natgillin/translations-raw huggingface dataset:
Burden-sharing by subordinated debt holders
Med eurogruppsmöten avses de möten som euroområdets finansministrar håller, dvs. finansministrarna i de länder som har antagit euron som sin officiella valuta.
The Bank’s hybrid and subordinated debt holders have contributed to the restructuring costs of the Bank.
Europeiska kommissionens generaldirektorat för ekonomi och finans.
The Bank has performed several liability management exercises in order to generate capital, as described in recital 134.
The Second Economic Adjustment Programme for Greece - March 2012, s.
The still outstanding instruments are subject to the coupon ban mentioned in recital 143.
17, tillgängligt påhttp://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp94_en.pdf.
Therefore, the Commission considers that an adequate burden-sharing from the Bank’s hybrid and subordinated debt holders is ensured and the requirements of the Restructuring Communication in that respect are met.
Se avsnitt II om omstruktureringen av den grekiska statsskulden i Report on the Recapitalisation and Restructuring of the Greek Banking Sector, Grekiska centralbanken, december 2012, tillgänglig online på: http://www.bankofgreece.gr/BogEkdoseis/Report_on_the_recapitalisation_and_restructuring.pdf.
Conclusion on own contribution and burden-sharing
Pressmeddelande från finansministern av den 9 mars 2012, tillgängligt online på: http://www.pdma.gr/attachments/article/80/9%20MARCH%202012%20-%20RESULTS.pdf.
In comparison with the total State recapitalisation received, the own contribution and burden-sharing, especially in the form of sale of assets and downsizing of the loan book, is much lower than what the Commission would usually consider sufficient.
Se fotnot 14, s.
The downsizing only concerns the foreign activities, which account for a limited part of the Bank [119] and the restructuring does not envisage any reduction of the size of the loan and deposit books in Greece, which, to the contrary, have increased dramatically over the last year, following acquisitions.
106.
However, the Commission takes into account the elements discussed in section 7.6.1 and in particular the facts that the aid received partly qualifies for the exemption lay down in point 14 of the 2011 Prolongation Communication, under which the Commission can accept a lower own contribution and burden-sharing.
Se fotnot 15.
The Commission also notes positively that the Bank raised EUR 1444 million on the market in May 2013 and EUR 1750 million in March 2014, […].
Se fotnot 14, s.
Moreover, the capital raised in March 2014 was raised at a price per share equal to the price per share at which the HFSF subscribed in the framework of the Spring 2013 recapitalisation (measure B4).
104.
The high issue price therefore limited the dilution of the HFSF.
Europeiska centralbanken och de nationella centralbankerna utgör tillsammans eurosystemet, systemet bestående av euroområdets centralbanker.
The Bank also repaid the preference shares (measure A).
Pressmeddelande från finansministern av den 3 december 2012, tillgängligt online på: http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdf.Återköpet av dess egna skulder till ett pris som klart understeg det nominella värdet gjorde att Grekland kraftigt kunde minska sina skulder.
Taking into account all those elements, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures to limit the aid to the minimum necessary.
Utan ett sådant återköp kunde marknadsvärdet på de nya grekiska statsobligationerna ha ökat beroende på utvecklingen av marknadsparametrar som räntor och sannolikheten för att Grekland skulle ställa in betalningarna.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
Inkluderade förväntade förluster från nya lån i Grekland under perioden juni 2013–december 2016.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Effekterna av kreditförlustprognoserna beträffande de utländska riskerna beräknades efter utländsk skatt och med hänsyn till de avyttringsåtaganden som hade gjorts till den dåvarande generaldirektören för konkurrenspolitik.
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.
NBG:s kreditförlustreserver den 30 juni 2013 pro forma tillskotten från First Business Bank och Probank.
In that respect, the Commission recalls that the Bank has received capital support from the State equivalent to 23,7 % of its RWA [120].
Eurobanks kreditförlustreserver den 30 juni 2013 pro forma tillskotten från New Hellenic Postbank och New Proton Bank, som förvärvades i augusti 2013.
In addition, the Bank obtained liquidity guarantees in 2010 amounting to EUR 9,9 billion and government bond loans for an amount of EUR 1,3 billion, representing together almost 25 % of the Bank’s balance sheet.
Årsrapport 2012, http://www.piraeusbankgroup.com/en/investors/financials/annual-reports
In addition, the Bank received State-guaranteed ELA.
Se punkt 28 i omstruktureringsmeddelandet och skäl 320 i kommissionens beslut av den 5 april 2011 om stödåtgärderna nr C 11/09 (f.d.
