natgillin/translations-raw huggingface dataset:
Hybridkapitaludstedelser fra banker med sammenlignelig rating
Overview of hybrid capital emissions from banks with comparable ratings
Udsteder
Issuer
Dato for udstedelse
Date of issue
Rating på udstedelsestidspunktet
Rating at the time of issuing
6. juni 2006
6 June 2006
Genoprettelse af virksomhedens langsigtede rentabilitet
Restoration of the firm's long-term viability
Østrig uddybede omstruktureringsplanen med et opdateret Base-Case-scenario og en sensitivitetsanalyse med et optimistisk og et pessimistisk scenario.
Austria completed the restructuring plan by submitting an updated base case scenario and a sensitivity analysis including an optimistic and pessimistic scenario.
Base-Case-scenariet er som følger:
The base case scenario is the following (Table 4):
Tabel IV
Table 4
Resultatopgørelse efter handelsloven
Statement of income pursuant to Handelsgesetzbuch
Nettorenteindtægter
Net interest yield
Investeringsafkast
Income from investment
Provisionsafkast
Income from commissions
Finansielt resultat
Financial result
Andre driftsindtægter
Other operational income
Driftsindtægter
Operational income
Personaleomkostninger
Personnel expenses
Driftsomkostninger
Material expenses
Afskrivninger
Write-offs
Andre driftsomkostninger
Other operational expenses
Risikostyring og vurdering af finansielle anlægsaktiver
Risk management and evaluation of financial assets
Resultat af ordinær drift
Result of common business activities
Skatter og afgifter
Taxes
Årets overskud
Annual net profit
Østrig forklarede, at det under hensyntagen til de nuværende markedsbetingelser var blevet nødvendigt med en opdatering af planlægningen for 2007.
Austria explained that in the context of the current market conditions the planning for 2007 had to be updated.
Årets overskud på […] mio. EUR var faldet til ca. […] % af det oprindeligt forventede beløb.
In total the annual net profit of EUR […] million decreased to about […] % of the initial expected value.
Østrig forklarede, hvilke antagelser der lå til grund for Base-Case-scenariet, og de vigtige finansnøgletal.
Austria also explained the underlying assumptions and key financial ratios of the base case scenario.
Planlægningen for 2008 og de følgende år forblev uforandret.
The plan for the years 2008 and following was not changed.
De vigtigste grunde til ændringerne i Base-Case-scenariet er:
The main reasons for the changes in the base case scenario are:
en langsigtet ændring af rentestigningen
the shift in the slope of the interest curve in the long term,
uventet langsom tilbagevenden af opsparingsindskud og kundekonti, som var gået tabt under »Bank-Run«
the slower return than expected of the lost savings deposits and clients accounts during the ‘bank run’,
likviditetsknaphed og behovet for at sælge formuegoder for at forhøje likviditeten
the bottleneck in liquidity and necessity to sell asset positions in order to increase liquidity,
den vedholdende negative mediedækning af BAWAG-PSK
the continuation of negative communication about BAWAG-PSK in the media,
stagnation i långivningen på grund af manglende likviditet.
the stagnation of commercial credit business due to the lack of liquidity.
Østrig forklarede, at de vigtigste afvigelser mellem det optimistiske og pessimistiske scenario drejer sig om nettorenteafkastet, investeringsafkastet og provisionsafkastene, væksten, personale- og driftsomkostningerne samt risikokvoten.
Austria expressed that the main assumptions which vary in the optimistic and pessimistic scenario are the net interest yield, income from investment and provisions, the growth of the commercial business, the personal and material expenses and the risk margin.
I det pessimistiske scenario øges resultatet af den ordinære drift fra […] mio. EUR i 2007 til […] mio. EUR i 2011 og ligger således ca. […] % under resultatet af den ordinære drift i Base-Case-scenariet.
In the pessimistic scenario the result of common business activities will increase from EUR […] million in 2007 to EUR […] million in 2011, being about […] % below the result of common business activities in the base case.
