natgillin/translations-raw huggingface dataset:
Endvidere blev der foretaget ændringer af forretningsstrategien i SEE-landene.
In the December 2012 rescue decision the Commission authorised the measures notified by Austria in light of certain commitments made by the Member State which were intended to ensure that competition distortions would be limited as much as possible.
Gennem orienteringen mod småindustri, detailhandel og små og mellemstore virksomheder (SMV'er) skal SEE-virksomhedernes salgbarhed forbedres.
The commitments aimed at limiting the bank’s business activities, e.g. in terms of return levels, risk categories of customers and maturities thus contributing to limiting risky behaviour and therefore the possibility to expand business to the detriment of competitors.
SEE-enhederne på stedet koncentrerer sig i højere grad om generering af lokale finansieringskilder og i mindre grad om anvendelse af koncernmidler.
It referred in particular to the restriction as regards foreign currency loans, the restriction to limit public finance and corporate credit engagements to clients with a credit rating of […] which Austria claimed could not be implemented in the SEE countries and, for HBA, the restriction to limit public finance engagements to […].
Nye forretningsaktiviteter finansieres allerede fuldt ud af lokale kilder.
THE LIQUIDATION PLAN
I Slovenien koncentrerer bankforretningen sig om […] og […] segmentet […] med henblik på […].
On 29 June 2013 Austria submitted a liquidation plan under which HGAA will be liquidated in an orderly manner with the necessary time available to sell potentially viable assets while the remaining parts will be wound down over time.
[…] reduceres betydeligt. […] skal helt opgives, i hvilken forbindelse banken imidlertid forbliver aktiv i […].
Under the liquidation plan, the balance sheet size of HGAA will decrease by 85 % from EUR 43,3 billion at the end of 2008 to EUR 6,56 billion in 2017.
I Kroatien vil banken udvide sin […] med […].
In the same period its RWA will decrease by 85 % to EUR 4,75 billion from EUR 32,8 billion at the end of 2008.
I […] fokuseres der i højere grad på […].
To implement that liquidation, the liquidation plan presents a strategy for the bank’s three remaining pillars, i.e. (i) the Austrian bank (HBA), (ii) the SEE network and (iii) the wind-down part.
[…] er orienteret mod […] i mindre målestok.
The liquidation process will be steered from the central group level, where meanwhile a number of improvements have taken place as regards – inter alia – risk management, reporting, collateral valuation and procedures relating to ratings [19].
I Serbien fokuseres der på […] med henblik på at generere […].
Overall, the liquidation plan puts the focus on completing the sale of HBA, which has already been instigated, and increasing the attractiveness of the SEE network with the aim of enabling a sale of all SEE entities by 30 June 2015 at the latest.
Hvad angår […], ligger fokusområdet på […] samt på […].
To that end, Austria has given a number of commitments for any new business with the aim of ensuring an adequate balance of risk and profitability as long as the SEE entities have not been sold.
I […] bestræber banken sig på også at […]sit engagement i forbindelse med rentable porteføljer.
In particular, HGAA will in principle only disburse new retail mortgages with a loan to value-ratio of […]% or higher, the internal funding cost matrix will be commensurate with the funding situation of the relevant branch or subsidiary and […] will, apart from certain exceptions, only be provided to clients if that client has a […].
I Montenegro koncentrerer det sig om […] og om […] […].
THE SALE OF HBA
Med nyorienteringen og ændringen af SEE-bankernes forretningsstrategi skal der ske en forbedring af disses salgschancer.
On 31 May 2013 a contract for the sale of all HBA shares was signed with Anadi Financial Holdings Pte.
AFVIKLINGSDEL
Until the closure of the sale, HBA will continue to focus on its position as a regional bank in Carinthia with branches in Vienna and Salzburg.
Målet er at afvikle alle i afviklingsdelen overførte enheder og porteføljer så hurtigt som muligt.
The size of the bank has already been reduced significantly and a problematic portfolio amounting to EUR 1,99 billion was hived off before 31 December 2011.
