natgillin/translations-raw huggingface dataset:
På grund af den usikre politiske og økonomiske situation i Ungarn [29] og dens indvirkning på MKB's finansielle tal forekom det kortsigtede salg af MKB at være usandsynligt for BayernLB, hvorfor den besluttede at udskyde salget af MKB fra […].
With regard to real estate, BayernLB will focus on German clients.
Desuden vil BayernLB nedbringe risiciene permanent inden for sine kerneforretningsområder.
It will, however, also provide services to international clients with a link to Germany.
Af denne årsag indstilles forretningstyper, der er stærkt afhængige af udviklingen på kapitalmarkederne, f.eks. transaktioner for egen regning, værdipapirer med sikkerhed i specificerede aktiver og transaktionsrelaterede opkøbsfinansieringer.
With regard to commercial real estate, the bank will provide portfolio financing, housing promotion, development and inventory financing, and financing of real estate funds.
Derudover vil finansieringsintensive og risikable forretninger med internationale kunder blive væsentligt reduceret og kun blive gennemført, hvis de har tilknytning til Tyskland.
With regard to residential real estate, the bank will provide services for housing enterprises and building financing.
Inden for forretningsområdet store virksomheder opgives erhvervskundeforretninger og projektfinansieringer for kunder uden tilknytning til Tyskland.
In the context of managed real estate, the bank will focus on financing care homes and health care property.
Ejendomsfinansiering i de udenlandske afdelinger med kunder uden tilknytning til Tyskland indstilles.
BayernLB will continue to cooperate with Bavarian and, to a lesser extent, other German savings banks.
Desuden nedskæres udlånsvirksomheden med banker betydeligt, og Dedicated Proprietary Trading ophører.
The bank will provide products complementing the savings banks' own products and act as the savings banks' central bank.
Banken forpligter sig til at reducere sin balance fra 421,7 mia. EUR (status 2008) til 239,4 mia. EUR inden udgangen af 2015.
In the public authorities segment, BayernLB will offer various financing products and other services related, for example, to public-private partnership projects.
Den til 239,4 mia. EUR reducerede balance svarer i forhold til 2008 på et sammenligneligt grundlag til en balance på ca. 206 mia. EUR og dermed til en balancereduktion på omkring 51 % (dvs. på et ensartet grundlag).
BayernLB will not offer new credit products to public authorities outside Bavaria except for liquidity management.
Regional fokusering
In addition, public-private partnership, project and export financing can still be offered if this is in the interest of customers with a link to Germany.
Ved udgangen af 2010 befandt 58 % af BayernLB's kreditpositioner sig i Tyskland og 74 % i Europa (geografisk region).
Through its subsidiary BayernLabo, BayernLB will be active in providing government-funded financing for residential real estate projects in Bavaria.
BayernLB's vigtigste valutapositioner i fremmed valuta er i amerikanske dollars (USD), britiske pund (GBP) og schweiziske franc (CHF) (se tabel 2), idet 24 % af bankens aktiver ved udgangen af 2010 lød på en anden valuta end EUR.
BayernLabo will target private customers, businesses that create or modernise housing in Bavaria, and public authorities.
Tabel 2
Furthermore, BayernLabo will offer financing products to public authorities and consortia set up by public authorities.
Valutaaktiver og -passiver, ved udgangen af 2010
That business will, however, be limited to the region of Bavaria.
AKTIVER
Core business area 3: markets
PASSIVER
BayernLB will provide treasury products (commodities, short-term interest rates, fixed-income derivatives, foreign exchange), capital markets products (fixed income, structured products for retail certificates, structured interest products, shares execution) and funding products (international loans, domestic funding).
BayernLB's afdelinger i New York og London besad i slutningen af 2010 [30-50] % af hhv. USD-aktiverne og [50-70] % af GBP-aktiverne.
Furthermore, credit business with other banks will be cut back substantially.
Inden for forretningsområdet store virksomheder tilbyder BayernLB foruden lån til virksomheder også projektfinansieringslån.
