natgillin/translations-raw huggingface dataset:
The restructuring plan therefore constitutes a significant change in the business approach that proved unsustainable in the past.
Tako je načrt prestrukturiranja velika sprememba koncepta, ki se v preteklosti ni izkazal za dolgoročno vzdržnega.
The Commission also notes the cost-cutting measures which are to be implemented by the end of 2010.
Komisija se je seznanila tudi z ukrepi za znižanje stroškov, ki morajo biti izvedeni do konca leta 2010.
In addition, WestLB has taken measures to improve its risk management, and has already reduced its risk exposure.
Poleg tega je WestLB sprejela ukrepe za boljše upravljanje tveganj in znatno izboljšala svoj profil tveganja.
The Commission has analysed the underlying assumptions of the restructuring plan and has no reason to doubt that they are realistic.
Komisija je preverila predpostavke, na katerih temelji načrt prestrukturiranja, in ne vidi nobenega razloga, da jih ne bi šteli za realistične.
The Commission therefore considers that the amended restructuring plan demonstrates the capacity of WestLB to restore its long-term viability.
Zato meni, da je iz spremenjenega načrta prestrukturiranja mogoče jasno razbrati, da lahko WestLB znova vzpostavi dolgoročno donosnost.
Aid limited to the minimum necessary
Omejitev pomoči na najmanjšo potrebno
The Commission’s doubts that the aid might not be limited to the minimum have been allayed.
Pomisleki v zvezi z omejitvijo pomoči na najmanjšo potrebno so bili odpravljeni.
The Commission can now conclude that the aid is indeed limited to the minimum necessary, and that there will be a significant contribution on the part of the beneficiary.
Zdaj je mogoče skleniti, da je pomoč omejena na najmanjši potrebni obseg in da je zagotovljen znaten lastni prispevek.
The Commission acknowledges that the 50 % target indicated in paragraph 44 of the rescue and restructuring guidelines has to be modulated when applied to the restructuring of WestLB in the present crisis.
Priznati je treba, da je treba v primeru prestrukturiranja WestLB v sedanji krizi prilagoditi ciljni prispevek v višini 50 %, ki je določen v točki 44 Smernic za reševanje in prestrukturiranje.
On the other hand, the divestments generate liquidity which can be used to finance the restructuring or to strengthen the liquidity base [36].
Te odsvojitve imajo dvojni učinek: po eni strani se obseg tveganju prilagojenih tehtanih vrednosti sredstev zmanjša, tako da se sredstva sprostijo in se stopnja kapitalizacije poveča, po drugi strani pa se z odsvojitvijo ustvarja likvidnost, ki jo je mogoče uporabiti za financiranje prestrukturiranja ali krepitev likvidnostne osnove [36].
Part of this expected inflow of funds has already been realised, and another part is to be realised in the near future.
Del teh pričakovanih prilivov sredstev se je že uresničil, drugi del pa bo pritekel v bližnji prihodnosti.
So, even leaving aside expected inflows of funds which can be realised only in 2011, and for the sake of precaution assuming that the projected proceeds may not materialise fully for all of these divestments, the Commission concludes that the beneficiary’s own contribution can be considered significant.
Tudi če Komisija ne upošteva pričakovanih prilivov kapitala, ki jih bo mogoče uresničiti šele leta 2011, in zaradi previdnosti izhaja iz predpostavke, da mogoče pri vseh odsvojitvah ne bodo doseženi pričakovani dobički, pa ugotavlja, da je mogoče lastni prispevek banke šteti za znaten prispevek.
Despite the modulation of the 50 % target for the beneficiary’s own contribution, the Commission will continue to require that the equity holders make as substantial a contribution as possible (i.e. that they will share the burden).
Komisija ne glede na prilagoditev ciljnega lastnega prispevka še vedno zahteva čim večji prispevek družbenikov (tj. delitev stroškov).
This means that investors in hybrid capital must participate in the restructuring of the bank.
To pomeni, da morajo biti pri prestrukturiranju banke udeleženi tudi vlagatelji hibridnega kapitala.
The Commission considers that to adjust capital reserves in order to be able to pay a return on hybrid capital and to avoid participation in losses in cases where State aid has been granted is problematic, for two reasons.
