natgillin/translations-raw huggingface dataset:
Despite the expansionary monetary policy of the central banks and the massive expansion in budget deficits, it is assumed that inflation will prove low below potential in view of growth in real terms.
Kljub ekspanzivni denarni politiki centralnih bank in precejšnjemu povečevanju proračunskih primanjkljajev se predvideva, da bo inflacija vpričo realne rasti, ki bo pod zmožnostmi, nizka.
In view of the partial withdrawal of national and international competitors LBBW also sees opportunities to expand its function as a bank for SMEs and is expecting rising demand here in 2010.
Zaradi delnega umika domačih in mednarodnih tekmecev vidi LBBW tudi možnosti, da se razvije kot matična banka srednje velikih podjetij in na tem področju leta 2010 pričakuje rastoče povpraševanje.
LBBW also assumes that the profit situation will be improved by cross selling, in particular through the sale of hedging instruments for interest rate, currency and commodities risks.
Poleg tega LBBW izhaja iz dejstva, da se bodo donosi dodatno izboljšali z navzkrižno prodajo, predvsem s prodajo hedging instrumentov za kritje tveganj v zvezi z obrestmi, valutami in borznim blagom.
Change in legal form: All the main governance aspects of an SE or public limited company (described in paragraphs 22 and 23) are to be introduced immediately and no later than by 31 December 2010.
Sprememba pravne oblike: vse bistvene vsebinske vidike upravljanja evropske delniške družbe (opisane v točkah 22 in 23) je treba uvesti nemudoma, najpozneje pa do 31. decembra 2010.
LBBW will be converted into an SE or public limited company by no later than 31 December 2013, when following the milestone of the introduction of the governance aspects by the end of 2010, the legal adaptations in accordance with the articles of association for the change in legal form will be prepared for in such a way that this is concluded by no later than 31 December 2013.
Najpozneje z začetkom veljavnosti 31. decembra 2013 bo LBBW preoblikovana v evropsko delniško družbo, pri čemer bodo poleg mejnika uvedbe vsebinskih vidikov upravljanja do konca leta 2010 zakonske in statutarne prilagoditve spremembi pravne oblike pripravljene tako, da bo preoblikovanje končano najpozneje do 31. decembra 2013.
The real economic value of the ABS portfolio is EUR [14-15] billion and is consequently below the value stated by LBBW by EUR [1-2] billion.
Dejanska vrednost portfelja ABS je [14–15] milijard EUR in je tako za [1–2] milijardi EUR nižja od vrednosti, ki jo je navedla LBBW.
On the other hand the real economic value of the Sealink portfolio was correct.
Nasprotno pa je bila dejanska gospodarska vrednost portfelja SEALINK točna.
Leaving aside certain portfolio-specific features which could have unjustified negative effects at portfolio level, the Commission comes to the conclusion that with the most balanced assessment the anticipated losses for the entire portfolio were EUR [3-4] billion. The real economic value is consequently estimated at EUR [14-15] billion, i.e. EUR [1-2] billion lower than in the notification.
Ob izločitvi določenih značilnosti portfelja, ki bi lahko imele neutemeljene negativne učinke na ravni portfelja, je Komisija ugotovila, da so pri kar najbolj uravnoteženem preverjanju pričakovane izgube za celotni portfelj znašale [3–4] milijarde EUR. Tako je bila dejanska gospodarska vrednost ocenjena na [14–15] milijard EUR, kar je [1–2] milijardi EUR nižje kot v priglasitvi.
It should however be borne in mind that – as already pointed out – in the event of future losses the state guarantee only becomes effective if the first loss of EUR 1,9 billion has been fully utilised. It is consequently unlikely that the guarantee will be taken up before the State of Baden-Württemberg as guarantor of the State aid has formed substantial reserves for such payments from the fees paid by LBBW [20].
Vendar je treba opozoriti, da – kot je že bilo navedeno – ob prihodnjih izgubah državno jamstvo učinkuje le, če je bila izčrpana možnost prve izgube v znesku 1,9 milijarde EUR. Tako ni verjetno, da bo jamstvo uveljavljeno, dokler dežela Baden-Württemberg, ki je državno pomoč odobrila, iz premij, ki jih je plačala LBBW, ne oblikuje obsežnih rezerv za tovrstna plačila [20].
At least 50 % of regulatory equity capital must consist of tier 1 capital.
