvidacije, in njihovo licitacijo, da se prenesejo na družbo z uspešnim poslovanjem.
That agreement protects the day-to-day business of the Bank from any interference from its main shareholders, while ensuring that the HFSF can monitor the implementation of the restructuring plan and prevent excessive risk-taking by the Bank’s management through appropriate consultation procedures.
Sklep Komisije z dne 3. maja 2013 o državni pomoči SA.35460, „Pomoč za likvidacijo za reševanje ATE Bank“ ( UL C 261, 10.9.2013, str.
The Bank has also given a commitment to monitor closely its exposure to connected borrowers.
1).
The Commission notes positively the fact that the HFSF automatically regains voting rights if the Bank does not implement its restructuring plan.
Glej oddelek 2.3.3.3.
International activities
Sestanek Euroskupine je sestanek finančnih ministrov euroobmočja, tj. držav članic, ki so euro prevzele kot svojo uradno valuto.
Some of the Bank’s international activities have drained the Bank’s capital and liquidity in the past, as explained in recital 323.
Glej oddelek II „Prestrukturiranje grškega državnega dolga“ v Poročilu o dokapitalizaciji in prestrukturiranju grškega bančnega sektorja, Banka Grčije, december 2012, na voljo na spletnem naslovu: http://www.bankofgreece.gr/BogEkdoseis/Report_on_the_recapitalisation_and_restructuring.pdf.
The restructuring plan anticipates that the Bank will continue to re-focus on its domestic market.
Sporočilo za javnost ministrstva za finance z dne 9. marca 2012, na voljo na spletnem naslovu: http://www.pdma.gr/attachments/article/80/9%20MARCH%202012%20-%20RESULTS.pdf.
The Bank has already sold its subsidiary in the United States of America.
Glej opombo 14, str.
It has also started to rationalise the other subsidiaries, to strengthen the loan underwriting process and to reduce the subsidiaries’ funding gap.
106.
It is planning further rationalisation of its network in the retained subsidiaries, as described in recital 130.
Glej opombo 15.
The total amount of foreign assets will therefore shrink in the future.
Glej opombo 14, str.
At the end of the restructuring period they will account for a […] part of the Bank’s total balance sheet.
104.
Therefore the Commission believes that the Bank will have sufficiently restructured and reduced those foreign businesses in size to avoid it being exposed to additional capital needs and liquidity shortages in the future.
Evropska centralna banka in državne centralne banke skupaj tvorijo Eurosistem, centralnobančni sistem euroobmočja.
The commitment described in recital 138 to refrain from injecting large amounts of capital into the Bank’s international subsidiaries also contributes to ensuring that foreign subsidiaries will not represent a threat for capital or the liquidity position of the Bank.
Sporočilo za javnost ministrstva za finance z dne 3. decembra 2012, na voljo na spletnem naslovu: http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdf.Zaradi odkupa lastnega dolga po ceni, ki je bila precej pod nominalno vrednostjo, se je dolg Grčije precej zmanjšal.
Conclusion on viability
Če tak odkup ne bi bil izveden, bi se lahko tržna vrednost teh novih GDO povečala, odvisno od razvoja tržnih parametrov, kot so obrestne mere in verjetnosti neplačila Grčije.
The base case scenario as described in section 2.4 shows that at the end of the restructuring period the Bank will be able to realise a return which allows it to cover all its costs and provide an appropriate return on equity taking into account its risk profile.
Vključno s pričakovano izgubo iz naslova izdajanja novih posojil v Grčiji v obdobju od junija 2013 do decembra 2016.
At the same time, the Bank’s capital position is projected to remain at a satisfactory level.
Učinek napovedi kreditne izgube za tuje tveganje je bil izračunan po obračunu tujih davkov in ob upoštevanju zavez glede odprodaje, ki so bile takrat zagotovljene generalnemu direktoratu za konkurenco.
Finally, the Commission takes note of the adverse scenario described in the restructuring plan of the Bank as submitted by the Greek authorities.
Rezervacije banke NBG za izgube iz posojil na dan 30. junija 2013 pred rezervacijami bank First Business Bank in Probank.
That adverse scenario is based on a set of assumptions agreed with the HFSF.