Reduction of business activities
Ved udgangen af 2010 udgjorde virksomhedslån [9-14] mia. EUR af de bogførte lån på [23-29] mia. EUR inden for forretningsområdet store virksomheder I forbindelse med de resterende [12-17] mia. EUR var der i det væsentlige tale om projektfinansieringslån og andre strukturerede kreditter (struktureret finansiering).
BayernLB has already closed its offices in Beijing, Tokyo, Montreal, Mumbai, Kiev, Hong Kong and Shanghai.
Projektfinansieringslånene medførte en signifikant eksponering af banken i forhold til tredjelande.
The bank's international presence will be limited to the offices in Paris, New York, London and Milan, which have already been substantially downsized.
Kun [2-5] % af beholdningen af projektfinansieringslån befandt sig ved udgangen af 2011 i Tyskland.
The bank will sell several of its subsidiaries.
De største eksponeringer efter lande befandt sig i USA, Det Forenede Kongerige og i [et land i Mellemøsten].
In particular, it will sell LBS to the savings banks association.
I forbindelse med ny långivning i New York mellem 2009 og 2012 vedrørte kun [12-15] % projekter med deltagelse af en tysk kunde, hvorimod andelen lå på [55-60] % i forbindelse med projektfinansieringslån, der blev ydet i den samme periode i regionen Europa, Mellemøsten og Afrika (herefter »EMEA«).
The purchase price of EUR 818,3 million is based on an expert report provided by two valuation experts on 30 May 2012 and reflects the value of LBS at 30 June 2012.
For så vidt angår en stærkere fokus fra bankens side på dens kernemarked i Bayern og Tyskland, har BayernLB givet tilsagn om at begrænse sine forretninger til kunder med tilknytning til Tyskland, og som der redegøres detaljeret for i den tilsagnspakke, som Tyskland fremlagde, at reducere sin internationale virksomhed væsentligt.
Germany argues that that the savings banks are the main distribution channel for LBS products, and that in determining a price a normal private investor would apply a discount for such a market risk.
Kapitalstyrkende foranstaltninger
That argument was not taken into account in the expert report.
I løbet af undersøgelsesproceduren førte de tyske myndigheder, den finansielle tilsynsmyndighed, bankens ejere og banken selv intensive drøftelser om den ændrede omstruktureringsplan og en mulig tilbagebetalingsplan.
For this reason the Commission has not insisted on an open tender, as it considered it unlikely that such a tender would have resulted in higher proceeds than a sale to the savings banks association on the basis of the expert report.
Det er ubestridt, at i henhold til Basel III anerkendes passive kapitalindskud (bortset fra statsstøtte) ikke længere som tier-1-kapital og vil dermed fra 2013 miste deres berettigelse som tilsynsmæssig tier-1-kapital.
In addition, the bank will terminate its business in Eastern Europe (the ‘Osteuropa’ segment), and will in particular sell its Hungarian subsidiary MKB Bank.
De passive kapitalindskud i enkelte bayerske sparekasser inden for BayernLB beløber sig i øjeblikket i alt til [700-750] mio. EUR; […] [30].
In the initial restructuring plan BayernLB had targeted a sales date of […] for MKB.
Disse passive kapitalindskud er udaterede, dvs. de har ingen forfaldsdato og forbliver således i banken, medmindre de betales tilbage på bankens foranledning.
Because of the political and economic uncertainty in Hungary [29] and the impact thereof on MKB's financial data, BayernLB came to the conclusion that it was unlikely to be able to sell MKB in the short term, and decided to postpone the divestment of MKB from […].
Sparkassenverband og BayernLB har aftalt, at alle udaterede passive kapitalindskud, som holdes af enkelte bayerske sparekasser, […] betales tilbage og straks geninvesteres af Sparkassenverband i form af en kapitalforhøjelse i BayernLB Holding.
Furthermore, BayernLB will permanently reduce risks in its remaining core business areas.
