natgillin/translations-raw huggingface dataset:
The restriction referred to in the second and third sentences will continue to apply until BayernLB has paid a total of EUR […] million in accordance with points 2 and 3 of Annex II.
Kui punktis 6 nimetatud riskiga kaalutud vahendite piirangud peaksid punkti kohaselt 1 kehtima 2015. aastast kauem, indekseeritakse […] punkti 6 alapunktides a–c näidatud riskiga kaalutud vahendite piire igal aastal […].
Otherwise the restriction referred to in the second and third sentences will continue to apply except that a cash remuneration exceeding EUR […] a year will be considered inappropriate in principle until BayernLB has completed the one-off claw-back payment under point 2 of Annex II and payments totalling EUR […] million under point 3 of Annex II [19].
Tegelikud väärtused 31. detsembri 2011. aasta seisuga.
Within the possibilities under civil law, BayernLB will remunerate its bodies, employees and essential agents in line with the following principles:
Banque LB Lux S.A. võõrandamise ettevalmistamiseks omandas BayernLB Helaba 25 % osa selles osaluses ja võõrandas vastutasuks oma osa LB (Swiss) Privatbank AGs Helabale, kellele kuulub juba ülejäänud 50 % selles osaluses.
BayernLB's employees and essential agents may not receive any inappropriate salaries, salary components, bonuses, or any other inappropriate benefits;
Sellekohane ostuleping allkirjastati 23. oktoobril 2009; 21. detsembril 2009 viidi tehing lõpuni.
the remuneration of board members and senior management of BayernLB will be restricted to an appropriate level (see point 23 above), particular account being taken of
Lõpuniviimine 27. märtsil 2012.
the relevant person's contribution to BayernLB's economic position, especially in the context of previous business policies and risk management, and
Osalus ei ole konsolideeritud.
the necessity of a market-oriented salary so as to be able to employ particularly suitable persons who can achieve sustainable economic growth.
Selle osaluse ostjat võib kohustada siduvalt järgima ja alles hoidma GBW kontserni kehtivaid sotsiaalsuuniseid ja sotsiaalseid lisanõudeid, mida on võrreldavates tehingutes kohaldatud.
[Other rules of conduct] BayernLB's commercial policy will be prudent, sound and oriented towards sustainability.
Vastavalt komisjoni nõudele võõrandatakse GBW AG osad konkurentsipõhimõtetest lähtuva pakkumismenetluse raames.
For this purpose, BayernLB will in particular establish a funding plan on a yearly basis and steer its business strategy accordingly.
Liiduvalitsus võtab teadmiseks, et Baieri liidumaa poolne omandamine pakkumismenetluse kaudu võib kaasa tuua täiendava abi olemasolu uurimise.
In the context of its lending and investing, BayernLB will take into account the borrowing requirements of the economy, in particular the requirements of small and medium-sized businesses, by applying terms that are in line with market practice and appropriate from a supervisory/banking point of view.
Osaluse arvestuslik väärtus 12/2011.
[Transparency] During the implementation of the Decision, the Commission will have unlimited access to all information necessary for monitoring its implementation.
22. juunil 2010 võõrandas BayernLB 25,2 % suuruse osa SaarLB osakapitalis Saarlandile, nii et SaarLB ei ole enam vastavalt HGB § 271 lõikele 2 BayernLBga seotud ettevõtja.
The Commission may ask BayernLB to provide explanations and clarifications.
Kaasa arvatud KGAL Verwaltungs-GmbH kaudu omatavad osad.
Germany and BayernLB will cooperate fully with the Commission in response to any request in connection with the monitoring and implementation of this Decision.
Ei ole osalus tehnilises mõttes.
[No servicing of hybrid capital] BayernLB will adhere to a ban on the servicing of hybrid capital.
Erijuhtum on siin MKB […].
BayernLB will service hybrid capital (such as silent participations (stille Einlagen) and profit participation certificates (Genussscheine)) only if it is obliged to do so even without a release of reserves (Rücklagen) or of the special item referred to in Section 340 f and g of the Commercial Code.
Järelevalve eest vastutava usaldusisiku teabe alusel võib pank punktis 23 toodud iga-aastase rahalise tasu piire vastavalt Saksamaa inflatsioonile kohandada.