Rezervacije banke Eurobank za izgube iz posojil na dan 30. junija 2013 pred rezervacijami bank New Hellenic Postbank in New Proton Bank, ki sta bili prevzeti avgusta 2013.
It takes into account a longer and deeper recession, as well as a more severe deflation of real estate prices.
Letno poročilo za leto 2012, http://www.piraeusbankgroup.com/en/investors/financials/annual-reports.
The restructuring plan shows that the Bank is able to withstand a reasonable amount of stress as, in the adverse scenario, the Bank remains profitable and well capitalised at the end of the restructuring period.
Glej preglednico 2.
The amount of additional capital which was raised in 2014, namely EUR 1750 million, is sufficient to cope with the baseline scenario of the 2013 stress test in the restructuring period and to repay the preference shares, which the Bank did in May 2014 [117]. […] The Commission recalls that in the assessment of the capital needs under the baseline scenario, the Bank of Greece already introduced several adjustments which resulted in an increase of the estimated capital needs compared to the capital needs estimated by the Bank in its own baseline scenario.
Za leto 2012 ta znesek ne vključuje dveh premostitvenih dokapitalizacij, ki jih je prejela banka Piraeus.
The Commission therefore considers that the baseline capital needs estimated by the Bank of Greece assume a certain degree of stress.
Znesek za leto 2013 vključuje celotno dokapitalizacijo iz pomladi 2013.
To conclude that the Bank is viable, the Commission does not require that the Bank has enough capital upfront to cover the stressed scenario capital needs estimated by the Bank of Greece, as that estimated level represents a high level of stress and as the capital raising of March 2014 shows that the Bank has regained access to capital markets.
Vključno z bankama ATE in Geniki.
In addition, it is positive that the Bank will not make additional investments in non-investment grade paper, which will help to preserve its capital and liquidity position.
Vključno z bankama ATE in Geniki, grškimi podružnicami treh ciprskih bank in banko MBG.
It is therefore concluded that the combination of the already implemented restructuring and the additional proposed restructuring are sufficient to restore the Bank’s long-term viability.
Glej oddelek 2.3.1.2 Državna dokapitalizacija, odobrena na podlagi ukrepa dokapitalizacije.
As stated in section 3 of the Restructuring Communication, banks and their stakeholders need to contribute to the restructuring as much as possible in order to ensure that aid is limited to the minimum necessary.
Načrt prestrukturiranja, predložen 25. junija 2014, str.
Thus banks should use their own resources to finance the restructuring, for instance by selling assets, while the stakeholders should absorb the losses of the bank where possible.
40.
Own contribution by the Bank: divestments and cost cutting
Glej uvodno izjavo 27 sklepa o likvidaciji banke ATE.
The Bank has already divested small foreign businesses (in the United States of America) and deleveraged part of its portfolio in order to enhance both its capital adequacy and its liquidity position.
Hellenic Bank Association, podatki na voljo na spletnem naslovu: http://62.1.43.74/4Statistika/UplPDFs/network2012engl.pdf.
The restructuring plan foresees the deleveraging of its foreign activities, as described in recitals 125 to 129.
Zaupne informacije
Considering the deleveraging and the divestments already implemented and following the implementation of the commitments related to the deleveraging and divestments of foreign businesses, the Bank will have significantly reduced its geographical presence in […].
Poročilo je 1. februarja 2013 pripravila družba PIMCO in je naslovljeno „Neodvisni skrbni pregled bančnega sistema na Cipru“.
The downsizing of the Bank’s international assets will also significantly reduce the contingent risk that aid will be needed in the future.
Kapitalske ocene so bile pripravljene na podlagi osnovnega in neugodnega makroekonomskega scenarija.
It therefore helps to reduce the amount of aid to the minimum.
Upoštevni referenčni datum za oceno je bil 30. junij 2012, obdobje napovedi pa je segalo od 30. junija 2012 do 30. junija 2015.
In order to limit its capital needs, the Bank will not use capital to support or expand its foreign subsidiaries, as described in recital 138.
Glej uvodno izjavo 101.
In addition, the commitments made by Greece ensure that the Bank will not make costly acquisitions.
