natgillin/translations-raw huggingface dataset:
BAWAG-PSK could at best exert pressure on Austria with regard to an extension, if the requirements for a drawdown prevail.
BAWAG-PSK bi lahko v zvezi s podaljšanjem vsekakor izvrševal učinkovit pritisk na Avstrijo, če bi obstajali pogoji za uveljavljanje.
This would require the threat of insolvency of BAWAG-PSK.
Za to je bila potrebna nevarnost stečaja BAWAG-PSK.
In such a case BAWAG-PSK would first have to request its owners to pay and force them to disclose their financial circumstances.
BAWAG-PSK bi moral svoje lastnike vnaprej pozvati k plačilu in prisiliti k razkritju premoženjskega stanja.
These would be high hurdles for a drawdown so that the guarantee cannot be assumed to be of ‘de facto endless duration’.
To bi bila velika ovira za uveljavljanje jamstva, tako da jamstvo ne bi moglo imeti „dejanske neomejene veljave“.
Also from an economic point of view the guarantee could not be regarded as unlimited.
Tudi z gospodarskega vidika jamstva ni mogoče označiti kot neomejenega.
BAWAG-PSK would avail itself of a series of other options to cover its capital requirements upon expiration of the one-year guarantee term, even in case the Bank cannot be sold.
BAWAG-PSK bi imel tudi v primeru neuspešne prodaje vrsto možnosti, da svoje kapitalske zahteve po poteku enoletnega trajanja jamstva krije na drug način.
Firstly, the Bank's profits would lead to an improved equity.
Prvič, dobički banke bi privedli do izboljšanja kapitalskih zahtev.
Secondly, it could reduce its capital requirement by reducing its risk assets.
Drugič, BAWAG-PSK lahko zmanjša svoje kapitalske zahteve z zmanjšanjem deleža tveganja.
Thirdly, there would always be the possibility to recourse to third party equity.
Tretjič, obstaja tudi možnost sprejetja zunanjega kapitala.
During the immediate ‘bank run’ crisis in May 2006, these possibilities were not made use of due to time pressure.
Med krizo množičnega dvigovanja bančnih vlog maja 2006 te možnosti zaradi časovnega pritiska niso bile na voljo.
Had the Bank not been sold, it would have had the possibility to follow these approaches.
Če ne bi prišlo do prodaje, bi imela banka možnost uporabiti te pristope.
According to Austria the guarantee could not be economically considered as having been durably paid into the assets of BAWAG-PSK (paid in).
Po mnenju Avstrije jamstva z gospodarskega vidika ni mogoče označiti kot trajno vplačanega v premoženje BAWAG-PSK („paid in“).
A new owner would have to replace this amount by its own contribution.
Nov lastnik bi moral ta znesek nadomestiti s svojim vložkom.
There is no automatic mechanism concerning its extension.
V zvezi s podaljšanjem jamstva ne obstaja samodejni mehanizem.
A purchaser would not simply inject equity in the same amount upon expiration of the guarantee but would have a number of options to handle possible financial straits of BAWAG-PSK.
Kupec po poteku jamstva ne bi enostavno vložil zneska, enakega višini lastniškega kapitala. Nasprotno, imel bi več možnosti, kako obravnavati morebitne finančne težave BAWAG-PSK.
The probability of a drawdown would also be limited by the specific modalities of the guarantee.
Verjetnost uveljavljanja bi bila še naprej omejena s posebnimi oblikami jamstva.
In particular, the fact that the guarantee is only a deficiency guarantee would minimise the risk.
Tveganje bi zmanjšalo zlasti dejstvo, da je jamstvo zgolj jamstvo za pokritje morebitne izgube.
The liability of Austria is only conceivable in the event of threatened insolvency of BAWAG-PSK.
Jamstvo Avstrije bi prišlo v poštev samo v primeru, da bi BAWAG-PSK grozil stečaj.
Such insolvency would be very unlikely as a result of and after the granting of the guarantee.
Takšen stečaj pa bi bil prav zaradi zagotovitve prevzema jamstva zelo malo verjeten.
Regarding Austria's awareness of the effective value of BAWAG-PSK, given the activity of the FMA, Austria was, at the moment of granting the State guarantee, sufficiently informed about the economic situation of BAWAG-PSK.
