natgillin/translations-raw huggingface dataset:
There was therefore no crowding-out of any non-aided bidder by the Bank.
Komisija pozitivno ugotavlja, da bo GSFS samodejno ponovno pridobil glasovalne pravice, če banka Piraeus ne bo izvajala svojega načrta prestrukturiranja.
In addition, since the acquisition was authorised by the Hellenic Competition Authority [107], it can be assumed that the outcome of the sale process does not endanger effective competition in Greece.
Mednarodne dejavnosti
Finally the purchase price was very low.
Nekatere mednarodne dejavnosti banke Piraeus so v preteklosti obremenile kapital in likvidnost banke Piraeus, kot je pojasnjeno v uvodni izjavi 323.
It can therefore not be considered that the Bank used State aid to finance the acquisition.
V načrtu prestrukturiranja je predvideno, da se bo banka Piraeus še naprej znova osredotočala na svoj domači trg.
In view of those elements, it can be concluded that the acquisition of Geniki falls under the exemption in point 41 of the Restructuring Communication.
Banka Piraeus je že prodala svojo hčerinsko družbo v Združenih državah Amerike.
Conclusion on the acquisition of Geniki
Začela je tudi racionalizirati druge hčerinske družbe, da bi okrepila postopek preverjanja kreditne sposobnosti in zmanjšala likvidnostno vrzel hčerinskih družb.
It is concluded that, in the light of the unique situation of Greek banks and the specificities of the acquisition of Geniki, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Načrtuje dodatno racionalizacijo svoje mreže v ohranjenih hčerinskih družbah, kot je opisano v uvodni izjavi 130.
Compliance of the acquisition of the Cypriot Transferred Activities with the Restructuring Communication
Skupni znesek tuje aktive se bo torej v prihodnosti skrčil.
Effect of the acquisition of the Cypriot Transferred Activities on the long-term viability of the Bank
Ob koncu obdobja prestrukturiranja bo predstavljala […] del bilančne vsote banke Piraeus.
The acquisition of the Cypriot Transferred Activities enhances the long-term viability of the Bank.
Komisija zato meni, da bo banka Piraeus ustrezno prestrukturirala navedene tuje hčerinske družbe in zmanjšala njihovo velikost ter s tem preprečila, da bi bila v prihodnosti izpostavljena dodatnim kapitalskim potrebam in likvidnostnemu primanjkljaju.
According to the analysis submitted by the Bank at the time of the acquisition, the transaction will lead to considerable synergies such as cost synergies through administration and staff cost savings and significant improvement of the cost of deposits.
Zaveza, opisana v uvodni izjavi 138, da se v mednarodne hčerinske družbe banke Piraeus ne bodo vlagali veliki zneski kapitala, prispeva tudi k zagotovitvi, da tuje hčerinske družbe ne bodo pomenile grožnje za kapitalski ali likvidnosti položaj banke Piraeus.
Since the acquisition the Bank has fully integrated the Greek operations of the three Cypriot Banks, rebranded all the branches of the three Cypriot Banks and is well advanced in the rationalisation of the network.
Sklepna ugotovitev glede uspešnega poslovanja
The loan portfolios of the Greek operations of the three Cypriot Banks were well provisioned.
Osnovni scenarij, kot je opisan v oddelku 2.4, kaže, da bo banka Piraeus ob koncu prestrukturiranja sposobna ustvariti donos, ki ji bo omogočal kriti vse njene stroške in zagotoviti ustrezno donosnost lastniškega kapitala ob upoštevanju njenega profila tveganja.
Indeed, the Bank acquired those loans at a price well below their nominal amounts: the purchase price was decreased to reflect the future losses estimated by PIMCO in the framework of a stress test.
Hkrati se predvideva, da bo kapitalski položaj banke Piraeus ostal na zadovoljivi ravni.
The risk of loan losses exceeding those already reflected in the low purchase price is therefore limited.
Nazadnje, Komisija se je seznanila z neugodnim scenarijem, opisanim v načrtu prestrukturiranja banke Piraeus, kot so ga predložili grški organi.
The Bank also acquired a large pool of deposits, nearly as large as the net loans acquired.
