natgillin/translations-raw huggingface dataset:
Aarhus Lokalbank fik et statsligt kapitalindskud i form af hybrid kernekapital med en oprindelig hovedstol på 177,8 mio. DKK (24 mio. EUR), hvoraf 142,2 mio. DKK (19 mio. EUR) plus påløbne renter på 5 mio. DKK (0,7 mio. EUR) efterfølgende blev konverteret til aktier i Aarhus Lokalbank.
Overall, if the Bank's assumptions materialize, its profitability will improve significantly in the next few years.
I perioden 2009-2011 udbetalte Aarhus Lokalbank kuponrente på i alt 25,9 mio. DKK (3,5 mio. EUR) til den danske stat. Kuponrentesatsen blev fastsat til 10,92 % og 11,42 % p.a. afhængigt af, om gebyret for konverteringsretten var indregnet.
In particular, the Bank's return on equity after tax [32] will increase from 5,4 % in 2016, to [7-11] % in 2017 and [7-11] % in 2018 (see also Table 1).
Den pågældende genkøbstransaktion vedrørte efterstillet gæld med en nominel værdi af 40 mio. NOK (ca. 5,2 mio. EUR).
Indeed, the Bank's core income (mainly interest and fee income) will stay more or less flat (see Table 1).
Dette genkøb blev gennemført den 13. juni 2013 til en gennemsnitlig pris på 62 % af hovedstolen, dvs. 2 procentpoint over markedsprisen på 50 % tillagt præmien på 10 %.
The Commission considers that the projected reductions in interest expense and staff and administrative costs can in normal circumstances be achieved within the timeframe envisaged by the Bank.
Vestjysk Bank overbetalte derved indehaverne af de efterstillede gældsinstrumenter med et beløb svarende til 2 % af hovedstolen.
With respect to the reduction in loan loss provisions, the Commission is of the opinion that the Bank's forecasts depend on optimistic assumptions.
Meddelelse fra Kommissionen om anvendelse af statsstøtteregler på støtteforanstaltninger til fordel for banker i forbindelse med finanskrisen fra og med 1. januar 2012 (»Forlængelsesmeddelelsen fra 2011«), ( EUT C 356 af 6.12.2011, s. 7).
The Commission notes positively that, following several DFSA inspections, the Bank has brought its credit risk policy in line with best practices of similar banks, as stated by the DFSA to the Commission (see recital 43).
Konsortiet består af: Nykredit, Maj Invest (på vegne af kunder), Arbejdernes Landsbank, AP Pension, Novo A/S, C.L. Davids Fond og Samling, ISP Pension og Vestjylland Forsikring.
The Commission notes that the Bank accepted, in the discussions with Nykredit, a due diligence carried out by Deloitte at the end of 2016, which resulted in additional impairments being booked for an amount of approximately DKK [50-150] million [33].
Konsortiet anser sin investering i Vestjysk Bank for at være af rent finansiel art. Ingen af konsortiets medlemmer vil få kontrol over Vestjysk Bank (den største individuelle investering vil udgøre under 20 % af Banken) og ønsker heller ikke at kombinere Bankens aktiviteter med deres egne.
This should reduce uncertainty about provisioning needs going forward.
Indfrielseskursen er 110 % af hovedstolen, hvilket vil sige, at tilbagebetalingen beløber sig til ca. 316 mio. DKK.
Nevertheless, the reduction in loan losses that is expected will be highly dependent on macroeconomic conditions and especially on the performance of the agricultural sector.
[13] Fortrolige oplysninger.
Given the size of the Bank's agricultural exposures and the large impact the loan loss provisions has had on the Bank's profitability in the past, the Commission has run a sensitivity analysis whereby the loan loss provisions are changed to more prudent levels.
Denne bekendtgørelse gennemfører EBA-retningslinjerne vedrørende intern ledelse.
In that analysis, the loan loss provisions are set 20 % higher than the respective budgeted amounts for the years 2017 and 2018.
Se punkt 84 og 89-96 i Kommissionens meddelelse om begrebet statsstøtte.
