natgillin/translations-raw huggingface dataset:
At forringe værdien af BAWAG-PSK gennem modydelser ville have forringet mulighederne for rent faktisk at opnå den købspris, der var nødvendig for at kunne leve op til forpligtelserne.
A reduction of BAWAG-PSK's value caused by any compensatory measures would have reduced the possibility to obtain the sales price necessary to service the liabilities.
Østrig forklarede, at de kompenserende modydelser også ville have negative følger for den østrigske banksektors markedsstruktur.
Austria claimed that compensatory measures would also harm the market structure in the banking sector in Austria.
At sælge østrigske BAWAG-PSK-bankfilialer til et af de andre tre store østrigske kreditinstitutter ville fusionstilsynsmæssigt give anledning til store betænkeligheder.
For example, the sale of the bank branches of BAWAG-PSK in Austria to one of the three other large Austrian credit institutions would cause considerable concerns under merger control.
At sælge filialer til et udenlandsk kreditinstitut ville indebære en fare for, at BAWAG-PSK’s bankkunder (særlig privatkunder og mellemstore virksomheder) ville skifte til en af de andre østrigske banker, hvilket ville have den følgevirkning, at det allerede stærkt koncentrerede østrigske bankmarked ville blive yderligere indsnævret.
A sale of the branches to a foreign institution would create the specific danger that bank customers of BAWAG-PSK, especially the private clients and mid-size corporate clients would change to other Austrian banks and, thus, further narrow the presently highly concentrated Austrian banking market.
Ifølge rammebestemmelserne skal Kommissionen i et sådant tilfælde udforme de kompenserende modydelser på en sådan måde, at denne situation undgås.
According to the guidelines, the Commission must in this case construe compensatory measures in such a way to avoid this situation.
Østrig forklarede, at den aktuelle støtte var begrænset til et minimum, idet det ikke drejede sig om en permanent kapitaltilførsel, men om en tidsbegrænset garanti med tilknyttede betingelser, som var nødvendig for at fastholde en tilstrækkelig solvens.
Austria stressed that the aid in question was limited to the minimum since it was not a permanent liquid capital injection, but a granting of a temporary conditional guarantee which was necessary to maintain a satisfactory level of solvency.
Østrig gjorde opmærksom på, at det siden undertegnelsen af købskontrakten den 30. december 2006 var klart, at BAWAG-PSK ville kunne præstere det egenbidrag, der var fastsat i omstruktureringsplanen.
Austria explained that since the signing of the purchase agreement on 30 December 2006, it is clear that BAWAG-PSK can completely fulfil the own contributions requirement indicated in the restructuring plan.
Finansieringen af omstruktureringen ville blive dækket fuldt ud af BAWAG-PSK selv.
The financing of the restructuring would be 100 % secured by BAWAG-PSK itself.
Også kapitaltilførslen på 600 mio. EUR skulle betragtes som egenbidrag.
Also the capital injection of EUR 600 million must be regarded as own contribution.
UDTALELSE FRA ANDRE BERØRTE PARTER
COMMENTS FROM OTHER INTERESTED PARTIES
Kommissionen modtog ingen udtalelser fra berørte parter, efter at beslutningen om indledning af proceduren var blevet offentliggjort i Den Europæiske Unions Tidende.
In response to the publication of the decision to initiate proceedings in the Official Journal of the European Union, the Commission did not receive comments from other interested parties.
VURDERING AF STØTTEN
ASSESSMENT OF THE AID MEASURE
BAWAG-PSK var på det tidspunkt, da støtten blev givet, en kriseramt virksomhed
BAWAG-PSK is a firm in difficulty at the time of the granting of the guarantee
Ifølge punkt 9 i rammebestemmelserne er en virksomhed kriseramt, når den ikke med egne finansielle midler eller med de midler, som den kan opnå fra ejere/aktionærer eller kreditorer, er i stand til at standse de tab, som uden de offentlige myndigheders indgriben næsten med sikkerhed vil medføre virksomhedens ophør på kort eller mellemlang sigt.
