FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: As regards the applicability of the IAC to the split-up, the UK authorities have indicated that they do not accept the Commission’s analysis for the following reasons. Firstly, NR is entirely government-owned, consequently, unlike other cases where the State takes over the losses on impaired assets from a privately-owned bank either by buying them or guaranteeing them, the United Kingdom cannot buy the impaired assets as it already owns them.
Finnish: Yhdistyneen kuningaskunnan viranomaiset ovat todenneet IAC:n soveltuvuudesta NR:n jakamiseen, etteivät ne hyväksy komission analyysia seuraavista syistä: Valtio on NR:n ainoa omistaja, joten toisin kuin sellaisissa tapauksissa, joissa valtio ottaa yksityisomistuksessa olevalta pankilta vastattavakseen arvoltaan alentuneiden omaisuuserien tappiot joko ostamalla ne tai takaamalla ne, Yhdistynyt kuningaskunta ei voi ostaa arvoltaan alentuneita omaisuuseriä, koska se omistaa ne jo.
Greek: Σχετικά με την εφαρμογή της ανακοίνωσης για τα απομειωμένα (ΑΑΣ) στοιχεία στη διάσπαση της τράπεζας, οι αρχές του ΗΒ ανέφεραν ότι δεν αποδέχονται την ανάλυση της Επιτροπής για τους ακόλουθους λόγους: Πρώτον, η NR ανήκει κατά πλήρη κυριότητα στο δημόσιο και κατά συνέπεια, σε αντίθεση με άλλες περιπτώσεις στις οποίες το κράτος αναλαμβάνει τη ζημία στοιχείων ενεργητικού απομειωμένης αξίας από μια ιδιωτική τράπεζα είτε με το να τα εξαγοράζει είτε να τα εγγυάται, το Ηνωμένο Βασίλειο δεν μπορεί να αγοράσει τα μειωμένης αξίας στοιχεία ενεργητικού διότι ανήκουν ήδη στο κράτος.
English: NR will profit from the retroactive application of the lower fees for the BoE/HMT liquidity facility and the subsequent reimbursement of GBP 156,4 million to NR after Commission approval (measure (iv)). This confers an advantage on NR as those fees are below the market price.
Greek: Η NR θα αποκομίσει όφελος από την αναδρομική εφαρμογή των χαμηλότερων τελών για την ταμειακή διευκόλυνση της BoE/HMT και τη μετέπειτα επιστροφή ποσού 156,4 εκατ. GBP στην NR μετά την έγκριση από την Επιτροπή [μέτρο iv)] Αυτό παρέχει πλεονέκτημα στην NR, διότι οι προμήθειες αυτές είναι χαμηλότερες από την αγοραία τιμή.
English: Without the aid provided to AssetCo, it would not be possible to transfer the loan portfolio of NR to it. As a result of the aid to AssetCo, BankCo is able to continue the economic activity of NR, being freed from the burden of the majority of NR’s loan portfolio that will remain in AssetCo.
French: Sans l’aide allouée à AssetCo, il ne serait pas possible de lui transférer le portefeuille de crédits de NR. Du fait de l’aide octroyée à AssetCo, BankCo est en mesure de poursuivre les activités économiques de NR, sans avoir à supporter la charge de la majorité du portefeuille de crédits de NR, conservé par AssetCo.
Spanish: Sin la ayuda a AssetCo, no sería posible transferir a esa entidad la cartera de préstamos de NR. Gracias a la ayuda a AssetCo, BankCo podrá proseguir la actividad económica de NR, al quedar liberado de la carga que supone la mayor parte de la cartera de préstamos de NR, que permanecerá en AssetCo.
Italian: Senza l’aiuto concesso ad AssetCo, non sarebbe possibile trasferirle il portafoglio di crediti di NR. Grazie all’aiuto concesso ad AssetCo, BankCo è in grado di proseguire le attività economiche di NR, senza dover sopportare l’onere della maggior parte del portafoglio crediti di NR, che rimarrà in AssetCo.
