natgillin/translations-raw huggingface dataset:
The Commission would point out that in its Decision in Sachsen LB it found that that in assessing expected losses in the current unpredictable circumstances of the financial markets a market economy investor would have looked at least at a bad case scenario [23].
Komisija poleg tega opozarja, da je v odločbi v zadevi Sachsen LB [23] ugotovila, da bi vlagatelj v tržnem gospodarstvu glede na nepredvidljive razmere na trgu pri ocenjevanju pričakovanih izgub izhajal vsaj iz pesimističnega scenarija.
The Commission does not share the view that the differing assumptions in the Morgan Stanley report are overly pessimistic, nor that WestLB has already taken a bad case scenario into account, as there is a noticeable effect on the expected losses only if lower grades on the rating scale are chosen.
Komisija se zato ne strinja z Nemčijo, da so bile odstopajoče predpostavke v strokovnem mnenju družbe Morgan Stanley preveč pesimistične in da je WestLB že upoštevala pesimistični scenarij, saj je učinek na pričakovane izgube opazen šele pri večjem znižanju bonitete.
This conclusion is in line with the reasoning in the Bankgesellschaft Berlin Decision [24].
Ta ugotovitev je tudi v skladu z odločbo v zadevi Bankgesellschaft Berlin [24].
Furthermore, the Commission considers that in the present case the effect and the character of the EUR 5 billion guarantee, which allows the bank to free its balance sheet from a EUR 23 billion portfolio, is similar to that of a capital injection.
Poleg tega Komisija meni, da je jamstvo v višini 5 milijard EUR, ki banki omogoča, da svojo bilanco razbremeni 23 milijard EUR vrednega portfelja, v tem primeru glede na učinek in značilnosti enako kapitalskemu vložku.
The amount of the aid is thus comparable to the capital that would have been required to achieve the same stabilisation of the portfolio [25].
Višina pomoči zato ustreza višini kapitala, ki bi bil potreben za enako stabilizacijo portfelja [25].
According to the established practice of the Commission [26], the consistent findings of the courts, and the Commission Notice on the application of Articles 87 and 88 of the EC Treaty to State aid in the form of guarantees [27], the aid component in a guarantee to a company in difficulty may be as high as the amount effectively covered by the guarantee (here EUR 5 billion).
V skladu z ustaljenim ravnanjem Komisije [26], ustaljeno sodno prakso in Obvestilom Komisije o uporabi členov 87 in 88 Pogodbe ES za državno pomoč v obliki poroštev [27] je lahko element pomoči pri jamstvu, ki se zagotovi podjetju v težavah, enako visok kot znesek, ki ga jamstvo dejansko krije (v tem primeru 5 milijard EUR).
In accordance with the Communication from the Commission on the treatment of impaired assets in the Community banking sector [28] (paragraph 39), the amount of aid is equal to the difference between the transfer value of the assets (based on their real economic value) and the market price.
V skladu s točko 39 Obvestila Komisije o poenostavljenem postopku obravnave nekaterih vrst državnih pomoči [28] (v nadaljnjem besedilu: Obvestilo o obravnavi državnih pomoči) višina pomoči ustreza razliki med vrednostjo sredstev ob prenosu (ki običajno temelji na njihovi dejanski ekonomski vrednosti) in tržno ceno.
For this reason the assets should be valued on the basis of their current market value whenever possible.
Takoj ko je to mogoče, je zato treba sredstva oceniti na podlagi njihove sedanje tržne vrednosti.
According to the information supplied by the German authorities, the market for the assets in the portfolio has almost entirely dried up, so that it is not possible to establish a market price for purposes of the Communication on impaired assets, there being no market to refer to.
Ker je trg za portfelj sredstev po navedbah Nemčije skoraj popolnoma izsušen, tržne vrednosti v smislu Obvestila o obravnavi državnih pomoči ni mogoče predložiti, saj trg ne obstaja.
It must be concluded, therefore, that the amount of aid is equal to the amount of the guarantee, i.e. EUR 5 billion.
