FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: The Commission observes that the measures in favour of FBN and ABN AMRO N assessed in this Decision have specific features which differ from other restructuring cases it had to deal with during the current crisis, including those of Fortis Bank SA/NV and Fortis SA/NV. In this case, FBN and ABN AMRO N do not primarily need State aid because they took flawed management decisions.
Dutch: De Commissie merkt op dat de in het onderhavige besluit beoordeelde maatregelen ten gunste van FBN en ABN AMRO N specifieke kenmerken vertonen die verschillen van andere herstructureringszaken die tijdens de huidige crisis ter beoordeling aan haar zijn voorgelegd, waaronder begrepen de reeds genoemde steun aan Fortis Bank SA/NV en Fortis SA/nv In de onderhavige zaak hebben FBN en ABN AMRO N geen staatssteun nodig omdat zij verkeerde managementbesluiten hebben genomen: de behoefte aan staatssteun is namelijk niet veroorzaakt door bijvoorbeeld een opstapeling van buitensporige risico’s in hun beleggingen of in hun kredietverschaffingsbeleid, of omdat zij een onhoudbaar tariefbeleid hadden gevoerd.
English: The need for State aid does not stem for instance from the accumulation of excessive risks in their investments or in their lending policy, or because they had undertaken an unsustainable pricing policy. Equally, the difficulty of Fortis SA/NV and Fortis Bank SA/NV did not stem from risky lending or pricing policies in the retail banking, private banking or commercial banking activities, which were on the contrary profitable.
Dutch: Evenzeer zijn de problemen van Fortis SA/NV en Fortis Bank SA/NV niet te wijten geweest aan een risicovol kredietverlenings- of tariferingsbeleid bij hun activiteiten op het gebied van retail banking, private banking of commercial banking - dat waren juist de winstgevende onderdelen.
English: CONCLUSION The Commission finds that the Netherlands has unlawfully implemented the State aid listed in section 6.1.3 ‘Quantification of the State aid’ in breach of Article 108(3) of the Treaty. However, that aid can be found compatible if the conditions set out in sections 6.2 and 6.3 and described more in detail in the operative part of this Decision are implemented. The Commission notes that the Dutch State has exceptionally accepted to receive the text of this Decision only in English. HAS ADOPTED THIS DECISION:
Dutch: CONCLUSIE
English: The holding company Fortis SA/NV had grouped its banking activities in the legal entity Fortis Bank SA/NV. Fortis Bank SA/NV on its turn was the owner of, inter alia, FBN.
Dutch: De houdstermaatschappij Fortis SA/NV had haar bankactiviteiten gebundeld in de rechtspersoon Fortis Bank SA/nv Fortis Bank SA/NV was op haar beurt weer eigenaar van onder andere FBN.
English: BGL is one of the largest banks in Luxembourg and was a sister company of FBN in Fortis SA/NV. BGL became a member of the BNP Paribas Group in May 2009.
Dutch: BGL is een van de grootste banken in Luxemburg en was een zusteronderneming van FBN in Fortis SA/nv BGL is in mei 2009 toegetreden tot de bnp Paribas Group.
English: http://www.rijksoverheid.nl/nieuws/2011/01/24/exitbeleid-financiele-deelnemingen.html
Dutch: http://www.rijksoverheid.nl/nieuws/2011/01/24/exitbeleid-financiele-deelnemingen.html.
Slovenian: http://www.rijksoverheid.nl/nieuws/2011/01/24/exitbeleid-financiele-deelnemingen.html.
English: Since FBN had booked ABN AMRO N under ‘equity accounted participations’ prudential filter rules required that FBN had to deduct the value of ABN AMRO N from its capital, 50 % from its Tier 2 capital (if sufficient Tier 2 capital was available) and 50 % (or more in case of insufficient Tier 2 capital) of its Tier 1 capital. The write-down of ABN AMRO N had to be taken from available reserves thus reducing Tier 1 capital.
