FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Volatile activities are activities which show large differences in performance from one period to another. The volatility typically results from the fact that the business activity is prone to unpredictable events beyond the fluctuations attributable to the economic cycle (for example natural disasters or geopolitical events such as terrorism etc.).
Lithuanian: Nepastovumą dažniausiai lemia veiklos jautrumas, be ekonominiam ciklui priskirtinų svyravimų, iš anksto negalimiems numatyti įvykiams (kaip antai stichinės nelaimės arba geopolitiniai įvykiai, pvz., terorizmas).
English: März 2009, Stand: 15. Mai 2009.
Lithuanian: März 2009 (Banko HSH Nordbank AG orientacinis vertinimas, Hamburgas ir Kylis, 2009 m. kovo 31 d.), 2009 m. gegužės 15 d. duomenys.
English: The additional premium will be payable until [2015–2025] at the latest. Notwithstanding that requirement, the basic premium and the additional premium will be payable at the latest up to the time when the total from partial cancellations and claims on the guarantee amounts to EUR 10 billion.
Lithuanian: Papildomas mokestis turi būti mokamas ne ilgiau kaip iki [2015–2025] m. gruodžio 31 d. Nepaisant to, bazinis mokestis ir papildomas mokestis turi būti mokami ne ilgiau kaip iki to momento, kai dalinio garantijos atsisakymo ir pasinaudojimo garantija suma pasieks 10 mlrd. EUR.
English: HSH financial track record for public-sector owners 1999–2009 [15] [15] Business year
Latvian: HSH ziņojums par finanšu darījumiem valsts sektora īpašniekiem 1999.–2009. gadā [15] [15]Uzņēmējdarbības gads
English: In particular, securities related to shipping, aircraft and real estate in general face illiquid markets or are subject to severe downward adjustments. Asset relief for such assets can help to achieve the objectives of the Impaired Assets Communication, namely to increase transparency and to contribute to financial stability, even if they are not in the asset classes that initially triggered the financial crisis.
Latvian: Īpaši ar kuģniecību, aviāciju un nekustamo īpašumu saistītajiem vērtspapīriem šobrīd nav likvīdi, vai uz tiem attiecas krasi vērtības pazeminājumi. šādu aktīvu glābšana var palīdzēt sasniegt Samazinātas vērtības aktīvu paziņojuma mērķus, konkrēti, palielināt pārredzamību un veicināt finanšu stabilitāti, arī tad, ja tie neietilpst aktīvu kategorijās, ko sākotnēji ietekmēja finanšu krīze.
English: If the common equity ratio increased above the target, the debtor warrant would be repaid up to the limit of that target. That mechanism gives HSH the necessary flexibility but at the same time ensures that the claw-back will be paid at a later point in time once it is again in a situation to pay.
Latvian: Ja pamata kapitāla attiecība paaugstinās virs noteiktā mērķa, debitora galvojums jāatmaksā līdz mērķa robežai. šāds mehānisms dod HSH vajadzīgo elastību, bet vienlaicīgi nodrošina, ka zaudējumu apvērse tiks samaksāta vēlākā laika posmā, kad atjaunosies situācija, lai veiktu maksājumu.
English: The Decision initiating the procedure raised doubts on the ability of HSH to restore its long-term viability. Those doubts were confirmed by an in-depth viability analysis performed after the adoption of the Decision initiating the procedure.
Latvian: Lēmumā uzsākt procedūru izteiktas šaubas par HSH spēju atjaunot ilgtermiņa dzīvotspēju. šīs šaubas apstiprinājās visaptverošā dzīvotspējas analīzē, kas tika veikta pēc Lēmuma uzsākt procedūru pieņemšanas.
English: On 29 April 2009, the Bundesanstalt für Finanzdienstleistungsaufsicht (German Banking Regulator, hereinafter ‘BaFin’) informed HSH that, in light of its prudential situation, BaFin considered that HSH had difficulties meeting the regulatory capital requirements. BaFin announced that it would order a moratorium pursuant to paragraph 47 of the German Banking Act if the owners of HSH did not reinforce its capital basis.