According to paragraph 9 of the guidelines a firm is in difficulty where it is unable, whether through its own resources or with the funds it is able to obtain from its owner/shareholders or creditors, to stem losses which, without outside intervention by the public authorities, will almost certainly condemn it to going out of business in the short or medium term.
Østrig har i sine bemærkninger til undersøgelsesprocedurens indledning ikke taget afstand fra Kommissionens opfattelse af, at BAWAG-PSK i rammebestemmelsernes forstand var en kriseramt virksomhed.
In its observations following the opening decision, Austria has not contested the opinion of the Commission that BAWAG-PSK has been a firm in difficulty according to the guidelines.
Efter Kommissionens opfattelse ville banken uden garantien ikke være i stand til at leve med en vedvarende betragtelig reduktion på indlånssiden.
The Commission is indeed of the view that, without the guarantee, the bank would not have been able to cope with a continued considerable withdrawal of deposits.
Som det er angivet i årsregnskabet for 2005, ville revisorerne ikke kunne give en anmærkningsfri påtegning i årsregnskabet for BAWAG-PSK som en going concern.
Notably, without the guarantee, as indicated in the 2005 annual accounts, the auditors would not have been in a position to certify the annual accounts of BAWAG-PSK as a going concern.
Som følge heraf ville BAWAG-PSK uden garantien inden for få uger måtte indgive insolvens-/konkursbegæring.
Consequently, without the guarantee, BAWAG-PSK would have become insolvent/bankrupt within weeks.
Yderligere ville ÖGB efter Kommissionens opfattelse ikke have været i stand til at håndtere sit datterselskabs vanskeligheder uden støtte.
Besides, the Commission considers that ÖGB could not have dealt alone with the difficulties of its subsidiary.
At BAWAG-PSK var nødt til at værdiregulere fordringer over for sine ejere på […] mio. EUR bekræfter denne opfattelse.
The fact that BAWAG-PSK already had to depreciate claims of EUR […] million against its owner confirms this assessment.
Herfra kan ses, at BAWAG-PSK på det tidspunkt, hvor garantien blev givet, i henhold til punkt 9 i rammebestemmelserne var en kriseramt virksomhed.
As a conclusion of the above, BAWAG-PSK is a firm in difficulty at the time of the granting of the guarantee according to paragraph 9 of the guidelines.
Derudover kan BAWAG-PSK’s vanskeligheder entydigt tillægges banken selv, og de er for omfattende til, at den koncern, som banken tilhører, ville have kunnet klare dem.
In addition the difficulties of BAWAG-PSK are clearly imputable to the Bank and are too serious to be dealt with by the group to which it belongs.
Hverken ÖGB eller AVB ville have været i stand til at omstrukturere BAWAG-PSK uden offentlig støtte.
Indeed, neither ÖGB nor AVB would have been able to restructure BAWAG-PSK without public support.
Derfor er BAWAG-PSK i medfør af punkt 13 i rammebestemmelserne berettiget til rednings- og/eller omstruktureringsstøtte.
BAWAG-PSK is therefore eligible to rescue and/or restructuring aid according to paragraph 13 of the guidelines.
Privatbankernes og forsikringsselskabernes investeringer i de to SPV'ere med henblik på at styrke BAWAG-PSK's kapitalkvoter er ikke sket på samme grundlag som statsgarantien.
The investments by the private banks and insurance companies in the two above mentioned SPV, with a view to strengthening the capital ratios of BAWAG-PSK, are not made on a similar basis as the State guarantee.
Privatinvestorerne har betydelig mindre risiko, end staten har i forbindelse med sin garanti.
The risk exposure for the private investors is considerably lower than the State's exposure in providing the guarantee.
Østrig har bekræftet, at ingen private investorer ville have været villige til at indskyde midler, som man kunne betragte som egenkapital, hvis ikke der var blevet givet en statsgaranti til BAWAG-PSK.
