natgillin/translations-raw huggingface dataset:
BAWAG-PSK er desuden aktiv i forsikringssektoren via BAWAG Versicherung AG og PSK Versicherung AG [8] og uden for den finansielle sektor via BAWAG-PSK Immobilien AG, skobutikskæden Stiefelkönig og TV-stationen ATV Privat-TV Services.
BAWAG-PSK is also engaged in the insurance sector through BAWAG Versicherung AG and P.S.K. Versicherung AG [8] and in non-banking activities. The most important of the latter are BAWAG-PSK real estate group, Stiefelkönig (shoe distribution chain) and ATV Privat-TV Services (TV broadcaster).
Banken har også ekspanderet på internationalt niveau.
The Bank has also expanded internationally.
Formueandelen for udenlandske filialer steg fra ca. […] % i 1995 til ca. […] % i 2004 og til lidt mere end […] %, hvis man medregner datterselskaberne.
The share of its foreign branch assets in total assets increased from about […] % in 1995 to about […] % in 2004 and slightly more than […] % when subsidiaries are included.
Banken råder over datterselskaber eller kapitalandele i Den Tjekkiske Republik, Slovakiet, Slovenien, Ungarn, Malta og Libyen.
The bank has branches, subsidiaries or participations in the Czech Republic, Slovakia, Slovenia, Hungary, Malta and Libya.
Dens markedsandele i de nye medlemsstater er dog beskedne.
Nevertheless, the market shares held by BAWAG-PSK in the new Member States remain rather small.
ÖGB afhændede den 30. december 2006 BAWAG-PSK til et konsortium centreret om den amerikanske investeringskoncern Cerberus Capital Management L.P.
On 30 December 2006, ÖGB sold BAWAG-PSK to a consortium led by the U.S. private equity group Cerberus Capital Management L.P.
(herefter benævnt »konsortiet«) [9].
(hereafter the consortium) [9].
BAWAG-PSK's finansielle vanskeligheder
BAWAG-PSK's financial difficulties
BAWAG-PSK's økonomiske vanskeligheder kunne hovedsageligt tilskrives to særlige handler, »de caribiske handler« og »Refco«, som blev gennemført af nogle medlemmer af den tidligere ledelse.
The economic difficulties of BAWAG-PSK resulted mainly from two specific transactions, the ‘Caribbean transactions’ and ‘Refco’, conducted by some members of the previous management.
Det var muligt at gennemføre disse særlige handler på grund af utilstrækkelig risikokontrol, og fordi de involverede bevidst omgik de eksisterende kontrolinstanser.
These transactions were made possible because of insufficient risk controlling and the circumvention of existing control instances by the participants.
»De caribiske handler«
‘Caribbean transactions’
»De caribiske handler« blev hovedsageligt iværksat mellem 1995 og 2001.
The Caribbean transactions were primarily conducted between 1995 and 2001.
Fra 1995 til 1998 blev der i første omgang i tre trancher overført i alt 550 mio. USD fra BAWAG International Finance, Dublin, til selskaber med domicil på Caymanøerne.
From 1995 through 1998, initially three tranches totalling USD 550 million were initially transferred in the context of senior deposit agreements via BAWAG International Finance, Dublin to companies with their registered offices in the Cayman Islands.
I 1998 blev der givet et yderligere lån på 89 mio. USD.
A further loan in the amount of USD 89 million was granted in the year 1998.
I september 1998 så engagementet ud på en sådan måde, at BAWAG-PSK via sit datterselskab i Dublin i alt havde krediteret 639 mio. USD til fire selskaber med diverse investeringer som formål.
In September 1998, the engagement was such that BAWAG-PSK via its subsidiary in Dublin had loaned a total of USD 639 million to four companies for the purpose of diverse investments.
Disse beløb blev brugt til at spekulere i kursudviklingen mellem yen og US-dollar.
These amounts were used in order to speculate on the development of the currency exchange rate of the Yen against the US dollar.
Den af tredjepart tilvejebragte egenkapitalstranche, som skulle fungere som dækning, og midler fra senior-deposit-agreements blev efterfølgende brugt som margin for spekulationer, fordi den forventede kursudvikling ikke var indtruffet.