Dutch: Aangezien ABN AMRO N door FNB was geboekt als „equity accounted participation” (volgens de equity-methode gewaardeerde deelneming), moest FNB op grond van de prudentiële filtervoorschriften de waarde van ABN AMRO N op haar kapitaal in mindering brengen, te weten 50 % op haar Tier 2-kapitaal (indien er voldoende Tier 2-kapitaal aanwezig was) en 50 % (of meer indien er onvoldoende Tier 2-kapitaal aanwezig was) op haar Tier 1-kapitaal.
English: The improvement of the ABN AMRO Group’s profitability is driven by better operating income (which should recover after the weak 2009 figure), the cost-cutting programme which at cruise speed should lower costs by EUR 1,1 billion pre-tax per annum and a normalisation of loan loss provisions after a peak in 2009. In 2013, ABN AMRO Group’s cost-income ratio is projected to be […] %.
Polish: Poprawa rentowności ABN AMRO Group jest efektem wyższego dochodu z działalności operacyjnej (który powinien ulec poprawie po słabych wynikach w 2009 r.), z programu redukcji kosztów, który powinien w sposób stały prowadzić do obniżenia kosztów o 1,1 mld EUR przed opodatkowaniem rocznie oraz normalizacji rezerw na straty z tytułu kredytu po osiągnięciu wartości maksymalnej w 2009 r. Prognozuje się, że w 2013 r. współczynnik kosztów do dochodów ABN AMRO Group wyniesie […] %.
English: It is the Dutch State’s intention to reduce its stake in ABN AMRO Group up to a maximum of [25 - 65] %, preferably before the end of [2014 - 2018]. Ultimately, the Dutch State is fully committed to a complete exit.
Polish: Państwo niderlandzkie zamierza zmniejszyć swój udział w ABN AMRO Group do maksimum [25 – 65] %, najlepiej przed końcem [2014 – 2018] r. Ostatecznie państwo niderlandzkie jest zdeterminowane, aby wyjść z grupy.
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. By ring-fencing its activities from Fortis SA/NV, FBN was able to avoid to a large extent the problems and costs typical of a (financial) company in distress (for example higher funding costs, worse payment conditions from suppliers and counterparties, higher personnel costs to retain staff, reduction of activities and risk-weighted assets to preserve capital) [99]. Although ABN AMRO N remained on an operational level a separate company, the Dutch State feared contamination resulting from the fact that markets might associate ABN AMRO N with its future owner Fortis SA/NV.
Polish: W planie restrukturyzacji z grudnia 2009 r. (zob. również motyw 78 państwo niderlandzkie przyznało, że gdyby nie interweniowało, Fortis SA/NV pociągnąłby za sobą FBN. Bez środków pomocy państwa FBN byłby nadal narażony na wykonanie zobowiązań Fortis SA/NV, który był na skraju upadłości, a takie narażenie w znacznym stopniu utrudniłoby działania FBN. Dzięki oddzieleniu swoich działań od Fortis SA/NV FBN był w stanie w dużym stopniu uniknąć problemów i kosztów typowych dla spółki (finansowej) w niekorzystnej sytuacji (na przykład wyższe koszty finansowania, gorsze warunki płatności ze strony dostawców i kontrahentów, wyższe koszty personelu w celu utrzymania pracowników, ograniczenie działalności i aktywów ważonych ryzykiem w celu zachowania kapitałów) [99]. Mimo że na poziomie operacyjnym ABN AMRO N pozostał oddzielną spółką, państwo niderlandzkie obawiało się zepsucia opinii ABN AMRO N ponieważ rynki mogłyby to powiązać z jego przyszłym właścicielem Fortis SA/NV.
Romanian: În planul de restructurare din decembrie 2009 (a se vedea, de asemenea, considerentul 78], statul olandez a admis că, dacă nu ar fi intervenit, FBN s-ar fi prăbușit odată cu falimentul Fortis SA/NV. Fără măsurile de ajutor de stat, FBN ar fi rămas expusă la obligațiile Fortis SA/NV, aflată în pragul falimentului, iar această expunere ar fi împiedicat semnificativ activitățile FBN. Prin separarea activităților sale de Fortis SA/NV, FBN a reușit să evite în mare măsură problemele și costurile tipice unei societăți (financiare) aflate în dificultate (de exemplu, costuri de finanțare mai mari, condiții de plată mai dezavantajoase din partea furnizorilor și contrapărților, costuri mai mari de personal pentru reținerea angajaților, reducerea activităților și active ponderate la risc în vederea conservării capitalului) [99]. Deși ABN AMRO N a rămas o societate separată la nivel operațional, statul olandez se temea de o eventuală contaminare cauzată de faptul că piețele ar putea asocia ABN AMRO N cu Fortis SA/NV, viitorul său proprietar.