Po mnenju Komisije je sprostitev kapitalskih rezerv, da bi zagotovili izplačilo obresti na hibridni kapital in se izognili udeležbi pri izgubah v primerih, v katerih se dodeli državna pomoč, vprašljiva iz dveh razlogov.
First, the State aid would not seem to be limited to the minimum necessary.
Prvi je, da državna pomoč potem ne bi smela biti omejena na najmanjši potrebni obseg.
The principle that State aid should be limited to the minimum necessary is a general principle of State aid policy.
Načelo omejevanja državne pomoči na najmanjši obseg je splošno načelo politike pomoči.
The adjustment of reserve funds to pay interest on hybrid capital directly removes regulatory capital from the bank, which increases the amount needed for recapitalisation and thus the amount of State aid.
Sprostitev rezerv za plačilo obresti na hibridni kapital je neposreden odvzem lastnih sredstev, s čimer se znesek, potreben za dokapitalizacijo, s tem pa tudi višina pomoči povečata.
Second, it runs counter to the principle of burden sharing, and increases the moral hazard.
Drugi razlog pa je, da je to v nasprotju z načelom delitve stroškov in povečuje moralno tveganje.
The payment of a return, even though there is no legal obligation, protects the owners of hybrid capital from the consequences of losses and from full exposure to the risk they decided to take when investing in a type of instrument which is risky by nature and carries a higher remuneration precisely in view of the risk.
Če se izplačajo obresti na hibridni kapital, čeprav pravna obveznost za to ne obstaja, se lastniki hibridnega kapitala tako zavarujejo pred posledicami izgub, hkrati pa niso v celoti izpostavljeni tveganju, ki so ga prevzeli z naložbo v instrument, ki je sam po sebi tvegan in zaradi tega velikega tveganja tudi prinaša velik donos.
Furthermore, hybrid instruments will participate in the losses.
Poleg tega so hibridni kapitalski instrumenti udeleženi tudi pri izgubah.
The Commission therefore requires that interest payments on such instruments be prohibited until the sale of WestLB, and that the instruments participate in the losses if in the absence of an adjustment of the reserves the bank shows a balance sheet loss.
Komisija zato zahteva, naj se izplačila obresti na take instrumente do odsvojitve WestLB prepovejo in naj bodo instrumenti udeleženi pri izgubah, če bi banka brez sprostitve kapitalskih rezerv izkazala izgubo.
This applies with particular force to WestLB, because WestLB is going to be sold, and investor confidence in the current owners is not of major relevance [37].
To še posebej velja za WestLB, ker mora biti banka odsvojena, zaupanje sedanjih lastnikov pa nima posebnega pomena [37].
In sum, even if the 50 % target will probably not be achieved, the Commission is of the opinion that the contribution that WestLB has undertaken to make to the restructuring is as great as it can be.
Komisija zato meni, da WestLB, čeprav ciljnih 50 % verjetno ne bo doseženih, zagotavlja največji mogoči lastni prispevek k prestrukturiranju.
Avoidance of undue distortion of competition
Preprečevanje čezmernega izkrivljanja konkurence
Paragraphs 35 to 39 of the rescue and restructuring guidelines state that measures must be taken to mitigate as far as possible any adverse effects of the aid on competitors.
V skladu s točkami od 35 do 39 Smernic za reševanje in prestrukturiranje je treba sprejeti ukrepe, da se morebitni neugodni učinki pomoči na konkurenco čim bolj zmanjšajo.
This usually involves limiting or reducing the company’s presence on the relevant product markets by selling production capacity or subsidiaries or reducing activities.
Ta pogoj za odobritev pomoči je po navadi vzrok, da podjetje svojo navzočnost na ustreznih trgih omeji ali zmanjša, tako da se loči od proizvodnih zmogljivosti ali hčerinskih družb ali pa zmanjša svoje poslovne dejavnosti.
The limitation or reduction should be in proportion to the distortive effects of the aid.
Omejitev ali zmanjšanje mora biti sorazmerno izkrivljanju konkurence, ki ga povzroči pomoč.
