natgillin/translations-raw huggingface dataset:
The foreign assets also constituted a drain on liquidity since the intra-group funding amounted to several billion euros.
Slutsatsen kan därför dras att genomförandet av omstruktureringsplanen kommer att övervakas på lämpligt sätt.
In conclusion, since, among the four largest Greek banks, the Bank had the lowest holding of GGBs at the time of the PSI and since the loss resulting from the PSI was larger than the aid received through measures B, B2, B3 and B4, it can be concluded that most 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.
SLUTSATS
Part of the need for aid stems from Greek loan losses due to the exceptionally deep and long recession and not from risky lending.
Slutsatsen blir att Grekland olagligen har genomfört stödåtgärderna B1, B2, B3 och B4 i strid med artikel 108.3 i fördraget, eftersom de genomfördes innan kommissionen gett sitt formella godkännande.
Such aid does not create moral hazard and is therefore less distortive.
Kommissionen konstaterar emellertid att omstruktureringsplanen, tillsammans med åtagandena i bilagan, säkerställer att bankens långsiktiga lönsamhet återställs, är tillräckliga i fråga om ansvarsfördelning och eget bidrag, samt är lämpliga och proportionella och därmed uppväger de snedvridande effekterna av de stödåtgärder som granskas i detta beslut.
Finally, a limited part of the need for aid comes from the Bank’s own risk taking as regards its foreign subsidiaries.
Den omstruktureringsplan och de åtaganden som presenterats uppfyller kriterierna i omstruktureringsmeddelandet, vilket gör att stödåtgärderna kan betraktas som förenliga med den inre marknaden.
Viability
HÄRIGENOM FÖRESKRIVS FÖLJANDE.
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).
Artikel 1
In the case at hand, the restructuring period is defined as the period between the date of adoption of this Decision and 31 December 2018.
Följande åtgärder som Grekland har genomfört utgör statligt stöd i den mening som avses i artikel 107.1 i fördraget:
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.
Det akuta likviditetsstöd till Alpha Bank SA som beviljats av Greklands centralbank och garanterats av Grekland (åtgärd L2).
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.
Den andra tillfälliga rekapitalisering på 1042 miljoner euro som den grekiska finansiella stabilitetsfonden (nedan kallad HFSF) beviljade Alpha Bank SA i december 2012 (åtgärd B2).
Greek banking activities
Den rekapitalisering på 4021 miljoner euro som HFSF beviljade Alpha Bank våren 2013 (åtgärd B4).
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.
HFSF:s finansiering av det totala finansieringsbehovet på 427 miljoner euro, inom ramen för överföringen av utvalda tillgångar och skulder i Cooperative Bank of Dodecanese, Evia Cooperative Bank och Cooperative Bank of Western Macedonia till Alpha Bank SA i december 2013, utgör inte statligt stöd i den mening som avses i artikel 107.1 i fördraget.
The reliance on State-guaranteed ELA, which has already fallen, will continue to decrease which will also help the Bank to reduce its cost of funding.
Mot bakgrund av den omstruktureringsplan för Alpha Bank Group (Alpha Bank och alla dess dotterbolag och filialer) som lades fram den 12 juni 2014 och de åtaganden som Grekland gjorde den dagen, är följande statliga stöd förenliga med den inre marknaden:
The sale of securities and of other non-core activities will also strengthen the liquidity position of the Bank.
Det akuta likviditetsstöd till Alpha Bank SA som beviljats av Greklands centralbank och garanterats av Grekland sedan juli 2011, till ett belopp på 23,6 miljarder euro per den 31 december 2012 (åtgärd L2).
Due to the still stressed liquidity position of the Bank, the Commission can accept the request of the Greek authorities to be authorised to provide liquidity to the Bank under the guarantee and government bond loan measures of the Greek Banks Support Scheme and under the State-guaranteed ELA.
Den första tillfälliga rekapitalisering på 1900 miljoner euro som HFSF beviljade Alpha Bank SA i maj 2012 (åtgärd B1).
The achievement of such a decrease in the cost of deposits will be a key contribution to improving the pre-provisioning profitability of the Bank.
Den rekapitalisering på 4021 miljoner euro som HFSF beviljade Alpha Bank SA i maj 2013 (åtgärd B4).
