natgillin/translations-raw huggingface dataset:
Beskrivelse af Dexia-koncernen
Description of the Dexia group
Dexia BIL er en virksomhed i Dexia-koncernen.
Dexia BIL is part of Dexia group.
Dexia er et resultat af fusionen i 1996 mellem Crédit Local de France og Crédit communal de Belgique og har specialiseret sig i udlån til kommuner, men har også 5,5 millioner privatkunder, hovedsagelig i Belgien og Tyrkiet.
Dexia was formed in 1996 by the merger of France’s Crédit Local and Belgium’s Crédit Communal and was specialised in loans to local authorities, but also had some 5,5 million private customers, mainly in Belgium, Luxembourg and Turkey.
Dexia-koncernen er organiseret omkring moderselskabet (Dexia SA) og tre datterbanker i Frankrig (DCL), Belgien (DBB) og Luxembourg (Dexia BIL).
The Dexia group was organised around the parent holding company (Dexia SA) and three operational subsidiaries located in France (DCL), Belgium (DBB) and Luxembourg (Dexia BIL).
Forenklet koncernstruktur pr. 30. september 2011
Simplified organisation chart of the group on 30 September 2011
(dvs. før de afhændelser, der blev meddelt på mødet i Dexias bestyrelse den 9. oktober 2011)
(i.e. before execution of the transfers announced at the meeting of the Dexia board held on 9 October 2011)
Den 20. oktober 2011 blev DBB solgt til den belgiske stat, og pr. 31. december 2011 udgjorde Dexia-koncernens konsoliderede balance (efter udskilning af DBB pr. 1. oktober 2011) 413 mia. EUR.
On 20 October 2011 DBB was sold to the Belgian State and, on 31 December 2011, the consolidated balance-sheet total of the Dexia group (deconsolidation of DBB on 1 October 2011) was EUR 413 billion.
Ud over afhændelsen af DBB, der fandt sted den 20. oktober 2011, har Dexia-koncernen annonceret, at følgende virksomheder vil blive afhændet "på kort sigt":
In addition to the sale of DBB that took place on 20 October 2011, the Dexia group announced the sale ‘in the short term’ of the following companies:
Dexia Asset Management ("DAM")
Dexia Asset Management (hereinafter: ‘DAM’)
RBC Dexia Investor Services ("RBCD").
RBC Dexia Investor Services (hereinafter: ‘RBCD’).
Dexias årsregnskab for 2011 af 23. februar 2012, s. 51; figurerer i den plan for velordnet afvikling, der er anmeldt til Kommissionen.
Dexia, presentation of financial results for 2011, 23 February 2012, p. 51; included in the orderly resolution plan notified to the Commission.
Aktionær
Shareholder
% af aktierne pr. 31. december 2011
% holding at 31 December 2011
Den føderale belgiske regering
Belgian Government
3 belgiske regioner
3 Belgian regions
Beskrivelse af Dexia BIL
Description of Dexia BIL
Dexia BIL har desuden en betydelig legacyportefølje med en anslået markedsværdi pr. 30. september 2011 på ca. [5-10] mia. EUR.
Dexia BIL also holds a substantial portfolio of legacy securities, with an estimated market value at 30 September 2011 of approximately EUR [5–10] billion.
Dexia BIL er en af de store banker med omfattende filialnet i Luxembourg og spiller en betydelig rolle i den luxembourgske økonomi, både som indlånsbank for private og virksomheder og som yder af forbrugslån, realkreditlån og erhvervslån.
Dexia BIL is one of the large banks with a branch network in Luxembourg and is an essential player in the local economy as both a depositary bank for resident individuals and businesses, and a provider of consumer credit, property loans and business lending.
Ifølge oplysninger fra det luxembourgske finanstilsyn, Commission de surveillance du secteur financier ("CSSF"), er Dexia BIL den foretrukne bank for [10-15] % af privatkunderne og [15-20] % af de små og mellemstore virksomheder i Luxembourg, og den er den tredjestørste bank på det luxembourgske marked i begge segmenter.
