natgillin/translations-raw huggingface dataset:
The remedies or compensation measures proposed by Austria consisted in the sale of holdings, the closure of a branch and a decision to desist from granting Federal loans.
S strani Avstrije predlagane nasprotne aktivnosti oz. kompenzacijski ukrepi so predstavljali odsvojitve udeležb, zaprtja podružnice in opustitve dajanja zveznih posojil.
Since the description of the compensatory measures and the extent to which they each affected BB’s assets and employment situation was vague in places, it was not possible for the Commission to assess their overall effect.
Zaradi delno nejasnega opisa kompenzacijskih ukrepov in njihovega vsakokratnega vpliva na premoženje in zaposlitveno situacijo BB Komisiji ni bilo mogoče oceniti splošnega vpliva, ki bi ga imeli ukrepi.
The Commission therefore needed detailed information on the effect of each measure on the assets, the employment situation and the future market/segment positions of BB, as well as an explicit quantification of the value of those measures and their reduction effects (e.g. in terms of the balance sheet total).
Komisija bi za to potrebovala natančne informacije glede vpliva vsakega posameznega ukrepa na premoženje, zaposlitveno situacijo in bodoče tržno/segmentno stanje BB, kot tudi izrecen izračun vrednosti teh ukrepov oz. njihovega zmanjševalnega vpliva (npr. izmerjenega na bilančni vsoti).
As Burgenland is a region which has been consistently classified as an Objective 1 assisted area since 1995 and therefore is a region within the meaning of Article 87(3)(a) and qualifies for regional aid, Austria referred to points 53 and 54 of the guidelines and emphasised that they must be taken into account in assessing the compensatory measures without, however, giving any further explanation or putting forward specific aspects.
Avstrija je zaradi dejstva, da je Gradiščanska regija, ki je že od leta 1995 uvrščena kot prva regija prejemnica pomoči in tako predstavlja regijo v smislu člena 87(3)(a), ter pride v poštev kot prejemnica regionalne pomoči, opozorila na odstavka 53 in 54 v smernicah, ter njuno upoštevanje pri ocenjevanju nasprotnih aktivnosti, brez da bi posredovala podrobnejšo razlago oz. brez da bi uveljavila določene vidike.
The points in question state that the assessment criteria in the guidelines are equally applicable to assisted areas but that the criteria for the reduction of capacity on markets where there is excess structural capacity may be less stringent.
Odstavka 53 in 54 pravita, da veljajo ocenjevalni kriteriji smernic tudi za regije prejemnice pomoči, da pa bi lahko bili ukrepi na trgih s preseženimi strukturnimi zmogljivostmi, ki zahtevajo njihovo zmanjšanje, manj strogi.
Since Austria did not develop this aspect further, however, the Commission was unable to establish whether this criterion applied.
Ker Avstrija te točke ni konkretizirala, Komisija ni mogla ugotoviti uporabnosti tega kriterija.
To sum up, the Commission did not possess enough information to undertake an appropriate and adequate assessment of the proposed compensatory measures.
Če povzamemo, so Komisiji za primerno in zadostno oceno predlaganih kompenzacijskih ukrepov manjkale informacije.
It therefore had doubts, in the light of the available facts, whether the planned reduction measures were sufficient to mitigate the distortive effects of the aid on competition.
Zaradi tega je na podlagi razpoložljivih dejstev dvomila, da bi načrtovani zmanjševalni ukrepi zadostovali za vplivov pomoči na izkrivljanje konkurence.
Aid limited to the minimum
Pomoč omejena na minimum
In accordance with points 40 and 41 of the guidelines, the aid must be limited to the strict minimum needed to avoid providing the undertaking with surplus cash which could be used for aggressive, market-distorting activities or even for expansion.
V skladu z odstavkoma 40 in 41 smernic mora biti pomoč omejena na najmanjšo vsoto, potrebno za prestrukturiranje, tako da podjetje ne pridobi presežne likvidnosti, ki bi jo lahko uporabilo za agresivnost in izkrivljanje trga ali za širjenje.