Glede poznavanja dejanske vrednosti BAWAG-PSK je bilo pojasnjeno, da je Avstrija preko dejavnosti FMA v času prevzema jamstva dobila zadostne informacije o gospodarskem stanju BAWAG-PSK.
Up to the granting of the State guarantee, Austria saw BAWAG-PSK basically as an economically viable company, which temporarily needed support until its sale.
Do odobritve jamstva je Avstrija obravnavala BAWAG-PSK kot podjetje, ki je načeloma sposobno preživeti, vendar potrebuje do prodaje nekaj pomoči, da prebrodi težave.
Regarding comparability with other financial instruments, Austria explained that the guarantee would not be similar to a capital injection, provided no drawdown takes place.
V zvezi s primerjavo z drugimi finančnimi instrumenti je Avstrija pojasnila, da državnega jamstva ni mogoče primerjati z dotokom kapitala, vse dokler ne pride do uveljavljanja jamstva.
The default likelihood at a FSR rating of E+ being as low as 5,49 % would mean that there would not be any payment to BAWAG-PSK with a probability of almost 95 %.
Tveganje neplačila pri FSR E+ znaša samo 5,49 %, kar pomeni, da obstaja skoraj 95-odstotna verjetnost, da BAWAG-PSK ne bo uveljavljal jamstva.
Austria concluded that for the purpose of calculating the aid element, the State guarantee would be indirectly comparable with a guarantee securing liabilities such as it was granted in the case of CFF.
Avstrija je zastopala stališče, da je državno jamstvo za namen izračuna elementa pomoči posredno primerljivo na primer z jamstvom za obveznosti iz primera CFF.
With a guarantee securing all liabilities of the Bank the rating of BAWAG-PSK would have considerably improved and clearly achieved an A rating. This improved rating would have had an immediate positive effect on the Bank's cost of funds.
Z jamstvom za vse obveznosti banke bi se ocena BAWAG-PSK znatno dvignila in dosegla oceno A. Takšno izboljšanje ocene bi imelo neposreden pozitivni učinek na stroške refinanciranja banke.
This in turn would have improved the performance of the Bank.
Tako bi se učinkovitost banke izboljšala.
Together with the rating, this would at least have clearly improved its chances of obtaining fresh capital.
Skupaj z oceno bi se znatno izboljšala tudi možnost banke za pridobitev svežega kapitala.
A guarantee securing liabilities could thus also indirectly ensure the necessary Tier 1 capital ratio.
Tudi jamstvo za obveznosti bi tako posredno zagotovilo potreben osnovni kapital prvega reda.
The calculation of the aid element should thus be based on the amount of economic benefit from the point of view of the recipient of the aid.
Izračun elementa pomoči bi moral torej temeljiti na višini gospodarske vrednosti z vidika prejemnika pomoči.
Whether the government elects to recur to a State guarantee or to different means than a private investor must in no way influence the determining of the amount of the aid element involved.
Nasprotno pa na izračun ne sme vplivati to, ali država poseže po državnem jamstvu ali kakšnem drugem sredstvu kot zasebni vlagatelj.
As a result of the grounds resulting in a lower risk and the short duration due to the anticipated sale of the Bank in the near future, the probability of default of B2 would appear realistic and fair.
Zaradi razlogov, ki zmanjšujejo tveganje, in zaradi časovne omejitve zaradi pričakovane prodaje banke v bližnji prihodnosti se zdi verjetnost neplačila pri oceni B2 realna in poštena.
The aid element in the guarantee would therefore amount to EUR 49 million [21].
Element pomoči prevzema jamstva bi zato znašal 49,1 milijona EUR [21].
Considering the guarantee fee of 0,2 % for the first year, the net aid value would be EUR 47,2 million [22].
Ob upoštevanju plačila za jamstvo v višini 0,2 % v prvem letu bi element pomoči znašal 47,3 milijona EUR neto [22].
Austria explained that a plausibility check of this calculation would be that if Austria had granted the entire amount not as a guarantee but rather as a genuine loan, interest would have been owed for this in approximately the same range.
Verodostojnost tega izračuna je mogoče dokazati s tem, da bi obresti pri odobritvi posojila v takšnem znesku znašale prav toliko, kot znaša plačilo za jamstvo.
