natgillin/translations-raw huggingface dataset:
Therefore, applying a further discount on the market price would only have had a limited impact on the remuneration of the HFSF.
Skladnost prevzema banke Probank s sporočilom o prestrukturiranju
In view of the specific situation of the Greek banks explained in recital 320, 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.
Učinek prevzema banke Probank na dolgoročno uspešno poslovanje skupine
The HFSF granted those warrants for no consideration.
Skupina je zlasti ob prevzemu pričakovala, da bodo njene letne sinergije do konca leta 2015 dosegle […] milijonov EUR [143].
As explained in recital 112, each warrant incorporates the right to purchase 8,23 shares of the HFSF at specified intervals and strike prices.
Pričakovala je, da bo te sinergije dosegla z racionalizacijo mreže podružnic, zmanjšanjem osebja združenega subjekta, združitvijo korporativnih funkcij, konsolidacijo sistemov IT in centraliziranim delovanjem.
The exercise price is equal to the subscription price of the HFSF increased by an annual and cumulative margin (4 % for year one, 5 % for year two, 6 % for year three, 7 % for year four and then 8 % annualised for the last six months).
Poleg tega je pričakovala, da bo dosegla pomemben del sinergij z uskladitvijo stroška prenesenih vlog s politiko obrestnih mer skupine, tj. tako, da obrestno mero, plačano na vloge banke Probank, zmanjša na ravni, ki jih skupina plača na svoje vloge.
The remuneration received by the HFSF on the shares it owns is de facto capped at those levels.
Kar zadeva tveganje prihodnje izgube posojil, je skupina posojila banke Probank prevzela po pošteni vrednosti in ne po knjigovodski vrednosti.
That remuneration is lower than the 7 % to 9 % range defined in the Recapitalisation Communication.
To omejuje tveganje prihodnjih oslabitev.
However, because those warrants were a key factor in the success of the rights issue and private placement launched by the Bank before the Spring 2013 recapitalisation, the Commission considers that those warrants enabled the Bank to reduce the amount of aid by EUR 1079 million.
Prevzem tako prispeva k izboljšanju neto razmerja med posojili in vlogami skupine.
Indeed due to the low capital ratio of the Bank prior to the recapitalisation and the high uncertainty at that time, the simulations which were then available showed that without the warrants private investors would not have achieved a sufficient return and would not have participated.
Kar zadeva kapitalske zahteve, je treba opozoriti, da je bila ponudba skupine pogojena s tem, da GSFS krije kapitalske potrebe, ki so nastale s prevzemom sredstev banke Probank.
For the reasons explained in recitals 313 and 320, 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 some 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.
Skupina nato ni uporabila te možnosti, saj je v maju 2014 uspela zbrati dovolj zasebnega kapitala na trgu.
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 event 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 proceeds realised from the sale of pre-emption rights of the HFSF.
V tem primeru prevzem, čeprav pozitivno vpliva na uspešnost poslovanja skupine, ni bistven za njeno uspešno poslovanje v smislu točke 23 sporočila o prestrukturiranju.
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 potential future buy-backs do not further reduce the remuneration of the HFSF and increase the remuneration of the warrant holders.
Skupina ni izvedla nobenega plačila za nakup izbranih sredstev in obveznosti banke Probank.
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.
Poleg tega je bila ponudba skupine pogojena s tem, da GSFS krije kapitalske potrebe, ki so nastale s prevzemom sredstev banke Probank.
In addition, it was an objective of the programme between the Greek government, the Union, the IMF and the ECB to keep some banks under private management.
Skupina torej ni uporabila pomoči za financiranje prevzema banke Probank, navedeni prevzem pa ni v nasprotju z načelom, da mora biti pomoč omejena na najmanjšo možno raven.
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.
Kot je navedeno v uvodni izjavi 86, banka Probank sama ni bila sposobna uspešnega poslovanja.
Finally, the PSI and the December 2012 buy-back are a kind of remuneration to the State, as the latter enjoyed a reduction of its debt towards the Bank by several billions euros.
Memorandum o gospodarskih in finančnih politikah iz maja 2013 je določil reševanje podkapitaliziranih bank prek postopka prevzema in odkupa.
For all those reasons, the Commission can accept that the HFSF receives non-voting shares.
Kot je navedeno v uvodni izjavi 87, je Banka Grčije ugotovila, da je bil sprejem reševalnih ukrepov ključnega pomena za ohranitev zaupanja vlagateljev v grški bančni sistem.
The Commission therefore concludes that measure B3 was necessary.