Zato je treba izhajati iz predpostavke, da višina pomoči ustreza višini jamstva (5 milijard EUR).
In addition, the commission to be paid, at [0,2–1,0] %, is significantly below the price a market investor would expect in line with the Communication on impaired assets [29].
Poleg tega je provizija v višini [(0,2–1,0)] % znatno nižja od nadomestila, ki bi ga vlagatelj v tržnem gospodarstvu pričakoval glede na Obvestilo o obravnavi državnih pomoči [29].
Legal basis for the assessment of the compatibility of the aid with the common market
Pravna podlaga za preizkus združljivosti pomoči s skupnim trgom
In the opening decision the Commission stated that the legal basis for the assessment of the compatibility of the aid measure was Article 87(3)(c) of the EC Treaty.
V odločitvi o sprožitvi uradnega postopka preiskave je bilo določeno, da se preizkus združljivosti ukrepa opravi na podlagi člena 87(3)(c) Pogodbe ES.
The Commission also considered whether the measure should be assessed on the basis of Article 87(3)(b).
Komisija je poleg tega proučila, ali je ukrep treba oceniti na podlagi člena 87(3)(b) Pogodbe ES.
That provision states that aid may be considered to be compatible with the common market if it is intended to remedy a serious disturbance in the economy of a Member State.
V skladu s členom 87(3)(b) Pogodbe ES je pomoč za odpravljanje resne motnje v gospodarstvu države članice mogoče šteti za združljivo s skupnim trgom.
The Commission pointed out that at the time when the aid was granted to WestLB the crisis on the subprime market had not yet led to a serious disturbance in the German economy within the meaning of Article 87(3)(b).
Komisija je ugotovila, da kriza na trgu hipotekarnih posojil z velikim tveganjem v času, ko je bila pomoč dodeljena WestLB, še ni privedla do resne motnje v gospodarstvu v skladu s členom 87(3)(b).
Nor had the Commission received evidence from the German authorities demonstrating that a failure to aid WestLB would have led to such serious disturbance.
Nemčija poleg tega ni predložila nobenih dokazov, da bi nedodelitev državne pomoči WestLB res privedla do resne motnje v gospodarstvu.
In the meantime, the Commission has acknowledged in three Communications [30] and in its approval of the German banks rescue package [31] that there is a threat of a serious disturbance in the German economy, and that measures supporting banks are likely to remedy that disturbance.
Komisija je medtem v treh sporočilih [30] in med odobritvijo nemškega paketa pomoči za reševanje [31] potrdila, da obstaja nevarnost resne motnje v gospodarstvu Nemčije in da so ukrepi za podporo bankam primerni za odpravo te motnje.
The legal basis for the assessment of the aid measure should accordingly be Article 87(3)(b) of the EC Treaty.
Pomoč je zato treba oceniti na podlagi člena 87(3)(b) Pogodbe ES.
In the three Communications it has adopted in connection with the current financial crisis [32], the Commission has stated that aid granted to banks in the context of the crisis should be assessed in line with the rescue and restructuring guidelines, having regard to the particular features of a systemic crisis in the financial markets [33].
Kot je Komisija že navedla v treh sporočilih, ki so povezana s sedanjo finančno krizo [32], je treba ukrepe za pomoč bankam zaradi sedanje finančne krize ocenjevati v skladu z načeli iz Smernic za reševanje in prestrukturiranje in ob upoštevanju posebnosti sistemske krize na finančnih trgih [33].
Under the rescue and restructuring guidelines, State aid can be authorised only if it is accompanied by thorough-going restructuring to restore viability, by an adequate contribution to the cost of restructuring on the part of the beneficiary, and by measures to remedy the potential distortion of competition.
V skladu s Smernicami za reševanje in prestrukturiranje je državno pomoč mogoče odobriti samo, če ji sledi obsežno prestrukturiranje za vnovično vzpostavitev donosnosti, če upravičenka do pomoči primerno prispeva k stroškom prestrukturiranja in če so sprejeti ukrepi za omejitev morebitnega izkrivljanja konkurence.