I det optimistiske scenario udgør resultatet af den ordinære drift i 2007 […] mio. EUR og i 2011 […] mio. EUR. Således er resultatet af den ordinære drift i 2011 ca. […] % højere i det optimistiske scenario end i Base-Case-scenariet.
In the optimistic scenario the result of common business activities will achieve EUR […] million in 2011 based on EUR […] million in 2007. Thus in the optimistic case in 2011 the result of common business activities will be about […] % above the result in the base case.
Efter Østrigs opfattelse muliggør omstruktureringsplanen en genoprettelse af BAWAG-PSK’s langsigtede rentabilitet.
Austria explained that the restructuring plan would be appropriate to restore the long-term viability of BAWAG-PSK.
Den vellykkede udbudsprocedure, der blev afsluttet den 14. december 2006, var den bedste markedstest for omstruktureringsplanens plausibilitet.
The successfully completed tender procedure on 14 December 2006 would be the best market test in order to prove the plausibility of the restructuring plan.
Cerberus havde i sit bud med en samlet investering på […] mia. EUR klart udtrykt, at man var overbevist om bankens langsigtede rentabilitet.
In offering a total investment of EUR […] billion for BAWAG-PSK Cerberus clearly confirmed that it believes in the long-term profitability of the Bank.
Østrig mener, at der i omstruktureringsplanen tages tilstrækkeligt hensyn til de specifikke risici i forbindelse med »Refco«-søgsmålene i USA, BAWAG-PSK’s aktionærernes tilsidesættelse af deres forpligtelser over for de amerikanske kreditorer og dommen vedrørende rentereguleringsklausulerne:
According to Austria, the specific risks in particular related to the ‘Refco’ complaints in the USA, the non-performance of the obligations of BAWAG-PSK shareholders towards US creditors and the court ruling on variable rate clauses (Zinsgleitklausel) have been sufficiently taken into account in the restructuring plan:
Risikoen ved søgsmål fra Refco-kreditorer i USA var overskuelig lav, og det var derfor ikke nødvendigt at tage særligt hensyn til dette i balancen, idet den ville blive afdækket af den almindelige risikostyring.
the risk resulting from complaints of ‘Refco’ complaints in the USA, would be marginal would therefore not have to be considered individually in the accounts and are covered by the general provisions,
Risikoen for, at BAWAG-PSK’s aktionærer ikke kunne overholde deres forpligtelser over for de amerikanske kreditorer, eksisterede ikke længere.
the risk of non-performance of the obligations of the shareholders of BAWAG-PSK towards the US creditors would no longer exist.
Den 18. december 2006 indgik BAWAG-PSK og dens direkte og indirekte ejere en aftale om de kontraherende parters forpligtelser, hvor BAWAG-PSK og dens ejere gensidigt giver afkald på regreskrav mod hinanden.
On 18 December 2006 BAWAG-PSK and its direct and indirect owners signed an agreement which clarifies the obligation of each party. According to the agreement BAWAG-PSK and its owners mutually renounce to their right of recourse,
Der er i de almindelige hensættelser i BAWAG-PSK’s balance taget hensyn til den risiko, der opstod på grund af dommen om rentereguleringsklausulerne.
the risk resulting from the Court ruling on variable rate clauses (Zinsgleitklauseln) has been globally provisioned in the BAWAG-PSK accounts.
Østrig mindede om, at der var blevet oprettet to special purpose vehicles (»SPV«) af henholdsvis private banker og forsikringsselskaber for at sikre BAWAG-PSK's kernekapitalprocent i henhold til bankloven.
Austria recalls that two special-purpose vehicles have been created by private banks on the one hand and insurance companies on the other hand, in order to strengthen the capital ratios of BAWAG-PSK.
Efter Østrigs opfattelse viser den omstændighed, at flere østrigske banker på den ene side og østrigske forsikringsselskaber på den anden side har oprettet en SPV for at styrke BAWAG-PSK's egenkapital, at konkurrenterne i lyset af BAWAG-PSK's økonomiske vanskeligheder har gennemført kortfristede støtteforanstaltninger for at bevare det gode rygte, som det østrigske finansmarked har.
