natgillin/translations-raw huggingface dataset:
the reference date as determined by the valuer on the basis of the date as close as possible before the expected date of a decision by the resolution authority to put the entity in resolution or to exercise the power to write-down or to convert capital instruments;
Procjenitelj iznosi najbolju procjenu jednim brojem određene imovine, obveze ili kombinacije imovine i obveza.
where an ex post definitive valuation required by Article 36(10) of Directive 2014/59/EU is conducted, the resolution date;
Prema potrebi, rezultati vrednovanja dostavljaju se i u obliku raspona vrijednosti.
in relation to liabilities arising from derivative contracts, the point in time determined pursuant to Article 8 of Commission Delegated Regulation (EU) 2016/1401.
Kriteriji za mjerenje pojedinačne imovine i obveza subjekta utvrđeni ovom Uredbom primjenjuju se, ovisno o okolnostima, i na mjerenje portfelja ili skupina imovine ili kombinacije imovine i obveza, poslovanja ili subjekta u cjelini.
Article 4
Pri vrednovanju se vjerovnici svrstavaju u razrede u skladu s redoslijedom prvenstva prema mjerodavnom pravu o insolventnosti i uključuju se sljedeće procijenjene vrijednosti:
Sources of information
tražbina svakog razreda prema mjerodavnom pravu o insolventnosti te, kada je relevantno i ostvarivo, u skladu s ugovornim pravima zajamčenima imateljima tražbine;
The valuation shall be based on any information pertinent to the valuation date which is deemed relevant by the valuer.
prihoda koje bi svaka kategorija ostvarila da je subjekt likvidiran u redovnom postupku u slučaju insolventnosti.
In addition to the entity's financial statements, related audit reports and regulatory reporting as of a period ending as close as possible to the valuation date, that relevant information may include the following:
Pri izračunu procijenjenih vrijednosti u skladu s prvim podstavkom točkama (a) i (b) procjenitelj prema potrebi može primijeniti kriterije iz članka 4.
the updated financial statements and regulatory reporting prepared by the entity as close as possible to the valuation date;
Delegirane uredbe Komisije (EU) 2018/344.
an explanation of the key methodologies, assumptions and judgements used by the entity in order to prepare the financial statements and regulatory reporting;
Ako je primjereno i ostvarivo, uzimajući u obzir vrijeme i pouzdanost vrednovanja, sanacijsko tijelo može zahtijevati nekoliko vrednovanja.
data contained in the records of the entity;
Sanacijsko tijelo u tom slučaju utvrđuje kriterije na temelju kojih se određuje kako se ta vrednovanja primjenjuju za potrebe navedene u članku 36.
relevant market data;
Direktive 2014/59/EU.
conclusions drawn by the valuer from discussion with management and auditors;
Članak 3.
where available, supervisory assessments of the entity's financial condition, including information acquired pursuant to point (h) of Article 27(1) of Directive 2014/59/EU;
Datum vrednovanja
industry-wide assessments of asset quality, where relevant to the entity's assets, as well as stress test results;
Datum vrednovanja jedan je od sljedećih datuma:
valuations of peers, adequately adjusted to capture the entity's specific circumstances;
referentni datum koji procjenitelj određuje na temelju datuma koji je što bliži očekivanom datumu odluke sanacijskog tijela o provedbi sanacije subjekta ili o izvršavanju ovlasti otpisa ili konverzije instrumenata kapitala;
historical information, adequately adjusted to eliminate factors that are no longer relevant, and to incorporate other factors that did not affect the historical information; or
datum sanacije, ako se provodi ex post konačno vrednovanje koje se zahtijeva člankom 36. stavkom 10.
trend analyses, adequately adjusted to reflect the entity's specific circumstances.
Direktive 2014/59/EU;
Article 5
datum utvrđen na temelju članka 8.
