natgillin/translations-raw huggingface dataset:
Thus, potential costs under Gewährträgerhaftung cannot be part of the Free State of Saxony’s assessment in its role as market economy investor when selling Sachsen LB.
Zvezna dežela Saška v vlogi vlagatelja, ki deluje v tržnem gospodarstvu, ne more uveljavljati morebitnih stroškov pri državnem jamstvu za nemške javne banke.
Also no other liabilities which could be taken into account in the quantification of the liquidation costs by a market economy investor were mentioned by Germany.
Nemčija ni uveljavljala nobenih drugih obveznosti, ki bi jih vlagatelj, ki deluje v tržnem gospodarstvu, lahko upošteval pri količinskem ovrednotenju likvidacijskih stroškov.
The Commission confirms that it cannot accept Germany’s argument that the own capital of EUR 880 million should still be of relevance for the Free State of Saxony, because it has already sold Sachsen LB and would thus not consider the losses of the firm in a potential liquidation, but only the additional costs it would be facing.
Komisija potrjuje, da ne more sprejeti trditve Nemčije, da je izguba lastnega kapitala v višini 880 mio EUR še naprej pomembna za Zvezno deželo Saško, ker je ta banko Sachsen LB že prodala in zato ne bi upoštevala izgube pri morebitni likvidaciji, ampak le dodatno nastale stroške.
Finally the Commission recognises that the whole guarantee was granted by the Free State of Saxony, which is only part-owner, and that the other owners were not contributing to the guarantee.
Komisija je upoštevala, da je Zvezna dežela Saška kot delni lastnik izdala celotno jamstvo in da drugi lastniki niso vložili nobenih sredstev.
In exchange for a guarantee worth, even in the best (and implausible) scenario, at least EUR […] million and up to EUR 2,75 billion, the Free State of Saxony only obtained EUR […] million from the sale of Sachsen LB.
V zameno za jamstvo, ki je v najboljšem (čeprav neverjetnem) primeru znašalo najmanj […] mio EUR in bi lahko doseglo vse do 2,75 mrd EUR, je Zvezna dežela Saška s prodajo banke Sachsen LB dobila samo […] mio EUR.
The Commission therefore concludes that the Free State of Saxony sold Sachsen LB for a negative sales price and granted state aid to Sachsen LB.
Komisija iz tega sklepa, da je Zvezna dežela Saška banko Sachsen LB odtujila za negativno prodajno ceno in s tem banki Sachsen LB dodelila državno pomoč.
THE REFINANCING OF THE SUPER SIV
REFINANCIRANJE NALOŽBENEGA NOSILCA SUPER-SIV
The Commission did not raise any competition concerns about the refinancing of the Super SIV by LBBW and the other Landesbanken and maintains its view after the investigation that this measure does not constitute state aid.
Z vidika konkurenčne zakonodaje Komisija ni podala nobenih pomislekov glede refinanciranja naložbenega nosilca Super-SIV, ki so ga izvedle LBBW in druge deželne banke, in po opravljenem preiskovalnem postopku vztraja, da ta ukrep ne pomeni državne pomoči.
The creation of the Super SIV is clearly related to the restructuring and sale of Sachsen LB to LBBW.
Ustanovitev naložbenega nosilca Super-SIV je nedvomno povezana s prestrukturiranjem in prodajo banke Sachsen LB banki LBBW.
In the absence of the Super SIV, Sachsen LB would have had to cover mark-to-market losses of about EUR […(0,5-1,5)] billion.
Brez naložbenega nosilca Super-SIV bi morala Sachsen LB pokriti okoli […(0,5-1,5)] mrd EUR izgube Mark-to-Market.
For that reason, the creation of the Super SIV is inextricably linked to the restructuring and sale of Sachsen LB.
Ustanovitev naložbenega nosilca Super-SIV je posledično tesno povezana s prestrukturiranjem in prodajo banke Sachsen LB.
The price paid by LBBW and the valuation of the bank took account of the existence of the Super SIV and the liquidity provided by LBBW and the Landesbanken.