The guidelines also state that aid beneficiaries will be expected to make a significant contribution to the restructuring plan from their own resources, including through the sale of assets not essential to the firm’s survival.
Po smernicah se pričakuje, da tudi prejemnik pomoči s prodajo premoženja, če le-ta ni nujno potrebna za nadaljnji obstoj podjetja, prispeva pomemben delež k načrtu za prestrukturiranje.
Austria argued that the State measures to restructure BB were not an injection of liquidity but that the Province of Burgenland intervened solely by granting guarantees.
Avstrija je dejala, da pri državnih ukrepih za prestrukturiranje BB ni šlo za dotok likvidnih sredstev, ampak je dežela Gradiščanska posredovala samo z zagotovitvijo garancije.
Furthermore, the guarantee and better-fortune agreements provided that the bank should use all receipts to reduce the guaranteed amounts.
Poleg tega naj bi bilo v garancijskem sporazumu in sporazumu o izboljšavi stanja predvideno, da bi banka vložila ves svoj dobiček v zmanjšanje garancijske vsote.
The Commission was unable on the basis of the available information to determine precisely whether the aid was the absolute minimum necessary since, in practice, the guarantees have a similar effect to that of a capital injection.
Na osnovi razpoložljivih informacij Komisija ni bila sposobna natančno oceniti, ali je pomoč predstavljala neizogibno rešitev, saj imajo garancije v praksi podoben vpliv kot dovod kapitala.
In addition, the Commission doubted whether BB’s own contribution, the complete writedown of hidden reserves and the reduction in staff and operating costs met the criterion of a ‘significant contribution’.
Poleg tega je Komisija dvomila, da lasten znesek BB, ukinitev celotnih skritih rezerv ter zmanjšanje stroškov osebja in poslovanja izpolnjujejo kriterij „pomembnega prispevka“.
COMMENTS BY AUSTRIA ON THE DECISION TO INITIATE THE PROCEDURE
MNENJE AVSTRIJE O UVEDBI POSTOPKA
On the basis of the restructuring plan available, Austria has submitted comments on the decision to initiate the procedure and has provided new information, in particular on the following points, which are of decisive importance for the Commission decision:
Avstrija je na osnovi predloženega načrta za prestrukturiranje podala mnenje k uvedbi postopka ter posredovala nove informacije, še posebej o sledečih, za odločitev Komisije zelo pomembnih točkah:
Austria submitted an ex post analysis of BB’s corporate and management structures and gave details of the reasons for the bank’s financial difficulties.
Avstrija je posredovala analizo struktur podjetja in menedžmenta BB ter natančno predstavila vzroke finančnih težav BB.
The main cause of the difficulties was, according to Austria, inadequate credit risk management, which made the bank particularly susceptible to fraudulent behaviour.
Nato so kot bistven splet vzrokov za težave BB omenili nezadosten menedžment kreditnega tveganja, zaradi katerega je bila banka zelo občutljiva na goljufivo ravnanje odgovornih oseb.
Similarly, the value adjustments discovered in the course of the audit were also attributed to this fact.
Na enak način lahko razložijo tudi popravke vrednosti, ki so jih odkrili med preverjanjem dolžnikov.
While the bank’s difficulties thus appeared to be a limited problem area, the fact that the causes could be clearly located contributed significantly to ensuring that the necessary compensatory measures could be introduced immediately.
Težave banke so se zaradi tega z ene strani kazale kot omejeno problemsko območje, z druge strani je pa jasna ugotovitev vzrokov pripomogla k takojšnji uvedbi potrebnih protiukrepov.
In addition to the fraud, BB suffered enormous loan losses as a result of huge structural problems and the lack of, or failure to comply with, internal control systems.
Nadaljnje je v BB zaradi ogromnih strukturnih težav in pomanjkanja oz. neupoštevanje internih kontrolnih sistemov prišlo do dodatnih goljufij, ki so povzročile primanjkljaj v kreditnem sektorju.