Under the revised assumption, the Bank's return on equity would drop by [0-5] % and [0-5] % in 2017 and 2018 respectively but would remain at levels of profitability where the Bank should be able to source further capital from market sources if required.
[16] Se punkt 80 i Bankmeddelelsen fra 2013.
However, the Bank's comfortable capital buffer (see recital 80) would be sufficient to absorb additional loan losses or other downsides and to keep the Bank solvent.
Mindst ni banker blev kontaktet i denne proces, hvoraf syv udtrykte indledende interesse i (dele af) Banken.
For this reason, the chances of the Bank needing new capital or State aid in the next few years seem very limited.
Efter due diligence-undersøgelser afgav ingen af dem dog tilbud.
Even under a stressed scenario designed by the DFSA, the Bank would continue to have a sufficiently high capital buffer after the private investors' equity injection.
Mindst syv banker og én finansiel investor blev kontaktet i denne anden proces, hvoraf tre udtrykte indledende interesse.
The DFSA scenario assumes, among others, lower interest income, higher amortisations, and in total DKK [400-600] million of additional impairments compared to what was foreseen over the years 2018 and 2019.
Kun to igangsatte due diligence-undersøgelsen, men ingen bød.
While the Bank would become loss-making in those two years, its solvency ratios would stay comfortably above regulatory requirements.
Det skal bemærkes, at aktien har mistet over en tredjedel af sin værdi siden bekendtgørelsen.
In other words, the actual impairment rates could even be higher without creating a solvency problem for the Bank in the next few years.
Derfor var aktiekursen den 28. juni 2017 kun 9 DKK.
As a result, even in a stressed scenario, the Bank is unlikely to need new capital or to require new State aid to ensure its solvency.
Endvidere synes aktiekursudviklingen i vidt omfang at være bestemt af de ca. 40000 private investorer, og dette kan måske forklare, hvorfor udviklingen i Bankens aktiekurs ikke har afspejlet de underliggende resultater.
On the basis of the above, the Commission considers that the Bank's projected RoE for 2017 would be sufficient to restore the Bank's viability.
I dette scenarie ville staten ikke have solgt sine aktier i Vestjysk Bank, men dens andel ville være faldet fra 81 % til 23 % efter aktieemissionen.
The Bank would hence meet the requirement laid down in point 15 of the Restructuring Communication that a restructuring should take no more than five years.
Al efterstillet kapital, herunder hybrid kernekapital, ville være blevet indfriet tidligt til pålydende værdi.
However, given the Bank's vulnerability to macroeconomic shocks (in particular for the agricultural sector) and the fact that the Bank itself plans to restructure further, the Commission finds it appropriate and prudent to accept commitments by Denmark that run up to the end of 2018 (and that can be prolonged by one year if necessary).
Endelig ville udstedelsen af nye aktier være blevet suppleret med en ny udstedelse af supplerende kapital på 275 mio. DKK.
The Commission notes that the commitments put forward by Denmark (see recital 44) provide an additional safeguard regarding the Bank's long-term viability.
Fristen for afgivelse af et sådan konkurrerende bud er den 18. juli 2017 kl. 16.00.
In particular, in case the Bank were not to achieve an RoE of [7-11] % by 2018, the restructuring period will be prolonged by one year and additional measures will be implemented in order to ensure the Bank's long-term viability.
Folketingstidende E, Aktstykke 114, 29.6.2017.
More specifically, in case of such prolongation of the restructuring period, the Bank will be required to (re-)price every client relationship (with some limited exceptions) in such a way that it achieves pre-defined profitability targets per client [34].
Dette blev også nævnt i de respektive pressemeddelelser af 12.6.2017: https://www.fm.dk/nyheder/pressemeddelelser/2017/06/staten-indgaar-aftale-om-salg-af-sine-aktier-i-vestjysk-bank og af 19.6.2017: https://www.fm.dk/nyheder/pressemeddelelser/2017/06/officielt-tilbud-paa-statens-aktier-i-vestjysk-bank-er-nu-fremsat
In this way, the Bank strengthens its revenues in the event that its RoE has not met the [7-11] % target in 2018.
