natgillin/translations-raw huggingface dataset:
Bond loan
Glede na poseben položaj grških bank, pojasnjen v uvodni izjavi 256, in dejstvo, da potreba po pomoči v veliki meri izhaja iz odpisa dolga v korist države, Komisija meni, da je bil emisijski tečaj za delnice, ki jih je vpisala država, dovolj nizek.
Guarantees: EUR 9,9 billion
Kot je pojasnjeno v uvodni izjavi 106, vsak nakupni bon vključuje pravico do nakupa 4,48 delnice GSFS v določenih razdobjih in po določenih izvršilnih cenah.
Bond loans: EUR 1,3 billion
Izvršilna cena je enaka vpisni ceni GSFS, povečani za letno in kumulativno maržo (4 % za prvo leto, 5 % za drugo leto, 6 % za tretje leto, 7 % za četrto leto in nato 8 % anualizirano za zadnjih šest mesecev).
Funding and Guarantee
Navedeno nadomestilo je nižje od razpona od 7 % do 9 %, opredeljenega v sporočilu o prestrukturiranju.
EUR 31,4 billion
Zaradi razlogov, pojasnjenih v uvodnih izjavah 249 in 256, ker bi GSFS prejel minimalno pozitivno nadomestilo, če bi bili nakupni boni izvršeni, ter ker je bil cilj MEFP privabiti nekatere zasebne vlagatelje, da bi nekatere banke ostale v zasebnem upravljanju in bi preprečili položaj, v katerem bi bil celotni bančni sektor pod nadzorom GSFS, Komisija lahko sprejme tako odstopanje od standardnih zahtev glede nadomestila iz sporočila o dokapitalizaciji.
Total liquidity aid granted to the Bank
Navedeno sprejetje temelji tudi na dejstvu, da zakon o GSFS, kakor je bil spremenjen marca 2014, ne določa nikakršne prilagoditve nakupnih bonov v primeru povečanja delniškega kapitala brez predkupne pravice in da se lahko v primeru nove izdaje delnic s pravico prednostnega nakupa prilagodi samo izvršilna cena nakupnih bonov ter da se lahko prilagoditev izvede samo naknadno in le do višine prihodka, ustvarjenega s prodajo predkupnih pravic GSFS.
EUR 42,6 billion
Poleg tega bo zaveza Grčije, da bo pred kakršnim koli odkupom nakupnih bonov, ki jih je izdal GSFS, zaprosila za odobritev Komisije, Komisiji omogočila zagotovitev, da se z nobenim morebitnim prihodnjim odkupom ne bo dodatno zmanjšalo nadomestilo za GSFS in povečalo nadomestilo za imetnike nakupnih bonov.
LEGAL BASIS FOR THE COMPATIBILITY ASSESSMENT
V zvezi z dejstvom, da so delnice GSFS neglasovalne, Komisija opozarja, da potreba po pomoči ne izhaja predvsem iz prevelikega tveganja.
As concluded in recital 183, the legal basis for the assessment of the aid measures should be Article 107(3)(b) of the Treaty [98].
Poleg tega je bil cilj MEFP, da bi nekatere banke ostale v zasebnem upravljanju.
Guidance for recapitalisation measures can be found in the Recapitalisation Communication and the 2011 Prolongation Communication.
Še več, okvir odnosov in samodejna ponovna uvedba glasovalnih pravic v primeru neizvajanja načrta prestrukturiranja zagotavljata zaščitne ukrepe pred prihodnjimi prevelikimi tveganji, ki bi jih prevzeli zasebni upravljavci.
That framework was complemented by the 2013 Banking Communication, which applies to aid measures notified or granted without prior approval by the Commission after 31 July 2013.
Ukrepi B1, B2, B3 in B4 so torej po višini in obliki nujni kot pomoč za reševanje.
Legal basis for the assessment of the compatibility of the liquidity support to the Bank (measure L1)
Sorazmernost – ukrepi, ki omejujejo negativne učinke prelivanja
The liquidity support already received by the Bank has been definitively approved through the successive decisions authorising the measures under the Greek Banks Support Scheme and its amendments and prolongations [99].
