natgillin/translations-raw huggingface dataset:
Essentially, Moody's FSR rating remains unchanged for each of the scenarios, because from an investor point of view the guarantee of EUR 900 million is similar to an already effected capital increase of the same amount.
FSR agencije Moody's ostaja v vseh scenarijih skorajda nespremenjena, saj je jamstvo v višini več kot 900 milijonov EUR z vidika vlagatelja primerljivo z izvedenim povečanjem kapitala v enakem znesku. V prvem scenariju kapital povečajo prihodnji lastniki banke.
In fact, in the first scenario, the capital increase is fully executed by the future owner of the bank; in the second scenario, the capital increase is partially executed by the future owner of the bank and the remaining amount drawn on the guarantee; finally in the third scenario, the guarantee remains in place (even with a decreasing value) as long as no appropriate capital injection has been made or as long as the bank has not generated the necessary financial means.
V drugem scenariju povečanje kapitala delno izvedejo prihodnji lastniki banke, za preostali znesek pa se upošteva jamstvo. V tretjem scenariju jamstvo ostane (čeprav z upadajočo vrednostjo), dokler ni izvedena ustrezna dokapitalizacija ali dokler banka ne ustvari potrebnih finančnih sredstev.
By contrast, the risk of the guarantor depends strongly on the probability of each scenario, because the duration of the guarantee and the triggered amount of the guarantee vary considerably as a consequence of the timing and price of the sale of BAWAG-PSK.
Tveganje poroka pa je močno odvisno od verjetnosti posameznih scenarijev, saj sta trajanje jamstva in upoštevani znesek jamstva zelo različna glede na čas prodaje BAWAG-PSK in pri tem dosežene cene.
In its assessment of the risk of the drawdown of the guarantee by means of the FSR, Austria only considered the scenario under which the sale of BAWAG-PSK will be completed at the latest on 1 July 2007 at a total investment by the purchaser of at least EUR […] billion. Consequently the guarantee would only be triggered in the case of deficiency of BAWAG-PSK before the sale.
Avstrija je pri oceni tveganja uveljavljanja jamstva, ki temelji na FSR, upoštevala samo scenarij, po katerem se prodaja izvrši najpozneje do 1. julija 2007, kupec pa izvede skupno naložbo v višini najmanj […] milijard EUR. Po tem scenariju bi se jamstvo uveljavljalo samo pri neplačilu BAWAG-PSK pred njegovo prodajo.
The Commission is of the view that, at the time the guarantee was granted, the future development of BAWAG-PSK was not predictable and all major scenarios described above had to be evaluated in the risk assessment.
Komisija pa zastopa stališče, da nadaljnji razvoj BAWAG-PSK v času prevzema jamstva ni bil predvidljiv in da je treba pri oceni tveganja preučiti vse opisane scenarije.
As a conclusion, the Commission considers that the FSR and the corresponding payment default risk are inappropriate indicators for the evaluation of the aid amount in the guarantee.
Zato po mnenju Komisije FSR in ustrezna verjetnost neplačila nista primerni za oceno zneska pomoči, vsebovanega v jamstvu.
The Commission considers that the plausibility check brought forward by Austria is irrelevant.
Komisija je preverjanje verodostojnosti, ki jo je izvedla Avstrija, označila za nepomembno.
A loan is not qualified as equity capital under BWG and would not prevent the capital ratio from falling below the statutory requirements.
Posojilo po BWG ni lastniški kapital in ne bi preprečilo zmanjšanja temeljnega kapitala pod zakonsko določene zahteve.
The Commission is of the opinion that Austria's alternative evaluation of the guarantee by determining the theoretical refinancing advantage for BAWAG-PSK resulting from the guarantee is also inappropriate.
Komisija tudi meni, da je ravnanje Avstrije, ki je jamstvo ovrednotila z določitvijo teoretične prednosti refinanciranja za BAWAG-PSK, neprimerno.
The indicated Asset Swap Spread is based on ratings which take into account the potential support provided by the state and thus do not reflect the intrinsic stability of BAWAG-PSK.
