natgillin/translations-raw huggingface dataset:
De berørte medlemsstater forelægger i øvrigt Kommissionen forslag til nedbringelse af general- og personaleomkostninger i Dexia-koncernen, hvis — ved udgangen af det pågældende regnskabsår — i) nettomarginen er mere end 20 % lavere end det fastsatte mål, ii) nettofortjenesten (ekskl. reserver) er over 25 % lavere end det fastsatte mål, iii) tabene er bogført på resultatopgørelsen, eller iv) Dexia-koncernen ikke længere overholder gældende lovs minimumskrav til nøgletal.
The Member States concerned will also forward proposals to the Commission in respect of a reduction of the Dexia Group’s general and personnel costs if, at the end of the accounting year in question, (i) the net banking profit is more than 20 % lower than the target set; (ii) the net profit (excluding provisions) is more than 25 % lower than the target set; (iii) the profit and loss account records losses; or (iv) the Dexia Group no longer complies with the minimum regulatory ratios in force.
Denne forpligtelse træder først i kraft for årsregnskaber efter 2012.
This commitment will be effective only for the annual accounts after 2012.
Belfius forpligter sig til at begrænse sin nye produktion af public banking-lån til maksimalt [2,5-5] mia. EUR for 2013 og [2,5-5] mia. EUR for 2014.
Belfius undertakes to limit its new production of Public Banking loans to a maximum of EUR [2,5-5] billion for 2013 and EUR [2,5-5] billion for 2014.
Hvis markedsvæksten overstiger den normale årlige vækstrate på 4 % på markedet for public banking-lån i Belgien i 2013, kan beløbet revideres med Kommissionens forhåndsgodkendelse.
If market growth exceeds the normal annual growth rate of 4 % in the market for Public Banking loans in Belgium in 2013, this amount may be reviewed subject to the prior agreement of the Commission.
Belfius Assurance SA forpligter sig til at begrænse sin nye produktion i form af bruttopræmier på livsforsikringsprodukter til maksimalt [0-2,5] mia. EUR for 2013 og maksimalt [0-3] mia. EUR for 2014.
Belfius Assurance SA undertakes to limit its new production in gross earned premiums for life insurance products to a maximum of EUR [0-2,5] billion in 2013 and a maximum of EUR [0-3] billion in 2014.
Hvis markedsvæksten overstiger den normale årlige vækstrate på 4 % på markedet for livsforsikringer i Belgien og Luxembourg i 2013, kan beløbet revideres med Kommissionens forhåndsgodkendelse.
If market growth exceeds the normal annual growth rate of 4 % in the market for life insurance products in Belgium and Luxembourg in 2013, this amount may be reviewed subject to the prior agreement of the Commission.
Panelet bliver fastlagt ud fra listen over franske banker, der bidrager til fastlæggelsen af Euribor, hvorfra trækkes de institutioner, som parterne (i enstemmighed) anser for usammenlignelige med NEC/DMA på basis af deres langsigtede ratings (og prognoser) og deres risikoprofiler (aktivitetstype, geografisk eksponering, forsigtighedsnøgletal osv.).
The Panel will be decided from the list of French banks contributing to the calculation of the Euribor, excluding institutions considered by the NEC and its shareholders (unanimously) to be non-comparable with the NEC/DMA in terms of their long-term ratings (and prospects) and risk profiles (type of activity, geographical exposure, prudential ratios, etc.).
Panelet udgøres så vidt muligt af minimum tre banker.
The panel will as far as possible be formed by a minimum of three banks.
det stabile finansieringsforhold pr. 31. december 2011 var kun [30 - < 45]% og dermed ikke over det niveau på 45 %, som er fastlagt i punkt 5, litra c), i forpligtelserne, og
the level of the stable funding ratio at 31 December 2011 was [30 - < 45] %. It was not therefore above 45 %, as required by point 5(c) of the commitments; and
Precision Capital SA — en gruppe investorer fra Qatar — skulle overtage 90 % af Dexia BIL, mens de sidste 10 % skulle overtages af den luxembourgske stat. Ved beslutning af 3. april 2012 [19] indledte Kommissionen en formel undersøgelse af salget af Dexia BIL.