The equity capital tranche employed as coverage which had been raised from a third party and the funds from the senior deposit agreements were successfully exhausted as margins for the speculations because the anticipated development in the exchange rates did not take place.
For de til 1998 gennemførte finansieringer opstod der på denne måde et samlet tab på […] mio. USD.
With regard to the financings made in 1998, a total loss in the amount of USD […] million was incurred in this manner.
Den forventede udvikling i yen-kursen var igen ikke indtruffet; optioner, som med tiden var faldet betragteligt, blev solgt med stort tab. Forpligtelserne udgjorde ved udgangen af 1999 […] mia. EUR, hvor den kraftige udvidelse af forpligtelserne i vid udstrækning også kunne føres tilbage til kraftige fluktuationer i vekselkursstrukturen.
The liabilities at the end of 1999 amounted to EUR […] billion. The large expansion of the liabilities was to a large part also the result of massive shifts within the structure of exchange rates.
I slutningen af 1999/begyndelsen af 2000 foretog man et yderligere, sidste forsøg på at få kompensation via disse handler for de tab, der var opstået hidtil.
At the end of 1999/beginning of 2000, a further, final attempt was made to compensate for the losses under these transactions which had been incurred up to that time.
Der blev investeret yderligere […] mio. EUR i værdipapirer foruden […] mio. USD, der var tilbage fra tidligere optioner.
An additional EUR […] million together with the USD […] million remaining from the previous options were invested in funds.
Investeringerne blev igen foretaget i yen-swaps-spekulationer, der førte til et nyt tab af alle de investerede midler.
Investments were again made in Yen swaps speculations which again resulted in a new total loss of the invested funds.
I slutningen af 2000 var forpligtelsen på grund af disse handler på […] mia. EUR. Fra 2001 blev tabene omstruktureret hyppigt og via delvise afskrivninger endelig reduceret pr. oktober 2005 til ca. […] mia. EUR.
At the end of 2000, the total liabilities resulting from these transactions amounted to EUR […] billion. From 2001 onwards up to October 2005, the losses were often restructured and reduced by partial write-offs to approximately EUR […] billion.
»Refco«
‘Refco’
Forretningsforbindelsen mellem BAWAG-PSK og Refco Group Ltd. LLC (herefter benævnt »Refco«) [10] begyndte i 1998 og varede frem til oktober 2005.
The business relationship of BAWAG-PSK with Refco Group Ltd. LLC (hereafter Refco) [10] began in the year 1998 and lasted until October 2005.
Denne forretningsforbindelse bestod navnlig i:
The main aspects of this business relationship consisted of:
BAWAG-PSK’s andel i Refco fra 1999 til 2004
a participation of BAWAG-PSK in Refco in the period 1999 through 2004,
finansiering inden for rammerne af en proceeds-participation-agreement
financings in the context of a proceeds participation agreement,
et samarbejde mellem BAWAG-PSK og Refco på flere områder i den daglige bank- og værdipapirhandel.
cooperation between BAWAG-PSK and Refco in several areas in daily banking and the securities business,
BAWAG-PSK kreditgivning til Refco, som begyndte med en kredit i 1998, der i forbindelse med afslutningen på BAWAG-PSK's andel i Refco i 2004 var blevet tilbageført, og frem til en kreditgivning på over 350 mio. EUR i oktober 2005.
granting loans from BAWAG-PSK to Refco, beginning with a loan in the year 1998 which was repaid in connection with the termination of the participation by BAWAG-PSK in Refco in the year 2004, and ending with a loan for EUR 350 million in October 2005.
I den mellemliggende periode blev der gentagne gange givet kreditter til Refco eller Refco-selskaber, heriblandt flere ret kortfristede kreditter, som gjorde det muligt for Refco at færdiggøre sit årsregnskab (såkaldte »Year-End Transactions«).
In the interim period, there were repeated grants of loans to Refco or Refco companies, including, among others, several very short-term loans allowing Refco to close its balance sheet (Year-End Transactions).
I april 2006 blev der i USA anlagt sag mod BAWAG-PSK af Refco, Creditors Committee (udvalg for ikke-sikrede Refco-kreditorer), Department of Justice (det amerikanske justitsministerium) og Securities and Exchange Commission (SEC, det amerikanske børstilsyn).
