FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Sparkasse KölnBonn is a German savings bank. It was created in its current form in 2005 as a result of the merger of Stadtsparkasse Köln and Sparkasse Bonn, whose owners (‘Träger’, responsible public institutions, hereinafter ‘owner’) were, respectively, the cities of Cologne and Bonn.
Italian: La Sparkasse KölnBonn è una cassa di risparmio tedesca, nata nel 2005 dalla fusione della Stadtsparkasse Köln e della Sparkasse Bonn, i cui soci responsabili (organismi pubblici responsabili della rispettiva cassa di risparmio, di seguito i «titolari») erano il comune di Colonia e il comune di Bonn.
Dutch: Sparkasse KölnBonn is een Duitse spaarbank, die in 2005 is ontstaan uit de fusie van Stadtsparkasse Köln en Sparkasse Bonn, waarvan de respectieve „Träger” (een voor de spaarkas verantwoordelijke overheidsinstantie) (hierna ook „de aandeelhouders” genoemd) de stad Keulen en de de stad Bonn waren.
English: The city of Cologne indirectly holds a 70 % stake in the new bank, the city of Bonn 30 %. Subsequent to this merger the role of owner of Sparkasse KölnBonn is performed by the association Zweckverband Sparkasse KölnBonn (‘Zweckverband’). The Zweckverband, which is incorporated under public law, is a special purpose association.
Italian: I comuni di Colonia e di Bonn detengono rispettivamente una partecipazione indiretta del 70 % e del 30 % del nuovo istituto finanziario.
English: As per the end of 2007 the ABS portfolio amounted to EUR 1,05 billion in Sparkasse KölnBonn’s accounts. SAA is an investment in special funds, through which Sparkasse KölnBonn held a diversified portfolio consisting among others of international equity shares, REIT [11] and bonds including High Yield and Emerging Markets.
Italian: Nei conti annuali di fine 2007 il valore del portafoglio ABS è stato pari a 1,05 miliardi di EUR. Il portafoglio SAA è costituito da un patrimonio di titoli diversificati gestiti da fondi speciali e comprende, tra l’altro, partecipazioni internazionali, REIT [11] e obbligazioni [tra cui anche titoli della classe High Yield (titoli ad elevato rendimento) e dei mercati emergenti].
Dutch: Eind 2007 had de ABS-portefeuille in de jaarrekening van de spaarbank een boekwaarde van 1,05 miljard EUR. De SAA-portefeuille is een via speciale fondsen beheerd gediversifieerd effectenvermogen, onder meer bestaand uit internationale deelnemingen, REIT’s [11] en obligaties (ook in de activaklassen high yield (hoogrentende effecten) en emerging markets).
Slovak: Ku koncu roka 2007 portfólio ABS na účtoch Sparkasse KölnBonn predstavovalo 1,05 miliardy EUR. SAA predstavuje investíciu do osobitných fondov, prostredníctvom ktorej Sparkasse KölnBonn držala diverzifikované portfólio pozostávajúce okrem iného z medzinárodných kmeňových akcií, REIT [11] a dlhopisov zahŕňajúcich aj vysoko výnosové trhy a nové trhy.
Polish: Pod koniec 2007 r. portfel ABS na rachunkach Sparkasse KölnBonn wynosił 1,05 mld EUR. SAA jest inwestycją w fundusze specjalne, w ramach której Sparkasse KölnBonn utrzymywał zdywersyfikowany portfel, składający się między innymi z międzynarodowych akcji zwykłych, REIT [11] oraz obligacji, w tym o wysokiej stopie zwrotu (ang. High Yield) i rynków wschodzących.
Slovenian: Ob koncu leta 2007 je portfelj ABS v poslovnih knjigah hranilnice Sparkasse KölnBonn znašal 1,05 milijarde EUR. SAA je naložba v posebne sklade, prek katerih je hranilnica Sparkasse KölnBonn vzdrževala raznovrsten portfelj, ki je bil med drugim sestavljen iz mednarodnih lastniških vrednostnih papirjev, sklada REIT [11] in obveznic, vključno z obveznicami z visokim donosom in obveznicami trgov v vzponu.
