natgillin/translations-raw huggingface dataset:
Austria confirmed that a ‘market fee’ would have been between EUR 32 and EUR 49 million per year.
Kot je potrdila Avstrija, bi tržna cena za jamstvo znašala med 32 in 49 milijonov EUR letno.
Therefore, the condition under (d) is not fulfilled.
Zato tudi pogoj (d) ni izpolnjen.
As a consequence, the State guarantee confers an advantage on BAWAG-PSK.
Zato daje državni prevzem jamstva gospodarsko prednost BAWAG-PSK.
The Commission concludes that the State guarantee granted to BAWAG-PSK is a State aid.
Komisija je sklenila, da državni prevzem jamstva za BAWAG-PSK predstavlja državno pomoč.
Illegality of the State aid
Nezakonitost državne pomoči
The aid is illegal as it was granted by Austria on 8 May 2006, with retroactive effect from 31 December 2005, before the Commission decided on its compatibility.
Pomoč je Avstrija dodelila 8. maja 2006 s povratno veljavo od 31. decembra 2005, tj. pred odločbo Komisije o združljivosti pomoči s skupnim trgom.
To determine the aid element in the guarantee, the Commission has to examine whether and under which terms and conditions, in similar circumstances, an investor/guarantor operating in normal conditions of a market economy would have granted the guarantee.
Za določitev elementa pomoči, vsebovanega v prevzemu jamstva, mora Komisija preveriti, ali in pod kakšnimi pogoji bi vlagatelj/porok, ki deluje pod običajnimi tržnimi pogoji, v podobnih okoliščinah prevzel jamstvo.
The attitude of a hypothetical investor is that of a prudent investor [30], whose goal of profit maximisation is tempered with caution about the level of risk acceptable for a given rate of return. [31]
Hipotetični vlagatelj deluje kot preudaren vlagatelj [30], ki želi svoje dobičke povečati, ne da bi pri tem prevzel prevelika tveganja za svoj dobiček [31].
The specific nature of the guarantee granted by Austria
Posebnosti prevzema jamstva, ki ga je zagotovila Avstrija
According to paragraph 3.1 of the Notice on guarantees, the aid element should be assessed by reference to the specific details of the guarantee.
V skladu z odstavkom 3.1 Obvestila je treba element pomoči oceniti s sklicevanjem na posebnosti jamstva.
In the present case, the guarantee provided collateral for specific non-performing loans of BAWAG-PSK in the amount of EUR 900 million. The consequence was that the assets remained valuable and no value adjustments, generating additional losses of EUR 900 million in the 2005 accounts, had to be carried out.
V zadevnem primeru je prevzem jamstva služilo kot zavarovanje za posebna problematična posojila BAWAG-PSK v višini 900 milijonov EUR. Zaradi prevzema jamstva je aktiva ohranila svojo vrednost in niso bili potrebni popravki vrednosti, ki bi povzročili nadaljnje izgube v višini 900 milijonov EUR v letnem zaključnem računu za leto 2005.
In this regard, the effect and character of the guarantee is similar to that of a capital injection [34].
Učinki in značilnosti prevzema jamstva so v tem oziru primerljivi s tistimi iz dokapitalizacije [34].
BAWAG-PSK's core capital ratio could thus be prevented from decreasing below the minimum statutary requirements.
Na ta način se je mogoče izogniti temu, da bi temeljni kapital BAWAG-PSK padel pod zakonsko določene minimalne zahteve.
The Commission concludes that the present guarantee is not comparable to guarantees securing all liabilities of a bank [35].
Komisije je sklenila, da zadevni prevzem jamstva ni primerljiv z jamstvom za vse obveznosti banke [35].
Such guarantees provide direct claims to the creditors of the bank.
Pri tovrstnem jamstvu imajo upniki banke neposredno pravico do terjatev.
In the case of insolvency, the guarantor has to meet the liabilities, which cannot be satisfied from its assets.
V primeru stečaja mora porok prevzeti obveznosti, ki jih ni mogoče pokriti iz premoženja banke.
