natgillin/translations-raw huggingface dataset:
It noted that where a bank was to remain in private hands, the management would most probably remain the same, while if a bank was to become State-owned (that is to say, owned by the HFSF), the HFSF could appoint new management which, in any case, would have to be assessed by the Bank of Greece.
Kot je bilo navedeno v uvodni izjavi 52, je grška centralna banka stopila v stik le s štirimi sistemskimi grškimi bankami, da bi na dražbi ponudila izbrana sredstva in obveznosti treh zadružnih bank, saj je menila, da bi morale biti vloge prenesene na popolnoma dokapitalizirane institucije.
The Bank of Greece noted that it assesses the corporate governance framework, the adequacy of management and the risk profile of every bank on an ongoing basis in order to ensure that excessive risks are not taken.
Zavezujoči ponudbi sta oddali le skupina in banka Eurobank.
It also pointed out that the HFSF had already appointed representatives in the Boards of Directors of the recapitalised banks.
Banka Alpha Bank je bila izbrana za najboljšega ponudnika v javnem zbiranju ponudb, ki ga je organiziral organ za reševanje, ta pa je upošteval predlagano ceno ter zmožnost celostnega in hitrega prevzema in vključitve kupljenih vlog.
Regarding the necessity of the first bridge recapitalisation, the Bank of Greece observed that the Bank’s recapitalisation was limited so as to ensure that the then applicable minimum capital requirements (8 %) were met.
Paket, ki je bil naprodaj, je vključeval le vloge brez infrastrukture.
It also stated that the protracted period of time prior to the recapitalisations was due to the sharp deterioration of the operating environment in Greece and the impact of the PSI programme, to the complexity of the whole project and to the need to maximise private investors’ participation in the share capital increases.
Kupec bi zato lahko bila le banka z infrastrukturo in mrežo podružnic v Grčiji, ki jih lahko deponenti uporabljajo.
Regarding the proportionality of the first bridge recapitalisation, the Bank of Greece pointed out that the full implementation of the restructuring plan to be submitted to the Commission was safeguarded by the fact that the suspension of the voting rights of the HFSF would be lifted if the restructuring plan were substantively violated.
Komisija nima razloga za pomisleke, da prodaja ni potekala po tržnih pogojih, zato ugotavlja, da je pomoč skupini mogoče izključiti v skladu s točko 80 sporočila o bančništvu iz leta 2013, točko 20 sporočila o prestrukturiranju in prakso odločanja Komisije [93].
The Bank of Greece also observed that the Bank’s difficulties were not due either to an underestimation of risks by the Bank’s management or to commercially aggressive actions.
Sklepna ugotovitev o obstoju pomoči
COMMENTS FROM THE HFSF
Državna podpora pri prodaji treh zadružnih bank ne daje prednosti nobeni gospodarski dejavnosti ali podjetju.
Regarding the appropriateness of the first bridge recapitalisation, to address the issue of potential State interference in case the State provides high amounts of State aid through the HFSF and the HFSF has full voting rights, the HFSF stated that the HFSF-funded banks are not considered to be public entities or under State control and that they will not be controlled by the State after they have been permanently recapitalised by the HFSF.
Ukrep torej ne pomeni državne pomoči v smislu člena 107(1) Pogodbe.
The HFSF pointed out that it is a fully independent private-law legal entity with autonomy of decision.
OCENA POMOČI, DODELJENE SKUPINI
It is not subject to government control, pursuant to Article 16(C)(2) of the HFSF law, according to which the credit institutions to which the HFSF has provided capital support are not part of the broader public sector.
OBSTOJ IN ZNESEK POMOČI
It also pointed to the governing structure of the HFSF.
Komisija mora ugotoviti obstoj državne pomoči skupini v smislu člena 107(1) Pogodbe.
As regards the intervention of the HFSF in the Bank’s management, the HFSF noted that it would respect the Bank’s autonomy and not interfere with its day-to-day management given that its role is limited to that laid down in the HFSF Law.
