natgillin/translations-raw huggingface dataset:
Following the restructuring plan, a total investment below this threshold would not allow ÖGB and its affiliated companies the reimbursement of the loans, and the buyer the ability to conduct the necessary capital injections.
Po načrtu za prestrukturiranje skupna naložba pod tem zneskom ÖGB in njegovim povezanim podjetjem ne bi omogočila vračila posojil, prav tako pa kupec v tem primeru ne bi mogel izpeljati potrebnih povečanj kapitala.
The Commission did not exclude that BAWAG-PSK might have been confronted with additional difficulties due to the massive deposit withdrawals which occurred in spring 2006, and to the downgrading of its rating [15], which increased its re-financing costs.
Komisija ni izključila možnosti, da se je BAWAG-PSK zaradi množičnih dvigov bančnih vlog spomladi leta 2006 in slabših bonitetnih ocen [15] ter zato višjih stroškov refinanciranja soočal še z dodatnimi težavami.
These aspects would only appear in the 2006 accounts.
To bi se pokazalo šele v letni bilanci za leto 2006.
Moreover, promotion campaigns, based for instance on attractive remuneration offered on savings books, could impact the bank's profitability.
Poleg tega bi lahko oglasne kampanje, ki na primer oglašujejo visoke donose za varčevalne knjižice, prav tako vplivale na rentabilnost banke.
Press articles indicated that BAWAG-PSK could still lose EUR 20 million in 2006.
V časopisnih člankih je bilo opozorjeno, da lahko BAWAG-PSK v letu 2006 utrpi nadaljnje izgube v višini 20 milijonov EUR.
The Commission also drew attention to the fact that the guidelines require that the restructuring plan contains scenarios reflecting best case, worst case and intermediate assumptions.
Komisija nadalje opozarja, da mora načrt za prestrukturiranje po smernicah vsebovati različne scenarije, ki odražajo optimistično, pesimistično in srednjo hipotezo.
The Austrian authorities submitted only a base case scenario which corresponds to the disclosed data in the Information Memorandum provided to the interested parties.
Avstrija pa je predložila samo osnovni scenarij, ki ustreza podatkom za potencialne interesente, razkritim v informacijskem memorandumu.
This business planning was established with a view to selling the Bank.
To poslovno načrtovanje je bilo pripravljeno z namenom prodaje banke.
The Commission has doubts that the underlying assumptions of the business planning meet the conditions of the base case scenario in a restructuring plan.
Komisija dvomi, da temeljne predpostavke iz poslovnega načrtovanja izpolnjujejo pogoje osnovnega scenarija v načrtu prestrukturiranja.
The Commission expected the submission of a best and worst case scenario to prove the robustness and viability of the restructuring plan.
Komisija je pričakovala, da bosta dva scenarija, ki ju je bilo treba še predložiti in od katerih je eden predstavljal optimistično, drugi pa pesimistično hipotezo, dokazala stabilnost in izvedljivost načrta za prestrukturiranje.
The Commission also doubted whether some specific risks had been taken into account in the business plan, in particular:
Podvomila je tudi, da so bila v poslovnem načrtu upoštevana nekatera tveganja, še zlasti:
complaints in the USA: it could not be excluded that additionally threatened complaints (with in part substantial claims) would not be pursued by the plaintiffs with chances for success.
Tožbe v ZDA: ni bilo mogoče izključiti, da nadaljnje tožbe, ki so grozile (deloma z visokimi zahtevki) s strani tožnikov, ne bi bile uspešno rešene.
In order to cover a certain risk (settlements in advance of a possible trial), a precaution was taken in the context of the provision for Refco in the annual financial statements for 2005.
Za določene negotovosti (poravnave pred morebitno tožbo) je bilo poskrbljeno v okviru rezervacije za Refco v letni bilanci za leto 2005.
It also could not be excluded that individual harmed persons would not want to receive payments from the funds available as a result of the settlement with the creditors committee.
