natgillin/translations-raw huggingface dataset:
Ca. [35-45] % af reduktionen i balancesummen og over 50 % af reduktionen i de risikovægtede aktiver er en følge af, at banken opgiver forretningsområdet kreditsubstitution (som i høj grad var omfattet af hjælpeforanstaltningen).
Around [35-45] % of the reduction in the balance sheet total and more than 50 % of the reduction in the impaired assets are due to the exit from the credit substitute business (which to a large extent fell within the asset relief measure).
Nedskæringerne i de øvrige kerneforretningsområder ligger på mellem 25 % og 40 %.
Cuts in the remaining core business fields are between 25 % and 40 %.
Helt specifikt afvikler LBBW kreditsubstitutionsaktiviteterne, sælge kapitalandele, lukke en væsentlig del af sine udenlandske datterselskaber og repræsentationer, opgive hele produktlinjer på sit nuværende Corporate-forretningsområde, opgive sin realkreditlånevirksomhed, opgive den strategiske handel for egen regning og undgå mere komplekse aktiviteter på finansmarkedet, begrænse ejendomsfinansiering til nogle bestemte regioner og udvalgte objekter og koncentrere sine store erhvervskundeaktiviteter på Tysklands nabolande [9].
In detail LBBW will dismantle the credit substitute business, sell holdings, close a considerable part of its foreign subsidiaries and representation offices, abandon entire product lines of its current corporate business, close down its brokered mortgage loan business, abandon strategic trading for its own account and avoid more complex financial market activities, restrict real estate financing to a few regions and selected types of properties, and concentrate its large customer business on Germany’s neighbours [9].
Størstedelen af LBBW's aktiviteter ligger inden for bankens kerneforretningsområde.
The major part of LBBW’s activities lies in its core business.
Bogføringsværdien af alle aktier, der skal sælges som led i omstruktureringen, andrager ca. 4,5 mia. EUR (pr. 31. december 2008), svarende til over 50 % den samlede bogføringsværdi for bankens aktier og datterselskaber.
The book value of all the holdings which are to be sold in the course of the restructuring is around EUR 4,5 billion (as at 31 December 2008), which corresponds to more than 50 % of the total book value of the bank’s associated and subsidiary companies.
En stor del af de planlagte frasalg vedrører bankens kerneforretningsområde, nemlig aktier i S-Finanzgruppens virksomheder [10]:
A considerable part of the planned sales relates to the bank’s core business, particularly holdings in companies in the savings banks financial group (Sparkassen-Finanzgruppe) [10]:
DekaBank Deutsche Girozentrale (Asset-Manager for sparkasse-finansgruppe)
DekaBank Deutsche Girozentrale (asset manager for the savings banks financial group);
LBS Landesbausparkasse Baden-Württemberg (byggesparekasse)
LBS Landesbausparkasse Baden-Württemberg (building society (Bausparkasse));
SV Sparkassen Versicherung Holdig AG (forsikringsselskab).
SV Sparkassen Versicherung Holding AG (insurance company).
Som led i omstruktureringen afskediges ca. 2500 af hovedbankens nuværende 10000 medarbejdere (i fuldtidsækvivalenter).
In the course of the restructuring LBBW will cut around 2500 of the core bank’s current 10000 staff (full time equivalents in each case).
Det forventes, at omstruktureringen ikke kun reducerer administrationsomkostningerne men også stabiliserer bankens driftsresultat, da de mere ustabile forretningsområder opgives.
It is assumed that the restructuring will not only reduce administrative costs, but also stabilise the profit situation as the more volatile business sectors will be abandoned.
Formålet med omstruktureringen er at tilvejebringe en mere enkel og mere gennemsigtig virksomhedsstruktur, hvor der samlet anvendes færre ressourcer på LBBW's administration.
The objective of the restructuring is a simpler, more transparent corporate structure in which fewer resources as a whole will have to be used for the administration of LBBW.
