natgillin/translations-raw huggingface dataset:
In its opening decision the Commission established that the compensation paid by the beneficiary bank takes adequate account of the risk of future losses which exceeds the risk expressed in the real economic value in accordance with the Impaired Assets Communication.
Komisjon jõudis algatamisotsuses järeldusele, et abi saava panga makstav hüvitis arvestab piisavalt sellist tulevaste kahjude riski, mis ületab langenud väärtusega varade teatise kohaselt tegelikus majanduslikus väärtuses väljendatavat riski.
The compensation was calculated on the basis of an interest rate, which would have been used as a basis for a corresponding recapitalisation, in which the equity capital relief effect was used as a yardstick in accordance with the Impaired Assets Communication.
Hüvitise arvutamisel võeti aluseks intressimäär, mis oleks võetud aluseks ka vastava rekapitaliseerimise puhul, kusjuures määravaks elemendiks oli vastavalt langenud väärtusega varade teatisele toetuse mõju omakapitalile.
In view of the equity capital relief effect the compensation should however be reduced by 0,75 % to 6,25 % p.a.
Seoses toetuse mõjuga omakapitalile tuleks siiski vähendada hüvitist 0,75 % võrra, st 6,25 protsendini aastas.
As according to the Recommendation of the European Central Bank of 20 November 2008 on recapitalisation measures a difference of 1,5 % exists between the price of tier 1 capital and tier 2 capital, a reduction of 150 basis points is appropriate [22].
Kuna vastavalt Euroopa Keskpanga 20. novembri 2008. aasta soovitusele rekapitaliseerimismeetmete kohta on esimese ja teise taseme omavahendite väärtuse vahe 1,5 %, on asjakohane hüvitise väärtust 150 baaspunkti võrra alandada [22].
If according to the Recapitalisation Communication 7 % can be regarded as appropriate compensation for tier 1 capital without the supply of liquidity, the tier 2 capital should then be compensated for at a rate of 5,5 %.
Kui rekapitaliseerimisteatise järgi võib 7 % suurust hüvitist käsitleda asjakohasena esimese taseme omavahendite eest ilma likviidsussüstita, siis tuleb teise taseme omavahendite eest tasuda 5,5 % suurust hüvitist.
The average of both rates is 6,25 %.
Mõlema hüvitismäära keskmine on 6,25 %.
On the basis of the above considerations LBBW has to pay a capital relief effect of EUR 4,476 billion at 6,25 % p.a., which corresponds to an amount of EUR 279,75 million p.a.
Eespool esitatud kaalutluste põhjal peab LBBW seoses toetuse 4,476 miljardi euro suuruse mõjuga omakapitalile maksma hüvitist 6,25 % ehk 279,75 miljonit eurot aastas.
Together with the recovery amount of EUR 56,24 million this produces a compensation amount of EUR 336 million p.a. which, in view of the aspects explained above, is proportionate.
Koos 56,24 miljoni euro suuruse tagasimaksesummaga ulatub hüvitissumma 336 miljoni euroni aastas, mis on eespool kirjeldatud aspekte arvestades proportsionaalne.
Compatibility of the restructuring aid with the internal market
Ümberkorraldamisabi kokkusobivus siseturuga
The Commission has to examine the continuation of all the current rescue measures as restructuring aid.
Komisjon peab kontrollima kõigi seniste päästemeetmete jätkumist ümberkorraldusabina.
Examination of whether the restructuring aid is compatible with the internal market is carried out against the background of the financial crisis on the basis of the Commission’s Restructuring Communication.
Ümberkorraldamisabi siseturuga kokkusobivuse kontrollimine toimub komisjoni ümberkorraldamisteatise alusel ning finantskriisi taustal.
Although in previous decisions reference was made to the Community Guidelines on State aid for rescuing and restructuring firms in difficulty [23], the Commission has clarified in paragraph 49 of the Restructuring Communication that all aid which is notified to the Commission on or before 31 December 2010 will be examined as restructuring aid for banks on the basis of the Restructuring Communication rather than the Community Guidelines on State aid for rescuing and restructuring firms in difficulty.