Precision Capital SA — a Qatari investment group — was to acquire 90 % of Dexia BIL, and the remaining 10 % was to be acquired by the State of Luxembourg. By decision of 3 April 2012 [19], the Commission opened a formal investigation procedure into the sale of Dexia BIL.
niveauet for det stabile finansieringsforhold pr. 31. december 2010 lå ikke over 40 %, som det skulle i henhold til punkt 5, litra c), i forpligtelserne, og det stabile finansieringsforhold pr. 31. december 2011 var [30 - < 45] % og dermed ikke over det niveau på 45 %, som er fastlagt i punkt 5, litra c), i forpligtelserne
the stable funding ratio at 31 December 2010 was not above the level of 40 % required by point 5(c) of the commitments; and the level of the stable funding ratio at 31 December 2011 was [30 - < 45] %. It was not therefore above 45 %, as required by point 5(c) of the commitments;
DMA har en portefølje på 1522 »følsomme udlån« med en nominel værdi på 9,4 mia. EUR pr. 31. august 2012.
DMA had a portfolio of 1522 ‘sensitive loans’ whose nominal value was EUR 9,4 billion at 31 August 2012.
Disse udlån er kendetegnet ved en struktureret komponent med en kraftig gearingseffekt.
These loans had a high-leverage structured component.
De risikovægtede aktiver (risk weighted asset — »RWA«) skulle ligge på 59,6 mia. EUR ultimo 2012.
Risk-weighted assets (RWAs) should reach EUR 59,6 billion at the end of 2012.
Der forventes en stigning på [10-20] mia. EUR i 2013, som primært skyldes gennemførelsen af Basel III-ordningen, men også den forventede nedgradering af flere landes kreditvurdering, som koncernen er berørt af.
An increase of EUR [10-20] billion is forecast in 2013. This is chiefly due to the implementation of the Basel III regulation, but also to the forecast downgrading of the credit rating of several sovereigns to which the Group is exposed.
afhændelse af DBB; denne afhændelse var foretaget den 20. oktober 2011
Disposal of DBB. This disposal took place on October 2011;
afhændelse af kapitalandelen på 50 % i RBCD; denne afhændelse var foretaget den 27. juli 2012
Disposal of the 50 % holding in RBCD. This disposal took place on 27 July 2012;
afhændelse af DenizBank; denne afhændelse var foretaget den 28. september 2012
Disposal of DenizBank. This disposal took place on 28 September 2012;
afhændelse af BIL; denne afhændelse var foretaget den 5. oktober 2012
Disposal of BIL. This disposal took place on 5 October 2012;
afhændelse af Dexia Habitat; denne afhændelse var foretaget den 29. juni 2012
Disposal of Dexia Habitat. This disposal took place on 29 June 2012;
afhændelse af DKB Polska; afhændelsesaftalen blev undertegnet den 7. november 2012
Disposal of DKB Polska. The disposal agreement was signed on 7 November 2012.
De angiver ligeledes, at de i anden omgang accepterede at give afkald på stop loss-garantien og i tredje omgang den samlede overførsel af følsomme udlån til DCL's balance.
They also indicated that they subsequently agreed to abandon the ‘stop-loss’ guarantee, and, then, ‘the synthetic transfer of sensitive loans to DCL’s balance sheet.
Frankrigs garanti, der dækker DCL's forpligtelser i den henseende, opgives således også [44].
France’s guarantee covering DCL’s commitments in this respect has also been abandoned’ [44].
Ifølge de berørte medlemsstater kan Dexias beslutninger ikke tilskrives staten, idet de offentlige myndigheder ikke kan øve dominerende indflydelse på Dexia SA, dels fordi den ikke er en offentlig virksomhed (især da de berørte medlemsstater ikke løbende kan kontrollere midlerne via de andele, de ejer i andre aktionærers kapital), dels fordi ingen af medlemsstaterne ejer en kontrollerende del af Dexias kapital.
