FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: ING may elect to make use of the repurchase option prior to 31 January 2010, but that date can, upon agreement with the Netherlands, be extended until 1 April 2010 due to exceptional market circumstances if ING can demonstrate that it was not economically feasible to raise sufficient Core-Tier 1 capital necessary to repurchase EUR 5 billion earlier. Such an extension would then be subject to Commission approval.
Italian: ING potrà scegliere di utilizzare l’opzione di riacquisto prima del 31 gennaio 2010 ma, mediante accordi con i Paesi Bassi, tale data potrà essere prorogata sino al 1o aprile 2010 per circostanze eccezionali di mercato, nel caso in cui ING possa dimostrare che non le era economicamente possibile raccogliere sufficienti capitali di base Core-Tier 1 per riacquistare prima i 5 miliardi di EUR. Tale proroga dovrà inoltre, eventualmente, ricevere l’approvazione della Commissione.
Greek: Η ING μπορεί να προτιμήσει να ασκήσει το δικαίωμα εξαγοράς πριν από τις 31 Ιανουαρίου 2010, αλλά η διορία αυτή μπορεί, κατόπιν συμφωνίας με τις Κάτω Χώρες, να παραταθεί έως την 1η Απριλίου 2010 λόγω εξαιρετικών συνθηκών της αγοράς, εφόσον η ING μπορεί να αποδείξει ότι δεν ήταν οικονομικά εφικτή η συγκέντρωση του επαρκούς βασικού κεφαλαίου κατηγορίας 1 που απαιτείται για την πρόωρη εξαγορά των 5 δισεκατ. EUR. Η εν λόγω παράταση εν συνεχεία θα υπόκειται σε έγκριση από την Επιτροπή.
Romanian: ING poate utiliza opțiunea de răscumpărare până la 31 ianuarie 2010, dar acest termen poate fi prelungit de comun acord cu statul olandez, pe motivul condițiilor de piață excepționale, până la 1 aprilie 2010, dacă ING poate demonstra că nu era fezabil din punct de vedere economic să atragă suficient capital de bază de rangul 1 pentru a răscumpăra anticipat cele 5 miliarde EUR. În plus, o astfel de prelungire s-ar supune aprobării Comisiei.
English: Divest Insurance Argentina — Origines Seg. De Retiro (completed)
Spanish: Ceder los seguros en Argentina — Origines Seg. de retiro (finalizado)
Hungarian: Az Insurance Argentina — Origines Seg. értékesítése De Retiro (befejeződött),
English: ING will also refrain, for the same period, from any (other) acquisition of businesses that would slow down the repayment of the Core-Tier 1 Securities to the Netherlands. Notwithstanding this prohibition, ING may, after obtaining the Commission’s approval, acquire businesses, in particular if this is essential in order to safeguard financial stability or competition in the relevant markets.
Spanish: Los Países Bajos además se comprometen a que ING respete una prohibición de liderazgo en materia de precios:
English: This condition is limited to ING’s standardized products on the following product markets: (i) retail savings market, (ii) retail mortgage market, (iii) private banking insofar it involves mortgage products or saving products or (iv) deposits for SME’s (SME defined according the definition of SME as customarily/currently operated by ING in its business in the relevant country). As soon as ING becomes aware of the fact that it offers more favourable prices for its products than its three best priced competitors, ING will as soon as possible adjust, without any undue delay, its price to a level which is in accordance with this commitment.
Spanish: Esta condición se aplicará durante tres años a partir de la fecha de adopción de la presente Decisión o hasta la fecha en la que ING haya reembolsado íntegramente a los Países Bajos los valores de capital básico de clase 1 (incluidos los correspondientes intereses devengados de los cupones de valores de capital básico de clase 1 y comisiones de salida), si esta fecha es anterior.
English: A monitoring trustee preselected and proposed by ING, will be appointed by the Netherlands to monitor this condition. The monitoring trustee is subject to the Commission’s approval.
Spanish: El administrador de supervisión deberá ser aprobado por la Comisión.
Slovak: Na účely monitorovania tejto podmienky Holandsko vymenuje správcu pre monitorovanie, ktorého predbežne vyberie a navrhne spoločnosť ING. Správca pre monitorovanie podlieha schváleniu Komisiou.
English: Furthermore, the restructuring plan foresees that ING will raise EUR 5 billion of capital via a share offering in 2009, which will result in a dilution of existing shareholder rights. This can be considered as a significant own contribution of existing capital providers.
Spanish: Además, el plan de reestructuración prevé que ING consiga 5 billones EUR de capital mediante una colocación de acciones en 2009, lo que dará lugar a una dilución de derechos de los accionistas existentes, y puede considerarse una importante contribución propia de los proveedores de capital existentes.
