FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Paragraph 39 of the Recapitalisation Guidelines.
French: Paragraphe 39 des lignes directrices relatives à la recapitalisation.
German: Ziffer 39 der Leitlinien für die Rekapitalisierung.
Spanish: Apartado 39 de las Directrices de recapitalización.
Italian: Punto 39 degli orientamenti sulla ricapitalizzazione.
Portuguese: Ponto 39 das Orientações relativas à recapitalização.
Dutch: Punt 39 van de herkapitalisatierichtsnoeren.
Danish: Punkt 39 i retningslinjerne for rekapitalisering.
Swedish: Punkt 39 i riktlinjerna för rekapitalisering.
Finnish: Pääomapohjan vahvistamista koskevien suuntaviivojen 39 kohta.
Greek: Παράγραφος 39 των κατευθυντήριων γραμμών για την ανακεφαλαιοποίηση.
Czech: Bod 39 pokynů k rekapitalizaci.
Slovak: Odsek 39 usmernení o rekapitalizácii.
Polish: Ust. 39 wytycznych dotyczących dokapitalizowania.
Hungarian: A feltőkésítési iránymutatás 39. pontja.
Slovenian: Odstavek 39 Smernic o dokapitalizaciji.
Romanian: Punctul 39 din Orientările privind recapitalizarea.
Bulgarian: Параграф 39 от насоките за рекапитализация.
Estonian: Rekapitaliseerimise suuniste punkt 39.
Latvian: Rekapitalizācijas pamatnostādņu 39. punkts.
Lithuanian: Kapitalo atkūrimo gairių 39 punktas.
Maltese: Paragrafu 39 tal-Linji Gwida dwar ir-Rikapitalizzazzjoni.
English: The objective of the scheme is to contribute Tier 1 capital [10] to the banks in order to strengthen the banks and to improve the ability of the banks to maintain ordinary lending activities. The scheme is only open for fundamentally sound banks and has, according to the Norwegian authorities, been designed to achieve the purpose of ensuring lending to the real economy, whilst minimising distortions of competition.
Czech: Cílem systému je navýšit kapitál „třídy 1“ [10] bank v zájmu jejich posílení a zlepšení jejich schopnosti zachovat běžné úvěrové činnosti.
English: The notified scheme is based on the Norwegian government 5-year bond. However, the notified scheme also leaves applicant banks the option to tie remuneration to the 6-month government certificate.
Italian: Il regime notificato si basa sui titoli di Stato norvegesi a 5 anni, lasciando tuttavia alla banca richiedente la possibilità di legare la remunerazione ai certificati di credito del tesoro a 6 mesi.
Czech: Kontrolní úřad podotýká, že v současnosti je 6měsíční pohyblivá úroková sazba přibližně o 1 procentní bod nižší než stanovená úroková sazba u 5letého státního dluhopisu.
Hungarian: A bejelentett program az ötéves norvég államkötvényen alapul, a program azonban arra is lehetőséget nyújt a kérelmező bankoknak, hogy az ellentételezést a hat hónapos állampapírhoz kössék.
Slovenian: Kljub temu imajo banke prosilke v okviru priglašene sheme možnost, da nadomestilo združijo s 6-mesečnim državnim certifikatom.
English: They illustrate this by calculating the remuneration based on both the current 5-year Norwegian government bond rate and the net present cost of 6-month government certificates in the futures market for the 5-year period. This is based on the theory that parity between fixed and floating interest rates will be ensured over time. Although the calculations are based on expectations and do not guarantee that the interest will always be the same as predicted, the Authority concludes that, on the basis of available data, it is likely that the remuneration tied to a 6-month government certificate will be within the price corridor established on the basis of the methodology described above.
Czech: Ačkoli jsou výpočty založeny na očekáváních a nezaručují, že úrok bude vždy stejný, jak se předpokládalo, Kontrolní úřad vyvozuje závěr, že na základě dostupných údajů je pravděpodobné, že protiplnění spojené s 6měsíčním státním certifikátem bude v rámci cenového pásma stanoveného podle výše popsané metodiky.
