natgillin/translations-raw huggingface dataset:
BayernLB er dermed i højere grad inddraget i byrdefordelingen, hvilket forekommer at være rimeligt, idet BayernLB havde været den bestemmende ejer i HGAA, inden denne blev erhvervet af Republikken Østrig.
In that regard, the creation of a SEE holding or the regrouping of certain assets away from HBInt to the SEE holding with the aim of creating a viable and marketable SEE banking unit would be an acceptable solution [43].
Der er behov for en afklaring af, om der betales en tilstrækkelig forrentning for de kapitalbeviser, som Østrig har tilført HGAA som led i bankpakken.
The problem of asset quality, stemming from both the legacy portfolio and more recent risky engagements, could not be solved on a going concern basis because of increasing risk costs and impairments.
Det bør bemærkes, at der er fastsat to rentesatser i bankpakken, afhængigt af om modtagerbanken er nødlidende, eller om det drejer sig om en grundlæggende sund bank.
Therefore the Commission considers that the liquidation plan presented by Austria to increasingly transfer problematic assets into the wind-down unit as the appropriate strategy.
HGAA blev af Østrig betragtet som fundamentalt sund og betalte derfor en lavere forrentning, end hvis den var blevet klassificeret som nødlidende bank.
As regards the funding envisaged in the liquidation plan, the entities to be sold will increasingly concentrate on local funding and seek to reduce their dependency on wholesale funding provided by HGAA.
Med hensyn hertil konstaterer Kommissionen, at den samlede resterende kapital i form af kapitalbeviser forbliver hos HBInt og dermed i HGAA's afviklingsdel.
The Commission welcomes that change in funding strategy.
Da afviklingsdelen ikke længere er aktiv på markedet, og HGAA's rentabilitet ikke kan genoprettes (hvorfor HGAA bliver afviklet), konstaterer Kommissionen, at denne lavere forrentning kan accepteres i det foreliggende tilfælde.
It notes that there will be an on-going funding commitment of HGAA to the entities to be sold.
Mitarbeiterstiftung Alpe Adria var med en andel på 0,02 % den mindste ejer i HGAA.
Furthermore, the liquidation plan provides for a significant reduction in the leasing activities of HGAA, which have been a major source of HGAA’s problems in the past as leasing activities have a relatively low profitability compared to their risks and funding requirements.
HGAA har taget skridt til at inddrage indskydere af hybridkapital i byrdefordelingen, idet man tilbagekøbte eller i det store og hele opsagde disse instrumenter væsentligt under den nominelle værdi, hvilket havde en betydelig indvirkning på kapitalgrundlaget.
That reduction will also positively contribute to the marketability of the operational entities.
Endvidere konstaterer Kommissionen, at der i forbindelse med mange hybride kapitalinstrumenter og kapitalinstrumenter i form af kapitalbeviser kun finder udbytte- og kuponudbetalinger sted, hvis der opnås overskud.
The Commission concludes that the viability of HGAA cannot be restored and that the orderly wind-down strategy for HGAA as put forward by Austria is an appropriate means to deal with HGAA given that it is not possible to restore the viability of the bank as such.
Da banken ikke var rentabel i de sidste år, har ejerne af disse instrumenter heller ikke modtaget nogen tilsvarende beløb.
Own contribution and burden-sharing
Desuden vil der fremover være begrænsninger for dividende- og kuponbetalinger.
The Restructuring Communication indicates that an appropriate contribution by the beneficiary is necessary in order to limit the aid to a minimum and to address distortions of competition and moral hazard.
Efter Kommissionens opfattelse er ejerne af disse instrumenter dermed inddraget tilstrækkeligt i byrdefordelingen.
To that end, it provides that (i) both the restructuring costs and the amount of aid should be limited and (ii) a significant own contribution is necessary.
Derfor konkluderer Kommissionen, at afviklingsplanen for HGAA indeholder en passende byrdefordeling.
The Restructuring Communication further provides that, in order to keep the aid limited to the minimum, the bank should first use its own resources to finance the restructuring.
Begrænsning af konkurrencefordrejninger
The costs associated with the restructuring should not only be borne by the State but also by those who invested in the bank.
Desuden kræves det i afsnit 4 i omstruktureringsmeddelelsen, at omstruktureringsplanen indeholder foranstaltninger til begrænsning af konkurrencefordrejninger.
That objective is achieved in particular by absorbing losses with available capital.
Disse foranstaltninger bør være skræddersyede til konkurrencefordrejningerne på de markeder, hvor støttemodtageren vil være aktiv efter omstruktureringen.
First, all previous shareholders of HGAA have sold their shares to the Republic of Austria for a symbolic price of one euro which reduced the risk that the aid measures benefit the former shareholders.
I det foreliggende tilfælde skal det sikres, at de enheder, som fortsat er aktive på markedet, indtil de bliver solgt, ikke anvender de modtagede statslige midler på en konkurrenceskadelig måde og ikke handler konkurrencefordrejende.
The former owners have also provided HGAA with capital or liquidity, which have been used to cover losses and to improve the liquidity situation.
Til dette formål giver Østrig tilsagn om de i afsnit 4 fastlagte transaktionsbegrænsninger, der skal sikre, at konkurrencefordrejninger som følge af de omsættelige enheders eksistens og aktiviteter holdes på et så lavt niveau som muligt.
The majority shareholder of HGAA at the time of that sale was BayernLB.
Disse foranstaltningers art og form vil afhænge af to kriterier: for det første støttebeløbets størrelse og de vilkår og omstændigheder, hvorunder støtten er ydet, og for det andet forholdene på det marked eller de markeder, hvor modtagerbanken vil operere.
In total, BayernLB has contributed about EUR 1,5 billion in capital whilst renouncing further ownership rights, not even any prospect of further remuneration.
Den samlede statsstøtte i kapital og aktivgarantier beløber sig til 8,55 mia. EUR og svarer til ca. 26 % af HGAA's risikovægtede aktiver, som den 31. december 2008 beløb sig til 32,8 mia. EUR.
Furthermore, BayernLB faced a significant write-down loss when selling its HGAA shares which contributes to addressing moral hazard in line with point 22 of the Restructuring Communication.
Beløbet for den ydede statsstøtte er således meget højt og kræver relevante foranstaltninger.
The Commission therefore considers that the amount of burden-sharing from the former owner BayernLB is significant and adequate.
I henhold til punkt 35 i omstruktureringsmeddelelsen skal strukturelle foranstaltninger såsom frasalg fremme konkurrenters adgang til markedet, men samtidig fastsætte, at deres udtræden fra markedet af hensyn til den finansielle stabilitet sker inden for en passende tidsramme.
That conclusion will not be affected by the final outcome of the on-going lawsuit on the repayment of the outstanding loans to BayernLB.
Kommissionen bemærker, at afviklingsplanen fastlægger en velordnet afvikling, i henhold til hvilken HGAA senest den 30. juni 2015 ikke længere er aktiv som aktør på markederne, men kun vil afvikle de forretninger, som der inden da ikke er fundet en køber til.
If BayernLB were to lose the lawsuit, the amount of burden-sharing would be even higher.
Hvad angår SEE-enhedernes fortsatte aktivitet indtil deres salg, har Østrig afgivet en række tilsagn i forbindelse med disse virksomheders nye forretninger, med hvilke mulige konkurrencefordrejninger skal undgås i perioden indtil salget.
If BayernLB were to win the lawsuit, the amount of burden-sharing as assessed in this Decision would not change.
I denne sammenhæng ser Kommissionen navnlig med positive øjne på de begrænsninger for nye forretninger, som Østrig og HGAA forpligter sig til.
The contribution of GRAWE consists of both capital and liquidity measures.
Under hensyntagen til risikoomkostninger og finansieringsomkostninger bør der i forbindelse med nye forretninger opnås et afkast på mindst […] % p.a.
The originally capital injection of GRAWE into HGAA amounting to EUR 30 million has in the meantime been reduced to about EUR 9 million through a decision by the Republic of Austria as the bank’s sole shareholder to allocate the capital for loss absorption (Kapitalschnitt).
Med dette minimumsafkast for nye forretninger sikres det, at de omsættelige enheder ikke forfølger en konkurrencefordrejende prisfastsættelse, men samtidig yder et bidrag til deres langsigtede rentabilitet.
GRAWE also provided liquidity to HGAA.
På denne baggrund forpligter banken sig til en begrænsning af nye forretningers løbetid, således at løbetidsomlægningen kun i begrænset omfang har indvirkning på rentabiliteten.
Based on the above considerations, the Commission concludes that the burden-sharing of GRAWE is sufficient.
Kommissionen ser også med positive øjne på tilsagnene om en forbedret risikostyring, især at alle risikopositioner på mere end […] EUR årligt vurderes igen, og at forretninger på områderne privatkunder og offentlige finanser kun skal gennemføres med kunder med en rating på mindst […] [45].
As regards the Land Carinthia, the Commission observes that the Land Carinthia has contributed to burden-sharing by injecting capital which has been significantly reduced in the meantime through the Kapitalschnitt.
Disse tilsagn sikrer, at forretningerne føres med omhu, og at de berørte virksomheder ikke forfølger nogen risikable forretningsstrategier.
Based on the above considerations, the Commission concludes that the burden-sharing of Land Carinthia is sufficient.
Forretningerne føres på en sådan måde, at der opnås et afbalanceret forhold mellem den nødvendige rentabilitet og den påkrævede risikokontrol.
The fact that the remuneration on the Partizipationskapital for GRAWE and Land Carinthia is higher than the remuneration for the capital injected by BayernLB is justified because BayernLB provided a different kind of capital instrument.
Samtidig betyder tilsagnene, at en aggressiv markedsekspansionsstrategi udelukkes.
In contrast to GRAWE and Land Carinthia, they provided no Partizipationskapital, but simply renounced all rights deriving from capital instruments and some liquidity.
I henhold til afviklingsplanen enten afvikles eller sælges alle omsættelige dele af HGAA.
Thus BayernLB provided a higher degree of burden-sharing which seems appropriate as BayernLB had been the dominant owner of HGAA before the acquisition of the bank by Austria.
Denne salgs- og afviklingsproces bidrager i væsentlig grad til at begrænse støttebetingede konkurrencefordrejninger, da HGAA som sådan forsvinder fra markedet.
Another open issue is whether the injected Partizipationskapital capital into HGAA by Austria under the conditions of the bank support scheme is sufficiently remunerated.
Efter Kommissionens opfattelse retfærdiggør den fortsatte ustabile situation på finansmarkederne, navnlig i SEE-landene, den ret lange frist (den 30. juni 2015) for salget af enhederne i disse lande.
It has to be recalled that under the bank support scheme there were two different interest rates to be paid depending on whether the aided bank had been a distressed or a fundamentally sound bank.
Kommissionen fastslår, at forretningerne i Østrig allerede er solgt, og at disse forretninger også afvikles, hvis salget ikke er afsluttet inden den 30. juni 2014.
HGAA was considered as fundamentally sound by Austria and thus paid lower remuneration rates than if it would have done had it been considered a distressed bank.
Samlet konstaterer Kommissionen, at den resterede balancesum og HGAA's risikovægtede aktiver vil reduceres med 85 % inden 2017 (såfremt salget sker som planlagt).
On that issue, the Commission observes that all the remaining Partizipationskapital remains with HBInt, and thus with the wind-down part of HGAA.
Foruden disse vidtrækkende foranstaltninger har Østrig afgivet tilsagn om et forbud mod at reklamere med statsstøtten og et forbud mod aggressiv handelspraksis.
Given that the wind-down part is no longer active on the market and that the viability of HGAA cannot be restored (so that HGAA will be liquidated), the Commission finds that the low remuneration can be accepted in the present case.
Kommissionen hilser også overtagelsesforbuddet velkommen, med hvilket det sikres, at statsstøtten ikke anvendes til at overtage konkurrenter, men derimod tjener dens anvendelsesformål, nemlig at finansiere afviklingsprocessen.
The Mitarbeiterstiftung Alpe Adria was the smallest owner of HGAA with a 0,02 % stake.
KONKLUSIONER
Given the complete loss of any shareholders’ rights without any consideration, the Commission considers the degree of burden-sharing is sufficient, in particular given its relative small size compared with the other owners.
I betragtning af Østrigs tilsagn kan det konkluderes, at afviklingsstrategien er i overensstemmelse med omstruktureringsmeddelelsen, at afviklingsstøtten er begrænset til det nødvendige minimum, og at konkurrencefordrejninger holdes på et så lavt niveau som muligt.
As regards the hybrid capital holders, HGAA has taken a number of steps to ensure their burden-sharing by buying back those instruments significantly below par or cancelling them altogether which has generated a significant capital effect.
Afviklingsstøtten kan derfor betragtes som forenelig med det indre marked i henhold til artikel 107, stk. 3, litra b), i TEUF —
Furthermore, the Commission notes that many of the hybrid capital instruments as well as the Partizipationskapital instruments only yield dividends or coupon payments in case of profits.
VEDTAGET FØLGENDE AFGØRELSE:
Given the lack of profitability of the bank in recent years, the holders of those instruments have not received such payments.
Følgende foranstaltninger udgør statsstøtte:
As a result, the Commission considers that there is sufficient burden-sharing from the holders of those instruments.
rekapitaliseringen på 450 mio. EUR som led i bankpakken
Limiting competition distortions
garantierne på 1,35 mio. EUR som led i bankpakken
Finally, section 4 of the Restructuring Communication requires that the restructuring plan contains measures limiting distortions of competition.
aktivgarantien på 100 mio. EUR
Such measures should be tailor-made to address the distortions on the markets where the beneficiary operates after restructuring.
aktivgarantien på 200 mio. EUR
In the present case it needs to be ensured that the entities which will remain active on the market before they will be finally sold do not use the State resources received in a manner which is detrimental to competitors and do not act in a distortive manner.
rekapitaliseringen på 500 mio. EUR
To that end, Austria commits to the business restrictions set out in section 4 of the Annex which will ensure that until the sale competition distortions resulting from the existence and the activities of the operational entities are kept as much as possible to the minimum.
statsgarantien for efterstillede Tier 2-kapitalinstrumenter med en nominel værdi på 1 mia. EUR
The nature and form of competition measures depend on two criteria: first, the amount of the aid and the conditions and circumstances under which it was granted and, second, the characteristics of the markets on which the beneficiary will operate.
den mulige fremtidige likviditet til afviklingen af HGAA på op til 3,3 mia. EUR.
The total aid amount in capital and asset guarantees would amount to EUR 8,55 billion which is equivalent to approximately 26 % of HGAA’s RWA of EUR 32,8 billion as of 31 December 2008.
Den i stk. 1 anførte statsstøtte er på baggrund af tilsagnene i bilaget forenelig med det indre marked.
The amount of aid granted is therefore significant very large, requiring appropriate measures.
Artikel 2
Point 35 of the Restructuring Communication stipulates that structural measures such as divestitures should favour the entry of competitors while allowing for the exit process to take place within an appropriate time frame that preserves financial stability.
Østrig sikrer, at den afviklingsplan, inklusive tilsagnene i bilaget, som blev fremlagt den 29. juni 2013 og udvidet den 27. august 2013, gennemføres fuldt ud.
The Commission observes that the liquidation plan provides for an orderly wind-down where by 30 June 2015 at the latest HGAA will cease to exist as an active economic actor on the markets and will just wind down the activities which have not been sold by that time.
Artikel 3 Denne afgørelse er rettet til Republikken Østrig.
As regards the continued activity of the SEE entities until their sale, Austria has submitted a number of commitments as regards the new business to be pursued by those entities, avoiding any possible distortion of competition in the period until the sale.
Udfærdiget i Bruxelles, den 3. september 2013.
In that respect, the Commission in particular positively takes note of the restrictions on new business to which Austria and HGAA committed: After taking into account risk costs and funding costs a minimum return of […] % p.a. should be realised on new business.
På Kommissionens vegne Joaquín Almunia Næstformand
That minimum return on new business will ensure that operational entities do not enter into anti-competitive pricing practices while at the same time contribute to their long-term profitability.
Denne støtteordning var blevet godkendt ved Kommissionens beslutning af 9. december 2008 i sag N 557/2008, foranstaltninger i henhold til lov om stabilitet på finansmarkederne (Finanzmarktstabilitätsgesetz) og lov om styrkelse af interbankmarkedet (Interbankmarktstärkungsgesetz) for kreditinstitutter og forsikringsselskaber i Østrig (EUT C 3 af 8.1.2009, s. 2).
In the same spirit, the bank commits to limitations on the maturities of new business so that maturity transformation only contributes in a limited way to profitability.
Indehaverne af kapitalbeviser har ikke stemmerettigheder.
As regards […], Austria provided an additional commitment to limit the […] business to customers rated […] or better and not to exceed a total volume of EUR […].
EUT C 134 af 13.6.2009, s. 31.
That commitment mitigates the risks associated with currency devaluation and restricts the volume in which the bank can be active in that market segment.
EFT C 83 af 27.3.1999, s. 1.
In summary, those restrictions both serve to ensure long-term viability and limit the competitive capacity of the respective entities.
EUT C 85 af 31.3.2010, s. 21.
The Commission further views positively the commitments regarding an improved risk management, in particular as regards the annual re-rating of all exposures exceeding EUR […] and the commitment that in retail and public finance the bank will only do business with customers rated […] [45].
EUT C 266 af 1.10.2010, s. 5.
Those commitments ensure that the business conduct will be prudent and the affected entities will abstain from a risky business strategy.
EUT C 31 af 4.2.2012, s. 13.
Business will be conducted so that profitability needs are balanced with the necessary risk control considerations.
Herefter SA.32554 (2009/C), Omstruktureringsstøtte til Hypo Group Alpe Adria.
At the same time, the commitments also preclude an aggressive market expansion strategy.
EUT C 59 af 28.2.2013, s. 34.
The Commission notes positively the two-fold purpose of the commitments set out in recitals 147 and 148.
Endnu ikke offentliggjort.
Firstly, they contribute to increasing the saleability of the business as no overly risky business is conducted, and secondly, they diminish competition distortions by restricting aggressive behaviour and thus limiting new business.
Jf. betragtning (4) og redningsbeslutningen fra december 2009.
Under the liquidation plan all operational parts of HGAA will be either wound down or sold.
Virksomhederne Norica og HBInt Credit Management (CM), som hver ejes 49 % af eksterne investorer, skal ligeledes afvikles.
Austria has provided a firm commitment as regards the sale of HBA and the SEE network (in parts or as a whole) in that the sale has to be done by 30 June 2014 respectively 30 June 2015 at the latest.
Fortrolige oplysninger
After that date, all new business has to stop and HGAA will exit the market, either because all activities are in a wind-down process or because they have been sold to a third party in a transparent way.
Som følge af Østrigs redning af HGAA på disse vilkår måtte BayernLB afskrive den bogførte værdi for HGAA på 2,3 mia. EUR fuldstændig og give afkald på krav over for HGAA vedrørende allerede til rådighed stillede midler på 825 mio. EUR.
As such, the sales/wind-down process of HGAA contributes significantly to limiting the competition distortions of competition resulting from the aid, because HGAA as such will disappear from the markets.
Jf. bilag, afsnit IV.3.2.2.
It also welcomes an acquisition ban, which ensures that the State aid will not be used to take over competitors, but to serve its intended purpose, namely to finance the liquidation process.
[…] gennemføres i overensstemmelse med […] i afsnit V.3.4 i tilsagnspakken (se bilag).
The Commission deplores Austria’s partial compliance with the commitments it entered into within the framework of the 2012 December rescue decision.
For at sikre en[…] egenfinansiering kan HBI […], såfremt dette er nødvendigt for at forhindre eller udligne en underskridelse af […].
The Commission considers, however, that the breach of some of those commitments which lasted for a restricted period of time is counterbalanced by the complete break-up and liquidation of the bank.
Jf. fodnote 14.
Taking into account the commitments and in light of the appropriateness of the own contribution and burden-sharing as set out in recitals 122 to 138, the Commission considers that there are sufficient safeguards to limit potential distortions of competition despite the high amount of aid granted to HGAA.
Som forklaret i fodnote 16, […].
CONCLUSIONS
Se f.eks. betragtning 92 i indledningsbeslutningen fra 2009, betragtning 66 i redningsbeslutningen fra december 2009, betragtning 31-39 i forlængelsesafgørelsen fra 2010, betragtning 39-43 i redningsafgørelsen fra juli 2011, betragtning 37 i redningsafgørelsen fra december 2012.
In view of the commitments made by Austria it is concluded that the wind-down strategy is in line with the Restructuring Communication, the liquidation aid is limited to the minimum necessary and competition distortions are sufficiently addressed.
Jf. bl.a. betragtning 31 i forlængelsesafgørelsen fra 2010 og betragtning 40 i redningsafgørelsen fra juli 2011.
The liquidation aid is thus compatible with the internal market pursuant to Article 107(3)(b) of the Treaty,
Jf. f.eks. betragtning 39 i forlængelsesafgørelsen fra 2010.
HAS ADOPTED THIS DECISION:
Jf. betragtning 65 i redningsbeslutningen fra december 2009.
Article 1
Jf. bl.a. betragtning 34 og 38 o forlængelsesafgørelsen fra 2010.
The following measures constitute State aid:
Jf. bl.a. betragtning 66 i redningsbeslutningen fra december 2009, betragtning 35 og 37 i forlængelsesafgørelsen fra 2010 og betragtning 43 i redningsafgørelsen fra juli 2011.
the recapitalisation in the amount of EUR 900 million under the bank support scheme;
Jf. bl.a. betragtning 36 i forlængelsesafgørelsen fra 2010.
the recapitalisation in the amount of EUR 450 million under the bank support scheme;
Jf. betragtning 102 i indledningsbeslutningen fra 2009.
the guarantees of EUR 1,35 billion under the bank support scheme;
Jf. betragtning 67 i redningsbeslutningen fra december 2009.
the asset guarantee of EUR 100 million;
Jf. betragtning 98 i indledningsbeslutningen fra 2009.
the asset guarantee of EUR 200 million;
Jf. betragtning 98 i indledningsbeslutningen fra 2009 og betragtning 42 i forlængelsesafgørelsen fra december 2010.
the recapitalisation in the amount of EUR 500 million;
Jf. betragtning 44 i redningsafgørelsen fra juli 2011 og betragtning 38 i redningsafgørelsen fra december 2012.
the State guarantee on subordinated Tier-2 capital instruments with a nominal value of EUR 1 billion;
Erstattes af Kommissionens afgørelse af 5. februar 2013 med det samme nummer; endnu ikke offentliggjort.
the contingent capital for the wind-up of HGAA up to a maximum amount of EUR 5,4 billion;