FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: According to the Portuguese authorities [5], BPN had been facing liquidity issues since the summer of 2008, with the rating agency Moody’s having downgraded BPN from Baa1 to Baa3 on 18 July 2008 [6]. Whilst at the end of August BPN had a positive liquidity of EUR 316 million, by 22 October 2008 it had severe negative liquidity of EUR 831 million, with its deposit account with the Bank of Portugal (‘BdP’) far from the average amounts it would have had to maintain in order to comply with the legal limits. At that stage, during the month of October 2008, several initiatives were undertaken in order to allow the bank to overcome the liquidity difficulties it was facing and to prevent default in payments, in particular through the provision of special liquidity aid in the form of loans, and through other operations by the BdP and by the state-owned CGD [7].
Finnish: Portugalin viranomaisten mukaan [5] BPN kärsi likviditeettiongelmista kesästä 2008 alkaen, ja luottoluokituslaitos Moody’s pudotti 18 päivänä heinäkuuta 2008 BPN:n luokituksen luokasta Baa1 luokkaan Baa3 [6]. Elokuun lopussa BPN:n likviditeettilanne oli positiivinen, ja sen varat olivat 316 miljoonaa euroa. Se ajautui kuitenkin 22 lokakuuta 2008 vahvasti negatiiviseen likviditeettitilanteeseen, ja vaje oli – 831 miljoonaa euroa. Sen avistatili Portugalin keskuspankissa, Banco de Portugalissa, jäljempänä ’BdP’, pysyi vain lievästi positiivisena ja kaukana keskiarvosta, joka sen olisi pitänyt saavuttaa lakisääteisten vaatimusten noudattamiseksi. Tässä vaiheessa lokakuun 2008 kuluessa toteutettiin useita toimenpiteitä, jotta pankki olisi päässyt likviditeettiongelmistaan ja jotta se olisi voinut vastata maksuvelvoitteistaan. Sille muun muassa myönnettiin lainojen muodossa erityistä likviditeettitukea, ja BdP ja valtion omistama Caixa Geral de Depósitos, jäljempänä ’CGD’, toteuttivat myös muita toimenpiteitä [7].
English: the removal of part of the loans in BPN, over and above those loans which had already been transferred to the SPVs as of 30 December 2010 [31]. The removal of the additional loans would allow a loan-to-deposit (‘LTD’) ratio of [110-150] % to be achieved. That ratio had been set at [110-150] % in the BIC offer of 20 July 2011;
Finnish: osa BPN:n lainoista irrotetaan BPN:stä niiden lainojen lisäksi, jotka oli jo siirretty erillisyhtiöihin 30 päivänä syyskuuta 2010 [31]; lisäosuuden poistaminen lainoista mahdollistaa sen, että lainojen suhde talletuksiin on [110–150] prosenttia; suhde oli vahvistettu [110–150] prosentiksi BIC:n 20 päivänä heinäkuuta 2011 tekemässä tarjouksessa;
English: the maintenance of approximately half of the employees of BPN (at least 750 out of approximately 1600 employees). The State would cover the total cost of closing the branches not taken over by BIC and of paying compensation to dismissed employees or to employees whose place of employment would be changed;
Finnish: noin puolet BPN:n työntekijöistä säilytetään (vähintään 750 työntekijää yhteensä 1600 työntekijästä); valtio kattaa niiden toimipaikkojen sulkemisesta aiheutuneet kustannukset, joita BIC ei aio ostaa, ja maksaa korvaukset irtisanotuille ja sellaisille työntekijöille, joiden työpaikka siirtyy toiselle paikkakunnalle;
English: It notes first that the bank is small in size. As a result of the restructuring process, BPN will disappear as an independent bank.
Finnish: Komissio toteaa, että BPN on pieni pankki ja että se lopettaa toimintansa itsenäisenä pankkina rakenneuudistuksen jälkeen.
English: A third privatisation attempt was launched at the beginning of May 2011 without a minimum price in order to find a buyer for BPN by 31 July 2011, as agreed in the MoU. (49) A tender procedure was held during which contacts with potential interested buyers took place. An Investment Opportunity Overview (‘IOO’) was also produced. According to the IOO, interested parties had to bid for up to 100 % of the shares of BPN, but could ask for additional assets and liabilities to be removed from BPN’s balance sheet. They could also ask for higher recapitalisation scenarios.
French: Une troisième tentative de privatisation a été lancée début mai 2011, sans prix minimal, afin de trouver un acquéreur pour BPN avant le 31 juillet 2011, comme convenu dans le PA.