Economically, this type of guarantee reduces the cost of refinancing of the bank via debt/bonds.
Z gospodarskega vidika se s takšnimi jamstvi stroški refinanciranja banke zmanjšajo preko obveznic.
The Commission recognises that in guaranteeing the recoverability of about 1,6 % of the total assets of the Bank in the deficiency case, the guarantee has also a limited indirect effect on the security of the liabilities but the overall impact of the guarantee can not be considered as comparable.
Komisija priznava, da prevzem jamstva s tem, ko zagotavlja ponovno vzpostavitev okoli 1,6 % celotne aktive banke v primeru neplačila, v omejenem obsegu posredno zavaruje tudi obveznosti, vendar pa skupnega učinka prevzema jamstva ni mogoče obravnavati kot primerljivega.
Thus from the guarantee granted by France in the CFF case [36], covering all CFF's liabilities, no relevant conclusion can be drawn for the present case.
Zato iz jamstva, ki ga je Francija dodelila v zadevi CFF [36] in ki je krilo vse obveznosti banke, ni mogoče ustrezno sklepati glede zadevnega primera.
Subject to the conditions set by the guarantee agreement, in the case of the continuation of the existence of an economic threat to the Bank, the guarantee can be drawn.
Pod pogoji, določenimi v garancijski pogodbi, je jamstvo mogoče uveljavljati v primeru, da je banka še naprej gospodarsko ogrožena.
BAWAG-PSK confirmed in its 2006 annual accounts that ‘the guarantee can be drawn if the insolvency threatens only because the guarantee expiration date of 1 July 2007 approaches. Austria can avoid the drawdown in prolonging its duration.’
BAWAG-PSK je v letnem zaključnem računu za leto 2006 potrdil naslednje: „Uveljavljanje jamstva je dovoljeno tudi v primeru, če bi stečaj grozil samo zato, ker jamstvo preneha 1. julija 2007; Avstrija se lahko s podaljšanjem jamstva izogne njegovemu uveljavljanju.“ Porok bi lahko izgubil do 900 milijonov EUR, ne da bi obdržal deleže v banki, ki bi mu omogočali udeležbo pri morebitnih poznejših pozitivnih trendih.
The guarantor could then lose up to EUR 900 million without keeping any stake in the Bank, which would allow him to participate in a potential later upward trend. The sale scenarios
Scenariji prodaje
A key condition for the granting of the State guarantee is the declaration of commitment by the shareholders to the federal government to transfer all shareholdings in BAWAG-PSK or AVB to third parties.
Pomemben pogoj za dodelitev jamstva je obljuba delničarjev BAWAG-PSK zvezni vladi, da bodo vse svoje deleže v BAWAG-PSK ali AVB prenesli na tretjo osebo.
This selling commitment sets the main scene for evaluating the aid amount in the State guarantee.
Ta obveznost prodaje tvori najpomembnejšo podlago za oceno državnega jamstva.
The Commission considers that the claim of the guarantee, and as a consequence the aid element in the guarantee, depends directly on the total investment of the potential purchaser, consisting of the sales price and on the willingness of the buyer to invest in additional equity.
Po mnenju Komisije sta uveljavljanje in s tem element pomoči prevzema jamstva neposredno odvisna od skupne naložbe potencialnega kupca, tj. od prodajne cene in pripravljenosti kupca za naložbe v lastniški kapital.
In this context, it is recalled that Austria writes in the restructuring plan that ‘the success of the reorganisation and the continuation of the Bank depend decisively upon a high sales price.
V zvezi s tem je treba opomniti, da Avstrija v načrtu za prestrukturiranje navaja, „da sta uspeh sanacije in nadaljnje delovanje banke močno odvisna od visoke prodajne cene.
Any reduction of the sales price below EUR […] billion as the result of compensation measures has a direct influence on the Bank.’
Vsako znižanje prodajne cene pod […] milijard EUR zaradi kompenzacijskih ukrepov neposredno vpliva na banko“.
