natgillin/translations-raw huggingface dataset:
I henhold til afsnit 2 i omstruktureringsmeddelelsen og afsnit 5 i bankmeddelelsen fra 2008 skal bestemte forudsætninger være opfyldt for, at afhændelsesproceduren er egnet til a) via salg af banken at genoprette dens rentabilitet og b) at sikre, at der ikke ydes statsstøtte til køberen.
According to the commitments, bank and public owners will use that line-by-line valuation which was appended to the notification and to the present decision (Annex II) in order to determine the applicable transfer value for a given portfolio.
Tyskland har i tilsagnene allerede angivet de senest mulige frister for de vigtigste milepæle.
The size of the chosen portfolio including all tranches cannot be larger in sum than EUR 6,2 billion EAD.
For så vidt angår spørgsmålet om, hvorvidt salget vil resultere i en rentabel virksomhed, ser Kommissionen positivt på Tysklands to tilsagn om, at de i afhændelsesproceduren deltagende tilbudsgivere skal a) råde over de nødvendige finansielle ressourcer og dokumenteret brancherelevant ekspertise for at kunne lede OpCo som en rentabel og aktiv konkurrent, og b) være uafhængige af den offentlige sektor.
According to the commitments, any transfer after 31 August 2016 will require a revaluation of the chosen assets by the Commission in order to ensure that the market value is adapted taking into account the evolution of the assets and the market.
Delstatsbanker og offentlige sparekasser (hvis de afgiver et tilbud i fællesskab med andre tilbudsgivere) må deltage i udbudsproceduren.
Finally, the Commission stresses that selling loans to the Länder at those levels will generate additional losses in the bank which will have to be absorbed through profit and loss and to be covered through the available capital position of the bank.
Endelig hilser Kommissionen en række tilsagn fra Tyskland velkommen, som tjener til forbedring af OpCo's forretningsmæssige situation, f.eks. gennemførelsen af yderligere omstruktureringsforanstaltninger i form af omkostningsreduktioner (på [570-590] mio. EUR i 2016 og [520-550] mio. EUR i 2017), forbedringer i forbindelse med bankens likviditets- og risikostyring samt en generel forpligtelse til en bæredygtig forvaltning af bankens aktiver og passiver for at forbedre udsigterne til et vellykket salg til den højest mulige pris under overholdelse af vilkårene.
The Commission further recalls that any such sale could result in the negative effect on the functioning of the guarantee described in recitals 75 and 76 and would be subject to the discretion of the supervisor.
Kommissionen henviser til, at den skal vedtage endnu en afgørelse, så snart der er modtaget et endeligt tilbud i forbindelse med afhændelsesproceduren.
All those effects could further deplete the capital position of the bank.
I denne afgørelse undersøges det, a) om den integrerede enhed er rentabel og b) om det endelige pristilbud er positivt, og at hverken køberen eller det solgte pengeinstitut indrømmes statsstøtte i forbindelse med afhændelsesproceduren [71].
However, the Commission stresses that under no circumstances will further capital aid be provided to the bank.
Kommissionen bifalder Tysklands tilsagn om at fremsende det endelige tilbud til Kommissionen med henblik på kontrol og godkendelse.
On the basis of the commitments as assessed, the Commission is satisfied that the 2016 measure 2, the transfer of assets to the public owners, will be implemented at market value and will correspondingly not lead to an advantage.
For så vidt angår den nødvendige rentabilitetskontrol, fastslår Kommissionen, at et rent ejerskifte, som ikke indeholder nogen ændring af forretningsmodellen, f.eks. en børsintroduktion, ville afstedkomme de samme betænkeligheder i forhold til rentabiliteten, som Kommissionen har givet udtryk for i åbningsafgørelsen, og som det i henhold til afsnit 4.1.2 i denne afgørelse ikke har været muligt at fjerne.
Resulting losses will be absorbed by the current capital position of the bank without any further aid.