Afviklingen af forretningsaktiviteterne i Italien er allerede påbegyndt.
The balance sheet of HBA as of 31 December 2012 amounted to EUR 4,15 billion (while the balance sheet by 31 December 2008 amounted to EUR 7,05 billion).
Afviklingen foregår i en velordnet proces for at undgå, at der sker forhastede fratræk af indlån [22].
SEE NETWORK
Derudover omfatter afviklingsdelen alle andre porteføljer, som blev bestemt til afvikling (inklusive de virksomheder, som har indstillet nye forretninger, såsom datterselskaberne i Makedonien, Ukraine, Bulgarien, Tyskland og Ungarn), samt andele i industri- og turistvirksomheder.
The business activity of the SEE network has already been significantly reduced by focusing on core markets and core competences in Slovenia, Croatia, Bosnia and Herzegovina, Serbia and Montenegro.
HBI
The balance sheet size of the total SEE network amounts to EUR 10,11 billion as of 31 December 2012 and will decrease further to less than EUR […] after the envisaged additional portfolio transfer has been completed, amounting to about […] % of the balance sheet size when compared to 31 December 2008 (EUR 14,8 billion).
ikke-strategiske kapitalinteresser (i industri og turisme)
Furthermore, there has been a change in the business strategy of those entities’ operation in the SEE countries, aiming at improving their saleability, with a focus on small-scale business and on retail and SME.
finansielle værdier, der skal afvikles, dvs. a) HBInt's portefølje samt de eksisterende porteføljer og refinansieringslinjer til datterselskaberne (navnlig HBI og i SEE-lande), b) de fra enkelte datterskaber såsom HBI og SEE-banker eller leasingselskaber udskilte porteføljer, c) afviklingsleasingselskaberne
Their funding strategy is also changing, with local SEE entities focusing on becoming more locally funded instead of relying too strongly on the funding provided by the group.
minoritetsselskaberne Norica og HBInt Credit Management (CM) [23].
New business is already now fully locally funded.
Hvis kapitalen stilles til rådighed i likvid form, ville HGAA's yderligere likviditetsbehov indtil 2017 beløbe sig til skønsmæssigt henholdsvis 2,5 mia. EUR (basisscenariet) og 3,3 mia. EUR (pessimistisk stressscenario) [24].
In Slovenia the focus of the banking activities is on […] and […] clients […] with the aim of […].
Da der ifølge Østrig i øjeblikket stadig undersøges forskellige muligheder, kan disse skøn fortsat blive ændret.
[…] will be reduced significantly with a planned exit from […] while the bank remains active in […].
Eksempelvis undersøges etableringen af et formueforvaltningsselskab uden banktilladelse, hvortil HGAA ville kunne overføre aktiver, som skal afvikles.
In Croatia the bank aims to […] with the objective of […].
En sådan overførsel ville have indvirkning på det tidspunkt, hvor kapitalen anvendes.
For […], the aim is to focus more on […].
ØSTRIGS TILSAGN
The focus of the […] is on […].
Østrig har forpligtet sig til at sørge for, at den afviklingsplan, der blev fremlagt den 29. juni 2013 i den senest ved Østrigs meddelelse af 27. august 2013 ændrede udgave, samt de i bilaget indeholdte tilsagn gennemføres fuldt ud og i henhold til den i dette bilag fastlagte tidsplan.
In Bosnia and Herzegovina the focus will be increasingly on […] coupled with a stringent […], better […] and a […]. […] will be reduced with […] remaining the focus.
BEGRUNDELSE FOR INDLEDNING AF PROCEDUREN
In Serbia the focus is on […] with the aim of […].
Kommissionen har gentagne gange sat spørgsmålstegn ved HGAA's evne til at genoprette sin rentabilitet [25] og udtrykt alvorlig tvivl om forretningsmodellen [26].
In Montenegro the […] focus on a […], whereas focusses on […].
Endvidere betvivler Kommissionen, om HGAA vil være i stand til at opnå en tilstrækkelig forrentning af sin kapital, hvilket er en forudsætning for en banks rentabilitet [27].