Austria confirmed that without the public guarantee for BAWAG-PSK no private investor would have been willing to provide funds which would be considered as equity capital.
At private investorer er gået ind, modsiger derfor ikke det faktum, at BAWAG-PSK befandt sig i vanskeligheder.
Therefore, the occurrence of private investments does not contradict the fact that BAWAG-PSK was in difficulty.
Spørgsmålet om, hvorvidt der er tale om statsstøtte
Existence of a State aid
For at vurdere, om der i forbindelse med en foranstaltning er tale om statsstøtte efter EF-traktatens artikel 87, stk. 1, skal Kommissionen undersøge, om den
In order to ascertain whether a measure constitutes aid within the meaning of Article 87(1), the Commission has to assess whether this measure:
finansieres af staten eller med statslige midler
is granted by the State or through State resources,
skaber en økonomisk fordel
provides an economic advantage,
ved selektiv begunstigelse af visse virksomheder eller produktioner vil kunne fordreje konkurrencevilkårene, og
is capable of distorting competition by selectively favouring certain undertakings or the production of certain goods,
påvirker samhandelen mellem medlemsstaterne.
affects trade between Member States.
Anvendelse af statsmidler
Use of State resources
For at blive betragtet som statsstøtte skal de finansielle midler hidrøre fra staten og gives direkte eller indirekte ved hjælp af statsmidler.
In order to be qualified as State aid, financial resources must be imputable to the State and granted directly or indirectly by means of state resources.
I det foreliggende tilfælde er begge disse betingelser opfyldt, da foranstaltningen er en statsgaranti, som blev givet på basis af en forbundslov.
The two above mentioned cumulative conditions are met in the present case as the measure is a State guarantee implemented on the basis of a law.
EF-traktatens artikel 87, stk. 1, forbyder støtte, der begunstiger visse virksomheder eller produktioner, dvs. selektiv støtte.
Article 87(1) prohibits aid which ‘favours certain undertakings or the production of certain goods’, that is to say, selective aid.
Garantien begunstiger udelukkende BAWAG-PSK. Derfor kan foranstaltningen anses for at være selektiv.
The guarantee only benefits to BAWAG-PSK and is therefore selective.
Påvirkning af samhandelen mellem medlemsstaterne og konkurrencefordrejning
Effect on trade between Member States and distortion of competition
EF-traktatens artikel 87, stk. 1, forbyder støtte, som påvirker samhandelen mellem medlemsstaterne, og som fordrejer eller truer med at fordreje konkurrencen.
Article 87(1) prohibits aid which affects trade between Member States and which distorts or threatens to distort competition.
Kommissionen skal ikke som led i sin retlige vurdering godtgøre, at støtteforanstaltninger reelt påvirker samhandelen mellem medlemsstaterne og faktisk fordrejer konkurrencen, men skal alene undersøge, om disse støtteforanstaltninger kan påvirke denne samhandel og fordreje konkurrencen [29].
In its assessment of those two conditions, the Commission is required not to establish that the aid has a real effect on trade between Member States and that competition is actually being distorted, but only to examine whether that aid is liable to affect such trade and distort competition [29].
Hvis en medlemsstats støtte styrker en virksomheds stilling over for andre konkurrenter i samhandelen på det indre marked, må denne støtte anses for at begrænse deres konkurrencedygtighed.
When aid granted by a Member State strengthens the position of an undertaking compared with other undertakings competing in intra-Community trade, the latter must be regarded as affected by that aid.
Kommissionen minder om, at banksektoren har været åben for konkurrence i mange år.
The Commission recalls that the banking sector has been open to competition for many years.
Den konkurrence, som til en vis grad allerede bestod på grund af de frie kapitalbevægelser, der sikres i EF-traktaten, er blevet forbedret gennem den fremadskridende liberalisering.
Progressive liberalisation has enhanced the competition that may already have resulted from the free movement of capital provided for in the EC Treaty.
