natgillin/translations-raw huggingface dataset:
The primary objective of the tender procedure is a change of ownership of WestLB, i.e. the complete transfer of the voting rights.
Glavni cilj razpisa je menjava lastništva, tj. popoln prenos glasovalnih pravic.
Full divesture of one or several unbundled business areas is preferred to a simple transfer of the majority of the voting rights (50 % plus one share).
Popolna odsvojitev enega ali več segmentiranih področij ima prednost pred preprostim prenosom večine glasovalnih pravic (50 % plus ena delnica).
Such a transfer of the majority of the voting rights to a new buyer will be admissible only if in the tender procedure no offer is made for the full divesture of one or more segmented business areas.
Prenos večine glasovalnih pravic na novega kupca je dopusten samo, če med razpisnim postopkom ne bi bila oddana nobena ponudba za popoln prevzem enega ali več segmentiranih področij.
Although the priority is a transfer of the entirety of the voting rights, the Commission agreed in view of the unpredictable situation on the financial markets and the failure of efforts to change WestLB’s ownership structure that there might be a need for alternative scenarios, such as a transfer of the majority of the voting rights or a consolidation of Landesbanken in Germany.
Čeprav ima popoln prenos glasovalnih pravic prednost, je Komisija ob upoštevanju nepredvidljivih razmer na finančnih trgih in neuspešnih poskusov spreminjanja lastniške strukture WestLB pristala na druge možnosti, kot sta prenos večine glasovalnih pravic in združevanje deželnih bank v Nemčiji.
The Commission does not oppose a restructuring of the banks on an aggregate level, and accepts that the restructuring plan may have to be implemented against the background of a restructuring of the Landesbanken in Germany.
Komisija ne nasprotuje prestrukturiranju bank na višjih ravneh in sprejema izvajanje načrta prestrukturiranja med prestrukturiranjem sektorja deželnih bank v Nemčiji.
However, in order to monitor the correct implementation of the restructuring plan even if an alternative scenario for the change of ownership is chosen, the Commission considers it necessary that a trustee be appointed.
Da pa bi bilo kljub temu mogoče nadzorovati pravilno izvajanje načrta prestrukturiranja tudi takrat, ko je izbran drug scenarij za menjavo lastništva, Komisija meni, da je potrebno imenovanje izvedenca (upravljavca).
In order to facilitate the sale of WestLB, whether as a whole or in separate parts, the restructuring plan provides for cost-cutting and downsizing measures.
Za olajšanje odsvojitve WestLB v celoti ali po delih so v načrtu prestrukturiranja predvideni ukrepi za zniževanje stroškov in krčenje.
The divesture of shareholdings and the closure of locations are key elements.
Načrtovana sta zlasti prodaja deležev in zmanjšanje števila poslovalnic.
As regards cost-cutting and downsizing, all major shareholdings will be divested in order to finance the restructuring activities.
Za znižanje stroškov in krčenje morajo biti odsvojeni vsi veliki deleži, da se bodo lahko financirali ukrepi za prestrukturiranje. Odsvojitev mora biti izvedena v dveh fazah.
The sale process will be organised in two tranches: The first tranche of holdings, comprising Weberbank, […] and […] will be sold by the end of [February–May] 2010 [12], and the second tranche, comprising […] and […], will be sold by the end of [February-May] 2011 [13].
Prva skupina kapitalskih deležev, v kateri so deleži družb Weberbank, […] in […], bo odsvojena do konca [februarja–maja] 2010 [12], druga skupina, v kateri so deleži družb […] in […], pa do konca [februarja–maja] 2011 [13].
Of its eleven locations in Germany, WestLB will close five by […] 2010 at the latest (Bielefeld, Münster, Dortmund, Cologne and Mainz) [14].
WestLB bo za znižanje stroškov in krčenje poleg tega najpozneje do […] 2010 zaprla pet od svojih enajstih poslovalnic v Nemčiji (poslovalnice v Bielefeldu, Münstru, Dortmundu, Kölnu in Mainzu) [14].
By […] 2010 at the latest [15] WestLB will reduce its locations outside Germany from over thirty to seven [16].