Risikostyring og finanskontrolbehov reduceres, fordi LBBW opgiver hele forretningsområder og produktlinjer. Hertil kommer, at bankens tilstedeværelse i udlandet begrænses og datterselskaber og kapitalandele frasælges.
The need for risk management and financial control will diminish as LBBW will abandon entire business areas and product lines, reduce its presence abroad and sell subsidiary and associated companies.
Eksisterende forretningsområder slankes og serviceydelser over for sparekasser skal adskilles mere tydeligt fra andre forretningsområder, således at resultaterne bliver mere gennemsigtige.
Existing business areas have been slimmed down and the services for savings banks are to be more clearly separated from other business areas, so that the results can be recorded more transparently.
Aktiverne fra kreditsubstitutionsområdet, som opgives, overføres til en såkaldt intern omstruktureringsenhed og administreres separat.
The assets from the credit substitute business which is to be wound up will be transferred to an internal restructuring unit and administered separately.
Omstruktureringen ledsages af betydelige ændringer i bankens eksisterende Corporate-Governance-struktur.
Important changes to the bank’s existing corporate governance structure go together with the restructuring.
For det første ændres henvisningen til den i loven om Landesbank Baden-Württemberg nævnte forpligtelse til offentlig tjeneste for at understrege, at LBBW drives efter forretningsmæssige kriterier.
Firstly, the reference to the public service in the Landesbank Baden-Württemberg Act (Gesetz über die Landesbank Baden-Württemberg) will be changed in order to underline that LBBW will conduct all business in accordance with business management criteria.
Disse principper forankres også i LBBW's vedtægter, forretningspolitik og interne procedurer.
This principle will also be embodied in the LBBW articles of association, business policies and internal procedures.
For at understrege, at LBBW — uanset sine offentlige ejere — skal drives som en privatøkonomisk virksomhed, omdannes LBBW fra at være et offentligretligt selskab til et aktieselskab.
In order to give expression to the fact that LBBW will be run like a private business despite its public owners, LBBW will be converted from a company governed by public law into a public limited company.
For det andet nydefineres de vedtægtsmæssige organers funktioner (f.eks. general- og aktionærforsamling, bestyrelse og direktion), for at opnå en mere klar opgavefordeling og større gennemsigtighed.
Secondly, the functions of bodies such as the shareholders’ meeting, Supervisory Board and Board of Managing Directors will be redefined in order to achieve a clearer distribution of responsibilities and more transparency.
General- og aktionærforsamlingens beføjelser begrænses til de opgaver, der er typiske for en generalforsamling ifølge aktieselskabsloven, f.eks. informationsret, beslutningstagning vedrørende overskudsanvendelse.
The powers of the shareholders’ meeting will be restricted to the tasks which are typical of an annual general meeting under company law, in particular [as regards] rights relating to information and the taking of decisions on the use of profits.
Mere vidtrækkende beføjelser, der går herudover, som vil kunne have en uhensigtsmæssig indflydelse på forretningsførelsen, ophæves.
More extensive powers, which would allow improper influence on management, will be rescinded.
I modsætning til hidtil bliver funktioner i forbindelse med direktionens tilsyn og kontrol samlet i bestyrelsen.
Unlike the current situation the supervisory and monitoring functions of the Board of Managing Directors will be exclusively embodied in the Supervisory Board.
Dens indflydelse på beslutninger i forbindelse med bankens drift begrænses til de tilfælde, hvor det er nødvendigt at gribe ind ifølge den tyske selskabsret eller den tyske banklov (Gesetz über Kreditwesen (KWG)).
Its influence on management decisions will be limited to those cases in which action is necessary under German company law or the Banking Act (Gesetz über das Kreditwesen).
Kompetence for bankens daglige drift ligger entydigt hos direktionen, hvilket reducerer mulighederne for, at ejerne eller deres repræsentanter søger at opnå ubehørig indflydelse.
