natgillin/translations-raw huggingface dataset:
The Bank offered to buy back Tier 1 securities, upper Tier 2 and lower Tier 2 securities at purchase prices of 35 %, 55 % and 55 % of their respective nominal value in cash.
Ti so skupaj z obstoječo močno poslovno osnovo in trdnostjo postopkov za ocenjevanje kapitala prispevali k zagotavljanju ustrezne kapitalizacije skupine, kar bo pripomoglo k temu, da bo skupina ponovno uspešno poslovala in ne bo več potrebovala državne podpore.
The buy-back price was determined on the basis of the market value of the instruments and contained a premium of not more than ten percentage points, which was added to encourage investors to participate in the buy-back.
Poleg tega je skupina pozdravila jasnost pogojev trajne dokapitalizacije, ki bi po njenem mnenju morali popolnoma zajemati razloge, zaradi katerih je potrebovala državno podporo.
The acceptance rate was 58 % and the capital gain was EUR 103 million.
Ugotovila je tudi, da je bila dokapitalizacija namenjena kapitalski izgubi, ki je nastala zaradi njenega sodelovanja v programu PSI, kar je bil izreden in nepredvidljiv dogodek.
As a result of the two buy-backs, the outstanding amount of subordinated and hybrid debt decreased from EUR 985 million to EUR 134 million.
Podprla je mnenje, da po grških in evropskih standardih ni prevzela prevelikih tveganj pri pridobitvi državnega dolga.
COMMITMENTS OF THE GREEK AUTHORITIES
Navedla je, da brez programa PSI leta 2012 ne bi potrebovala dokapitalizacije in bi imela dobre možnosti za poplačilo prednostnih delnic v skladu z njihovimi pogodbenimi pogoji.
On 12 June 2014, Greece gave a commitment that the Bank and its affiliates will implement the restructuring plan submitted on the same date and gave further commitments regarding the implementation of the restructuring plan.
Poleg tega je pripomnila, da je zaradi sodelovanja skupine v programu PSI sicer zabeležila znatne kapitalske izgube, vendar je imela še vedno pozitivno čisto vrednost sredstev.
Those further commitments, which are listed in the Annex, are summarised in this section.
Skupina je dodala, da posluje na zelo trdni osnovi in da je bila zelo proaktivna pri izvajanju ukrepov, da bi uspešno delovala v obdobju izredne obremenitve.
First, Greece gave a commitment that the Bank will restructure its commercial operations in Greece, setting a maximum number of branches and employees as well as a maximum amount of total costs to be complied with at 31 December 2017 [79].
Pripomnila je, da od začetka krize ni izvajala nobenih agresivnih trgovinskih politik ali neprimerno tvegala, ampak se je osredotočala na upravljanje kreditnega tveganja, odpravo neravnovesij v svojem profilu financiranja z ustrezno odprodajo ter aktivno upravljala svojo stroškovno osnovo z racionalizacijo platforme za poslovanje in optimizacijo odhodkov za javna naročila.
Greece also gave a commitment that the Bank will reduce the cost of deposits collected in Greece and will comply with a maximum ratio of net loans-to-deposits by 31 December 2017 [80].
Poudarila je tudi znatno porazdelitev bremena med delničarje.
Regarding the Bank’s foreign subsidiaries, Greece gave a commitment that the Bank will not provide additional capital support unless predefined conditions are met.
Poleg tega je opozorila na znatne zaščitne ukrepe, ki jih ima na voljo vladni sektor, da dokapitaliziranim bankam prepreči prevzemanje prevelikih tveganj in pozorno spremlja ustrezno izvajanje načrtov prestrukturiranja, kot je imenovanje predstavnika finančnega ministrstva in sklada HFSF v upravni odbor skupine in ustrezne odbore.
Greece also gave a commitment that the Bank will significantly deleverage its international assets by 30 June 2018 [81].
Poudarila je tudi, da bo sklad HFSF spremljal izvajanje načrta prestrukturiranja in da bo začasni odvzem glasovalnih pravic sklada HFSF v primeru dejanske napake odpravljen.
