natgillin/translations-raw huggingface dataset:
This should reduce uncertainty about provisioning needs going forward.
Predmetnu državnu potporu potrebno je stoga smatrati spojivom s unutarnjim tržištem u skladu s člankom 107. stavkom 3. točkom (b) Ugovora.
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.
DONIJELA JE OVU ODLUKU:
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.
Članak 1.
In that analysis, the loan loss provisions are set 20 % higher than the respective budgeted amounts for the years 2017 and 2018.
Potpora za restrukturiranje koju je Danska provela u korist banke Vestjysk Bank spojiva je s unutarnjim tržištem u smislu članka 107. stavka 3. točke (b) Ugovora pod uvjetom da se poštuju obveze navedene u Prilogu.
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.
Članak 2.
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.
Ova je Odluka upućena Kraljevini Danskoj.
For this reason, the chances of the Bank needing new capital or State aid in the next few years seem very limited.
Sastavljeno u Bruxellesu 18. srpnja 2017.
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.
Za Komisiju
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.
Članica Komisije
While the Bank would become loss-making in those two years, its solvency ratios would stay comfortably above regulatory requirements.
SL C 220, 17.6.2016., str. 23.
In other words, the actual impairment rates could even be higher without creating a solvency problem for the Bank in the next few years.
Odluka Komisije u predmetu SA.34423 (SL C 348, 3.10.2014., str. 2.).
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.
Vidjeti bilješku 1.
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.
Uredba Vijeća br. 1 o određivanju jezika koji se koriste u Europskoj ekonomskoj zajednici (SL 17, 6.10.1958., str. 385.).
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.
Iznos od 287,6 milijuna DKK (39 milijuna EUR), uvećan za obračunate kamate u iznosu od 8,7 milijuna DKK (1,2 milijuna EUR), pretvoren je 2012. u dionice.
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).
Iznos od 142,2 milijuna DKK (19 milijuna EUR), uvećan za obračunate kamate u iznosu od 5 milijuna DKK (0,7 milijuna EUR), pretvoren je 2012. u dionice.
The Commission notes that the commitments put forward by Denmark (see recital 44) provide an additional safeguard regarding the Bank's long-term viability.
U razdoblju 2009. – 2011. banka Vestjysk platila je danskoj državi kupone u ukupnom iznosu od 312,8 milijuna DKK (42 milijuna EUR).
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.
Kuponske kamatne stope iznosile su 9,69 % i 10,19 % godišnje, ovisno o tome jesu li uključivale naknadu za opciju pretvorbe.
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].
Banka Aarhus Lokalbank prikupila je državni hibridni osnovni kapital s izvornom glavnicom u iznosu od 177,8 milijuna DKK (24 milijuna EUR) od kojeg je iznos od 142,2 milijuna DKK (19 milijuna EUR), uvećan za obračunate kamate u iznosu od 5 milijuna DKK (0,7 milijuna EUR), naknadno pretvoren u dionice u banci Aarhus Lokalbank.
In this way, the Bank strengthens its revenues in the event that its RoE has not met the [7-11] % target in 2018.
U razdoblju 2009. – 2011. banka Aarhus Lokalbank platila je danskoj državi kupone u ukupnom iznosu od 25,9 milijuna DKK (3,5 milijuna EUR).
The Commission therefore considers that the commitments provide further comfort about the Bank's long-term viability.
Subjekt u državnom vlasništvu koji je uspostavljen sa zadaćom vođenja računa o mjerama državne potpore koje su uvedene u Danskoj u kontekstu financijske krize.
On this basis, the Commission no longer has doubts concerning the adequacy of the Bank's long-term viability.
Predmetna repo transakcija odnosila se na podređeni dug s nominalnom vrijednošću od 40 milijuna NOK (otprilike 5,2 milijuna EUR).
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.
Ta transakcija dovršena je 13. lipnja 2013. i izvršena je po prosječnoj cijeni od 62 % glavnice, tj.
In addition, the extra cost savings (reducing interest expense and operating costs) will contribute to an improvement in the Bank's profitability.
2 postotna boda iznad tržišne cijene od 50 % uvećane za premiju od 10 %.
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.
Banka Vestjysk stoga je imateljima podređenih dužničkih instrumenata preplatila iznos koji odgovara iznosu od 2 % glavnice.
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.
Komunikacija Komisije o primjeni pravila o državnim potporama za poticajne mjere u korist financijskih institucija u kontekstu financijske krize počevši od 1. siječnja 2012. („Komunikacija o produljenju iz 2011.”)