Any reduction of the total investment of the purchaser below EUR […] billion would, in the absence of additional equity support or short-term reductions of the risk assets, increase the risk that the guarantee has to be triggered.
Vsako znižanje celotne naložbe kupca pod […] milijard EUR bi ob pomanjkanju dotoka dodatnega lastniškega kapitala ali kratkoročnih znižanjih tveganega kapitala povečalo verjetnost uveljavljanja jamstva.
The Commission has assessed the guarantee and the attached conditions and concluded that at the time the guarantee was granted, a private investor/guarantor would have considered three major scenarios in its risk assessment:
Komisija je ocenila jamstvo in pogoje za njegovo uveljavljanje ter sklenila, da bi zasebni vlagatelj/porok v času prevzema jamstva pri analizi tveganja upošteval tri pomembne scenarije:
First, the sale of the Bank before June 2007 at a total investment (sale price + capital investment) of the purchaser above EUR […] billion with the consequence that the guarantee can be abolished on the day of the closing without being drawn.
prvi scenarij: prodaja banke pred junijem 2007 s skupno naložbo (prodajna cena + dokapitalizacija) kupca v višini več kot […] milijard EUR, tako da bi jamstvo na dan sklenitve posla poteklo brez njegovega uveljavljanja;
Second, the sale of the Bank before June 2007 at a total investment below EUR […] billion with the consequence that the guarantee is partially or fully drawn.
drugi scenarij: prodaja banke pred junijem 2007 s skupno naložbo v višini manj kot […] milijard EUR, tako da se jamstvo delno ali v celoti uveljavlja;
Third, the sale of BAWAG-PSK is not achieved before June 2007.
tretji scenarij: prodaja BAWAG-PSK ne bi bila izvedena pred junijem 2007.
In this scenario, the guarantee, even if progressively reduced (by the annual positive results of the Bank, the decreased risk assets, etc.), has to be prolonged for an unknown period.
V tem primeru je treba jamstvo – čeprav bi se celotni znesek (zaradi dobička banke ali zmanjšanja tveganega kapitala) postopno zmanjšal – podaljšati za nedoločen čas.
Otherwise, the guarantee is very likely to be drawn which would imply heavy losses by the State.
V nasprotnem primeru bi se jamstvo najverjetneje uveljavljalo, kar pa bi privedlo do velikih izgub države.
While Austria asserted that BAWAG-PSK could generate the necessary capital reserves, through capital injection by new investors [37] or through successive annual positive results, or could establish another, less ambitious, restructuring plan, requiring less core capital, thus giving more room to the bank to reduce further the guarantee amount, the Commission is of the opinion that such hypotheses, which cannot be excluded, would however not have been taken into account by a private investor/guarantor at the time the guarantee was granted because the alternative scenarios would have been too hypothetical.
Avstrija je sicer navedla, da bi BAWAG-PSK potrebne kapitalske rezerve lahko pridobil z dokapitalizacijo novega vlagatelja [37] ali z več pozitivnimi letnimi rezultati ali pa s pripravo drugega, manj ambicioznega načrta za prestrukturiranje, ki bi zahteval manj temeljnega kapitala, s tem pa bi banka imela več prostora za zmanjšanje zneska jamstva, vendar pa po mnenju Komisije zasebni vlagatelj/porok v času prevzema jamstva takšne hipoteze, ki je sicer ni mogoče izključiti, ne bi upošteval, saj bi bili alternativni scenariji preveč hipotetični.
In particular, in the case of a less ambitious restructuring plan than on which they are based, a private guarantor would have considered that Austria would prolong the guarantee in July 2007 if need be.
Zlasti bi zasebni vlagatelj v primeru načrta za prestrukturiranje, ki bi bil manj ambiciozen od tistega, na katerem temeljijo scenariji, izhajal iz tega, da bi Avstrija, če bi bilo to potrebno, julija 2007 podaljšala jamstvo.
The Commission does not share Austria's view that the prolongation of the guarantee in July 2007 would not be certain if the Bank were not sold before.
Komisija se ne strinja z Avstrijo, da podaljšanje jamstva julija 2007 ne bi bilo gotovo, če banka pred tem ne bi bila prodana.