Banka Piraeus je prejela zelo velik znesek državne pomoči.
Any future liquidity support for the Bank will have to be granted under a scheme duly approved by the Commission.
Ta položaj lahko povzroči resno izkrivljanje konkurence.
The terms of such aid will have to be authorised by the Commission before it is granted and therefore do not have to be further assessed in this decision.
Vendar se je Grčija zavezala, da bo izvedla vrsto ukrepov za zmanjšanje negativnih učinkov prelivanja.
Legal basis for the assessment of the compatibility of the preference shares (measure A)
V zavezah je zlasti navedeno, da bo poslovanje banke Piraeus še naprej potekalo na poslovni podlagi, kot je pojasnjeno v uvodnih izjavah 136 in 137.
The recapitalisation granted in 2009 in the form of preference shares (measure A) was granted under the recapitalisation measure of the Greek Banks Support Scheme, which was approved in 2008 under the 2008 Banking Communication.
Grčija se je zavezala tudi k prepovedi prevzemov in številnim odprodajam, kot je opisano v uvodnih izjavah 138, 139 in 143.
It therefore does not have to be reassessed under the 2008 Banking Communication and has to be assessed only under the Restructuring Communication.
Omejitve izkrivljanja konkurence bodo podrobneje ocenjene v oddelku 7.6.
Legal basis for the assessment of the compatibility of the State-guaranteed ELA (measure L2)
V banki Piraeus je bil imenovan skrbnik spremljanja za spremljanje pravilnega izvajanja zavez glede korporativnega upravljanja in komercialnih dejavnosti.
The compatibility of the State-guaranteed ELA (measure L2) should be first assessed on the basis of the 2008 Banking Communication and the 2011 Prolongation Communication.
S tem bodo preprečene kakršne koli škodljive spremembe poslovne prakse banke Piraeus in zmanjšani morebitni negativni učinki prelivanja.
Any State-guaranteed ELA granted without prior approval by the Commission after 31 July 2013 falls under the 2013 Banking Communication.
Nazadnje, nov obsežen načrt prestrukturiranja je bil Komisiji predložen 25. junija 2014.
Legal basis for the assessment of the compatibility of the HFSF recapitalisations (measures B1, B2, B3, and B4)
Navedeni načrt prestrukturiranja bo ocenjen v oddelku 7.6.
The compatibility of the HFSF recapitalisations (measures B1, B2, B3 and B4), in particular as regards remuneration, should first be assessed on the basis of the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication.
Dvomi, izraženi v sklepu o začetku postopka Piraeus, so bili torej odpravljeni.
In the Piraeus Opening Decision the Commission expressed doubts as to the compatibility of measure B1 with those Communications.
Ukrepi B1, B2, B3 in B4 so sorazmerni glede na točko 15 sporočila o bančništvu iz leta 2008.
Since they were implemented before 1 August 2013, those measures do not fall under the 2013 Banking Communication.
Sklepna ugotovitev glede skladnosti dokapitalizacij iz GSFS s sporočilom o bančništvu iz leta 2008, sporočilom o dokapitalizaciji in sporočilom o podaljšanju iz leta 2011
The compatibility of the HFSF recapitalisations (measures B1, B2, B3 and B4) should also be assessed on the basis of the Restructuring Communication.
SKLADNOST PREVZEMOV PRENESENIH DEJAVNOSTI BANKE ATE, BANKE GENIKI, CIPRSKIH PRENESENIH DEJAVNOSTI IN BANKE MBG S SPOROČILOM O PRESTRUKTURIRANJU
COMPLIANCE OF MEASURE L2 WITH THE 2008 BANKING COMMUNICATION, THE RECAPITALISATION COMMUNICATION AND THE 2011 PROLONGATION COMMUNICATION
V točki 23 sporočila o prestrukturiranju je pojasnjeno, da se prevzemi podjetij s strani bank, ki prejemajo pomoč, ne smejo financirati z državno pomočjo, razen če je to nujno za ponovno vzpostavitev uspešnega poslovanja podjetja.
In order for an aid to be compatible under Article 107(3)(b) of the Treaty it must comply with the general criteria for compatibility: appropriateness, necessity and proportionality.
