FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: First, if ABN AMRO Group wants to become cost-efficient with an acceptable cost-income ratio, it is crucial that ABN AMRO Group implements the projected synergies (namely EUR 1,1 billion pre-tax which compares to a 2013 net profit of […] billion EUR). Second, as indicated in recital 118 of the Decision of 5 February 2010, it was also of crucial importance for the viability of ABN AMRO Group that it would be able to improve its net interest margin from the low levels of FBN and ABN AMRO N in the second half of 2008 and the first half of 2009.
Hungarian: Először, ha az ABN AMRO Group költséghatékonnyá kíván válni és elfogadható költség/bevétel arányt kíván elérni, akkor elengedhetetlen, hogy végrehajtsa az előirányzott szinergiákat (nevezetesen 1,1 milliárd euro adózás előtti összeget a 2013. évi […] milliárd eurós nettó nyereséghez képest).
Lithuanian: Pirma, jeigu ABN AMRO Group nori tapti ekonomiškai veiksminga ir užsitikrinti priimtiną sąnaudų ir pajamų santykį, lemiamai svarbu, kad ABN AMRO Group įgyvendintų numatytą sąveiką (būtent 1,1 mlrd. EUR (nesumokėjus mokesčių), palyginti su 2013 m. […] mlrd. EUR grynuoju pelnu).
English: It pointed to data of the Central Bureau of Statistics (‘CBS’) which indicated that savings increased by 7,7 % year-on-year in the first half of 2009. ABN AMRO N’s customer savings increased by 7,5 % year-on-year, which indicated that the ABN AMRO N’s market share rather declined.
Polish: Zwróciło ono również uwagę na dane Centralnego Biura Statystycznego (CBS) wskazujące na to, że oszczędności wzrosły o 7,7 % w ujęciu rok do roku w pierwszej połowie 2009 r. Oszczędności klientów ABN AMRO N wzrosły o 7,5 % w ujęciu rok do roku, co wskazuje na to, że udział w rynku ABN AMRO N raczej zmalał.
Hungarian: A holland állam felhívta a figyelmet a Központi Statisztikai Hivatal (a továbbiakban: CBS) adataira, amelyek szerint 2009 első félévében a megtakarítások értéke 7,7 %-kal nőtt az előző évhez képest, ami azt mutatta, hogy az ABN AMRO N piaci részesedése inkább csökkent.
English: In other words, there was a risk that FBN would fall below the minimum regulatory ratios requiring a minimum total capital ratio of 8 % (with maximum half of it Tier 2). According to the […]-report, selling ABN AMRO N to the Dutch State for a price of EUR 6,5 billion lifted the Tier 1 and total capital ratios of FBN to respectively 7,8 % and 15,7 %, thereby sorting out FBN’s capital problem and allowing the company to stay on the market.
Hungarian: Más szóval, fennállt a kockázata annak, hogy az FBN a 8 %-os minimális össztőkehányadot (amelynek legfeljebb fele lehet Tier 2) előíró szabályozói minimumhányadok alá csökken A(z) […]-jelentés szerint az ABN AMRO N eladása a holland államnak 6,5 milliárd euróért az FBN Tier 1- és össztőkehányadát 7,8 %-ra, illetve 15,7 %-ra növelte, ezzel megoldva az FBN tőkeproblémáját és lehetővé téve a vállalat számára a piacon maradást.
English: In that regard, the Commission also wanted to understand what impact a number of specific contractual features (for example. the clawback mechanism and the vertical slice) would have on the actual cashflows and pricing. Finally, the Commission also doubted that there were insufficient incentives ensuring that ABN AMRO N would terminate the instrument as soon as it was no longer strictly necessary.
Italian: A questo proposito, la Commissione voleva anche capire gli effetti che alcuni elementi contrattuali specifici (per esempio, il meccanismo di riduzione e la soglia per le perdite relative alla quota garantita dalla banca (vertical slice)] avrebbero avuto sui flussi di cassa e la fissazione dei prezzi effettivi. Infine, la Commissione ha anche espresso dubbi sulla scarsità di incentivi che potessero garantire che ABN AMRO N avrebbe posto fine allo strumento nel momento in cui non fosse più stato strettamente necessario.
English: The complainant also argued that FBN and ABN AMRO N benefit from an implicit State guarantee. It argued that customers of FBN and ABN AMRO N are convinced that the Dutch State will not allow State-owned banks to go bankrupt.