Since the start of the crisis the Bank has started rationalising its commercial network in Greece, through a reduction in the number of branches and employees [108].
Artikel 2
By 2017, the total costs of the Bank will have decreased by a further […]% compared to 2013.
Detta beslut riktar sig till Republiken Grekland.
To achieve that target Greece has committed that the Bank will reduce its branches and employees in Greece to […] and […] respectively at 31 December 2017, with maximum total costs [109] in Greece of EUR […] million.
Utfärdat i Bryssel den 9 juli 2014.
The expected cost-to-income ratio will be less than […]% at the end of the restructuring period.
På kommissionens vägnar
The Commission considers that the restructuring plan preserves the efficiency of the Bank in the new market environment.
Vice ordförande
One other key area is the handling of NPL, since they amounted to 32,4 % of the portfolio at 31 December 2013 [110].
Kommissionens beslut av den 19 november 2008 i ärendet om statligt stöd N 560/2008, Support Measures for the Credit Institutions in Greece (EUT C 125, 5.6.2009, s.
The Bank plans to enhance its credit policy (limits, collateral coverage) and to focus on the core activity in order to minimise its losses.
6).
Greece has also given a commitment that the Bank will comply with high standards as regards its credit policy in order to manage risks and to maximise the value for the Bank at each stage of the credit process, as described in recital 122.
Det tilldelades numret SA.26678 (N 560/2008).
Corporate governance
Systemet förlängdes och ändrades sedan enligt beskrivningen i fotnot 2.
Another point of attention is the governance of the Bank given that the HFSF owns 69,9 % [111] of the Bank’s shares following the 2014 share capital increase, but with restricted voting power.
Se kommissionens beslut av den 27 juli 2012 i ärendet om statligt stöd SA.34823 (2012/C) (ex2012 NN), Grekiska finansiella stabilitetsfondens rekapitalisering av Alpha Bank (EUT C 357, 20.11.2012, s.
Additionally, some of the private investors which control the Bank also own warrants and thus would gain the full benefit should the share price soar during the restructuring period.
36).
Because that situation could create moral hazard, a specific relationship framework was agreed between the Bank and the HFSF in 2013.
Pressmeddelande från HFSF av den 24 december 2012, se http://www.hfsf.gr/files/press_release_20121224_en.pdf
That agreement protects the day-to-day business of the Bank from any interference from its main shareholders, while ensuring that the HFSF can monitor the implementation of the restructuring plan and prevent excessive risk-taking by the Bank’s management through appropriate consultation procedures.
Kommissionen registrerade dessa åtgärder som ärende SA.36004 (2013/NN).
The Bank has also committed to monitor closely its exposure to connected borrowers.
Anmälan registrerades med nummer SA.34823 (2012/C) (ex2012 NN).
The Commission notes positively the fact that the HFSF automatically regains voting rights if the Bank does not implement its restructuring plan.
Europeiska kommissionens generaldirektorat för ekonomi och finans.
International activities
The Second Economic Adjustment Programme for Greece ‒ March 2012, s.
Some of the Bank’s international activities have drained the Bank’s capital, liquidity and profitability in the past, as explained in recital 266.
17, som finns på internet: http://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp94_en.pdf
The restructuring plan anticipates that the Bank will continue to re-focus on its domestic market.
Se avsnitt II, ”The restructuring of the Greek Sovereign Debt” i Report on the Recapitalisation and Restructuring of the Greek Banking Sector, Greklands centralbank, december 2012, som finns på internet: http://www.bankofgreece.gr/BogEkdoseis/Report_on_the_recapitalisation_and_restructuring.pdf
The Bank has already sold its unprofitable subsidiary in Ukraine.
Det grekiska finansministeriets pressmeddelande av den 9 mars 2012, som finns på internet: http://www.pdma.gr/attachments/article/80/9%20MARCH%202012%20-%20RESULTS.pdf
It is planning further rationalisation of its network in retained subsidiaries, as described in recital 109.
Se fotnot 7, s.
The total amount of foreign assets will shrink by at least a further […]% by 31 December 2017 (compared to 31 December 2012).
106.
The overall profitability of international activities will be restored from […] onwards.
Se fotnot 8.
Therefore the Commission believes that the Bank will have sufficiently restructured and reduced those foreign businesses in size to avoid it being exposed to additional capital needs and liquidity shortages in the future.
