natgillin/translations-raw huggingface dataset:
The Audit Committee is to be led by a member of the Supervisory Board who has particular expertise in banking accountancy.
Odbor za revizijo bo vodil član nadzornega sveta, ki ima posebno strokovno znanje in izkušnje iz računovodstva za banke.
Presiding Committee (Personnel and Nomination Committee)
Prezidialni odbor (Odbor za kadre in imenovanja)
A Presiding Committee will be established for personnel issues.
Za kadrovska vprašanja se ustanovi prezidialni odbor.
The shareholder representatives of this committee will also form the Nomination Committee, which presents suitable candidates for the Supervisory Board to the owners’ or annual general meeting.
Predstavniki imetnikov deležev v tem odboru obenem sestavljajo odbor za imenovanja, ki predlaga kandidate za člane nadzornega sveta, primerne za skupščino lastnikov oziroma generalno skupščino.
Management in accordance with business criteria
Zagotovitev vodenja podjetja v skladu z gospodarskimi merili
Overall
Širše
It is to be made clear in the Landesbank Baden-Württemberg Act [Gesetz über die Landesbank Baden-Württemberg] that the commercial activities of the Landesbank are to be carried out in accordance with business principles and the tasks for which the Landesbank is responsible should also be taken into account.
V zakonu o Landesbank Baden-Württemberg (zakon o deželni banki – LBWG) je treba jasno navesti, da se posli deželne banke opravljajo v skladu z gospodarskimi načeli in da je treba pri tem upoštevati tudi naloge, za katere je pristojna deželna banka.
Specific to the business
Specifično za posle
It will be ensured that new business is calculated on the basis of reference interest rates which do not contain any distortion caused by guarantor liabilities.
Zagotovljeno bo, da bodo novi posli obračunani na podlagi referenčnih obrestnih mer, ki ne vsebujejo nobenega izkrivljanja zaradi obveznosti jamstva garanta.
Relationship with shareholders
Razmerje do družbenikov
The arms-length principle which is typical between a corporation and its owners should apply in relations with the shareholders.
V razmerju do družbenikov velja med kapitalsko družbo in njenimi delničarji značilno načelo odnosa na čisto poslovni podlagi.
Assets may only be distributed to the owners in the form of profits and liquidation proceeds.
Premoženje se lahko med lastnike razdeli le v obliki bilančnega dobička in izkupička iz likvidacije.
Aim to achieve a normal return on equity: In accordance with the restructuring plan in the medium term (i.e. after the conclusion of the restructuring in 2013) and also in future LBBW will aim to achieve a return on equity of at least [10-12] % before tax with capital resources appropriate to the risk profile.
Prizadevanje za ciljni donos na kapital, ki je običajen za panogo: LBBW si prizadeva, da bo v skladu z načrtom prestrukturiranja srednjeročno (to je po koncu prestrukturiranja v letu 2013) in tudi pozneje dosegala najmanj [10–12]-odstotno donosnost lastnega kapitala pred obdavčitvijo ob zahtevani ravni lastnih sredstev, ki je primerna profilu tveganja.
Other commitments:
Druga zagotovila
Every year until 2013 inclusively, Germany is to send the Commission a progress report.
Nemčija bo do vključno leta 2013 Komisiji vsako leto predložila poročilo o napredku.
The report must contain a review of progress in the implementation of the restructuring plan and details of all sales of holdings and closures of subsidiaries, departments and locations in accordance with this Decision.
Poročilo mora vsebovati povzetek napredka pri izvajanju načrta prestrukturiranja ter podrobnosti o vseh prodajah pridruženih družb in zaprtjih hčerinskih družb, oddelkov in poslovalnic v skladu s tem sklepom.
The report is to show the date of sale or closure, the book value at 31 December 2008, the selling price and all profits or losses in connection with the sale or closure.
Treba je navesti datum prodaje ali zaprtja, knjigovodsko vrednost na dan 31. decembra 2008, nakupno ceno ter vse dobičke in izgube v zvezi s prodajo ali zaprtjem.