English: Indeed, if the same level of equity were retained, the bank's capital ratio would increase through the removal of non-performing loans and the reduction of RWA. Consequently its capacity to extend new loans and to be active in the market would increase.
French: En effet, si le même niveau de capital était maintenu, le taux de capital de la banque augmenterait du fait de la dissociation des prêts non productifs et de la réduction des APR. Par conséquent, sa capacité à accorder de nouveaux prêts et de déployer des activités sur le marché s’en trouverait renforcée.
English: The Commission therefore considers that in order to maintain the aid to the minimum, any reduction in RWA resulting from the restitution of loans to the State should be accompanied by a corresponding reduction in capital, to the tune of [10-18] % of the reduction in the RWA. The reduction in capital could take the form of a haircut to the book value of the loans given back to the State.
French: Par conséquent, la Commission estime que pour limiter l’aide au minimum, toute réduction des APR résultant de la restitution de prêts à l’État doit s’accompagner d’une réduction correspondante du capital, équivalant à [10-18] % de la réduction des APR. La réduction du capital peut revêtir la forme d’une réduction (haircut) de la valeur comptable des nouveaux prêts rétrocédés à l’État.
English: In their view the guarantee resulted directly from the Nationalisation Law and therefore could not constitute state aid. On 12 October 2009 the Portuguese authorities sent further information on intervention by CGD and the State.
Hungarian: Véleményük szerint a kezességvállalás közvetlenül az államosításról szóló törvényből következett, ezért nem minősülhetett állami támogatásnak.
English: Further information was provided on 10, 17 and 23 February 2012, in reply to additional questions that the Commission had addressed to the Portuguese authorities on 8, 14 and 17 February 2012. On 16 March 2012, Portugal provided a series of commitments to the Commission.
Hungarian: 2012. február 10-én, 17-én és 23-án további információkat nyújtottak be a Bizottság által a portugál hatóságokhoz intézett 2012. február 8-i, 14-i és 17-i további kérdésekre.2012. március 16-án Portugália egy sor kötelezettségvállalásról biztosította a Bizottságot.
Lithuanian: Daugiau informacijos pateikta 2012 m. vasario 10, 17 ir 23 d. atsakant į papildomus klausimus, kuriuos Komisija Portugalijos valdžios institucijoms pateikė 2012 m. vasario 8, 14 ir 17 d.2012 m. kovo 16 d. Portugalija prisiėmė kelis įsipareigojimus Komisijai.
English: According to the information provided by the Portuguese authorities on 20 January 2012, these assets were transferred to the SPVs on 23 and 30 December 2010 [20]. However, the SPVs remained within BPN until 15 February 2012, when they were removed from BPN and transferred to another state-controlled company.
Hungarian: A különleges célú gazdasági egységek azonban 2012. február 15-ig a BPN-en belül maradtak; ekkor kivonták azokat a BPN-ből, és egy másik, állami irányítás alatt álló vállalathoz kerültek.
English: That reduction in activity resulted partly from the drop in deposits following the nationalisation, but also from the transfer of assets to the three SPVs. These measures reduced losses in 2010 to EUR [50-150] million, compared with EUR [150-250] million in 2009.
Hungarian: A tevékenység szűkítését részben a betétek államosítást követő csökkenése, részben pedig a három különleges célú gazdasági egységre történt eszközátruházás eredményezte.
English: Four binding offers were submitted by 20 July 2011. These offers were analysed by the boards of CGD and BPN who submitted their opinion to the shareholder – the State – by 25 July 2011.
Italian: Entro il 20 luglio 2011 sono state presentate quattro offerte vincolanti, che sono state analizzate dai consigli di amministrazione di CGD e di BPN, che hanno fornito il loro parere all’azionista, ossia lo Stato, entro il 25 luglio 2011.
Hungarian: 2011. július 20-ig négy kötelező erejű ajánlatot nyújtottak be Ezeket az ajánlatokat a CGD és a BPN igazgatóságai megvizsgálták és 2011. július 25-én benyújtották véleményüket a részvényesnek – az államnak.
English: This could confer an additional advantage on BIC. The additional commitment of Portugal for BIC to give back the capital linked to any non-performing loans that it would return to the State or to a state-owned vehicle after the sale ensure that the level of core tier 1 capital will not be increased further after the sale.