[Dividend ban] BayernLB will adhere to a dividend ban in order to meet its payment commitments.
Teise võimalusena saab passiivsed osalused ka omakapitaliks ümber kujundada, ilma et kapital esmalt tagasi makstaks ja seejärel jälle lisataks.
BayernLB will not pay dividends in the period until and including the financial year ending 31 December 2018.
Vastavalt komisjonis 14. juunil 2012 peetud kohtumisele; vt selle kohta lisaselgitusi ümberkorralduskava punktis 6.20.2.
Payments under points 2 and 3 of Annex II remain unaffected.
II LISA
E. CONTRIBUTION BY THE BAVARIAN SAVINGS BANKS
KOHUSTUSED
[Conversion of silent participations and acquisition of LBS Bayern] The Bavarian savings banks are prepared to share the burden of restructuring BayernLB to the tune of EUR 1,65 billion by acquiring LBS and converting their silent participations (stille Einlagen).
[Tagasimaksed] BayernLBd kohustatakse (vajaduse korral BayernLB Holding AG kaudu) tasuma Baieri liidumaale ühekordse makse 1,24 miljardit eurot (edaspidi „ühekordne tagasinõudemakse”) ning maksma tagasi aastatel 2008/2009 passiivse osaluse kujul abina saadud omakapitali summas 3 miljardit eurot (edaspidi „abi tagasimaksmine”).
The sum is made up as follows:
Ühekordne tagasinõudemakse summas 1,24 miljardit eurot tasutakse järgmiste osamaksetena:
Acquisition of LBS
Kui pädev järelevalveasutus otsustab, et BayernLabo sihtotstarbelise vara bilansis nimiväärtusega arvelevõtmisest tulenevat omakapitali tunnustatakse ka regulatiivsest aspektist täielikult või osaliselt BayernLB esimese taseme põhiomavahenditena, suureneb ühekordse tagasinõudemakse esimene võimalik osamakse selle summa võrra; edasist maksekava kohandatakse sel juhul vastavalt tabelile 11.
The Bavarian savings banks association will acquire LBS in full for a price of EUR 818,3 million.
Abi tagasimakse summas 3 miljardit eurot tasutakse järgmiste osamaksetena:
The date of the purchase (transfer of ownership and payment of the purchase price) will be […].
Lisaks tuleb Baieri liidumaale 2017. aastaks tagasi maksta passiivse osaluse järelejäävad aktsiad summas […] miljonit eurot I lisa punkti 33 kohase kapitali vabastamise kaudu.
BayernLB is entitled to the proceeds (Ertrag) for the 2012 business year.
[Maksekohustuse edasilükkamine] Kui järelevalveasutus keelab BayernLB-l makse vastavalt punktile 2 või kui tagasimakse ei saa punkti 3 alusel heakskiitu, peatatakse nendes punktides ettenähtud maksed.
Conversion of silent participations
Sellisel juhul lükatakse asjaomane maksekohustus edasi, kuni järelevalveasutus selle maksega nõustub või seda enam ei keela.
All silent participations of unlimited duration held by the savings banks in BayernLB will be repaid at the nominal value of around EUR [770-810] million.
Kui esmalt edasilükatud summa tagasimaksmisele ei anta ka järgmisel aastal heakskiitu või see keelatakse uuesti, teatab liiduvalitsus komisjonile muudetud ümberkorralduskavast, mis peaks põhimõtteliselt sisaldama uusi tasakaalustusmeetmeid, nt bilansimahu suurema vähendamisena.
At the same time the Bavarian savings banks association will inject capital of EUR [810-840] million into BayernLB Holding AG.
III LISA
The repayment of the silent participations and the capital increase will take place no earlier than […] and no later than […].
OSALUSTE EDASINE LÕPETAMINE
The new shares of the savings banks association will be determined on the basis of the business valuation of BayernLB Holding AG calculated in accordance with valuation standard IDW S1 at the time of the capital increase.
BayernLB võõrandab või võõrandas järgmised osalused vastavalt I lisa punktile 11 samuti allnimetatud ajaks [1].