Pri nakupni ceni, ki jo je plačala LBBW, in ovrednotenju podjetniške vrednosti banke Sachsen LB sta že upoštevana ustanovitev naložbenega nosilca Super-SIV in likvidnostno posojilo, ki so ga zagotovile LBBW in deželne banke.
Nevertheless, one could consider the refinancing of the Super SIV to constitute state aid in two cases: if LBBW and the other Landesbanken had obtained a disproportionate remuneration for the liquidity provided; and if LBBW and the other Landesbanken had not behaved as market economy investors when providing liquidity to the Super SIV.
Vendarle bi bilo refinanciranje naložbenega nosilca Super-SIV državna pomoč, če bi LBBW in druge deželne banke dobile nesorazmerno visoko nadomestilo za zagotovljeno likvidnostno posojilo in če LBBW in druge deželne banke pri zagotovitvi likvidnostnega posojila ne bi ravnale kot vlagatelji, ki delujejo v tržnem gospodarstvu.
Providing liquidity and refinancing it is the essential activity of banks.
Zagotavljanje likvidnostnih posojil in refinanciranja spada v osnovno poslovanje banke.
Banks provide liquidity to market operators, which they subsequently refinance by borrowing similar amounts.
Banke odobravajo tržnim udeležencem likvidnostna posojila, ki jih tržni udeleženci znova refinancirajo z izposojanjem podobnih zneskov.
Depending on the individual asset/liability structure, each bank will chose its appropriate refinancing strategy (in terms of duration and origins) in order to optimise its total refinancing costs and minimise the inherent risks.
Glede na svojo sestavo sredstev in obveznosti si vsaka banka izbere sebi primerno strategijo refinanciranja (glede na ročnost in izvor sredstev), da bi optimirala skupne stroške refinanciranja in čim bolj omejila s tem povezana tveganja.
As a result of refinancing, the maturity of the debt may be extended or reduced, or the new debt may carry a lower interest rate, or some combination of these options.
Med refinanciranjem se lahko roki dospelosti obveznosti skrajšajo ali podaljšajo, izpogajajo nižje obrestne mere za nove obveznosti ali dogovori mešanica teh različnih možnosti.
The opportunities to earn money come from differences between the revenues obtained from providing the liquidity (e.g. long term) and the cost of borrowing it (e.g. short term).
Možnosti ustvarjanja dobičkov izvirajo iz razlike med donosi iz (npr. dolgoročno) odobrenega likvidnostnega posojila in stroški (npr. kratkoročno) najetega posojila.
The Commission considers that LBBW and the other Landesbanken did not obtain any advantage from the provision of the liquidity to the Super SIV.
Komisija meni, da zagotovljeno likvidnostno posojilo, potrebno za Super-SIV, banki LBBW in drugim deželnim bankam ne prinaša nobene koristi.
It is clear that LBBW and the Landesbanken could have found alternatives for the liquidity they gave to the Super SIV, given the vast possibilities offered on the national and international capital markets.
Zaradi številnih naložbenih možnosti na domačem in mednarodnem kapitalskem trgu bi LBBW in deželne banke likvidnostno posojilo, ki so ga dale za Super-SIV, nedvomno lahko naložile drugje.
The refinancing of the Super SIV did not therefore increase their refinancing volume.
Z refinanciranjem naložbenega nosilca Super-SIV se njihov skupni obseg refinanciranja posledično ni povečal.
In addition, the refinancing of the Super SIV did not provide above-market returns, notably because the lower risk provided by the state guarantee was paid for through a fee.
Poleg tega z refinanciranjem niso dosegle nobenega donosa, ki bi bil nad tedanjo tržno vrednostjo, še posebno ker je bila za nižje tveganje zaradi državnega jamstva plačana pristojbina.
The whole purpose of the Super SIV is to hold the portfolio until maturity.
Namen naložbenega nosilca Super-SIV je obdržati portfelj do dospelosti.
Profits are generated from the reimbursement of the underlying assets backing the securities held in the portfolio and which have different maturities.
Donosi izvirajo iz povračila sredstev, s katerimi so pokriti vrednostni papirji v portfelju in imajo različne roke dospelosti.