Austria added that the expected loss of the guarantee does not only result from the probability of default but also from the level of the losses in the default case.
Avstrija je še navedla, da je treba v zvezi s pričakovanim neplačilom upoštevati ne le verjetnost neplačila, temveč tudi obseg neplačil.
The above calculation is based on a default rate in the default case of 100 %.
V uvodni izjavi 83 predstavljen izračun izhaja iz kvote neplačil v primeru 100-odstotnega neplačila.
The consideration of an adequate default rate in the default case of 50 % [23] would lead to a significantly lower aid value of approximately EUR 25 million. In addition, a private investor would also consider capital costs of approximately EUR 10 million [24].
Pri 50-odstotnem neplačilu [23] bi bila vrednost pomoči znatno manjša in bi znašala okoli 25 milijonov EUR. Poleg tega bi zasebni vlagatelj upošteval tudi stroške kapitala v višini okoli 10 milijonov EUR [24].
Therefore in total the value of the guarantee would amount to approximately EUR 35 million minus the guarantee fee of EUR 1,8 million.
Zato bi skupna vrednost jamstva znašala okoli 35 milijonov EUR minus plačilo za jamstvo v višini 1,8 milijona EUR.
In taking into account the EUR 24,7 billion liabilities affected by the rating the economic value of the guarantee would amount to EUR 49,4 million.
Ob upoštevanju obveznosti v višini 24,7 milijarde EUR, na katere je vplivala ocena, znaša ekonomska vrednost jamstva 49,4 milijona EUR.
Austria argued that the aid element would in any case be far from the nominal value of the guarantee.
Avstrija je pojasnila, da bi se element pomoči v vsakem primeru močno razlikoval od nominalne vrednosti jamstva.
The capital market has hybrid equity instruments with clear features of liabilities, which the banking supervision regulations accept as Tier 1 capital.
Kapitalski trg pozna hibridne lastniške instrumente, ki imajo izrazite značilnosti obveznosti, ki jih bančni predpisi prepoznavajo kot temeljni kapital.
These instruments, due to banking supervision regulations, would have lengthy minimum terms, which as a rule are at least 10 years.
Vendar bi imeli ti instrumenti zaradi bančnih predpisov dolge minimalne roke veljavnosti, praviloma najmanj 10 let.
Such instruments would be subject to a fixed rate of return, which is of course higher than the rate to be paid for a one-year instrument.
Za takšne instrumente bi veljala fiksna stopnja donosa, ki bi bila seveda višja od stopnje za enoletni instrument.
Banks with a rating comparable to that of BAWAG-PSK issued hybrid capital in spring/summer 2006 with a ten-year minimum term and bearing interest rates of approximately 5,1 %:
Banke, katerih ocena je primerljiva z oceno BAWAG-PSK, so spomladi/poleti 2006 izdale hibridni kapital z desetletnim minimalnim rokom veljavnosti z obrestno mero okoli 5,1 %.
Overview of hybrid capital emissions from banks with comparable ratings
Izdaje hibridnega kapitala bank s primerljivo oceno
Issuer
Izdajatelj
Rating at the time of issuing
Ocena v času izdaje
6 June 2006
junij 2006
Restoration of the firm's long-term viability
Ponovna vzpostavitev dolgoročne rentabilnosti podjetja
Austria completed the restructuring plan by submitting an updated base case scenario and a sensitivity analysis including an optimistic and pessimistic scenario.
Avstrija je načrt za prestrukturiranje dopolnila s posodobljenim osnovnim scenarijem in analizo občutljivosti z vključitvijo optimističnega in pesimističnega scenarija.
The base case scenario is the following (Table 4):
Osnovni scenarij je naslednji (Tabela 4):
(in million EUR)
(v milijonih EUR)
Statement of income pursuant to Handelsgesetzbuch
Izračun dobička in izgub po trgovinskem zakoniku
Net interest yield
Neto obrestni donos
Income from investment
Donosi iz naložb
Income from commissions
Donosi iz provizij
Other operational income
Drugi prihodki iz poslovanja
Operational income
Prihodki iz poslovanja
Personnel expenses
Odhodki za zaposlene
Material expenses
Materialni izdatki
Write-offs
Odpisi
Other operational expenses
Drugi stroški poslovanja
Risk management and evaluation of financial assets
Obvladovanje tveganja in ovrednotenje finančnih naložb
Result of common business activities
Rezultat običajnih poslovnih dejavnosti
Annual net profit
Čisti letni dobiček
Austria explained that in the context of the current market conditions the planning for 2007 had to be updated.