The stake held by the savings banks association will in any event be restricted to a maximum of 25 % and thus will continue to remain below the blocking minority, which is 25 % + one vote [20].
Osalus
F. BAYERNLABO
Osalusmäär (%)
[BayernLabo capital] Having regard to changes in the supervisory requirements under the law as regards the capital adequacy of banks (Basel III) and analogous remarks from BaFin, the arrangements concerning BayernLabo's equity will be adapted to the extent required by the Capital Requirements Regulation (‘CRR’) to ensure that BayernLabo's equity capital as shown in the IFRS group accounts for BayernLB represents hard core capital under the new CRR requirements.
Toimunud/kavandatud väljumine
The remuneration will be transformed into a CRR-compliant remuneration as on share capital (i.e. dividends); the restriction limiting equity capital to underpinning the business of BayernLabo will be lifted.
First Calgary Savings & Credit Union Ltd.
A sum of EUR 1 billion, which according to the current plans for BayernLabo is not necessary for continuing business operations to the same extent as hitherto, will be transferred to the account of the core bank.
Üksikud investeeringust väljumise jaoks ette nähtud osalused on ainult piiratult asendatavad (vt tähis **), välja arvatud juhul, kui pangal ei ole võimalik piiramatult osasid käsutada või omandajatena tulevad kõne alla ainult teised osanikud, nii et investeeringust väljumise edukus sõltub nende ülevõtmisvalmidusest (nt STR Brennerschienentransport või European Energy Exchange).
The legal earmarking (Zweckbestimmung) of the remaining assets in BayernLabo (including special-purpose assets (Zweckvermögen) and the corresponding special-purpose contribution (Zweckeinlage)) will remain unchanged, so that the statutory task of promotion (Förderauftrag) can be continued without restriction.
Ümardamisviga, vähemusosalus.
G. REMUNERATION OF THE GUARANTEE/CLAW-BACK
HGAA riigistati 23. detsembril 2009.
[Remuneration of the guarantee/claw-back] The agreement concluded between the Land of Bavaria and BayernLB on 19 December 2008 on the provision of a guarantee (the ‘guarantee agreement’) will be amended or supplemented in order to give effect to the following commitments, which are based on the understanding that the difference between the transfer price and the real economic value of the portfolio secured by the guarantee agreement comes to EUR 1,96 billion.
Komisjon kiitis kõnealuse meetme heaks 23. detsembri 2009. aasta otsusega juhtumi C 16/09 ja N 698/09 kohta (edaspidi „HGAA päästmisotsus”) [7].
[Total premium] The bank will pay an total annual premium of EUR 200 million for the guarantee retroactively from 1 January 2010.
Nende vigade parandamine ei muuda midagi hinnangus, mille komisjon andis 2012. aasta ümberkorraldamisotsuses asjaolude kohta.
This total premium consists of the following:
Käesolevas otsuses parandatakse seetõttu ka nimetatud vead.
a basic premium of 6,25 % on the initial capital relief effect (at 31 December 2008) of EUR 1,28 billion, i.e. EUR 80 million a year;
Baieri liidumaa esitas selle kohta 19. detsembril 2008 garantiikirja.
an additional annual premium of 3,75 % on a part of the guarantee totalling EUR 2 billion, i.e. EUR 75 million a year, until 2015; and
31. detsembri 2008. aasta seisuga (võrdluskuupäev) oli ABS-portfelli nimiväärtus 19,589 miljardit eurot.
a special payment of EUR 45 million a year until 2015.
HGAA likviidsuse tagamiseks pikendas BayernLB likviidsust pakkuvat krediidiliini summas [350–600] miljonit eurot, mis oli lõppenud juba 4. detsembril 2009.
H. REPAYMENT OF BAVARIA'S SILENT PARTICIPATION OF EUR 3 BILLION
Lisaks lepiti kokku, et BayernLB poolt HGAA toetuseks eraldatud välisrahastus (intra-group funding) summas 2,638 miljardit eurot jääb 2013. aasta lõpuni HGAA-le.