Navedeni obseg zamenjave sredstev („asset swap spread“) temelji na ocenah, ki upoštevajo možno državno podporo in zato ne odražajo dejanske stabilnosti BAWAG-PSK.
The Commission also notes that regarding the BGB case, the Commission conducted an in-depth analysis on the probability that the guaranteed risks would materialise.
Komisija nadalje ugotavlja, da je bila v zadevi BGB izvedena poglobljena analiza verjetnosti pojava tveganj, ki jih krije jamstvo.
Because some risks were very unlikely, the reasonable scenario (economic value) assessed by the Commission lead to an aid element in the guarantee below the nominal value of the latter.
Ker so bila nekatera tveganja malo verjetna, je Komisija na podlagi za ta primer ustreznega scenarija („gospodarska vrednost“) ugotovila, da je element pomoči zadevnega jamstva pod nominalno vrednostjo.
Regarding the CWP case, the guarantees referred to by Austria enabled CWP to obtain loans on better financial terms than those normally available on the financial markets.
V zadevi CWP so jamstva, ki jih je dodelila Avstrija, temu podjetju zagotovila posojila pod ugodnejšimi finančnimi pogoji od tržnih.
This is not the situation encountered in the present case.
Te okoliščine v zadevnem primeru niso prisotne.
However, after having analysed the specific situation of CWP, the Commission concluded that the market price of the guarantees at stake would have been the reference interest rate plus 400 basis points.
Potem ko je Komisija preverila poseben položaj CWP, je prišla do zaključka, da bi tržna cena zadevnega jamstva ustrezala referenčni obrestni meri plus 400 baznih točk.
In the BAWAG-PSK case, the Commission has also conducted a specific in-depth economic analysis of the occurrence of each aspect of the three possible scenarios in order to figure out the aid value in the State guarantee.
V zadevi BAWAG-PSK je Komisija prav tako izvedla temeljito analizo vseh vidikov treh možnih scenarijev, da bi določila vrednost pomoči državnega jamstva.
Therefore, the Commission does not consider that its methodological approach in the present case departs from the previous cases quoted by Austria.
Zato Komisija meni, da se njena metodologija v zadevnem primeru ne razlikuje od postopkov, uporabljenih v zadevah, ki jih je navedla Avstrija.
Compatibility of the illegal aid
Združljivost pomoči s skupnim trgom
Article 87(3)(b)
Člen 87(3)(b) Pogodbe ES
The Commission is of the view that Austria has not demonstrated that BAWAG-PSK's insolvency/bankruptcy would have had systemic implications on the Austrian financial system and, more globally, on the whole Austrian economy.
Po mnenju Komisije Avstrija ni dokazala, da je imel stečaj BAWAG-PSK sistemske učinke na avstrijski finančni sistem in, v širšem smislu, na celotno avstrijsko gospodarstvo.
Austria acknowledged that it is hardly possible to provide a quantitative estimate of the potential consequences of an insolvency of the bank for the entire economy.
Avstrija meni, da je skoraj nemogoče podati številčno oceno morebitnih posledic stečaja banke na celotno gospodarstvo.
In this context, the Commission is of the view that at least 95 % of the depositors' accounts would have had a deposit of less than EUR 20000 and would therefore have been guaranteed against BAWAG-PSK insolvency by means of the legally minimum guaranteed deposit fund.
V zvezi s tem bi po mnenju Komisije vloge na najmanj 95 % računov strank znašale manj kot 20000 EUR in bi jih bilo v primeru stečaja BAWAG-PSK mogoče kriti z zakonskim jamstvom za vloge.
The fact that other banks could have been called upon for securing deposits in the case of insolvency is not enough in itself to justify that all operators in the Austrian banking sector would have been endangered.
Dejstvo, da bi bilo v primeru stečaja za zavarovanje vlog mogoče zaprositi druge banke, ne opravičuje tega, da bi bili ogroženi vsi udeleženci na avstrijskem bančnem trgu.
In June 2006, the OeNB stated that, despite the problems encountered by BAWAG-PSK and Hypo Alpe-Adria Bank, the Austrian banking system had developed well over 2005.