Obstoj pomoči pri ukrepih, dodeljenih v okviru programa pomoči grškim bankam (ukrepa L1 in A)
It stated that there would not be any State interference or coordination and that the decisions of the Bank regarding the lending process (inter alia on collateral, pricing and solvency of borrowers) would be taken on the basis of commercial criteria.
Komisija je v odločbah o odobritvi in podaljšanju programa pomoči grškim bankam [94] že ugotovila, da je likvidnostna podpora, dodeljena v okviru navedenega programa, pomoč.
The HFSF pointed out that the HFSF Law and the pre-subscription agreement contained appropriate safeguards in order to prevent existing private shareholders from excessive risk-taking.
Prihodnja likvidnostna podpora, dodeljena na podlagi navedenega programa, bi prav tako pomenila pomoč.
It pointed to elements such as: (i) the appointment of HFSF representatives as independent non-executive members of the Board of Directors of the Bank and their presence at committees; (ii) the HFSF carrying out due diligence in the Bank; and (iii) the fact that after the final recapitalisation its voting rights would be restricted only for as long as the Bank complied with the terms of the restructuring plan.
Komisija je v odločbi z dne 19. novembra 2008 o programu pomoči grškim bankam že ugotovila, da bodo sredstva za dokapitalizacijo, dodeljena v okviru ukrepa dokapitalizacije, pomenila pomoč.
The HFSF stated that there are appropriate measures in place in order to ensure that banks in which the HFSF participates do not share commercially sensitive information between them.
Skupina je prejela 940 milijonov EUR v obliki prednostnih delnic, kar je bilo takrat enako 2 % tveganju prilagojene aktive skupine.
They include the appointment of different HFSF representatives to those banks, the mandates addressed to those representatives which specifically safeguard against the flow of information from one representative to another and clear internal instructions to those representatives not to transmit commercially sensitive information of the banks.
Obstoj pomoči pri izredni likvidnostni pomoči z državnim jamstvom (ukrep L2)
Moreover, the HFSF stated that it does not exercise its rights in relation to the banks in a manner which may prevent, restrict, distort or significantly lessen or impede effective competition.
Komisija je v točki 51 sporočila o bančništvu iz leta 2008 pojasnila, da zagotovitev sredstev centralnih bank finančnim institucijam ne pomeni pomoči, če so izpolnjeni štirje kumulativni pogoji v zvezi s plačilno sposobnostjo finančne institucije, njenim zavarovanjem, obrestno mero, zaračunano finančni instituciji, in neobstojem posrednega jamstva države.
Lastly, the HFSF pointed out that the members of its Board of Directors and its employees are subject to strict confidentiality rules and fiduciary duties and are bound by provisions concerning professional secrecy with regards to its affairs.
Izredna likvidnostna pomoč skupini z državnim jamstvom ne izpolnjuje navedenih kumulativnih pogojev, saj je podprta z državnim jamstvom in dodeljena v povezavi z drugimi ukrepi podpore, zato pomeni pomoč.
ASSESSMENT OF THE STATE SUPPORT RELATED TO THE ACQUISITION OF SELECTED LIABILITIES OF THE THREE COOPERATIVE BANKS
Izredna likvidnostna pomoč z državnim jamstvom je v skladu z zahtevami iz člena 107(1) Pogodbe.
The Commission first has to assess whether the State support related to the resolution of the three Cooperative Banks (meaning the financing of the funding gaps which enabled the transfer of the deposits, including interbank liabilities, and the claims and liabilities against the HDIGF) constitutes State aid within the meaning of Article 107(1) of the Treaty.
Ker navedeni ukrep vključuje državno jamstvo v korist grške centralne banke, bo vse izgube krila država.
According to that provision, State aid is any aid granted by a Member State or through State resources in any form whatsoever which distorts, or threatens to distort, competition by favouring certain undertakings, in so far as it affects trade between Member States.
Ukrep torej vključuje državna sredstva.
The Commission will start by assessing whether or not the following potential beneficiaries benefited from an advantage: (i) the Cooperative Banks and the potentially transferred ‘activities’ to the Bank; and (ii) the Bank.
Izredna likvidnostna pomoč bankam omogoča, da dobijo sredstva, kadar nimajo dostopa do trga medbančnih posojil in rednih operacij refinanciranja Eurosistema.
Existence of aid to the Cooperative Banks and the potentially transferred ‘activities’ to the Bank
Zato izredna likvidnostna pomoč z državnim jamstvom skupini zagotavlja prednost.
With regards to the Cooperative Banks, the Commission notes that Dodecanese Bank, Evia Bank and Western Macedonia Bank have been put in liquidation and their banking licenses withdrawn.
Izredna likvidnostna pomoč je omejena na bančni sektor, zato je ukrep selektiven.
Therefore, they will no longer carry out economic activities on the banking market.
Izredna likvidnostna pomoč z državnim jamstvom skupini omogoča, da še naprej posluje na trgu, ter preprečuje njen propad in izstop s trga, zato izkrivlja konkurenco.
The State support, that is to say the financing of the funding gaps, would constitute aid to the transferred claims and liabilities within the meaning of Article 107(1) of the Treaty only if they together constituted an undertaking.
Skupina je dejavna v drugih državah članicah, finančne institucije iz drugih držav članic pa poslujejo ali bi bile lahko zainteresirane za poslovanje v Grčiji, zato prednost, dodeljena skupini, vpliva na trgovino med državami članicami.
The concept of an undertaking encompasses every entity engaged in an economic activity, regardless of legal status and the way in which it is financed.
Izredna likvidnostna pomoč z državnim jamstvom (ukrep L2) pomeni državno pomoč.
Any activity consisting in offering goods or services on a given market is regarded as an economic activity.
Znesek izredne likvidnostne pomoči z državnim jamstvom se je s časom spreminjal.
Therefore, in order to conclude whether there is aid to an undertaking, it should be assessed whether the transfer of the claims and liabilities entails the transfer of an economic activity.
Dne 31. decembra 2012 je znašal približno 23,6 milijarde EUR.
As mentioned in section 2.2.2, following the resolution of the Cooperative Banks, only the deposits, the interbank liabilities and the claims and liabilities towards the HDIGF were transferred to the Bank.
Obstoj pomoči pri ukrepih, dodeljenih prek sklada HFSF (ukrepi B1, B2, B3 in B4)
The three Cooperative Banks employed 227 employees and had 18 branches in total.
Prva premostitvena dokapitalizacija (ukrep B1)
It should be noted that there was no automatic transfer of branches or employment contracts or loans between the three Cooperative Banks and the Bank.
Komisija je v oddelku 5.1 sklepa o začetku postopka za skupino Alpha že ugotovila, da je prva premostitvena dokapitalizacija državna pomoč.
Therefore, the fact that loans are not transferred to the Bank but remain with the three Cooperative Banks into liquidation, the fact that no branch is transferred and the lack of automatic transfer of labour contracts contribute [91] to the conclusion that there is no transfer of economic activity.
Prejeti kapital je znašal 1,9 milijarde EUR.
The transferred liabilities (that is to say deposits) cannot be considered to be the beneficiary of State support, as they do not constitute an ‘undertaking’.
Druga premostitvena dokapitalizacija (ukrep B2)
In summary, the three existing legal entities have been put into liquidation and no longer carry out any banking activities.
Ukrep B2 je bil izveden s sredstvi iz sklada HFSF, ki vključujejo državna sredstva, kot je pojasnjeno v uvodni izjavi 47 sklepa o začetku postopka za skupino Alpha.
At the same time, the transferred assets and liabilities do not constitute an economic activity.
Glede obstoja prednosti se je količnik kapitalske ustreznosti skupine zaradi ukrepa B2 povečal v taki meri, da je lahko skupina še naprej delovala na trgu in imela dostop do financiranja iz Eurosistema.
It is therefore concluded that the grant of EFSF bonds by the HFSF to the Bank to cover the funding gap of the acquired assets and liabilities of the three Cooperative Banks does not allow the continuation of the latter’s economic activities.
Poleg tega je bilo nadomestilo ukrepa B2 sestavljeno iz natečenih obresti na obveznice instrumenta EFSF in dodatne provizije v višini 1 %.
Therefore, the HFSF support constitutes neither aid to the liquidated entities nor aid to the transferred assets and liabilities.
Ker je to nadomestilo občutno nižje od nadomestil za podobne kapitalske instrumente na trgu, skupina pod takimi pogoji na trgu nedvomno ne bi mogla zbrati navedenega kapitala.
Existence of aid to the Bank
Zato je ukrep B2 skupini zagotovil prednost iz državnih sredstev.
With regards to whether the sale of the three Cooperative Banks’ assets and liabilities entails State aid to the Bank, the Commission must assess whether certain requirements are met and in particular whether: (i) the sale process is open, unconditional and non-discriminatory; (ii) the sale takes place on market terms; and (iii) the State maximises the sale price for the assets and liabilities involved [92].
Ukrep je bil na voljo samo skupini, zato je selektiven.
As mentioned in recital 52 the Bank of Greece only contacted the four systemic Greek banks in order to auction the selected assets and liabilities of the three Cooperative Banks, as it considered that deposits should be transferred to fully recapitalised institutions.
Zaradi ukrepa B2 se je položaj skupine okrepil, saj je dobila finančna sredstva za nadaljnje izpolnjevanje kapitalskih zahtev, to pa je povzročilo izkrivljanje konkurence.
Only the Bank and Eurobank submitted binding offers.
Ker je skupina dejavna na drugih bančnih trgih Evropske unije in ker finančne institucije iz drugih držav članice delujejo v Grčiji, bi lahko ukrep B2 po vsej verjetnosti vplival tudi na trgovino med državami članicami.
Alpha Bank was selected as best bidder in a competitive tender organised by the resolution authority, which took into account the price proposed and the ability to take over and integrate the purchased deposits in a seamless and rapid manner.
Komisija meni, da ukrep B2 pomeni državno pomoč.
The package for sale comprised only deposits without any infrastructure.
Nacionalni organi so ga priglasili kot pomoč.
The Buyer could therefore only be a bank with infrastructure and a branch network in Greece, to serve the depositors.
Prejeti kapital je znašal 1042 milijonov EUR.
As the Commission has no reason to believe that the sale did not take place on market terms, it concludes that aid to the Bank can be excluded, in line with point 80 of the 2013 Banking Communication, point 20 of the Restructuring Communication and the Commission’s decisional practice [93].
Pismo o zavezi (ukrep B3)
Conclusion on the existence of aid
Z ukrepom B3 se je sklad HFSF zavezal, da bo zagotovil dodatni kapital, potreben za dokončanje dokapitalizacije skupine do zneska, ki ga je grška centralna banka zahtevala v okviru testa izjemnih situacij iz leta 2012.
The State support involved in the sale of the three Cooperative Banks does not favour any economic activity or any undertaking.
Sklad HFSF svoja sredstva prejema od države.
Therefore, the measure does not constitute aid within the meaning of Article 107(1) of the Treaty.
Komisija zato ugotavlja, da zadevno pismo zagotavlja državna sredstva.
ASSESSMENT OF AID GRANTED TO THE BANK
Okoliščine, v katerih lahko sklad HFSF dodeli podporo finančnim institucijam, so natančno določene in omejene z zakonom.
EXISTENCE AND THE AMOUNT OF AID
Zato je uporabo navedenih državnih sredstev mogoče pripisati državi.
The Commission has to establish the existence of State aid to the Bank within the meaning of Article 107(1) of the Treaty.