The report is to be sent each year within one month of the approval of LBBW’s annual accounts by LBBW’s Administrative Board (or supervisory board), but no later than 31 May’ [12].
Upravni odbor (oziroma nadzorni svet) LBBW predloži poročilo v enem mesecu po odobritvi zaključka poslovnega leta za LBBW, vendar vsako leto najpozneje do 31. maja.“ [12]
GERMANY’S VIEWS
STALIŠČE NEMČIJE
Germany is applying for approval of the restructuring plan.
Nemčija prosi za odobritev načrta prestrukturiranja.
Germany does not dispute that the measures are State aid.
Ne oporeka, da gre pri ukrepih za pomoč.
However, Germany asserts that the measures are compatible with the internal market as restructuring State aid in accordance with Article 107(3)(b) TFEU after the adjustment of the compensation for the asset relief measure and the submission of undertakings.
Vendar trdi, da so ukrepi po opravljeni prilagoditvi povračila za ukrep pomoči in predložitvi obljub kot pomoči za prestrukturiranje v skladu s členom 107(3)(b) PDEU združljivi z notranjim trgom.
REASONS FOR THE INITIATION OF THE INVESTIGATION
RAZLOGI ZA ZAČETEK PREISKAVE
In the opening decision the Commission expressed doubts about the compatibility of the original measure with the Communication on the treatment of impaired assets in the Community banking sector [13] (hereinafter referred to as the ‘Impaired Assets Communication’), in particular as regards the valuation and burden sharing.
Komisija je v odločitvi o sprožitvi postopka izrazila pomisleke glede združljivosti prvotnega ukrepa s Sporočilom Komisije o obravnavanju oslabljenih sredstev v bančnem sektorju Skupnosti [13] (v nadaljnjem besedilu: sporočilo o oslabljenih sredstvih), predvsem glede vrednotenja in porazdelitve bremena.
However, in the opinion of the Commission, the requirements of the Impaired Assets Communication regarding the eligibility of assets, the choice of management arrangement for impaired assets, transparency and disclosure and the guarantee fee were fulfilled.
Vendar so bile po njenem mnenju zahteve sporočila o oslabljenih sredstvih glede omejitve sredstev, upravičenih za dodelitev ukrepov finančne pomoči, oblike upravljanja sredstev, transparentnosti in razkrivanja ter cene jamstva izpolnjene.
The Commission’s doubts regarding the valuation concerned the method used and the assumptions by the LBBW experts in the calculation of the real economic value of the portfolios, which did not seem cautious enough to the Commission.
Pomisleki Komisije o vrednotenju so se nanašali na uporabljeno metodo in izhodiščne predpostavke, ki so jih izvedenci LBBW uporabili za izračun dejanske gospodarske vrednosti portfeljev in se Komisiji niso zdele dovolj previdne.
Above all the assumptions concerning the likelihood of losses, the recovery rates, developments in real estate prices in some markets and the correlations were not conservative enough for the Commission.
Po njenem mnenju so bile premalo zadržane predvsem predpostavke glede verjetnosti neplačila, zneskov donosov, razvoja cen nepremičnin na nekaterih trgih in korelacij.
In addition the ABS portfolio had not been fully shielded.
Poleg tega portfelj ABS ni bil v celoti zavarovan.
The Commission consequently expressed doubts about the burden sharing (including compensation), as any correction to the real economic value would have immediate consequences for the valuation of the guarantee fee.
Zato je Komisija izrazila pomisleke glede porazdelitve bremena (vključno s povračilom), saj bi vsak popravek dejanske gospodarske vrednosti neposredno vplival na vrednotenje cene jamstva.
ASSESSMENT
OCENA DRŽAVNE POMOČI
Under Article 107(1) TFEU 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 is incompatible with the internal market, in so far as it affects trade between Member States.
V skladu s členom 107(1) PDEU je pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, če prizadene trgovino med državami članicami.
The Commission has already established in its opening decision that the recapitalisation of LBBW and the asset relief measure are State aid.