Avstrija je pojasnila, da je bilo treba ob upoštevanju sedanjih tržnih pogojev posodobiti načrt za leto 2007.
In total the annual net profit of EUR […] million decreased to about […] % of the initial expected value.
Čisti letni dobiček v višini […] milijonov EUR se je znižal na okoli […] % prvotno pričakovanega zneska.
Austria also explained the underlying assumptions and key financial ratios of the base case scenario.
Avstrija je pojasnila temeljne predpostavke osnovnega scenarija in pomembne finančne kazalnike.
The plan for the years 2008 and following was not changed.
Načrt za leto 2008 in naslednja leta je ostal nespremenjen.
The main reasons for the changes in the base case scenario are:
Najpomembnejši razlogi za spremembe v osnovnem scenariju so:
the shift in the slope of the interest curve in the long term,
dolgoročna sprememba naraščajoče krivulje obresti,
the slower return than expected of the lost savings deposits and clients accounts during the ‘bank run’,
nepričakovano počasna vrnitev hranilnih vlog in računov strank, izgubljenih v obdobju množičnega dvigovanja bančnih vlog,
the bottleneck in liquidity and necessity to sell asset positions in order to increase liquidity,
likvidnostne težave in potreba po prodaji premoženja za izboljšanje likvidnosti,
the continuation of negative communication about BAWAG-PSK in the media,
nadaljevanje negativnega poročanja medijev o BAWAG-PSK,
the stagnation of commercial credit business due to the lack of liquidity.
mirovanje kreditnih poslov zaradi nezadostne likvidnosti.
Austria expressed that the main assumptions which vary in the optimistic and pessimistic scenario are the net interest yield, income from investment and provisions, the growth of the commercial business, the personal and material expenses and the risk margin.
Avstrija je poudarila, da so glavne predpostavke, ki se v optimističnem in pesimističnem scenariju razlikujejo, neto obrestni donos, donosi iz naložb in provizij, rast poslovanja, odhodki za zaposlene in material ter kritje tveganja.
In the pessimistic scenario the result of common business activities will increase from EUR […] million in 2007 to EUR […] million in 2011, being about […] % below the result of common business activities in the base case.
V pesimističnem scenariju se rezultat iz običajnih poslovnih dejavnosti poveča z […] milijonov EUR v letu 2007 na […] milijonov EUR v letu 2011 in je tako za približno […] % pod rezultatom iz običajnih poslovnih dejavnosti v osnovnem scenariju.
In the optimistic scenario the result of common business activities will achieve EUR […] million in 2011 based on EUR […] million in 2007. Thus in the optimistic case in 2011 the result of common business activities will be about […] % above the result in the base case.
V optimističnem scenariju pa je rezultat iz običajnih poslovnih dejavnosti v letu 2007 […] milijonov EUR in v letu 2011 […] milijonov EUR. Tako je v optimističnem scenariju rezultat iz običajnih poslovnih dejavnosti v letu 2011 za približno […] % višji kot v osnovnem scenariju.
Austria explained that the restructuring plan would be appropriate to restore the long-term viability of BAWAG-PSK.
Po mnenju Avstrije načrt za prestrukturiranje omogoča ponovno vzpostavitev dolgoročne rentabilnosti BAWAG-PSK.
The successfully completed tender procedure on 14 December 2006 would be the best market test in order to prove the plausibility of the restructuring plan.
decembra 2006 uspešno zaključen razpis je bil najboljši preskus trga v zvezi z verodostojnostjo načrta za prestrukturiranje.
In offering a total investment of EUR […] billion for BAWAG-PSK Cerberus clearly confirmed that it believes in the long-term profitability of the Bank.
Cerberus je s ponudbo v skupni višini […] milijard EUR jasno pokazal, da je prepričan v dolgoročno rentabilnost banke.