Isegi kui varasemate otsuste puhul arvestati ühenduse suuniseid raskustes olevate äriühingute päästmiseks ja ümberkorraldamiseks antava riigiabi kohta, [23] selgitas komisjon ümberkorraldamisteatise punktis 49, et kui komisjonile teatatakse abist 31. detsembril 2010 või enne kõnealust kuupäeva, kohaldatakse pankade ümberkorraldamise kontrollimisel mitte ühenduse suuniseid raskustes olevate äriühingute päästmiseks ja ümberkorraldamiseks antava riigiabi kohta, vaid ümberkorraldamisteatist.
As regards the necessity and range of a restructuring, it is not laid down in the Restructuring Communication under what conditions a bank may have to submit a restructuring plan, but reference is made to previous communications concerning this.
Seoses ümberkorraldamise vajalikkuse ja ulatusega tuleb märkida, et ümberkorraldamisteatises ei ole kindlaks määratud, millistel tingimustel peab pank esitama ümberkorraldamiskava, ning seetõttu lähtutakse varasematest teatistest.
The Commission holds the view that LBBW needs comprehensive restructuring as the aid prevented the closure of the bank by the banking supervisory authority and all in all corresponded to more than 2 % of the bank’s total impaired assets.
Komisjon on seisukohal, et LBBW vajab ulatuslikku ümberkorraldamist, kuna riigiabi hoiab ära panga sulgemise pangandusjärelevalve poolt ja selle suurus vastab rohkem kui 2 protsendile panga riskiga kaalutud varadest.
This view is in accord with paragraph 4 of the Restructuring Communication and paragraph 55 of the Impaired Assets Communication.
See seisukoht on kooskõlas ümberkorraldamisteatise punktiga 4 ja langenud väärtusega varade teatise punktiga 55.
Under the Restructuring Communication it must first be explained in the restructuring plan that the restructuring process which the beneficiary bank is subjected to is suitable to ensure the return to long-term viability.
Ümberkorraldamisteatise kohaselt peab ümberkorraldamiskavas olema esiteks selgitatud, et abi saava panga ümberkorraldamine aitab kaasa panga pikaajalise elujõulisuse taastumisele.
Secondly the amount of the aid must be limited to the minimum absolutely necessary and both the beneficiary and its shareholders should as far as possible participate in the restructuring with their own funds.
Teiseks peab riigiabi suurus piirduma hädavajalikuga ja nii abi saav pank kui ka tema aktsionärid peavad osalema ümberkorraldamises võimalikult suurel määral oma vahenditega.
Measures must be taken in order to limit distortions of competition which arise as a result of the fact that the market power of the beneficiary is artificially supported and in order to ensure the maintenance of a competitive banking sector.
Tuleb rakendada meetmeid, et piirata abisaaja turuvõimu kunstlikust toetamisest tekkivaid konkurentsimoonutusi ja tagada pangandussektori konkurentsivõime.
In addition questions relating to monitoring and procedural issues need to be clarified.
Selgitamist vajavad ka järelevalve ja menetlusega seotud küsimused.
In an assessment of a restructuring plan under competition law the Commission ensures that the bank is in a position to restore its long-term viability without State aid (section 2 of the Restructuring Communication).
Panga ümberkorraldamiskava konkurentsiõiguslikult hinnates veendub komisjon panga suutlikkuses taastada pikaajaline elujõulisus ilma riigiabita (ümberkorraldamisteatise punkt 2).
According to the Restructuring Communication long-term viability is ensured if the restructured bank is able to compete in the marketplace for capital on its own merits in compliance with relevant regulatory requirements.
Ümberkorraldamisteatise kohaselt on pikaajaline elujõulisus tagatud, kui ümberkorraldatud pank suudab omal jõul ja õigusaktide nõudeid järgides konkureerida turul kapitali saamiseks.
This involves the bank being able to cover all its costs und provide an appropriate return on equity, taking into account the risk profile of the bank.
