natgillin/translations-raw huggingface dataset:
I årene fra 2003 til 2005 blev der gennemført en omstrukturering af WestLB, og der blev foretaget flere kapitaltilførsler i årene mellem 2002 og 2005.
Between 2003 and 2005 WestLB was restructured; it received various capital injections between 2002 and 2005.
I sin beslutning af 18. juli 2007 [6] fastslog Kommissionen, at der i den forbindelse ikke var tale om statsstøtte.
In a Decision it adopted on 18 July 2007, the Commission found that these capital injections did not constitute State aid [6].
WestLB's finansielle vanskeligheder
WestLB’s financial difficulties
Fra midten af 2007 resulterede den vedvarende krise på finansmarkederne i en negativ udvikling i WestLB's investeringer i strukturerede aktiver, bl.a. på subprime-markedet i USA.
From the middle of 2007 the ongoing turmoil in the financial markets affected WestLB’s structured portfolio investments, which included exposures to US subprime real estate loans.
Værdipapirernes mark-to-market-værdi faldt, det lykkedes ikke WestLB at få refinansieret sin strukturerede portefølje ved at sælge obligationer på markedet, og WestLB var derfor nødt til at konsolidere de ikke-balanceførte aktiver på sin egen balance.
The mark-to-market valuations of the securities suffered, and WestLB was unable to refinance the structured portfolio by selling notes on the market. As a consequence WestLB had to consolidate the off-balance portfolios on its own balance sheet.
WestLB's ejere enedes i alt væsentligt om en struktur, som skulle overtage de massive risici ved de strukturerede aktiver og dækkes af en garanti på 5 mia. EUR [8] (inkl. tidligere aftalte kapitaltilførsler).
The owners agreed essentially on a structure to ring-fence substantial risks in the bank’s structured portfolios, which were to be secured by a ‘risk shield’ of EUR 5 billion [8] (this figure included capital injections envisaged previously).
Ejernes intentioner med denne aftale var at beskytte WestLB mod volatiliteten på markederne.
By this agreement the owners intended to protect WestLB against the volatility of the markets.
I overensstemmelse med den internationale regnskabsstandard (IFRS), som WestLB anvender, skal banken benytte markedsværdimetoden og med jævne mellemrum nyvurdere værdien af en stor del af sine aktiver.
Under the IFRS international accounting standards applied by WestLB, the bank has to use the mark-to-market method, which means that a major part of the assets held by the bank has regularly to be valued afresh.
På grund af subprime-krisen oplevede banken et kraftigt fald i efterspørgslen efter strukturerede investeringsaktiver.
As a result of the subprime crisis, demand for structured investment portfolios collapsed.
Ved udgangen af 2007 var der i en aktivportefølje på ca. 23 mia. EUR tale om tab på godt [(1,5-2,5)] [9] mia. EUR, som måtte opføres på bankens balance.
At the end of 2007, on a portfolio of around EUR 23 billion, the balance sheet had to show a mark-to-market loss of approximately EUR [1,5-2,5] billion [9].
Risikoskjoldet er det retlige grundlag for at få udskilt WestLB's værdiforringede aktiver i SPV-selskabet (special purpose vehicle) Phoenix Light SF Limited — dermed undgår man, at virkningerne af volatiliteten på markederne for disse aktiver kommer til at gå ud over WestLB's balance.
The risk shield provides the legal basis for the transfer of impaired assets from WestLB to a special-purpose vehicle, Phoenix Light SF Ltd, so that WestLB will not have to incorporate the impact of market volatility related to these portfolios into its accounts.
Umiddelbart efter udskillelsen af aktiverne og garantiens ikrafttræden vil WestLB's balance være fuldstændigt frigjort for virkningerne af volatiliteten på markederne.
Once the assets have been transferred and the guarantee has been issued, the effects of this market volatility will have been completely removed from WestLB's accounts.
Dette SPV-selskab fungerer som »rød bank« (bad bank) for ét enkelt pengeinstitut, som staten har stillet garanti for.
The special-purpose vehicle is equivalent to a ‘bad bank’ which is set up for one institution and benefits from a state guarantee.
Den 31. marts 2008 indgik WestLB's ejere aftale om disse foranstaltninger med forbehold af, at den blev godkendt af Nordrhein-Westfalens delstatsparlament.
On 31 March 2008 the owners of WestLB approved the measures, subject to final approval by the regional parliament of North Rhine-Westphalia.
Eftersom både banken og revisorerne følte sig overbevist om, at delstatsparlamentet ville godkende ordningen, anså de denne aftale for at være tilstrækkeligt grundlag for at overføre risikoen til ejerne den 31. marts 2008.
