natgillin/translations-raw huggingface dataset:
Consequently, those measures have contributed to the restoration of viability of KBC as they have tackled the source of KBC’s difficulties, namely the substantial write-downs on its CDO portfolio and the consequences of these write-downs on KBC’s capital position.
Ti ukrepi so posledično prispevali k vnovični vzpostavitvi poslovne uspešnosti KBC, ker so odpravili izvor njenih težav, tj. znatna zmanjšanja vrednosti v njenem portfelju CDO in posledice teh zmanjšanj vrednosti na kapitalski položaj KBC.
Furthermore, KBC will not be able to use the aid received to expand its business activities through acquisitions as it is limited in this respect by the commitments provided by the Belgian authorities with regard to the acquisition ban (see recital 66).
Poleg tega KBC ne bo mogla uporabiti prejete pomoči za širjenje poslovne dejavnosti s prevzemi, ker jo pri tem omejujejo zaveze, ki so jih belgijski organi dali v zvezi s prepovedjo prevzemov (glej uvodno izjavo (65)).
Limitation of the amount of aid, significant own contribution
Omejitve glede višine pomoči, precejšen lastni prispevek
Limitation of aid
Omejitev pomoči
The Commission considers that the amount of aid is limited to the minimum.
Komisija meni, da je višina pomoči omejena na najmanjšo možno.
The Commission recalls that it has already established in the recapitalisation Decision (recital 65), and the opening Decision (recital 71) that the aid is limited to the minimum to ensure the viability of KBC.
Komisija opozarja, da je že v odločitvi o dokapitalizaciji (v uvodni izjavi (66)) in odločitvi o sprožitvi postopka (v uvodni izjavi (71)) ugotovila, da je pomoč omejena na najmanjšo možno, da se zagotovi poslovna uspešnost KBC.
In that context, the Commission observes that KBC will adequately remunerate the Belgian authorities for the aid measures it has received.
V zvezi s tem Komisija opaža, da bo KBC belgijskim organom plačala zadostno nadomestilo za prejete ukrepe pomoči.
That necessarily limits the amount of aid granted to KBC.
S tem se neizogibno omeji višina pomoči, ki se dodeli KBC.
With regard to the recapitalisations, KBC will pay the State a coupon of 8,5 % per security if a dividend is paid.
KBC bo za dokapitalizacijo državi plačala kupon v višini 8,5 % na vrednostni papir, če bodo izplačane dividende.
KBC is required to redeem the securities at 150 %.
KBC mora vrednostne papirje odplačati po količniku 150 %.
As established in the recapitalisation Decision and in the opening Decision, the internal rate of return for the State is projected to be 13,9 %, above the level required by the Commission in the Recapitalisation Communication [52].
Kot je bilo ugotovljeno v odločitvi o dokapitalizaciji in odločitvi o sprožitvi postopka, naj bi bila po napovedih notranja stopnja donosa za državo 13,9 %, kar je nad stopnjo, ki jo Komisija zahteva v Sporočilu o dokapitalizaciji [52].
As regards the State Protection measure, the Commission notes that KBC will pay a fee which is approximately […] times higher than that required in the IAC (see recital 127).
Komisija v zvezi z državnim zaščitnim ukrepom ugotavlja, da bo KBC plačala provizijo, ki je približno […]-krat večja od provizije, ki se zahteva v Sporočilu o oslabljenih sredstvih (glej uvodno izjavo (127)).
The Commission furthermore considers that the own contribution by KBC to its restructuring is considerable.
Komisija nadalje meni, da je lastni prispevek KBC k prestrukturiranju precejšen.
KBC, as part of its financial restructuring, will list 40 % of its Czech subsidiary ČSOB and 40 % of its Hungarian subsidiary K & H on the local stock exchanges.
KBC bo kot del finančnega prestrukturiranja 40 % češke odvisne družbe ČSOB in 40 % madžarske odvisne družbe K&H uvrstila v kotacijo na lokalni borzi.
That will significantly dilute KBC’s shareholding as it is currently 100 % owner of those subsidiaries and provides for a contribution by KBC and its investors.