[Further reduction of risk positions] In order to repay the entire silent participation of the Land of Bavaria by 2017, BayernLB undertakes to reduce its risk positions by a further EUR 10 billion by 2017, broken down by business segments as follows, a divergence of a maximum of [10-15] % per segment being disregarded as long as a total reduction of EUR 10 billion is achieved [21]:
BayernLB esitas ümberkorralduskava, milles kirjeldab, kuidas on kavas taastada panga elujõulisus 31. detsembriks 2015.
corporates, small and medium-sized businesses and private customers: […] %;
Ümberkorralduskavas on ette nähtud BayernLB ärimudeli põhimõtteline muutmine ja panga strateegia ümberkujundamine.
real estate, savings banks and associated firms: […] %
Müügihind 818,3 miljonit eurot tugineb kahe eksperdi 30. mai 2012. aasta ühisele eksperdiaruandele ja vastab LBSi väärtusele 30. juuni 2012. aasta seisuga.
markets: […] %
Hinna kindlaksmääramise suhtes on Saksamaa seisukohal, et kuna hoiukassad on LBSi toodete tähtsaim müügikanal, oleks tavaline erainvestor hinna väljaselgitamisel arvestanud sellise tururiski eest allahindlust.
restructuring unit: […] %
Ka Baieri liidumaa 3 miljardi euro suurune passiivne osalus kaotab alates 2018. aastast täielikult tunnustuse regulatiivsete esimese taseme omavahenditena.
If these measures result in any further reduction of business, it will not be counted towards the reduction in the balance sheet pursuant to point 4.
Baieri liidumaa on avalikult teatanud, et soovib 3 miljardi euro suuruse passiivse osaluse BayernLB-lt tagasi saada.
If the abovementioned reduction in risk positions should lead to the loss of revenue, the bank will offset this loss by reducing costs as appropriate.
[1,10–1,60]
At the beginning of the business year […], the bank undertakes to conduct a ‘mid-term review’ of the implementation of this commitment, based on the reports of the monitoring trustee.
[2300 – 2800]
If on the occasion of the mid-term review the Commission determines that BayernLB is likely to miss the target reduction of risk positions by the end of the business year 2017, BayernLB will have to notify this change afresh, unless it is due to new regulatory or macroeconomic developments.
[0–500]
In 2008 values this corresponds to a reduction to a balance sheet total of around EUR 206 billion.
[500 – 1000]
BayernLB is planning for the following EUR/USD exchange rates: [1,10-1,60] for 2012, [1,10-1,60] for 2013, [1,10-1,60] for 2014 and [1,10-1,60] for 2015.
[200–700]
After 2015 the figures for the EUR/USD exchange rate will be supplemented, if necessary, from the bank's plans applicable at that time.
[400–900]
The abbreviation ‘RWA’ used in the German version of points 6, 7 and 11 refers to the German term Risikoaktiva, which is one component of risk positions but does not include operational risk positions, market risk positions, and RWA equivalent or credit value adjustments from hedging transactions carried out for the customer.
[250000 – 280000]
If the RWA restrictions under point 6 remain in force beyond the year 2015 in accordance with point 1, the RWA ceilings laid down in point 6(a) to (c) will be indexed each year using the following formula: […].
[240000 – 270000]
Situation at 31 December 2011.
[220000 – 250000]
In preparation for its sale of Banque LB Lux SA, BayernLB has acquired Helaba's 25% stake in Banque LB Lux SA, and has sold its holding in LB(Swiss) Privatbank AG to Helaba, which already holds the other 50% in LB(Swiss) Privatbank AG.
[0–5] %
The sales agreement to this effect was signed on 23 October 2009; the transaction closed on 21 December 2009.
[3–8] %
Closed on 27 March 2012.
[5–10] %
Not consolidated.
[3–8]
The purchaser of this holding may be obliged to observe and maintain the social guidelines applicable in the GBW group and additional social requirements laid down in comparable transactions.
[5–10]
As required by the European Commission, the shares in GBW AG will be sold under a tender procedure based on competition principles.
[38–41]
The German Federal Government takes note of the fact that an acquisition by the Land of Bavaria under a tender procedure could lead to an investigation of further State aid.
[13–15]
Book value in December 2011.
[15–50]
On 22 June 2010 BayernLB sold a 25,2% share of SaarLB's share capital to the Land of Saarland, with the result that SaarLB no longer constitutes a BayernLB affiliate under Section 271(2) of the Commercial Code.