Italian: La reclamante ha anche sostenuto che FBN e ABN AMRO N beneficiano di una garanzia di Stato implicita e che i clienti di FBN e ABN AMRO N sono convinti che lo Stato olandese non consenta alle banche di proprietà dello Stato di fallire.
English: Thanks to Measure Y2, FBN did not have to find new funding on the market in order to repay those long-term loans. It could continue to benefit from the existing loans at pre-crisis rates.
Italian: Grazie alla misura Y2, FBN non aveva dovuto reperire nuovi finanziamenti sul mercato per rimborsare tali prestiti a lungo termine e poteva continuare a usufruire dei prestiti esistenti ai tassi in vigore prima della crisi.
English: The Commission has received sufficient information to conclude that ABN AMRO N did not receive funding through Measures Y1 and Y2. It therefore did not draw an advantage from those measures.
Italian: La Commissione ha ricevuto informazioni sufficienti per giungere alla conclusione che ABN AMRO N non ha ricevuto finanziamenti tramite le misure Y1 e Y2 e che pertanto non ne ha tratto vantaggio.
English: Dutch State R + Z-share
Polish: Państwo niderlandzkie
Lithuanian: Nyderlandų valstybė
English: ABN AMRO Group is well diversified with EUR 4,2 billion operating income in ‘Retail and Private banking’ and EUR 2,8 billion operating income in ‘Commercial and Merchant banking’. Geographically, the bulk of ABN AMRO Group’s revenues (namely [65 - 95] % of the total) originates in the Netherlands.
Polish: ABN AMRO Group jest bardzo zróżnicowana, ponieważ dochód z działalności operacyjnej podmiotu zajmującego się bankowością detaliczną i prywatną wynosi 4,2 mld EUR, a dochód z działalności operacyjnej działu Commercial and Merchant banking wynosi 2,8 mld EUR. Z geograficznego punktu widzenia większość przychodów ABN AMRO Group (mianowicie [65 – 95] % całości) pochodzi z Niderlandów.
Lithuanian: ABN AMRO Group verslas tinkamai diversifikuotas, mažmeninės ir privačios bankininkystės srityje veiklos pajamos sudaro 4,2 mlrd. EUR, o komercinės ir didmeninės komercinės bankininkystės srityje – 2,8 mlrd. EUR. Geografiškai didžioji dalis ABN AMRO Group pajamų (būtent [65 – 95] % visos sumos) gaunama Nyderlanduose.
English: Moreover, the Commission observed that the Dutch State had not applied a correction factor to reflect the stock market decline that occurred between October and December 2008 and which was especially pronounced for bank stocks. If the Dutch State overpaid when buying ABN AMRO N, Measure Z was equivalent to State aid helping to recapitalise FBN.
Lithuanian: Be to, Komisija pažymėjo, kad Nyderlandų valstybė netaikė pataisos faktoriaus, kad atsižvelgtų į akcijų rinkos ir ypač didelį bankų akcijų kainų nuosmukį 2008 m. spalio–gruodžio mėn. Jeigu Nyderlandų valstybė, įsigydama ABN AMRO N, sumokėjo per didelę kainą, Z priemonė prilygo valstybės pagalbai padedant restruktūrizuoti FBN kapitalą.
English: The Dutch State explained that the separation costs (namely Measures B2 and B3) were the result of the CSA, to which the Dutch State was de facto a party since 3 October 2008. According to the terms of the CSA, the State –as opposed to ABN AMRO N – was obliged to split ABN AMRO Holding in three parts. The Dutch State denied that those costs provided ABN AMRO N with a benefit and it also explained that it paid for the separation costs as it was the State’s contractual obligation to implement the separation.
Lithuanian: Nyderlandų valstybė paaiškino, kad atskyrimo sąnaudas (būtent B2 ir B3 priemones) lėmė KAS, kurios šalis Nyderlandų valstybė de facto buvo nuo 2008 m. spalio 3 d. Pagal KAS sąlygas suskaidyti ABN AMRO Holding į tris dalis turėjo valstybė, o ne ABN AMRO N. Nyderlandų valstybė paneigė, kad dėl tų sąnaudų ABN AMRO N gavo naudos, ir paaiškino, kad atskyrimo sąnaudas ji padengė dėl to, kad įgyvendinti atskyrimą valstybė turėjo pagal sutartį.