These structural shortcomings had been resolved, among other things, by implementing a risk management system and strengthening internal auditing as part of an extensive organisational restructuring of the bank.
Ta strukturni primanjkljaj so odpravili med drugim z uvedbo menedžmenta tveganja, kot tudi z okrepitvijo interne revizije v okviru obsežnega organizacijskega prestrukturiranja banke.
This result and hence the successful implementation of the restructuring measures were highlighted in a review conducted by the Austrian National Bank in February 2003 on behalf of the banking supervisory authority.
Ta rezultat in s tem tudi uspešno izvedeni ukrepi za prestrukturiranje so bili po preverjanju, ki je potekalo februarja 2003 po naročilu bančnega nadzornega urada, potrjeni s strani Avstrijske narodne banke (Österreichische Nationalbank).
A comprehensive assessment by BB acknowledged that the bank differed from most other firms in difficulty within the meaning of the guidelines in a number of ways since it did not display some of the characteristics listed by the Commission as being typical of a firm in difficulty.
„Celostna“ ocena BB je pripeljala do spoznanja, da se po smernicah BB od večine preostalih podjetij v težavah razlikuje v več točkah, saj nekateri izmed tipičnih simptomov za podjetje v težavah, kot jih je naštela Komisija, pri BB ne obstajajo.
For instance, following the necessary value adjustments made in 2000 with a view to tidying up the portfolio, BB’s current business activities were basically viable and would remain so even on a cautious assessment of future developments.
Tako naj bi bilo tekoče poslovanje BB po izvedbi popravkov vrednosti, ki jih je zahtevalo čiščenje portfelja, v letu 2000 predvsem rentabilno in bo pri previdni presoji bodočega razvoja tako tudi ostalo.
Developments in the last two years had shown that deposit business had stabilised once again and that the losses suffered in 2000 could be recovered in part.
Razvoj preteklih dveh let je pokazal, da se je posel vlaganja ponovno stabiliziral oz. bi lahko izgubo iz leta 2000 delno nadomestil.
Austria also provided the results for BB’s ordinary business activities.
Avstrija je priložila tudi rezultate običajnega poslovanja BB.
Austria compared BB with the Austrian banking sector.
Avstrija je predstavila BB v primerjavi z avstrijskim bančnim sektorjem.
There was no excess capacity on what was the relevant market for BB or at BB itself and, with 300 employees, BB was a rather small regional bank accounting for only 16 of the 264 bank branches in total in Burgenland.
Preseženih kapacitet na upoštevnem trgu za BB ter v Bank Burgerland sami ni mogoče najti, s 300 zaposlenimi je banka prej majhna regionalna banka, ki ima na gradiščanskem trgu le 16 poslovalnic od skupno 264.
As regards the planned privatisation of BB, Austria makes the point that, according to the plans available at the moment, BB should be privatised by the end of 2004 at the latest.
Glede načrtovane privatizacije BB navaja Avstrija, da naj bi bila po sedanjih načrtih banka najkasneje konec leta 2004 privatizirana.
To this end, a working group had been set up to prepare the sales procedure and the banking firm HSBC Trinkaus&Burkhardt had been placed in charge of the privatisation process.
Za ta namen so zaposlili delovno skupino za priprave in prodajni postopek ter za izvedbo privatizacijskega postopka pooblastili bančno hišo HSBC Trinkaus&Burkhardt.
Austria described the general economic position of BB and its strategic objectives, which had provided the basis for calculations indicating that there would be a steady improvement in profitability of around 15 % over seven years.
Avstrija je posredovala okvirne ekonomske pogoje in strateške cilje BB, na osnovi katerih je bil izdelan poslovni načrt, iz katerega je razvidno stalno izboljševanje donosnosti na približno 15 % v časovnem obdobju 7 let.
On the basis of inventory volumes, average interest and flows from liquidity calculations for January 2003, planning volumes and conditions had been drawn up as part of a planning process by the control department in conjunction with the heads of specialist departments and the board of management.
