natgillin/translations-raw huggingface dataset:
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
Komisija mora ugotoviti obstoj državne pomoči v smislu člena 107(1) Pogodbe v zvezi z ukrepom C. V skladu z navedeno določbo je državna pomoč vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, kolikor prizadene trgovino med državami članicami.
On 27 July 2012, the Commission opened the formal investigation procedure in order to verify whether the conditions of the 2008 Banking Communication [85] were met regarding the appropriateness, necessity and proportionality of the first bridge recapitalisation provided by the HFSF in favour of the Bank (measure B1).
Dokapitalizacija banke Piraeus s strani GSFS v višini 524 milijonov EUR je bila obljubljena marca 2013 med postopkom zbiranja ponudb za prevzem ciprskih prenesenih dejavnosti.
Regarding the appropriateness of the measure, the Commission, given the fact that the aid came after prior recapitalisation and liquidity aid and given the protracted rescue period, expressed doubts as to whether all actions possible had been taken by the Bank to avoid it again needing aid in the future [86].
Dokapitalizacijo banke Piraeus je izvedel GSFS, tj. subjekt, ki ga je za podporo bankam ustanovila in ga financira Grčija, tako da je bilo izplačilo izvedeno iz državnih sredstev.
In addition, the Commission was not clear who would control the Bank in the future once the first bridge recapitalisation was replaced by a permanent recapitalisation [87] as the Bank might come either under the control of the State or under the control of the minority private owners who could enjoy control and high leverage.
Kar zadeva upravičenca do državne pomoči, je bil namen dokapitalizacije, kot je pojasnjeno v uvodni izjavi 72, kriti kapitalske potrebe, ki bi nastale zaradi prevzema ciprskih prenesenih dejavnosti.
In either case the Commission indicated that the quality of the Bank's management and notably its lending process should be preserved in order for it to find the first bridge recapitalisation appropriate.
Poleg tega bi bila dokapitalizacija na voljo kateri koli grški banki, ki bi prevzela ciprske prenesene dejavnosti.
Regarding the necessity of the first bridge recapitalisation, in recital 70 of the Piraeus Opening Decision the Commission questioned whether all the measures possible had been taken to avoid the Bank needing aid again in the future.
V ponudbi banke Piraeus, kot je bila predložena v odobritev GSFS, se je upoštevala dokapitalizacija s strani GSFS.
Moreover, since the duration of the bridge recapitalisation period was uncertain the Commission could not conclude whether it was sufficient and complied with the remuneration and burden-sharing principles under State aid rules.
Kapital za grške banke je bil takrat skromen in nobena od njih ne bi prevzela ciprskih prenesenih dejavnosti, če ne bi bila obljubljena dokapitalizacija.
Furthermore, as the terms of the conversion of the first bridge recapitalisation into a permanent recapitalisation were not known at the time the Piraeus Opening Decision was adopted, the Commission could not assess them.
Čeprav je torej formalna prejemnica kapitala, ki ga je zagotovil GSFS, banka Piraeus, Komisija meni, da so upravičenec do državne pomoči ciprske prenesene dejavnosti, ker ukrep omogoča njihovo prodajo grški banki.
Regarding the proportionality of the measure, the Commission expressed doubts whether the safeguards (State support advertisement ban, coupon and dividend ban, call option ban and buy-back ban as described in recital 76 of the Piraeus Opening Decision) were sufficient in relation to the first bridge recapitalisation.
Brez dokapitalizacije banke Piraeus jih grška banka ne bi prevzela.
Furthermore, in recital 77 of the Piraeus Opening Decision the Commission stated that the lack of rules preventing the HFSF from coordinating the four largest core banks (namely, the Bank, Eurobank, NBG and Alpha Bank), and the absence of adequate safeguards to prevent them from sharing commercially sensitive information could lead to distortions of competition.
Ostale bi v skupinah, ki so se spopadale z izjemnimi težavami (Cyprus Popular Bank in tudi Bank of Cyprus sta bili v postopku reševanja glede na njune velike kapitalske potrebe), in bi torej verjetno propadle ali vsaj utrpele velike odlive vlog.
The Commission, therefore, proposed the appointment of a monitoring trustee, physically present in the Bank.