However, it was agreed that the revenues regenerated by the Super SIV would solely be used to pay the guarantee fee which has to be paid by the Super SIV to the Free State of Saxony, the administrative costs of the Super SIV and a reasonable remuneration to LBBW and the other Landesbanken for the provision of the refinancing of the Super SIV.
Vendar je bilo dogovorjeno, da bi se donosi iz naložbenega nosilca Super-SIV porabili izključno za plačila garancijske pristojbine, ki jo je treba plačati Zvezni deželi Saška iz naložbenega nosilca Super-SIV, upravljavskih provizij za Super-SIV ter primernega plačila za LBBW in druge deželne banke za zagotovitev likvidnostnega posojila, potrebnega za refinanciranje naložbenega nosilca Super-SIV.
The Commission also considers that the provision of liquidity to the Super SIV by LBBW and the Landesbanken was on market terms and corresponded to what a market economy investor in the position of those banking institutions would have done, and therefore did not increase the volume of state aid connected with the Super SIV.
Komisija poleg tega meni, da so LBBW in druge deželne banke zagotovile likvidnostno posojilo za Super-SIV pod običajnimi tržnimi pogoji in da bi vlagatelj, ki deluje v tržnem gospodarstvu in bi se znašel v položaju teh kreditnih ustanov, ravnal enako, tako da se državna pomoč v zvezi z naložbenim nosilcem Super-SIV ni povečala.
As explained above, the banks obtained a reasonable remuneration for this operation from the revenues of the SIV.
Kot je bilo razloženo zgoraj, so banke iz donosov SIV prejele primerno plačilo.
In addition, the structured portfolio investments in the amount of EUR 17,5 billion were transferred to the Super SIV with a view to holding them until maturity.
Poleg tega so bile strukturirane portfeljske naložbe v vrednosti 17,5 mrd EUR prenesene v Super-SIV, kjer naj bi jih obdržali do dospelosti v plačilo.
The relevant criterion for the quantification of the risks involved in the transferred portfolio is therefore ‘default’ at maturity and not ‘mark-to-market losses’ due to the temporary absence of a market.
Odločilno merilo za količinsko ovrednotenje tveganj, povezanih s tem prenosom, je torej „neplačilo“ ob dospelosti in ne izgube „Mark-to-Market“ zaradi trenutno neobstoječega trga.
The expected losses (default risk) in the bad case scenario was quantified at EUR […(> 800)] million, leaving an additional buffer of EUR […] billion for LBBW.
Pričakovane izgube (plačilno tveganje) so bile v negativnem scenariju izračunane na […(> 800)] mio EUR, tako da je LBBW razpolagala še z rezervo […] mrd EUR. Tveganje, ki so ga prevzele LBBW in druge deželne banke, se zato s podjetniškega vidika lahko oceni kot omejeno.
The remuneration of the pool contract was very low, and investors started to buy CPs outside of it from October 2007.
Plačilo iz meddeželnega sporazuma o črpanju sredstev je bilo zelo majhno, zato so vlagatelji od oktobra 2007 CP spet kupovali zunaj medbančnega sporazuma.
The re-emergence of a market meant that the securities could again attract an investor, although not at their nominal value.
Okrevanje trga je pomenilo, da so se vlagatelji spet začeli zanimati za vrednostne papirje, čeprav jih niso bili pripravljeni plačati po nominalni vrednosti.
However, in view of the estimated defaults, it can be concluded that the refinancing by LBBW and the other Landesbanken would have been commercially acceptable to a market economy investor in the position of those banking institutions and therefore did not involve any further state aid above the value of the guarantee granted by the Free State of Saxony.
Glede na ocenjena tveganja neplačila lahko sklenemo, da bi bilo refinanciranje, ki bi ga opravile LBBW in druge deželne banke, sprejemljivo za vlagatelja, ki deluje v tržnem gospodarstvu in bi se znašel v enakem položaju kot te kreditne ustanove, in da zato ni vsebovalo državne pomoči, ki bi presegala vrednost jamstva, ki ga je podelila zvezna dežela Saška.
In conclusion, the Commission considers that the refinancing of the SIV did not involve further state aid.
Iz gornjih razlogov je Komisija ugotovila, da refinanciranje naložbenega nosilca Super-SIV ni vsebovalo nadaljnje državne pomoči.
