FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: However, winding-up costs are normally difficult to calculate and estimates are faced with uncertainties, see for example Commission Decision 2005/345/EC in Case C 28/02 Bankgesellschaft Berlin, recitals 163 et seq.
Lithuanian: Tačiau nemokumo sąnaudas paprastai sunku apskaičiuoti, o skaičiavimai nėra patikimi, pavyzdžiui, žr. Komisijos sprendimą 2005/345/EB byloje C 28/02, Bankgesellschaft Berlin, 163 ir kt. konstatuojamosios dalys bei.
English: Also Commission Decision 2008/263/EC in Case C 50/06 BAWAG, recital 166.
Lithuanian: Komisijos sprendimą 2008/263/EB byloje C 50/06, BAWAG, 166 konstatuojamoji dalis.
English: Part of these proceeds were realised as early as March 2008. For example, the non-strategic assets were reduced from EUR 1,7 billion to EUR 1,0 billion.
Lithuanian: Viena pajamų dalis panaudota 2008 m. kovo mėn. Taip 1,7 mlrd. EUR vertės nestrateginis turtas sumažintas iki 1,0 mlrd. EUR vertės.
English: IKB
Latvian: (IKB)
English: The beneficiary is IKB Deutsche Industriebank AG (hereinafter ‘IKB’). IKB is a medium-sized German private bank, listed on SDAX. Its headquarters are located in Düsseldorf. Its main shareholder is the state-owned bank KfW.
Dutch: De begunstigde onderneming is IKB Deutsche Industriebank AG (hierna: „IKB”), een in Düsseldorf gevestigde middelgrote Duitse particuliere bank waarvan de aandelen aan de SDAX genoteerd staan.
English: Around [> 10] % of IKB’s market activity is in real-estate financing. This activity is focused on the financing of office buildings, trading/retail and logistics sites, managed properties and real-estate packages at locations that can expect sustainable long-term rental income and marketability.
Dutch: Circa [> 10] % van de marktactiviteiten van IKB bestaat uit vastgoedfinanciering, met name de financiering van kantoor- en winkelruimte, van logistieke en bedrijfshuisvesting, en van pakketfinancieringen op locaties waarvan een duurzame verhuur en verkoopbaarheid kan worden verwacht.
English: The arrangements for this procedure for the capital increase were in principle made in August, but the actual implementation depends on a positive Commission decision and will thus take place only after such a decision. The capital increase has therefore not yet taken effect.
Dutch: De voorzieningen voor deze kapitaalversterking werden in principe in augustus 2008 getroffen; de feitelijke kapitaalverhoging kon zonder positief besluit van de Commissie echter niet worden doorgevoerd, hetgeen betekent dat zij tot nu toe nog niet heeft plaatsgevonden.
English: The first framework facility, of 24 January 2008, was provided at Euribor plus [< 50] bps up to [> 50] bps against [> 100] % collateral. The second framework facility of 18 July 2008 was provided at Euribor plus [> 100] bps against [> 100] % collateral.
Dutch: Deze extra liquiditeit is opgedeeld in twee raamkredieten van elk […] miljard EUR, waarbij de eerste faciliteit sinds 24 januari 2008 beschikbaar is tegen Euribor vermeerderd met [< 50] tot [> 50] basispunten en een zekerheidsstelling tot [> 100] %, terwijl de tweede faciliteit sinds 18 juli 2008 beschikbaar is tegen Euribor vermeerderd met [> 100] basispunten en een zekerheidsstelling tot [> 100] %.
English: In the context of the negotiations with the bidders, the remaining portfolio investments have been divided into two structured investment portfolios, referred to as SIP 1 and SIP 2. SIP 1 contains mainly [specific securities] with a nominal value of EUR […] billion and a book value of EUR [> 1] billion [12]. SIP 2 contains IKB’s remaining [securities] with a nominal value of EUR […] billion and a book value of EUR [> 1] billion.