Poleg tega bo WestLB najpozneje do […] 2010 [15] število poslovalnic zunaj Nemčije zmanjšala z več kot 30 na sedem [16].
Finally, the restructuring plan sets out a programme of downsizing measures, as follows:
Program krčenja je bil oblikovan v skladu s programom prestrukturiranja, kot sledi:
By comparison with the year-end financial statement for 2007, the balance sheet total will be reduced by 25 % by the end of March 2010 and by 50 % by the end of March 2011 [17].
skupna bilančna vsota [17] se bo glede na višino ob koncu leta 2007 do konca marca 2010 zmanjšala za 25 %, do konca marca 2011 pa za 50 %.
In absolute figures, the balance sheet total will be reduced from EUR [200-280] billion net to EUR [150–250] billion net by 31 March 2010 and EUR [80-180] billion net by 31 March 2011.
Prečiščena bilančna vsota se bo tako z začetnih [200–280] milijard EUR do 31. marca 2010 zmanjšala na [150–250] milijard EUR, do 31. marca 2011 pa na [80–180] milijard EUR,
By comparison with the year-end financial statement for 2007, the risk-weighted assets (RWA) will be reduced by 25 % by the end of March 2010 and by 50 % by the end of March 2011.
poleg tega se bo znesek tveganju prilagojenih tehtanih vrednosti sredstev (RWA) glede na višino ob koncu leta 2007 do konca marca 2010 zmanjšal za 25 %, do konca marca 2011 pa za 50 %.
In absolute figures, the risk-weighted assets will be reduced from EUR 104 billion to EUR 78 billion by 31 March 2010 and EUR 52 billion by 31 March 2011.
Znesek tveganju prilagojenih tehtanih vrednosti sredstev se bo tako z začetnih 104 milijard EUR do 31. marca 2010 zmanjšal na 78 milijard EUR, do 31. marca 2011 pa na 52 milijard EUR,
These target figures are to be achieved preferably by divesting or disposing of assets that have previously been grouped in the ‘exit portfolio’.
te opredeljene cilje je treba po možnosti doseči z odsvojitvijo/izločitvijo vrste sredstev, ki so bila prej združena v izhodnem portfelju.
In addition to cost-cutting and downsizing, the plan involves comprehensive refocusing and de-risking of all business.
V načrtu prestrukturiranja sta poleg zniževanja stroškov in krčenja predvidena tudi celostna preusmeritev in zmanjševanje tveganj pri vseh dejavnostih.
In particular, the following measures are to be taken:
Načrtovani so zlasti naslednji ukrepi:
Core business will be divided into three separate areas, with organisational unbundling of all business processes,
vzpostavitev treh ločenih osrednjih področij in ustrezna organizacijska razdvojitev vseh poslovnih procesov,
There will be a phase-out of investment management, ending in full withdrawal,
popolna opustitev dejavnosti upravljanja naložb, ki se opravlja,
In the field of structured finance, including international project finance (global origination), the volume of business will be considerably reduced and focused on identified sectors,
znatno zmanjšanje obsega poslovanja pri strukturiranem financiranju, vključno z mednarodnim financiranjem projektov (Global Origination), in omejitev na izbrana področja,
The international capital market business will be limited to customer-related trading activities.
omejitev mednarodnega poslovanja na kapitalskih trgih na trgovanje, naravnano na zadovoljitev strank.
Before the end of October 2009, with a view to the formation of three separate core business areas, WestLB will unbundle all business processes and set up the following units, which will abstain from external growth through mergers or acquisitions:
WestLB bo med vzpostavitvijo treh ločenih enot, ki bodo opravljale osrednje dejavnosti, do konca oktobra 2009 razdvojila vse poslovne procese in ustanovila naslednje enote, ki ne bodo imele zunanje rasti zaradi dokupovanja ali združevanja:
transaction banking,
poslovno bančništvo;
medium-sized companies and savings banks partnership (Verbund/Mittelstand),
združenja/mala in srednje velika podjetja;
capital markets, wholesale banking and structured financing.
poslovanje s podjetji/kapitalski trg/strukturirano financiranje.