Prevzem je torej mogoče šteti za del konsolidacije, ki je potrebna za ponovno vzpostavitev finančne stabilnosti, kot je opisano v točki 41 sporočila o prestrukturiranju.
In conclusion, measures B1, B2 and B3 are necessary as rescue aid in both their amount and form.
Noben ponudnik, ki ni prejemal pomoči, ni predložil veljavne ponudbe za prevzem banke Probank, prodajni postopek pa je bil odprt in nediskriminacijski.
Proportionality– measures limiting negative spill-over effects
Prevzem banke Probank je odobril grški organ za konkurenco.
That situation may therefore lead to serious distortions of competition.
Sklepna ugotovitev glede prevzema banke Probank
However, Greece has given a commitment to implement a number of measures aiming at reducing negative spill-over effects.
Sklene se, da je navedeni prevzem ob upoštevanju posebnosti prevzema banke Probank skladen z zahtevami iz 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 157 and 158.
SKLADNOST UKREPOV A, B1, B2 IN B3 S SPOROČILOM O PRESTRUKTURIRANJU
Greece has also committed to an acquisition ban, as well as to a number of divestments abroad and in non-banking activities in Greece, as set out in recital 159.
Viri težav in posledice za oceno na podlagi sporočila o prestrukturiranju
Limits to distortions of competition will be further assessed in section 7.6.
Kot je navedeno v oddelkih 2.1.1 in 2.1.2, so težave, s katerimi se spopada skupina, predvsem posledica grške dolžniške krize in globoke recesije v Grčiji in južni Evropi.
A monitoring trustee has been appointed in the Bank to monitor the correct implementation of commitments on corporate governance and commercial operations.
Kar zadeva prvi dejavnik, je grška vlada izgubila dostop do finančnih trgov in je morala nazadnje s pogajanji doseči dogovor s svojimi domačimi in mednarodnimi upniki, tj. program PSI, s katerim so se terjatve do države znižale za 53,3 %.
That will avoid any detrimental change in the Bank's commercial practice and thereby reduce the potential negative spill-over effects.
Poleg tega je bilo 31,5 % terjatev zamenjanih za nove GDO z nižjimi obrestnimi merami in daljšimi ročnostmi.
Finally, a new comprehensive restructuring plan was submitted on 25 June 2014 to the Commission.
Država je decembra 2012 te nove GDO odkupila od grških bank po ceni od 30,2 % do 40,1 % njihove nominalne vrednosti in s tem povzročila dodatne izgube za grške banke.
That restructuring plan will be assessed in section 7.6.
Poleg vpliva programa PSI in odkupa dolga na kapitalski položaj skupine je ta od leta 2010 do sredine leta 2012 zabeležila tudi velike odlive vlog zaradi tveganja izstopa Grčije iz euroobmočja kot posledice nevzdržnega javnega dolga in gospodarske recesije.
To conclude, the doubts raised in the NBG Opening Decision have been allayed.
Ukrepi B1, B2 in B3 znašajo 9756 milijonov EUR, kar je manj kot znesek izgub, vknjižen po programu PSI (11735 milijonov EUR).
Measures B1, B2 and B3 are proportionate in the light of point 15 of the 2008 Banking Communication.
V takem primeru in pod pogojem, da težave ne izvirajo predvsem iz pretirano tveganega ravnanja, bo Komisija v skladu s točko 14 sporočila o podaljšanju iz leta 2011 omilila svoje zahteve.
Conclusion on the compliance of the HFSF recapitalisations with the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication
Komisija priznava, da del potreb po kapitalu izvira iz standardne izpostavljenosti finančne institucije tveganju državnih posojilojemalcev v domači državi.
It is thus concluded that the HFSF recapitalisations (measures B1, B2 and B3) are appropriate, necessary and proportionate, in the light of point 15 of the 2008 Banking Communication, of the Recapitalisation Communication and of the 2011 Prolongation Communication.
To dejstvo je bilo poudarjeno tudi v uvodnih izjavah 60 in 71 sklepa o začetku postopka za skupino NBG.
Measures B1, B2 and B3 therefore comply with the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication.
Zato je potreba po obravnavi vprašanj moralnega tveganja v načrtu prestrukturiranja skupine manjša kot pri drugih finančnih institucijah, ki prejemajo pomoč in so nakopičile prekomerna tveganja.
COMPLIANCE OF THE ACQUISITIONS OF THREE COOPERATIVE BANKS, FB BANK AND PROBANK WITH THE RESTRUCTURING COMMUNICATION
Ker so ukrepi pomoči manj izkrivljajoči, bi bilo torej treba ukrepe, sprejete za omejitev izkrivljanja konkurence, sorazmerno omiliti.