Poleg tega je v točkah 40 in 41 sporočila o prestrukturiranju navedeno, da banke ne smejo uporabljati državne pomoči za prevzem konkurenčnih dejavnosti, razen če je ta sestavni del konsolidacije, ki je potrebna za ponovno vzpostavitev uspešnega poslovanja ali za zagotavljanje učinkovite konkurence.
Because Greek banks were shut out from wholesale markets and became entirely dependent on central bank financing, as indicated in recital 37, and since the Bank could not borrow a sufficient amount of funds through the standard refinancing operations, the Bank relied on State-guaranteed ELA to obtain sufficient liquidity thereby preventing it from defaulting.
Poleg tega lahko prevzemi ogrozijo ali otežijo ponovno vzpostavitev uspešnega poslovanja.
The Commission considers measure L2 to be an appropriate mechanism to remedy the serious disturbance which would have been caused by the default of the Bank.
Komisija mora torej oceniti, ali je mogoče prevzeme, ki jih je opravila banka Piraeus, šteti za skladne s sporočilom o prestrukturiranju.
Since the State-guaranteed ELA entails a relatively high cost of funding for the Bank, the Bank has a sufficient incentive to avoid relying on that source of funding for developing its activities.
Skladnost prevzema prenesenih dejavnosti banke ATE s sporočilom o prestrukturiranju
The Bank had to pay an interest rate of […] bps higher than standard refinancing operations with the Eurosystem.
Učinek prevzema prenesenih dejavnosti banke ATE na dolgoročno uspešno poslovanje banke Piraeus
In addition, the Bank had to pay a guarantee fee of […] bps to the State.
Banka Piraeus je s prevzemom prenesenih dejavnosti banke ATE pridobila velik obseg vlog z mnogo manjšim zneskom neto posojil [104].
As a result, the total cost of State-guaranteed ELA for the Bank is much higher than the normal costs of ECB refinancing.
Prevzem je torej bistveno prispeval k zmanjšanju zelo visokega razmerja med posojili in vlogami banke Piraeus.
In particular, the difference between the former and the latter is higher than the level of the guarantee fee requested by the 2011 Prolongation Communication.
Poleg tega je privedel do pomembnih sinergij, kot so stroškovne sinergije na podlagi zmanjšanja števila podružnic, osebja in integracije IT, sinergije financiranja in prihodkovne sinergije.
As a result, the total remuneration charged by the State can be considered as sufficient.
Prevzem je torej zelo pozitiven za ponovno vzpostavitev dolgoročno uspešnega poslovanja banke Piraeus.
As regards the amount of the State-guaranteed ELA, it is regularly reviewed by the Bank of Greece and the ECB based on the actual needs of the Bank.
Učinek prevzema prenesenih dejavnosti banke ATE na znesek pomoči, ki ga je potrebovala banka Piraeus
They closely monitor its use and ensure it is limited to the minimum necessary.
V skladu s točko 23 sporočila o prestrukturiranju se pomoč za prestrukturiranje ne sme uporabiti za prevzem drugih podjetij, ampak se mora uporabiti le za kritje stroškov prestrukturiranja, potrebnih za ponovno vzpostavitev uspešnega poslovanja banke Piraeus.
Therefore measure L2 does not provide the Bank with excess liquidity which could be used to finance activities distorting competition.
Navedeni znesek se lahko torej šteje za majhen, vendar ne zanemarljiv.
It is limited to the minimum amount necessary.
S prevzemom prenesenih dejavnosti banke ATE se je močno izboljšal zelo težaven likvidnostni položaj banke Piraeus, tako da je banka z njim prišla v precej znosnejši položaj.
Such close scrutiny of the use of the State-guaranteed ELA and regular verification that its use is limited to the minimum also ensures that that liquidity is proportionate and does not lead to undue distortion of competition.
Komisija opozarja, da […].
The Commission also notes that Greece has given a commitment that the Bank will implement a restructuring plan reducing its reliance on central bank funding and that the Bank will comply with behavioural limitations, as analysed in section 7.6.