English: The Netherlands have opted for providing a general price leadership ban for ING whereby ING will not offer more favourable prices than its three best priced competitors. That commitment is appropriate as it targets all markets where the bank is well established with a market share of at least 5 % [48].
Spanish: Los Países Bajos han optado por ofrecer una prohibición de liderazgo en materia de precios general para ING por la que ING no ofrecerá precios más favorables que sus tres mejores competidores en este ámbito.Este compromiso es adecuado puesto que abarca todos los mercados en los que el banco está bien implantado con una cuota de mercado mínima del 5 % [48].
English: If no such solution is reached, the Expert shall decide, within […] from its appointment, on the objective requirement to include the relevant related tangible or intangible assets into the Divestment Business to ensure its viability and competitiveness, and the parties shall accept the Expert’s decision in this respect and will act accordingly. Issues relating to a disagreement shall be mentioned in the report of the Monitoring Trustee to the Commission.
Spanish: Si no se llegara a una solución, el experto decidirá, en el plazo de […] desde el momento de su designación, sobre la necesidad objetiva de incluir los activos materiales e inmateriales pertinentes en la actividad que se va a ceder para garantizar su viabilidad y competitividad, y las partes aceptarán la decisión del experto a este respecto y actuarán en consecuencia.
English: Also, it will make payment capability available (on commercial terms) if the buyer so requests. In addition, ING will assist in creating a Treasury function and ensure funding for two years post-divestment, whereas ING’s funding support will gradually decline in those two years.
Spanish: ING se compromete a garantizar unas condiciones óptimas de cesión realizando un plan empresarial, creando una plataforma internet y dedicando capacidad de ventas a la entidad disociada.
English: ING intends to apply to the Netherlands for State guaranteed funding up to an amount of EUR […] billion for the funding of the WUH business. In that case, the Dutch authorities commit to notify this measure separately.
Spanish: Por otra parte, ING ayudará a crear una función de tesorería que garantice financiación durante los dos años siguientes a la cesión, y la financiación de ING disminuirá progresivamente durante esos dos años.
Slovenian: ING namerava za financiranje družbe WUH zaprositi Nizozemsko za državno zajamčeno pomoč do […] milijarde EUR. V tem primeru se nizozemski organi zavezujejo, da bodo ta ukrep priglasili posebej,
Lithuanian: ING ketina kreiptis į Nyderlandus dėl WUH įmonei skirto valstybės garantuojamo finansavimo, kuris būtų iki […] mlrd. EUR. Tokiu atveju Nyderlandų valdžios institucijos įsipareigoja pranešti apie tą priemonę atskirai.
English: Elsewhere, it takes a more selective approach to clients and products. Wholesale Banking has six business units: General Lending & Payments and Cash Management, Structured Finance, Leasing & Factoring, Financial Markets, Other Wholesale Products, and ING Real Estate.
Estonian: Hulgipangandusega tegeleb kuus äriüksust: üldiste laenude ja maksete ning kassahaldusega tegelev üksus (General Lending & Payments and Cash Management), struktureeritud finantsjuhtimisega tegelev üksus (Structured Finance), liisingu ja faktooringuga tegelev üksus (Leasing & Factoring), finantsturgudega tegelev üksus (Financial Markets), muude hulgipangandustoodetega tegelev üksus (Other Wholesale Products) ja kinnisvaraga tegelev üksus (ING Real Estate).
Latvian: Bankas pakalpojumu uzņēmumiem jomā ir sešas uzņēmējdarbības vienības: vispārējie aizdevumi un maksājumi un naudas plūsmas vadība, strukturēti finanšu produkti, līzings un faktorings, finanšu tirgi, pārējie bankas produkti uzņēmumiem un “ING” nekustamais īpašums (“General Lending & Payments and Cash Management”, “Structured Finance”, “Leasing & Factoring”, “Financial Markets”, “Other Wholesale Products”, un “ING Real Estate”).
English: The restructuring plan submitted, fulfils the criteria of the Restructuring Communication and should therefore be considered compatible with the common market pursuant to Article 87(3)(b) of the Treaty. The capital injection measures and the guarantees which have already been granted can therefore be prolonged in accordance with the restructuring plan.
Estonian: Esitatud ümberkorralduskava vastab ümberkorraldust käsitleva teatise tingimustele ja tuleks seega lugeda ühisturuga kokkusobivaks vastavalt asutamislepingu artikli 87 lõike 3 punktile b. Kapitalisüsti meetmeid ja juba antud garantiisid võib seepärast pikendada vastavalt ümberkorralduskavale.