English: The Commission has concluded that it was the Dutch State’s responsibility – and not that of ABN AMRO N – to cover the capital shortfall of ABN AMRO Z. Since 3 October 2008, the Dutch State was bound by the terms of the CSA. Consequently, it was obliged to implement the separation of ABN AMRO Holding under the terms described in the CSA.
Lithuanian: Komisija padarė išvadą, kad už ABN AMRO Z kapitalo trūkumo padengimą atsakinga Nyderlandų valstybė, o ne ABN AMRO N. KAS sąlygos Nyderlandų valstybei privalomos nuo 2008 m. spalio 3 d. Taigi ji buvo įpareigota ABN AMRO Holding atskyrimą įgyvendinti pagal KAS apibūdintas sąlygas.
English: The Dutch State paid those costs via a recapitalisation (at a time when capital was still available only with difficulty), while FBN and ABN AMRO N got all the benefits. It therefore provides a clear advantage to FBN and ABN AMRO N.
Lithuanian: Nyderlandų valstybė tas sąnaudas padengė pasinaudojusi kapitalo restruktūrizavimu (tuo metu, kai kapitalas tebebuvo tik sunkiai prieinamas), o visą naudą gavo FBN ir ABN AMRO N. Taigi tai suteikia FBN ir ABN AMRO N aiškų pranašumą.
English: Thus, if all the conditions described in sections 6.2 and 6.3 are correctly implemented, the December 2009 Restructuring Plan updated by the November 2010 Restructuring Plan provides sufficient evidence that the long-term viability of ABN AMRO Group has been restored. The December 2009 Restructuring Plan updated by the November 2010 Restructuring Plan provides sufficient burden-sharing and contains adequate measures to limit undue distortions of competition.
Polish: Jeżeli zatem wszystkie warunki opisane w rozdziałach 6.2 i 6.3 zostały odpowiednio spełnione, plan restrukturyzacji z grudnia 2009 r. zaktualizowany planem restrukturyzacji z listopada 2010 r. zawiera dostateczne dowody wskazujące na to, że przywrócono długoterminową rentowność ABN AMRO Group.
Lithuanian: Taigi, jeigu visos 6.2 ir 6.3 skirsniuose apibūdintos sąlygos yra tinkamai įgyvendintos, 2009 m. gruodžio mėn. restruktūrizavimo plane (jis atnaujintas 2010 m. lapkričio mėn.) pateikiama pakankamai įrodymų, kad ilgalaikis ABN AMRO Group gyvybingumas atkurtas.
English: ABN AMRO Group shall use its best efforts to achieve the projections (including net interest revenues) submitted to the Commission in the December 2009 Restructuring Plan, as updated by the November 2010 Restructuring Plan. The November 2010 projections shall be achieved, at ABN AMRO Group’s consolidated level. ABN AMRO Group shall report to the Commission on a quarterly basis setting out a breakdown of the projections and the actual figures (including net interest revenues) at the level of the four segments defined in the December 2009 Restructuring Plan and the November 2010 Restructuring Plan: namely, Retail Banking, Private Banking NL, Private Banking International, Commercial & Merchant Banking. ABN AMRO Group may submit a reasoned request to the Commission to revise its projections (including net interest revenues) to take into account external developments.
Polish: ABN AMRO Group dołoży wszelkich starań, aby zrealizować prognozy (w tym wynik odsetkowy netto) przedstawione Komisji w planie restrukturyzacji z grudnia 2009 r. zaktualizowanym przez plan restrukturyzacji z listopada 2010 r. Realizacja prognoz z listopada 2010 r. nastąpi na poziomie skonsolidowanym ABN AMRO Group.
Lithuanian: ABN AMRO Group deda visas pastangas, kad įgyvendintų prognozes (įskaitant grynųjų pajamų iš palūkanų), pateiktas Komisijai 2009 m. gruodžio mėn. restruktūrizavimo plane, atnaujintame 2010 m. lapkričio mėn. 2010 m. lapkričio mėn. prognozės įgyvendinamos ABN AMRO Group konsoliduotu lygmeniu.
English: ABN AMRO Group shall provide a breakdown of net interest revenue projections into volumes and margins on a consolidated level and at the level of private banking. ABN AMRO Group shall report to the Commission on a quarterly basis, and at the latest within 2 weeks after the publication of its quarterly financial results, setting out whether the net interest revenues achieved at the consolidated level are in line with the projections referred to in paragraph 1.