The bank and the auditors were satisfied that the parliament would in all probability agree, and considered the decision sufficient for the transfer of the risk to the owners, which took place on 31 March 2008.
Ordningen blev siden godkendt af delstatsparlamentet.
The parliament did indeed subsequently approve the measure.
Ifølge omstruktureringsplanen skal SPV-selskabet Phoenix Light SF Limited, som er et irsk aktieseselskab (»Phoenix Light«), fortsat være omfattet af risikoskjoldet, som skal omdannes fra en foreløbig til en permanent struktur.
The restructuring plan provides that the risk shield granted to the special-purpose vehicle, Phoenix Light SF Ltd, will be prolonged and converted from a provisional into a permanent structure.
Selve risikoskjoldets struktur forbliver dog uændret.
However, the structure of the shield has not been altered.
Risikoskjoldet består af
The risk shield consists of:
en garantierklæring fra WestLB's ejere svarende til deres respektive kapitalandel til sikring af WestLB-tilgodehavender på op til 2 mia. EUR hos Phoenix Light, som fra WestLB vil få overdraget en beholdning af strukturerede værdipapirer med en nominel værdi på 23 mia. EUR, og
a guarantee issued by the owners of WestLB in line with their respective shareholdings covering claims up to an amount of EUR 2 billion held by WestLB against Phoenix Light, to which WestLB will transfer a structured securities portfolio with a nominal value of EUR 23 billion; and
en garantierklæring fra delstaten Nordrhein-Westfalen til sikring af WestLB-tilgodehavender hos Phoenix Light på op til yderligere 3 mia. EUR.
a guarantee issued by the Land of North Rhine-Westphalia covering further claims held by WestLB against Phoenix Light up to an additional amount of EUR 3 billion.
Transaktionen foregik således:
The transaction was carried out as follows:
Indtil 31. marts 2008 havde WestLB en værdipapirbeholdning på 23 mia. EUR, som hovedsagelig bestod af strukturerede værdipapirer og investeringsbeviser (commercial papers, medium-term notes, income and capital notes) i de tre investeringsselskaber Greyhawk, Harrier og Kestrel [10]Med virkning fra 31. marts 2008 solgte WestLB denne værdipapirbeholdning til dens nominelle værdi på 23 mia. EUR til Phoenix Light.
Until 31 March 2008 WestLB held a EUR 23 billion portfolio consisting essentially of structured securities and commercial paper, medium-term notes and income and capital notes issued by three investment vehicles called Greyhawk, Harrier, and Kestrel [10].With effect from 31 March 2008 WestLB sold the portfolio to Phoenix Light at its nominal value of EUR 23 billion.
Disse papirer betragtes derfor som værende sikre.
As soon as they were covered by the guarantee, the notes were purchased by WestLB.
For det andet kunne WestLB benytte disse junior notes som sikkerhed, da den skulle låne de midler, den havde brug for at købe dem.
Second, WestLB could use the notes as collateral to raise the funds required in order to buy them.
Phoenix Light betaler en garantiprovision på [(0,2-1,0)] % p. a. for garantien for de 5 mia. EUR til delstaten samt renter på senior notes og junior notes til WestLB (som under den foreløbige struktur er papirernes ejer).
Phoenix Light is to pay the guarantors a commission of [0,2–0,1] % per annum on the guarantee of EUR 5 billion, and is to pay a return to the holder or holders of the senior and junior notes (for the duration of the interim structure, the holder was WestLB).
Omkostningerne herved og alle de administrative omkostninger dækkes af afkastet på de papirer, Phoenix Light fik overført.
These costs and all the administrative costs are to be borne out of the return on the paper transferred to Phoenix Light.
Den rente, Phoenix Light betaler på senior notes og junior notes, blev beregnet således, at WestLB fik dækket sine refinansieringsomkostninger.
The return paid by Phoenix Light on the senior and junior notes was calculated in such a way that WestLB was able to cover its refinancing costs.
I løbet af redningsfasen var WestLB nødt til at beholde både junior notes og senior notes for at sikre, at de kunne ombyttes igen.
During the rescue period WestLB had to hold both the junior and the senior notes in order to ensure their reversibility.
Efter Kommissionens godkendelse blev den midlertidige struktur omdannet til en permanent struktur.
After approval by the Commission, the interim structure was changed into a permanent structure.
I den permanente struktur beholder WestLB de garanterede junior notes indtil deres forfald.
In the permanent structure, WestLB will continue to hold the guaranteed junior notes until maturity.
Alle senior notes skal Phoenix Light derimod placere på kapitalmarkederne, så snart markedsforholdene igen åbner mulighed herfor.