Lithuanian: 2007 m. pabaigoje ABS portfelio vertė „Sparkasse KölnBonn“ apskaitos dokumentuose siekė 1,05 mlrd. EUR. SAA yra investicija į specialius fondus, per kuriuos „Sparkasse KölnBonn“ valdė diversifikuotą portfelį, kurį, be kitų priemonių, sudarė tarptautinės nuosavo kapitalo akcijos, REIT [11] ir obligacijos, įskaitant aukšto pajamingumo ir besiformuojančių rinkų obligacijas.
English: As per the end of 2007 this portfolio was accounted for at EUR 2,2 billion in Sparkasse KölnBonn’s books. Although Sparkasse KölnBonn aimed at widespread diversification of its ABS and SAA portfolios, they were significantly affected by the financial crisis.
Italian: Nei conti annuali di fine 2007, il valore di questo portafoglio è stato pari a 2,2 miliardi di EUR. Malgrado gli sforzi profusi dalla Sparkasse per diversificare maggiormente il portafoglio ABS e SAA, la crisi del mercato finanziario ha causato sensibili perdite di valore della consistenza di tali titoli.
Portuguese: No final de 2007, esta carteira estava valorizada em 2,2 mil milhões de EUR na contabilidade da Sparkasse KölnBonn.
Dutch: Eind 2007 vertegenwoordigde deze portefeuille in de jaarrekening van de spaarbank een boekwaarde van 2,2 miljard EUR. Ondanks het feit dat de spaarbank zich inspande voor een brede spreiding van haar ABS- en SAA-portefeuilles, leidde de financiële crisis tot duidelijke waardeverminderingen van deze activa.
Slovak: Ku koncu roka 2007 tvorilo toto portfólio v účtovnej evidencii Sparkasse KölnBonn 2,2 miliardy EUR. Hoci sa Sparkasse KölnBonn snažila široko diverzifikovať svoje portfólia ABS a SAA, finančná kríza ich významne zasiahla.
Polish: Na koniec 2007 r. wartość portfela w księgach Sparkasse KölnBonn wynosiła 2,2 mld EUR. Mimo iż Sparkasse KölnBonn miał na celu szeroką dywersyfikację portfeli ABS i SAA, portfele te zostały znacząco dotknięte kryzysem finansowym.
Slovenian: Ob koncu leta 2007 je ta portfelj v poslovnih knjigah hranilnice Sparkasse KölnBonn znašal 2,2 milijarde EUR. Čeprav je bil cilj hranilnice Sparkasse KölnBonn široka diverzifikacija portfeljev ABS in SAA, je nanju zelo vplivala finančna kriza.
Lithuanian: 2007 m. pabaigoje šio portfelio vertė „Sparkasse KölnBonn“ apskaitos dokumentuose siekė 2,2 mlrd. EUR. Nors „Sparkasse KölnBonn“ siekė kuo labiau diversifikuoti savo ABS ir SAA portfelius, juos labai paveikė finansų krizė.
English: From the portfolio of subsidiaries, held at EUR 635 million in the Bank’s accounts as per 31 December 2008, EUR [20-40] million were sold or liquidated by the end of 2009 and a further EUR [180-250] million are to be divested. By implementing this measure, Sparkasse KölnBonn follows two aims depending on the type of the subsidiary. First, the divestments of non-core subsidiaries [14], which are active in regional development projects or communal and social housing, aim at reducing Sparkasse KölnBonn’s risk exposure and vulnerability. Second, the sale of stakes in entities which are only indirectly related to Sparkasse KölnBonn’s activities, aims at generating profits to finance the restructuring of Sparkasse KölnBonn (see Annex I, point 10).
Italian: Al 31 dicembre 2008, nei conti annuali della Sparkasse il valore contabile delle imprese collegate ammontava a 635 milioni di EUR; [20-40] milioni di EUR sono già stati venduti o liquidati nel 2009 e sono previste ulteriori vendite per un volume pari a [180-250] milioni di EUR. L’obiettivo che persegue la Sparkasse è duplice, a seconda del tipo di controllata: in primo luogo, con la vendita di controllate [14] non appartenenti al core business, coinvolte in progetti di sviluppo a livello regionale o in progetti comunali o di edilizia popolare, si intende ridurre il rischio di credito e la vulnerabilità della Sparkasse; in secondo luogo, i proventi delle vendite di partecipazioni di capitale concernenti solo indirettamente l’attività della Sparkasse saranno utilizzati per finanziare la sua ristrutturazione (cfr. allegato I, punto 10).