The change in the focus and business strategy of the SEE banks aims at increasing the chances that the entities can be sold over time.
I sin redningsbeslutning fra december 2009 havde Kommissionen allerede opfordret medlemsstaten til at tage muligheden for en velordnet afvikling af banken med i overvejelserne [28].
The liquidation plan provides that the SEE network will be sold as a whole or in parts by 30 June 2015.
I forbindelse med rentabilitetskontrollen satte Kommissionen især spørgsmålstegn ved finansieringsstrategien [29], aktivkvaliteten [30] samt den interne kontrolstruktur [31].
Any sale will be done through open and transparent sale procedures where buyers will have the choice to acquire all or part of the network.
I sin redningsafgørelse fra december 2012 udtrykte Kommissionen i betragtning 37 tvivl om kvaliteten af HGAA's nye forretninger.
Any part of the SEE network not sold by 30 June 2015 will immediately cease to undertake new business and be transferred to the wind-down unit [21].
Hvad angår byrdefordelingen, så anføres det i såvel indledningsbeslutningen fra 2009 [32] som i redningsbeslutningen fra december 2009 [33], at BayernLB og de andre tidligere ejere af HGAA (GRAWE og delstaten Kärnten) muligvis ikke har båret en passende andel af byrden.
THE WIND-DOWN UNIT
I indledningsbeslutningen fra 2009 henvises der i betragtning 102 til den manglende deltagelse fra ejerne af hybridkapital i HGAA i byrdefordelingen.
The aim of the wind-down unit is to reduce all wind-down entities and portfolios as quickly as possible.
I betragtning 41 i forlængelsesafgørelsen fra 2010 udtrykkes der tvivl om, hvorvidt den kapital, som Østrig har tilført HGAA, i henhold til betingelserne i den østrigske ordning bliver tilstrækkeligt forrentet, idet banken af Østrig i princippet blev anset for at være sund og således kunne drage fordel af lavere forrentningssatser end en nødlidende bank.
The activities in Italy are already in wind-down.
Hvad angår konkurrencefordrejningerne, udtrykte Kommissionen på grundlag af de af Østrig tidligere fremlagte omstruktureringsplaner tvivl om, hvorvidt reduktionen af balancesummen ville være tilstrækkelig [34] og krævede gentagne gange foranstaltninger for at tackle konkurrencefordrejningerne [35].
The aim is to steer an orderly wind-down process while avoiding an abrupt withdrawal of deposits [22].
I betragtning af et stadigt stigende støttebeløb har Kommissionen igen og igen krævet yderligere foranstaltninger for at begrænse konkurrencefordrejningerne [36].
In addition, the wind-down part encompasses all other portfolios which have been identified to be wound down (including entities which have stopped new business including the subsidiaries in Macedonia, Ukraine, Bulgaria, Germany and Hungary), as well as stakes in industrial and touristic companies.
BEMÆRKNINGER FRA INTERESSEREDE PARTER
In summary, the wind-down part includes in particular:
Kommissionen har ikke modtaget bemærkninger fra interesserede parter.
HBI,
BEMÆRKNINGER FRA ØSTRIG
Non-strategic company stakes (industrial and touristic),
Bemærkningerne fra Østrig handler i det væsentlige om behandlingen af den garanti, som Republikken Østrig har stillet til BayernLB.
Wind-down financials, namely (a) the portfolio of HBInt as well as the existing wind-down portfolios and refinancing lines remaining in various entities (in particular in HBI and SEE countries); (b) the portfolios which have been removed from some subsidiaries such as HBI and SEE-network banks or leasing companies; (c) the wind-down leasing companies,
I henhold til Kommissionens afgørelse af 25. juli 2012 i sag SA.
The vehicles Norica and HBInt Credit Management (CM) [23].
28487 (C 16/2009) [37] om omstruktureringsstøtte til BayernLB udgør Republikken Østrigs likviditetsgaranti på 2,638 mia. EUR, som i overensstemmelse med tilsagnet fra BayernLB som led i 2009-redningsaktionen skal forblive i HGAA, statsstøtte til fordel for BayernLB, som er forenelig med det indre marked og derfor kan godkendes.