Hungarian: Ez újabb előnyhöz juttathatja a BIC-t Portugália arra vonatkozó további kötelezettségvállalása, hogy a BIC visszaadja az államnak vagy más állami tulajdonban lévő gazdasági egységnek visszaadni kívánt nemteljesítő hitelekhez kapcsolódó tőkét, biztosítja, hogy az alapvető tőke nem fog tovább emelkedni az értékesítést követően.
English: The Commission considers that such a measure would not limit the aid to the minimum for the following reasons. First, BIC’s own capital ratio before the sale will be inferior to [10-18] % at the date of the sale.
Hungarian: A Bizottság úgy véli, hogy ez az intézkedés nem korlátozná a minimumra a támogatást a következő okok miatt: Először is, a BIC értékesítés előtti sajáttőke-aránya az értékesítés napján [10-18] %-nál alacsonyabb lesz.
English: A tender procedure was held during which contacts with potential interested buyers took place. An Investment Opportunity Overview (‘IOO’) was also produced.
Italian: Si è svolta una procedura di gara d’appalto durante la quale sono stati stabiliti contatti con gli acquirenti potenziali interessati.
English: In addition to the measures granted to BPN after the nationalisation that were unconnected to the sale to BIC, additional measures were granted in connection with the sale to BIC. They comprise:
Italian: Oltre alle misure concesse a BPN dopo la nazionalizzazione e non connesse alla vendita a BIC, sono state accordate altre misure in relazione alla vendita a BIC, fra cui quelle di seguito indicate:
English: The capital in excess in the combined entity shields the economic activity from investment risks that other competitors face. It also increases the likelihood that additional liquidity will be available to both beneficiaries and could facilitate future expansion by BPN and the combined entity in an economic context where other competitors active in Portugal must deleverage.
Italian: Il capitale in eccesso nell’entità congiunta tutela l’attività economica dai rischi di investimento cui si trovano di fronte altri concorrenti, aumentando inoltre la probabilità che sia disponibile altra liquidità per entrambi i beneficiari, e potrebbe facilitare la futura espansione di BPN e dell’entità congiunta in un contesto economico in cui altri concorrenti attivi in Portogallo devono ridurre la leva finanziaria.
English: Portugal in particular has been severely hit by the financial and economic crisis. Its effects have been confirmed in the Commission’s various decisions [46] approving the measures taken by the Portuguese authorities to combat the financial crisis.
Italian: Il Portogallo in particolare è stato gravemente colpito dalla crisi economica e finanziaria, i cui effetti sono stati confermati nelle varie decisioni della Commissione [46] che approvano le misure adottate dalle autorità portoghesi per lottare contro la crisi finanziaria.
English: Having found that some information was still missing from the Memorandum of 14 September 2010, the Commission sent a letter on 29 September 2010 requesting additional information from the Portuguese authorities. By electronic mail of 15 November 2010 the Portuguese authorities sought an extension of the deadline for reply, which was granted by the Commission by letter of 18 November 2010.
Lithuanian: Nustačiusi, kad 2010 m. rugsėjo 14 d. memorandume vis dar trūksta tam tikros informacijos, 2010 m. rugsėjo 29 d. Komisija išsiuntė raštą, kuriame Portugalijos valdžios institucijų prašė papildomos informacijos; 2010 m. lapkričio 15 d. elektroniniu paštu Portugalijos valdžios institucijos paprašė pratęsti atsakymo terminą, ir 2010 m. lapkričio 18 d. raštu Komisija patenkino šį prašymą.
English: Prior to its nationalisation in November 2008, BPN had already benefited from a number of financial support measures described by the Portuguese authorities as ‘special liquidity support measures’ [13]. On 17 February 2010, the Portuguese authorities informed the Commission that in the period up to 30 October 2008, BPN had obtained special liquidity assistance measures from both CGD and the BdP for a total amount of EUR 501,6 million, consisting of four loans granted to BPN by CGD for a total amount of EUR 315 million [14] and emergency liquidity assistance (ELA) provided in October 2008 by the BdP for an amount of EUR 186,6 million [15].
Lithuanian: Prieš savo nacionalizavimą 2008 m. lapkričio mėn. BPN jau buvo pasinaudojęs keliomis finansinės paramos priemonėmis, kurias Portugalijos valdžios institucijos apibūdino kaip „specialiąsias likvidumo paramos priemones“ [13]; 2010 m. vasario 17 d. Portugalijos valdžios institucijos Komisijai pranešė, kad iki 2008 m. spalio 30 d. ir CGD, ir BdP skyrė BPN iš viso 501,6 mln. EUR vertės specialiąsias likvidumo paramos priemones, įskaitant keturias iš viso 315 mln. EUR vertės paskolas, kurias CGD skyrė BPN [14], ir 2008 m. spalio mėn. BdP skirtą 186,6 mln. EUR skubią pagalbą likvidumui padidinti (ELA) [15].