Se fotnot 7, s.
The commitment described in recital 119 to refrain from injecting large amounts of capital in the Bank’s international subsidiaries also ensures that foreign subsidiaries will not represent a threat for capital or liquidity.
104.
Conclusion on viability
Europeiska centralbanken och de nationella centralbankerna utgör tillsammans Eurosystemet, gruppen av centralbanker i euroområdet.
The base case scenario as described in section 2.4 shows that at the end of the restructuring period the Bank will be able to realise a return which allows it to cover all its costs and provide an appropriate return on equity taking into account its risk profile.
Det grekiska finansministeriets pressmeddelande av den 3 december 2012, som finns på internet: http://www.pdma.gr/attachments/article/248/Press%20Release%20-%20December%2003.pdfDet faktum att den egna skulden köptes tillbaka till ett mycket lägre pris än det nominella värdet ledde till en betydande skuldminskning för Grekland.
At the same time, the Bank’s capital position is projected to remain at a satisfactory level.
Utan ett sådant återköp skulle de nya grekiska statsobligationernas marknadsvärde ha kunnat öka beroende på utvecklingen av marknadsparametrar såsom räntor och sannolikheten för Greklands fallissemang.
Finally, the Commission takes note of the adverse scenario described in the restructuring plan of the Bank as submitted by the Greek authorities.
Inbegripet den förväntade förlusten till följd av tillkomsten av nya lån i Grekland från juni 2013 till december 2016.
That adverse scenario is based on a set of assumptions agreed with the HFSF.
Effekterna av kreditriskprognoserna för utländsk risk beräknades efter utländsk skatt och med hänsyn tagen till de åtaganden som då gavs generaldirektoratet för konkurrens i fråga om avyttringar.
It takes into account a longer and deeper recession, as well as a more severe deflation of real estate prices [112].
NBG:s kreditförlustreserver den 30 juni 2013 pro forma avseende avsättningarna vid First Business Bank och ProBank.
The restructuring plan shows that the Bank is able to withstand a reasonable amount of stress as, in the adverse scenario, the Bank remains profitable and well capitalised at the end of the restructuring period.
Eurobanks kreditförlustreserver den 30 juni 2013 pro forma avseende avsättningarna vid New Hellenic Postbank och New Proton Bank, som förvärvades i augusti 2013.
The amount of additional capital which was raised in 2014, namely EUR 1,2 billion, is sufficient to cope with the baseline scenario of the 2013 stress test in the restructuring period and to repay the preference shares, which the Bank did in April 2014 [113].
Se tabell 2.
The Bank will also submit a contingent capital plan to the Bank of Greece with measures to be implemented if the economic environment deteriorates further.
Information från Alpha Bank till kommissionen den 25 juni 2013.
The Commission recalls that in the assessment of the capital needs under the baseline scenario, the Bank of Greece already introduced several adjustments which resulted in an increase of the estimated capital needs compared to the capital needs estimated by the Bank in its own baseline scenario.
Årsredovisningarna för 2011: http://www.alpha.gr/files/investorrelations/GROUP_IAS_FY_2011_en1.pdf
The Commission therefore considers that the baseline capital needs estimated by the Bank of Greece assume a certain degree of stress.
Se punkt 2.3.1.2 Statlig rekapitalisering som beviljats inom ramen för rekapitaliseringsåtgärden.
To conclude that the Bank is viable, the Commission does not require that the Bank has enough capital upfront to cover the stressed scenario capital needs estimated by the Bank of Greece, as the latter estimated level represents a high level of stress and as the March 2014 capital raising shows that the Bank has regained access to capital markets.
Konsoliderad årsredovisning för Emporiki Bank den 31 december 2011, s.
In addition, it is positive that the Bank will not make additional investments in non-investment grade paper, which will help to preserve its capital and liquidity position.
9.
It is therefore concluded that the Bank has taken sufficient measures to restore its long-term viability.
HFSF:s årsredovisning för perioden 1 januari 2012–31 december 2012, s.
Own contribution and burden-sharing
8, som finns på internet: http://www.hfsf.gr/files/hfsf_annual_report_2012_en.pdf
As stated in the Restructuring Communication, banks and their stakeholders need to contribute to the restructuring as much as possible in order to ensure that aid is limited to the minimum necessary.