Junija 2006 je OeNB pojasnila, da se je avstrijski bančni sistem v letu 2006 kljub težavam BAWAG-PSK in banke Hypo Alpe-Adria Bank razvijal pozitivno.
The results of stress tests demonstrated the high resistance to shocks of the banking system.
Rezultati testov izjemnih situacij so pokazali visoko odpornost bančnega sistema na šoke.
In general, the Austrian banking system was considered in good shape.
Na splošno je avstrijski bančni sistem veljal za dobrega.
Furthermore, the Commission practice in applying Article 87(3)(b) has been very restrictive.
Komisija je člen 87(3)(b) vedno uporabljala zelo omejevalno.
The last time this article was applied was in the 80s, when the Greek economy faced serious economic imbalances following accession and when the Community itself had authorised specific exceptional measures aiming at correcting the situation [44].
Nazadnje je bil uporabljen v 80. letih prejšnjega stoletja, ko se je grško nacionalno gospodarstvo po vstopu v EU borilo s hudo nestabilnostjo, Skupnost pa je za odpravo težav odobrila posebne izredne ukrepe [44].
The Commission considers in principle that an aid benefiting one operator only could not address the kind of situation targeted by the second part of Article 87(3)(b).
Komisija načeloma meni, da pomoči z enim samim upravičencem niso primerne za odpravo težav, na katere se navezuje drugi del člena 87(3)(b).
In the Crédit Lyonnais case [45], where the bail out measures were worth around EUR 20 billion [46], the Commission did not consider that the aid was ‘designed to remedy serious economic disruption, since its purpose is to resolve the problems of a single recipient, Crédit Lyonnais, as opposed to the acute problems facing all operators in the industry.’ Therefore, the aid was not authorised pursuant to Article 87(3)(b) but on the basis of Article 87(3)(c) as a compatible restructuring aid.
V zadevi Crédit Lyonnais [45], v kateri so bili ukrepi pomoči vredni okoli 20 milijard EUR [46], po mnenju Komisije ni šlo za „pomoč za odpravo resne motnje v gospodarstvu, saj je [bil] namen pomoči odpraviti težave enega samega upravičenca, Crédit Lyonnais, ne pa težav celotne gospodarske panoge.“ Pomoč torej ni bila dodeljena po členu 87(3)(b) Pogodbe ES, temveč na podlagi člena 87(3)(c) kot pomoč za prestrukturiranje, ki je združljiva s skupnim trgom.
As a consequence, the Commission considers that Article 87(3)(b) is not applicable in the present case.
Zato Komisija meni, da v zadevnem primeru ni mogoče uporabiti člena 87(3)(b).
According to paragraph 15 of the guidelines, a rescue aid is by nature temporary and reversible assistance, whose primary objective is to make it possible to keep an ailing firm afloat for the time needed to work out a restructuring or liquidation plan.
V skladu z odstavkom 15 smernic je pomoč za reševanje začasen in povraten ukrep podpore, ki naj bi podjetju pomagal tako dolgo, dokler ni izdelan načrt prestrukturiranja ali likvidacije.
According to the same point 15 of the guidelines, such aid cannot be longer than six months.
Po točki 15 smernic takšna pomoč ne more trajati več kot šest mesecev.
The guarantee was implemented on 6 June 2006 (and, in principle, until the sale of BAWAG-PSK or July 2007).
Prevzem jamstva je bil odobren 6. junija 2006 (načeloma do prodaje BAWAG-PSK oz. do julija 2007).
Its duration exceeds the six-month limit set by the guidelines.
Trajanje jamstva presega v smernicah določeno najdaljše obdobje šestih mesecev.
In addition, it indeed entered effectively and retroactively into force as from 31 December 2005.
Poleg tega je jamstvo začelo veljati s povratno veljavo 31. decembra 2005.
In conclusion, the guarantee cannot be considered as compatible as a rescue aid according to the guidelines.
Prevzem jamstva zato v skladu s smernicami ni mogoče obravnavati kot pomoč za reševanje, združljivo s skupnim trgom.