At the end of its investigation the Commission is satisfied that sufficient measures are indeed being taken in order to mitigate as far as possible any adverse effects of the aid on competition.
Komisija je pri preiskavi ugotovila, da so bili sprejeti primerni ukrepi za zagotovitev, da se morebitni neugodni učinki pomoči na konkurenco čim bolj zmanjšajo.
WestLB is withdrawing from investment management and considerably reducing its volume of business in the field of structured finance and capital markets, two of its most profitable business segments.
Komisija ugotavlja, da se WestLB umika iz dejavnosti upravljanja naložb in da se obseg poslovanja na dveh najdonosnejših področjih, na področju strukturiranega financiranja in pri dejavnostih na kapitalskih trgih, opazno zmanjšuje.
But the Commission finds that the withdrawal from investment management and about half of the total downsizing volume are necessary in order to restore viability.
Komisija meni, da sta umik iz dejavnosti upravljanja naložb in približno polovično zmanjšanje celotnega obsega skrčenja potrebna za vnovično vzpostavitev donosnosti.
According to paragraph 40 of the rescue and restructuring guidelines, such measures do not qualify as measures limiting distortion of competition.
Takih ukrepov v skladu s točko 40 Smernic za reševanje in prestrukturiranje ni mogoče priznati za ukrepe za omejitev izkrivljanja konkurence.
While the exit from the investment management business cannot be accepted as a measure to mitigate distortion of competition, it nevertheless has an impact on the size of the bank and its activities.
Umik iz dejavnosti upravljanja naložb se sicer ne more šteti za ukrep za zmanjšanje izkrivljanja konkurence, vendar kljub temu vpliva na velikost banke in njene poslovne dejavnosti.
Overall, the balance sheet total of WestLB will be reduced by 25 % by the end of March 2010 and by 50 % by the end of March 2011.
Skupna bilančna vsota WestLB se bo do konca marca 2010 zmanjšala za 25 %, do konca marca 2011 pa za 50 %.
At the same time, the volume of risk-weighted assets will be reduced by 25 % by the end of March 2010 and by 50 % by the end of March 2011.
Hkrati se bo obseg tveganju prilagojenih tehtanih vrednosti sredstev do konca marca 2010 zmanjšal za 25 %, do konca marca 2011 pa za 50 %.
The Commission considers that the reduction of the network of branches to five branches in Germany and seven locations outside of Germany, the abandonment of proprietary trading and the restrictions on trading for clients’ accounts represent adequate measures to mitigate distortion of competition.
Komisija meni, da so zmanjšanje mreže poslovalnic na šest podružnic doma in sedem poslovalnic v tujini, opustitev poslov za svoj račun in omejitev poslovanja za račun strank ustrezni ukrepi za omilitev izkrivljanja konkurence.
The restructuring plan also provides for cost-cutting and downsizing measures.
V načrtu prestrukturiranja so predvideni tudi ukrepi za znižanje stroškov in krčenje.
Almost all holdings in subsidiaries are to be divested.
Skoraj vsi deleži v hčerinskih družbah bodo odsvojeni. Odsvojitev je treba izvesti v dveh fazah.
The process of selling these holdings is to be organised in two tranches: the first tranche of shareholdings, comprising 16 subsidiaries, is to be sold by the end of [February–May] 2010 [38], and the second tranche, comprising three subsidiaries, is to be sold by the end of [February–May] 2011.
Prva skupina kapitalskih deležev, ki zajema 16 hčerinskih družb, bo odsvojena do konca [februarja–maja] 2010 [38], druga skupina, ki jo sestavljajo tri hčerinske družbe, pa do konca [februarja–maja] 2011.
In addition, business development in WestLB’s core business areas — structured finance, wholesale banking, and capital markets — is to be limited in terms of new business and balance sheet volume (risk-weighted assets).
Poleg tega bo razvoj poslovanja na glavnih poslovnih področjih WestLB – strukturirano financiranje, poslovanje s podjetji in poslovanje na kapitalskih trgih – glede na novo poslovanje in bilančno vsoto (tveganju prilagojene tehtane vrednosti sredstev) omejen.
In sum, the Commission considers that the compensatory measures are in proportion to the distortive effects of the aid granted to WestLB and ensure that the adverse effects on trading conditions are minimised as far as possible.
