natgillin/translations-raw huggingface dataset:
Det er nødvendigt og hensigtsmæssigt at indstille disse aktiviteter fuldstændigt for at imødekomme Kommissionens bekymringer, idet frasalgene vil begrænse eventuelle fremtidige tab eller risici, der hidrører fra disse datterselskaber.
The full cessation of these activities constitutes a necessary and appropriate measure to remove the Commission’s concerns as the divestments set an ultimate limit to any future losses or risk exposure resulting from the subsidiaries.
Desuden vil foranstaltningen frigøre kapital samt ledelseskapacitet, som så kan anvendes i bankens nøgleaktiviteter.
Additionally, the measure frees up capital as well as management capacities, which can be re-employed in the core business of the Bank.
Endvidere vil frasalgene også reducere bankens balance med ca. [180-230] mio. EUR ([0-2] %) [29].
Furthermore the divestments will also reduce the Bank’s balance sheet by approximately EUR [180-230] million ([0-2] %) [29].
Da aktiviteterne i de datterselskaber, der skal sælges til Köln kommune, primært er byggevirksomhed og ejendomsrelaterede tjenester, finder Kommissionen ikke, at det er nødvendigt eller relevant i denne sag at anvende meddelelsen om behandlingen af værdiforringede aktiver i Fællesskabets banksektor [30] (»meddelelsen om værdiforringede aktiver«).
As the activities of the subsidiaries to be sold to the City of Cologne are mainly real estate development and real estate-related services, the Commission does not consider that the application of the Communication on the treatment of impaired assets in the Community banking sector [30] (‘Impaired Assets Communication’) is necessary or appropriate in this case.
Disse datterselskabers bogførte værdi er i de senere år blevet nedskrevet betydeligt for at bringe dem på niveau med markedsværdien.
The book values of these subsidiaries have been significantly written down in the past years in order to bring them in line with their market values.
Derfor forventes der ikke nogen yderligere tab for banken i forbindelse med salget af datterselskaberne.
Therefore significant further losses for the Bank due to the sale of the subsidiaries are not expected.
Endvidere vil Tysklands tilsagn om, at banken vil sælge til markedsværdi, som fastsat af en uafhængig ekspert, sikre, at transaktionerne ikke omfatter yderligere statsstøtte.
Furthermore, the commitment of Germany that the Bank will sell at market value, which will be determined by an independent expert, ensures that no additional State aid is involved in the transactions.
En anden årsag til bankens problemer var ABS- og SAA-porteføljerne.
Another source of the Bank’s problems was the ABS and SAA portfolios.
Disse investeringer er allerede blevet reduceret betydeligt.
Those investments have already been significantly reduced.
De nuværende bogførte værdier af de resterende aktiver i ABS- og SAA-porteføljerne er generelt i overensstemmelse med deres markedsværdi.
The current book values of the remaining assets in the ABS and SAA portfolios are overall in line with their market value.
Derfor er den resterende risikoeksponering fra disse porteføljer begrænset og påvirker ikke bankens rentabilitet.
Therefore the remaining risk exposure stemming from those portfolios is limited and does not affect the viability of the Bank.
Endelig er bankens resterende eksponering for WestLB, som tidligere gav Sparkasse KölnBonn tab på […] mio. EUR, begrænset og udlignes af reserver i RSGV's investeringsportefølje.
Finally, the Bank’s remaining exposure to WestLB, which in the past resulted in Sparkasse KölnBonn’s losses of EUR […] million, is limited in size and compensated by reserves in the investment portfolio of RSGV.
Endvidere tages bankens bidrag [til …] kun fra fremtidige nettooverskud.
Further, the contribution of the Bank [to the …] is to be made only out of future net profits.
Derfor vil Sparkasse KölnBonns forpligtelse til at bidrage [til …] ikke bringe Sparkasse KölnBonns langsigtede rentabilitet i fare.
Therefore, the obligation of Sparkasse KölnBonn to contribute [to the …] will not endanger Sparkasse KölnBonn’s long-term viability.
Desuden finder Kommissionen det positivt, at banken kun kan bidrage, når der er betalt afkast på statens kapital i overensstemmelse med betingelserne for rekapitalisering.
Additionally, the Commission views positively the fact that the Bank’s contributions can take place only once the State’s capital has been remunerated in line with the recapitalisation terms.
Kommissionen bemærker, at banken allerede har truffet og vil træffe yderligere foranstaltninger til at rette op på svaghederne i sin virksomhedsledelse.
The Commission notes that the Bank has already addressed and will further address the weaknesses of its corporate governance.