In April 2006, complaints were filed against BAWAG-PSK in the USA by Refco, the creditors committee (committee of the unsecured Refco creditors), the Department of Justice and the Securities and Exchange Commission.
Inden for rammerne af disse retssager var der efter et retsligt påbud blevet tilbageholdt et beløb på ca. […] mia. USD.
During the course of these proceedings, an amount of approximately USD […] billion was frozen by court order.
I sidste ende enedes man om en løsning med de amerikanske myndigheder og med Refcos kreditorer.
Finally, a settlement was negotiated with the authorities of the United States and with the Refco creditors.
Forholdet til Refco udmøntede sig ved udgangen af 2005 i et samlet tab på […] mio. EUR for BAWAG-PSK, der har følgende sammensætning:
The relationship with Refco resulted in total expenses of EUR […] million for BAWAG-PSK as of the end of 2005:
350 mio. EUR i værdiregulering på grund af kreditgivning
EUR 350 million requirement for write-down from granting of a loan,
[…] mio. EUR i tab på guld-swaps
EUR […] million loss from gold swaps,
[…] mio. EUR i tab ved salg af senior secured loans
EUR […] million loss from the sale of senior secured loans,
Til dette beløb skulle lægges reserver på […] mio. EUR, som måtte oprettes med tilbagevirkende kraft i begyndelsen af maj 2006 til forliget med Refco-kreditorerne.
This amount had to be increased by the provision in the amount of EUR […] million which was required to be established with retroactive effect at the beginning of May 2006 for the settlement with the Refco creditors.
Herigennem opstod der et underskud fra Refco-handler på 1,0045 mia. EUR.
This resulted in a shortfall from the Refco transactions in the amount of EUR 1,0045 billion.
Den 5. juni 2006 indgik BAWAG-PSK en aftale med Refcos kreditorer.
On 5 June 2006 BAWAG-PSK signed an agreement with the Refco creditors.
BAWAG-PSK skulle betale […] mio. USD til Refcos kreditorer og aktionærer.
BAWAG-PSK had to pay USD […] million to the creditors and shareholders of Refco.
Yderligere gav banken afkald på udestående fordringer på […] mio. USD.
Furthermore BAWAG-PSK renounced to credit claims in the amount of USD […] million.
De kontraherende parter blev endvidere enige om, at […] % af den del af købsprisen, der oversteg […] mio. EUR, dog maksimalt […] mio. USD, skulle betales til Refcos kreditorer og aktionærer.
The parties also agreed that […] % of the sales price exceeding EUR […] billion had to be paid to the Refco creditors and shareholders. This amount is limited to USD […] million.
Virkningen af de særlige handler (»caribiske handler« og »Refco«)
Effects of ‘Caribbean transactions’ and ‘Refco’
I 2004 blev der afskrevet fordringer på det caribiske kompleks på rundt regnet […] mio. EUR.
In the year 2004, receivables from the Caribbean situation in an amount of approximately EUR […] million were written off.
Det resterende beløb på […] mio. EUR blev fuldt ud værdireguleret.
The outstanding amount of EUR […] million was fully written down.
I oktober 2005 blev BAWAG-PSK ramt af Refcos insolvens, og samtidig blev tabene fra de caribiske handler kendt.
In October 2005, BAWAG-PSK was hit by the insolvency of Refco and at the same time the losses of the ‘Caribbean transactions’ came to light.
På grund af advarsler i pressen hævede kunder i slutningen af april og begyndelsen af maj 2006 store pengebeløb på anfordringskonti og opsparingskonti.
Alerted by the press, depositors massively withdrew the money on current and savings accounts in late April/early May 2006.
I alt blev indlånene på bankens anfordringskonti mellem september 2005 og juni 2006 reduceret med […] mio. EUR, og indlånene på opsparingskontiene blev reduceret med […] mia. EUR.
Globally, between September 2005 and June 2006, the current accounts held by the bank were reduced by EUR […] million, while the savings accounts were reduced by EUR […] billion.