Greece gave a commitment that the Bank will divest a number of securities and will reduce the size of its private equity portfolio.
Skupina je zato menila, da bi morali struktura in pogoji trajne dokapitalizacije obstoječe in nove delničarje močno spodbuditi k sodelovanju pri prihodnjih povečanjih kapitala.
In addition, the Bank will not purchase non-investment grade securities, with limited exceptions [82].
Skupina je glede nujnosti ukrepa ugotovila, da je bil z ukrepom pomoči odpravljen kapitalski primanjkljaj, ki je nastal zaradi programa PSI, zato je skupina dosegla najnižje ravni količnika kapitalske ustreznosti, ki jih je uvedla grška centralna banka, še naprej imela dostop do refinanciranja ECB in bo še naprej lahko podpirala svoje stranke in grško gospodarstvo v trenutnih težkih razmerah.
Greece gave a number of commitments related to the corporate governance of the Bank.
Skupina je glede sorazmernosti ukrepa izrazila namen, da prejete pomoči ne bo uporabljala za izkrivljanje konkurence.
It committed to limit the remuneration of the Bank’s employees and managers, to make the Bank comply with Greek laws on corporate governance and set up an efficient and adequate organisational structure [83].
Poudarila je tudi, da od prejema državne pomoči ni izvajala nobenih agresivnih trgovinskih politik.
Greece also gave a commitment that the Bank will enforce a high quality credit policy, in order to ensure decisions on granting and restructuring loans aim at maximising the viability and profitability of the Bank.
Ugotovila je tudi, da so vse velike grške banke prejemnice pomoči, zanimanje tujih akterjev na grškem trgu za grško tveganje pa upada, zato je zmožnost katerega od prejemnikov pomoči, da izkrivlja konkurenco v škodo katerega od akterjev, ki ni prejemnik pomoči, minimalna.
Greece gave a commitment that the Bank will comply with high standards regarding the monitoring of credit risk as well as the restructuring of loans [84].
PRIPOMBE DRUGE GRŠKE BANKE
A number of commitments deal with the operations of the Bank with connected borrowers.
Komisija je 3. januarja 2013 prejela pripombe, ki jih je grška banka priložila sklepu o začetku postopka za skupino Alpha.
Those commitments aim at ensuring that the Bank does not deviate from prudent banking practices when granting or restructuring loans to its employees, managers and shareholders, as well as to public entities, political parties and media companies [85].
Navedena grška banka je menila, da dokapitalizacija grških bank iz sklada HFSF načeloma predstavlja pozitiven korak k bolj zdravemu in poslovno uspešnejšemu bančnemu sistemu; dokapitalizaciji skupine ni ugovarjala.
Finally Greece gave a commitment that the Bank will comply with some behavioural limitations, such as a coupon and dividend ban, an acquisition ban and a State support advertising ban [86].
Navedena grška banka je ob izražanju svoje popolne podpore načelu dokapitalizacije grških bank iz sklada HFSF pojasnila, da je zaradi zmanjšanja izkrivljanja konkurence in izogibanja diskriminaciji pričakovala, da bo navedena dokapitalizacija iz sklada HFSF na voljo vsem bankam, ki v Grčiji poslujejo pod podobnimi pogoji.
Those commitments will be monitored until 31 December 2018 by a monitoring trustee.
PRIPOMBE GRČIJE K FORMALNEMU POSTOPKU PREISKAVE GLEDE PRVE PREMOSTITVENE DOKAPITALIZACIJE
Separately, Greece has indicated that it will seek the approval of the Commission prior to any buy-back of the warrants by the Bank or by any State entity including the HFSF [87].
Grčija je 5. septembra 2012 predložila pripombe k sklepu o začetku postopka za skupino Alpha, ki sta jih pripravila grška centralna banka in sklad HFSF.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
PRIPOMBE GRŠKE CENTRALNE BANKE
On 27 July 2012, the Commission opened the formal investigation procedure in order to verify whether the conditions of the 2008 Banking Communication [88] were met regarding the appropriateness, necessity and proportionality of the first bridge recapitalisation provided by the HFSF in favour of the Bank (measure B1).
