natgillin/translations-raw huggingface dataset:
After the report by its advisers Mazars on the restructuring plan submitted had made the Commission sufficiently certain in the autumn of 2003 about the bank’s viability and, in particular, the fundamental suitability of risk provisioning, a positive decision on the aid requested could be considered only if the compensatory measures offered could be regarded as sufficient.
Ko se je Komisija v jeseni leta 2003 z izvedeniškim mnenjem svetovalcev revizijske družbe Mazars v zvezi s predloženim načrtom prestrukturiranja v zadostni meri prepričala o življenjski sposobnosti banke in zlasti o temeljni ustreznosti rezervacij za tveganja, je bilo šele mogoče pozitivno razmišljati o zaprošeni pomoči, toda pod pogojem, da Komisija oceni ponujene kompenzacijske ukrepe kot zadostne.
As stated below (see paragraph 257 et seq.), the Commission still had considerable misgivings in this respect, particularly as regards retail business, where the bank plays a prominent role on the Berlin regional market, but also as regards real estate financing, which also benefited from substantial aid.
Kot je prikazano spodaj (glej obrobno številko 257 in naslednje), je Komisija v tej zvezi še vedno močno dvomila zlasti glede poslovanja z občani, na katerem banka na berlinskem regionalnem trgu močno izstopa, pa tudi glede dejavnosti financiranja nepremičnin, ki je prav tako močno pridobil od pomoči.
In the latter area, the Commission experts have also expressed misgivings regarding the bank's ability to generate sufficiently profitable new business in the future.
Dodatno so pri dejavnosti financiranja nepremičnin izvedenci Komisije izrazili pomisleke v zvezi s sposobnostjo banke, da bi na tem področju v prihodnje ustvarjala dovolj donosne nove posle.
In the Commission’s view, therefore, the separate sale of at least a significant part of the real estate financing business as compensation for competitors would also generally improve the viability and privatisation prospects of the rest of the group.
Tako bi po mnenju Komisije ločena odsvojitev vsaj pomembnega dela financiranja nepremičnin v kompenzacijo tekmic načeloma izboljšala sposobnost preživetja in možnosti privatizacije preostalega koncerna.
In the autumn of 2003, on the basis of the restructuring plan submitted and the conclusions reached by its advisers, the Commission therefore requested Germany to quantify the effects of a separate medium‐term sale of Berliner Bank (accounting for some one quarter to one third of BGB’s retail business) by the end of 2005 and of BerlinHyp (some two thirds of BGB's real estate business) by the end of 2006.
Kot izhaja iz načrta prestrukturiranja, kot je bil predložen doslej, in iz sklepov svetovalcev, je Komisija Nemčijo v jeseni 2003 prosila, da številčno opredeli učinke ločene srednjeročne odsvojitve Berliner Bank (približno 1/4 do 1/3 obsega dejavnosti poslovanja BGB z občani) do konca 2005, ter BerlinerHyp (približno 2/3 dejavnosti BGB financiranja nepremičnin) do konca leta 2006.
This was to enable the Commission to ascertain whether such further compensatory measures would not jeopardise once again the banks' viability, which had basically been confirmed under the current restructuring plan.
Komisiji je treba omogočiti, da ugotovi, ali taki dodatni kompenzacijski ukrepi na osnovi dosedanjega načrta prestrukturiranja ne bi mogli ponovno ogroziti načeloma potrjene življenjske sposobnosti banke.
Germany and the bank began by summarising the underlying situation.
Nemčija oz. banka sta najprej povzeli izhodiščni položaj.
On the basis of the medium‐term plan of 24 June 2003, the expected additional charges resulting from the incorporation of the Commission advisers’ proposals, from the already approved divestment of real estate services business and the hiving‐off of IBB were quantified.
Na osnovi srednjeročnega načrtovanja z dne 24. junija 2003 je potekala številčna opredelitev pričakovanih dodatnih obremenitev zaradi vključitve predlogov svetovalcev Komisije o že potrjeni izločitvi dejavnosti financiranja nepremičnin in odcepitve IBB.
