natgillin/translations-raw huggingface dataset:
In conclusion, the Bank did not use aid to finance the acquisition of FB Bank and that acquisition does not contravene the principle that aid should be limited to the minimum necessary.
Grčija se je zavezala, da bo skupina odprodala svojo […] in tuje hčerinske družbe v […].
Distortive effect of the acquisitions on competition
Skupni znesek sredstev zunaj Grčije in Turčije se bo zato med 31. decembrom 2012 in 31. decembrom 2017 zmanjšal za […] %.
As mentioned in recital 76, FB Bank was not a viable bank on a stand-alone basis.
Grčija se je obenem zavezala, da bo skupina prek […] zmanjšala delniški delež v svoji turški hčerinski družbi Finansbank.
The MEFP of December 2012 provided for the resolution of the undercapitalised banks through a Purchase & Assumption procedure or, as a second-best option, through the creation of a bridge bank.
Ukrepa […] sta dobrodošla, saj se bo tako okrepil kapitalski položaj skupine.
As stated in recital 77, and in line with the MEFP, the Bank of Greece noted that the adoption of resolution measures was crucial to maintain depositors' confidence in the Greek banking system.
Ob upoštevanju dejstva, da namerava skupina obdržati večinski delniški delež v družbi Finansbank, Komisija ugotavlja, da je bila družba Finansbank v preteklih letih stalno donosna.
The transaction 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.
Komisija še ugotavlja, da skupina namerava skrbno spremljati stroške družbe Finansbank ter tveganja, ki jih ta hčerinska družba prevzema.
No non-aided bidder submitted any valid bid to acquire FB Bank, and the sale process was open and non-discriminatory.
Zaveza skupine, da družbi Finansbank ne bo zagotovila […], zagotavlja, da bo družba Finansbank […].
There was therefore no crowding-out of any non-aided bidder by the Bank.
Glede na navedeno Komisija ocenjuje, da ohranitev večinskega delniškega deleža v družbi Finansbank ne ogroža ponovne vzpostavitve donosnosti.
The acquisition of FB Bank was authorised by the Hellenic Competition Authority [142].
Zato se sklene, da bo skupina zadovoljivo prestrukturirala svoje dejavnosti v tujini ter zmanjšala svojo izpostavljenost manj uspešnim dejavnostim.
In view of those elements, it can be concluded that the acquisition of FB Bank falls under the exemption in point 41 of the Restructuring Communication.
Sklepna ugotovitev o uspešnem poslovanju
Conclusion on the acquisition of FB Bank
Načrt prestrukturiranja kaže, da je skupina sposobna prenesti razumne obremenitve, saj bi v negativnem scenariju ob koncu obdobja prestrukturiranja ostala donosna in ohranila dovolj visok količnik navadnega lastniškega temeljnega kapitala [146].
It is concluded that, in the light of the specificities of the acquisition of FB Bank, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Pri kapitalskih potrebah na podlagi osnovnega scenarija, ki jih je ocenila Banka Grčije, se predpostavlja določena stopnja negotovosti.
Compliance of the acquisition of Probank with the Restructuring Communication
Da bi Komisija sklenila, da je skupina sposobna uspešnega poslovanja, ne zahteva, da ima že na začetku dovolj kapitala, da pokrije kapitalske potrebe, ki jih je grška centralna banka ocenila v scenariju izjemnih situacij, saj je ta ocenjena raven potreb povezana z zelo velikimi obremenitvami.
Effect of the acquisition of Probank on the long-term viability of the Bank
Poleg tega je dobro, da skupina ne bo dodatno vlagala v vrednostne papirje neinvesticijskega razreda, kar bo prispevalo k ohranitvi njenega kapitalskega in likvidnostnega položaja.
In terms of operating profitability, the acquisition of Probank will enhance the Bank's return to long-term viability as the Bank will achieve meaningful synergies.
Komisija lahko torej sklene, da so ukrepi za prestrukturiranje, ki so predvideni v načrtu prestrukturiranja, zadostni za ponovno vzpostavitev uspešnega poslovanja skupine.
In particular, at the time of the acquisition the Bank anticipated its annual synergies reaching EUR […] million by the end of 2015 [143].
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.
The Bank expected to capture those synergies by rationalising the branch network and by reducing the personnel of the combined entity, by merging the corporate functions, consolidating the IT systems and centralised operations.
Zato morajo banke za financiranje prestrukturiranja uporabiti svoje vire, na primer s prodajo sredstev, delničarji pa morajo absorbirati izgube banke, če je to mogoče.
