FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: The signed sales agreement included immediate prepayment of EUR 250 million by LBBW to the shareholders of Sachsen LB, who in turn injected this capital into the bank to cover losses. According to Germany, this amount was sufficient to fulfil the regulatory capital requirements and to absorb potential additional losses.
Danish: I den underskrevne salgsaftale indgik en forskudsbetaling på stedet på 250 mio. EUR fra LBBW til Sachsen LB's aktionærer, som til gengæld tilførte banken denne kapital til dækning af tab. Ifølge Tyskland var det tilstrækkeligt til at opfylde de lovfæstede solvenskrav og absorbere eventuelle yderligere tab.
English: Even if market conditions had improved from August [11] and selling the assets would have been a possibility, LBBW was neither capable nor willing to assume such high mark-to-market losses. To be able to conclude the deal, a solution had to be found to prevent these losses from being reflected in the valuation of Sachsen LB.
Italian: Anche se le condizioni di mercato fossero migliorate a partire dal mese di agosto [11], rendendo così possibile la vendita degli asset, la LBBW non aveva né la capacità né la disponibilità per accollarsi perdite mark to market così elevate.
Danish: Selv om markedsvilkårene havde bedret sig efter august [11], og det ville have været muligt at sælge aktiverne, hverken kunne eller ville LBBW påtage sig så store mark-to-market-tab.
English: LBBW, in turn, requested, in order to limit its risk to a normal commercial level, a guarantee by the Free State of Saxony covering any realistically assumed potential losses. The aim was to cover the portfolio from any possible losses that might occur if held to maturity.
Italian: Quest’ultima, dal canto suo, ha preteso dal Libero Stato di Sassonia una garanzia a copertura di tutte le perdite potenziali realisticamente prevedibili, per limitare il proprio livello di rischio al livello di un normale rischio operativo – il tutto allo scopo di mettere il portafoglio al riparo da eventuali perdite qualora lo stesso fosse stato conservato fino alla scadenza.
Danish: For at begrænse sin risiko til et normalt forretningsmæssigt niveau forlangte LBBW til gengæld en garanti fra delstaten Sachsen til dækning af alle realistisk forventelige potentielle tab. Formålet var at sikre porteføljen mod alle eventuelle tab, der kunne forekomme, hvis værdipapirerne lå til udløb.
English: In addition, the final agreement fixed a fee to be paid for the guarantee for the first four years at […] % per year of the amount of the guarantee which has not been used.
Portuguese: Além disso, o acordo final previa uma taxa de garantia durante os primeiros quatro anos, no valor de […]% por ano do montante máximo da garantia não utilizada.
Dutch: Daarnaast werd in de kaderovereenkomst een garantievergoeding van […] % per jaar van het niet opgeëiste maximumbedrag overeengekomen.
Danish: Desuden var der i den endelige aftale fastsat et gebyr for garantien de første fire år på […] % om året af den del af garantien, der ikke blev udnyttet.
Romanian: În plus, contractul final a stabilit o compensație care trebuie plătită pentru garanție în primii patru ani la un procent de […] % pe an din partea de garanție nefolosită.
English: It will then be reduced to 2/3 of the initial fee for the next 3 years and to 1/3 of the initial fee per year thereafter.
Portuguese: Após esse período, a taxa passaria para 2/3 da taxa inicial durante os 3 anos seguintes e para 1/3 da taxa inicial daí em diante.
Dutch: Deze vergoeding wordt na vier jaar looptijd van de garantie met een derde verminderd en na zeven jaar looptijd met nog eens een derde.
Danish: Det skulle derefter falde til 2/3 af det oprindelige gebyr hvert år de næste tre år og derefter til 1/3 hvert år.
Romanian: Apoi compensația va fi redusă la 2/3 din compensația inițială pentru următorii 3 ani și la 1/3 din compensația inițială per an pentru anii următori.