Poleg tega ni bilo mogoče izključiti, da posamezni oškodovanci ne bi želeli sprejeti plačil iz poravnave z odborom upnikov.
In this event, such harmed persons could file a complaint against BAWAG-PSK, and the creditors committee would have to refund the proportionate share of the funds to BAWAG-PSK, but it could not be excluded that the payments which would actually have to be made would exceed the refunded amount;
V tem primeru bi lahko ti oškodovanci tožili BAWAG-PSK, odbor upnikov pa bi moral BAWAG-PSK povrniti sorazmeren del sredstev, vendar pa ni mogoče izključiti, da bi dejanska plačila presegala vrnjeni znesek.
non-performance of the obligations of the shareholders in BAWAG-PSK towards the US creditors – in this case, BAWAG-PSK would have had a subordinate liability;
Neizpolnjevanje obveznosti delničarjev BAWAG-PSK do ameriških upnikov – v tem primeru bi imel BAWAG-PSK subsidiarno odgovornost.
the Court ruling on variable rate clauses (Zinsgleitklauseln) mentioned in the 2005 annual financial statements may also have adversely affected BAWAG-PSK.
Sodba sodišča v zvezi s klavzulami o spremenljivi obrestni meri, omenjenimi v letni bilanci za leto 2005, je lahko negativno vplivala na BAWAG-PSK.
The Commission was of the view that an evaluation of these risks would have to be done, in order to set up a comprehensive restructuring plan.
Komisija je zastopala stališče, da je za izdelavo obsežnega načrta za prestrukturiranje potrebna tudi ocena teh tveganj.
The exception laid down in Article 87(3)(c) of the EC Treaty is subject to the condition that the aid does not adversely affect trading conditions to an extent contrary to the common interest.
Izjema po členu 87(3)(c) Pogodbe ES se uporablja samo pod pogojem, da takšna pomoč na spreminja pogojev trgovanja v obsegu, ki bi bil v nasprotju s skupnim interesom.
Paragraphs 38 to 42 of the guidelines state that measures must be taken to mitigate as far as possible any adverse effects of the aid on competitors.
Po odstavkih 38 do 42 smernic je treba sprejeti ukrepe, ki v največji možni meri ublažijo škodljive učinke pomoči na konkurente.
These measures may comprise divestments of assets, reduction in capacity or market presence and reduction of entry barriers on the markets concerned.
Ti ukrepi lahko vključujejo prodajo premoženja, zmanjšanje zmogljivosti, omejitev prisotnosti na trgu ali zmanjšanje vstopnih ovir na zadevnih trgih.
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 and must go beyond those that are necessary in any event for the restoration of viability.
Ukrepi morajo biti sorazmerni z izkrivljajočimi učinki pomoči in zlasti s položajem podjetja na njegovem trgu ali trgih. Ukrepi morajo presegati ukrepe, potrebne za ponovno vzpostavitev rentabilnosti.
When assessing whether the compensatory measures are appropriate the Commission will take account of the market structure and the conditions of competition to ensure that any such measure does not lead to a deterioration in the structure of the market, for example by having the indirect effect of creating a tight oligopolistic situation.
Ko Komisija ocenjuje ustreznost kompenzacijskih ukrepov, upošteva strukturo trga in pogoje konkurence za zagotovitev, da takšni ukrepi ne povzročijo poslabšanja strukture trga, na primer posredne vzpostavitve oligopola.
The compensatory measures initially proposed by Austria consisted in the sale of Bank Frick & Co., BAWAG-PSK's share in the Austrian central bank, the sale of the Polish Kinomax Sp.z o.o. and the Vienna real property.
Kompenzacijski ukrepi, ki jih je v začetku predlagala Avstrija, so bili prodaja banke Frick & Co, deleža BAWAG-PSK v Österreichische Nationalbank, prodaja poljskega podjetja Kinomax SP.z o.o. in nepremičnin na Dunaju.
Since the description of the measures and the extent to which they affect BAWAG-PSK business was rather vague the Commission was not in a position to assess their overall effect.