See tähendab, et pank peab suutma katta kõik kulud ja tagada oma riskiprofiili arvestades omakapitali piisava tasuvuse.
Long-term viability also requires that any State aid received is either redeemed over time, as anticipated at the time the aid is granted, or is remunerated according to normal market conditions, thereby ensuring that any form of additional State aid is terminated.
Pikaajaline elujõulisus tähendab lisaks, et kogu riigiabi makstakse teatava aja jooksul tagasi, nagu nähti ette abi andmise ajal, või et selle eest makstakse tasu tavapärastel turutingimustel, tagades nii, et lõpetatakse igasugune täiendava riigiabi andmine.
The restoration of viability should above all be achieved through internal measures and on the basis of a credible restructuring plan.
Elujõulisuse taastamine tuleb saavutada ettevõttesiseste meetmete abil ja usaldusväärse ümberkorraldamiskava alusel.
Furthermore the restructuring plan should identify the causes of the bank’s difficulties and the bank’s own weaknesses and outline how the proposed restructuring measures remedy the bank’s underlying problems.
Lisaks tuleks ümberkorraldamiskavas selgitada panga raskuste põhjusi ja panga enda nõrku külgi ning kirjeldada üldjoontes, kuidas on võimalik panga probleeme kõrvaldada.
Restructuring requires a withdrawal from activities which would remain structurally loss-making in the medium term.
Ümberkorraldamine nõuab loobumist sellistest tegevusvaldkondadest, milles võib keskmise pikkusega ajavahemikul püsida struktuuriline kahjum.
Firstly the restructuring initiated by LBBW on the basis of the restructuring plan submitted by Germany seems appropriate to restore LBBW’s viability.
Saksamaa esitatud ümberkorralduskava alusel LBBW poolt algatatud ümberkorraldamine näib LBBW elujõulisuse taastamise seisukohast asjakohane.
In the restructuring plan a tier 1 capital ratio of [9-11] % and a return on equity of [10-12] % are estimated for 2013.
Ümberkorraldamiskavas arvestatakse esimese taseme omavahendite suhtarvuga [9–11] % ja omakapitali tasuvusega [10–12] %.
These figures – even under extreme stress conditions – would lie far above the regulatory level and would correspond to the market’s expectations of a bank with the risk profile of LBBW.
Need näitajad on isegi eriti rasketes tingimustes kõrgemad seadusega ettenähtud tasemest ja vastavad turu ootustele sellise riskiprofiiliga panga suhtes nagu seda on LBBW.
LBBW’s liquidity proved to be stable during the crisis and the bank still has sufficient liquidity reserves.
LBBW likviidusus on kriisi vältel osutunud stabiilseks ja panga käsutuses on endiselt piisav likviidsusreserv.
Future financing and financial costs have been examined.
Tulevasi finantseeringuid ja finantseerimiskulusid on kontrollitud.
Even with the application of the pessimistic LBBW scenario the bank would not need any further aid, the tier 1 capital ratio would not fall below 7,0 % during the restructuring and the tier 1 capital ratio would be [9-10] % in 2013, but the return on equity would only be [6-7] %.
Isegi pessimistliku LBBW stsenaariumi rakendumisel ei vajaks pank edasist abi. Esimese taseme omavahendite suhtarv ei langeks ümberkorraldamise ajal alla 7,0 % ja oleks 2013. aastal [9–10] %, kuid omakapitali tasuvus jääks siiski vaid [6–7] % juurde.
Even if the risk costs and the impaired assets were to rise further, the bank would still meet the regulatory requirements for capital resources.
Ka riskikulude ja riskiga kaalutud varade edasise suurenemise korral vastaks pank ikka veel omavahendite suhtes kehtestatud seadusenõuetele.
LBBW’s revised business model is a decisive factor in ensuring that the restoration of viability is realistic.
LBBW ärimudeli muutmine aitab otsustavalt kaasa elujõulisuse tegelikule taastamisele.