In the view of the Member States concerned, Dexia’s decisions cannot be imputed to the State as the public authorities could not exercise a dominant influence over Dexia SA. First, because it is not a public enterprise (and the Member States concerned cannot, in particular, control its resources, in an ongoing manner, via their holdings in the capital of other shareholders) and, second, because there is no controlling holding by an individual Member State in Dexia’s capital.
De berørte medlemsstater bemærker, at Arcofins rekapitalisering af Dexia ikke kan tilskrives den belgiske stat, idet Arcofins aktionærer i 2008, da de traf beslutning om at deltage i rekapitaliseringen, ikke havde nogen garanti for, at deres investering ville blive understøttet af den belgiske stat. Der var således ingen årsagssammenhæng mellem denne beslutning og de politiske drøftelser, som Kommissionen henviser til, eller den garanti, der blev givet i oktober 2011 til enkeltmedlemmerne i finansielle kooperativer.
The Member States concerned observe that the recapitalisation of Dexia by Arcofin cannot be imputed to the Belgian State as, at the time of the decision to take part in the recapitalisation, in 2008, Arcofin’s shareholders had no guarantee that their investment would be supported by the Belgian State. There was therefore no causal link between the decision and the political discussions to which the Commission refers, or the guarantee granted in October 2011 to the individual members of financial cooperatives.
De berørte medlemsstater mener, at honoreringen af den midlertidige refinansieringsgaranti ligger over bundgrænsen, der blev fastlagt i meddelelsen om forlængelse fra 2011, hvis man medregner den kommission, der betales af Dexia, og som svarer til 0,5 % af 45 mia. EUR, dvs. 225 mio. EUR. Hvis Kommissionen skulle erklære de midlertidige refinansieringsgarantier, der var midlertidigt godkendt ved dens midlertidige godkendelsesbeslutning og beslutningen om den første forlængelse af garantien, for uforenelige, beder de berørte medlemsstater ikke desto mindre Kommissionen om i henseende til de rettigheder, som tredjeparter og indehavere af garanterede værdipapirer har erhvervet, at bekræfte, at de obligationer, der allerede var udstedt før den 30. september 2012 med en statslig refinansieringsgaranti, der var godkendt ved førnævnte beslutninger, fortsat kan nyde godt af denne, indtil fuld tilbagebetaling er sket.
The Member States concerned consider that the remuneration of the temporary refinancing guarantee is above the threshold set out in the 2011 Prolongation Communication if account is taken of the commission of 0,5 % of EUR 45 billion, i.e. EUR 225 million, paid by Dexia. If, however, the Commission were to rule that the temporary refinancing guarantees, temporarily authorised by the temporary authorisation decision and the decision on the first prolongation of the guarantee, were incompatible, the Member States concerned ask the Commission to confirm, in order to respect the rights acquired by third parties and holders of guaranteed securities, that the bonds already issued prior to 30 September 2012 with a guarantee of State refinancing authorised by the above-mentioned decisions, may continue to benefit from that guarantee until they are fully reimbursed.
Dels vil den i længden gøre det muligt at bevare den velordnede karakter af afviklingen af Dexia og samtidig føre til, at DCL mister kontrollen over DMA, og at DMA, NEC og JV således ikke fortsætter Dexias økonomiske aktivitet.
It makes it possible to preserve the orderly nature of Dexia’s resolution over time, while entailing a loss of control by DCL over DMA when DMA, the NEC and the JV are not pursuing Dexia’s economic activity. The remaining contractual service provision links will contribute to the orderly nature of Dexia’s resolution.
De kontraktlige bånd, der består i form af levering af tjenesteydelser, bidrager også til en velordnet afvikling af Dexia.
The disposal of DMA will enable its activity to return to viability in the long term. Second, the measures concerning DMA or the ‘new mortgage lending structure’ will be limited to the minimum necessary.