To bo močno oslabilo delež KBC, saj je zdaj 100-odstotna lastnica teh odvisnih družb, zagotavlja pa tudi prispevek KBC in njenih vlagateljev.
The proceeds of the listing of ČSOB and K & H will increase KBC’s own funds and will be used to repay the State.
Dobiček iz kotacije delnic ČSOB in K&H bo povečal lastna sredstva KBC in se bo uporabil za poplačilo države.
Furthermore, KBC plans to sell the entire European Private Banking business unit including Vitis (life insurance), thus completely ceasing its activities in that market segment.
KBC namerava poleg tega prodati celotno poslovno enoto za evropsko zasebno bančništvo, vključno z družbo Vitis (življenjska zavarovanja), in tako popolnoma prenehati dejavnosti v tem tržnem segmentu.
The proceeds of the sale will also be used to build up KBC’s own funds in order to repay the State.
Dobiček od prodaje se bo prav tako uporabil za povečanje lastnih sredstev KBC za poplačilo države.
Finally, the Commission notes that the Belgian authorities have committed that KBC will not pay coupons or call subordinated debt instruments, except where there is a legal obligation to do so.
Nazadnje, Komisija ugotavlja, da so se belgijski organi zavezali, da KBC ne bo plačevala kuponov ali odpoklicala podrejenih dolžniških instrumentov, razen kadar je k temu zakonsko obvezana.
As a result, subordinated debt holders will receive limited remuneration and thus contribute to the restructuring.
Zato bodo imetniki podrejenih dolžniških instrumentov prejeli omejeno nadomestilo in bodo tako prispevali k prestrukturiranju.
The Restructuring Communication requires that the restructuring plan proposes measures limiting distortions of competition and ensuring a competitive banking sector.
S Sporočilom o prestrukturiranju se zahteva, naj bodo v načrtu prestrukturiranja predlagani ukrepi za zmanjšanje izkrivljanja konkurence in zagotavljanje konkurenčnega bančnega sektorja.
Moreover, they should also address moral hazard issues and ensure that State aid is not used to fund anti-competitive behaviour.
Poleg tega je treba obravnavati tudi vprašanja moralnega tveganja in zagotoviti, da se državna pomoč ne uporabi za financiranje protikonkurenčnega ravnanja.
As regards the measures limiting the distortion of competition, the Restructuring Communication indicates that the Commission has to take into account in its assessment the amount of aid, the degree of burden-sharing and the effects the position the financial institution will have on the market after the restructuring.
V zvezi z ukrepi za omejevanje izkrivljanja konkurence je v Sporočilu o prestrukturiranju navedeno, da mora Komisija pri oceni višine pomoči upoštevati stopnjo razdelitve bremena in učinke položaja na trgu, ki ga bo imela finančna ustanova po prestrukturiranju.
On the basis of that analysis, suitable compensatory measures should be put into place.
Na podlagi te analize je treba vzpostaviti ustrezne izravnalne ukrepe.
The Commission notes that KBC has received a considerable amount of aid, significantly above the 2 % RWA benchmark of the Recapitalisation Communication and the IAC [53].
Komisija ugotavlja, da je KBC prejela precej veliko pomoč, ki znatno presega merilo iz Sporočila o dokapitalizaciji in Sporočila o oslabljenih sredstvih v višini 2 % tveganju prilagojene aktive [53].
Against this background, the Commission concludes that aid to KBC caused distortions of competition on the markets where it has significant presence.
Glede na to Komisija ugotavlja, da je pomoč KBC povzročila izkrivljanje konkurence na trgih, na katerih je njena prisotnost pomembna.
On the other hand, there are several aspects which should be taken into account when assessing the distortions of competition caused by the State aid granted to KBC.
Po drugi strani obstaja več vidikov, ki jih je treba upoštevati pri ocenjevanju izkrivljanja konkurence, ki ga povzroči državna pomoč, odobrena KBC.
Firstly, the main factor behind KBC’s difficulties was its exposure to mark-to-market write-downs on its CDO portfolio, rather than excessive risk-taking and hence losses in its core business model.