Meddelelse fra Kommissionen om anvendelse af statsstøtteregler på støtteforanstaltninger til fordel for banker i forbindelse med finanskrisen fra og med 1. januar 2012 (»Forlængelsesmeddelelsen fra 2011«), ( EUT C 356 af 6.12.2011, s. 7).
The Commission therefore considers that the commitments provide further comfort about the Bank's long-term viability.
Meddelelse fra Kommissionen om statsstøttereglernes anvendelse fra den 1. august 2013 på støtteforanstaltninger til fordel for banker i forbindelse med finanskrisen (»Bankmeddelelsen fra 2013«) ( EUT C 216 af 30.7.2013, s. 1).
On this basis, the Commission no longer has doubts concerning the adequacy of the Bank's long-term viability.
Det skal bemærkes, at byrdefordelingskravene, der var gældende på tidspunktet for ydelsen af foranstaltningerne, ikke indebar nedskrivning eller konvertering af efterstillet gæld, som der først blev stillet krav om, efter at Bankmeddelelsen fra 2013 trådte i kraft den 1. august 2013.
In particular, following the capital increase, the Bank will have a comfortable buffer above the regulatory capital requirements and will be able to absorb additional impairments, should they arise, without breaching those requirements.
Se punkt 26 i Omstruktureringsmeddelelsen.
In addition, the extra cost savings (reducing interest expense and operating costs) will contribute to an improvement in the Bank's profitability.
Forklarende bemærkning af personale ved Europa-Kommissionens Generaldirektorat for Konkurrence af 13. juni 2012, »Buybacks of hybrid securities by banks under restructuring«.
Overall, as a result of all the actions foreseen in the restructuring plan measures, the Bank's profitability will increase sufficiently to allow the Bank to raise further capital on the market if the need arises.
Banken havde et forhold mellem udlån og indlån på 74 % ved udgangen af 2016, og dette forhold forventes at blive ca. 73 % i 2018.
Finally, the commitments will ensure that the remaining cost-cutting measures are implemented, that adequate capital buffers are maintained, and that revenues will be increased if the Bank's profitability falls short of the [7-11] % RoE target.
Bruttoværdiforringelserne i landbrugs- og fiskeriporteføljen udgjorde henholdsvis ca. 57 %, 68 % og 78 % af de samlede bruttoværdiforringelser i 2014, 2015 og 2016.
Therefore, the Commission considers that the Bank's most recent restructuring plan provides sufficient grounds to ensure the viability of the Bank and addresses the doubts expressed in the Opening Decision.
Se https://ec.europa.eu/agriculture/markets-and-prices/medium-term-outlook_en
CONCLUSION
Disse tal indbefatter den planlagte kapitalforhøjelse på 745 mio. DKK.
On the basis of the foregoing assessment, the Commission's doubts expressed in the Opening Decision have been dispelled.
Deloitte reviderede 135 af Bankens låneengagementer svarende til 25 % af alle erhvervslåneengagementer og 40 % af alle de låneengagementer, hvor der er objektiv dokumentation for værdiforringelse.
The State aid at issue in this case should therefore be declared compatible with the internal market pursuant to Article 107(3)(b) of the Treaty.
Banken ekstrapolerede resultaterne af denne due diligence-undersøgelse og nåede på baggrund af en række antagelser frem til de yderligere værdiforringelser, der var nødvendige i hele porteføljen.
HAS ADOPTED THIS DECISION:
Disse mål vil for privatkunder blive anvendt på hele porteføljen, mens de for erhvervskunder vil gælde for hver enkelt.
Article 1
BILAG
The restructuring aid which Denmark has implemented in favour of Vestjysk Bank is compatible with the internal market within the meaning of Article 107(3)(b) of the Treaty, subject to the commitments listed in the Annex.
TERM SHEET (SAG SA.34720) DANMARK — OMSTRUKTURERINGSPLAN FOR VESTJYSK BANK
Article 2
Tilsagnene får virkning fra datoen for vedtagelsen af Europa-Kommissionens (»Kommissionen«) afgørelse om godkendelse af omstruktureringsplanen (»afgørelsen«).
