FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: The Commission understands that the caveat that staff might be retained by LBBW if required by law applies to not more than 10 employees and relates to portfolio 1 of EUR 11,8 million which is taken over by LBBW. It cannot be excluded that this portfolio is considered a partial transfer of operation which might have the consequence that LBBW is under an obligation to take over the related employees.
French: La Commission considère que la clause selon laquelle la LBBW reprendra du personnel dans la mesure où les dispositions légales l’y contraignent est valable pour un maximum de dix salariés et concerne le portefeuille 1 repris par la LBBW, d’une valeur de 11,8 milliards EUR. Il ne saurait être exclu que le transfert de ce portefeuille soit considéré comme un transfert d’entreprise partiel, de sorte que la LBBW pourrait se voir obligée de reprendre le personnel concerné.
Spanish: La Comisión supone que la cláusula según la cual el LBBW debería hacerse cargo de personal si estuviera legalmente obligado a ello se aplica a no más de 10 empleados y se refiere a una cartera asumida por el LBBW por un valor de 11800 millones EUR. No puede excluirse que la cesión de esta cartera se considere una transferencia parcial de operaciones que puede tener como consecuencia que el LBBW esté obligado a hacerse cargo de los empleados correspondientes.
Dutch: De Commissie gaat ervan uit dat de clausule volgens welke LBBW personeel zal overnemen indien zij daartoe wettelijk zou zijn verplicht, voor ten hoogste tien medewerkers geldt en betrekking heeft op de door LBBW overgenomen portefeuille 1 ter waarde van 11,8 miljard EUR. Het kan niet worden uitgesloten dat de overdracht van deze portefeuille als een gedeeltelijke overdracht van een onderneming moet worden beschouwd, zodat LBBW verplicht zou kunnen zijn om de desbetreffende medewerkers over te nemen.
Polish: Komisja zakłada, że klauzula, na podstawie której LBBW przejmie pracowników, jeżeli jest do tego zobowiązany umową prawną, obejmuje maksymalnie 10 pracowników i dotyczy przejętego portfela 1 o wartości 11,8 mld EUR. Nie można wykluczyć, że przeniesienie tego portfela może być potraktowane jako częściowe przeniesienie zakładu i w związku z tym LBBW może być zobowiązany do przejęcia zatrudnionych pracowników.
English: 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. This follows from the above figures, which indicate that even in the worst case Sachsen LB would have shown a general positive trend for its gross revenue and operating income every year from 2007 until 2012 […].
Estonian: Ümberkorralduskavast, millele oli lisatud turu-uuring ja mis tugines usaldusväärsele turuarenguprognoosile, ilmneb selgesti, et valitud ärimudel õigustab end. Seda võib järeldada ülaltoodud arvudest, mille kohaselt areneksid isegi halvimal juhul (worst case) Sachsen LB brutotulud ja tegevustulud aastatel 2007–2012 […] positiivselt.
English: Diese Verhaltenszusage gilt für den vorgesehenen Restrukturierungszeitraum von vier Jahren.c.
French: Cet engagement est valable pour la période de restructuration de quatre ans prévue.c.
Italian: Questo impegno vale per il previsto periodo di ristrutturazione di quattro anni.c.
Swedish: Denna försäkran gäller under omstruktureringsperioden på fyra år.c.
Estonian: See kohustus kehtib nelja-aastase ümberkorraldamisaja jooksul;c) Saksamaa tagab, et Sachsen LB, keda esindab LBBW, ei tegutse aktiivselt iseseisva üksusena üheski Saksimaa liidumaa filiaalis enda nimel ja omal vastutusel selliste rahvusvaheliste kinnisvaratehingutega, mis jäävad väljapoole klienditeenindust tema peamises äritegevuse valdkonnas.
Maltese: Dan it-tip ta’ tħaddim huwa validu għaż-żmien prevvist ta’ ristrutturar ta’ erba’ snin.c.
English: 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.’
Estonian: See kohustus kehtib nelja-aastase ümberkorraldamisaja jooksul.”
English: In return for assuming the risk, Sachsen LB received the generated surplus of the conduit in the form of an annual fee. Ormond Quay generated a significant surplus by financing the long-term and high-yield ABS investments through short-term and low-yield commercial papers.
French: En contrepartie de cette prise en charge du risque, la Sachsen LB percevait, sous la forme d’une taxe, les excédents substantiels que générait Ormond Quay en finançant les investissements à long terme à rendement élevé dans des ABS par le biais de billets de trésorerie à court terme à taux faible.