Maltese: Fid-29 ta’ April 2009, il-Bundesanstalt für Finanzdienstleistungsaufsicht (ir-Regolatur Bankarju Ġermaniż, minn issa ‘l quddiem imsejjaħ “BaFin”) informa lil HSH li, fid-dawl tas-sitwazzjoni regolatorja attwali tagħha, BaFin qies li HSH sabitha diffiċli tissodisfa r-rekwiżiti regolatorji tal-kapital. BaFin ħabbar li jekk is-sidien ta’ HSH ma kinux se jsaħħu l-bażi tal-kapital tagħha, hu kien se jsejjaħ għal moratorju skont il-paragrafu 47 tal-Att Bankarju Ġermaniż.
English: According to the contract on the provision of a guarantee concluded between HSH Finanzfonds AöR and HSH on 2 June 2009, HSH Finanzfonds AöR receives a premium for providing the second-loss guarantee in the amount of 400 bps p.a. on the nominal amount of the guarantee (EUR 10 billion) (hereinafter the ‘basic premium’). Drawings and cancellations reduce the amount on which the remuneration of 400 bps is paid. Table 3 below represents the total amount of the cumulative payment in three scenarios: (a) Scenario 1: HSH’s base case, which assumes that the guarantee will not be drawn and will be fully cancelled by HSH by the end of 2015; (b) Scenario 2: an intermediate scenario, which assumes a drawing of the guarantee to the tune of EUR 5 billion; and (c) Scenario 3: the underlying case of the assets’ valuation, which assumes that the guarantee will be fully drawn by [2015-2020] (no cancellations).
Maltese: Skont il-kuntratt dwar l-allokazzjoni ta’ garanzija konkluż bejn HSH Finanzfonds AöR u HSH fit-2 ta’ Ġunju 2009, HSH Finanzfonds AöR se tirċievi primjum li jammonta għal 400 punt ta’ bażi fis-sena fuq l-ammont nominali tal-garanzija (EUR 10 biljun) (minn issa ‘l quddiem imsejjaħ “primjum bażiku”) għall-għoti tal-garanzija fuq it-tieni telf. Il-prelevamenti u l-kanċellazzjonijiet inaqqsu l-ammont li fuqu titħallas ir-remunerazzjoni ta’ 400 punt ta’ bażi. It-Tabella 3 ta’ hawn isfel tindika l-ammont totali tal-pagament kumulattiv fi tliet xenarji differenti: (a) Xenarju 1: Il-każ bażi ta’ HSH, li jassumi li l-garanzija mhux se tiġi prelevata u li se tkun ikkanċellata kollha kemm hi minn HSH sal-aħħar tas-sena 2015; (b) Xenarju 2: ix-xenarju intermedjarju, li jassumi li se jkun hemm prelevament ta’ EUR 5 biljun mill-garanzija; u (c) Xenarju 3: il-każ sottostanti tal-valwazzjoni tal-assi, li jassumi li l-garanzija se tiġi prelevata kollha kemm hi sal-[2015-2020] (ma ssir l-ebda kanċellazzjoni).
English: The adequacy of the low capitalisation which in the initial restructuring plan was expected at the end of the restructuring period (Tier 1 ratio of [around 9] %) was questionable in particular in light of (a) the cyclical and volatile nature of HSH’s business profile, which called for an additional capital buffer to absorb recurring increased correlated losses, (b) the impact on HSH’s capital of the financial crisis [75] and (c) the introduction of the new Basel III rules, which will very substantially raise the new minimum capital levels [76] required by the regulators. It can also be assumed that market operators, and in particular institutions likely to provide unsecured wholesale funding, will expect higher capital ratios.
Maltese: L-adegwatezza tal-kapitalizzazzjoni baxxa li fil-pjan inizjali ta’ ristrutturar kienet mistennija għall-aħħar tal-perjodu tar-ristrutturar (il-proporzjon tal-Grad 1 ta’ [madwar [9] %) kienet dubjuża partikolarment fid-dawl ta’ (a) in-natura ċiklika u volatili tal-profil kummerċjali ta’ HSH, li ssejħet għal riżervita’ kapital addizzjonali li jassorbu ż-żieda rikorrenti ta’ telf korrelatat, (b) l-impatt tal-kriżi finanzjarja fuq il-kapital ta’ HSH [75] u (c) l-introduzzjoni tar-regoli l-ġodda ta’ Basel III, li se jgħollu sostanzjalment il-livelli minimi l-ġodda tal-kapital meħtieġa mir-regolaturi [76]. Wieħed jista’ jassumi wkoll li l-operaturi tas-suq, u partikolarment l-istituzzjonijiet li aktarx jipprovdu finanzjament fil-livell tal-operaturi mhux garantit, se jistennew proporzjonijiet ogħla tal-kapital.
English: HSH acts as an arranger and lead bank, particularly in priority asset and project financing. The corporate business division will not provide object-related aircraft financing either in the future.
Dutch: HSH is daarbij actief als arrangeur en Lead Bank met name voor prioritaire asset- en projectfinanciering Het segment zakelijke cliënten zal ook in de toekomst geen asset-based lending voor vliegtuigen verstrekken.
English: In July 2004 Fitch started to provide a rating for HSH’s non-guaranteed obligations in an A range, keeping its stand-alone rating at C. Moody’s and S&P followed with ratings for non-guaranteed obligations in July 2005. Until the beginning of the crisis in 2008, the ratings of HSH remained stable.
Polish: W lipcu 2004 r. agencja Fitch zaczęła wystawiać rating w odniesieniu do obligacji niegwarantowanych HSH na poziomie A, utrzymując przy tym jego rating stand-alone na poziomie C. Następnie agencje Moody’s i S&P wystawiły ratingi w odniesieniu do obligacji niegwarantowanych w lipcu 2005 r. Do rozpoczęcia kryzysu w 2008 r. ratingi HSH utrzymywały się na stabilnym poziomie.
English: The risk shield consists of a second-loss guarantee in the amount of EUR 10 billion, which shelters HSH from losses stemming from total assets of about EUR 172 billion (EUR 187 billion exposure at default) as of a cut-off date in March 2009. The first-loss tranche of EUR 3,2 billion is to be covered by HSH. The second-loss tranche of up to EUR 10 billion is to be covered by HSH Finanzfonds AöR.
Polish: Zabezpieczenie przed ryzykiem obejmuje gwarancję przy drugiej stracie w wysokości 10 mld EUR, która zabezpiecza HSH przed stratami wynikającymi z całkowitej sumy bilansowej w kwocie około 172 mld EUR (ekspozycja na poziomie 187 mld EUR w przypadku niewykonania zobowiązań) zgodnie ze stanem na dzień będący datą graniczną w marcu 2009 r. HSH ma pokryć transzę pierwszej straty w wysokości 3,2 mld EUR. Pokrycie transzy drugiej straty w wysokości 10 mld EUR zapewnia HSH Finanzfonds AöR.
English: According to the profit and loss projections the HSH group will suffer an additional loss of around EUR [100-200] million in 2011 and continuously increase its profits to around EUR [400-500] million after tax in 2014. The return on equity will be negative in 2011 and increase to around [7-8] % in 2014.
Polish: Według prognoz zysków i strat w 2011 r. grupa HSH poniesie dodatkową stratę w wysokości około [100–200] mln EUR i będzie stopniowo zwiększać swoje zyski do około [400–500] mln EUR po opodatkowaniu w 2014 r. Stopa zwrotu z kapitału własnego będzie ujemna w 2011 r. i zwiększy się do około [7–8] % w 2014 r. Wskaźnik Tier I osiągnie wartość około [13–16] % w latach 2012–2014.
English: The Tier 1 ratio will reach around [13-16] % in the period 2012 to 2014. At the request of the Commission, the financial projections contained in the modified restructuring plan include a one-off payment of EUR 500 million in 2011 which has been deducted from net income before tax.
Polish: Na wniosek Komisji prognozy finansowe zawarte w zmienionym planie restrukturyzacji obejmują jednorazową płatność w wysokości 500 mln EUR w 2011 r., którą odliczono od dochodu netto przed opodatkowaniem.