The guidelines set out criteria all of which must be met if restructuring aid is to be authorised:
Smernice vsebujejo merila, ki morajo biti izpolnjena za odobritev pomoči za prestrukturiranje:
a plan, that has to be fully implemented, will restore long-term viability;
predložiti je treba načrt za prestrukturiranje za ponovno vzpostavitev dolgoročne rentabilnosti, ki ga je treba v celoti izvesti;
the aid has to be limited to the minimum;
pomoč mora biti omejena na najmanjši možni znesek;
undue distortions of competition have to be avoided.
treba se je izogniti neupravičenemu izkrivljanju konkurence.
Restoration of long-term viability (paragraphs 34 to 37 of the guidelines)
Ponovna vzpostavitev dolgoročne rentabilnosti (odstavki 34 do 37 smernic)
The transfer of BAWAG-PSK as a whole under the control of an private investor is regarded by the Commission as a central element for solving the difficulties of the past and enabling positive economic development for the Bank.
Za komisijo je prenos celotnega BAWAG-PSK pod nadzor zasebnega vlagatelja ključnega pomena za reševanje nastalih težav in za pozitiven gospodarski razvoj banke.
Indeed, as recalled by Austria, it could 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.
Dejansko je mogoče, kot navaja Avstrija, domnevati, da ima podjetje pod nadzorom novega, zasebnega lastnika boljše možnosti za dolgoročno rentabilnost, kar zagotavlja, da ne bodo potrebne dodatne pomoči.
The sale proves to be a key aspect of the restructuring of BAWAG-PSK.
Prodaja je ključni element prestrukturiranja BAWAG-PSK.
An updated restructuring plan prepared by BAWAG-PSK was communicated to the Commission in January 2007.
Januarja 2007 je BAWAG-PSK posredoval Komisiji posodobljen načrt za prestrukturiranje.
The Commission considers the changes (versus the initial restructuring plan) in the hypotheses and assumptions as relevant in order to accurately reflect the most recent economic conditions and assessed the key financial ratios as realistic and achievable.
Spremembe (v primerjavi s prvotnim načrtom) v zvezi s hipotezami in domnevami so po mnenju Komisije pomembne za natančno predstavo o trenutnem gospodarskem položaju; pomembne finančne podatke je Komisija ocenila kot realistične in dosegljive.
Overall, the Commission regards the market assumptions on which the plan is based as appropriate and is of the opinion that the expected return on capital is enough to enable BAWAG-PSK to compete in the Austrian and international financial market on its own merit.
Komisija meni, da so tržne napovedi, na katerih temelji načrt, primerne in da je pričakovani donos dovolj visok, da bo BAWAG-PSK omogočil, da preživi na avstrijskem in mednarodnem finančnem trgu.
Furthermore, as shown by the detailed description of the circumstances that led the bank to difficulties, the strengthening of risk control is essential to avoid repeating the severe mistakes of the past.
Kot kaže natančen opis okoliščin, ki so banko pripeljale v težave, je boljše obvladovanje tveganja izjemno pomembno, da se prepreči ponavljanje hudih napak iz preteklosti.
This issue has been comprehensively addressed by the bank's new management in 2006; three main measures have been implemented:
Tega vprašanja se je novo vodstvo banke resno lotilo leta 2006, zlasti s tremi glavnimi ukrepi:
the introduction of a corporate governance code and new rules of procedure for the managing directors,
uvedbo kodeksa upravljanja javnih delniških družb in novega poslovnika za direktorje;
the changes in risk controlling and installation of a chief risk officer, and
spremembo obvladovanja tveganja in nastavitvijo predstojnika za obvladovanje tveganja;
the improvement of the processes for instructing payment of invoices [47] from the point of view of risk.
izboljšavo postopkov nakazovanja plačil z vidika tveganja [47].
The Commission regards these measures as appropriate.
Ti ukrepi so po mnenju Komisije primerni.