Skupaj so izravnalni ukrepi v primernem sorazmerju z izkrivljanjem konkurence, ki ga povzroči pomoč WestLB, in te učinke zmanjšujejo, kolikor je mogoče.
The measure constitutes restructuring aid which can be considered to be compatible with the common market in accordance with Article 87(3)(b) of the EC Treaty provided the conditions imposed are complied with,
Ukrep pomeni pomoč za prestrukturiranje, ki se v skladu s členom 87(3)(b) Pogodbe ES šteje za združljivo s skupnim trgom, če so izpolnjeni določeni pogoji –
The aid in the form of a guarantee of EUR 5 billion which Germany plans to grant to WestLB AG is compatible with the common market subject to the conditions set out in Article 2 and in the Annex.
Pomoč v obliki jamstva v višini 5 milijard EUR, ki jo Nemčija namerava dodeliti banki WestLB AG (WestLB), je združljiva s skupnim trgom pod pogoji, določenimi v členu 2 in Prilogi.
The restructuring plan for WestLB submitted by Germany on 8 August 2008, as last amended by Germany’s communication of 30 April 2009, must be implemented, subject to all the conditions set out in the Annex and in accordance with the timetable announced.
Načrt prestrukturiranja WestLB, ki ga je Nemčija predložila 8. avgusta 2008 in ki je bil nazadnje spremenjen v skladu s sporočilom Nemčije z dne 30. aprila 2009, mora biti v celoti izveden v skladu s pogoji, navedenimi v Prilogi, in v skladu z določenim časovnim načrtom.
If appropriate, for example in view of a continuation of the current crisis on financial markets, the Commission may, in response to a properly reasoned application on the part of Germany:
Komisija lahko, če bi bilo to potrebno, na primer zaradi vztrajanja sedanje krize na finančnem trgu, na ustrezno utemeljeno prošnjo Nemčije:
allow an extension of the deadlines laid down in the Annex, or
odobri podaljšanje rokov, ki so določeni v Prilogi, ali
in exceptional circumstances, dispense with, amend or replace one or more of the conditions set out in the Annex.
v posebnih okoliščinah opusti, spremeni ali nadomesti enega ali več pogojev, določenih v Prilogi.
If Germany wishes to request the extension of a deadline, it must submit a properly reasoned application to the Commission no later than two months before the expiry of that deadline.
Če Nemčija zaprosi za podaljšanje roka, mora najpozneje dva meseca pred iztekom zadevnega roka Komisiji predložiti dovolj utemeljeno prošnjo.
Germany shall inform the Commission within two months of notification of this Decision of the measures taken to comply with it.
Nemčija v dveh mesecih po uradni objavi te odločbe obvesti Komisijo o ukrepih, ki jih je sprejela za njeno izvajanje.
Germany is requested to forward a copy of this Decision to the beneficiary of the aid without delay.
Nemčija je pozvana, naj kopijo te odločbe takoj posreduje prejemniku pomoči.
OJ C 322, 17.12.2008, p. 16.
UL C 322, 17.12.2008, str. 16.
OJ C 189, 26.7.2008, p. 3.
UL C 189, 26.7.2008, str. 3.
Anstaltslast conferred rights on the financial institution vis-à-vis its owners, whereas Gewährträgerhaftung conferred rights on the creditors of the financial institution vis-à-vis its owners.
Jamstvo „Anstaltslast“ je dalo kreditnim ustanovam pravice v razmerju do njihovih lastnikov, medtem ko je jamstvo „Gewährträgerhaftung“ zagotovilo pravice upnikom kreditnih ustanov v razmerju do lastnikov.
Under the first of these understandings, dated 17 July 2001, for a transitional period between 19 July 2001 and 18 July 2005 new liabilities could still be covered by Gewährträgerhaftung provided their maturity did not go beyond 31 December 2015; this was known as ‘grandfathering’.
Po prvem od navedenih sporazumov z dne 17. julija 2001 so tako nove obveznosti med prehodnim obdobjem od 19. julija 2001 do 18. julija 2005 še vedno lahko spadale pod jamstvo „Gewährträgerhaftung“, če niso zapadle po 31. decembru 2015; to se je imenovalo „grandfathering“.