Greek: Χωρίς τη χορήγηση ενίσχυσης στην AssetCo, δεν θα ήταν δυνατό να μεταβιβαστεί σε αυτήν το χαρτοφυλάκιο δανείων της NR. Με τη βοήθεια της ενίσχυσης στην AssetCo, η BankCo είναι σε θέση να συνεχίσει την οικονομική δραστηριότητα της NR, εφόσον θα είναι απαλλαγμένη από το βάρος των περισσότερων δανείων της NR τα οποία θα παραμείνουν στην AssetCo.
Slovak: Bez pomoci poskytnutej banke AssetCo by nebolo možné previesť na ňu úverové portfólio banky NR. V dôsledku pomoci banky AssetCo je banka BankCo schopná pokračovať v hospodárskej činnosti banky NR tým, že bola zbavená bremena v podobe väčšiny portfólia úverov banky NR, ktoré zostane vo vlastníctve banky AssetCo.
English: The United Kingdom has furthermore provided a commitment that AssetCo will continue to defer those payments after the split-up. […].
Greek: Το Ηνωμένο Βασίλειο έχει αναλάβει ακόμη τη δέσμευση ότι η AssetCo θα συνεχίσει να αναβάλει την καταβολή αυτών των πληρωμών μετά τη διάσπαση […].
English: The sale of BankCo will allow the State to recover (part of) the funds injected into NR. In addition, timely exit from TPO ensures that third parties have the possibility to acquire BankCo. In that respect, NR’s competitors complained, above all, that while in TPO, it is easier for NR to attract retail deposits as consumers are aware that the bank is State-supported.
Greek: Η πώληση της BankCo θα δώσει τη δυνατότητα στο κράτος να ανακτήσει (κατά ένα μέρος) τα κεφάλαια που εισέφερε στην NR. Επιπλέον, η πρόωρη έξοδος από το καθεστώς ΠΙΔ εξασφαλίζει ότι τα τρίτα μέρη έχουν τη δυνατότητα να εξαγοράσουν την BankCo, Ως προς αυτό, οι ανταγωνιστές της NR παραπονέθηκαν, κατά κύριο λόγο, ότι όσο εξακολουθεί να παραμένει υπό το καθεστώς ΠΙΔ, η NR μπορεί ευκολότερα να προσελκύσει λιανικές καταθέσεις, διότι οι ανταγωνιστές γνωρίζουν ότι η τράπεζα χρηματοδοτείται από το κράτος.
English: On 17 February 2008 the UK authorities announced that NR was to be nationalised. By letter of 17 March 2008, the United Kingdom sent the Commission a restructuring plan for NR and informed it of State aid measures which would accompany that plan and enable it to be implemented.
Spanish: El 17 de febrero de 2008, las autoridades del Reino Unido anunciaron la nacionalización de NR. Por carta de 17 de marzo de 2008, el Reino Unido envió a la Comisión un plan de reestructuración de NR y la informó de las medidas de ayuda estatal que acompañarían dicho plan y harían posible su puesta en práctica.
English: On 5 August 2008, the UK government publicly announced that it intended to convert up to GBP 3 billion of loans to NR into equity. The UK authorities had previously informed the Commission of this announcement.
Spanish: El 5 de agosto de 2008, el Gobierno del Reino Unido anunció públicamente su intención de convertir en capital hasta 3000 millones GBP de préstamos a NR. Las autoridades del Reino Unido habían informado de ello anteriormente a la Comisión.
Romanian: La 5 august 2008, guvernul Regatului Unit a anunțat public că intenționează să transforme în capital până la 3 miliarde GBP din împrumuturile acordate NR. Autoritățile britanice informaseră anterior Comisia cu privire la acest anunț.
English: a commitment that the United Kingdom will exit majority ownership of BankCo […]. In this context, TPO is deemed to be exited if the United Kingdom has sold at least 50 % + 1 of BankCo’s shares to a non State-owned or controlled entity (or entities) and the United Kingdom has lost control over BankCo within the meaning of Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings [17];
Spanish: dejar de ser propietario mayoritario de BankCo […]; en este contexto, se considerará que el Reino Unido abandona el régimen de PPT si vende al menos el 50 % + 1 de las acciones de BankCo a una entidad (o entidades) que no sea de propiedad pública ni esté controlada por el Estado y deja de tener el control sobre BankCo a tenor de lo dispuesto en el Reglamento (CE) no 139/2004 del Consejo, de 20 de enero de 2004, sobre el control de las concentraciones entre empresas [17],
English: With regard to AssetCo, the methodology advanced by the Commission, according to the United Kingdom, is based on the assumption that the United Kingdom would cover the difference between the book value and the market value of the assets. This is incorrect as the guarantees of the United Kingdom cover the difference between the ultimate value of AssetCo’s assets and the book value of its liabilities (that is to say, if the assets do not yield enough to cover all the liabilities, the United Kingdom will cover the difference).