LBBW is to be converted into a commercial bank with a clear focus on German SMEs and private customers which makes a number of corporate finance and selected investment banking products available to some of its customers (corporate customers and savings banks.
LBBW tuleb ümber kujundada keskmise suurusega äriklientidele ja eraklientidele keskenduvaks kommertspangaks, mis pakub teatavatele klientidele (äri- ja hoiukassakliendid) rida ettevõtterahandus- ja valitud investeerimispangandustooteid.
Its offering comprises good products which are used by a broad range of customers (these include bank relationships of many years).
Pank peab pakkuma hästi sissetöötatud tooteid, mida saab kasutada suur hulk kliente (sealhulgas näiteks pikaajalisi kodupangateenuseid).
This should form a good basis for a sound commercial banking business and opportunistic transactions driven by the capital markets are in this way to be reduced.
See peaks looma tugeva baasi soliidsele kommertspangandusele ja aitama kaasa oportunistlike kapitaliturutehingute lõpetamisele.
The Commission examined the credibility of the restructuring plan on the basis of LBBW’s business results and up-to-date LBBW reports (including results in the management information system and risk management reports).
Ümberkorraldamiskava usaldusväärsust kontrollis komisjon LBBW seniste majandustulemuste ja LBBW värskemate aruannete (sealhulgas juhtimisinfosüsteemist saadud tulemuste ja riskijuhtimisaruannete) alusel.
In addition the Commission based its decision on risk assessments which were undertaken by the competent supervisory authority in accord with the detailed European directives and on reports by rating agencies.
Lisaks tugines komisjon pädeva järelevalveasutuse riskihindamistele, mis tehti vastavalt ELi asjaomastele eeskirjadele, aga ka reitinguagentuuride aruannetele.
Planning and underlying assumptions were investigated for their compatibility with the most recent economic forecasts and with scenarios which the Commission had also referred to in other aid cases.
Kontrolliti planeerimise ja tausteelduste ühilduvust värskeimate majandusprognooside ja komisjoni poolt riigiabi juhtumite käsitlemisel varem kasutatud stsenaariumitega.
The restructuring plan takes account of the detailed information currently available and takes into account the fact that forecasts concerning future development can only be made to a limited extent.
Ümberkorraldamiskavas võetakse arvesse olemasolevat asjakohast teavet ja nenditakse, et tulevase arengu kohta on võimalik teha järeldusi vaid piiratud määral.
The assumptions concerning the further development of risks, results and capital basis appear sufficiently pessimistic.
Eeldused riskide edasise arengu, majandustulemuste ja kapitalibaasi osas näivad piisavalt pessimistlikud.
The risks arising from the large and relatively concentrated loan book – i.e. the greatest risks after the risk in connection with investment in structured securities – were limited by the asset relief measure and consequently treated appropriately.
Suurest ja suhteliselt kontsentreeritud krediidimahust tulenevad riskid, mis on suuruse poolest struktureeritud väärtpaberitesse tehtud investeeringute järel teisel kohal, on toetusmeetme kaudu piiratud ja neid on seega piisavalt käsitletud.
Nevertheless it is assumed that even under standardised conditions the LBBW’s risk costs will remain twice as high as the previous risk management and they will correspond to the risk costs of its peers.
Sellegipoolest on oodata, et LBBW riskikulud jäävad ka normaliseerunud tingimustes varasemast kaks korda kõrgemaks ja vastavad konkurentide riskikuludele.
In addition the restructuring plan does not assume a rapid recovery, but rather a considerable rise in risks and loan losses.
Ümberkorraldamiskavas ei eeldata siiski mitte kiiret taastumist, vaid pigem riskide ja laenukahjumite olulist suurenemist.
The restructuring plan takes account of these aspects both through a higher risk management and with higher regulatory capital requirements due to risk migration and higher losses on results.
Ümberkorraldamiskavas arvestatakse neid aspekte nii süvendatud riskijuhtimise kui ka rangemate omakapitalinõuetega, mis on tingitud riskimigratsioonist ja suuremast laenukahjumist.