Overall, in the base‐case scenario these three measures would have one‐off effects in the period 2003 to 2006 of minus EUR [...]* ‐ EUR [...]*, of which minus EUR [...]* for the increase in risk provisioning and minus EUR [...]* ‐ EUR [...]* for the negative sales proceeds, the write‐down of the book value of investments and other consequences of the transactions involved in divesting the real estate services subsidiaries RGB and IBAG.
Kot vsota bi vsi trije ukrepi v obdobju od leta 2003 do leta 2006 v osnovnem scenariju skupno enkratno obremenili banko v vrednosti minus [...]* EUR, od tega minus [...]* EUR za povečanje rezervacij za tveganja in minus [...]* EUR za negativne prihodke od prodaje oz. za amortizacijo knjižne vrednosti udeležb in za ostale posledice transakcij v okviru izločitve hčerinskih družb za poslovanje z nepremičninami, IBG in IBAG.
However, the medium‐term and long‐term effects of those three measures were small.
Vendar so srednjeročni ali dolgoročni učinki imenovanih ukrepov majhni.
Thus, the planned tax savings in 2006 were reduced to only a minimal extent, by EUR [...]*, from EUR [...]* (according to the medium‐term plan of 24 June 2003) to EUR [...]* (on the new calculation) and could, therefore, be achieved by the bank generally without any significant change in the planned magnitudes.
Tako se bi načrtovan izid pred davki v letu 2006 zmanjšal le minimalno za [...]* EUR, t.j. iz [...]* EUR (po srednjeročnem načrtovanju z dne 24. junija 2003) na [...]* EUR (po novem izračunu), zaradi česar bi ga lahko banka prenesla brez večje spremembe doslej predloženih številk načrta.
The medium‐term plan of 24 June 2003 was based on a target rating of [...]* for the group and a return on capital of [...]* % in 2006.
Srednjeročno načrtovanje z dne 24. junija 2003 je temeljijo na ciljnem ratingu v višini [...]* za koncern in na ciljnem donosu lastniškega kapitala v višini [...]* % za leto 2006.
Against this, Germany and the bank argued that a divestment of Berliner Bank by the end of 2005 would adversely affect the group’s medium‐term planning.
V nasprotju pa bi imela po navedbah Nemčije in banke odsvojitev Berliner Bank do konca 2005 negativne učinke na srednjeročno načrtovanje koncerna.
Overall, there would be one‐off effects in the period 2003 to 2005 of EUR [...]*, [...]* of which being accounted for by the extraordinary costs of the sale and the rest by provisions for staff, IT, buildings and additional restructuring costs.
Vsota bi izkazovala v obdobju od leta 2003 do leta 2005 enkratne učinke v višini [...]* EUR, od tega [...]* EUR za izredni izdatek za prodajo, ostanek za rezervacije za zaposlene, informacijsko tehnologijo, stavbe in za dodatne stroške prestrukturiranja.
In the medium and long term, the planned pre‐tax result in 2006 of EUR [...]* (according to the reworked medium‐term plan incorporating the three measures mentioned above) would fall by EUR [...]* to EUR [...]*, of which around half being accounted for by the discontinuation of Berliner Bank's earnings contribution to the group and the rest by the delayed staff cutbacks, the abandonment of the planned increase in commission earnings and remaining (fixed) costs (primarily on account of back‐office diseconomies of scale). However, this calculation assumed that, in order to maximise the number of bidders, Berliner Bank would be sold as an independent bank, with further charges being incurred.
Srednje oz. dolgoročno se bo načrtovan izid pred davki v letu 2006 zmanjšal iz [...]* EUR (po preoblikovanem srednjeročnem načrtu na osnovi zgoraj omenjenih treh ukrepov) za [...]* EUR na [...]* EUR, od tega skoraj polovica zaradi odpada prispevka iz zaslužka Berliner Bank za koncern, ostanek pa zaradi zamika pri krčenju števila zaposlenih in zaradi odpada načrtovanega povečanja prihodkov iz provizij in preostalih (fiksnih) stroškov (zlasti zaradi premajhne velikosti zaledne pisarne).