Pending the sale of the investment management business, WestLB will cease trading for its own account and will no longer perform relative value and arbitrage transactions [18]. Trading for clients’ accounts is restricted to the locations in Düsseldorf, New York, London and Hong Kong.
WestLB je z ozirom na umik iz dejavnosti upravljanja naložb vzpostavila trgovanje za lasten račun, do svoje odsvojitve pa ne bo več opravljala poslov z relativno vrednostjo in poslov finančne preprodaje [18]; trgovanje, ki ga sprožijo stranke, je omejeno na poslovalnice v Düsseldorfu, New Yorku, Londonu in Hongkongu.
Until WestLB’s change of ownership, the business volume of capital market activities will be restricted as follows: in 2009, by 31 December 2009, to EUR [70–100] billion; in 2010, by 31 December 2010, to EUR [60–90] billion; and in 2011, by 31 December 2011, to EUR [50-80] billion.
V zvezi z zmanjšanjem dejavnosti na kapitalskem trgu bo zadevni obseg poslov do odsvojitve WestLB omejen takole: v letu 2009 do 31. decembra 2009 na [70–100] milijard EUR, v letu 2010 do 31. decembra 2010 na [60–90] milijard EUR in v letu 2011 do 31. decembra 2011 na [50–80] milijard EUR.
Until WestLB’s change of ownership, the risk-weighted assets to be allocated to capital markets business will be restricted as follows: by 31 December 2009, to EUR [10–25] billion; by 31 December 2010, to EUR [5–25] billion; and by 31 December 2011, to EUR [5–25] billion.
Za zmanjšanje trgovanja na kapitalskih trgih bo poleg tega do odsvojitve WestLB znesek tveganju prilagojenih tehtanih vrednosti sredstev iz dejavnosti na kapitalskih trgih omejen: do 31. decembra 2009 na [10–25] milijard EUR, do 31. decembra 2010 na [5–25] milijard EUR in do 31. decembra 2011 na [5–25] milijard EUR.
Pending the sale of WestLB, the volume of business in the field of wholesale banking and structured financing (forming part of the capital markets, wholesale banking and structured financing area) will be restricted as follows: in 2009, by 31 December 2009, to EUR [20-40] billion; in 2010, by 31 December 2010, to EUR [15-35] billion; and in 2011, by 31 December 2011, to EUR [10-30] billion.
Za zmanjšanje področij poslovanja s podjetji in strukturiranega financiranja (del področja kapitalski trg, poslovanje s strankami in strukturirano financiranje) bo s tem povezan obseg poslovanja do odsvojitve družbe WestLB omejen takole: v letu 2009 do 31. decembra 2009 na [20–40] milijard EUR, v letu 2010 do 31. decembra 2010 na [15–35] milijard EUR in v letu 2011 do 31. decembra 2011 na [10–30] milijard EUR.
In addition, pending the sale of WestLB, the risk-weighted assets corresponding to the volume of business in the field of wholesale banking and structured financing (forming part of the capital markets, wholesale banking and structured financing area) will be restricted as follows: by 31 December 2009, to EUR [30-60] billion; by 31 December 2010, to EUR [20-50] billion; and by 31 December 2011, to EUR [20-50] billion.
Za zmanjšanje poslovanja s podjetji in strukturiranega financiranja (del področja kapitalski trg, poslovanje s strankami in strukturirano financiranje) bo poleg tega znesek tveganju prilagojenih tehtanih vrednosti sredstev iz teh dejavnosti do odsvojitve WestLB omejen takole: do 31. decembra 2009 na [30–60] milijard EUR, do 31. decembra 2010 na [20–50] milijard EUR in do 31. decembra 2011 na [20–50] milijard EUR.
All remaining activities, units and locations in the form of subsidiaries, branches or representation offices which cannot be sold before the end of December 2011 will be wound up by the owners.
Vse druge dejavnosti, enote in poslovalnice, ki so ustanovljene kot hčerinske družbe, podružnice ali predstavništva, ki jih do konca decembra 2011 ne bo mogoče odsvojiti, bodo lastniki ukinili.