Grška centralna banka je glede primernosti prve premostitvene dokapitalizacije ugotovila, da je prva premostitvena dokapitalizacija začasna, saj se bo postopek dokapitalizacije zaključil s povečanjem delniškega kapitala vseh štirih zadevnih bank.
Regarding the appropriateness of the measure, given the fact that the aid came after prior recapitalisation and liquidity aid and given the protracted rescue period, the Commission expressed doubts as to whether all actions possible had been taken by the Bank to avoid a need for aid in the future [89].
Grška centralna banka je ugotovila tudi, da je dokapitalizacija največjih grških bank del dolgoročnejšega prestrukturiranja grškega bančnega sektorja.
In addition, the Commission was not clear who would control the Bank once the first bridge recapitalisation was replaced by a permanent recapitalisation [90] as the Bank might come under the control of either the State or of minority private owners.
Ugotovila je, da bo pri bankah, ki bodo ostale zasebne, tudi vodstvo najverjetneje ostalo isto, če pa bi banka postala državna (tj. v lasti sklada HFSF), bi lahko sklad HFSF imenoval novo vodstvo, ki bi ga v vsakem primeru morala oceniti grška centralna banka.
The Commission noted that it would wish to ensure that the quality of the Bank’s management and notably its lending process would not deteriorate in either case.
Navedla je, da redno ocenjuje okvir upravljanja podjetij, ustreznost vodenja in profil tveganja vsake banke, da se prepreči sprejemanje prekomernih tveganj.
Regarding the necessity of the first bridge recapitalisation, in recital 66 of the Alpha Opening Decision the Commission questioned whether all the measures possible had been taken to avoid the Bank needing aid again in the future.
Poudarila je tudi, da je sklad HFSF že imenoval predstavnike v upravne odbore dokapitaliziranih bank.
Moreover, since the duration of the bridge recapitalisation period was uncertain, the Commission could not conclude whether it was sufficient and complied with the remuneration and burden-sharing principles under State aid rules.
Grška centralna banka je glede nujnosti prve premostitvene dokapitalizacije ugotovila, da je bila dokapitalizacija skupine omejena, da se je zagotovilo izpolnjevanje tedaj veljavnih minimalnih kapitalskih zahtev (8 %).
Furthermore, as the terms of the conversion of the first bridge recapitalisation into a permanent recapitalisation were not known at the time the Alpha Opening Decision was adopted, the Commission could not assess them.
Navedla je tudi, da je daljše časovno obdobje pred dokapitalizacijami temeljilo na hitrem slabšanju poslovnega okolja v Grčiji in učinka programa PSI, zahtevnosti celotnega projekta in potrebi po čim večji udeležbi zasebnih vlagateljev pri povečanju delniškega kapitala.
Regarding the proportionality of the measure, the Commission expressed doubts as to whether the safeguards (State support advertisement ban, coupon and dividend ban, call option ban and buy-back ban as described in recital 71 of the Alpha Opening Decision) were sufficient in relation to the first bridge recapitalisation.
Grška centralna banka je glede sorazmernosti prve premostitvene dokapitalizacije poudarila, da je celotna izvedba načrta prestrukturiranja, ki se bo predložil Komisiji, zagotovljena, ker bo začasni odvzem glasovalnih pravic sklada HFSF odpravljen, če pride do resne kršitve načrta prestrukturiranja.
Furthermore, in recital 72 of the Alpha Opening Decision the Commission stated that distortions of competition could be caused by the lack of rules preventing the HFSF from coordinating the four largest Greek banks (namely, the Bank, Eurobank, National Bank of Greece and Piraeus Bank) and the absence of adequate safeguards to avoid them sharing commercially sensitive information.
Grška centralna banka je ugotovila tudi, da težave skupine niso nastale, ker bi vodstvo skupine neustrezno ocenilo tveganja ali se bi izvajali tržno agresivni ukrepi.