The expected proceeds from the sale of Berliner Bank of EUR [...]* to EUR [...]* were already included in the one‐off effect of the extraordinary costs of the sale.
Vendar temelji ta izračun na predpostavki, da bo Berliner Bank za maksimiranje kroga ponudnikov odsvojena kot samostojna banka, kar bi povzročilo višje stroške.
According to the bank, this was, in any case, more than offset by the necessary core capital for Berliner Bank equivalent to [...]* % of risk items amounting to EUR [...]*, giving a negative effect of EUR [...]* to EUR [...]*. In addition, the divestment of Berliner Bank would reduce the profit share of retail business in BGB’s total business from just over [...]* % to around [...]* % and the share accounted for by capital market business would accordingly rise from just over [...]* % to some [...]* %.
Kot enkraten učinek izjemnih stroškov prodaje je že vključen pričakovan prihodek iz prodaje Berliner Bank v višini [...]* - [...]* EUR. Vendar bo po navedbah banke v celoti porabljen za potrebno kapitalizacijo Berliner Bank v višini [...]* % tveganih postavk v višini [...]* EUR, zato bo prišlo do negativnega učinka v višini [...]* — [...]* EUR. Zaradi izločitve Berliner Bank se bo tudi delež pri izidu poslovanja z občani v celotnem poslu BGB zmanjšal iz nekaj več kot [...]* % na okoli [...]* %, delež poslovanja na trgu kapitala pa se bo ustrezno povečal iz nekaj več kot [...]* % na približno [...]* %.
As a result, given the core‐capital ratio, there could be a deterioration in the rating since capital market business was regarded as being riskier than retail business.
Zaradi take stopnje temeljnega kapitala grozi poslabšanje ratinga, ker velja poslovanje na trgu kapitala za bolj tvegano kot poslovanje z občani.
This would have a negative effect on the refinancing, with the result that the sale of Berliner Bank would also give rise to operating problems during the restructuring period.
To ima negativni vpliv na refinanciranje, tako da predstavlja odsvojitev Berliner Bank tudi operativne težave med fazo prestrukturiranja.
The sale of Berliner Bank would reduce the return on capital by around [...]* % percentage points from [...]* % in 2006 according to the medium‐term plan of 24 June 2003 to around [...]* %.
Odsvojitev Berliner Bank bi v skladu s srednjeročnim načrtovanjem z dne 24. junija 2003 zmanjšalo donos lastniškega kapitala za približno [...]* % iz [...]* % za leto 2006 na približno [...]* %.
The Commission has carefully analysed the arguments adduced by Germany and the bank.
Komisija je argumente, ki jih je podala Nemčija oziroma banka, skrbno analizirala.
In its view, these do not represent any insuperable obstacles to the hiving‐off of Berliner Bank on competition grounds.
Po mnenju Komisije argumenti ne vsebujejo nepremagljivih ovir za odcepitev Berliner Bank, ponujeno zaradi razlogov tekmovalnosti.
For one thing, with the relative reduction in the contribution of retail business to the bank’s overall business to which the hiving‐off of Berliner Bank threatens to give rise, the bank is free to maintain a balanced structure by carrying out corresponding reductions in the other areas of capital market transactions and real estate financing.
Banka ima namreč na izbiro izravnati relativno znižanje zneska doprinosa iz poslovanja z občani k znesku skupnega izida zaradi odcepitve Berliner Bank s sorazmernim krčenjem drugih poslovnih področij trga kapitala in financiranja nepremičnin.
The bank’s structure and the core‐capital requirements would thus remained unchanged.
Tako se struktura banke in zahtevana stopnja temeljnega kapitala ne bi spremenili.
In fact, such reductions in the risk items would release additional capital, thereby helping to boost the core‐capital ratio further.
Nasprotno, tako znižanje postavk tveganja bi sprostilo lastniški kapital, ki bi predstavljal znesek k dodatnemu povišanju stopnje temeljnega kapitala.
As an alternative to such reductions, the bank could, with a view to covering the higher risk, raise the core‐capital ratio either by making further efforts of its own to reduce selected risk items more than planned, thereby releasing core capital, or by borrowing fresh medium‐term capital on the capital market.