Na osnovi obsega portfelja, povprečnega obrestovanja in donosnosti sredstev iz likvidnostnega računa z januarja 2003 so bili v okviru postopka načrtovanja kontrolinga in v sodelovanju z vodji strokovnih področij in predstavništvom določeni načrt obsega in pogoji.
Interest income was calculated over the entire planning horizon on the basis of the current interest rate, i.e. no assumptions regarding future interest rates were made in the calculation.
Prihodke od obresti so med celotnim načrtovanjem izračunavali na osnovi aktualne ravni obrestne mere, to pomeni, da niso v poslovnem načrtu upoštevali nobenih predpostavk o prihodnjem obrestnem razvoju.
Given the present low level of interest rates, this approach complied in any event with the principle of cautious planning.
Glede trenutno nizke obrestne mere bi ta točka vsekakor spadala k načelom previdnega načrtovanja.
The restructuring measures taken by BB following the fraud with a view, on the one hand, to addressing in an appropriate fashion the causes of its financial difficulties and, on the other, to preparing the bank in the best possible way for market developments and opportunities in the years ahead could be summed up under the headings ‘comprehensive reorganisation of credit risk management’, ‘concentration by BB on core business’, ‘strengthening of BB’s role as a regional bank’ and ‘comprehensive streamlining of cost management’.
Ukrepe za prestrukturiranje, ki jih je BB uvedla neposredno po primeru goljufije, da bi pravilno reagirala na vzroke finančnih težav in da bi podjetje čimbolj pripravila na tržni razvoj in tržne priložnosti naslednjih let, bi lahko označili z gesli: „nova obsežna organizacija menedžmenta kreditnih tveganj“, „BB se osredotoča na osnovno poslovanje“, „utrditev BB kot regionalne banke“ in „strožji stroškovni menedžment“.
In view of the small size of BB, Austria made a cautious assessment of the criterion of restoring long-term viability and that of avoiding undue distortions of competition, indicating that, under the guidelines (point 36), small and medium-sized enterprises are not generally required to implement any compensatory measures.
Avstrija v zvezi z majhnostjo BB temeljito tehta med kriteriji za ponovno vzpostavitev dolgoročne donosnosti in preprečevanjem nesprejemljive izkrivljenosti konkurence ter opozarja, da v skladu s smernicami (robna številka 36) majhna in srednja podjetja načeloma ne rabijo izvajati nasprotnih aktivnosti.
Austria then gave the reasons why BB only slightly exceeded the threshold for an SME.
V nadaljevanju Avstrija predstavi razloge, zaradi katerih BB le za malo presega pragovno vrednost majhnih in srednje velikih podjetij.
Austria explained that, given the bank’s small size, it came as no surprise that BB was not in a position to offer any very substantial compensatory measures.
Zaradi majhnosti banke Avstrija ni bila presenečena, da BB ni sposobna utežnih protiaktivnosti.
It was true that BB had subsidiaries that were active in key areas of banking, but a sale of such holdings would significantly erode the bank’s substance.
BB ima v lasti nekaj hčerinskih podjetij, ki pa delujejo v bistvenih področjih bančnega poslovanja in tako bi odsvojitev take udeležbe močno posegla v strukturo podjetja.
Moreover, BB had no appreciable foreign business and even the number of its domestic branches (16) was extremely small.
V nadaljevanju nima BB pomembnega poslovanja v tujini, s 16 podružnicami pa je omejeno tudi njeno poslovanje znotraj države.
According to Austria, the insignificant market position of BB ruled out any danger of competition being distorted and its difficulties were attributable in no way to aggressive market behaviour but to the events of lesser magnitude mentioned above, particularly in connection with the fraud.
Po mnenju Avstrije majhen tržni delež BB izključuje nevarnost izkrivljanja konkurence. Avstrija je opozorila tudi na dejstvo, da težave BB niso posledica agresivnega tržnega vedenja, temveč omenjenih omejenih dogodkov, še posebej v okviru goljufije.
Austria also maintained that the aid for BB had not increased the bank’s equity but had simply provided collateral for its non-performing loans, with the result that no value adjustments had to be carried out and its liabilities could be prevented from exceeding BB’s core capital.