See State aid case E 10/2000 ( OJ C 146, 19.6.2002, p. 6, and OJ C 150, 22.6.2002, p. 7).
Za podrobnosti glej zadevo E 10/2000 ( UL C 146, 19.6.2002, str. 6. in UL C 150, 22.6.2002, str. 7).
OJ C 4, 9.1.2008, p. 1.
UL C 4, 9.1.2008, str. 1.
See also http://ec.europa.eu/comm/competition/state_aid/register/ii/doc/NN-19-2006-WLWL-en-18.07.2007.pdf
Glej tudi http://ec.europa.eu/comm/competition/state_aid/register/ii/doc/NN-19-2006-WLWL-en-18.07.2007.pdf.
See press release of 8 February 2008, at: http://www.westlb.de/cms/sitecontent/westlb/westlb_de/en/wlb/ui/news/newscontainer/news_2008/S_P.standard.gid-N2FkNDZmMzU4OWFmYTIyMWM3N2Q2N2Q0YmU1NmI0OGU_.html
Glej sporočilo za javnost z dne 8. februarja 2008, ki je dostopno na naslovu: http://www.westlb.de/cms/sitecontent/westlb/ui/en/news/newscontainer/news_2008/S_P.standard.gid-N2FkNDZmMzU4OWFmYTIyMWM3N2Q2N2Q0YmU1NmI0OGU_.html
The measure might be considered to constitute asset relief (within the meaning of the Communication from the Commission on the treatment of impaired assets in the Community banking sector, OJ C 72, 26.3.2009, p. 1), but differs from an asset relief measure mainly because when an asset portfolio is transferred to Phoenix Light all WestLB owners pay the costs of the transaction according to their respective shareholdings.
Ta ukrep bi bilo sicer mogoče šteti za finančno pomoč za oslabljena sredstva (v smislu Obvestila Komisije o poenostavljenem postopku obravnave nekaterih vrst državnih pomoči, UL C 72, 26.3.2009, str. 1), vendar se od takih finančnih pomoči razlikuje predvsem po tem, da so vsi lastniki WestLB pri prenosu portfelja na Phoenix Light nosili stroške prenosa sredstev v višini, ki ustreza njihovim deležem.
The effect of the measure is comparable to that of a capital injection by the existing shareholders.
Ukrep ima podoben učinek kot vložki kapitala družbenikov.
While it is true that WestLB is owned by the Land of North Rhine-Westphalia and state-owned entities, the owners nevertheless acted in their capacity as owners of the bank, and not as third parties independent of the owners.
Čeprav so lastniki WestLB zvezna dežela SPV in državne ustanove, so ti delovali kot lastniki banke, in ne kot tretje osebe, neodvisne od lastnikov.
In addition, the transaction took place in March 2008.
Poleg tega so se sredstva prenesla marca 2008.
The Communication from the Commission on the treatment of impaired assets was approved only in February 2009, and does not apply here.
Obvestilo Komisije o poenostavljenem postopku obravnave nekaterih vrst državnih pomoči je bilo sprejeto šele februarja 2009 in se zato ne uporablja.
These are rights which were given to the savings banks’ associations when they acquired major stakes in mid-2004.
Združenjem hranilnic so bile sredi leta 2004, ko so pridobile visoke udeležbe, zagotovljene določene pravice.
Provided this can be done at a price above book value; otherwise by the end of 2010.
Če je mogoča odsvojitev po ceni, ki presega knjigovodsko vrednost; v nasprotnem primeru se odsvojitev izvede do konca leta 2010.
If any of the subsidiaries is identical to one of the seven international locations which may be maintained, it is to be sold as part of the sale of WestLB by the end of 2011.
Če je hčerinska družba ena od sedmih poslovalnic v tujini, ki jih je mogoče ohraniti, se bo prodala v okviru odsvojitve WestLB do konca leta 2011.
The following locations may be maintained: Düsseldorf, Berlin, Frankfurt, Hamburg, Munich and Stuttgart.
Naslednje poslovalnice se lahko ohranijo: poslovalnice v Düsseldorfu, Berlinu, Frankfurtu, Hamburgu, Münchnu in Stuttgartu.