According to the tables provided by Luxembourg’s financial supervisory authority (Commission de surveillance du secteur financier - CSSF), Dexia BIL is the bank of choice for [10-15] % of individual residents and [15-20] % of resident SMEs (small and medium-sized enterprises), both groups placing it in third position on the Luxembourg market.
Dexia BIL's markedsandel på det luxembourgske bankmarked ligger på ca. [10-15] % på indlånssegmentet, [10-15] % på udlånssegmentet og [5-10] % på formueforvaltningssegmentet.
Dexia BIL’s market shares in the Luxembourg banking system are approximately [10-15] % by volume of deposits, [10-15] % by volume of loans and [5-10] % of assets under management in the private banking sector.
Dexias vanskeligheder
Difficulties faced by Dexia
For det første har forværringen af den statsobligationskrise, som har ramt mange europæiske banker, ført til stigende mistillid til bankerne hos investorerne, hvilket har resulteret i, at bankerne ikke har været i stand til at skaffe sig tilstrækkelig finansiering på rimelige vilkår.
First, the worsening of the sovereign debt crisis, which many European banks are facing, has resulted in increasing mistrust on the part of investors towards bank counterparties, so the latter are unable to obtain financing in satisfactory volumes and under satisfactory conditions.
Denne mistillid hos investorerne har ikke mindst gjort sig gældende for Dexia-koncernen på grund af dens høje risikoeksponering.
Furthermore, since the Dexia group has been particularly exposed to sovereign and quasi-sovereign risk, the level of mistrust among investors is higher.
Dexia har en stor beholdning af stats- og kommunelån og/eller -obligationer i lande, som markedet opfatter som risikobehæftede.
Dexia has among its assets many loans and/or bonds from countries and/or local and regional authorities in countries perceived as risky by the market.
Endvidere indtraf den nuværende krise på et tidspunkt, hvor Dexia ikke havde nået at få gennemført hele sin omstruktureringsplan, der ville have givet Dexia en langt bedre risikoprofil.
In addition, the current crisis hit before Dexia had time to finalise implementation of its restructuring plan, which would have resulted in a much stronger liquidity risk profile.
På grund af Dexias endnu meget skrøbelige likviditet og sårbarhed, som var almindeligt kendt på markedet, var der nok større mistillid til Dexia end til andre banker.
Since Dexia still had a particularly vulnerable liquidity profile and the market was well aware of that vulnerability, it is possible that Dexia faced more mistrust than other banks.
Det er især følgende faktorer, der har øget Dexias finansieringsbehov:
Dexia’s financing requirements increased markedly for the following reasons:
Som følge af det kraftige rentefald i sommeren 2011 blev behovet for yderligere sikkerhedsstillelse øget med mindst [5-20] mia. EUR til imødegåelse af margin calls på grund af udsvingene i markedsværdien af de rentederivater, Dexia benyttede til afdækning af sin balance
the sharp fall in interest rates during the summer of 2011 increased by at least EUR [5-20] billion the need for additional collateral to cope with the margin calls linked to the variation in the market value of the portfolio of interest-rate derivatives used to hedge the balance sheet;
Mange af obligationslånene (især obligationer tidligere udstedt af Dexia med statsgaranti) forfaldt på et tidspunkt, hvor markedsvilkårene for refinansiering af disse obligationer ikke var optimale
many bond issues (in particular sovereign-guaranteed bonds previously issued by Dexia) matured at a time when market conditions for refinancing these bonds were not optimal;
Det kraftige fald i markedsværdien og kreditkvaliteten af de aktiver, Dexia benytter som sikkerhed for optagelse af lån
the substantial fall in market value and decline in the credit quality of the assets that Dexia uses by way of security to obtain financing;
Stigende mistillid hos en stor del af investorerne, bl.a. da det kom frem, at Dexia havde haft store tab i andet halvår 2011 (tæt ved 4 mia. EUR) og var blevet nedgraderet af flere ratingbureauer
the loss in confidence by many investors following, among other things, the announcement of substantial losses in the second quarter of 2011 (almost EUR 4 billion) and downgrades by some rating agencies;
Dexias vanskeligheder fik også et stort antal kunder i Belgien og Luxembourg til at trække deres penge ud i oktober 2011.