English: For some subsidiaries, which account for approximately EUR [70-100] million, Sparkasse KölnBonn expects little interest from private third-party purchasers. That low interest is mainly due to the character of those entities, as they are small, involved in social housing and regional development in cooperation with the City of Cologne, or their ownership structure, which is already dominated by the City of Cologne.
Italian: La Sparkasse ritiene che alcune controllate con un valore di vendita pari a circa [70-100] milioni di EUR suscitino un interesse limitato all’acquisto da parte di privati, trattandosi, essenzialmente, di piccole imprese che operano in stretta collaborazione con il comune di Colonia nell’ambito di progetti di edilizia popolare e di sviluppo regionale o di imprese, il cui assetto societario è già fortemente caratterizzato dalla partecipazione del comune di Colonia.
English: Although Sparkasse KölnBonn has not invested directly in WestLB, it is exposed to the stake in it held by RSGV, in which Sparkasse KölnBonn holds a direct stake of about 19 %. According to information provided by Germany, the risk that any impairment of RSGV’s book value for WestLB will have an impact on Sparkasse KölnBonn is very limited.
Italian: Benché la Sparkasse non abbia investito direttamente nella WestLB, essa si è esposta al rischio attraverso la sua partecipazione alla RSGV, di cui la Sparkasse detiene una quota del 19 %.
English: Further, as Sparkasse KölnBonn is exposed to WestLB only by its stake in RSGV, only the intrinsic value of the latter is relevant for Sparkasse KölnBonn. This is influenced not only by the value of WestLB, but also other subsidiaries and investments held by RSGV.
Italian: Tuttavia, tale valore non si basa soltanto sul valore della WestLB ma anche su quello di altre controllate e degli altri investimenti dell’RSGV.
Polish: Na to ma wpływ nie tylko wartość WestLB, ale również inne spółki zależne i inwestycje należące do RSGV.
English: The first step consists of the sale of a EUR 150 million tranche […] to the Zweckverband. The transaction, and in particular the level of the purchase price, will leave Förderungsgesellschaft no better off than if it kept the instrument [22].
Italian: In una prima fase lo Zweckverband […] acquisterà una prima tranche dei titoli partecipativi della Förderungsgesellschaft per un importo pari a 150 milioni di EUR. A seguito di questa transazione, e soprattutto tenuto conto dell’ammontare del prezzo di acquisto, la Förderungsgesellschaft non si troverà in una posizione molto migliore rispetto a quella in cui si sarebbe trovata se avesse mantenuto lo strumento [22].
English: Therefore, these resources are state resources within the meaning of Article 107(1) TFEU. (65) In the light of the above, the Commission confirms the provisional conclusion reached in the opening Decision that the recapitalisation measures in favour of Sparkasse KölnBonn constitute State aid within the meaning of Article 107(1) TFEU.
Italian: Per i motivi sopra esposti, la Commissione conferma la conclusione preliminare della sua decisione di avvio del procedimento, secondo cui le misure di ricapitalizzazione a favore della Sparkasse costituiscono aiuti di Stato a norma dell’articolo 107, paragrafo 1, del TFUE.
English: Second, Sparkasse KölnBonn demonstrated that it is able to withstand a stress scenario. The assumptions of the stress scenario have been assessed as reasonable.
Italian: Inoltre, la Sparkasse ha dimostrato di poter fronteggiare anche uno scenario stress; le ipotesi per tale scenario risultano adeguate, e considerando che lo stress test ha evidenziato che la Sparkasse rispetterà le quote di capitale previste dalla normativa, si può concludere che essa soddisfa i requisiti di cui al punto 13 della comunicazione sulla ristrutturazione.
English: As the stress scenario demonstrates that Sparkasse KölnBonn will exceed its regulatory capital requirements, the Bank can be regarded as meeting the requirements of paragraph 13 of the Restructuring Communication. Further, the sensitivity analysis shows that the Bank is capable of withstanding a significant change in interest rates in the future.
Italian: L’analisi di sensitività condotta ha inoltre evidenziato che la Sparkasse sarebbe in grado di sostenere un eventuale importante cambiamento dei tassi di interesse in futuro.
