- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y’i mabwysiadwyd gan yr UE)
Commission Decision (EU) 2015/1092 of 23 July 2014 on the State aid SA.34824 (2012/C), SA.36007 (2013/NN) SA.36658 (2014/NN), SA.37156 (2014/NN), SA.34534 (2012/NN) implemented by Greece for National Bank of Greece Group related to: Recapitalisation and restructuring of National Bank of Greece S.A., Resolution of First Business Bank S.A. through a transfer order to National Bank of Greece S.A., Resolution of Probank S.A. through a transfer order to National Bank of Greece S.A., Resolution of Cooperative Bank of Lesvos-Limnos, Cooperative Bank of Achaia, and Cooperative Bank of Lamia (notified under document C(2014) 5201) (Only the English text is authentic) (Text with EEA relevance)
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HELLENIC REPUBLIC
MINISTRY OF FINANCE
OFFICE SECRETARY GENERAL
Athens, June 2014
The Hellenic Republic shall ensure that the Bank is implementing the restructuring plan submitted on 24 June 2014. The restructuring plan is based on macroeconomic assumptions as provided by the European Commission (the ‘Commission’) in Appendix I as well as regulatory assumptions.
The Hellenic Republic hereby provides the following Commitments (the ‘Commitments’) which are integral part of the restructuring plan. The Commitments include the commitments regarding to the implementation of the restructuring plan (the ‘Restructuring Commitments’) and the Commitments on Corporate Governance and Commercial Operations.
The Commitments shall take effect upon the date of adoption of the Commission's decision approving the restructuring plan (the ‘Decision’).
The restructuring period shall end on 31 December 2018. The Commitments apply throughout the restructuring period unless the individual Commitment states otherwise.
This text shall be interpreted in the light of the Decision in the general framework of Union law, and by reference to Council Regulation (EC) No 659/99(1).
For the purpose of the Commitments, the following terms shall mean:
:
National Bank of Greece S.A. and all its subsidiaries. Therefore, it includes the entire National Bank of Greece Group with all its Greek and non-Greek subsidiaries and branches, both banking and non-banking.
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a bid which results in an increase in the regulatory capital ratio of the Bank, taking into account all relevant elements, in particular the profit/loss booked on the transaction and the reduction of RWA resulting from the sale (if necessary corrected for the increase of RWA resulting from remaining financing links).
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a bid which results in an increase in the regulatory capital ratio of the Bank. Any bid above the book value of […] in the account of the Bank is automatically assumed to be capital accretive.
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the date of transfer of the legal title of the Divestment Business to the Purchaser.
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all the businesses and assets that the Bank commits to sell.
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the date of adoption of the Decision.
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31 December 2018.
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assets related to the activities of customers outside Greece, independently of the country where the assets are booked. For instance, assets booked in Luxembourg but related to the activities of customers in Greece are not included in the scope of this definition. Conversely, assets booked in Luxembourg or Greece but related to the activities of customers in other SEE countries are considered as foreign assets and are included in the scope of this definition.
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foreign banking and non-banking subsidiaries and branches of the Bank.
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all banking and non-banking subsidiaries of the Bank outside Greece.
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the Bank's Greek banking activities independently from where the assets are booked.
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the Bank's Greek non-banking activities independently from where the assets are booked.
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all Greek banking and non-banking subsidiaries of the Bank.
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one or more natural or legal person(s), independent from the Bank, approved by the Commission and appointed by the Bank; the Monitoring Trustee has the duty to monitor the Bank's compliance with the Commitments.
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one or more natural or legal person(s) to acquire, in whole or in part, the Divestment Business.
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the sale of 100 % of the shareholding held by the Bank, unless the individual Commitment states otherwise.
For the purpose of the Commitments, the singular of those terms shall include the plural (and vice versa), unless the Commitments provide otherwise.
The Bank shall not indirectly support Finansbank by any transfer of loans or any other assets to another entity of the Bank.