Until 2017, the estimated cumulative capital needs (mainly due to write-downs of the book value of the entities to be sold, due to further losses on different portfolios and due to needed refinancing) amount to about EUR 2,6 billion in a base case and up to EUR 5,4 billion under an adverse stress pessimistic case.
Den 5. oktober 2012 anlagde Østrig sag [38] med påstand om annullation af denne afgørelse, bl.a. under henvisning til, at Kommissionen ikke har begrundet, hvorfor den omhandlede foranstaltning skal anses for at være forenelig med det indre marked, og at foranstaltningen ikke udgør statsstøtte til fordel for BayernLB.
The liquidation plan also assumes additional liquidity needs depending on whether the capital would be provided in cash or via a guarantee.
Østrig forpligter sig til at sørge for, at tilsagnspakken i bilaget overholdes fuldt ud.
Under the assumption that the capital is provided in a liquid form the required additional liquidity needs of HGAA until 2017 would amount to EUR 2,5 billion in a base case and are estimated to reach EUR 3,3 billion in a stressed pessimistic case [24].
VURDERING AF FORANSTALTNINGEN
However, as according to Austria different options are still being examined for the wind-down part, those estimates may still change.
Ved vurderingen af omstruktureringsstøtten skal der tages hensyn til enhver støtte, der er ydet til HGAA siden 2008.
For instance, Austria has announced that it is exploring the option of installing an asset management company (‘AMC’), which would enable HGAA to transfer wind-down assets to that entity, operating without a banking licence.
FOREKOMST AF STATSSTØTTE
Such a transfer would affect the point in time at which the capital needs would arise.
I henhold til artikel 107, stk. 1, i TEUF »er statsstøtte eller støtte, som ydes ved hjælp af statsmidler under enhver tænkelig form, og som fordrejer eller truer med at fordreje konkurrencevilkårene ved at begunstige visse virksomheder eller visse produktioner, uforenelig med det indre marked, i det omfang den påvirker samhandelen mellem medlemsstaterne«.
COMMITMENTS PROVIDED BY AUSTRIA
En foranstaltning skal betragtes som statsstøtte, hvis følgende forudsætninger er opfyldt: i) foranstaltningen finansieres ved hjælp af statsmidler, ii) den begunstiger visse virksomheder eller visse produktioner, iii) fordelen er selektiv, og iv) foranstaltningen fordrejer eller truer med at fordreje konkurrencevilkårene og kan påvirke samhandelen mellem medlemsstaterne.
Austria has undertaken to ensure that the liquidation plan submitted on 29 June 2013, as last modified by Austria’s communication of 27 August 2013, is implemented in full, including the commitments set out in the Annex, and in accordance with the timetable laid down in that Annex.
En foranstaltning betragtes kun som statsstøtte, hvis disse forudsætninger er opfyldt uden undtagelser.
GROUNDS FOR INITIATING THE PROCEDURE
I henhold til betragtning 51-56 i beslutningen vedrørende godkendelse af bankpakken udgør alle som led i pakken ydede foranstaltninger statsstøtte.
The Commission recalls that it opened the formal investigation procedure pursuant to Article 108(2) of the Treaty regarding the compatibility of the restructuring aid for HGAA with the internal market because it had, on the basis of the earlier submitted restructuring plans, serious doubts whether HGAA would be able to restore its long-term viability.
Kommissionen erindrer endvidere om, at den allerede i betragtning 48-53 i redningsbeslutningen fra 2009, i betragtning 25 i redningsafgørelsen fra juli 2011 og i betragtning 16 i redningsafgørelsen fra december 2012 har konstateret, at forudsætningerne i artikel 107, stk. 1, i TEUF for de under a) og b) anførte støtteforanstaltninger er opfyldt, og at disse foranstaltninger derfor udgør statsstøtte.