Navedeni neugodni scenarij temelji na sklopu predpostavk, dogovorjenih z GSFS.
It therefore strengthened its liquidity position.
V njem sta upoštevani daljša in globlja recesija ter resnejša deflacija cen nepremičnin.
Effect of the acquisition of the Cypriot Transferred Activities on the amount of aid needed by the Bank
Načrt prestrukturiranja kaže, da je banka Piraeus sposobna prenesti razumne obremenitve, saj v neugodnem scenariju ob koncu obdobja prestrukturiranja ostane donosna in dobro kapitalizirana.
As analysed in section 7.3, the aid aimed to cover the capital needs of the acquirer of the Cypriot Transferred Activities, since their acquisition would ensure the maintenance of financial stability in Greece.
Komisija zato meni, da se pri kapitalskih potrebah na podlagi osnovnega scenarija, ki jih je ocenila Banka Grčije, predpostavlja določena stopnja negotovosti.
The consideration ultimately paid by the Bank for the acquisition of the Cypriot Transferred Activities was far lower than the book value of the acquired portfolio.
Komisija za ugotovitev uspešnega poslovanja banke Piraeus ne zahteva, da ima banka Piraeus že na začetku dovolj kapitala za kritje kapitalskih potreb, ki jih je Banka Grčije ocenila v stresnem scenariju, ker je ta ocenjena raven povezana z zelo velikimi obremenitvami in ker zbiranje kapitala iz marca 2014 kaže, da je banka Piraeus znova pridobila dostop do kapitalskih trgov.
It was even lower than the value of the loans after it was adjusted downward to reflect the future loan losses estimated by PIMCO under the stress test.
Poleg tega je dobro, da banka Piraeus ne bo dodatno vlagala v vrednostne papirje neinvesticijskega razreda, kar bo prispevalo k ohranitvi njenega kapitalskega in likvidnostnega položaja.
The acquisition price could therefore be considered to be negative.
Ugotovljeno je torej, da kombinacija že izvedenega prestrukturiranja in dodatnega predlaganega prestrukturiranja zadostuje za ponovno vzpostavitev dolgoročno uspešnega poslovanja banke Piraeus.
That conclusion is supported by the fact that the Bank booked a large negative goodwill when acquiring the Cypriot Transferred Activities, which increased its capital.
Kot je navedeno v oddelku 3 sporočila o prestrukturiranju, morajo banke in njihovi delničarji čim bolj prispevati k prestrukturiranju in tako zagotoviti, da se pomoč omeji na najmanjši potrebni znesek.
However, should it nevertheless be considered that the Bank paid a positive price, the Commission observes that, as a pre-condition of the acquisition, the HFSF had given a commitment to the buyer that it would inject the amount of the purchase price in capital.
Zato morajo banke za financiranje prestrukturiranja uporabiti svoje vire, na primer s prodajo sredstev, delničarji pa morajo absorbirati izgube banke, če je to mogoče.
The HFSF respected that commitment in the framework of the Spring 2013 recapitalisation.
Lastni prispevek banke Piraeus: odprodaje in zniževanje stroškov
That capital injection is aid to the Cypriot Transferred Activities and not to the Bank as explained in section 6.2.1.
Banka Piraeus je že odprodala majhne hčerinske družbe v tujini (v Združenih državah Amerike) in zmanjšala finančni vzvod dela svojega portfelja, da bi izboljšala svojo kapitalsko ustreznost in likvidnostni položaj.
Therefore, the acquisition did not create a need for additional State aid to the Bank.
V načrtu prestrukturiranja je predvideno zmanjšanje finančnega vzvoda njenih tujih dejavnosti, kot je opisano v uvodnih izjavah 125 do 129.
It is concluded that, due to the atypical terms (low purchase price and commitment given by the HFSF to inject the purchase price in the framework of a capital increase), the acquisition of the Cypriot Transferred Activities exceptionally does not contravene the principle that aid should be limited to the minimum necessary.
Ob upoštevanju že izvedenega zmanjšanja finančnega vzvoda in odprodaj ter po uresničitvi zavez v zvezi z zmanjšanjem finančnega vzvoda in odprodajami hčerinskih družb v tujini bo banka Piraeus bistveno zmanjšala svojo geografsko prisotnost v […].