The Commission assessed the other options asserted by Austria to cover the Bank's capital requirements upon expiration of the one-year guarantee term in case the Bank cannot be sold.
Komisija je preučila druge možnosti, ki jih je navedla Avstrija za izpolnitev zahtev po lastniškem kapitalu v primeru poteka enoletnega trajanja jamstva, če banke ne bi bilo mogoče prodati.
The Commission is of the opinion that such hypotheses, which can not be excluded, would however not have been taken into account by a private investor/guarantor at the time the guarantee was granted because the alternative scenarios on which they are based are hypothetical or have a negative impact on the Bank's business plan.
Sklenila je, da tovrstne hipoteze sicer niso izključene, vendar pa jih zasebni vlagatelj/porok v času prevzema jamstva ne bi upošteval, saj so alternativni scenariji, na katerih temeljijo, hipotetični oziroma imajo negativen učinek na poslovni načrt banke.
In the short and medium term, the planned profits would not allow the Bank to improve its equity considerably [38].
Pričakovani rezultati banke kratko- in srednjeročno ne bi omogočali znatnega povečanja lastniškega kapitala [38].
The reduction of its capital requirement by reducing its risk assets would have a negative impact on the Bank's future profitability [39] and the recurrence to third party equity can be regarded as similar to a partial sale of the bank [40].
Zmanjšanje zahtev po lastniškem kapitalu z zmanjšanjem tveganega kapitala bi imelo negativen učinek na prihodnjo donosnost banke [39], zatekanje k zunanjemu kapitalu pa bi bilo mogoče primerjati z delno prodajo banke [40].
Ideally, the Commission would grant a probability to each of the three scenarios at the time the guarantee was granted.
Najbolje bi bilo, če bi Komisija vsakemu scenariju pripisala stopnjo verjetnosti za čas prevzema jamstva.
The aid amount could then be deducted.
Tako bi bilo mogoče izpeljati znesek pomoči.
However, on the basis of the available information the Commission was unable to determine precisely the probability of each scenario.
Vendar pa Komisija na podlagi razpoložljivih informacij ni mogla natančno določiti verjetnosti scenarijev.
At the time the guarantee was granted the future development of BAWAG-PSK was not clearly predictable.
V času prevzema jamstva ni bilo jasno predvidljivo, kako se bo BAWAG-PSK razvijal.
Austria claimed that, in view of the activity of the FMA, it was, at the moment of granting the State guarantee, sufficiently informed about the economic situation of BAWAG-PSK, and that it made estimates on the three above mentioned scenarios.
Avstrija navaja, da je v času prevzema jamstva preko dejavnosti FMA razpolagala z zadostnimi informacijami v zvezi z gospodarskim stanjem BAWAG-PSK in da je ocenila verjetnost treh opisanih scenarijev.
Its conclusion would have been that only the first scenario was relevant.
Kot izvedljivega je označila samo prvi scenarij.
However, no supporting evidence was provided by Austria on this issue.
Vendar pa Avstrija v zvezi s tem ni predložila nobenih dokazov.
No precise data was transmitted to the Commission for instance on the valuation of the Bank, which would have been made before the granting of the guarantee by Austria.
Komisija na primer ni prejela nobenih natančnih podatkov v zvezi z vrednotenjem banke pred prevzemom jamstva.
The value of BAWAG-PSK in April/May 2006, when the Law was adopted, can only be estimated through rough calculations:
Vrednost banke v času sprejetja zakona aprila/maja 2006 je mogoče oceniti samo s pomočjo grobega izračuna:
using available documents, a private guarantor may have used a methodology based on discounted cash flows (DCF).
Na podlagi razpoložljivih dokumentov bi lahko zasebni porok uporabil metodo diskontiranega denarnega toka (DCF).
However, such an approach, based on prospective figures over a reasonable timeframe, leads to figures where the terminal value represents a very high percentage of the total value.