Regarding the specific risk mentioned in the opening decision, relating to Refco, the risk of non-performance of the obligations of the shareholders in BAWAG-PSK towards the US creditors, and variable rate clauses (Zinsgleitklauseln), the Commission is of the view that they are sufficiently reflected in the restructuring plan.
Komisija meni, da so posebna tveganja, opisana v odločitvi o sprožitvi postopka preiskave v zvezi z Refcom, tveganja neizpolnjevanja obveznosti delničarjev BAWAG-PSK do ameriških upnikov in klavzule o spremenljivi obrestni meri zadostno upoštevani v načrtu za prestrukturiranje.
The 2006 result (Bilanzgewinn) is already slightly positive at EUR 0,2 million, while the annual surplus (Jahresüberschuss) is EUR […] million. The latter is better than forecasted in the restructuring plan.
Leta 2006 je bil dosežen pozitiven bilančni dobiček v višini 0,2 milijona EUR, letni dobiček pa je znašal […] milijonov EUR več od pričakovanega v načrtu za prestrukturiranje.
These figures show that the Bank is developing in line with the restructuring plan.
Te številke dokazujejo, da se banka razvija v skladu z načrtom za prestrukturiranje.
The Commission also assessed the sensitivity analyses, including an optimistic and a pessimistic scenario, submitted by Austria and is of the view that they adequately reflect a potential worst and best case scenario.
Komisija je preverila tudi analizo občutljivosti, ki jo je predložila Avstrija in vsebuje optimističen in pesimističen scenarij, ter meni, da je analiza primerna.
On the one hand, the pessimistic scenario which leads to a result of common business activities of EUR […] million in 2011 is sufficiently robust to ensure the long-term viability of the bank.
Na eni strani vodi pesimistični scenarij do rezultata iz običajne poslovne dejavnosti v višini […] milijonov EUR za leto 2011, kar je vrednost, ki zagotavlja dolgoročno preživetje banke.
On the other hand, in the optimistic scenario, which leads to a result of common business activities of EUR […] million in 2011 BAWAG-PSK expected profitability remains in the range of its competitors.
Na drugi strani pa ostaja pričakovana rentabilnost BAWAG-PSK v optimističnem scenariju z rezultatom iz običajne poslovne dejavnosti v višini […] milijonov EUR v letu 2011 v okviru rentabilnosti konkurentov.
Austria has confirmed that the Consortium will implement the updated restructuring plan prepared by BAWAG-PSK and has therefore fully endorsed it.
Avstrija je potrdila, da bo konzorcij izvedel posodobljeni načrt za prestrukturiranje, ki ga je pripravil BAWAG-PSK, zato je bil načrt v celoti potrjen.
If the aid element in the guarantee depends directly on the total investment of the potential purchaser, the Commission considers that the success of the restructuring of the Bank also depends decisively upon the capital increase to be achieved by the new owners [48].
Ker je element pomoči prevzema jamstva neposredno odvisen od celotne naložbe potencialnega kupca, je uspešno prestrukturiranje banke po mnenju Komisije močno odvisno od povečanja kapitala, ki ga morajo ustvariti novi lastniki [48].
The total investments made by the Consortium, while ensuring that the guarantee will not be drawn, also allow for a proper base funding of the restructuring plan.
Skupne naložbe konzorcija niso namenjene samo preprečevanju uveljavljanja jamstva, temveč tudi pridobitvi kapitala kot podlage za uresničevanje načrta za prestrukturiranje.
The Commission acknowledges that the implementation of major restructuring measures of the restructuring plan, which includes a detailed plan of the Bank's future development until 2011, is planned in the period […].
Komisija je seznanjena s tem, da bo načrt za prestrukturiranje, ki vsebuje izčrpen načrt za nadaljnji razvoj banke do leta 2011, izveden v obdobju […].
To conclude, the improvement in viability of BAWAG-PSK derives mainly from internal measures and the doubts expressed in the opening decision have all received a satisfactory answer.
Če zaključimo, izboljšanje rentabilnosti BAWAG-PSK izhaja predvsem iz notranjih ukrepov, pomislekom, izraženim v odločitvi o sprožitvi postopka, pa je bilo zadoščeno.