English: Thus, the remuneration would today be approximately 1 percentage point lower for a bank exercising the option of remuneration based on the 6-month floating rate.The Norwegian authorities have argued that the two ways of pricing the capital injections are normally equivalent. They illustrate this by calculating the remuneration based on both the current 5-year Norwegian government bond rate and the net present cost of 6-month government certificates in the futures market for the 5-year period.
Spanish: Así pues, la remuneración actualmente debería ser, aproximadamente, 1 punto porcentual inferior para un banco que opte por la remuneración basada en el tipo de interés variable a seis meses.Las autoridades noruegas han alegado que las dos formas de determinar el precio de las aportaciones de capital son generalmente equivalentes y lo ilustran calculando la remuneración basada tanto en el tipo de interés actual de los bonos del Estado noruego a cinco años como en el coste neto actual de los certificados del Estado a seis meses en el mercado de futuros durante el período de cinco años.
Italian: Di conseguenza, ad oggi, la remunerazione sarebbe inferiore di circa 1 punto percentuale per una banca che optasse per la remunerazione in base al tasso variabile a 6 mesi.Le autorità norvegesi hanno affermato che di norma le due modalità di fissazione del prezzo dei conferimenti di capitale sono equivalenti e lo dimostrano calcolando la remunerazione basata sia sul tasso attuale dei titoli di Stato norvegesi a 5 anni sia sul costo attuale netto dei certificati di credito del tesoro a 6 mesi sul mercato a termine per i prossimi cinque anni.
Portuguese: Assim, a remuneração seria actualmente inferior, em cerca de 1 ponto percentual, para os bancos que optassem pela remuneração baseada na taxa de juro variável a seis meses.As autoridades norueguesas argumentaram que, em princípio, as duas formas de fixação do preço das injecções de capital são equivalentes, ilustrando esta afirmação com o cálculo da remuneração baseado tanto na taxa actual das obrigações do Estado a cinco anos como no custo líquido actual dos títulos do Estado a seis meses no mercado de futuros para o período de cinco anos.
English: Approximately 77 % of Norwegian banks had core capital ratios above 12 %. These were however mainly smaller savings banks, and represented only about 11 % of total bank assets.
Spanish: Aproximadamente el 77 % de los bancos noruegos tenían ratios de capital básico superiores al 12 %, pero eran principalmente pequeñas cajas de ahorros y solo representaban el 11 % aproximadamente de los activos bancarios totales.
Lithuanian: Maždaug 77 % Norvegijos bankų pagrindinio kapitalo rodiklis buvo didesnis kaip 12 % Tačiau daugiausia tai buvo mažesni taupomieji bankai, kurių turtas sudarė tik apie 11 % visų bankų turto.
English: The objective of the scheme is to contribute Tier 1 capital [10] to the banks in order to strengthen the banks and to improve the ability of the banks to maintain ordinary lending activities. The scheme is only open for fundamentally sound banks and has, according to the Norwegian authorities, been designed to achieve the purpose of ensuring lending to the real economy, whilst minimising distortions of competition. Under the recapitalisation scheme, a Government Finance Fund (Statens finansfond) [11] has been set up with the purpose of temporarily contributing Tier 1 capital to Norwegian banks [12]: acquisition by the Fund of either hybrid securities or preference capital instruments shall be based upon an application from the individual bank.
Finnish: Pääomitusjärjestelyn yhteydessä on perustettu valtion rahasto (Statens finansfond) [11], jonka tarkoituksena on tilapäisesti tarjota Tier 1 -pääomaa norjalaisille pankeille [12]: rahasto hankkii joko hybridi-instrumentteja tai etuoikeutettuja pääomainstrumentteja kunkin pankin toimittaman hakemuksen pohjalta.
English: Likewise, an application for an increase in core capital of more than 2 percentage points must include appropriate documentation justifying the need for such a large injection of capital. The Fund will decide on the actual amount to be allocated on the basis of an assessment of various risk factors, business plans and prospects. The Norwegian authorities have explained that if the Fund is not convinced, on the basis of the evidence provided, that there is a need for any aid under the scheme, it will reject the application.
