natgillin/translations-raw huggingface dataset:
For det første kan følgende bemærkes på grundlag af gennemgangen af visse af hypoteserne i Dexias modeller:
Firstly, on the basis of the examination of certain assumptions retained in Dexia’s models, it appears that:
For nogle typer sektorer eller modparter er sandsynlighedshypoteserne for misligholdelse og/eller tab i tilfælde af misligholdelse (»loss given default«, LGD) ikke særlig forsigtige, når de sammenholdes med visse offentligt tilgængelige oplysninger.
for certain types of sectors or counterparties, the assumptions concerning the probability of default and/or of loss given default (‘LGD’) are not very prudent when they are compared to certain publicly available information,
For porteføljen med lån til lokale myndigheder findes der ingen hypotese for migration af rating, hvor der tages hensyn den fremtidige tendens i retning af en forringelse af de offentlige finanser.
for the portfolio of loans to local authorities, no rating migration assumption is made reflecting the deterioration in the future trend of public finances.
Det skal dog understreges, at det er vanskeligt at sammenligne med offentligt tilgængelige data, fordi omfanget af Dexias engagement ikke svarer til de offentligt tilgængelige oplysninger.
However, it is important to stress that comparison with the publicly available data is difficult, since the scope of Dexia’s exposures is not similar to that of the publicly available information.
Den metode, Dexia har brugt til at beregne de forventede tab, er baseret på interne vurderinger, hvor man har integreret sandsynlighedsparametre for misligholdelse og LGD på mellemlang og lang sigt samt konservative og »through-the-cycle«, som er tilpasset for at afspejle den usikkerhed, visse data er behæftet med.
The method used by Dexia to calculate the expected losses is based on internal ratings, integrating average, long-term, conservative and through-the-cycle probability of default and LGD parameters, adjusted to reflect the uncertainty and volatility with regard to certain data.
Disse parametre undersøges og valideres af CBFA, det franske banktilsyn og CSSF.
Such parameters are examined and validated by the CBFA, the French Commission bancaire and the CSSF.
Ifølge de berørte medlemsstater er de risikoparametre, som Dexia har brugt, fra 10 til 30 % mere konservative end mindstekravene i tilsynsreglerne i Basel II.
According to the Member States concerned, the risk parameters used by Dexia display a level of conservatism which is 10 % to 30 % above the minimum requirements under the prudential rules of Basel II.
For det andet bemærker Kommissionen det overordentlig store engagement, både i absolutte og i relative beløb, i nogle landes og finansinstitutioners gæld.
Secondly, the Commission notes the very large exposure, in both absolute and relative amounts, to the debt of certain countries and certain financial institutions.
I henseende til engagementet i statslige risici noterer Kommissionen sig engagementet ultimo 2008 til […].
In particular, as regards the exposure to sovereign risks, the Commission notes the exposure, at the end of 2008, to […].
Følgende skal dog understreges:
However, it is important to emphasise that:
Et sådant engagement burde ikke automatisk få nogen større betydning for koncernens resultat, især ikke hvis den ikke påregner at sælge disse aktiver før udløbet af deres kontraktligt fastsatte løbetid (de kunne forringe AFS-reservens stabilitet, der er angivet i koncernens balance).
such exposures should not a priori have a material impact on the group result, especially if the group does not intend to sell these assets before contractual maturity (they could increase the volatility of the AFS reserve, which is shown in the group balance sheet),
Ifølge Dexias omstruktureringsplan skal dette engagement mindskes, fordi obligationsporteføljen forventes kraftigt reduceret.
under Dexia’s restructuring plan, these exposures would be reduced as provision is made for a substantial reduction in the bond portfolio.
For det tredje noterer Kommissionen sig med tilfredshed udviklingen af koncernens behov for kortfristet finansiering.
Thirdly, the Commission takes a favourable view of the trend in the group’s need for short-term funding.
Kommissionen understreger dog, at koncernen hovedsagelig har reduceret sit finansieringsbehov for 0-1-måneders lån.
However, the Commission emphasises that the group has essentially reduced its need for funding between 0 and 1 month.
Finansieringen af lån med en løbetid på mellem et og fem år er steget fra […] % til […] %.
The funding between 1 and 5 years has been increased from […] % to […] %.
Hovedparten af finansieringen i denne periode har dog en løbetid på 1-2 år.
However, the bulk of the funding in this period is between 1 and 2 years.
