ISSN 1977-091X |
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Official Journal of the European Union |
C 11 |
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English edition |
Information and Notices |
Volume 62 |
Contents |
page |
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I Resolutions, recommendations and opinions |
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RECOMMENDATIONS |
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European Central Bank |
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2019/C 11/01 ECB/2019/1 |
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II Information |
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INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES |
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European Commission |
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2019/C 11/02 |
Non-opposition to a notified concentration (Case M.8747 — Bolloré/APMM/CIT) ( 1 ) |
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IV Notices |
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NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES |
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European Commission |
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2019/C 11/03 |
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V Announcements |
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PROCEDURES RELATING TO THE IMPLEMENTATION OF COMPETITION POLICY |
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European Commission |
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2019/C 11/04 |
Prior notification of a concentration (Case M.9240 — Siemens Project Ventures/Veja Mate Offshore Project) — Candidate case for simplified procedure ( 1 ) |
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2019/C 11/05 |
Prior notification of a concentration (Case M.9170 — EPIC SNCF Mobilités/Ceetrus/JV) — Candidate case for simplified procedure ( 1 ) |
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Corrigenda |
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2019/C 11/06 |
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(1) Text with EEA relevance. |
EN |
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I Resolutions, recommendations and opinions
RECOMMENDATIONS
European Central Bank
11.1.2019 |
EN |
Official Journal of the European Union |
C 11/1 |
RECOMMENDATION OF THE EUROPEAN CENTRAL BANK
of 7 January 2019
on dividend distribution policies
(ECB/2019/1)
(2019/C 11/01)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 127(6) and Article 132 thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 34 thereof,
Having regard to Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (1), and in particular Article 4(3) thereof,
Having regard to Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 establishing the framework for cooperation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities (SSM Framework Regulation) (ECB/2014/17) (2),
Whereas:
Credit institutions need to continue preparing for a timely and full application of Regulation (EU) No 575/2013 of the European Parliament and of the Council (3) and Directive 2013/36/EU of the European Parliament and of the Council (4), and prepare for the expiration of the transitional period provided by the Regulation (EU) 2017/2395 of the European Parliament and of the Council (5) to mitigate the potentially significant negative impact on Common Equity Tier 1 capital resulting from expected credit loss accounting under IFRS 9 in a challenging macroeconomic and financial environment, which exerts pressure on credit institutions’ profitability and, as a result, on their capacity to build up their capital bases. Moreover, while credit institutions need to finance the economy, a conservative distribution policy is part of an adequate risk management and sound banking system. The same method that was set out in Recommendation ECB/2017/44 of the European Central Bank (6) should be applied,
HAS ADOPTED THIS RECOMMENDATION:
I.
1. |
Credit institutions should establish dividend policies using conservative and prudent assumptions in order, after any distribution, to satisfy the applicable capital requirements and the outcomes of the supervisory review and evaluation process (SREP).
These requirements are to be met on a consolidated, and if applicable, on a sub-consolidated level, as well as on an individual basis unless the application of prudential requirements has been waived on an individual basis, as provided for in Articles 7 and 10 of Regulation (EU) No 575/2013. |
2. |
With regard to credit institutions paying dividends (8) in 2019 for the financial year 2018, the ECB recommends that:
Credit institutions that are not able to comply with this Recommendation because they consider themselves legally required to pay-out dividends should immediately contact their joint supervisory team. Credit institutions in categories 1, 2, and 3 as referred to in paragraph 2(a), (b) and (c) are also expected to meet Pillar 2 guidance. If a credit institution operates or expects to operate below Pillar 2 guidance, it should immediately contact its joint supervisory team. The ECB will review the reasons why the credit institution’s capital level has fallen, or is expected to fall, and will consider taking appropriate and proportionate institution-specific measures. In their dividend policy and capital management, institutions are also expected to take into account the potential impact on capital demand due to future changes in the Union’s legal, regulatory and accounting frameworks. In the absence of specific information to the contrary, the future Pillar 2 requirements and Pillar 2 guidance used in capital planning are expected to be at least as high as the current levels. |
II.
