natgillin/translations-raw huggingface dataset:
These activities are complementary to the savings banks business model and LBBW has already proved in Baden-Württemberg and in Rhineland-Palatinate that such a business model is viable.
Te poslovne dejavnosti dopolnjujejo poslovni model hranilnice. LBBW je sposobnost preživetja tega modela preskusila že v Baden-Württembergu in Porenje-Pfalzu.
The Commission assessed the underlying market assumptions as appropriate and is of the view that the expected revenues are achievable.
Komisija je preverila predloženo predvidevanje razvoja trga in se ji je zdelo sprejemljivo; ocenjeni donosi so po mnenju Komisije uresničljivi.
In view of the results indicated above, Sachsen Bank should be able to compete in the Saxony and cross-border financial market on its own merits.
Na podlagi zgoraj prikazanih rezultatov bi morala biti Sachsen Bank sposobna, da se z lastnimi močmi uveljavi na saškem in čezmejnem finančnem trgu.
Second, as shown by the detailed description of the circumstances that led the bank into difficulties, the Commission views the transfer of the capital market activities and the proprietary trading to LBBW and the reduction of the activities of Sachsen LB Europe as included in the restructuring plan as essential to avoiding repeating the mistakes of the past.
Drugič, kot je razvidno iz izčrpne predstavitve konjunkturnih okoliščin, ki so banko spravile v težave, sta nujno potrebna prenos poslovanja na kapitalskem trgu in lastniškega trgovanja na LBBW ter zmanjšanje poslovnih dejavnosti banke Sachsen LB Europe, predvideno v načrtu prestrukturiranja, da se ne bi ponovile napake iz preteklosti.
For reasons of completeness the Commission notes that the restructuring plan for Sachsen LB also pointed to a sustainable restoration of Sachsen LB on a stand-alone basis at the time of the sale of the bank even if this plan as such never materialised due to the integration of Sachsen LB into LBBW, which in turn reinforced the return to viability.
Zaradi popolnosti Komisija pripominja, da se v načrtu prestrukturiranja za banko Sachsen LB obravnava tudi trajna rešitev za obnovo dolgoročne sposobnosti preživetja banke Sachsen LB kot samostojne ustanove v trenutku prodaje banke, čeprav se ta model zaradi vključitve Sachsen LB v LBBW, s katero se je lahko zagotovilo preživetje banke Sachsen LB, ni nikoli konkretiziral.
In particular the plan, which was accompanied by a market study and was based on sound financial projections, made it clear that the chosen business model would work.
Iz načrta prestrukturiranja, ki mu je bila priložena tržna raziskava in je temeljil na zanesljivih tržnih predvidevanjih, jasno izhaja, da bi se obnesel izbrani poslovni model.
This follows from the above figures, which indicate that even in the worst case Sachsen LB would have shown a general positive trend for its gross revenue and operating income every year from 2007 until 2012 […].
To se lahko ugotovi iz zgoraj navedenih poslovnih številk, iz katerih sledi, da bi se celo v najslabšem scenariju bruto prihodki in dohodki iz poslovanja banke Sachsen LB v obdobju od 2007 do 2012 […] gibali pozitivno.
Gross revenue for the ‘corporate finance’ business segment will increase from EUR […] million to EUR […] million, which corresponds to a compound annual growth rate of […].
Bruto prihodki od poslovanja s podjetji (Corporate Finance) se bodo povečali od […] mio EUR na […] mio EUR, kar ustreza skupni letni stopnji rasti […].
In total, this represents an increase of […] before synergies and […] including synergies.
Skupaj to pomeni povečanje za […] pred sinergijami in za […] vključno s sinergijami.
Aid limited to the minimum — own contribution
Pomoč omejena na najnižjo vsoto – lastni prispevek
The Commission’s doubts as regards the aid being limited to the minimum have been allayed.
Dvomi Komisije, ali je pomoč omejena na najnižjo potrebno vsoto, so bili odpravljeni.
The Commission considers that the aid has been limited to the minimum and is accompanied by a significant own contribution in line with the targets indicated in the Guidelines, i.e. it is above 50 % of the restructuring costs.