Spanish: En cuanto a AssetCo, la metodología propuesta por la Comisión parte del supuesto, según el Reino Unido, de que el Estado británico cubriría la diferencia entre el valor contable y el valor de mercado de los activos, lo que no es correcto, ya que las garantías del Reino Unido cubren la diferencia entre el valor último de los activos de AssetCo y el valor contable de su pasivo (es decir, si los activos no rinden bastante para cubrir todo el pasivo, el Reino Unido cubrirá la diferencia).
English: Through this, NR has lost high quality customers, that is to say, those which have been able to find a bank ready to lend to them. The proceeds resulting from the active mortgage redemption programme have been used to repay the State.
Spanish: Al proceder de esta manera, NR ha perdido clientes de gran calidad, es decir, aquellos que han sido capaces de encontrar entidades dispuestas a concederles un préstamo.
English: As indicated in the extension decision (section 4.2.1), the Commission did not apply Article 87(3)(b) of the Treaty in its decision of 5 December 2007 with regard to the rescue aid granted to NR [35] or in the opening decision. Indeed, the aid granted at that time did not seem to tackle a disturbance in an entire Member State, but instead specifically aimed to address individual problems specific to the situation of NR [36].
Estonian: Laiendamisotsuses (jaotis 4.2.1) on osutatud, et komisjon ei kohaldanud oma 5. detsembri 2007. aasta otsuses NRile antud päästmisabi kohta [35] ega algatamisotsuses asutamislepingu artikli 87 lõike 3 punkti b. Sel ajavahemikul antud abi ei paistnud olevat suunatud häiretele terves liikmesriigis, vaid oli selle asemel seotud konkreetsete probleemide lahendamisega, arvestades NRi olukorda [36].
English: Its risk appetite will be conservative, in line with its commercial strategy. BankCo will target a single A/P1 rating.
Estonian: Kooskõlas äristrateegiaga on pank vähem riskialdis ja tema eesmärk on saavutada vaid üks A/P1 kategooria reiting.
English: According to the IAC, the objective of valuation is to calculate the amount of aid and thus the level of competition distortion for the purposes of determining how far-reaching the restructuring should be. In this case, the restructuring can be considered as ‘very’ far-reaching.
Finnish: IAC:n mukaan arvostuksen tarkoituksena on laskea tuen määrä ja sitä kautta kilpailun vääristyminen, jotta voitaisiin määrittää, kuinka laajamittain ”hyvin” laajamittaiseksi.
English: As AssetCo […], it will sell assets on the market. It will use the proceeds of those sales to pay back the State, which is one of its senior creditors by virtue of the BoE/HMT liquidity facility.
French: Étant donné qu’AssetCo […], elle vendra ses actifs sur le marché et utilisera le produit de ces ventes pour rembourser l’État, qui est un de ses principaux créanciers en vertu de la facilité de trésorerie BoE/HMT.
Italian: Considerando che AssetCo […], venderà i sui attivi sul mercato e utilizzerà i ricavi di tali vendite per rimborsare lo Stato, che è uno dei suoi principali creditori in virtù della linea di liquidità BoE/HMT.
Portuguese: O AssetCo […] venderá activos no mercado e utilizará as receitas dessas vendas para reembolsar o Estado, que é um dos seus credores preferenciais, em virtude da facilidade de liquidez do Banco de Inglaterra/Tesouro.
Romanian: Pentru că AssetCo […] va vinde activele pe piață și va utiliza profiturile rezultate din aceste vânzări pentru a remunera statul, care este unul dintre principalii săi creditori, în virtutea facilității de trezorerie a BA/HMT.