Ker so bili ukrepi in njihovi učinki na BAWAG-PSK opisani precej nejasno, Komisija ni mogla oceniti njihovega skupnega učinka.
The Commission therefore needed detailed information on the effect of each measure on the assets and the future market positions of BAWAG-PSK, as well as an explicit quantification of those measures and their reduction effects (e.g. in terms of the balance sheet total).
Komisija je potrebovala podrobnejše podatke o učinkih posameznih ukrepov na premoženje in prihodnji tržni položaj BAWAG-PSK, pa tudi podatke o vrednosti teh ukrepov in njihovih učinkih zmanjšanja (npr. glede na bilančno vsoto).
The Commission doubted that additional compensatory measures would reduce the total value of BAWAG-PSK and therefore reduce the possibility to obtain the sales price necessary to service the liabilities.
Komisija je podvomila, da bi nadaljnji kompenzacijski ukrepi zmanjšali skupno vrednost BAWAG-PSK in s tem tudi možnost doseganja nakupne cene, potrebne za poravnavo obveznosti.
Additional divestments of assets would rather reduce the necessary sales price by the amount achieved for the asset.
Dodatna prodaja premoženja bi nakupno ceno zmanjšala za znesek, pridobljen za to premoženje.
The Commission doubted that the severe liquidity crisis of BAWAG-PSK would have lead to a stronger oligopoly in the Austrian banking markets not least because the activities of the bank could have been taken over by a new player on these markets.
Komisija je podvomila, da bi huda likvidnostna kriza BAWAG-PSK vodila do oligopola na avstrijskem bančnem trgu, saj bi dejavnosti banke lahko prevzel nov udeleženec na trgu.
The Commission also drew attention to the fact that the ‘bank run’ in the period September 2005 until June 2006 may not be comparable to a mitigating measure, in the meaning of the guidelines.
Komisija je nadalje opozorila, da množični dvigi bančnih vlog od septembra 2005 do junija 2006 niso nujno primerljivi s kompenzacijskimi ukrepi v smislu smernic.
To summarise, the Commission lacked important information needed for a proper and sufficiently thorough assessment of the effects of the proposed compensatory measures.
Če povzamemo, Komisija nima dovolj pomembnih informacij za ustrezno in dovolj temeljito oceno učinkov predlaganih kompenzacijskih ukrepov.
On the basis of the available facts, therefore, it had doubts as to whether the planned reduction measures were sufficient to mitigate the distortive effects of the aid on competition.
Na podlagi razpoložljivih dejstev je zato resno dvomila, da načrtovani ukrepi zmanjšanja zadoščajo za ublažitev izkrivljanja konkurence.
Under paragraphs 43 to 45 of the guidelines, aid must be limited to the strict minimum needed to enable restructuring to be undertaken and to avoid providing the company with surplus cash which could be used for aggressive, market-distorting activities or even for expanding.
V skladu z odstavki 43 do 45 smernic mora biti pomoč omejena na najnižji možni znesek, potreben za prestrukturiranje, tako da podjetje ne ustvari presežka, ki bi ga lahko uporabilo za agresivno ravnanje, ki izkrivlja konkurenco, ali celo za širitev.
The guidelines also state that aid beneficiaries will be expected to make a significant contribution to the restructuring plan from the sale of assets that are not essential to the firm's survival, or from external financing at market conditions.
Smernice tudi določajo, da morajo prejemniki pomoči s prodajo premoženja, ki ni nujno potrebno za obstoj podjetja, ali z zunanjim financiranjem pod tržnimi pogoji znatno prispevati k načrtu za prestrukturiranje.
For a large undertaking like BAWAG-PSK, the guidelines impose that, in principle, the contribution 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 načrta za prestrukturiranje.
Austria argued that the State measure was not an injection of liquidity but that it intervened solely by granting a temporary guarantee.
Avstrija je trdila, da ukrep ne pomeni dotoka kapitala, temveč da je država zgolj ponudila časovno omejeno jamstvo.