Vendar pa takšen pristop, ki temelji na predvidenih številkah za ustrezno časovno obdobje, privede do številk, pri katerih končna vrednost predstavlja zelo visok odstotek celotne vrednosti.
As an example, using the net profit indicated in the business plan submitted by Austria in September 2006 (as proxy for the information available to the private guarantor in April/May 2006), the DCF results in a value of EUR […] billion [41], with the terminal value equal to 85 % of the latter amount.
Na primer: neto dobiček, naveden v poslovnem načrtu, ki ga je Avstrija predložila septembra 2006 (kot približek podatkov, razpoložljivih zasebnemu poroku aprila/maja 2006), s pomočjo metode DCF izkaže vrednost […] milijard EUR [41], pri čemer je končna vrednost 85 % tega zneska.
Therefore, the Commission considers that the method does not allow for sound conclusions in the present case as it is too dependent on the terminal value;
Ker je ta metoda preveč odvisna od končne vrednosti, po mnenju Komisije v zadevnem primeru ne omogoča zanesljivih sklepov.
using the purchase price of BAWAG-PSK, of EUR […] billion (which was not known in spring 2006), and the equity value as of 31 December 2005, of EUR 1,7 billion, a goodwill, representing the value of customers and branch network, can be computed. Its value is around EUR […] billion. Then, the sum of equity as of 31 December 2005 and of the goodwill, minus the capital injection to be made by the new owners of EUR […] million and the Refco payment of EUR […] million linked to the purchase price, lead to an estimated value of BAWAG-PSK in spring 2006 of around EUR […] billion [42].
Na podlagi prodajne cene za BAWAG-PSK v višini […] milijard EUR (spomladi 2006 ni bila znana) in vrednosti lastniškega kapitala na dan 31. decembra 2005 v višini 1,7 milijarde EUR je mogoče izračunati poslovno vrednost (vrednost strank in mreže podružnic), ki znaša okoli […] milijard EUR. Iz zneska lastniškega kapitala na dan 31. decembra 2005 in poslovne vrednosti, brez dokapitalizacije novih lastnikov v višini […] milijonov EUR ter plačila Refca v višini […] milijonov EUR v povezavi s prodajno ceno, se izkaže ocenjena vrednost BAWAG-PSK spomladi 2006 v višini okoli […] milijard EUR [42].
The Commission has also to consider that a severe time constraint existed in April/May 2006, when the private guarantor would have had to intervene.
Komisija mora tudi upoštevati, da je bil časovni pritisk aprila/maja 2006, ko bi zasebni porok moral ukrepati, zelo velik.
Only a few weeks were available to assess in depth the Bank's financial situation and make an offer.
Za temeljito analizo finančnega stanja banke in predložitev ponudbe je bilo na voljo le nekaj tednov.
A run on the bank had started, creating a major danger for the liquidity of the bank.
Množično dvigovanje bančnih vlog je predstavljalo veliko nevarnost za likvidnost BAWAG-PSK.
A continuation of the development for even a short period of time would have had lethal consequences for BAWAG-PSK.
Če bi se takšno stanje nadaljevalo, pa četudi le za kratek čas, bi bilo to za banko usodno.
The time constraint, associated to the significant amount of the required guarantee, made any intervention by a private operator extremely difficult, if not at all possible.
Zaradi časovnega pritiska in visokega zneska jamstva so bile ponudbe zasebnih udeležencev na trgu zelo malo verjetne ali pa sploh nemogoče.
In addition, various uncertainties remained, for instance in respect to the Refco case in the USA. Moreover, a private guarantor would have had to assess whether its intervention would have been sufficient, compared to a State guarantee, to stop the run on the bank.
Poleg tega so obstajale še druge negotovosti, na primer v povezavi z zadevo Refco v ZDA, zasebni porok pa bi moral presoditi, ali bi bili njegovi posegi – v primerjavi z državnim jamstvom – zadostni za zaustavitev dvigovanja bančnih vlog.