English: The Commission, in its extension decision, expressed doubts as to whether the measures proposed by the United Kingdom to limit the distortion of competition are sufficient to offset the distortion of competition caused by the continued presence of NR’s economic activities on the market through BankCo. This concern was shared by third parties, which pointed out BankCo’s strong position in the UK mortgage and savings market and suggested measures remedying the distortion of competition caused by BankCo.
French: La Commission, dans sa décision d’extension de la procédure, a exprimé des doutes quant au fait que les mesures proposées par le Royaume-Uni soient suffisantes pour compenser la distorsion de la concurrence causée par le maintien, à travers BankCo, des activités économiques exercées sur le marché par NR. Cette inquiétude était partagée par les tiers, qui ont mis en avant la position de force de BankCo sur le marché britannique du crédit hypothécaire et de l’épargne et ont proposé des mesures afin de remédier à la distorsion de la concurrence causée par BankCo.
Italian: Nella sua decisione d’estensione della procedura, la Commissione ha espresso dubbi sul fatto che le misure proposte dal Regno Unito siano sufficienti a compensare la distorsione della concorrenza causata dal mantenimento, attraverso BankCo, delle attività economiche esercitate sul mercato da NR. Tale preoccupazione era condivisa dai terzi, che hanno evidenziato la posizione di forza di BankCo sul mercato britannico del credito ipotecario e del risparmio e hanno proposto misure volte a rimediare alla distorsione di concorrenza causata BankCo.
English: Following the adoption of the extension decision, the amended restructuring plan was altered by the United Kingdom to address some of the doubts expressed by the Commission and third parties (hereinafter ‘the final restructuring plan’). As a result, BankCo’s opening cash balance will be reduced by GBP [1,7-4,2] billion compared with the update of the amended restructuring plan of 10 June 2009, by removal of GBP [1,5-3] billion in the GIC accounts and the transfer of GBP [0,2-0,8] billion of additional mortgages from AssetCo to BankCo.
Hungarian: Az eljárást kiterjesztő határozat elfogadását követően az Egyesült Királyság megváltoztatta a módosított szerkezetátalakítási tervet, bizonyos, a Bizottság és harmadik felek részéről felmerült kételyek eloszlatása érdekében (a továbbiakban: végleges szerkezetátalakítási terv).
English: This is furthermore evidenced by the waivers obtained by NR from the FSA, firstly to include all its Tier-2 capital to its regulatory capital position and subsequently to operate below regulatory capital requirements. From the submission of the UK authorities it appears that if the bank was not split-up, a capital injection of at least GBP 6 billion (for comparison, before the crisis, the bank’s capital was less than GBP 2 billion) would be necessary for the bank to be viable.
Hungarian: Az Egyesült Királyság hatóságai által benyújtott dokumentumból kitűnik, hogy legalább 6 milliárd GBP nagyságú tőkeinjekcióra lenne szükség a bank életképességének biztosításához, amennyiben a bank nem válik ketté (összehasonlításként megemlíthető, hogy a válság előtt a bank tőkéje nem érte el a 2 milliárd GBP-t).
English: NR’s dependence on wholesale funding caused difficulties in the second half of 2007 when the mortgage securitisation market collapsed, as described in more detail in section 2.2 of the opening decision. NR’s funding problems led the UK authorities to provide loans and guarantees, which were approved by the Commission as rescue aid until 17 March 2008 by the decision of 5 December 2007.
Lithuanian: NR priklausymas nuo didmeninio finansavimo priemonių sukėlė sunkumų 2007 m. antrąjį pusmetį, kai žlugo hipotekos keitimo vertybiniais popieriais rinkos, kaip išsamiau aprašyta sprendimo pradėti procedūrą 2.2 skirsnyje.
English: In this respect, the CDS spread of NR is significantly above 50 bps. It must therefore be concluded that the measure confers an advantage on BankCo.
Lithuanian: Todėl NR CDS kainų skirtumas yra gerokai virš 50 b. p. Todėl reikia konstatuoti, kad priemonė suteikia BankCo pranašumą.
English: The Competitive Framework was implemented by NR following the nationalisation by the UK authorities. It aims to ensure that NR will not be able to use its Government support in order to compete unfairly on the market.