For det andet bliver foranstaltningerne vedrørende DMA eller den såkaldte »nye realkreditstruktur« begrænset til det nødvendige minimum. De ville gøre det muligt for en ny aktør at træde ind på markedet for finansiering af lokale myndigheder såvel som på emissionsmarkedet for realkreditobligationer, hvor konkurrencen er blevet svækket af de primære aktørers udtræden. For det tredje ville CDC og Banque Postale bidrage betydeligt til omstruktureringen af DMA, især ved at tilføre den den nødvendige likviditet til denne opbakning. I øvrigt ville man også undgå at skabe en moralsk risiko, ved at Dexia og DCL påtager sig den fulde risiko, hvor beskeden den end er, ved deres tidligere markedsaktiviteter dels gennem stop loss-garantien, dels gennem salgsgarantien for »følsomme udlån«.
Third, the CDC and La Banque Postale will play a significant part in the restructuring of DMA, especially by providing it with the liquidity needed for this affiliation. Any moral hazard will also be prevented by the fact that Dexia and DCL are taking on the whole risk, however small it may be, arising from their former market activities, both through the ‘stop-loss’ guarantee and the vendor guarantee in respect of the ‘sensitive loans’.
at Belgien ved kongelig anordning af 7. november 2011 bekendtgør, at anmodningen om beskyttelse af kapitalen i de godkendte kooperativer ARCOPAR SCRL, ARCOFIN SCRL og ARCOPLUS SCRL er imødekommet i medfør af kongelig anordning af 14. november 2008, fordi det er begrundet at tildele [de godkendte kooperativers andele] en garantiordning, der svarer til den, der findes for substitutionsopsparingsprodukterne, dvs. bankindlån og »branche 21«-forsikringer, [og] muligheden for at udvide beskyttelsen af indlån til også at gælde godkendte kooperativers kapital med kort frist i overensstemmelse med den tidligere bekendtgørelse heraf.
by a royal decree of 7 November 2011, Belgium announced that, pursuant to the royal decree of 14 November 2008, the application for capital protection from the recognised cooperatives ARCOPAR SCRL, ARCOFIN SCRL and ARCOPLUS SCRL had been approved. That approval had been granted ‘Having regard to the fact that … there is justification … for granting [to shares in recognised cooperatives] a guarantee scheme equivalent to the one that exists for substitute savings products, in other words bank deposits and ‘branch 21’ insurance for extending deposit protection to the capital of recognised cooperatives, in the near future, in accordance with the earlier announcement on the subject’.
Den 30. september 2008 tegnede Arcofin (Arco-koncernen) og Holding Communal sig for en kapitaltilførsel for at redde Dexia SA på henholdsvis 350 mio. EUR og 500 mio. EUR. Selv om disse referenceaktionærer ikke selv havde de nødvendige midler til at deltage i denne kapitaltilførsel, ønskede de dels klart at undgå en for stor udvanding af deres aktieandel, dels lod det til, at de ligeledes havde været underlagt pres fra myndighedernes side for at tegne sig.
On 30 September 2008, Arcofin (Arco Group) and Holding Communal subscribed to a capital increase of EUR 350 million and EUR 500 million respectively in order to rescue Dexia SA. Although these shareholders did not themselves have the resources necessary to participate in this capital increase, first of all, they obviously wanted to avoid an excessive dilution of their shareholding, and second, it appears that they also came under pressure from the authorities to go ahead with the subscription.
Som svar på Belgiens bemærkninger (se betragtning 377) anfører Kommissionen, at bekendtgørelsen og garantien hidrører fra den belgiske stat. Den bemærker, at denne garantioperation først fandt sted, da Arcofin i mangel af denne operation ville være udsat for en større risiko for, at dens aktionærer risikerede tab som følge af Arcofins deltagelse i rekapitaliseringen af Dexia.
In reply to Belgium’s comments (see recital 377), the Commission points out that the announcement and the guarantee came from the Belgian Government. It notes that the guarantee operation did not occur until the point at which, without the guarantee, Arcofin would have faced a major risk that its shareholders would incur losses linked to Arcofin’s participation in the recapitalisation of Dexia.