The Commission had also expressed doubts whether adequate burden-sharing was ensured and the distortions of competition were sufficiently limited.
Som forklaret nedenfor fastholder Kommissionen sit synspunkt.
The Commission has repeatedly questioned the ability of HGAA to restore its viability [25], with serious doubts explicitly raised regarding the business model [26].
De af Østrig som led i bankpakken ydede foranstaltninger
The Commission has also raised doubts as to whether HGAA would be able to remunerate its capital sufficiently, which is a precondition for a bank to be considered viable [27].
Alle foranstaltninger, der ydes som led i bankpakken, dvs. kapitalindskuddet på 900 mio. EUR og garantierne på 1,35 mia. EUR, som blev ydet i 2008, udgør statsstøtte i henhold til betragtning 51-56 i beslutningen vedrørende godkendelse af pakken.
In its December 2009 rescue decision the Commission has already requested the Member State to consider the option of an orderly winding down of the bank [28].
De af Østrig yderligere ydede foranstaltninger
In assessing viability, the Commission raised in particular doubts relating to the funding strategy [29], asset quality [30] and internal control structures [31].
Uden for bankpakken har Østrig godkendt et kapitalindskud på 450 mio. EUR, en (i mellemtiden udløbet) aktivgaranti på 100 mio. EUR, en aktivgaranti på 200 mio. EUR, et kapitalindskud på 500 mio. EUR vedrørende købet af aktier og en garanti for efterstillede Tier 2-kapitalinstrumenter med en nominel værdi på 1 mia. EUR.
In recital 37 of its December 2012 rescue decision the Commission raised doubts about the quality of HGAA’s new business.
Både kapitalindskuddet og garantierne ydes af statslige midler i henhold til artikel 107, stk. 1, i TEUF.
As regards burden-sharing, the 2009 opening decision [32] and the December 2009 rescue decision [33] mention a possible lack of burden-sharing from BayernLB and HGAA’s previous owners (GRAWE and Land Carinthia).
De er kun rettet mod en enkelt virksomhed og er derfor selektive.
The 2009 opening decision mentions in recital 102 a lack of burden-sharing from HGAA’s hybrid capital owners.
Derudover ydes de på vilkår, som HGAA ikke havde fået tilbudt på markedet, hvilket ikke bestrides af Østrig.
Recital 41 of the 2010 extension decision questions whether the injected capital into HGAA by Austria under the conditions of the Austrian scheme is sufficiently remunerated as the bank had been considered as fundamentally sound by Austria and thus benefitted from cheaper remuneration rates than would have been the case had it been considered as a distressed bank.
Da HGAA er aktiv i finanssektoren, hvor der hersker en intensiv international konkurrence, er enhver fordel, som ydes HGAA af statslige midler, egnet til at påvirke samhandelen i Unionen og fordreje konkurrencen.
On competition distortions, the Commission, based on the previous plans submitted by Austria, questioned whether the extent of the balance size reductions would be sufficient [34] and repeatedly called for measures which would address competition distortions [35].
Disse konstateringer blev allerede foretaget i betragtning 16 i redningsafgørelsen fra december 2012 og bekræftes i den foreliggende beslutning.
Against the background of an ever increasing aid amount the Commission has repeatedly called for additional measures for addressing competition distortions [36].
BayernLB's rekapitalisering
COMMENTS FROM INTERESTED PARTIES
BayernLB fik på sin side et kapitalindskud i 2008 fra Freistaat Bayern og anvendte en del af midlerne til rekapitalisering af sit datterselskab HGAA.
No comments from interested parties were received.
I henhold til betragtning 124 i BayernLB-afgørelsen udgør hele det af Freistaat Bayern foretagne kapitalindskud statsstøtte til BayernLB.
COMMENTS FROM AUSTRIA
Da det som led i en foranstaltning ydede støttebeløb ikke kan betales dobbelt, konkluderer Kommissionen, at rekapitaliseringen af HGAA gennem BayernLB ikke udgør statsstøtte til fordel for HGAA.
Austria’s comments deal mainly with the Commission’s treatment of State aid to BayernLB.