English: the removal of part of the loans in BPN, over and above those loans which had already been transferred to the SPVs as of 30 December 2010 [31]. The removal of the additional loans would allow a loan-to-deposit (‘LTD’) ratio of [110-150] % to be achieved.
Lithuanian: iš BPN bus pašalinta dalis paskolų, be paskolų, kurios jau perleistos SPĮ nuo 2010 m. gruodžio 30 d. [31] Pašalinus dar dalį paskolų, būtų pasiektas [110–150] proc. paskolų ir indėlių santykis.
English: The Commission considers that the transfer of assets at book value and not at market value confers an economic advantage on BPN and the combined entity compared with its competitors. BIC could freely choose the assets to be removed under that condition of the Framework Agreement and those assets would be neither valued at market value, nor the State reimbursed for them.
Lithuanian: Komisija mano, kad, perleidus turtą balansine, o ne rinkos verte, BPN ir jungtiniam subjektui suteikiamas ekonominis pranašumas, palyginti su jo konkurentais; BIC galėtų laisvai rinktis, kokį turtą šalinti pagal bendrajame susitarime numatytą sąlygą, tas turtas nebūtų vertinamas rinkos verte ir valstybei už jį nebūtų atlyginta.
English: A fourth short-term loan was granted by CGD for the purposes of liquidity provision to BPN for an additional EUR 80 million and was signed on 3 November 2008. All four loans were undertaken on Euribor 1 month plus spread of 1 % and the second, third and fourth loans benefited from the same collateral rights as the first EUR 200 million loan.
Lithuanian: Ketvirtąją trumpalaikę 80 mln. EUR paskolą BPN likvidumui padidinti CGD skyrė 2008 m. lapkričio 3 d. Visoms keturioms paskoloms taikyta 1 mėnesio Euribor norma pridėjus 1 proc. skirtumą, o pagal antrąją, trečiąją ir ketvirtąją paskolas numatytos tos pačios užstato teisės, kaip ir pirmosios 200 mln. EUR paskolos atveju.
English: In points 39 and 40, the Communication explains that ‘state aid must not be used to the detriment of competitors, which do not enjoy similar public support’, and that ‘banks should not use state aid for the acquisition of competing businesses’. The Commission welcomes Portugal’s commitment referred to in paragraph (236) to enforce an acquisition ban until 31 December 2016.
Maltese: Fil-punti 39 u 40, il-Komunikazzjoni tispjega li “l-għajnuna mill-Istat ma tridx tintuża għad-detriment ta’ kompetituri li ma jgawdux minn sostenn pubbliku simili“, u li “il-banek ma għandhomx jużaw l-għajnuna mill-Istat għall-akkwist ta’ negozji li jikkompetu magħhom”. Il-Kummissjoni tilqa' bi pjaċir l-impenn li ħa l-Portugall, li jissemma fil-paragrafu (235), li jinforza projbizzjoni fuq l-akkwisti sal-31 ta’ Diċembru tal-2016.
English: In particular, it does not determine the assets and liabilities that BIC will take over, despite clearly specifying that BPN will have equity of EUR [200-400] million at the moment of sale. In other words, neither the BIC offer of 20 July 2011 nor the Framework Agreement clearly specify what BIC is buying, but both fix a precise price for it.
Dutch: Hierin worden namelijk niet de activa en passiva aangeduid die BIC zal overnemen, hoewel er duidelijk wordt aangegeven dat BPN op het moment van verkoop een eigen vermogen zal hebben van [200-400] miljoen EUR. Met andere woorden, hoewel noch in het bod van BIC van 20 juli 2011, noch in de kaderovereenkomst duidelijk staat aangegeven wat BIC precies koopt, is er in beide documenten een exacte prijs voor bepaald.
Slovak: Konkrétne sa v nej neurčujú aktíva a pasíva, ktoré BIC prevezme, napriek jasnej špecifikácii, že BPN bude mať v okamihu predaja vlastné imanie vo výške [200 – 400] miliónov EUR. Inými slovami, ani v ponuke BIC z 20. júla 2011, ani v rámcovej dohode sa jasne nespresňuje, čo BIC kupuje, ale v oboch sa za to určuje presná cena.