Point 23 of the Restructuring Communication explains that acquisitions of undertakings by aided banks cannot be financed through State aid unless this is essential for restoring an undertaking's viability.
Ker program PSI in odkup dolga pomenita odpis dolga v korist države, je lahko nadomestilo za državo pri dokapitalizaciji skupine nižje.
Furthermore, points 40 and 41 of the Restructuring Communication state that banks must not use State aid for the acquisition of competing businesses, unless the acquisition is part of a consolidation process necessary to restore financial stability or to ensure effective competition.
Vendar Komisija ugotavlja, da je bila izpostavljenost skupine tveganju grških državnih posojilojemalcev večja kot izpostavljenost nekaterih drugih velikih grških bank.
In addition, acquisitions may endanger or complicate the restoration of viability.
Zato nekaterih izgub iz GDO ni mogoče pripisati običajni izpostavljenosti finančne institucije tveganju državnih posojilojemalcev v domači državi.
The Commission must therefore assess whether the acquisitions made by the Bank can be reconciled with the Restructuring Communication.
Drugi vir izgub skupine so izgube iz njenih posojil grškim gospodinjstvom in družbam.
Compliance of the acquisition of the selected liabilities of the three Cooperative Banks with the Restructuring Communication
Komisija meni, da so te izgube predvsem posledica izjemno obsežnega in dolgotrajnega zmanjševanja BDP, ki se je v petih letih zmanjšal za približno 25 %, in niso nastale zaradi tvegane posojilne prakse skupine.
Effect of the acquisition on the long-term viability of the Bank
Zato pomoč, odobrena za kritje navedenih izgub, ne ustvarja moralnega tveganja, ki nastane, če se pomoč uporabi za zaščito banke pred posledicami preteklega tveganega ravnanja.
The acquisition of the selected assets and liabilities of the three Cooperative Banks enhances the long-term viability of the Bank.
Pomoč je torej manj izkrivljajoča [144].
More precisely, at the time of the acquisition, the Greek banks had already observed significant deposit outflows between 2010 and mid-2012 and were excluded from the international funding markets.
Vendar nekatere kapitalske potrebe in izgube iz posojil skupine izvirajo iz mednarodnih hčerinskih družb.
This is the reason why four of the five largest Greek banks submitted bids to acquire the deposits of the three Cooperative Banks.
Dejavnosti v Romuniji in Bolgariji so na primer v letu 2012 ustvarjale izgube.
The integration of the deposits of the three Cooperative Banks into the Bank's balance sheet was beneficial for its liquidity profile.
Tuja aktiva je obenem pomenila izčrpavanje likvidnosti, saj je financiranje znotraj skupine 31. decembra 2012 znašalo […] milijard EUR.
If the Bank had not acquired the deposits of the three Cooperative Banks, the Bank's net loans-to-deposits ratio would have been higher.
Velik del izgub in potrebe po pomoči torej spada pod točko 14 sporočila o podaljšanju iz leta 2011, ki Komisiji dovoljuje, da omili svoje zahteve.
Furthermore, the Bank quickly integrated the acquired deposits without taking over any costly infrastructure or costly branch network.
Del potrebe po pomoči izvira iz izgub iz posojil v Grčiji zaradi izredno globoke in dolgotrajne recesije in ne iz tvegane posojilne politike.
In addition, the Bank took over no loans; hence the acquisition did not increase its risks or its capital requirements.
Taka pomoč ne ustvarja moralnega tveganja in je torej manj izkrivljajoča.
Effect of the acquisition on the aid amount needed by the Bank
Nazadnje pa omejen del potrebe po pomoči izvira iz prevzemanja tveganj skupine.
In line with point 23 of the Restructuring Communication, restructuring aid should not be used for the acquisition of other companies but merely to cover restructuring costs which are necessary to restore the viability of the Bank.
Ker pa se je grško gospodarstvo od leta 2008 skrčilo za približno 25 %, mora skupina svojo organizacijo, strukturo stroškov in poslovno mrežo prilagoditi temu novemu okolju, da bi ponovno vzpostavila zadovoljivo donosnost.
In this case, although the acquisition has positive implications for the Bank's viability, it is not essential for its viability within the meaning of point 23 of the Restructuring Communication.
Kljub dejstvu, da večina pomoči ne izvira iz prevelikih tveganj, mora banka prestrukturirati svoje delovanje, da si zagotovi dolgoročno uspešnost poslovanja.
However, the purchase price was very low.