All the amendments made to the restructuring plan of 8 August 2008 were discussed with the Commission, accepted by Germany, and submitted to the Commission on 30 April 2009.
O vseh spremembah načrta prestrukturiranja z dne 8. avgusta 2008 je s Komisijo potekala razprava; Nemčija je spremembe sprejela, nato pa so bile Komisiji 30. aprila 2009 predložene kot spremembe načrta prestrukturiranja.
But the amended restructuring plan is still subject to official confirmation by three out of WestLB’s five owners.
Vendar pa trije od petih delničarjev WestLB spremenjenega načrta še niso uradno potrdili.
Although it has been accepted by Germany and by the owners, therefore, the restructuring plan cannot be considered binding.
Načrta prestrukturiranja, čeprav so ga Nemčija in lastniki sprejeli, zato ni mogoče šteti za zavezujočega.
In the course of the proceedings the Commission has observed that the owners have been unable to comply with the original timetable for an authorised restructuring plan, and that decision-making has fallen behind schedule.
Med postopkom je Komisija ugotovila, da lastniki niso mogli slediti izvirnemu časovnemu načrtu za odobreni načrt prestrukturiranja in da so odbori z določanjem rokov odgovorni za zamujanje postopka.
The Commission consequently considers it necessary to attach conditions to its Decision.
Komisiji se zato zdi nujno, da svojo odločitev poveže z nekaterimi pogoji.
Given the complexity of the proposed restructuring measures, and the tight deadlines for their implementation, the Commission considers that the implementation of the restructuring plan should be monitored by a trustee, who should keep the Commission informed of the steps taken.
Glede na zapletenost predlaganih ukrepov za prestrukturiranje in kratek rok za njihovo izvedbo je po mnenju Komisije nujno, da prestrukturiranje nadzoruje izvedenec (upravljavec), ki bo Komisijo obveščal o izvedenih korakih.
The appointment of a trustee is important especially because the Commission is prepared to accept some flexibility in the implementation schedule.
Imenovanje takega izvedenca je posebno pomembno, ker Komisija pri izvajanju časovnega načrta za prestrukturiranje dovoljuje nekaj prilagodljivosti.
In principle the divesture of holdings has to be completed by [February–May] 2010.
Odsvojitev deležev je načeloma treba končati do [(februarja–maja)] 2010.
But it may be postponed if WestLB can show that a sale was possible only below book value.
Kljub temu pa jo je mogoče preložiti, če WestLB dokaže, da bi bila odsvojitev mogoča samo po ceni, ki ne dosega knjigovodske vrednosti.
This Decision also provides for the possibility of a restricted sale or the consolidation of the Landesbanken in Germany, and thus for exemption from the tendering requirement.
V odločbi je poleg tega predvidena tudi možnost proste prodaje ali združevanja deželnih bank v Nemčiji ter je tako dovoljeno odstopanje od razpisnega postopka.
The trustee should monitor the implementation of the restructuring plan, report on decisions taken in the framework of the flexibility allowed during the implementation period, and facilitate communication with the Commission.
Izvedenec bi moral nadzorovati izvajanje načrta prestrukturiranja, sestaviti poročilo o odločitvah, ki so znotraj dovoljenih odstopanj in so bile sprejete med obdobjem prestrukturiranja, ter olajšati komunikacijo s Komisijo.
GERMANY’S COMMENTS ON THE OPENING DECISION
PRIPOMBE NEMČIJE K ODLOČITVI O SPROŽITVI POSTOPKA
In response to the opening decision Germany submitted observations on the assessment of the aid.
Nemčija je v odgovoru na odločitev o sprožitvi postopka predložila pripombe v zvezi z oceno pomoči.
Regarding the scale of the aid involved, Germany argues, contrary to the Commission’s view, that for the calculation of the amount of aid the only relevant time is the time at which the risk shield was put in place and announced to the public, and not the later time at which the provisional structure was transformed into a permanent structure.