This is the result of the joint calculations of the LBBW offices for risk management and lending and consequently the result of a combination of a model-based approach and the estimates of experts.
Selline tulemus on saadud nii LBBW riskijuhtimis- kui ka laenuosakondade ühiste arvutuste tulemusena ja kõnealune tulemus on kombinatsioon mudelipõhistest arvestustest ja ekspertide hinnangutest.
While a slower recovery emerges from the models and, contrary to the estimates of the experts, a higher likelihood of losses is assumed, the experts hold the view that the losses are estimated as being too low in the models.
Kui mudelitest nähtub pigem aeglane taastumine ja vastupidiselt ekspertide hinnangutele lähtutakse suuremast krediidikahjumi tõenäosusest, siis ekspertide arvamuse kohaselt on mudelites hinnatud tagasimaksmata laenudest tingitud kahju liiga kõrgeks.
The figures of both sides were adjusted accordingly.
Mõlema poole andmeid korrastati vastavalt.
Furthermore both the historical comparisons and a comparison of the current plan parameters demonstrate a high degree of consistency with external economic indicators and show that the economic downturn effects have been taken into account in the plan.
Lisaks tõendavad nii võrdlused varasemate juhtumitega kui ka kava tegelike väärtuste võrdlus suurt sidusust konjunktuuri- ja majandusnäitajatega ning viitavad sellele, et kava koostamisel on arvestatud majanduslanguse mõju.
It can also be seen from the restructuring plan that the risk costs for new business and loans will be considerably lower than up to now as the risks may be considerably reduced by the restructuring and the credit quality in the core business will be better.
Ümberkorraldamiskavast selgub veel, et uute tehingute ja laenude riskikulud kujunevad senisest oluliselt madalamaks, sest ümberkorraldamine toob kaasa riskide olulise vähenemise ja põhitegevusvaldkonna laenukvaliteet paraneb.
Thus, no further investments will be made in structured securities.
Nii ei investeerita edaspidi enam struktureeritud väärtpaberitesse.
The portfolios containing the greatest risk were the subject of asset relief measures which may be considered to be sufficient according to the Commission’s investigation results.
Kõige kõrgema riskiastmega portfellidele anti toetusmeetmeid, mida võib komisjoni kontrollitulemuste kohaselt hinnata piisavateks.
No further losses should therefore be expected concerning these.
Seetõttu ei ole seoses kõnealuste portfellidega oodata edasisi kahjusid.
Nevertheless LBBW expects a considerable rise in risk costs for the restructuring phase, where it is assumed that these costs will be higher than the current risk management.
LBBW ootab ümberkorraldamisfaasis siiski riskikulude suurenemist ning lähtub sellest, et need kulud on senistest riskijuhtimiskuludest kõrgemad.
The expectations regarding the development of the credit risks are cautious.
Prognoosid laenuriski arengu kohta on ettevaatlikud.
While the projections for losses are conservative, the likelihood of losses – in particular for corporate business – is estimated to be lower than as assessed by the Commission.
Ehkki laenukohustuste täitmatajätmisest tingitud kahjumi prognoos on konservatiivne, hinnatakse laenukohustuste täitmatajätmise tõenäosust, eriti äriklientide puhul, komisjoni arvestusest madalamaks.
However, LBBW was able to demonstrate that the loss expectations are far above the historical data (for the last recession in Germany) and correspond to those of other banks with the same group of customers.
LBBW suutis aga tõendada, et prognoositud kahjum on suurem minevikus (Saksamaa viimase majanduslanguse ajal) tekkinud kahjumist ja vastab mis tahes teise samale kliendirühmale suunatud panga prognoosile.
Furthermore the bank emphasised the financial strength of these corporate customers compared to other companies in Europe and stressed the advantages due to its strong corporate relationships.
Lisaks tõi pank esile oma äriklientide finantssuutlikkust võrreldes teiste Euroopa ettevõtjatega ning toonitas kodupangasuhetest tulenevaid eeliseid.
In addition it demonstrated that the loss expectations for this particularly important market segment for LBBW’s overall credit risk correspond to those of its peers.