For the Commission
Tilsagnenes ordlyd fortolkes i lyset af afgørelsen og den generelle EU-retlige ramme og under henvisning til Rådets forordning (EU) 2015/1589 [1].Danmark sikrer, at Vestjysk træffer de nødvendige foranstaltninger til at opfylde disse tilsagn korrekt og fuldstændigt indtil udløbet af omstruktureringsperioden.
Member of the Commission
Kerneregion
Cf. footnote 1.
Jylland.
Council Regulation No 1 determining the languages to be used by the European Economic Community (OJ 17, 6.10.1958, p. 385).
Ikrafttrædelsesdato
Following a recapitalisation under the recapitalisation scheme in 2009 and a conversion of the capital injection into share capital on 20 February 2012.
datoen for vedtagelsen af afgørelsen.
Vestjysk Bank raised State hybrid core capital with an original principal of DKK 1,44 billion (EUR 194 million), of which DKK 287,6 million (EUR 39 million) plus accrued interest of approximately DKK 8,7 million (EUR 1,2 million) was converted into shares in Vestjysk Bank.
Likviditetskvote
In the period 2009 — 2011 Vestjysk Bank paid coupons amounting to a total of DKK 312.8 million (EUR 42 million) to the Danish State.
forholdet mellem udlån og stabil finansiering i form af arbejdskapital undtagen obligationer med restløbetid på under et år.
The coupon interest rates were set at 9,69 % and 10,19 % per annum, depending on whether they included the conversion option fee.
liquidity coverage ratio — likviditetsdækningsgrad.
Aarhus Lokalbank has raised State hybrid core capital with an original principal of DKK 177.8 million (EUR 24 million), of which DKK 142,2 million (EUR 19 million) plus accrued interest totalling DKK 5 million (EUR 0,7 million) was subsequently converted into shares in Aarhus Lokalbank.
ROE pr. kunde
Vestjysk Bank thereby overpaid the holders of the subordinated debt instruments by an amount corresponding to 2 % of the principal.
ROE før skat for hver enkelt kunde beregnet på grundlag af en intern afregningspris, der svarer til en løbetid, som stemmer overens med finansieringsomkostningen og justeret for risikoomkostninger.
Communication from the Commission on the application, from 1 January 2012, of State aid rules to support measures in favour of financial institutions in the context of the financial crisis ('2011 Prolongation Communication), OJ C 356, 6.12.2011, p. 7.
Denne beregning indbefatter det ud fra omsætningen vægtede gennemsnit af alle udlån til en enkelt kunde.
The consortium consists of: Nykredit, Maj Invest (on behalf of customers), Arbejdernes Landsbank, AP Pension, Novo A/S, the C.L.
Andre gebyrer eller banktransaktioner, der bidrager til rentabiliteten i det samme kundeforhold, kan også indregnes, så et nyt udlån eventuelt medfører en lavere forrentning, hvis dette kompenseres gennem indtægter fra øvrige gebyrer eller banktransaktioner.
David Foundation and Collection, ISP Pension and Vestjylland Forsikring.
Hybrid kernekapital
The Consortium considers its investment in Vestjysk Bank to be of a purely financial nature.
efterstillede obligationer købt af Danmark, på dansk kaldet hybrid kernekapital udstedt under bankpakke II.
None of the Consortium's members will gain control over Vestjysk (the largest individual investment will make up less than 20 % of the Bank), nor do any of them wish to combine the Bank's activities with their own.
I forbindelse med tilsagnene gælder udtrykkene i både ental og flertal, medmindre andet er anført i tilsagnene.
The redemption price is 110 % of the principal meaning the repayment will amount to approximately DKK 316 million.
GENERELT
Confidential information.
Danmark forpligter sig til at sikre, at tilsagnene opfyldes i fuldt omfang under gennemførelsen af omstruktureringsperioden.
This Executive order implements EBA guidelines on Internal Governance.
