natgillin/translations-raw huggingface dataset:
I betragtning af den fortsat ustabile situation på finansmarkederne har Kommissionen indrømmet, at et kollaps af HSH vil kunne påvirke finansmarkederne og dermed hele den tyske økonomi direkte [38].
They concern, first, the commitment to sell HoldCo's shares in OpCo by means of an open, non-discriminatory, competitive and transparent bidding procedure by 28 February 2018 at the very latest [18].
Som allerede konstateret gjorde Tyskland i 2013 i tilfælde af, at Kommissionen skulle kategorisere forhøjelsen af garantiens loft som ny statsstøtte, gældende, at dens forenelighed med det indre marked allerede var fastslået i afgørelsen fra 2011, således at Kommissionen nu er bundet af denne vurdering og ikke kan drage en anden konklusion [42].
If the sale procedure is concluded successfully with an aid-free, positive price offer (while retaining the guarantee), the intended purchase will be notified to the Commission for the latter to assess the viability of the new entity.
Kommissionen forklarede i åbningsafgørelsen, at den ganske vidst i 2011 havde erklæret det maksimale beløb på 10 mia. EUR for foreneligt med det indre marked, men at denne vurdering var baseret på vurderingen af den garanti, som Tyskland havde anmeldt den 30. april 2009, samt på den økonomiske situation på tidspunktet for vedtagelsen af afgørelsen fra 2011 og de finansielle prognoser, som HSH havde fremlagt som grundlag for undersøgelsen i denne afgørelse.
The purchase will not be implemented before an approval decision of the Commission [20].
Således blev det i den daværende omstruktureringsplan antaget, at HSH kun ville betale garantigebyrer for en garanti på 7 mia. EUR [43].
Upon a successful sale the bank will change its name [21].
Endvidere bemærkede Kommissionen i sin åbningsafgørelse, at de faktorer, der er relevante for vurderingen af den nye statsstøttes forenelighed med det indre marked, ganske vidst også var relevante for den tidligere vurdering, men at disse faktorer imidlertid skal undersøges i deres nuværende form.
If the sale procedure is not concluded successfully within the deadline, i.e. should the procedure not result in an aid-free, positive price offer (while retaining the guarantee) or if the Commission concludes that the integration of OpCo in the new entity does not lead to a long-term viable business model, Germany has committed that OpCo would stop its new business and only manage its assets with the aim of an orderly winding-down [22].
Derfor skal navnlig HSH's rentabilitet vurderes på baggrund af den aktuelle økonomiske situation med henblik på at afgøre, hvorvidt statsstøtten er forenelig med det indre marked [44].
During the period up to the sale deadline, the German authorities committed that HoldCo would manage OpCo with the aim of retaining its viability, competitiveness and saleability [23].
I denne sammenhæng konstaterede Kommissionen, at den økonomiske situation i skibsfartssektoren — kerneområdet for HSH's forretningsaktiviteter, der som sådan allerede i afgørelsen fra 2011 var blevet betegnet som problematisk for bankens rentabilitet — i mellemtiden var blevet yderligere forværret.
To that end, further measures will be carried out to reduce OpCo's costs (with the administrative costs not exceeding EUR [570-590] million in 2016 and EUR [520-550] million in 2017), to strengthen its capital base (e.g. by voluntary liability management subject to the Commission's approval), to carry out a prudent risk management and not pay dividends or make other payments on instruments, such as hybrid capital instruments, that depend on profitability [24].
Kommissionen fastslog i sin åbningsafgørelse, at forhøjelsen af garantien ville indebære højere garantigebyrer på ca. 1 mia. EUR, og at disse meromkostninger ville have en betydelig negativ indvirkning på HSH's fremtidige rentabilitet [46].
As regards ship financing, OpCo will reduce further those activities and restrict its new business in that area to EUR [1-2] billion.
Også selv om de yderligere garantigebyrer var indeholdt i den forretningsplan, der blev fremlagt sammen med anmeldelsen af forhøjelsen af garantien i 2013, var Kommissionen i tvivl om robustheden af de antagelser, som dannede grundlag for forretningsplanen, og bemærkede endvidere, at der ikke forelå et opdateret stressscenarie.
Germany is, moreover, committed to continue to comply with some of the commitments annexed to the 2011 decision, such as OpCo not pursuing aircraft financing activities [27], not engaging in external growth by acquiring control over other companies [28], not carrying out dedicated proprietary trading [29], and not advertising the grant of State aid or the resulting advantages in comparison with competitors [30].