Portuguese: A Carta no domínio da concorrência, que começou a ser aplicada pelo NR após a sua nacionalização pelas autoridades do Reino Unido, destina-se a garantir que o NR não possa utilizar o apoio estatal para praticar uma concorrência desleal no mercado.
Latvian: Konkurences regulējums tika īstenots pēc tam, kad Apvienotās Karalistes iestādes nacionalizēja NR. Tā mērķis ir nodrošināt, ka NR nevarēs izmantot valdības atbalstu, lai negodīgi konkurētu tirgū.
English: By letter of 14 August 2009, those comments were forwarded to the United Kingdom, which was given the opportunity to react. The United Kingdom submitted its comments by letter of 17 August 2009.
Dutch: De Commissie heeft deze bij schrijven van 14 augustus 2009 voor een reactie doorgezonden aan het Verenigd Koninkrijk en heeft bij schrijven van 17 augustus 2009 diens opmerkingen ontvangen.
English: It will use the proceeds of those sales to pay back the State, which is one of its senior creditors by virtue of the BoE/HMT liquidity facility. The proceeds will not benefit the economic activity of AssetCo.
Dutch: De opbrengsten van die verkopen zal zij gebruiken om de staat, die als gevolg van de BoE/HMT-liquiditeitsfaciliteit een van haar senior crediteuren is, terug te betalen Deze opbrengsten komen niet ten goede aan de economische activiteiten van AssetCo.
English: This approach has been applied in Commission Decision 98/490/EC in Case C 47/96, Crédit Lyonnais (OJ L 221, 8.8.1998, p. 28) (point 10.1), Commission Decision 2005/345/EC in Case C 28/02, Bankgesellschaft Berlin (OJ L 116, 4.5.2005, p. 1) (points 153 et seq) and Commission Decision 2008/263/EC in Case C 50/06, BAWAG (OJ L 83, 26.3.2008, p. 7) (point 166). See also Commission Decision in Case NN 70/07, Northern Rock (OJ C 43, 16.2.2008, p. 1) and Commission Decision in Case NN 25/08, Rescue aid to WestLB (OJ C 189, 26.7.2008, p. 3).
Dutch: Deze benadering is toegepast in Beschikking 98/490/EG van de Commissie betreffende de door Frankrijk aan de groep Crédit Lyonnais verleende steun (PB L 221 van 8.8.1998, blz. 28), punt 10.1; Beschikking 2005/345/EG van de Commissie betreffende herstructureringssteun van Duitsland ten gunste van Bankgesellschaft Berlin AG (PB L 116 van 4.5.2005, blz. 1), de overwegingen 153 e.v., en Beschikking 2008/263/EG van de Commissie betreffende steunmaatregel C 50/06, BAWAG (PB L 83 van 26.3.2008, blz. 7), de overwegingen 166 e.v. Zie ook het besluit van de Commissie betreffende steunmaatregel NN 70/07, Northern Rock (PB C 43 van 16.2.2008, blz. 1), en het besluit van de Commissie betreffende steunmaatregel NN 25/08, Risikoabschirmung WestLB (PB C 189 van 26.7.2008, blz. 3).
English: NR recorded a profit of GBP 443 million over 2006. The bank had a staff of 6000 persons in 2006, had 77 branches throughout the United Kingdom and was present in Ireland, Denmark and Guernsey.
Polish: NR zanotował zysk w wysokości 443 milionów GBP w całym 2006 r. W 2006 r. bank zatrudniał 6000 osób, miał 77 oddziałów w całym Zjednoczonym Królestwie oraz był obecny w Irlandii, Danii i Guernsey.
English: AssetCo would also retain liability for the existing Government loan to NR, which would be increased by up to GBP 10 billion to a total of GBP 23 billion in order to enable the implementation of the restructuring. Furthermore, AssetCo would be provided with a working capital facility of up to GBP 5 billion to ensure that it has adequate liquidity […].
Swedish: AssetCo kommer även att behålla ansvaret för det befintliga statliga lånet till NR, som kommer att ökas med 10 miljarder pund till sammanlagt 23 miljarder pund för att möjliggöra omstruktureringen, och kommer att få en rörelsekapitalfacilitet på upp till 5 miljarder pund för att det ska ha tillräcklig likviditet under dess […].