The guidelines therefore offer the appropriate framework for dealing with the restructuring of WestLB in the context of the crisis.
Te smernice so zato tudi primeren okvir za ocenjevanje prestrukturiranja WestLB v okviru krize.
However, given the nature and scale of the present crisis, account will have to be taken of further specific factors related to the current market conditions.
Glede na značilnosti in obseg sedanje krize pa je kljub temu treba poleg tega upoštevati posebne vidike, ki so povezani s trenutnimi tržnimi razmerami.
When applied to the restructuring of WestLB in the present crisis, therefore, the principles of the rescue and restructuring guidelines will have to be modulated.
Načela Smernic za reševanje in prestrukturiranje, kadar se uporabljajo za prestrukturiranje WestLB v sedanji krizi, je zato treba prilagoditi.
Special attention should be given to the rules set out in the rescue and restructuring guidelines regarding the contribution to be made by the beneficiary.
Posebno pozornost si zaslužijo pravila v zvezi z lastnim prispevkom prejemnice pomoči, ki so določena v teh smernicah.
Since external financing for WestLB […], the 50 % target set in the rescue and restructuring guidelines appears very difficult to achieve, and the Commission accepts that during the systemic crisis in the financial markets it may not be appropriate to request a precise quantification of the beneficiary’s own contribution.
Ker višina zunanjih sredstev za financiranje WestLB znaša […], bi bilo ciljnih 50 % lastnega prispevka, določenih v teh smernicah, zelo težko uresničiti, in Komisija priznava, da bi bilo lahko med sistemsko krizo na finančnih trgih neprimerno zahtevati točno določen lastni prispevek.
Furthermore, the design and implementation of measures to limit distortion of competition may also need to be reconsidered, in so far as WestLB may need more time for their implementation, owing to market circumstances.
Poleg tega je po potrebi treba razmisliti tudi o oblikovanju in izvajanju ukrepov za omejitev izkrivljanja konkurence, saj WestLB zaradi tržnih razmer morda potrebuje več časa za njihovo izvedbo.
As the Commission indicated in two of the Communications adopted in connection with the current financial crisis, the depth of restructuring required to return to viability is likely to be in direct proportion to the scope and volume of the aid provided to WestLB on the one hand and to the solidity of its business model on the other [34].
Kakor je že bilo ugotovljeno v dveh sporočilih, ki sta povezani s sedanjo finančno krizo [34], je obseg prestrukturiranja, ki je potreben za vnovično vzpostavitev donosnosti, morda po eni strani neposredno povezan z obsegom in višino pomoči WestLB, po drugi strani pa s stabilnostjo njenega poslovnega modela.
Compatibility under Article 87(3)(b) of the EC Treaty
Ocena združljivosti v skladu s členom 87(3)(b) Pogodbe ES
In order to assess the compatibility of the aid with the common market under Article 87(3)(b) of the EC Treaty, the Commission has to determine whether it meets the following conditions for restructuring aid set out in the rescue and restructuring guidelines: (i) the aid must be based on a restructuring plan, which must demonstrate that the company is capable of restoring its long-term viability; (ii) the aid must be limited to the minimum necessary in time and amount, and the beneficiary must make a significant contribution to the costs of restructuring; and (iii) the aid must not distort competition to an extent contrary to the common interest; in these respects the Commission may impose conditions on the beneficiary.
V okviru združljivosti pomoči s skupnim trgom v skladu s členom 87(3)(b) Pogodbe ES je treba preizkusiti, ali so izpolnjeni temeljni pogoji za odobritev pomoči za prestrukturiranje, ki so določeni v Smernicah za reševanje in prestrukturiranje, in sicer: pomoč temelji na načrtu prestrukturiranja, iz katerega je mogoče jasno razbrati, da lahko podjetje znova vzpostavi dolgoročno donosnost; pomoč je časovno in finančno omejena na potreben minimum, prejemnica znatno prispeva k stroškom prestrukturiranja; ter pomoč ne izkrivlja konkurence na način, ki je v nasprotju s splošnimi interesi. Komisija lahko v zvezi s tem prejemnici določi pogoje, ki jih mora izpolniti.
Restoration of long-term viability
Vnovična vzpostavitev dolgoročne donosnosti
Paragraph 34 of the rescue and restructuring guidelines states that the grant of the aid must be conditional on implementation of the restructuring plan, which must be endorsed by the Commission in all cases of individual aid.
V skladu s točko 34 Smernic za reševanje in prestrukturiranje je pomoč mogoče dodeliti samo, če je odvisna od izvedbe načrta prestrukturiranja, ki pa ga mora Komisija v primeru posamezne pomoči vnaprej odobriti.
The Commission must establish that the restructuring plan can be expected to restore the long-term viability of the firm within a reasonable timescale.
Poleg tega mora Komisija preveriti, ali bo z načrtom prestrukturiranja predvidoma omogočena vnovična vzpostavitev donosnosti v primernem roku.
The restructuring plan must be of limited duration and be based on realistic assumptions.
Načrt prestrukturiranja mora imeti rok in temeljiti na realističnih predpostavkah.
It must describe the circumstances that led to the firm’s difficulties, thereby providing a basis for assessing whether the proposed measures are appropriate.
Opisovati mora okoliščine, ki so privedle do težav podjetja, tako da je mogoče oceniti, ali so predlagani ukrepi primerni.
It must enable the firm to progress towards a new structure that offers it prospects for long-term viability and enables it to stand on its own feet.
Poleg tega mora podjetju omogočati prehod na novo strukturo, ki obljublja dolgoročno donosnost in ohranitev podjetja z lastnimi močmi.
This means that it should enable the firm to cover all its costs, including depreciation and financial charges, and to achieve a return on its capital sufficient for it to compete in the marketplace on its own merits.
To pomeni, da mora podjetje z načrtom doseči tak položaj, da bo lahko pokrilo vse stroške, vključno z odpisi vrednosti in stroški financiranja, ter doseglo tako donosnost kapitala, da se bo lahko z lastnimi močmi obdržalo v konkurenci.
The Commission has based its assessment on information furnished by Germany, and in particular the restructuring plan together with far-reaching modifications to the plan submitted at the later stage of the investigation procedure after discussions with the Commission, which include the detailed scheduling of the sale of specific assets.
Komisija se pri ocenjevanju ukrepa opira na informacije, ki jih je predložila Nemčija, na primer na načrt prestrukturiranja in večje spremembe tega načrta, ki jih je Nemčija predložila Komisiji skupaj z natančnim časovnim načrtom za odsvojitev določenih sredstev v poznejši fazi uradnega postopka preiskave po razpravah s Komisijo.
In its opening decision the Commission expressed doubts that the documents initially submitted by Germany could be considered a proper restructuring plan meeting the conditions in paragraphs 32–51 of the rescue and restructuring guidelines.
Komisija je v odločitvi o sprožitvi postopka izrazila dvom o tem, ali se dokumenti, ki jih je na začetku predložila Nemčija, lahko štejejo za ustrezen načrt prestrukturiranja v skladu s točkami od 32 do 51 Smernic za reševanje in prestrukturiranje.
In the opening decision the Commission also expressed the view that WestLB’s difficult situation was in part due to the ownership structure of the bank and the different interests of the respective owners.
Poleg tega je zavzela stališče, da so lahko razlogi za težek položaj WestLB med drugim lastniška struktura banke in različni interesi lastnikov.
The Commission therefore considers that the change of ownership, to be achieved by the end of 2011 by means of an open, transparent and non-discriminatory tender procedure, is an important step towards solving the difficulties and will facilitate the positive economic development of the bank.
Komisija zato meni, da je menjava lastništva, ki naj bi se na podlagi odprtega, preglednega in nediskriminacijskega razpisa zgodila do konca leta 2011, osrednjega pomena za reševanje nastalih težav in pozitiven gospodarski razvoj banke.
WestLB or its owners accepted this point, and undertook to put the change of ownership into definite terms by 31 December 2008, for example by producing a letter of intent.
WestLB oziroma njeni lastniki so se s to točko že ukvarjali in se najprej zavezali, da bodo do 31. decembra 2008 predložili dokaz o podrobni opredelitvi menjave lastništva, na primer pismo o nameri.
At Germany’s request the deadline was extended until 31 March 2009.
Na željo Nemčije je bil rok podaljšan do 31. marca 2009.
An interim report submitted by Germany on 27 February 2009 reviewed progress achieved by the end of February 2009 [35].
V vmesnem poročilu, predloženem 27. februarja 2009 [35], je Nemčija predstavila napredek, ki je bil dosežen do konca februarja 2009.
The preferred strategy was to create a consolidated supra-regional group (referred to as ’Landesbank Mitte) by merging two Landesbanken, WestLB and Landesbank Hessen-Thüringen (Helaba).
Prednostna zastavljena rešitev je bila, da se z združitvijo obeh deželnih bank, WestLB in Landesbank Hessen-Thüringen (Helaba), ustvari združena nadregionalna skupina, imenovana „Landesbank Mitte“.
The integration of DeKaBank Deutsche Girozentrale was proposed as a complementary measure.
Vključitev DekaBank Deutsche Girozentrale je bila predlagana kot dopolnilni ukrep.
Both options proved unsuccessful, for many reasons.
Vendar pa sta se obe možnosti izkazali za neuspešni iz več razlogov.
One reason was the conflict of interests among the owners of WestLB.
Eden od njih so bili različni interesi lastnikov WestLB.
The interests of the savings banks and the Land are sometimes directly opposed, which confirms that the view of the matter that the Commission expressed in the opening decision was correct, and that a change of ownership is of the greatest importance if the long-term viability of WestLB is to be restored.
Hranilnice in dežela Severno Porenje - Vestfalija so včasih imele popolnoma nasprotne interese, kar kaže na to, da je bila ugotovitev Komisije v zvezi s tem v odločitvi o sprožitvi postopka pravilna in da je menjava lastništva nadvse pomembna za vnovično vzpostavitev dolgoročne donosnosti banke.
In view of the failure of the initial attempt at the privatisation of WestLB, the Commission has sought to establish with a sufficient degree of certainty that the restructuring plan submitted is capable of restoring the bank’s viability.
Ker je prvi poskus privatizacije WestLB spodletel, je Komisija želela zadostno gotovost, da bo lahko banka s predloženim načrtom prestrukturiranja znova postala donosna.
Not only does the amended plan provide more detailed information about the planned measures, it also includes a range of important measures, such as a reduction of the balance sheet and the risk-weighted assets by almost 50 %, the sale of the bank as a whole or in separate units by means of an open tender procedure, the sale of nearly all subsidiaries, including Westdeutsche ImmobilienBank, and the closure of the majority of the bank’s locations.
Spremenjeni načrt vsebuje podrobne informacije o načrtovanih ukrepih in tudi različne pomembne ukrepe, kot so zmanjšanje bilančne vsote in obsega tveganju prilagojenih tehtanih vrednosti sredstev za skoraj 50 %, odsvojitev banke v celoti ali po delih na podlagi odprtega razpisa, odsvojitev skoraj vseh hčerinskih družb, vključno z družbo Westdeutsche ImmobilienBank, in zaprtje večine poslovalnic.
The sale of the bank has to be completed by 31 December 2011.
Odsvojitev banke mora biti končana do 31. decembra 2011.
But because the situation on the financial markets is unpredictable, and attempts to change the ownership structure of WestLB have been unsuccessful, the Commission has agreed that there may be a need for alternative scenarios, such as a transfer of the majority of the voting rights.