Sposobnost uspešnega poslovanja
The consideration paid by the Bank for the acquisition of the transferred liabilities of all three Cooperative Banks was determined at […] % of the value of the transferred deposits and amounted to less than EUR […] million, equivalent to approximately [0 to 0,02] % of the total assets of the Bank as of December 2011.
Načrt prestrukturiranja mora zagotoviti, da lahko finančna institucija do konca obdobja prestrukturiranja ponovno vzpostavi dolgoročno uspešno poslovanje (oddelek 2 sporočila o prestrukturiranju).
That consideration can therefore be considered as very low.
V obravnavanem primeru je obdobje prestrukturiranja opredeljeno kot obdobje od datuma sprejetja tega sklepa do 31. decembra 2018.
It is concluded that the acquisition of the three Cooperative Banks did not undermine the limitation of the restructuring costs to the minimum necessary.
Grčija je v skladu s točkami 9, 10 in 11 sporočila o prestrukturiranju predložila celovit in podroben načrt prestrukturiranja, ki vsebuje popolne informacije o poslovnem modelu skupine.
Distortive effect of the acquisition on competition
V načrtu so opredeljeni vzroki za težave skupine in ukrepi, sprejeti za spoprijemanje z vsemi težavami uspešnega poslovanja, s katerimi se je srečevala.
In line with points 39 and 40 of the Restructuring Communication, State aid should not be used to the detriment of non-aided companies for the acquisition of competing businesses.
Načrt prestrukturiranja zlasti opisuje izbrano strategijo za ohranitev operativne učinkovitosti skupine in odpravo visoke ravni nedonosnih posojil ter ranljivega likvidnostnega in kapitalskega položaja ter strategijo za podjetja skupine v tujini, katerih financiranje in kapital sta bila odvisna od matičnega podjetja.
Point 41 of the Restructuring Communication also states that acquisitions may be authorised if they are part of a consolidation process necessary to restore financial stability or to ensure effective competition, that the acquisition process should be fair and that the acquisition should ensure the conditions of effective competition in the relevant market.
Grške bančne dejavnosti
The Bank of Greece considered the three Cooperative Banks not to be viable and the adoption of the resolution measures to be necessary in order to maintain financial stability.
Kar zadeva likvidnost in odvisnost skupine od financiranja iz Eurosistema, sta v načrtu prestrukturiranja predvidena omejena rast bilance v Grčiji in ponovna rast depozitne osnove.
The acquisition of the three Cooperative Banks can therefore be considered to be part of a consolidation process which is necessary to restore financial stability of the kind described in point 41 of the Restructuring Communication.
Odvisnost od izredne likvidnostne pomoči, ki se je že zmanjšala, se bo še naprej zmanjševala [145], kar bo prispevalo tudi k znižanju stroškov financiranja skupine.
In addition, the purchase price was very low.
Zaveza glede razmerja med posojili in vlogami, navedena v uvodni izjavi 153, zagotavlja, da bo bilančna struktura skupine ob koncu obdobja prestrukturiranja ostala vzdržna.
No non-aided bidder submitted any valid bid to acquire the assets and liabilities of the three Cooperative Banks, and the sale process was open and non-discriminatory.
Prodaja vrednostnih papirjev in drugih sekundarnih dejavnosti bo prav tako okrepila likvidnostni položaj skupine.
The acquisition of the selected assets and liabilities of Achaia Bank by the Bank was also authorised [139] by the Hellenic Competition Authority [140].
Zaradi še vedno krhkega okolja grškega bančnega sektorja lahko Komisija ugodi zahtevi grških organov, da se odobri njihova zagotovitev likvidnosti skupini na podlagi ukrepov jamstva in državnih obligacijskih posojil v okviru programa pomoči grškim bankam.
It can therefore be assumed that the outcome of the sale process does not endanger effective competition in Greece.
Grčija se je zaradi znižanja stroškov financiranja zavezala tudi, da bo skupina še naprej zniževala obrestne mere, ki jih plačuje za vloge v Grčiji, kot je opisano v uvodni izjavi 153.
The acquisition therefore falls under the exemption in point 41 of the Restructuring Communication.
Tako znižanje stroškov vlog bo ključno prispevalo k donosnosti skupine pred oblikovanjem rezervacij.
Conclusion on the acquisition of the selected assets and liabilities of the three Cooperative Banks
Po začetku krize je skupina uvedla temeljito racionalizacijo svoje poslovne mreže v Grčiji, v okviru katere je zmanjšala število podružnic in zaposlenih.