[…]
[…]
[…]
The Purchaser shall be independent of and unconnected to the Bank;
For the purpose of acquiring the Divestment Business, the Purchaser shall not be financed directly or indirectly by the Bank(3);
The Bank shall, for a period of 5 years after the closing of the sale, not acquire direct or indirect influence over the whole or part of the Divestment Business without a pre-approval from the Commission.
This Commitment shall not apply to the following securities (the Exempted Securities):
[…]
[…]
[…]
[…]
[…]
:
Unless the Commission otherwise agrees to an exemption, the Hellenic Republic commits that:
The Bank shall not pay any coupons on hybrid capital instruments (or any other instruments for which the coupon payment is discretionary) or dividends on own funds instruments and subordinated debt instruments other than where there is a legal obligation to do so. […] The Bank shall not release reserves to put itself in such a position. In case of doubt as to whether, for the purpose of the present Commitment, a legal obligation exists, the Bank shall submit the proposed coupon or dividend payment to the Commission for approval;
The Bank shall not repurchase any of its own shares or exercise a call option in respect of those own funds instruments and subordinated debt instruments;
The Bank shall not buy back hybrid capital instruments.
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The Hellenic Republic commits that the Bank shall not acquire any stake in any undertaking, be it an asset or share transfer. That ban on acquisitions covers both undertaking which have the legal form of a company and any package of assets which forms a business(9).
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Notwithstanding that prohibition, the Bank may, after obtaining the Commission's approval, and, where appropriate, on a proposal of the HFSF, acquire businesses and undertakings if it is in exceptional circumstances necessary to restore financial stability or to ensure effective competition.
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The Bank may acquire stakes in undertakings provided that:
The purchase price paid by the Bank for any acquisition is less than [[…] %] of the balance sheet size(10) of the Bank at the Effective Date of the Commitments(11); and
The cumulative purchase prices paid by the Bank for all such acquisitions starting with the Effective Date of the Commitments until the end of the restructuring period, is less than [[…] %] of the balance sheet size of the Bank at the Effective Date of the Commitments.
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The acquisition ban shall not cover acquisitions that take place in the ordinary course of the banking business in the management of existing claims towards ailing firms.
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The Hellenic Republic commits that the Bank shall refrain from advertising referring to state support and from employing any aggressive commercial strategies which would not take place without the support of the Hellenic Republic.
The Secretary-General
Christina Papakonstantinou
Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 108 of the Treaty on the Functioning of the European Union (OJ L 83, 27.3.1999, p. 1).
This amount does not include any TEKE/Skelos Exygiansis (bank resolution scheme) costs.
This does not apply to the sale of real estate, in which case the Bank can provide financing to the Purchaser, if this new lending is performed in line with prudent lending practice. For the purpose of verifying the compliance with the commitment on deleveraging of non-Greek assets, any new lending falling in the defining of non-Greek assets will be taken into account.
For the purpose of that Commitment, the term ‘loans’ shall be interpreted largo sensu, as any kind of financing, e.g. credit facility, guarantee, etc.
For clarification, ‘other banks’ refer to any bank — financial institution in the world.
For clarification, all borrowers, including the Bank's private banking clients are covered by that Commitment.
For clarification, the new production of loans covers also the rolling over of loans and the restructuring of existing loans.
For clarification, ‘annual % of Y-1 stock’ refers to the new production as a percentage of the stock at the end of the previous year. The amount of RWA is the one at the end of the year.
For clarification, for the purpose of that Commitment, the Bank's Private Equity/Venture Capital business shall be excluded from the scope of that Commitment. In that respect, the Bank shall make a formal request to the Commission, which shall include a business plan for that entity.
For clarification, for the purpose of that Commitment, the size of the balance sheet is equal to the Bank's total assets.
For clarification, in case the Commission's approval to lift the acquisition ban is obtained according to point i., paragraph (28), Chapter III of the Commitments, the balance sheet of the Bank at the Effective Date of the Commitments shall be calculated to include also the assets of the acquired entities or the acquired assets at the date of acquisition.
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