De forskellige finansieringskilders andel af Dexias samlede finansiering
Share of the different sources of funding in Dexia’s total funding
Følgende foranstaltninger er beskrevet i omstruktureringsplanen som modtaget af Kommissionen: 1) en reduktion på 83 mia. EUR af LPMD's obligationsportefølje, ii) en forøgelse af de mere stabile finansieringskilders andel (f.eks. kommercielle indskud og realkreditobligationer) fra 36 til 58 %, iii) en gradvis forøgelse af passivernes gennemsnitlige levetid.
In this respect, the restructuring plan notified to the Commission provides for (i) a reduction of EUR 83 billion in the bond portfolio of the LPMD division; (ii) an increase in the proportion of more stable sources of financing (such as commercial deposits and mortgage bonds) from 36 % to 58 %; (iii) a gradual lengthening of the average maturity of the liabilities.
Disse elementer vil sænke risikoen for, at Dexia får problemer med refinansiering.
These factors will probably reduce the risks of refinancing problems for Dexia.
Det er for øvrigt vigtigt at understrege, at en differentieret stigning i finansieringsomkostningerne i sammenhæng med denne ændring af finansieringspolitikken er integreret i prognoserne for koncernens resultatopgørelse og bekræfter, at Dexia fortsat vil være overskudsgivende i omstruktureringsperioden.
Moreover, it is important to stress that the incremental rise in the costs of funding associated with this change in funding policy is integrated in the projections for the group’s profit and loss account and confirms that Dexia would remain in profit during its restructuring period.
For det fjerde er Dexias finansieringsomkostninger stadig relativt høje i forhold til de øvrige bankers trods de bedrede markedsvilkår.
Fourthly, despite the improvement in market conditions, Dexia’s cost of funding remains relatively high in comparison with other banks.
Omfanget af femårige CDS er blandt de højeste i Europa og ligger på omkring 180 basispoint. De sekundære niveauer for credit-spreads for Dexias ikkegaranterede »benchmark«-emissioner er stadig høje og ligger på omkring 140-150 basispoint for løbetider på 4-5 år. Finansieringsomkostningerne for »covered bonds« er også høje, omkring 50-60 basispoint for løbetider, der svarer mere eller mindre til de finansierede aktivers.
The level of 5-year CDS is among the highest in Europe and remains at about 180 basis points; the secondary levels of Dexia’s credit spreads of unguaranteed benchmark-size issues remain high and stand at about 140 to 150 basis points for maturities of between 4 and 5 years; the cost of funding in covered bonds also remains high and stands at about 50 to 60 basis points for relatively similar terms to those of the assets financed.
For for det femte at måle Dexias sensitivitet over for forskellige rentesatser har Dexia fremsendt en tabel, der viser sensitiviteten over for et rentechok på 1 % for hver løbetid.
Fifthly, in order to measure Dexia’s sensitivity to a variation in interest rates, Dexia communicated a table showing the sensitivity to a rate shock of 1 % for each maturity.
Ved en ensartet stigning i rentekurven anslår Dexia, at tabet ikke vil overstige […] mio. EUR [49].
This shows that in the event of a uniform rise in the rate curve, Dexia considers it will not lose more than EUR […] million [49].
Dette sensitivitetsniveau forekommer ganske fornuftigt og kan delvist forklares ved Dexias politik med […], som således reducerer sensitiviteten over for renteudsving.
This level of sensitivity seems perfectly reasonable and is attributable in part to Dexia’s policy of […], thereby reducing the sensitivity to rate variations.
Kommissionen bemærker dog i forbindelse med denne beregning af sensitiviteten, at man heri ikke har medtaget koncernens kortsigtede finansiering på […] mia. EUR, hvilket tyder på, at Dexia er relativt følsom over for bevægelser i rentekurven for løbetider på under et år.
However, the Commission notes that in this sensitivity calculation exercise, EUR […] billion of the group’s short-term funding is not included, which suggests that Dexia remains relatively sensitive to movements in the rates curve for maturities of less than one year.
Dette har Dexia bekræftet, da koncernen anslår, at den havde et overskud på omkring […] mio. EUR i 2009, alene på grund af den stejle kurve for løbetider på under et år.
This was confirmed by Dexia, since the group considers it made about EUR […] million in profit in 2009 merely through the effect of steepening of the curve of the interbank rates for less than one year.
En kraftig reduktion af forarbejdningsindtægterne indgår dog i Dexias prognoser og viser, at koncernen også vil være overskudsgivende i de kommende år.
The effect of a significant reduction in transformation income was nevertheless considered in Dexia’s projections and indicates that the group would remain in profit in the coming years.