På baggrund af disse tilsagn og ovenstående betragtninger når Kommissionen til den konklusion, at forudsætningerne i punkt 49 i bankmeddelelsen fra 2008 og punkt 17 og 18 i omstruktureringsmeddelelsen er opfyldt.
Based on the preceding assessment, the Commission concludes that the 2016 measures do not contain State aid in the meaning of Article 107(1) TFEU.
Overvågning
Compatibility
Kommissionen glæder sig over Tysklands forsikring om at underkaste gennemførelsen af tilsagnene fuld overvågning og detaljeret kontrol ved en kvalificeret og uafhængig tilsynsadministrator.
As assessed by the Commission in the preceding section, the 2016 measures do not contain State aid.
KONKLUSION
Regarding the 2013 measure, the Commission has declared it temporarily compatible in the Opening decision but has opened the formal investigation procedure due to doubts over the compatibility of the measure, in particular ‘doubts that HSH will return to viability as assumed in the 2011 restructuring decision on the basis of the new business plan’ [66].
På basis af de afgivne tilsagn og den foranstående vurdering konkluderer Kommissionen, at foranstaltningen fra 2013, der blev anmeldt på ny som statsstøtte til den velordnede afvikling af HSH, kan anses for forenelig med reglerne om det indre marked —
As the 2013 measure has been notified and declared temporarily compatible before the 2013 Banking Communication [67] became applicable, the Commission continues to base its assessment of the 2013 measure on Article 107(3)(b) TFEU, as explained in the 2011 Prolongation Communication and according to the general principles applicable for State aid granted to financial institutions set out in the 2008 Banking Communication, further elaborated in the Recapitalisation Communication and the Restructuring Communication [68] and subsequently amended by the 2010 Prolongation Communication and the 2011 Prolongation Communication.
VEDTAGET DENNE AFGØRELSE:
Assessment of the grounds for opening
Artikel 1
Regarding its doubts on viability, the Commission noted in particular three factors in the Opening decision (see section 2.4 for a more comprehensive overview):
Foranstaltningerne fra 2016, som Tyskland påtænker at gennemføre for HSH Nordbank, udgør ikke statsstøtte i henhold til artikel 107, stk. 1, i traktaten om Den Europæiske Unions funktionsmåde.
the further deterioration in the economic situation in the shipping sector;
Artikel 2
the economic under-performance by the bank compared to the base case financial projections of the 2011 decision, also and in particular regarding the development of new business to the extent expected;
Foranstaltningen fra 2013, en fornyet forhøjelse af second loss-garantien med 3 mia. EUR, som HSH Nordbank blev indrømmet af Finanzfonds AöR, udgør statsstøtte i henhold til artikel 107, stk. 1, i TEUF, og er på grundlag af de i bilag I til denne afgørelse indeholdte tilsagn forenelig med det indre marked.
the increase of the guarantee fee payments due to the higher guarantee amount.
Artikel 3
As mentioned in section 1, Germany sent the Commission a number of restructuring plans provided by the bank.
Denne afgørelse er rettet til Tyskland.
However:
Udfærdiget i Bruxelles, den 2. maj 2016.
the situation in the shipping sector has further deteriorated significantly since the Opening decision, with the Baltic Dry Shipping Index marking new all-time lows in February 2016, leading to even deeper and far-reaching losses on the remaining shipping portfolio held by HSH;
På Kommissionens vegne
in every year since the Opening decision, HSH has underperformed its own projections regarding new business volumes — which over various plans had already been significantly revised downwards — in particular in the corporate and the shipping segments;
Jf. afgørelse fra 2011, betragtning 48.
The Commission notes the fact that Germany has re-notified the 2013 measure as State aid to be used for the orderly wind-down of HSH Nordbank through either an aid-free sale or stopping new business and winding down.
Se fodnote 1.
Based on that new purpose of the aid, the Commission deems it unnecessary to assess the restructuring plans received in more detail and does not draw any consequences from the fact that its doubts on the viability of the bank have not been allayed.