Ifølge Kommissionen følger det heraf — for så vidt angår de aktiviteter, der er omfattet af denne bestemmelse — at BNB nyder godt af en statsgaranti mod ethvert tab. I øvrigt har de belgiske myndigheder hele tiden begrundet ELA-foranstaltningerne til fordel for Dexia med nødvendigheden af at undgå en destabilisering af det finansielle system.
In the Commission’s view, it follows that, for the activities referred to in that paragraph, the BNB is guaranteed by the State ‘against any loss’. Furthermore, the Belgian authorities have continually cited the need to avoid destabilising the financial system as justification for the ELAs for Dexia.
I sin indledningsbeslutning om salget af DBB/Belfius udtrykte Kommissionen tvivl om fraværet af støtte i salget af DBB/Belfius til den belgiske stat. Enhver positiv forskel mellem den pris, de belgiske myndigheder betalte, og markedsværdien af DBB/Belfius på transaktionstidspunktet ville blive betragtet som statsstøtte til sælgeren (Dexia SA) på et tilsvarende beløb.
In its opening decision on the sale of DBB/Belfius, the Commission expressed its doubts that the sale of DBB/Belfius to the Belgian State did not involve aid. Any positive deviation between the price paid by the Belgian authorities and the market value of DBB/Belfius at the time of the transaction would be regarded as the equivalent amount of State aid to the vendor (Dexia SA).
I sin beslutning om udvidelse af proceduren vurderede Kommissionen, at den støtte, der blev identificeret i forbindelse med afhændelsen af DMA, var støtte til fordel for DMA's virksomhed og den »nye realkreditstruktur« [128], dvs. den virksomhed, som er resultatet af afhændelsen af DMA og ligeledes omfatter de juridiske enheder NEC og JV. Som svar angiver de berørte medlemsstater [129] og Dexia [130] hver for sig i deres bemærkninger til indledningsbeslutningen og de franske myndigheder i deres skrivelse af 4. december 2012 om DMA-operationen [131], at der ikke findes nogen økonomisk enhed kaldet »ny realkreditstruktur«, og at en sådan struktur under alle omstændigheder ikke ville få nogen støtte.
In its decision to extend the procedure, the Commission considered that the aid identified in the DMA sale operation was intended for the benefit of DMA’s activities and the ‘new mortgage lending structure’ [128], in other words the undertaking resulting from the DMA sale operation, which would also include the NEC and the JV as legal entities. In response, the Member States concerned [129] and Dexia [130] respectively stated in their comments in response to the opening decision, and the French authorities in their memorandum of 4 December 2012 on the DMA operation [131], that there was no ‘new mortgage lending structure’ as an economic entity and that in any event such a structure would not receive any aid.
Punkt 13 i forpligtelserne vedrørende DMA angiver, at likviditetsniveauet, som aktionærerne (staten, CDC og Banque Postale) forpligter sig til at sikre NEC, er det, som er nødvendigt for »NEC og DMA«. Punkt 15 i de samme forpligtelser med titlen »NEC's og DMA's kapitalniveau« viser, at kapitalniveauet, som aktionærerne forpligter sig til at opretholde, er det nødvendige kapitalniveau til at kunne imødegå en eventuel materialisering af tab på DMA's eksisterende portefølje.
Point 16 of the commitments relating to DMA states that the level of liquidity which the shareholders (the State, the CDC and La Banque Postale) undertake to supply to the NEC is what is necessary ‘for the NEC and DMA’. Point 18 of the same commitments, entitled ‘Capital level of the NEC and DMA’ states that the capital level which the shareholders undertake to maintain is what is needed to cover any losses that may take place in respect of DMA’s existing portfolio.
Til gengæld er kun halvdelen af den ELA, BdF har tildelt DCL, dækket af en krydsgaranti fra staten, nemlig den fra Belgien, som garanterer BNB, som kun selv har forpligtet sig til at bidrage til halvdelen af BdF's tab. Så vidt Kommissionen ved, findes der ingen garanti fra den franske stat til fordel for BdF.