Omstruktureringsperioden udløber enten den 31. december 2018, forudsat at Vestjysk når en ROE på [7-11] % beregnet på basis af de endelige reviderede årsregnskaber for 2018, eller først den 31. december 2019, såfremt denne ROE ikke nås for 2018 vurderet på baggrund af en endelig rapport fra tilsynsadministratoren om de tilsagn, der gælder for det år.
See points 84 and 89-96 of the Commission Notice on the notion of State aid.
Tilsagnene gælder i omstruktureringsperioden, medmindre andet er fastsat.
See point 80 of the 2013 Banking Communication.
OMSTRUKTURERING AF VESTJYSK: KAPITALISERING OG GENSKABELSE AF LIGEVÆGTEN I UDLÅNSPORTEFØLJEN
At least nine banks were contacted in this process, seven of which expressed initial interest in (part of) the Bank.
Vestjysk opretholder igennem hele omstruktureringsperioden en kapital, der mindst svarer til den højeste af følgende to værdier: enten i) 2 % af dens samlede risikoeksponeringsbeløb eller ii) 325 mio. DKK over summen af solvenskravet og det kombinerede bufferkrav ifølge gældende love og forskrifter.
After due diligence, none however submitted an offer.
Vestjysk opfylder igennem hele omstruktureringsperioden følgende likviditetskrav:
In particular, all relevant buyers with a strategic rationale and significant synergies were contacted as well as a potential financial investor (other than […]) which had indicated an interest during the process.
Vestjysk opretholder en likviditetsdækningsgrad på mindst 100 % målt i overensstemmelse med gældende love og forskrifter
At least seven banks and one financial investor were contacted in this second process, three of which expressed an initial interest.
Vestjysk opretholder likviditetsoverdækning på mindst 50 % af likviditetsdækningskravet ifølge gældende love og forskrifter
Only two proceeded to the due diligence stage but none made an offer.
Vestjysk opretholder en likviditetskvote på maksimalt 1 målt i overensstemmelse med gældende love og forskrifter.
All potential competitors, even if not formally invited, could participate in the ongoing tender process and the market was made aware of the search for a buyer by SEB who had been tasked by Denmark to find a buyer for its stake in the Bank and to manage the sales process (see footnote 17).
Vestjysks balance i 2017 må ikke overstige balancen i 2016, og den må ikke overstige 20300 mio. DKK i 2018 og 21000 mio. DKK i 2019 (i givet fald).
It has to be noted that the share has lost over a third of its value since the announcement.
Vestjysk genskaber ligevægten i sin udlånsportefølje i omstruktureringsperioden som følger:
As a result, on 28 June 2017, the price for one share was only 9 DKK.
Nettoudlån, herunder garantier, til ejendomssektoren udgør højst 25 % af det samlede nettoudlån (lån til kunder), herunder garantier, på ethvert givet tidspunkt.
Furthermore, the share price development seems to a large extent determined by the about 40000 private retail investors and this may explain why the Bank's share price development has not reflected the underlying performance.
Nettoudlån målt som de årlige gennemsnitlige nettoudlån til landbrug, jagt, skovbrug og fiskeri må pr. 31. december ethvert givet år ikke overstige sin andel af det samlede nettoudlån pr. 31. december 2016 (dvs. 20 % af de samlede udlån til kunder som defineret ovenfor), såfremt og i det omfang dette yderligere nettoudlån er resultatet af udlån til nye kunder eller en stigning i udlånet til eksisterende kunder.
The shares are also illiquid (only 6 % of share capital traded over the last year) with limited free float (only 18,52 %) further reducing the likelihood that the share price is an accurate reflection of the Bank's true value.
Vestjysk yder ikke nye lån til kunder uden for kerneregionen, medmindre kunden selv finder medfinansiering på [35-45] % og stiller sikkerhed for lånet.
In this scenario the State would not have sold its shares in Vestjysk, but its stake would have gone down from 81 % to 23 % after the share issuance.
Vestjysk yder ikke nye lån vedrørende aktiver uden for Danmark.
All subordinated capital, including the State hybrids, would have been redeemed early at their nominal value.