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.
( SL C 356, 6.12.2011., str. 7.).
CONCLUSION
Konzorcij se sastoji od: banke Nykredit, društva Maj Invest (u ime kupaca), banke Arbejdernes Landsbank, društva AP Pension, društva Novo A/S, zaklade C.L.
On the basis of the foregoing assessment, the Commission's doubts expressed in the Opening Decision have been dispelled.
David Foundation and Collection, društva ISP Pension i društva Vestjylland Forsikring.
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.
Konzorcij smatra da je njegovo ulaganje u banku Vestjysk isključivo financijske prirode.
HAS ADOPTED THIS DECISION:
Nijedan član Konzorcija neće steći kontrolu nad bankom Vestjysk (najveće pojedinačno ulaganje činit će manje od 20 % udjela u Banci) i nijedan ulagač ne želi spojiti poslovanje Banke sa svojim poslovanjem.
Article 1
Cijena otkupa iznosi 110 % glavnice što znači da će otplata iznositi otprilike 316 milijuna DKK.
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.
Povjerljive informacje.
Article 2
Tim izvršnim nalogom provode se smjernice EBA-e o unutarnjem upravljanju.
This Decision is addressed to the Kingdom of Denmark.
Vidjeti uvodne izjave 84. i 89. – 96.
Done at Brussels, 18 July 2017.
Obavijesti Komisije o pojmu državne potpore.
For the Commission
Vidjeti točku 80.
Member of the Commission
Komunikacije o bankarstvu iz 2013. godine.
OJ C 220, 17.6.2016, p. 23.
Tijekom tog procesa stupilo se u kontakt s barem devet banaka od kojih je njih sedam izrazilo početni interes za Banku ili njezin dio.
Commission Decision in case SA.34423 (OJ C 348, 3.10.2014, p. 2).
Međutim, nakon dubinske analize nijedna banka nije podnijela ponudu.
Cf. footnote 1.
Konkretno, stupilo se u kontakt sa svim relevantnim kupcima sa strateškim razlogom za kupnju i znatnim sinergijama te potencijalnim financijskim ulagačem (nije se radilo o […]) koji je izrazio interes tijekom postupka.
Council Regulation No 1 determining the languages to be used by the European Economic Community (OJ 17, 6.10.1958, p. 385).
Tijekom drugog postupka stupilo se u kontakt s najmanje sedam banaka i jednim financijskim ulagačem od kojih su njih troje izrazili početni interes.
In 2012 DKK 287,6 million (EUR 39 million) plus accrued interest of DKK 8,7 million (EUR 1,2 million) was converted into shares.
Svega je dvoje pristupilo fazi dubinske analize, no nijedan nije dao ponudu.
In 2012 DKK 142,2 million (EUR 19 million) plus accrued interest of DKK 5 million (EUR 0,7 million) was converted into shares.
Svi potencijalni konkurenti, čak i ako nisu bili službeno pozvani, mogli su sudjelovati u postupku nadmetanja koji je bio u tijeku te je tržište bilo obaviješteno o potrazi za kupcem, za što se pobrinuo SEB – savjetnik za ulaganja kojemu je Danska povjerila zadatak da pronađe kupca za njezin udio u Banci i da upravlja postupkom prodaje (vidjeti bilješku 17).
Following a recapitalisation under the recapitalisation scheme in 2009 and a conversion of the capital injection into share capital on 20 February 2012.
Treba napomenuti da je od te objave vrijednost dionice pala za trećinu.
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.
Stoga je 28. lipnja 2017. cijena jedne dionice bila svega 9 DKK.
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.
Osim toga, čini se da na kretanje cijene dionice u velikoj mjeri utječe otprilike 40000 malih privatnih ulagača te se time može objasniti zašto kretanje cijene dionice Banke nije odražavalo njezine poslovne rezultate.
The coupon interest rates were set at 9,69 % and 10,19 % per annum, depending on whether they included the conversion option fee.
Dionice su i nelikvidne (prošle godine trgovalo se samo sa 6 % dioničkog kapitala) pri čemu je ograničen broj dionica koje su u slobodnom optjecaju na burzi (samo 18,52 %) što dodatno smanjuje vjerojatnost da cijena dionice točno odražava stvarnu vrijednost Banke.
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.
U toj situaciji država ne bi prodala svoje dionice u banci Vestjysk, ali bi njezin udio nakon izdavanja dionica pao sa 81 % na 23 %.
In the period 2009 — 2011 Aarhus Lokalbank paid coupons amounting to a total of DKK 25,9 million (EUR 3,5 million) to the Danish State.
Sav podređeni kapital, uključujući državne hibride, bio bi prijevremeno otkupljen po njegovoj nominalnoj vrijednosti.
The coupon interest rates were set at 10,92 % and 11,42 % per annum, depending on whether they included the conversion option fee.
Konačno, izdavanje novih dionica nadopunilo bi se izdavanjem novog dopunskog kapitala u iznosu od 275 milijuna DKK.
The State-owned entity established to take care of the State aid measures that were introduced in Denmark in the context of the financial crisis.
Rok za dostavu takve konkurentske ponude je 18. srpnja 2017. u 16 sati.
The repurchasing transaction in question concerned subordinated debt with a nominal value of NOK 40 million (approximately EUR 5,2 million).
Komunikacija o primjeni pravila o državnim potporama na mjere vezane za financijske institucije u vezi s tekućom financijskom krizom („Komunikacija o bankarstvu iz 2008.”)
Vestjysk Bank thereby overpaid the holders of the subordinated debt instruments by an amount corresponding to 2 % of the principal.
( SL C 329, 7.12.2010., str. 7.), Komunikacija Komisije o primjeni, počevši od 1. siječnja 2012. godine, pravila o državnim potporama na poticajne mjere u korist banaka u kontekstu financijske krize („Komunikacija o produljenju iz 2011.”)
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.
( SL C 356, 6.12.2011., str. 7.), Komunikacija Komisije o primjeni pravila o državnim potporama za poticajne mjere u korist banaka u kontekstu financijske krize počevši od 1. kolovoza 2013.
The consortium consists of: Nykredit, Maj Invest (on behalf of customers), Arbejdernes Landsbank, AP Pension, Novo A/S, the C.L.
(„Komunikacija o bankarstvu iz 2013.”)
David Foundation and Collection, ISP Pension and Vestjylland Forsikring.
( SL C 216, 30.7.2013., str. 1.).
The Consortium considers its investment in Vestjysk Bank to be of a purely financial nature.
Treba napomenuti da zahtjevi o raspodjeli tereta koji su bili na snazi u trenutku odobravanja mjera nisu uključivali otpis ili pretvorbu podređenog duga, što je postalo zahtjevom tek nakon što je 1. kolovoza 2013. na snagu stupila Komunikacija o bankarstvu iz 2013.
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.
Vidjeti točku 26.
The redemption price is 110 % of the principal meaning the repayment will amount to approximately DKK 316 million.
Komunikacije o restrukturiranju.
Confidential information.
Napomena s objašnjenjem od 13. lipnja 2012. službi Glavne uprave za tržišno natjecanje Europske komisije o „otkupima hibridnih vrijednosnih papira koje provode banke koje primaju državnu potporu”.
This Executive order implements EBA guidelines on Internal Governance.
Banka je krajem 2016. imala omjer kredita i depozita od 74 % te se očekuje da će taj omjer 2018. iznositi otprilike 73 %.
See points 84 and 89-96 of the Commission Notice on the notion of State aid.
Bruto umanjenja vrijednosti imovine za portfelje poljoprivrede i ribarstva činila su otprilike 57 %, 68 % i 78 % ukupnog bruto umanjenja vrijednosti imovine 2014., 2015. i 2016.
See point 80 of the 2013 Banking Communication.
Vidjeti https://ec.europa.eu/agriculture/markets-and-prices/medium-term-outlook_en
At least nine banks were contacted in this process, seven of which expressed initial interest in (part of) the Bank.
U tim podacima uzima se u obzir planirano povećanje kapitala u iznosu od 745 milijuna DKK.
After due diligence, none however submitted an offer.
Deloitte je revidirao 135 obveza po kreditima koje su odgovarale udjelu od 25 % svih obveza po poslovnim kreditima i udjelu od 40 % svih obveza po kreditima u kojima postoje objektivni dokazi o umanjenoj vrijednosti.
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.
Banka je ekstrapolirala nalaze te dubinske analize i na temelju određenih pretpostavki došla do dodatnih umanjenja vrijednosti potrebnih za njezin cijeli portfelj.
At least seven banks and one financial investor were contacted in this second process, three of which expressed an initial interest.
Ti će se ciljevi u slučaju poslovanja sa stanovništvom primijeniti na osnovi portfelja dok će se u slučaju poslovnih klijenata primijeniti na razini odnosa s pojedinačnim klijentom.
Only two proceeded to the due diligence stage but none made an offer.
PRILOG
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).
PISMO NAMJERE (PREDMET SA.34720) DANSKA – PLAN RESTRUKTURIRANJA BANKE VESTJYSK
It has to be noted that the share has lost over a third of its value since the announcement.
Kraljevina Danska („Danska”) osigurava da banka Vestjysk Bank A/S („banka Vestjysk” ili „Banka”) provede plan restrukturiranja dostavljen 14. lipnja 2017.
As a result, on 28 June 2017, the price for one share was only 9 DKK.
Danska ovime preuzima sljedeće obveze („preuzete obveze”) koje čine sastavni dio navedenog plana restrukturiranja.
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.
Preuzete obveze proizvode pravni učinak od datuma donošenja odluke Europske komisije („Komisija”) o odobravanju plana restrukturiranja („Odluka”).
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.
Tekst preuzetih obveza tumači se s obzirom na Odluku i opći okvir prava Unije te upućivanjem na Uredbu Vijeća (EU) 2015/1589 [1].Danska osigurava da banka Vestjysk poduzima potrebne mjere kako bi se ispravno i u potpunosti pridržavala ovih preuzetih obveza do kraja razdoblja restrukturiranja.
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.
DEFINICIJE
All subordinated capital, including the State hybrids, would have been redeemed early at their nominal value.
Za potrebe preuzetih obveza sljedeći pojmovi znače:
Finally, the issuance of new shares would have been complemented by a new Tier 2 issuance for an amount of DKK 275 million.
Osnovna regija
The deadline for such a competing bid is 18 July 2017 at 16h00.
regija Jutland.
Folketingstidende E, Aktstykke 114, 29 June 2017.
Odluka
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
odluka Komisije kojom se odobrava mjera državne potpore i plan restrukturiranja banke Vestjysk u predmetu SA.34720 s datumom od [umetnuti].
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.
Datum stupanja na snagu
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’).
datum donošenja Odluke.
( OJ C 216, 30.7.2013, p. 1).
Omjer izvora financiranja
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.
omjer kreditiranja i stabilnih izvora financiranja u obliku obrtnog kapitala osim obveznica s preostalim dospijećem kraćim od jedne godine.
See point 26 of the Restructuring Communication.
koeficijent likvidnosne pokrivenosti.
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’.
Povjerenik za praćenje
The Bank had a loan-to-deposit ratio of 74 % at the end of 2016, and this ratio is expected to amount to approximately 73 % in 2018.
jedna ili više fizičkih ili pravnih osoba, neovisnih od banke Vestjysk, koje je odobrila Komisija i imenovala banka Vestjysk i koje su dužne pratiti poštuje li banka Vestjysk preuzete obveze.
Gross impairments on the agriculture and fishing portfolio represented respectively approximately 57 %, 68 % and 78 % of total gross impairments in the years 2014, 2015 and 2016.
Plan restrukturiranja
See https://ec.europa.eu/agriculture/markets-and-prices/medium-term-outlook_en
plan restrukturiranja (poslovni plan kako je ažuriran i dostavljen Komisiji u lipnju 2017.) banke Vestjysk koji je odobren Odlukom.
These figures take into account the planned capital increase of DKK 745 million.
povrat na kapital nakon oporezivanja.
Deloitte reviewed 135 of the Bank's loan engagements which corresponded to 25 % of all business loan engagements and 40 % of all loan engagements where there is objective evidence of impairment.
Povrat na kapital na razini klijenta
The Bank extrapolated the findings of this due diligence and on the basis of some assumptions came to the additional impairments needed for its entire portfolio.
povrat na kapital prije oporezivanja na razini odnosa s klijentom izračunan na temelju transferne cijene financiranja u skladu s dospijećem usklađenim s troškom financiranja i prilagođenim za troškove rizika.
These targets will be applied on a portfolio basis for consumer clients while for business clients they will be applied at the individual client relationship level.
Taj izračun uključuje prosjek svih kredita ponderiranih količinom s jednim klijentom; mogu se uzeti u obzir i drugi poslovi ili bankovne transakcije s naknadom koje pridonose profitabilnosti odnosa s istim klijentom tako da se novim kreditom može ostvariti niži povrat ako je nadoknađen prihodima drugih poslova ili bankovnih transakcija s naknadom.
ANNEX
Državni hibridi
TERM SHEET (CASE SA.34720) DENMARK — RESTRUCTURING PLAN OF VESTJYSK BANK
podređene obveznice koje je upisala Danska (na danskom: hybrid kernekapital udstedt under bankpakke II).