English: The Commission noted in its decision approving the rescue aid (N 528/08) that the reasons for the loss of market confidence in ING, which triggered the State intervention, was due to the perceived toxicity of the Alt-A portfolio, market concerns about further write downs, the capital needs of ING Insurance and the deteriorating debt to equity ratio of ING group. According to the Netherlands, without the capital injection ING would have still survived but it would have faced a further decrease in confidence and an increased liquidity risk.
French: La Commission a relevé dans sa décision approuvant l’aide au sauvetage (N 528/08) que les raisons expliquant la perte de confiance des marchés dans ING, laquelle a entraîné l’intervention de l’État, étaient liées à la toxicité perçue du portefeuille de crédits Alt-A, aux craintes des marchés concernant de nouvelles dépréciations éventuelles des actifs, aux besoins en capital d’ING Insurance et à la dégradation du ratio dettes/fonds propres du Groupe ING. Aux dires des autorités néerlandaises, ING aurait sans doute survécu sans l’injection de capital mais elle aurait alors été confrontée à une perte ultérieure de confiance et à un risque de liquidité accru.
Italian: Nella sua decisione con la quale ha approvato l’aiuto al salvataggio (N 528/08), la Commissione ha notato che i motivi che spiegavano la perdita di fiducia dei mercati in ING, che ha a sua volta portato all’intervento dello Stato, erano collegati alla tossicità percepita del portafoglio di crediti Alt-A, al timore dei mercati relativo a nuove eventuali perdite di valore degli attivi, al bisogno di capitali di ING Insurance e al degrado del coefficiente debiti/fondi propri del gruppo ING. Secondo le autorità olandesi, ING sarebbe probabilmente sopravvissuta senza l’apporto di capitali ma avrebbe dovuto affrontare in questo caso un’ulteriore perdita di fiducia e un maggiore rischio di liquidità.
Slovak: Komisia vo svojom rozhodnutí, ktorým schválila pomoc na záchranu (N 528/08), poznamenala, že dôvody straty dôvery trhu k spoločnosti ING, ktoré si vyžiadali štátnu intervenciu, boli spôsobené vnímanou toxicitou portfólia Alt-A, obavami trhu z ďalších odpisov, kapitálovými potrebami spoločnosti ING Insurance a zhoršením pomeru zadlženosti k vlastnému imaniu skupiny ING. Podľa Holandska by ING bez kapitálovej injekcie naďalej zostala na trhu, ale čelila by ďalšiemu poklesu dôvery a zvýšenému riziku likvidity.
English: In the framework of the restructuring plan the Netherlands has submitted an amendment to the agreement for repayment of the Tier 1 securities by ING. According to the amended terms ING is able to repurchase up to 50 % of the Core-Tier 1 securities at the issue price (EUR 10), plus the accrued interest in relation to the 8,5 % annual coupon (around EUR 253 million), plus an early repayment penalty when the ING share price trades above EUR 10. The early redemption penalty increases with the ING share price. For the purpose of the calculation of the early redemption premium the share price increase is capped at EUR 12,45 [12].
French: Dans le cadre du plan de restructuration, les Pays-Bas ont communiqué une modification de l’accord de remboursement des titres Core Tier 1 par ING. Les nouvelles modalités prévoient qu’ING pourra racheter jusqu’à 50 % des titres Core Tier 1 au prix d’émission (10 EUR), majoré des intérêts courus eu égard au coupon annuel de 8,5 % (environ 253 millions d’EUR), et d’une pénalité de remboursement anticipé si le cours de l’action ING est supérieur à 10 EUR. La pénalité de remboursement anticipé augmente avec le cours de l’action ING. Pour le calcul de la prime de remboursement anticipé, l’augmentation du cours de l’action sera plafonnée à 12,45 EUR [12].
Italian: Nel quadro del piano di ristrutturazione, i Paesi Bassi hanno comunicato la modifica dell’accordo di rimborso dei titoli Core-Tier 1 da parte di ING. Le nuove modalità prevedono che ING potrà riacquistare fino al 50 % dei titoli Core-Tier 1 al prezzo di emissione (10 EUR), maggiorato degli interessi in rapporto alla cedola annua dell’8,5 % (circa 253 milioni di EUR), e di una penalità di rimborso anticipato se la quotazione dell’azione ING è superiore a 10 EUR. La penalità di rimborso anticipato aumenta con la quotazione dell’azione ING. Per il calcolo del premio di rimborso anticipato, l’aumento della quotazione dell’azione sarà al massimo di 12,45 EUR [12].