The Commission considers that the measures at issue that have been found above to constitute state aid can be found compatible with the common market only on the basis of Article 87(3)(b) and (c) EC, as all the other compatibility clauses are clearly not applicable.
Po mnenju Komisije bi obravnavane ukrepe, pri katerih gre, kot je bilo razloženo zgoraj, za državne pomoči, lahko razglasili za združljive s skupnim trgom samo na podlagi člena 87(3)(b) in (c) ES, ker vseh drugih določb tega člena nedvomno ni mogoče uporabiti.
ARTICLE 87(3)(B) EC — AID TO REMEDY A SERIOUS DISTURBANCE IN THE ECONOMY OF A MEMBER STATE
ČLEN 87(3)(B) POGODBE ES: POMOČ ZA POMIRITEV RESNIH MOTENJ NA PODROČJU GOSPODARSTVA V DRŽAVI ČLANICI
Article 87(3)(b) EC declares aid to remedy a serious disturbance in the economy of a Member State to be compatible with the common market.
V skladu s členom 87(3)(b) Pogodbe ES je pomoč za pomiritev resnih motenj na področju gospodarstva v državi članici združljiva s skupnim trgom.
However, the Commission would first like to point out that the Court of First Instance of the European Communities has stressed that Article 87(3)(b) EC needs to be applied restrictively so that aid cannot be benefiting only one company or one sector but must tackle a disturbance in the entire economy of a Member State.
Vendar bi Komisija najprej želela opozoriti, da je Sodišče prve stopnje Evropskih skupnosti poudarilo, da je treba člen 87(3)(b) Pogodbe ES uporabljati v omejenem obsegu, tako da pomoč ne sme koristiti samo enemu podjetju ali gospodarski panogi, ampak mora pomagati, da se odpravi motnja v celotnem gospodarstvu države članice.
The Commission has consequently decided that a serious economic disruption is not remedied by an aid measure that ‘resolve[s] the problems of a single recipient […], as opposed to the acute problems facing all operators in the industry’.
Zato je Komisija odločila, da se resna gospodarska motnja ne odpravlja s pomočjo, ki je namenjena temu, da „odpravi težave enega samega upravičenca […] in ne celotne gospodarske panoge“.
Also in all cases of banks in difficulty, the Commission has to date not relied on this provision of the EC Treaty.
Poleg tega se Komisija doslej še v nobenem primeru, ki zadeva banke v težavah, ni oprla na to določbo Pogodbe ES.
The investigation has confirmed the Commission’s observation that the problems of Sachsen LB are due to company-specific events.
Preiskava je potrdila opažanje Komisije, da se je banka Sachsen LB znašla v težavah zaradi dogodkov, značilnih za podjetja.
Moreover, the information provided by the German authorities has not convinced the Commission that the systemic effects that might have resulted from a bankruptcy of Sachsen LB could have reached a size constituting ‘a serious disturbance in the economy’ of Germany within the meaning of Article 87(3)(b) [36].
Poleg tega informacije, ki jih je predložila Nemčija, Komisije niso prepričale o tem, da bi sistemski učinki, ki bi bili posledica stečaja banke Sachsen LB, lahko dosegli tak obseg, ki bi pomenil „resno motnjo v gospodarstvu“ Nemčije v smislu člena 87(3)(b) [36].
Therefore, the present case must be regarded as based on individual problems, and thus requires tailor-made remedies, which can be addressed under the rules on firms in difficulty.
Zato ta primer temelji na posebnih težavah banke Sachsen LB, tako da so potrebni natančno usmerjeni ukrepi pomoči, ki se lahko sprejmejo po pravilih za podjetja v težavah.
The Commission therefore finds no grounds for compatibility of the measures on the basis of Article 87(3)(b) EC.
Komisija zato ne vidi nobenega razloga, da bi obravnavane ukrepe razglasila za združljive s skupnim trgom na podlagi člena 87(3)(b) Pogodbe ES.
ARTICLE 87(3)(C) EC – AID TO FIRMS IN DIFFICULTY
ČLEN 87(3)(C) POGODBE ES: POMOČ PODJETJEM V TEŽAVAH
Germany has not contested this opinion already put forward in the opening decision.