Sklad HFSF se je zavezal, da bo zagotovil do 1629 milijonov EUR dodatnega kapitala.
Existence of aid in the measures granted under the Greek Bank Support Scheme (measures L1 and A)
Pismo o zavezi je skupini zagotovilo prednost, saj je deponentom pomenilo zagotovilo, da bo lahko skupina pridobila celotni znesek potrebnega kapitala oziroma da bo sklad HFSF zagotovil kapital, če ga skupina ne bo mogla zbrati na trgu.
The Commission has already established in the decisions approving and prolonging the Greek Banks Support Scheme [94] that liquidity support granted under that scheme constitutes aid.
Ta zaveza je olajšala tudi zbiranje zasebnega kapitala na trgu, saj je vlagateljem pomenila zagotovilo, da bo sklad HFSF zagotovil del kapitala, če ga skupina ne bo mogla pridobiti na trgu.
Future liquidity support granted under that scheme would also constitute aid.
Noben zasebni vlagatelj se ne bi zavezal k vlaganju kapitala, dokler ne bi poznal pogojev dokapitalizacije, in takrat skupina ni imela dostopa do kapitalskega trga.
The Commission has already established in the decision of 19 November 2008 on the Greek Banks Support Scheme that recapitalisations to be granted under its recapitalisation measure would constitute aid.
Navedena prednost je selektivna, saj ni bila dodeljena vsem bankam, ki poslujejo v Grčiji.
The Bank received EUR 940 million by means of preference shares, which represented 2 % of the Bank’s RWA at that date.
Ker je skupina dejavna na drugih bančnih trgih Evropske unije in ker finančne institucije iz drugih držav članice delujejo v Grčiji, bo ukrep B3 po vsej verjetnosti vplival tudi na trgovino med državami članicami in izkrivljal konkurenco.
Existence of aid in the State-guaranteed ELA (measure L2)
Ukrep B3 zato pomeni pomoč, kot državno pomoč pa so ga 27. decembra 2012 priglasili tudi grški organi.
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 a counter-guarantee from the State.
Ukrep B4 je pretvorba že dodeljene pomoči, zato še vedno vključuje državna sredstva, vendar ne zviša nominalnega zneska pomoči.
Since the State-guaranteed ELA to the Bank does not comply with those four cumulative conditions, in particular because it is State guaranteed and it is granted in conjunction with other support measures, it constitutes aid.
Vseeno pa poveča prednost za skupino (in s tem izkrivljanje konkurence), saj je ta ukrep trajna dokapitalizacija in ne začasna dokapitalizacija, kot sta ukrepa B1 in B2.
The State-guaranteed ELA is in line with the requirements laid down in Article 107(1) of the Treaty.
V primerjavi z ukrepom B3, ki je le zaveza in ne dejanska dokapitalizacija, je ukrep B4 zvišal kapitalsko ustreznost skupine in zato prinaša večjo prednost.
First, because that measure includes a State guarantee in favour of the Bank of Greece, any loss will be borne by the State.
Komisija ugotavlja, da taka podpora ni bila dodeljena vsem bankam, ki poslujejo v Grčiji.
The State-guaranteed ELA therefore grants an advantage to the Bank.
Likvidacija skupine bi povzročila prenehanje njenih dejavnosti v tujini prek likvidacije teh dejavnosti ali njihove prodaje.
Since ELA is limited to the banking sector the measure is selective.
Zato ta ukrep izkrivlja konkurenco in vpliva na trgovino med državami članicami.
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.
Ukrep pomeni državno pomoč.
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.
Sklepna ugotovitev o ukrepih B1, B2, B3 in B4
The State-guaranteed ELA (measure L2) constitutes State aid.
Ukrepi B1, B2, B3 in B4 pomenijo državno pomoč v smislu člena 107(1) Pogodbe.
The amount of State-guaranteed ELA has varied over time.
Znesek državne pomoči, vključen v ukrepe B1, B2, B3 in B4, znaša 4571 milijonov EUR.