This Recommendation is addressed to significant supervised entities and significant supervised groups as defined in points (16) and (22) of Article 2 of Regulation (EU) No 468/2014 (ECB/2014/17).
III.
This Recommendation is also addressed to the national competent authorities and designated authorities with regard to less significant supervised entities and less significant supervised groups as defined in points (7) and (23) of Article 2 of Regulation (EU) No 468/2014 (ECB/2014/17). The national competent and designated authorities are expected to apply this Recommendation to such entities and groups, as deemed appropriate (10).
Done at Frankfurt am Main, 7 January 2019.
The President of the ECB
Mario DRAGHI
(1) OJ L 287, 29.10.2013, p. 63.
(2) OJ L 141, 14.5.2014, p. 1.
(3) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
(4) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).
(5) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State (OJ L 345, 27.12.2017, p. 27).
(6) Recommendation ECB/2017/44 of the European Central Bank of 28 December 2017 on dividend distribution policies (OJ C 8, 11.1.2018, p. 1).
(7) All buffers at fully loaded levels.
(8) Credit institutions may have various legal forms, e.g. listed companies and non-joint stock companies such as mutuals, cooperatives or savings institutions. The term ‘dividend’ as used in this recommendation refers to any type of cash pay-out that is subject to the approval of the general assembly.
(9) In practice, this means that for the remainder of the transitional period, credit institutions should in principle retain at least the pro rata amount per year of the gap towards their fully loaded Common Equity Tier 1 capital ratio, their Tier 1 capital ratio and their total capital ratio, as referred to in paragraph 1(e).
(10) If this Recommendation is applied to less significant supervised entities and less significant supervised groups that consider themselves unable to comply because they regard themselves legally required to pay-out dividends, they should immediately contact their national competent authorities.
II Information
INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES
European Commission
11.1.2019 |
EN |
Official Journal of the European Union |
C 11/4 |
Non-opposition to a notified concentration
(Case M.8747 — Bolloré/APMM/CIT)
(Text with EEA relevance)
(2019/C 11/02)
On 21 December 2018, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in English and will be made public after it is cleared of any business secrets it may contain. It will be available:
— |
in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |
— |
in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32018M8747. EUR-Lex is the online access to European law. |
IV Notices
NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES
European Commission
11.1.2019 |
EN |
Official Journal of the European Union |
C 11/5 |
Euro exchange rates (1)
10 January 2019
(2019/C 11/03)
1 euro =
|
Currency |
Exchange rate |
USD |
US dollar |
1,1535 |
JPY |
Japanese yen |
124,70 |
DKK |
Danish krone |
7,4655 |
GBP |
Pound sterling |
0,90423 |
SEK |
Swedish krona |
10,2303 |
CHF |
Swiss franc |
1,1276 |
ISK |
Iceland króna |
137,10 |
NOK |
Norwegian krone |
9,7493 |
BGN |
Bulgarian lev |
1,9558 |
CZK |
Czech koruna |
25,626 |
HUF |
Hungarian forint |
321,16 |
PLN |
Polish zloty |
4,2959 |
RON |
Romanian leu |
4,6813 |
TRY |
Turkish lira |
6,2709 |
AUD |
Australian dollar |
1,6031 |
CAD |
Canadian dollar |
1,5251 |
HKD |
Hong Kong dollar |
9,0414 |
NZD |
New Zealand dollar |
1,6983 |
SGD |
Singapore dollar |
1,5584 |
KRW |
South Korean won |
1 289,04 |
ZAR |
South African rand |
15,9731 |
CNY |
Chinese yuan renminbi |
7,8213 |
HRK |
Croatian kuna |
7,4255 |
IDR |
Indonesian rupiah |
16 240,13 |
MYR |
Malaysian ringgit |
4,7265 |
PHP |
Philippine peso |
60,167 |
RUB |
Russian rouble |
77,2491 |
THB |
Thai baht |
36,802 |
BRL |
Brazilian real |
4,2451 |
MXN |
Mexican peso |
22,1283 |
INR |
Indian rupee |
81,2005 |
(1) Source: reference exchange rate published by the ECB.