English: In December 2007 the Free State of Saxony commissioned auditors Susat & Partner to assess the value of Sachsen LB as agreed in the sales agreement. Susat & Partner concluded that the value of the bank amounted to EUR […] billion.
French: En décembre 2007, l’État libre de Saxe a chargé la société d’audit Susat & Partner d’évaluer la Sachsen LB comme prévu dans le contrat d’achat.
Lithuanian: 2007 m. gruodžio mėnesį Saksonijos federalinė žemė pasamdė audito bendrovę Susat & Partner Sachsen LB įmonei įvertinti, kaip buvo numatyta pirkimo ir pardavimo sutartyje.
English: According to the plan Sachsen LB AG will be integrated into LBBW, but will continue to exist in the form of a dependent subsidiary (unselbständige Anstalt), named Sachsen Bank. This entity will also take over the corporate and private banking business of the existing local retail branches of LBBW in Saxony (BW-Bank). However, kinds of business other than corporate and private banking will be taken out of Sachsen LB and transferred to the LBBW branch in Saxony.
French: Ce plan prévoit l’incorporation de la Sachsen LB AG dans la LBBW tout en maintenant son existence sous la forme d’un établissement non autonome dénommé «Sachsen Bank» et dont le rôle serait également la prise en charge des services aux entreprises et aux particuliers des filiales de la LBBW en Saxe (BW-Bank), tous les autres services (autres que les services aux entreprises et aux particuliers) étant du ressort non pas de la Sachsen LB, mais de la filiale de la LBBW en Saxe.
English: Moreover, the banking pool would not cover potential losses related to fluctuations in the market price of the ABSs in the conduit. Even if the market value of the assets suffered, the default risk would be very low and in the case of a hold strategy the expected losses would be marginal.
French: Elle affirme que le pool bancaire ne compense pas de pertes potentielles dues à des fluctuations, sur le marché, des prix des titres détenus par le fonds d’investissement spécial (ABS) et que, même en cas de baisse de leur valeur sur le marché, le risque de défaillance est très faible et que les pertes escomptées sont négligeables dans le cas de titres conservés jusqu’à leur échéance ultime.
English: Furthermore, Germany argued that the banks had acted mainly in order to prevent a general banking crisis triggered by the insolvency of one of its sister Landesbanken. They had considered it less risky to buy the CPs than to deal with the insolvency of Sachsen LB, in particular if the deposit scheme were to be activated.
French: L’Allemagne ajoute que les banques ont agi de la sorte surtout pour éviter que l’insolvabilité d’une de leurs banques sœurs ne déclenche une crise bancaire généralisée: dans leur optique, le risque lié à l’achat des billets de trésorerie était inférieur au risque impliqué par la gestion de l’insolvabilité de la Sachsen LB, surtout s’il avait fallu faire appel au système de garantie des dépôts.
English: The first approach was based on a mark-to-market evaluation as at 30 November 2007 estimating potential losses when selling the investments on that date at about EUR […] billion. However, Germany explained that the results of the market value approach were distorted by the fact that there was at that time neither a market for such types of investment, nor the intention to sell them ad hoc given that the investments were to be held until maturity. The second approach, based on models reflecting potential macroeconomic developments, calculated the potential losses of the portfolio in three different scenarios.
French: Le premier scénario, basé sur une évaluation à la valeur de marché à la date de référence du 30 novembre 2007, fournit une estimation des pertes potentielles dans l’hypothèse de la cession des investissements à cette date au prix d’environ […] milliards EUR. Elle attire toutefois l’attention sur une distorsion des résultats de cette évaluation due au fait qu’à cette date, il n’y avait pas de marché pour cette forme d’investissement et qu’il n’existait aucune intention de vendre ad hoc ces positions détenues sur le marché des capitaux dans la mesure où elles étaient censées être conservées jusqu’à leur échéance ultime.
English: Germany submitted that the results of all three approaches were available at the time of the negotiations. It explained that the second, i.e. the model, approach was accepted by the negotiating parties as the appropriate way of determining the risks which needed to be covered by the guarantee.
French: L’Allemagne fait observer que les résultats des trois scénarios étaient disponibles à la date des négociations et que les parties à la négociation ont adopté l’évaluation de type modèle (c’est-à-dire le deuxième cas) en tant que moyen approprié pour évaluer les risques que la garantie devrait couvrir.