Impact of group arrangements
Delegirane uredbe Komisije (EU) 2016/1401, kad je riječ o obvezama koje proizlaze iz ugovora o izvedenicama.
Where the entity forms part of a group, the valuer shall take into account the impact that existing contractual intra-group support arrangements can have on the value of the assets and liabilities where, on the basis of the circumstances, it is probable that those arrangements will be put into effect.
Članak 4.
The valuer shall only take into account the impact of other formal or informal arrangements within the group where, on the basis of the circumstances, it is probable that those arrangements shall remain in place in the context of a group's stressed financial condition or in resolution.
Izvori informacija
The valuer shall determine whether the resources of an entity within the group are available to meet losses of other group entities.
Vrednovanje se temelji na svim informacijama koje procjenitelj smatra relevantnima za datum vrednovanja.
Article 6
Uz financijske izvještaje subjekta, povezana izvješća o reviziji te regulatorno izvješćivanje za razdoblje koje završava što je bliže moguće datumu vrednovanja, relevantne informacije mogu uključivati sljedeće:
Valuation report
ažurirane financijske izvještaje i regulatorno izvješćivanje subjekta izrađene što je bliže moguće datumu vrednovanja;
The valuer shall prepare a valuation report to the resolution authority which shall include at least the following elements:
obrazloženje ključnih metodologija, pretpostavki i prosudbi kojima se subjekt koristio pri izradi financijskih izvještaja i za regulatorno izvješćivanje;
except as provided in Article 36(9) of Directive 2014/59/EU, the information referred to in points (a) to (c) of Article 36(6) of that Directive;
podatke iz evidencije subjekta;
except as provided in Article 36(9) of Directive 2014/59/EU, the information referred to in Article 36(8) of Directive 2014/59/EU;
relevantne tržišne podatke;
the valuation of the liabilities arising from derivatives carried out in accordance with Commission Delegated Regulation (EU) 2016/1401;
zaključke procjenitelja na temelju rasprava s rukovodstvom i revizorima;
a summary of the valuation including an explanation of best point estimate, value ranges and sources of valuation uncertainty;
ako su dostupne, nadzorne procjene financijskog stanja subjekta, uključujući informacije dobivene na temelju članka 27. stavka 1. točke (h) Direktive 2014/59/EU;
an explanation of the key methodologies and assumptions used by the valuer when performing the valuation, how sensitive the valuation is to the choices of methodologies and assumptions and, where feasible, an explanation of how those methodologies and assumptions differ from those used for other relevant valuations including any preliminary resolution valuations;
procjene kvalitete imovine na razini sektora, ako je to relevantno za imovinu subjekta, te rezultate testiranja otpornosti na stres;
any additional information which in the valuer's opinion would assist the resolution authority or competent authority for purposes of Article 36(1) to (11) of Directive 2014/59/EU.
vrednovanja usporedivih subjekata, koja uz odgovarajuću prilagodbu odražavaju specifične okolnosti subjekta;
CHAPTER II
podatke iz ranijih razdoblja, na odgovarajući način prilagođene kako bi se isključili čimbenici koji više nisu relevantni, a uključili drugi čimbenici koji nisu utjecali na te podatke; ili
CRITERIA FOR THE VALUATION FOR THE PURPOSE OF ARTICLE 36(4)(a)
analize trendova, koje uz odgovarajuću prilagodbu odražavaju specifične okolnosti subjekta.
General principles
Utjecaj aranžmana grupe
The valuations for the purpose referred to in point (a) of Article 36(4) of Directive 2014/59/EU shall be based on fair and realistic assumptions and shall seek to ensure that losses under the appropriate scenario are fully recognised.
Ako je subjekt dio grupe, procjenitelj uzima u obzir mogući utjecaj postojećih ugovornih aranžmana za potporu unutar grupe na vrijednost imovine i obveza ako je na temelju okolnosti vjerojatno da će se takvi aranžmani primjenjivati.
