natgillin/translations-raw huggingface dataset:
Tilsvarende omfattende foranstaltninger er nødvendige for at begrænse mulige konkurrencefordrejninger, også selv om der tages hensyn til det passende eget bidrag og den støttemodtagende banks og dens aktionærers deltagelse i byrdefordelingen i omstruktureringsperioden.
In the June 2011 EBA stress test, moreover, macro and individual stress were applied only to a ratio of 5 % EBA core Tier 1 capital.
I den nye omstruktureringsplan er der således fastsat en væsentlig kraftigere reduktion af balancen end i den oprindelige omstruktureringsplan.
The Commission currently has no indication that the EBA would now require a stress test combining the approaches of the two exercises.
BayernLB vil reducere sin balance på basis af aktiverne fra udgangen af 2008 med 51 % fra 421,7 mia. EUR til 206 mia. EUR (239,4 mia. EUR i 2015).
Nor has such a combination been required in the assessment of the restructuring of any other German banks.
Med henblik herpå er BayernLB parat til at frasælge et betydeligt antal inden- og udenlandske datterselskaber/kapitalinteresser og nedskære sin aktieportefølje betragteligt.
Instead BaFin has merely asked banks to comply with the 9 % EBA core Tier 1 capital requirement [67].
Disse frasalg skal være afsluttet inden den […], eller de pågældende datterselskaber/kapitalinteresser skal indstille deres nye forretninger efter […].
Today, therefore, the Commission can only work on the basis that the capital adequacy that will be required is the same as in the December 2011 capital exercise plus an additional buffer, as indicated in recital 79.
Tabel 12 giver et overblik over de største frasalg.
That assumption is even more reasonable as foreseeable stresses specific to the bank and the macroeconomic environment are already factored into the projections.
Tabel 12
In any event, the Commission acknowledges the role of the financial supervisor.
Frasalg af betydelige kapitalinteresser
The Commission accepts that the annual instalment repayment obligation in Annex II is subject to regulatory approval.
Navn
The instalment payments under that repayment schedule are thus conditional upon approval by BaFin.
Balance, i mia. EUR [72]
If BaFin prohibits or does not approve repayment of an instalment, the Commission accepts that the corresponding obligation to repay that amount is deferred.
RWA, i mia. EUR [72]
However, if a repayment of the amount initially deferred is not approved the following year, or is again prohibited, the implementation of the restructuring plan will be compromised, and Germany will therefore need to submit a modified restructuring plan to the Commission.
LB(Suisse)
The mere fact that the supervisory authority prohibits or does not authorise the repayment cannot automatically dispense the bank from the repayment obligation: it requires action by the bank.
LB Lux
If the bank cannot repay while meeting all the requirements imposed by the regulator, additional capital should in principle be freed through further RWA reduction.
GBWAG
In addition, any delay will in general require additional compensatory measures [68].
Disse frasalg omfatter alle bankens internationale kreditinstitutter.
The Commission therefore insists on the principle that in the modified restructuring plan Germany must provide additional compensatory measures.
Frasalget af HGAA, der allerede i 2008 syntes at have brug for omstruktureringsstøtte, har bidraget til genoprettelsen af BayernLB's rentabilitet.
This is reflected in point 4 of Annex II.
Men selv om der ses bort fra HGAA ved vurderingen af omfanget af foranstaltningerne til afhjælpning af konkurrencefordrejninger, udgør reduktionen af balancen stadig 45 % (421,7 mia. EUR — 44,6 mia. EUR = 377,4 mia. EUR) i forhold til 206 mia. EUR).
However, it should be noted that if regulatory capital requirements were in future to go substantially beyond the level envisaged in this Decision, the Commission might have to conduct a proportionate assessment of the kind indicated in the third sentence of point 14 of the Commission Communication on the application, from 1 January 2012, of State aid rules to support measures in favour of banks in the context of the financial crisis [69]; this might possibly necessitate only a limited additional measure of restructuring.