BESKRIVELSE AF DEN FORANSTALTNING, DER SKAL BEDØMMES
THE MEASURE UNDER ASSESSMENT
Den foranstaltning, der skal bedømmes i forbindelse med den aktuelle beslutning, drejer sig om, at forbundsstaten har stillet en garanti for BAWAG-PSK på over 900 mio. EUR med lovhjemmel i BAWAG-PSK-sikringsloven (herefter benævnt »BAWAG-PSK-loven«), der blev vedtaget 8. maj 2006.
The measure under assessment in the present decision is the State guarantee of EUR 900 million granted to BAWAG-PSK by a law, the BAWAG PSK Sicherungsgesetz, enacted on 8 May 2006 (hereafter the law).
Loven indeholdt et påbud om, at ejerne af BAWAG-PSK skulle sælge til tredjepart.
The law also included the obligation of the owners to sell BAWAG-PSK to a third party.
BAWAG-PSK ville ikke uden en statsgaranti have kunnet overholde bestemmelserne om solvens og egenkapital i den østrigske banklov (herefter benævnt »BWG«) og ville derfor ikke have kunnet afslutte 2005-årsregnskaberne.
Without a guarantee, BAWAG-PSK would not have been able to comply with the solvency and equity capital provisions of the Austrian Banking Act (BWG) and therefore to close the 2005 annual accounts.
Den 31. maj 2006 undertegnede de daværende direkte og indirekte ejere af BAWAG-PSK (ÖGB, ÖGSP, ÖBG, ÖVV og AVB) en salgsaftale, i hvilken de forpligtede sig til at sælge deres andele til en uafhængig tredjepart.
On 31 May 2006 the then direct and indirect owners of BAWAG-PSK (ÖGB, ÖGSP, ÖBG, ÖVV and AVB) signed a sales agreement which obliged them to sell their shares in BAWAG-PSK to an independent third party.
Den 6. juni 2006 undertegnede Østrig og BAWAG-PSK en garantiaftale, som er baseret på denne lov.
On 6 June 2006 Austria and BAWAG-PSK signed a guarantee agreement which specified the law.
Aftalen indeholdt nærmere angivelser om garantien, herunder om betingelserne, gebyret, BAWAG-PSK's ansvar og løbetiden for garantien.
It included a description of the guarantee, the conditions, the fee to be paid, the responsibilities of BAWAG-PSK and the duration.
Salgsaftalen var vedlagt garantiaftalen.
The sales agreement was attached to the guarantee agreement.
Derudover indgik Østrig og de daværende direkte og indirekte ejere af BAWAG-PSK (ÖGB, ÖGSP, ÖBG, ÖVV og AVB) en omfattende aftale dateret 6. juni 2006.
In addition Austria and the then direct and indirect owner of BAWAG-PSK (ÖGB, ÖGSP, ÖBG, ÖVV and AVB) concluded a comprehensive agreement, dated 6 June 2006.
I kapitel 7, § 3, i denne aftale fastlægges anvendelsen af salgsprovenuet.
In Chapter 7 paragraph 3 of this agreement the use of the sales proceeds is determined.
Ved et salg af BAWAG-PSK-andelene skal salgsprovenuet anvendes i følgende rækkefølge:
If the shares in BAWAG-PSK are sold, the sales proceeds are to be used in the following priority:
opfyldelse af tredjeparts krav, således at salget sikres
to satisfy any rights of third parties in order to secure the sale,
opfyldelse af krav mod ejerne, jf. forliget i Refco-sagen
to satisfy claims against the owners under the settlement in the Refco matter,
indfrielse af alle de på tidspunktet for betalingen resterende AVB-forpligtelser
to pay all remaining liabilities existing at the time of payment owed by AVB,
indfrielse af alle de på tidspunktet for betalingen resterende forpligtelser, som alle (tidligere) direkte ejere af BAWAG-PSK måtte have
to pay all liabilities still remaining at the time of payment owed by all (former) indirect owners of BAWAG-PSK,
reducering af Østrigs garanti ved at stille egenkapital til rådighed for BAWAG-PSK.
to reduce the guarantee of Austria by providing BAWAG-PSK equity.