The Commission is convinced that the restructuring plan will allow BAWAG-PSK to restore its long-term viability.
Komisija je prepričana, da bo načrt za prestrukturiranje BAWAG-PSK omogočil ponovno vzpostavitev dolgoročne rentabilnosti.
The Commission needs to be kept informed of progress in implementing the plan in full in line with paragraph 44 and 50 of the guidelines.
Komisijo je treba v skladu z odstavkoma 44 in 50 smernic obveščati o napredku pri izvajanju načrta.
Aid limited to the minimum (paragraphs 43 to 45 of the guidelines)
Omejitev pomoči na najnižji možni znesek (odstavki 43 do 45 smernic)
For a large undertaking like BAWAG-PSK, paragraph 44 of the guidelines imposes that, in principle, the contribution of the aid beneficiary should reach 50 % of the restructuring costs.
Pri velikih podjetjih, kakršno je BAWAG-PSK, naj bi lastni prispevek podjetja v skladu s smernicami znašal 50 % stroškov prestrukturiranja.
The restructuring costs amount at least to EUR […] billion. The State guarantee does not directly finance these costs, which are 100 % borne by the Bank and its owners.
Stroški prestrukturiranja znašajo najmanj […] milijard EUR. Ti stroški ne bodo financirani neposredno preko državnega jamstva, temveč jih bodo v celoti krili banka in njeni lastniki.
The divestments also contribute to the financing of the restructuring programme.
Tudi dezinvesticije prispevajo k financiranju programa prestrukturiranja.
Even if the Commission were to consider the full guarantee as an aid helping to finance the restructuring costs, the contribution of BAWAG-PSK, free of aid, would be higher than 50 %.
Tudi če bi Komisija celotni znesek jamstva označila kot pomoč za financiranje stroškov prestrukturiranja, bi lastni prispevek BAWAG-PSK znašal več kot 50 %.
The Commission is of the view that the form and amount of the aid, a State guarantee on non-performing loans allowing for the respect of prudential rules, avoid providing BAWAG-PSK with surplus cash, which could be used for aggressive, market-distorting activities not linked to the restructuring process.
Po mnenju Komisije oblika in višina pomoči – državnega jamstva za problematična posojila, ki omogoča upoštevanje pravil skrbnega in varnega poslovanja – preprečujeta, da bi BAWAG-PSK pridobil presežna sredstva, ki bi jih bilo mogoče uporabiti za agresivno in trgu škodljivo ravnanje, ki ne bi bilo povezano s postopkom prestrukturiranja.
It should also be mentioned that no rescue aid has been granted in the present case.
V zadevnem primeru ni bila dodeljena nobena pomoč za reševanje.
In view of the above, the Commission considers that the aid is limited to the strict minimum needed to restore the long-term viability of the Bank and notes that the contribution by the beneficiary respects the provisions of the guidelines.
Na podlagi zgoraj navedenega Komisija meni, da je pomoč omejena na najmanjši možni znesek, potreben za ponovno vzpostavitev dolgoročne rentabilnosti, in ugotavlja, da je lastni prispevek upravičenca v skladu s smernicami.
Avoidance of undue distortions of competition (paragraphs 38 to 42 of the guidelines)
Izogibanje neupravičenemu izkrivljanju konkurence (odstavki 38 do 42 smernic)
The guidelines state that measures must be taken to mitigate as far as possible any adverse effects of the aid on competitors.
V skladu s smernicami je treba sprejeti ukrepe za zmanjšanje negativnih učinkov pomoči na konkurente.
The measures must be in proportion to the distortive effects of the aid and, in particular, to the relative importance of the firm on its market or markets.
Ukrepi morajo biti sorazmerni z izkrivljajočimi učinki pomoči in zlasti s položajem podjetja na njegovem trgu ali trgih.
The undertakings of BAWAG-PSK submitted to the Commission by Austria are part of the restructuring process.
Obveznosti BAWAG-PSK, ki jih je Avstrija posredovala Komisiji, so sestavni del postopka prestrukturiranja.