Komisija je že v odločitvi o sprožitvi postopka ugotovila, da gre pri dokapitalizaciji LBBW in ukrepu pomoči za državno pomoč.
The aid element in the capital injection amounts to EUR 5 billion. According to the Impaired Assets Communication the amount of the aid in the asset relief measure corresponds to the difference between the transfer value of the assets and the market price.
Element državne pomoči v kapitalski injekciji znaša 5 milijard EUR. V skladu s sporočilom o oslabljenih sredstvih znesek pomoči pri ukrepu pomoči ustreza razliki med vrednostjo sredstev ob prenosu in tržno vrednostjo.
The transfer value corresponds to the nominal value of the portfolio less the First Loss.
Vrednost ob prenosu ustreza nominalni vrednosti portfelja z odbitkom prve izgube.
Assuming a market value of EUR 18,143 billion (EUR 10,137 billion and EUR 8,006 billion) and an economic value of EUR 27,915 billion (EUR 15,635 billion and EUR 12,280 billion), a total aid amount of von EUR 9,772 billion results for the asset relief measure.
Če izhajamo iz tržne vrednosti 18,143 milijarde EUR (10,137 milijarde EUR in 8,006 milijarde EUR) in gospodarske vrednosti 27,915 milijarde EUR (15,635 milijarde EUR in 12,280 milijarde EUR), znaša skupni znesek pomoči za ukrep pomoči 9,772 milijarde EUR.
The amount of the aid for the two measures together is around EUR 14,8 billion; this corresponds to more than 9 % of LBBW’s impaired assets.
Skupni znesek pomoči za oba ukrepa znaša približno 14,8 milijarde EUR, kar ustreza več kot 9 % tveganih sredstev LBBW.
Compatibility of the aid with the internal market
Združljivost pomoči z notranjim trgom
Application of Article 107(3)(b) TFEU
Uporaba člena 107(3)(b) PDEU
Under Article 107(3)(b) TFEU the Commission may decide that aid is compatible with the internal market if it serves to ‘remedy a serious disturbance in the economy of a Member State’.
V skladu s členom 107(3)(b) PDEU lahko Komisija odloči, da je pomoč združljiva z notranjim trgom, kadar je namenjena „za odpravljanje resne motnje v gospodarstvu države članice“.
The Commission stresses that there continues to be a danger of a serious disturbance in the economy in Germany and that measures to support banks are appropriate to counter this danger.
Komisija ugotavlja, da nevarnost resne motnje za gospodarsko življenje v Nemčiji še vedno obstaja in da so ukrepi v podporo bankam primerni za obravnavanje te nevarnosti.
The aid should therefore be investigated under Article 107(3)(b) TFEU.
Zato je treba pomoči naprej preveriti na podlagi člena 107(3)(b) PDEU.
The two measures were approved for a limited period in the opening decision on the basis of Article 107(3)(b) TFEU and the detailed Commission Communications (Communication on the application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis [14] (‘Banking Communication’), Communication on the recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition [15] (‘Recapitalisation Communication’), Communication on the treatment of impaired assets in the Community banking sector [16] (‘Impaired Assets Communication’) and the Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules [17] (‘Restructuring Communication’)).
Oba ukrepa sta bila v odločitvi za sprožitev postopka odobrena za določen čas na podlagi člena 107(3)(b) PDEU in upoštevnih sporočil Komisije (Sporočilo o uporabi pravil o državni pomoči za ukrepe v zvezi s finančnimi institucijami v okviru trenutne svetovne finančne krize [14] (v nadaljnjem besedilu: sporočilo o bančništvu), Sporočilo o dokapitalizaciji finančnih institucij v trenutni finančni krizi: omejitev pomoči na najmanjšo potrebno in zaščitni ukrepi za preprečevanje neupravičenega izkrivljanja konkurence [15] (v nadaljnjem besedilu: sporočilo o dokapitalizaciji), Sporočilo o obravnavanju oslabljenih sredstev v bančnem sektorju Skupnosti [16] (v nadaljnjem besedilu: sporočilo o oslabljenih sredstvih) in Sporočilo o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči [17] (v nadaljnjem besedilu: sporočilo o prestrukturiranju)).