Regulatorni kapital mora vsebovati vsaj 50 % temeljnega kapitala.
According to the current legal provisions [21] the tier 2 capital must not exceed 100 % of the tier 1 capital.
Po veljavnih pravnih predpisih [21] sekundarni kapital ne sme preseči 100 % temeljnega kapitala.
This means that the equity capital can consist 50 % of tier 1 capital and 50 % of tier 2 capital in order to meet the regulatory requirements.
To pomeni, da je lahko lastni kapital sestavljen iz 50 % temeljnega kapitala in 50 % sekundarnega kapitala, da so izpolnjene zahteve varnega poslovanja.
According to the restructuring plan LBBW will be able to cover all its costs and start repaying the State aid in 2013.
V skladu z načrtom prestrukturiranja bo LBBW sposobna pokriti vse svoje stroške in leta 2013 začeti odplačevati državno pomoč.
Furthermore there are no indications of any potential financing problems.
Poleg tega ni nobenih dokazov o morebitnih težavah s financiranjem.
For the remaining risks arising from other securities and the loan book risks LBBW anticipates a clear rise in risk management for 2009 even compared with 2008.
Za preostala tveganja, ki izhajajo iz drugih sredstev in tveganj kreditnega poslovanja, LBBW za leto 2009 celo v primerjavi z letom 2008 predvideva, da se bo zaščita pred tveganji precej povečala.
From 2010 onwards the risk costs will fall and a normal level will have been achieved by 2013.
Od leta 2010 se bodo stroški tveganja zniževali in do leta 2013 dosegli običajno raven.
While the impaired assets will be reduced by around 30 %, it is assumed that 87 % of the 2009 income will be achieved.
Medtem ko bodo tvegana sredstva zmanjšana za približno 30 %, se predvideva, da bo doseženih 87 % prihodkov iz leta 2009.
The composition of the income will change as the income from business with corporate customers will gain in importance.
Sestava prihodkov se bo spremenila, saj bodo pomembnejši prihodki iz poslovanja s podjetji.
The aid in this case amounts to EUR 14,8 billion and comprises a recapitalisation of EUR 5 billion and EUR 9,8 billion of aid in the form of capital relief. The amount of the aid after completion of the measures amounts to more than 9 % of the impaired assets.
Pomoč v tem primeru znaša 14,8 milijarde EUR ter vključuje dokapitalizacijo v znesku 5 milijard EUR in pomoč v obliki ukrepa pomoči v znesku 9,8 milijarde EUR. Po izvršitvi ukrepov znesek pomoči presega 9 % tveganih sredstev.
The first report must be presented in May 2010.
Prvo poročilo je treba predložiti maja 2010.
The Commission therefore comes to the conclusion that proper monitoring of the implementation of the restructuring plan is ensured.
Zato Komisija ugotavlja, da je poskrbljeno za pravilno spremljanje izvajanja načrta prestrukturiranja.
According to the profit and loss projections LBBW will suffer an additional loss of around EUR [2] billion in 2009, reach the breakeven point in 2010 and 2011 (with […]) and make a profit of around EUR […] billion in 2013. The return on equity will be negative in 2009, slowly increase from 2010 to 2012 and be in double figures ([10-12] %) for the first time in 2013.
Na podlagi napovedi dobičkov in izgub bo LBBW v letu 2009 utrpela dodatno izgubo v višini [2] milijard EUR, v letih 2010 in 2011 bo dosegla prag rentabilnosti (pri […]) in v letu 2013 dobiček, ki bo znašal približno […] milijard EUR. Donosnost lastnega kapitala bo leta 2009 negativna, od leta 2010 do leta 2012 se bo počasi povečevala in leta 2013 bo prvič dvomestna ([10–12] %).
The core capital ratio is estimated at around […] % for 2009 and 2010 and due to the massive reduction in risky assets will gradually rise to [9-10] %, so that LBBW can repay the state aid from 2013 onwards.
Delež temeljnega kapitala bo za leti 2009 in 2010 znašal približno […] % ter se bo zaradi znatnega zmanjševanja tveganih sredstev postopoma povečal na [9–10] %, tako da bo LBBW lahko po letu 2013 vrnila državno pomoč.
LBBW takes on the first-ranking risk (First Loss) for the ABS portfolio amounting to EUR 1,9 billion and Baden-Württemberg guaranteed the secondary-ranking risk (Second Loss) up to an amount of EUR 6,7 billion.