Köp och övertagande (Purchase & Assumption) är ett resolutionsförfarande som innebär att man i ett rättssubjekt som tvingats till likvidation identifierar tillgångar och skulder av hög kvalitet och auktionerar ut dem för att överföra dem till ett lönsamt företag.
Thus banks should use their own resources to finance the restructuring, for instance by selling assets, while the stakeholders should absorb the losses of the bank where possible.
Se beslut 97/3/8.2.2013 från kredit- och försäkringskommittén vid Greklands centralbank.
Own contribution by the Bank: divestments and cost cutting
Se beslut 14/4/8.12.2013 från kommittén för resolutionsåtgärder vid Greklands centralbank.
The Bank has already divested some small foreign businesses (Ukraine) and deleveraged part of its portfolio in order to enhance both its capital adequacy and its liquidity position.
Se beslut 14/5/8.12.2013 från kommittén för resolutionsåtgärder vid Greklands centralbank.
For instance the Bank has deleveraged EUR 1,9 billion of foreign assets from 2009 to 2013 [114].
Begreppet likviditetsgap kan därför vara missledande, eftersom det avser en kapitalstödåtgärd och inte likviditetsstöd.
The restructuring plan foresees the sale of further assets in South-Eastern Europe, as described in recital 107.
Se beslut 97/2/8.2.2013 från kredit- och försäkringskommittén vid Greklands centralbank.
Considering the deleveraging and the divestments already implemented and following the implementation of those commitments, the Bank will have significantly reduced its geographical footprint in South-Eastern Europe.
Se beslut 14/1/8.12.2013 från kommittén för resolutionsåtgärder vid Greklands centralbank.
The downsizing of the Bank’s international assets will also significantly reduce the contingent risk that aid will be needed in the future.
Se beslut 14/2/8.12.2013 från kommittén för resolutionsåtgärder vid Greklands centralbank.
It therefore helps to reduce the amount of aid to the minimum.
Se beslut 97/1/8.2.2013 från kredit- och försäkringskommittén vid Greklands centralbank.
The Bank sold its insurance activities in 2007.
Se beslut 14/7/8.12.2013 från kommittén för resolutionsåtgärder vid Greklands centralbank.
It therefore has no significant activity in that market which could be sold to generate resources.
Se beslut 14/8/8.12.2013 från kommittén för resolutionsåtgärder vid Greklands centralbank.
In order to limit its capital needs, the Bank will not use capital to support or grow its foreign subsidiaries, as described in recital 119.
En uttagsautomat är en elektronisk banktjänst, genom vilken kunderna kan utföra grundläggande transaktioner utan hjälp av kassör, exempelvis ta ut pengar.
Additionally, the commitments made by Greece provide that the Bank will not make further acquisitions.
Uppgifter från de grekiska myndigheterna den 24 juni 2014.
The Bank has also engaged in a far-reaching cost reduction programme, as indicated in section 2.4.2.
Omstruktureringsplanen för Alpha Bank, juni 2014, s.
Its costs will further decrease until 2017.
64.
Its workforce is being reduced and salaries adjusted downwards.
Begreppet riskvägda tillgångar är ett lagstadgat mått på ett finansinstituts totala riskexponering, vilket tillsynsmyndigheter använder för att övervaka finansinstituts kapitaltäckning.
Greece has also committed to limit the remuneration of the Bank’s managers, […].
Affärshemlighet
Burden-sharing by historical shareholders and new capital raised on the market
Enligt skrivelsen från Greklands centralbank av den 7 november 2011 tillämpas garantier för det totala akuta likviditetsstödet.
The historical shareholders of the Bank were diluted by the rights issue completed in 2009 [115] and then again by the HFSF recapitalisation (measure B4) and private capital raising of 2013 and March 2014.
Uppgifter från Greklands centralbank den 7 april 2014.
For instance, the stake held by the shareholders of the Bank, which at the time included the investors that injected money in 2009, was reduced from 100 % prior to the Spring 2013 recapitalisation to only 4,9 % after that recapitalisation.
Finansiella prognoser som bifogats omstruktureringsplanen för Alpha Bank, juni 2014.
In addition, the Bank has not paid any dividend in cash since 2008.
Se fotnot 4.