Desuden vil BayernLB nedbringe antallet af internationale afdelinger og repræsentationskontorer med syv og gøre de resterende afdelinger i London, Paris, New York og Milano væsentligt mindre.
Under the Restructuring Communication it has also to be assessed whether the restructuring plan addresses any existing or potential weaknesses in the corporate governance structure.
I betragtning af de konkurrencefordrejninger, der er fremkaldt af det høje støttebeløb, betragter Kommissionen reduktionen af bankens balance med mere end halvdelen som passende totalt set.
The Commission finds that the restructuring plan comprises significant changes in the bank's legal structure and corporate governance which will make BayernLB less vulnerable to potential undue influence by shareholders and permit better corporate oversight.
En sådan reduktion er i overensstemmelse med Kommissionens tidligere afgørelser i forbindelse med andre delstatsbanker [73].
The measures to be implemented will ensure that BayernLB will not be different from its competitors in terms of its constitution, its internal policies and procedures, or the role and composition of its governing bodies.
Ud over disse omfattende strukturelle foranstaltninger har BayernLB også accepteret enkelte adfærdsbegrænsninger.
There are sufficient safeguards against business decisions being taken on the basis of considerations other than commercial ones.
Desuden vil BayernLB indskrænke omfanget og det absolutte volumen af de resterende internationale aktiviteter væsentligt inden for forretningsområderne store virksomheder, projektfinansiering og fast ejendom i medfør af bilag I. Herigennem frigøres der kapacitet på BayernLB's kernemarkeder til andre markedsdeltagere.
There is a clearer and more stringent differentiation of the respective roles of the different bodies (shareholders' meeting, supervisory board and executive board) and the professionalism of the supervisory board will benefit from the inclusion of independent experts and the introduction of a ‘fit and proper’ test which every board member will have to pass.
Derudover har Tyskland givet tilsagn om, at BayernLB vil trække sig tilbage fra forretningsområder såsom skibs- og flyfinansiering.
The corporate governance framework is compatible with the requirements for private businesses and extends to the implementation of the (voluntary) German corporate governance code.
For så vidt angår offentlige myndigheder, indstilles finansieringer uden for Bayern.
The bank's shareholders' meeting will have the standard powers of a shareholders' meeting, without any additional influence.
På baggrund af denne blanding af forskellige foranstaltninger og ovenstående konstatering af, at eget bidrag og byrdefordeling er passende, mener Kommissionen, at der er truffet tilstrækkelige foranstaltninger for at begrænse mulige konkurrencefordrejninger til trods for det høje støttebeløb, som BayernLB modtog.
In line with the corporate governance code, half of the members of the supervisory board will be independent.
Gennemførelse og kontrol
Qualitative requirements ensuring a minimum qualification of newly appointed supervisory board members introduced by BaFin, the German regulator, are to be applied to all members of the board.
I overensstemmelse med afsnit 5 i omstruktureringsmeddelelsen skal der regelmæssigt fremsendes rapporter til Kommissionen, så den kan kontrollere, at omstruktureringsplanen gennemføres korrekt.
During the restructuring period, the chairman of the supervisory board will be an independent member.
Den første rapport forelægges Kommissionen senest seks måneder efter godkendelsen af omstruktureringsplanen.
An audit and risk committee will also be introduced, and will operate in line with best corporate governance practices.
Til dette formål skulle Tyskland udpege en tilsynsadministrator og fremlægge en overvågningsrapport to gange om årligt.
Overall, therefore, BayernLB's restructuring plan of is likely to restore its long-term viability.
De enkelte tilbagebetalinger kræver godkendelse fra det tyske finanstilsyn (BaFin).
The bank's own contribution
Hvis banken ikke når de mål, der er fastlagt i tilbagebetalingsplanen, skal Tyskland forelægge Kommissionen en ændret omstruktureringsplan i overensstemmelse med bilag II, punkt 4.