Za portfelj ABS prevzame LBBW prvo izgubo v višini 1,9 milijarde EUR, dežela Baden-Württemberg pa jamči za drugo izgubo do višine 6,7 milijarde EUR. Po podatkih Nemčije je dejanska gospodarska vrednost portfelja 31. marca 2009 znašala [15–16] milijard EUR, tržna vrednost pa 10,137 milijarde EUR [7].
According to information provided by Germany the real economic value of the portfolio on 31 March 2009 was EUR [15-16] billion and the market value was EUR 10,137 billion [7].
Učinek jamstva na razbremenitev kapitala je znašal [1–2] milijardi EUR.
There are sufficient safeguards to prevent business decisions being determined by other than economic considerations. In addition the quality of the corporate governance will be considerably improved.
Na voljo je dovolj preventivnih zaščitnih ukrepov, ki preprečujejo, da bi se poslovne odločitve sprejemale drugače kot na podlagi gospodarskih premislekov.
The capital relief effect of the guarantee was EUR [1-2] billion. The second one, referred to as the ‘Sealink portfolio’, relates to a loan of EUR 8,75 billion to a special purpose vehicle which holds a portfolio of structured products.
Drugi portfelj, t.i. portfelj SEALINK, se nanaša na posojilo v višini 8,75 milijarde EUR, odobreno družbi s posebnim namenom, ki upravlja portfelj s strukturiranimi produkti.
on the State aid C 18/09 (ex N 360/09) implemented by Belgium for KBC
o državni pomoči C 18/09 (ex N 360/09) Belgije za KBC
(notified under document C(2009) 8980)
(notificirano pod dokumentarno številko C(2009) 8980)
By Decision of 18 December 2008 [2] (hereinafter ‘the recapitalisation Decision’), the Commission concluded that the EUR 3,5 billion recapitalisation of KBC provided by the Belgian Federal government [3] (hereinafter ‘the first recapitalisation’) was compatible with the common market as rescue aid on the basis of Article 87(3)(b) of the Treaty for a period of six months.
Komisija je z odločitvijo z dne 18. decembra 2008 [2] (v nadaljnjem besedilu: odločitev o dokapitalizaciji) ugotovila, da je bila dokapitalizacija KBC v višini 3,5 milijarde EUR, ki jo je izvedla belgijska zvezna vlada [3] (v nadaljnjem besedilu: prva dokapitalizacija), združljiva s skupnim trgom kot pomoč za reševanje na podlagi člena 87(3)(b) Pogodbe za šestmesečno obdobje.
The Commission in its Decision also required the submission of a plan by the Belgian authorities within six months.
Komisija je v odločitvi zahtevala tudi, naj belgijske oblasti v šestih mesecih predložijo načrt.
On 22 January 2009, the Flemish government and KBC announced a further strengthening of KBC’s capital base through a EUR 2 billion recapitalisation by the Flemish government.
Flamska vlada in KBC sta 22. januarja 2009 napovedali nadaljnjo krepitev kapitalske osnove KBC z dokapitalizacijo v višini 2 milijard EUR, ki bi jo izvedla flamska vlada.
The Flemish government [4] furthermore committed to provide an additional stand-by facility of EUR 1,5 billion (hereinafter together called ‘the second recapitalisation’).
Flamska vlada [4] se je tudi zavezala, da bo zagotovila dodaten aranžma stand-by v višini 1,5 milijarde EUR (v nadaljnjem besedilu se oboje skupaj imenuje: druga dokapitalizacija).
On 14 May 2009, the Belgian Federal government [5] and KBC announced that they reached an agreement concerning an asset relief measure (hereinafter ‘the State Protection measure’) to cover KBC’s exposure to Collateralised Debt Obligations (hereinafter ‘CDOs’).
Belgijska zvezna vlada [5] in KBC sta 14. maja 2009 sporočili, da sta dosegli dogovor v zvezi z ukrepom finančne pomoči za oslabljena sredstva (v nadaljnjem besedilu: državni zaščitni ukrep) za kritje tveganja KBC zaradi portfelja vrednostnih papirjev, zavarovanih z dolžniškimi instrumenti (collateralised debt obligations – CDO, v nadaljnjem besedilu: CDO).