The Commission was unable on the basis of the available information to determine precisely whether the aid was the absolute minimum necessary and expressed doubts as whether Austria adequately valued the aid element in the State guarantee since, in practice, the guarantee has a similar effect to that of a capital injection.
Komisija na podlagi razpoložljivih informacij ni mogla natančno ugotoviti, ali je pomoč omejena na nujno potreben najnižji možni znesek, in je izrazila dvom, ali je Avstrija ustrezno ocenila element pomoči v državnem jamstvu, saj ima jamstvo podobne učinke kot dotok kapitala.
Austria argued that the restructuring costs would amount to EUR […] billion and would be borne 100 % by BAWAG-PSK itself, and the present and future owners.
Avstrija opozarja, da znašajo stroški prestrukturiranja […] milijard EUR in da te stroške v celoti krijejo BAWAG-PSK ter sedanji in prihodnji lastniki.
The Commission doubted and requested further information to assess if the contribution of BAWAG-PSK effectively reached 50 % of the restructuring costs.
Komisija je v to podvomila in zaprosila za dodatne informacije, da bi lahko preverila, ali prispevek BAWAG-PSK dejansko znaša 50 % stroškov prestrukturiranja.
V. COMMENTS FROM AUSTRIA
V. PRIPOMBE AVSTRIJE
On the basis of the available restructuring plan, Austria submitted comments on the decision to initiate the procedure and has provided new information, in particular on the following points:
Avstrija je svoje pripombe v zvezi z odločitvijo o sprožitvi postopka podala na podlagi razpoložljivega načrta za prestrukturiranje in posredovala dodatne informacije v zvezi z naslednjimi točkami:
Existence of a serious disturbance in the Austrian economy
Obstoj resne motnje v avstrijskem gospodarstvu
Austria considered that the guarantee was notified as an aid to remedy a serious disturbance in the economy of a Member State.
Avstrija zastopa stališče, da je bil prevzem jamstva priglašen kot pomoč za odpravo resne motnje v gospodarstvu ene izmed držav članic.
An insolvency of BAWAG-PSK would have had unforeseeable negative wide-ranging effects on the economy.
Stečaj BAWAG-PSK bi imel nepredvidljive in daljnosežne negativne posledice na gospodarstvo.
The panic anticipated in the case of a potential insolvency of BAWAG-PSK could have quickly spread to other banks, especially because under the statutory model for securing deposits in Austria, other banks could also be called upon in the case of an insolvency of a credit institution.
Panika, ki bi jo povzročil morebitni stečaj BAWAG-PSK, bi se hitro razširila na druge banke, še zlasti zato, ker so lahko v skladu z avstrijskim zakonskim modelom za zavarovanje vlog pri stečaju kreditne ustanove prizadete tudi druge banke.
This would have massive consequences for the entire Austrian economy and above all also for the approximately 70000 employees in the banking sector.
To bi imelo hude posledice za celotno avstrijsko gospodarstvo, še zlasti za približno 70000 zaposlenih v bančnem sektorju.
The creation of two special-purpose vehicles (see below) would also demonstrate the clear support for BAWAG-PSK by the largest participants in the Austrian financial market, willing to secure the stability of the financial market in Austria.
Ustanovitev dveh družb za posebne finančne namene (glej spodaj) predstavlja tudi jasno podporo BAWAG-PSK s strani večjih udeležencev na avstrijskem finančnem trgu, ki so bili pripravljeni zavarovati stabilnost finančnega trga v Avstriji.
In addition to the major direct impact on the owner ÖGB, the insolvency of BAWAG-PSK would also have affected Austria:
Stečaj bi poleg Avstrijske zveze sindikatov (ÖGB) kot lastnice še prizadel predvsem Avstrijo,
as holder of the public task for capital market stability,
saj mora država skrbeti za stabilnost finančnega trga,
because BAWAG-PSK is the bank which effects all payments for Austria, e.g. tax payments, pension payments, unemployment payments, family assistance, etc., and
saj BAWAG-PSK izvaja vsa plačila za Avstrijo (na primer plačila davkov, pokojnin, prejemkov za brezposelne in družinskih dodatkov), in
as previous owner and guarantor for certain liabilities of the Österreichische Postsparkasse.
saj je bila država nekoč lastnica in porok za določene obveznosti Österreichische Postsparkasse.