Prevzem in njegovo nizko nakupno ceno je torej mogoče šteti za bistvena za ponovno vzpostavitev dolgoročno uspešnega poslovanja banke Piraeus in spadata pod izjemo iz točke 23 sporočila o prestrukturiranju.
Those factors ensure that the reliance on liquidity support will end as soon as possible and that such aid is proportionate.
Izkrivljajoči učinek prevzema prenesenih dejavnosti banke ATE na konkurenco
Measure L2 therefore complies with the 2008 Banking Communication and the 2011 Prolongation Communication.
V skladu s točkama 39 in 40 sporočila o prestrukturiranju se državna pomoč ne sme uporabiti v škodo podjetij, ki niso prejemniki pomoči, zlasti ne za prevzem konkurenčnih dejavnosti.
As the 2013 Banking Communication has not introduced further requirements as regards guarantees, measure L2 also complies with the 2013 Banking Communication.
V točki 41 sporočila o prestrukturiranju je še navedeno, da se prevzemi lahko odobrijo, če so sestavni del konsolidacije, ki je potrebna za ponovno vzpostavitev finančne stabilnosti ali zagotavljanje učinkovite konkurence.
COMPLIANCE OF MEASURES B1, B2, B3 AND B4 WITH THE 2008 BANKING COMMUNICATION, THE RECAPITALISATION COMMUNICATION, THE 2011 PROLONGATION COMMUNICATION AND THE 2013 BANKING COMMUNICATION
V takih okoliščinah mora biti postopek prevzema pošten in mora zagotavljati pogoje učinkovite konkurence na upoštevnem trgu.
As indicated in recital 241, and in line with point 15 of the 2008 Banking Communication, in order for an aid to be compatible under Article 107(3)(b) of the Treaty it must comply with the general criteria for compatibility [100]: appropriateness, necessity and proportionality.
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.
The Recapitalisation Communication and the 2011 Prolongation Communication set out further guidance on the level of remuneration required for State capital injections.
Poleg tega ni ponudbe za prenesene dejavnosti banke ATE predložil noben ponudnik, ki ni prejemal pomoči.
Appropriateness of the measures
Nazadnje, ker je prevzem prenesenih dejavnosti banke ATE odobril grški organ za konkurenco [105], je mogoče predpostavljati, da izid prodaje ne ogroža učinkovite konkurence v Grčiji.
The Commission considers the HFSF recapitalisations (measures B1, B2, B3, and B4) to be appropriate because they enable the Bank to comply with capital requirements.
Prevzem prenesenih dejavnosti banke ATE je torej v skladu z oddelkom 4 sporočila o prestrukturiranju.
Without the HFSF recapitalisations, the Bank would have been unable to pursue its activities and would have lost access to ECB refinancing operations.
Sklepna ugotovitev glede prevzema prenesenih dejavnosti banke ATE
In that respect, the Commission noted in the Piraeus Opening Decision that the Bank is one of the largest banking institutions in Greece, both in terms of lending and collection of deposits.
Ugotovljeno je, da je prevzem prenesenih dejavnosti banke ATE glede na edinstveni položaj grških bank in posebnosti tega prevzema v skladu z zahtevami iz sporočila o prestrukturiranju.
As such, the Bank is a systemically important bank for Greece.
Skladnost prevzema banke Geniki s sporočilom o prestrukturiranju
Consequently, a default by the Bank would have created a serious disturbance in the Greek economy.
Učinek prevzema banke Geniki na dolgoročno uspešno poslovanje banke Piraeus
In that context, the disturbance to the economy would have been aggravated by the default of the Bank.
Banka Piraeus bo pridobila stranke in imetnike vlog banke Geniki, s čimer se bodo bistveno znižali stroški distribucije.
Moreover, measures B1, B2, B3 and B4 came about to a significant extent because of the PSI programme, a highly extraordinary and unpredictable event and not as a result of mismanagement or excessive risk-taking from the Bank.
V smislu likvidnostnega položaja, kot je ponazorjen v uvodni izjavi 65, je imela banka Geniki več vlog kot neto posojil.
The measures are therefore mainly intended to deal with the results of the PSI programme and contribute to maintaining financial stability in Greece.