Where such valuation is available, it shall inform the determination of the competent authority or of the resolution authority as appropriate, that an institution is ‘failing or likely to fail’ as referred to in Article 32(1)(a) of Directive 2014/59/EU.
Procjenitelj uzima u obzir utjecaj formalnih ili neformalnih aranžmana unutar grupe ako je na temelju okolnosti vjerojatno da će ti aranžmani ostati na snazi u kontekstu nepovoljnog financijskog stanja grupe ili u sanaciji.
Based on existing supervisory guidance or other generally recognised sources setting out criteria conducive to the fair and realistic measurement of different types of assets and liabilities, the valuer may challenge the assumptions, data, methodologies and judgements on which the entity based its valuations for financial reporting obligations or for the calculation of regulatory capital and capital requirements and disregard them for the purposes of the valuation.
Procjenitelj utvrđuje jesu li sredstva subjekta u okviru grupe dostupna za pokrivanje gubitaka drugih subjekata grupe.
The valuer shall determine the most appropriate valuation methodologies which may rely on the entity's internal models where the valuer deems it appropriate taking into account the nature of the entity's risk management framework and the quality of data and information available.
Članak 6.
The valuations shall be consistent with the applicable accounting and prudential regulatory framework.
Izvješće o vrednovanju
Article 8
Procjenitelj izrađuje izvješće o vrednovanju za sanacijsko tijelo, koje uključuje barem sljedeće elemente:
Areas requiring particular attention in the valuation
osim kako je predviđeno u članku 36. stavku 9.
The valuer shall particularly focus on areas subject to significant valuation uncertainty which have a significant impact on the overall valuation.
Direktive 2014/59/EU, informacije iz članka 36. stavka 6. točaka od (a) do (c) te direktive;
For those areas the valuer shall provide the results of the valuation in the form of best point estimates and, where appropriate, value ranges, as laid down in Article 2(3).
osim kako je predviđeno u članku 36. stavku 9.
Those areas shall include:
Direktive 2014/59/EU, informacije iz članka 36. stavka 8. te direktive;
loans or loan portfolios, the expected cash flows of which depend on a counterparty's ability, willingness or incentive to perform on its obligation, where those expectations are driven by assumptions relating to delinquency rates, probabilities of default, loss given default, or instrument characteristics, especially where evidenced by loss patterns for a portfolio of loans;
vrednovanje obveza koje proizlaze iz izvedenica provedeno u skladu s Delegiranom uredbom (EU) 2016/1401;
repossessed assets, the cash flows of which are affected by both the asset's fair value at the time the entity forecloses on the related security or lien, and the expected evolution of such value after foreclosure;
sažetak vrednovanja, uključujući obrazloženje u pogledu najbolje procjene jednim brojem, raspona vrednovanja te izvora nepouzdanosti vrednovanja;
instruments measured at fair value where the determination of that fair value in accordance with accounting or prudential requirements on their marking to market or marking to model is no longer applicable or valid taking into account the circumstances;
obrazloženje ključnih metodologija i pretpostavki koje je procjenitelj primijenio u postupku vrednovanja, osjetljivosti vrednovanja na izbor metodologija i pretpostavki te, ako je izvedivo, obrazloženje razlika između tih metodologija i pretpostavki i onih primijenjenih u drugim relevantnim vrednovanjima, uključujući moguća prethodna vrednovanja za potrebe sanacije;
goodwill and intangibles, where the impairment test may depend on subjective judgement, including as regards the reasonably attainable cash flow stream, discount rates, and the perimeter of cash generating units;
sve dodatne informacije koje bi, prema mišljenju procjenitelja, bile korisne sanacijskom ili nadležnom tijelu za potrebe članka 36. stavaka od 1. do 11.
legal disputes and regulatory actions, the expected cash flows of which may be subject to varying degrees of uncertainty relating to their amount and/or timing;
Direktive 2014/59/EU.
items including pension assets and liabilities and deferred tax items.
POGLAVLJE II.
Article 9
KRITERIJI ZA VREDNOVANJE ZA POTREBE ČLANKA 36.
Factors affecting the valuation
STAVKA 4.
The valuer shall take into account general factors that may affect the key assumptions on which the values of assets and liabilities in the areas referred to in Article 8 are based, including the following factors:
TOČKE (a)
the economic and industry circumstances affecting the entity, including relevant market developments;
Članak 7.
the entity's business model and changes in its strategy;
Opća načela
the entity's asset selection criteria, including loan underwriting policies;
Vrednovanja za potrebe članka 36. stavka 4. točke (a) Direktive 2014/59/EU temelje se na pravednim i realističnim pretpostavkama i njima se nastoji osigurati potpuno priznavanje gubitaka u okviru odgovarajućeg scenarija.
circumstances and practices that are likely to lead to payment shocks;
Ako je takvo vrednovanje dostupno, iz njega nadležno tijelo ili, ovisno o slučaju, sanacijsko tijelo, dobiva informacije na temelju kojih utvrđuje da institucija „propada ili će vjerojatno propasti”, kako je navedeno u članku 32. stavku 1. točki (a) Direktive 2014/59/EU.
circumstances affecting the parameters used to determine risk weighted assets for the calculation of minimum capital requirements;
Na temelju postojećih nadzornih smjernica ili drugih općepriznatih izvora kojima se utvrđuju kriteriji koji pridonose pravednom i realističnom mjerenju različitih vrsta imovine i obveza, procjenitelj može osporiti pretpostavke, podatke, metodologije i prosudbe na kojima je subjekt temeljio svoja vrednovanja pri izvršavanju obveza financijskog izvještavanja ili pri izračunu regulatornog kapitala i kapitalnih zahtjeva te ih zanemariti za potrebe vrednovanja.
the impact of the entity's financial structure on the capacity of the entity to retain assets for the expected holding period and the entity's ability to generate predictable cash flows;
Procjenitelj utvrđuje najprimjerenije metodologije za vrednovanje, pri čemu se može osloniti na interne modele subjekta ako smatra da je to primjereno s obzirom na prirodu subjektova okvira za upravljanje rizicima i kvalitetu dostupnih podataka i informacija.
general or entity-specific liquidity or funding concerns.
Vrednovanje se provodi u skladu s primjenjivim računovodstvenim i bonitetnim regulatornim okvirom.
The valuer shall clearly separate any material unrealised gains identified in the valuation process, to the extent that those gains have not been recognised in the valuation, and shall provide adequate information in the valuation report of the exceptional circumstances that have led to those gains.
Članak 8.
CHAPTER III
Područja na koja je potrebno obratiti posebnu pozornost pri vrednovanju
CRITERIA FOR THE VALUATION FOR THE PURPOSE OF ARTICLE 36(4)(b), (c), (d), (e), (f), (g) AND OF ARTICLE 36(9), SECOND SUBPARAGRAPH
Procjenitelj se posebno usredotočuje na područja čije je vrednovanje vrlo nepouzdano te koja znatno utječu na ukupno vrednovanje.
Article 10
Rezultate vrednovanja tih područja procjenitelj iskazuje najboljom procjenom jednim brojem te, prema potrebi, rasponom vrijednosti, kako je utvrđeno člankom 2. stavkom 3.
The valuer shall assess the impact on the valuation of each resolution action that the resolution authority may adopt to inform the decisions referred to in points (b) to (g) of Article 36(4) of Directive 2014/59/EU.
Ta područja uključuju:
Without prejudice to the valuer's independence, the resolution authority may consult with the valuer in order to identify the range of resolution actions being considered by that authority, including actions contained in the resolution plan or, if different, any proposed resolution scheme.
kredite i kreditne portfelje, čiji očekivani novčani tokovi ovise o kapacitetu, spremnosti ili poticaju druge ugovorne strane da izvrši svoju obvezu, pri čemu se ta očekivanja temelje na pretpostavkama povezanima sa stopama dospjelih obveza po kreditima, vjerojatnostima neispunjenja obveza, gubitkom zbog neispunjenja obveza ili sa značajkama instrumenta, posebno ako je to vidljivo iz uobičajene strukture gubitaka za kreditni portfelj;
To ensure a fair, prudent and realistic valuation, the valuer shall, where appropriate and in consultation with the resolution authority, present separate valuations that reflect the impact of a sufficiently diverse range of resolution actions.
ponovno stečenu imovinu, na čije novčane tokove utječe fer vrijednost imovine u trenutku aktivacije povezanog osiguranja ili založnog prava i očekivani razvoj te vrijednosti nakon aktivacije;
The valuer shall ensure that when the resolution tools are applied or when the power to write-down or convert relevant capital instruments is exercised, any losses on the assets of the entity are fully recognised under scenarios that are relevant to the ranges of resolution actions being considered.
instrumente mjerene po fer vrijednosti, ako utvrđivanje te fer vrijednosti u skladu s računovodstvenim ili bonitetnim zahtjevima o njihovu vrednovanju po tržišnoj vrijednosti ili vrednovanju po modelu više nije primjenjivo ni valjano s obzirom na okolnosti;
Where the values of the valuation diverge significantly from the values presented by the entity in the financial statements, the valuer shall use the assumptions of that valuation, to inform the adjustments to the assumptions and to the accounting policies necessary for the preparation of the updated balance sheet required under Article 36(6) of Directive 2014/59/EU, in a way consistent with the applicable accounting framework.
goodwill i nematerijalnu imovinu, pri čemu test umanjenja vrijednosti može ovisiti o subjektivnoj prosudbi, uključujući u pogledu novčanog toka koji je opravdano očekivati, diskontnih stopa i opseg jedinica koje stvaraju novac;
As regards losses identified by the valuer which cannot be recognised in the updated balance sheet, the valuer shall specify the amount, describe the reasons underlying the determination of the losses and the likelihood and time horizon of their occurrence.
pravne sporove i regulatorne mjere, zbog kojih iznos i/ili trenutak nastanka očekivanih novčanih tokova mogu biti u različitoj mjeri nepouzdani;
Where capital instruments or other liabilities are converted to equity, a valuation shall provide an estimate of the post-conversion equity value of new shares transferred or issued as consideration to holders of converted capital instruments or other creditors.
stavke koje uključuju imovinu i obveze mirovinskog fonda te odgođene porezne stavke.
That estimate shall form the basis for the determination of the conversion rate or rates pursuant to Article 50 of Directive 2014/59/EU.
Članak 9.
Article 11
Čimbenici koji utječu na vrednovanje
Selection of the measurement basis
Procjenitelj uzima u obzir opće čimbenike koji mogu utjecati na ključne pretpostavke na kojima se temelje vrijednosti imovine i obveza u područjima iz članka 8., uključujući sljedeće čimbenike:
In selecting the most appropriate measurement basis or bases, the valuer shall take into account the range of resolution actions to be examined according to Article 10(1).
gospodarske i sektorske okolnosti koje utječu na subjekt, uključujući relevantna tržišna kretanja;
The valuer shall determine the cash flows that the entity can expect on the basis of fair, prudent and realistic assumptions from existing assets and liabilities following adoption of the examined resolution action or actions, discounted at an appropriate rate as determined in accordance with paragraph 6.
poslovni model subjekta i promjene njegove strategije;
Cash flows shall be determined at the appropriate level of aggregation, ranging from individual assets and liabilities to portfolios or businesses, with due consideration to differences in the risk profiles.
kriteriji koje subjekt primjenjuje u odabiru imovine, uključujući politike osiguranja kredita;
Where the resolution actions referred to in Article 10(1) require that assets and liabilities are to be retained by an entity that continues to be a going concern institution, the valuer shall use the hold value as the appropriate measurement basis.
okolnosti i prakse koji bi mogli dovesti do šokova u plaćanju;
The hold value may, if considered fair, prudent and realistic, anticipate a normalisation of market conditions.
okolnosti koje utječu na parametre koji se upotrebljavaju za utvrđivanje rizikom ponderirane imovine za izračun minimalnih kapitalnih zahtjeva;
The hold value shall not be used as the measurement basis where assets are transferred to an asset management vehicle pursuant to Article 42 of Directive 2014/59/EU or to a bridge institution pursuant to Article 40 of that Directive, or where a sale of business tool pursuant to Article 38 of Directive 2014/59/EU is used.
utjecaj financijske strukture subjekta na njegovu sposobnost zadržavanja imovine tijekom preporučenog razdoblja držanja i kapaciteta subjekta za stvaranje predvidivih novčanih tokova;
Where the resolution actions referred to in Article 10(1) envisage the sale of assets the expected cash flows shall correspond to the disposal values envisaged for the expected disposal horizon.
opća ili za subjekta specifična pitanja o likvidnosti ili financiranju.
The discount rates shall be determined having regard to the timing of cash flows, risk profile, financing costs and market conditions as appropriate to the asset or liability being measured, the disposal strategy considered and the entity's post-resolution financial position.
Procjenitelj jasno razdvaja sve materijalne nerealizirane dobitke utvrđene u postupku vrednovanja u mjeri u kojoj ti dobici nisu priznati u vrednovanju te u izvješću o vrednovanju iznosi odgovarajuće informacije o izvanrednim okolnostima koje su dovele do tih dobitaka.
Article 12
POGLAVLJE III.
Specific factors relating to the estimation and discounting of expected cash flows
KRITERIJI ZA VREDNOVANJE ZA POTREBE ČLANKA 36.
For the purpose of estimating cash flows, the valuer shall apply their expert judgement in determining key characteristics of the assets or liabilities being measured.
STAVKA 4.
The valuer shall also apply their expert judgement in determining how the continuation, potential renewal or refinancing, run-off or disposal of those assets or liabilities, as envisaged in the examined resolution action, affect those cash flows.
TOČAKA (b), (c), (d), (e), (f), (g) I ČLANKA 36.
Where the resolution action envisages an entity holding an asset, maintaining a liability, or continuing a business, the valuer may take into account factors potentially affecting future cash flows, including the following:
STAVKA 9.
changes in assumptions or expectations, as compared to those prevailing as of the valuation date, consistent with long-term historical trends and a reasonable horizon consistent with the contemplated holding period of assets or for the recovery of the entity; or
DRUGOG PODSTAVKA
additional or alternative valuation bases or methodologies that are considered appropriate by the valuer and consistent with this Regulation, including in the context of assessing the post-conversion equity value of shares.
Članak 10.
As regards groups of assets and liabilities or businesses envisaged to be run off, the valuer shall take into account workout costs and benefits.
Procjenitelj procjenjuje utjecaj na vrednovanje svake mjere sanacije koju sanacijsko tijelo može donijeti radi donošenja informiranih odluka iz članka 36. stavka 4. točaka od (b) do (g) Direktive 2014/59/EU.
Where an entity's situation prevents it from holding an asset or continuing a business, or where the sale is otherwise considered necessary by the resolution authority to achieve the resolution objectives, the expected cash flows shall be referenced to disposal values expected within a given disposal period.
Ne dovodeći u pitanje neovisnost procjenitelja, sanacijsko se tijelo može posavjetovati s procjeniteljem radi utvrđivanja raspona mjera sanacije koje to tijelo razmatra, uključujući mjere sadržane u planu sanacije ili u predloženom programu sanacije, ako se oni razlikuju.