However, the Commission initiated an investigation as it continued to have objections under competition law concerning the asset relief measure.
Ker pa je imela Komisija v zvezi z ukrepom pomoči še vedno pomisleke glede konkurence, je sprožila preiskavo.
For this reason the Commission has to examine at the current stage of the investigation firstly whether the objections under competition law concerning the asset relief measure still exist and secondly whether the extension of the aid approved for a limited period is compatible with the internal market as restructuring aid.
Zato mora Komisija v trenutni fazi preiskave najprej preveriti, ali v zvezi z ukrepom pomoči še vedno obstajajo pomisleki glede konkurence, potem pa, ali je podaljšanje pomoči, odobrene za določen čas kot pomoč za prestrukturiranje, združljivo z notranjim trgom.
Compatibility of the asset relief measure with the internal market
Združljivost ukrepa pomoči z notranjim trgom
The Commission examines asset relief measures in accordance with Article 107(3)(b) TFEU and on the basis of the Impaired Assets Communication [18].
Komisija preveri ukrep pomoči v skladu s členom 107(3)(b) PDEU in na podlagi sporočila o oslabljenih sredstvih [18].
According to the Impaired Assets Communication measures which relieve the beneficiary bank from (or compensate for) the need to register either a loss or a reserve for a possible loss on its impaired assets and/or free regulatory capital for other uses are asset relief measures which need to be investigated using specific criteria to check whether they are compatible with the internal market.
V skladu s sporočilom o oslabljenih sredstvih gre pri ukrepih, ki banki prihranijo izkaz izgub oziroma oblikovanje rezerv za morebitne izpade njenih oslabljenih sredstev (ali jih izravnajo) in/ali sprostijo lastni kapital, za ukrepe pomoči, glede katerih je treba zaradi specifičnih meril preveriti, ali so združljivi z notranjim trgom.
This investigation is carried out using the following criteria: (i) eligibility of the assets, (ii) transparency and disclosure, (iii) management of the impaired assets, (iv) suitability and consistency of the valuation method, (v) appropriateness of the compensation and burden sharing and (vi) need for the assessment of the restructuring plan by the Commission.
To preverjanje poteka na podlagi naslednjih meril: i) upravičenost sredstev za dodelitev pomoči, ii) preglednost in razkritje, iii) upravljanje sredstev, iv) primernost in konsistentnost metodologije vrednotenja, v) ustreznost povračila in porazdelitve bremena ter vi) potrebnost preverjanja načrta prestrukturiranja, ki ga je treba predložiti, kar opravi Komisija.
In the opening decision the Commission established that the asset relief measure adopted for LBBW – apart from the criteria concerning the valuation method and the burden sharing including compensation – fulfils all the abovementioned criteria.
Komisija je v odločitvi o sprožitvi postopka ugotovila, da sprejeti ukrep pomoči za LBBW – če se izvzamejo merila metodologije vrednotenja in porazdelitve bremena, vključno s povračilom – izpolnjuje vsa zgoraj navedena merila.
However, Germany was able to essentially dispel these doubts through a number of amendment proposals.
Nemčija je lahko te pomisleke ovrgla z več predlogi za spremembe.
As part of the investigation the Commission valued the portfolio with the support of internal Commission and external experts.
Komisija je v okviru preiskave ovrednotila portfelj ob podpori svojih notranjih strokovnjakov in zunanjih izvedencev.
The Commission’s doubts with regard to the valuation of the eligible assets have consequently been confirmed.
Tako so bili dvomi Komisije glede vrednotenja sredstev, upravičenih za dodelitev pomoči, potrjeni.
In the course of examining various asset relief measures various methods were proposed to the Commission which the banks concerned use to calculate the real economic value of a portfolio.
