natgillin/translations-raw huggingface dataset:
Såfremt det er nødvendigt af tilsynsmæssige eller andre lovmæssige grunde (f.eks. krav i henhold til Basel III, MaRisk, EBA/CEBS eller Pfandbriefgesetz, som kun kan sikres gennem fungible og regulatorisk nødvendige statsobligationer), kan PBB-delkoncernen, uanset at aktiviteterne inden for finansiering af den offentlige sektor ophører, fortsat til forvaltningen af PBB-delkoncernens puljer og til likviditetsstyringen i PBB-delkoncernen erhverve, besidde og afhænde omsættelige værdipapirer.
In so far as is necessary for regulatory or other legal reasons (e.g. requirements under Basel III, MaRisk, EBA/CEBS or the Pfandbrief Act which can only be guaranteed by government bonds which are fungible or required by the regulator), the PBB sub-group may, notwithstanding the suspension of the budget financing business, continue to acquire, hold and sell approved securities for management of the cover pools of the PBB sub-group and for liquidity management.
Dette omfatter ikke aktiviteter inden for finansiering af den offentlige sektor som strategiske aktiviteter.
This does not include any budget finance business as a strategic business activity.
Tyskland sikrer, at der straks, dog senest den 31. december 2014, på økonomisk acceptable vilkår foretages en genprivatisering af PBB-delkoncernen i henhold til afhændelsesbetingelserne i punkt 11 ved afhændelse til en eller flere købere, der er uafhængige af Tyskland og HRE, i givet fald som led i en børsintroduktion.
Germany will ensure that reprivatisation of the PBB sub-group in accordance with the terms and conditions of sale set out in paragraph 11 takes place without delay, but by 31 December 2014 at the latest, under economically sustainable conditions, namely by sale to one or more purchasers which are independent of Germany and the HRE, if necessary by means of flotation.
En køber er uafhængig af Tyskland, når Tyskland på genprivatiseringstidspunktet hverken direkte eller indirekte kan udøve enekontrol eller fælles kontrol som omhandlet i artikel 3 i fusionsforordning (EF) nr. 139/2004 med køberen.
A purchaser is independent of Germany if, at the time of reprivatisation, Germany cannot directly or indirectly exercise sole or joint control within the meaning of Article 3 of the Merger Regulation (EC) No 139/2004 over the purchaser.
En køber er uafhængig af HRE, når HRE på genprivatiseringstidspunktet ikke besidder direkte eller indirekte kapitalandele i køberen og heller ikke har andre selskabsretlige forbindelser til køberen.
A purchaser is independent of HRE if, at the time of reprivatisation, HRE holds no direct or indirect shares in the purchaser and also has no other links with the purchaser under company law.
Køberen skal godkendes af Kommissionen.
The purchaser must be approved by the Commission.
Der foreligger økonomisk acceptable vilkår for en genprivatisering, når provenuet fra genprivatiseringen
Economically sustainable conditions for reprivatisation exist if the proceeds of the reprivatisation represent:
inden den 31. december 2013 ikke udgør mindre end [80-100] % eller
up to 31 December 2013, not less than [80–100] %; or
inden den 31. december 2014 ikke udgør mindre end [80-100] %
up to 31 December 2014, not less than [80–100] %
af summen af samtlige betalinger på maksimalt 10,23 mia. EUR, som den særlige fond for finansmarkedsstabilisering (Sonderfonds Finanzmarktstabilisierung, »SoFFin«) har ydet eller vil yde
of the sum of all payments, amounting to a maximum of EUR 10,23 billion, which the Sonderfonds Finanzmarktstabilisierung (‘SoFFin’) has paid or has yet to pay in accordance with the decision of the European Commission:
til tredjemand til erhvervelse af kapitalandele i HRE og
to third parties for the purchase of shares in HRE; and
til HRE i forbindelse med gennemførelsen af rekapitaliseringsforanstaltninger i overensstemmelse med Europa-Kommissionens beslutning.
to HRE in the context of carrying out recapitalisation measures.
Er der ikke foretaget en genprivatisering inden den 31. december 2014, gennemføres denne uanset det opnåelige provenu inden den 31. december 2015.