Peale selle tõendas ta, et kahjumi prognoos selle LBBW kogu laenuriski seisukohast olulise turusegmendi puhul vastavad konkurentide samasugustele prognoosidele.
There is some uncertainty concerning the development of market risks, although investment in structured securities is no longer of importance as one of the largest risk drivers.
Teatav ebakindlus valitseb tururiski arengu osas, ehkki kõige suurema riskitegurina käsitletud investeeringud struktureeritud väärtpaberitesse lõpetatakse.
Furthermore trading for its own account will be considerably reduced and the area of securities settlement will be directed at asset management and customer-focused business.
Lisaks vähendatakse oluliselt kauplemist panga enda nimel ja väärtpaberiarvelduste valdkonna tegevus suunatakse varahaldusele ja kliendikesksetele tehingutele.
In addition the range of traded products will be reduced and their complexity will be restricted.
Peale selle vähendatakse kaubeldavate toodete kogupakkumist ja nende keerukust.
Appropriate account is therefore taken of market risk in the restructuring plan.
Seega arvestatakse ümberkorraldamiskavas tururiskiga vajalikul määral.
A further important aspect is developments in expenses.
Järgmine oluline aspekt on kulude areng.
Thus LBBW assumes that it will be able to save 25 % in its administrative costs.
LBBW lähtub sellest, et ta on suuteline halduskulusid 25 % võrra kärpima.
Since the restructuring plan envisages a reduction in jobs of around 20 % and a slimming down of the structure, business fields and products, such projections are credible.
Neid prognoose võib pidada usutavateks, kui arvestada, et ümberkorraldamiskavas nähakse ette töökohtade vähendamine umbes 20 % võrra ning kärped nii struktuuri, tegevusvaldkondade kui ka toodete puhul.
Despite a significant reduction in assets and business activities LBBW expects only a slight decline in income compared with previously.
LBBW ootab hoolimata varade ja tegevusvaldkondade olulisest vähendamisest tulude puhul vaid väikest langust võrreldes varasemaga.
While it is also assumed that the bank’s financial markets business area will continue to produce profits, there will be income from fees instead of income from trading for its own account.
Samal ajal lähtutakse sellest, et panga finantsturutegevusest saadakse endiselt tulu, ning seega asendub panga enda nimel kauplemisest saadav tulu tasudest saadava tuluga.
All in all a more stable profit situation less dependent on the fluctuation of market prices is expected.
Üldiselt eeldatakse stabiilse ja turuhindade kõikumisest vähem mõjutatud tulubaasi kujunemist.
Secondly, in order to be appropriate to restore the bank’s profitability in accordance with the Restructuring Communication, the restructuring plan should identify the causes of the bank’s difficulties and the bank’s own weaknesses and outline how the proposed restructuring measures remedy the bank’s underlying problems.
Ümberkorraldamiskavas tuleb selleks, et vastata panga elujõulisuse taastamise osas ümberkorraldamisteatise tingimustele, selgitada panga raskuste põhjusi ja panga enda nõrku külgi ning kirjeldada üldjoontes, kuidas on võimalik ümberkorraldamismeetmete abil panga probleeme kõrvaldada.
It is the view of the Commission that this is the case since the restructuring plan envisages the bank’s exit from the disproportionately extensive credit substitute business, and LBBW will reduce its capital market activities in both scope and complexity and it will reduce its foreign business in order to concentrate on its core competencies, which lie mainly in private customer business and in business with small and medium-sized customers in the regional markets.
Komisjoni arvamuse kohaselt on LBBW ümberkorraldamiskava puhul see nõue täidetud, kuna kavaga nähakse ette loobumine ülemäära mahukast krediidiasendustegevusest, nõue, et LBBW vähendaks oma finantsturutegevust nii mahu kui ka keerukuse osas ja tõmbaks kokku oma välisesindusi, et keskenduda oma põhipädevusele, milleks on peamiselt regionaalsete turgude erakliendid ning väikesed ja keskmise suurusega ettevõtjad.