Ker pa se lahko na finančnih trgih pojavijo nepredvidljive okoliščine in ker poskusi spremembe lastniške strukture niso bili uspešni, je Komisija dala soglasje k drugim rešitvam, kot je prenos večine glasovalnih pravic.
Although the consolidation of Landesbanken in Germany has been unsuccessful so far, the Commission does not oppose the aggregate restructuring of the banks and the implementation of the restructuring plan in the broader context of the restructuring of the whole Landesbanken sector in Germany.
Čeprav konsolidacija deželnih bank v Nemčiji do zdaj še ni bila uspešna, Komisija ne ugovarja prestrukturiranju bank na višji ravni in izvedbi načrta prestrukturiranja v širšem okviru prestrukturiranja celotnega sektorja deželnih bank.
The implementation of the change of ownership is to be monitored by a trustee approved by the Commission and appointed by WestLB.
Menjavo lastništva bo nadzoroval izvedenec, ki ga bo imenovala WestLB s soglasjem Komisije.
The sale of the bank will be facilitated by the prior unbundling of business activities and their grouping into three core business areas, which will be offered for sale in a tender procedure, both separately and as a whole, and by the prior downsizing of the balance sheet total and risk-weighted assets by 25 % by the end of March 2010 and by 50 % by the end of March 2011, by reference to the year-end financial statement for 2007.
Odsvojitev banke bodo olajšali predhodna razdvojitev poslovnih dejavnosti in njihova združitev v tri osrednja področja poslovanja, ki bodo ponujena za prodajo v razpisnem postopku skupaj in posebej, ter predhodno zmanjšanje skupne bilančne vsote in tveganju prilagojenih tehtanih vrednosti sredstev za 25 % do konca marca 2010 in za 50 % do konca marca 2011 glede na končno vrednost ob koncu poslovnega leta 2007.
Moreover, the investigation has confirmed that WestLB has redirected its activities.
Preiskava je poleg tega potrdila, da je WestLB preusmerila svojo poslovno dejavnost.
It has abandoned loss-making business such as investment management and proprietary trading, which gave rise to the crisis, and lays the emphasis once again on customer-driven business.
Umaknila se je z izgubo prinašajočih poslovnih področij, kot so upravljanje naložb in posli za svoj račun, ki so krizo povzročili, in se zdaj znova osredotoča na posle za račun strank.
The amended restructuring plan provides that the bank will again concentrate its activities on North Rhine-Westphalia and Germany, withdrawing from more than 20 locations and subsidiaries, and on transaction banking, the medium-sized companies and savings banks partnership, and wholesale banking, capital markets and structured financing.
V spremenjenem načrtu za prestrukturiranje WestLB je predvideno, da bo banka poslovne dejavnosti znova osredotočila na SPV in Nemčijo, tako da se umika iz več kot 20 poslovalnic in hčerinskih družb ter se znova osredotoča na poslovne dejavnosti poslovnega bančništva, združenj/malih in srednje velikih podjetij ter kapitalskega trga/poslovanja s podjetji/strukturiranega financiranja.
The refocus from risky activities to less volatile business like transaction banking and cooperation with savings banks, private-banking customers, and mid-size corporates will increase the sustainable part of WestLB’s activities and therefore contribute to the restoration of the bank’s viability.
Z izstopom iz poslovnih dejavnosti z velikimi tveganji in vračanjem k manj nestanovitnim dejavnostim, kot sta poslovno bančništvo in sodelovanje s hranilnicami, zasebnimi strankami in srednje velikimi podjetji, se delež dolgoročno vzdržnih dejavnosti v skupnih poslovnih dejavnostih WestLB povečuje, povečuje pa se tudi prispevek k vnovični vzpostavitvi dolgoročne donosnosti banke.
The Commission observes that under the amended restructuring plan, WestLB is to move a long way from its previous business model.
Komisija ugotavlja, da WestLB s spremenjenim načrtom prestrukturiranja v bistvenih točkah odstopa od svojega dosedanjega poslovnega modela.