If reprivatisation has not taken place by 31 December 2014, it will be effected by 31 December 2015 irrespective of the proceeds achievable.
Såfremt genprivatiseringen heller ikke er foretaget inden den 31. december 2015, udpeges en afhændelsesadministrator, som får til opgave at gennemføre en genprivatisering uanset det opnåelige provenu.
If reprivatisation has not taken place by 31 December 2015, a Divestiture Trustee will be appointed with the remit of completing reprivatisation irrespective of the proceeds achievable.
Den i bilaget »Administrator« beskrevne procedure finder anvendelse på afhændelsesadministratorens udpegelse, opgaver, forpligtelser og frigørelse.
The appointment, duties, responsibilities and discharge of the Divestiture Trustee must follow the procedures set out in the ‘Trustees’ annex.
Tyskland sikrer, at de samlede bogførte værdier af de rentebærende aktiver (»rentebærende aktiver«) inden for PBB-delkoncernens strategiske forretningsområder ejendomsfinansiering og finansiering af offentlige investeringer, der pr. 31. december 2010 udgjorde i alt 34,3 mia. EUR, pr. 31. december 2011 ikke overstiger [30-50] mia. EUR, pr. 31. december 2012 [40-60] mia. EUR, pr. 31. december 2013 [40-60] mia. EUR, pr. 31. december 2014 [40-60] mia. EUR og pr. 31. december 2015 [60-90] mia. EUR. De rentebærende aktiver inden for de to strategiske forretningsområder er fordelt således:
Germany will ensure that the cumulative book values of the interest-bearing assets (‘interest-bearing assets’) in the PBB sub-group's strategic business lines of real estate finance and public investment finance, which at 31 December 2010 together amounted to EUR 34,3 billion, do not exceed EUR [30–50] billion at 31 December 2011, EUR [40–60] billion at 31 December 2012, EUR [40–60] billion at 31 December 2013, EUR [40-60] billion at 31 December 2014 and EUR [60–90] billion at 31 December 2015. The interest-bearing assets of the two strategic business lines may be subdivided as follows:
Forretningsområde ejendomsfinansiering inden den 31. december 2011 [20-40] mia. EUR, inden den 31. december 2012 [20-40] mia. EUR, inden den 31. december 2013 [20-40] mia. EUR, inden den 31. december 2014 [30-50] mia. EUR og inden den 31. december 2015 [30-50] mia. EUR.
Real estate finance business line EUR [20–40] billion up to 31 December 2011, EUR [20–40] billion up to 31 December 2012, EUR [20–40] billion up to 31 December 2013, EUR [30–50] billion up to 31 December 2014 and EUR [30–50] billion up to 31 December 2015.
Forretningsområde finansiering af offentlige investeringer inden den 31. december 2011 [10-25] mia. EUR, inden den 31. december 2012 [10-25] mia. EUR, inden den 31. december 2013 [10-25] mia. EUR, inden den 31. december 2014 [10-25] mia. EUR og inden den 31. december 2015 [10-25] mia. EUR.
Public investment finance business line EUR [10–25] billion up to 31 December 2011, EUR [10–25] billion up to 31 December 2012, EUR [10–25] billion up to 31 December 2013, EUR [10–25] billion up to 31 December 2014 and EUR [10–25] billion up to 31 December 2015.
De samlede bogførte værdier af de rentebærende aktiver inden for PBB-delkoncernens strategiske forretningsområder ejendomsfinansiering og finansiering af offentlige investeringer er baseret på følgende nye forretninger:
The cumulative book values of the interest-bearing assets in the PBB sub-group's strategic business lines of real estate finance and public investment finance are based on new business as follows:
På forretningsområdet ejendomsfinansiering begrænses de årlige nye forretninger i 2011 til [9-15] mia. EUR, i 2012 til [9-15] mia. EUR, i 2013 til [7-16] mia. EUR, i 2014 til [5-16] mia. EUR og i 2015 til [5-16] mia. EUR.
In the real estate finance business line the annual new business is limited to EUR [9–15] billion in 2011, EUR [9–15] billion in 2012, EUR [7-16] billion in 2013, EUR [5–16] billion in 2014 and EUR [5-16] billion in 2015.
På forretningsområdet finansiering af offentlige investeringer begrænses de årlige nye forretninger i 2011 til [1-5] mia. EUR, i 2012 til [1-5] mia. EUR, i 2013 til [1-6] mia. EUR, i 2014 til [1-7] mia. EUR og i 2015 til [1-7] mia. EUR.
In the public investment finance business line the annual new business is limited to EUR [1–5] billion in 2011, EUR [1–5] billion in 2012, EUR [1-6] billion in 2013, EUR [1–7] billion in 2014 and EUR [1–7] billion in 2015.
Såfremt de i punkt 4(ii)a) og 4(ii)b) nævnte lofter for de nye forretninger ikke nås, kan disse nye forretninger indgås i de efterfølgende år.
If the upper limits for the volume of new business as set out in 4(ii)a) and 4(ii)b) are not reached, this new business can be made up in the following years.
De i punkt 4(i) og punkt 4(ii) nævnte lofter skal principielt overholdes.
Compliance with the upper limits as set out in paragraph 4(i) and paragraph 4(ii) is obligatory.
De kan afviges på følgende måde:
Deviations from those limits are permissible as described below:
Inden for grænserne i forhold til summen af de rentebærende aktiver inden for PBB-delkoncernens to strategiske forretningsområder i henhold til punkt 4(i) og de nye forretninger i henhold til punkt 4(ii) er det muligt for PBB at kompensere for ikke realiseret vækst inden for et forretningsområde gennem yderligere vækst på et andet forretningsområde.
Within the limits for the total amount of interest-bearing assets for both of the PBB sub-group's strategic business lines as set out in paragraph 4(i) and for new business as set out in paragraph 4(ii), PBB may offset growth that has not been achieved in one business line with additional growth in the other business line.
Det er en betingelse for at udnytte denne mulighed, at der på forretningsområdet finansiering af offentlige investeringer indgås årlige nye forretninger på mindst [1-4] mia. EUR og maksimalt [1-4] mia. EUR i perioden 2011-2013 og mindst [1-4] mia. EUR og maksimalt [1-4] mia. EUR i 2014 og 2015.
The precondition for utilisation of this option is that, in the public investment finance business line, annual new business amounting to a minimum of EUR [1–4] billion and a maximum of EUR [1–4] billion must have been concluded in the years 2011 to 2013 and a minimum of EUR [1–4] billion and a maximum of EUR [1–4] billion in the years 2014 and 2015.
Skulle beholdningsporteføljerne på et af forretningsområderne blive indskrænket i større omfang end oprindeligt planlagt, må der kompenseres for forskellen gennem nye forretninger i dette omfang, såfremt de i punkt 4(i) nævnte samlede bogførte værdier af de rentebærende aktiver inden for de forskellige forretningsområder fortsat overholdes, og såfremt de i punkt 4(ii) nævnte værdier for de nye forretningsområder ikke overskrides med mere end maksimalt [7-11] % pr. år.
If the asset portfolios in one of the business lines are run down to a greater extent than was originally planned, the difference may be compensated for by new business of that magnitude, provided that the cumulative book values for interest-bearing assets in the relevant business line, as set out in paragraph 4(i), continue to be maintained and provided that the values for new business as set out in paragraph 4(ii) are exceeded by not more than a maximum of [7–11] % per year.
Tyskland sikrer, at PBB-delkoncernens justerede IFRS-koncernbalance (»justeret IFRS-koncernbalance«), der pr. 31. december 2010 udgjorde 112,6 mia. EUR, pr. 31. december 2011 ikke overstiger 107,0 mia. EUR, pr. 31. december 2012 105,0 mia. EUR, pr. 31. december 2013 105,0 mia. EUR, pr. 31. december 2014 103,0 mia. EUR og pr. 31. december 2015 107,0 mia. EUR.
Germany will ensure that the PBB sub-group's corrected IFRS group balance sheet (‘corrected IFRS group balance sheet’), which amounted to EUR 112,6 billion at 31 December 2010, does not exceed EUR 107,0 billion at 31 December 2011, EUR 105,0 billion at 31 December 2012, EUR 105,0 billion at 31 December 2013, EUR 103,0 billion at 31 December 2014 and EUR 107,0 billion at 31 December 2015.
Tyskland sikrer, at PBB-delkoncernens justerede strategiske IFRS-koncernbalance (»justeret strategisk IFRS-koncernbalance«), der pr. 31. december 2010 udgjorde 64,7 mia. EUR, pr. 31. december 2011 ikke overstiger 67,0 mia. EUR, pr. 31. december 2012 71,0 mia. EUR, pr. 31. december 2013 75,0 mia. EUR, pr. 31. december 2014 79,0 mia. EUR og pr. 31. december 2015 86,0 mia. EUR.
Germany will ensure that the PBB sub-group's corrected strategic IFRS balance sheet (‘corrected strategic IFRS group balance sheet’), which amounted to EUR 64,7 billion at 31 December 2010, does not exceed EUR 67,0 billion at 31 December 2011, EUR 71,0 billion at 31 December 2012, EUR 75,0 billion at 31 December 2013, EUR 79,0 billion at 31 December 2014 and EUR 86,0 billion at 31 December 2015.
PBB-delkoncernens nye forretninger omfatter den nominelle værdi af alle nyindgåede forretninger (uden forlængelser og omlægninger) i forbindelse med rentebærende aktiver inden for de strategiske forretningsområder ejendomsfinansiering og finansiering af offentlige investeringer.
The new business of the PBB sub-group will encompass all newly concluded nominal volumes (without prolongation or restructuring) in interest-bearing assets in the strategic business lines of real estate finance and public investment finance.
Syndikeringer, der normalt skal gennemføres/videregives inden for seks måneder, skal kun medtages med hensyn til den del, der forbliver hos PBB.
Syndications, which must normally be effected/transferred within six months, can only be initiated with the part which remains the property of PBB.
Den justerede IFRS-koncernbalance svarer til PBB-delkoncernens koncernbalance, justeret for engangs- og gennemledningseffekterne som følge af overførslen af ikke-strategiske aktiver til afviklingsorganet FMS-WM.
The corrected IFRS group balance sheet corresponds to the IFRS group balance sheet of the PBB sub-group, corrected for the one-off and pass-through effects stemming from the transfer of non-strategic assets to the winding-up institution FMS-WM.
Dette vedrører f.eks. afviklingsorganets ECB-finansiering eller endnu ikke gennemførte opgraderinger af overførselsmåder, f.eks. back-to-back i stedet for fornyelse i forbindelse med derivater.
This relates, for instance, to ECB funding of the winding-up institution or upgrades to the transfer channels which have not yet been implemented, e.g. back-to-back instead of novation for derivatives.
PBB-delkoncernens justerede IFRS-koncernbalance indeholder foruden de aktiver, der er nødvendige til en velordnet bankvirksomhed,
In addition to the assets required for proper running of the bank, the PBB sub-group's corrected IFRS group balance sheet contains:
de rentebærende aktiver i den ikke-strategiske portefølje med hensyn til finansiering af den offentlige sektor, der afvikles på balancen, og
the interest-bearing assets of the non-strategic budget finance portfolio which runs off onto the balance sheet; and
de aktiver, der syntetisk, men uden overgang af den økonomiske ejendomsret og dermed uden ophør af indregning på PBB's balance, er overført til afviklingsorganet og bogført i PBB's sikkerhedsstillelsespulje.
the assets which were transferred to the winding-up institution synthetically, but without transfer of beneficial ownership and therefore without derecognition from the PBB balance sheet, which are entered in PBB's mortgage cover pool.
Den justerede strategiske IFRS-koncernbalance svarer til den justerede IFRS-koncernbalance (punkt 4(vii)) med fradrag af
The corrected strategic IFRS group balance sheet corresponds to the corrected IFRS group balance sheet (paragraph 4(vii)), minus
de rentebærende aktiver i den ikke-strategiske portefølje med hensyn til finansiering af den offentlige sektor, der afvikles på PBB's balance (punkt 4(vii)b)), og
the interest-bearing assets of the non-strategic budget finance portfolio which runs off onto PBB's balance sheet (paragraph 4(vii)(b)); and
de aktiver, der syntetisk, men uden overgang af den økonomiske ejendomsret og dermed uden ophør af indregning på PBB's balance, er overført til afviklingsorganet og bogført i PBB's sikkerhedsstillelsespulje (punkt 4(vii)c)).
the assets which were transferred to the winding-up institution synthetically but without transfer of beneficial ownership and therefore without derecognition from the PBB balance sheet, which are entered in PBB's mortgage cover pool (paragraph 4(vii)(c)).
Tyskland sikrer, at PBB-delkoncernens regnskabsaflæggelse eller rapporteringsstrukturer gør det muligt at kontrollere, at tilsagnene opfyldes.
Germany will ensure that the PBB sub-group has suitable accounting or financial reporting structures to enable compliance with these commitments to be monitored.
Tallene i punkt 4(i), 4(iv) og 4(v) kan justeres for ikke-styrbare effekter såsom ændringer af vurderingsstandarderne.
The figures in paragraphs 4(i), 4(iv) and 4(v) may be corrected for non-taxable effects such as changes to the valuation standards.
Balancetallene kan også justeres for valutaeffekter og tendensen med hensyn til derivaternes markedsværdier, såfremt denne tendens afviger fra den i omstruktureringsplanen beskrevne, og denne afvigelse ikke skyldes en forhøjelse af derivaternes nominelle værdier.
The balance sheet figures may also be adjusted for foreign currency effects and the trend in the market values of derivatives, if this trend is different from the trend described in the restructuring plan and the difference is not attributable to an increase in the notional values of the derivatives.
DEPFA plc-delkoncernens aktiviteter
Business activities of the DEPFA plc sub-group
Tyskland sikrer, at HRE afhænder DEPFA plc-delkoncernens aktiviteter fuldstændigt
Germany will ensure that HRE separates itself completely from the business activities of the DEPFA plc sub-group,
ved afkald på nye forretninger i DEPFA plc-delkoncernen (balancesum på 248 mia. EUR pr. 31. december 2008) senest fra datoen for fremsendelsen af beslutningen.
by foregoing new business in the DEPFA plc sub-group (balance sheet of EUR 248 billion at 31 December 2008) as of the date of notification of the decision at the latest.
Ved ingen »nye forretninger« i henhold til denne tilsagnspakke forstås
The following are not ‘new business’ within the meaning of this Commitment Document:
omlægninger af eksisterende lån med henblik på værdibevarelse, såfremt disse er omfattet af håndteringen af problemlån
restructuring of existing loans in order to maintain value, provided that those loans fall under the management of problem loans;
transaktioner, der er nødvendige i forbindelse med DEPFA plc-delkoncernens eller afviklingsorganets likviditetsstyring, f.eks. centralbankoperationer
transactions which are necessary in the context of liquidity management of the DEPFA plc sub-group or the winding-up institution, e.g. central bank transactions;
forvaltning af HPBI's og ACS' puljer
management of the cover pools of HPBI and ACS;
forlængelser, der er nødvendige for at undgå tab, for så vidt en forlængelse giver betydeligt bedre udsigter til en endelig realisation
prolongations which are necessary in order to avoid losses, provided that a prolongation offers significantly better prospects of final realisation;
derivative transaktioner, der er nødvendige for at styre rente-, valuta- og kursrisici i forbindelse med den eksisterende portefølje, f.eks. asset-swaps, for så vidt de fører til, at DEPFA plc-delkoncernens risikoposition på markedet som helhed reduceres
derivative transactions which are necessary in order to manage interest rate, currency and credit risks in the existing portfolio, e.g. asset swaps, provided that they have the effect of reducing the overall market risk position of the DEPFA plc sub-group;
transaktion, der allerede var fuldt konsolideret i DEPFA plc's koncernregnskab, eller hvis økonomiske chancer og risici i forvejen for størstedelens vedkommende lå hos DEPFA-delkoncernen
business which was fully consolidated in the group financial statement of DEPFA plc or business for which the commercial opportunities and risks already lay predominantly with the DEPFA sub-group;
alle transaktioner, der er nødvendige af tilsynsmæssige eller andre lovmæssige grunde, herunder erhvervelse, besiddelse og afhændelse af omsættelige værdipapirer til forvaltningen af DEPFA plc-delkoncernens puljer og til likviditetsstyringen i DEPFA plc-delkoncernen (jf. punkt 2(iv)), dette omfatter ikke aktiviteter inden for finansiering af den offentlige sektor som strategiske aktiviteter
all business which is necessary for regulatory or other legal reasons, including the acquisition, holding and sale of approved securities for management of the cover pools of the DEPFA plc sub-group and for liquidity management of the DEPFA plc sub-group (cf. paragraph 2(iv)); this does not include any budget finance business as a strategic business activity;
alle forretninger, som DEPFA plc og dens datterselskaber indgår med henblik på refinansiering, herunder nyemissioner og tilbagekøb af gældsinstrumenter,
all business that DEPFA plc and its subsidiary companies conclude for the purpose of refinancing, including new issues and buying back of debt;
såfremt der i punkt 5.1(i)b), 5.1(i)d), 5.1(i)e) og 5.1(i)g) kræves nødvendighed, er det vigtigt, at den pågældende foranstaltning er egnet til at opnå det derved tilsigtede formål på økonomisk hensigtsmæssige og bæredygtige vilkår
if ‘necessity’ is a requirement of paragraphs 5.1(i)(b), 5.1(i)(d), 5.1(i)(e) and 5.1(i)(g), this means that the measure in question must be capable of achieving the objective that it serves under economically viable and sustainable conditions;
samt ved
and by
Afhændelse af DEPFA plc og DEPFA plc's kapitalinteresser i HPFB, HPBI og ACS
Sale of DEPFA plc or participations held by DEPFA plc (HPFB, HPBI and ACS)
Hvis og for så vidt en afhændelse af enkelte aktivpositioner i HPFB, HPBI, ACS eller DEPFA plc ikke udgør den mest økonomiske form for aktiv indskrænkning (punkt 5.3), sikrer Tyskland, at HRE straks, dog senest den 31. december 2014, sørger for en genprivatisering af HPFB, HPBI, ACS og DEPFA plc som delkoncern i henhold til afhændelsesbetingelserne i punkt 11.
If and in so far as the sale of individual assets of HPFB, HPBI, ACS or DEPFA plc does not represent the more cost-effective form of active run-down (paragraph 5.3), Germany will ensure that HRE effects the reprivatisation of HPFB, HPBI, ACS or DEPFA plc as a sub-group without delay, but by 31 December 2014 at the latest, in accordance with the terms and conditions of sale as set out in paragraph 11.
Samtidig sikrer Tyskland, at de nødvendige salgsprocedurer indledes så hurtigt, at der kan foretages en genprivatisering af HPFB, HPBI, ACS og DEPFA plc som delkoncern inden den 31. december 2014.
At the same time, Germany will ensure that the necessary sales procedures are introduced sufficiently promptly so as to enable reprivatisation of HPFB, HPBI, ACS or DEPFA plc as a sub-group to be effected by 31 December 2014.
Der skal kun foretages en genprivatisering af HPFB, HPBI, ACS og DEPFA plc som delkoncern, hvis og for så vidt med hensyn til det pågældende selskab
Reprivatisation of HPFB, HPBI, ACS or DEPFA plc as a sub-group must, in each case, take place only if and in so far as the following conditions are met with regard to the company in question:
der under hensyntagen til alle kontraktlige forpligtelser med i det væsentlige uændrede balancemæssige og for balancesummen relevante reguleringsrammer mindst opnås et salgsprovenu, der […], og
taking into account all contractual obligations and assuming that the underlying financial and balance-sheet-relevant legal conditions are essentially unchanged, the minimum sale proceeds realised are […]; and
den pågældende køber forpligter sig til at overtage den samlede refinansieringsgæld, som HPFB, HPBI, ACS og DEPFA plc har over for HRE og dens selskaber samt afviklingsorganet, og der dermed navnlig kan foretages en refinansiering, der er uafhængig af HRE og afviklingsorganet.
the purchaser in each case undertakes to redeem all of HPFB, HPBI, ACS or DEPFA plc's refinancing liabilities with respect to HRE, its subsidiaries and the winding-up institution so that refinancing which is independent of HRE and the winding-up institution can be put in place.