Dutch: Banken in het hoogste risicocategorie die een verzoek indienen voor een kapitaalverhoging van meer dan 2 procentpunt, zullen aan een bijzonder onderzoek worden onderworpen.
Finnish: Korkeimpaan riskiluokkaan kuuluvat pankit, jotka hakevat yli 2 prosenttiyksikön pääomankorotusta, kuuluvat erityisen tutkimuksen piiriin.
English: Banks placed in the highest risk category that request a capital increase of more than 2 percentage points will be subject to particular scrutiny. Cases where the recapitalisation will correspond to more than 2 % of the core capital ratio will be reported to the Authority.
Dutch: De zaken waarin de herkapitalisatie meer dan 2 % van de kernkapitaalratio vertegenwoordigt, zullen ter kennis worden gebracht van de Autoriteit.
Finnish: Tapaukset, joissa pääoman vahvistaminen on enemmän kuin 2 prosenttiyksikköä ensisijaisten omien varojen suhteesta, ilmoitetaan valvontaviranomaiselle.
English: The Hybrid Tier 1 security shall absorb losses after ordinary share capital (preference with respect to loss absorption). It is designed as a callable perpetual, with a fixed coupon determined as the Norwegian government bond rate, with the following add-on: 5,0 % for banks in risk class 1,
Finnish: 5,0 % riskiluokan 1 pankeille
English: The Tier 1 preference capital instrument shall rank pari passu (absorb losses in parallel) with ordinary shares. It may be called after 3 years. It is designed as a mandatory convertible and will convert to ordinary shares after 5 years, unless it is redeemed or converted before that. The instrument shall have a fixed coupon determined as the Norwegian government bond rate, with the following add-on: 6,0 % for banks in risk class 1,
Finnish: 6,0 % riskiluokan 1 pankeille
English: appropriateness (adequacy of the measure to meet the objectives set) the aid measure must be well targeted in order to effectively meet the aim of fostering financial stability and lending to the real economy, —
Finnish: Tuen tarpeellisuus tukitoimenpiteen on vastattava määrältään ja muodoltaan sitä, mikä on välttämätöntä ilmoitetun tavoitteen saavuttamiseksi.
English: They illustrate this by calculating the remuneration based on both the current 5-year Norwegian government bond rate and the net present cost of 6-month government certificates in the futures market for the 5-year period. This is based on the theory that parity between fixed and floating interest rates will be ensured over time.
Finnish: Vaikka laskelmat perustuvat odotuksiin eikä niillä voida taata, että ennustettu korko toteutuu, valvontaviranomainen katsoo, että saatavilla olevien tietojen pohjalta on todennäköistä, että valtion kuuden kuukauden velkasitoumukseen sidottu vastike sijoittuu edellä kuvatulla menetelmällä määritettyyn hintahaarukkaan.
English: As noted above the Fund shall assign each bank to one of three risk classes, based on objective criteria [41]. The risk class will determine the coupon to be paid on the injected capital.
Finnish: Hakijapankin maksukyky, pääomalisäyksen suuruus, luottoriskinvaihtosopimusten nykyhinnat sekä hakijan luokitus ja näkymät nimetään merkittäviksi indikaattoreiksi.
English: The spread between the lowest and highest yield was observed to be no greater than approximately 100 basis points and the add-ons for the medium and high risk classes were therefore set at 50 and 100 basis points respectively. The final element of remuneration identified in the Guidelines are the exit incentives built into the scheme.
Finnish: Tältä osin valvontaviranomainen panee merkille, että Tier 1 -hybridi-instrumentin (josta voidaan luopua milloin tahansa) vastike kasvaa vuosina 4 ja 5 vuosittain 1 prosenttiyksiköllä ja että sen korko pysyy tällä korkeammalla tasolla takaisinmaksuun asti.
English: Banks that are not rated by an authorised credit rating agency will be assessed according to principles similar to those applied by official credit rating agencies [17]. The Norwegian authorities estimate that very few Norwegian banks will fall within risk class 1, a number of banks will fall within risk class 2, and the majority of banks will be assigned to risk class 3 (around three quarters of all Norwegian banks).