Nemčija tega stališča, ki je bilo zastopano že v odločbi o uvedbi postopka, ni izpodbijala.
The investigation confirmed the Commission’s view indicated in the opening decision that the first measure (but not the second measure) can be regarded as rescue aid compatible with the common market as it meets all the conditions set out in point 25 of the Guidelines, in particular:
Preiskava je potrdila mnenje, ki ga je Komisija zastopala v odločitvi o sprožitvi postopka, da se prvi ukrep (toda ne drugi) lahko obravnava kot pomoč za reševanje, združljiva s skupnim trgom, ker izpolnjuje vse in še posebej v nadaljevanju razložene pogoje iz točke 25 Smernic.
Rescue aid must comply with the conditions of point 25(a) of the Guidelines, according to which the rescue aid must be provided by way of a loan or guarantee to a loan which must be reimbursed (and any guarantee ended) within a period of not more than six months after the disbursement of the first instalment to the firm [37].
Pomoč za reševanje mora izpolniti pogoje iz točke 25(a) Smernic, po katerih je treba pomoč za reševanje odobriti v obliki poroštva za posojilo ali posojila, za katerega velja rok vračila ali doba poroštva največ šest mesecev po izplačilu prvega obroka podjetju [37].
In the present case, the banking pool provided a liquidity support facility to Sachsen LB by acquiring the CPs issued by Ormond Quay.
V tem primeru je skupina bank dala banki Sachsen LB likvidnostno posojilo na podlagi pridobitve CP, ki jih je izdal Ormond Quay.
Moreover, the support is terminated and any liquidity reimbursed within a period of not more than six months after the disbursement of the first instalment to the firm.
Poleg tega je podpora začasna in dodeljeno likvidnostno posojilo se podjetju povrne v roku, krajšem od šest mesecev od izplačila prvega obroka.
The measure has no structural element as it does not go beyond the mere provision of liquidity and is designed to be reversible as it is limited to six months.
Ukrep ne vsebuje nobenega strukturnega elementa ter je omejen samo na zagotovitev likvidnostnega posojila in je povraten, ker pomeni podporni ukrep, katerega trajanje je omejeno na šest mesecev.
Moreover, the liquidity facility does not lower Sachsen LB’s level of refinancing costs to a level below the respective levels of a market rate.
Poleg tega z likvidnostnim posojilom stroški refinanciranja niso znižani na raven, ki bi bila pod običajno tržno stopnjo.
Minimum necessary
Omejitev na najnižjo vsoto
The measure must according to point 25(d) be restricted to the amount needed to keep the firm in business for the period of six months.
V skladu s točko 25(d) je treba višino pomoči za reševanje omejiti na znesek, ki je potreben za nadaljnje poslovanje podjetja v šestih mesecih, za katere je bila dodeljena pomoč.
In this respect the Commission notes that the banking pool only committed itself to buying CPs which could not be placed on the market.
V zvezi s tem Komisija opozarja, da je nakupna dolžnost skupine bank obstajala samo za CP, ki jih ni bilo mogoče vpisati na trgu.
Thus the banking pool was only obliged to buy the CPs emitted by Ormond Quay if these could not be placed on the market.
Skupina bank je bila torej dolžna odkupiti samo tiste CP, ki jih je izdal Ormond Quay in jih ni bilo mogoče vpisati na druge vlagatelje kot na banke iz skupine.
On this basis, the Commission concludes that the liquidity facility is the minimum necessary for Sachsen LB to continue its business.
Na tej podlagi Komisija sklepa, da je zagotovljeno likvidnostno posojilo omejeno na najnižjo vsoto za nadaljnje poslovanje banke Sachsen LB.
Since the duration of the CPs could not exceed one month, the issuance was repeated anew every month.
Ker rok veljavnosti CP ni smel biti daljši od enega meseca, so bili vsak mesec izdani novi CP.
However, already in October 2007 some investors (mainly […(banks belonging to the public sector)]) started again to buy CPs on the market outside the context of the pool contract so that the pool contract had de facto lost its initial purpose.