English: Further, as the instrument to be converted into Tier-1 capital already qualifies as aid and Sparkasse KölnBonn will pay the same remuneration to the Zweckverband after the conversion, the Commission does not see any additional aid involved in the conversion. Finally, the buy-back by Sparkasse KölnBonn of the second EUR 150 million tranche will also closely simulate the cash flow Förderungsgesellschaft would have received had it kept the instrument.
Italian: Dato che lo strumento da trasformare in capitale di classe 1 è già classificato come aiuto e considerando che la Sparkasse pagherà dopo la trasformazione una remunerazione della stessa entità allo Zweckverband, la Commissione è del parere che la trasformazione non costituisce un altro aiuto, anche perché il riacquisto della seconda tranche di 150 milioni di EUR da parte della Sparkasse corrisponde grosso modo al flusso di cassa che la Förderungsgesellschaft avrebbe ricevuto se avesse mantenuto lo strumento.
English: Sparkasse KölnBonn is committed to implementing a comprehensive sale of profitable non-core businesses. These include the stake in […], […], RW Holding AG, S ProFinanz Versicherungsmakler GmbH, Schufa Holding AG and Neue Leben Pensionsverwaltung AG, which are significant […] of Sparkasse KölnBonn.
Italian: La Sparkasse si è impegnata a cedere in misura importante imprese redditizie non inerenti al core business, come nel caso delle partecipazioni alle seguenti importanti […] della Sparkasse: […], […], RW Holding AG, S ProFinanz Versicherungsmakler GmbH, Schufa Holding AG e neue leben Pensionsverwaltung AG.
Portuguese: A Sparkasse KölnBonn comprometeu-se a concretizar a venda de um número importante de actividades rentáveis não essenciais, que incluem as participações em […], […], na RW Holding AG, na S ProFinanz Versicherungsmakler GmbH, na Schufa Holding AG e na Neue Leben Pensionsverwaltung AG, que são significativas […] para a Sparkasse KölnBonn.
English: The restructuring of the Bank includes a reduction of Sparkasse KölnBonn’s presence in certain customer segments. Those measures will allow competitors to access parts of the Bank’s large corporate and institutional clients.
Italian: Nel quadro della ristrutturazione della Sparkasse, è prevista una riduzione della sua presenza in determinati segmenti di clientela e questo comporterà l’accesso dei concorrenti ad una parte dei grandi clienti business e dei clienti istituzionali della Sparkasse.
English: Sparkasse KölnBonn is active only in the Cologne-Bonn region, where it has a significant ([18-23] % — [30-35] % depending on the product), but not dominant market position. Moreover, the Bank does not act as a price leader in its core business segments.
Italian: La Sparkasse è attiva soltanto nell’area economica di Colonia-Bonn, dove occupa una posizione importante ([18-23]-[30-35] % a seconda del prodotto) ma non una posizione dominante.
English: For this reason, additional measures aiming at further reducing the Bank’s market share in its core retail market do not appear to be appropriate in the case of Sparkasse KölnBonn. First, the Commission notes that the core activity was not the source of the Bank’s difficulties.
Italian: Inoltre, nei suoi segmenti business chiave la Sparkasse non detiene la «price leadership», pertanto non sembra siano opportune misure aggiuntive volte a ridurre la quota di mercato della Sparkasse nel suo core business dei clienti privati, per i seguenti motivi: non è stato il core business a creare le difficoltà della Sparkasse; inoltre, la Germania ha dimostrato sufficientemente che l’attuazione di tali misure supplementari sarebbe difficile e comporterebbe dei costi sproporzionati che avrebbero un influsso negativo sulla redditività inerente della Sparkasse, compromettendone la redditività a lungo termine.
Dutch: In dit licht lijken aanvullende maatregelen voor een verdere verkleining van het marktaandeel van de spaarbank voor haar kernactiviteit retail banking niet zinvol, en wel om de volgende redenen: de kernactiviteiten waren niet de oorzaak van de problemen van de spaarbank.
English: Furthermore such measures would adversely affect Sparkasse KölnBonn’s core business segments, SMEs and private customers, which, however, were not the source of the Bank’s difficulties. Finally, given the limited alternative sources of financing for those customer groups and Commission’s case practice, which is aimed at maintaining lending to the real economy, the Commission finds that further constraints to Sparkasse KölnBonn’s scope of activities would impact its core business and would therefore be harmful both to the Bank and to the markets it serves.