Dexia’s difficulties also resulted in massive withdrawals of deposits by customers in Belgium and Luxembourg in October 2011.
Dexia var ude af stand til at opnå refinansiering på markedet og […] [16], og i første omgang måtte den belgiske og den franske centralbank derfor træde til med en ny ELA.
Given that it was impossible for Dexia to refinance itself on the markets and […] [16], initially it had to resort to a new ELA measure by the Banque nationale de Belgique and the Banque de France respectively.
Det var baggrunden for, at de berørte medlemsstater stillede den midlertidige refinansieringsgaranti for Dexia.
It is in these circumstances that the Member States concerned granted the temporary refinancing guarantee in favour of Dexia.
Selv om det ikke var Dexia BIL, der var årsagen til Dexia-koncernens problemer, […], oplevede banken en kraftig nedgang i sine indlån, især i perioden fra 30. september 2011 til 10. oktober 2011, hvor indlånene faldt med [1-5] mia. EUR (fra [5-15] mia. EUR til [5-15] mia. EUR).
Although Dexia BIL was not the source of the Dexia group’s problems, […], it faced substantial deposit outflows, in particular between 30 September 2012 and 10 October 2011, a period during which deposits fell by EUR [1-5] billion (from EUR [5-15] billion to EUR [5-15] billion).
Indlånssituationen blev derefter stabiliseret, efter at der blev bebudet en række foranstaltninger med sigte på at afvikle Dexia-koncernen og udskille visse af dens datterselskaber (bl.a. Dexia BIL).
The deposit outflows subsequently stabilised following the announcement of a series of measures intended to dismantle the Dexia group and secure certain of the group’s subsidiaries (including Dexia BIL).
I særdeleshed bekendtgjorde Dexia den 6. oktober 2011, at der var indledt forhandlinger med en investorgruppe og Luxembourg om salg af Dexia BIL.
In particular, on 6 October 2011 Dexia announced that it had entered into negotiations with a group of investors and the State of Luxembourg with a view to selling Dexia BIL.
Efter et lavpunkt på [5-15] mia. EUR den 22. november 2011 har Dexia BIL siden oplevet en mindre stigning i indlånene til [5-15] mia. EUR pr. 14. december 2011.
Since bottoming at EUR [5-15] billion on 22 November 2011, Dexia BIL’s deposits showed a slight improvement to EUR [5-15] billion EUR on 14 December 2011.
Salget af Dexia BIL
Description of the sale of Dexia BIL
Den anmeldte afhændelse af Dexia BIL foregår ikke efter et formelt udbud.
The measure of the sale of Dexia BIL notified to the Commission was not the subject of a formal call for tenders.
Ifølge de luxembourgske myndigheder havde Dexia længe haft planer om at afhænde Dexia BIL og havde med henblik herpå i årene fra 2009 til 2011 taget kontakt til en række mulige købere, bl.a. […].
According to the Luxembourg authorities, the sale of Dexia BIL had apparently been envisaged for a long time by Dexia, which contacted a series of operators in that regard between 2009 and 2011, in particular […].
Disse drøftelser var mere eller mindre fremskredne, men ingen af disse mulige købere afgav noget konkret tilbud på overtagelse af Dexia BIL.
The discussions had made some progress but none of the operators had submitted a tangible plan to acquire Dexia BIL.
Ifølge denne aftale skulle Precision Capital købe de 90 %, mens resten skulle overtages af Luxembourg på samme vilkår som dem, der gjaldt for Precision Capital.
Under the Memorandum of Understanding, Precision Capital will acquire 90 % of the holding, the remaining 10 % being acquired by Luxembourg under the same terms and conditions as Precision Capital.
Salget omfatter ikke alle aktiverne i Dexia BIL, og der er således kun tale om afhændelse af en del af Dexia BIL, nærmere bestemt detailbank- og private banking-aktiviteterne ("de afhændede aktiver").