Polish: AssetCo miał przejąć również zobowiązania z tytułu udzielonej NR pożyczki rządowej, której kwota zostałaby podwyższona o 10 miliardów GBP do całkowitej kwoty 23 miliardów GBP, tak aby umożliwić przeprowadzenie restrukturyzacji, a także otrzymać linię kredytową na finansowanie środków obrotowych w wysokości nieprzekraczającej 5 miliardów GBP w celu zapewnienia spółce wystarczającej płynności […].
English: Firstly the Commission noted that after the split-up of NR, BankCo will emerge as a very strong and competitive bank unburdened by the risky loans made by NR in the past. The Commission therefore doubted whether the fact that BankCo will be a bank with a small balance sheet would offset the distortion of competition.
Portuguese: Em primeiro lugar, a Comissão observava que, após a cisão do NR, o BankCo seria um banco muito forte e concorrencial, livre dos encargos dos empréstimos de risco anteriormente concedidos pelo NR. A Comissão duvidava, portanto, de que o facto de o BankCo ser um banco com um balanço reduzido compensasse as distorções da concorrência.
Polish: Po pierwsze Komisja zauważyła, że po podziale NR, BankCo stanie się bardzo silnym i konkurencyjnym bankiem, nieobciążonym ryzykownymi kredytami udzielonymi w przeszłości przez NR. Dlatego też Komisja wyraziła wątpliwość, czy fakt, że BankCo będzie bankiem z małą sumą bilansową, zrekompensuje zakłócenia konkurencji.
English: Leeds Building Society in its submission expressed its concerns regarding the distortion of competition potentially caused by NR, stressing that the own contribution by NR in its view is insufficient and that the Competitive Framework in place only prevents distortion of competition by NR to a limited extent. It also is of the view that the small balance sheet of BankCo after the split will not offset distortions of competition, as BankCo does not have to absorb losses caused by NR’s risky lending of the past and will have access to the benefits of AssetCo’s balance sheet.
Portuguese: A Leeds Building Society, nas observações apresentadas, manifestava a sua preocupação com as potenciais distorções da concorrência causadas pelo NR, sublinhando que, a seu ver, a contribuição própria do NR era insuficiente e que a Carta no domínio da concorrência em vigor só evitava numa medida limitada as distorções da concorrência causadas pelo NR. Era também de opinião de que o reduzido balanço do BankCo após a cisão não compensava as distorções da concorrência, uma vez que o BankCo não terá de absorver as perdas causadas pelos empréstimos de risco anteriormente concedidos pelo NR e terá acesso aos benefícios inerentes ao balanço do AssetCo.
Polish: W swoich uwagach Leeds Building Society wyraziło swoje obawy dotyczące zakłócenia konkurencji potencjalnie spowodowanego przez NR, podkreślając, że wkład własny NR jego zdaniem jest niewystarczający oraz że obowiązujące warunki konkurencji jedynie w ograniczonym stopniu zapobiegają zakłóceniu konkurencji przez NR. Leeds Building Society jest również zdania, że niewielka suma bilansowa BankCo po podziale nie zrekompensuje zakłóceń konkurencji, gdyż BankCo nie musi wchłaniać strat spowodowanych ryzykownym udzielaniem pożyczek przez NR w przeszłości i będzie miał dostęp do korzyści wynikających z bilansu AssetCo.
Romanian: În observațiile transmise, Leeds Building Society își exprima îngrijorarea în ceea ce privește denaturarea concurenței pe care ar putea-o cauza NR, subliniind că, în opinia sa, contribuția proprie adusă de NR este insuficientă, iar Cadrul concurențial în vigoare împiedică doar, într-o măsură limitată, denaturarea concurenței de către NR. De asemenea, aceasta este de părere că bilanțul mic al BankCo după scindare nu va compensa denaturarea concurenței, deoarece BankCo nu este obligată să absoarbă pierderile cauzate de împrumuturile riscante efectuate de NR în trecut și va avea acces la avantajele bilanțului AssetCo.