BAWAG-PSK har filialer eller datterselskaber i forskellige medlemsstater, heriblandt Den Tjekkiske Republik, Slovakiet, Slovenien, Ungarn og Malta.
Moreover, BAWAG-PSK has branches or subsidiaries in several Member States, notably the Czech Republic, Slovakia, Slovenia, Hungary and Malta.
Omvendt er der også banker fra andre medlemsstater, der driver virksomhed i Østrig, enten direkte via filialer eller repræsentationer eller indirekte gennem kontrol over banker og finansinstitutter, der er hjemmehørende i Østrig.
Conversely, banks from different Member States operate in Austria, either directly through branches or representative offices, or indirectly by controlling Austrian-based banks and financial institutions.
Endelig handler medlemsstaterne med hinanden inden for banksektoren.
To conclude, there is trade between Member States in the banking sector.
Garantien styrker BAWAG-PSK over for andre bankforetagender, som de konkurrerer med i samhandelen på det indre marked.
The guarantee strengthens the position of BAWAG-PSK in relation to banks undertakings competing in intra-Community trade.
Garantien vil derfor kunne begrænse samhandelen mellem medlemsstaterne og fordreje konkurrencen.
Therefore, the guarantee is liable to affect such trade and distort competition.
Spørgsmålet om, hvorvidt der eksisterer en økonomisk fordel
Existence of an economic advantage
Et kriterium for, at der er tale om statsstøtte, er, at den begunstigede opnår en fordel som følge af en foranstaltning.
To constitute a State aid, a measure must confer on recipients an advantage.
I medfør af punkt 4.2 i meddelelsen om garantier udgør en garanti ikke statsstøtte, når der ikke foreligger nogen økonomisk fordel, og følgende fire forudsætninger er opfyldt:
According to paragraph 4.2 of the notice on State guarantees, a State guarantee is not an aid because there is no economic advantage when the four following conditions are met:
Låntageren er ikke i finansielle vanskeligheder.
the borrower is not in financial difficulty;
Låntageren vil i princippet være i stand til at opnå et lån på markedsvilkår på finansmarkederne uden statens intervention.
the borrower would in principle be able to obtain a loan on market conditions from the financial markets without any intervention by the State;
Garantien er knyttet til en specifik finansiel transaktion, lyder på et fast maksimalt beløb, dækker ikke mere end 80 % af det udestående lån eller anden finansiel forpligtelse og er ikke åben.
the guarantee is linked to a specific financial transaction, is for a fixed maximum amount, does not cover more than 80 % of the outstanding loan or other financial obligation and is not open-ended;
Der betales markedspris for garantien.
the market price for the guarantee is paid.
Efter Kommissionens opfattelse er forudsætning a) ikke opfyldt i det foreliggende tilfælde, da BAWAG-PSK på tidspunktet for garantistillelsen er kriseramt.
The Commission considers that the condition under (a) is not met in the present case as BAWAG-PSK is in financial difficulty at the time of the granting of the guarantee.
Derudover ville ingen økonomisk aktør have taget ansvaret for et gebyr på 0,2 %, som BAWAG-PSK skulle betale.
Moreover, no market operator would have granted the guarantee for a fee of 0,2 % paid by BAWAG-PSK.
Som Østrig bekræftede, ville et gebyr typisk ligge på mellem 32 og 49 mio. EUR pro anno.
Austria confirmed that a ‘market fee’ would have been between EUR 32 and EUR 49 million per year.
Derfor er forudsætning d) heller ikke opfyldt.
Therefore, the condition under (d) is not fulfilled.
Statsgarantien giver derfor BAWAG-PSK en fordel.
As a consequence, the State guarantee confers an advantage on BAWAG-PSK.
Kommissionen har draget den konklusion, at der i forbindelse med statsgarantien til BAWAG-PSK er tale om statsstøtte.