French: Les banques qui ne sont pas notées par une agence de notation de crédit agréée seront évaluées en application de principes similaires à ceux appliqués par les agences de notation de crédit officielles [17].Les autorités norvégiennes pensent qu’un nombre très limité de banques norvégiennes relèveront de la classe de risque 1, qu’un certain nombre de banques relèveront de la classe de risque 2, et que la plupart des banques seront rattachées à la classe de risque 3 (environ trois quart des banques norvégiennes).
Latvian: Bankas, kurām nav autorizētas kredītvērtējuma aģentūras novērtējuma, vērtēs saskaņā ar principiem, kas līdzinās tiem, ko izmanto oficiālās kredītvērtējuma aģentūras [17].Norvēģijas iestādes uzskata, ka tikai dažas Norvēģijas bankas atbildīs 1. riska klasei, vairākas bankas atbildīs 2. riska klasei un lielākajai daļai banku tiks piešķirta 3. riska klase (aptuveni trim ceturtdaļām Norvēģijas banku).
Lithuanian: Bankai, kurių reitingų tarptautinė kredito reitingų agentūra nenustato, bus vertinami pagal principus, kurie yra panašūs į oficialių kredito reitingų agentūrų taikomus principus [17].Norvegijos valdžios institucijų vertinimu, pirmai rizikos grupei bus priskirta labai mažai Norvegijos bankų, keletas bankų bus priskirta antrai, o dauguma (beveik trys ketvirtadaliai visų Norvegijos bankų) – trečiai rizikos grupei.
English: The Norwegian authorities have explained that the Fund shall have a right to convert the instrument to ordinary shares/primary capital certificates if the preferred capital constitutes a significant portion of the bank’s book equity. The Fund shall specify in the agreement with each individual bank what constitutes a significant portion.
French: Les autorités norvégiennes ont expliqué que le fonds aura le droit de convertir l’instrument en actions ordinaires/titres de capital de base si le capital de préférence constitue une part importante des valeurs comptables de la banque.
Italian: Le autorità norvegesi hanno spiegato che, se il capitale privilegiato costituisce una quota significativa del patrimonio contabile della banca, il fondo ha il diritto di convertire lo strumento in azioni ordinarie o in certificati di capitale primario.
Portuguese: As autoridades norueguesas explicaram que o Fundo terá direito a converter o instrumento em acções ordinárias/títulos de capital de base, se o capital preferencial representar uma parte significativa do valor contabilístico do banco.
English: The Norwegian authorities have included an extra 50 basis points in the remuneration for banks in risk class 2 and an extra 100 basis points for those in risk class 3. The rationale for this has been explained as the difference observed between the credit spread of the subordinated debt of DnB NOR and that of other Norwegian banks as mark-ups to the estimated DnB NOR CDS spread.
French: Les autorités norvégiennes ont prévu d’ajouter 50 points de base à la rémunération des banques appartenant à la classe de risque 2 et 100 points de base à la rémunération de celles relevant de la classe de risque 3, ce qu’elles justifient par la différence observée entre la marge de crédit de la dette subordonnée de la DnB NOR et celle des autres banques norvégiennes s’agissant de la majoration de la marge des CDS estimée de la DnB NOR.
English: Case C-390/06 Nuova Agricast v Ministero delle Attività Produttive, judgment of 15 April 2008 (not yet reported), paragraph 68. The Court held that ‘[a]s it is clear from Case 730/79 […] aid which improves the financial situation of the recipient undertaking without being necessary for the attainment of the objectives specified in Article 87(3) EC cannot be considered compatible with the common market.’
French: Affaire C-390/06, Nuova Agricast Srl/Ministero delle Attività Produttive, arrêt du 15 avril 2008 (non encore publié au recueil), paragraphe 68: la Cour a jugé «qu’il ressort de l’arrêt […] 730/79 [qu’] une aide qui apporte une amélioration de la situation financière de l’entreprise bénéficiaire sans être nécessaire pour atteindre les buts prévus à l’article 87, paragraphe 3, CE ne saurait être considérée comme compatible avec le marché commun.»