English: With respect to remuneration, the Commission observed that the State was already the owner of 100 % of the ordinary shares of FBN (and indirectly of 100 % of ABN AMRO N). All those measures were indispensable to preserve the value of that shareholding.
Polish: W odniesieniu do wynagrodzeń Komisja zauważyła, że państwo już było właścicielem 100 % zwykłych udziałów w FBN (i pośrednio 100 % udziałów w ABN AMRO N) Wszystkie te środki były niezbędne w celu utrzymania wartości tego udziału w spółkach.
English: As soon as ABN AMRO Group detects that it offers a more favourable price for any of its products than that price which it is allowed to offer on the basis of paragraph 1 and paragraph 2 of this article ABN AMRO Group shall immediately inform the Commission. It shall immediately adjust the products price and implement the price adjustment as soon as possible’.
Polish: Z chwilą, gdy ABN AMRO Group stwierdzi, że oferuje bardziej korzystną cenę za jakikolwiek ze swoich produktów niż cena, którą może oferować w oparciu o ust. 1 i 2 niniejszego artykułu, informuje natychmiast Komisję, bezzwłocznie koryguje cenę produktów i jak najszybciej wdraża korektę ceny.
English: There is no reason whatsoever to increase the value of ABN AMRO N by the synergies of a potential merger which the Dutch State already owned since the 3 October 2008 transaction. Measure Z removed ABN AMRO N from the balance sheet of FBN and there was no other potential investor who could realise the same amount of synergies and would be willing to incorporate such synergies in its bid price either.
Polish: Nie istnieje żaden powód, aby przez synergie ewentualnego połączenia zwiększyć wartość ABN AMRO N, który był własnością państwa niderlandzkiego od transakcji w dniu 3 października 2008 r. Środek Z spowodował usunięcie ABN AMRO N z bilansu FBN, a nie istniał żaden inny potencjalny inwestor, który mógłby przeprowadzić tę samą liczbę synergii albo chciałby włączyć takie synergie w swoją ofertę kupna.
English: A merger between FBN and ABN AMRO N is central to the business concept developed in the December 2009 Restructuring Plan. ABN AMRO Group, the new bank emerging from the December 2009 Restructuring Plan, will focus on the mid-market segment in the Netherlands [44] and will be active in ‘Retail and Private Banking’ and ‘Commercial and Merchant Banking’. (77) The December 2009 Restructuring Plan starts from the diagnosis that the capital needs were not related to the underlying performance of FBN and ABN AMRO N, but rather to the need to finance their respective separation from their parent companies and the up-front integration costs of the merger.
Portuguese: O plano de reestruturação de Dezembro de 2009 baseia-se no diagnóstico de que as necessidades de capital não estavam relacionadas com o desempenho subjacente do FBN e do ABN AMRO N, mas antes com a necessidade de financiar a cisão entre essas empresas e as respectivas empresas-mãe e os custos iniciais de integração da fusão.
Slovak: Plán reštrukturalizácie z decembra 2009 vychádza z predpokladu, že kapitálové potreby nesúviseli s východiskovou výkonnosťou FBN a ABN AMRO N, ale skôr s potrebou financovať ich príslušné oddelenie od materských spoločností a očakávané náklady na integráciu v rámci koncentrácie.
English: Banks cannot operate with only the minimum required capital but need an additional comfort margin. Otherwise, should banks face – even a small – setback, they would immediately run into financial trouble.
Portuguese: Os bancos não podem funcionar apenas com o capital mínimo regulamentar, necessitam de uma margem de conforto suplementar, pois caso contrário o mais pequeno contratempo causar-lhes-á problemas financeiros.