English: They noted in particular that the capital measures taken in favour of HSH in July 2008 were closely connected to the capital injection in May 2009. In July 2008 Flowers had brought in EUR 300 million in cash. As regards the mandatory convertible silent capital contribution in the amount of EUR 962 million, Flowers had subscribed EUR 301,5 million. The mandatory convertible silent capital contribution had participated in losses; a coupon had not been paid.
Polish: Zauważyła w szczególności, że środki kapitałowe podjęte na rzecz HSH w lipcu 2008 r. wiązały się ściśle z zastrzykiem kapitałowym, którego dokonano w maju 2009 r. W lipcu 2008 r. spółka Flowers wniosła wkład gotówkowy w wysokości 300 mln EUR. Jeżeli chodzi o obowiązkowy wkład na poczet zamiennego cichego kapitału w kwocie 962 mln EUR, spółka Flowers wniosła 301,5 mln EUR. Obowiązkowy wkład na poczet zamiennego cichego kapitału uczestniczył w stratach; kupon nie został wypłacony.
English: The valuation was based on the assumption that HSH would return to A rating in 2013, which it was claimed was a reasonable premise. The savings bank associations and Flowers agree with Germany as to that assessment.
Polish: Wycena opierała się na założeniu, które uznano za racjonalne, że HSH odzyska rating kredytowy A w 2013 r. Stowarzyszenia kas oszczędnościowych i spółka Flowers zgadzają się z Niemcami co do tej oceny.
English: EUR [3-8] billion of aviation assets will be transferred to the restructuring unit or sold as of the end of [2011-2012]. HSH will also significantly reduce its shipping, real estate and corporate activities.
Polish: Aktywa w segmencie lotnictwa o wartości [3–8] mld EUR zostaną przeniesione do działu ds. restrukturyzacji lub sprzedane z końcem [2011–2012] r. HSH znacznie ograniczy również swoją działalność w zakresie żeglugi i nieruchomości oraz działalność korporacyjną.
English: HSH provides a large range of products which focus on the core business areas of savings banks. This includes in particular the private and corporate customers business, treasury business, own securities management and credit portfolio management.
Portuguese: O HSH oferece uma vasta gama de produtos que se concentram nas áreas do core business das Sparkassen, nomeadamente as atividades dirigidas a clientes particulares e empresariais, as atividades de treasury, bem como gestão de títulos próprios (Depot-A-Management) e gestão da carteira de crédito.
Romanian: HSH oferă o gamă largă de produse care vizează domeniile de activitate principale ale caselor de economii, inclusiv, în special, serviciile bancare private și serviciile pentru clienți persoane juridice, activități de trezorerie, gestionarea valorilor mobiliare proprii și gestionarea portofoliului de credite.
English: That decision was not imputable to the State and, in line with the Stardust Marine judgment [38], could not be considered aid. In any event, the alleged advantage had no impact on the competitive position of the savings banks in the markets in which they operated.
Portuguese: Esta decisão não é imputável ao Estado e, de acordo com o acórdão no processo Stardust Marine [38],não pode ser considerada um auxílio estatal A alegada vantagem não teve, em todo o caso, qualquer impacto sobre a posição competitiva das Sparkassen nos mercados onde operam.
English: As regards the ratione temporis objection of Germany, the Commission would point out that it has to apply the law and guidelines in force at the time of the adoption of a decision, irrespective of the time at which the aid measures were designed or notified [53]. This is a general rule, and any departure from it has to be clearly mentioned in the legal act that would otherwise be applicable.
Portuguese: No que respeita à objeção ratione temporis levantada pela Alemanha, a Comissão recorda que tem de aplicar as disposições e comunicações em vigor aquando da adoção da decisão independentemente do momento da conceção ou da notificação da medida [53] É uma regra geral, e qualquer exceção a essa regra deve ser claramente mencionada na disposição legal que de outra forma seria aplicável.