Phoenix Light will try to place the senior notes on the capital markets as soon as market conditions make such transactions possible once again.
Derfor beholder WestLB også disse senior notes i den permanente struktur indtil det tidspunkt, hvor de igen kan placeres på markedet.
WestLB will consequently hold the senior notes in the permanent structure too, until such time as they can be placed on the markets.
På det tidspunkt skulle de senior notes, WestLB lå inde med, tilbagetages af Phoenix Light og sælges på markedet.
The senior notes now held by WestLB will then be redeemed by Phoenix Light and sold to third parties.
Udadtil hæfter delstaten Nordrhein-Westfalen kun med det fulde garantibeløb på 5 mia. EUR. For den første tranche på 2 mia. EUR har delstaten indadtil rekurs mod de fire andre ejere i forhold til deres andel i WestLB.
Vis-à-is third parties, the Land of North Rhine-Westphalia has exclusive liability for the total amount of the guarantee of EUR 5 billion. On a first tranche of EUR 2 billion, the Land may claim compensation from the other four owners in proportion to their holdings.
For overskydende garantibeløb på op til 3 mia. EUR hæfter delstaten Nordrhein-Westfalen alene, uanset størrelsen af sin kapitalandel.
For the remainder of the guarantee, amounting to EUR 3 billion, the Land will bear sole liability, without regard to its proportionate holding.
Til gengæld herfor har delstaten Nordrhein-Westfalen fået de andre ejere til at acceptere en tilpasning af delstatens aktionærrettigheder og en kompensation, efter delstatens valg enten i form af et kontant beløb eller i form af aktier i WestLB.
In return for bearing this liability, the Land has obtained from the other owners an adjustment of its shareholder rights and entitlement to compensation, which it can opt to receive either in cash or by way of an assignment of shares in WestLB.
Med hensyn til tilpasningen af konsortialaftalen, som under alle omstændigheder vil blive foretaget, blev det aftalt at ophæve eller tilpasse visse af sparekasse- og giroforeningernes rettigheder [11].
It was agreed that changes would in any event be made to the consortium agreement, under which certain rights held by the savings banks’ and giro associations would be ended or adjusted [11].
De nærmere detaljer i disse ændringer skulle dog aftales mellem alle WestLB's ejere.
The detailed changes would be agreed between the owners of WestLB later.
For Landschaftsverbände gælder en kursværdi på 220 EUR pr. aktie.
For the regional associations the share price will be EUR 220.
I stedet for kompensation i form af aktier kan parterne aftale, at kompensationen skal erlægges kontant.
Instead of a transfer of the shares, the parties may also agree on a cash payment.
Ved beslutningen af 30. april 2008 erklærede Kommissionen det beskrevne risikoskjold foreneligt med fællesmarkedet som en tidsbegrænset form for redningsstøtte og godkendte den på grundlag af rednings- og omstruktureringsrammebestemmelserne indtil den 8. august 2008.
In the Decision of 30 April 2008, the Commission found that the risk shield described constituted temporary rescue aid, and declared it compatible with the common market under the rescue and restructuring guidelines until 8 August 2008.
Samtidig opfordrede Kommissionen Tyskland til at fremlægge en gennemgribende og sammenhængende omstruktureringsplan.
At the same time the Commission requested that Germany submit a far-reaching and coherent restructuring plan.
Tyskland fremsendte omstruktureringsplanen den 8. august 2008.
Germany sent a restructuring plan on 8 August 2008.
Anmeldelsen omfatter en »Eckpunktevereinbarung« mellem bankens ejere af 8. august 2008 og en mere omfattende omstruktureringsplan baseret på stand alone-princippet, som der blev foretaget visse ændringer i efter drøftelser med Kommissionen.
The notification consists of a ‘key points agreement’ (Eckpunktevereinbarung) between the owners of the bank, dated 8 August 2008, and a more detailed ‘stand-alone’ restructuring plan, which has been amended following discussion with the Commission.
Den af WestLB fremlagte omstruktureringsplan kan sammenfattes således:
The restructuring plan can be summarised as follows.
Et af de centrale punkter i Eckpunktevereinbarung og omstruktureringsplanen er, at Tyskland og ejerne har afgivet tilsagn om, at ændringerne i ejerforholdene vil blive konkretiseret, f.eks. gennem fremlæggelse af en hensigtserklæring, inden den 31. december 2008.
A central element in the key points agreement and the restructuring plan is the intended change of ownership, which Germany and the owners undertook to put into definite terms, for example by producing a letter of intent, by 31 December 2008.