[31]
It will abandon businesses which are highly dependent on the development of capital markets, for example proprietary trading, asset-backed securities and transaction-related acquisition financing.
Sparkassenverbands kapitalandel må maksimalt udgøre 25 %, således at den under alle omstændigheder forbliver under spærreminoriteten (25 % + én stemme).
It will greatly reduce funding- and risk-intensive business with international clients, and engage in such business only where there is a clear link to Germany.
BayernLB tøvede imidlertid med at tilbagebetale de passive kapitalindskud for ikke at true de tilsynsretlige egenkapitalreserver.
With regard to the corporates business area, corporate business and project financing for customers without a link to Germany will be abandoned.
BaFin havde over for Kommissionen mundtligt anført, at en bank efter dens mening ikke alene har brug for den kernekapitalandel på 9 % (herefter »EBA-kernekapitalen«), der er fastsat af Den Europæiske Banktilsynsmyndighed (EBA), men også en betydelig egenkapitalreserve, som alt efter den pågældende banks forretningsmodel mindst bør udgøre mellem 0,5 % og 1 %.
Real estate business in foreign offices with customers without a link to Germany will be terminated.
Desuden mente banken, efter at den havde anvendt et krisescenarie i tilknytning til EBA-stresstesten fra juni 2011, at en sådan egenkapitalbuffer er hensigtsmæssig.
Furthermore, credit business with banks will be extensively reduced, and dedicated proprietary trading will be abandoned.
Tilsynsmyndigheden hilste denne forsigtige tilgang velkommen.
Altogether the bank undertakes to reduce its balance sheet to EUR 239,4 billion in 2015, from EUR 421,7 billion in 2008.
Af denne årsag var Tyskland ikke i stand til at stille Kommissionen et forslag vedrørende en eventuel tilbagebetaling af de passive kapitalindskud.
On a 2008 like-for-like basis a balance sheet reduced to EUR 239,4 billion corresponds to EUR 206 billion, which is a reduction of 51 %.
Desuden havde BaFin bemærket, at BayernLabos kapital muligvis kan behandles [på en anden måde] i fremtiden.
Regional focus
Derfor påtænker BayernLB at overføre en signifikant del af BayernLabos reserver (1 mia. EUR) til hovedbanken.
At the end of 2010, 58 % of the credit exposure of BayernLB was located in Germany and 74 % in Europe (geographic region).
Det formålsbestemte indskud (jf. betragtning 29 og 31) forbliver imidlertid i BayernLabo og anvendes fortsat til opfyldelse af BayernLabos lovbestemte offentlige opgaver.
The main currency exposures of BayernLB are the US dollar, the pound sterling and the Swiss franc (see Table 2); 24 % of the assets of the bank were denominated in currencies other than the euro at the end of 2010.
Den kapital, der forbliver i BayernLabo, opskrives, så den kan anerkendes som EBA-kernekapital, idet den har en uindskrænket underskudsudlignende funktion og godtgøres med udbytte.
Table 2
Beskrivelse af den finansielle planlægning
Foreign currency denominated assets and liabilities end 2010
I betragtning 83 ff. redegøres der for de præmisser, der ligger til grund for den finansielle planlægning, den tilsynsmæssige behandling, de forventede nøgletal, de enkelte forretningsområders rentabilitet og prognoserne for MKB.
ASSETS
Planlægningspræmisser
LIABILITIES
I forbindelse med kortsigtede BIP- og valutaprognoser (dvs. for perioden 2012-2013) anvender BayernLB en metode, der er baseret på vægtede prognoser fra internationale institutter, konjunkturprognoser fra private økonomiske forskningsinstitutter og data fra BayernLB's interne forskningsafdeling.
Other currencies
Ved de langsigtede prognoser, som rækker længere end 2013, antager BayernLB i sine prognoser, at en økonomis langsigtede potentiale vil bestemme dens vækst.
Of the dollar-denominated assets, [30-50] % were booked in the restructuring unit at the end of 2010.