Dutch: In het kader van de onderhandelingen met de bieders zijn de overgebleven portefeuillebeleggingen onderverdeeld in twee gestructureerde beleggingsportefeuilles (SIP 1 en SIP 2): SIP 1 bestaat hoofdzakelijk uit [bepaalde waardepapieren] met een nominale waarde van […] miljard EUR en een boekwaarde van [> 1] miljard EUR [12]; SIP 2 omvat de resterende [waardepapieren] van IKB met een nominale waarde van […] miljard EUR en een boekwaarde van [> 1] miljard EUR.
English: SIP 1 not existing […] (IKB) […] [> 1] […] — SIP 2 not existing […] (IKB) […] [> 1] […] — other 6,81
Dutch: SIP 1
English: The effect of the divestment is twofold. On the one hand, the divestments reduce the amount of risk-weighted assets and therefore free up capital and increase the capital ratios.
Dutch: De vervreemding van de activaposities heeft een dubbel effect.
Swedish: Avyttringen av tillgångarna får två effekter.
English: The case originated from information sent by Germany on 3 August 2007. After various information exchanges, Germany notified the measures by letter dated 15 January 2008, claiming that the measures should in any event qualify as compatible rescue and restructuring aid.
Polish: Procedura została wszczęta na podstawie informacji przekazanych przez władze niemieckie w dniu 3 sierpnia 2007 r. Po wielokrotnej wymianie kolejnych informacji władze niemieckie pismem z dnia 15 stycznia 2008 r. dokonały zgłoszenia środków, twierdząc jednocześnie, że środki te należy każdorazowo traktować jako środki pomocy na ratowanie lub restrukturyzację zgodne ze wspólnym rynkiem.
English: Table 2 gives an overview of the movements in the portfolio investments until the end of August 2008. The total realised and expected losses are estimated at about EUR 10,28 billion.
Polish: Tabela 2 przedstawia dynamikę rozwoju inwestycji portfelowych do końca sierpnia 2008 r. Wysokość rzeczywiście poniesionych oraz oczekiwanych strat szacuje się łącznie na kwotę około 10,28 mld EUR.
English: It concludes that in the base case, IKB would achieve a return on equity (RoE) of […] % at the end of the restructuring period in September 2011. IKB would then achieve profit before taxation of EUR […] million with […] full-time employees The Tier 1 ratio would rise to […] % and the cost-income ratio fall to […] %.
Polish: Zgodnie z tymi założeniami przy podstawowym scenariuszu IKB mógłby osiągnąć stopę zwrotu z kapitału własnego na poziomie […] % na koniec okresu restrukturyzacji we wrześniu 2011 r. Przy zatrudnieniu w pełnym wymiarze godzin zysk przed opodatkowaniem wyniósłby wówczas […] mln EUR. Wskaźnik warstwy pierwszej (ang. tier 1 ratio) wzrósłby w takim przypadku do […] %, natomiast wskaźnik kosztów do przychodów (ang. cost income ratio) spadłby do poziomu […] %.
English: As regards the assessment of the first measure, Germany therefore claims that only the losses initially estimated should be considered. That would mean losses of EUR 3,5 billion in a worst-case and EUR [< 2,5] billion in a mid-case scenario. Germany argues that a private investor would compare the direct cost of an insolvency of IKB, which would have been EUR 1,5 billion, stemming from maintaining IKB’s book value of about EUR 620 million (based on German accounting rules) [22] and the cost of writing off about EUR 850 million in loans which IKB had distributed to third parties in the context of KfW’s development business [23].
Polish: Zdaniem władz niemieckich przy dokonywaniu oceny pierwszego środka należy uwzględnić jedynie pierwotnie szacowane straty, czyli w przypadku scenariusza pesymistycznego straty w wysokości 3,5 mld EUR, a w przypadku scenariusza podstawowego straty na poziomie [< 2,5] mld EUR. Władze niemieckie twierdzą, że inwestor działający w warunkach gospodarki rynkowej uwzględniłby bezpośrednie koszty niewypłacalności IKB, czyli w tym przypadku 1,5 mld EUR, wynikające z utrzymania wartości księgowej IKB na poziomie około 620 mln EUR [22] (zgodnie z obowiązującymi w Niemczech przepisami w dziedzinie rachunkowości) oraz amortyzacji kredytów w wysokości około 850 mln EUR, które IKB w ramach działalności wspierającej KfW przyznała na rzecz osób trzecich [23].