Slovak: V rámci reštrukturalizačného plánu Holandsko predložilo zmeny a doplnenia dohody o splatení celých papierov Tier 1 spoločnosťou ING. Podľa zmenených a doplnených podmienok je ING schopná odkúpiť 50 % cenných papierov kapitálu Core Tier 1 za emisný kurz (10 EUR) plus nahromadený úrok v súvislosti s ročným kupónom 8,5 % (približne 253 mil. EUR) plus penále za predčasné splatenie, keď ING predá akcie za cenu vyššiu ako 10 EUR. Penále za spätné odkúpenie sa zvyšuje s cenou akcií ING. Na účely výpočtu prémie za spätné odkúpenie je zvýšenie ceny akcií obmedzené zhora sumou 12,45 EUR [12].
English: In addition, significant increases in its probabilities of default are assumed. ING also assumes there will be higher loss given default (LGD) ratios.
French: À cela s’ajoute la prise en considération par ING de probabilités de défaut nettement accrues, ainsi que de LGD majorés (taux de pertes en cas de défaut).
Italian: Inoltre, ING prende in considerazione un notevole aumento delle probabilità di insolvenza, nonché tassi maggiorati di perdite in caso di insolvenza (LGD — loss given default).
English: This assumed price provides for a 15 % internal rate of return (IRR) to the Netherlands and includes the base 8,5 % return plus an additional premium of at least EUR 340 million and up to EUR 705 million [21] reflecting some potential for appreciation in value related to ING’s share price. The exact repurchase price will depend on ING’s share price.
French: Ce prix présumé assure aux Pays-Bas un taux de rentabilité interne (IRR) de 15 %, comprenant le rendement de base de 8,5 % ainsi qu’une prime additionnelle d’au moins 340 millions d’EUR et pouvant aller jusqu’à 705 millions d’EUR [21] en fonction d’un renchérissement éventuel de l’action ING. Le prix de rachat exact sera donc conditionné par le cours de l’action ING.
Slovak: EUR. Táto predpokladaná cena zabezpečuje Holandsku 15 % internú mieru návratnosti (internal rate of return – IRR) a zahŕňa základnú návratnosť vo výške 8,5 % a dodatočnú prémiu vo výške najmenej 340 mil. EUR a najviac 705 mil. EUR [21] odrážajúcu určitý potenciál zhodnotenia súvisiaceho s cenou akcií ING. Presná cena spätného odkúpenia bude závisieť od ceny akcií ING.
English: According to the information submitted by the Netherlands authorities the total face value of the Alt-A portfolio was USD 39 billion on 31 December 2008. 80 % of the portfolio has been transferred to the Netherlands at 87 % of face value (based on the amended measure) representing USD 27,1 billion.
French: D’après les informations communiquées par les autorités néerlandaises, la valeur nominale totale du portefeuille de crédits Alt-A était de 39 milliards d’USD au 31 décembre 2008 80 % du portefeuille ont été cédés aux autorités néerlandaises à 87 % de la valeur nominale (basée sur la mesure modifiée), ce qui représente 27,1 milliards d’USD.
English: The Alt-A portfolio has been identified as a main reason for repeated need of State support. Concerns in the market place about possible write-downs on the Alt-A portfolio have been one of the triggers of the recapitalisation measure before being covered by the IA measure.
French: Le portefeuille Alt-A a été identifié comme une des raisons principales du besoin répété d’aides publiques, et la préoccupation des marchés concernant de possibles dépréciations de ce portefeuille Alt-A a été un des déclencheurs de la mesure de recapitalisation, avant que n’intervienne la mesure de sauvetage AD.
Italian: Il portafoglio Alt-A è stato identificato come uno dei motivi principali del ripetuto bisogno di aiuti pubblici e la preoccupazione dei mercati concernente possibili deprezzamenti di questo portafoglio Alt-A è stato uno degli elementi che hanno portato all’adozione della misura di ricapitalizzazione, prima che fosse approvata la misura di salvataggio AD.
English: Such early redemption premium constitutes a modification of the recapitalisation decision. It is acceptable because the Commission encourages early repayment.
French: Cette prime de remboursement anticipé constitue certes une modification de la décision de recapitalisation, mais elle est acceptable car la Commission encourage le remboursement anticipé.
Italian: Tale premio di rimborso anticipato costituisce indubbiamente una modifica della decisione di ricapitalizzazione, ma è accettabile poiché la Commissione incoraggia il rimborso anticipato.
Portuguese: O referido prémio de reembolso antecipado constitui uma modificação da decisão de recapitalização e considera-se aceitável na medida em que a Comissão é favorável ao reembolso antecipado.