The Commission concludes that the State guarantee granted to BAWAG-PSK is a State aid.
Ulovlig statsstøtte
Illegality of the State aid
Støtten blev givet af Østrig den 8. maj 2006 med tilbagevirkende kraft til 31. december 2005, dvs. før Kommissionen havde afgjort, om den var forenelig med fællesmarkedet.
The aid is illegal as it was granted by Austria on 8 May 2006, with retroactive effect from 31 December 2005, before the Commission decided on its compatibility.
For at kunne vurdere garantiens støtteelement skal Kommissionen undersøge, om og på hvilke vilkår eller under hvilke forudsætninger en investor/kautionist på normale markedsøkonomiske vilkår og under sammenlignelige omstændigheder ville have overtaget garantien.
To determine the aid element in the guarantee, the Commission has to examine whether and under which terms and conditions, in similar circumstances, an investor/guarantor operating in normal conditions of a market economy would have granted the guarantee.
En hypotetisk investor handler som en fornuftig investor [30], der ønsker at maksimere sin fortjeneste uden dog at løbe en for stor risiko i forhold til afkastet [31].
The attitude of a hypothetical investor is that of a prudent investor [30], whose goal of profit maximisation is tempered with caution about the level of risk acceptable for a given rate of return. [31]
Særlige omstændigheder ved Østrigs garanti
The specific nature of the guarantee granted by Austria
Ifølge punkt 3.1 i meddelelsen skal støtteelementet vurderes på grundlag af de særlige omstændigheder ved garantien.
According to paragraph 3.1 of the Notice on guarantees, the aid element should be assessed by reference to the specific details of the guarantee.
I det foreliggende tilfælde var garantien en sikkerhed for specifikke nødlidende BAWAG-PSK-lån på 900 mio. EUR. Garantistillelsen betød, at aktiverne holdt deres værdi, og overflødiggjorde værdireguleringer, der ville have ført til yderligere tab på 900 mio. EUR i årsregnskabet for 2005.
In the present case, the guarantee provided collateral for specific non-performing loans of BAWAG-PSK in the amount of EUR 900 million. The consequence was that the assets remained valuable and no value adjustments, generating additional losses of EUR 900 million in the 2005 accounts, had to be carried out.
Garantiens effekt og karakter kan i den forbindelse sammenlignes med en kapitaltilførsel [34].
In this regard, the effect and character of the guarantee is similar to that of a capital injection [34].
På den måde kunne det undgås, at BAWAG-PSK's kernekapitalprocent kom under det i lovgivningen fastsatte minimumsniveau.
BAWAG-PSK's core capital ratio could thus be prevented from decreasing below the minimum statutary requirements.
Kommission må konkludere, at den foreliggende garanti ikke kan sammenlignes med en kaution for samtlige forpligtelser, som en bank har [35].
The Commission concludes that the present guarantee is not comparable to guarantees securing all liabilities of a bank [35].
Ved den slags garantier har bankens kreditorer en umiddelbar fordringsret.
Such guarantees provide direct claims to the creditors of the bank.
I tilfælde af insolvens skal garantistilleren overtage de forpligtelser, der ikke kan honoreres ved hjælp af bankens aktiver.
In the case of insolvency, the guarantor has to meet the liabilities, which cannot be satisfied from its assets.
Økonomisk set reducerer denne form for garanti bankens refinansieringsomkostninger via lån og obligationer.
Economically, this type of guarantee reduces the cost of refinancing of the bank via debt/bonds.
Kommissionen erkender, at da garantien ved manglende indfrielse af forpligtelserne garanterer en værdi af ca. 1,6 % af bankens samlede aktiver, sikrer den i begrænset omfang også forpligtelserne, men garantiens samlede effekt kan ikke anses for at være sammenlignelig.
The Commission recognises that in guaranteeing the recoverability of about 1,6 % of the total assets of the Bank in the deficiency case, the guarantee has also a limited indirect effect on the security of the liabilities but the overall impact of the guarantee can not be considered as comparable.