It is concluded that, in the light of the unique situation of Greek banks [141] and the specificities of the acquisition of the three Cooperative Banks, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Do 31. decembra 2017 se bodo skupni stroški skupine še znižali.
Compliance of the acquisition of FB Bank with the Restructuring Communication
Komisija meni, da bo načrt prestrukturiranja ohranil učinkovitost skupine v novem tržnem okolju.
Effect of the acquisition of FB Bank on the long-term viability of the Bank
Drugo ključno področje je upravljanje nedonosnih posojil.
In terms of operating profitability, the acquisition of FB Bank will enhance the Bank's return to long-term viability as merging two banks in the same geographical market gives the opportunity to realise synergies.
Skupina namerava okrepiti svojo dejavnost izterjevanja, da bi čim bolj zmanjšala svoje izgube.
In particular, at the time of the acquisition, the Bank anticipated achieving synergies by rationalising the branch network, aligning product offering and credit policies, streamlining and consolidating the IT platform.
V okviru svojega novega poslovnega modela bo upravljala nedonosna posojila prek posebne enote, katere prednostna naloga bo izboljšanje njenih izterjav ter zmanjšanje nedonosnih posojil prek vzdržnega prestrukturiranja.
In its final offer the Bank estimated that it would eliminate most of the operating expenses of FB Bank while it anticipated aligning the cost of transferred deposits with the Bank's interest rate policy, that is to say, by reducing the interest rate paid on FB Bank's deposits to the levels paid by the Bank on its deposits, while retaining the existing customers of FB Bank.
Grčija se je tudi zavezala, da bo skupina pri svoji kreditni politiki ravnala v skladu z visokimi standardi, da bi čim bolj povečala vrednost za skupino v vsaki fazi kreditnega postopka, kot je opisano v uvodni izjavi 157.
In terms of future loan losses, the Bank acquires the FB Bank loans at fair value, and not at book value.
Korporativno upravljanje
That factor limits the risk of future impairments.
Druga pomembna točka je upravljanje skupine glede na to, da ima GSFS po povečanju delniškega kapitala leta 2014 večino delnic skupine, vendar z omejeno pravico glasovanja.
In terms of liquidity position, the acquisition has a positive effect on the Bank since it acquired more deposits than net loans.
Poleg tega imajo nekateri zasebni delničarji v lasti tudi nakupne bone in bi tako imeli popolno korist od povečanja, če bi cena delnice v obdobju prestrukturiranja hitro zrasla.
In terms of capital requirements, it is recalled that the Bank's offer was conditional on the HFSF covering the capital needs created by the acquisition of FB Bank's assets.
Ker bi navedeni položaj lahko ustvaril moralno tveganje, sta se skupina in GSFS od leta 2013 dogovorila o posebnem okviru odnosov.
The Bank eventually did not use that possibility since it succeeded in raising enough private capital from the market in May 2014.
Z navedenim dogovorom je vsakodnevno poslovanje skupine zaščiteno pred kakršnim koli vmešavanjem njenih glavnih delničarjev, obenem pa je zagotovljeno, da lahko GSFS spremlja izvajanje načrta prestrukturiranja in na podlagi primernih postopkov posvetovanja prepreči prevzemanje prevelikih tveganj s strani vodstva skupine.
The Commission therefore considers that the acquisition is positive for the restoration of the long-term viability of the Bank.
Skupina se je tudi zavezala, da bo pozorno spremljala svojo izpostavljenost povezanim posojilojemalcem.
Effect of the acquisitions on the aid amount needed by the Bank
Komisija pozdravlja dejstvo, da bodo GSFS samodejno dodeljene neomejene glasovalne pravice, če skupina preneha izvajati svoj načrt prestrukturiranja.
The Bank did not pay any consideration to purchase the selected assets and liabilities of FB Bank.
Mednarodne dejavnosti
Moreover, the Bank's offer was conditional on the HFSF covering the capital needs created by the acquisition of FB Bank's assets.
Nekatere mednarodne dejavnosti skupine so v preteklosti močno zmanjšale njen kapital, likvidnost in donosnost, kot je pojasnjeno v uvodni izjavi 372.
Therefore the acquisition did not result in the acquirer needing further State aid.
Načrt prestrukturiranja predvideva večji poudarek na domačem trgu in Turčiji.
Regarding future potential capital needs created by the acquisition, it is observed that the assets were acquired at fair value, which limits the risk of future additional losses.
Skupina je že začela racionalizirati tuje hčerinske družbe, da bi okrepila postopek preverjanja kreditne sposobnosti in zmanjšala likvidnostne vrzeli hčerinskih družb.