natgillin/translations-raw huggingface dataset:
Additionally, if HFSF has to subscribe to any share of the Bank, Greece has committed to apply a salary cap in line with the 2013 Banking Communication [151].
Se kommissionens beslut av den 27 juli 2012 i ärendet om statligt stöd SA.34825 (2012/C), Recapitalisation of EFG Eurobank by the Hellenic Financial Stability Fund (EUT C 359, 21.11.2012, s.
Burden-sharing by historical shareholders and new capital raised on the market
31).
The existing shareholders of the Bank were heavily diluted by the Spring 2013 recapitalisation (measure B4).
Anmälan registrerades med nummer SA.34825 (2014/NN).
Indeed, the stake held by existing shareholders had been reduced from 100 % prior to the Spring 2013 recapitalisation to only 1,44 %.
EUT C 357, 20.11.2012, s.
The Commission also notes that the Bank has paid no cash dividend since 2008.
26.
Finally the Commission takes a favourable view of the fact that the HFSF will inject additional capital only if the Bank fails to raise it from the market at a price deemed reasonable and established on the basis of two independent valuators.
EUT C 190, 29.6.2013, s.
Burden-sharing by subordinated debt holders
70.
The Bank’s subordinated debt holders have contributed to paying for the restructuring costs of the Bank.
En ny uppskattning gjordes senare av likviditetsgapet och enligt beslut 11/1/21.5.2013 från kommittén för resolutionsåtgärder vid Greklands centralbank fastställdes det till 3732,6 miljoner euro.
The Bank performed several liability management exercises in order to generate capital.
Med likviditetsgap avses skillnaden mellan värdet av de tillgångar som överförts till den nya banken och det nominella värdet av de skulder som överförts till denna.
The total amount of liabilities exchanged amounted to EUR 748 million, with a capital gain of EUR 565 million, as described in recitals 122 and 123.
Europeiska kommissionens generaldirektorat för ekonomi och finans.
The still outstanding instruments are subject to the coupon ban described in recital 133.
En banks kärnprimärkapitalkvot är en av de lagstadgade kapitalkvoter som övervakas av tillsynsmyndigheter inom ramen för kapitalkravsdirektivet.
Therefore, the Commission considers that an adequate burden-sharing from the bank’s private hybrid investors is ensured and the requirements of the Restructuring Communication in that respect are met.
Se fotnot 14, s.
In conclusion, considering the elements developed in section 7.6.1, the Commission considers sufficient own contribution and burden-sharing measures have been implemented by Greece to limit the amount of aid measures A, B1, B2, B3 and B4 to the minimum necessary.
106.
The 2013 Banking Communication complements the Restructuring Communication and calls for enhanced burden-sharing and for banks obtaining capital support to undertake additional measures to limit the aid to the minimum.
Se fotnot 14, s.
Point 29 of the 2013 Banking Communication requires the Member State to demonstrate that all measures to limit such aid to the minimum have been exploited to the maximum extent.
104.
To that end, the Member State must present a capital raising plan, ensure adequate burden-sharing by the shareholders and subordinated creditors, and prevent the outflow of funds prior to the restructuring decision.
Europeiska centralbanken (ECB) och de nationella centralbankerna utgör tillsammans Eurosystemet, det centrala banksystemet i euroområdet.
According to the 2013 Banking Communication, the capital raising plan should include right issues, voluntary liability management exercises, capital accretive divestments, deleveraging measures, earning retention and other measures such as, for example, strict costs and remuneration policies.
I avsaknad av ett sådant återköp, skulle obligationernas marknadsvärde ha kunnat öka beroende på utvecklingen av marknadsparametrar såsom räntor och sannolikheten för Greklands fallissemang.
Point 47 of the 2013 Banking Communication provides that once capital shortfalls are identified, a bank must prevent outflows of funds through a number of measures which aim at ensuring the same outcome as regular dividend and coupon bans, acquisition bans, price leadership bans or advertising bans.
Inbegripet den förväntade förlusten till följd av tillkomsten av nya lån i Grekland från juni 2013 till december 2016.
The Commission notes that such bans are already complied with by the Bank as they are included in the list of commitments submitted by Greece, as described in recital 133, and that the Bank has not paid any cash dividend since 2008.
Effekterna av kreditriskprognoserna av den utländska risken beräknades efter utländsk skatt och med hänsyn tagen till de åtaganden som Grekland då föreslog kommissionen i fråga om avyttringar.