English: The Norwegian authorities have explained that few Norwegian banks are rated by international rating agencies. Other banks are, however, rated regularly by the largest Norwegian banks.
Hungarian: A norvég hatóságok kifejtették, hogy a kevés norvég bank rendelkezik nemzetközi minősítő intézetektől származó értékeléssel, a legnagyobb norvég bankok azonban rendszeresen értékelik a többi bankot.
English: The Norwegian authorities have indicated that Norges Bank has estimated the median spread on subordinated CDS contracts for DnB NOR [22], the only Norwegian bank for which CDS contracts are traded, at 100 basis points for the period 1 January 2007 to 31 August 2008 [23]. To stimulate redemption, the coupon is increased by 1 percentage point after each of years 4 and 5.
Italian: Le autorità norvegesi hanno indicato che Norges Bank ha stimato la mediana dello spread dei contratti di CDS subordinati per DnB NOR [22], l’unica banca norvegese per la quale sono commercializzati contratti CDS, a 100 punti base per il periodo dal 1o gennaio 2007 al 31 agosto 2008 [23].Per incoraggiare il rimborso, la cedola è incrementata di 1 punto percentuale alla fine del quarto e del quinto anno.
Portuguese: As autoridades norueguesas indicaram que o Norges Bank estimou o prémio médio dos contratos de swaps de risco de incumprimento subordinados para o DnB NOR [22], o único banco norueguês relativamente ao qual são comercializados contratos de swaps de risco de incumprimento, em 100 pontos de base para o período compreendido entre 1 de Janeiro de 2007 e 31 de Agosto de 2008 [23].Para incentivar o reembolso, o cupão é aumentado em 1 ponto percentual no final dos anos 4 e 5.
Hungarian: A norvég hatóságok jelezték, hogy a Norges Bank a 2007. január 1–2008. augusztus 31. közötti időszakra 100 bázispontra becsülte a DnB NOR-ra [22] (az egyetlen norvég bank, amelyre vonatkozó CDS-szerződésekkel kereskednek) vonatkozó alárendelt CDS-szerződések prémiumának mediánját [23].A visszaváltás ösztönzése érdekében a kamat a negyedik és az ötödik év után 1-1 százalékponttal nő.
English: The Norwegian authorities foresee that certain small banks may have more limited ways of funding themselves and a rather narrow lending portfolio. Accordingly, they are more exposed to liquidity risks than banks with a broader business basis.
Italian: Le autorità norvegesi prevedono che talune banche minori possano disporre di possibilità più limitate per finanziarsi e di un portafoglio prestiti alquanto ristretto: di conseguenza, esse sono maggiormente esposte a rischi di liquidità rispetto alle banche con una base commerciale più ampia.
English: The Authority notes that this situation concerns mainly small savings banks with limited ways of financing themselves. These banks represent a small part of the market (only 11 % of total bank assets) and are primarily active on local markets.
Italian: L’Autorità osserva che questa situazione riguarda principalmente piccole casse di risparmio con possibilità limitate di finanziarsi, che rappresentano una piccola parte del mercato (solo l’11 % delle attività bancarie complessive) e operano principalmente su mercati locali.
English: Guidelines on the application and interpretation of Articles 61 and 62 of the EEA Agreement and Article 1 of Protocol 3 to the Surveillance and Court Agreement, adopted and issued by the Authority on 19 January 1994, published in the Official Journal of the European Union (hereinafter referred to as ‘OJ’) L 231, 3.9.1994, p. 1 , and EEA Supplement No 32, 3.9.1994, p. 1. Hereinafter referred to as ‘the State Aid Guidelines’.
Italian: Guida all’applicazione e all’interpretazione degli articoli 61 e 62 dell’accordo SEE e dell’articolo 1 del protocollo 3 dell’accordo che istituisce un’Autorità di vigilanza e una Corte di giustizia, adottata dall’Autorità il 19 gennaio 1994, pubblicata nella Gazzetta ufficiale dell’Unione europea (in appresso «GU») L 231 del 3.9.1994, pag. 1 , e nel supplemento SEE n. 32 del 3.9.1994, pag. 1, in appresso denominata «guida sugli aiuti di Stato».