Moreover, Austria would have had the obligation to take on the federal civil servants working at the Österreichische Postsparkasse and their rights in the public administration (total annual salaries of EUR […] million).
Poleg tega bi morala Avstrija sprejeti državne uslužbence, zaposlene pri Österreichische Postsparkasse, in njihove pravice v javni upravi (letni dohodki v skupni vrednosti […] milijonov EUR).
Because BAWAG-PSK also uses the Austrian post offices as branch offices, the reduced business volume of the financial services at the Austrian post offices would also necessitate closing additional post offices and would therefore create structural problems in rural areas.
Ker BAWAG-PSK avstrijske poštne urade uporablja kot svoje podružnice, bi bilo treba zaradi zmanjšanega obsega dela na področju finančnih storitev v avstrijskih poštnih uradih zapreti nekaj izpostav. To bi povzročilo strukturne težave na podeželju.
Austria considered 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 količinsko oceniti morebitne posledice stečaja banke na celotno gospodarstvo.
The aid element in the State guarantee
Element pomoči državnega jamstva
Austria explained that the State aid was necessary in order to end the ‘run on the bank’ which started in September 2005 and to assume the solvency situation of BAWAG-PSK and the BAWAG-PSK group.
Avstrija je pojasnila, da je bila državna pomoč nujna za omejitev množičnih dvigov bančnih vlog, ki so se pričeli septembra 2005, ter za zagotovitev solventnosti BAWAG-PSK in skupine BAWAG-PSK.
Without the public guarantee for BAWAG-PSK no private investor would have been willing to provide funds which would be considered as equity capital in this case.
Če država ne bi prevzela jamstva za BAWAG-PSK, noben zasebni vlagatelj ne bi bil pripravljen zagotoviti sredstev, ki bi se obravnavala kot lastniški kapital.
According to Austria the aid element of the guarantee must be determined on the basis of the notice on the application of Articles 87 and 88 of the EC Treaty to State aid in the form of guarantees [16] (hereinafter the Notice).
Po mnenju Avstrije je treba element pomoči prevzema jamstva določiti na podlagi Obvestila Komisije o uporabi členov 87 in 88 Pogodbe ES za državno pomoč v obliki jamstev [16] (v nadaljevanju „Obvestilo“).
The Notice would grant the Commission a broad discretion with regard to determining the amount of the State aid.
Obvestilo daje Komisiji široko diskrecijsko pravico v zvezi z določitvijo višine pomoči.
The only binding requirement would be that the State aid element should be assessed by reference to the details of the guarantee.
Edina zahteva je, da se element pomoči oceni glede na podrobnosti prevzema jamstva.
In reference to paragraph 3.2 of the Notice, where it is mentioned that ‘where, at the time the loan is granted, there is a strong probability that the borrower will default, e.g. because he is in a financial difficulty, the value of the guarantee may be as high as the amount effectively covered by the guarantee’ Austria commented that BAWAG-PSK is not a borrower for whom the State is guaranteeing the credit in favour of the credit grantor, but the credit grantor itself.
Odstavek 3.2 Obvestila določa: „Če ob dodelitvi posojila obstaja velika verjetnost, da bo posojilojemalec zamujal z odplačilom dolga, npr. zaradi finančnih težav, je lahko vrednost jamstva enaka znesku, ki ga dejansko pokriva to jamstvo.“ V zvezi s tem je Avstrija pojasnila, da BAWAG-PSK ni posojilojemalec, za katerega je država prevzela jamstvo, temveč je posojilodajalec.
Therefore in order to evaluate the default risk of the claim, the financial situation of BAWAG-PSK would be irrelevant.
Zato je finančni položaj BAWAG-PSK nepomemben za oceno tveganja neplačila.