Measure C only covers the capital need which will remain insofar as (i) it cannot be covered through further divestments or capital enhancement measures (the Commission considers that the Bank has analysed all potential divestments and committed to all those which can reduce the capital needs in the framework of the capital plan submitted to the Bank of Greece) and (ii) it is not covered by private investors in the framework of the share capital increase which will take place in April 2014.
Se tabell 2.
Therefore it does not provide the Bank with any excess capital.
Förtroliga uppgifter.
As explained in recitals 385 to 395, the Bank has already taken actions before the stress test to limit the amount of capital needed to the minimum.
Den ursprungliga kapitalanskaffningsplanen var mindre ambitiös.
If, in the framework of the current capital raising exercise, the Bank manages to raise most of the capital needed from private investors and the additional aid paid out by the HFSF remains below EUR 1 billion, no further own contribution by the Bank will be necessary.
Banken hade exempelvis planerat en fortsatt stor delaktighet i […] och endast utlovat en avyttring av […] procent av försäkringsdotterbolaget.
However, if the aid paid out under measure C is above that level, it would be appropriate for the Bank to divest more activities.
Beslut 20/3/9.10.2011 från kredit- och försäkringskommittén vid Greklands centralbank.
As regards burden-sharing, the 2013 Banking Communication provides that adequate burden-sharing entails contributions by shareholders, hybrid capital holders and subordinated debt holders before aid in the form of capital support is granted.
Beslut 9250/9.10.2011 från Greklands finansminister, om inrättande av ett mellanliggande kreditinstitut med namnet ”Nea Proton Bank S.A.”
The Commission notes that Greece has amended its national legislative framework to ensure that subordinated creditors will contribute to the costs of restructuring of the Bank before any additional capital is injected into the Bank.
(Greklands regeringstidning FEK B’ 2246/2011).
The Commission also notes that Greece has given a commitment that it will implement the measures provided for in Article 6a of the HFSF law as amended in 2014, which provide for the allocation of the capital shortfall to the holders of its capital instruments and other subordinated liabilities as may be necessary.
Det ursprungliga aktiekapitalet erlades genom två delbetalningar i enlighet med ett ministerbeslut av den 9 oktober 2011:
While such burden-sharing will only take place after the date of the 2014 recapitalisation commitment (measure C), on the basis of point 45 of the 2013 Banking Communication the Commission considers disproportionate results would follow if mandatory conversion of subordinated debt and hybrid capital had to occur already at the moment of the commitment.
Riskvägda tillgångar är ett lagstadgat mått på ett finansinstituts totala riskexponering, vilket tillsynsmyndigheter använder för att övervaka finansinstituts kapitaltäckning.
If the Bank were to raise sufficient private capital to cover all of its capital need as determined by the stress test performed by the Bank of Greece, the conversion of subordinated debt holders would be disproportionate.
Se artikel 63E punkt 9 i lag 3601/2007.
The commitment by Greece to bail-in subordinated creditors before any capital support is actually paid out to the Bank is therefore sufficient to ensure proper burden-sharing.
Beslut 7/3/18.1.2013 från kommittén för resolutionsåtgärder vid Greklands centralbank.
Moreover, in order to ensure that the owners of the Bank participate to the maximum extent in the reconstitution of an adequate capital basis over the restructuring period, Greece gave a commitment that, until the end of the restructuring period, the Bank will retain dividends and not pay any coupons which it is not under law obliged to pay.
Beslut 2124/B95/18.1.2013 från Greklands finansminister om inrättande av ett mellanliggande kreditinstitut med namnet ”New TT Hellenic Postbank S.A.”
Thereby, in line with point 26 of the Restructuring Communication and point 47 of the 2013 Banking Communication the Bank will not use State aid to make payments on own funds if there are insufficient profits to make such payments.
(Greklands regeringstidning FEK B’ 74/2013).
The Bank has also committed that until 31 December 2017 the Bank will not pay to any employee or manager a total annual remuneration (wage, pension contribution, bonus) higher than the total annual remuneration of the Governor of the Bank of Greece (not taking into account any voluntary partial waiver of remuneration by the Governor).
Bilaga 1, artikel 1 ιγ (13) i ministerbeslut 2124/B95/2013.
Additionally, in case HFSF has to subscribe to any share of the Bank, Greece has committed to apply a salary cap in line with the 2013 Banking Communication [152].