Prvič, glavni dejavnik za težave KBC je bil njena izpostavljenost tržnim zmanjšanjem vrednosti v njenem portfelju CDO, ne pa čezmerno sprejemanje tveganj in posledične izgube v njenem modelu osnovne dejavnosti.
KBC has ceased activities in this area.
KBC je prenehala dejavnosti na tem področju.
Secondly KBC pays adequate remuneration for the State aid it has received.
Drugič, KBC plačuje zadostno nadomestilo za državno pomoč, ki jo je prejela.
The Belgian authorities are projected to receive a return of 13,9 % on their capital injections.
Po napovedih naj bi belgijski organi prejeli 13,9-odstotni donos na svoje kapitalske vložke.
With regards to the State Protection measure, the Belgian authorities are guaranteeing the portfolio at a transfer value significantly below its REV while the remuneration it receives for the capital relief and the provision of the equity guarantee is above the Commission guidelines.
V zvezi z državnim zaščitnim ukrepom belgijski organi jamčijo za portfelj v vrednosti ob prenosu, ki je znatno manjša od njegove REV, nadomestilo, ki ga prejemajo za kapitalsko pomoč in zagotavljanje kapitalskega jamstva, pa presega nadomestilo iz smernic Komisije.
Thirdly, the listing of ČSOB and K & H on the Czech and Hungarian markets provides for considerable burden-sharing.
Tretjič, uvrstitev delnic ČSOB in K&H na borzo na češkem in madžarskem trgu pomeni precejšnjo porazdelitev bremena.
Notwithstanding the above, the Commission still considers that suitable measures must be put in place to address the remaining distortions of competition.
Ne glede na to Komisija še vedno meni, da je treba uvesti ustrezne ukrepe za odpravo preostalega izkrivljanja konkurence.
KBC will reduce its balance sheet by 20 % in terms of Group RWA on a pro forma basis (17 % in terms of total assets).
KBC bo formalno zmanjšala svojo bilanco za 20 % glede na tveganju prilagojeno aktivo skupine (17 % glede na skupna sredstva).
The reduction will be achieved mainly through divestments ([…]) and the run-down of KBC FP ([…]).
To zmanjšanje se bo doseglo predvsem z odsvojitvami ([…]) in likvidacijo KBC FP ([…]).
As a result, KBC will reduce its market presence in several markets.
Zato se bo prisotnost KBC na več trgih zmanjšala.
In this respect, it should be noted that for financial stability reasons KBC will not be required to divest activities in certain countries, as per recital 177.
V zvezi s tem je treba opozoriti, da zaradi finančne stabilnosti KBC ne bo treba odsvojiti dejavnosti v nekaterih državah v skladu z uvodno izjavo 176.
This essentially ring fences around […] of KBC’s balance sheet from divestment or runoff.
To v bistvu namensko opredeli okoli […] bilance KBC iz odsvojitev ali likvidacij.
In particular, KBC proposes to sell Centea and Fidea, which, although they are branded separately, are important parts of its business strategy in Belgium.
KBC zlasti predlaga prodajo družb Centea in Fidea, ki sta pomemben del njene poslovne strategije v Belgiji, čeprav imata lastno blagovno znamko.
Centea and Fidea are profitable businesses with a recognisable brand name that are relatively easy to separate from KBC’s Belgian business unit.
Družbi Centea in Fidea sta dobičkonosni družbi s prepoznavno blagovno znamko, ki ju je relativno preprosto ločiti od belgijske poslovne enote KBC.
They are two viable and independent entities on the Belgian market, which are self-funded, have a wide range of customer contact points and are profitable.
Sta poslovno uspešna in neodvisna subjekta na belgijskem trgu, ki se sama financirata, imata široko mrežo točk za stike s strankami in sta dobičkonosna.
[…] It is also prepared to provide back-office services to facilitate the transfer of these entities to a new owner.
[…] Pripravljena je tudi zagotoviti storitve zaledne službe, da se olajša prenos teh subjektov na novega lastnika.