Polish: ABN AMRO Group co kwartał przedstawia Komisji sprawozdanie przedstawiające prognozy i rzeczywiste dane (w tym wynik odsetkowy netto) w rozbiciu na cztery segmenty określone w planie restrukturyzacji z grudnia 2009 r. i w planie restrukturyzacji z listopada 2010 r., a mianowicie Retail Banking, Private Banking NL, Private Banking International i Commercial & Merchant Banking.
Lithuanian: ABN AMRO Group kas ketvirtį teikia Komisijai ataskaitą, kurioje prognozes ir faktinius rodiklius (įskaitant grynųjų pajamų iš palūkanų) pateikia suskirstytus 2009 m. gruodžio mėn. restruktūrizavimo plane ir 2010 m. lapkričio mėn. restruktūrizavimo plane apibrėžtų keturių segmentų, būtent Retail Banking (privačios bankininkystės), Private Banking NL (Nyderlandų privačios bankininkystės), Private Banking International (tarptautinės privačios bankininkystės), Commercial & Merchant Banking (komercinės ir didmeninės komercinės bankininkystės), lygmeniu.
English: That report shall also set out a comparison of projected margins and actual margins at the consolidated level and at the level of private banking. If the net interest revenues achieved at the consolidated level are not in line with those projections, ABN AMRO Group shall set out in that report the measures taken to achieve those projections.
Polish: ABN AMRO Group może złożyć uzasadniony wniosek do Komisji o zmianę prognoz (w tym wyniku odsetkowego netto) w celu uwzględnienia zmian zewnętrznych.
Lithuanian: ABN AMRO Group gali pateikti Komisijai pagrįstą prašymą patikslinti jos prognozes (įskaitant grynųjų pajamų iš palūkanų) atsižvelgiant į išorės pokyčius.
English: The Dutch State has taken a large number of measures in favour of FBN and ABN AMRO N, spread out over a period of roughly 18 months. The Dutch State claims that that the MEIP-test should be applied to each of those measures individually (and especially to the merger-related Measures B4 and B5).
Slovenian: Nizozemska je v obdobju približno 18 mesecev sprejela številne ukrepe v korist bank FBN in ABN AMRO N. Nizozemska trdi, da bi se moral preskus načela vlagatelja v tržnem gospodarstvu uporabiti ločeno za vsakega od ukrepov (in zlasti za ukrepa B4 in B5, povezana z združitvijo).
Latvian: Nīderlandes valsts aptuveni 18 mēnešu garumā ir veikusi daudzus pasākumus par labu FBN un ABN AMRO N. Nīderlandes valsts apgalvo, ka TEIP tests jāpiemēro katram pasākumam atsevišķi (īpaši B4 un B5 pasākumam, kas saistīti ar apvienošanos).
English: From that moment on, it qualified as core Tier 1 capital. The conversion took place at nominal value [59].
Maltese: Minn dak il-mument ‘il quddiem, kien jikkwalifika bħala kapital ewlieni tal-Livell 1. Il-konverżjoni saret b’valur nominali [59].
English: From the second quarter of 2009 onwards, the interest rates offered by MoneYou were lowered and MoneYou positioned itself within the so-called mid-tier segment [94]. With respect to MoneYou, the Dutch State added that it only raised limited volumes of funds (namely EUR [0 - 5] billion), representing roughly [0 - 5] % of total volume on the Dutch savings market.
Maltese: Mit-tieni trimestru tal-2009 ‘il quddiem, ir-rati tal-imgħax offruti minn MoneYou tbaxxew u MoneYou ppożizzjonat lilha nniffisha fl-hekk imsejjaħ segment tal-livell tan-nofs [94]. Fir-rigward ta’ MoneYou, l-Istat tal-Pajjiżi l-Baxxi żied li din ġabret biss volumi limitati ta’ fondi (jiġifieri EUR [0 - 5] biljun), li jirrapreżentaw madwar [0 - 5] % tal-volum totali fuq is-suq tat-tfaddil Olandiż.
English: In the December 2009 Restructuring Plan (see also recital 78), the Dutch State admitted that, had it not intervened, FBN would have been dragged down by Fortis SA/NV. Without the State aid measures, FBN would have remained exposed to the liabilities of Fortis SA/NV, which was on the verge of bankruptcy, and that exposure would have substantially hindered FBN’s activities.