Garantien udløb den 15. maj 2007, da salget af BAWAG-PSK til konsortiet blev afsluttet.
The guarantee was abolished on 15 May 2007, the day of the closing of the sale of BAWAG-PSK to the consortium.
Garantiens formål
The objectives of the guarantee
Ifølge Østrig var formålet med statsgarantien:
According to Austria the guarantee aimed at:
at stabilisere og styrke BAWAG-PSK's stilling
stabilisation and strengthening the position of BAWAG-PSK,
at muliggøre udarbejdelse af 2005-balancen
enabling the balance sheet to be prepared for 2005,
at muliggøre indledning eller fortsættelse af salgstransaktioner
enabling the beginning or the continuation of the sales measures,
at opretholde BAWAG-PSK's fremtidsorienterede funktion
maintaining future-oriented functionality of BAWAG-PSK,
at øge investorernes tillid til det østrigske finansmarked.
strengthening the trust of the investors in the Austrian financial market.
Betingelser i forbindelse med garantien
The conditions attached to the guarantee
Ifølge de oprindelige betingelser ville garantien bortfalde 60 dage efter salget af BAWAG-PSK, men i princippet ikke senere end den 1. juli 2007.
Under the original conditions the guarantee would end 60 days after BAWAG-PSK was sold but, in principle, not later than 1 July 2007.
En forlængelse var dog mulig på visse betingelser.
However, an extension under certain conditions was possible.
Det gebyr, som BAWAG-PSK skulle betale, udgjorde for perioden indtil den 30. juni 2007 0,2 % p.a. og derefter 1,2 %.
The fee to be paid by BAWAG-PSK was fixed at 0,2 % per year for the period ending 30 June 2007 and 1,2 % afterwards.
Østrigs garanti kunne kun udløses, hvis følgende kumulative betingelser var opfyldt:
The guarantee of Austria could only be drawn if cumulatively:
BAWAG-PSK blev ikke solgt
BAWAG-PSK was not sold,
BAWAG-PSK’s direkte og indirekte aktionærer var blevet opfordret til at betale og til at offentliggøre deres formueforhold, og deres muligheder for at betale var blevet udtømt
BAWAG-PSK, its direct and indirect shareholders had been requested to pay and to disclose their financial situations and obliged to pay up to the limit of their capacities for payment before the guarantee could be called on,
den økonomiske trussel (at man ikke opfyldte lovkravet om egenkapitalens minimumsstørrelse) stadig eksisterede for banken, og
the economic threat to the bank (falling below the statutory requirements for equity capital) continued to exist,
BAWAG-PSK's risikerede at blive eller allerede var blevet insolvent (på grund af for stor gæld).
an insolvency of BAWAG-PSK (inability to meet ongoing payment obligations as a result of over-indebtedness) threatened or had already occurred.
Det var også tilladt at bruge garantien, hvis der kun var risiko for insolvens, fordi garantien ville udløbe den 1. juli 2007; Østrig kunne afværge brugen af garantien ved at forlænge den.
The drawdown of the guarantee was also permitted if insolvency threatened only because the guarantee would expire on 1 July 2007; the Federal Government could avoid the drawdown under the guarantee by extending it.
Det var imidlertid nødvendigt med en beslutning herom fra forbundsregeringen.
However, this required an additional decision by the Federal Government.
Garantien dækkede kun fordringer, som kunne regnes ind under vurderingsgrundlaget, jf. § 22, stk. 2, i BWG, og som var rangordnet efter finanstilsynets bekendtgørelse [12] (herefter benævnt »FMA«).
The guarantee only covered claims which were part of the calculation basis under paragraph 22(2) BWG and which were classified under the Regulation of the Financial Markets Supervisory Authority (FMA) [12].
Bortset fra allerede stedfundne garantiudløsninger ville Østrigs garanti ifølge denne garantiaftale bortfalde ved overdragelse af ejendomsretten til andele i BAWAG-PSK (direkte eller indirekte) til tredjepart i henhold til § 3, stk. 1, i BAWAG-PSK-loven, dog senest den 1. juli 2007.