The Commission received information on the second recapitalisation and the State Protection measure on 18 May, 8 June and 12 June 2009.
Komisija je informacije o drugi dokapitalizaciji in državnem zaščitnem ukrepu prejela 18. maja, 8. junija in 12. junija 2009.
The Belgian authorities submitted a restructuring plan for KBC on 18 June 2009 with regard to the first recapitalisation.
Belgijski organi so 18. junija 2009 predložili načrt prestrukturiranja KBC v zvezi s prvo dokapitalizacijo.
The Belgian authorities notified the second recapitalisation and the State Protection measure on 19 June 2009.
Belgijski organi so drugo dokapitalizacijo in državni zaščitni ukrep priglasili 19. junija 2009.
On 30 June 2009, the Commission approved the second recapitalisation for a period of six months, subject to the submission of a restructuring plan, and temporarily approved the State Protection measure.
Komisija je 30. junija 2009 drugo dokapitalizacijo odobrila za šest mesecev pod pogojem, da se predloži načrt prestrukturiranja, državni zaščitni ukrep pa je odobrila začasno.
At the same time, it opened the procedure under Article 88(2) of the Treaty with regard to the valuation and other aspects of the State Protection measure (hereinafter ‘the opening Decision’) [6].
Hkrati je sprožila postopek iz člena 88(2) Pogodbe v zvezi z oceno vrednosti in drugimi vidiki državnega zaščitnega ukrepa (v nadaljnjem besedilu: odločitev o sprožitvi postopka) [6].
The opening Decision was published in the Official Journal of the European Union [7] and interested parties were requested to submit their comments on the aid.
Odločitev o sprožitvi postopka je bila objavljena v Uradnem listu Evropske unije [7], zainteresirane strani pa so bile pozvane k predložitvi pripomb o pomoči.
In the opening Decision, the Commission required the Belgian authorities to submit an amended restructuring plan that would also take into account the second recapitalisation and the State Protection measure by 30 September 2009.
Komisija je v odločitvi o sprožitvi postopka od belgijskih organov zahtevala, naj do 30. septembra 2009 predložijo spremenjeni načrt prestrukturiranja, v katerem se bosta upoštevala tudi druga dokapitalizacija in državni zaščitni ukrep.
As regards the State Protection measure, the Belgian authorities submitted additional information on 3 July, 21 August, 2, 4, 22, 25 and 30 September and 13, 16 and 20 October 2009.
Belgijski organi so v zvezi z državnim zaščitnim ukrepom predložili dodatne informacije 3. julija, 21. avgusta, 2., 4., 22., 25. in 30. septembra ter 13., 16. in 20. oktobra 2009.
The restructuring plan was discussed between the Belgian authorities and the Commission services in a series of meetings on 23 July, 6, 18 and 27 August, 9, 10, 14, 15 and 23 September 2009.
Belgijski organi in službe Komisije so načrt prestrukturiranja obravnavali na vrsti sestankov, ki so potekali 23. julija, 6., 18. in 27. avgusta ter 9., 10., 14., 15. in 23. septembra 2009.
The Belgian authorities submitted information concerning the restructuring plan on 2, 4, 10, 11, 16, 17, 22, 24, 25, 28 and 30 September, 1, 16, 19 and 21 October and 3, 4 and 6 November 2009.
Belgijski organi so predložili informacije v zvezi z načrtom prestrukturiranja 2., 4., 10., 11., 16., 17., 22., 24., 25., 28. in 30. septembra, 1., 16., 19. in 21. oktobra ter 3., 4. in 6. novembra 2009.
On 4 November 2009, the Belgian authorities informed the Commission that for reasons of urgency they exceptionally accept that this Decision is adopted in the English language.
Belgijski organi so 4. novembra 2009 Komisijo obvestili, da zaradi nujnosti izjemoma soglašajo, da se ta sklep sprejme v angleškem jeziku.
DESCRIPTION OF THE BENEFICIARY
OPIS PREJEMNIKA POMOČI
The KBC Group NV (hereinafter ‘KBC’) is the holding company of KBC Bank NV, KBC Verzekeringen NV and KBL European Private Bankers (hereinafter ‘KBL EPB’).
KBC Group NV (v nadaljnjem besedilu: KBC) sestavljajo holdinška družba KBC Bank NV, KBC Verzekeringen NV in KBL European Private Bankers (v nadaljnjem besedilu: KBL EPB).