Distortive effect of the acquisition of the Cypriot Transferred Activities on competition
Z zmanjšanjem mednarodnih sredstev banke Piraeus se bo tudi bistveno zmanjšalo morebitno tveganje, da bo pomoč potrebna v prihodnosti.
The sale of the Greek operations of the Cypriot Banks aimed to safeguard the stability of the Greek banking system and to ensure that the Cypriot Banks could sell those businesses before they were likely to lose any value.
To torej prispeva k zmanjšanju zneska pomoči na najmanjšega potrebnega.
The transaction can thus 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.
Da bi banka Piraeus omejila svoje kapitalske potrebe, kapitala ne bo uporabila za podporo svojim hčerinskim družbam v tujini ali za njihovo razširitev, kot je opisano v uvodni izjavi 138.
Furthermore, no non-aided bidder submitted any valid bid to acquire the three Cypriot Banks.
Poleg tega je z zavezami Grčije zagotovljeno, da banka Piraeus ne bo izvajala dragih prevzemov.
The sale process was open, transparent and non-discriminatory.
Banka Piraeus je začela izvajati tudi daljnosežni program zniževanja stroškov, kot je navedeno v oddelku 2.4.2.
Last, since that acquisition was authorised by the Hellenic Competition Authority [108], it can be assumed that the outcome of the sale process does not endanger effective competition in Greece.
Grčija se je tudi zavezala, da bo omejila prejemke vodij banke Piraeus […].
In view of those elements, it can be concluded that the acquisition of the Cypriot Transferred Activities falls under the exemption in point 41 of the Restructuring Communication.
Porazdelitev bremena na stare delničarje in nov kapital, zbran na trgu
Conclusion on the acquisition of the Cypriot Transferred Activities
Poleg tega banka Piraeus od leta 2008 ni izplačala nobenih dividend v gotovini.
It is concluded that, in the light of the unique situation of Greek banks and the specificities of the acquisition of the Cypriot Transferred Activities, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Poleg navedene porazdelitve bremena na stare delničarje je banka Piraeus od začetka krize leta 2008 zbrala precejšen znesek zasebnega kapitala, tj. 807 milijonov EUR leta 2009, 1444 milijonov EUR leta 2013 in 1750 milijonov EUR leta 2014.
Compliance of the acquisition of MBG with the Restructuring Communication
Porazdelitev bremena na imetnike podrejenega dolga
Effect of the acquisition of MBG on the long-term viability of the Bank
Imetniki hibridnega in podrejenega dolga banke Piraeus so prispevali k stroškom prestrukturiranja banke Piraeus.
The acquisition of the fully recapitalised MBG enhances the long-term viability of the Bank.
Banka Piraeus je izvedla več ukrepov upravljanja obveznosti, da bi ustvarila kapital, kot je opisano v uvodni izjavi 134.
According to the analysis submitted by the Bank at the time of the acquisition, the transaction will lead to considerable synergies such as cost synergies through branch and staff reduction, lower deposit costs and revenue synergies.
Za preostale neporavnane instrumente velja prepoved izplačevanja kuponov, navedena v uvodni izjavi 143.
In the meantime, the Bank has fully integrated MBG.
Zato Komisija meni, da je zagotovljena ustrezna porazdelitev bremena imetnikov hibridnega in podrejenega dolga banke Piraeus ter da so v zvezi s tem izpolnjene zahteve iz sporočila o prestrukturiranju.
In addition, since MBG was adequately capitalised before being acquired by the Bank and since the bank paid a purchase price of EUR 1 million, the acquisition is not likely to create any future capital needs for the Bank.
Sklepna ugotovitev glede lastnega prispevka in porazdelitve bremena
In addition, the seller gave a commitment, as part of the transaction, to inject EUR 400 million of capital into the Bank.
V primerjavi s skupno prejeto državno dokapitalizacijo sta lastni prispevek in porazdelitev bremena, zlasti v obliki prodaje sredstev in zmanjšanja portfelja posojil, mnogo nižja od tega, kar bi Komisija navadno štela za zadostno.
That commitment was implemented in the framework of the Spring 2013 recapitalisation, during which BCP injected EUR 400 million into the Bank.