In addition to that burden-sharing by historical shareholders, the Bank has raised a significant amount of private capital since the crisis started in 2008, that is to say EUR 986 million in 2009, EUR 550 million in 2013 and EUR 1200 million in 2014.
Enligt det avtal som ingicks före tecknandet ska den faktiska risk som ska betalas till banken omfatta EFSF-obligationer samt eventuella kupongbetalningar och upplupen ränta på EFSF-obligationer för perioden mellan emissionen av obligationerna till konverteringen av förskottet till aktiekapital och andra konvertibla finansiella instrument.
Burden-sharing by subordinated debt holders
Se tabell 3.
The Bank’s subordinated debt holders have contributed to the restructuring costs of the Bank.
En aktiesplit är en företagshändelse som innebär att ett företag delar upp sina befintliga aktier till flera aktier.
The Bank performed several liability management exercises in order to generate capital.
Se fotnot 38.
The total amount of liabilities exchanged reached EUR 828 million, with a capital gain of EUR 436 million, as described in recital 114.
Den 10 december 2013 var lösenpriset till exempel 0,4488 euro, den 10 juni 2014 är det 0,4576 euro, den 10 december 2014 är det 0,4686 euro, den 10 juni 2015 är det 0,4796 euro och så vidare.
The still outstanding instruments are subject to the coupon ban mentioned in recital 124.
Se Alpha Banks tillkännagivande av den 10 juni 2013, Final Terms of Listing and Characteristics of the Titles representing shares ownership rights (Warrants) that resulted from the concluded share capital increase, som finns på internet: http://www.alpha.gr/files/investorrelations/1306010_Warrants_en.pdf
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.
Omstruktureringsplanen för Alpha Bank, juni 2014, s.
Conclusion on own contribution and burden-sharing
22.
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.
Enligt de finansiella prognoserna har banken åtagit sig att minska de utländska tillgångarna till […] miljarder euro, medan bankens totala tillgångar ska uppgå till […] miljarder euro 2018.
The downsizing only concerns the foreign activities [116], which account for a limited part of the Bank [117] and the restructuring does not envisage any reduction of the size of the loan and deposit books in Greece.
Omstruktureringsplanen för Alpha Bank, juni 2014, s.
However, in view of the elements discussed in section 7.6.1 and in particular the facts that Alpha Bank is the least aided bank among the large Greek banks and that the aid received fully 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, the restructuring plan can be considered as providing for sufficient own contribution and burden-sharing measures.
132, före förvärvet av Emporiki Bank.
Measures to limit distortions of competition
Omstruktureringsplanen för Alpha Bank, juni 2014, s.
The Restructuring Communication requires a restructuring plan to propose measures limiting distortions of competition and ensuring a competitive banking sector.
129.
Moreover, those measures should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Omstruktureringsplanen för Alpha Bank, juni 2014, 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.
102–103.
In that respect, the Commission recalls that the Bank has received capital support from the State equivalent to 12 % of its RWA [118].
Ökningen i antalet filialer och anställda mellan september 2012 och december 2013 berodde på förvärvet av Emporiki Bank.
In addition, the Bank has obtained liquidity guarantees amounting to EUR 14 billion at 30 November 2011 and government bond loans for an amount of EUR 1,6 billion at 30 September 2011, representing together 25 % of the Bank’s balance sheet at that date.
Omstruktureringsplanen för Alpha Bank, juni 2014, s.
In addition, the Bank received State-guaranteed ELA.
103.
The measures to limit potential distortions of competition are thus justified in view of that large amount of aid.
Finansiella prognoser som bifogats omstruktureringsplanen för Alpha Bank, juni 2014, uppgift för Alpha Bank Greece.
Additionally, the market share of the Bank in Greece is large, with market shares of 15 % for loans and 13 % for deposits at 31 December 2012.
Omstruktureringsplanen för Alpha Bank, juni 2014, s.
The acquisition of Emporiki Bank and, to a much smaller extent, of the three Cooperative Banks and of the Greek activities of Citibank increased the market shares of the Bank.
105.
After the acquisition of Emporiki Bank, the Bank’s market shares in deposits in Greece amounted to 21 % as of 30 June 2013, while its market shares in residential mortgages, consumer loans and corporate loans were 23 %, 20 % and 21 % respectively [119].
Omstruktureringsplanen för Alpha Bank, juni 2014, s.