natgillin/translations-raw huggingface dataset:
This could be achieved above all by selling BerlinHyp separately, and this was, therefore, thoroughly examined by the Commission.
Ker bi to omogočala zlasti ločena prodaja BerlinHyp, Komisija intenzivno preverja to možnost.
According to Germany and the bank, the binding requirement to sell BerlinHyp separately in the medium term would have the following adverse effects on the rest of the group and would impose the following requirements, which could not necessarily be met by the buyer. As far as possible, the buyer would have to take over the group’s internal refinancing (currently EUR [...]*) on similar terms, i.e. it must possess a rating at least as good as that of Landesbank Berlin, and to assume responsibility for BGB's guarantee for BerlinHyp in order to avoid applying the methodology for large credits (currently estimated at around EUR [...]*).
Obvezujoča obveznost srednjeročne ločene prodaje BerlinHyp bi po navedbah Nemčije in banke povzročila naslednje negativne povratne učinke na preostali koncern oziroma sprožila naslednje zahteve, ki jih kupec morda ne bi mogel izpolniti: Kupec bi moral prevzeti notranje refinanciranje v okviru koncerna (zdaj približno [...]* EUR) v glavnem pod primerljivimi pogoji, t.j. imeti najmanj tako dober rating kot Landesbank Berlin, in prevzeti izjavo o nameri materinske družbe BGB za BerlinHyp, da bi preprečil vračunanje velikih kreditov (trenutna cenitev obsega: približno [...]* EUR).
In addition, the buyer would have to offer at least BerlinHyp's book value as the purchase price since otherwise the book value might be significantly written down, [...]*.
Kupec bi moral kot kupnino ponuditi najmanj knjižno vrednost BerlinHyp, saj bi v nasprotnem primeru pod določenimi okoliščinami prišlo do znatnega odpisa knjižne vrednosti, [...]*.
Even if the tendering procedure had a negative outcome, there would still be the risk of the book value being written down further.
Tudi pri negativnem izteku postopka za oddajo naročila obstaja tveganje dodatnega odpisa knjižne vrednosti.
Moreover, a sale that did not seriously impair the restructuring plan would be possible only if the cooperation on marketing between BerlinHyp and the group could be continued.
Prav tako je odsvojitev mogoča brez znatnega oviranja načrta prestrukturiranja le ob ohranitvi prodajnega sodelovanja med BerlinHyp in koncernom.
Together with the separate sale of Berliner Bank, this would result in a further fall of some [...]* % in the target return on capital of the rest of the group in 2006 to a little over [...]* % generally and a core‐capital ratio of only just over [...]* %.
Skupaj z ločeno prodajo Berliner Bank bi to povzročilo dodatno znižanje donosa lastniškega kapitala preostalega koncerna, za katerega so si prizadevali v letu 2006, za [...]* % na skupno nekaj več kot [...]* %, ter do znižanja stopnje temeljnega kapitala za nekoliko več kot [...]* %.
Since a binding requirement to sell BerlinHyp separately would thus give rise to further significant risks for the viability of the rest of the group, the Commission, as things stand, does not regard this either as an appropriate measure for strengthening long‐term profitability or as a feasible compensatory measure on which the decision would rest.
Ker bi tako obvezujoča obveznost ločene odsvojitve BerlinHyp za preostali koncern povzročila dodatna znatna tveganja glede sposobnosti preživetja, Komisija meni, da iz današnjega vidika niso niti ustrezen ukrep za krepitev dolgoročne donosnosti, niti sprejemljiv kompenzacijski ukrep, na katerem bi temeljila odločitev.
It thus welcomes Germany's intention that the feasibility of a separate sale of BerlinHyp at a later date should be re‐examined in the light of the privatisation of the rest of the group and that, depending on which scenario is more likely to improve privatisation prospects, BerlinHyp will be sold either together with the rest of the group or separately by the end of 2007 as part of a transparent, open and non‐discriminatory procedure.
Komisija je tako upoštevala namero Nemčije, da bo možnost ločene odsvojitve BerlinHyp ponovno preverila kasneje, ob upoštevanju privatizacije preostalega koncerna in da bo BerlinHyp, odvisno od scenarija, ki bo izboljšal možnosti privatizacije, do konca leta 2007 v preglednem, odprtem in nediskriminativnem postopku odsvojila skupaj s preostalim koncernom ali ločeno.
In the Commission's view, BerlinHyp could realistically be of interest once again, at least from 2006 onwards, to a strategic investor.
Komisija meni, da je realistično, da bi lahko BerlinHyp vsaj od leta 2006 naprej ponovno postala zanimiva za strateške vlagatelje.
BerlinHyp's business plan also assumes an improvement by then in the general market situation for real estate financing business.
Tudi poslovni načrt BerlinHyp do tedaj izhaja iz izboljšanja splošnega tržnega položaja dejavnosti financiranja nepremičnin.
The Commission considers that a review of the prospects for a separate sale should, therefore, be conducted in 2006.
Preverjanje možnosti ločene prodaje bi naj bilo po mnenju Komisije izvedeno v letu 2006.
It also expects that, in line with the recommendations of its advisers and with the restructuring plan reworked on this basis, the bank will [...]* as soon as unexpectedly poor business results show this to be necessary.
Poleg tega Komisija pričakuje, da bo banka v skladu s priporočili svetovalcev ter na osnovi preoblikovanega načrta prestrukturiranja izvedla — [...]* takoj, ko se bo to izkazalo za primerno zaradi slabšega poslovnega razvoja, kot ga je banka pričakovala.
This measure would, of course, minimise the potential risk stemming from the need to make a further write‐down [...]*.
S tem ukrepom bi se seveda potencialno tveganje, ki bi se lahko pojavilo zaradi nujnosti ponovne amortizacije, [...]*, zmanjšalo na najmanjšo možno mero.
In the Commission's view, such measures would be conducive to the long‐term viability and privatisation prospects of the rest of the group.
Taki ukrepi bi po mnenju Komisije pozitivno vplivali na dolgoročno sposobnost preživetja banke in na možnosti privatizacije preostalega koncerna.
On 29 January 2004 Germany submitted the current restructuring plan including the medium-term financial plan, which is based on figures as at mid‐January 2004.
januarja 2004 je Nemčija predložila sedanji načrt prestrukturiranja z vključno srednjeročnim finančnim načrtom, ki temelji na številkah iz sredine januarja leta 2004.
The latter updates the previous version of June 2003, on which the viability assessment by the Commission and its consultants’ was based, and takes into account, for instance, the recommendations of the Commission’s consultants regarding the risk provisions.
Ta aktualizira dosedanjo različico iz junija leta 2003, na kateri je temeljila presoja Komisije in njenih svetovalcev, revizijske družbe Mazars, o življenjski sposobnosti banke in ki na primer upošteva tudi priporočila revizijske družbe Mazars glede rezervacij za tveganja.
As to the divestment of Berliner Bank, which has not yet been incorporated in the current medium‐term financial plan, Germany submitted estimates based on the analysis presented in December 2003.
Kar se tiče odcepitve Berliner Bank, ki še ni vključena v najnovejši srednjeročni finančni načrt, je Nemčija predložila ocenitev, ki temelji na analizi, predstavljeni decembra leta 2003.
The figures of the current plan do not differ significantly from the version of June 2003 and therefore do not alter the Commission’s assessment of BGB’s viability prospects.
Številke sedanjega načrta ne odstopajo bistveno od različice iz junija leta 2003, zato ne bodo spremenile presoje Komisije o življenjski sposobnosti BGB.
Commission's summary conclusions regarding long‐term viability and privatisation prospects
Zaključno sklepanje Komisije glede dolgoročne življenjske sposobnosti in možnosti privatizacije
After incorporating the recommendations of its advisers Mazars, the Commission regards the restructuring plan as being generally plausible and complete in spite of the continuing uncertainties noted in connection with future developments.
Komisija ocenjuje načrt prestrukturiranja po vključitvi priporočil njenih svetovalcev revizijske družbe Mazars kot v celoti primernega in popolnega, kljub opisanim še vedno navzočim negotovostim glede prihodnjega razvoja.
In its view, the operational, functional and financial measures that have already been taken or are envisaged are suited to restoring the bank's long‐term viability and the failure to date to meet targets is not such overall as to give rise to any lasting misgivings regarding the feasibility of the restructuring plan.
Za že izvedene oz. predvidene operativne, funkcionalne in finančne ukrepe Komisija meni, da ustrezajo za ponovno vzpostavitev dolgoročne življenjske sposobnosti banke. Odstopanja od cilja, ki so se doslej pojavljala, Komisija ocenjuje kot v celoti neprimerna za povzročitev trajnih pomislekov glede rezultatov, ki jih bo obrodil načrt prestrukturiranja.
A number of measures are running below the targets set in the plan.
Nekateri ukrepi zaostajajo za načrtovanimi cilji.
But some of the leeway will be made good by overachieving targets in other areas.
Vendar to deloma kompenzira preseganje načrtovanih ciljev na drugih področjih.
The prospects for viability are dependent to a large extent on future profits, on steps to strengthen the core‐capital base and, in particular, on the ability to generate new business and on the restructuring plan being implemented in full.
Možnosti glede življenjske sposobnosti so v veliki meri odvisne od prihodnjega dobička in krepitve baze temeljnega kapitala, ter zlasti od sposobnosti ustvarjanja novih poslov in popolne izvedbe načrta prestrukturiranja.
The bank will be extremely dependent on capital market earnings, especially during the restructuring period.
Še zlasti med obdobjem prestrukturiranja bo banka odločilno odvisna od prihodkov iz poslovanja na trgu kapitala.
The real estate financing strategy is ambitious and threatens to fall short of the targets set.
Strategija na področju financiranja nepremičnin je težavna in grozi, da bo zaostajala za načrtovanimi cilji.
A further deterioration on the real estate market in the Berlin area and a further decline in gross domestic product would threaten the bank's viability.
Sposobnost preživetja banke bi ogrožala zlasti dodatno poslabšanje trga nepremičnin na berlinskem območju in domači bruto proizvod.
To reduce this risk, the Commission considers that a larger share of the real estate financing business should be hived off through a separate sale of BerlinHyp and expects Germany to carry out a detailed analysis.
Komisija meni, da je za zmanjšanje tega tveganja načeloma zaželena odcepitev večjega dela posla financiranja nepremičnin, kar je mogoče z ločeno prodajo BerlinHyp. Komisija zato od Nemčije pričakuje temeljito kontrolo.
The bank could then more easily offset any losses stemming from the smaller real estate financing business that would remain within BGB/LBB thanks to expected positive contributions from retail business and capital market business.
Eventualne izgube iz manjšega dela posla financiranja nepremičnin, ki bi ostal v BGB/LBB, bi lahko banka lažje kompenzirala s pričakovanimi pozitivnimi prispevki iz poslovanja z občani in poslovanja na trgu kapitala.
The bank does not at the moment have any latent reserves or other financial resources that would absorb larger losses during the restructuring period.
Banka trenutno nima tihih rezerv ali drugih finančnih virov, s katerimi bi lahko v obdobju prestrukturiranja absorbirala večje izgube.
As a result, the Commission considers that a core‐capital ratio of 6 % is the minimum necessary to ensure viability and hence the maximum that can be financed out of state aid.
V tej zvezi je Komisija mnenja, da je 6,0 % stopnja temeljnega kapitala potrebni minimum za sposobnost preživetja in s tem maksimum, ki ga je treba financirati iz državne pomoči.
It expects the bank to make every effort to raise the core‐capital ratio to around 7 % or higher by reducing risk assets further or by borrowing more on the market.
Komisija pričakuje, da se bo banka potrudila po najboljših močeh, da bo z dodatnim zmanjšanjem tvegane aktive ali z najemanjem dodatnih sredstev na trgu stopnjo temeljnega kapitala iz lastne moči povečala na približno 7,0 % ali več.
The bank's capital market capability and privatisation prospects would thus be further improved.
Sposobnost banke na trgu kapitala in možnosti banke za privatizacijo bi se s tem dodatno izboljšale.
In the Commission’s view, the maximum reduction in the anticipated return on capital in 2006 from around [...]* to [...]* % to some [...]* to [...]* % that the additional compensatory measure of a divestment of Berliner Bank is expected to bring about does not threaten the bank's long‐term viability.
Maksimalno znižanje donosa lastniškega kapitala za leto 2006, ki ga je za pričakovati zaradi dodatnih kompenzacijskih ukrepov odcepitve Berliner Bank, iz [...]* — [...]* % na približno [...]* — [...]* % po mnenju Komisije ne ogroža dolgoročne življenjske sposobnosti banke.
The Commission assumes that, following the bank's privatisation, an investor will take all necessary measures to achieve for the bank a level of profitability that is acceptable to a market‐economy investor.
Komisija izhaja iz tega, da bo vlagatelj po privatizaciji banke ukrepal tako, da bo ponovno vzpostavil donosnost banke, sprejemljivo za vlagatelje, ki ravnajo po načelih tržnega gospodarstva.
The Commission considers that, after the restructuring period, the privatisation of the bank will have sufficient prospects of success.
Komisija izhaja iz tega, da ima privatizacija banke po zaključku faze prestrukturiranja dobre možnosti za uspeh.
Germany has undertaken to introduce a privatisation procedure immediately after closure of the annual accounts for 2005 and to complete that procedure by the end of 2007.
Nemčija se je obvezala, da bo takoj po ugotovitvi zaključnega računa za leto 2005 uvedla postopek privatizacije, ki bo zaključen do konca leta 2007.
The Commission regards this as a realistic timetable.
Komisija meni, da je ta časovni načrt realističen.
In this connection, it stipulates that Germany and the bank must, until then, make every effort to remove any remaining obstacles to the privatisation.
Ob tem Komisija predvideva, da se bosta Nemčija in banka do tedaj močno potrudili odstraniti sedaj obstoječe težave glede privatizacije.
These include the still complex structure of the group, which is to be further slimmed down as part of the restructuring process, and the concentration of the still insufficiently focused product range and an improvement in the group's internal transparency.
Med drugim sodi mednje še vedno zapletena struktura koncerna, ki jo je potrebno v nadaljevanju procesa prestrukturiranja še zreducirati, pa tudi koncentracija še vedno premalo osredotočene palete produktov in izboljšanje preglednosti znotraj podjetja.
In addition, the purchase price will tend to be adversely affected by the fact that the bank has leased a large proportion of its business premises at prices exceeding the market level.
Na kupno ceno bo z negativno težnjo vplivalo tudi dejstvo, da je banka velik del svojih poslovnih prostorov oddajala po cenah nad ravnijo trga.
According to calculations by the Commission's advisers, the cash value of this disadvantage will be somewhere in the region of EUR [...]* to EUR [...]* in 2006 and an investor can be expected to take this into account in its tender.
Po izračunih svetovalcev Komisije je gotovinska vrednost te pomanjkljivosti v letu 2006 med [...]* EUR in [...]* EUR, ki jo mora vlagatelj po pričakovanjih upoštevati pri svoji ponujeni cene.
The planned privatisation will take place between one and two years after the expiry of the State's institutional and guarantor liability.
Predvidena privatizacija bo izvedena eno do dve leti po izteku državnih jamstev obveznosti za ohranjanje javnega podjetja in jamstva garanta.
In the Commission's view, this will allow a potential investor sufficient time to take a look at the bank's market operations on a stand‐alone basis following expiry of the institutional and guarantor liability in 2005 and to conduct a proper analysis with a view to preparing its bid.
Tako časovno obdobje bo po mnenju Komisije potencialnemu vlagatelju nudilo dovolj priložnosti za opazovanje dejavnosti banke na trgu po odpadu državnega jamstva v juliju leta 2005 in za analizo ob določanju ponudbe.
The exemption in Article 87(3)(c) of the EC Treaty is subject to the condition that the aid must not adversely affect trading conditions to an extent contrary to the common interest.
Za izjemo od črke (c), odstavek 3 člena 87 Pogodbe ES je zavezujoč pogoj, da pomoči ne spremenijo pogojev trgovanja na noben način, ki bi bil v nasprotju s skupnimi interesi.
According to points 35 to 39 of the guidelines, measures must be taken to mitigate as far as possible any adverse effects of the aid on competitors.
Številke smernice od 35 do 39 določajo, da je potrebno sprejeti ukrepe, s katerimi se po možnosti omilijo negativni učinki pomoči na tekmece.
This condition usually takes the form of a limitation on the presence which the company can enjoy on its market or markets after the end of the restructuring period.
Običajno so dolžnosti konkretizirane z omejitvijo ali skrčenjem navzočnosti podjetja na upoštevnem trgu ali upoštevnih trgih po zaključku faze prestrukturiranja.
Point 37 states that the compulsory limitation or reduction of the company’s presence on the relevant market(s) should be in proportion to the distortive effects of the aid and, in particular, to the relative importance of the firm on its market or markets.
V skladu s številko 37 mora biti omejitev ali prisilno zmanjšanje navzočnosti na trgu v razmerju z učinki izkrivljanja, ki jih je povzročila pomoč, in zlasti z relativno težo podjetja na svojem trgu ali trgih.
Under point 38, a relaxation of the need for compensatory measures may be contemplated only if such a reduction or limitation is likely to cause a manifest deterioration in the structure of the market, for example by having the indirect effect of creating a monopoly or a tight oligopolistic situation.
Ublažitev zahtevanih dolžnosti je v skladu s številko 38 smernice mogoča le, če omejitev ali zmanjšanje navzočnosti na trgu povzroči očitno poslabšanje tržne strukture, kot je na primer posredni nastanek monopola ali tesne oligopolne situacije.
It has already been explained with regard to a hypothetical case of insolvency that, in view of the market structures and BGB’s position on those markets, a reduction or limitation of BGB’s presence will not lead to the creation of a monopoly or tight oligopoly (see below).
Kot je opisano zgoraj za primer hipotetične nelikvidnosti, je mogoče zaradi tržne strukture in položaja podjetja na teh trgih izključiti nastanek monopola ali tesnega oligopola zaradi omejitve ali zmanjšanja navzočnosti BGB na trgu (glej tudi dalje spodaj).
Compensatory measures can take different forms, such as a hive‐off of assets or subsidiaries or the closure of capacity.
Dolžnosti so lahko različnih oblik, na primer z odsvojitvijo proizvodne opreme ali hčerinskih družb, ali z zmanjšanjem dejavnosti.
Point 39(i) of the guidelines states that, where there is structural excess of production in a market affected by the aid, the compensatory measures must make a contribution to the improvement of market conditions by irreversibly reducing production capacity and that a capacity reduction is irreversible when the relevant assets are rendered permanently incapable of achieving the previous rate of output or are permanently converted to another use.
V skladu s črko (i) številke 39 smernice morajo ob obstoju strukturne presežne kapacitete na trgu, prizadetemu zaradi pomoči, dolžnost prispevati k sanaciji trga z dokončno ukinitvijo kapacitet. Dokončna in nepovratna ukinitev kapacitet pomeni po črki (i) številke 39 dokončno neuporabnost zadevne proizvodne opreme v dosedanjem obsegu ali njeno uporabo v druge namene.
The markets in financial services are not markets where there is structural excess of capacity within the meaning of point 39(i) of the guidelines, which refers to ‘production capacity’ and ‘plant’ and thus implicitly to manufacturing rather than to service industries, where capacity can generally be adjusted much more easily.
Trgi finančnih storitev niso zaznamovani z navzočnostjo strukturnih presežnih kapacitet v smislu črke (i) številke 39 smernice, ki velja za proizvodno opremo in zato implicira prej na proizvodnjo kot pa na storitvene sektorje, kjer je praviloma mogoča veliko enostavnejša prilagoditev kapacitet tržnim pogojem.
The excess capacity sometimes spoken of in banking, e.g. with regard to the density of branch networks, is not usually structural in the sense of being the outcome of a lasting drop in demand; rather the reference is to labour‐intensive and hence cost‐intensive areas where capacity is to be reduced primarily on grounds of profitability.
Ko se v bančnih sektorjih govori o presežnih kapacitetah, na primer glede gostote podružnic, to ne velja toliko za strukturne kapacitete, ki bi jih povzročilo trajno zmanjšanje povpraševanja, ampak za področje zaposlenih in s tem stroškovno intenzivna področja, ki bodo pretežno skrčena zaradi upoštevanja donosnosti.
But, even if the view were to be taken that financial services did indeed suffer from excess capacity, that capacity could not be ‘rendered permanently incapable of achieving the previous rate of output’ or be ‘permanently converted to another use’.
Četudi bi v sektorju finančnih storitev bile presežne kapacitete, teh ni mogoče narediti „dokončno neuporabnih“ ali jih uporabljati v druge namene.
The capacities used to provide banking services ‐ primarily staff, branches, advice centres, back offices and computer and telecommunications systems ‐ are highly adaptable and can be reemployed, hired out or otherwise brought to the market at no appreciable cost.
Kapacitete za zagotavljanje storitev v bančnem sektorju, zlasti zaposleni, podružnice, svetovalnice, zaledna pisarna in računalniški ter telekomunikacijski sistemi, obeležuje visoka prilagodljivost, zato jih je mogoče brez večjih stroškov ponovno zaposliti, oddati ali na kak drugačen način uporabiti na trgu.
An irreversible reduction of capacity is thus impossible and cannot be a test to be applied to the case at issue.
Nepovratno zmanjšanje kapacitet je v obravnavanem primeru tako nemogoče in ne more biti predmet revizije.
In what follows, therefore, the Commission considers whether the sales, closures and reductions of subsidiaries, assets and lines of business within the meaning of point 39(ii) offered as compensatory measures are sufficient to mitigate the distortive effects of the aid.
V nadaljevanju se bo zato preverjalo, ali odsvojitev, zaprtje in zmanjšanje hčerinskih družb oz. premoženjske vrednosti in/ali poslovnih področij v smislu črke (ii) številke 39, ponujene kot dolžnosti, zadoščajo za omilitev učinkov izkrivljanja konkurence.
The measures Germany initially offered as part of the restructuring plan can be summarised briefly as follows:
Prvotno je Nemčija kot sestavni del načrta za prestrukturiranje ponudila naslednje, tukaj na grobo strnjene ukrepe:
divestiture of subsidiaries and holdings: The main sales were to be in retail banking: Allbank, represented throughout Germany (now sold), Weberbank in Berlin (not yet sold), BG Zivnostenska Banka a.s. in the Czech Republic (sold) and BG Polska SA (retail business and ‘Inteligo’ Internet business sold, remainder in liquidation),
Odsvojitev hčerinskih družb in udeležb: najpomembnejše odsvojitve zadevajo področje poslovanja z občani banke Allbank (že prodana), zastopane po vsej Nemčiji, Weberbank v Berlinu (še ni prodana), Zivnostenská Banka a.s. na Češkem (prodana) ter BG Polska SA (poslovanje z občani in internetno področje „Interligo“ sta prodana, ostalo je v likvidaciji).