Alternativno k tovrstnim krčenjem bi lahko banka za izravnavo višjega tveganja povišala stopnjo temeljnega kapitala tako, da bi z lastim trudom izbrane tvegane postavke skrčila še bolj kot načrtovano in s tem sprostila temeljni kapital ali pa z najemanjem srednjeročnega svežega kapitala na trgu kapitala.
This would prevent any significant deterioration in the rating and thus in the refinancing terms, with the result that the bank could cope with the hiving‐off operation in operational terms too.
Na ta način bi bilo mogoče izključiti pomemben negativni učinek na rating in s tem na pogoje refinanciranja, tako da bi banka odcepitev lahko obvladala tudi operativno.
In calculating the one‐off effects of the divestment of Berliner Bank, Germany and the bank assume that Berliner Bank would be sold as an independent bank in order to maximise the number of bidders.
Nemčija oz. banka je pri izračunu enkratnega učinka odcepitve Berliner Bank izhajala iz odsvojitve slednje kot samostojne banke, da bi maksimirali krog ponudnikov.
Given that Berliner Bank is at present incorporated into Landesbank Berlin as a dependent business area and branch, Landesbank Berlin would have to be hived‐off for sale as an independent legal entity.
Glede na dejstvo, da je Berliner Bank sedaj vključena v Landesbank Berlin kot nesamostojno poslovno področje ali podružnica, bi jo bilo treba za odsvojitev odcepiti kot samostojno pravno enoto.
According to the bank, a core‐capital ratio of [...]* % of the risk items and hence core capital of around EUR [...]*, which would have to be provided afresh by BGB are necessary.
Po navedbi banke je za to potrebna stopnja temeljnega kapitala v višini [...]* % tveganih postavk in s tem temeljni kapital v višini približno [...]* EUR, kar bi BGB morala na novo zbrati.
However, in spite of a core capital of EUR [...]*, BGB expects that a sale would bring in only EUR [...]*‐EUR [...]*. In the Commission's view, this calculation is very conservative.
Kljub temeljnemu kapitalu v višini [...]* EUR banka pričakuje le prihodek od prodaje v višini med [...]* in [...]* EUR. Komisija meni, da je ta izračun zelo konzervativen.
The amount of net equity usually serves as one out of several benchmarks for estimating the value of a company.
Neto lastniški kapital se praviloma uporablja kot ena opornih točk za ocenitev vrednosti podjetja.
If Berliner Bank’s core capital is to be some EUR [...]*, it is, in the Commission’s view, rather unlikely for the sale proceeds to be only EUR [...]* to EUR [...]*. Given the well‐established brand name and client basis of Berliner Bank, the sales proceeds should tend to reach or even exceed the value of the core capital, which the bank regards as an expense, and should therefore reduce BGB's charges to a much greater extent.
Če bi naj temeljni kapital Berliner Bank znašal približno [...]* EUR, se Komisiji zdi dokaj neverjetno, da bi lahko dosegli le prihodek od prodaje v višini med [...]* in [...]* EUR. Glede na dejstvo, da sta ime in baza strank Berliner Bank dobro osnovana, bi moral prihodek od prodaje težiti k vrednosti ali celo preseči vrednost temeljnega kapitala, ki je po mnenju banke strošek, in tako v veliki meri zmanjšati obremenitev BGB.
But even if, exceptionally and for reasons not clear to the Commission, the situation here were different, it would not make sense for BGB to sell Berliner Bank as an independent bank.
Tudi če se to tokrat zaradi razlogov, ki jih Komisija ne vidi, izjemoma ne bi zgodilo, bi bilo v tem primeru s strani BGB nerazumno odsvojiti Berliner Bank kot samostojno banko.
The brand, the customers and other assets of the working company all have a positive value.
Ime, stranke, ostale enote premoženja tekočega poslovanja in dodatna lastna sredstva imajo vsi pozitivno vrednost.