The Commission, therefore, proposed the appointment of a monitoring trustee, physically present in the Bank.
PRIPOMBE SKLADA HFSF
COMMENTS FROM INTERESTED PARTIES ON THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
Sklad HFSF je glede primernosti prve premostitvene dokapitalizacije, da se obravnava vprašanje morebitnega poseganja države, če država zagotovi visoke zneske državne pomoči prek sklada HFSF, ta pa ima polne glasovalne pravice, navedel, da se banke, ki jih financira sklad HFSF, ne štejejo za javne subjekte ali subjekte pod državnim nadzorom, po trajni dokapitalizaciji iz sklada HFSF pa jih država ne bo nadzirala.
COMMENTS FROM THE BANK
Sklad HFSF je poudaril, da je popolnoma neodvisen pravni subjekt zasebnega prava, ki je neodvisen pri odločanju.
On 30 August 2012, the Commission received comments from the Bank on the Alpha Opening Decision.
V skladu s členom 16(C)(2) zakona o skladu HFSF, ki navaja, da kreditne institucije, ki jim je sklad HFSF zagotovil kapitalsko podporo, niso del širšega javnega sektorja, sklad HFSF ni pod državnim nadzorom.
Regarding the appropriateness of the measure, the Bank noted that it is systemically important both in Greece and in the banking markets in which it operates.
Poudaril je tudi upravno strukturo sklada HFSF.
It also added that its business model is viable and this has been demonstrated over its long distinguished history.
Sklad HFSF je glede posredovanja sklada HFSF pri upravljanju skupine pojasnil, da bi spoštoval samostojnost skupine in ne bi posegal v njeno vsakodnevno upravljanje, saj je njegova vloga omejena v skladu z zakonom o skladu HFSF.
The Bank also observed that both waves of recapitalisation were a by-product of a severely deteriorating economic environment and that the additional aid measures came as a result of the deepening of the financial crisis.
Navedel je, da ne bi bilo nobenega poseganja države ali usklajevanja z njene strani in da bi bile odločitve skupine glede postopkov odobritve posojil (med drugim glede zavarovanja s premoženjem, oblikovanja cen in solventnostjo posojilojemalcev) sprejete na podlagi tržnih meril.
It stated that it has been the lowest proportionate recipient of State aid to date among the large Greek banks.
Sklad HFSF je poudaril, da sta zakon o skladu HFSF in sporazum o obdobju pred vpisom določila ustrezne zaščitne ukrepe za zagotavljanje, da obstoječi zasebni delničarji ne prevzemajo prevelikih tveganj.
The Bank noted that in terms of whether all measures possible had been immediately taken to avoid further need of aid by the Bank in the future, the restructuring plan would provide extensive details on the burden-sharing measures already implemented, underway and planned.
Poudaril je elemente, kot so (i) imenovanje predstavnikov sklada HFSF kot neodvisne neizvršilne člane upravnega odbora skupine in njihova prisotnost na odborih; (ii) skrbni pregled, ki ga sklad HFSF izvaja v skupini, in (iii) dejstvo, da se bi po dokončni dokapitalizaciji njegove glasovalne pravice omejile le za toliko časa, da skupina izpolni pogoje načrta prestrukturiranja.
The Bank also observed that those measures ensured that no stakeholder was left untouched.
Sklad HFSF je navedel, da so vzpostavljeni ustrezni ukrepi za zagotavljanje, da si banke, v katerih je udeležen sklad HFSF, ne izmenjujejo poslovno občutljivih podatkov.
They would contribute, together with the existing strong business base and the robustness of the capital assessment process, to ensuring that the Bank is adequately capitalised, leading to a return to viability and an ultimate exit from State support.
Med navedene ukrepe spadajo imenovanje različnih predstavnikov sklada HFSF v navedene banke, pooblastila navedenim predstavnikom, ki izrecno ščitijo pred pretokom informacij od enega predstavnika k drugemu, in jasna interna navodila navedenim predstavnikom, naj ne prenašajo poslovno občutljivih informacij bank.