Komisija meni, da je pomoč omejena na najnižjo potrebno vsoto in da bo v skladu s cilji v Smernicah iz lastnih sredstev dan velik prispevek k prestrukturiranju, tj. prek 50 % stroškov prestrukturiranja bo financiranih iz lastnih virov.
In reaching this conclusion the Commission has taken into account the following elements.
Do tega sklepa je Komisija prišla ob upoštevanju naslednjih vidikov.
First, the bank has been sold through an aid-free transaction to a new owner, i.e. LBBW.
Prvič, banka je bila v okviru pravnega posla brez pomoči prodana novemu lastniku, to je LBBW.
LBBW is bearing all the restructuring costs related to the creation of the Super SIV and the integration of Sachsen LB, of about EUR […] – […] million.
LBBW nosi vse stroške prestrukturiranja, povezane z ustanovitvijo posebnega naložbenega nosilca Super-SIV in priključitvijo banke Sachsen LB, ki se ocenjujejo od […] mio EUR do […] mio EUR.
LBBW has also committed itself to selling certain assets of Sachsen LB.
Poleg tega se je LBBW obvezala, da bo prodala nekatera sredstva banke Sachsen LB.
However, the proceeds from these sales are not exactly quantifiable at this stage. They consequently cannot be taken into account as an own contribution.
Ker trenutno še ni mogoče natančno oceniti izkupička iz teh prodaj, ga ni mogoče šteti za lastni prispevek.
Third, Sachsen LB was in need of EUR 17,5 billion liquidity to finance its conduit, which had invested in structural investments.
Tretjič, Sachsen LB je potrebovala likvidna sredstva v višini 17,5 mrd EUR za financiranje svojega naložbenega sklada (nosilca dejavnosti), ki je vlagal v strukturirane naložbe.
Although this is in principle a normal operation for a bank (and would thus not normally constitute restructuring costs), in the particular case of Sachsen LB, which was not able to arrange such re-financing any longer, the situation is different [39].
Čeprav gre pri tem za čisto običajno delovanje banke (s katerim naj posledično ne bi bili povezani nobeni stroški prestrukturiranja, je položaj v posebnem primeru banke Sachsen LB, ki takega refinanciranja ni več zmogla, drugačen [39].
It could be questioned whether this refinancing can be accepted as an own contribution.
Postavlja se vprašanje, ali bi lahko sprejeli to refinanciranje kot lastni prispevek.
The Commission considers that the refinancing conditions accepted by LBBW and the other Landesbanken correspond to commercial terms that would have been accepted by a market economy investor in the position of those banking institutions, account being taken of the provision by the Free State of Saxony of the EUR 2,75 billion guarantee.
Komisija zastopa stališče, da so pogoji refinanciranja, ki so jih sprejele LBBW in druge deželne banke, poslovni pogoji, ki bi jih ob upoštevanju jamstva 2,75 mrd EUR, ki ga je izdala zvezna dežela Saška, v podobnem položaju sprejel tudi vlagatelj, ki deluje v tržnem gospodarstvu.
Such refinancing would, in the case of independent private investors, have to stem from own funds of the purchasing bank or from external financing by the other investing banks at market conditions (see above, point 7.1.3).
V primeru neodvisnega zasebnega vlagatelja bi se moralo tako refinanciranje izvršiti iz lastnih sredstev nabavne banke ali z zunanjim financiranjem, ki bi ga po tržnih pogojih odobrile druge banke vlagateljice (glej odlomek 7.1.3).
The guarantee would clearly be deemed to pollute EUR 2,75 billion of the refinancing, and this pollution could also arguably affect the entire junior tranche financed by the purchaser bank [40].
Zaradi jamstva torej pri 2,75 mrd EUR vsote refinanciranja nedvomno ne gre za operacijo, ki ne vsebuje pomoči, pri čemer bi lahko zatrdili, da bi to lahko vplivalo na celotno podrejeno tranšo, ki jo financira nabavna banka [40].
Such pollution does not, however, turn the measure at issue into state aid, the measure being merely favoured by state aid.
S tem obravnavani ukrep še ne bo postal državna pomoč, ampak bo samo podprt z državno pomočjo.
On the other hand, the Commission does not consider that the financing by other, distinct market economy investor banks of a second, senior tranche, could be regarded as polluted in such a scenario.