English: This concerns assets with a nominal value of EUR [> 15] billion (see Table 4). However, the Commission cannot accept the entire amount as an own contribution.
Polish: Powyższe dotyczy pozycji aktów o wartości nominalnej [> 15] mld EUR (zob. tab. 4) Komisja nie może jednak uznać całości tej kwoty za wkład własny.
English: Part of these proceeds were realised as early as March 2008. For example, the non-strategic assets were reduced from EUR 1,7 billion to EUR 1,0 billion. In addition, Germany argues that it does not need to hold a fire sale for the assets because it has some time for the sale.
Polish: Część przedmiotowych zysków została zrealizowana już w marcu 2008 r. W ten sposób nieistotne ze strategicznego punktu widzenia pozycje aktywów o wartości 1,7 mld EUR zostały zredukowane do wartości 1,0 mld EUR. Ponadto władze niemieckie twierdzą, że nie istniała pilna potrzeba sprzedaży aktywów.
English: The beneficiary is IKB Deutsche Industriebank AG (hereinafter ‘IKB’).
Portuguese: O beneficiário é o IKB Deutsche Industriebank AG (a seguir denominado «IKB»).
English: IKB is a medium-sized German private bank, listed on SDAX. Its headquarters are located in Düsseldorf.
Portuguese: O IKB é um banco privado alemão de dimensão média cotado no índice SDAX e sedeado em Düsseldorf.
English: Its main shareholder is the state-owned bank KfW.
Portuguese: O seu accionista maioritário é o banco público KfW.
English: Before the crisis KfW had a shareholding of 38 %. Stiftung Industrieforschung, which has no business activity of its own, held 12 %, while the remaining 50 % was freely traded.
Portuguese: Antes da crise, o KfW tinha uma participação de 38 %, a Stiftung Industrieforschung, que não tem actividades próprias, detinha 12 % e os restantes 50 % eram comercializados livremente.
English: It offers real-estate financing services not only in Germany, but in other European countries as well.
Portuguese: Presta serviços de financiamento imobiliário não apenas na Alemanha, mas também noutros países europeus.
English: The foreign activities are focused on Belgium, France, Italy, Luxembourg, the Netherlands, Spain and the United Kingdom.
Portuguese: As actividades no estrangeiro centram-se na Bélgica, França, Itália, Luxemburgo, Países Baixos, Espanha e Reino Unido.
English: IKB also obtained liquidity facilities from other banks. Amongst them are [a large US bank] and [another large US bank], for EUR [> 0,75] billion on a monthly basis, provided at Euribor plus [> 100]-[> 100] bps against collateral of [> 100]-[> 100] %, [a German regional bank] for up to EUR [> 250] million for one year at an interest rate of Euribor plus [> 90]-[> 100] bps against collateral of [> 100]-[> 100] %, and [another German regional bank] for up to EUR [> 500] million for one year at Euribor plus [> 50] bps and corresponding collateral.
Portuguese: O IKB também conseguiu linhas de crédito de tesouraria junto de outros bancos, nomeadamente o [um banco americano de grande dimensão] e o [outro banco americano de grande dimensão], num montante de [> 0,75] mil milhões de EUR mensais, concedido à taxa Euribor mais [> 100]-[> 100] pontos de base com uma garantia de [> 100]-[> 100] %, [um banco regional alemão] num montante máximo de [> 250] milhões de EUR durante um ano, à taxa de juro Euribor mais [> 90]-[> 100] pontos de base com uma garantia de [> 100]-[> 100] % e [outro banco regional alemão] num montante máximo [> 500] milhões de EUR, durante um ano, à taxa Euribor mais [> 50] pontos de base e respectiva garantia.
