INHALT

Commission Decision (EU) 2015/454 of 9 July 2014 on the State aid SA.34823 (2012/C), SA.36004 (2013/NN), SA.37965 (2013/N), SA.37966 (2013/N), SA.37967 (2013/N) implemented by Greece for Alpha Bank Group relating to: Recapitalisation and restructuring of Alpha Bank S.A., — Resolution of Cooperative Bank of Western Macedonia through a transfer order to Alpha Bank S.A., — Resolution of Evia Cooperative Bank through a transfer order to Alpha Bank S.A., — Resolution of the Cooperative Bank of Dodecanese through a transfer order to Alpha Bank S.A. (notified under document C(2014) 4662) Text with EEA relevance

COMMISSION DECISION (EU) 2015/454
of 9 July 2014
on the State aid SA.34823 (2012/C), SA.36004 (2013/NN), SA.37965 (2013/N), SA.37966 (2013/N), SA.37967 (2013/N) implemented by Greece for Alpha Bank Group relating to:
(notified under document C(2014) 4662)
(Only the English text is authentic)
(Text with EEA relevance)
1.
PROCEDURE
1.1. PROCEDURE RELATED TO ALPHA BANK
1.2. PROCEDURE RELATED TO THE STATE SUPPORT GRANTED TO THE THREE COOPERATIVE BANKS
2.
DESCRIPTION
2.1. THE BANK AND ITS DIFFICULTIES
2.1.1.
General context of the Greek banking sector
2.1.2.
The beneficiary
2.2. THE BANK’S ACQUISITIONS OF GREEK BANKING ACTIVITIES
2.2.1.
Acquisition of Emporiki Bank
2.2.2.
Acquisition of selected liabilities of the three Cooperative Banks
2.2.2.1.
Dodecanese Bank
2.2.2.2.
Evia Bank
2.2.2.3.
Western Macedonia Bank
2.2.3.
Acquisition of Citibank Greece
2.3. AID MEASURES
2.3.1.
Aid measures granted to the Bank under the Greek Banks Support Scheme (measures L1 and A)
2.3.1.1.
State liquidity support granted under the guarantee and the government bond loan measures (measure L1)
2.3.1.2.
State recapitalisation granted under the recapitalisation measure (measure A)
2.3.2.
State-guaranteed ELA (measure L2)
2.3.3.
Aid measures granted to the Bank through the HFSF (measures B1, B2, B3 and B4)
2.3.3.1.
The first bridge recapitalisation (measure B1)
2.3.3.2.
The second bridge recapitalisation (measure B2)
2.3.3.3.
The commitment letter of 21 December 2012 (measure B3)
2.3.3.4.
HFSF’s participation in the Spring 2013 recapitalisation (measure B4)
2.3.4.
State support measures to the three Cooperative Banks
2.4. THE RESTRUCTURING PLAN
2.4.1.
Domestic operations
2.4.2.
International banking activities
2.4.3.
Private capital raising and contribution by existing shareholders and subordinated creditors
2.5. COMMITMENTS OF THE GREEK AUTHORITIES
3.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
4.
COMMENTS FROM INTERESTED PARTIES ON THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
4.1. COMMENTS FROM THE BANK
4.2. COMMENTS FROM ANOTHER GREEK BANK
5.
COMMENTS FROM GREECE ON THE FORMAL INVESTIGATION PROCEDURE ON THE FIRST BRIDGE RECAPITALISATION
5.1. COMMENTS FROM THE BANK OF GREECE
5.2. COMMENTS FROM THE HFSF
6.
ASSESSMENT OF THE STATE SUPPORT RELATED TO THE ACQUISITION OF SELECTED LIABILITIES OF THE THREE COOPERATIVE BANKS
(i)
Existence of aid to the Cooperative Banks and the potentially transferred ‘activities’ to the Bank
(ii)
Existence of aid to the Bank
(iii)
Conclusion on the existence of aid
7.
ASSESSMENT OF AID GRANTED TO THE BANK
7.1. EXISTENCE AND THE AMOUNT OF AID
7.1.1.
Existence of aid in the measures granted under the Greek Bank Support Scheme (measures L1 and A)
7.1.1.1.
State liquidity support granted under the guarantee and the government bond loan measures (measure L1)
7.1.1.2.
State recapitalisation granted under the recapitalisation measure (measure A)
7.1.2.
Existence of aid in the State-guaranteed ELA (measure L2)
7.1.3.
Existence of aid in the measures granted through the HFSF (measures B1, B2, B3 and B4)
7.1.3.1.
First bridge recapitalisation (measure B1)
7.1.3.2.
Second bridge recapitalisation (measure B2)
7.1.3.3.
Commitment letter (measure B3)
7.1.3.4.
HFSF’s participation in the Spring 2013 recapitalisation (measure B4)
7.1.3.5.
Conclusion on measure B1, B2, B3 and B4
7.1.4.
Conclusion on the existence and total amount of aid received
7.2. LEGAL BASIS FOR THE COMPATIBILITY ASSESSMENT
7.2.1.
Legal basis for the assessment of the compatibility of the liquidity support to the Bank (measure L1)
7.2.2.
Legal basis for the assessment of the compatibility of the preference shares (measure A)
7.2.3.
Legal basis for the assessment of the compatibility of the State-guaranteed ELA (measure L2)
7.2.4.
Legal basis for the assessment of the compatibility of the HFSF recapitalisations (measures B1, B2, B3, and B4)
7.3. COMPLIANCE OF MEASURE L2 WITH THE 2008 BANKING COMMUNICATION, THE 2011 PROLONGATION COMMUNICATION AND THE 2013 BANKING COMMUNICATION
7.4. COMPLIANCE OF MEASURES B1, B2, B3 AND B4 WITH THE 2008 BANKING COMMUNICATION, THE RECAPITALISATION COMMUNICATION AND THE 2011 PROLONGATION COMMUNICATION
7.4.1.
Appropriateness of the measures
7.4.2.
Necessity – limitation of the aid to the minimum
7.4.3.
Proportionality – measures limiting negative spill-over effects
7.4.4.
Conclusion on the compliance of the HFSF recapitalisations with the 2008 Banking Communication, the Recapitalisation Communication and the 2011 Prolongation Communication
7.5. COMPLIANCE OF THE ACQUISITIONS WITH THE RESTRUCTURING COMMUNICATION
7.5.1.
Compliance of the acquisition of Emporiki Bank with the Restructuring Communication
7.5.1.1.
Effect of the acquisition of Emporiki Bank on the long-term viability of the Bank
7.5.1.2.
Effect of the acquisitions on the amount of aid needed by the Bank
7.5.1.3.
Distortive effect of the acquisitions on competition
7.5.1.4.
Conclusion on the acquisition of Emporiki Bank
7.5.2.
Compliance of the acquisition of the selected assets and liabilities of the three Cooperative Banks with the Restructuring Communication
7.5.2.1.
Effect of the acquisitions on the long-term viability of the Bank
7.5.2.2.
Effect of the acquisition on the amount of aid needed by the Bank
7.5.2.3.
Distortive effect of the acquisitions on competition
7.5.2.4.
Conclusion on the acquisition of the selected assets and liabilities of the three Cooperative Banks
.
7.5.3.
Compliance of the acquisition of Citibank Greece with the Restructuring Communication
7.5.3.1.
Effect of the acquisition on the long-term viability of the Bank
7.5.3.2.
Effect of the acquisition on the aid amount needed by the Bank
7.5.3.3.
Distortive effect of the acquisition on competition
7.5.3.4.
Conclusion on the acquisition of Citibank Greece
7.6. COMPLIANCE OF MEASURES A, B1, B2, B3, AND B4 WITH THE RESTRUCTURING COMMUNICATION
7.6.1.
Sources of difficulties and consequences on the assessment under the Restructuring Communication
7.6.2.
Viability
7.6.2.1.
Greek banking activities
7.6.2.2.
Corporate governance
7.6.2.3.
International activities
7.6.2.4.
Conclusion on viability
7.6.3.
Own contribution and burden-sharing
7.6.3.1.
Own contribution by the Bank: divestments and cost cutting
7.6.3.2.
Burden-sharing by historical shareholders and new capital raised on the market
7.6.3.3.
Burden-sharing by subordinated debt holders
7.6.3.4.
Conclusion on own contribution and burden-sharing
7.6.4.
Measures to limit distortions of competition
7.7. MONITORING
8.
CONCLUSION
Article 1
Article 2
ANNEX
ALPHA BANK – COMMITMENTS BY THE HELLENIC REPUBLIC
CHAPTER I. DEFINITIONS
CHAPTER II. RESTRUCTURING COMMITMENTS
CHAPTER III. COMMITMENTS ON CORPORATE GOVERNANCE AND COMMERCIAL OPERATIONS – PROLONGATION AND AMENDMENTS
Section A.
Setting up an efficient and adequate internal organisation
Section B.
Commercial practices and risk monitoring
General principles
Specific provisions
Provisions applying to connected borrowers
Section C:
Other restrictions
CHAPTER IV. MONITORING TRUSTEE
Appendix