Moreover, the Bank anticipated achieving a significant part of the synergies by aligning the cost of the transferred deposits with the Bank's interest rate policy, that is to say, by reducing the interest rates paid on Probank's deposits to the levels paid on the Bank's deposits.
Zaveze, ki jih je sprejela Grčija, bi morale zagotoviti, da se bodo uporabila njena lastna sredstva ter da bodo prvotni delničarji in zasebni vlagatelji, ki imajo v lasti hibridni kapital skupine, prispevali k prestrukturiranju.
Regarding the risk of future loan losses, the Bank acquired Probank's loans at fair value, and not at book value.
Lastni prispevek skupine: odprodaje in znižanje stroškov
This limits the risk of future impairments.
Skupina je že odprodala nekatera manjša podjetja, kot so zavarovalniške dejavnosti v Turčiji, ter večinski delež v svoji nepremičninski hčerinski družbi.
The acquisition therefore contributes to improving the loan-to-deposit ratio of the Bank.
Načrt prestrukturiranja predvideva prodajo manjšinskega deleža v družbi Finansbank, kot je opisano v uvodni izjavi 387, kar bo skupini omogočilo interno ustvarjanje kapitala.
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 Probank's assets.
Skupina bo prodala tudi […] ter svojo hčerinsko družbo zasebnega kapitala in druge vrednostne papirje.
The Bank eventually did not use that possibility since it managed to raise enough private capital from the market in May 2014.
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 skupina ustvarila znaten znesek kapitala.
In this case, although the acquisition has positive implications for the viability of the Bank, it is not essential for its viability within the meaning of point 23 of the Restructuring Communication.
Z zmanjšanjem mednarodnih sredstev skupine se bo tudi bistveno zmanjšalo morebitno tveganje, da bo pomoč potrebna v prihodnosti.
The Bank did not pay any consideration to purchase the selected assets and liabilities of Probank.
To torej prispeva k zmanjšanju zneska pomoči na najmanjšega potrebnega.
Moreover, the Bank's offer was conditional on the HFSF covering the capital needs created by the acquisition of Probank's assets.
Da bi skupina omejila svoje kapitalske potrebe, ne bo uporabila […], kot je opisano v uvodni izjavi 154.
In conclusion, the Bank did not use aid to finance the acquisition of Probank and that acquisition does not contravene the principle that aid should be limited to the minimum necessary.
Poleg tega je z zavezami Grčije zagotovljeno, da skupina ne bo izvajala dragih prevzemov.
As mentioned in recital 86, Probank was not viable on a stand-alone basis.
Skupina je začela izvajati tudi daljnosežni program zniževanja stroškov, kot je navedeno v oddelku 2.4.2.
The MEFP of May 2013 provided for the resolution of the undercapitalised banks through a Purchase & Assumption procedure.
Porazdelitev bremena na stare delničarje in novi kapital, zbran na trgu
As stated in recital 87, the Bank of Greece noted that the adoption of resolution measures was crucial to maintain depositors' confidence in the Greek banking system.
Delež obstoječih delničarjev skupine je bil zaporedno zmanjšan z izdajo pravic, zaključeno v letih 2009 in 2010 [147], nato pa z dokapitalizacijo iz GSFS (ukrep B3).
The acquisition 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.
Delež v lasti delničarjev skupine je bil zmanjšan s 100 % pred dokapitalizacijo iz pomladi 2013 na samo 5,1 % po dokapitalizaciji.
No non-aided bidder submitted any valid bid to acquire Probank, and the sale process was open and non-discriminatory.
Obenem navadnim delničarjem ni bila izplačana nobena dividenda od leta 2007, prednostnim delničarjem iz ZDA pa od leta 2009.
The acquisition of Probank was also authorised by the Hellenic Competition Authority.
Porazdelitev bremena na imetnike podrejenega dolga
In view of those elements, it can be concluded that the acquisition of Probank falls under the exemption in point 41 of the Restructuring Communication.
Imetniki podrejenega dolga skupine so prispevali k stroškom prestrukturiranja skupine.
Conclusion on the acquisition of Probank
Skupina je izvedla več ukrepov upravljanja obveznosti, da bi ustvarila kapital, kot je opisano v uvodnih izjavah 149 in 150.
It is concluded that, in the light of the specificities of the acquisition of Probank, that acquisition is in line with the requirements laid down in the Restructuring Communication.
Za preostale neporavnane instrumente velja prepoved izplačevanja kuponov, navedena v uvodni izjavi 159.
COMPLIANCE OF MEASURES A, B1, B2 AND B3 WITH THE RESTRUCTURING COMMUNICATION
Zato Komisija meni, da je zagotovljena ustrezna porazdelitev bremena zasebnih hibridnih vlagateljev skupine in da so v zvezi s tem izpolnjene zahteve iz sporočila o prestrukturiranju.