English: A plan had been put forward by the shareholders of BPN, but the Government, based on an opinion of the BdP issued on 30 October 2008, did not consider the plan to be feasible. Given that BPN no longer complied with the solvency requirements because of the high level of impairments [9], the Government then proposed to Parliament the nationalisation of BPN at zero price [10].
Polish: Akcjonariusze BPN przedstawili plan, który rząd uznał jednak za niewykonalny na podstawie opinii BP wydanej w dniu 30 października 2008 r. Ponieważ BPN nie spełniał już wymogów dotyczących wypłacalności ze względu na wysoki poziom utraty wartości [9], rząd przedstawił Parlamentowi wniosek w sprawie nacjonalizacji BPN po cenie zerowej [10].
English: The base price set for BPN (which excluded the assets to be transferred to the SPVs) in the tender published by Portugal was fixed at EUR 171,1 million based on the valuations of third party consultants Deloitte (EUR […] [23] million) and Deutsche Bank (EUR […] million). BPN’s new CGD management had in the meantime started a restructuring process for the bank.
Polish: Na podstawie wycen przeprowadzonych przez konsultantów będących stroną trzecią, tj. Deloitte ([…] [23] mln EUR) i Deutsche Bank ([…] mln EUR), cenę podstawową dla BPN (z wyłączeniem aktywów, które miały zostać przeniesione do spółek celowych) ustalono w zaproszeniu do składania ofert opublikowanym przez Portugalię na kwotę 171,1 mln EUR. W międzyczasie nowy, ustanowiony przez CGD zarząd BPN rozpoczął proces restrukturyzacji banku.
English: The EUR 600 million recapitalisation of BPN on 15 February 2012 was calibrated to provide BPN with EUR [200-400] million of equity capital at the moment of the sale. The latter amount corresponded at the time of BIC’s offer of 20 July 2011 to an estimated [10-18] % of core tier 1 capital. It is significantly in excess of the regulatory minimum (9 % of core tier 1 as of end 2011 and 10 % core tier 1 as of end of 2012) [41].
Polish: Dokapitalizowanie BPN z dnia 15 lutego 2012 r. na kwotę 600 mln EUR obliczono w taki sposób, aby w momencie sprzedaży zapewnić BPN kapitał własny w wysokości [200–400] mln EUR. W momencie składania przez BIC oferty z dnia 20 lipca 2011 r. drugą z powyższych kwot szacowano na [10–18] % kapitału podstawowego Tier I. Kwota ta znacznie przewyższa wymagane minimum kapitałowe (9 % kapitału podstawowego Tier I na koniec 2011 r. i 10 % kapitału podstawowego Tier I na koniec 2012 r.) [41].
English: The window for returns should therefore be reduced until […] as a maximum. In this respect, the Commission welcomes the commitment given by Portugal to respect the […] deadline.
Polish: Możliwość zwrotu należy zatem ograniczyć maksymalnie do dnia […] r. W tym względzie Komisja z zadowoleniem przyjmuje podjęte przez Portugalię zobowiązanie do przestrzegania terminu upływającego w dniu […] r.
English: The measures granted in connection with the sale to BIC include the right of BIC to request the transfer, before closing, of other assets and liabilities of BPN, such as loans to credit institutions, or physical and financial assets. They also include the right of BIC to transfer deposits with pricing […] bps above the relevant reference rate or to receive from the State the difference in remuneration for such deposits.
Swedish: De åtgärder som beviljats i samband med försäljningen till BIC innefattar en rättighet för BIC att före stängning begära överföring av andra tillgångar och skulder i BPN, såsom lån till kreditinstitut och fysiska och finansiella tillgångar och en rätt för BIC att överföra insättningar med en prissättning på minst […] räntepunkter över den relevanta referensräntan eller motta skillnaden för sådana insättningar i ersättning från staten.
English: In other words, neither the BIC offer of 20 July 2011 nor the Framework Agreement clearly specify what BIC is buying, but both fix a precise price for it. (173) In this connection, it is important to note that the Framework Agreement should not deviate from the terms of BIC’s binding offer of 20 July 2011 by providing additional advantages to BIC and/or the combined entity.
Swedish: Särskilt anmärkningsvärt är att de tillgångar och skulder som BIC kommer att ta över inte har fastställts, trots att det tydligt anges att BPN kommer att ha ett aktiekapital på [200–400] miljoner euro vid försäljningstillfället.