Responsibility for day-to-day operational management will clearly rest with the Board of Managing Directors, which reduces the possibilities of improper influence by the owners or their representatives.
Andre mekanismer begrænser mulighederne for (politisk) indflydelse og sikrer, at banken udelukkende drives efter forretningsmæssige principper.
Further measures reduce the scope for (political) [influence] and ensure that the bank will be exclusively run in accordance with business management criteria.
I overensstemmelse med ovennævnte Corporate-Governance-Kodex besættes halvdelen af de pladser, der tilkommer LBBW's aktionærer i bestyrelsen, som i dag kun består af repræsentanter for ejere og arbejdstagere, af uafhængige sagkyndige.
In accordance with the aforementioned Corporate Governance Code half of the seats on the supervisory board allocated to LBBW’s shareholders, which currently only consists of representatives of the owners and employees, will be occupied by independent experts.
Alle bestyrelsesmedlemmer skal underkaste sig en egnethedsprøve (»fit and proper«-test), som banktilsynet for nylig fastsatte for potentielle bestyrelsesmedlemmer.
All the members of the supervisory board will have to be subjected to an aptitude test (a ‘fit and proper’ test) which was recently prescribed by the banking supervisory authority for potential members of supervisory boards.
Under omstruktureringen indtil udgangen af 2013 varetages bestyrelsesformandsposten af et af de uafhængige medlemmer.
During the restructuring phase until the end of 2013 the chairmanship of the supervisory board will be occupied by one of the independent members.
Bestyrelsens nuværende udvalg omdannes i overensstemmelse med Best-Governance-principperne for banker til et risikoudvalg og et tilsyns-/balanceudvalg.
The existing Supervisory Board Committees will be converted into a Risk Committee and an Audit Committee in accordance with the best governance principles for banks.
Relevante kvalifikationskrav til medlemmerne i disse udvalg skal sikre, at udvalgene kan udføre deres opgaver optimalt.
Specialist qualification demands on the members of these committees are intended to ensure that these committees can fulfil their tasks in an optimum way.
Dokumentation for genopretning af langsigtet rentabilitet
Evidence of the restoration of long-term profitability
LBBW fremlagde en driftsplan, der omfattede skøn over kapitalforrentning og følsomhedsanalyser baseret på et realistisk og pessimistisk scenarie.
LBBW presented a profit and loss plan including estimates of the return on equity (RoE) and sensitivity analyses on the basis of a realistic and a pessimistic scenario.
De vigtigste tal og data i omstruktureringsplanen er sammenfattet i nedenstående oversigt:
The most important figures in the restructuring plan are shown in the following table:
Virksomhedsmål 2013
Target business 2013
Risikovægtede aktiver (RWA) inden migration (mia. EUR)
RWA before migration (EUR billion)
Risikovægtede aktiver inkl. migration (mia. EUR)
RWA incl. migration (EUR billion)
Bruttofortjeneste (inkl. kapitalanvendelse/Hybrid-kompensation)
Gross profits (incl. capital utilisation/hybrid servicing)
Risiko-omkostninger
Risk costs
Saldo, øvrige effekter
Balance other effects
Gebyr, risikoafdækning
Risk shield fee
Korrektion implicit fradrag for betaling til hybridinstrumenter
Correction implicit deduction for hybrid instruments compensation
Resultat inden skat (inden betaling til hybridinstrumenter)
Earnings before tax (before hybrid servicing)
Retablering af hybridinstrumenter efter dækning af tab
Recovery of hybrid instruments after participation in losses
Betaling til hybridkapital
Servicing of hybrid capital
Resultat før skat
Earnings before tax
Resultat efter skat
Earnings after tax
Kernekapital (mia. EUR)
Core capital (EUR billion)
RoE (egenkapitalforrentning)
RoE
Kernekapitalkvote (efter resultatopgørelse)
Core capital ratio (after establishment of results)
Ifølge basis-scenariet bliver 2009 i lighed med de foregående år et vanskeligt år, hvor bruttonationalproduktet (BNP) falder som følge af den vedvarende finanskrise.