English: According to Germany, the sale of companies in difficulty constituted an essential step toward their durable restructuring. It could generally be assumed that a company would more likely be viable under the control of a well established major German bank and that this ensured that the company would not have to rely on state aid again.
French: L’Allemagne fait observer que la vente d’entreprises en difficulté constitue une première étape importante en vue de leur restructuration durable et qu’en général, il est permis de considérer qu’une entreprise soumise au contrôle d’une grande banque allemande établie retrouvera très probablement sa viabilité, ceci garantissant qu’elle n’aura pas de nouveau besoin d’aides de l’État.
English: It has further taken over part of the losses and the refinancing needs concerning portfolio 1. LBBW has also committed itself to selling certain assets of Sachsen LB.
French: En outre, elle a pris en charge une partie des pertes et des besoins financiers pour le portefeuille 1 et s’est engagée à vendre certains actifs de la Sachsen LB.
English: In conclusion, out of the restructuring costs of EUR […] billion, EUR […] billion ([…]) can be accepted as an own contribution. The Commission concludes, therefore, that the entire own contribution amounts to 51 % and thus exceeds 50 % of the restructuring costs, as required by the Guidelines.
French: Enfin, il convient de retenir que les frais de restructuration peuvent être admis comme contribution propre à concurrence de […] milliards EUR. Cela étant, la Commission conclut que la contribution propre représente, dans l’ensemble, 51 % des frais de restructuration, dépassant ainsi le minimum de 50 % exigé par les lignes directrices.
Italian: Va infine rilevato che taluni costi di ristrutturazione per un totale di […] miliardi di EUR possono essere considerati come contributo proprio per un importo di […] miliardi di EUR. La Commissione conclude pertanto che il contributo proprio corrisponde complessivamente al 51 % dei costi di ristrutturazione, risultando perciò superiore alla quota minima del 50 % prescritta dagli orientamenti.
English: In view of the above, the Commission finds that both measures at issue — the liquidity facility and the provision of a guarantee — have been implemented in breach of Article 88(3) EC. However, the Commission concludes that the liquidity facility constitutes rescue aid and the guarantee granted for Sachsen LB constitutes restructuring aid which can be considered compatible with the common market pursuant to Article 87(3) EC provided that the conditions imposed are fulfilled,
French: Par ces motifs, la Commission, concluant que les deux mesures en cause, à savoir la facilité de trésorerie et l’octroi d’une garantie, ont été prises en violation de l’article 88, paragraphe 3, du traité CE, considérant toutefois que la facilité de trésorerie est une aide au sauvetage et que la garantie accordée à la Sachsen LB constitue une aide à la restructuration, lesquelles peuvent être jugées compatibles avec le marché commun conformément à l’article 87, paragraphe 3, du traité CE, dans la mesure où les conditions applicables sont remplies,
English: One observation from a third party was received on 16 April 2008. Germany submitted its comments on this third-party observation by letter of 30 April 2008.
Italian: Il 16 aprile 2008 sono pervenute osservazioni di terzi, alle quali la Germania ha replicato con lettera del 30 aprile 2008.
English: Together with its regional retail bank BW-Bank it offers the whole range of banking products. LBBW functions as the central bank for the savings banks in Baden-Württemberg.
Italian: Insieme con la BW-Bank, la sua banca regionale per i servizi alla clientela (privati e imprese), la LBBW offre l’intera gamma di prodotti bancari.
Slovenian: Skupaj z BW-Bank, lastno regionalno banko za bančno poslovanje s prebivalstvom in podjetji, ponuja celotno paleto bančnih storitev.
English: Each pool bank would acquire the CPs in its own name and for its own account. The pool banks were not jointly liable.
Italian: Ciascuna banca facente parte del pool avrebbe acquistato i CP a proprio nome e per proprio conto; era esclusa una responsabilità in solido.
English: DekaBank had a share of around […] [7]. The remaining part was taken over by the other Landesbanken according to their respective size and performance.
Italian: La DekaBank ha acquistato circa […] [7] del volume dei CP, mentre il resto è stato sottoscritto dalle altre banche secondo quote stabilite in base alle dimensioni e agli indicatori di bilancio di ciascuna banca.
English: Whereas in August 2007 the demand for mortgage-backed CPs had completely dried up and there was no efficient market for this type of investment, the situation gradually improved. Since October 2007 some investors (mainly […(banks belonging to the public sector)]) had started again to buy CPs on the market outside the context and the detrimental conditions of the pool contract, i.e. for a remuneration of less than […(50-100)] bps, so that the pool contract lost its initial purpose.