Po drugi strani Komisija meni, da v takem scenariju financiranje, ki so ga za drugo nadrejeno tranšo zagotovile banke, ki delujejo v tržnem gospodarstvu, ne vsebuje pomoči.
In such a case, the other investing banks would be protected by the whole junior tranche of EUR 8,54 billion (and this irrespective of the guarantee of the Free State of Saxony).
V tem primeru bi bile naložbene banke zaščitene s celotno podrejeno tranšo v višini 8,54 mrd EUR (in sicer ne glede na jamstvo, ki ga je izdala zvezna dežela Saška).
Their decision to take over the refinancing of the senior tranche would be determined by the protection afforded by the whole of the first tranche.
Njihova odločitev, da prevzamejo refinanciranje nadrejene tranše, bi se opirala na dejstvo, da so bile deležne zaščite celotne prve tranše.
Any possible pollution would in such circumstances be limited to the first tranche and at least the second tranche could be considered a market based and own contribution.
Vsaka pomoč bi se v teh okoliščinah omejila na prvo tranšo, tako da se lahko vsaj druga tranša šteje za odobrena pod tržnimi pogoji in potemtakem kot lastni prispevek.
On this basis the own contribution within the refinancing of the Super SIV is slightly above EUR 8,75 billion.
Lastni prispevek v okviru refinanciranja naložbenega nosilca Super-SIV znaša posledično nekoliko čez 8,75 mrd EUR.
In conclusion, out of the restructuring costs of EUR […] billion, EUR […] billion ([…]) can be accepted as an own contribution.
Na koncu bi veljalo skleniti, da se od […] Mrd EUR stroškov prestrukturiranja lahko sprejme […] mrd EUR ([…]) kot lastni prispevek.
The Commission concludes, therefore, that the entire own contribution amounts to 51 % and thus exceeds 50 % of the restructuring costs, as required by the Guidelines.
Komisija zato ugotavlja, da lastni prispevek znaša skupaj 51 % in s tem presega v Smernicah zahtevani prispevek v višini najmanj 50 %.
Avoidance of undue distortions of competition – compensatory measures
Izogibanje neupravičenemu izkrivljanju konkurence – izravnalni ukrepi
After the investigation and following discussions with Germany, the Commission is convinced that sufficient measures are being taken to mitigate as far as possible any adverse effects of the aid on competitors.
Komisija je po preiskavi in razgovorih z Nemčijo prepričana o tem, da so sprejeti zadostni ukrepi, da se kolikor mogoče omilijo mogoči škodljivi učinki pomoči na konkurente.
The Commission considers that the measures are in proportion to the distortive effects of the aid stemming mainly from the survival of Sachsen LB, even if only as part of LBBW.
Po mnenju Komisije so ukrepi sorazmerni z učinki izkrivljanja, ki jih povzroča pomoč in v glavnem izvirajo iz nadaljnjega obstoja banke Sachsen LB, čeprav samo kot del banke LBBW.
A clear reduction in Sachsen LB’s financial market activities has taken place.
Občutno je bilo zmanjšano poslovanje banke Sachsen LB na kapitalskem trgu.
This concerns in particular the entire closure or divestiture of Sachsen LB Europe, which goes beyond the original intentions in the restructuring plan.
To zajema zlasti likvidacijo oz. prodajo Sachsen LB Europe, kar presega prvotne namene načrta prestrukturiranja.
LBBW had the intention to continue the business of the Dublin subsidiary, albeit on a smaller scale.
LBBW je nameravala še naprej nadaljevati poslovno dejavnost odvisne družbe v Dublinu, čeprav v manjšem obsegu.
Sachsen LB Europe is a well established service provider for structured financial investments with considerable know-how, independently from the fact that some of its portfolios turned loss making in the market turmoil.
Sachsen LB Europe je ne glede na dejstvo, da se je za nekatere portfelje, ki jih je upravljala, med finančno krizo izkazalo, da prinašajo izgubo, uveljavljen ponudnik storitev za strukturirane finančne naložbe s primernim znanjem (know-how).
Sachsen LB Europe could have continued activities for third parties, thereby generating commission income for Sachsen LB/LBBW.