Measures to limit potential distortions of competition are therefore necessary in view of the large amount of the aid.
NN 53b/2008, NN 2/10 och N 19/10) som Nederländerna genomfört till förmån för ABN AMRO Group NV (som skapades efter sammanslagningen av Fortis Bank Nederland och ABN AMRO N) (EUT L 333, 15.12.2011, s.
Additionally, the market share of the Bank in Greece is large.
1).
The acquisition of the ATE Transferred Activities, Geniki, MBG and the Cypriot Transferred Activities increased the market shares of the Bank.
För 2012 innefattar det beloppet inte de två tillfälliga rekapitaliseringar som banken har mottagit.
After those acquisitions, the Bank’s market share in deposits in Greece amounted to 29 % at the end of 2013, while its market shares in residential mortgages, consumer loans and corporate loans were 25 %, 22 % and 35 % respectively (compared with 10 %, 8 %, 8 % and 14 % respectively in 2011) [121].
2013 års belopp innefattar hela rekapitaliseringen våren 2013.
The Commission recalls that the difficulties of the Bank resulted to a large extent from external shocks such as the Greek sovereign crisis and the protracted recession which has disrupted the Greek economy since 2008, as has already been noted in recital 74 of the Piraeus Opening Decision.
Inklusive ATE och Geniki.
For those reasons, the Commission can exceptionally accept that, in spite of the high aid amount and the high market shares, the restructuring plan does not envisage any downsizing of the balance sheet and loans in Greece.
Se fotnot 4.
However it would be problematic if the most aided bank among the four large Greek banks and the one which grew the most through acquisitions over the last years would continue to grow in the restructuring period at a pace quicker than the market, potentially crowding out the less aided banks.
Se skäl 27 i beslutet om likvidation av ATE.
Therefore, the Commission welcomes the commitment that the Bank will not grow quicker than the growth of the market.
Grekiska bankföreningen, uppgifterna tillgängliga online på: http://62.1.43.74/4Statistika/UplPDFs/network2012engl.pdf.
However, the Commission notes that the State recapitalisations enabled the Bank to continue its banking activities in foreign markets.
Rapport från PIMCO av den 1 februari 2013 med titeln Independent Due Diligence of the Banking System in Cyprus.
The Commission notes that, in addition to the deleveraging and restructuring already implemented, the Bank will further restructure and deleverage its foreign assets by 30 June 2018 [122].
Kapitalberäkningarna avsåg såväl ett grundläggande som ett negativt makroekonomiskt scenario.
In addition the Bank gave a commitment not to use aid to fund the growth of those activities.
Se skäl 101.
The aid will therefore not be used to distort competition on those foreign markets.
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.
Greece has also committed that the Bank will not make costly acquisitions, ensuring that the Bank will not use the State aid received to acquire new business.
9).
That ban contributes to ensuring that the aid is strictly used to support the restoration of the viability of the Greek banking activities, and not, for instance, to grow in foreign markets.
Omstruktureringsplan inlämnad den 25 juni 2014, s.
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.
51.
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 the loans to customers.
Med begreppet ”riskvägda tillgångar” avses ett aggregat av tillgångar enligt gällande regler som mäter ett finansinstituts riskexponering och begreppet används av tillsynsmyndigheter för att kontrollera att finansinstituten uppfyller kapitalkraven.
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.
Enligt en skrivelse från den grekiska centralbanken av den 7 november 2011 gäller garantierna det totala beloppet akut likviditetsstöd.
Monitoring
Omstruktureringsplan inlämnad den 25 juni 2014, s.
In accordance with section 5 of the Restructuring Communication, regular reports are required to allow the Commission to verify that the restructuring plan is being implemented properly.
133.
As stated in the commitments given by Greece [123], Greece will ensure that until the end of the restructuring period, namely, 31 December 2018, the Monitoring Trustee, which has been appointed by the Bank with the approval of the Commission, will monitor the commitments given by Greece on the restructuring of activities in Greece and abroad and on corporate governance and commercial operations.
Med undantag av den del av rekapitaliseringen som den grekiska finansiella stabilitetsfonden tecknat för att uppfylla kapitalkraven till följd av köpet av ATE Bank och de grekiska filialerna till de tre cypriotiska bankerna.
The Commission therefore finds that proper monitoring of the implementation of the restructuring plan is ensured.
För närmare detaljer, se skäl 101.