Ændringerne i aktionærstrukturen og afstemningerne med kvalificeret flertal, der blev indført efter fusionen af Stadtsparkasse Köln med Sparkasse Bonn i 2005, sikrer, at ejernes politiske interesser ikke tilsidesætter bankens økonomiske interesser.
The change in the shareholders structure and the qualifying majority voting introduced in the light of the merger of Stadtsparkasse Köln with Sparkasse Bonn in 2005 ensures that the political interests of the owners do not overrule the economic interests of the Bank.
Endvidere førte ændringerne i Sparkasse KölnBonns organers sammensætning og størrelse samt i beslutningsprocessen til større ansvarlighed for den øverste ledelse.
Further, the changes in the structure and size of Sparkasse KölnBonn’s bodies as well as in the decision-making process lead to improved accountability of the top management.
Færre delte ansvarsområder samt en højere andel af personalet, som ikke er politisk styret, og som er [eksterne...] eksperter i bankens organer, vil øge gennemsigtigheden og effektiviteten i beslutningsprocessen.
Fewer divided responsibilities, as well as a higher proportion of personnel who are not politically driven and who are [external …] experts in the Bank’s bodies, will increase the transparency and efficiency of the decision-making process.
Sammen med den ændrede aktionærstruktur vil disse foranstaltninger tage fat i årsagerne til Sparkasse KölnBonns vanskeligheder, idet de minimerer risikoen for, at Sparkasse KölnBonn vil deltage i politisk drevne projekter, der strider mod bankens økonomiske interesser.
Together with the change in the shareholder structure, those measures address the sources of Sparkasse KölnBonn’s difficulties as they minimise the risk that Sparkasse KölnBonn will engage in politically-driven projects conflicting with the economic interests of the Bank.
Desuden synes bankens ledelses uafhængighed at være tilstrækkeligt forankret i den gældende lovgivning.
Further, the independence of the Bank’s management seems to be sufficiently anchored in the existing law.
Det, at Sparkasse KölnBonn har forelagt dokumentation for, at banken ikke siden 2004 har deltaget i nogen nye politisk drevne projekter, viser, at de gennemførte foranstaltninger virker.
The fact that Sparkasse KölnBonn provided evidence that since 2004 the Bank has not engaged in new politically-driven projects shows that the implemented measures are effective.
Generelt er de nye regler for god virksomhedsledelse i overensstemmelse med det, der er opnået i sammenlignelige sager [31].
Overall, the new corporate governance code is in line with what was achieved in comparable cases [31].
Derfor kan de gennemførte og lovede ændringer i Sparkasse KölnBonns virksomhedsledelse betragtes som værende passende og tilstrækkelige til at bidrage til genoprettelsen af bankens langsigtede rentabilitet.
Therefore, the implemented and committed changes of the corporate governance of Sparkasse KölnBonn can be considered adequate and sufficient to contribute to the restoration of the Bank’s long-term viability.
Kommissionen mener, at Sparkasse KölnBonns omstruktureringsplan opfylder kravene i punkt 9 og 12-15 i omstruktureringsmeddelelsen, nemlig at omstruktureringsplanen også skal vise, hvordan banken hurtigst muligt vil genoprette sin langsigtede rentabilitet uden statsstøtte.
The Commission considers that Sparkasse KölnBonn’s restructuring plan meets the requirements set out in points 9 and 12-15 of the Restructuring Communication, namely that the restructuring plan should also demonstrate how the Bank will restore its long-term viability without State aid as soon as possible.
Banken bør primært kunne sikre et passende afkast af egenkapitalen, samtidig med at den er i stand til at dække alle sine omkostninger ved normal drift og overholde de relevante tilsynskrav.
In particular, the Bank should be able to generate an appropriate return on equity, while covering all the costs of its normal operations and complying with the relevant regulatory requirements.
For det første har Sparkasse KölnBonn fremsendt finansielle prognoser for perioden 2008-2014, som indeholder oplysninger om bankens omsætning, omkostninger, nedskrivninger, overskud og kapitalposition.
First, Sparkasse KölnBonn has provided financial projections for the period 2008-2014, giving information on the revenues, costs, impairments, profits and capital position of the Bank.
Kommissionen finder, at prognoserne for basisscenariet er baseret på rimelige underliggende makroøkonomiske antagelser.
The Commission finds that the base case projections provided are based on reasonable underlying macroeconomic assumptions.
Banken forventer et overskud igen i 2010 og har forbedret sit årsresultat gennem hele omstruktureringsperioden.
The Bank expects to generate profits again in 2010 and continuously improve its yearly results over the whole restructuring period.