Desuden ser det ud til, at BayernLB på tidspunktet for rekapitaliseringen af HGAA har handlet i overensstemmelse med markedsøkonomiske overvejelser med det formål at sikre investeringen i sit datterselskab, og at beslutningen om at rekapitalisere HGAA ikke kan henføres til en medlemsstat.
The Commission concluded in its Decision of 25 July 2012 in case SA.
Mulige fremtidige støtteforanstaltninger
28487 (C16/2009) [37] regarding restructuring aid to BayernLB that the guarantee by the Republic of Austria on the liquidity amounting to EUR 2,638 billion which BayernLB, in the context of the 2009 rescue operation, has agreed to leave in HGAA, constituted State aid to the benefit of BayernLB and has subsequently authorised the aid measure as being compatible with the internal market.
Østrig anmoder om godkendelse af støtteforanstaltninger med hvis hjælp et eventuelt kapital- og likviditetsbehov skal dækkes, der som led i stressscenariet kunne beløbe sig til 5,4 mia. EUR i kapital og 3,3 mia. EUR i likviditet.
On 5 October 2012 Austria brought an action for annulment [38] against that decision, arguing in particular that the Commission had failed to demonstrate why the measure should be considered compatible with the internal market and insisting that the measure does not constitute aid to the benefit of BayernLB.
Disse potentielle fremtidige støtteforanstaltninger for afviklingen af HGAA ydes af statslige midler i henhold til artikel 107, stk. 1, i TEUF.
Austria undertakes to ensure that the commitments laid down in the Annex are complied with in full.
Da de ydes til vilkår, som HGAA ikke havde fået tilbudt på markedet, udgør de en fordel.
ASSESSMENT
Konklusion vedrørende den samlede størrelse af statsstøtten
The assessment of the restructuring aid has to consider all aid granted to HGAA since 2008.
Den statsstøtte, som Østrig har ydet HGAA via kapitalforbedringen, beløber sig til i alt 3,15 mia. EUR (herunder aktivgarantierne på 300 mia. EUR, der har samme indvirkning som et kapitalindskud).
EXISTENCE OF AID
Endvidere har Østrig anmodet om godkendelse af støtteforanstaltninger, der eventuelt kunne blive nødvendige for som led i afviklingen af HGAA at dække yderligere kapitalbehov, som i forbindelse med stressscenariet vil kunne beløbe sig til 5,4 mia. EUR.
According to Article 107(1) of the Treaty, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market
Dette kunne føre til et samlet beløb i kapital og aktivgarantier på 8,55 mia. EUR, hvilket svarer til 26 % af de risikovægtede aktiver.
The qualification of a measure as State aid requires the following conditions to be met: (i) the measure must be financed through State resources; (ii) it must grant an advantage liable to favour certain undertakings or the production of certain goods; (iii) that advantage must be selective; and (iv) the measure must distort or threaten to distort competition and have the potential to affect trade between Member States.
Desuden ansøgte Østrig om godkendelse af mulige fremtidige likvidetsforanstaltninger på 3,3 mia. EUR.
Those conditions being cumulative, they must all be present before a measure is characterized as State aid.
STØTTENS FORENELIGHED MED DET INDRE MARKED
Recitals 51 to 56 of the decision approving the bank support scheme confirm that any measure granted under that scheme constitutes State aid.
Anvendelighed af artikel 107, stk. 3, litra b), i TEUF
The Commission furthermore recalls that it has already established in recitals 48 to 53 of the 2009 rescue decision, recital 25 of the July 2011 rescue decision and recital 16 of the December 2012 rescue decision that the conditions set out in Article 107(1) of the Treaty are met for the aid measures listed under a) and b) and that those measures therefore constitute aid.
I henhold til artikel 107, stk. 3, litra b), i TEUF kan statsstøtte betragtes som forenelig med det indre marked, hvis den ydes »til afhjælpning af en alvorlig forstyrrelse i en medlemsstats økonomi«.
The Commission maintains its view as it will explain below.