Romanian: Această evaluare nu este ajustată ca urmare a modificării condițiilor de rambursare, acestea constituind o primă de răscumpărare anticipată.
English: This would include the coupon payments of 8 and 15 December 2009. The early repayment of a significant part of the State aid granted to the Netherlands addresses existing concerns of the Commission that such coupon payments impede ING from achieving long-term viability without State aid.
French: Cette opération comprendra aussi le paiement des coupons des 8 et 15 décembre 2009 Le remboursement anticipé d’une partie significative de l’aide d’État accordée aux Pays-Bas répond aux préoccupations existantes de la Commission, selon lesquelles de tels paiements de coupons empêchent ING d’assurer sa viabilité à long terme sans aides publiques.
English: These figures refer to projections that do not take into account the possible impact of organic growth and exclude additional increases due to potential new regulatory requirements, such as for example if banks are required to hold significantly larger liquidity buffers due to new EU-wide regulations. Such requirements could increase the balance sheet significantly beyond the current organic growth projections.
French: Ces chiffres se fondent sur des projections qui ne prennent pas en compte l’impact possible de la croissance organique et excluent toutes augmentations supplémentaires liées à d’éventuelles exigences réglementaires nouvelles, comme dans le cas où, par exemple, les banques seraient obligées de détenir des tampons de liquidité sensiblement supérieurs en vertu de (nouvelles) réglementations européennes.
Slovenian: te številke se nanašajo na napovedi, v katerih se ne upošteva možni učinek notranje rasti in ki izključujejo dodatna povečanja zaradi morebitnih novih zakonskih zahtev, na primer če bi morale banke v skladu z novimi predpisi, veljavnimi v vsej EU, vzdrževati občutno večje likvidnostne rezerve.
English: ING Group comprises more than 70 individual businesses with more than 2500 legal entities operating in about 50 countries. As of the end of 2008, the group balance sheet totalled EUR 1,332 billion, of which more than 75 % is attributable to ING’s banking activities.
Hungarian: Az ING csoport több mint 70 – körülbelül 50 országban tevékenykedő, több mint 2500 jogalanyt magában foglaló – egyedi üzleti vállalkozásból áll. 2008 végén a csoport mérlegfőösszege 1332 milliárd EUR-t tett ki, amelynek több mint 75 %-a az ING banki tevékenységeiből származott.
English: a management fee (Flow 3). (39) The cash flows originating from the remaining 20 % of the portfolio are retained by ING and fall outside the scope of the cash flow swap.
Hungarian: (3 9) A portfólió fennmaradó 20 %-ából származó pénzforgalmat az ING megtartja, és az nem tartozik a pénzforgalmi swapügylet hatálya alá.
English: OJ C 244, 1.10.2004, p. 2. Reference was made explicitly in the banking communication at point 42.
Hungarian: HL C 244., 2004.10.1., 2. o. A 42. pontban kifejezetten a bankokról szóló közleményre hivatkoztak.
Latvian: OV C 244, 1.10.2004., 2. lpp. Atsauce nepārprotami izdarīta banku jomas paziņojuma 42. punktā.
English: In other words, considering that ING would normally have to pay EUR 2,5 billion redemption premium this amendment would result in an additional advantage for ING between EUR 1,79 and 2,2 billion depending on the market price of ING shares. The Netherlands explained that the reason for the amendment was to allow ING similar conditions for exit to those which had been granted to SNS [13] and Aegon [14] on the capital injections that they received from the Netherlands.
Italian: In altri termini, considerando che ING dovrebbe normalmente pagare un premio di rimborso di 2,5 miliardi di EUR, tale modifica rappresenterà per ING un vantaggio supplementare compreso tra 1,79 e 2,2 miliardi di EUR, in funzione del prezzo di mercato delle azioni di ING. Le autorità olandesi hanno spiegato che la modifica in questione avrebbe lo scopo di offrire a ING condizioni di uscita analoghe a quelle concesse a SNS [13] e Aegon [14] nel quadro degli apporti di capitale concessi dai Paesi Bassi.
Dutch: Met andere woorden, rekening houdende met het feit dat ING normaal gesproken een terugbetalingspremie van 2,5 miljard EUR verschuldigd is, zou deze aanpassing ING een additioneel voordeel opleveren van 1,79 tot 2,2 miljard EUR, afhankelijk van de koers van het aandeel ING. Nederland verklaarde dat deze aanpassing bedoeld was om ING vergelijkbare uitstapvoorwaarden te bieden als SNS [13] en Aegon [14] hebben gekregen voor de kapitaalinjecties die deze van Nederland hebben ontvangen.