Glej prejšnjo opombo.
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
Načrt prestrukturiranja, predložen 25. junija 2014, str.
Its costs will further decrease until 2017.
51.
Its workforce is being reduced and salaries adjusted downwards.
Izraz „tveganju prilagojena aktiva“ se nanaša na regulatorni agregat, s katerim se meri izpostavljenost finančne institucije tveganju in ki ga uporabljajo nadzorniki za spremljanje kapitalske ustreznosti finančnih institucij.
Greece has also committed to limit the remuneration of the Bank’s managers, […].
Glede na dopis Banke Grčije z dne 7. novembra 2011, „Jamstva veljajo samo za celotni znesek izredne likvidnostne pomoči (ELA)“.
Burden-sharing by historical shareholders and new capital raised on the market
Načrt prestrukturiranja, predložen 25. junija 2014, str.
The historical shareholders of the Bank were diluted by the rights issue completed in 2009 [118] and then again by the HFSF recapitalisation (measure B4) and private capital raising of 2013 and March 2014.
133.
For instance, the stake held by the shareholders of the Bank, which at the time included the investors that injected money in 2009, was reduced from 100 % prior to the Spring 2013 recapitalisation to only 2,3 % after that recapitalisation.
Razen dela dokapitalizacije, ki jo je vpisal GSFS za kritje kapitalskih zahtev, nastalih zaradi nakupa banke ATE in grških podružnic treh ciprskih bank.
In addition, the Bank has not paid any dividend in cash since 2008.
Za dodatne podrobnosti glej uvodno izjavo 101.
In addition to that burden-sharing by historical shareholders, the Bank has raised a significant amount of private capital since the crisis started in 2008, that is to say EUR 807 million in 2009, EUR 1444 million in 2013 and EUR 1750 million in 2014.
V sporazumu za obdobje pred vpisom je bilo določeno: „Dejansko tveganje, ki se izplača banki Piraeus, vključuje obveznice EFSF ter kakršna koli izplačila kuponov in natečene obresti na obveznice EFSF za obdobje od izdaje obveznic do pretvorbe predplačila v delniški kapital in druge zamenljive finančne instrumente, kot je določeno v tem sporazumu.“
Burden-sharing by subordinated debt holders
Glej preglednico 3.
The Bank’s hybrid and subordinated debt holders have contributed to the restructuring costs of the Bank.
http://www.piraeusbankgroup.com/~/media/Com/Piraeus-Bank-Documents/Press-Releases/2013/Apofaseis_BGM_23042013_en.pdf.
The Bank has performed several liability management exercises in order to generate capital, as described in recital 134.
Glej uvodno izjavo 112.
The still outstanding instruments are subject to the coupon ban mentioned in recital 143.
http://www.piraeusbankgroup.com/~/media/Com/Piraeus-Bank-Documents/Press-Releases/2013/Anakoinwsi-apokomis-DS-gia-AMK.pdf.
The downsizing only concerns the foreign activities, which account for a limited part of the Bank [119] and the restructuring does not envisage any reduction of the size of the loan and deposit books in Greece, which, to the contrary, have increased dramatically over the last year, following acquisitions.
Na primer, 2. januarja 2014 je bila izvršilna cena 1,7340 EUR, 2. julija 2014 1,7680 EUR, 2. januarja 2015 bo 1,8105 EUR, 2. julija 2015 bo 1,8530 EUR in tako naprej.
However, the Commission takes into account the elements discussed in section 7.6.1 and in particular the facts that the aid received partly qualifies for the exemption lay down in point 14 of the 2011 Prolongation Communication, under which the Commission can accept a lower own contribution and burden-sharing.
Glej oddelek 2.3.3.4.
The Commission also notes positively that the Bank raised EUR 1444 million on the market in May 2013 and EUR 1750 million in March 2014, […].
Načrt prestrukturiranja, predložen 25. junija 2014, str.
Moreover, the capital raised in March 2014 was raised at a price per share equal to the price per share at which the HFSF subscribed in the framework of the Spring 2013 recapitalisation (measure B4).
117.
The high issue price therefore limited the dilution of the HFSF.
Vključno s prispevki v jamstveni sklad za vloge in naložbe (v nadaljnjem besedilu: TEKE).
The Bank also repaid the preference shares (measure A).
Načrt prestrukturiranja, predložen 25. junija 2014, str.
Taking into account all those elements, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures to limit the aid to the minimum necessary.
128.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
Preglednice načrta prestrukturiranja, predložene 25. junija 2014, str.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
133.
Point 31 of the Restructuring Communication states that when assessing the amount of aid and the resulting competition distortions, the Commission has to take into account both the absolute and relative amount of the State aid received as well as the degree of burden-sharing and the position of the financial institution on the market after the restructuring.
Načrt prestrukturiranja, predložen 25. junija 2014, str.
In that respect, the Commission recalls that the Bank has received capital support from the State equivalent to 23,7 % of its RWA [120].
136.
In addition, the Bank obtained liquidity guarantees in 2010 amounting to EUR 9,9 billion and government bond loans for an amount of EUR 1,3 billion, representing together almost 25 % of the Bank’s balance sheet.
Letno poročilo za leto 2012, podatki za leto 2012, http://www.piraeusbankgroup.com/en/investors/financials/annual-reports.Načrt prestrukturiranja, predložen 25. junija 2014, str.
In addition, the Bank received State-guaranteed ELA.
96 za podatke za leto 2014.
Measures to limit potential distortions of competition are therefore necessary in view of the large amount of the aid.
Načrt prestrukturiranja, predložen 25. junija 2014, str.
Additionally, the market share of the Bank in Greece is large.
97.
The acquisition of the ATE Transferred Activities, Geniki, MBG and the Cypriot Transferred Activities increased the market shares of the Bank.
Načrt prestrukturiranja, predložen 25. junija 2014, str.
After those acquisitions, the Bank’s market share in deposits in Greece amounted to 29 % at the end of 2013, while its market shares in residential mortgages, consumer loans and corporate loans were 25 %, 22 % and 35 % respectively (compared with 10 %, 8 %, 8 % and 14 % respectively in 2011) [121].
149.
The Commission recalls that the difficulties of the Bank resulted to a large extent from external shocks such as the Greek sovereign crisis and the protracted recession which has disrupted the Greek economy since 2008, as has already been noted in recital 74 of the Piraeus Opening Decision.
Glej zaveze v Prilogi, poglavje I.
For those reasons, the Commission can exceptionally accept that, in spite of the high aid amount and the high market shares, the restructuring plan does not envisage any downsizing of the balance sheet and loans in Greece.
Načrt prestrukturiranja, predložen 25. junija 2014, str.
However it would be problematic if the most aided bank among the four large Greek banks and the one which grew the most through acquisitions over the last years would continue to grow in the restructuring period at a pace quicker than the market, potentially crowding out the less aided banks.
147.
Therefore, the Commission welcomes the commitment that the Bank will not grow quicker than the growth of the market.
Glej zaveze v Prilogi, poglavje II.
However, the Commission notes that the State recapitalisations enabled the Bank to continue its banking activities in foreign markets.
Glej zavezo v Prilogi, poglavje II.
The Commission notes that, in addition to the deleveraging and restructuring already implemented, the Bank will further restructure and deleverage its foreign assets by 30 June 2018 [122].
Glej Prilogo, poglavje II.
In addition the Bank gave a commitment not to use aid to fund the growth of those activities.
Glej Prilogo, poglavje III, oddelek A.
The aid will therefore not be used to distort competition on those foreign markets.
Glej Prilogo, poglavje III, oddelek C.
Greece has also committed that the Bank will not make costly acquisitions, ensuring that the Bank will not use the State aid received to acquire new business.
„Nazadnje, kar zadeva nakupne bone, ki jih je izdal GSFS, je treba pojasniti, da bo Helenska republika zaprosila za odobritev Evropske komisije pred kakršnim koli odkupom nakupnih bonov s strani Alpha Bank ali katerega koli državnega subjekta (vključno z GSFS), tako da bo lahko Evropska komisija preverila, ali predvideni odkup nakupnih bonov ni v nasprotju z zahtevami glede nadomestila za državo na podlagi pravil o državni pomoči.“