Dutch: Richtsnoeren voor de toepassing en uitlegging van de artikelen 61 en 62 van de EER-overeenkomst en artikel 1 van Protocol nr. 3 bij de Toezichtovereenkomst, op 19 januari 1994 vastgesteld en uitgevaardigd door de Toezichthoudende Autoriteit van de EVA, bekendgemaakt in het Publicatieblad van de Europese Unie (hierna „PB” genoemd) L 231 van 3.9.1994, blz. 1 en EER-supplement nr. 32 van 3.9.1994, blz. 1, hierna „de richtsnoeren staatssteun” te noemen.
Romanian: Orientări privind aplicarea și interpretarea articolelor 61 și 62 din Acordul SEE și a articolului 1 din Protocolul 3 la Acordul privind Autoritatea de Supraveghere și Curtea, adoptate și emise de Autoritate la 19 ianuarie 1994, publicate în Jurnalul Oficial al Uniunii Europene (denumit în continuare „JO”) L 231, 3.9.1994, p. 1 și suplimentul SEE nr. 32, 3.9.1994, p. 1, denumite în continuare „Orientările privind ajutorul de stat”.
Latvian: EEZ līguma 61. un 62. panta un Uzraudzības un Tiesas nolīguma 3. protokola 1. panta piemērošanas un interpretācijas pamatnostādnes, ko Iestāde pieņēma un izdeva 1994. gada 19. janvārī, publicētas Eiropas Savienības Oficiālajā Vēstnesī (turpmāk – “OV”) L 231, 3.9.1994., 1. lpp. , un tā EEZ pielikumā Nr. 32, 3.9.1994., 1. lpp. Turpmāk – “Valsts atbalsta pamatnostādnes”.
English: The Fund will also require additional justification in relation to any application where the proposed injection will bring the core capital ratio of the applicant bank above 12 %. The Fund will therefore be in a position to verify the need, despite an already high level of capitalisation, for state intervention.
Lithuanian: Daugiau pagrindžiančios informacijos Fondas reikalaus ir tada, kai bus prašoma kapitalo injekcijos, kurią suteikus prašymą teikiančio banko pagrindinio kapitalo rodiklis taptų didesnis kaip 12 % Todėl Fondui bus suteikta teisė tikrinti, ar, nepaisant to, kad kapitalo lygis jau ir taip didelis, būtina valstybės intervencija.
English: The Norwegian authorities have indicated that Norges Bank has estimated the median spread on subordinated CDS contracts for DnB NOR [22], the only Norwegian bank for which CDS contracts are traded, at 100 basis points for the period 1 January 2007 to 31 August 2008 [23]. To stimulate redemption, the coupon is increased by 1 percentage point after each of years 4 and 5. The instrument will retain that higher fixed coupon until redemption. Redemption is conditional upon permission being granted by the Financial Supervisory Authority, which needs to verify that capital adequacy requirements will continue to be fulfilled after the redemption. 5.4.2. The Tier 1 preference capital instrument The Tier 1 preference capital instrument shall rank pari passu (absorb losses in parallel) with ordinary shares.
Latvian: Norvēģijas iestādes norādīja, ka Norges Bank ir noteikusi vidējo iegādes un pārdošanas cenu starpību subordinētajiem kredītsaistību nepildīšanas mijmaiņas līgumiem DnB NOR bankai [22], kas ir vienīgā Norvēģijas banka, kurai tiek tirgoti kredītsaistību nepildīšanas mijmaiņas līgumi, un periodā no 2007. gada 1. janvāra līdz 2008. gada 31. augustam tas ir 100 bāzes punkti [23].
English: The method for calculating the redemption value shall be specified in the agreement with the bank and cannot be less than the par value [25]. Early redemption shall for instance be stimulated by including in the agreement an increase of the redemption rate in the fourth and fifth year, making early redemption less expensive compared to late redemption.
Dutch: De methode om het terug te betalen bedrag te bepalen, wordt vastgesteld in de overeenkomst met de bank en bedraagt ten minste de waarde a pari [25].