Maltese: Fil-Pjan ta’ Ristrutturar ta’ Diċembru 2009 (ara wkoll il-premessa 78), l-Istat tal-Pajjiżi l-Baxxi ammetta li, kieku ma interveniex, FBN kienet tinġibed “l isfel minn Fortis SA/NV. Mingħajr il-miżuri ta’ għajnuna mill-Istat, FBN kienet tibqa” esposta għar-responsabbiltajiet ta’ Fortis SA/NV, li kienet waslet għall-falliment, u dik l-iskopertura kienet tostakola b’mod sostanzjali l-attivitajiet ta’ FBN.
English: Even in a stress scenario, the company will continue to make profits, while its capital adequacy ratios remain above the minimum regulatory thresholds. Thus the company’s capital buffer seems sufficiently high – after the repeated interventions of the State – to weather future adverse circumstances without having to return to the State again.
Maltese: Anki f’xenarju ta’ diffikultà, il-kumpanija se tkompli tagħmel profitti, filwaqt li l-proporzjonijiet ta’ adegwatezza tal-kapital tagħha jibqgħu “l fuq mil-limiti regolatorji minimi. Għalhekk il-protezzjoni tal-kapital tal-kumpanija tidher biżżejjed għolja – wara l-interventi ripetuti tal-Istat – biex issolvi ċ-ċirkostanzi negattivi fil-futur mingħajr ma jkollha terġa” tirreferi għall-Istat.
English: Net interest income fell from EUR 1584 million in 2008 to EUR 1150 million in 2009 on the back of higher funding costs for savings and issued debt, while net commissions and fee income also fell (EUR 724 million in 2009 down from EUR 823 million in 2008). While total expenses decreased from EUR 2010 million in 2008 to EUR 1827 million in 2009, impairments increased from EUR 331 million in 2008 to EUR 412 million in 2009. Other elements influencing the results were the profit on the sale of Intertrust (EUR 81 million), provisions related to the bankruptcy of the Dutch bank DSB (EUR 15 million) and separation and integration costs (EUR 66 million).
Maltese: Id-dħul nett waqa’ minn EUR 1584 miljun fl-2008 għal EUR 1150 miljun fl-2009 minħabba spejjeż ta’ finanzjament ogħla għat-tfaddil u d-debitu maħruġ, filwaqt li l-kummissjonijiet netti u d-dħul mit-tariffi waqgħu ukoll (EUR 724 miljun fl-2009 ‘l isfel minn EUR 823 miljun fl-2008). Filwaqt li l-ispejjeż totali naqsu minn EUR 2010 miljun fl-2008 għal EUR 1827 miljun fl-2009, l-indeboliment naqas minn EUR 331 miljun fl-2008 għal EUR 412 miljun fl-2009. Elementi oħra li influwenzaw ir-riżultati kienu l-profitt mill-bejgħ ta’ Intertrust (EUR 81 miljun), provvedimenti relatati mal-falliment tal-bank Olandiż DSB (EUR 15 miljun) u l-ispejjeż tas-separazzjoni u l-integrazzjoni (EUR 66 miljun).
English: Moreover, as a subsidiary argument, it should be underlined that the transaction mainly meant to keep FBN’s capital ratios above the minimum required levels. FBN’s capital position was indeed very vulnerable and the company was not in a position to pre-finance the merger itself.
Maltese: Barra minn hekk, bħala argument sussidjarju, għandu jiġi enfasizzat li t-tranżazzjoni kienet intiża l-aktar biex iżżomm il-proporzjonijiet tal-kapital ta’ FBN ‘il fuq mil-livelli minimi meħtieġa. Il-pożizzjoni tal-kapital ta’ FBN kienet fil-fatt vulnerabbli ħafna u l-kumpanija ma kinitx f’pożizzjoni li tiffinanzja bil-quddiem il-fużjoni hi stess.
English: The second business unit, BU Private Banking targeted individuals with net investable assets of more than EUR 1 million with various asset management and estate planning products. BU Private Banking had built up a well-developed network, through organic growth in the Netherlands and France and through acquisitions in Germany (Delbrück Bethmann Maffei) and Belgium (Bank Corluy).
Dutch: De tweede businessunit, de BU Private Banking, richtte zich met diverse producten op het gebied van vermogensbeheer en estate planning op particulieren met een vrij beschikbaar vermogen van meer dan 1 miljoen EUR. De BU Private Banking had een goed ontwikkeld netwerk opgebouwd op basis van autonome groei in Nederland en Frankrijk en door overnames in Duitsland (Delbrück Bethmann Maffei) en België (Bank Corluy).