In 2008, Centea had a market share in volume terms of […] of mortgages, […] of debit cards (number of cards), […] of current accounts and […] of deposits/savings accounts.
Centea je imela v letu 2008 glede na število naslednje tržne deleže: […] hipotek, […] plačilnih kartic (število kartic), […] tekočih računov in […] depozitnih/varčevalnih računov.
It has its own sources of funding and is a net contributor to KBC funding.
Ima lastne vire financiranja in večinoma prispeva k financiranju KBC.
Centea has a country-wide network of 712 client contact points and a portfolio reflecting a full banking product range.
Družba Centea ima mrežo 712 točk za stike s strankami razvejano po vsej državi in portfelj, v katerem so vsi bančni produkti.
Centea has its own front-office function.
Centea ima lastno enoto za trgovanje.
Back-office services (including IT-services) are provided by KBC’s Shared Services and Operational Business Unit.
Zaledne službe (vključno s službami za IT) zagotavljajo skupne službe in operativna poslovna enota KBC.
Fidea has […] of market share in Class 21 life assurance, […] % in Class 23 life assurance, […] in non-life insurance and […] % in health insurance.
Fidea ima […]-odstotni tržni delež na področju življenjskega zavarovanja razreda 21, […]-odstotni tržni delež na področju življenjskega zavarovanja razreda 23, […]-odstotni delež na področju neživljenjskega zavarovanja in […]-odstotni delež na področju zdravstvenega zavarovanja.
Table 2 includes KBC, Centea and Fidea’s market shares in Belgium as well as the effects of the proposed divestments on KBC’s total market share.
Preglednica 2 vključuje tržne deleže družb KBC, Centea in Fidea v Belgiji ter učinke predlaganih odsvojitev na skupni tržni delež KBC.
Selected KBC’s market shares in Belgium as of 2008 and the impact of the Centea and Fidea divestments on the KBC’s position
Izbrani tržni deleži KBC v Belgiji v letu 2008 in učinek odsvojitve družb Centea in Fidea na položaj KBC
A significant structural measure, such as the creation of a new competitor from an incumbent player with a large market share, can help encourage competition on a previously concentrated market.
Pomemben strukturni ukrep, kot je preboj obstoječega akterja v novega konkurenta z velikim tržnim deležem, lahko spodbudi konkurenco na prej koncentriranem trgu.
This applies on the Belgian market, where 4 large players account for the majority of the retail market.
To velja za belgijski trg, na katerem štirje veliki akterji pomenijo večino trga bančnega poslovanja s prebivalstvom.
The Commission regards these divestments as appropriate means of increasing competition on the concentrated Belgian retail banking market.
Komisija te odsvojitve vidi kot ustrezen način za povečanje konkurence na koncentriranem belgijskem trgu bančnega poslovanja s prebivalstvom.
With their established brand name and distribution networks, Centea and Fidea constitute attractive targets for competitors wishing to enter the Belgian market or expand their presence there While the market share of these divestments is small in some market segments, the Commission considers that this is counterbalanced by the fact that the entities are relatively self-sufficient and that KBC has committed that the divestments will take place […].
Družbi Centea in Fidea sta z uveljavljeno blagovno znamko in distribucijsko mrežo privlačni tarči za konkurente, ki želijo vstopiti na belgijski trg ali razširiti svojo prisotnost na njem. Čeprav je tržni delež teh odsvojitev v nekaterih tržnih segmentih majhen, Komisija meni, da se to izravna z dejstvom, da sta subjekta relativno samozadostna in da se je KBC zavezala, da bo odsvojitev izvedena […].
Moreover, KBC will limit its expansion in the CEE-R to countries where it already has a significant presence which represents a curtailment of its prior expansion plans.
KBC bo poleg tega omejila svojo širitev na območje Srednje in Vzhodne Evrope ter Rusije na države, v katerih je že močneje prisotna, kar pomeni omejitev njenih predhodnih načrtov za širitev.
That can be regarded as limiting the distortion of competition, as KBC will not be using State aid to expand in markets where it does not have a currently viable business or in activities that are not part of its refocused business model.