V zvezi z obstojem prednosti Komisija tudi ugotavlja, da dokapitalizacija banke Piraeus s strani GSFS ni v skladu z načelom vlagatelja v tržnem gospodarstvu: v času velike negotovosti se zasebni vlagatelj, ki deluje v običajnih tržnih razmerah, ne bi zavezal, da bo v banko Piraeus v prihodnosti vložil velik znesek kapitala, ne da bi vnaprej poznal pogoje prihodnjega vložka (tj. emisijski tečaj).
COMMENTS FROM INTERESTED PARTIES ON THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
Poleg tega je ukrep na prvi pogled selektiven, ker se uporablja izključno za ciprske prenesene dejavnosti (pri katerih vsaka pomeni podjetje), in za nobeno drugo podjetje.
COMMENTS FROM THE BANK
Nazadnje, ciprske prenesene dejavnosti, tj. grške podružnice treh ciprskih bank, konkurirajo z drugimi bankami, vključno s hčerinskimi družbami tujih bank, ki so dejavne v Grčiji ali morebiti zainteresirane za vstop na grški trg.
On 30 August 2012, the Commission received comments from the Bank on the Piraeus Opening Decision.
Reševanje navedenih dejavnosti torej izkrivlja konkurenco in vpliva na trgovino med državami članicami.
Regarding the appropriateness of the measures, the Bank noted that the debt crisis in Greece and the euro area has been an unprecedented situation.
Komisija zato ugotavlja, da dokapitalizacija banke Piraeus s strani GSFS v višini 524 milijonov EUR pomeni državno pomoč v smislu člena 107(1) Pogodbe.
The capital injection in May 2009, equivalent to 1,0 % of its RWA, was a direct response to the exceptional turbulence in global financial markets.
Upravičenec do državne pomoči
At the end of 2011, Greece’s additional capital injection of EUR 380 million was equivalent to 1,1 % of the Bank’s RWA at that time and was designed to address the capital shortfall that was expected to derive from the deepening recession.
Kot je bilo pojasnjeno že v uvodni izjavi 173, Komisija ciprske prenesene dejavnosti šteje za upravičenca do izplačila obveznic EFSF s strani GSFS.
The EUR 4,7 billion recapitalisation of the Bank by the HFSF was the first part of the recapitalisation that would address the capital shortfall that resulted from the PSI and from the assessment of the loan portfolios carried out by Blackrock [88] as well as from the deepening recession.
Poleg tega, kot je pojasnjeno v uvodnih izjavah 71 in 173, je ciprske prenesene dejavnosti, tj. grške podružnice treh ciprskih bank, morala prevzeti druga banka zaradi razlogov finančne stabilnosti in predvsem zato, ker so bile tri ciprske banke v zelo težkem položaju.
It also took the view that the appointment by Greece and the HFSF of one and two members respectively in the Bank’s Board of Directors as their representatives and of one member of the HFSF as a member of the Bank’s Board Risk Committee, along with others, ensured that it could not take excessive risks.
Zato bi bilo treba prodajo ciprskih prenesenih dejavnosti in to, ali ta prodaja vključuje državno pomoč za kupca, tj. banko Piraeus, preučiti na podlagi oddelka „Ponovna vzpostavitev uspešnega poslovanja s prodajo banke“ iz sporočila o prestrukturiranju [90].
Regarding the necessity of the measures, the Bank commented that the form of the recapitalisation as bridge financing was decided by the Greek authorities and by the European Union, the IMF and the ECB and that the amount of bridge recapitalisation of EUR 4,7 billion almost offset the PSI effect.
Banka Grčije se je v zvezi z navedeno prodajo odločila stopiti v stik samo z največjimi domačimi bankami v Grčiji, pri čemer so nezavezujoče ponudbe predložile samo banka Piraeus in dve drugi banki.
As regards the conversion of the bridge recapitalisation into permanent capital, after the protracted period without a government in Greece in the second quarter of 2012, once a final structure was approved, the dilution of existing shareholders would inevitably be triggered and an adequate remuneration agreed (depending on the terms and instruments used).
Banka Piraeus je edina ponudnica, ki je predložila veljavno zavezujočo ponudbo.