If BGB considers that not even the core capital, which needs to be provided afresh by BGB, can be realised in the sale, Berliner Bank's assets can, of course, be sold as part of a so‐called asset deal that should at least generate some proceeds and thus reduce an extraordinary negative effect from the sale for BGB.
Če BGB misli, da s prodajo ne bo mogla iztržiti niti sveže preskrbljenega temeljnega, je seveda mogoče, da premoženje Berliner Bank odsvoji v okviru tako imenovanega nakupa premoženja, ki bi prinesel vsaj pozitiven prihodek od prodaje, s katerim bi lahko izključili izjemno izgubo BGB iz prodaje Berliner Bank.
As a result, the negative one‐off effect of EUR [...]* would be significantly reduced.
Negativni enkratni učinek v višini [...]* EUR bi se s tem znatno zmanjšal.
In the Commission's view, the claimed negative recurring effect on the return on capital of [...]* % can clearly be improved on by the bank if the sale is spread over more than one year.
Ponavljajoči negativni učinek na donos lastniškega kapitala iz veljavnih [...]* % bi lahko bil zaradi zavlačevanja odsvojitve za več kot leto dni po mnenju Komisije prav tako znatno zmanjšan.
Having considered the Commission's analysis, Germany finally agreed that BGB would be viable if Berliner Bank were sold separately.
Ob upoštevanju analize Komisije se je Nemčija naposled strinjala, da je BGB sposobna preživeti tudi pri ločeni prodaji Berliner Bank.
It has stated its willingness to sell Berliner Bank separately by 1 February 2007 (real effective date), with a tendering procedure being launched in 2005 and completed by1 October 2006.
Nemčija je nato izjavila pripravljenost do ločene odsvojitve Berliner Bank do 1. februarja 2007 (stvarno učinkovanje) z uvedbo odsvojitvenega postopka v letu 2005 in zaključitvijo tega postopka v skladu s pogodbo do 1. oktobra 2006.
The formal commitment was submitted to the Commission on 6 February 2004.
Formalna pritrditev je bila Komisiji predložena dne 6. februarja 2004.
As a result, the entire year’s result for 2006 is still attributable to BGB, and the adjustment costs can be spread over a longer period or it will be easier to take countermeasures such as a further reduction in the short‐term fixed costs for IT, back‐office staff and buildings.
Tako prvič pripada celoten izid leta 2006 še BGB, drugič pa je mogoče stroške prilagoditve porazdeliti čez daljše obdobje oz. laže je sprejemati protiukrepe, kot npr. do tedaj že napredovano zmanjšanje kratkoročnih fiksnih stroškov za IT, osebje zaledne pisarne in stavbe.
According to BGB’s own figures, the negative effects stemming from abandonment of the planned increase in LBB's commission earnings attributable to reorganisation, workforce uncertainty and the use for restructuring purposes of management resources of EUR [...]*, from the delay in workforce cutbacks within the group of EUR [...]* and from the remaining costs caused by diseconomies of scale of EUR [...]* would not continue indefinitely.
Po lastnih navedbah BGB negativni učinki v višini [...]* EUR, ki so posledica odpada načrtovanega povečanja prihodka od provizije LBB zaradi reorganizacije, negotovosti zaposlenih in vezave upravljalnih virov v višini [...]* EUR, ki so posledica zavlačevanja krčenja zaposlenih v koncernu in v višini [...]* EUR kot posledica preostalih stroškov zaradi nezadostnega obsega tako ali tako ne bi bili trajni.
The Commission shares this view.
Komisija se s tem stališčem strinja.
The Commission’s position is confirmed by its review of the one‐off effects and the long‐run effects on BGB's return on capital.
Dojemanje Komisije potrjuje analiza enkratnih učinkov ter trajnih učinkov na donosnost lastniškega kapitala BGB.
The outturn figures will probably be much lower than those given by Germany and the bank.
Številke, ki jih je predložila Nemčija oz. banka, najverjetneje ne bodo dosežene.
If this were not to be the case because of a series of unfortunate circumstances or because of unfavourable market developments, even a return on capital of [...]* % in 2007 (return on capital of [...]* % according to the medium‐term plan of 24 June 2003 less [...]* % as a result of the divestment of Berliner Bank) would, on the Commission's estimation, not result in a situation where the remaining parts of the group would again be dependent on government assistance, which, under the ‘one time-last time’ principle of state aid legislation, could no longer be granted.