S prevzemom se je torej povečala likvidnost banke Piraeus ter zmanjšalo njeno razmerje med posojili in vlogami.
In the Piraeus Opening Decision, the Commission expressed doubts as to whether all the measures possible had been taken immediately to avoid the Bank needing aid again in the future.
Poleg tega je bila banka Geniki ustrezno kapitalizirana, preden jo je banka Piraeus prevzela.
As described in recitals 115, 116 and 117, the Bank has also significantly restructured its activities, with many cost reductions already implemented.
Prevzem je torej pozitiven za ponovno vzpostavitev dolgoročno uspešnega poslovanja banke Piraeus.
Therefore the Commission’s doubts have been allayed.
Učinek prevzema banke Geniki na znesek pomoči, ki ga je potrebovala banka Piraeus
In the Piraeus Opening Decision, the Commission also expressed doubts as to whether sufficient safeguards existed in case the Bank came under State control, or in case private shareholders retained control while the majority of the ownership would be held by the State.
V tem primeru prevzem, čeprav pozitivno vpliva na uspešnost poslovanja banke Piraeus, ni bistven za njeno uspešno poslovanje v smislu točke 23 sporočila o prestrukturiranju.
The commitments described in recitals 140 and 141 of this Decision ensure that the credit operations of the Bank will be run on a commercial basis and daily business will be protected from State interference.
Vendar je banka Piraeus za nakup banke Geniki plačala le 1 milijon EUR, kar je zelo majhen znesek.
Significant actions have been taken to minimise future losses and to ensure that the activities of the Bank are not jeopardised by inappropriate governance.
Izkrivljajoči učinek prevzema banke Geniki na konkurenco
On that basis, the Commission finds that measures B1, B2, B3 and B4 are appropriate.
Kot je navedeno v uvodni izjavi 274, se državna pomoč v skladu s točkama 39 in 40 sporočila o prestrukturiranju ne sme uporabiti v škodo podjetij, ki niso prejemniki pomoči, in zlasti ne za prevzem konkurenčnih dejavnosti, razen v posebnih okoliščinah.
Necessity — limitation of the aid to the minimum
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 line with the 2008 Banking Communication, the aid measure must, in its amount and form, be necessary to achieve its objective.
Poleg tega ni veljavne ponudbe za prevzem banke Geniki predložil noben ponudnik, ki ni prejemal pomoči.
It means that the capital injection must be of the minimum amount necessary to achieve the objective.
Banka Piraeus torej ni izrinila nobenega ponudnika, ki ni prejemal pomoči.
The amount of capital support was calculated by the Bank of Greece in the framework of the stress test of 2012 so as to ensure that the Bank’s Core Tier 1 capital ratio remained above a certain level over the period 2012-2014, as reflected in Table 3.
Poleg tega je, ker je prevzem odobril grški organ za konkurenco [107], mogoče predpostavljati, da izid prodaje ne ogroža učinkovite konkurence v Grčiji.
As regards the remuneration of the first and second bridge recapitalisations (measures B1 and B2), the Commission recalls that they were granted in May 2012 and December 2012 respectively, and paid in kind in the form of EFSF notes.
Glede na navedeno je mogoče ugotoviti, da prevzem banke Geniki spada pod izjemo iz točke 41 sporočila o prestrukturiranju.
The HFSF has received as remuneration, from the date of disbursement of the EFSF notes to the date of the Spring 2013 recapitalisation, the accrued interest on the EFSF notes plus a 1 % fee [101].
Sklepna ugotovitev glede prevzema banke Geniki
As underlined in the Piraeus Opening Decision, that remuneration is lower than the 7 % to 9 % range defined in the Recapitalisation Communication.
Ugotovljeno je, da je prevzem banke Geniki glede na edinstveni položaj grških bank in posebnosti tega prevzema v skladu z zahtevami iz sporočila o prestrukturiranju.
However, the period of low remuneration was limited to one year for measure B1 and five months for measure B2 (that is to say, until the conversion of the bridge recapitalisation into a standard recapitalisation in ordinary shares, namely measure B4).