English: Owing to the allocation of risks between the two tranches, LBBW is liable with its liquidity for losses exceeding the maximum amount of the guarantee of EUR 2,75 billion of the Free State of Saxony, up to an amount of EUR 8,75 billion. Only further losses would be covered by the other Landesbanken.
Spanish: Debido al reparto de los riesgos entre los dos tramos, el LBBW debe responder con su liquidez por las pérdidas de hasta 8750 millones EUR, a saber, por un importe que sobrepase la garantía fijada por el Estado libre de Sajonia de 2750 millones EUR. Los Landesbanken solo tendrán que cubrir las demás pérdidas.
Italian: Sulla base della ripartizione dei rischi tra le due tranche, la LBBW garantisce con la propria liquidità perdite fino a 8,75 miliardi di EUR, cioè un importo superiore alla garanzia del Libero Stato di Sassonia, che è di 2,75 miliardi di EUR. Solo perdite eccedenti tale importo verrebbero coperte dalle altre banche regionali.
Portuguese: Em virtude da distribuição dos riscos entre as duas tranches, o LBBW responde com a sua liquidez perante perdas, que excedam o montante máximo da garantia de 2,75 mil milhões EUR prestada pelo Estado Livre da Saxónia, até ao valor de 8,75 mil milhões EUR. Apenas as perdas subsequentes seriam cobertas pelos restantes Landesbanken.
Danish: På grund af risikofordelingen mellem de to trancher hæfter LBBW med sin likviditet for tab, der overstiger maksimumbeløbet på 2,75 mia. EUR for delstaten Sachsens garanti og op til 8,75 mia. EUR. Kun tab derudover skal dækkes af de øvrige delstatsbanker.
Polish: W wyniku podziału ryzyka na dwie transze LBBW udziela poręczenia płynności na wypadek strat w wysokości do 8,75 mld EUR, tzn. na kwotę wyższą niż kwota gwarancji udzielonej przez Saksonię w wysokości 2,75 mld EUR. Wszelkie dalsze straty pokrywałyby pozostałe banki krajów związkowych.
Slovenian: Na podlagi razdelitve tveganj na obe tranši banka LBBW jamči s svojo likvidnostjo za izgube do 8,75 milijarde EUR, to pomeni za znesek, ki presega zagotovljeno jamstvo od zvezne dežele Saške v višini 2,75 milijarde EUR. Druge deželne banke bi tako krile le izgube, ki bi presegale to vrednost.
Romanian: Datorită alocării riscurilor între cele două tranșe, LBBW are răspunderea de a acoperi cu lichidități proprii pierderi mai mari decât valoarea maximă a garanției de 2,75 miliarde EUR acordate de landul Saxonia, până la suma maximă de 8,75 miliarde EUR. Doar pierderile suplimentare ar urma să fie acoperite de celelalte Landesbanken.
Lithuanian: Paskirsčius riziką abiem segmentams, LBBW savo likvidumu atsako už nuostolius, ne didesnius kaip 8,75 mlrd. EUR, t. y. už sumą, viršijančią Saksonijos federalinės žemės suteiktą garantiją, kuri yra 2,75 mlrd. EUR. Ir tik šią sumą viršijančius nuostolius padengtų kiti Landesbanken.
English: It raised doubts as to whether the Free State of Saxony had behaved like a market economy investor because liquidation would have been less costly than accepting the sale with the guarantee, and thus the sale might involve state aid elements to Sachsen LB. However, it did not express concerns that the sales price was too low and thus involved state aid elements to the buyer (i.e. LBBW).
Danish: Den var i tvivl om, hvorvidt delstaten Sachsen havde optrådt som en markedsøkonomisk investor, fordi det ville have været billigere at afvikle banken end at acceptere salget sammen med garantien, hvorfor salget muligvis involverede elementer af statsstøtte til Sachsen LB. Kommissionen udtalte sig dog ikke om, hvorvidt salgsprisen var sat for lavt og dermed involverede elementer af statsstøtte til køberen (dvs. LBBW).
English: Finally, Germany was of the opinion that an important compensation to be considered was the sale of Sachsen LB by its former owners to LBBW. The sale underlined the joint wish for a durable restructuring of the bank.