The Restructuring Communication states that, in order to keep the aid to a minimum, banks should first use their own resources to finance the restructuring and that the costs associated with the restructuring should be borne not only by the State but also by those who invested in the bank.
Ved en sådan ny anmeldelse er det grundlæggende nødvendigt med yderligere foranstaltninger til begrænsning af konkurrencefordrejninger.
In the opening decision the Commission noted that the scope of the divestitures proposed as the bank's own contribution remained vague.
Hvis BayernLB konstaterer optimeringsmuligheder i forbindelse med gennemførelsen af planen set i lyset af nye tilsynsmæssige eller makroøkonomiske udviklinger, som har virkninger for de angivne intervaller, skulle Tyskland informere Kommissionen om disse afvigelser, medmindre afvigelsen ved en reduktion vedrørende et segment har et omfang i 2017 på højst [10-15] %, og den samlede reduktion forbliver inden for rammerne af det i bilag I, punkt 33, fastlagte samlede omfang og ikke berører BayernLB's rentabilitet, der er beskrevet i omstruktureringsplanen.
In the meantime Germany has given a commitment that BayernLB will sell [40-70] subsidiaries or holdings by the end of the restructuring period.
I tilfælde af en ny anmeldelse vil Kommissionen undersøge, om ændringerne bidrager til en maksimering af kapitalfrigørelseseffekten, samtidig minimerer negative sekundære virkninger og derfor ikke påvirker bankens rentabilitet negativt.
The bank has already sold the majority of those subsidiaries and expects to have completed all sales by […] at the latest.
Konklusion vedrørende omstruktureringen
The financial holdings to be sold are listed in point 11 of Annex I and in Annex III, and include LBS Bayern, MKB and Banque LB Lux SA, which are amongst BayernLB's largest subsidiaries.
I betragtning af bankens prognoser og under hensyntagen til de nyeste tilsynsmæssige krav, som foreskriver et kapitalgrundlag på mere end 9 % kernekapital og en egenkapitalreserve, samt Basel III-forskrifterne er formålet med omstruktureringsforanstaltningerne, herunder Tysklands tilsagn, at genoprette BayernLB's langsigtede rentabilitet, og de skaber en udligning i forbindelse med de konkurrencefordrejninger, der er fremkaldt af støtteforanstaltningerne.
The revenues generated and any profit made will be used to cover restructuring costs and will help to ensure that the aid is kept to the minimum.
Under forudsætning af, at en del af støtteforanstaltningerne tilbagebetales, og at der foretages en claw-back, sikrer omstruktureringsplanen også, at støtten er begrænset til det nødvendige minimum, og at banken betaler et passende eget bidrag.
Moreover, in order to ensure that over the restructuring period the owners of the bank play as large a part as possible in the reconstitution of an adequate capital base, Germany has given a commitment that the bank will retain dividends and will not pay coupons, other than any it is legally obliged to pay, until the end of the restructuring period, or beyond if the Land's silent participation is not repaid by then.
På betingelse af, at tilbagebetalingspligten opfyldes i henhold til bilag II, kan omstruktureringsstøtten således anses for at være forenelig med det indre marked i henhold til artikel 107, stk. 3, litra b), i TEUF.
This will ensure, in line with point 26 of the Restructuring Communication, that BayernLB does not use State aid to remunerate its own funds if there are insufficient profits to make such payments.
FORDEL FOR SPARKASSENVERBAND
The prolonged ban on dividends and hybrid coupons will also help BayernLB to comply with the repayment schedule.
Kommissionens betænkeligheder med hensyn til, at Sparkassenverband ikke i tilstrækkelig grad deltager i byrdefordelingen og har profiteret af redningsforanstaltningen, er ligeledes ryddet af vejen.
Another aspect concerns the savings banks association, which did not participate in the 2008 rescue measures even though it was a shareholder in BayernLB.