Sources of difficulties and consequences on the assessment under the Restructuring Communication
Sklepna ugotovitev o lastnem prispevku in porazdelitvi bremena
As indicated in sections 2.1.1 and 2.1.2, the difficulties faced by the Bank mainly come from the Greek sovereign crisis and the deep recession in Greece and southern Europe.
Komisija ugotavlja, da sta lastni prispevek in porazdelitev bremena v obliki prodaje sredstev in zmanjševanja stroškov v primerjavi s skupnim zneskom dokapitalizacij, prejetih od države, veliko nižja od tistega, kar Komisija običajno šteje za zadostno.
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 %.
V načrtu prestrukturiranja na primer nista predvidena zmanjšanje grških bančnih dejavnosti ter ohranitev večinskega deleža v družbi Finansbank.
In addition, 31,5 % of the claims was exchanged for new GGBs with lower interest rates and longer maturities.
Vendar se lahko ob upoštevanju elementov, izpeljanih v oddelku 7.6.1, na podlagi katerih lahko Komisija sprejme nižji lastni prispevek in porazdelitev bremena, za načrt prestrukturiranja šteje, da zagotavlja ustrezne ukrepe za lastni prispevek in porazdelitev bremena.
Those new GGBs were bought back by the State from the Greek banks in December 2012 at a price between 30,2 % and 40,1 % of their nominal value, thereby crystalising a further loss for the Greek banks.
S sporočilom o prestrukturiranju se zahteva, da se v načrtu prestrukturiranja predlagajo ukrepi za omejevanje izkrivljanja konkurence in zagotavljanje konkurenčnega bančnega sektorja.
Beside the impact of the PSI programme and the debt buy-back on its capital position, the Bank also observed significant deposit outflows between 2010 and mid-2012, due to the risk that Greece would exit the euro area as a consequence of an unsustainable public debt and the economic recession.
Poleg tega morajo navedeni ukrepi obravnavati tudi vprašanja moralnega tveganja in zagotoviti, da se državna pomoč ne uporabi za financiranje protikonkurenčnega ravnanja.
Measures B1, B2 and B3 amount to EUR 9756 million, which is less than the amount of the loss booked following the PSI programme (EUR 11735 million).
V točki 31 sporočila o prestrukturiranju je navedeno, da mora Komisija pri ocenjevanju zneska pomoči in izkrivljanja konkurence, ki pri tem nastane, upoštevati absolutni in relativni znesek prejete državne pomoči ter stopnjo porazdelitve bremena in položaj na trgu, ki ga bo finančna ustanova imela po prestrukturiranju.
In such a case, and if the difficulties do not come primarily from excessive risk-taking behaviour, point 14 of the 2011 Prolongation Communication provides that the Commission will lighten its requirements.
Komisija v zvezi s tem opozarja, da je skupina od države prejela kapital, enak 17,3 % njene tveganju prilagojene aktive [148].
The Commission acknowledges that part of the capital needs stem from the standard exposure of a financial institution to the sovereign risk of its domestic country.
Poleg tega je skupina 15. aprila 2011 prejela likvidnostna jamstva v višini 12900 milijonov EUR, 31. decembra 2013 pa v višini 14798 milijonov EUR.
That fact was also pointed out in recitals 60 and 71 of the NBG Opening Decision.
Skupina je na navedeni datum prejela tudi posojila državnih obveznic v višini 847 milijonov EUR, obenem pa je 31. decembra 2012 prejela izredno likvidnostno pomoč z državnim jamstvom v višini 30,9 milijarde EUR.
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 the Bank can be lower.
Komisija opozarja, da težave skupine izvirajo predvsem iz zunanjih pretresov, kot sta grška dolžniška kriza in dolgotrajna recesija, ki je po letu 2008 povzročila motnje v grškem gospodarstvu.
The Commission, however, observes that the Bank's exposure to the Greek sovereign risk was larger than the exposure of some other large Greek banks.
To dejstvo je bilo ugotovljeno tudi v uvodni izjavi 68 sklepa o začetku postopka za skupino NBG.
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.
Posledično je potreba po obravnavi vprašanj moralnega tveganja majhna.
The second source of losses for the Bank is the losses on its loans to Greek households and corporations.
Kot je navedeno v oddelku 7.6.1, je izkrivljajoči učinek ukrepov pomoči glede na navedene dejavnike manjši, zato je manjša tudi potreba po ukrepih za omejitev izkrivljanja konkurence.