Certain of Dexia BIL’s assets are excluded from the scope of the sale, which relates only to part of Dexia BIL, i.e. its retail and private banking businesses (hereinafter: ‘the sold businesses’).
Salget omfatter specielt ikke følgende aktiver: Dexia BIL's aktiepost på 51 % i DAM og på 50 % i RBCD, Dexia BIL's 40 % i Popular Banca Privada, Dexia BIL's "legacy"-portefølje (samt visse dertil knyttede derivater) og Dexia BIL's aktier i Dexia LDG Banque og Parfipar.
More specifically, the following are excluded from the scope of the sale: Dexia BIL’s 51 % holding in DAM, its 50 % holding in RBCD, its 40 % holding in Popular Banca Privada, its portfolio of legacy securities (and certain derivative and associated products) and its holdings in Dexia LDG Banque and Parfipar.
Alle disse aktiver overføres før transaktionens afslutning til Dexia med en klausul om, at et eventuelt nettoprovenu føres tilbage til Dexia BIL.
The above businesses will be transferred to Dexia before the transaction is completed, with a clause for the recovery of the net proceeds from the transfers by Dexia BIL.
Desuden indeholder aftalememorandummet den betingelse, at alle usikrede lån til og fra virksomheder i Dexia-koncernen samt adskillige sikrede lån til og fra virksomheder i Dexia-koncernen skal være afviklet før salget.
Furthermore, the MoU provides as a precondition for the sale the elimination of all the unsecured borrowing and lending with companies in the Dexia group and the elimination of much of the secured borrowing and lending with companies in the Dexia group.
Pr. 10. februar 2012 beløb Dexia BIL's lån til andre virksomheder i koncernen sig til ca. [0-5] mia. EUR, hvoraf under [500-800] mio. var usikrede.
On 10 February 2012 the financing granted to the other companies in the group was approximately EUR [0-5] billion, of which less than EUR [500-800] million was secured.
Elimineringen af alle disse aktiver vil nedbringe Dexia BIL's samlede aktiver med ca. 16,9 mia. EUR i forhold til en samlet aktivmasse pr. 30. juni 2011 på 41 mia. EUR (svarende til en reduktion af hele aktivmassen på 40 % og en nedbringelse af de risikovægtede aktiver på 50 %).
The exclusion of all these assets will make it possible to reduce Dexia BIL’s total assets by approximately EUR 16,9 billion in relation to total assets of EUR 41 billion on 30 June 2011 (i.e. a 40 % reduction in total assets and a 50 % reduction in risk-weighted assets).
I anmeldelsen anføres det, at ved transaktionens afslutning vil Dexia BIL have en kernekapitalprocent (Common Equity Tier 1 ifølge Basel III) på præcis 9 %.
The notified measure stipulates that, when the sale is completed, Dexia BIL will have a Common Equity Tier 1 ratio under Basel III of exactly 9 %.
Salgsprisen er sat til 730 mio. EUR med en kernekapitalprocent i Dexia BIL på præcis 9 % på salgstidspunktet.
The sale price is set at EUR 730 million, with Dexia BIL having a Common Equity Tier 1 ratio of exactly 9 % when the sale is completed.
Skulle denne kernekapital på transaktionstidspunktet være større end 9 %, justeres salgsprisen i forhold til den overskydende kapital, der er til rådighed på dette tidspunkt.
In the event that the capital at the time of completion exceeds the 9 % Common Equity Tier 1 ratio under Basel III, the sale price will be adjusted by the excess capital available at the time of completion.
Er kernekapitalen mindre end de 9 %, skal Dexia SA dække dette underskud.
If there is a shortfall of capital in relation to the 9 % Common Equity Tier 1 ratio, the shortfall will be offset by Dexia SA.