Store engagementer:
Finally, the issuance of new shares would have been complemented by a new Tier 2 issuance for an amount of DKK 275 million.
Vestjysk indgår ikke kreditrisikoeksponeringer med nye kunder, hvis en sådan eksponering i sig selv udgør over 10 % af den samlede kapital på det givne tidspunkt.
The deadline for such a competing bid is 18 July 2017 at 16h00.
ADFÆRDSMÆSSIGE FORANSTALTNINGER OG SELSKABSLEDELSE
Folketingstidende E, Aktstykke 114, 29 June 2017.
Forbud mod opkøb: Vestjysk opkøber ikke andele i form af aktiver eller aktier i nogen virksomhed.
This was also mentioned in the respective press releases of 12 June 2017: https://www.fm.dk/nyheder/pressemeddelelser/2017/06/staten-indgaar-aftale-om-salg-af-sine-aktier-i-vestjysk-bank and of 19 June 2017: https://www.fm.dk/nyheder/pressemeddelelser/2017/06/officielt-tilbud-paa-statens-aktier-i-vestjysk-bank-er-nu-fremsat
Forbuddet mod opkøb omfatter både virksomheder i form af selskaber og en pakke af aktiver, der udgør en virksomhed.
Communication on the application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis (‘2008 Banking Communication’) ( OJ C 270, 25.10.2008, p. 8); Communication on the recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition (‘Recapitalisation Communication’) ( OJ C 10, 15.1.2009, p. 2); Communication from the Commission on the Treatment of Impaired Assets in the Community Banking sector (‘the Impaired Assets Communication’) ( OJ C 72, 26.3.2009, p.
i. Undtagelse: Vestjysk kan erhverve andele i virksomheder, såfremt:
1); Communication from the Commission ‘The return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules’ ( ‘the Restructuring Communication’) ( OJ C 195, 19.8.2009, p. 9); Communication from the Commission on the application, from 1 January 2011, of State aid rules to support measures in favour of financial institutions in the context of the financial crisis (‘2010 Prolongation Communication’) ( OJ C 329, 7.12.2010, p. 7), Communication from the Commission on the application, from 1 January 2012, of State aid rules to support measures in favour of financial institutions in the context of the financial crisis (‘2011 Prolongation Communication’) ( OJ C 356, 6.12.2011, p. 7); the Communication from the Commission on the application, from 1 August 2013, of State aid rules to support measures in favour of banks in the context of the financial crisis 2013 (‘the 2013 Banking Communication’).
a. købsprisen, som Vestjysk betaler for ethvert køb, er under 0,01 % af Vestjysks balance [2] på ikrafttrædelsesdatoen [3], og
( OJ C 216, 30.7.2013, p. 1).
b. den samlede købspris, som Vestjysk har betalt for alle sådanne opkøb fra ikrafttrædelsesdatoen og indtil udgangen af omstruktureringsperioden, er mindre end 0,025 % af Vestjysks balance på ikrafttrædelsesdatoen,
It has to be noted that the burden sharing requirements in force at the time of granting of the measures did not include the write down or conversion of subordinated debt, that only became a requirement after the 2013 Banking Communication entered into force on 1 August 2013.
c. opkøbet udspringer direkte af tidligere eksisterende (før denne afgørelse) kontraktlige forpligtelser over for tredjemand eller forskriftsmæssige forpligtelser i den forbindelse eller er påkrævet i henhold til en endelig og obligatorisk afgørelse truffet af en offentlig myndighed vedrørende Vestjysk.
See point 26 of the Restructuring Communication.
Aktiviteter, der ikke er omfattet af forbuddet mod opkøb: Forbuddet mod opkøb omfatter ikke erhvervelser, i) der finder sted som en del af den almindelige bankforretning i forbindelse med forvaltningen af eksisterende krav over for nødlidende virksomheder, herunder konvertering af eksisterende gæld til aktieinstrumenter, eller ii) som led i almindelige likviditetsaktiviteter.
Explanatory Note of 13 June 2012 by staff of the European Commission's Directorate-General for Competition on ‘buybacks of hybrid securities by banks receiving State aid’.