Zmanjšanje se nanaša samo na tuje dejavnosti, ki pomenijo omejen del banke Piraeus [119], v prestrukturiranju pa ni predvideno nobeno zmanjšanje velikosti portfeljev posojil in vlog v Grčiji, ki so se nasprotno v zadnjem letu močno povečali na podlagi prevzemov.
It is concluded that the acquisition is positive for the restoration of the long-term viability of the Bank and that the purchase price of MBG was so low that it did not prevent the aid from being limited to the minimum necessary.
Vendar Komisija upošteva elemente, obravnavane v oddelku 7.6.1, in zlasti dejstva, da je prejeta pomoč deloma upravičena do izjeme iz točke 14 sporočila o podaljšanju iz leta 2011, na podlagi katere lahko Komisija sprejme nižji lastni prispevek in porazdelitev bremena.
Effect of the acquisition of MBG on the amount of aid needed by the Bank
Komisija tudi pozitivno ugotavlja, da je banka Piraeus na trgu zbrala 1444 milijonov EUR maja 2013 in 1750 milijonov EUR marca 2014 […].
However, the Bank only paid EUR 1 million to purchase MBG, which is considered to be a very small amount.
Poleg tega je bil kapital, ki je bil zbran marca 2014, zbran po ceni za delnico, ki je bila enaka ceni za delnico, po kateri je delnice vpisal GSFS v okviru dokapitalizacije iz pomladi 2013 (ukrep B4).
Furthermore, MBG was adequately capitalised by BCP and, as a condition of the transaction, BCP injected EUR 400 million of capital into the Bank [109].
Visok emisijski tečaj je torej omejil zmanjšanje deleža GSFS.
It is concluded that, in the light of the specificities of the transaction (acquisition at a very low price of a fully capitalised bank and injection of capital by the seller into the Bank), the acquisition of MBG does not generate any further capital needs for the Bank and therefore, the acquisition of MBG exceptionally does not contravene the requirement to minimise the aid.
Banka Piraeus je tudi odplačala prednostne delnice (ukrep A).
Distortive effect of the acquisition of MBG on competition
Ob upoštevanju navedenega je za načrt prestrukturiranja mogoče šteti, da predvideva ustrezne ukrepe za zagotovitev lastnega prispevka in porazdelitve bremena, da se pomoč omeji na najmanjšo potrebno.
MBG was not deemed viable on a stand-alone basis by the Bank of Greece, when it reviewed the viability of all the Greek banks early in 2012.
S sporočilom o prestrukturiranju se zahteva, da se v načrtu prestrukturiranja predlagajo ukrepi za omejevanje izkrivljanja konkurence in zagotavljanje konkurenčnega bančnega sektorja.
MBG was generating large losses for BCP which therefore wanted to sell it and, if no sale was possible, could have considered to let it fail The sale of MBG was also part of BCP’s restructuring plan [110].
Poleg tega morajo navedeni ukrepi obravnavati tudi vprašanja moralnega tveganja in zagotoviti, da se državna pomoč ne uporabi za financiranje protikonkurenčnega ravnanja.
Furthermore, no non-aided bidder submitted any valid bid to acquire MBG.
V točki 31 sporočila o prestrukturiranju je navedeno, da mora Komisija pri ocenjevanju zneska pomoči in posledičnega izkrivljanja konkurence upoštevati absolutni in relativni znesek prejete državne pomoči ter stopnjo porazdelitve bremena in položaj finančne institucije na trgu po prestrukturiranju.
Against that background, it can be concluded that the acquisition of MBG falls under the exemption in point 41 of the Restructuring Communication.
Komisija v zvezi s tem opozarja, da je banka Piraeus od države prejela kapitalsko podporo, enako 23,7 % njenega RWA [120].
Conclusion on the acquisition of MBG
Poleg tega je banka Piraeus leta 2010 prejela likvidnostna jamstva v višini 9,9 milijarde EUR in državna obligacijska posojila v višini 1,3 milijarde EUR, kar skupaj pomeni 25 % bilance stanja banke Piraeus.