Regarding the proportionality of the measures, the Bank noted that since 2009 it had adjusted its lending practices by applying stricter credit criteria, accelerated repayment terms and reduced credit limits.
Omejeno število kontaktiranih kupcev ne more izključevati, da je bil razpis odprt, glede na to, da ni bilo razumno pričakovati formalne ponudbe drugih vlagateljev.
As of the first quarter of 2009, all requests for disbursements over a specific amount had been reviewed and approved by the deputy Managing Director and the General Manager/Group Credit.
Dejansko so takrat tuje banke, prisotne v Grčiji, zaradi finančne nestabilnosti grškega bančnega sistema, ki je zaradi globoke in dolgotrajne recesije doživel velike izgube iz posojil, odprodale ali bile pripravljene odprodati svoje grške dejavnosti (npr. Geniki, MBG, Emporiki Bank).
It would not alter its current business practices as laid out in the business plan submitted to the Bank of Greece and not undermine current lending standards.
Z drugimi besedami, zapuščale so grški trg in niso iskale novih priložnosti za naložbe v Grčiji.
Those standards were amongst the strictest in the industry as also indicated by the very good results the Bank had achieved in the Blackrock Solutions diagnostic exercise.
Poleg tega je razumno predpostavljati, da bi se za navedene dejavnosti zanimal samo vlagatelj, ki bi lahko hitro stabiliziral in vzpostavil uspešnost prevzetih dejavnosti – tj. velika bančna skupina.
Those intentions would be secured by the representation of Greece and HFSF in the Bank’s Board of Directors.
Nazadnje, zaradi zelo kratkega časovnega okvira, ki je bil na voljo za sklenitev prodaje – ki ga je narekovala finančna kriza, v kateri so delovale banke, ki so se prodajale –, je bilo sodelovanje tujih bank ali drugih vrst vlagateljev v postopku prodaje zelo malo verjetno, ker bi navedeni vlagatelji navadno želeli opraviti skrben pregled sredstev, ponujenih za prodajo, preden bi predložili formalno ponudbo.
Regarding the Commission’s proposal for the appointment of a monitoring trustee, the Bank’s view was that there was already close monitoring by several third parties, such as the Bank of Greece, external auditors, Greece’s representative and HFSF representatives.
Komisija zato ugotavlja, da je bila prodajna cena ciprskih prenesenih dejavnosti tržna cena in da je mogoče pomoč kupcu, tj. banki Piraeus, izključiti.
COMMENTS FROM ANOTHER GREEK BANK
Pravna podlaga za oceno združljivosti
On 3 January 2013, the Commission received comments from a Greek bank on the Piraeus Opening Decision.
V skladu s členom 107(3)(b) Pogodbe lahko Komisija ugotovi, da je pomoč združljiva z notranjim trgom, če je namenjena „odpravljanju resne motnje v gospodarstvu države članice“.
That Greek bank commented that the recapitalisation of Greek banks by the HFSF constituted, in principle, a welcome step towards a healthier and more viable banking system and expressed no objection to the recapitalisation of the Bank.
Komisija je priznala, da lahko zaradi svetovne finančne krize nastane resna motnja v gospodarstvu države članice in da je tako motnjo mogoče odpraviti z ukrepi v podporo bankam.
However, while expressing its entire support for the principle of the recapitalisation of Greek banks by the HFSF, that Greek bank explained that, in order to minimise distortions of competitions and to avoid discrimination, it expected recapitalisation by the HFSF to be open to all banks operating in Greece under similar conditions.
To je bilo potrjeno v sporočilu o bančništvu iz leta 2008, sporočilu o dokapitalizaciji in sporočilu o prestrukturiranju.
COMMENTS FROM GREECE ON THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
Komisija še vedno meni, da so zahteve za odobritev državne pomoči v skladu s členom 107(3)(b) Pogodbe izpolnjene glede na ponovitev napetosti na finančnih trgih.
On 5 September 2012, Greece submitted comments, which had been prepared by the Bank of Greece and the HFSF.
Komisija je to stališče potrdila s sprejetjem sporočila o podaljšanju iz leta 2011 [91] in sporočila o bančništvu iz leta 2013 [92].