Den 27. april 2016 fremsendte Tyskland en berigtigelse til tilsagnskataloget, som korrigerede en fejl i et tilsagn.
Instead, the Commission will assess the compatibility of the aid based on section 2 of the Restructuring Communication and in particular the subsection ‘Viability through sale of a bank’ as well as on section 5 of the 2008 Banking Communication [69] ‘Aid for the controlled winding up of financial institutions’.
Via Finanzfonds AöR besidder de to delstater 65 % af aktierne; direkte har Hamburg 10,8 % og Schleswig-Holstein 9,58 %.
According to section 2 of the Restructuring Communication, the sale of an ailing bank to another financial institution can contribute to the restoration of long-term viability, if the purchaser is viable and capable of absorbing the transfer of the ailing bank.
Jf. åbningsafgørelsen, betragtning 54.
The purchaser should demonstrate to the Commission that the integrated entity will be viable.
Der findes en udførlig beskrivelse af garantierne i betragtning 42-47 i afgørelsen fra 2011.
According to section 5 of the 2008 Banking Communication, aid for the controlled wind-down of financial institutions needs to be assessed mutatis mutandis according to section 3 of the 2008 Banking Communication, in particular
Jf. åbningsafgørelsen, betragtning 13.
limitation of the aid to the minimum — private sector contribution; and
Eksponeringen i tilfælde af misligholdelse betegner en banks forventede tab i tilfælde af modpartens konkurs.
avoidance of undue distortions of competition.
Den anvendes til beregning af pengeinstitutters kreditrisiko.
Those requirements are equivalent to the requirements under section 2 of the Restructuring Communication in case of a successful sale.
Fortrolige oplysninger.
Moreover, given that the orderly wind-down of the bank can be fulfilled by selling OpCo, the specific criteria set out in point 49 of the 2008 Banking Communication have to be fulfilled, namely ‘in order to ensure that no aid is granted to the buyers of the financial institution or parts of it or to the entities sold, it is important that…:
Se punkt 2 og 4 i tilsagnskataloget.
The sales process should be open and non-discriminatory,
Jf. punkt 3.1 i tilsagnskataloget.
The sale should take place on market terms,
Se fodnote 12.
The financial institution … should maximise the sales price …’.
Jf. punkt 2.3 i tilsagnskataloget.
Those requirements are equivalent to the requirements under section 2 of the Restructuring Communication regarding the sales process.
For nærmere oplysninger, se punkt 4.2 i tilsagnskataloget.
According to point 50 of the 2008 Banking Communication, any new aid to either buyer or sold entity found according to the above criteria will lead to a separate assessment.
Se punkt 4.1 og 4.2 i tilsagnskataloget..
Limitation of the aid to the minimum
Jf. punkt 5.1 i tilsagnskataloget.
Regarding the limitation of the aid to the minimum and the private sector contribution, the Commission refers to its assessment in recital 57 of the Opening decision where it found that the increase of the second-loss guarantee — while being new aid — stayed within the boundaries of what it had originally approved in the 2011 decision.
Jf. punkt 5.7 i tilsagnskataloget.
In finding the measure temporarily compatible, the Commission considered further the presence of a one-time payment of EUR 275 million from the bank to the guarantee provider and the fact that the additional EUR 3 billion of guarantee could be considered as senior to the existing guarantee of EUR 7 billion.
Jf. punkt 5.8 i tilsagnskataloget.
Those two additional elements allowed the Commission to find that the remuneration adequately takes into account the greater risk to the guarantee provider.
Jf. punkt 5.9 i tilsagnskataloget.
The Commission maintains that assessment while pointing out at the same time that a large part of the guarantee fee structure was implemented in order to ensure sufficient claw-back of the aid amount.
Jf. punkt 6 i tilsagnskataloget.
By ensuring that those amounts are effectively paid back to the guarantee provider, the new arrangement continues to ensure that the aid received by HSH during the crisis is limited to the minimum.