Da det ikke var lykkedes HSH at nå de finansielle prognoser, der var fastsat i basisscenariet i omstruktureringsplanen fra 2011, og at udvikle nye forretninger i det forventede omfang, rejste Kommissionen spørgsmålet om, hvorvidt det var nødvendigt med en tilpasning af HSH's forretningsstrategi, og om der burde træffes alternative foranstaltninger for at genoprette bankens langsigtede rentabilitet [47].
Finally, Germany committed that OpCo would comply with certain liquidity benchmarks [31] and with restrictions regarding the remuneration of OpCo's employees and members of its boards and other bodies.
På denne baggrund udtrykte Kommissionen tvivl om, hvorvidt HSH, som det blev antaget i afgørelsen fra 2011, ville blive rentabel igen, og anmodede om yderligere oplysninger til bekræftelse af antagelserne i forretningsplanen og de fremsendte prognoser for skibsfartsmarkederne samt om dokumentation for, at de yderligere garantigebyrer ikke ville overstige bankens finansielle formåen, heller ikke i et stressscenarie [48].
Therefore, the total remuneration of any of those individuals will not exceed 15 times the national average salary in Germany or 10 times the average salary of HSH Nordbank (before the split) [32].
Kommissionen gav imidlertid ikke udtryk for nogen tvivl i åbningsafgørelsen for så vidt angår foranstaltningerne til byrdefordeling eller begrænsning af konkurrencefordrejninger, som var blevet godkendt i afgørelsen fra 2011, og konkluderede, at disse foranstaltninger også på tidspunktet for åbningsafgørelsen som hidtil var hensigtsmæssige, idet den nye statsstøtte holdt sig inden for grænserne af den i 2011 godkendte foranstaltning [49].
Grounds for initiating the procedure
I lyset af nødvendigheden af at forhøje garantien og den kendsgerning, at godtgørelsen blev anset for rimelig, konstaterer Kommissionen, at statsstøtten midlertidigt er forenelig med det indre marked [50].
As mentioned in recitals 2 and 15, the ceiling amount of the guarantee was reduced to EUR 7 billion in 2011 but had to be re-increased back to the initial level of EUR 10 billion in June 2013 due to a deterioration of the shipping market since 2011 (see recitals 16 and 17).
BEMÆRKNINGER FRA TYSKLAND
Germany notified the re-increase.
Efter Tysklands opfattelse er den økonomiske virkning af forhøjelsen udslagsgivende for delstaternes situation som garantigivere, og deres situation har ikke ændret sig som følge af forhøjelsen, idet navnlig sandsynligheden for udnyttelse af den garantitranche, der er berørt af forhøjelsen, ikke er steget væsentligt.
It took the position that the guarantee constituted aid but doubted that re-instating a ceiling amount of EUR 10 billion was to be considered new aid since exactly the same upper threshold had been already approved in the 2011 decision [33].
Derudover er forhøjelsen i vid udstrækning sammenfaldende med den oprindelige garanti; denne har Kommissionen allerede undersøgt i forbindelse med afgørelsen fra 2011, og det skete ikke kun med henblik på et basisscenarie, men også det værst tænkelige scenarie [52].
It furthermore argued that, even if the Commission were to consider the re-increase to be new aid, it was already found compatible under the 2011 decision [34].
De tyske myndigheder anførte, at de i mellemtiden forekomne afvigelser ikke retfærdiggjorde andre konklusioner.
However, the Commission decided that re-increase was new aid in the Opening decision.
Ved at udsætte de delvise opsigelser af garantien med 2-3 år sikres der i lyset af den fortsatte krise i skibsfartssektoren og de tilsynsmæssige krav en mere bæredygtig og mindre risikobehæftet forretningsmodel.
First, the increase of the guarantee was granted by the Finanzfonds, owned by Hamburg and Schleswig-Holstein, thus stemming from State resources and supporting an internationally active bank, thereby affecting competition in the banking sector and having an impact on intra-Union trade [35].
De højere gebyrbetalinger, som banken skal betale på grund af forhøjelsen af garantien, er acceptable for banken i betragtning af dens tilstrækkelige kapitalgrundlag og de øvrige foranstaltninger, der er indeholdt i den ved afgørelsen fra 2011 godkendte omstruktureringsplan.
Since the guarantee at such conditions would not have been provided by a private investor, it gave HSH an advantage constituting State aid within the meaning of Article 107(1) TFEU [36].
Endelig konstaterede Tyskland, at forhøjelsen af garantien er blevet nødvendig for beregningen af kapitalkvoter på grund af eksogene faktorer såsom den vedvarende finanskrise, de stigende lovgivningsmæssige krav til pengeinstitutter og omstillingen til de internationale regnskabsstandarder (i det følgende »IFRS«).