Nemčija v zvezi z izračunom zneska pomoči v nasprotju s Komisijo meni, da je za izračun višine pomoči pomemben samo čas, ko je bila zaščita pred tveganjem vzpostavljena in javno razglašena, ne pa tudi čas, ko je bila začasna struktura preoblikovana v stalno.
Concerning the nature of the risk shield, Germany argues that the conversion from a provisional structure to a permanent one is not relevant.
Nemčija v zvezi s sestavo zaščite pred tveganjem ugotavlja, da naj preoblikovanje iz začasne v stalno strukturo ne bi bilo pomembno.
The test applied by the Commission to assess the eligibility of the measure, i.e. its reversibility, is satisfied, despite the fact that the risk shield is not subject to a time-limit.
Ustrezni temeljni pogoj, ki ga je Komisija postavila za odobritev ukrepa, tj. njegova reverzibilnost, naj bi bil izpolnjen, čeprav zaščita pred tveganjem ni bila časovno omejena.
Germany argues that where a guarantee is given to a firm in difficulty the aid component will be equal to the amount effectively covered by the guarantee only if total loss is very likely.
Nemčija v zvezi z višino pomoči trdi, da je element pomoči pri jamstvu, ki se zagotovi podjetju v težavah, enako visok kot znesek, s katerim se jamstvo učinkovito krije, samo takrat, kadar je popolna izguba zelo verjetna.
The calculation performed by WestLB which was presented to BaFin and the Bundesbank in December 2007 and January 2008 put the expected losses of the portfolio at a nominal EUR […] million at the end of January 2008; the calculation performed by Morgan Stanley in February 2008 arrived at the significantly higher value of about EUR […] billion; both of these are well below the nominal value of EUR 5 billion, and do not suggest that total loss was very likely.
Izračun, ki ga je opravila WestLB, ga decembra 2007 in januarja 2008 predložila uradu BaFin in nemški nacionalni banki Deutsche Bundesbank in po katerem so pričakovane izgube portfelja ob koncu januarja 2008 nominalno znašale […] milijonov EUR, ter izračun, ki ga je februarja 2008 opravila družba Morgan Stanley in katerega rezultat je znatno višji znesek v višini približno […] milijard EUR, sta znatno nižja od nominalne vrednosti v višini 5 milijard EUR, in posledično ne dopuščata sklepanja, da bi bila popolna izguba zelo verjetna.
Furthermore the calculation performed by WestLB already takes account of a bad case scenario, as it is based upon an additional two-notch downgrading of the recent ratings of all instruments assessed, whereas the report provided by Morgan Stanley was too pessimistic, being based, among other differing assumptions, upon a four-notch downgrading.
Poleg tega naj bi izračun WestLB že temeljil na najslabšem scenariju, saj so bile takratne ocene vseh vrednotenih instrumentov znižane za dve stopnji, medtem ko je bil izračun družbe Morgan Stanley, v kateri je bilo poleg drugih odstopajočih predpostavk predvideno tudi znižanje za štiri stopnje, preveč črnogled.
Turning to the legal basis, Germany argues that the aid should be found compatible with the common market pursuant to Article 87(3)(b) of the EC Treaty, since at the time the aid was granted there was a serious disturbance in the economy, and the risk shield for WestLB, which according to Germany is of systemic importance, was also intended to remedy that disturbance.
Nemčija v zvezi s pravno podlago trdi, da je treba pomoč na podlagi člena 87(3)(b) Pogodbe ES razglasiti za združljivo s skupnim trgom, saj naj bi ob njeni dodelitvi na trgu obstajali resna motnja v gospodarstvu in zaščita pred tveganjem za WestLB, ki ima sistemski pomen, prav tako naj bi bila namenjena odpravi resne motnje v gospodarstvu.
The measure was appropriate, necessary and proportionate.
Ukrep naj bi bil poleg tega primeren, potreben in ustrezen.
Germany also contends that the aid is compatible with the common market under Article 87(3)(c), because the restructuring plan does not consist solely of incremental improvements, but provides for a considerable reduction of the business conducted by WestLB for its own account, an appreciable improvement in its risk profile, and a stabilisation of its earnings outlook.