Det slutliga antalet aktier som HFSF erhållit fastställdes utifrån det handelsviktade genomsnittspriset på bankens aktier på Atenbörsen under de tio arbetsdagar som föregick den extrainsatta bolagsstämman (med ett minimum på 1418750000 aktier).
The Commission has to assess whether that commitment covering two scenarios fulfils the requirements laid down in the 2013 Banking Communication.
Se fotnot 31.
In the first scenario where the HFSF does not actually inject new capital into the Bank, the aid enshrined in measure C will be limited to a mere underwriting commitment of a capital increase, and the HFSF will not disburse a single euro since all the new shares will have been subscribed by private investors.
Enligt det grekiska finansministeriets rapport om genomförandet av garanti- och obligationslåneåtgärder av den 13 december 2013.
The 2013 Banking Communication provides that the remuneration limitation can end when the aid has been repaid.
Beloppet 950 miljoner euro är efter avdrag för kostnader.
However, the aid included in such an underwriting commitment in relation to a prospective capital increase cannot be repaid where the commitment in question is never put into effect (since no money was ever disbursed by the State to the Bank).
Beloppet var 950,125 miljoner euro.
In such circumstances, the Commission can accept that the remuneration limitation applies for a fixed period of time.
Enligt skrivelsen från Greklands centralbank av den 7 november 2011 tillämpas garantier för det totala akuta likviditetsstödet.
In the second scenario where the HFSF would have to subscribe any share of the bank, Greece committed to amend the commitment to put it in line with the 2013 Banking Communication.
Se skäl 57.
The Commission notes that, if the HFSF would subscribe any share, to remain in line with the 2013 Banking Communication, the duration of the remuneration cap would be amended, to last until the earlier of the end of the restructuring plan — 31 December 2018 — or a transaction equivalent to the repayment of the aid.
Beslut 2/3/9.4.2012 från kommittén för resolutionsåtgärder vid Greklands centralbank.
Since ordinary shares cannot be repaid by the Bank, the Commission accepts that a sale of the shares on the secondary market at a profit could be considered equivalent to a repayment of the aid.
Det återstående beloppet betalades av HFSF, som enligt artikel 9.12 i gällande lag 4051/2012 åtgärdade likviditetsgapet i HDIGF:s ställe från och med den 29 februari 2012.
In conclusion, in both scenarios, the commitment on limitation of remuneration issued by Greece complies with the requirements of the 2013 Banking Communication.
Se skäl 53.
As regards the remuneration of the State, the 2011 Prolongation Communication requires that new shares are issued at a discount to market price, after adjustment for dilution.
Åtgärden bedömdes som statligt stöd till förmån för den verksamhet vid T Bank som överförts till TT Bank, i kommissionens beslut av den 16 maj 2012 i stödärende SA.34115 (12/NN) – Grekland, ”Resolution of T Bank” (nedan kallat beslutet om T Bank, EUT C 284, 20.9.2012, s.
The Commission observes that the purpose of that requirement is to ensure that the State receives a sufficient remuneration for its shareholding in the Bank and that the historical shareholders are correspondingly diluted.
6) och New TT:s beslut om att inleda förfarandet.
In the case of measure C, the State is already the main shareholder of the Bank, holding more than 90 % of the shares.
Det ursprungliga likviditetsgapet beräknades till 700 miljoner euro, enligt beslut 26/2/17.12.2011 från kredit- och försäkringskommittén vid Greklands centralbank.
Therefore an excessive discount to market price would decrease the remuneration of the State on measure B4, and may entail aid to the investors if the discount underestimates the value of the Bank.
Beslut 2/1/9.4.2012 från kommittén för resolutionsåtgärder vid Greklands centralbank.
In order to avoid such a situation, the subscription price cannot be lower than a floor price determined on the basis of two appraisals from independent valuators.
Se fotnot 53.
Therefore the detailed arrangements of the price determination protect the HFSF from an excessive dilution by the new investors, while ensuring the HFSF subscribes new shares at a price which reflects the value of the Bank.
Av denna anledning har New TT Bank lovat HFSF, genom en skrivelse av den 11 februari 2013, att om domstolen beslutar till HFSF:s fördel ska New TT Bank återbetala beloppet på 227 miljoner euro till HFSF.
In those circumstances, the Commission can accept that the new shares may be issued at a lower discount to current market price than that envisaged by the 2011 Prolongation Communication and it considers the floor price to be acceptable.
Se fotnot 31, s.