According to the baseline scenario 2009 will continue to be a difficult year and the gross domestic product (GDP) will shrink due to the continuing financial crisis.
Fra og med 2010 forventes en gradvis bedring, så at situationen på finansmarkederne og i samfundsøkonomien formentlig normaliseres fuldstændigt.
A gradual recovery is expected from 2010 onwards, with the result that the situation in the financial markets and the economy should fully return to normal.
På basis af disse antagelser forventer LBBW følgende virkninger på sit kerneforretningsområde.
On the basis of these assumptions LBBW is expecting the following effects on its core business.
Bankens resultater på privatkundeområde, hovedsagelig værdipapirtransaktioner, vil fortsat være beskedne.
The profit situation in private customer business which is mainly driven by securities will continue to prove moderate.
Der forventes et tydeligt fald i provisionerne, som sandsynligvis ikke stiger så hurtigt igen, fordi privatkunderne formentlig vil gå over til mere sikre investeringsformer, f.eks. indlån.
The provisions should fall considerably and presumably not rise again so quickly as private customers are expected to switch to safer forms of investment, above all deposits.
Nye lovkrav og en høj produktgennemsigtighed vil med al sandsynlighed også øge avancepresset.
New legal requirements and high product transparency will in all probability increase the pressure on margins.
Derimod forventes det, at erhvervskundeområdet, især mellemstore virksomheder, vil kunne yde et mere positivt bidrag til driftsresultatet.
On the other hand, a greater contribution to profits is expected from the corporate customer business, above all SMEs.
Med hensyn til storkundessegmentet forventer LBBW på sigt en stigende kreditefterspørgsel og også en stigende efterspørgsel, ikke kun efter traditionelle egenkapital- og fremmedkapitalprodukter, men også efter balanceomlægninger.
As far as large customers are concerned, LBBW is expecting in the medium term a rise in demand for credit and also a rise in demand not only for traditional equity capital and debt capital products but also for balance sheet restructuring measures.
På finansmarkedet profiterer LBBW i øjeblikket af engangseffekterne og de ekstremt favorable finansieringsvilkår, der er en følge af, at Den Europæiske Centrabank har stillet store pengemængder til rådighed til gunstige betingelser.
LBBW’s financial markets business is currently profiting from one-off effects and the extremely favourable financing conditions which are resulting from the availability of large amounts of money on favourable terms from the European Central Bank.
På sigt går LBBW imidlertid ud fra, at markedet igen vil udvikle sig positivt, når volatiliteten på de finansielle markeder og den økonomiske udvikling igen er blevet normal.
In the medium term, on the other hand, LBBW assumes that market volume will be positive again when the volatility in the financial markets and economic developments return to normal.
Konkret forventes en beskeden vækst for strukturerede kapitalmarkedsprodukter og en øget brug af kapitalmarkedet.
Specifically it is expecting moderate growth in structured capital market products and increased use of the capital market.
På baggrund af disse forventninger skal LBBW's afhængighed af opportunistiske aktiviteter reduceres, og andelen af mere stabile indtægtskilder skal øges.
In view of these expectations LBBW’s dependence on opportunistic business will be reduced and there will be an increase in the share of more stable sources of income.
Markedsrisikoen skal reduceres og udbyttet af handel for egen regning skal erstattes af provisionsindtægter.
Market risks will decline and the proceeds from trading for its own account will be replaced by commission income.
Den hidtidige relativt store kreditrisikokoncentration er allerede reduceret og reduceres yderligere.
The present relatively high credit risk concentration has already been reduced and will be further reduced.
Ved et pessimistisk scenarie, hvor de risikovægtede aktiver i 2011, 2012 og 2013 værdiansættes over 10 % højere end i basis-scenariet, vil kapitalkvoterne være betydeligt lavere end i det realistiske scenarie.