Secondly, although Germany took the position that the re-increase could not be considered as new aid since the ceiling amount EUR 10 billion had already been approved by the 2011 decision, the Commission explained in the Opening decision that the cancellation of a guarantee is of a binding character and that any re-instatement had to be considered as a new agreement between guarantor and the guarantee holder, based on a new economic assessment of the risk factors that may have changed over time.
I tilknytning til disse bemærkninger fortsatte Tyskland sit tætte samarbejde med Kommissionen og fremsendte adskillige opdaterede omstruktureringsplaner.
Since an increase of the ceiling amount of the guarantee was not provided for in the terms and conditions of the guarantee approved by the 2011 decision, it required a change of the previous terms and conditions.
Resultatet af disse bestræbelser var udarbejdelsen af de væsentlige grundtræk i foranstaltningerne fra 2016, som Tyskland aftalte med Kommissionen i oktober 2015.
Consequently, the Commission decided that the increase was the granting of a new guarantee [37].
Derfor foretog Tyskland den 21. marts 2016 en fornyet anmeldelse til Kommissionen af forhøjelsen af garantien i 2013 som statsstøtte til salget, eller hvis dette skulle mislykkes, til afviklingen af HSH.
Regarding the temporary compatibility of the aid, the Commission based its assessment in the Opening decision on Article 107(3)(b) TFEU according to which State aid may be considered to be compatible with the internal market where it is intended to ‘remedy a serious disturbance in the economy of a Member State’.
VURDERING AF FORANSTALTNINGEN
In view of the still fragile situation of the financial markets, the Commission acknowledged that a breakdown of HSH could directly affect the financial markets and thus the entire economy of Germany [38].
Kommissionen har allerede kategoriseret foranstaltningen fra 2013, dvs. den med åbningsafgørelsen midlertidigt godkendte forhøjelse af garantiloftet fra 7 mia. EUR til 10 mia. EUR, som statsstøtte [54].
As to the principles applicable to State aid for financial institutions the Commission referred to point 15 of the 2008 Banking Communication [39], that at the time of the Opening decision had been further elaborated in the Recapitalisation Communication [40] and in the 2010 and 2011 Prolongation Communications [41].
Tyskland har ganske vidst i sine bemærkninger til åbningsafgørelsen (jf. betragtning 49) haft den opfattelse, at forhøjelsen af garantien ikke udgør ny statsstøtte — og i tilfælde af, at Kommissionen alligevel skulle nå frem til denne konklusion, at denne støtte falder ind under begrundelserne for godkendelsen fra 2011 — men har ikke uddybet dette standpunkt nærmere eller underbygget det med dokumentation.
As mentioned, Germany claimed in 2013 that, even if the Commission were to consider the increase of the guarantee ceiling to be new aid, it had already been found compatible under the 2011 decision so that the Commission would now be bound by that assessment and could not come to a different conclusion [42].
Endelig bekræftede Tyskland Kommissionens vurdering med den fornyede anmeldelse af forhøjelsen »som statsstøtte i henhold til artikel 107, stk. 1, i TEUF« [55] til henholdsvis salget eller afviklingen af HSH.
The Commission explained in the Opening decision that, although it had indeed decided in 2011 that the EUR 10 billion ceiling amount was compatible with the internal market, that assessment was based on the Commission's evaluation of the guarantee as notified by Germany on 30 April 2009 and in light of the economic situation at the moment it adopted the 2011 decision and of the financial projections that HSH presented as basis for the examination in that decision.
Følgelig bekræfter Kommissionen i nærværende afgørelse sin i åbningsafgørelsen trufne afgørelse om, at den omhandlede foranstaltning indeholder statsstøtte.
Thus, the restructuring plan at that time assumed that HSH would pay guarantee fees for only a EUR 7 billion guarantee [43].
Denne bekræftelse sker på baggrund af de i åbningsafgørelsen anførte begrundelser uden en fornyet vurdering.
The Commission also noted in its Opening decision that the factors relevant for the assessment of the compatibility of the new aid were also relevant for the previous assessment but that they had to be examined in their current form.
Kommissionen skal imidlertid undersøge, om foranstaltningerne fra 2016 indeholder statsstøtte [56].
Against that background, in particular the assessment of HSH's viability had to take account of the prevailing economic situation in order to decide on the compatibility of the aid [44].