English: The […] letter also does not support the claim of the Dutch State. […] merely verified the methodology and the process, and its short report cannot be seen as a credible valuation exercise.
Portuguese: A carta de […] também não apoia a alegação do Estado neerlandês, […] pois limitava-se a verificar a metodologia e o processo, e o seu breve relatório não pode ser considerado como uma avaliação credível.
English: The column ‘Reason’ is the same as that in Table 1 at point (57) of the Decision of 5 February 2010. As indicated in recital 110, following the separation of ABN AMRO N with ABN AMRO Bank on 6 February 2010, the measures and the objectives of the measures were reshuffled. More specifically, Measure A was used from that date on for the objectives of Measure B3 (insofar as it concerns the prudential margin) and Measure B5 and vice versa.
Romanian: Coloana „Motiv” este identică celei din tabelul 1 de la punctul (57 al deciziei din 5 februarie 2010. Astfel cum s-a arătat la considerentul 110, după separarea ABN AMRO N de ABN AMRO Bank la 6 februarie 2010, măsurile și obiectivelor măsurilor au fost revizuite. Mai exact, măsura A a fost utilizată începând de la această dată în scopurile măsurii B3 (în măsura în care vizează marja de prudență) și măsurii B5 și invers.
English: 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. FBN also presented evidence showing that its customer savings had evoled in line with the market.
Slovenian: Prihranki strank banke ABN AMRO N so se na medletni ravni povečali za 7,5 %, kar je kazalo na majhno zmanjšanje tržnega deleža banke ABN AMRO N. Banka FBN je predložila tudi dokaze, da so se prihranki njenih strank razvijali v skladu s trgom.
Romanian: Economiile clienților ABN AMRO N au crescut cu 7,5 % de la un an la altul, ceea ce indică mai curând o scădere a cotei de piață a ABN AMRO N. În plus, FBN a prezentat probe care demonstrează că economiile clienților săi au evoluat în ton cu piața.
English: In that regard, the Commission looks favourably at the pricing system developed by the Dutch State, which aimed to create a level playing field with the Guarantee Scheme (see recital 169). In respect of guarantee schemes, the Commission has consistently requested Member States to charge a premium of at least 50 basis points for guarantees longer than 3 months (and not longer than 12 months). The Commission found that the Dutch State did not consistently ask EURIBOR + 50 basis points for loans of longer than 3 months. Therefore, the Commission can only declare Measure Y1 compatible with the internal market on the condition that a corrective payment of EUR 18,2 million is made to ensure that loans with a maturity of more than 3 months are effectively remunerated at EURIBOR + 50 basis points. The Commission notes positively that all the liquidity facilities were repaid and ended in June 2009.
Romanian: În această privință, Comisia are o opinie favorabilă despre sistemul de stabilire a prețului elaborat de statul olandez, care urmărea să asigure un mediu concurențial echitabil prin intermediul schemei de garantare (a se vedea considerentul 169]. În ceea ce privește schemele de garantare, Comisia a solicitat sistematic statelor membre să perceapă o primă de cel puțin 50 de puncte de bază pentru garanțiile cu o durată de peste trei luni (și de maxim 12 luni). Comisia a constatat că statul olandez nu a aplicat întotdeauna rata EURIBOR plus 50 de puncte de bază pentru împrumuturile cu o scadență mai mare de trei luni. Prin urmare, Comisia poate declara că măsura Y1 este compatibilă cu piața internă doar dacă se efectuează o plată rectificativă în valoare de 18,2 milioane EUR, pentru a asigura că împrumuturile cu o perioadă de scadență de peste trei luni să fie remunerate efectiv la o rată EURIBOR + 50 de puncte de bază. Comisia observă cu satisfacție că toate facilitățile de lichiditate au fost rambursate și au încetat în iunie 2009.