I forbindelse med den interne planlægning lægger BayernLB principielt konservative prognoser til grund.
At the end of 2010 BayernLB's New York office held [30-50] % of the dollar-denominated assets and the London office held [50-70] % of the sterling-denominated assets.
Mindre afvigelser fra andre institutters forudsætninger er afrundingsbetingede (f.eks. 2013-prognosen for euroområdet: IVF: 0,9 %; BayernLB og Kommissionen: 1 %).
In its corporates business area, BayernLB provides project finance loans in addition to loans to companies.
BayernLB's prognose for US-dollars er baseret på en antagelse om en dollar i 2013 på […].
At the end of 2010, out of EUR [23-29] billion of loans booked in this business area, corporate loans represented EUR [9-14] billion; the remaining EUR [12-17] billion were composed mainly of project finance and other structured finance loans.
I perioden 2015-2016 forventes en dollarkurs i forhold til euro på […].
The project finance loans generated significant exposure to non-EU countries.
BayernLB's prognoser for udviklingen i rentesatserne er baseret på det i øjeblikket meget lave renteniveau.
In order to focus the bank more on its core market in Bavaria and Germany, the bank has therefore agreed to restrict its business to clients with a link to Germany, and to significantly limit its international business, as indicated in detail in the commitments provided by Germany.
Den støtter sig til vækst- og inflationsprognoser og relevante udtalelser vedrørende den forventede pengepolitik.
In the course of the investigation intensive discussion took place between the German authorities, the financial regulator, the owners of the bank and the bank itself with respect to the amended restructuring plan and a possible repayment schedule.
Tyskland har forelagt Kommissionen oplysninger, hvoraf det fremgår, at BayernLB's BIP-prognoser lå meget tæt på den generelle vurdering fra store internationale institutioner såsom Den Internationale Valutafond (IVF) og Kommissionen.
It is undisputed that under Basel III silent participations (except State aid) will not be acknowledged as Tier 1 capital, and will thus no longer be fully recognised as regulatory capital from 2013 on.
De nyeste opdaterede prognoser fra juni 2012 baserer sig på de præmisser, der blev opstillet i maj 2012.
Individual Bavarian savings banks currently hold EUR [700-750] million in silent participations in BayernLB; […] [30].
I sine opdaterede finansielle prognoser fra juni 2012 har BayernLB ændret en række samfundsøkonomiske planlægningspræmisser og revideret sin prognose, navnlig for så vidt angår det i øjeblikket meget lave renteniveau (jf. tabel 3).
Those silent participations have no maturity, and will therefore remain in the bank unless they are paid back at the initiative of the bank.
Tabel 3
The savings banks association has agreed with the bank that all the silent participations without a specified maturity that are held by individual savings banks will be paid back […] and will immediately be reinvested in BayernLB Holding by the saving banks association, via a capital increase [31].
Præmisser for de finansielle prognoser
In addition, the savings banks association will inject a further EUR [22-62] million into BayernLB Holding.
5-årsrentesats (tidligere planlægning) %
The new shares to be held by the savings banks association will be determined according to the value of BayernLB Holding assessed by the IdW S1 standard developed by the German institute of certified public accountants, Institut der Wirtschaftsprüfer (‘IdW’).
5-årsrentesats (opdatering, juni 2012) %
The savings banks association's stake may not exceed 25 %, to ensure that it remains below the blocking minority, which is 25 % + 1 vote.
Af virksomhedsspecifikke årsager foretog BayernLB også en række negative tilpasninger i sine resultatprognoser.
The silent participation of EUR 3 billion that is held by the Land of Bavaria will lose its status as full regulatory Tier 1 capital in 2018.
Således lagde den f.eks. mere forsigtige skatteprognoser til grund (dvs. en højere effektiv skatteprocent), fastsatte driftsomkostningerne højere for at tage højde for en ugunstig afgørelse fra forbundsarbejdsretten og opdaterede sit cross currency hedge-resultat i overensstemmelse med status ved udgangen af 2011 [32].