If the shares were issued at a higher price, it would have risked discouraging private investors from participating in the share capital increase and consequently would have limited private capital raising.
6 och 48.
Therefore, the Commission considers the level of own contribution and burden-sharing to be appropriate for measure C.
Det ursprungliga likviditetsgapet beräknades till 4096 miljoner euro, enligt beslut 7/1/18.1.2013 från kredit- och försäkringskommittén vid Greklands centralbank.
Conclusion on own contribution and burden-sharing
Beslut 11/1/21.5.2013 från kommittén för resolutionsåtgärder vid Greklands centralbank.
The Commission observes that, in comparison with the total State recapitalisation received, the own contribution and burden-sharing in the form of sale of assets is much lower than the levels the Commission would usually consider as sufficient.
Omstruktureringsplanen, s.
However, in view of the elements developed in section 7.6.1, under which the Commission can accept a lower own contribution and burden-sharing, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures.
50, baserat på nettolån.
The restructuring plan also complies with the requirements of the 2013 Banking Communication as regards measure C.
Omstruktureringsplanen, s.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
62–63.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Omstruktureringsplanen, s.
Point 31 of the Restructuring Communication states that when assessing the amount of aid and the resulting competition distortions, the Commission has to take into account both the absolute and relative amount of the State aid received as well as the degree of burden-sharing and the position of the financial institution on the market after the restructuring.
64 (2012 års siffror pro forma).
In that respect, the Commission recalls that the Bank has received capital from the State equivalent to 16 % of its RWA (excluding measure C).
Bankens skrivelse av den 10 september 2013.
With measure C, the Bank gets a commitment to inject an additional EUR 2864 billion, bringing the total capital aid to 23,7 % of the Bank’s RWA.
Omstruktureringsplanen, s.
Apart from capital support, the Bank has also received liquidity support.
64.
The Bank has obtained liquidity guarantees that amounted to EUR 13600 million as of 15 April 2011 and to EUR 13932 million as of 30 November 2013, representing 17 % of the Bank’s balance sheet at the same date.
Omstruktureringsplanen, s.
The Bank also benefited from State-guaranteed ELA for an amount of EUR 12 billion as of 31 December 2012, which represented 18 % of the balance sheet of the Bank on that date.
61.
The need to implement measures to limit potential distortions of competition is thus justified in view of that relatively large amount of aid.
Finansiella prognoser som bifogats omstruktureringsplanen, som anmäldes till kommissionen den 16 april 2014.
In additional, the market share of the Bank in Greece is large, with market shares of 17 % for loans and 12 % for deposits at 31 December 2012.
Omstruktureringsplanen, s.
The acquisitions of New TT Bank and Nea Proton Bank increased the market shares of the Bank to 20,7 % for loans and 18,8 % for deposits in September 2013 [153].
76.
The Commission recalls that the difficulties of the Bank come mainly from external shocks such as the Greek sovereign crisis and the protracted recession which has disrupted the Greek economy since 2008, as was noted in recital 69 of the Eurobank Opening Decision.
Se fotnot 69.
The need to address moral hazard issues is reduced as the Bank does not seem to have taken excessive risks.
Omstruktureringsplanen, s.
As discussed in section 7.6.1, the distortive effect of the aid measures is lower in the light of those factors and so is the need for measures to limit distortions of completion.
62.
For those reasons, the Commission can exceptionally accept that, in spite of the high aid amount, the restructuring plan does not envisage any downsizing of the balance sheet and loans in Greece.
Omstruktureringsplanen, s.
In that respect, the Commission notes, in addition to the deleveraging and restructuring already implemented, the Bank’s commitment to sell its insurance activities by […] as well as its commitment to reduce the size of its international assets by 31 December 2018, which will probably entail further divestments in […] and […], and its commitment not to use aid to fund the growth of those businesses.
Se fotnot 68.
The Commission finds it proportionate that the reduction of foreign assets be deeper if, under measure C, the HFSF pays the Bank additional capital aid of more than EUR 1 billion.
Se fotnot 72.
As indicated in recital 295, such a payment would make the aid more distortive than a mere commitment to participate in the capital increase.
Nettoresultatet av den grekiska verksamheten kommer att bli positivt under 2015 med 20 miljoner euro, 304 miljoner euro, 471 miljoner euro respektive 554 miljoner euro i vinst år 2015, 2016, 2017 och 2018.
However, if the additional capital injected is less than EUR 1 billion, it would entail a larger participation of at least EUR 1,5 billion from private investors.