For det sjette er både det absolutte og relative niveau af Dexias negative reserve overordentlig højt trods forbedringen i løbet af 2009.
Sixthly, both the absolute and the relative level of Dexia’s negative AFS reserve remain very high, despite the improvement observed during 2009.
Kommissionen bemærker i den sammenhæng følgende:
In this respect, the Commission notes the following factors:
Selv hvis hele den negative AFS-reserve medtages i beregningen af den lovpligtige kapital, ville Dexia pr. 30. september 2009 fortsat have opfyldt kravene til lovpligtig kapital.
even if the negative AFS reserve had been included in full in the calculation of the regulatory capital, Dexia would still have satisfied the regulatory capital requirements at 30 September 2009.
Tier 1-kapitalratioen ændres i så fald til […] og den samlede kapitalratio til […].
The Tier 1 capital ratio would have stood at […] and the total capital ratio at […],
En sådan lovændring vil få følger for en række andre banker.
such a change in the regulations would have an impact on a large number of other banks,
For det syvende vil Dexia fortsat have relativt store ikkebalanceførte transaktioner, selv om omfanget blev reduceret i 2009.
Seventhly, despite their reduction during 2009, Dexia still has certain relatively large off-balance-sheet commitments.
Disse indgik dog i stresstesten ifølge Dexia.
However, according to Dexia, the latter were taken into consideration in the stress tests.
Aktiviteter vedrørende afledte instrumenter
Derivatives activities
Det fremgår af analysen af Dexias balance pr. ultimo 2008, at markedsværdien på aktivsiden af afledte instrumenter (derivater) er 55 mia. EUR og på passivsiden 75 mia. EUR, hvilket skaber en stor negativ forskel i størrelsesordenen 20 mia. EUR, som især stammer fra rentederivater.
Analysis of the Dexia balance sheet shows that, at the end of 2008, the market value of the derivatives is EUR 55 billion on the assets side and EUR 75 billion on the liabilities side of the balance sheet, creating a significant negative difference in the order of EUR 20 billion, which stems mainly from interest rate derivatives.
Kommissionen har sammenholdt denne forskel med andre finansinstitutioners.
The Commission compared this difference with that reported by other financial institutions.
Udtrykt i procent af balancesummen og i procent af egenkapitalen er denne forskel ikke blot negativ, men også særlig høj for Dexia sammenholdt med for de øvrige institutioner.
Expressed as a percentage of the total balance sheet and as a percentage of capital, this difference is not only negative, but is also particularly large for Dexia compared to these other institutions.
Dexia begrunder dette med i) den næsten systematiske politik med […], ii) rentefaldet, iii) den store forskel mellem den gennemsnitlige levetid for aktiver og passiver, iv) […].
Dexia justifies this by (i) the almost systematic policy of […], (ii) the fall in interest rates (iii) the considerable difference between the average maturity of the assets and that of the liabilities, (iv) […].
Kommissionen er enig i disse forklaringer, men bemærker dog, at i) omfanget af denne negative forskel virkelig er meget stor, og ii) dette betyder sandsynligvis, at Dexia har et stort behov for »sikkerhed«, der kan mindske koncernens »sikkerhedsgrundlag«, som er belånbar til finansiering hos centralbanker eller på repo-interbankmarkedet.
The Commission accepts these explanations, but nevertheless notes that (i) the size of this negative difference really is very large and (ii) the latter probably requires considerable collateral for Dexia, which may reduce its eligible collateral base for financing from the central banks or in the interbank repo market.
Dette behov indgik dog i stresstesten.
Nevertheless, as far as this latter point is concerned, such needs were taken into consideration in the stress tests.
Konklusion vedrørende rentabilitet
Conclusion concerning viability
Kommissionen udleder af ovenstående analyse, at omstruktureringsplanen vil gøre det muligt at genoprette Dexias langsigtede rentabilitet.
The Commission concludes from the analysis above that the restructuring plan will allow Dexia’s long-term viability to be restored.
Kommissionen bemærker desuden, at omstruktureringsplanen vil gøre det muligt for Dexia at håndtere den forventede stramning af tilsynsreglerne.
In this respect, the Commission also notes that the restructuring plan will enable Dexia to cope with the expected tightening up of the prudential regulations.
Dels er den mindskede leveragevirkning, som skyldes omstruktureringen, på linje med den eventuelle indførelse af en maksimal leverage-ratio.
On the one hand, the deleveraging resulting from the restructuring is in line with the possible introduction of a maximum leverage ratio.