English: […] (IKB)
Portuguese: [> 5] (IKB)
English: KfW will take a first loss of EUR 150 million, Germany will bear the further risk of EUR 600 million (in the form of unexpected losses [14] through a guarantee, and KfW will take the remaining risk of EUR 250 million. KfW is confident that the ultimate losses of the portfolio are reflected in the sale price and considers that no provisions have to be made.
Portuguese: O KfW assumirá uma perda inicial de 150 milhões de EUR, a Alemanha suportará o risco adicional de 600 milhões de EUR [sob forma de perdas inesperadas [14]] através de uma garantia, e o KfW assumirá o risco remanescente de 250 milhões de EUR. O KfW está convicto de que as perdas máximas da carteira estão já reflectidas no preço de venda e considera que não são necessárias provisões.
English: Moreover, the existing two framework liquidity facilities of EUR [> 2,5] billion which KfW provides to IKB are extended […] until at the latest (initially the facilities were to end in April and July 2009). The conditions have been slightly modified.
Portuguese: Além disso, as duas linhas de crédito de tesouraria-quadro de [> 2,5] mil milhões de EUR que o KfW concede ao IKB foram prorrogadas até […], no máximo (inicialmente estava previsto terminarem em Abril e Julho de 2009) e as condições foram ligeiramente alteradas.
English: The collateralisation of the first facility decreases from [> 100] % to [> 100] %.
Portuguese: A garantia da primeira linha de crédito diminuiu de [> 100] % para [> 100] %.
English: The interest rate on the second facility decreases from Euribor plus [> 100] bps to Euribor plus [> 100] bps.
Portuguese: A taxa de juro da segunda linha de crédito passou de Euribor mais [> 100] pontos de base para Euribor mais [> 100] pontos de base.
English: Beyond that, the sale contract contains no deal-specific sale conditions.
Portuguese: Para além disso, o contrato de compra e venda não inclui condições de venda específicas.
English: The only exception is an indemnity clause concerning [certain circumstances] with financial repercussions to a maximum of EUR […] billion. This includes in particular […].
Portuguese: A única excepção é uma cláusula de indemnização relativa a [determinadas circunstâncias] com repercussões financeiras até um máximo de […] mil milhões de EUR. Trata-se em especial de […].
English: IKB Capital Corporation New York was active in structured finance activities in the US with a balance-sheet total of EUR [< 2] billion. It will be actively unwound by 30 September 2011.
Portuguese: O IKB Capital Corporation New York desenvolvia actividades financeiras estruturadas nos Estados Unidos, com um balanço total de [< 2] mil milhões de EUR. Será objecto de liquidação activa até 30 de Setembro de 2011.
English: finally, IKB AG will cease activities in Amsterdam, where the branch was active in SME financing and the real-estate business, and had a credit volume of about EUR [< 500] million. It will be actively unwound by 30 March 2010.
Portuguese: Finalmente, o IKB AG cessará as suas actividades em Amesterdão, onde esta filial operava na área do financiamento de PME e no sector imobiliário, apresentando um volume de crédito de cerca de [< 500] milhões de EUR. Será objecto de liquidação activa até 30 de Março de 2010.
English: Second, the Commission assessed whether the sale implied some additional aid to IKB, which would be the case if liquidation would have been less costly for KfW than selling IKB, a criterion sometimes referred to as the market-economy vendor test. The Commission notes that the sale results not only in a sale price but also in some additional contributions by KfW, which need to be considered as part of the sale.
Portuguese: Em segundo lugar, a Comissão verificou se a venda envolveu auxílios adicionais ao IKB, o que aconteceria se a liquidação envolvesse menos custos para o KfW do que a venda do IKB, um critério que é por vezes designado de teste do vendedor numa economia de mercado.
English: SIVs are used because they can remain off balance sheet and need not be consolidated by banks. This allows banks to fund lending at cheaper rates than those they would provide themselves (owing notably to the obligations of regulatory equity liquidity ratios).
Portuguese: Os SIV são utilizados porque podem permanecer fora do balanço e não precisam de ser consolidados pelos bancos, o que permite a estes últimos financiar créditos a taxas mais reduzidas do que as que eles próprios oferecem (essencialmente devido aos rácios de liquidez obrigatórios).