I indledningsbeslutningen antydede Kommissionen, at den i løbet af den formelle undersøgelse muligvis ville kontrollere rigtigheden af vurderingen af BayernLB og dermed beregningen af Sparkassenverbands resterende kapitalandele.
Because it did not participate in the rescue, the savings banks association's stake has been significantly diluted, but it has in the meantime agreed to various additional contributions.
Derfor sendte Kommissionen en anmodning om oplysninger til Tyskland vedrørende Sparkassenverbands bidrag til redningen.
First, the savings banks currently hold individual silent participations totalling about EUR [770-810] million, as explained in recital 76, and in order to improve the quality of the capital of the bank and to ensure that the capital provided by the savings banks continues to count as EBA core Tier 1 capital, the savings banks have agreed to buy back these silent participations […].
Med omdannelsen af sparekassernes passive kapitalindskud og Sparkassenverbands efterfølgende kapitaltilførsel, hvis kapitalandel herved forøges, blev der imidlertid opnået en passende byrdefordeling.
The savings banks association will reinject EUR [810-840] million in equity, thus increasing its stake in BayernLB [70].
KONKLUSIONER
The savings banks will thereby lose their entitlement to more reliable interest payments, while the dividend ban means that they will not receive corresponding dividend payments over the medium term.
I betragtning af Tysklands tilsagn for så vidt angår omstruktureringen og de i bilag II fastsatte betingelser vedrørende tilbagebetalingen af en del af støtteforanstaltningerne og claw-back'en konkluderer Kommissionen, at risikoafdækningen er i overensstemmelse med afsnit 5 i meddelelsen om værdiforringede aktiver, at omstruktureringsstøtten er begrænset til det nødvendige minimum, at der tages hånd om konkurrencefordrejninger i tilstrækkeligt omfang, og at den fremlagte omstruktureringsplan er egnet til at genoprette Bayern LB's langsigtede rentabilitet.
Second, the savings banks association has agreed to purchase LBS for a fair price of EUR 818,3 million by the end of 2012.
Omstruktureringsstøtten kan derfor betragtes som forenelig med det indre marked i henhold til artikel 107, stk. 3, litra b), i TEUF —
In the determination of the price the savings banks association has not applied a discount to take into consideration the fact that the savings banks are the main distribution channel for LBS products, as a private investor might well have done.
VEDTAGET DENNE AFGØRELSE:
As a result of all these measures the shareholding that was initially diluted to 6 % will rise significantly, potentially up to 25 %.
Artikel 1
Finally, it should be noted that Germany will claw back the entire part of the asset guarantee above the REV.
Kommissionens afgørelse af 25. juli 2012 i Tysklands og Østrigs statsstøtte til fordel for Bayerische Landesbank (sag SA.28487 (C 16/09, ex N 254/09) ophæves.
The sharing of burdens by the bank and its shareholders can therefore be considered appropriate; the doubts raised in that respect in the opening decision have been allayed.
Artikel 2
Measures limiting distortions of competition
Følgende foranstaltninger udgør statsstøtte i henhold til artikel 107, stk. 1, i TEUF:
Finally, the Restructuring Communication requires that the restructuring plan should include measures limiting distortions of competition.
delstaten Bayerns rekapitalisering af Bayerische Landesbank på 10 mia. EUR
Such measures should be tailor-made to address the distortions on the markets where the beneficiary bank operates after restructuring.
den second loss-garanti på 4,8 mia. EUR, der er ydet af delstaten Bayern til Bayerische Landesbank i form af en risikoafdækning
The nature and form of such measures depend on two criteria: first, the amount of the aid and the conditions and circumstances under which it was granted, and, second, the characteristics of the markets on which the beneficiary is to operate.
de ansvarsgarantier på 15 mia. EUR, som Tyskland har indrømmet Bayerische Landesbank
Furthermore, the Commission must take into account the extent of the beneficiary bank's own contribution and burden sharing over the restructuring period.
den garanti, som Østrig har indrømmet Bayerische Landesbank vedrørende finansieringen på 2,638 mia. EUR og
In the opening decision, the Commission considered the proposed measures to address distortions of competition to be insufficient.
overførslen af delstaten Bayerns kapital i Bayerische Landesbodenkreditanstalt på 1 mia. EUR til Bayerische Landesbank.