Conclusion on the compliance of measures A, B1, B2, B3 and B4 with the Restructuring Communication
I avtalet om förhandsteckning anges att den effektiva ränta som ska betalas till banken ska inbegripa EFSF-obligationerna, all betalning av kuponger och upplupen ränta på EFSF-obligationerna för perioden från emitteringen av obligationerna till konverteringen av förskottet till aktiekapital och andra konvertibler i enlighet med bestämmelserna i detta avtal.
The Commission finds that the restructuring plan when considered together with the commitments in the Annex to this Decision ensures the restoration of the long-term viability of the Bank, is sufficient with respect to burden-sharing and own contribution, is appropriate to offset the competition distorting effects of the aid measures examined in this Decision and is proportionate.
Se tabell 3.
The restructuring plan and commitments submitted to the Commission fulfil the criteria of the Restructuring Communication.
http://www.piraeusbankgroup.com/~/media/Com/Piraeus-Bank-Documents/Press-Releases/2013/Apofaseis_BGM_23042013_en.pdf
CONCLUSION
Se skäl 112.
The Commission regrets that Greece has unlawfully implemented aid measures B2, B3 and B4 in breach of Article 108(3) of the Treaty, since they were implemented before their formal notification.
http://www.piraeusbankgroup.com/~/media/Com/Piraeus-Bank-Documents/Press-Releases/2013/Anakoinwsi-apokomis-DS-gia-AMK.pdf
However, those measures, as well as the other measures analysed in this Decision, can be considered compatible with the internal market,
http://www.piraeusbankgroup.com/en/press-office/announcement/2013/06/anakoinosi-kalipsis
HAS ADOPTED THIS DECISION:
http://www.hfsf.gr/files/HFSF_activities_Jan_2013_Jun_2013_en.pdf
Article 1
Lösenpriset var exempelvis 1,7340 euro den 2 januari 2014 och 1,7680 euro den 2 juli 2014, och kommer att bli 1,8105 euro den 2 januari 2015, 1,8530 euro den 2 juli 2015 osv.
The following measures implemented by Greece constitute State aid within the meaning of Article 107(1) of the Treaty:
Se avsnitt 2.3.3.4.
the emergency liquidity assistance provided to Piraeus Bank S.A. by the Bank of Greece and guaranteed by Greece (measure L2);
Omstruktureringsplan inlämnad den 25 juni 2014, s.
the second bridge recapitalisation of EUR 1553 million granted by the Hellenic Financial Stability Fund (‘HFSF’) to Piraeus Bank S.A. in December 2012 (measure B2);
117.
the commitment letter of EUR 1082 million granted by the HFSF to Piraeus Bank S.A. on 20 December 2012 (measure B3);
Omstruktureringsplan inlämnad den 25 juni 2014, s.
the recapitalisation of EUR 5891 million granted by the HFSF to Piraeus Bank S.A. in Spring 2013 (measure B4); and
136.
the recapitalisation of EUR 524 million by the HFSF to Piraeus Bank S.A. granted in Spring 2013 (measure C).
Omstruktureringsplan inlämnad den 25 juni 2014, s.
In the light of the restructuring plan relating to the Piraeus Bank Group, which includes Piraeus Bank S.A. and all its subsidiaries and branches, submitted on 25 June 2014 and of the commitments provided by Greece on that date, the following State aid is compatible with the internal market:
128.
the capital injection of EUR 750 million granted by Greece to Piraeus Bank S.A. in May 2009 and December 2011 under the Recapitalisation Scheme (measure A);
2012 års årsrapport för sifferuppgifterna för 2012.http://www.piraeusbankgroup.com/en/investors/financials/annual-reports.Omstruktureringsplan inlämnad den 25 juni 2014, s.
the emergency liquidity assistance provided to Piraeus Bank S.A. by the Bank of Greece and guaranteed by Greece since July 2011, for an amount of EUR 30,4 billion at 31 December 2012 (measure L2);
96 för sifferuppgifterna för 2014.
the first bridge recapitalisation of EUR 4,7 billion granted by the HFSF to Piraeus Bank S.A. in May 2012 (measure B1);
Omstruktureringsplan inlämnad den 25 juni 2014, s.
the second bridge recapitalisation of EUR 1553 million granted by the HFSF to Piraeus Bank S.A. in December 2012 (measure B2);
117.
the commitment of EUR 1082 million granted by the HFSF to Piraeus Bank S.A. on 20 December 2012 (measure B3);
Omstruktureringsplan inlämnad den 25 juni 2014, s.
the recapitalisation of EUR 524 million granted by the HFSF to Piraeus Bank S.A., in Spring 2013 (measure C).
128.
Done at Brussels, 23 July 2014.
Omstruktureringsplan inlämnad den 25 juni 2014, s.
For the Commission
149.