Dels stemmer forbedringen og spredningen af Dexias finansieringskilder overens med indførelsen af nye normer for måling og kontrol af kreditinstitutioners likviditetsrisiko [50].
On the other hand, the improvement in and diversification of Dexia’s sources of financing are consistent with the introduction of new standards on liquidity risk measurement and monitoring for credit institutions [50].
Koncernens eget bidrag
Own contribution by the institution
Ifølge afsnit 3 i meddelelsen om omstrukturering skal omstruktureringsplanen tage udgangspunkt i en ligelig fordeling af omkostningerne til omstruktureringen mellem de berørte medlemsstater og banken, dvs. at banken og dens aktionærer skal yde et så højt bidrag som muligt fra deres egne ressourcer.
According to section 3 of the Restructuring Communication, the restructuring plan must ensure fair burden-sharing of the costs of restructuring between the Member States concerned and the bank, i.e. the restructuring plan must provide for the highest possible contribution by the bank and its shareholders from their own resources.
Et sådant bidrag er nødvendigt for at sætte banker, der er omfattet af redningsforanstaltninger, i stand til at håndtere følgerne af deres forudgående adfærd og skabe relevante incitamenter for deres fremtidige adfærd.
Such a contribution is necessary to ensure that rescued banks bear adequate responsibility for the consequences of their past behaviour and to create appropriate incentives for their future behaviour.
Dexia, koncernens aktionærer og de berørte medlemsstater har allerede bidraget til omstruktureringen, bl.a. i form af spredningen af den del af aktiekapitalen, som ejedes af de enheder, der var aktionærer før bankens kapitaludvidelse (de franske og de belgiske myndigheder tegner sig direkte for 3 mia. EUR af den samlede kapitalforhøjelse på 6,4 mia. EUR, som blev meddelt i 2008).
Dexia, its shareholders and the Member States concerned have already made an own contribution to the restructuring effort in particular through the dilution of the share of the capital stock held by existing shareholders when the bank’s capital was increased (the French and Belgian authorities directly subscribed to EUR 3 billion of the EUR 6,4 billion capital increase announced in September 2008).
Kommissionen bemærker for øvrigt, at omstruktureringsplanens ophævelse af udbetaling af udbytte har en række negative følger:
The Commission notes, moreover, that a certain number of adverse factors accompany the suspension of the distribution of dividends provided for in the restructuring plan:
De datterselskaber, som Dexia ejer 50 % af, er ikke berørt af ophævelsen af udbetaling af udbytte, idet dette kun gælder for de enheder, som Dexia SA har direkte eller indirekte enekontrol over [51], og
the subsidiaries in which Dexia has a 50 % stake are not concerned by the suspension of distribution of dividends, since this applies only to the entities over which Dexia SA directly or indirectly exercises exclusive control [51], and
Ifølge omstruktureringsplanen foregriber ophævelsen (indtil ultimo 2011) af udbetaling af udbytte af hybridinstrumenterne Tier 1 eller Tier 2 ikke transaktioner, som Dexia er forpligtet til at gennemføre i henhold til kontrakter indgået før den 1. februar 2010.
under the terms of the restructuring plan, the suspension (until the end of 2011) of the distribution of dividends on hybrid Tier 1 or Tier 2 instruments is without prejudice to the operations which Dexia is required to undertake by virtue of contracts concluded before 1 February 2010.
Kommissionen bemærker ligeledes, at ophævelsen af udbetaling af udbytte eller kuponindløsninger for de hybride instrumenter Tier 1 eller Tier 2 gælder for kontrakter indgået før den 1. februar 2010, da Dexia i medfør af beslutningen af 30. oktober 2009 [52] i en periode på fire måneder var forpligtet til ikke at foretage kuponindløsninger og ikke udnytte mulighederne for indfrielse før forfaldstidspunktet for de hybride egenkapitalinstrumenter (Tier 1 og »Upper Tier 2«).
The Commission also notes that the suspension of payment of a dividend or a coupon on hybrid Tier 1 or Tier 2 instruments applies to the contracts concluded before 1 February 2010, in so far as, by virtue of the decision of 30 October 2009 [52], Dexia was required, for a period of four months, not to pay coupons and not to exercise early repayment options on its hybrid capital instruments (Tier 1 and Upper Tier 2).
Kommissionen bemærker i den sammenhæng, at Dexias hybride instrumenter udgjorde 1,4 mia. EUR pr. 31. december 2008.
In this respect, the Commission notes that the volume of Dexia’s hybrid instruments amounted to EUR 1,4 billion at 31 December 2008.