To je mogoče šteti za omejevanje izkrivljanja konkurence, saj KBC ne bo uporabljala državne pomoči za širitev na trgih, na katerih trenutno ne posluje uspešno, ali v dejavnostih, ki niso del njenega preusmerjenega poslovnega modela.
However, the Commission considers it appropriate that KBC is not required to withdraw from all its CEE-R markets, which it considers as core.
Vendar pa se Komisiji zdi ustrezno, da se od KBC ne zahteva umik z vseh trgov območja Srednje in Vzhodne Evrope ter Rusije, ki jih šteje za osnovne trge.
As described in recitals 12 and 13, KBC is a significant market player in several of those countries.
Kot je opisano v uvodnih izjavah (12) in (13), je KBC v več državah iz te regije pomemben akter na trgu.
It could be damaging to financial stability in these countries and lending to the real economy if KBC was required to further reduce its presence in the region.
Če bi od KBC zahtevali, naj še bolj zmanjša svojo prisotnost v njih, bi to lahko škodilo finančni stabilnosti v teh državah in kreditiranju realnega gospodarstva.
The same is true for KBC’s presence in Ireland.
Enako velja za prisotnost KBC na Irskem.
Furthermore, the Commission considers that the package of measures sufficiently addresses the issue of moral hazard.
Komisija poleg tega meni, da je v svežnju ukrepov ustrezno obravnavano vprašanje moralnega tveganja.
KBC has proposed a comprehensive sale of other core businesses (private banking, merchant banking, CEE-R) and non-core businesses as described in section 4.2.2 of this Decision.
KBC je predlagala celostno prodajo drugih osnovnih dejavnosti (zasebnega bančništva, bančništva za trgovce, območje Srednje in Vzhodne Evrope ter Rusije) in neosnovnih dejavnosti, kakor je opisano v razdelku 4.2.2 tega sklepa.
[…] This is a significant reduction in the business activities of KBC.
[…] To pomeni znatno zmanjšanje poslovnih dejavnosti KBC.
The Commission notes that the Belgian authorities have provided a detailed timeline of planned divestments, as described in recital 62.
Komisija navaja, da so belgijski organi predložili podroben časovni načrt načrtovanih odsvojitev, kakor je opisano v uvodni izjavi 62.
The Commission also notes the appointment of hold separate managers for Centea and Fidea, a monitoring trustee and divestment trustees, where appropriate.
Komisija navaja tudi imenovanje fiduciarjev za ločeno upravljanje za družbi Centea in Fidea, fiduciarja za spremljanje in fiduciarja za odsvojitev, če je to potrebno.
Such commitments ensure that the majority of the down-sizing of KBC will be carried out in a timely manner.
Take zaveze zagotavljajo, da bo večina zmanjševanja KBC pravočasna.
While there is scope for the target dates for divestments to be extended, it will only be upon the specific approval of the Commission.
Čeprav je mogoče podaljšanje rokov za odsvojitev, se to stori šele po posebnem soglasju Komisije.
The Commission notes positively the behavioural commitments provided by KBC and the Belgian authorities, which have been described in more detail in recitals 63 to 77.
Komisija z zadovoljstvom opaža zaveze glede ravnanja, ki so jih predložili KBC in belgijski organi ter ki so bile podrobneje opisane v uvodnih izjavah 62 do 77.
Those commitments include a commitment to lend to the real economy, a price leadership ban and a ban on mass-marketing the State support, thus preventing KBC to use the aid to fund anti-competitive market conduct.
Te zaveze vključujejo zavezo posojanja realnemu gospodarstvu, prepoved narekovanja cen in prepoved množičnega trženja državne podpore, s čimer se KBC prepreči financiranje protikonkurenčnega tržnega ravnanja.
The acquisition ban furthermore ensures that the State aid will not be used to take over competitors.
Prepoved prevzemov dodatno zagotavlja, da se državna pomoč ne bo uporabila za prevzemanje konkurentov.