Nemčija v zvezi z združljivostjo pomoči s skupnim trgom v skladu s členom 87(3)(c) Pogodbe ES trdi, da naj bi se z načrtom prestrukturiranja zagotavljale ne samo dodatne izboljšave, ampak tudi znatno zmanjšanje poslovanja WestLB za svoj račun, znatno izboljšanje njenega profila tveganja in stabilizacija dohodkov.
Finally, Germany argues that the planned measures aimed at limiting the potential distortion of competition are not necessary in order to restore long-term viability, and that the overall cost of these measures as compared with the amount of aid received is considerably higher than in similar cases such as Crédit Lyonnais II [19], Banco di Napoli, Crédit Foncier de France, Societé Marseillaise de Crédit, BAWAG-PSK [20], Bankgesellschaft Berlin [21] or IKB [22].
Nemčija še navaja, da naj ukrepi, načrtovani za omejitev morebitnega izkrivljanja konkurence, ne bi bili potrebni za vnovično vzpostavitev dolgoročne donosnosti in da je njihov skupni znesek glede na dodeljeno pomoč znatno višji kot v primerljivih primerih, na primer pri družbah Crédit Lyonnais II [19], Banco di Napoli, Crédit Foncier de France, Societé Marseillaise de Crédit, BAWAG P.S. K. [20], Bankgesellschaft Berlin [21] in IKB [22].
The Commission must first assess whether the measure constitutes State aid within the meaning of Article 87(1) of the EC Treaty.
Komisija je morala najprej preizkusiti, ali ukrep pomeni državno pomoč v smislu člena 87(1) Pogodbe ES.
That provision encompasses any aid granted by a Member State or through state resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings, in so far as it affects trade between Member States.
V skladu s to določbo je državna pomoč vsaka subvencija, ki jo dodeli država članica, ali kakršna koli vrsta subvencije iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem, v kolikor prizadene trgovino med državami članicami.
The risk shield is a continuation of the rescue aid granted by the owners.
Ugotovljeno je bilo, da je zaščita pred tveganjem nadaljevanje pomoči za reševanje, ki so jo dodelili lastniki.
As the Commission found in its Decision of 30 April 2008, the risk shield constitutes State aid.
Kakor je že bilo ugotovljeno v odločitvi z dne 30. aprila 2008, je zaščita pred tveganjem državna pomoč.
Germany does not dispute this.
Nemčija tej ugotovitvi ne nasprotuje.
The amount of aid
Višina pomoči
The Commission does not agree with Germany that the amount of aid should be calculated on the basis of the expected losses.
Komisija se ne more strinjati s stališčem Nemčije, da bi bilo treba višino pomoči izračunati na podlagi pričakovanih izgub.
First, as regards methodology, the Commission would confirm that the risk shield was approved as rescue aid in view of its reversibility.
Komisija v zvezi z metodologijo najprej potrjuje, da je bila zaščita pred tveganjem odobrena kot pomoč za reševanje zaradi svoje reverzibilnosti.
The risk shield is now to be converted into a permanent arrangement, and the amount of aid may therefore need to be assessed afresh at the restructuring stage.
Zaradi preoblikovanja zaščite pred tveganjem v stalno strukturo bo morda potreben nov izračun višine pomoči v fazi prestrukturiranja.
A fresh evaluation of the expected losses was requested in the opening decision, but no such evaluation has been submitted, although more up-to-date figures exist and could have been provided by the beneficiary.
Čeprav je bil v odločitvi o sprožitvi postopka zahtevan nov izračun, nova ocena pričakovanih izgub ni bila predložena, in to kljub obstoju novejših podatkov, ki bi jih upravičenka do pomoči lahko posredovala.
The Morgan Stanley report, which arrives at the significantly higher value of about EUR […] billion, shows the sensitivity of such calculations, depending on the assumptions made and the methodology adopted.
Poročilo družbe Morgan Stanley, v katerem je bila navedena znatno višja vrednost v višini približno […] milijard EUR, kaže, kako različne rezultate lahko dajo taki izračuni glede na izbrano metodo in predpostavke.