FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Dexia maintains that (i) the assumptions made in its business plan, before simulation of an increase of […] or […] basis points, are already inherently stressed as they reflect the funding conditions in July 2009, which were admittedly better than those at the end of 2008 or the beginning of 2009, but do not reflect the positive trend in the second half of 2009; (ii) an assumption of no change in the funding mix would not reflect the behaviour of a market operator in such circumstances. The Commission confirms that the projected assumptions of the cost of funding before stress simulation are conservative in view of Dexia’s experience in 2009.
Dutch: Dexia voert aan i) dat de in haar businessplan gehanteerde aannames, vóór simulering van een stijging met […] of […] basispunten, op zich al gestrest waren, omdat zij de fundingvoorwaarden van juli 2009 weergeven, die duidelijk beter waren dan die van eind 2008 of begin 2009, maar die niet de positieve ontwikkeling in de tweede helft van 2009 weergegeven, en ii) dat een aanname waarbij de fundingmix niet wordt aangepast, niet zou weergeven hoe een particuliere investeerder in een markteconomie onder dergelijke omstandigheden zou handelen.
English: The Commission refers to its decision of 19 November 2008. The EUR 6 billion capital increase by the Belgian and French shareholders, consisting in the issue of ordinary Dexia SA shares, became definitive on 3 October 2008. The underwriting of this reserved capital increase is broken down as follows:
Polish: Komisja odsyła do decyzji z dnia 19 listopada 2008 r. Podwyższenie kapitału w wysokości 6 mld EUR przez belgijskich i francuskich akcjonariuszy, które polegało na subskrypcji zwykłych akcji przedsiębiorstwa Dexia SA, zakończyło się dnia 3 października 2008 r. Zamknięta subskrypcja w celu tego podwyższenia kapitału dzieli się następująco:
English: Moreover, the Belgian authorities consider that the LA provided to Dexia by the BNB, in cooperation with the Banque de France, is not State aid within the meaning of Article 107(1) TFEU on the grounds that LA operations come under the normal tasks of national central banks and, in particular, their role to contribute to the stability of the financial system as lender of last resort in the case of temporary liquidity problems of an otherwise solvent bank. In fact:
Polish: Belgijskie władze uważają również, że wsparcie płynnościowe udzielone Dexii przez BNB, we współpracy z Banque de France, nie stanowi pomocy państwa w rozumieniu art. 107 ust. 1 TFUE, ponieważ wsparcie płynnościowe mieści się w zakresie zwykłych zadań krajowych banków centralnych, a w szczególności w zakresie zadania, jakim jest przyczynianie się do stabilności systemu finansowego jako pożyczkodawca ostatniej instancji w razie okresowych problemów z płynnością danego banku, który jest skądinąd wypłacalny.
English: The negative AFS reserve improved from EUR 12,7 billion at 31 March 2009 to EUR 7,2 billion at 30 September 2009. Given (i) the level of Dexia’s capital (EUR 17,1 billion in Tier 1 capital and EUR 19,6 billion in total regulatory capital at 30 September 2009), (ii) the current non-inclusion of the AFS reserve in the calculation of the regulatory capital, the Commission is concerned that the inclusion of this AFS reserve in the regulatory capital ratios, currently under discussion at the Basel Committee, will penalise Dexia. In this respect, the Commission notes the following factors:
Polish: W tym względzie Komisja zauważa, co następuje:
English: even if the negative AFS reserve had been included in full in the calculation of the regulatory capital, Dexia would still have satisfied the regulatory capital requirements at 30 September 2009. The Tier 1 capital ratio would have stood at […] and the total capital ratio at […],
Polish: nawet gdyby ujemna rezerwa AFS została w całości włączona do obliczeń kapitału regulacyjnego, Dexia nadal spełniałaby wymogi w zakresie kapitału regulacyjnego na dzień 30 września 2009 r. Wskaźnik kapitału Tier 1 wyniósłby […], a wskaźnik łącznego kapitału wyniósłby […],
English: approving or voting in favour of the payment of any form of dividend by any entity over which Dexia SA directly or indirectly exercises exclusive control (including entities which it fully owns) when such a payment would involve an obligation to pay a coupon on hybrid Tier 1 or Tier 2 instruments held by persons other than Dexia SA and its subsidiaries, and exercising a discretionary early repayment option for the hybrid Tier 1 or Tier 2 instruments referred to in the first indent above.
Slovak: uplatnenia diskrecionárnej opcie predčasnej úhrady v prípade hybridných nástrojov Tier 1 a Tier 2 už uvedených v prvej zarážke.
English: This shows that in the event of a uniform rise in the rate curve, Dexia considers it will not lose more than EUR […] million [49]. This level of sensitivity seems perfectly reasonable and is attributable in part to Dexia’s policy of […], thereby reducing the sensitivity to rate variations.
Slovenian: Skupina Dexia tako očitno meni, da ob enakomernem zviševanju krivulje obrestnih mer ne bi izgubila več kot […] milijonov EUR. [49] Ta raven občutljivosti se zdi popolnoma razumna in je deloma posledica politike skupine Dexia, da […], s čimer se zmanjša občutljivost na skoke obrestnih mer.
English: the maximum amount of Dexia’s bonds guaranteed by the Member States concerned was reduced from EUR 150 billion to EUR 100 billion.
Swedish: Det högsta beloppet för de av Dexias obligationer som garanteras av de berörda medlemsstaterna har sänkts från 150 miljarder euro till 100 miljarder euro.
English: In an amendment to the agreement, Dexia undertook to take every possible step to ensure that the global undertaking by the Member States concerned would not exceed EUR 80 billion after 1 November 2009;
Swedish: Dexia åtar sig i ett tillägg till avtalet att göra sitt bästa för att de berörda medlemsstaternas sammanlagda åtaganden för garantin inte ska överskrida 80 miljarder euro från och med den 1 november 2009.
English: Key data of the FSAM portfolio (total) Asset categories
Swedish: Viktigaste uppgifter om FSAM:s portfölj (summa)
English: Following examination, the Commission assessed the methodology and the assumptions made for the valuation of the REV positively. The Commission therefore finds that the assumptions made are conservative on the whole:
Swedish: Granskningen av den metod och de antaganden som använts för att bedöma det verkliga värdet ledde till att kommissionen gjorde en positiv bedömning av dem och ansåg att de antaganden som lågt till grund för värderingen på det hela taget var försiktiga:
English: The exchange rates were also similar in both scenarios. For this reason, the Commission asked for a sensitivity analysis to be conducted separately (see recitals 186 to 195).
Swedish: Dessa räntesatser var oförändrade i de båda scenarierna, varför kommissionen begärde en separat känslighetsanalys (se skälen 186–195).
English: Compliance with this commitment shall be assessed overall by means of three quantitative indicators. In this context:
Swedish: Efterlevnaden av detta åtagande ska bedömas globalt genom tre kvantitativa indikatorer enligt följande.