According to Austria, the specific risks in particular related to the ‘Refco’ complaints in the USA, the non-performance of the obligations of BAWAG-PSK shareholders towards US creditors and the court ruling on variable rate clauses (Zinsgleitklausel) have been sufficiently taken into account in the restructuring plan:
Po mnenju Avstrije so bili posebna tveganja v zvezi s tožbami, povezanimi z Refcom v Združenih državah, neizpolnjevanje obveznosti delničarjev BAWAG-PSK do ameriških upnikov in sodba sodišča v zvezi s klavzulami o spremenljivi obrestni meri v načrtu za prestrukturiranje upoštevani v zadostni meri:
the risk resulting from complaints of ‘Refco’ complaints in the USA, would be marginal would therefore not have to be considered individually in the accounts and are covered by the general provisions,
Tveganje v zvezi s tožbami upnikov Refca v ZDA je majhno in ga zato v bilancah ni treba upoštevati posamezno; tveganje je krito s splošnim zavarovanjem tveganja.
the risk of non-performance of the obligations of the shareholders of BAWAG-PSK towards the US creditors would no longer exist.
Tveganje neizpolnjevanja obveznosti delničarjev BAWAG-PSK do ameriških upnikov ne obstaja več.
On 18 December 2006 BAWAG-PSK and its direct and indirect owners signed an agreement which clarifies the obligation of each party. According to the agreement BAWAG-PSK and its owners mutually renounce to their right of recourse,
decembra 2006 so BAWAG-PSK ter njegovi posredni in neposredni lastniki podpisali pogodbo o obveznostih pogodbenih strank; s to pogodbo so se BAWAG-PSK in lastniki vzajemno odpovedali pravici do ugovora.
the risk resulting from the Court ruling on variable rate clauses (Zinsgleitklauseln) has been globally provisioned in the BAWAG-PSK accounts.
Tveganje, ki izhaja iz sodbe sodišča v zvezi s klavzulami o spremenljivi obrestni meri, je upoštevano v splošnih rezervacijah v bilanci BAWAG-PSK.
Austria recalls that two special-purpose vehicles have been created by private banks on the one hand and insurance companies on the other hand, in order to strengthen the capital ratios of BAWAG-PSK.
Avstrija opozarja, da sta bili osnovani dve družbi za posebne finančne posle (v nadaljevanju „SPV“) zasebnih bank na eni strani in zavarovalniških družb na drugi strani, in sicer za okrepitev temeljnega kapitala BAWAG-PSK.
Austria explained that the creation of SPVs to strengthen the equity base of BAWAG-PSK in conjunction with various Austrian banks, on the one hand, and Austrian insurers, on the other hand, would show that competitors have in turn taken the financial difficulties of BAWAG-PSK as an occasion to implement short-term support measures in order to safeguard the reputation of Austria as a financial centre.
Po mnenju Avstrije je ustanovitev SVP za okrepitev lastniškega kapitala BAWAG-PSK v povezavi z več avstrijskimi bankami na eni strani in avstrijskimi zavarovalniškimi družbami na drugi strani znak, da so konkurenti sprejeli gospodarske težave BAWAG-PSK kot priložnost za kratkoročne ukrepe podpore za ohranitev ugleda avstrijskega finančnega trga.
It would be illogical for competitors of BAWAG-PSK to temporarily provide financial support for the Bank through the SPVs, if they expect a noticeable distortion of competition from the State guarantee.
Ne bi bilo logično, da bi konkurenti BAWAG-PSK s pomočjo SPV začasno nudili finančno podporo, hkrati pa bi državno jamstvo omogočilo pomembno izkrivljanje konkurence.
Indeed, the approach of banks and insurers rather shows that the continued existence of BAWAG-PSK, which the State guarantee secures, has never been and will not be regarded as a distortion of competition.
Nasprotno, ravnanje bank in zavarovalniških družb kaže, da se z državnim jamstvom zagotovljen nadaljnji obstoj BAWAG-PSK ni obravnaval kot izkrivljanje konkurence in se kot takšen tudi ne bo obravnaval.
Furthermore, no third party submitted comments regarding the Commission's opening decision.
Poleg tega Komisija ni prejela nobene pripombe tretje strani v zvezi z njeno odločitvijo o sprožitvi postopka.