The updated restructuring plan provides for further such measures.
Den i stk. 1 anførte statsstøtte er i lyset af tilsagnene i bilag I og III og under betingelserne i bilag II forenelig med det indre marked.
The aid in this case amounts to about EUR 15,8 billion in of capital assistance: it comprises the recapitalisation, amounting to EUR 10 billion, the risk shield of EUR 4,8 billion, and the transfer of EUR 1 billion BayernLabo capital to BayernLB.
Artikel 3
The figure does not include the liquidity guarantees provided by SoFFin, amounting to around EUR 15 billion (of which EUR 5 billion were used) [71] and the guarantees provided by Austria for the funding of EUR 2,638 billion that BayernLB had agreed to leave in HGAA.
Tyskland garanterer, at den omstruktureringsplan, der blev fremlagt den 6. juni og ændret den 12. juni 2012, herunder tilsagnene i bilag I og III og betingelserne i bilag II, gennemføres fuldt ud i henhold til den tidsplan, der er fastlagt i disse bilag.
The aid amount of EUR 15,8 billion is equivalent to 8 % of the risk weighted assets after the measures (risk positions of EUR 198 billion in 2008).
Artikel 4
The amount increases further if it is taken to include the EUR 2,638 billion in guarantees that the bank obtained from Austria and the EUR 15 billion it obtained from SoFFin (of which EUR 5 billion were actually used).
Tyskland underretter senest to måneder efter meddelelsen af denne afgørelse Kommissionen om, hvilke foranstaltninger der er truffet for at efterkomme afgørelsen.
The amount of aid being granted to the beneficiary is thus very large.
Artikel 5
In order to limit potential distortions of competition, the measures necessary will be appreciable, even when account is taken of the appropriate scale of the bank's own contribution and the sharing of burdens by the beneficiary and its shareholders over the restructuring period.
Udfærdiget i Bruxelles, den 5. februar 2013.
On the basis of the assets at the end of 2008, BayernLB will reduce its balance sheet by 51 %, from EUR 421,7 billion to EUR 206 billion (EUR 239,4 billion in 2015).
På Kommissionens vegne
To that end, BayernLB is prepared to divest a significant number of domestic and foreign subsidiaries, and to reduce its portfolio of holdings substantially.
Næstformand
Those divestments need to be completed by […]; otherwise the relevant subsidiaries or associated companies must stop new business [after …].
EUT C 134 af 13.6.2009, s. 31; EUT C 85 af 31.3.2010, s. 21 og EUT C 266 af 1.10.2010, s. 5.
An overview of the largest divestments is given in Table 12.
Med virkning fra den 1. december 2009 er artikel 87 og 88 i EF-traktaten blevet til henholdsvis artikel 107 og 108 i traktaten om Den Europæiske Unions funktionsmåde (TEUF).
Table 12
EF-traktatens artikel 87 og 88 og EUF-traktatens artikel 107 og 108 er stort set identiske.
Divestment of major holdings
Med henblik på denne afgørelse læses henvisninger til artikel 107 og 108 i TEUF som henvisninger til henholdsvis artikel 87 og 88 i EF-traktaten, hvor det er relevant.
Name
Kommissionens afgørelse af 18. december 2008 i sag N 615/08, BayernLB (EUT C 80 af 3.4.2009, s. 4).