KBC is an integrated bancassurance group, catering mainly for retail customers, small- and medium-sized enterprises (hereinafter ‘SMEs’) and private banking clientele.
KBC je povezana bančno-zavarovalniška skupina, ki večinoma posluje s prebivalstvom, malimi in srednjimi podjetji (v nadaljnjem besedilu: MSP) in strankami zasebnega bančništva.
KBC is one of the main financial institutions in Belgium.
KBC je ena od glavnih finančnih ustanov v Belgiji.
Besides its activities in Belgium, Central and Eastern Europe, KBC is present in Russia, Romania, Serbia, several Western European countries including Ireland and to a lesser extent in the United States of America and Southeast Asia.
Dejavnosti opravlja v Belgiji ter Srednji in Vzhodni Evropi, poleg tega pa posluje tudi v Rusiji, Romuniji, Srbiji, več zahodnoevropskih državah vključno z Irsko, manj pa v Združenih državah Amerike in Jugovzhodni Aziji.
For 2008, total assets on the balance sheet of KBC amounted to EUR 355,6 billion and EUR 178,3 billion in risk-weighted assets (hereinafter ‘RWA’) terms [8].
Skupna sredstva v bilanci KBC so za leto 2008 znašala 355,6 milijarde EUR, tveganju prilagojena aktiva pa 178,3 milijarde EUR [8].
KBC has 8,2 million customers in Central and Eastern Europe and Russia (2007 estimates).
KBC ima 8,2 milijona strank v Srednji in Vzhodni Evropi ter Rusiji (ocene so za leto 2007).
More detailed information on KBC is provided in section 2.1 of the opening Decision.
Podrobnejše informacije o KBC so podane v razdelku 2.1 odločitve o sprožitvi postopka.
Following 2008 third quarter losses of EUR 906 million, resulting mainly from the bank’s exposure to its CDOs, Icelandic banks, Lehman Brothers and Washington Mutual, KBC needed to strengthen its capital base.
KBC je morala po izgubah v višini 906 milijonov EUR v tretjem četrtletju leta 2008, ki so nastale predvsem zaradi portfelja CDO, pa tudi njenih obveznosti do islandskih bank ter bank Lehman Brothers in Washington Mutual, okrepiti svojo kapitalsko osnovo.
This lead to the first recapitalisation of EUR 3.5 billion by the Belgian authorities in December 2008, described in more detail in section 3 of the first recapitalisation Decision of 18 December 2008 [9].
To je privedlo do tega, da so belgijski organi decembra 2008 izvedli prvo dokapitalizacijo v višini 3,5 milijarde EUR, ki je podrobneje opisana v razdelku 3 odločitve o prvi dokapitalizaciji z dne 18. decembra 2008 [9].
On 15 January 2009, Moody’s rating agency announced that it had revised certain key assumptions in its rating of corporate synthetic CDOs.
Bonitetna agencija Moody’s je 15. januarja 2009 objavila, da je spremenila nekatere ključne predpostavke pri bonitetnem ocenjevanju sintetičnih CDO podjetij.
As a result, it decided to downgrade several categories of CDOs, although it did not specify which CDOs were affected.
Zato se je odločila, da bo znižala oceno več kategorij CDO, čeprav ni navedla, na katere CDO bo to vplivalo.
Following that announcement, KBC’s share price came under severe pressure.
Po tej objavi je bila cena delnic KBC pod velikim pritiskom.
Consequently, KBC decided to fully write-down all non-super senior CDO notes [10] in its portfolio originated by KBC Financial Products, a full subsidiary of KBC (hereinafter ‘KBC FP’) and to strengthen its capital base by means of a second recapitalisation measure subscribed entirely by the Belgian authorities.
Posledično se je KBC odločila, da v svojem portfelju v celoti zmanjša knjigovodsko vrednost vseh CDO, razen najbolj nadrejenih tranš [10], ki izhajajo iz družbe KBC Financial Products, ki je odvisna družba v 100-odstotni lasti družbe KBC (v nadaljnjem besedilu: KBC FP), in da svojo kapitalsko osnovo okrepi z drugo dokapitalizacijo, ki so jo v celoti prispevali belgijski organi.
Section 2.2 of the opening Decision [11] describes the circumstances which led to the recapitalisation by the Belgian authorities and section 2.3.1 of that Decision describes the details of the agreement in more detail.