Italian: Se nell’agosto 2007 la domanda di CP con garanzia ipotecaria era completamente cessata e non c’era più un mercato funzionante per questo tipo di investimenti, successivamente la situazione è migliorata e dall’ottobre 2007 alcuni investitori (soprattutto […(banche del settore pubblico)]) hanno acquistato nuovamente CP anche al di fuori dell’accordo di pool e delle condizioni ivi previste, cioè con una remunerazione inferiore a […(50-100)] punti base, svuotando così il contratto di pool del suo scopo originario.
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. 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. This corresponds to EUR […(> 90)] million within 10 years assuming the guarantee is not used.
Italian: Oltre a ciò, l’accordo di riferimento prevedeva il pagamento di una tassa annua di garanzia pari al […] % dell’importo massimo non escusso; la tassa si sarebbe ridotta di un terzo dell’importo iniziale dopo quattro anni dalla costituzione della garanzia e di un ulteriore terzo dopo sette anni, per un valore pari a […(> 90)] milioni di EUR in dieci anni, a condizione che la garanzia non fosse escussa.
English: In December 2007 the Free State of Saxony commissioned auditors Susat & Partner to assess the value of Sachsen LB as agreed in the sales agreement. Susat & Partner concluded that the value of the bank amounted to EUR […] billion. Simultaneously LBBW asked […] (hereinafter called […]) to cross-check the valuation.
Italian: Nel dicembre 2007 il Libero Stato di Sassonia ha incaricato la società di revisione contabile Susat & Partner di effettuare una valutazione d’azienda della Sachsen LB, come previsto dal contratto di compravendita.
English: According to the plan Sachsen LB AG will be integrated into LBBW, but will continue to exist in the form of a dependent subsidiary (unselbständige Anstalt), named Sachsen Bank. This entity will also take over the corporate and private banking business of the existing local retail branches of LBBW in Saxony (BW-Bank).
Italian: In base al piano di ristrutturazione, la Sachsen LB AG viene integrata nella LBBW, continuando tuttavia a esistere con la denominazione di Sachsen Bank, sotto forma di ente non autonomo cui sono affidati anche i servizi alla clientela (privati e imprese) delle attuali filiali della LBBW in Sassonia (BW-Bank).
English: However, Germany explained that the results of the market value approach were distorted by the fact that there was at that time neither a market for such types of investment, nor the intention to sell them ad hoc given that the investments were to be held until maturity. The second approach, based on models reflecting potential macroeconomic developments, calculated the potential losses of the portfolio in three different scenarios.
Italian: I risultati di questa valutazione mark to market sono tuttavia distorti dal fatto che, alla data considerata, non c’erano né un mercato per investimenti di questo tipo né l’intenzione di procedere a una vendita ad hoc di tali posizioni, posto che le stesse dovevano essere conservate fino alla loro scadenza.
English: DekaBank and most of the Landesbanken are agencies under public law. DekaBank is jointly held by the Landesbanken and the regional savings banks associations.
Italian: La DekaBank, al pari della maggior parte delle banche regionali, è un ente di diritto pubblicoche appartiene per metà alle banche regionali e per metà alle associazioni delle casse di risparmio regionali.
English: Such lack of demand should, however, not be confused with the absence of a market benchmark. Instead the market benchmark was simply that such CPs had at that time no reasonable economic value.
Italian: Tale scarsità di domanda non significa, tuttavia, che non esistessero benchmark del mercato; il benchmark del mercato consisteva semplicemente nel fatto che i CP in parola non avevano, in quel momento, un valore economico adeguato.
English: LBBW has also committed itself to selling certain assets of Sachsen LB. However, the proceeds from these sales are not exactly quantifiable at this stage. They consequently cannot be taken into account as an own contribution.
Italian: Poiché al momento non è tuttavia possibile quantificare con esattezza il ricavato della vendita di dette posizioni, le stesse non possono essere considerate come contributo proprio.
English: This concerns in particular the entire closure or divestiture of Sachsen LB Europe, which goes beyond the original intentions in the restructuring plan. LBBW had the intention to continue the business of the Dublin subsidiary, albeit on a smaller scale.