Denne konkretisering har imidlertid endnu ikke fundet sted.
But this step has not been taken.
De foranstaltninger, der træffes for at trimme banken, nedbringe dens omkostninger og risici og omlægge aktiviteterne, skal gøre det lettere at få den afhændet.
Downsizing, cost-cutting, de-risking and refocusing measures are to be taken in order to facilitate a sale.
Efter udskillelse skal WestLB — enten som helhed eller opdelt i enkelte, uafhængige forretningsområder — udbydes til salg i et åbent, gennemsigtigt og ikke-diskriminerende udbud, der skal starte inden udgangen af august 2010 og være afsluttet inden udgangen af [(juni-oktober)] 2011, således at afhændelsen kan få virkning senest fra 1. januar 2012.
An unbundled WestLB will therefore be offered for sale, as a whole or in the form of independent business units, in an open, transparent and non-discriminatory tender procedure which will be launched before the end of August 2010 and which will be completed before the end of [June–October] 2011, enabling the sale to become effective on 1 January 2012.
WestLB fungerer som hovedbank for sparekasserne i Nordrhein-Westfalen.
WestLB acts as a central institution for savings banks in North Rhine-Westphalia.
Den er selv en forretningsbank stiftet som et aktieselskab.
WestLB itself is a commercial bank in the legal form of a public limited company.
Derfor må hverken dens nuværende funktion som hovedbank for sparekasserne eller navnet WestLB bruges som argument for at forhindre et fuldstændigt salg af banken til en privat investor.
Therefore neither the current role of WestLB as a central institution for savings banks nor the name WestLB is to be invoked to prevent a complete sale of the bank to a private investor.
Det overordnede formål med udbuddet er at opnå et ejerskifte, således at alle stemmerettigheder skifter hænder.
The primary objective of the tender procedure is a change of ownership of WestLB, i.e. the complete transfer of the voting rights.
En regulær afhændelse af et eller flere opdelte områder foretrækkes frem for en ren overdragelse af majoriteten (»50 % plus 1 aktie«).
Full divesture of one or several unbundled business areas is preferred to a simple transfer of the majority of the voting rights (50 % plus one share).
En ren overdragelse af stemmerettighederne til en ny køber kan kun komme på tale, hvis man under udbuddet ikke modtager noget bud på en fuldstændig overtagelse af et eller flere opdelte områder.
Such a transfer of the majority of the voting rights to a new buyer will be admissible only if in the tender procedure no offer is made for the full divesture of one or more segmented business areas.
Men selv om en fuldstændig overdragelse af stemmerettighederne er det foretrukne, har Kommissionen dog i betragtning af den usikre situation på finansmarkederne og de forgæves forsøg på at ændre WestLB's ejerforhold accepteret alternative scenarier gående ud på overdragelse af stemmemajoriteten og konsolidering af alle delstatsbankerne i Tyskland.
Although the priority is a transfer of the entirety of the voting rights, the Commission agreed in view of the unpredictable situation on the financial markets and the failure of efforts to change WestLB’s ownership structure that there might be a need for alternative scenarios, such as a transfer of the majority of the voting rights or a consolidation of Landesbanken in Germany.
Kommissionen rejser ingen indsigelser mod en omstrukturering af bankerne på et højere plan og accepterer, at omstruktureringsplanen gennemføres som led i en omstrukturering af Tysklands delstatsbanker.
The Commission does not oppose a restructuring of the banks on an aggregate level, and accepts that the restructuring plan may have to be implemented against the background of a restructuring of the Landesbanken in Germany.
Men for at kunne føre kontrol med, at omstruktureringsplanen gennemføres korrekt også i den situation, hvor der vælges et alternativt scenarie for ejerskiftet, anser Kommissionen det for nødvendigt, at der udpeges en trustee.
However, in order to monitor the correct implementation of the restructuring plan even if an alternative scenario for the change of ownership is chosen, the Commission considers it necessary that a trustee be appointed.
For at lette en hel eller delvis afhændelse af WestLB skal der i henhold til omstruktureringsplanen træffes en række foranstaltninger til at trimme banken og nedbringe dens omkostninger.
In order to facilitate the sale of WestLB, whether as a whole or in separate parts, the restructuring plan provides for cost-cutting and downsizing measures.
Planen omfatter i særdeleshed salg af kapitalinteresser og lukning af filialer.
The divesture of shareholdings and the closure of locations are key elements.
For at trimme banken og få nedbragt den omkostninger skal alle større kapitalinteresser afhændes med henblik på at finansiere omstruktureringsforanstaltningerne. Disse afhændelser skal foretages i to omgang.