Italian: In considerazione delle limitate possibilità di finanziamento alternative di cui dispongono questi gruppi di clienti e tenendo conto delle decisioni adottate in passato dalla Commissione, volte a preservare la concessione di credito all’economia reale, la Commissione è del parere che ulteriori limitazioni del settore di attività comprometterebbero il core business producendo effetti negativi sia per la Sparkasse sia per i mercati da essa serviti.
English: If growth in the core business is taken into account, the reduction of RWA will amount to [10-15] % by 2014. Sparkasse KölnBonn’s […] will be reduced by EUR [4-6] billion to [20-30] billion (i.e. by [15-20] %) (without taking into account future growth in the core business over the restructuring period). When growth in the core business is accounted for, the restructuring measures will result in a total assets reduction of 5 %.
Lithuanian: Jeigu būtų atsižvelgta į pagrindinio verslo augimą, RWA sumažėjimas iki 2014 m. sudarytų [10–15] % „Sparkasse KölnBonn“ […] sumažėtų [4–6] mlrd. EUR iki [20–30] mlrd. EUR (t. y. [15–20] % (neatsižvelgiant į būsimą pagrindinės veiklos augimą restruktūrizavimo laikotarpiu). Jei į pagrindinio verslo augimą būtų atsižvelgta, įgyvendinus restruktūrizavimo priemones bendras turtas sumažėtų 5 %.
English: As illustrated in Table 1 below, in the base case Sparkasse KölnBonn is expected to return to profitability in 2010 and continuously improve its results until 2014. In 2014 the Bank will achieve a return on equity (ROE) of [9-10] %. Chart 1 below illustrates the main financial performance indicators of Sparkasse KölnBonn for the years 2008-2014.
Lithuanian: Toliau 1 lentelėje parodyta, kad pagal pagrindinį scenarijų numatoma, jog „Sparkasse KölnBonn“ 2010 m. vėl ims veikti pelningai, jo rezultatai gerės iki 2014 m. 2014 m. banko nuosavo kapitalo grąža (angl. ROE) sudarys [9–10] % 1 schemoje parodyti svarbiausi 2008–2014 m. finansiniai „Sparkasse KölnBonn“ veiklos rodikliai.
English: The analysis confirmed that further increasing interest rates would improve Sparkasse KölnBonn’s profitability, whereas decreasing interest rates would reduce its profitability, i.e. a linear decrease of 50 bps of the short-term interest rates would lead to a reduction of EUR [20-25] million of profits per year. Overall the sensitivity analysis provided by Germany demonstrates that Sparkasse KölnBonn’s vulnerability to major interest rate shocks is limited.
Portuguese: A análise confirmou que novos aumentos das taxas de juro aumentariam a rentabilidade da Sparkasse KölnBonn, ao passo que a descida das taxas de juro reduziria essa rentabilidade, ou seja, uma redução linear de 50 pontos-base das taxas de juro de curto prazo conduziria a uma redução anual dos lucros de [20-25] milhões de EUR. De um modo geral, a análise de sensibilidade apresentada pela Alemanha demonstra que a vulnerabilidade da Sparkasse KölnBonn a grandes choques em termos de variação das taxas de juro é limitada.
Lithuanian: Analizė patvirtino, kad tolesnis palūkanų normų didėjimas pagerintų, o mažėjimas sumažintų „Sparkasse KölnBonn“ pelningumą, t. y. trumpalaikių palūkanų normoms tiesiniu būdu sumažėjus 50 bazinių punktų pelnas per metus sumažėtų [20–25] mln. EUR. Bendra Vokietijos pateikta jautrumo analizė rodo, kad „Sparkasse KölnBonn“ nėra labai jautrus dideliems palūkanų normų šuoliams.
English: In the context of the WestLB rescue in 2008 the fund had to intervene. The remaining risk exposure is linked to Sparkasse KölnBonn’s indirect holding in WestLB and remaining indirect liability for WestLB’s bad bank via RSGV.
Lithuanian: Fondas turėjo įsikišti „WestLB“ sanuoti 2008 m. Likusioji rizikos pozicija yra susijusi su netiesioginėmis „Sparkasse KölnBonn“ investicijomis į „WestLB“ ir likusiais netiesioginiais įsipareigojimais už „WestLB“ per RSGV.