In a pessimistic scenario in which the impaired assets for 2011, 2012 and 2013 are estimated to be more than 10 % higher than in the baseline scenario, the capital ratios would prove considerably lower than in the realistic scenario.
Alligevel vil banken stadig opfylde de lovpligtige egenkapitalkrav, da kernekapitalkvoten på intet tidspunkt falder under de 7 %, og den samlede egenkapitalskvote i hvert år udgør 10 %.
Nevertheless the bank would still meet the regulatory capital requirements, as the tier 1 rate would at no point fall below 7 % and the total equity capital ratio would be at least 10 % each year.
Banken har gennemført supplerende stresstest for at fastslå de forventede tab på området for udlån til virksomheder, fordi dette område kan blive særlig berørt af sammenbruddet i verdenshandel på grund af kundernes eksportfokus på dens kernemarkeder.
The bank has carried out additional stress tests to determine the anticipated losses from the corporate loans business, as this area could be particularly affected by the collapse in world trade due to the export focus of customers in its core markets.
Selv om det medfører, at kapitalkvoterne forringes yderligere, vil banken stadig have en tilstrækkelig stor kapitalstødpude.
Although this would further worsen the capital ratios, the bank would still have a sufficient capital buffer.
LBBW har et diversificeret finansieringsmix.
LBBW has a diversified financing mix.
Banken finansieres hovedsagelig via i) sparekasser og andre finansinstitutter, ii) pantebreve og andre værdipapirer samt iii) kundernes forpligtelser.
It mainly finances itself through (i) savings banks and other financial institutions, (ii) mortgage bonds and other securities and (iii) liabilities of its customers.
Ifølge omstruktureringsplanen kommer banken ikke i finansieringsproblemer.
According to the restructuring plan the bank will not get into financing difficulties.
Navnlig finansieringen på basis af statsgaranterede obligationer, der forfalder senest 2015, vil ifølge planen ikke medføre noget finansieringsunderskud, da de underliggende aktiver reduceres.
In particular financing from state guaranteed debenture bonds, which are due by 2015, will not cause a financing gap under the plan, as the underlying assets will be reduced.
Banken råder over en betydelig beholdning af aktiver (som kan konverteres i centralbanken), som den kan gøre brug af i tilfælde af likviditetsproblemer.
The Bank has a considerable pool of eligible assets which it could resort to in the event of liquidity shortages.
De analyser og stresstest, der er gennemført internt af hensyn til likviditetsstyringen, viser desuden, at banken vil kunne klare en yderligere nedgraduering af sin bank-rating ved ugunstige betingelser uden at få likviditetsproblemer.
In addition analyses that have been carried out internally for the purpose of liquidity management and stress tests have shown that the bank could overcome a further downgrading of its rating even under adverse conditions without any liquidity problems.
Tysklands tilsagn
Commitments by Germany
Tyskland har garanteret, at LBBW gennemfører omstruktureringsplanen, og har afgivet følgende tilsagn (med hensyn til reduktion af balancesum og beholdning af risikovægtede aktiver samt frasalg) og forpligtelser:
Germany has undertaken that LBBW will implement the restructuring plan and has passed on the following commitments (with regard to the reduction of the balance sheet, impaired assets and sales) and behavioural undertakings:
»Forbundsregeringen og LBBW garanterer hermed følgende strukturelle foranstaltninger i forbindelse med omstruktureringen af LBBW:
‘The Federal German Government and LBBW hereby undertake to carry out the following measures to restructure LBBW:
LBBW reducerer sin beholdning af aktiver i 2008 (ca. 448 mia. EUR balancesum pr. afslutningsdato 31.12.2008) med ca. 182 mia. EUR, dvs. ca. 41 %.
LBBW will reduce its assets in 2008 (balance sheet total of around EUR 448 billion at 31 December 2008) by approximately EUR 182 billion, i.e. about 41 %.