Jf. punkt 6, litra a) til e), i tilsagnskataloget.
Burden-sharing measures have been implemented as envisaged under the 2011 decision and the Commission reiterates its assessment from the Opening decision that it has no doubts that those measures are still adequate for the compatibility of the 2013 measure.
Jf. punkt 7.1 i tilsagnskataloget.
On that basis, the Commission concludes that the aid is limited to the minimum and contains sufficient own contribution.
Jf. punkt 7.5 i tilsagnskataloget.
Avoidance of undue distortions of competition
Jf. punkt 7.2 i tilsagnskataloget.
Regarding distortions of competition, the Commission takes into consideration that the aid provided serves to ensure that HSH is ultimately going to disappear from the market as a stand-alone entity, either (a) through a sale to a different entity;or (b) through stopping new business, thereby making the market share held by HSH available to other market participants.
Jf. punkt 8 i tilsagnskataloget.
During the time of the sales process, the Commission considers that the business commitments provided by Germany serve to fulfil the conditions on minimising distortions of competition as is sought by section 3 of the 2008 Banking Communication, namely:
Jf. punkt 10 i tilsagnskataloget.
business restrictions in the form of limiting shipping business to EUR [1-2] billion a year, limiting business with corporate clients to business with a relation to Germany and a commitment to not engage in proprietary trading;
Jf. punkt 12 i tilsagnskataloget.
a further decrease in the overall size of the balance sheet to EUR [100-110] billion in 2016 and EUR [90-100] billion in 2017; and
Jf. punkt 11 i tilsagnskataloget.
restrictions of conduct which is considered incompatible with receiving aid such as an advertisement ban, an acquisition ban and a cap on remuneration.
Jf. punkt 14.2 i tilsagnskataloget.
The Commission takes positively into account also the fact that Germany commits that the name HSH Nordbank is going to disappear after a successful sale as well as the fact that a sale of HSH in parts or asset bundles to different parties is specifically allowed, as reflected in the commitments.
Jf. åbningsafgørelsen, betragtning 30.
In case the sales process fails because (a) there are no bidders; or (b) only bidders which do not qualify according to the commitments; or (c) the highest bid results in a negative price; or (d) the Commission's assessment of the viability of the joint entity is negative, Germany and HSH commit that the bank is going to stop new business and manages its assets with the view to wind them down [70].
Jf. åbningsafgørelsen, betragtning 31.
On that basis, the Commission considers that during the sales process as well as after and independent of its final outcome, the commitments provided by Germany ensure avoiding undue distortions of competition.
Se åbningsafgørelsen, betragtning 38 og 39.
The sales process
Se åbningsafgørelsen, betragtning 40.
As assessed in detail in section 4.1, the 2016 measures will split HSH into a holding company HoldCo and an operating subsidiary OpCo with the latter either being sold by 28 February 2018 or stopping new business.
Jf. åbningsafgørelsen, betragtning 41.
Those measures do not involve new aid.
Jf. åbningsafgørelsen, betragtning 45.
According to section 2 of the Restructuring Communication and section 5 of the 2008 Banking Communication, there are requirements on the sales procedure in order to be acceptable to (a) achieve viability through the sale of the bank; and (b) contribute to the absence of aid to the buyer.
Meddelelse fra Kommissionen — Statsstøttereglernes anvendelse på foranstaltninger truffet over for pengeinstitutter i forbindelse med den aktuelle globale finanskrise (EUT C 270 af 25.10.2008, s. 8).
Regarding the question of aid to the buyer, the Commission notes positively Germany's commitments to sell OpCo through an open, transparent and competitive tender sales procedure as well as at a positive price by 28 February 2018.
Meddelelse fra Kommissionen — Rekapitalisering af pengeinstitutter under den aktuelle finanskrise: Støttens begrænsning til det nødvendige minimum og sikkerhedsforanstaltninger mod uforholdsmæssige konkurrencefordrejninger (EUT C 10 af 15.1.2009, s. 2).
Germany is going to provide a timeline with monitoring milestones to the Commission once the sales process has been launched.
Meddelelse fra Kommissionen om anvendelse fra den 1. januar 2011 af statsstøtteregler på støtteforanstaltninger til fordel for banker i forbindelse med finanskrisen (EUT C 329 af 7.12.2010, s. 7) og meddelelse fra Kommissionen om anvendelse af statsstøtteregler på støtteforanstaltninger til fordel for banker i forbindelse med finanskrisen fra og med 1. januar 2012 (EUT C 356 af 6.12.2011, s. 7).
Germany has already included the latest possible dates for major milestones in the commitments.
Jf. åbningsafgørelsen, betragtning 47.
Regarding the question of whether a viable entity will result from the sales process, the Commission takes positive note of the following two commitments provided by Germany, namely that bidders participating in the sales process (a) should demonstrate the necessary financial resources and relevant expertise to run OpCo as a viable and active competitor; and (b) will be independent from the public sector.
Jf. åbningsafgørelsen, betragtning 48.
Landesbanken and publicly-owned Sparkassen (if bidding jointly with other bidders) are allowed to participate in the tender process.
Jf. åbningsafgørelsen, betragtning 49.
The Commission also notes positively a number of commitments by Germany aimed at improving the state of the business in OpCo, namely the implementation of further restructuring measures in the form of cost reductions (to EUR [570-590] million in 2016 and EUR [520-550] million in 2017), improvements in the liquidity and risk management of the bank as well as a general commitment to manage the bank's assets and liabilities in a sustainable way to maximise the chances of a successful sale at a maximal price within the constraints provided.
Jf. åbningsafgørelsen, betragtning 50.
The Commission stresses that a further Commission decision will be required once a final bid has been received in the sales process.
Jf. åbningsafgørelsen, betragtning 52.
Such a decision will assess (a) whether the joint entity is indeed viable or not; and (b) whether the final bid price is indeed positive, and the implementation of the sales process does not involve aid to either buyer or the sold entity [71].
Jf. åbningsafgørelsen, betragtning 53 og 54.
The Commission takes positive note of the commitment by Germany to submit the final bid for assessment and approval to the Commission.
Jf. åbningsafgørelsen, betragtning 56.
Regarding the required assessment of viability, the Commission notes that a mere change of ownership that did not involve a change in business model, for example through an IPO, would encounter the same doubts in terms of viability as have been raised by the Commission in the Opening decision and not subsequently allayed as assessed in the present decision in section 4.1.2.
Jf. åbningsafgørelsen, betragtning 57.
Based on those commitments and the aforementioned considerations, the Commission concludes that the requirements under point 49 of the 2008 Banking Communication as well as under points 17 and 18 of the Restructuring Communication are met.
Jf. åbningsafgørelsen, betragtning 63.
Monitoring
Tyskland fremsendte de bemærkninger — som videregiver Tysklands, Schleswig-Holsteins, Hamburgs og H+H's fælles standpunkt — ved brev af 30. september 2013.
Finally, the Commission takes positive account of the commitment by Germany to subject the entire set of commitments to rigorous monitoring by a qualified and independent monitoring trustee.
Jf. f.eks. betragtning 61 i afgørelsen fra 2011.
CONCLUSION
Jf. betragtning 37 og 38.
On the basis of the commitments provided and the preceding assessment, the Commission concludes that the 2013 measure, re-notified as aid for the orderly wind-down of HSH, can be considered as compatible with the rules of the internal market,
Brev fremsendt med Tysklands anmeldelse den 21. marts 2016.
HAS ADOPTED THIS DECISION:
Jf. afsnit 2.2.2.
Article 1
Når den af banken dækkede First los-tranche på 3,2 mia. EUR er helt opbrugt, udlignes tab op til et maksimalt beløb på 10 mia. EUR fuldt ud.