Uppgifter som lämnats av banken den 9 maj 2013.
Additionally, the larger private participation would constitute additional burden-sharing, as explained in recital 388.
Banken har inte åtagit sig att genomföra detta särskilda avyttringsprogram och det står banken fritt, i enlighet med bilagan, att välja en annan strategi för att nå det övergripande målet.
Point 31 of the Restructuring Communication states that both the price paid for assistance obtained from the State and the degree of burden-sharing will be taken into account when assessing burden-sharing measures.
Se de konsoliderade årsredovisningarna för 2011 och 2013.
The commitment to decrease the interest paid on Greek deposits from unsustainably high levels also ensures that the aid will not be used to finance unsustainable deposit collection strategies which distort competition on the Greek market.
Se fotnot 89.
Similarly, the commitment to implement strict guidelines as regards the pricing of new loans, based on a proper credit risk assessment, will prevent the Bank from distorting competition on the Greek market with inappropriate pricing strategies on loans to customers.
Se åtagandena i kapitel III avsnitt C i bilagan.
Taking into account the specific situation described in section 7.6.1 and the measures provided for in the restructuring plan, the Commission considers there are sufficient safeguards to limit distortions of competition.
Meddelande från kommissionen – Tillämpning av reglerna om statligt stöd på åtgärder till förmån för finansinstitut med anledning av den globala finanskrisen (EUT C 270, 25.10.2008, s.
MONITORING
8).
Pursuant to section 5 of the Restructuring Communication, regular reports are required to allow the Commission to verify that the restructuring plan is being implemented properly.
Skäl 59 i förfarandebeslutet avseende Eurobank.
CONCLUSION
begränsning av stödet till minsta möjliga och garantier mot otillbörlig snedvridning av konkurrensen (EUT C 10, 15.1.2009, s.
The Commission finds that Greece has unlawfully implemented aid measures SA.34825 (2012/C), SA.34825 (2014/N), SA.36006 (2013/NN), SA.34488 (2012/C, ex 2012/NN) SA.31155 (2013/C) (2013/NN) in breach of Article 108(3) of the Treaty on the Functioning of the European Union, since they were implemented before their formal notification.
2).
However the Commission finds that the restructuring plan when taken together with the commitments in the Annexes ensures the restoration of long-term viability of the Bank, is sufficient with respect to burden-sharing and own contribution, and is appropriate and proportional to offset the competition distorting effects of the aid measures examined in this Decision.
Kommissionens meddelande om återställandet av lönsamheten och bedömningen av omstruktureringsåtgärder inom finanssektorn under den rådande krisen enligt reglerna om statligt stöd (EUT C 195, 19.8.2009, s.
The restructuring plan and commitments submitted fulfil the criteria of the Restructuring Communication and the aid measures can therefore be considered compatible with the internal market,
9).
HAS ADOPTED THIS DECISION:
Skäl 73 i förfarandebeslutet avseende New TT.
Article 1
Skälen 75 och 77 i förfarandebeslutet avseende New TT.
the emergency liquidity assistance provided to Eurobank Ergasias SA.
9).
(‘Eurobank’) by the Bank of Greece and guaranteed by Hellenic Republic (measure L2);
Skäl 83 i förfarandebeslutet avseende New TT.
the second bridge recapitalisation of EUR 1341 million granted by the Hellenic Financial Stability Fund (‘HFSF’) to Eurobank in December 2012 (measure B2);
Skälen 88 och 89 i förfarandebeslutet avseende New TT.
the commitment letter of EUR 528 million granted by the HFSF to Eurobank on 21 December 2012 (measure B3);
Skäl 103 i förfarandebeslutet avseende New TT.
the recapitalisation of EUR 5839 million granted by the HFSF to Eurobank in May 2013 (measure B4);
Skäl 104 i förfarandebeslutet avseende New TT.
the capital injection of EUR 395 million granted by the HFSF to Nea Proton Bank on 28 August 2013 (measure NP3).
Se fotnoterna 4 och 6.
In the light of the restructuring plan relating to the Eurobank Group (Eurobank Ergasias S.A and all its subsidiaries (Greek and non-Greek subsidiaries and branches, both banking and non-banking).submitted on 16 April 2014 and the commitments provided by Greece on 16 April 2014, the following State aid is compatible with the internal market:
Hedgefondens anbud var inte förenligt med HFSF:s följebrev.