The State guarantee thus would not lead to a distortion of competition in the view of other competitors.
Državno jamstvo torej tudi po mnenju drugih konkurentov ni vodilo do izkrivljanja konkurence.
Austria is of the view that an important compensation to be considered is the sale of BAWAG-PSK by its former owner ÖGB.
Avstrija meni, da je prodaja BAWAG-PSK s strani prejšnjega lastnika, ÖGB, pomemben kompenzacijski ukrep.
The sale would underline the joint wish for a durable restructuring of the Bank.
Prodaja je poudarila skupno željo po trajnem prestrukturiranju banke.
According to Austria, the sale of companies in difficulty constituted an essential step toward their durable restructuring.
Prodaja podjetja v težavah predstavlja pomemben korak k trajnemu prestrukturiranju.
It could generally be assumed that a company will more likely be durably viable under the control of a new, private owner and that this ensures that the company will not have to rely on State aid again [26].
Na splošno je po mnenju Avstrije mogoče domnevati, da podjetje pod nadzorom novega, zasebnega lastnika prej postane dolgoročno sposobno za preživetje, kar pa zagotavlja, da podjetje ne bo več potrebovalo državne pomoči [26].
Although there is no privatisation in this present case, the transfer of BAWAG-PSK as a whole under the control of an experienced private investor is a step toward overcoming the difficulties of the past and enabling positive economic development.
Čeprav v zadevnem primeru ni šlo za privatizacijo, predstavlja popoln prenos BAWAG-PSK pod nadzor izkušenega zasebnega vlagatelja pomemben korak k premagovanju težav iz preteklosti in omogočanju pozitivnega gospodarskega razvoja.
Furthermore, the sale of the Bank would enable an extremely high contribution within the meaning of the guidelines, in order to finance the restructuring of BAWAG-PSK at de facto 100 %.
Poleg tega bi prodaja banke omogočila zelo visok lastni prispevek v smislu smernic za dejansko stoodstotno financiranje prestrukturiranja BAWAG-PSK.
The sale of BAWAG-PSK would secure the viability of the Bank, since the BAWAG-PSK owners are able to service their liabilities toward the Bank by recurring to the sales price.
S prodajo BAWAG-PSK bi bilo mogoče zagotoviti sposobnost preživetja banke, saj bi lahko lastniki BAWAG-PSK s pomočjo nakupne cene med drugim poskrbeli tudi za obveznosti do banke.
This allows them to restore the assured value of the present receivables of BAWAG-PSK.
Tako bi bilo mogoče ponovno določiti vrednost tekočih terjatev BAWAG-PSK.
The sale thus would prove to be a central element of the restructuring of BAWAG-PSK.
Prodaja bi se tako izkazala za ključni element prestrukturiranja BAWAG-PSK.
The associated costs are eventually financed entirely from the sale of the Bank rather than from the State guarantee.
S tem povezani stroški se v tem primeru ne bi krili iz jamstva, temveč v celoti iz prodaje banke.
Austria informed the Commission that the following divestures had already taken place:
Avstrija je Komisiji sporočila, da so bile izvedene naslednje dezinvesticije:
Business field
Poslovno področje
Sale Oesterreichische Nationalbank
Prodaja banke Österreichische Nationalbank
Sale Kinomax Sp.z o.o.
Prodaja podjetja Kinomax Sp.zo.o.
Real property services
Nepremičninske storitve
14 December 2006
december 2006
Sale Vienna real property, 1010 Vienna
Prodaja nepremičnine na Dunaju, 1010 Dunaj
8 May 2006
maj 2006
Sale HOBEX AG
Prodaja podjetja HOBEX AG
Direct debiting authorisation
Odobritev direktnih obremenitev
29 March 2007
marec 2007
Sale Funk International Austria GmbH
Prodaja podjetja Funk International Austria GmbH
Insurance broker
Zavarovalniško posredništvo
Sale Cosmos Elektrohandels GmbH & Co KG ODER COSMOS Geschäftsführungs- und Beteiligungs GmbH
Prodaja podjetja Cosmos Elektrohandel GmbH & Co KG ali COSMOS Geschäftsführungs- und Beteiligungs-GmbH
Retail trade
Maloprodaja