Heraf afvikles ca. [125-135] mia. EUR inden 31. december 2013.
About EUR [125-135] billion of this will be achieved by 31 December 2013.
LBBW afvikler ca. [80-100] mia. EUR, dvs. ca. [40-60] % af sin beholdning af risikovægtede aktiver i 2008 (ca. 178 mia. EUR pr. afslutningsdag 31.12.2008).
LBBW will reduce its impaired assets in 2008 (around EUR 178 billion at 31 December 2008) by approximately EUR [80-100] billion, i.e. around [40-60] %.
Heraf afvikles ca. [60-80] mia. EUR inden 31. december 2013.
About EUR [60-80] billion of this will be achieved by 31 December 2013.
LBBW afhænder nedenstående kapitalandele inden de anførte tidsplaner til de bedst mulige priser, hvis det ikke allerede er sket.
LBBW will sell in the best way possible the following holdings, where they have not already been sold, by no later than the stated times.
Samtidig bevares de vigtigste, værdibestemmende elementer i andelenes nuværende markedsstørrelse og sættes til salg.
In doing this the main value determining elements of the present volume of business of the holdings will be preserved until the sale and sold.
Sachsen DV Betriebs- und Servicegesellschaft mbH (solgt i august 09)
Sachsen DV Betriebs- und Servicegesellschaft mbH (sold in August 09)
quiri bank AG (solgt i september 09)
quirin bank AG (sold in September 09)
DekaBank Deutsche Girozentrale (planlagt salg inden udgangen af […])
DekaBank Deutsche Girozentrale (sale envisaged by the end of […])
Lasssarus Handels GmbH (planlagt salg/likvidation inden udgangen af […])
Lasssarus Handels GmbH (sale/liquidation envisaged by the end of […])
LBBW Securities LLC (Broker/Dealer) (planlagt sag/lukning inden udgangen af […])
LBBW Securities LLC (broker/dealer) (sale/closure envisaged by the end of […])
LBBW Luxemburg S.A. (planlagt salg af […] inden udgangen af […], afvikling af […])
LBBW Luxemburg SA (sale of […] envisaged by the end of […], liquidation of […])
LRI Ivest S.A. (planlagt salg inden udgangen af […])
LRI Invest SA (sale envisaged by the end of […])
LBBW Asset Management (Irland) plc (planlagt salg eller lukning inden udgangen af […])
LBBW Asset Management (Ireland) plc (sale or closure envisaged by the end of […])
i. LBS Landesbausparkasse Baden-Württemberg[…] (planlagt salg inden udgangen af […])
i. LBS Landesbausparkasse Baden-Württemberg […] (sale envisaged by the end of […])
SV Sparkassen Versicherung Holding AG (planlagt salg inden udgangen af […])
SV Sparkassen Versicherung Holding AG (sale envisaged by the end of […])
LBBW Immobilien GmbH (boliger) (planlagt salg inden udgangen af […])
LBBW Immobilien GmbH (housing stock) (sale envisaged by the end of […])
[…] (planlagt salg inden udgangen af […])
[…] (sale envisaged by the end of […])
[…] (planlagt salg inden udgangen af […]).
[…] (sale envisaged by the end of […]).
Et salg af de i betragtning 5 anførte andele kan udskydes med […] måneder, men højst indtil 31.12.2013, hvis LBBW dokumenterer, at det ved transaktionen opnåede salgsprovenu er lavere end bogføringsværdien i LBBW's relevante individuelle regnskab i overensstemmelse med selskabsloven (Handelsgesetzbuch) og vil resultere i tab i koncernregnskabet i overensstemmelse med IFRS.
A sale of one of the holdings referred to in paragraph 5 may be postponed by […] months, but until no later than 31 December 2013, if LBBW shows that the price that would be obtained by the transaction is lower than the book value of the holding in the individual accounts drawn up by LBBW in accordance with the German Commercial Code or would produce losses in the group accounts in accordance with the IFRS accounting standards.