Balance sheet, EUR billion [72]
Kommissionens afgørelse af 9. december 2008 i sag N 557/08, foranstaltninger i henhold til lov om stabilitet på finansmarkederne (Finanzmarktstabilitätsgesetz) og lov om styrkelse af interbankmarkedet (Interbankmarktstärkungsgesetz) for kreditinstitutter og forsikringsselskaber i Østrig (EUT C 3 af 8.1.2009, s. 2).
RWAs, EUR billion [72]
Senest forlænget indtil den 30. juni 2011 ved Kommissionens afgørelse af 16. december 2010 i sag SA.32018 (2010/N) (EUT C 20 af 21.1.2011, s. 3).
LB (Suisse)
Statsstøttesag C 16/09 (EUT C 134 af 13.6.2009, s. 31).
LBLux
EUT C 85 af 31.3.2010, s. 21.
These divestments include all of the bank's international credit institutions.
EUT C 266 af 1.10.2010, s. 5.
The divestment of HGAA, which already seemed in need of restructuring aid in 2008, has contributed to the restoration of the viability of BayernLB.
Herefter SA.32554 (09/C) — Omstruktureringsstøtte til Hypo Group Alpe Adria.
However, even if HGAA is left out of account for the purposes of quantifying measures to limit the distortion of competition, the balance sheet reduction is still 45 % (EUR (421,7 — 44,6 =) 377,4 billion compared with EUR 206 billion).
Basel III er den internationale reguleringsramme for banker.
Furthermore, BayernLB will reduce the number of its international branches or representation offices by seven, and the remaining branches in London, Paris, New York and Milan will be substantially downsized.
Det er en række reformforanstaltninger udviklet af Baselkomitéen for Banktilsyn med henblik på at styrke regulering, overvågning og risikostyring af banksektoren.
Overall, the Commission considers that this reduction of the total balance sheet of the bank by more than half is appropriate given the distortions of competition stemming from the large amount of aid received.
Forslag til Europa-Parlamentets og Rådets forordning om reguleringskrav for kreditinstitutter og investeringsselskaber (KOM(2011) 452 endelig).
The reduction is in line with the Commission's practice in its decisions in relation to other Landesbanken [73].
Kommissionen vedtog den 20. juli 2011 en lovpakke med det formål at styrke reguleringen af banksektoren.
In addition to those far-reaching structural measures, BayernLB has also agreed to several behavioural constraints.
Med denne pakke (den såkaldte CRD IV-pakke) erstattes de nuværende kapitalkravsdirektiver (Europa-Parlamentets og Rådets direktiv 2006/48/EF af 14. juni 2006 om adgang til at optage og udøve virksomhed som kreditinstitut (EUT L 177 af 30.6.2006, s. 1) og Europa-Parlamentets og Rådets direktiv 2006/49/EF af 14. juni 2006 om kravene til investeringsselskabers og kreditinstitutters kapitalgrundlag (EUT L 177 af 30.6.2006, s. 201)) af et direktiv og ovennævnte forordning.
The bank has given a commitment to observe, during the restructuring period, a cap of EUR 500000 on staff remuneration (fixed and variable), a ban on acquisitions, and a dividend ban.
Der findes en udførlig beskrivelse i indledningsbeslutningen, s. 2.
The restrictions on the remuneration of staff will automatically be prolonged (though for the salary cap they will be somewhat less stringent) until the the silent participation and the claw-back have been repaid in full, which is not likely to happen before 2019.
Inden redningsforanstaltningerne fra 2008 ejede delstaten Bayern og Sparkassenverband hver 50 % af aktierne.
These measures create an incentive for repayment and preclude the bank from acquiring competing businesses, which prevents non-organic growth of BayernLB funded by the aid.
BayernLB benytter begrebet risikopositioner som det begreb, tilsynsmyndigheden anvender ved beregningen af kapitalandele.
In addition, BayernLB will limit its remaining international business activities in corporates, project finance and real estate significantly, in scope and absolute volume, as indicated in Annex I. This will leave free capacity for other players in BayernLB's core markets.