Bavaria has publicly stated that it wants to recover the EUR 3 billion silent participation from BayernLB.
BayernLB fremlagde en analyse vedrørende vekselkursfølsomheden i sine finansielle prognoser for USD, CHF og GBP.
However, BayernLB has been reluctant to redeem the silent participation, for fear of endangering its regulatory capital buffer.
Det fremgår af de fremlagte oplysninger, at nettorenteindtægterne reagerer mest følsomt på udsving i USD-kursen.
BaFin has told the Commission verbally that it considers that a bank needs not only a 9 % core Tier 1 ratio as defined by the European Banking Authority (‘EBA’) but also a substantial buffer, which should amount at least to between 0,5 and 1 % depending on the business model of the bank.
Ved en højere EUR/USD-vekselkurs tenderer prognoserne for nettorenteindtægten til at være nedadgående og ved en lavere EUR/USD-vekselkurs til at være opadgående.
Moreover, after applying a crisis scenario in line with the June 2011 EBA stress test, the bank concluded that it would be wise to have a buffer of this kind.
Finansielle prognoser
The regulator welcomed this prudent approach.
Tyskland har fremsendt detaljerede finansielle prognoser for udviklingen i aktivvolumen, margener og risikopositioner inden for de enkelte forretningsområder samt vedrørende den forventede finansiering pr. refinansieringskilde med de relevante margener.
For this reason Germany has not been able to propose any solution to the Commission showing how the silent participation could be redeemed.
Tabel 4 indeholder omstruktureringsplanens nøgletal.
BaFin has signalled that BayernLabo's capital [might be handled differently] in the future.
Tabel 4
BayernLB therefore intends to transfer a significant part of BayernLabo's reserves (EUR 1 billion) to the core bank.
Nøgletal for omstruktureringsplanen
The special-purpose contribution (see recitals 29 and 31), however, will remain with BayernLabo, and will continue to be used for BayernLabo's legally imposed housing promotion work.
Omkostnings-/indtægtsrelation (inkl. bankgebyrer) i %
The capital remaining in BayernLabo will be upgraded so that it can be recognised as EBA core capital, being fully loss-absorbing and remunerated by way of dividends.
Indtægter i alt/risikopositioner (i basispoint)
Description of the financial planning
Samlet antal medarbejdere (i tusinde)
The assumptions used in the financial planning, the regulatory treatment, the projected key figures, profitability per business area and projections in respect of MKB are presented below in recitals 83 ff.
Egenkapitalforrentning (RoE) på basis af en kapitalandel på 10 % [33]
Assumptions
I forbindelse med EBA-stresstesten fra december 2011 lå EBA-kernekapitalandelen i BayernLB på 10 %.
For GDP and currency forecasts in the short term (that is to say the period 2012-2013), BayernLB uses a methodology which is based on weighted forecasts from international institutions, short-term forecasts from private forecasters, and input from BayernLB's own in-house research department.
Banken vil i løbet af omstruktureringsperioden opnå stigende overskud.
BayernLB bases its long-term GDP forecasts beyond 2013 on the assumption that the economy will tend to grow in line with its long-term potential.
Prognoser for enkelte forretningsområder og afkast
BayernLB's forecasts for internal planning purposes are as a rule. conservative.
Tabel 5
Minor deviations from the figures forecast by other institutions can occur due to rounding (for example, 2013 euro area forecasts: IMF: 0,9 %, BayernLB and Commission: 1 %).
Forretningsområde
BayernLB's dollar forecast rests on the assumption that the dollar will […] in 2013.
RWA (i mia. EUR)
According to BayernLB, this will be the result of expected […] in US public finances and the exchange rate […] purchasing power parity (PPP), which the Organisation for Economic Cooperation and Development (OECD) estimated to be USD 1,25 per euro in 2011.
Ændring i RWA
As inflation in the US is expected to be higher than in the euro area, PPP should in BayernLB's view be close to USD 1,30 in 2016.
Store virksomheder og SMV'er
For interest rates, BayernLB's projections start from the current very low interest rate environment.