V Announcements
PROCEDURES RELATING TO THE IMPLEMENTATION OF COMPETITION POLICY
European Commission
11.1.2019 |
EN |
Official Journal of the European Union |
C 11/6 |
Prior notification of a concentration
(Case M.9240 — Siemens Project Ventures/Veja Mate Offshore Project)
Candidate case for simplified procedure
(Text with EEA relevance)
(2019/C 11/04)
1.
On 3 January 2019, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).This notification concerns the following undertakings:
— |
Siemens Project Ventures GmbH (‘SPV’, Germany), belonging to the Siemens Aktiengesellschaft (‘Siemens AG’, Germany). |
— |
Veja Mate Offshore Project GmbH (‘VMOP’, Germany). |
SPV acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control over VMOP. The concentration is accomplished by way of changes in the shareholder structure.
2.
The business activities of the undertakings concerned are:
— |
SPV is active in the development and financing of projects and investments in these projects, in particular with regard to energy, hospitals and infrastructure. |
— |
VMOP operates an offshore wind farm with a capacity of 402 MW in the German North Sea. |
3.
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.
4.
The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.9240 — Siemens Project Ventures/Veja Mate Offshore Project
Observations can be sent to the Commission by email, by fax, or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu |
Fax +32 22964301 |
Postal address: |
European Commission |
Directorate-General for Competition |
Merger Registry |
1049 Bruxelles/Brussel |
BELGIQUE/BELGIË |
(1) OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).
11.1.2019 |
EN |
Official Journal of the European Union |
C 11/8 |
Prior notification of a concentration
(Case M.9170 — EPIC SNCF Mobilités/Ceetrus/JV)
Candidate case for simplified procedure
(Text with EEA relevance)
(2019/C 11/05)
1.
On 21 December 2018, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).This notification concerns the following undertakings:
— |
SNCF Mobilités (France), controlled by the French State, |
— |
Ceetrus France (‘Ceetrus’, France), controlled by the holding company Suraumarché. |
SNCF Mobilités and Ceetrus acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of a single-purpose semi-public company (société d’économie mixte à opération unique — SEMOP) called ‘Gare du Nord 2024’, the purpose of which is to execute a concession contract and an agreement for temporary occupation of publicly-owned property constituting rights in rem, authorising the SEMOP to occupy areas in stations used for activities of shops and services.
The concentration is accomplished by way of purchase of shares in a newly created company constituting a joint venture.
2.
The business activities of the undertakings concerned are:— SNCF Mobilités: transport of passengers and goods and, through its branch Gares & Connexions, management and development of the 3 000 French passenger stations,
— Ceetrus: mixed real estate development.
3.
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.
4.
The Commission invites interested third parties to submit to it their possible observations on the proposed operation.Observations must reach the Commission no later than 10 days following the date of publication of this notification. The following reference should always be specified:
M.9170 — EPIC SNCF Mobilités/Ceetrus/JV
Observations can be sent to the Commission by email, by fax, or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu |
Fax +32 22964301 |
Postal address: |
European Commission |
Directorate-General for Competition |
Merger Registry |
1049 Bruxelles/Brussel |
BELGIQUE/BELGIË |
(1) OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).
Corrigenda
11.1.2019 |
EN |
Official Journal of the European Union |
C 11/9 |
Corrigendum to Passenger Name Records (PNR)
List of Member States who have decided the application of the PNR Directive to intra-EU flights as referred to in Article 2 of Directive (EU) 2016/681 of the European Parliament and of the Council on the use of passenger name record (PNR) data for the prevention, detection, investigation and prosecution of terrorist offences and serious crime
(If a Member State decides to apply this Directive to intra-EU flights, it shall notify the Commission in writing. A Member State may give or revoke such a notification at any time. The Commission shall publish that notification and any revocation of it in the Official Journal of the European Union)
( Official Journal of the European Union C 196 of 8 June 2018 )
(2019/C 11/06)
On page 29:
The following Member States that have notified the Commission of the application of the PNR Directive in intra-EU flights are added:
— |
Greece |
— |
Cyprus |
— |
Romania. |