Če to ne bi uspelo zaradi spleta nesrečnih okoliščin ali neugodnega razvoja trga, tudi [...]* % donosnost lastniškega kapitala za leto 2007 ([...]* % donosnost lastniškega kapitala po srednjeročnem načrtu z dne 24. junija 2003, z odbitkom [...]* % zaradi odcepitve Berliner Bank), po oceni Komisije ne bi povzročila, da bi bil preostali koncern ponovno odvisen od javne podpore, ki je zaradi pravnega načela o pomočeh „enkrat — zadnjikrat“ koncernu ne bi bilo mogoče ponovno dodeliti.
The bank has it within itself to become more stable by raising the core‐capital ratio to 7 % or more.
V območju vpliva banke je, da se iz lastne moči stabilizira s povečanjem stopnje temeljnega kapitala na 7 % ali več.
This would have a positive effect on the rating and, from an operational viewpoint, would ensure satisfactory refinancing conditions.
To bi pozitivno vplivalo na rating in zagotovilo dovolj dobre pogoje refinanciranja iz operativnega vidika.
In the Commission’s view, the return on capital of [...]* % to [...]* % expected in 2006 under adverse conditions would, given the current difficult situation in the German banking sector, be at the lower end, if anything, of the range that is regarded as satisfactory on the market for a bank’s long‐term viability.
Sicer bi se donosnost lastniškega kapitala, ki jo je pod neugodnimi okoliščinami za pričakovati v letu 2006 v višini [...]* - [...]* % po mnenju Komisije tudi v sedanjem težkem položaju nemške kreditne industrije gibala na spodnjem robu spektra, ocenjenega kot zadostnega za dolgoročno sposobnost preživetja banke.
However, the Commission expects that the privatisation promised for 2007 will lead to a further strengthening of the bank.
Vendar Komisija pričakuje, da bo privatizacija, zagotovljena za leto 2007, banko dodatno okrepila.
If the new investor were to regard the return on capital or the capital endowment of the bank at the time as unsatisfactory, it is to be expected that it would, in its own interests, carry out further rationalisation measures, e.g. reductions in unprofitable areas of business or capital injections, which would bring about the necessary improvement in the rating and in the refinancing situation.
Če bo namreč nov vlagatelj ocenil donosnost lastniškega kapitala ali kapitalizacijo banke ob tistem času kot nezadovoljivo, je pričakovati, da bo iz lastnega interesa ukrepal s sanacijami, kot je npr. zmanjšanje nedonosnih področij dejavnosti, ali priliv kapitala, kar bi rating in situacijo refinanciranja izboljšal nazaj na potrebno mero.
Against this, the Commission agrees with Germany and the bank that, as things stand, it cannot be ruled out with sufficient certainty that a strict requirement to sell BerlinHyp separately in the medium term might unduly prejudice the bank's viability.
Nasprotno pa se Komisija strinja s stališčem Nemčije in banke, da iz današnjega vidika ni mogoče z gotovostjo izključiti, da ne bi bila huda obveznost srednjeročne ločene odsvojitve tudi BerlinHyp preveliko breme za življenjsko sposobnost banke.
However, it still has — and this has been confirmed by its independent advisers — some doubts that the bank will manage to generate to the extent envisaged new, higher‐margin business in real estate financing.
Kot so potrdili neodvisni svetovalci, Komisija še naprej dvomi, da bo banki na področju financiranja nepremičnin uspelo ustvariti nove posle z višjo maržo v načrtovanem obsegu.
For this reason, the Commission would generally regard it as a positive contribution to strengthening the bank's long‐term profitability if it were to withdraw from real estate financing to a greater extent than hitherto planned.
Zato Komisija meni, da bi bilo za krepitev dolgoročne rentabilnosti načeloma pozitivno, če bi se banka še bolj umaknila iz posla financiranja nepremičnin, kot je bilo načrtovano.