COMMENTS FROM THE BANK OF GREECE
Komisija je v zvezi z grškim gospodarstvom v svojih sklepih o odobritvi in podaljšanju programa pomoči grškim bankam ter v svojih odobritvah ukrepov državne pomoči, ki jih je Grčija odobrila posameznim bankam [93], priznala, da obstaja grožnja resne motnje v grškem gospodarstvu in da je državna podpora bankam primerna za odpravo te motnje.
Regarding the appropriateness of the first bridge recapitalisation, the Bank of Greece noted that the amount of EUR 18 billion of capital with which the HFSF recapitalised the four largest Greek banks in May 2012 was less than the final amount which was needed for those banks to gradually reach and maintain a Core Tier 1 capital ratio set at 10 % by June 2012 and a Core Tier 1 capital ratio set at 7 % under a three-year adverse stress scenario.
Pravna podlaga za oceno ukrepov pomoči mora torej biti člen 107(3)(b) Pogodbe.
It also noted that the first bridge recapitalisation was temporary, given that the recapitalisation process would be concluded with share capital increases by those four banks.
Komisija je med finančno krizo razvila merila združljivosti za različne vrste ukrepov pomoči.
The Bank of Greece also observed that the recapitalisation of the largest Greek banks was part of the longer-term restructuring of the Greek banking sector.
Načela za oceno ukrepov pomoči so bila najprej določena v sporočilu o bančništvu iz leta 2008.
It noted that where a bank remains in private hands, the management will most probably remain the same, while if a bank becomes State-owned (that is to say, owned by the HFSF), the HFSF could appoint new management which, in any case, will be assessed by the Bank of Greece.
V skladu s točko 15 sporočila o bančništvu iz leta 2008 mora pomoč, da bi bila združljiva na podlagi člena 107(3)(b) Pogodbe, izpolnjevati splošna merila za združljivost:
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.
primernost: pomoč mora biti dobro usmerjena, da se lahko učinkovito doseže cilj reševanja resne motnje v gospodarstvu.
It also pointed out that the HFSF had already appointed representatives in the Boards of Directors of the recapitalised banks.
To se ne bi zgodilo, če ukrep ne bi bil primeren za odpravo motnje;
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.
nujnost: ukrep pomoči mora biti po višini in obliki nujen za doseganje cilja.
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.
To pomeni, da mora biti določen v minimalni višini, ki je nujna za doseganje cilja, in v obliki, ki je najbolj primerna za odpravo motnje;
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 would be safeguarded by the fact that the suspension of the voting rights of the HFSF would be lifted if, inter alia, the restructuring plan were substantively violated.
sorazmernost: pozitivni učinki ukrepa morajo biti ustrezno uravnoteženi z izkrivljanjem konkurence, da bi se izkrivljanje omejilo na najmanjšo raven, ki je potrebna za dosego ciljev ukrepa.
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.
Sporočilo o dokapitalizaciji vsebuje nadaljnje smernice glede ravni nadomestila, potrebnega za kapitalske vložke iz državnih virov.
Regarding the appropriateness of the first bridge recapitalisation, to address the issue of potential State interference in the event that 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.
Pri oceni načrta prestrukturiranja banke Piraeus bo na podlagi sporočila o prestrukturiranju upoštevala vse ukrepe, navedene v preglednici 11.
The HFSF pointed out that it is a fully independent private-law legal entity with autonomy of decision.
Skladnost ukrepa pomoči C s sporočilom o bančništvu iz leta 2008 in sporočilom o dokapitalizaciji
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.
Primernost
It also pointed to the governing structure of the HFSF.
Komisija v zvezi s primernostjo ukrepa, tj. zavezo GSFS, da bo dokapitaliziral banko Piraeus v višini 524 milijonov EUR, meni, da je ukrep primeren, ker je omogočil, da se grški posli treh ciprskih bank prodajo banki Piraeus.
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.
Brez ukrepa ne bi bila nobena grška banka, vključno z banko Piraeus, pripravljena prevzeti ciprske prenesene dejavnosti v času, ko ni bila nobena banka zunaj Grčije pripravljena vstopiti na ta trg.
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.
Če ciprske prenesene dejavnosti ne bi bile prevzete, bi bile ogrožene navedene dejavnosti in zlasti vloge grških podružnic.
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.