Desuden vil egenkapitalforrentningen nå op på [9-10] % i 2014, hvilket synes at være et passende afkast for en detailbank under normale markedsvilkår.
Further, in 2014 ROE will reach a level of [9-10] %, which appears to be an adequate level of remuneration for a retail bank in normal market conditions.
Endvidere vil Sparkasse KölnBonn fra 2013 betale fuldt afkast for støtteforanstaltningerne.
Furthermore, starting from 2013 Sparkasse KölnBonn will fully remunerate the aid measures.
Bankens kapitalprocenter er fortsat langt over minimumskravene ifølge lovgivningen med en stigning i Tier1-kapitalgraden fra 6,1 % i 2009 til [8-9] % i 2014.
The Bank’s capital ratios remain well above the minimum regulatory requirements with the Tier-1 ratio improving from 6,1 % in 2009 to [8-9] % in 2014.
For det andet påviste Sparkasse KölnBonn, at den kan modstå et stressscenarie.
Second, Sparkasse KölnBonn demonstrated that it is able to withstand a stress scenario.
Antagelserne for stressscenariet er blevet vurderet som værende rimelige.
The assumptions of the stress scenario have been assessed as reasonable.
Da stressscenariet viser, at Sparkasse KölnBonn vil opfylde kapitalkravene i lovgivningen, anses banken for at opfylde kravene i punkt 13 i omstruktureringsmeddelelsen.
As the stress scenario demonstrates that Sparkasse KölnBonn will exceed its regulatory capital requirements, the Bank can be regarded as meeting the requirements of paragraph 13 of the Restructuring Communication.
Desuden viser følsomhedsanalysen, at banken kan modstå en stor renteændring i fremtiden.
Further, the sensitivity analysis shows that the Bank is capable of withstanding a significant change in interest rates in the future.
Endelig fremlagde Sparkasse KölnBonn en strategi for delvis tidlig tilbagebetaling.
Finally, Sparkasse KölnBonn presented a partial early exit strategy.
Delvis tilbagebetaling af statens kapital bør være mulig uden helt at fjerne institutionens kapitalgrundlag, idet Sparkasse KölnBonns Tier 1-kapitalgrad anslås at ville nå [6-7] % i 2010 og senere stige endnu mere i basisscenariet og også være langt over minimumskravene ifølge lovgivningen i et stressscenarie i omstruktureringsplanen.
The partial repayment of the state capital should be possible without depleting the capital base of the institution, as Sparkasse KölnBonn’s Tier-1 capital ratio is projected to reach [6-7] % in 2010 and will exceed this level afterwards in the base case scenario and also remain well above the regulatory minimum in a stress case scenario in the restructuring plan.
Den delvist tidlige tilbagebetaling omfatter ikke yderligere støtte, hverken til Sparkasse KölnBonn eller til andre enheder, der indgår i transaktionen.
The partial early exit does not involve additional aid either to Sparkasse KölnBonn or to other entities which are part of the transaction.
For det første ville Förderungsgesellschaft ikke få nogen større fordel på grund af opbygningen af den købspris, der skal betales for den første tranche på 150 mio. EUR af Genussrechte, som er meget tæt på den pengestrøm, Förderungsgesellschaft ville have fået, hvis det havde beholdt instrumentet. For det andet finder transaktionen sted mellem to offentlige enheder.
First, due to the design of the purchase price to be paid for the first EUR 150 million tranche of the Genussrechte, which closely simulates the cash flow Förderungsgesellschaft would receive had it kept the instrument, Förderungsgesellschaft would be left no better off. Second, the transaction takes place between two public entities.
Da det instrument, der skal konverteres til Tier 1-kapital, allerede kategoriseres som støtte, og Sparkasse KölnBonn vil betale samme afkast til Zweckverband efter konverteringen, finder Kommissionen ikke, at konverteringen omfatter yderligere støtte.
Further, as the instrument to be converted into Tier-1 capital already qualifies as aid and Sparkasse KölnBonn will pay the same remuneration to the Zweckverband after the conversion, the Commission does not see any additional aid involved in the conversion.
Endelig vil Sparkasse KölnBonns tilbagekøb af den anden tranche på 150 mio. EUR også være meget lig den pengestrøm, Förderungsgesellschaft ville have fået, hvis det havde beholdt instrumentet.
Finally, the buy-back by Sparkasse KölnBonn of the second EUR 150 million tranche will also closely simulate the cash flow Förderungsgesellschaft would have received had it kept the instrument.
Derfor mener Kommissionen, at den omstruktureringsplan, som Sparkasse KölnBonn har fremsendt, opfylder kravene i omstruktureringsmeddelelsen med hensyn til genoprettelse af den langsigtede rentabilitet og dermed imødekommer den tvivl, der blev rejst i beslutningen om at indlede proceduren.