In view of the above described circumstances, the Commission concludes that:
Na podlagi zgoraj opisanih okoliščin je Komisija sklenila naslednje:
the timing of the sale and the level of the purchase price of BAWAG-PSK were unknown variables, bearing very important risks for a market oriented guarantor;
čas prodaje in višina prodajne cene za BAWAG-PSK sta bila dva neznana dejavnika, ki sta za tržno usmerjenega poroka predstavljala veliko tveganje;
the time constraints were increasing to a very significant extent the difficulty for an operator to intervene;
zaradi časovnega pritiska je udeleženec na trgu težko oddal ponudbo;
the intrinsic value of the Bank was not so low as to fully exclude that a market guarantor would have granted the EUR 900 million, however conditioned on the high fees.
realna vrednost banke ni bila tako nizka, da bi bilo mogoče popolnoma izključiti prevzem jamstva v skupnem znesku 900 milijonov EUR s strani zasebnega poroka, vendar pa bi bil pogoj za to plačilo visokega nadomestila za jamstvo.
In fact, the Commission is of the view that a private investor would have been more prone to intervene with a capital injection, which would have given a stake in the Bank, and decision-making power to ensure success of the restructuring.
Po mnenju Komisije bi bil zasebni vlagatelj bolj naklonjen dokapitalizaciji, s katero bi si zagotovil delež v banki in pravico do odločanja za zagotovitev uspešnega prestrukturiranja.
However, according to both the Commission and Austria, no private investor would have been willing to provide funds which would be considered as equity capital [43].
Vendar pa se Komisija in Avstrija strinjata, da noben zasebni vlagatelj ne bi bil pripravljen zagotoviti sredstev, ki bi se obravnavala kot lastniški kapital [43].
Finally, a guarantee would not have appeared technically as a fully appropriate instrument for a market investor also because the very high fee requested would have hampered any prospect of profitability and therefore counteracted the effect of the guarantee.
Jamstvo se zasebnemu vlagatelju ne bi zdelo primeren instrument tudi zato, ker zahtevano visoko plačilo poslabša možnosti donosa, to pa je v nasprotju z jamstvom.
Actually, the granting of the guarantee reflects the interests of Austria, which were mainly to re-establish the trust of the investors and partners in the stability of the Bank and the financial sector in Austria.
Prevzem jamstva odraža interese Avstrije, ki so bili predvsem ponovno vzpostaviti zaupanje vlagateljev in partnerjev v stabilnost banke ter v avstrijski finančni sektor.
In addition, Austria has vast capacity and favourable conditions as a guarantor (triple A rating).
Avstrija kot porok razpolaga z obsežnimi zmogljivostni in ugodnimi pogoji (ocena AAA).
As a consequence, the Commission considers that the aid amount involved in the guarantee could only be estimated within a range.
Zato je po mnenju Komisije element pomoči, ki je vsebovan v jamstvu, mogoče oceniti samo v določenem razponu.
The upper value of this range is EUR 898 million, i.e. the nominal value of the guarantee minus the guarantee fee of 0,2 % paid by the Bank.
Zgornja meja tega razpona leži pri 898 milijonih EUR, tj. pri nominalnem znesku jamstva minus plačilo za jamstvo v višini 0,2 %.
Fixing the lower value is the most complex; the Commission estimates that this lower value could be at least two-third of the nominal value of the guarantee.
Določitev spodnje meje je precej bolj zapletena; po mnenju Komisije bi ta lahko predstavljala najmanj 2/3 nominalnega zneska jamstva.
Analyses put forward by Austria
Analize, ki jih je predložila Avstrija
The Commission assessed the analyses conducted by Austria regarding the aid element in the guarantee and considers that these analyses are inadequate for different reasons.
Komisija je preverila analize, ki jih je Avstrija predložila v zvezi z elementom pomoči v jamstvu. Sklenila je, da so te analize iz več razlogov nezadostne.
First, the Commission is of the view that BAWAG-PSK's FSR and the corresponding payment default risk does not reflect the risk of the guarantor in the three relevant scenarios.
Po mnenju Komisije FSR banke BAWAG-PSK in ustrezno tveganje neplačila ne kažeta tveganja poroka v treh zadevnih scenarijih.