English: One of the hybrid instruments of FBN, the so-called FCC-instrument (FCC instrument: EUR 87,5 million, 6,25 % non-cumulative non-voting perpetual class A series I preference shares issued by Fortis Capital Company Ltd), was issued at the time when Fortis SA/NV was still one integrated group and the prospectus clearly stipulated that coupons on the instruments were also triggered by dividends paid by Fortis SA/NV (now renamed Ageas). When the financial supervisor learnt about this situation, he concluded that FBN had lost discretion over its coupon payments on the instrument and that therefore the instrument would no longer qualify as Tier 1.
Romanian: Unul din instrumentele hibride ale FBN, așa-numitul instrument FCC (instrumentul FCC: 87,5 milioane EUR, 6,25 % acțiuni preferențiale necumulative de clasa A seria I fără termen de rambursare și fără drept de vot emise de Fortis Capital Company Ltd) a fost emis într-un moment în care Fortis SA/NV era încă un singur grup integrat, iar conform prospectului, cupoanele privind instrumentele erau activate și de dividendele plătite de Fortis SA/NV (în prezent, redenumită Ageas) Când autoritatea de supraveghere financiară a fost informată cu privire la această situație, a concluzionat că FBN își pierduse autoritatea asupra plăților cupoanelor aferente instrumentului și că, prin urmare, instrumentul nu mai putea fi clasificat ca fiind de rangul 1.
English: Fortis Corporate Insurance, 5. Subject Matter Memos.
Slovak: Fortis Corporate Insurance (poistenie podnikov), 5. záznamy k predmetu činnosti.
English: In Merchant Banking, FBN distinguished seven different sub-divisions. In the division ‘Commercial Banking’ (1), FBN had 23 business centres offering multiple products to companies with a turnover of up to EUR 250 million. Companies with a turnover of more than EUR 250 million as well as the public sector were serviced by another subdivision, ‘Corporate & Public Banking’ (2).
Slovenian: Na področju poslovanja s podjetji je imela banka FBN sedem pododdelkov: oddelek „komercialno bančništvo“ (1) banke FBN je imel 23 poslovnih centrov, ki so nudili več proizvodov podjetjem s prometom do 250 milijonov EUR. Podjetjem s prometom, višjim od 250 milijonov EUR, in javnemu sektorju je storitve nudil drug oddelek, „bančno poslovanje s podjetji in javnofinančni bančni posli“ (2).
English: ABN AMRO Holding
Swedish: ABN AMRO Holding NV
English: The Dutch State subscribed to additional MCS-instruments of EUR 2,28 billion to cover additional separation costs (EUR 780 million, ‘Measure B3’), the capital shortfall resulting from the sale of New HBU (EUR 300 million, ‘Measure B4’) and integration costs (EUR 1,2 billion, ‘Measure B5’). To bring FBN’s Tier 1 capital in line with regulatory requirements, the Dutch State also converted EUR 1,35 billion of FBN-Tier 2 capital it already owned into Tier 1 capital (‘Measure C’). The Dutch State also paid the other consortium members EUR 740 million in cash (‘Measure D’) as was foreseen in the CSA to settle issues that only emerged in the course of the separation process. Finally, the Dutch State also provided a guarantee on cross liabilities resulting from the sale of New HBU (‘Measure E’).
Swedish: Den nederländska staten utnyttjade ytterligare MCS-instrument på 2,28 miljarder euro för att täcka ytterligare separationskostnader (780 miljoner euro, ”åtgärd B3”), kapitalunderskottet på grund av försäljningen av New HBU (300 miljoner euro, ”åtgärd B4”) och integrationskostnader (1,2 miljarder euro, ”åtgärd B5”). För att föra FBN:s Tier 1-kapital i linje med tillsynskraven konverterade den nederländska staten dessutom 1,35 miljarder euro i FBN-Tier 2-kapital som den redan ägde till Tier 1-kapital (”åtgärd C”). Den nederländska staten betalade också övriga medlemmar i konsortiet 740 miljoner euro i kontanter (”åtgärd D”) såsom angavs i konsortie- och aktieägaravtalet för att reglera angelägenheter som uppkom först under loppet av separationsprocessen. Slutligen tillhandahöll den nederländska staten en garanti för korsvisa skuldförbindelser som följde av försäljningen av New HBU (”åtgärd E”).