Ifølge anmeldelsen af 23. marts 2012 var der desuden en klausul om, at såfremt Dexia eller et givet selskab i Dexia-koncernen siden opnår en statsgaranti for opfyldelsen af sin forpligtelse til at holde købere skadesløse inden for rammerne af en salgsaftale med den pågældende køber, og såfremt disse købere er private virksomheder (som hverken direkte eller indirekte kontrolleres af offentlige enheder), skal Dexia sikre, at en tilsvarende garanti stilles på tilsvarende vilkår af den samme garant (eller en alternativ garant med en lige så høj kreditværdighed) til køberen af Dexia BIL.
The measure notified on 23 March 2012 included a clause stipulating that, if Dexia SA or a company in the Dexia group obtained a sovereign guarantee in favour of a buyer in relation to its indemnification obligations towards that buyer under contractual guarantees specific to the sale, and if the buyer is a private entity (not controlled directly or indirectly by public entities), then Dexia undertakes to ensure that a guarantee on similar terms and for similar contractual obligations is granted by the same guarantor (or an alternative guarantor with the same credit rating) to the buyers under the sale contracts.
Denne klausul skulle gælde indtil den 1. januar 2017 ("klausul 3.3.5").
This obligation was to have applied until 1 January 2017 (hereinafter: ‘clause 3.3.5’).
Den er imidlertid siden blevet slettet og indgår ikke i de endelige aktiesalgsaftaler, der er trådt i stedet for aftalememorandummet.
However, the clause was subsequently dropped and was not included in the final contracts for transfer of shares that replaced the MoU.
Før undertegnelsen af aftalememorandummet blev der foretaget en uafhængig vurdering af salgsprisen (en "fairness opinion") ved forskellige modeller for afhændelse af Dexia BIL [17].
Before the MoU was finalised, various scenarios under the preliminary draft of the sale of Dexia BIL were subject to a fairness opinion by a third party [17].
Denne vurdering af 10. december 2011 blev foretaget efter tre forskellige metoder [18], og værdien af Dexi BIL blev sat til mellem [600-700] og [800-900] mio. EUR. Vurderingen blev opdateret den 30. maj 2012, og resultatet var det samme.
The evaluation dated 10 December 2011 was carried out using three different methods [18] and resulted in a valuation of between EUR [600-700] and [800-900] million. The updated evaluation dated 30 May 2012 comes to the same conclusions.
Grundene til indledningen af den formelle undersøgelsesprocedure
Grounds for initiating the formal investigation procedure
I sin åbningsbeslutning anførte Kommissionen, at den på indeværende stadium ikke kunne fastslå, at transaktionen ikke var forbundet med statsstøtte.
In the opening decision, the Commission took the view that it could not, at that stage, conclude that the transaction did not involve any aid.
Kommissionen fandt, at klausul 3.3.5 muligvis kunne indebære statsstøtte.
The Commission took the view that clause 3.3.5 might contain state aid.
Kommissionen fandt desuden, at processen omkring afhændelsen af Dexia BIL ikke var forløbet på en åben, gennemsigtig og ikkediskriminerende måde.
It also took the view that the sale process for Dexia BIL had not been open, transparent and non-discriminatory.
Der var alene tale om bilaterale forhandlinger med et bestemt antal potentielle købere, uden noget udbud.
The sale process had been restricted to bilateral negotiations with a number of potential buyers without a call for tenders.
Kommissionen kunne derfor ikke fastslå, at afhændelsesprocessen sikrede, at Dexia BIL blev solgt til markedsprisen, og at der derfor ikke var statsstøtte involveret.
The Commission could not, therefore, conclude that the sale process had been such as to ensure the setting of a market price and, consequently, that it did not contain any state aid.
Kommissionen kunne derfor ikke fastslå, at omstændighederne omkring salget af Dexia BIL sikrede, at salget foregik til markedspris, dels fordi Dexia BIL ikke var blevet udbudt til salg i et åbent udbud, og dels fordi det ikke var helt klart, om der forelå en korrekt vurdering af transaktionen, hvori der var taget hensyn til, hvilke aktiviteter der blev afhændet, og til klausul 3.3.5.