Od oktobra 2007 so nekateri vlagatelji (predvsem […(banke, ki spadajo v javni sektor)]) vendar spet začele kupovati komercialne zapise, ki so bili dani na trg in posledično niso bili v povezavi z meddeželnim sporazumom o črpanju sredstev, tako da je meddeželni sporazum izgubil svoj prvotni namen.
No undue distortion of competition
Neupravičeno izkrivljanje konkurence
The measure can also be justified on grounds of serious social difficulties and does not have unduly adverse effects which spill over onto other Member States, as stipulated in point 25(b) of the Guidelines.
V skladu s točko 25(b) Smernic je pomoč za reševanje lahko utemeljena tudi z resnimi socialnimi težavami, vendar ne sme imeti neupravičenih škodljivih učinkov prelivanja na druge države članice.
The measure at issue is warranted on grounds of serious social difficulties as, in the absence of the measure, Sachsen LB would have had to be liquidated and this would have led to a series of redundancies.
Obravnavani ukrep se lahko utemelji z resnimi socialnimi težavami, kajti brez njega bi morala banka Sachsen LB v likvidacijo, kar bi bilo povezano z občutnim zmanjšanjem števila zaposlenih.
The measure does not have any unduly adverse effects which spill over onto other Member States, as the bank is unable to act aggressively in the market under the financial conditions of the pool contract.
Ukrep nima neupravičenih škodljivih učinkov prelivanja na druge države članice, ker banka ob finančnih pogojih meddeželnega sporazuma o črpanju sredstev ne more agresivno nastopati na trgu.
One time, last time
Načelo enkratne pomoči
The one time, last time condition is met as Sachsen LB has not benefited from rescue or restructuring aid in the past.
Načelo enkratne pomoči je izpolnjeno, ker Sachsen LB doslej ni prejela nobene pomoči za reševanje ali prestrukturiranje.
The investigation allowed the Commission to reach the conclusion that the second measure, which does not qualify as rescue aid, can be considered restructuring aid compatible with the common market because it meets all the criteria of the guidelines.
Na podlagi rezultatov preiskave je Komisija lahko ugotovila, da se drugi ukrep, pri katerem ne gre za pomoč za reševanje, lahko šteje za pomoč za prestrukturiranje, združljivo s skupnim trgom, ker izpolnjuje vse pogoje Smernic.
The present investigation first confirms that the restructuring will restore the long-term viability of Sachsen LB.
Ta preiskava potrjuje, prvič, da bo s prestrukturiranjem obnovljena dolgoročna sposobnost preživetja Sachsen LB.
The Commission considers that the sale of Sachsen LB to LBBW is key to solving the difficulties and will allow a positive economic development of the bank within the LBBW group.
Po mnenju Komisije je prodaja banke Sachsen LB banki LBBW odločilnega pomena za rešitev nastalih težav in za ugoden gospodarski razvoj banke v skupini LBBW.
The new business approach established for Sachsen LB has already been successfully implemented by LBBW in Rhineland-Palatinate.
LBBW je novi poslovni model uspešno vzpostavila že v Porenje-Pfalzu.
Moreover, Germany has indicated that the return on equity of Sachsen Bank is going to be in line with that of its private competitors.
Poleg tega je Nemčija opozorila na to, da bo donosnost lastnega kapitala Sachsen Bank dosegla donosnost zasebnih konkurentov.
The new business model of LBBW shows first that the future activities of former Sachsen LB will be limited and refocused on corporate and private banking activities in Saxony and the bordering regions, while the central functions will be integrated and performed by LBBW.
Novi poslovni model LBBW kaže, prvič, da bo prihodnje poslovanje nekdanje Sachsen LB zmanjšano in osredotočeno na bančno poslovanje s podjetji in prebivalstvom na Saškem in v obmejnih regijah, medtem ko bo osrednje funkcije prevzela in opravljala LBBW.
The Commission is of the view that the refocusing of Sachsen LB on corporate clients and wealthy private clients is a sustainable business model as underlined by the forecasts submitted.
Komisija meni, da je osredotočenje Sachsen LB na podjetja in premožno prebivalstvo, kot izhaja iz predloženega gradiva, poslovni model, sposoben dolgoročno preživeti.