At 31 December 2012 it amounted to around EUR 23,6 billion.
Kot je navedeno v oddelku 7.1.3.4, je bil le del zneska, namenjenega decembra 2012 (ukrep B3), pretvorjen v dejansko kapitalsko injekcijo (ukrep B4).
Existence of aid in the measures granted through the HFSF (measures B1, B2, B3 and B4)
Dejansko izplačani znesek državne podpore je zato znašal le 4021 milijonov EUR.
First bridge recapitalisation (measure B1)
V točki 31 sporočila o prestrukturiranju je navedeno, da mora Komisija poleg absolutnega zneska pomoči upoštevati tudi pomoč „v razmerju do tveganju prilagojene aktive banke“.
In section 5.1 of the Alpha Opening Decision, the Commission has already concluded that the first bridge recapitalisation constitutes State aid.
Zato se pojavi vprašanje, katera raven tveganju prilagojene aktive naj se uporabi, natančneje, ali bi bilo treba državno pomoč oceniti s pomočjo tveganju prilagojene aktive na začetku ali na koncu zadevnega obdobja.
The capital received amounted to EUR 1,9 billion.
Ukrepi B1, B2, B3 in B4 so namenjeni kritju kapitalske potrebe, ki jo je grška centralna banka določila marca 2012 (test izjemnih situacij iz leta 2012).
Second bridge recapitalisation (measure B2)
Opozoriti je treba tudi, da grška centralna banka od marca 2012 do dokapitalizacije iz pomladi 2013 prevzemov, ki so jih izvedle grške banke, ni upoštevala in njihovih kapitalskih potreb prilagodila navzgor ali navzdol.
Measure B2 was implemented with HFSF resources, which, as explained in recital 47 of the Alpha Opening Decision, involve State resources.
To potrjuje, da so bili ukrepi B1, B2, B3 in B4 ukrepi pomoči, povezani s skupino v obsegu, v kakršnem je ta obstajala 31. marca 2012.
As regards the existence of an advantage, measure B2 increased the Bank’s capital ratio to a level that allowed it to continue to function on the market and to access Eurosystem funding.
Prva in druga premostitvena dokapitalizacija ter pismo o zavezi so skupaj znašali 4571 milijonov EUR.
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.
Ker je skupina uspela pridobiti zasebni kapital, je dejanski znesek, ki ga je sklad HFSF vložil v skupino, znašal le 4021 milijonov EUR, kar pomeni 9,1 % tveganju prilagojene aktive skupine na dan 31. marca 2012.
Therefore, measure B2 granted an advantage to the Bank from State resources.
Sklepna ugotovitev o obstoju in skupnem znesku prejete pomoči
Since the Bank is active in other European Union banking markets and since financial institutions from other Member States operate in Greece, measure B2 is also likely to affect trade between Member States.
Vrsta ukrepa
The Commission considers that measure B2 constitutes State aid.
Znesek pomoči
It was notified as aid by the national authorities.
Pomoč v obliki dokapitalizacije/tveganju prilagojena aktiva
The capital received amounted to EUR 1042 million.
Prednostne delnice
Commitment letter (measure B3)
Kapitalska podpora
By measure B3, the HFSF committed to provide the additional capital necessary to complete the recapitalisation of the Bank up to the amount requested by the Bank of Greece in the framework of the stress test of 2012.
940 milijonov EUR
The HFSF receives its resources from the State.
Prva premostitvena dokapitalizacija
The Commission therefore concludes that the letter commits State resources.
Druga premostitvena dokapitalizacija
The circumstances in which the HFSF can grant support to financial institutions are precisely defined and limited by law.
Pismo o zavezi
Accordingly the use of those State resources is imputable to the State.
Udeležba sklada HFSF v dokapitalizaciji iz pomladi 2013
The HFSF committed to provide up to EUR 1629 million of additional capital.
4571 milijonov EUR