The Commission considers that those losses are mainly due to the exceptionally deep and protracted GDP contraction of approximately 25 % over five years, and are not due to risky lending practices by the Bank.
Zato lahko Komisija izjemoma sprejme, da načrt prestrukturiranja kljub visokemu znesku pomoči ne predvideva zmanjšanja bilančne vsote in posojil v Grčiji.
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.
Vendar Komisija ugotavlja, da so državne dokapitalizacije skupini omogočile nadaljevanje njenih bančnih dejavnosti na tujih trgih.
The aid is therefore less distortive [144].
V povezavi s tem Komisija poleg že zmanjšane zadolženosti in izvedenega prestrukturiranja ugotavlja tudi zavezo za odprodajo tuje aktive […] do 30. junija 2018 [150].
However, some of the capital needs and loan losses of the Bank come from some international subsidiaries.
Pomoč torej ne bo uporabljena za izkrivljanje konkurence na navedenih tujih trgih.
In 2012 for instance, activities in Romania and Bulgaria were loss-making.
Grčija se je zavezala tudi, da skupina ne bo opravljala prevzemov, s čimer je zagotovila, da skupina državne pomoči ne bo uporabila za prevzem novih podjetij.
The foreign assets also constituted a drain on liquidity since the intra-group funding amounted to about EUR […] billion at 31 December 2012.
Navedena zaveza 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.
In conclusion, 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.
Zaveza za znižanje nedonosnih visokih obresti, ki se plačujejo za grške vloge, zagotavlja tudi, da se pomoč ne bo uporabila za financiranje strategij zbiranja vlog, ki izkrivljajo konkurenco na grškem trgu.
Part of the need for aid stems from Greek loan losses due to the exceptionally deep and long recession and not from risky lending.
Podobno bo zaveza za izvajanje strogih smernic glede oblikovanja cen za nova posojila [151] na podlagi ustrezne ocene kreditnega tveganja skupini preprečila izkrivljanje konkurence na grškem trgu z neustreznimi strategijami oblikovanja cen posojil za stranke.
Such aid does not create moral hazard and is therefore less distortive.
Zaveza za odprodajo […] obenem zagotavlja, da pomoč ne bo uporabljena za rast na navedenem trgu v škodo konkurentov, ki ne prejemajo pomoči.
Finally, a limited part of the need for aid comes from the Bank's own risk-taking.
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, since the Greek economy has contracted by about 25 % since 2008, the Bank has to adapt its organisation, cost structure and its commercial network to that new environment, in order to restore sufficient profitability.
Spremljanje
Therefore notwithstanding the fact that most of the aid does not stem from excessive risk-taking, the Bank must restructure its operations in order to secure its long-term viability.
V skladu z oddelkom 5 sporočila o prestrukturiranju se zahtevajo redna poročila, na podlagi katerih lahko Komisija preveri, ali se načrt prestrukturiranja ustrezno izvaja.
Viability
Sklepna ugotovitev glede skladnosti ukrepov A, B1, B2 in B3 s sporočilom o prestrukturiranju
A restructuring plan must ensure that the financial institution is able to restore its long-term viability by the end of the restructuring period (section 2 of the Restructuring Communication).
Komisija ugotavlja, da načrt prestrukturiranja, če se upošteva skupaj z zavezami v Prilogi k temu sklepu, zagotavlja ponovno vzpostavitev dolgoročno uspešnega poslovanja skupine, zadostuje v zvezi s porazdelitvijo bremena in lastnim prispevkom ter vsebuje zadostne ukrepe za omejitev izkrivljanja konkurence.
In the case at hand, the restructuring period is defined as the period between the adoption date of this Decision and 31 December 2018.
Predloženi načrt prestrukturiranja in zaveze izpolnjujejo merila iz sporočila o prestrukturiranju.
In line with points 9, 10 and 11 of the Restructuring Communication, Greece submitted a comprehensive and detailed restructuring plan which provides complete information on the Bank's business model.
SKLEPNA UGOTOVITEV
The plan also identifies the causes of the difficulties faced by the Bank, as well as the measures taken to tackle all viability issues which it faced.
Komisija obžaluje, da je Grčija nezakonito izvedla ukrepe pomoči B1, B2, B3, FB4, FB5, PB1 in PB2 v nasprotju s členom 108(3) Pogodbe, ker so bili izvedeni pred njihovo formalno priglasitvijo.
In particular, the restructuring plan describes the strategy chosen to preserve the Bank's operational efficiency and to tackle the high level of non-performing loans, its vulnerable liquidity and capital positions, and its foreign businesses, which relied on their parent company for their funding and capital.