Moreover, the Bank welcomed clarity on the terms of the permanent recapitalisation, which in its view should fully reflect the reasons why it required State support.
Sklad HFSF je navedel tudi, da svojih pravic glede bank ne izvaja na način, ki bi lahko preprečeval, omejeval, izkrivljal ali znatno zmanjšal oziroma oviral učinkovito konkurenco.
It also noted that the recapitalisation addresses the capital loss resulting from its participation in the PSI programme, a highly extraordinary and unpredictable event.
Nazadnje je poudaril, da za člane njegovega upravnega odbora in njegove zaposlene veljajo stroga pravila o zaupnosti in fiduciarne naloge, glede njegovih poslov pa jih zavezujejo določbe o varovanju poklicnih skrivnosti.
It supported the view that it had not taken excessive risks in acquiring sovereign debt by Greek and European standards.
OCENA DRŽAVNE PODPORE, POVEZANE S PREVZEMOM IZBRANIH OBVEZNOSTI TREH ZADRUŽNIH BANK
It stated that without the PSI it would have avoided the need for recapitalisation in 2012 and would have been well positioned to repay the preference shares in accordance with their contractual terms.
Komisija mora najprej oceniti, ali državna podpora, povezana z reševanjem treh zadružnih bank (tj. financiranje likvidnostnih vrzeli, ki je omogočilo prenos vlog, vključno z medbančnimi obveznostmi, ter terjatev in obveznosti do sklada HDIGF), pomeni državno pomoč v smislu člena 107 (1) Pogodbe.
Moreover, it commented that even after recording significant capital losses as a result of the participation of the Bank in the PSI, it still had a positive net asset value.
V skladu z navedeno določbo je državna pomoč vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem, v kolikor prizadene trgovino med državami članicami.
The Bank added that it is operating on a very strong base and has been extremely proactive in implementing measures to successfully work through a period of extreme stress.
Komisija bo začela z oceno, ali so bili do prednosti upravičeni naslednji morebitni upravičenci: (i) zadružne banke in morebitne prenesene „dejavnosti“ na skupino, in (ii) skupina.
It commented that since the beginning of the crisis it had not engaged in any aggressive commercial policies or inappropriate risk taking while it focused on managing credit risk, it addressed imbalances in its funding profile by orderly deleveraging and it actively managed its cost base by rationalising the operating platform and optimising procurement spending.
Obstoj pomoči zadružnim bankam in morebitnim prenesenim „dejavnostim“ na skupino
Moreover, it stressed the considerable burden-sharing among stakeholders.
Komisija glede zadružnih bank ugotavlja, da so bile banke Dodecanese Bank, Evia Bank in Western Macedonia Bank v postopku likvidacije, njihova bančna dovoljenja pa so bila preklicana.
It also pointed to the significant safeguards available to the official sector to prevent excessive risk-taking by recapitalised banks and to closely monitor the proper implementation of the restructuring plans, such as the appointment of representatives of the Ministry of Finance and the HFSF in the Bank’s board of directors and respective committees.
Zato na bančnem trgu ne bodo več opravljale gospodarskih dejavnosti.
It also underlined that the HFSF would monitor implementation of the restructuring plan, and that the suspension of the HFSF’s voting rights would be lifted in case of material failure.
Državna podpora, tj. financiranje likvidnostnih vrzeli, bi državno pomoč prenesenim terjatvam in obveznostim v smislu člena 107(1) Pogodbe pomenila le, če bi skupaj sestavljale podjetje.
For those reasons, the Bank believed that the architecture and terms of the permanent recapitalisation should provide strong incentives to existing and new shareholders to participate in forthcoming capital increases.
S pojmom podjetja je zajet vsak subjekt, ki opravlja ekonomsko dejavnost, ne glede na njegov pravni status in način njegovega financiranja.
Regarding the necessity of the measure, the Bank noted that the aid measure addressed the capital deficit caused by PSI so that the bank complied with the minimum capital adequacy ratios imposed by the Bank of Greece, continued to have access to ECB refinancing operations and would be able to support its customers and the Greek economy during a difficult juncture.