English: During the restructuring process, FBN also made an acquisition to correct a misalignment resulting from the break-up of Fortis SA/NV. FBN was the legal owner of the BU Brokerage, Clearing and Custody and all the offices related to that business except for the Chicago office, which had remained part of Fortis Bank SA/NV.
Dutch: Tijdens het herstructureringsproces heeft er ook een overname door FBN plaatsgevonden om een incongruentie te corrigeren die door het opbreken van Fortis SA/NV was ontstaan.
English: At the time of the FBN’s acquisition by the Dutch State, FBN depended heavily on Fortis Bank SA/NV for its funding. To ensure full separation of FBN from Fortis Bank SA/NV, it was necessary for the Dutch State to end the funding relationship between FBN and Fortis Bank SA/NV.
Dutch: Ten tijde van de overname van FBN door de Nederlandse staat was FBN voor haar funding in hoge mate afhankelijk van Fortis Bank SA/nv Met het oog op het waarborgen van een volledige afsplitsing van FBN van Fortis Bank SA/NV moest de Nederlandse staat de financieringsverhouding tussen FBN en Fortis Bank SA/NV beëindigen.
English: Likewise New HBU will face cross liabilities towards creditors of ABN AMRO Bank and ABN AMRO II. Since the cross liabilities were rooted in the sale of New HBU which resulted from a decision of ABN AMRO II and its shareholders, it was also their responsibility to find a solution.
Dutch: Omgekeerd heeft ook New HBU met wederzijdse aansprakelijkheden te maken jegens schuldeisers van ABN AMRO en ABN AMRO II. Aangezien die wederzijdse aansprakelijkheden voortvloeien uit de verkoop van New HBU als gevolg van een besluit van ABN AMRO II en haar aandeelhouders, was het derhalve hun verantwoordelijkheid om hiervoor een oplossing te vinden.
English: Integration costs Measure C
Dutch: Kapitaalimpact verkoop New HBU
English: In recitals 29 and 30 of the Decision of 8 April 2009, the Commission noted that Measures X, Y1 and Y2 were part of the same sale contract, which aimed at separating FBN from the rest of the Fortis SA/NV. The Decision of 3 December 2008 already concluded that by entering in that contract on 3 October 2008, the Dutch State had not acted as a normal investor in a market economy.
Dutch: In overwegingen 29 en 30 van het besluit van 8 april 2009 merkt de Commissie op dat de maatregelen X, Y1 en Y2 deel uitmaken van dezelfde verkoopovereenkomst met het oog op de afscheiding van FBN van de rest van Fortis SA/nv In het besluit van 3 december 2008 is reeds geconcludeerd dat de Nederlandse staat door het aangaan van die transactie op 3 oktober 2008 niet als een particuliere investeerder in een markteconomie had gehandeld.
English: New HBU had similar obligations vis-à-vis debt-holders of ABN AMRO Bank (now RBS NV) and ABN AMRO II). The Commission could not exclude that the indemnification solution, which implied that the Dutch State guaranteed the debt-holders of ABN Amro Bank (now RBS NV) at a premium of 200 basis points plus the median CDS-spread, implied State aid.
Dutch: New HBU had soortgelijke verplichtingen ten opzichte van de schuldeisers van ABN AMRO Bank (thans RBS NV) en ABN AMRO II. De Commissie kon niet uitsluiten dat de vrijwaringsoplossing, waarbij de Nederlandse staat de schuldeisers van ABN AMRO Bank (thans RBS NV) een garantie gaf tegen een premie van 200 basispunten vermeerderd met de mediaan van de cds-spread, staatssteun vormde.
English: Measure B5: Integration costs 1,2
Dutch: Maatregel B5: integratiekosten
English: The Commission repeats the conclusion of recital 51 of the Decision of 8 April 2009 that the measure to cut all the links between FBN and its liquidity-constrained parent Fortis SA/NV was necessary to shelter FBN from the then acute difficulties of its parent company. Therefore, the measures can be considered well-targeted in order to achieve the rescue of FBN.
Dutch: De Commissie herhaalt haar conclusie in overweging 51 van het besluit van 8 april 2009 dat de maatregel om alle banden tussen FBN en haar met liquiditeitsbeperkingen kampende moedermaatschappij Fortis SA/NV te verbreken, noodzakelijk was om FBN te beschermen tegen de toenmalige acute problemen van Fortis SA/nv Dat betekent dat de maatregelen met het oog op de redding van FBN als doelgericht aangemerkt kunnen worden.