English: In particular, the Commission considers that, in line with point 26 of the Restructuring Communication, in a restructuring context the discretionary offset of losses by beneficiary banks (for example by releasing reserves or reducing equity) in order to guarantee the payment of dividends and coupons on outstanding subordinated debt, is in principle not compatible with the objective of limiting the aid amount to the minimum. In particular financial instruments with equity components should participate in losses incurred.
Portuguese: A Comissão considera que as medidas em matéria de contribuição própria apresentadas nos considerandos 239 e 240 não garantem, nas atuais circunstâncias financeiras, que o HSH presta a maior contribuição própria possível para os custos de reestruturação.
English: Thus, during the restructuring phase, the Commission should impose the condition that HSH must not make any payments in respect of profit-related equity instruments (such as hybrid financial instruments and profit participation certificates), in so far as those payments are not owed on the basis of a contract or the law. As part of such a dividend ban the Commission also considers that if HSH’s balance sheet, without the adjustment of reserves and retained earnings, shows a loss, those instruments must participate in the loss.
Portuguese: Uma vez que a Alemanha se recusa a propor medidas adicionais em matéria de contribuição própria, não se pode considerar o auxílio nos termos do artigo 7.o, n.o 3, do Regulamento (CE) n.o 659/199 compatível com o mercado interno.
English: HAS ADOPTED THIS DECISION: Article 1
Portuguese: ADOTOU A PRESENTE DECISÃO:
English: As regards the Commission’s consideration that there was insufficient dilution of the minority shareholdings, the savings bank associations did not see how this could constitute state aid. They considered a dilution to be a secondary effect of a recapitalisation.
Romanian: În ceea ce privește aprecierea Comisiei că nu a existat o diluare suficientă a participațiilor minoritare, asociațiile de case de economii au afirmat că în opinia lor această diluare insuficientă nu ar putea constitui ajutor de stat și că diluarea reprezintă efectul secundar al recapitalizării.
English: The savings bank associations also pointed out that the Commission had not investigated secondary effects in other recapitalisation cases. Nor had the Union courts endorsed such an approach in the WestLB judgment [39].
Romanian: De asemenea, asociațiile de case de economii au subliniat că, în alte cazuri de recapitalizare, Comisia nu a examinat efectele secundare ale acestei măsuri și că, în hotărârea pronunțată în cauza WestLB [39], instanțele comunitare nu au confirmat o astfel de abordare.
English: In July 2008 Flowers had brought in EUR 300 million in cash. As regards the mandatory convertible silent capital contribution in the amount of EUR 962 million, Flowers had subscribed EUR 301,5 million. The mandatory convertible silent capital contribution had participated in losses; a coupon had not been paid.
Romanian: În iulie 2008, Flowers a adus un aport în numerar de 300 milioane EUR. În ceea ce privește aportul tacit obligatoriu de capital convertibil, în valoare de 962 milioane EUR, Flowers a subscris 301,5 milioane EUR. Aportul tacit de fonduri obligatoriu convertibile a participat la pierderi; nu s-a efectuat nicio plată de cupoane.
English: The investors also disputed the Commission’s doubts regarding the valuation of HSH and an excessive share price. They argued that a number of aspects that would increase the share value had not been sufficiently considered.
Romanian: De asemenea, investitorii au respins temerile Comisiei în ceea ce privește evaluarea HSH și prețul unitar excesiv al acțiunilor, susținând că o serie de aspecte care ar conduce la creșterea valorii acțiunilor nu au fost analizate suficient.
English: The financial projections in recital 91 above demonstrate that HSH is able to pay such a lump sum amount of EUR 500 million to the State. Such a payment would consume all of HSH’s expected profits and is expected to lead to a EUR [150-200] million net loss for 2011.
Slovenian: Finančne napovedi iz uvodne izjave (91) kažejo, da banka HSH državi lahko plača tak pavšalni znesek v višini 500 milijonov EUR. S takim plačilom bi bil porabljen ves pričakovan dobiček banke HSH, ki bi po napovedih za leto 2011 prinesel čisto izgubo v višini [150–200] milijonov EUR. Vendar pa bi lahko banka HSH to izgubo absorbirala v prihodnjih letih, prav tako pa je ta izguba ne bi ovirala pri doslednem doseganju dobička (ki je dokaz njene poslovne donosnosti) v vseh preostalih letih obdobja prestrukturiranja.