Vsaka dejavnost, ki zajema nudenja blaga in storitev na določenem tržišču, je gospodarska dejavnost.
Regarding the proportionality of the measure, the Bank declared its intention not to use its aid to distort competition.
Da se ugotovi, ali obstaja pomoč podjetju, je treba torej oceniti, ali prenos terjatev in obveznosti pomeni prenos gospodarske dejavnosti.
It also stressed that it had not engaged in any aggressive commercial policies since receiving the State aid.
Kot je bilo navedeno v oddelku 2.2.2, so bile po reševanju zadružnih bank na skupino prenesene le vloge, medbančne obveznosti ter terjatve in obveznosti do sklada HDIGF.
It also noted that since all large Greek banks were aid recipients and that since the appetite of foreign players in the Greek market for Greek risk was diminishing, the ability of any aid recipient to distort competition to the detriment of a non-aided recipient was minimised.
Tri zadružne banke so skupaj zaposlovale 227 oseb in imele 18 podružnic.
COMMENTS FROM ANOTHER GREEK BANK
Poudariti je treba, da med tremi zadružnimi bankami in skupino ni bilo nobenih samodejnih prenosov podružnic ali pogodb o zaposlitvi ali posojil.
On 3 January 2013, the Commission received comments submitted by a Greek bank on the Alpha Opening Decision.
Zato dejstvo, da posojila niso bila prenesena na skupino, ampak so s tremi zadružnimi bankami v postopku likvidacije, dejstvo, da ni bilo prenosa podružnic, in odsotnost samodejnega prenosa delovnih pogodb prispevajo [91] k ugotovitvi, da ne gre za prenos gospodarske dejavnosti.
That Greek bank commented that the recapitalisation of Greek banks by the HFSF constituted, in principle, a welcome step towards a healthier and more viable banking system and expressed no objection to the recapitalisation of the Bank.
Prenesenih obveznosti (tj. vlog) ni mogoče šteti za upravičenke državne pomoči, saj niso „podjetje“.
However, while expressing its entire support for the principle of the recapitalisation of Greek banks by the HFSF, that Greek bank explained that, in order to minimise distortions of competitions and to avoid discrimination, it expected that recapitalisation by the HFSF would be open to all banks operating in Greece under similar conditions.
Na kratko, trije obstoječi pravni subjekti so v postopku likvidacije in ne opravljajo več bančnih dejavnosti.
COMMENTS FROM GREECE ON THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
Hkrati prenesena sredstva in obveznosti ne pomenijo gospodarske dejavnosti.
On 5 September 2012, Greece submitted comments which had been prepared by the Bank of Greece and the HFSF on the Alpha Opening Decision.
Zato se ugotovi, da se s tem, ko je sklad HFSF skupini dodelil obveznice instrumenta EFSF za kritje likvidnostne vrzeli prevzetih sredstev in obveznosti treh zadružnih bank, ne omogoča nadaljevanje njihovih gospodarskih dejavnosti.
COMMENTS FROM THE BANK OF GREECE
Podpora sklada HFSF zato ne pomeni pomoči likvidiranim subjektom ali pomoči prenesenim sredstvom in obveznostim.
Regarding the appropriateness of the first bridge recapitalisation, the Bank of Greece noted that the first bridge recapitalisation was temporary, given that the recapitalisation process would be concluded with share capital increases by the four banks concerned.
Obstoj pomoči skupini
The Bank of Greece also observed that the recapitalisation of the largest Greek banks is part of the longer-term restructuring of the Greek banking sector.
Glede tega, ali prodaja sredstev in obveznosti treh zadružnih bank vključuje državno pomoč skupini, mora Komisija oceniti, ali so izpolnjeni nekateri pogoji in zlasti, ali (i) je postopek prodaje odprt, neomejen in nediskriminacijski; (ii) prodaja poteka pod tržnimi pogoji, in (iii) država zagotovi najvišjo možno prodajno ceno za zadevna sredstva in obveznosti [92].