Sachsen LB Europe naj bi še naprej opravljala posle za tretje osebe in s tem prislužila provizije za Sachsen LB/LBBW.
Sachsen LB Europe was until the developments in summer 2007 the main source of profits for the Sachsen LB group.
Sachsen LB Europe je bila do dogodkov poleti 2007 glavni vir dobičkov skupine Sachsen LB.
Finally, the activities of Sachsen LB Europe are also the ones where the distortions due to the competitive behaviour of Sachsen LB took place.
Poleg tega so bila zaradi motenj v konkurenčnosti banke Sachsen LB prizadeta poslovna področja banke Sachsen LB Europe.
The Commission thus considers the complete closure or divestiture of Sachsen LB Europe to be a valid compensatory measure.
Posledično Komisija v likvidaciji oz. prodaji banke Sachsen LB Europe vidi učinkovit izravnalni ukrep.
The Commission also considers the divestment of East Merchant GmbH, a subsidiary which was a key player in Sachsen LB’s structured finance activities, as a valid compensatory measure.
Po mnenju Komisije je tudi prodaja deleža v odvisni družbi East Merchant GmbH, ki je imela pomembno vlogo v strukturiranem poslovanju banke Sachsen LB na finančnih trgih, učinkovit izravnalni ukrep.
East Merchant is active in various areas of structured finance, in particular in the area of leasing in the field of transport and logistics.
East Merchant deluje na različnih področjih strukturiranega poslovanja na finančnih trgih, med drugim na področju lizinškega poslovanja za transport in logistiko.
The company contributed regularly with substantial positive results to Sachsen LB’s profits.
Podjetje je banki Sachsen LB z zelo dobrimi rezultati redno prinašalo dobiček.
The same applies to the divestiture of […].
Enako velja za prodajo […].
Given that they were targeting […], they cannot indeed be associated with any subprime activities, as indicated above.
Ker se ta podjetja osredotočajo na […], jih, kot je bilo omenjeno zgoraj, dejansko ni mogoče povezovati s hipotekarnimi posojili.
Moreover, since LBBW did not intend to sell these two subsidiaries under the restructuring plan for Sachsen LB, their sale can be considered a compensatory measure.
Ker poleg tega prodaja teh dveh odvisnih podjetij v načrtu prestrukturiranja, ki ga je LBBW pripravila za Sachsen LB, ni bila predvidena, se njuna prodaja lahko šteje za izravnalni ukrep.
Finally, Germany and LBBW gave the commitment that Sachsen Bank would abandon proprietary trading and international real estate activities.
Poleg tega sta se Nemčija in LBBW zavezali, da se Sachsen Bank ne bo ukvarjala z lastniškim trgovanjem in mednarodnimi nepremičninskimi posli.
This is especially so as, despite the significant aid amount, the presence of Sachsen LB on its markets is relatively small and the measures taken by LBBW also contribute to stabilising the financial markets.
To velja še toliko bolj, ker je prisotnost Sachsen LB na trgu kljub visokemu znesku pomoči sorazmerno majhna in ker ukrepi, ki jih je sprejela LBBW, tudi prispevajo k umiritvi finančnih trgov.
In addition, the Commission recognises that the old owners of the bank and the management are not involved any more in the activities of Sachsen LB, which provides a valuable signal against moral hazard.
Poleg tega Komisija priznava, da stari lastniki in poslovodstvo niso več udeleženi pri poslovnih dejavnostih banke Sachsen LB, s čimer je bil dan pomemben signal v boju proti moralnemu hazardu.
In sum, the Commission considers that the compensatory measures are in proportion to the distortive effects of the aid granted to Sachsen LB.
Skratka, Komisija zastopa stališče, da so izravnalni ukrepi sorazmerni z učinki izkrivljanja, ki jih je povzročila pomoč, dodeljena banki Sachsen LB.
The Commission will need to be kept informed of progress in the implementation of the above mentioned compensatory measures.
Komisijo bo treba obveščati o napredku pri uresničevanju zgoraj navedenih izravnalnih ukrepov.
PROPOSAL
PREDLOG
In view of the above, the Commission finds that both measures at issue — the liquidity facility and the provision of a guarantee — have been implemented in breach of Article 88(3) EC.