[10–35]
Including shares held via KGAL Verwaltungs-GmbH.
[14–16]
MKB is a special case […].
[75–80]
After informing the monitoring trustee, the bank may adjust the maximum limit for the annual cash remuneration in point 23 in line with inflation in Germany.
[0,6–0,8]
Alternatively the silent participations may be converted into shares, instead of being first repaid and then reinjected.
[95–105]
As presented to the Commission on 14 June 2012; for further information, see the explanations in the restructuring plan, section 6.20.2.
[(– 13)–(– 5)]
ANNEX II
[1,5–2]
CONDITIONS
[(– 20)–(– 15)]
[Repayments] BayernLB must (where appropriate via BayernLB Holding AG) make a one-off payment of EUR 1,24 billion to the Land of Bavaria (the ‘one-off claw-back payment’) and repay the EUR 3 billion in equity it received as aid in the form of a silent participation in 2008/2009 (the ‘aid repayment’).
[2–8]
The one-off claw-back payment of EUR 1,24 billion will be made in the following tranches:
Komisjoni palvel koostas pank tagasimaksekavad (vt tabelid 10 ja 11), milles on arvesse võetud riskipositsioonide uus lõpetamine summas 10 miljardit eurot 2017. aastaks.
If the relevant supervisory authority decides that the equity resulting from the entry in the balance sheet of the nominal value of BayernLabo's special-purpose assets (Zweckvermögen) is to be recognised in full or in part as core Tier 1 capital for supervisory purposes, the succeeding tranche of the one-off claw-back payment will be increased by that amount and the further payment schedule will be adjusted in accordance with Table 11.
Sealjuures võttis pank arvesse tagasimaksmise, eriti passiivsete osaluste intressimaksete kogu teisest mõju.
The aid repayment of EUR 3 billion will be made in the following tranches:
2010. aasta aprillis kinnitas BaFin kapitalinõudeid vähendava mõju suuruseks 1,28 miljardit eurot.
The remaining parts of the silent participation of EUR […] million will be repaid to the Land of Bavaria by 2017 by releasing the capital on the basis of point 33 of Annex I.
Komisjon on seetõttu veendunud, et kõnealune tingimus on täidetud.
[Deferral of the payment obligation] If the supervisory authority prohibits BayernLB from making a payment under point 2 or fails to give its consent to repayment under point 3, the repayments provided for in those points must be suspended.
Komisjon on siiski seisukohal, et tagasinõue 1,96 miljardi euro suuruses nominaalsummas aastani 2019 on võimalik.
In that event the corresponding obligation to pay those amounts must be deferred until the supervisory authority approves or does not prohibit the relevant repayment.
Langenud väärtusega varade teatise punkti 41 kohaselt tuleks osalist tagasinõuet lubada ainult juhul, kui täielik tagasinõue viiks BayernLB tehnilise maksevõimetuseni.
If repayment of the amount initially deferred is not approved in the following year or is again prohibited, the Federal Government of Germany will notify a modified restructuring plan to the Commission which, in principle, must contain additional compensatory measures, such as a further balance sheet reduction.
Peaaegu kõikide nende kohustuste maksetähtaeg saabub 2015. aasta lõpus.
ANNEX III
Komisjon märgib, et läheneva maksetähtajaga garantii andja vastutusega kohustused on BayernLB 2011. aasta juunis prognoositud bilansimahu vähendamise kaudu 70 miljardi euro võrra enam kui kaetud.
FURTHER REDUCTION IN HOLDINGS
Esiteks lähtutakse kavas eeldusest, et suurklientide hoiused kasvavad [2–8] miljardi euro võrra, mis vastaks 2010. aastaga võrreldes […] % kasvule.
BayernLB has also sold or will sell the following holdings in accordance with point 11 of Annex I on or by the date indicated [1]:
Teiseks peaks hoiukassade kaudu saadav hoiuse B rahastamine suurenema [1–5] miljardi euro võrra, mis tähendaks 2010. aastaga võrreldes […] % kasvu.
Holding
Neid kahtlusi võeti arvesse edasise vähendamise kaudu [3–10] miljardi euro võrra, mis on kavas saavutada lisavähendamisega rahastamismahukates ärivaldkondades (kinnisvara, ettevõtted ja projektirahastamine).
Percentage holding (%)
BayernLB edastas veenva teabe olemasolevate alternatiivsete rahastamisallikate kohta, eelkõige seoses võimekusega emiteerida rohkem pandivõlakirju.
Groupement d'Interet Economique (GIE) Spring Rain
Kuigi Sparkassenverbandi osalus on päästmisest kõrvalejäämise tõttu tuntavalt vähenenud, on ta vahepeal teatanud valmisolekust teha erinevaid lisamakseid.
First Calgary Savings & Credit Union Ltd
[30–35]
HGAA was nationalised on 23 December 2009.
[4–7]
That measure was authorised by the Commission in a decision adopted on 23 December 2009 (‘the HGAA Rescue Decision’, Cases C 16/09 and N 698/09) [7].
[8–12]
Correction of those errors does not affect the assessment of the facts that the Commission made in the 2012 Restructuring Decision.
[2–5]
The present Decision will therefore rectify the errors.
[0–2]
A declaration to that effect was made by the Land on 19 December 2008.
Personalitasude piirangud pikenevad automaatselt (isegi kui see toimub palga ülempiiriga võrreldes väiksemas ulatuses), kuni passiivsed osalused on täies ulatuses tagasi makstud ja tagasinõue lõpetatud, mis ei juhtu tõenäoliselt mitte enne 2019. aastat.
The ABS portfolio had a nominal value of EUR 19,589 billion at the reference date of 31 December 2008.
Nende meetmetega luuakse tagasimaksmise jaoks stiimulite struktuur ja takistatakse pangal konkureerivate ettevõtete ülevõtmist, et välistada BayernLB kunstliku kasvu rahastamist toetuse kaudu.
In order to ensure HGAA's liquidity, BayernLB reissued a liquidity line amounting to EUR [350-600] million that had run out on 4 December 2009.
Komisjon tunnistab, et vastavalt I lisa punktile 33 on riskipositsioonide edasise vähendamise eesmärk tagada, et BayernLB suudab 2017. aastal passiivsete osaluste järelejääva osa tagasi maksta.
Furthermore, it was agreed that the existing intra-group funding of EUR 2,638 billion from BayernLB to HGAA would remain with HGAA until the end of 2013.
Komisjon tugines hindamisel riskipositsioonide vähendamisele, mida lubati üksikutes segmentides I lisa punktis 33 näidatud vahemikes, ja selle sekundaarsele mõjule ärivaldkondade kaupa.
BayernLB has drawn up a restructuring plan to set out its return to viability by 31 December 2015.
Panga hindamisel, mis oli 2008. aastal aktsiate eraldamise alus, ei tuvastanud komisjon rikkumisi.
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.
Kehtivate õigusaktide kohaselt peab regulatiivselt ettenähtud omakapital koosnema vähemalt 50 % ulatuses esimese taseme omavahenditest.
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.
Teisisõnu vastavad omavahendid vastavad regulatiivsetele nõuetele, kui need koosnevad vähemalt 50 % ulatuses esimese taseme omavahenditest ja kuni 50 % ulatuses teise taseme omavahenditest.
In addition, the savings banks association will inject a further EUR [22-62] million into BayernLB Holding.
Kuna Euroopa Keskpanga 20. novembri 2008. aasta rekapitaliseerimismeetmeid käsitleva soovituse kohaselt on esimese taseme omavahendite hinna ja teise taseme omavahendite hinna vahe 1,5 %, on teise taseme omavahendite tasu alandamine 150 baaspunkti võrra asjakohane.
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’).
[Ümberkorraldusetapp] Ümberkorraldusetapp lõpeb 31. detsembril 2015.
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.
Alljärgnevaid lubadusi kohaldatakse ümberkorraldusetapil, kui asjaomasest lubadusest ei tulene teisiti.
Bavaria has publicly stated that it wants to recover the EUR 3 billion silent participation from BayernLB.
BayernLB ei maksa dividende kuni majandusaastani (kaasa arvatud), mis lõpeb 31. detsembril 2018.