Consequently, the Commission considers that the restructuring plan submitted by Sparkasse KölnBonn fulfils the requirements of the Restructuring Communication with regard to the restoration of the long-term viability and thereby allays the doubts expressed in the opening Decision.
Egetbidrag/byrdefordeling
Own contribution/burden-sharing
Som anført i omstruktureringsmeddelelsen skal banker og deres interessenter i så udstrakt grad som muligt bidrage til omstruktureringen for at sikre, at støtten begrænses til det nødvendige minimum.
As stated in the Restructuring Communication, banks and their stakeholders need to contribute to the restructuring as much as possible in order to ensure that aid is limited to the minimum necessary.
Det betyder, at banker skal bruge deres egne midler til at finansiere omstruktureringen, f.eks. ved at sælge aktiver, mens interessenterne bør deltage i bankens tab, hvor det er muligt.
This implies that banks use their own resources to finance the restructuring, for instance by selling assets, while the stakeholders should absorb the losses of the bank where possible.
De foranstaltninger, som Sparkasse KölnBonn har givet tilsagn om, sikrer, at der bruges egne midler, og at private investorer, som har hybridkapital i banken, bidrager til omstruktureringen.
The measures committed to by Sparkasse KölnBonn ensure that own resources are used and that private investors holding hybrid capital of the Bank contribute to the restructuring.
Omstruktureringsplanen indeholder ikke noget, der antyder, at støtten overstiger det, der er nødvendigt for at dække omkostningerne ved genoprettelse af rentabiliteten.
The restructuring plan does not contain any elements that suggest that the aid exceeds the means required to cover those costs which are triggered by the restoration of viability.
Den støtte, der modtages, er nødvendig for at sikre, at Sparkasse KölnBonn vil have rimelige kapitalreserver i basisscenariet og vil kunne opfylde kapitalkravene i lovgivningen i stressscenariet.
The aid received is required to ensure that Sparkasse KölnBonn will have reasonable capital buffers in the base case and will be able to comply with regulatory capital requirements in a stress scenario.
Kommissionen bemærker med hensyn til bidraget til omstruktureringsomkostningerne gennem interne midler genereret af Sparkasse KölnBonn, at banken gennemfører omkostningsbesparelser.
In respect of the contribution to restructuring costs through internal resources generated by Sparkasse KölnBonn, the Commission notes that the Bank is implementing cost-cutting measures.
Disse besparelser vil nedbringe de årlige omkostninger med [25-35] mio. EUR inden udgangen af omstruktureringsperioden, hvilket svarer til ca. [5-8] % af de samlede omkostninger i 2009.
The cost-cutting measures will result in a reduction of annual costs by EUR [25-35] million by the end of the restructuring period, which represents about [5-8] % of the total costs in 2009.
Desuden vil frasalgene af rentable ikke-nøgledatterselskaber give et overskud, der kan bruges til at finansiere omstruktureringsomkostningerne.
Further, the divestments of profitable non-core subsidiaries will generate proceeds which can be used to finance the restructuring costs.
Banken har ikke beføjelse til at annullere eller udsætte betalingen af en kupon på hybridinstrumenterne, hvis den har overskud i et givent år.
The Bank has no discretion to suspend or delay the payment of a coupon on the hybrid instruments if it generates a profit in a given year.
Indehaverne af hybridinstrumenter bærer imidlertid også så vidt muligt de tab, som Sparkasse KölnBonn lider, idet både kuponbetalingen og hybridkapitalens pålydende værdi blev annulleret eller indgik i deltagelsen i Sparkasse KölnBonns underskud.
However, the holders of hybrid instruments also bear to the extent possible the losses incurred by Sparkasse KölnBonn, as both coupon payment and principal of the hybrid capital were suspended or participated in the absorption of Sparkasse KölnBonn’s losses.
Derfor finder Kommissionen, at den videst mulige byrdefordeling fra de private hybridinvestorer er sikret, hvorfor kravene i omstruktureringsmeddelelsen om de private investorers bidrag til omstruktureringsomkostningerne er opfyldt.
Therefore, the Commission considers that the maximum possible burden-sharing from its private hybrid investors is ensured and therefore the requirements of the Restructuring Communication for the contribution to the restructuring costs by the private investors are met.
I punkt 24 i omstruktureringsmeddelelsen bestemmes det, at et passende vederlag for statens støtte også er et middel til at opnå byrdefordeling.
Point 24 of the Restructuring Communication states that an adequate remuneration of the state capital is also a means of achieving burden-sharing.