The guarantee of Austria under the Guarantee Agreement, except for the claims which have already been made, would expire upon transfer of ownership (directly or indirectly) of the shares in BAWAG-PSK to a third party within the meaning of paragraph 3(1) BAWAG-PSK Act, but not later than on 1 July 2007.
BAWAG-PSK skulle dog ufortøvet skriftligt informere forbundsstaten om enhver overdragelse af ejendomsretten og fremlægge relevante beviser herfor, når BAWAG-PSK fik kendskab hertil.
BAWAG-PSK was obliged to inform Austria about such a transfer of ownership without undue delay and had to present corresponding proof in writing as soon as BAWAG-PSK obtained corresponding knowledge.
Hvis det var påkrævet jf. BAWAG-PSK-lovens § 3, stk. 1, ville Østrig efter modtagelse af en begrundet anmodning fra BAWAG-PSK forlænge garantien med op til 60 dage efter overdragelsesdatoen for ejendomsretten, dog ikke længere end til 30. juni 2007.
If required for the implementation of the sale of the shares to third parties within the meaning of paragraph 3(1) BAWAG-PSK Act, Austria would extend the guarantee for up to 60 days as of the transfer of ownership upon the reasoned request of BAWAG-PSK, but for no longer than 30 June 2007.
Østrigs forbundsfinansminister kunne (med forbundsregeringens accept) forlænge den i aftalen påtagede garantiforpligtelse, hvis forudsætningerne herfor ifølge § 1, stk. 2, i BAWAG-PSK-loven var til stede.
Austria, acting through the Federal Minister of Finance (with the consent of the Federal Government) could extend the guarantee assumed under the Guarantee Agreement if the conditions set forth in paragraph 1(2) of the BAWAG-PSK Act would materialise.
Østrig kunne navnlig påtænke en sådan forlængelse, hvis en vedvarende sanering af BAWAG-PSK eller salg af selskabet ville komme i farezonen, såfremt garantien udløb.
In particular, Austria could consider such an extension if the expiration of the guarantee would endanger the long-term recovery of BAWAG-PSK or its sale.
Hvis BAWAG-PSK ønskede en forlængelse, skulle selskabet snarest, dog senest den 31. marts 2007, anmode Østrig herom, og forudsætningerne for en forlængelse ville i givet fald skulle begrundes og dokumenteres.
BAWAG-PSK would submit a corresponding request to Austria as soon as it wished to have an extension, but not later than 31 March 2007. The request had to show and establish proof of the existence of the prerequisites for an extension.
Såfremt man ville gøre brug af garantien på grund af en truende insolvenssituation, som kunne relateres til, at statsgarantien ville falde bort, ville Østrig kunne afværge, at der blev gjort brug af garantien, ved at forlænge garantien, før denne faldt bort.
If a claim under the liability had been based on insolvency risks resulting from a future loss of the guarantee of Austria, Austria could avoid such a claim by extending the liability prior to its expiration.
I dette tilfælde ville man undgå følgerne af, at der blev gjort brug af garantien.
In this event, the consequences resulting from a claim under the guarantee would not occur.
En yderligere betingelse som følge af garantiforpligtelsen pålagde BAWAG-PSK og ÖGB, at de skulle sælge deres andele i den østrigske nationalbank (»OeNB«).
Another condition attached to the guarantee imposed that BAWAG-PSK and ÖGB had to sell their stakes in the Austrian National bank (OeNB).
Under hensyntagen til de særlige forhold, der gjorde sig gældende, foreslog Østrig, at en markedspris for disse andele ville ligge på det […]- til […]dobbelte af aktiernes pålydende værdi.
Taking into account the specificities of such operation, Austria stated that a market price for these stakes would be within a range of […] to […] times the nominal value of the shares.
Med denne vurdering nåede man frem til en »markedspris« på mellem […] mio. EUR og […] mio. EUR. Den endelige salgspris til de østrigske myndigheder udgjorde […] mio. EUR ([…] mio. EUR for BAWAG-PSK).
This estimate led to a ‘market price’ between EUR […] and EUR […] million. The final selling price to the Austrian authorities was EUR […] million ([…] million for BAWAG-PSK).
Salgsprovenuet svarede til den bogførte værdi af andelen.
The sales proceeds corresponded to the book value of the participation.