French: Enfin, selon l’Allemagne, il convient de voir une compensation significative dans le fait que la Sachsen LB a été vendue à la LBBW par ses anciens propriétaires: cette vente soulignerait le désir commun d’une restructuration durable de la banque.
Danish: Endelig var det Tysklands opfattelse, at den kendsgerning, at Sachsen LB's tidligere ejere havde solgt banken til LBBW, understregede, at der var et fælles ønske om en varig omstrukturering af banken.
English: The Commission then had to establish whether Sachsen LB’s costs under the guarantee go beyond the price received for Sachsen LB. This would at least be the case if the value of expected losses under the EUR 2,75 billion guarantee were to be above the amount received of EUR […] million (plus any potential nominal provisions of up to EUR […] million).
Danish: Kommissionen måtte derefter vurdere, om de omkostninger for Sachsen LB, der var dækket af garantien, var højere end den pris, der blev betalt for Sachsen LB. Det ville under alle omstændigheder være tilfældet, hvis værdien af forventede tab, der var omfattet af garantien på 2,75 mia. EUR, oversteg det beløb på […] mio. EUR, der blev betalt (plus alle potentielle hensættelser op til […] mio. EUR).
English: Thus, potential costs under Gewährträgerhaftung cannot be part of the Free State of Saxony’s assessment in its role as market economy investor when selling Sachsen LB. Also no other liabilities which could be taken into account in the quantification of the liquidation costs by a market economy investor were mentioned by Germany.
Danish: Potentielle omkostninger, der er omfattet af Gewährträgerhaftung, kan således ikke indgå i delstaten Sachsens vurdering som markedsøkonomisk investor i forbindelse med salget af Sachsen LB. Tyskland har ikke nævnt andre forpligtelser, som en markedsøkonomisk investor ville medregne ved kvantificeringen af omkostningerne ved en likvidation.
English: In the absence of the Super SIV, Sachsen LB would have had to cover mark-to-market losses of about EUR […(0,5-1,5)] billion. For that reason, the creation of the Super SIV is inextricably linked to the restructuring and sale of Sachsen LB. The price paid by LBBW and the valuation of the bank took account of the existence of the Super SIV and the liquidity provided by LBBW and the Landesbanken.
Danish: Uden Super SIV skulle Sachsen LB have dækket mark-to-market-tab på ca. […(0,5-1,5)] mia. EUR. Derfor er oprettelsen af Super SIV nøje knyttet til omstruktureringen og salget af Sachsen LB. Den pris, LBBW betalte, og værdiansættelsen af banken var baseret på eksistensen af Super SIV og den likviditet, LBBW og delstatsbankerne stillede til rådighed.
English: Moreover, the refinancing of the Super SIV by LBBW and the Landesbanken is not comparable to the first measure, which constitutes aid to the benefit of Sachsen LB. The market conditions in December 2007 and in August 2007 were substantially different.
Danish: LBBW's og de øvrige delstatsbankers refinansiering af Super SIV kan desuden ikke sammenlignes med den første foranstaltning, som udgjorde statsstøtte til fordel for Sachsen LB. Markedsvilkårene i december 2007 og august 2007 var væsensforskellige.
English: Moreover, the support is terminated and any liquidity reimbursed within a period of not more than six months after the disbursement of the first instalment to the firm. The measure has no structural element as it does not go beyond the mere provision of liquidity and is designed to be reversible as it is limited to six months.
Danish: Foranstaltningen indeholder intet strukturelt element, da den ikke omfatter andet end tilvejebringelse af likviditet, og den er udformet til at være reversibel, eftersom den er begrænset til seks måneder.
English: For reasons of completeness the Commission notes that the restructuring plan for Sachsen LB also pointed to a sustainable restoration of Sachsen LB on a stand-alone basis at the time of the sale of the bank even if this plan as such never materialised due to the integration of Sachsen LB into LBBW, which in turn reinforced the return to viability. In particular the plan, which was accompanied by a market study and was based on sound financial projections, made it clear that the chosen business model would work.