For at sikre, at der ikke foretages kuponindløsninger i forbindelse med Dexias hybride værdipapirer (Tier 1 og Upper Tier 2) i strid med principperne i meddelelsen om omstrukturering, gør Kommissionen derfor nærværende afgørelse betinget af følgende: Før Dexia foretager kuponindløsninger i forbindelse med de hybride instrumenter Tier 1 og Upper Tier 2 udstedt før den 1. februar 2010, meddeler Dexia senest to uger før begyndelsen af fristen for anmeldelse af kuponindløsning til investorerne Kommissionen, at koncernen indtil den 31. december 2011 har til hensigt at indløse en sådan kupon, og godtgør, at denne betaling er i) obligatorisk, ii) ikke kan udskydes, iii) ikke er skønsmæssig og iv) ikke automatisk udløses af en udbetaling af udbytte, uanset form, fra Dexia SA eller et af koncernens datterselskaber, herfra undtaget DFL's emission af Tier 1.
Therefore, in order to ensure that no payment of coupon will be made on Dexia’s hybrid instruments (Tier 1 and Upper Tier 2) contrary to the principles of the Restructuring Communication, the Commission makes its present decision conditional on Dexia, before making any payment of coupons on hybrid Tier 1 or Upper Tier 2 instruments issued before 1 February 2010, and no later than two weeks before the start of the notification period for payment of the coupon to investors, notifying the Commission, until 31 December 2011, of its intention to pay a coupon of this kind and showing that this payment (i) is mandatory, (ii) cannot be deferred, (iii) is not discretionary, and (iv) is not triggered automatically by a dividend payment, whatever the form, by Dexia SA or one of its subsidiaries, with the exception of the Tier 1 issue by DFL.
Kommissionen forbeholder sig ret til ikke at tillade en sådan udbetaling, hvis en af fire ovenstående kumulative betingelser ikke er opfyldt.
The Commission reserves the right not to authorise such a payment if one of these four cumulative conditions above is not satisfied.
Kommissionen bemærker desuden, at ophævelsen af udbetaling af udbytte ikke gælder for udbetaling af udbytte, der udelukkende stammer fra tildelingen af nye aktier.
Moreover, the Commission also notes that the suspension of payment of a dividend does not apply to the distributions of dividends undertaken entirely by allocation of new shares.
Det skal dog bemærkes, at udbetaling af udbytte i form af nye aktier, der er muliggjort takket være udbytte, der kan udloddes, ikke strider mod meddelelsen om omstrukturering, i den udstrækning en sådan betaling opføres i Dexias regnskaber som overførsel til reservekapitalen og en udbetaling af udbytte, som tages fra udbyttet fra det seneste afsluttede regnskabsår og af aktionærerne overført til Dexias kapital.
However, it should be noted that the payment of dividends by allocation of new shares, made possible by the generation of profits available for distribution, is not contrary to the Restructuring Communication in so far as such payment would be posted to Dexia’s accounts as incorporation in the reserve capital and a distribution of dividends taken from the profit of the last completed financial year and contributed by the shareholders to Dexia’s capital.
Tildelingen af aktier ville således ikke få nogen indvirkning på Dexias egenkapital.
The allocation of shares would therefore have no impact on Dexia’s capital.
Som det fremgår af betragtning 204, er Kommissionen ikke generelt imod udbetaling af udbytte, der alene tager form af aktier, så længe dette ikke medfører en forpligtelse til at udbetale udbytte eller en indløse en kupon for andre kategorier af værdipapirer, der indgår i egenkapitalen.
In general, as indicated in recital (204), the Commission is not opposed to a distribution of dividend paid exclusively in the form of shares on condition that this does not entail the obligation to pay a dividend or a coupon on other categories of securities constituting capital.
I det foreliggende tilfælde ændrer Dexias pligt til at indløse en kupon i forbindelse med DFL's emission ikke noget ved Kommissionens holdning, eftersom undtagelsen sker inden for rammerne af omstruktureringsplanen, vedrører en enkelt emission, der medfører en begrænset indløsning af en kupon, og at Dexia forventer at være overskudsgivende i omstruktureringsperioden.
In the present case, Dexia’s obligation to pay a coupon on the DFL issue is not liable to change the Commission’s approach in view of the fact that the exception comes under the restructuring plan, relates to a single issue which involves the payment of a limited coupon and Dexia forecasts a profit during the restructuring period.
Endelig bemærker Kommissionen, at støtten er begrænset til det strengt nødvendige og tager form af:
Finally, the Commission notes that the aid is limited to the minimum necessary by: