natgillin/translations-raw huggingface dataset:
In view of the failure of the initial attempt at privatisation and BGB’s large annual loss of approximately EUR 700 million for 2002, the Commission considered it necessary, following notification by Germany at the end of March 2003, to investigate by its own means the bank’s viability once more in depth and, if no clear conclusions could be drawn, to have it examined by independent outside experts.
Zaradi neuspeha prvega poskusa privatizacije in visokega letnega primanjkljaja BGB v višini okoli 700 milijonov EUR za leto 2002 je Komisija po tem, ko ji je Nemčija konec marca 2003 predložila te podatke, ocenila za potrebno najprej ponovno poglobljeno presoditi sposobnost preživetja banke z lastnimi sredstvi in nato, če ne bi bilo mogoče nedvoumno sklepati, naročiti presojo pri neodvisnih zunanjih izvedencih.
The Commission’s aim was to establish with a sufficient degree of certainty that BGB can continue to compete in the marketplace on its own merits without any further state support.
Cilj Komisije je bil pridobiti zadostno gotovost, da se lahko BGB uveljavi med tekmeci z lastnimi močmi in brez nadaljnje državne podpore.
Without such a sufficient degree of certainty or if doubts subsist, the Commission would have to take a negative decision on all the measures at issue on the basis of the restructuring plan submitted.
Brez zadostne gotovosti oz. če bi še nadalje dvomila, bi morala Komisija na osnovi predloženega osnutka o prestrukturiranju sprejeti negativno odločitev o vseh pomočeh, o katerih se odloča.
The failure of the privatisation process raised in particular doubts about the soundness of the remaining real estate financing business.
Neuspeh postopka privatizacije je vzbudil še zlasti dvome o donosnosti preostalega posla za financiranje nepremičnin.
Admittedly, the annual loss of approximately EUR 700 million (after tax) was due predominantly to exceptional items (minus EUR 593 million), in particular substantial write-downs on Euro-Stoxx holdings of EUR 399 million, while the operating result less the provision for contingencies was only slightly negative (minus EUR 23 million) and was indeed around EUR 30 million better than that anticipated in the plan for 2002 (minus EUR 53 million).
Letni primanjkljaj v višini okoli 700 milijonov EUR (po davku) je bil sicer v veliki meri posledica izrednih učinkov (minus 593 milijonov EUR), še zlasti daljnosežnega odpisa deležev Euro-Stoxx v višini 399 milijonov EUR, medtem ko je bil poslovni izid po rezervacijah za tveganja le nekoliko negativen (minus 23 milijonov EUR) in je bil s približno 30 milijonov EUR celo nad letnim načrtom za leto 2002 (minus 53 milijonov EUR).
However, this heavy loss had a considerable negative impact on the core‐capital ratio intended as a cushion against possible further losses and hence essential to viability, which dropped as a result to 5,6 % and thus by a considerable margin of almost [...]* % fell short of the [...]* % figure originally planned for 2002.
Vendar je imela ta velika izguba znaten negativni povratni učinek na stopnjo temeljnega kapitala, namenjeno izravnavi morebitnih nadaljnjih izgub, in tako odločilna za življenjsko sposobnost, ki je zaradi teh izgub padla na 5,6 %, kar je bilo s skoraj [...]* bistveno pod prvotnim načrtom za leto 2002, ki je znašal [...]*.
It should be pointed out in this connection that in early 2003 the Commission had held talks with Germany about whether further compensation measures were possible in the retail field.
V tej zvezi je treba pripomniti, da se je Komisija že na začetku leta 2003 pogovarjala z Nemčijo o tem, ali so na področju poslovanja z občani možni nadaljnji kompenzacijski ukrepi.
Germany quantified the effects of a separate sale of Berliner Bank under the conditions then prevailing in such a way that the Commission could not be sufficiently certain that the remaining group could continue to compete in the marketplace on its own merits.
Nemčija je učinke ločene odsvojitve Berliner Bank številčno uvrstila po takratnem stanju zadev v tem smislu, da Komisija ni imela zagotovila, ali bo preostanek koncerna sposoben preživeti na trgu z lastnimi močmi.
The Commission’s investigation focused in particular on the credit risks and risk provision in the real estate financing field and, to a lesser extent, in the capital market field.
Preiskave Komisije so bile še zlasti usmerjene na kreditna tveganja in rezervacije za tveganja na področju financiranja nepremičnin in v manjši meri tudi na področje trga kapitala.
In the Commission’s opinion, the doubts about viability could have been allayed if the real estate financing business or at least the major part of it, together with its attendant risks, had been effectively insulated from the remainder of the group, e.g. by an early separate sale of the business.
Po mnenju Komisije bi bilo mogoče dvome o življenjski sposobnosti odpraviti, če bi lahko področje za financiranje nepremičnin, ali vsaj večji del slednjega s večjimi tveganji, učinkovito izolirali od preostalega koncerna, na primer s pravočasno ločeno prodajo tega posla.
Up until June 2003, however, Germany presented figures which made it appear to the Commission that the scenario of such an outflanking, effective insulation of this business was not feasible.
Vendar je Nemčija do junija 2003 predložila številke, zaradi katerih se je zdel Komisiji scenarij take takojšnje izolacije tega področja neizvedljiv.
The main reason given was that the sale would have led to an immediate transfer of the assets of the real estate financing business (especially BGB’s stake in BerlinHyp with a book value of EUR [...]*) from capital assets to current assets.
Kot glavni razlog je bilo navedeno, da bi prodaja pripeljala do takojšnjih preknjižb postavk premoženja posla financiranja nepremičnin (še zlasti udeležbe BGB v BerlinHyp s knjižno vrednostjo v višini [...]* EUR) iz stalnih sredstev v gibljiva sredstva.
This would have necessitated a valuation of those assets at the current market value, [...]*.
Za to bi bilo treba oceniti premoženje z aktualno tržno vrednostjo, [...]*.
The resulting exceptional losses would, so Germany stated, have placed such a heavy burden on BGB’s capital resources that without further state support its viability would no longer have been assured.
Tako nastale izredne izgube bi stopnjo osnovnosti kapitala BGB obremenile tako močno, da bi brez nadaljnje državne podpore postala življenjsko nesposobna.
Once such a short-term insulation of the remainder of the group from the risks of the real estate financing business no longer seemed possible, the Commission had no other choice but to appoint independent experts to examine BGB’s viability under the existing restructuring plan.
Ker je kazalo, da torej kratkoročna izolacija preostalega koncerna od tveganj na področju financiranja nepremičnin ni mogoča, Komisija ni imela druge izbire, kot da naroči neodvisnim izvedencem, da preverijo sposobnost preživetja BGB na osnovi obstoječega osnutka za prestrukturiranje.
The outstanding issue was whether, in view of the existing risks in the real estate financing field, the risk provision could be regarded as adequate.
V ospredju je bilo zlasti vprašanje, ali je mogoče rezervacije za tveganja vpričo obstoječih tveganj na področju financiranja nepremičnin upoštevati kot ustrezne.
The report mandate issued on 14 July 2003 for the auditing firm Mazars, which had been selected as the Commission’s advisers, was, however, comprehensive and also covered other risks to the bank’s viability (e.g. the capital market business of wholesale/foreign banking).
Mnenje revizijske družbe Mazars, ki jo je Komisija dne 14. julija 2003 izbrala za svetovalko in pooblastila z izdelavo izvedenskega mnenja, je bilo obširno in je obsegalo tudi druga tveganja za sposobnost preživetja banke (npr. tudi posel na trgu kapitala in področje velikih strank/tujina).
The draft report was submitted as agreed on 30 September 2003.
Osnutek izvedenskega mnenja je bil v skladu z dogovorom oddan dne 30. septembra 2003.
The main findings were discussed with Germany on 3 October.
O najpomembnejših rezultatih je Komisija dne 3. oktobra 2003 razpravljala z Nemčijo.
The final version of the report was transmitted to Germany on 20 November.
Končna različico izvedenskega mnenja je bila Nemčiji predana dne 20. novembra 2003.
In the light of the report by Mazars, the Commission, on the basis of the restructuring plan as it stood in the summer of 2003 (which did not yet include the divestment of Berliner Bank as this was offered by Germany only after completion of the study), came to the conclusions regarding the bank’s viability that are set out below.
Na podlagi izvedenskega mnenja revizijske družbe Mazars je Komisija glede življenjske sposobnosti banke na osnovi načrta za prestrukturiranje, kot je obstajal poleti 2003, ko še ni vseboval odcepitve Berliner Bank, na katero je Nemčija pristala šele, ko je bilo mnenje gotovo, prišla do zaključkov v nadaljevanju.
Analysis of the market study submitted to the Commission
Analiza tržne študije, predložene Komisiji
In January 2002 Germany submitted to the Commission, together with the notification, a detailed market study carried out by the bank and Morgan Stanley in which the current situation and the prospective situation in the banking market in Germany, and in Berlin in particular, are described.
Nemčija je Komisiji z obvestilom januarja 2002 predložila podrobno tržno študijo, ki jo je izdelala banka v sodelovanju z Morgan Stanley, v kateri je bil prikazan aktualni in v prihodnje pričakovan položaj bančnega trga v Nemčiji in še zlasti v Berlinu.
The Commission considers the market study, including the information which was submitted after the initiation of the procedure to be complete and inherently conclusive.
Komisija obravnava tržno študijo ob upoštevanju informacij, predloženih po uvedbi postopka, kot popolno in sklepčno.
On the points commented on in the decision to initiate the procedure, the Commission refers to Germany’s additional submissions set out in paragraph 58 et seq.
Glede točk, označenih v sklepu o uvedbi postopka, Komisija opozarja na dopolnilne navedbe Nemčije, prikazane v obrobni številki 58 in sledečih.
Germany stated in particular that BGB’s retail business (private and corporate customers) was concentrated on the Land of Berlin and the immediately surrounding area, which constituted the relevant geographic market.
Nemčija je zlasti pojasnila, da je poslovanje z občani (zasebne stranke in stranke podjetja) pri BGB usmerjeno na deželo Berlin in njeno neposredno okolico, ki so prostorsko pomemben trg.
In the most important market segments, i.e. in particular deposits and lending, BGB’s market share during the years before the crisis underwent only slightly positive or negative changes or else remained unchanged.
V najpomembnejših tržnih segmentih, to je še zlasti pri vlogah in kreditnih poslih, je tržni delež BGB v letih pred krizo prikazoval samo manjše pozitivne ali negativne spremembe oz. je stagniral.
In Berlin a significantly larger number of inhabitants (just under 4000) were served by a branch than the German (1300) or European (1800) average.
V Berlinu je ena bančna podružnica skrbela za skoraj 4000 prebivalcev, kar je znatno več kot je nemško (1300) ali evropsko (1800) povprečje.
In future, the number of branches would continue to fall slightly as customers increasingly carried out transactions on the Internet.
V prihodnje se bo število podružnic še naprej nekoliko krčilo, saj stranke za transakcije vedno bolj uporabljajo svetovni splet.
Although there was in principle no surplus capacity, there was, however, intensive competition which further increased the pressure on margins and promised further consolidation.
Tudi sicer načeloma ni bilo odvečnih zmogljivosti, vlada pa huda tekmovalnost, ki še bolj pritiska na marže in zaradi katere je bilo za pričakovati nadaljnje uskupinjevanje.
In the real estate financing field, the German mortgage lending rate was very low compared with the rest of Europe, and an increasingly strong concentration process was to be observed among mortgage lenders.
Na področju financiranja nepremičnin bi naj bila nemška stopnja hipotekarnih posojil v primerjavi z evropsko zelo nizka, pri hipotekarnem financiranju pa je opaziti vedno močnejši postopek koncentracije.
Moreover, no substantial new company had been set up in the mortgage lending field in recent years.
Nadaljnje na področju hipotekarnega sistema ni prišlo do bistvenih novih ustanovitev v bližnji preteklosti.
The heterogeneous supply-side structure and the resulting competition were also major reasons for the lack of profitability of the mortgage lending business in Germany.
Heterogena struktura ponudnikov in iz tega izhajajoča konkurenca je prav tako bistven razlog za nezadostno donosnost nemškega hipotekarnega poslovanja.
Whereas in western Germany demand was increasing, in the east a further consolidation was taking place in rents and asset prices.
Medtem ko je povpraševanje na zahodu Nemčije naraščalo, prihaja na vzhodu pri najemninah in cenah nepremičnin do nadaljnjega uskupinjevanja.
Generally speaking, demand looked set to grow over the next few years in some areas of the real estate market in Germany.
Splošno bi bilo mogoče na nekaterih področjih nepremičninskega trga v naslednjih letih izhajali iz naraščajočega povpraševanja v Nemčiji.
Owing to the intensive competition and a further tightening of the regulatory environment, a significant recovery of the German mortgage market as a whole was not, however, to be expected.
Zaradi hude tekmovalnosti in nadaljnje poostritve regulativnega okolja pa ni mogoče pričakovati znatnega okrevanja nemškega hipotekarnega trga kot celote.
With regard to the real estate services business (funds business and project development/building work), no surplus capacity was directly perceivable in the domestic funds business.
V zvezi s poslom nepremičninskih storitev (poslovanje skladov in financiranje gradnje za trg/projektni razvoj) ni mogoče neposredno opaziti odvečnih kapacitet v nacionalnem poslovanju skladov.
There was, however, highly intense competition, albeit largely unchanged for some time.
Kljub temu pa je obstoječa tekmovalnost huda, vendar dolgoročno v veliki meri nespremenjena.
It should be noted here that a commitment was given in the course of the procedure to hive off the entire real estate services business from BGB.
Na tem mestu je treba dodati, da je Nemčija v postopku pristala na izločitev celotnega področja nepremičninskih storitev iz BGB.
In the capital market business, BGB is, according to Germany, active in share and bond trading (for its own account and on behalf of customers), in derivatives issuing and trading, and in foreign exchange and currency business as well as other money market transactions, mostly with German customers.
Po navedbah Nemčije posluje BGB na trgu kapitala pri trgovanju z delnicami in obveznicami (lastno trgovanje in poslovanje s strankami), pri izdajanju in trgovanju z izvedenimi instrumenti, pri trgovanju z devizami in valutami ter pri drugih poslih denarnega trgu v glavnem z nemškimi strankami.
The crisis in the capital markets had led to a sharp drop.
Kriza trgov kapitala je povzročila veliko zmanjšanje.
The question of surplus capacity could not be answered conclusively as yet.
Na vprašanje o odvečni kapaciteti zdaj ni mogoče dokončno odgovoriti.
A sharpening of competition and an increasing marginalisation of smaller competitors such as BGB to the benefit of larger providers were, however, expected.
Vendar pa je pričakovati poostritev tekmovalnosti in vedno večje potiskanje ob rob manjših tekmic, kot je BGB, v korist večjih ponudnikov.
To sum up, the Commission would point out, in reply to Germany’s arguments, that it takes a positive view in principle of the future development of the market environment and the market prospects of BGB in the retail business and the capital market business.
Komisija o navedbah Nemčije strnjeno navaja, da prihodnji razvoj tržnega okolja in možnosti trga BGB pri poslovanju z občani in na trgu kapitala načeloma ocenjuje pozitivno.
In view of the better economic situation that is expected in the years ahead in the light of more recent data, relatively stable earnings should be achieved here.
Na osnovi novejših podatkov boljšega gospodarskega razvoja, pričakovanega v naslednjih letih, bi lahko prigospodarili dokaj stabilne donose.
It is substantially for the company itself to translate its market strategies successfully into practice.
Vendar je uresničitev tržnih strategij odločilno odvisno od samega podjetja.
On the other hand, the position with regard to the real estate financing business looks less favourable owing to the consolidation process, which is apparently not yet finished.
Nasprotno pa bi bilo mogoče položaj posla financiranja nepremičnin zaradi očitno še ne zaključenega procesa uskupinjevanja oceniti kot manj ugoden.
The bank might thus have to adapt its strategy further in line with future developments in this area, where appropriate through further targeted contractions of the business should this prove necessary.
Potemtakem bi morala banka nadaljnje prilagajati svojo strategijo na prihodnji razvoj na tem področju, po potrebi z načrtovanjem nadaljnjega krčenje posla, če bi se slednje izkazalo za potrebno.
Once the real estate services business has been split off from the bank by the end of 2005, market developments in this area will play no more than a subordinate role as far as the bank is concerned.
Ko se bo posel nepremičninskih storitev do konca leta 2005 odcepil od banke, bo imel razvoj trga na tem področju zanjo le še podrejeno vlogo.
Analysis of the structural and operational deficits responsible for the difficulties
Analiza strukturnih in operativnih primanjkljajev, ki so povzročile težave
In assessing the structural and operational deficits responsible for the bank’s difficulties, the Commission would refer to the information provided by Germany.
Komisija se pri svoji presoji strukturnih in operativnih izgub, ki so povzročile težave banke, sklicuje na prikaz, ki ga je predložila Nemčija.
It considers the analysis of the past deficits to be appropriate overall and to represent a suitable starting point from which to bring them under control and to draw up the restructuring plan.
Komisija je analizo preteklih primanjkljajev skupno ocenila kot primerno in za ustrezno izhodišče za njihovo premagovanje in dodelavo načrta prestrukturiranja.
The Commission concludes that BGB’s crisis was due above all to the accumulation of risks in the real estate services field through a steady increase in the granting of long-term rent, dividend and renewal guarantees which, from a business standpoint, could be regarded neither as manageable nor as reasonable from a cost/benefit angle.
Komisija iz tega sklepa, da temelji kriza BGB zlasti na kopičenju tveganj na področju nepremičninskih storitev zaradi vedno večjega odobravanja dolgoročnih garancij za najemnine, izplačila in revitalizacijo, ki iz poslovno-ekonomskega vidika niso obvladljivi, prav tako pa ne izkazujejo ustreznega razmerja med stroški in koristnostjo.
Instead, these were based on entirely unrealistic market estimates which can be described more as wishful thinking.
Nasprotno, temeljijo na povsem nerealistični ocenitvi trga, ki jo je mogoče opisati kot želeno stanje.
The same applied to the real estate financing business: an aggressive rates policy that was aimed at achieving higher market shares and did not adequately cover the lending risks and the incorrect valuation of securities due to negligence led during the economic downturn of the late 1990s to massive loan defaults and corresponding losses.
Enako je veljajo tudi za posel financiranja nepremičnin. Agresivna cenovna politika, ki cilja na višje tržne deleže in ne krije ustrezno tveganj dajanja kreditov, in napačna ocenitev varščin, ki temelji na malomarnosti, sta v času gospodarskega upada od konca 90-ih let prejšnjega stoletja povzročili velik izpad kreditov in posledično tudi izgube.
In addition, in both the real estate services and the real estate financing businesses, huge influence was exerted by a few local politicians who did not have the bank's business interests at heart or who lacked the necessary financial knowledge and gave priority to supposed local development objectives.
Poleg tega so tako na posel z nepremičninskimi storitvami, kot tudi na posel financiranja nepremičnin močno vplivali nekateri deželni politiki, ki niso upoštevali poslovno-ekonomskih interesov banke oz. ki niso imeli potrebnega znanja iz gospodarstva, zato so dajali prednost domnevnim deželno-političnim razvojnim ciljem.
In so far as these acts are punishable under criminal law, the matter is in the hands of the Berlin judicial authorities.
Kazensko-pravno pomembnost teh vplivov ugotavlja berlinska sodna oblast.
It must be added, however, that the then auditors and competent supervisory authorities likewise woke up far too late to the continuing accumulation of risks with which the bank could ultimately no longer cope and took the appropriate measures only shortly before the crisis broke.
Vendar je treba dodati, da so tudi revizorji in pristojni nadzorni organi veliko prepozno prepoznali napredujoče kopičenje tveganj, ki jih banka na koncu več ni mogla obvladovati in da so začeli ukrepati tik preden se je o krizi razvedelo.
That the onset of the crisis could be delayed so long was a reflection of the fact that, as part of the group, Landesbank Berlin benefited from the comprehensive state guarantees, institutional liability and guarantor liability and refinanced the whole group, irrespective of the true business risks, at little cost on the capital markets and that the economic effect of institutional liability and guarantor liability was extended via private-law guarantee vehicles to other group companies, thereby making possible many transactions which made no sense for the bank.
Izbruh krize so lahko med drugim tako dolgo zadrževali tudi zato, ker je Landesbank Berlin, kot del koncerna, imela korist od obsežne državne obveznosti za ohranjanje javnega podjetja in jamstva garanta in je celotni koncern poceni in neodvisno od dejanskih poslovnih tveganj refinancirala na trgu kapitala oz. gospodarsko učinkovito razširila jamstvo garanta in obveznost ohranjanja javnega podjetja preko zasebno-pravnih jamstvenih konstrukcij na druge družbe koncerna, ki so z zasebnopravnimi konstrukcijami prenosa odgovornosti na druge družbe koncerna. Šele s tem je omogočila veliko poslov, ki so bili za banko nesmiselni.
The abolition of institutional liability and guarantor liability in July 2005 will ensure that a crisis engendered in this way will no longer be possible in future or will be recognised in time by the market and that the taxpayer will no longer have to stump up billions as a result.
Z ukinitvijo obveznosti ohranjanja javnega podjetja in jamstva garanta v juliju 2005 kriza, nastala po takem mehanizmu, v prihodnje več ne bo mogoča oz. trg jo bo pravočasno prepoznal oz. milijardni zneski več ne bodo bremenili davkoplačevalcev.
Comprehensive description of the restructuring plan presented in the summer of 2003 and of the new business strategies
Izčrpen opis načrta prestrukturiranja, ki je bil Komisiji na voljo poleti 2003, in novih poslovnih strategij
Mazars analysed the detailed restructuring plan, as it stood in the summer of 2003 (it did not therefore include the divestment of Berliner Bank).
Revizijska družba Mazars je preučila podroben načrt prestrukturiranja, predložen poleti 2003, ko še ni vseboval izločitve Berliner Bank.
The plan provided for measures which, in the Commission's opinion and in line with the assessment made by Mazars, are overall suited to clearing the structural and operational deficits responsible for the difficulties of the past and to restoring the company’s long-term viability.
Načrt predvideva ukrepe, ki po razumevanju Komisije in v skladu z ocenitvijo revizijske družbe Mazars v celoti ustrezajo za odpravo strukturnih in operativnih primanjkljajev, odgovornih za težave v preteklosti, in ki bodo ponovno vzpostavili dolgoročno rentabilnost podjetja.