Danish: Kommissionen skal for fuldstændighedens skyld gøre opmærksom på, at omstruktureringsplanen for Sachsen LB også tydede på en bæredygtig genopretning af Sachsen LB som selvstændig virksomhed på det tidspunkt, salget fandt sted, også selv om planen i sin daværende udformning aldrig blev realiseret som følge af Sachsen LB's integrering i LBBW, hvilket til gengæld resulterede i en forstærket omstruktureringsindsats.
English: However, the proceeds from these sales are not exactly quantifiable at this stage.
Portuguese: No entanto, as receitas dessas vendas não são, na presente fase, quantificáveis com precisão.
Danish: Provenuet fra disse salg kan dog ikke kvantificeres præcist på nuværende tidspunkt.
Romanian: Cu toate acestea, câștigurile din aceste vânzări nu sunt cuantificabile în mod precis în acest stadiu.
English: They consequently cannot be taken into account as an own contribution.
Portuguese: Por consequência, não podem ser consideradas uma contribuição com base em recursos próprios.
Danish: De kan derfor ikke medregnes som bidrag med egne midler.
Romanian: Prin urmare, acestea nu pot fi luate în considerare ca fiind o contribuție proprie.
English: The Commission notes that the guarantee, although prima facie granted for securing the refinancing of the Super SIV, was in fact aid to Sachsen LB because it enabled the sale of Sachsen LB. Without the creation of the Super SIV, which was in turn only possible with the guarantee, the sale of Sachsen LB would have been impossible.
Danish: Kommissionen noterer sig, at selv om garantien primært skulle sikre Super SIV's refinansiering, udgjorde den i realiteten støtte til Sachsen LB, fordi den muliggjorde salget af Sachsen LB. Hvis ikke man havde oprettet Super SIV, hvilket kun var muligt med garantien, ville salget af Sachsen LB ikke have kunnet gennemføres.
English: The provision of liquidity by banks was also assessed in the Commission Decision in Case C 58/03 Alstom (OJ L 150, 10.6.2005, p. 24, paragraph 216). Commission Decision of 12 September 2007 in Case C 54/06 Bison Bial (OJ L 46, 21.2.2008, p. 41, paragraphs 62 et seq.).
Danish: Bankers tilvejebringelse af likviditet blev også vurderet i Kommissionen beslutning i sag C 58/03 Alstom (EUT L 150 af 10.6.2005, s. 24, betragtning 216) og Kommissionens beslutning af 12.9.2007 i sag C 54/06 Bison Bial (EUT L 46 af 21.2.2008, s. 41, betragtning 62 ff.).
English: As a commercial bank, Sachsen LB executed banking transactions of all kinds. Sachsen LB Europe plc (hereinafter called Sachsen LB Europe) was a wholly owned subsidiary of Sachsen LB and was based in Dublin.
German: Als Geschäftsbank betrieb die Sachsen LB Bankgeschäfte aller Art. Die Sachsen LB Europe plc (nachstehend „Sachsen LB Europe“ genannt) war eine hundertprozentige Tochtergesellschaft der Sachsen LB mit Sitz in Dublin.
English: In order to transfer the portfolio into the Super SIV its refinancing needed to be organised. This was provided partly by LBBW (junior tranche) and partly by the other Landesbanken (senior tranche).
French: Le transfert du portefeuille dans le Super SIV imposait la garantie de son refinancement, qui a été assuré en partie par la LBBW (tranche non prioritaire) et en partie par les autres banques régionales (tranche prioritaire).
Italian: Per il trasferimento dei portafogli nel super-SIV si è reso necessario un rifinanziamento, di cui si sono fatte carico in parte la LBBW (tranche postergata) e in parte altre banche regionali (tranche prioritaria).
Portuguese: Para que a transferência da carteira para o Super SIV pudesse ser concretizada, teria que se reorganizar o seu refinanciamento, o qual foi assegurado em parte pelo LBBW (tranche júnior), sendo o remanescente fornecido pelos restantes Landesbanken (tranche sénior).