I denne forbindelse mener Kommissionen, at det afkast, der er fastsat i betingelserne for rekapitaliseringsforanstaltningerne, er passende i kombination med de andre byrdefordelingstiltag, der er beskrevet ovenfor.
In this respect the Commission considers the level of remuneration set in the terms of recapitalisation measures is appropriate in association with the other burden-sharing measures described above.
Det beregnede overskud vil gøre det muligt for banken at betale afkast på statens kapital og betale de udsatte kuponbetalinger i overensstemmelse med betingelserne for rekapitaliseringen fra 2011 for Genussrechte og fra 2013 for de passive kapitalindskud, efter at den nominelle kapital for instrumenterne er blevet suppleret.
The projected profits will allow the Bank to remunerate the state capital and pay suspended coupons in line with the terms of the recapitalisation starting from 2011 for Genussrechte and from 2013 for silent participation, after the nominal capital of the instruments has been topped up.
Det bør også bemærkes, at renten på de Genussrechte, som staten ejer, er kumulerende i [2-6] år, og at den kapital, der er blevet reduceret som følge af underskudsdeltagelse, skal suppleres i forbindelse med begge rekapitaliseringsinstrumenter.
It should be noted that the interest on the Genussrechte held by the State is cumulative for [2-6] years and the capital depleted due to loss absorption is to be topped up in the case of both recapitalisation instruments.
Derfor vil den ubetalte rente på Genussrechte og den udtømte pålydende værdi for begge instrumenter senere blive inddrevet af staten i henhold til prognoserne i basisscenariet.
Therefore, according to the financial projections in the base case the unpaid interest on the Genussrechte and depleted principal of both instruments will subsequently be recovered by the State.
I lyset af ovenstående finder Kommissionen, at den omstruktureringsplan, som Tyskland har indsendt, omfatter et tilstrækkeligt egetbidrag til omstruktureringen og derfor imødegår den tvivl, som blev rejst i beslutningen om at indlede proceduren.
In the light of the above, the Commission considers that the restructuring plan submitted by Germany provides for a sufficient own contribution to the restructuring and therefore allays the doubts expressed in the opening Decision.
Foranstaltninger til begrænsning af konkurrencefordrejninger
Measures limiting the distortion of competition
I omstruktureringsmeddelelsen kræves det, at omstruktureringsplanen foreslår foranstaltninger til begrænsning af konkurrencefordrejninger og sikring af en konkurrencedygtig banksektor.
The Restructuring Communication requires that the restructuring plan proposes measures limiting distortions of competition and ensuring a competitive banking sector.
Endvidere bør de også tage hånd om moral hazard-spørgsmål og sikre, at der ikke bruges statsstøtte til at finansiere konkurrencebegrænsende adfærd.
Moreover, they should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Pakken af foranstaltninger indeholder passende tiltag til bekæmpelse af moral hazard.
The package of measures sufficiently addresses the issue of moral hazard.
Sparkasse KölnBonn er forpligtet til at gennemføre et omfattende salg af rentable ikke-nøgleforretninger.
Sparkasse KölnBonn is committed to implementing a comprehensive sale of profitable non-core businesses.
Disse omfatter andelen i […], […], RW Holding AG, S ProFinanz Versicherungsmakler GmbH, Schufa Holding AG og Neue Leben Pensionsverwaltung AG, som er betydelige […] for Sparkasse KölnBonn.
These include the stake in […], […], RW Holding AG, S ProFinanz Versicherungsmakler GmbH, Schufa Holding AG and Neue Leben Pensionsverwaltung AG, which are significant […] of Sparkasse KölnBonn.
De tyske myndigheder har fremsendt en detaljeret tidsplan for de planlagte frasalg og har givet tilsagn om at udpege en tilsynsførende for at sikre, at tidsplanen overholdes.
The German authorities have provided a detailed timeline for planned divestments and committed to the appointment of a monitoring trustee in order to ensure that the commitments will be carried out in a timely manner.
Der vil blive udpeget en frasalgsadministrator for frasalgene, hvis den fremsendte tidsplan ikke overholdes.
A divestiture trustee would be appointed for the divestments if the committed timeline is not met.
Omstruktureringen af banken omfatter en reduktion af Sparkasse KölnBonns aktiviteter i visse kundesegmenter.
The restructuring of the Bank includes a reduction of Sparkasse KölnBonn’s presence in certain customer segments.
Disse foranstaltninger vil give konkurrenter adgang til nogle af bankens store erhvervskunder og institutionelle kunder.
Those measures will allow competitors to access parts of the Bank’s large corporate and institutional clients.