Iz teh razlogov Komisija ugotavlja, da sta bila oba obravnavana ukrepa – likvidnostno posojilo in zagotovitev jamstva – izvedena s kršitvijo člena 88(3) Pogodbe ES.
However, the Commission concludes that the liquidity facility constitutes rescue aid and the guarantee granted for Sachsen LB constitutes restructuring aid which can be considered compatible with the common market pursuant to Article 87(3) EC provided that the conditions imposed are fulfilled,
Vendar Komisija sklepa, da gre pri likvidnostnem posojilu za pomoč za reševanje in pri jamstvu, izdanem za Sachsen LB, za pomoč za prestrukturiranje, ki se v skladu s členom 87(3) Pogodbe ES lahko štejeta za združljiva s skupnim trgom, če so izpolnjeni ustrezni pogoji –
The liquidity facility and the guarantee granted to Landesbank Sachsen Girozentrale (Sachsen LB) in connection with its sale constitute state aid within the meaning of Article 87(1) EC that is compatible with the common market subject to the obligations and conditions set out in Article 2.
Likvidnostno posojilo in jamstvo, ki sta bili odobreni banki Landesbank Sachsen Girozentrale (Sachsen LB) v zvezi z njeno prodajo, pomenita državno pomoč v smislu člena 87(1) Pogodbe ES, ki je ob izpolnitvi v členu 2 navedenih pogojev in obveznosti združljiva s skupnim trgom.
The plan for restructuring Sachsen LB, as communicated to the Commission by Germany in April 2008, shall be fully implemented.
Načrt prestrukturiranja za banko Sachsen LB, ki ga je Nemčija predala Komisiji aprila 2008, se izvede v celoti.
The following assets shall be sold to a third party that is independent of the Landesbank Baden-Württemberg group (LBBW group) or be liquidated:
Naslednje naložbe se prodajo tretji od Landesbank Baden-Württemberg (skupina LBBW) neodvisni stranki oz. likvidirajo:
Sachsen LB Europe plc will be sold or liquidated by […].
Sachsen LB Europe plc se proda ali likvidira do […].
The LBBW group will not take over any staff from Sachsen LB Europe plc, unless it is required to do so by legal obligations, and will therefore neither propose to nor conclude with existing staff of Sachsen LB Europe plc any new working contracts.
Skupina LBBW ne bo prevzela osebja Sachsen LB Europe plc, razen če bi to morala storiti zaradi zakonskih obveznosti, in zato današnjemu osebju banke Sachsen LB Europe plc ne bo niti ponudila novih delovnih pogodb niti takih pogodb ne bo sklenila.
This commitment is valid for a period of two years from the date of this Decision.
Ta obveznost velja za dobo dveh let po sprejemu odločbe Komisije.
The participation in East Merchant GmbH will be sold by […].
Delež v East Merchant GmbH se proda do […].
[…] will be sold […].
[…] se proda.
The following commitments shall be respected:
Veljajo naslednje obveznosti:
Germany commits that Sachsen LB, represented through LBBW, will not carry out actively in any of its branches in the Free State of Saxony as an independent business activity proprietary trading activities on its own account and at its own risk going beyond those of customer service in its core business activities.
Nemčija zagotavlja, da se Sachsen Bank, ki jo zastopa LBBW, v nobeni od svojih podružnic v zvezni deželi Saška ne bo ukvarjala z lastniškim trgovanjem na svoj račun in svojo odgovornost kot s samostojnim poslovnim področjem, ki presega poslovanje z njenimi strankami na osnovnih poslovnih področjih.
This behavioural commitment is valid until the end of 2011.
Ta obljuba poslovnega ravnanja velja do konca leta 2011.
Germany commits that Sachsen LB, represented through LBBW, will not carry out actively in any of its branches in the Free State of Saxony as an independent business activity international real estate business going beyond that of customer service in its core business activities.
Nemčija zagotavlja, da se Sachsen Bank, ki jo zastopa LBBW, v nobeni od svojih podružnic v zvezni deželi Saška ne bo ukvarjala z mednarodnimi nepremičninskimi posli kot s samostojnim poslovnim področjem, ki presega poslovanje z njenimi strankami na osnovnih poslovnih področjih.