Greek: Για τη μεταφορά του χαρτοφυλακίου στο Super-SIV θα έπρεπε να γίνουν προβλέψεις για την αναχρηματοδότησή του, τις οποίες ανέλαβε εν μέρει η LBBW (μελλοντική δόση) και εν μέρει οι άλλες κεντρικές τράπεζες ομόσπονδων κρατιδίων (προνομιούχο τμήμα).
Polish: Aby możliwe było przeniesienie portfela do „super-SIV”, należało zapewnić jego refinansowanie, które po części przejął LBBW (transza drugorzędna), a po części pozostałe banki krajów związkowych (transza pierwszorzędna).
English: Diese Verhaltenszusage gilt für den vorgesehenen Restrukturierungszeitraum von vier Jahren.c. Die Regierung der Bundesrepublik Deutschland verpflichtet sich, dass die Sachsen-Bank, vertreten durch die LBBW, in keiner ihrer Niederlassungen im Freistaat Sachsen über die Betreuung ihrer Kunden in ihren Kerngeschäftsfeldern hinausgehende internationale Immobiliengeschäfte als eigenständiges Geschäftsfeld aktiv betreibt. Diese Verhaltenszusage gilt für den vorgesehenen Restrukturierungszeitraum von vier Jahren.’
Spanish: Diese Verhaltenszusage gilt für den vorgesehenen Restrukturierungszeitraum von vier Jahren.»
Dutch: Deze gedragsverplichting geldt voor de geplande herstructureringsperiode van vier jaar.”.
Greek: Αυτή η δέσμευση σχετικά με τη συμπεριφορά της επιχείρησης ισχύει για το προβλεπόμενο χρονικό διάστημα αναδιάρθρωσης των τεσσάρων ετών».
Slovak: Tento záväzok platí štyri roky počas plánovanej doby reštrukturalizácie.“
Polish: Niniejsza deklaracja obowiązuje w czasie przewidywanego czteroletniegi okresu restrukturyzacji”.
Hungarian: Ez a magatartási ígérvény a szerkezetátalakítás négyéves időtartamára érvényes.”
Slovenian: Ta obljuba poslovnega ravnanja velja za predvideno štiriletno obdobje prestrukturiranja.“
Romanian: Acest angajament este valabil de asemenea pentru perioada de restructurare de patru ani prevăzută.”
English: Gross revenues (worst case) (in EUR million)
Spanish: Rendimiento bruto [en millones EUR (worst case)]
English: Operating income before tax (worst case) (in EUR million)
Spanish: Resultado de explotación antes de impuestos [en millones EUR (worst case)]
English: (b) Germany commits that SachsenBank, represented through LBBW, will not carry out actively in any of its branches in Saxony as an independent business activity proprietary trading activities on its own account and at its own risk going beyond those of customer service in its core business activities.
French: […] [24].b) Le gouvernement de la République fédérale d’Allemagne assure que les opérations pour compte propre effectuées par la Sachsen-Bank, représentée par la LBBW, à titre d’activités autonomes pour son propre compte et à ses propres risques, n’iront, dans aucune de ses filiales de l’État libre de Saxe, au-delà du service clients dans le cadre de ses activités de base.
Spanish: […] [24];b) Alemania garantiza que el Sachsen Bank, representado por el LBBW, no llevará a cabo activamente, en ninguna de sus sucursales de Sajonia, actividades comerciales por su propia cuenta y riesgo como actividad comercial independiente que vayan más allá del servicio de clientela de sus ámbitos comerciales esenciales.
Portuguese: […] [24].b) A Alemanha compromete-se a que o Sachsen Bank, representado pelo LBBW, não realize de forma activa, em qualquer das suas sucursais na Saxónia e a título de actividade autónoma, actividades de negociação por sua conta e risco, que vão para além do serviço a clientes, no âmbito das suas actividades de base.