As regards the price leadership ban, the Commission finds it to be in line with point 44 of the Restructuring Communication as it serves to ensure that State aid cannot be used to offer terms which cannot be matched by competitors which are not in receipt of State aid.
Komisija ugotavlja, da je prepoved narekovanja cen v skladu s točko 44 Sporočila o prestrukturiranju, saj zagotavlja, da se državna pomoč ne more uporabiti za ponujanje pogojev, ki jih konkurenti, ki ne prejemajo državne pomoči, ne morejo ponuditi.
The Commission considers the ban appropriate in markets where KBC is well established with a market share of at least [0-10] % and where it does not undertake any pro-competitive structural measures.
Komisija meni, da je prepoved primerna na trgih, na katerih je KBC dobro uveljavljena in ima vsaj [0–10]-odstotni tržni delež ter na katerih ne izvaja nobenih strukturnih ukrepov, ki spodbujajo konkurenčnost.
In this case, the Commission considers it appropriate that the price leadership ban does not apply to Belgium, as the divestment of Centea and Fidea is a significant structural measure which should lead to improved competition on the Belgian market.
V tem primeru se Komisiji zdi ustrezno, da se prepoved narekovanja cen ne uporablja za Belgijo, ker je odsvojitev družb Centea in Fidea znaten strukturni ukrep, ki bi moral privesti do boljše konkurence na belgijskem trgu.
Taking into account the extent of burden sharing and likely short timescale for their implementation, the Commission considers that the scale and nature of measures proposed by KBC are sufficient and adequate to address any distortions of competition.
Ob upoštevanju obsega porazdelitve bremen in verjetno kratkega časa za njihovo uvedbo Komisija meni, da sta obseg in narava ukrepov, ki jih predlaga KBC, primerna in zadostna za odpravljanje izkrivljanja konkurence.
The Commission notes that point 46 of the Restructuring Communication indicates that, in order to verify that the restructuring plan is being implemented properly, detailed regular reports from the Member State are necessary.
Komisija ugotavlja, da točka 46 Sporočila o prestrukturiranju določa, da so potrebna redna podrobna poročila države članice, da je mogoče preveriti, ali se načrt prestrukturiranja pravilno izvaja.
Accordingly, the Belgian authorities should provide the Commission with such reports every six months, starting from the date of this Decision.
V skladu s tem morajo belgijski organi Komisiji predložiti taka poročila vsakih šest mesecev, začenši z datumom sprejetja tega sklepa.
Conclusion on the restructuring plan
Sklepne ugotovitve o načrtu prestrukturiranja
The Commission finds that the restructuring plan set out in chapter 4 of this Decision is compatible with Article 87(3)(b) of the Treaty.
Komisija ugotavlja, da je načrt prestrukturiranja, določen v poglavju 4 tega sklepa, skladen s členom 87(3)(b) Pogodbe.
Based on the above assessment of the State Protection measure and the restructuring plan of KBC, as well as the commitments provided by the Belgian authorities and KBC, the Commission raises no objection against the restructuring plan and the conversion of the rescue measures into restructuring aid.
Na podlagi zgornje ocene državnega zaščitnega ukrepa in načrta za prestrukturiranje KBC ter zavez, ki so jih dali belgijski organi in KBC, Komisija ne nasprotuje načrtu prestrukturiranja in preoblikovanju ukrepov za reševanje v pomoč za prestrukturiranje –
The State Protection measure which Kingdom of Belgium has implemented in favour of KBC constitutes State aid within the meaning of Article 87(1) of the Treaty, which is compatible with the common market subject to the commitments listed in Annex I.
Državni zaščitni ukrep Kraljevine Belgije v korist banke KBC pomeni državno pomoč v smislu člena 87(1) Pogodbe, ki je združljiva s skupnim trgom ob upoštevanju zavez iz Priloge I.
The Kingdom of Belgium shall inform the Commission, within two months of notification of this Decision, of the measures taken to comply with it.
Kraljevina Belgija Komisijo v dveh mesecih od priglasitve tega sklepa obvesti o ukrepih za njeno izpolnitev.