However, only half of the ELA granted by the BdF to DCL is covered by a State counter-guarantee, i.e. Belgium’s counter-guarantee for the BNB, which itself undertook to contribute to only half of the BdF’s losses. As far as the Commission is aware there is no French State guarantee for the BdF.
Kommissionen mener derfor i tråd med den uafhængige eksperts konklusioner, at de finansielle fremskrivninger for DBB/Belfius viser, at banken vil være i stand til at absorbere de forventede tab. Kommissionen bemærker på positivsiden, at den kumulative virkning af en nedsættelse på 20 % af balancesummen og fravalg af udbetaling af forventet overskud i omstruktureringsperioden burde gøre det muligt at styrke de lovbefalede nøgletal for solvens (Core Tier 1 Basel III på 10,7 % i 2016).
The Commission therefore considers, in line with the findings of the independent trustee, that the financial projections for DBB/Belfius indicate that the bank will be able to absorb the expected losses. The Commission takes a positive view of the fact that the cumulative impact of a 20 % reduction in the size of the balance sheet and the absence of any distribution of profits expected over the restructuring period should strengthen the regulatory solvency ratios (Core Tier 1 Basel III ratio of 10,7 % in 2016).
Kommissionen mener, at denne betingelse er opfyldt i det foreliggende tilfælde af følgende grunde: DBB/Belfius skulle igen koncentrere sig om sine basisforretninger og har afhændet sine andele i DAM.
The Commission considers that this condition is satisfied in the present case, for the following reasons. DBB/Belfius is to refocus its activity on its core business lines and has sold its shares in DAM.
EUT C 356 af 6.12.2011, s. 7, punkt 8.
OJ C 356, 6.12.2011, p. 7. See paragraph 8 thereof.
Cepcor: Committee of Evaluation and Prevention of Commercial Risks.
Committee of Evaluation and Prevention of Commercial Risks.
Se afsnit E, punkt 30, s. 8, i skrivelsen fra Belgien om ELA af 21.10.2011:»E. The NBB's ELA to DBB is in line with the 2010 restructuring plan.30.
See Title E, point 30, p. 8 of the ELA notification by Belgium on 21 October 2011:‘E. The BNB’s ELA to DBB is in line with the 2010 restructuring plan.30.
Given that the ELA operation is necessary, […] in order to preserve financial stability, to secure DBB's viability and to maintain effective competition in the markets, it is within the Commission's powers, pursuant to the Commitments annexed to the Commission's decision of 26 February 2010, to authorise any relevant amendments […] to the restructuring plan, caused by the ELA provided by NBB to DBB«.
Given that the ELA operation is necessary, … in order to preserve financial stability, to secure DBB’s viability and to maintain effective competition in the markets, it is within the Commission’s powers, pursuant to the Commitments annexed to the Commission’s decision of 26 February 2010, to authorise any relevant amendments … to the restructuring plan, caused by the ELA provided by the BNB to DBB’.
De finansielle fremskrivninger viser, at afviklingssupplementet burde andrage [0-5] mia. EUR i 2020.
Financial projections show that the liquidation surplus should be EUR [0-5] billion in 2020.
Men da afviklingsudlodningen først og fremmest går til staterne svarende til tegningsprisen ([5-10] mia. EUR før 2018, [0-5] mia. EUR derefter ifølge konverteringsplanen) oven i afviklingssupplementet, vil koncernens nettobogføringsværdi, sådan som den fremgår af prognoserne ([5-10] mia. EUR i 2020) således ikke være tilstrækkelig, til at de ordinære aktionærer kan få udbetalt et eventuelt restbeløb.
Given that winding-up distributions would be allocated as a priority to States in line with the subscription price (EUR [5-10] billion up to 2018; EUR [0-5] billion thereafter, according to the conversion plan), over and above the liquidation surplus, the net book value of the Group as shown in the forecasts (EUR [5-10] billion in 2020) would not therefore be enough for ordinary shareholders to be able to receive any remaining balance.
afhændelse af DBB; denne afhændelse skete den 20. oktober 2011
Disposal of DBB. This disposal took place on 20 October 2011.