The 2016 measures which Germany is planning to implement for HSH Nordbank do not constitute State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Hver euro i tab i den garanterede portefølje mellem 3,2 mia. EUR plus en euro i tab og 13,2 mia. EUR tilbagebetales af garantigiveren til banken.
Article 2
Jf. betragtning 24 og 25.
The 2013 measure, a re-increase in the second-loss guarantee provided by the Finanzfonds to HSH Nordbank, in the amount of EUR 3 billion constitutes State aid within the meaning of Article 107(1) TFEU and it is compatible with the internal market, in light of the commitments set out in Annex I of the present decision.
Jf. betragtning 25.
Article 3
RVA beregnes af tilsynsmyndigheden for at bestemme den absolutte størrelse af den kapital, som banken skal have.
This Decision is addressed to the Federal Republic of Germany.
Denne ret blev allerede indrømmet i den oprindelige garantistillelsesaftale fra 2009.
Done at Brussels, 2 May 2016.
ISIN-koder DE000HSH2H15 og DE000HSH2H23.
For the Commission
Jf. afsnit 2.1.
Member of the Commission
Statsstøtte SA.43390 (2016/N) og SA.38843 (2015/N), endnu ikke offentliggjort.
OJ C 315, 29.10.2013, p. 81.
Meddelelse fra Kommissionen om behandlingen af værdiforringede aktiver i Fællesskabets banksektor (EUT C 72 af 26.3.2009, s. 1).
Commission Decision 2012/477/EU of 20 September 2011 on State aid granted by Germany to HSH Nordbank AG SA.29338 (C 29/09 (ex N 264/09)) (OJ L 225, 21.8.2012, p. 1).
Meddelelse fra Kommissionen om anvendelse fra den 1. august 2013 af statsstøtteregler på støtteforanstaltninger til fordel for banker i forbindelse med finanskrisen (»Bankmeddelelsen«) ( EUT C 216 af 30.7.2013, s. 1).
See 2011 decision, recital 48.
Meddelelse fra Kommissionen om genoprettelse af rentabiliteten i finanssektoren under den nuværende krise og vurdering af omstruktureringsforanstaltninger på grundlag af statsstøttereglerne (EUT C 195 af 19.8.2009, s. 9).
Cf. footnote 1.
Se betragtning 124 for en udførlig forklaring af, hvorfor bankmeddelelsen fra 2008 er relevant i det foreliggende tilfælde.
Germany submitted an amendment of the commitment catalogue, correcting an error in one commitment, on 27 April 2016.
Kommissionen henviser til, at med ikrafttræden af direktivet om genopretning og afvikling af kreditinstitutter (Europa-Parlamentets og Rådets direktiv 2014/59/EU af 15. maj 2014 om et regelsæt for genopretning og afvikling af kreditinstitutter og investeringsselskaber og om ændring af Rådets direktiv 82/891/EØF og Europa-Parlamentets og Rådets direktiv 2001/24/EF, 2002/47/EF, 2004/25/EF, 2005/56/EF, 2007/36/EF, 2011/35/EU, 2012/30/EU og 2013/36/EU samt forordning (EU) nr. 1093/2010 og (EU) nr. 648/2012 (EUT L 173 af 12.6.2014, s. 190)) måtte enhver ny i forbindelse med afhændelsesproceduren konstateret støtte kun ydes og være genstand for en særskilt kommissionsafgørelse i tilfælde af en afvikling.
Via Finanzfonds, the two Länder hold 65 %; directly Hamburg holds 10,8 % and Schleswig-Holstein 9,58 %.
BILAG I
See Opening decision, recital 54.
TILSAGNSKATALOG I STATSSTØTTESAG SA.29338 HSH NORDBANK AG
For the detailed description of the guarantees, see recitals 42 to 47 in the 2011 decision.
Tyskland giver tilsagn om at gennemføre nedenstående tilsagn:
See Opening decision, recital 13.
[Omstruktureringsfase og tilsynsadministrator]
Exposure at default means the expected amount of loss to which a bank is exposed in case of a default of a counterparty.