Vice-President
Se åtagandena i bilagan, kapitel I.
See Commission Decision of 27 July 2012 in State aid SA.
Omstruktureringsplan inlämnad den 25 juni 2014, s.
34826 (2012/C, ex 2012/NN), ‘Recapitalisation of Piraeus Bank by the Hellenic Financial Stability Fund’ ( OJ C 359, 21.11.2012, p.
44.
43).
Omstruktureringsplan inlämnad den 25 juni 2014, s.
Commission Decision of 19 November 2008 in State aid N 560/2008 ‘Support Measures for the Credit Institutions in Greece’ ( OJ C 125, 5.6.2009, p.
147.
6).
Se åtagandena i bilagan, kapitel II.
It was registered under the number SA.26678 (N 560/2008).
Se åtagandet i bilagan, kapitel II.
That scheme was subsequently prolonged and amended as described in footnote 4.
Se bilagan, kapitel II.
‘The Bank’ refers to the Piraeus Bank Group.
Se bilagan, kapitel III, avsnitt A.
See footnote 1.
Se bilagan, kapitel III, avsnitt C.
HFSF press release, 24 December 2012, available online at: http://www.hfsf.gr/files/press_release_20121224_en.pdf.
”När det gäller de teckningsoptioner som den grekiska finansiella stabilitetsfonden har utfärdat bör det avslutningsvis förtydligas att Grekland kommer att begära kommissionens godkännande innan Alpha bank eller något statligt organ (inklusive den grekiska finansiella stabilitetsfonden) köper tillbaka teckningsoptionerna, så att Europeiska kommissionen kan kontrollera att det planerade återköpet av teckningsoptionerna inte strider mot villkoren för statlig ersättning i reglerna om statligt stöd.”
Those measures were registered by the Commission as Case SA.36005 (2013/NN).
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.
Commission Decision of 23 May 2011 in State Aid SA.31154 ‘ Restructuring of Agricultural Bank of Greece’, ( OJ C 317, 29.10.2011, p.
2).
A Purchase & Assumption is a resolution procedure which consists of identifying, in a legal entity under liquidation, the assets and liabilities of high quality and auctioning them in order to transfer them to a viable company.
Skäl 68 i beslutet att inleda förfarandet i ärendet Piraeus.
Commission Decision of 3 May 2013 in State Aid SA.35460 ‘Liquidation aid for ATE Bank resolution’, ( OJ C 261, 10.9.2013, p.
Se skäl 35.
1).
Se skäl 101.
See section 2.3.3.3.
Meddelande från kommissionen om tillämpning, från och med den 1 januari 2012, av reglerna om statligt stöd på stödåtgärder till förmån för banker i samband med finanskrisen (EUT C 356, 6.12.2011, s.
Eurogroup meeting is the meeting of the finance ministers of the Eurozone, that is to say the Member States that have adopted the Euro as their official currency.
7).
European Commission – Directorate-General Economic and Financial Affairs.
Meddelande från kommissionen om tillämpning, från och med den 1 augusti 2013, av reglerna om statligt stöd på stödåtgärder till förmån för banker i samband med finanskrisen (EUT C 216, 30.7.2013, s.
The Second Economic Adjustment Programme for Greece — March 2012, p.
1).
17, available online athttp://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp94_en.pdf.
Se fotnot 6.
See section II ‘The restructuring of the Greek Sovereign Debt’ of the Report on the Recapitalisation and Restructuring of the Greek Banking Sector, Bank of Greece, December 2012, available online at: http://www.bankofgreece.gr/BogEkdoseis/Report_on_the_recapitalisation_and_restructuring.pdf.
Se skäl 41 i kommissionens beslut i ärende NN 51/2008, Garantiordning för banker i Danmark (EUT C 273, 28.10.2008, s.
Press release of Ministry of Finance of 9 March 2012, available online at: http://www.pdma.gr/attachments/article/80/9%20MARCH%202012%20-%20RESULTS.pdf.
2).
See footnote 14, p.
Omstruktureringsplan inlämnad den 25 juni 2014, s.
106.
51.
See footnote 15.
Se beslutet att inleda förfarandet i ärendet Piraeus, skäl 41.
See footnote 14, p.
Det konstateras också att Grekland beviljade stödet till banken inom ramen för stödordningen för bankindustrin i Grekland, som har godkänts av kommissionen med stöd av artikel 107.3 b i fördraget samt via den grekiska finansiella stabilitetsfonden, vars inrättande också har godkänts genom ett kommissionsbeslut.
104.
Se fotnot 6.