It is concluded that, in the light of the unique situation of Greek banks and the specificities of the acquisition of MBG, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Banka Piraeus je prejela tudi ELA z državnim jamstvom.
Sources of difficulties and consequences on the assessment under the Restructuring Communication
Poleg tega je tržni delež banke Piraeus v Grčiji velik.
As indicated in sections 2.1.1 and 2.1.2, the difficulties faced by the Bank come mainly from the Greek sovereign crisis and the deep recession in Greece and southern Europe.
S prevzemom prenesenih dejavnosti banke ATE, banke Geniki, banke MBG in ciprskih prenesenih dejavnosti so se povečali tržni deleži banke Piraeus.
As regards the former factor, the Greek government lost access to financial markets and finally had to negotiate an agreement with its domestic and international creditors, the PSI programme, which resulted in a haircut of the claims held against the State by 53,3 %.
Po navedenih prevzemih je tržni delež banke Piraeus pri vlogah v Grčiji znašal 29 % konec leta 2013, medtem ko so bili njeni tržni deleži pri stanovanjskih hipotekah, potrošniških posojilih in posojilih za podjetja 25 %, 22 % oziroma 35 % (v primerjavi z 10 %, 8 %, 8 % oziroma 14 % leta 2011) [121].
In addition, 31,5 % of the claims was exchanged for new GGBs with lower interest rates and longer maturities.
Komisija opozarja, da so bile težave banke Piraeus večinoma posledica zunanjih pretresov, kot sta grška dolžniška kriza in dolgotrajna recesija, ki je po letu 2008 povzročila motnje v grškem gospodarstvu, kot je bilo navedeno že v uvodni izjavi 74 sklepa o začetku postopka Piraeus.
The aid granted to the Bank, that is to say the sum of measures B1, B2, B3 and B4, or EUR 7335 million, is above the amount of the loss booked following the PSI programme (EUR 5911 million).
Zaradi teh razlogov lahko Komisija izjemoma sprejme, da v načrtu prestrukturiranja kljub visokemu znesku pomoči in velikim tržnim deležem ni predvideno nikakršno zmanjšanje bilančne vsote in posojil v Grčiji.
A large part of the capital needs stem from standard exposure of a financial institution to the sovereign risk of its domestic country.
Vendar bi bilo problematično, če bi banka, ki je prejela največ pomoči med štirimi velikimi grškimi bankami in ki je na podlagi prevzemov v zadnjih letih zrasla največ, v obdobju prestrukturiranja še naprej rasla hitreje kot trg in morebiti izrinila banke, ki so prejele manj pomoči.
That fact was also pointed out in recitals 63 and 74 of the Piraeus Opening Decision.
Komisija zato pozdravlja zavezo, da rast banke Piraeus ne bo hitrejša od rasti trga.
As a consequence there is less need for the Bank to address moral hazard issues in its restructuring plan than for other aided financial institutions which accumulated excessive risks.
Vendar Komisija ugotavlja, da so državne dokapitalizacije banki Piraeus omogočile nadaljevanje njenih bančnih dejavnosti na tujih trgih.
As the aid measures are less distortive, the measures taken to limit distortions of competition should therefore be proportionately softened.
Komisija navaja, da bo banka Piraeus poleg že izvedenega zmanjšanja finančnega vzvoda in prestrukturiranja do 30. junija 2018 nadalje prestrukturirala svojo tujo aktivo in zmanjšala njen finančni vzvod [122].
Since the PSI programme and the debt buy-back constitute a debt waiver in favour of the State, the remuneration of the State when recapitalising banks can be lower.
Poleg tega se je banka Piraeus zavezala, da pomoči ne bo uporabila za financiranje navedenih dejavnosti.
The Commission, however, observes that the Bank’s exposure to the Greek sovereign risk was larger than the exposure of the other large Greek banks [111].
Pomoč torej ne bo uporabljena za izkrivljanje konkurence na navedenih tujih trgih.
As a result, not all the losses on GGBs can be attributed to the standard exposure of a financial institution to the sovereign risk of its domestic country.
Grčija se je zavezala tudi, da banka Piraeus ne bo opravila dragih prevzemov, s čimer je zagotovila, da banka Piraeus državne pomoči ne bo uporabila za prevzem novih podjetij.