Z ukrepom je bila torej zagotovljena ohranitev finančne stabilnosti v Grčiji.
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.
Na podlagi navedenega Komisija ugotavlja, da je ukrep primeren kot pomoč za reševanje.
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.
Nujnost
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.
V skladu s sporočilom o bančništvu iz leta 2008 mora biti ukrep pomoči po višini in obliki nujen za doseganje cilja ukrepa.
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.
To pomeni, da mora biti kapitalski vložek na primer omejen na najmanjši znesek, potreben za doseganje navedenega cilja.
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.
V času, ko so grške banke zelo težko našle kapital, je ukrep kril kapitalske potrebe, ki bi nastale s plačilom nakupne cene za prevzem ciprskih prenesenih dejavnosti, da bi se prevzem lahko zgodil.
ASSESSMENT OF AID RELATED TO THE ACQUISITION OF ATE AND THE GREEK OPERATIONS OF THE THREE CYPRIOT BANKS
Poleg tega Komisija pozitivno ugotavlja, da je bila pomoč dodeljena v obliki kapitalskega vložka v okviru dokapitalizacije iz pomladi 2013, saj GSFS banki Piraeus ni zagotovil nepovratnih sredstev, ampak je prejel navadne delnice v isti vrednosti.
ASSESSMENT OF AID RELATED TO ATE
Ukrep je torej nujen za doseganje cilja omejitve motnje v grškem bančnem sistemu in gospodarstvu kot celoti.
In the ATE Restructuring Decision, the Commission concluded that the measures described in recitals 58 and 108 of this Decision constitute State aid and that they are in line with the internal market.
Sorazmernost
In the ATE Liquidation Decision, the Commission concluded that the measures described in recitals 109 and 110 of this Decision constitute State aid to the ATE Transferred Activities.
Dejavnosti, za katere je bila zagotovljena pomoč, so bile prodane, ko so grški organi objavili razpis.
Moreover, the Commission concluded that the aid to ATE is compatible with the internal market only if the integration of the ATE Transferred Activities is implemented according to plan and if the restructuring plan of the Bank – which includes the ATE Transferred Activities — enables its long-term viability to be restored.
Poleg tega so bile prevzete dejavnosti hitro vključene v banko Piraeus.
That restoration of long-term viability will be established in section 7.6.2.
Pomoč ni omogočila, da bi dejavnosti, za katere je bila zagotovljena pomoč, ostale kot ločeni konkurenti na trgu.
Therefore, the Commission does not have to reassess the aforementioned measures and confirms that they are compatible with the internal market.
Poleg tega je bil znesek pomoči razmeroma majhen, saj ustreza približno 3 % skupnih neto posojil ciprskih prenesenih dejavnosti (ali približno 3 % njihovega RWA) [94].
ASSESSMENT OF AID RELATED TO THE GREEK OPERATIONS OF THE THREE CYPRIOT BANKS (MEASURE C)
Komisija zato meni, da je bil ukrep zasnovan tako, da bi se zmanjšalo neupravičeno izkrivljanje konkurence.
Existence and the amount of aid
Sklepna ugotovitev glede skladnosti s sporočilom o bančništvu iz leta 2008 in sporočilom o dokapitalizaciji
The Commission has to establish the existence of State aid within the meaning of Article 107(1) of the Treaty in relation to measure C. According to that provision, State aid is any aid granted by Member State resources in any form whatsoever which distorts, or threatens to distort, competition by favouring certain undertakings or the production of certain goods, in so far as it affects trade between Member States.
Na podlagi analize iz uvodnih izjav 189 do 197 je ugotovljeno, da je bila dokapitalizacija banke Piraeus s strani GSFS v višini 524 milijonov EUR primerna, nujna za dosego cilja omejitve motnje v grškem bančnem sistemu in gospodarstvu kot celoti ter zasnovana tako, da bi se zmanjšalo neupravičeno izkrivljanje konkurence, in je v skladu s sporočilom o bančništvu iz leta 2008 in sporočilom o dokapitalizaciji.
The recapitalisation by the HFSF of the Bank for EUR 524 million, was committed in March 2013 during the bidding process for the acquisition of the Cypriot Transferred Activities.
Skladnost ukrepa pomoči s sporočilom o prestrukturiranju