Forekomst af statsstøtte i foranstaltningerne fra 2016
Thus, the shipping crisis had proven to be longer and deeper than expected, affected the creditworthiness of ship financing in general and resulted in an increase of risk-weighted assets held by HSH [45].
Kommissionen fastholder, at der í forbindelse med foranstaltningerne fra 2016 efter Tysklands opfattelse ikke ydes yderligere statsstøtte.
The Commission also noted in the Opening decision that the increase of the guarantee would result in higher guarantee fee payments of approximately EUR 1 billion and that those additional costs would significantly affect HSH's future profitability [46].
Med hensyn til anvendelsen af statsmidler kan det konstateres, at foranstaltning 1 fra 2016 både omfatter en klausul om efterstillelse af krav og en mekanisme for delvis henstand med de eksisterende forpligtelser til betaling af garantigebyrer til de offentlige ejere.
For those reasons the Commission expressed doubts that HSH would return to viability as assumed in the 2011 decision and asked for further information corroborating the assumptions of the business plan and the submitted outlook for the shipping markets as well as for evidence that the additional guarantee fees would not overstretch the bank's financial capacities even in a stress scenario [48].
Begge har til formål at reducere HoldCo's insolvensrisiko.
The Commission, however, did not express doubts in the Opening decision regarding burden-sharing or about the competition measures approved by the 2011 decision and stated that, since the new aid stayed within the boundaries of the measure approved in 2011, those measures were still adequate at that stage [49].
Disse ordninger vedrører forpligtelser, der skal betales som godtgørelse til de offentlige ejere, og hvis foranstaltning 1 fra 2016 skulle give HSH en fordel, kunne disse elementer bevirke tab af statslige midler.
In view of the necessity of the guarantee increase and the fact that remuneration was considered appropriate, the Commission concluded that the aid was temporarily compatible with the internal market [50].
Derfor mener Kommissionen, at begge foranstaltninger fra 2016 indeholder statslige midler, foranstaltning 1 fra 2016 på grund af aftalen om efterstillelse af krav og mekanismen for delvis henstand med de gebyrer, der skal betales som godtgørelse for garantien på grundlag af afgørelsen fra 2011, og foranstaltning 2 fra 2016 på grund af de beløb, som delstaterne har betalt til OpCo for de overførte aktiver.
COMMENTS FROM GERMANY
Foranstaltning 2 fra 2016, delstaternes erhvervelse af aktiver, er en foranstaltning, der er gennemført af staten.
Germany in its comments on the Opening decision [51] repeated, first, the initial position that the re-increase of the guarantee was no new aid measure since the re-increase did not exceed the ceiling of EUR 10 billion approved by the 2011 decision.
Denne tilregnelighed ses ved, at ændringen er en del af en større foranstaltningspakke, som delstaterne har spillet en aktiv rolle i udarbejdelsen af.
In Germany's view, the economic effect of the re-increase on the situation of the Länder as guarantors is decisive, and their situation did not change as a consequence of the re-increase, in particular because there was no significantly increased probability of use of the re-increased guarantee tranche.
Foranstaltningerne fra 2016 kommer udelukkende HSH til gode.
Moreover, the re-increase was to a large extent congruent with the initial, full guarantee which the Commission had already analysed in the context of the 2011 decision, not only on the basis of a base case but also on the basis of a worst-case scenario [52].
De er således selektive.
Secondly, Germany confirmed its earlier view that the re-increase, even if qualified as new aid, was covered by the reasons for the approval in 2011 as the Commission noted in the Opening decision when stating that it had no doubts — at that stage — that the burden-sharing and competition measures that were considered as appropriate and sufficient in the 2011 decision were still adequate in view of the new aid staying within the boundaries of the measures approved in the 2011 decision [53].
De vil kunne fordreje konkurrencen, idet de hindrer de frie markedskræfter i at fungere.
According to Germany, the Commission is bound by the reasons it had given for approving the aid in the 2011 decision.
I lyset af liberaliseringen af de finansielle tjenesteydelser i EU påvirker de samhandelen mellem medlemsstaterne.
Thirdly, Germany submitted that the re-increase of the guarantee ceiling supported the purpose of restoring HSH's long-term viability and, furthermore, was in line with the aims of the restructuring plan approved in 2011.
For at kunne vurdere, hvorvidt foranstaltningerne fra 2016 indeholder statsstøtte, skal Kommissionen derfor fastslå, om foranstaltningerne fra 2016 giver HSH en yderligere fordel, som ligger ud over den fordel, som HSH allerede har opnået i kraft af foranstaltningen fra 2013.