The European Central Bank and the national central banks together constitute the Eurosystem, the system of central banks of the euro area.
Se skäl 96.
Press release of Ministry of Finance of 3 December 2012, available online at: http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdf.That buy-back of its own debt at a price deeply below face value generated a significant debt reduction for Greece.
Den upplupna räntan räknas som ytterligare bidrag från den grekiska finansiella stabilitetsfonden och minskade därför de utbetalningar som fonden var tvungen att göra till banken för att betala rekapitaliseringen våren 2013.
In the absence of such a buy-back, the market value of those new GGBs could have increased depending on the evolution of market parameters such as interest rates and the probability of default of Greece.
[101] Se även avsnitt 7.5.1.
Included the expected loss from the new loan production in Greece over the period from June 2013 to December 2016.
Teoretisk aktiekurs exklusive värdet på teckningsrätter är den beräknande kurs som aktien förväntas handlas till efter att rätten att erhålla teckningsrätter förverkats.
The impact of the foreign risk CLPs was calculated after foreign tax and taking into account the disposal commitments which had been provided to the Directorate-General for Competition Policy at that time.
Det är en allmän vedertagen marknadsmetod för att kvantifiera utspädningseffekten vid en kapitalökning.
NBG loan loss reserves at 30 June 2013 pro-forma of the provisions of First Business Bank and Probank.
Se skäl 55.
Eurobank loan loss reserves at 30 June 2013 pro-forma of the provisions of New Hellenic Postbank and New Proton Bank, which were acquired in August 2013.
http://www.epant.gr/apofasi_details.php?Lang=gr&id=345&nid=689
Annual report 2012, http://www.piraeusbankgroup.com/en/investors/financials/annual-reports.
http://www.epant.gr/news_details.php?Lang=en&id=89&nid=497
See Table 2.
Kommissionens meddelande av den 30 augusti 2013 i ärende SA.34724, Restructuring of Banco Comercial Português (BCP) Group, ännu ej offentliggjort.
For 2012, that amount does not include the two bridge recapitalisations received by the Bank.
Se tabell 2.
The amount for 2013 includes the full Spring 2013 recapitalisation
http://www.piraeusbankgroup.com/en/investors/financials/presentation-audio-archive
Including ATE and Geniki
Kommissionen konstaterar även att en del av bankens likviditetsbehov härrör från den atypiska formen av den grekiska finansiella stabilitetsfondens deltagande i den första och andra tillfälliga rekapitaliseringen samt i rekapitaliseringen våren 2013.
Including ATE Geniki, Greek branches of the three Cypriot Banks, MBG
Som vederlag för sitt deltagande överförde den grekiska finansiella stabilitetsfonden faktiskt EFSF-obligationer till banken i stället för kontanter.
See section 2.3.1.2 State recapitalisation granted under the recapitalisation measure.
Banken innehar ett stort antal medel- och långfristiga EFSF-obligationer, som ökar dess finansieringsbehov jämfört med om rekapitaliseringen hade betalats i kontanter Den delen av likviditetsbehovet är inte ett tecken på en olämplig affärsmodell eller balansräkningsstruktur.
Restructuring plan submitted on 25 June 2014, p.
Den kommer automatiskt att försvinna när EFSF-obligationerna löper ut.
40.
Omstruktureringsplan inlämnad den 25 juni 2014, s.
See recital 27 of the ATE Liquidation Decision.
132.
Hellenic Bank Association, data available online at: http://62.1.43.74/4Statistika/UplPDFs/network2012engl.pdf.
Se skäl 52.
Business secret
Se skäl 132.
The report was prepared by PIMCO, dated 1 February 2013 and entitled ‘Independent Due Diligence of the Banking System in Cyprus’.
Av de skäl som anges i avsnitt 7.1.3.5 måste storleken på det föreslagna egna bidraget jämföras med bankens storlek före förvärven av ATE:s överlåtna verksamhet, Geniki, BCP och den cypriotiska överlåtna verksamheten.
Capital estimates were generated under both a base and an adverse macroeconomic scenario.
Om hänsyn endast tas till det stöd faktiskt betalades ut, vilket ger störst fördel och därför snedvrider konkurrensen mest, minskar stödbeloppet till 19,4 % av bankens riskvägda tillgångar.
The applicable reference date for the exercise was 30 June 2012 and the forecast period extended from 30 June 2012 through 30 June 2015.
Omstruktureringsplan inlämnad den 25 juni 2014, s.
See recital 101.
35.
Ibid.
Se bilagan, kapitel II.
Restructuring plan submitted on 25 June 2014, p.
BILAGA