[29-31[
BayernLB assumes a gradual return to normal from the current low levels towards fair value levels; it bases this view on growth forecasts, inflation forecasts and statements regarding expected monetary policy.
+ [6-14]
The German authorities have provided the Commission with information showing that BayernLB's GDP forecasts are very close to the consensus of major international institutions such as the International Monetary Fund (IMF) and the Commission.
+ [21-31]
The latest update of the projections, dating from June 2012, is based on a set of assumptions established in May 2012.
Fast ejendom
In these updated financial projections of June 2012 BayernLB has changed a number of macroeconomic assumptions, and in particular adjusted its forecast to the current very low interest rates (see Table 3).
+ [33-43]
Table 3
Sparekasser og sammenslutning
Key assumptions of financial projections
+ [50-200]
Year
Markeder
ear interest rates (previous planning)
[(– 31)-(– 21)]
ear interest rates (June 2012 update)
Koncern [36]
For instance, it has used more cautious tax projections (i.e. a higher effective tax rate), increased its operational costs to reflect an unfavourable ruling of the Federal Labour Court (Bundesarbeitsgericht), and updated its cross-currency hedge results to reflecting the position at the end of 2011 [32].
[(– 5)-0]
Financial projections
[(– 100)-(– 75)]
Germany has provided detailed financial projections for asset volumes, margins and risk positions per business area, and also for funding per source of refinancing with the respective margins.
Finansiering
The key figures of the restructuring plan are presented in Table 4.
I juni 2011 fremsendte Tyskland den finansieringsplan for BayernLB, der er vist i tabel 6.
Table 4
På tidspunktet for denne opdeling havde banken endnu ikke givet tilsagn om yderligere balancereduktioner, og resultatet viser en balance på ca. 240 mia. EUR i 2015.
Key financial figures of the restructuring plan
Tabel 6
plan
Finansieringsplan
Cost/income ratio (incl. bank levy) in %
Absolut ændring
[60-75]
Sikret gæld til kreditinstitutter
[50-60]
Usikret gæld til kreditinstitutter
[45-55]
Heraf depot A
Total income/risk positions (in bps)
Heraf indlån fra virksomheder
Return on equity (RoE) based on a 10% capital ratio [33]
Gæld stiftet ved udstedelse af værdipapirer
In the December 2011 EBA stress test, BayernLB's EBA core Tier 1 capital ratio stood at 10 %.
Heraf pantebrev
Over the restructuring period the bank will generate increasing profits.
Heraf depot B
Business areas projections and profitability
Hensættelser for forpligtelser og udgifter
Table 5
Efterstående forpligtelser
Business area
Egenkapital
RoE after tax [35]
Handelspassiver
RWAs (EUR billion)
Andet
Change in RWAs
I alt
2011-2016
BayernLB fremsendte oplysningerne i tabel 7 vedrørende udviklingen med hensyn til dens (før finanskrisen) offentligt garanterede forpligtelser (»garantiforpligtelser«), stiftet ved udstedelse af værdipapirer eller ej, [37] i omstruktureringsperioden.
Corporates and small and medium-sized businesses
Tabel 7
[29-31]
Forfaldsprofil for garantiforpligtelser
+ [6-14]
Beholdning
+ [21-31]
i mia. EUR
Real estate
Tyskland fremsendte omfattende oplysninger om alternative finansieringskilder, som står til rådighed for BayernLB.
+ [33-42]
Der er navnlig tale om oplysninger vedrørende til rådighed værende sikkerheder i forbindelse med udstedelsen af dækkede obligationer, som der ikke blev taget hensyn til i den fremlagte finansieringsplan.
Savings banks and association
Sådanne sikkerheder er til rådighed på DKB-niveau og kunne vise sig at være et gunstigt finansieringsalternativ.
+ [50-200]
Desuden fremsendte Tyskland oplysninger om yderligere, tiltagende emissionsmuligheder på de internationale markeder.
Markets