The second source of losses for the Bank is the losses on its loans to Greek households and corporations.
Navedena prepoved prispeva k zagotovitvi, da se pomoč uporablja izključno za podporo ponovni vzpostavitvi uspešnega poslovanja grških bančnih dejavnosti in ne za, na primer, rast na tujih trgih.
The Commission considers that those losses are mainly due to the exceptionally deep and protracted recession GDP contraction of approximately 25 % over five years, and are not due to risky lending practices by the Bank.
Zaveza za znižanje nevzdržno visokih obresti, ki se plačujejo za grške vloge, zagotavlja tudi, da se pomoč ne bo uporabila za financiranje nevzdržnih strategij zbiranja vlog, ki izkrivljajo konkurenco na grškem trgu.
As a result, the aid granted to cover those losses does not create moral hazard, which is the case when the aid shelters a bank from the consequences of past risky behaviours.
Podobno bo zaveza za izvajanje strogih smernic glede oblikovanja cen za nova posojila na podlagi ustrezne ocene kreditnega tveganja banki Piraeus preprečila izkrivljanje konkurence na grškem trgu z neustreznimi strategijami oblikovanja cen posojil za stranke.
The aid is therefore less distortive [112].
Ob upoštevanju posebnega položaja, opisanega v oddelku 7.6.1, in ukrepov, predvidenih v načrtu prestrukturiranja, Komisija meni, da obstajajo zadostni zaščitni ukrepi za omejitev izkrivljanja konkurence.
However, part of the capital needs and loan losses of the Bank comes from some international subsidiaries.
Spremljanje
The stress tests performed in 2012 to determine the capital needs of the Bank indicated that credit loss projections on foreign loans amounted to EUR 1314 million in the base scenario and EUR 1624 million in the adverse scenario.
V skladu z oddelkom 5 sporočila o prestrukturiranju se zahtevajo redna poročila, na podlagi katerih lahko Komisija preveri, ali se načrt prestrukturiranja ustrezno izvaja.
Several of those foreign businesses were loss-making in recent years.
Kot je navedeno v zavezah Grčije [123], bo Grčija zagotovila, da bo skrbnik spremljanja, ki ga je imenovala banka Piraeus z odobritvijo Komisije, do konca obdobja prestrukturiranja, tj. 31. decembra 2018, spremljal zaveze Grčije glede prestrukturiranja v Grčiji in tujini ter korporativnega upravljanja in komercialnih dejavnosti.
The losses from international activities amounted to EUR 244 million before taxes in 2012 [113].
Komisija zato ugotavlja, da je zagotovljeno ustrezno spremljanje izvajanja načrta prestrukturiranja.
The foreign assets also constituted a drain on liquidity.
Sklepna ugotovitev glede skladnosti ukrepov A, B1, B2, B3 in B4 s sporočilom o prestrukturiranju
Therefore, it can be concluded that a significant part of the losses and the need for aid fall under point 14 of the 2011 Prolongation Communication, which allows the Commission to lighten its requirements.
Komisija ugotavlja, da načrt prestrukturiranja, če se upošteva skupaj z zavezami v Prilogi k temu sklepu, zagotavlja ponovno vzpostavitev dolgoročno uspešnega poslovanja banke Piraeus, zadostuje v zvezi s porazdelitvijo bremena in lastnim prispevkom, je ustrezen za izničenje učinkov izkrivljanja konkurence zaradi ukrepov pomoči, preučenih v tem sklepu, in je sorazmeren.
Similarly, part of the need for aid stems from the exceptionally deep recession in Greece and not from risky lending.
Načrt prestrukturiranja in zaveze, predloženi Komisiji, izpolnjujejo merila iz sporočila o prestrukturiranju.
Such aid does not create moral hazard and is therefore less distortive.
SKLEPNA UGOTOVITEV
Finally, part of the need for aid comes from the Bank’s own risk taking as regards its large holding of sovereign debt and its foreign subsidiaries.
Komisija obžaluje, da je Grčija nezakonito izvedla ukrepe pomoči B2, B3 in B4 v nasprotju s členom 108(3) Pogodbe, ker so bili izvedeni pred njihovo formalno priglasitvijo.