V razdelku 2.2 odločitve o sprožitvi postopka [11] so opisane okoliščine, ki so privedle do dokapitalizacije, ki so jo izvedli belgijski organi, v razdelku 2.3.1 zadevne odločitve pa so natančneje opisane podrobnosti sporazuma.
The restructuring of the monoline insurer Municipal Bond Insurance Association (hereinafter ‘MBIA’), the reinsurer of a significant part of KBC’s CDO portfolio (EUR 14,4 billion), in March 2009, increased KBC’s counterparty risk and exposure to MBIA.
Marca 2009 sta se s prestrukturiranjem zavarovalnice za zavarovanje kreditnih tveganj Municipal Bond Insurance Association (v nadaljnjem besedilu: MBIA), ki je pozavarovateljica znatnega dela portfelja CDO KBC (14,4 milijarde EUR), za KBC povečala tveganje nasprotne stranke in njena izpostavljenost MBIA.
Section 2.2 of the opening Decision [12] describes the circumstances which led to the creation of the State Protection measure by the Belgian authorities and section 2.3.2 of that Decision describes the details of the agreement between the Belgian authorities and KBC.
V razdelku 2.2 odločitve o sprožitvi postopka [12] so opisane okoliščine, ki so privedle do tega, da so belgijski organi ustvarili državni zaščitni ukrep, v razdelku 2.3.1 navedene odločitve pa so natančneje opisane podrobnosti o dogovoru med belgijskimi organi in KBC.
KBC has benefited from three aid measures from the Belgian authorities; two recapitalisations and the State Protection measure.
Belgijski organi so KBC pomagali s tremi ukrepi pomoči – dvema dokapitalizacijama in državnim zaščitnim ukrepom.
THE FIRST AND SECOND RECAPITALISATION
PRVA IN DRUGA DOKAPITALIZACIJA
The first recapitalisation took the form of an injection of EUR 3,5 billion in total of core Tier-1 capital through Yield Enhanced securities issued by KBC and fully subscribed by the Belgian authorities.
Prva dokapitalizacija je bila izvedena v obliki kapitalskega vložka temeljnega kapitala prvega reda v skupni višini 3,5 milijarde EUR z vrednostnimi papirji s povečano donosnostjo, ki jih je izdala KBC in so jih v celoti prispevali belgijski organi.
The issue price is EUR 29,50 per security.
Cena nove izdaje vrednostnih papirjev je bila 29,50 EUR.
Those perpetual securities will produce a coupon payable each year equal to the higher of:
Na podlagi teh trajnih vrednostnih papirjev se bo vsako leto izplačal kupon, pri čemer bo višina enaka vsaj vrednosti:
EUR 2,51 per security (equivalent to a coupon of 8,5 %), non-cumulative, payable annually in arrears,
2,51 EUR na vrednostni papir (ekvivalent 8,5 % vrednosti kupona), nekumulativno, izplačljivo letno za nazaj,
110 % of the dividend paid on the ordinary shares for the fiscal year 2008,
110 % dividende, ki se izplača za običajne delnice za proračunsko leto 2008,
120 % of the dividend paid on the ordinary shares for the fiscal year 2009,
120 % dividende, ki se izplača za običajne delnice za proračunsko leto 2009,
125 % of the dividend paid on the ordinary shares for the fiscal year 2010 and onwards.
125 % dividende, ki se izplača za običajne delnice za proračunsko leto 2010 in leta po tem.
The coupon will only be paid if a dividend is paid on the ordinary shares, provided that KBC’s capital adequacy position is and remains satisfactory both before and after the payment in the opinion of the Belgian Banking, Finance and Insurance Commission (hereinafter ‘CBFA’) [13].
Kupon se izplača samo, če se na običajne delnice izplačajo dividende, če je stanje kapitalske ustreznosti KBC po mnenju belgijske komisije za bančništvo, finance in zavarovalništvo (v nadaljnjem besedilu: CBFA) [13] zadovoljivo pred izplačilom in po njem.
The securities are deeply subordinated, ranking pari passu with the ordinary shares.
Vrednostni papirji so močno podrejeni in so enakovredni običajnim delnicam.
There are two redemption scenarios, both of which are at the initiative of KBC.
Na voljo sta dva scenarija odkupa, pobudnik obeh pa je KBC.