As regards cost-cutting and downsizing, all major shareholdings will be divested in order to finance the restructuring activities.
De første afhændelser, bestående af Weberbank, […] og […], skal finde sted før udgangen af [februar-maj] 2010 [12] og anden runde, der består af […] og […], skal gennemføres før udgangen af [februar-maj] 2011 [13].
The sale process will be organised in two tranches: The first tranche of holdings, comprising Weberbank, […] and […] will be sold by the end of [February–May] 2010 [12], and the second tranche, comprising […] and […], will be sold by the end of [February-May] 2011 [13].
Med henblik på at få nedbragt omkostningerne vil WestLB desuden senest […] 2010 lukke fem af sine elleve forretningssteder i Tyskland (Bielefeld, Münster, Dortmund, Köln, Mainz) [14].
Of its eleven locations in Germany, WestLB will close five by […] 2010 at the latest (Bielefeld, Münster, Dortmund, Cologne and Mainz) [14].
Endvidere vil WestLB senest […] 2010 [15] reducere antallet af forretningssteder uden for Tyskland fra over tredive til syv [16].
By […] 2010 at the latest [15] WestLB will reduce its locations outside Germany from over thirty to seven [16].
Programmet for nedbringelse af omkostningerne indeholder i overensstemmelse med omstruktureringsplanen følgende foranstaltninger:
Finally, the restructuring plan sets out a programme of downsizing measures, as follows:
den samlede balancesum [17] reduceres i forhold til balancen ultimo 2007 med 25 % inden udgangen af marts 2010 og med 50 % inden udgangen af marts 2011.
By comparison with the year-end financial statement for 2007, the balance sheet total will be reduced by 25 % by the end of March 2010 and by 50 % by the end of March 2011 [17].
Balancesummen skal altså reduceres fra [200-280] mia. EUR til [150-250] mia. EUR inden 31. marts 2010 og til [80-180] mia. EUR inden 31. marts 2011
In absolute figures, the balance sheet total will be reduced from EUR [200-280] billion net to EUR [150–250] billion net by 31 March 2010 and EUR [80-180] billion net by 31 March 2011.
desuden skal summen af risikovægtede aktiver i forhold til niveauet ultimo 2007 reduceres med 25 % inden udgangen af marts 2010 og med 50 % inden udgangen af marts 2011.
By comparison with the year-end financial statement for 2007, the risk-weighted assets (RWA) will be reduced by 25 % by the end of March 2010 and by 50 % by the end of March 2011.
Summen af risikovægtede aktiver skal således reduceres fra 104 mia. EUR til 78 mia. EUR inden 31. marts 2010 og til 52 mia. EUR inden 31. marts 2011
In absolute figures, the risk-weighted assets will be reduced from EUR 104 billion to EUR 78 billion by 31 March 2010 and EUR 52 billion by 31 March 2011.
dette skal fortrinsvis ske gennem afhændelse eller udskillelse af en række aktiver, der hidtil indgik i »exit-porteføljen«.
These target figures are to be achieved preferably by divesting or disposing of assets that have previously been grouped in the ‘exit portfolio’.
Der er bl.a. planer om følgende: dannelse af tre indbyrdes adskilte kerneområder, ledsaget af en tilsvarende organisatorisk opdeling
Core business will be divided into three separate areas, with organisational unbundling of all business processes,
fuldstændig opgivelse af investeringsforvaltningsaktiviteten, som afvikles
There will be a phase-out of investment management, ending in full withdrawal,
kraftig indskrænkning af aktiviteterne inden for strukturerede finansieringer, herunder international projektfinansiering (Global Origination) og fokusering på udvalgte sektorer
In the field of structured finance, including international project finance (global origination), the volume of business will be considerably reduced and focused on identified sectors,
de internationale kapitalmarkedstransaktioner begrænses til kunderelaterede handler.
The international capital market business will be limited to customer-related trading activities.
I overensstemmelse med opdelingen i tre adskilte kerneområder vil WestLB inden udgangen af oktober 2009 foretage en organisatorisk opdeling og etablere følgende enheder, som ikke vil undergå nogen ekstern vækst gennem opkøb eller fusioner:
Before the end of October 2009, with a view to the formation of three separate core business areas, WestLB will unbundle all business processes and set up the following units, which will abstain from external growth through mergers or acquisitions:
Transaction banking
transaction banking,
Sparekassesamarbejde/små og mellemstore virksomheder (Verbund/Mittelstand)
medium-sized companies and savings banks partnership (Verbund/Mittelstand),
Erhvervskunder/kapitalmarked/strukturerede finansieringer.
capital markets, wholesale banking and structured financing.