In order to give the owners an incentive to speed up the sale, a new owner may keep three additional WestLB locations provided that the sale is completed by the end of 2010.
Da bi lastnike spodbudili k pospešitvi postopka prodaje, sme novi lastnik vzdrževati tri dodatne poslovalnice WestLB, če bo prodaja končana do konca leta 2010.
The following locations may be maintained: London, New York, Hong Kong, Moscow, Sydney, Istanbul and São Paulo.
Ohranijo se lahko naslednje poslovalnice: poslovalnice v Londonu, New Yorku, Hongkongu, Moskvi, Sydneyju, Istanbulu in São Paulu.
Excluding the market value of derivatives.
Tržna vrednost instrumentov se ne upošteva.
Trading activities for clients’ accounts and generally accepted trading activities to manage the balance sheet total continue to be admissible.
Še naprej sta dovoljena trgovanje za račun strank in upravljanje bilančne vsote, ki je običajno na trgu;
Commission Decision of 20 May 1998 in case 1454/1998 (OJ L 221, 8.8.1998, p. 28).
Odločba Komisije z dne 20. maja 1998 v zadevi 1454/98 (UL L 221, 8.8.1998, str. 28).
Commission Decision of 27 June 2007 in case C 50/06 (OJ L 83, 26.3.2008, p. 7).
Odločba Komisije z dne 27. junija 2007 v zadevi C 50/06 (UL L 83, 26.3.2008, str. 7).
Commission Decision of 18 February 2004 in case C 327/04 (OJ L 116, 4.5.2005, p. 1).
Odločba Komisije z dne 18. februarja 2004 v zadevi C 327/04 (UL L 116, 4.5.2005, str. 1).
Commission Decision of 21 October 2008 in case C 50/10 (not yet published).
Odločba Komisije z dne 21. oktobra 2008 v zadevi C 50/10 (še neobjavljena).
Commission Decision of 4 June 2008 in case C 9/08 Sachsen LB (not yet published in the Official Journal: http://ec.europa.eu/comm/competition/state_aid/register/ii/doc/C-9-2008-WLWL-en-04.06.2008.pdf).
Odločba Komisije z dne 4. junija 2008 (zadeva C 9/2008), Sachsen LB (še ni objavljena v Uradnem listu). http://ec.europa.eu/comm/competition/state_aid/register/ii/doc/C-9-2008-WLWL-en-04.06.2008.pdf.
Commission Decision of 18 February 2004 in case C 28/02 (OJ L 116, 14.5.2005, p. 1, paragraph 140).
Odločba Komisije z dne 18. februarja 2004v zadevi C 28/02 (UL L 116, 14.5.2005, str. 1. uvodna izjava 140).
Communication from the Commission on the treatment of impaired assets in the Community banking sector (OJ C 72, 26.3.2009, p. 1).
Obvestilo Komisije o poenostavljenem postopku obravnave nekaterih vrst državnih pomoči (UL C 72, 26.3.2009, str. 1).
See Commission Decision of 21 October 2008 in case C 50/10 (not yet published).
Glej Odločbo Komisije z dne 21. oktobra 2008 v zadevi C 50/10 (še neobjavljena).
OJ C 72, 26.3.2009, p. 1.
UL C 72, 26.3.2009, str. 1.
See Annex 4 point II of the Communication from the Commission on the treatment of impaired assets in the Community banking sector (OJ C 72, 26.3.2009, p. 1).
Glej točko II Priloge IV k Obvestilu Komisije o poenostavljenem postopku obravnave nekaterih vrst državnih pomoči (UL C 72, 26.3.2009, str. 1).
If the commission paid is not in line with the Communication on impaired assets, there must be far-reaching restructuring (paragraph 41 of the Communication); WestLB is indeed undergoing such restructuring.
Če nadomestilo ne ustreza določbam Obvestila o obravnavi državnih pomoči, bi bilo treba banko celovito prestrukturirati (glej točko 41 Sporočila); tako prestrukturiranje se v primeru WestLB izvaja.
Thus the commission to be paid need not be adjusted.
Nadomestila zato ni treba prilagoditi.