Skladnost prevzema ciprskih prenesenih dejavnosti s sporočilom o prestrukturiranju
While the first and second bridge recapitalisations did not trigger the dilution of existing shareholders, the Spring 2013 recapitalisation, which was the partial conversion of the first and second bridge recapitalisations, heavily diluted the pre-existing shareholders, as their stake in the Bank’s equity fell to 2,3 %.
Učinek prevzema ciprskih prenesenih dejavnosti na dolgoročno uspešno poslovanje banke Piraeus
The abnormal situation which prevailed from the date of the first bridge recapitalisation was then terminated.
Prevzem ciprskih prenesenih dejavnosti izboljšuje dolgoročno uspešno poslovanje banke Piraeus.
The doubts raised in the Piraeus Opening Decision have therefore been allayed.
Glede na analizo, ki jo je ob prevzemu predložila banka Piraeus, bo posel privedel do pomembnih sinergij, kot so stroškovne sinergije na podlagi prihrankov stroškov pri administraciji in osebju, ter precejšnjega izboljšanja stroškov vlog.
Second, given the atypical source of the Bank’s difficulties, where losses came mainly from a debt waiver in favour of the State (the PSI programme and the debt buy-back, which provide a significant advantage to the State, that is to say, a debt reduction) and from the consequences of a protracted recession in its domestic economy, the Commission can accept such a temporary deviation from the standard remuneration requirements set in the Recapitalisation Communication [102].
Banka Piraeus je po prevzemu v celoti vključila grške posle treh ciprskih bank, prenovila blagovno znamko vseh podružnic treh ciprskih bank in že zelo napredovala pri racionalizaciji mreže.
As regards measure B3, it was a commitment to provide capital in the framework of a future capital increase.
Za portfelje posojil grških poslov treh ciprskih bank so bile oblikovane ustrezne rezervacije.
That commitment made in December 2012 could have been implemented in an actual injection of capital in May-June 2013, a mere five months later, when the Bank proceeded with its capital increase.
Banka Piraeus je dejansko navedena posojila pridobila po ceni, ki je precej pod njihovimi nominalnimi zneski: nakupna cena je bila znižana zaradi upoštevanja prihodnjih izgub, ki jih je v okviru stresnega testa ocenila družba PIMCO.
Since the Bank attracted private investors, the HFSF was not required to inject the capital committed.
Tveganje izgub iz posojil, ki bi presegale izgube, že upoštevane v nizki nakupni ceni, je torej omejeno.
In view of the short period during which that commitment to provide capital was in place and for the reasons set out in recital 256, it is acceptable that no remuneration was paid for that commitment.
Banka Piraeus je prevzela tudi velik obseg vlog, skoraj tako velik kot prevzeta neto posojila.
As regards measure B4, in line with point 8 of the 2011 Prolongation Communication, capital injections should be subscribed at a sufficient discount to the share price, adjusted for the dilution effect, to give a reasonable assurance of an adequate remuneration for the State.
Tako je okrepila svoj likvidnostni položaj.
While measure B4 did not provide for a significant discount to the share price as adjusted for the dilution effect, it was, in fact, impossible to achieve a significant discount to the theoretical ex-right price [103].
Učinek prevzema ciprskih prenesenih dejavnosti na znesek pomoči, ki ga je potrebovala banka Piraeus
Prior to the Spring 2013 recapitalisation, the Bank’s market capitalisation was only a few hundred millions euros.
Kot je analizirano v oddelku 7.3, je bil namen pomoči kriti kapitalske potrebe prevzemnika ciprskih prenesenih dejavnosti, ker bi njihov prevzem zagotovil ohranitev finančne stabilnosti v Grčiji.
In such circumstances, the question arises whether the existing shareholders should have been fully wiped out.
Plačilo, ki ga je banka Piraeus nazadnje plačala za prevzem ciprskih prenesenih dejavnosti, je bilo mnogo nižje od knjigovodske vrednosti prevzetega portfelja.
The Commission also notes that the dilution of the existing shareholders has been huge, since after the Spring 2013 recapitalisation they held only 2,3 % of the shareholding of the Bank.
Prevzemno ceno bi bilo torej mogoče šteti za negativno.