Italian: In tale contesto è prevista, in particolare, la liquidazione o vendita della Sachsen LB Europe – una misura che non era contemplata nel piano di ristrutturazione originario, in quanto la LBBW aveva l’intenzione di proseguire l’attività di questa sua affiliata, sia pure in misura minore.
English: This constitutes compensatory measures of a size and form sufficient to adequately limit the distorting effects of aid of such significant size [41]. This is especially so as, despite the significant aid amount, the presence of Sachsen LB on its markets is relatively small and the measures taken by LBBW also contribute to stabilising the financial markets.
Italian: Essa costituisce pertanto una misura compensativa che, per forma e quantità, è sufficiente a limitare in maniera adeguata gli effetti distorsivi di un aiuto così consistente [41], a maggior ragione se si considera che la presenza sul mercato della Sachsen LB è relativamente piccola, nonostante l’elevato importo dell’aiuto, e che le misure adottate dalla LBBW contribuiscono anche alla stabilizzazione dei mercati finanziari.
English: In the light of these market conditions the hedge funds and institutional investors refused to reinvest in mortgage-backed commercial papers. SPVs were thus no longer able to borrow in the short-term asset-backed commercial paper market.
Lithuanian: Tokiomis rinkos sąlygomis apribotos rizikos fondai ir instituciniai investuotojai atsisakė toliau investuoti į hipoteka užtikrintus komercinius popierius, todėl specialiosios paskirties bendrovės buvo nepajėgios skolintis trumpalaikių turtu garantuojamų komercinių popierių rinkoje.
English: In this way only structured portfolio investments [13] with a refinancing requirement of about EUR 11,8 billion remained in Sachsen LB and thus were sold to LBBW. In order to cover potential losses from these investments, an amount of EUR 500 million was deducted from the sales price.
Lithuanian: Taigi Sachsen LB liko tik struktūrizuotos portfelio investicijosc [13], kurių refinansavimo poreikis siekė apie 11,8 mlrd. EUR. Siekiant padengti galimus su šiomis investicijomis susijusius nuostolius, iš pardavimo kainos buvo atskaityta 500 mln. EUR suma.
English: Simultaneously LBBW asked […] (hereinafter called […]) to cross-check the valuation. […] arrived at the conclusion that Sachsen LB was worth about EUR […] billion.
Lithuanian: Audito bendrovė Sachsen LB įvertino […] mlrd. EUR. Tuo pačiu metu LBBW pasamdė […] (toliau – […]) šiam vertinimui patikrinti.
English: The expected losses (default risk) in the bad case scenario was quantified at EUR […(> 800)] million, leaving an additional buffer of EUR […] billion for LBBW. From a commercial point of view, the risk undertaken by LBBW and the other Landesbanken can therefore be regarded as limited, and the same conclusion can be drawn as regards the risk to the State above and beyond the exposure of EUR 2,75 billion through the Free State of Saxony’s guarantee.
Lithuanian: Tikėtini nuostoliai (įsipareigojimų nevykdymo rizika) pesimistiniu atveju buvo įvertinti [...(> 800)] mln. EUR, todėl LBBW dar turėjo rezervinių […] mlrd. EUR. Taigi komerciniu požiūriu LBBW ir kitų Landesbanken prisiimtą riziką galima laikyti ribota; tai galioja ir valstybės prisiimtai rizikai, kuri viršija 2,75 mlrd. EUR Saksonijos federalinės žemės garantiją.
English: In order to avoid consolidation of the Super SIV in the LBBW balance sheet, LBBW’s participation had to remain below 50 %. Following intensive negotiations, the Landesbanken took over 50 % of the refinancing of the Super SIV but only agreed to participate in the refinancing on condition that in case of losses their financing ranked above the financing provided by LBBW.
Latvian: Pēc intensīvām sarunām federālo zemju bankas pārņēma 50 % no Super-SIV refinansēšanas, tomēr izvirzīja nosacījumu, ka to finansēšanai zaudējumu gadījumā jādod prioritāte salīdzinājumā ar LBBW īstenoto finansēšanu.
English: Furthermore, no competitor had submitted comments on the Commission’s opening decision. The sale of the bank would thus not lead in the eyes of other competitors to a distortion of competition.
Dutch: Bovendien, aldus Duitsland, heeft geen enkele concurrent opmerkingen gemaakt naar aanleiding van het besluit van de Commissie tot inleiding van de procedure, hetgeen betekent dat verkoop van de bank naar het oordeel van de andere gegadigden niet tot concurrentieverstoring leidt.