English: This is influenced not only by the value of WestLB, but also other subsidiaries and investments held by RSGV. Valuation of other RSGV subsidiaries conducted at the end of 2009 disclosed significant latent reserves, which would suffice to cover even the potential worst case scenario write-down of WestLB to 0.
Portuguese: A avaliação de outras filiais da RSGV efectuada no final de 2009 revelou a existência de reservas latentes significativas, que seriam suficientes para cobrir inclusive o pior cenário possível, que seria a redução a zero do valor contabilístico do WestLB.
Dutch: Uit de eind 2009 uitgevoerde waardering van de andere dochterondernemingen van de RSGV bleek dat er sprake is van aanzienlijke stille reserves, die zouden volstaan om in het ergste geval zelfs een eventueel noodzakelijke volledige afwaardering van WestLB te dekken.
Slovak: Ocenením ostatných dcérskych spoločností RSGV, ktoré sa vykonalo na konci roka 2009, sa zistili významné latentné rezervy, ktoré by stačili na pokrytie aj potenciálne najhoršieho scenára odpísania WestLB na nulovú úroveň.
Lithuanian: 2009 m. pabaigoje atlikus kitų RSGV patronuojamųjų bendrovių vertinimą paaiškėjo, kad esama nemažai nenaudojamų rezervų, kurių pakaktų net pagal galimą blogiausią scenarijų, jei tektų nurašyti visą „WestLB“ vertę.
English: As the activities of the subsidiaries to be sold to the City of Cologne are mainly real estate development and real estate-related services, the Commission does not consider that the application of the Communication on the treatment of impaired assets in the Community banking sector [30] (‘Impaired Assets Communication’) is necessary or appropriate in this case. The book values of these subsidiaries have been significantly written down in the past years in order to bring them in line with their market values.
Lithuanian: Kadangi didžiausią Kelno miestui parduotinų patronuojamųjų bendrovių veiklos dalį sudaro nekilnojamojo turto plėtra ir su nekilnojamuoju turtu susijusios paslaugos, Komisija nemano, kad šiuo atveju reikia arba tikslinga taikyti Komunikatą dėl sumažėjusios vertės turto tvarkymo Bendrijos bankų sektoriuje (toliau – Sumažėjusios vertės turto komunikatas) [30] Didelė šių patronuojamųjų bendrovių apskaitinės vertės dalis praeityje buvo nurašyta, kad atitiktų jų rinkos vertę.
English: The unemployment rate is expected to continue rising until 2011 and fall slowly thereafter. Finally, it is expected that the currently unfavourable, low-interest rates environment will improve in 2010 and then remain unchanged for the rest of the restructuring period.
Maltese: Ir-rata tal-qgħad hija mistennija li tkompli titla’ sal-2011 u titbaxxa ftit ftit minn dak iż-żmien ‘il quddiem. Finalment, huwa mistenni li l-ambjent ta’ rati ta’ interess baxxi attwali mhux favorevoli ser jitjieb fl-2010 u mbagħad jibqa’ l-istess għall-bqija tal-perjodu ta’ ristrutturar.
English: At the end of 2008 Sparkasse KölnBonn was the second largest savings bank in Germany with a balance sheet of EUR 31 billion. At this point, Sparkasse KölnBonn had an Aa2 rating from Moody’s. This was changed to A1 on 15 March 2010.
Portuguese: No final de 2008, a Sparkasse KölnBonn era a segunda maior caixa económica da Alemanha, com um total do balanço de 31 mil milhões de EUR. Nessa época, a Moody's atribuiu à Sparkasse KölnBonn uma notação de Aa2, que baixou para A1 em 15 de Março de 2010.
Dutch: Eind 2008 was Sparkasse KölnBonn de op één na grootste spaarbank van Duitsland met een balanstotaal van 31 miljard EUR. Sparkasse KölnBonn had destijds een rating Aa2 van Moody’s, die op 15 maart 2010 werd verlaagd naar A1.
English: The coupon of the certificates is 8 %. The lifetime of the certificates is until 31 December 2013.
Dutch: De winstbewijzen hebben een coupon van 8 % en een looptijd tot en met 31 december 2013.