Avstrija je opozorila tudi na to, da pomoč v prid BB ni povišala lastnih sredstev banke, temveč je bila le zasilno zagotovilo za terjatve, tako da ni bilo potrebe po popravku vrednosti in so lahko preprečili, da bi obveznosti presegle osnovni kapital BB.
Furthermore, Austria pointed out that BB and its almost exclusive area of activity were located in an assisted area covered by Article 87(3)(a) of the EC Treaty. It referred both to the corresponding rules in the guidelines (recital 20) and to the aggravated circumstances that obtained at the time of the financial difficulties.
Avstrija je v nadaljevanju opozorila, da se BB in izključno njeno področje delovanja po členu 87(3)(a) Pogodbe ES nahajata v regiji prejemnici pomoči, ter se sklicevala na ustrezne določitve v smernicah (uvodna izjava 20), kot tudi na otežene razmere v času finančnih težav.
As regards the compensatory measures (sale of holdings, closure of a branch, decision to desist from granting Federal loans), Austria provided details on the value and the reduction effect of each measure and gave the reasons why further reductions would jeopardise the bank’s viability.
Glede nasprotnih aktivnosti (odsvojitev udeležb, zaprtje poslovalnic, odpoved dodeljevanja državnih posojil) navaja Avstrija natančne podatke o vrednosti posameznih ukrepov oz. njihovem zmanjševalnem učinku ter navede razloge, zaradi katerih bi nadaljnji zmanjševalni ukrepi ogrozili obstoj banke.
BB also made considerable efforts to bring staff costs down to the average level customary in the banking sector and planned in the medium term to sell off property that was not needed.
BB se je v nadaljevanju izjemno trudila, da je stroške osebja privedla na povprečen nivo v bančnem sektorju in srednjeročno načrtuje ločitev od nepremičnih, ki jih ne uporablja.
Further measures were not, therefore, possible as the bank had always striven to be a relatively streamlined business.
Ukrepi, ki presegajo to mejo, niso mogoči, ker je banka že od nekdaj organizirana tako, da ima relativno nizke stroške.
V. AMENDMENTS TO THE AID MEASURES
V. SPREMEMBA POMOŽNIH UKREPOV
By letter dated 19 December 2003, the Austrian authorities notified the Commission that, as part of BB’s privatisation, they intended to amend the aid measures notified previously.
Z dopisom z dne 19. decembra 2003 so avstrijske oblasti sporočile, da nameravajo v okviru privatizacijskega postopka BB objavljene ukrepe za pomoč spremeniti.
The guarantee agreement of 20 June 2000 is to be amended as follows:
Garancijski sporazum z dne 20. junija 2000 naj bi spremenili na sledeč način:
BB’s annual profits will no longer be used to reduce the amount guaranteed by the Province of Burgenland, which will be reduced only by the amounts that are represented by the guaranteed claims arising from the HOWE affair and will accrue to BB in the years ahead.
Letni dobiček BB ne bo več uporabljen za zmanjšanje zneska, ki ga je dežela Gradiščanska položila kot garancijo. Garancijska vsota dežele Gradiščanske bo zmanjšana samo za tiste zneske, ki so v zvezi z garantiranimi kreditnimi terjatvami iz kompleksa HOWE in bodo v naslednjih letih za BB izterljivi.
The guarantee payments will be extended as follows: BB will be able to call on the guarantee provided by the Province of Burgenland at the earliest when the annual accounts for the financial year 2025 (instead of 2010 as at present) are closed.
Garancijska plačila se podaljšajo na sledeč način: BB bo lahko uveljavila garancijo dežele Gradiščanske najhitreje z izdajo letnega poročila za poslovno leto 2025 (in ne za sprva predvideno poslovno leto 2010).
However, the Province will have the right to make the open guarantee payment to BB in full or only in part as from the moment that the annual accounts for the financial year 2010 are closed.
Zvezna dežela pa lahko sama odloči, ali bo po letnem poročilu za poslovno leto 2010 izplačala BB odprto garancijo v celoti ali po delih.
Until 30 June 2011 the current interest rate of 5 % and, as from 1 July 2011, the then five year interest rate will apply each year on a current-account basis in respect of the amount of the guarantee.
Do 30. junija 2011 naj velja 5 % obrestna mera, od 1. julija 2011 pa tistega dne veljavna 5 letna obrestna mera na leto, kontokorentna od vsakokratnega garancijskega zneska.
Similarly, as from 1 July 2016 and 1 July 2021, the then five-year interest rate will apply each year on a current-account basis in respect of the guaranteed amount.
Podobno bo od 1. julija 2016 in od 1. julija 2021 veljala tistega dne veljavna pet letna obrestna mera, ki je kontokorentna od vsakokratnega garancijskega zneska.
The framework agreement of 23 October 2000 is to be amended as follows:
Okvirni sporazum z dne 23. oktobra 2000 bo spremenjen na sledeč način:
BB’s annual profits will no longer be used to meet the better-fortune obligation towards Bank Austria Creditanstalt AG;
Letni dobiček BB ni uporabljen za kritje prevzetih obveznosti za izboljšavo stanja zoper Bank Austria Creditanstalt AG.
the Province of Burgenland will meet the better-fortune obligation towards Bank Austria Creditanstalt AG and will pay the amount still outstanding under the guarantee agreement immediately prior to the privatisation of BB with a one-off payment to Bank Austria Creditanstalt AG.
Dežela Gradiščanska pokrije obveznosti za izboljšavo stanja banki Bank Austria Creditanstalt AG in neposredno pred privatizacijo BB v enkratnem znesku Bank Austria Creditanstalt AG izplača še neplačan znesek iz Garancijskega sporazuma.
According to Austria, the amendment regarding use of annual profits to reduce the amounts guaranteed will take effect only if BB is actually privatised.
Po sporočilu avstrijskih upravnih organov pride do spremembe v smislu porabe letnega dobička za zmanjšanje garancijskih zneskov samo, če bo BB resnično privatizirana.
If the Province of Burgenland were not to sell BB, the two guarantees would thus remain unchanged, the amounts guaranteed would be further reduced by BB’s annual profits and BB’s better-fortune obligation would remain unchanged.
Dokler dežela Gradiščanska ne bo prodala BB, ostaneta obe garanciji nespremenjeni, garancijski zneski pa se dalje manjšajo za letni dobiček BB oz. se Sporazum o izboljšavi stanja BB ne spremeni.
POSITION OF AUSTRIA ON THE DECISION TO EXTEND THE PROCEDURE
AVSTRIJSKO STALIŠČE O RAZŠIRITVI POSTOPKA
According to Austria, the Provincial Government regarded BB’s privatisation as the key component of the restructuring plan that will provide the best possible guarantee of the bank’s long-term viability.
Po navedbah Avstrije si deželna vlada pri prestrukturiranju BB najbolj prizadeva za njeno privatizacijo, saj bi ji s tem zagotovila najboljšo možnost za dolgoročno poslovanje.
By way of announcements placed in the media on 17 November 2003, the call for expressions of interest was published.
Z oddajanjem oglasov v občilih dne 17. novembra 2003 so bili zainteresirani pozvani, da priglasijo svoj interes.
By March/April 2004 at the latest, after completion of the compulsory due diligence process, negotiations with the individual bidders would begin.
Najkasneje marca/aprila 2004 – po izvedbi obveznega postopka pravnega pregleda (due diligence) – bo prišlo do pogajanj s posameznimi ponudniki.
In order to obtain the best possible price for BB, it would be necessary, therefore, for the Province of Burgenland to release BB from all its obligations under the better-fortune agreement with Bank Austria Creditanstalt AG.
Za doseg najboljšega izkupička v primeru prodaje BB je potrebno, da dežela Gradiščanska osvobodi BB vseh obveznosti iz sporazuma o izboljšavi stanja, ki ga je sklenila z Bank Austria Creditanstalt AG.