Thus the Commission cannot draw a conclusion about the default risk of the claim from the financial situation of the BAWAG-PSK.
Komisija zato iz finančnega položaja BAWAG-PSK ne more sklepati o tveganju neplačila.
The latter ratings would indicate payment default risk within one year of 3,2 % to 10,5 %.
FSR „E+“ za BAWAG-PSK ustreza „osnovni oceni tveganja“ od B1 do B3 in tako pomeni verjetnost tveganja neplačila med 3,2 % in 10,5 % v roku enega leta.
According to Austria, the fact that BAWAG-PSK was to be classified as a company in financial difficulties at the time the guarantee was granted does not mean that the aid element amounts to the nominal value of the guarantee of EUR 900 million. Instead, the Commission should exercise its discretion taking into account the specifics and the details of the Guarantee Agreement, especially the identified risk factor.
Po mnenju Avstrije iz dejstva, da je bil BAWAG-PSK v času dodelitve pomoči podjetje v finančnih težavah, ni mogoče sklepati, da element pomoči ustreza nominalni vrednosti jamstva v višini 900 milijonov EUR. Komisija bi morala namesto tega izkoristiti široko diskrecijsko pravico ob upoštevanju posebnosti in podrobnosti garancijske pogodbe ter še zlasti ugotovljenega dejavnika tveganja.
According to this, the financial difficulties of a borrower would only be an indication for the existence of State aid; however, they would not enable any statement about the amount of the aid element involved.
Finančne težave posojilojemalca so le znak obstoja državne pomoči, vendar pa ne omogočajo določitve višine vrednosti pomoči.
The Commission has in several restructuring cases determined the aid element in a guarantee granted in favour of a company in difficulty to be lower than the nominal value.
Komisija je v več primerih prestrukturiranja element pomoči v jamstvu v korist podjetja v težavah določila kot manjšega od nominalne vrednosti.
In the case of Crédit Foncier de France [18] (hereafter CFF), the Commission calculated the amount of aid based on the market price the Bank would hypothetically have had to pay for such a guarantee on the market.
V zadevi Crédit Foncier de France (v nadaljevanju „CFF“) [18] je Komisija vrednost pomoči izračunala na podlagi cene, ki bi jo morala banka hipotetično plačati na trgu za takšno jamstvo.
In the case Bankgesellschaft Berlin [19] (hereafter BGB), the Commission determined the amount of aid in a guarantee, the so-called risk shield, to be the ‘economic value’ rather than the nominal value.
V zadevi Bankgesellschaft Berlin (v nadaljevanju „BGB“) [19] je Komisija vrednost pomoči jamstva, t. i. zaščito pred tveganjem, določila z „gospodarsko vrednostjo“ in ne z nominalno vrednostjo.
Also in the case of the restructuring aid granted by Germany to Chemische Werke Piesteritz [20] (hereafter CWP), the Commission estimated the amount of aid in a guarantee far below the nominal value of the loan, although CWP was in financial difficulty at the time.
Tudi v primeru pomoči za prestrukturiranje, ki jo je Nemčija dodelila za Chemische Werke Piesteritz (v nadaljevanju „CWP“) [20], je Komisija vrednost pomoči jamstva določila daleč pod nominalno vrednostjo posojila, čeprav je bil CWP v tistem času v finančnih težavah.
Regarding the short-term character of the guarantee, Austria explained that according to paragraph 3(2) last sentence of the law, the Federal Minister of Finance can extend the guarantee.
V zvezi s kratkim trajanjem jamstva je Avstrija pojasnila, da bi lahko zvezni minister za finance podaljšal veljavnost jamstva v skladu s členom 3(2) zadnjega stavka Zakona o BAWAG-PSK.
However, this would require the consent of the Federal Government, which would have to be unanimous.
Za to pa je potrebna potrditev zvezne vlade, ki mora biti soglasna.
An extension is thus left to the political discretion of the Federal Government.
Podaljšanje je bilo torej prepuščeno politični presoji zvezne vlade.