The Commission could not conclude, therefore, that the conditions of sale of Dexia BIL resulted in a sale at the market price, given the combined effects of the absence of an open call for tenders and the lack of precise information about the appropriate valuation of the transaction, having regard in particular to the scope of the sold businesses and the potential clause 3.3.5.
BEMÆRKNINGER FRA INTERESSEREDE TREDJEPARTER
COMMENTS BY THIRD PARTIES
Efter offentliggørelsen af åbningsbeslutningen den 3. april 2012 modtog Kommissionen bemærkninger fra to interesserede tredjeparter.
Following the publication of the formal investigation procedure on 3 April 2012, the Commission received comments from two third parties.
Den ene af disse parter ("bemærkning A") var en investororganisation, som fremsatte bemærkninger angående salgsprisens størrelse.
One of the comments received (hereinafter: ‘comment A’) from an investors’ association concerns the level of the purchase price.
Organisationen fandt, at salgsprisen for Dexia BIL var sat for lavt, især i betragtning af Dexia BIL's tidligere gode resultater.
The association takes the view that the sale price for Dexia BIL is too low, in particular in the light of Dexia BIL’s good results in the past.
Den anden tredjepart, som er aktionær i Dexia SA ("bemærkning B"), kritiserede den måde, hvorpå Dexia SA, Dexia BIL og de personer og organer, der har kontrolleret disse virksomheder, har opført sig siden 1998.
The comments (hereinafter: ‘comment B’) by the other third party, a shareholder in Dexia SA, expressed doubts about the behaviour of Dexia SA, Dexia BIL and the individuals and bodies supposed to supervise these companies since 1998.
Denne aktionær finder også, at Dexia SA ikke har givet sine aktionærer tilstrækkelige oplysninger.
The shareholder also believes that Dexia SA does not provide sufficient information to its shareholders.
Desuden peges der på, at Dexia SA burde have sendt referater af og bilag til denne aktionærs egne indlæg på generalforsamlingerne siden 1999 samt al korrespondane mellem aktionæren, Dexia SA, Dexia BIL og deres direktører, videre til de potentielle købere af Dexia BIL.
The shareholder also takes the view that the minutes of the Annual General Meetings since 1999, the annexes relating to its own statements at those meetings, and all the correspondence between itself, Dexia SA, Dexia BIL and its managers should have been sent by Dexia SA to the potential buyers of Dexia BIL.
BEMÆRKNINGER FRA DEXIA SA
COMMENTS BY DEXIA SA
Eftersom klausul 3.3.5 ikke længere indgår i de endelige aktiesalgsaftaler, som har afløst aftalememorandummet, kan der ikke være nogen problemer med denne klausul.
Since clause 3.3.5 has not been included in the final contracts for the transfer of shares that replaced the MoU, these concerns are groundless.
De mange kontakter, Dexia SA har taget til eventuelle købere siden 2009, har sammen med den officielle bekendtgørelse allerede den 6. oktober 2011 af, at Dexia BIL muligvis ville blive solgt til en international investorgruppe, bevirket, at planerne om at afhænde Dexia BIL var almindeligt bekendt i offentligheden.
The many contacts between Dexia SA and potential buyers since 2009, in conjunction with the official announcement on 6 October 2011 of the potential sale of Dexia BIL to an international group of investors, had made public the planned sale of Dexia BIL.
Det var først over to uger senere, at de indledte forhandlinger blev gjort eksklusive, og andre seriøse potentielle købere til Dexia BIL havde derfor haft tid nok til at give sig til kende.
Exclusive negotiations were not formally opened until more than two weeks later, so any other serious candidates interested in buying Dexia BIL would have had more than enough time to express their interest.
I øvrigt var vilkårene for afhændelsen af Dexia BIL aftalt mellem Dexia SA og Precision Capital under armslængdeforhandlinger mellem private virksomheder, på deres eget ansvar og uden at inddrage statsmidler.
Moreover, the conditions of sale of Dexia BIL were determined by Dexia SA with Precision Capital during arm’s length negotiations between private operators, under their own liability and without committing state resources.