Selv om man i Frankrig i CFF-sagen [36] garanterede for alle de forpligtelser, CFF havde, kan man i det aktuelle tilfælde ikke drage nogen relevante konklusioner heraf.
Thus from the guarantee granted by France in the CFF case [36], covering all CFF's liabilities, no relevant conclusion can be drawn for the present case.
Ifølge de betingelser, der er fastsat i garantiaftalen, kan der gøres brug af garantien, hvis banken stadig er truet økonomisk.
Subject to the conditions set by the guarantee agreement, in the case of the continuation of the existence of an economic threat to the Bank, the guarantee can be drawn.
BAWAG-PSK bekræftede i årsregnskabet for 2006: »Der kan også gøres brug af garantien, hvis der kun er tale om en truende insolvens for banken, fordi garantien udløber den 1. juli 2007; forbundsstaten kan afværge, at der bliver gjort brug af garantien, ved at forlænge den.« Kautionisten ville kunne tabe op til 900 mio. EUR, uden at have andele i banken, som ville gøre det muligt at få del i et senere opsving.
BAWAG-PSK confirmed in its 2006 annual accounts that ‘the guarantee can be drawn if the insolvency threatens only because the guarantee expiration date of 1 July 2007 approaches. Austria can avoid the drawdown in prolonging its duration.’
Salgsscenarier
The guarantor could then lose up to EUR 900 million without keeping any stake in the Bank, which would allow him to participate in a potential later upward trend. The sale scenarios
En vigtig forudsætning for garantistillelsen er, at BAWAG-PSK’s andelshavere har givet tilsagn over for forbundsregeringen om at ville overdrage alle deres andele i BAWAG-PSK til tredjepart.
A key condition for the granting of the State guarantee is the declaration of commitment by the shareholders to the federal government to transfer all shareholdings in BAWAG-PSK or AVB to third parties.
Denne salgsforpligtelse udgør det vigtigste grundlag for en vurdering af statsgarantien.
This selling commitment sets the main scene for evaluating the aid amount in the State guarantee.
Efter Kommissionens opfattelse afhænger brugen af garantien og dermed også støtteelementet umiddelbart af den potentielle købers samlede investering, altså af salgsprisen og køberens vilje til at tilføre yderligere egenkapital.
The Commission considers that the claim of the guarantee, and as a consequence the aid element in the guarantee, depends directly on the total investment of the potential purchaser, consisting of the sales price and on the willingness of the buyer to invest in additional equity.
I denne sammenhæng skal der mindes om, at Østrig i omstruktureringsplanen skriver, at »for at det kan lykkes at sanere og videreføre banken, er det afgørende at opnå en høj salgspris.
In this context, it is recalled that Austria writes in the restructuring plan that ‘the success of the reorganisation and the continuation of the Bank depend decisively upon a high sales price.
Enhver reduktion af salgsprisen under […] mia. EUR på grund af kompenserende modydelser vil have umiddelbar indflydelse på banken. ”
Any reduction of the sales price below EUR […] billion as the result of compensation measures has a direct influence on the Bank.’
Uden tilførsel af yderligere egenkapital eller kortfristede nedbringelser af risikoaktiverne ville sandsynligheden for, at garantien blev udnyttet, stige, jo længere køberens samlede investering nåede ned under […] mia. EUR.
Any reduction of the total investment of the purchaser below EUR […] billion would, in the absence of additional equity support or short-term reductions of the risk assets, increase the risk that the guarantee has to be triggered.
Kommissionen har vurderet garantien og betingelserne for brug af garantien og er kommet til den konklusion, at en privat kapitalindskyder/kautionist på tidspunktet for garantistillelsen i sin risikoanalyse ville have taget hensyn til tre hovedscenarier:
The Commission has assessed the guarantee and the attached conditions and concluded that at the time the guarantee was granted, a private investor/guarantor would have considered three major scenarios in its risk assessment: