natgillin/translations-raw huggingface dataset:
Kommissionen bemærker endvidere, at CGD's operationelle effektivitet også vil blive forbedret ved at øge indkomsten fra ydelser og provisioner baseret på indførelsen af nye gebyrstrukturer.
In respect of the Portuguese economy the presence of a serious disturbance has been confirmed in the Commission’s various approvals of the measures undertaken by the Portuguese authorities to combat the financial crisis.
Denne indtægtsstigning fra gebyrer og provisioner forekommer berettiget, både fordi andelen af provisioner i CGD's driftsregnskab er ret lav sammenlignet med gennemsnittet i den portugisiske banksektor, og fordi banken har fuld kontrol over de gældende gebyrstrukturer.
In particular, the Commission has acknowledged in its last approval of the prolongation of the Portuguese Recapitalisation Scheme [12] that there is an on-going threat of serious disturbance in the Portuguese economy and that State support of banks is suitable to remedy that disturbance.
Med hensyn til nedgearingen af balancen bemærker Kommissionen, at CGD's omstruktureringsplan er velafbalanceret, så man omhyggeligt undgår en negativ påvirkning af genopretningen af Portugals økonomi, også selv om de tilknyttede foranstaltninger i alt beløber sig til [10-20] mia. EUR, hvilket svarer til en balancenedskæring på [10-20] %.
The Commission notes that the Portuguese banking system faced severe difficulties at the time the aid measures were granted, as a result of the fact that some of the Portuguese banks were highly leveraged, had high loan-to-deposit ratios, and had to cope with an increasing ratio of non-performing loans.
Hvis CGD som Portugals største bank blot havde skåret udlånsbudgettet ned, kunne det have bidraget til en kreditklemme og skadet realøkonomien.
The Commission furthermore notes that Portugal receives financial assistance from euro area Member States, part of which is earmarked for the support of Portuguese banks [13].
Dette resultat undgik man, ved at de vigtigste kilder til CGD's nedgearingsbestræbelser ikke er knyttet til det kreditbeløb, som kan sendes ud i den portugisiske økonomi.
Given the systemic importance of CGD – which is a leading bank in Portugal – and the significance of its lending activities for the Portuguese economy, the Commission accepts that its failure to satisfy strengthened capital requirements would have entailed serious consequences for the Portuguese economy.
CGD's udlånskapacitet er upåvirket af salget af forsikringsvirksomheden, salget af de resterende ikke-strategiske kapitalinteresser, tilbagebetalingen af tidligere BPN-gæld og afviklingen af ikke-kernekredit i Spanien.
In view of the current situation of the Portuguese economy and the widespread lack of banks’ access to international and wholesale funding markets, the Commission considers that the requirements for State aid to be approved pursuant to Article 107(3)(b) of the Treaty are fulfilled.
Nedgearingsbestræbelserne er herefter klart målrettede, da de gør CGD i stand til at fokusere på sin centrale detailbankvirksomhed og frigive midler, som kan styrke bankens kernekapital, samtidig med at man undgår nedgearingens potentielle skadevirkninger for den portugisiske økonomi.
Compatibility of the aid with the Restructuring and Prolongation Communication
På samme måde noterer Kommissionen sig CGD's forpligtelse over for den portugisiske regering til at bevilge 30 mio. EUR om året til en fond, der herefter skal investere i SMV'ers og midcap-selskabers egenkapital med henblik på at sikre finansiering til realøkonomien i Portugal.
All the measures identified as State aid have been provided in the context of the restructuring of CGD.
Disse investeringer vil ikke indebære erhvervelse af kapitalandele i konkurrerende virksomheder, og Kommissionen mener heller ikke, at de udgør markedsfordrejende aktiviteter, jf. omstruktureringsmeddelelsens punkt 23.
The Commission communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules (‘Restructuring Communication’) [14] sets out the rules applicable to the granting of restructuring aid of financial institutions in the current crisis.
CGD har foreslået en rimelig fremgangsmåde for at sikre et salg af Caixa Seguros inden for omstruktureringsperioden.
In that regard the Commission notes that the capital needs of CGD were essentially linked to a crisis of confidence regarding the sovereign debt of Portugal.
Omlægningen af CGD's bankvirksomhed i Spanien er et væsentligt element i CGD's plan for at opnå en positiv samlet rentabilitet inden for en kort tidsfrist.
Although they were not directly caused by the impact of marking sovereign bonds to market, the underlying reason was comparable, as EBA required banks to establish a capital buffer related to the amount of sovereign bonds held on the balance sheet (the so-called ‘sovereign buffer’) and as a consequence increased its minimum capital requirements.
Især i betragtning af at virksomheden i Spanien allerede har været urentabel i nogen tid og bidrog negativt, før finanskrisen startede, er der behov for en målrettet tilgang for at afhjælpe det problem.
Out of CGD’s total capital buffer requirement of EUR 1650 million as established by EBA, which led to the need for that amount of State aid, EUR 1073 million (65 %) are due to exposure to Portuguese sovereign debt.
I omstruktureringsplanen har CGD opstillet sin foretrukne mulighed for at afslutte engrosaktiviteterne i Spanien og omstrukturere og videreføre detailaktiviteterne i mindre målestok samt alternativer hertil, nemlig en fuldstændig nedlæggelse af virksomheden, afhændelse heraf gennem salg eller assetswap, hvorved den gradvist afvikles, eller inddragelse af en joint venturepartner.
The Commission’s analysis has furthermore shown that CGD did not take excessive risk in acquiring sovereign debt.
Alle disse alternativer havde dog deres særlige ulemper og ventedes at resultere i kapitaltab af et anseeligt omfang.
The sovereign debt portfolio was acquired by doing carry trade transactions (financed by ECB one-year funding).
CGD kom derfor til den konklusion, at en omstrukturering af de spanske operationer økonomisk set er den bedste mulighed.
Whilst such transactions could under certain circumstances be considered as above-average risk-taking, the acquired bonds represented eligible collateral and the relevant rating notations were well above investment grade (AA- for Portugal).
Kommissionen mener, at det vil være vanskeligt at omstrukturere de spanske aktiviteter i den nuværende makroøkonomiske situation, men anerkender samtidig, at alternative tilgange kan være dyrere.
For those reasons the Commission will undertake a proportionate assessment pursuant to point 14 of the 2011 Prolongation Communication.
Kommissionen glæder sig over, at engrosaktiviteterne er blevet indstillet, og at BCG under alle omstændigheder vil afvikle en anseelig portefølje af ikke-kerneaktiver i sine spanske aktiviteter, reducere sit fodaftryk i Spanien betydeligt med næsten [50-60] % og er ved at undersøge mulighederne for at spare omkostninger ved at benytte tjenesteydelser, som er tilgængelige i koncernen.
Restoration of viability
Som Kommissionen ser det, er det dog nødvendigt at styrke målet om at sikre en omlægning af virksomheden i Spanien så snart som muligt.
As the Commission sets forth in its Restructuring Communication the Member State concerned needs to provide a comprehensive restructuring plan which shows how the long-term viability of the beneficiary will be restored without State aid within a reasonable period of time and within a maximum of five years.
Af den grund anser Kommissionen det for væsentligt, at Portugal har givet tilsagn om, at BCG senest den […] enten vil opfylde de centrale resultatindikatorer defineret i afsnit 4.2.7.3.1.5 i tilsagnene, jf. bilaget, for de relevante grænser for løn- og administrationsomkostninger, forholdet mellem omkostninger og indkomst, finansiering, indlån, ny kredit, nettomargin og misligholdte lån eller — hvis banken ikke opfylder dem — vil standse ny erhvervsaktivitet i Spanien og afvikle alle spanske aktiviteter.
Long-term viability is achieved when a bank is able to compete in the marketplace for capital on its own merits in compliance with the relevant regulatory requirements.
På baggrund af den beskyttelsesforanstaltning og manglen på alternativer på kort sigt accepterer Kommissionen planen om at omlægge detailbankaktiviteterne i Spanien som led i CGD's omstruktureringsplan.
For a bank to do so, it must be able to cover all its costs and provide an appropriate return on equity, taking into account the risk profile of the bank.
En sådan dækningsgrad kan anses for at være på linje med dækningsgraden for andre portugisiske banker, som ikke har modtaget statslig kapital, f.eks. Banco Espirito Santo eller Banco Santander Totta.
Portugal has submitted a restructuring plan for CGD, with a five-year time horizon, going up to 2017 and showing a return to viability at the end of the restructuring period.
CGD's dækningsgrad skal vurderes i lyset af, at banken traditionelt har et stærkt fodfæste som realkreditudbyder i Portugal og dermed har en stor realkreditandel i sin låneportefølje med et gennemsnitligt forhold mellem realkreditlånets størrelse og ejendomsværdien på ca. [70-80] %.
Point 10 of the Restructuring Communication requires that the proposed restructuring measures constitute a remedy to the beneficiary’s weaknesses.
Under hensyntagen til disse faktorer forekommer en dækning for credit at risk på [50-60] % at være tilstrækkeligt til at dække CGD's fremtidige tab på lån gennem omstruktureringsperioden.
In that regard, the Commission notes that the restructuring plan addresses the core weakness of CGD, namely the overall weak profitability of its domestic banking operations, which represent 80 % of its activities.
Kommissionen bemærker endelig, at alle foranstaltninger i omstruktureringsplanen er gearet til at genoprette CGD's rentabilitet og føre til et tilfredsstillende rentabilitetsniveau, jf. egenkapitalforrentningen (»ROE«) på [5-10] % for CGD's bankaktiviteter i Portugal, som er målet for 31. december 2017, samt egenkapitalforrentningen på [5-10] % for de konsoliderede resultater af alle aktiviteter i CGD-koncernen pr. 31. december 2017.
The weak results of CGD’s domestic activities can only partly be offset by the positive performance of CGD’s international operations, although on average they have shown in the past and currently still show positive Returns on Capital Employed (ROCE).
Støtte begrænset til et minimum, eget bidrag og byrdefordeling
In 2012, for example, the banking activities in Angola achieved a ROCE of [50-60] %, those in Mozambique a ROCE of [20-30] %, in South Africa [20-30] %, and in Macau [20-30] %.
Omstruktureringsmeddelelsen viser, at et passende bidrag fra støttemodtageren er nødvendigt for at begrænse støtten til et minimum og afhjælpe konkurrencefordrejninger og moral hazard.
In comparison, the banking activities of CGD in Portugal achieved a ROCE of – [10-20] % in 2012.
Med henblik herpå fastsættes det, at i) både omstruktureringsomkostninger og støttebeløb skal begrænses, og ii) et betydeligt eget bidrag er nødvendigt.
As the international activities contribute positively to the overall economic situation of the CGD group, but only represent a small part of the activities, the restructuring plan focusses on improving the profitability of the domestic operations.
CGD's omstruktureringsplan indeholder ikke elementer, som tyder på, at støtten overstiger de nødvendige midler til at genoprette langsigtet rentabilitet.
The Commission positively notes that CGD had taken measures to reduce its labour and administrative costs before it received State aid.
Som beskrevet i betragtning (13) blev kapitalunderskuddet, der skulle dækkes, bestemt på grundlag af aftalememorandummet mellem den portugisiske regering på den ene side og IMF, ECB og Kommissionen på den anden.
The current macroeconomic situation and the prospects of the domestic banking market, however, called for a more resolute approach, such as the optimization effort that is set out in the restructuring plan.
Ifølge punkt 34 i omstruktureringsmeddelelsen er et af de bedste midler til at begrænse konkurrencefordrejninger, at der betales en passende pris for enhver form for statslig indgriben.
The targeted reduction of the bank’s headcount, reducing the number of employees in Portugal in the banking area from 9401 to [8500-9000] over the restructuring period, thereby projecting a reduction of labour costs by [5-10] %, is an adequate means to achieve the required savings, in particular when taking into account that the budget for administrative costs will also be significantly cut down.
Kommissionen bemærker i den forbindelse, at den kapital, der er stillet til rådighed i form af CoCo'er, forrentes tilstrækkeligt i overensstemmelse med Kommissionens og ECB's retningslinjer [16].
The Commission’s analysis of CGD’s branch network initially showed that room for improvement as regards the handling of branches that were clearly underperforming.
Forrentningen af CoCo'er begynder med 8,5 % det første år og vil trinvist stige over tid til en gennemsnitlig årlig forrentning på 9,2 % i løbet af investeringsperioden.
However, the periodic revaluation process of branches which CGD has now established is an adequate approach to monitor the performance of the retail network so as to be able to adjust the domestic footprint if required.
Den trinvise forhøjelse vil tilskynde CGD til at frigøre sig fra det statslige indgreb.
In the restructuring plan CGD has set out that it will reduce the domestic branch network by [5-10] %, closing [70-80] out of the 840 branches.
Kommissionen bemærker, at CGD ifølge omstruktureringsplanen og de dertil knyttede forpligtelser vil bruge sin overskydende kapital til fuldstændig tilbagebetaling af CoCo'er (se afsnit 5 i Tilsagnspakken).
From the Commission’s point of view, the targeted downsizing appropriately adjusts CGD’s domestic presence to the market requirements, while on the whole maintaining an adequate service level to clients.
CGD vil i 2014 bruge [50-60] % af sin overskydende kapital og [90-100] % af den overskydende kapital i 2015 og i de følgende år til at tilbagebetale de 900 mio. EUR i CoCo'er.
The Commission furthermore notes that the improvement of CGD’s operational efficiency will also be achieved by increasing the income from services and commissions, based on the introduction of new fee structures.
Tilbagebetalingsordningen begrænser den kapitalbuffer, som CGD kan have på sin balance, og sikrer derved, at støtten vil forblive begrænset til det nødvendige minimum i løbet af omstruktureringsperioden.
That fee and commission income increase seems justified, considering both that the share of commissions in CGD’s income statement is rather low compared to the average in the Portuguese banking sector on the one hand and that the bank has full control over the applicable fee structures on the other hand.
Det er desuden vigtigt at bemærke, at salget af forsikringsdelen vil frigøre lovbestemt egenkapital og dermed gøre det mere sandsynligt, at CGD vil have overskydende kapital, som kan bruges til tilbagebetaling af CoCo'er, og således også kan bidrage til omstruktureringsomkostningerne af egne midler.
As regards the deleveraging of the balance sheet, the Commission notes that CGD’s restructuring plan is well balanced and carefully avoids producing negative effects on the recovery of the Portuguese economy, even though in total the related measures add up to an amount of EUR [10-20] billion, equivalent to a balance sheet reduction of [10-20] %.
Kommissionen bemærker dog, at CGD ikke overholdt udbytteforbuddet, men udbetalte udbytte til et beløb på 405415 EUR i modstrid med Portugals tilsagn i forbindelse med redningsafgørelsen.
If CGD as Portugal’s largest bank had simply cut down the size of the credit budget it could have contributed to a credit crunch and hurt the real economy.
Målet med udbytte- og kuponforbuddet er at forhindre kapitaludstrømning for derved at sikre, at støtten kan tilbagebetales, og at statsstøtten begrænses til det nødvendige minimum.
That outcome was avoided by the fact that the main sources of CGD’s deleveraging efforts are not linked to the amount of credit which may be provided to the Portuguese economy.
I den forbindelse bør bankens aktionærer samt indehavere af hybridkapital og efterstillet gæld så vidt muligt udelukkes fra potentielle fordele ved statsstøtten.
CGD’s lending capacity is unaffected by the sale of the insurance business, the sale of remaining non-strategic holdings, the repayment of ex-BPN debt, and the run-off of non-core credit in Spain.
Da CGD var i stand til at udbetale udbytte, blev det påvist, at støttebeløbet ikke var begrænset til det nødvendige minimum.
The deleveraging efforts are hence well targeted, as they enable CGD to focus on its core retail banking operations and release funds that can strengthen the core capital of the bank whilst avoiding the potential negative effects of deleveraging for the Portuguese economy.
De oplysninger, CGD afgav i løbet af misbrugsundersøgelsesproceduren, har ikke ændret Kommissionens vurdering i indledningsafgørelsen om, at udbetalingerne var udbetalinger af udbytte, som faldt ind under redningsafgørelsens udbytteforbud, eller vist en retlig forpligtelse til at foretage udbetalingen, som ville have åbnet mulighed for en udbetaling af udbytte i henhold til redningsafgørelsen.
In the same vein the Commission takes note of the commitment by CGD vis-à-vis the Portuguese Government to allocate EUR 30 million per year to a fund that will in turn invest in equity of SMEs and mid-cap corporates in order to secure financing to the real economy in Portugal.
Kommissionen konkluderer, at støtteforanstaltninger til et beløb på 1650 mio. EUR var begrænset til det nødvendige minimum med undtagelse af et beløb på 405415 EUR, som blev brugt til udbyttebetaling.
Such investments will not involve the acquisition of equity stakes in competing businesses, and the Commission also considers that they do not constitute market-distorting activities within the meaning of point 23 of the Restructuring Communication.
I den henseende noterer Kommissionen navnlig CGD's tilsagn om at tilbagebetale et beløb til Portugal svarende til udbyttebetalingen og dermed det beløb, hvormed den bevilgede støtte oversteg det nødvendige minimum.
There is nothing in that commitment which can give rise to an additional advantage to CGD, and therefore the Commission does not need to consider further the status of that commitment in the present decision.
I betragtning af dette tilsagn anses støtten for at have været begrænset til det nødvendige minimum.
As regards the sale of CGD’s insurance activities, it is necessary to restructure Caixa Seguros in order to improve its marketability, as set out in CGD’s restructuring plan.
Endvidere bemærker Kommissionen, at Portugal har forpligtet sig til et forbud mod udbytte-, kupon- og rentebetalinger (se afsnit 6.7 i Tilsagnspakken).
CGD has proposed a reasonable approach to achieve a sale of Caixa Seguros within the restructuring period.
I punkt 24 i omstruktureringsmeddelelsen fastsættes det yderligere, at et passende vederlag for statslig kapital også er et middel til at opnå byrdefordeling.
The turnaround of CGD’s banking operations in Spain constitutes a significant element in CGD’s plan to achieve a positive overall profitability within a short timeframe.
Som fastslået i betragtning (76) finder Kommissionen, at den kapital, som blev stillet til rådighed i form af CoCo'er, forrentes tilstrækkeligt.
In particular in view of the fact that the operations in Spain have been unprofitable for some time already and were contributing negatively before the financial crisis started, a decisive approach is needed to tackle that problem.
Endelig bemærker Kommissionen, at CGD allerede har truffet omkostningsbesparende foranstaltninger og fortsat vil gennemføre disse, især ved at nedbringe antallet af ansatte og reducere sit filialnet i Portugal og derved bidrager til omstruktureringsomkostningerne via interne foranstaltninger.
In the restructuring plan, CGD has set out its preferred option to terminate the wholesale activities in Spain and to restructure and continue the retail activities on a smaller scale as well as alternatives, namely a full shut-down of the operation, divesting them by a sale or an asset swap, putting them into a progressive run-off, or looking for a joint venture partner.
Af de årsager konkluderer Kommissionen, at omstruktureringsplanen sikrer, at støtten er begrænset til det nødvendige minimum og garanterer et passende eget bidrag og en passende byrdefordeling.
However, all of those alternatives had their specific downsides and were expected to result in capital losses of significant magnitude.
Endelig skal omstruktureringsplanen i henhold til afsnit 4 i omstruktureringsmeddelelsen indeholde foranstaltninger, der begrænser konkurrencefordrejninger.
The Commission reckons that the restructuring of the Spanish operations in the current macroeconomic context will be a difficult undertaking but at the same time acknowledges that the alternative approaches could be more costly.
Disse foranstaltninger skal skræddersys til at fjerne fordrejninger på det marked, hvor den støttemodtagende bank opererer efter omstruktureringen.
The Commission notes positively that the wholesale activities have been stopped and that BCG will in any case run-down a sizeable portfolio of non-core assets of its Spanish operations, significantly reduce its footprint in Spain by nearly [50-60] % and is exploring possibilities to save costs by using services available in the group.
Disse foranstaltningers art og form vil afhænge af to kriterier:
From the Commission’s point of view it is, however, necessary to reinforce the objective of achieving a turnaround of the operations in Spain as soon as possible.
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 den modtagende bank vil operere.
For that reason the Commission deems it essential that Portugal has given a commitment that BCG will either meet by the […] the key performance indicators defined in section 4.2.7.3.1.5 of the commitments set out in the Annex with regard to the relevant thresholds for labour and administrative costs, cost-to-income ratio, funding, deposits, new credit, net margin, and non-performing loans, or – if it fails to achieve them – to stop new business in Spain and to run down all Spanish activities.
Endvidere skal Kommissionen tage hensyn til omfanget af støttemodtagerens eget bidrag og byrdefordelingen i løbet af omstruktureringsperioden.
In view of that safeguard and the lack of alternatives in the short run, the Commission accepts the plan to achieve a turnaround of the retail banking activities in Spain as an element of CGD’s restructuring plan.
Da CoCo'er forrentes tilstrækkeligt, er der kun behov for moderate foranstaltninger for at begrænse potentielle konkurrencefordrejninger.
The Commission furthermore considers CGD’s restructuring plan to be credible even if the current difficult economic situation of Portugal were to last longer assumed in the base case.
Den forholdsmæssige nedskæring af CGD's balance, geografiske aftryk og personale vil bidrage til at begrænse konkurrencefordrejninger.
CGD projects credit at risk to further increase over the restructuring period from an already high level of 12 % to [10-20] % at the end of 2017.
Selv om afhændelsen af Caixa Seguros og nedskæringen og omstruktureringen af den spanske virksomhed vil bidrage til at genoprette bankens rentabilitet, anses den resterende reduktion af balancen for passende sammenlignet med de konkurrencefordrejninger, der hidrører fra støtten.
The bank furthermore projects to increase provisioning of credit at risk to [50-60] %.
Ud over de strukturelle foranstaltninger forpligtede Portugal sig også til flere adfærdsmæssige begrænsninger.
Such a coverage ratio can be deemed to be in line with that of other Portuguese banks which have not received State capital, for example those of Banco Espirito Santo or Banco Santander Totta.