For the purpose of monitoring compliance with the conditions set out in paragraphs 1, 2 and 3, Germany shall provide until 2012 regular updates on progress with the implementation of the restructuring plan and the commitments set out above.
Da bi se lahko nadzorovalo izpolnjevanje pogojev in obveznosti, določenih v odstavkih 1, 2 in 3, Nemčija do leta 2012 redno pošilja poročila o napredku pri izvajanju načrta prestrukturiranja ter teh pogojev in obveznosti.
OJ C 71, 18.3.2008, p. 14.
UL C 71, 18.3.2008, str. 14.
Commercial paper is a money market security issued by large banks and corporations.
Commercial Papers so kratkoročni nezavarovani dolžniški instrumenti, ki jih na denarnem trgu izdajajo velike banke in velika podjetja.
Selling the securities very quickly even for a low price, at a loss.
Hitra prodaja vrednostnih papirjev, celo po nižji ceni in z izgubo.
See E 10/2000 for details (OJ C 146, 19.6.2002, p. 6 and OJ C 150, 22.6.2002, p. 7) and http://ec.europa.eu/comm/competition/state_aid/register/ii/by_case_nr_e2000_0000.html#10
Podrobneje določeno v E 10/2000 v UL C 146, 19.6.2002, str. 6. in v UL C 150, 22.6.2002, str. 7. ter na strani http://ec.europa.eu/comm/competition/state_aid/register/ii/by_case_nr_e2000_0000.html#10
See the decision referred to in footnote 1.
V zvezi s tem glej odločitev, navedeno v opombi 1, in sicer točko 16.
Parts of this text have been deleted so as not to divulge confidential information; they are indicated by a series of dots between square brackets.
Nekateri deli v tem besedilu zaradi zaupnosti informacij niso razkriti.
Talks were held with several Landesbanken, including WestLB and LBBW.
Banka Sachsen LB je opravila razgovore z več deželnimi bankami, med drugim z WestLB in LBBW.
In accounting and finance, mark-to-market corresponds to assigning a value to a position held in a financial instrument on the basis of the current market price for that instrument or similar instruments.
V računovodstvu in financah pojem Mark-to-Market označuje ponovno oceno pozicije finančnega instrumenta pri lastnem trgovanju na podlagi dnevne tržne cene za posamezni finančni instrument ali podobne instrumente.
For example, the final value of a futures contract that expires in nine months will not be known until it expires.
Tako je dokončna vrednost terminskega posla, ki zapade v devetih mesecih, znana šele po preteku teh devetih mesecev.
If it is marked to market, for accounting purposes it is assigned the value that it would fetch in the open market currently.
Če dnevno vrednost potrebujemo za računovodske namene v zvezi z oceno Mark-to-Market, se vrednost določi na prostem trgu.
Risk premiums had gone from 4-5 basis points before the crisis to complete drying out of the market at the height of the crisis to around 40 basis points when markets were starting to work again.
Medtem ko so premije za tveganje pred krizo znašale od 4 do 5 baznih točk, je bil trg na višku krize popolnoma izsušen; ko so si trgi počasi opomogli, so premije ponovno znašale okrog 40 baznih točk.
The portfolio includes Ormond Quay, Sachsen Funding and Synapse ABS.
V portfelj spadajo Ormond Quay, Sachsen Funding in Synapse ABS.
LAAM, Georges Quay, Synapse L/S + FI, Omega I + II and other synthesised assets (CDOs, ABSs, CDSs, CPPIs, etc.).
LAAM, Georges Quay, Synapse L/S + FI, Omega I + II in druga kombinirana sredstva (CDO, ABS, CDS, CPPI itd.).
The banks would nevertheless have to provide liquidity and thus incur some refinancing costs.
Če bi banke vendarle morale zagotoviti likvidnost, bi nastali določeni stroški refinanciranja.
The final agreement included the option for the Free State of Saxony to transform the sales price into shares in LBBW.
V sporazumu o ključnih parametrih je bilo predvideno, da je nakupno ceno za Sachsen LB mogoče plačati tudi z deleži banke LBBW v ustrezni protivrednosti.