Vendar se lahko navedeni ukrepi in tudi drugi ukrepi, analizirani v tem sklepu, štejejo za združljive z notranjim trgom –
Greek banking activities
SPREJELA NASLEDNJI SKLEP:
As regards liquidity and the Bank's reliance on Eurosystem funding, the restructuring plan foresees a limited growth of the balance sheet in Greece while the deposit base should grow again.
Člen 1
The reliance on emergency liquidity assistance, which has already fallen, will continue to decrease [145] which will also help the Bank to reduce its cost of funding.
Naslednji ukrepi, ki jih izvaja ali načrtuje Grčija, so državna pomoč v smislu člena 107(1) Pogodbe:
The loan-to-deposit ratio commitment mentioned in recital 153 ensures that the Bank's balance sheet structure will remain sustainable at the end of the restructuring period.
izredna likvidnostna pomoč, ki jo je banki National Bank of Greece S.A. (v nadaljnjem besedilu: skupina NBG) zagotovila Banka Grčije in zajamčila Grčija (ukrep L2);
The sale of securities and of other non-core activities will also strengthen the liquidity position of the Bank.
druga premostitvena dokapitalizacija v višini 2326 milijonov EUR, ki je bila decembra 2012 dodeljena skupini NBG v okviru grškega sklada za finančno stabilnost (v nadaljnjem besedilu: GSFS) (ukrep B2);
To decrease its funding costs, Greece has also given a commitment that the Bank will continue reducing the interest rates it pays on deposits in Greece, as described in recital 153.
financiranje celotne likvidnostne vrzeli v višini 456,97 milijona EUR s strani GSFS za dejavnosti, ki so bile januarja in oktobra 2013 prenesene z banke First Business Bank S.A. (v nadaljnjem besedilu: banka FB) na skupino NBG (ukrep FB4);
Achieving such a decrease in the cost of deposits will be a key contribution to improving the pre-provisioning profitability of the Bank.
zaveza za kritje kapitalske potrebe skupine NBG za prevzem sredstev v višini 100 milijonov EUR, ki so bila maja 2013 prenesena z banke FB na skupino NBG (ukrep FB5);
Since the start of the crisis the Bank has started to rationalise its commercial network in Greece, through a reduction in the number of branches and employees.
financiranje celotne likvidnostne vrzeli v višini 562,73 milijona EUR s strani GSFS za dejavnosti, ki so bile avgusta in decembra 2013 prenesene z banke Probank S.A. na skupino NBG (ukrep PB1), ter
By 31 December 2017, the total costs of the Bank will have further decreased.
zaveza za kritje kapitalske potrebe skupine NBG za prevzem sredstev v višini [180 do 280] milijonov EUR, ki so bila julija 2013 prenesena z banke Probank na skupino NBG (ukrep PB2).
To that end, Greece has given a commitment that the Bank will reduce its branches and employees in Greece to […] and […] respectively as of 31 December 2017, with maximum total costs in Greece amounting to EUR […] million.
Financiranje skupne likvidnostne vrzeli v višini 325,8 milijona EUR, ki jo je GSFS decembra 2013 izvedel v okviru prenosa izbranih sredstev in obveznosti Zadružne banke Lesvos-Limnos, Zadružne banke Achaia in Zadružne banke na skupino NBG, ne pomeni državne pomoči v smislu člena 107(1) Pogodbe.
The expected cost-to-income ratio will be less than […] % at the end of the restructuring period.
V skladu z načrtom prestrukturiranja, povezanim s skupino NBG, ki vključuje banko National Bank of Greece in vse njene hčerinske družbe (grške in negrške hčerinske družbe in podružnice iz bančnega in nebančnega sektorja), ki je bil predložen 25. junija 2014, in zavezami, ki jih je Grčija zagotovila na isti datum, je z notranjim trgom združljiva naslednja državna pomoč:
The Commission considers that the restructuring plan will ensure the efficiency of the Bank in the new market environment.
kapitalski vložek v višini 1350 milijonov EUR, ki ga je Grčija maja 2009 in decembra 2011 v obliki prednostnih delnic dodelila skupini NBG v okviru sheme dokapitalizacije (ukrep A);
One other key area is the handling of non-performing loans.
izredna likvidnostna pomoč, ki jo od julija 2011 skupini NBG zagotavlja Banka Grčije in jamči Grčija, in sicer v višini 30,9 milijarde EUR na dan 31. decembra 2012 (ukrep L2);
The Bank plans to enhance its workout activity in order to minimise its losses.
prva premostitvena dokapitalizacija v višini 7430 milijonov EUR, ki jo je maja 2012 skupini NBG dodelil GSFS (ukrep B1);