Romanian: Proiecțiile financiare prezentate la punctul (91) demonstrează că HSH este capabilă să plătească statului această sumă forfetară de 500 de milioane EUR. Această plată ar consuma toate profiturile anticipate ale HSH și se așteaptă să conducă la o pierdere netă de [150-200] de milioane EUR pentru anul 2011.
English: The additional balance sheet reduction contained in the modified restructuring plan (EUR 30 billion additional reduction compared to the initial restructuring plan, see recital 50 above) will considerably reduce the new funding needs and the funding gap. The projected funding mix at the end of the restructuring period (as described in Table 7 and recital 93) reduces HSH’s reliance on short-term unsecured funding and therefore its exposure to a liquidity crisis. HSH will also rely more for its funding in relative terms on covered bonds, which in Germany comply with strict issuance requirements and can be considered as a stable and relatively cheap source of funding.
Romanian: Reducerea suplimentară a bilanțului, prevăzută în planul de restructurare modificat [30 de miliarde EUR reducere suplimentară față de planul de restructurare inițial, a se vedea punctul (50) va atenua considerabil nevoile de noi finanțări și deficitul de finanțare. Finanțarea din diferite surse estimată pentru sfârșitul perioadei de restructurare [astfel cum este descrisă în tabelul 7 și la punctul (93)] reduce dependența HSH de creditele negarantate pe termen scurt, prin urmare și expunerea acesteia la o criză de lichiditate. De asemenea, HSH se va axa mai mult, pentru finanțarea în termeni relativi, pe obligațiunile garantate, care în Germania respectă cerințe stricte de emisiune și pot fi considerate drept o sursă de finanțare stabilă și relativ ieftină.
English: That figure is low in absolute terms, but should be more stable as a result of HSH’s significantly lower risk profile. It should therefore be viewed as much improved compared to the levels observed in the 10 years preceding the crisis.
Romanian: Această cifră este redusă în termeni absoluți, dar ar trebui să fie mai stabilă ca urmare a reducerii semnificative a profilului de risc al HSH, așadar ar trebui considerată ca fiind mult îmbunătățită față de nivelurile observate în deceniul anterior crizei.
English: TIME OF SALES OF HOLDINGS (DATE OF SIGNING OF SALES CONTRACT) IN ACCORDANCE WITH POINT 7.1 OF ANNEX I The holdings marked with an asterisk ‘*’ in the Table below include outside financing by HSH (especially in the leasing and energy sectors) with terms that may extend beyond the intended date of sale of the holding in question (see point 7.3 of Annex I). Name Date of sale […] […] Aegean Baltic Bank SA sold […] […] […] […] […] […]
Romanian: BIKO Grundstücks-Verwaltungsgesellschaft mbH & Co. KG i. L.
English: BIKO Grundstücks-Verwaltungsgesellschaft mbH & Co. KG i. L. liquidated […] […] […] […] […] […] […] […] […] […] […] […] […] […]
Romanian: Credaris Portfolio Management GmbH
English: CRE Financial Group LLC inactive
Romanian: inactivă
English: HSH Nordbank AG
Slovenian: Banka HSH Nordbank AG
English: Thus, HSH’s profitability would be affected only to the extent that it makes actual use of the guarantee. Therefore, upon partial cancellation, the portion of all the paid additional premiums corresponding to the amount of guarantee cancelled should be reimbursed to HSH.
Slovenian: Na donosnost banke HSH bi vplival samo obseg dejanskega črpanja jamstva Zato bi moral biti ob delni razveljavitvi del vseh plačanih dodatnih premij, ki ustrezajo razveljavljenemu znesku jamstva, vrnjen banki HSH.
English: HSH Nordbank Private Banking SA – silent participation settled […] […] […] […] […] […]
Slovenian: HSH Nordbank Private Banking SA – tiha udeležba
English: HSH Structured Finance Services GmbH
Slovenian: poravnano