In that context, Germany stated that there were no reasons to doubt the long-term viability of the bank and the sustainability of its business model.
Inden Kommissionen kan vurdere, hvorvidt der er en yderligere fordel forbundet med foranstaltningerne fra 2016, skal den henlede opmærksomheden på garantiens funktion; på dette grundlag kan den undersøge, hvilken virkning gennemførelsen af foranstaltningerne fra 2016 i den foreslåede form vil have på garantiens funktion.
It contended that the deviations from the business plan that occurred in the meantime did not justify other conclusions.
Garantiens funktion og virkningerne af foranstaltningerne fra 2016
The delay of the partial guarantee cancellations by 2 to 3 years would ensure a more sustainable and less risky business model, in view of the continuing shipping crisis and having regard to supervisory requirements.
Den med afgørelsen fra 2011 godkendte second loss-garanti har form af en syntetisk securitisering.
The higher fee payments the bank must pay as a consequence of the guarantee re-increase would be sustainable for it given that it has a sufficient capital base and in light of the other measures included in the restructuring plan approved by the 2011 decision.
Det betyder, at den samlede garanterede portefølje virtuelt er opdelt i tre trancher:
Finally, Germany noted the need for a re-increased guarantee was caused by exogenous factors such as the continuing financial crisis, the increased regulatory requirements for financial institutions and the change to the accounting standard International Financial Accounting Standards (‘IFRS’) for the calculation of the capital quotas.
Juniortranchen eller first loss-tranchen på 3,2 mia. EUR, som er dækket fuldt ud af banken og allerede afskrevet
After making those comments, Germany continued to work closely with the Commission and submitted several updated restructuring plans.
Mezzanintranchen eller second loss-tranchen på 10 mia. EUR, som staten garanterer for (udestående beløb på 7 mia. EUR fra 2011 og yderligere 3 mia. EUR, der blev midlertidigt godkendt i åbningsafgørelsen)
The first was supplied in December 2013, a revised restructuring plan was provided with more prudent assumptions in April 2014 and a further update of the business planning was sent in April 2015.
Seniortranchen.
Moreover, when those plans did not assuage the Commission's doubts as to their ability to restore HSH's viability, the German authorities sought other solutions.
Eksistensen af garantien har i det væsentlige to virkninger, nemlig en virkning for regnskabsaflæggelsen i henhold til IFRS og en virkning for egenkapitalkravene inden for rammerne af de lovgivnings- og tilsynsmæssige forskrifter, som de anvendes af tilsynsmyndigheden.
Those efforts subsequently resulted in the principal outline of the 2016 measures which Germany agreed with the Commission in October 2015.
Virkning for regnskabsaflæggelsen
Consequently, on 21 March 2016, Germany re-notified the 2013 re-increase of the guarantee as State aid for the sale or, if a sale fails, winding down of HSH.
For det første udligner garantien alle tab i den garanterede portefølje, såfremt disse overstiger 3,2 mia. EUR, men ikke overskrider 13,2 mia. EUR [57].
ASSESSMENT OF THE MEASURES
Så længe de garanterede aktiver stadig vises i balancen, udlignes de afskrivninger og hensættelser, der foretages i henhold til IFRS i forbindelse med disse aktiver, af en modpost i samme størrelsesorden.
With regard to the 2013 measure, i.e. the re-increase of the guarantee from EUR 7 billion to EUR 10 billion which had been approved temporarily in the Opening decision, the Commission has already decided that that measure constituted State aid [54].
Først når aktiverne er endeligt afviklet og ikke længere vises i balancen, således at de faktiske tab ligger fast, sker der en effektiv udbetaling af godtgørelseskravene inden for rammerne af garantien.
Although Germany, in its comments on the Opening decision (see recital 49), took the view that the re-increase did not constitute new aid — and, even if it did, was covered by the reasons for the approval in 2011 — it did not expand on those positions nor did it submit evidence in support of them.
Disse forskellige former for godtgørelseskrav i forbindelse med garantien medfører forskellige målestokke for garantiens udnyttelse.
Finally, by re-notifying the re-increase ‘as State aid in the meaning of Article 107(1) TFEU’ [55] to be used for the sale or winding down of HSH, Germany confirmed the assessment of the Commission.
Størrelsen af den faktisk udnyttede garanti (i det følgende »faktisk udnyttet garantibeløb«) svarer til beløbet for de på et bestemt tidspunkt afviklede tab i den garanterede portefølje.
As a consequence, the Commission confirms in the present Decision its finding in the Opening decision as to the existence of State aid in that measure and it does so for the reasons set out in that decision and without any reassessment.