English: The Commission considers that Sachsen LB was pursuant to point 9 of the Guidelines a firm is in difficulty given that without the liquidity measure by the banking pool and LBBW’s EUR 250 million pre-payment it was highly unlikely that Sachsen LB would have been able to cope with the liquidity squeeze for much longer. The imminent losses would have led to closure of the bank, thus meeting the conditions of point 10(c) of the Guidelines.
Spanish: La Comisión considera que, con gran probabilidad, el Sachsen LB, de conformidad con el considerando 9 de las Directrices, no hubiera estado en situación de hacer frente por mucho tiempo a la crisis de liquidez sin la línea de liquidez del pool de bancos y la compensación en efectivo anticipada por 250 millones EUR. Las inminentes pérdidas hubieran conducido al cierre del banco, con lo que se hubieran cumplido los requisitos del considerando 10, letra c, de las Directrices.
Italian: A parere della Commissione, ai sensi del punto 9 degli orientamenti è altamente probabile che la Sachsen LB non sarebbe stata in grado di resistere molto più a lungo alla crisi di liquidità senza la facilitazione di liquidità fornita dal pool di banche e senza la compensazione anticipata in contanti di 250 milioni di EUR. Il rischio di perdite avrebbe portato alla chiusura della banca, nel qual caso sarebbero state soddisfatte le condizioni di cui al numero 10, lettera c), degli orientamenti.
Slovenian: Po mnenju Komisije banka Sachsen LB v skladu s točko 9 Smernic po vsej verjetnosti ne bi bila zelo dolgo sposobna vzdržati likvidnostne krize brez likvidnostnega posojila bank in predčasne poravnave v znesku 250 mio EUR. Grozeče izgube bi privedle do zaprtja banke in s tem so izpolnjeni pogoji iz točke 10(c) Smernic.
English: The Commission considers that the refinancing conditions accepted by LBBW and the other Landesbanken correspond to commercial terms that would have been accepted by a market economy investor in the position of those banking institutions, account being taken of the provision by the Free State of Saxony of the EUR 2,75 billion guarantee. Such refinancing would, in the case of independent private investors, have to stem from own funds of the purchasing bank or from external financing by the other investing banks at market conditions (see above, point 7.1.3).
Spanish: La Comisión considera que las condiciones de refinanciación aceptadas por el LBBW y los demás Landesbanken corresponden a condiciones comerciales que podría haber aceptado también un inversor en una economía de mercado en una situación comparable, teniendo en cuenta la garantía del Estado libre de Sajonia por 2750 millones EUR. En el caso de los inversores privados independientes, esta refinanciación se debería haber llevado a cabo a partir de los fondos propios del banco adquiriente o de una financiación externa de los demás bancos inversores en condiciones de mercado (véase más arriba, punto 7.1.3).
Romanian: În opinia Comisiei, condițiile de refinanțare acceptate de LBBW și de celelalte Landesbanken corespund condițiilor comerciale pe care le-ar fi acceptat un investitor dintr-o economie de piață aflat în postura respectivelor instituții bancare, ținându-se cont de faptul că landul Saxonia a oferit o garanție în valoare de 2,75 miliarde EUR. În cazul unor investitori privați independenți, o asemenea refinanțare ar trebui să provină din fondurile proprii ale băncii cumpărătoare sau din finanțări externe furnizate de celelalte bănci investitoare în condițiile pieței (a se vedea punctul 7.1.3 anterior).
English: The LBBW group will not take over any staff from Sachsen LB Europe plc, unless it is required to do so by legal obligations, and will therefore neither propose to nor conclude with existing staff of Sachsen LB Europe plc any new working contracts. This commitment is valid for a period of two years from the date of this Decision.
Spanish: El grupo LBBW no se hará cargo de personal del Sachsen LB Europe plc, salvo que se vea obligado a ello por razones legales, y por ello no propondrá ni firmará nuevos contratos de trabajo con el personal actual del Sachsen LB Europe plc Este compromiso es válido por un período de dos años a partir de la fecha de adopción de la presente Decisión;