Austria explained that the creation of SPVs to strengthen the equity base of BAWAG-PSK in conjunction with various Austrian banks, on the one hand, and Austrian insurers, on the other hand, would show that competitors have in turn taken the financial difficulties of BAWAG-PSK as an occasion to implement short-term support measures in order to safeguard the reputation of Austria as a financial centre.
Det ville være ulogisk, hvis konkurrenterne via SPV'en ydede BAWAG-PSK en midlertidig finansiel støtte, hvis de forventede en signifikant konkurrencefordrejning på grund af statsgarantien.
It would be illogical for competitors of BAWAG-PSK to temporarily provide financial support for the Bank through the SPVs, if they expect a noticeable distortion of competition from the State guarantee.
Bankernes og forsikringsselskabernes adfærd viste snarere, at den fortsatte eksistens af BAWAG-PSK, som var sikret ved hjælp af statsgarantien, i hvert fald ikke blev betragtet som konkurrencefordrejende.
Indeed, the approach of banks and insurers rather shows that the continued existence of BAWAG-PSK, which the State guarantee secures, has never been and will not be regarded as a distortion of competition.
Derudover havde ingen tredjepart fremsat bemærkninger til Kommissionens beslutning om at indlede proceduren.
Furthermore, no third party submitted comments regarding the Commission's opening decision.
De øvrige konkurrenter mente altså heller ikke, at statsgarantien havde ført til nogen konkurrencefordrejning.
The State guarantee thus would not lead to a distortion of competition in the view of other competitors.
Østrig er af den opfattelse, at den tidligere ejer ÖGB ved salget af BAWAG-PSK har præsteret en vigtig kompenserende modydelse.
Austria is of the view that an important compensation to be considered is the sale of BAWAG-PSK by its former owner ÖGB.
Salget understreger den fælles vilje til at gennemføre en bæredygtig omstrukturering af banken.
The sale would underline the joint wish for a durable restructuring of the Bank.
Når en kriseramt virksomhed bliver solgt, så er det et væsentligt skridt i retning af en bæredygtig omstrukturering.
According to Austria, the sale of companies in difficulty constituted an essential step toward their durable restructuring.
Generelt kan man efter Østrigs opfattelse gå ud fra, at en virksomhed, der overtages af en ny, privat ejer, vil være levedygtig på lang sigt, og at man således sikrer sig, at virksomheden ikke igen vil have behov for statsstøtte [26].
It could generally be assumed that a company will more likely be durably viable under the control of a new, private owner and that this ensures that the company will not have to rely on State aid again [26].
Selv om der i det foreliggende tilfælde ikke forelå en privatisering, så var en fuldstændig overførsel af BAWAG-PSK til en erfaren privat investors kontrol et væsentligt skridt til at overvinde fortidens vanskeligheder og muliggøre en positiv økonomisk udvikling.
Although there is no privatisation in this present case, the transfer of BAWAG-PSK as a whole under the control of an experienced private investor is a step toward overcoming the difficulties of the past and enabling positive economic development.
Derudover muliggjorde salget af banken i overensstemmelse med rammebestemmelserne et overordentlig højt egenbidrag, som omstruktureringen af BAWAG-PSK de facto blev 100 % finansieret af.
Furthermore, the sale of the Bank would enable an extremely high contribution within the meaning of the guidelines, in order to finance the restructuring of BAWAG-PSK at de facto 100 %.
Ved salget af BAWAG-PSK kunne man sikre bankens levedygtighed, da BAWAG-PSK’s ejere ved hjælp af købsprisen blandt andet også ville kunne leve op til deres forpligtelser over for banken.
The sale of BAWAG-PSK would secure the viability of the Bank, since the BAWAG-PSK owners are able to service their liabilities toward the Bank by recurring to the sales price.
Herigennem ville værdien af BAWAG-PSK's objektive fordringer blive genoprettet.
This allows them to restore the assured value of the present receivables of BAWAG-PSK.
Salget ville således vise sig at være et nøgleelement i BAWAG-PSK's omstrukturering.
The sale thus would prove to be a central element of the restructuring of BAWAG-PSK.
De hermed forbundne omkostninger ville i sidste ende ikke på nogen måde blive finansieret gennem garantien, men fuldt ud gennem salget af banken.
The associated costs are eventually financed entirely from the sale of the Bank rather than from the State guarantee.
Østrig meddelte Kommissionen, at følgende afhændelse allerede var blevet foretaget:
Austria informed the Commission that the following divestures had already taken place:
Tabel V
Table 5
Virksomhedsområde
Business field
Salg af interesserne i Österreichische Nationalbank
Sale Oesterreichische Nationalbank
Salg af Kinomax Sp.zo.o.
Sale Kinomax Sp.z o.o.
Tjenesteydelser i tilknytning til fast ejendom
Real property services
14. december 2006
14 December 2006
Salg af Wiener Liegenschaft, A-1010 Wien
Sale Vienna real property, 1010 Vienna
8. maj 2006
8 May 2006
Salg af HOBEX AG
Sale HOBEX AG
Betalingsaftale
Direct debiting authorisation
29. marts 2007
29 March 2007
Salg af Funk International Austria GmbH
Sale Funk International Austria GmbH
Forsikringsmægler
Insurance broker
Salg af Cosmos Elektrohandel GmbH & Co KG eller COSMOS Geschäftsführungs- und Beteiligungs-GmbH
Sale Cosmos Elektrohandels GmbH & Co KG ODER COSMOS Geschäftsführungs- und Beteiligungs GmbH
Detailhandel
Retail trade
14. september 2006
14 September 2006
9. november 2006 til 13. april 2007
9 November 2006 until 13 April 2007
Østrig har også informeret Kommissionen om yderligere tilsagn fra BAWAG-PSK:
Austria also transmitted additional commitments from BAWAG-PSK vis-à-vis the Commission:
BAWAG-PSK AG vil sælge et af de følgende aktiver til en tredjepart, der er uafhængig af BAWAG-PSK-koncernen:
BAWAG-PSK AG will sell the following assets to a third party that is independent of the BAWAG-PSK group:
salg af en andel på mere end 50 % i P.S.K.
sale, no later than […], of an interest of more than 50 % in P.S.K.
Versicherung AG og i BAWAG-Versicherung Aktiengesellschaft med virkning på balancen senest den […], med Call-Option til køberen vedrørende de øvrige andele
Versicherung AG and BAWAG-Versicherung Aktiengesellschaft as reflected in the balance sheet, and the granting of a call option for the acquirer for the rest of the shares;
afslutning af salget af fast ejendom til en værdi af ca. […] mio. EUR med virkning på balancen senest den […]
completion, no later than […], of the sale of real estate valued at approximately EUR […] million in total as reflected in the balance sheet;
salg af andelen på […] % i […] med virkning på balancen senest den […]
sale, no later than […], of the […] % interest in […] as reflected in the balance sheet;
salg af andelen på 42,56 % i ATV Privat-TV Services AG med virkning på balancen senest den […]
sale, no later than […], of the 42,56 % interest in ATV Privat-TV Services AG as reflected in the balance sheet;
salg af […] med virkning på balancen senest den […].
sale, no later than […], of […] as reflected in the balance sheet.
BAWAG-PSK-koncernen reducerer sine lån til Forbundsrepublikken Østrig fra […] mia. EUR til […] mia. EUR indtil udgangen af regnskabsåret […] og fastholder dette beløb som øvre grænse for et tidsrum på […], altså til […].
The BAWAG-PSK Group will reduce the volume of its loans to the Federal Republic of Austria) from EUR […] billion to EUR […] billion as of the end of the […] business year, and it will maintain this amount for a period of […] (i.e. until […]) as an upper limit.
Undtaget deraf er de eksisterende forpligtelser hos selskaber i BAWAG PSK-koncernen i forbindelse med fremtidige trancher af allerede indgåede indkøbskontrakter.
Excluded there from are existing obligations of companies of the BAWAG-PSK group relating to future instalments under previously transacted procurement processes.
BAWAG-PSK AG giver for en periode på […], der begynder […], afkald på at byde, når Forbundsrepublikken Østrig pålægger såkaldte primary dealers at udstede forbundsobligationslån (»state bonds«).
BAWAG-PSK AG will refrain, for a period of […] beginning on […], from participating in tender procedures in which the Republic of Austria seeks to commission Primary Dealers to issue bonds for the Federal Republic (state bonds).
BAWAG-PSK AG lukker […] filialer i Wien frem til […].
BAWAG-PSK AG will close […] branches in Vienna by […].
Frem til 31. december 2010 ydes der ingen anden form for støtte til BAWAG-PSK end støtte i medfør af EF-traktatens artikel 87, stk. 2, støtte inden for rammerne af forskningsprojekter, der medfinansieres af Den Europæiske Union, støtte til generel uddannelse inden for rammerne af godkendte bestemmelser eller støtte til energispareforanstaltninger inden for rammerne af godkendte bestemmelser.
No aid other than that referred to in Article 87(2) of the EC Treaty, or aid granted under research projects jointly financed by the European Union, or aid to general training within approved schemes, or aid for energy savings within approved schemes, shall be granted to BAWAG-PSK until 31 December 2010.
Østrig kom med detaljerede oplysninger om værdien og om enkelte kompenserende modydelsers reduktionsvirkning.
Austria provided details on the value and the reduction effect of each compensatory measure.
Efter Østrigs opfattelse vil disse foranstaltninger (inkl. »Bank Run« — se betragtning 103) føre til, at koncernens balancesum i alt vil ligge […] % lavere end i 2005.
Notably, the compensation measures (including the ‘bank run’ — see below) would lead to a reduction of the group balance sheet total of […] % versus 2005.
Østrig forklarede, hvorfor yderligere reduktioner ville være til fare for bankens rentabilitet.
Austria explained why further reductions would jeopardise the Bank's viability.
Man mindede om, at det østrigske bankmarked allerede er meget koncentreret, og at det domineres af fire bankkoncerner — Bank Austria Creditanstalt, ERSTE Bank/Sparkassengruppe, Raiffeisengruppe og BAWAG-PSK.
Austria recalled that the Austrian banking market is already highly concentrated.
Disse koncerner har inden for privatkunde- og erhvervskundeområdet en markedsandel på tilsammen 90-100 %.
It is dominated by the four banking groups, the Bank Austria Creditanstalt Group, the group consisting of ERSTE Bank and the savings banks, the group of cooperative banks (Raiffeisen) and BAWAG-PSK, which would dominate the private and the corporate customer business with a total market share between 90 % and 100 %.
Andre kreditinstitutter spiller kun en underordnet rolle.
Other credit institutions would only play a subordinate role.
Derfor ligner den østrigske banksektor allerede et oligopol.
Thus, the banking sector in Austria would already be very close to an oligopolistic structure.
Hvis BAWAG-PSK skulle blive insolvent, ville dens markedsandele med stor sandsynlighed gå til de tre andre største konkurrenter i banksektoren.
In the case of an insolvency of BAWAG-PSK, there would be a high probability that its market shares would have moved to the three large main competitors in the banking market.
Dette ville styrke disses allerede betydelige markedsposition.
This would then strengthen the already existing strong market positions.
For markederne for bankydelser findes der særlige retlige og institutionelle parametre.
The markets for banking services would be subject to special legal and institutional parameters.
På grund af de bestående omfattende markedsadgangsbarrierer på privatkunde- og også erhvervskundeområdet kan man allerede kalde en markedsandel på 30 % for markedsdominerende [27].
Due to the existence of considerable market entry barriers both in the private client area as well as in the commercial client field, market shares of 30 % could already establish dominant market positions [27].
Hvis BAWAG-PSK skulle blive insolvent, ville der være risiko for, at de tre bankkoncerner i Østrig ville få en markedsdominerende stilling eller ville kunne udbygge denne, hvilket vil forøge risikoen betragteligt for en markedsdominans via et oligopol.
In the case of insolvency, therefore, there is a risk that three banking groups would create or strengthen a dominant market position in Austria which considerably increases the risk of market dominance by an oligopoly.
Følgelig ville der foreligge en situation, hvor man ville skulle godkende statsstøtte for at undgå at skabe eller styrke et markedsdominerende oligopol.
Thus a situation would exist in which State aid must be approved in order to avoid the creation or strengthening of a market dominant oligopoly.
Østrig anførte, at BAWAG-PSK kun ville få moderate markedsandele på privatkunde- og erhvervskundeområdet, som endda var faldet yderligere i 2006.
According to Austria BAWAG-PSK would have moderate market shares in private and corporate business areas, which have again clearly fallen even in 2006.
Dette kunne ses på markedsandelene [28] i 2006:
This would become evident from the market shares [28] for the year 2006 (Table 6):
Tabel VI
Table 6
Markedsandel 2005
Market share 2005
Markedsandel 2006
Market share 2006
De tilsvarende markedsandele hos de tre største bankkoncerner lå på alle disse områder på over 20 %.
The corresponding market shares of the three largest banking groups in all those areas would exceed 20 %.
Østrig angav, at de tab af markedsandele, der var opstået på grund af »Bank-Run«, reglerne for anvendelse af betalinger inden for rammerne af garantiaftalen og de kompenserende modydelsers mulige virkning for den østrigske banksektor var yderst vigtige for bedømmelsen af modydelserne.
Austria argued that, with regard to compensations to offset possible distortion effects already incurred market share losses as a result of the ‘bank run’, the regulation on the use of payment under the Guarantee Agreement and the possible effect of compensation measures on the banking sector in Austria would be of major importance.
Østrig er i forbindelse med tabet af markedsandele på grund af »Bank-Run« af den opfattelse, at bankens markedsposition gennem reduktion af anfordrings- og opsparingsindskud på ca. […] mia. EUR fra slutningen af september 2005 og frem til juni 2006 allerede var blevet svækket betydeligt.
Concerning the loss of market share as a result of the ‘bank run’, Austria is of the view that the reduction of sight deposits and savings deposits of around EUR […] billion from the end of September 2005 until June 2006 already considerably weakened the market position of the Bank.
Det »massehysteri«, der var opstået på grund af mediedækningen, resulterede i, at BAWAG-PSK ikke havde haft mulighed for at forhindre sammenbruddet i opsparingsindskuddene.
As the result of ‘mass hysteria’ triggered by media reports, BAWAG-PSK had no chance to hinder the collapse of its savings deposit business.
Støtten havde derfor på ingen måde forvredet konkurrencen til gavn for BAWAG-PSK.
The State aid had not, therefore, in any manner distorted the competition in favour of BAWAG-PSK.
Østrig betragter »Bank-Run«, som for BAWAG-PSK's vedkommende førte til tab af markedsandele, som en kompenserende modydelse.
In itself, this ‘bank run’, leading to reduced market shares for BAWAG-PSK, is regarded by Austria as a mitigating measure.
Ifølge Østrig var det af afgørende betydning at få en høj salgspris, for at omstruktureringen skulle lykkes, og banken kunne videreføres.
According to Austria the success of the reorganisation and the continuation of the Bank depended decisively upon a high sales price.
Enhver nedsættelse af købsprisen til mindre end […] mia. EUR på grund af kompenserende modydelser ville have haft en direkte effekt for banken.
Any reduction of the sales price below EUR […] billion as the result of compensation measures would have had a direct influence on the Bank.