Med preverjanjem različnih ukrepov pomoči so bile Komisiji predstavljene različne metode, ki so jih prizadete banke uporabile za izračun dejanske gospodarske vrednosti portfelja.
In the case of structured credit products one possibility (the one selected by LBBW) consists of subjecting the assumptions regarding the counterparty risk, correlations und loan losses for the underlying assets to a stress test.
Pri strukturiranih kreditnih produktih obstaja možnost (ki jo je izbrala LBBW), da se za predpostavke glede verjetnosti neplačila, korelacij in izgub iz posojil za sredstva, ki so njihova podlaga, testirajo izjemne situacije.
During the examination of the question of whether the assumptions were cautious enough, the Commission based its findings on other cases, in particular on LBBW’s Sealink portfolio and on studies by third parties.
Pri preverjanju vprašanja, ali so bile predpostavke dovolj previdne, se je Komisija osredotočila na druge primere, predvsem na bankin portfelj SEALINK in preiskave tretjih oseb.
In doing this different assumptions were used depending on the asset class.
Pri tem se je oprla na različne predpostavke glede na razred sredstev.
In order to establish how these assumptions would affect the ABS portfolio, the Commission asked LBBW’s experts to evaluate a size-weighted random sample with 40 positions and the five largest positions once again on the basis of these assumptions.
Da bi ugotovila, kako bi te predpostavke vplivale na portfelj ABS, je Komisija prosila strokovnjake LBBW, naj na njihovi podlagi še enkrat ovrednotijo ponderiran naključni vzorec s 40 pozicijami in pet največjih pozicij.
Owing to the waterfall structure of the structured credit tranches, the use of the stress test assumptions produced very different effects.
Zaradi kaskadne strukture strukturiranih kreditnih tranš so se pri preverjanju predpostavk s testiranji izjemnih situacij pokazali zelo različni učinki.
In the case of some asset classes, such as non-conforming loans in the United Kingdom, the portfolio tranches were particularly robust.
Pri nekaterih razredih sredstev, kot so na primer nekonformna posojila v Združenem kraljestvu, so bile tranše portfelja še posebej trdne.
Their real economic value consequently came very close to the market rate even in the case of cautious market rate assumptions, although their market value is generally below the nominal value.
Tako se je njihova dejanska gospodarska vrednost zelo približala tržni le pri previdnih predpostavkah, čeprav je bila njihova tržna vrednost praviloma pod nominalno.
The situation was quite different with the tranches of some Commercial Mortgage-Backed Securities and Commercial Mortgage Obligations.
Čisto drugače je bilo pri tranšah nekaterih s hipoteko podprtih vrednostnih papirjev in komercialnih hipotečnih obveznic.
With these asset classes the greatest discrepancies were not only between the two LBBW portfolios but also with regard to other cases.
Pri teh razredih sredstev se največja nesorazmerja niso pokazala le med obema portfeljema LBBW, temveč tudi glede drugih primerov.
In the event, the evaluation of the random sample on the basis of these new, cautious assumptions produced a difference of EUR 143 million for a total random sample nominal value of EUR 1559 million compared with the price obtained by the LBBW experts using their ‘baseline case’ model.
Posledično je imelo vrednotenje naključnega vzorca na podlagi teh novih, previdnih predpostavk za posledico skupno vrednost naključnega vzorca 1559 milijonov EUR, kar se za 143 milijonov EUR razlikuje od cene, ki so jo na podlagi modela „osnovnega scenarija“ ugotovili strokovnjaki LBBW.
The Commission established the potential effects on the entire portfolio by extrapolation.
Komisija je potencialne učinke na celoten portfelj ugotovila z ekstrapolacijo.
In doing this it took account of a number of qualitative aspects of the random sample, in order to avoid any disproportionate strengthening of certain effects.
Pri tem je upoštevala več kvalitativnih vidikov naključnega vzorca, da bi se izognila nesorazmerni okrepitvi določenih učinkov.
According to the calculations the anticipated losses would be between EUR 2,9 billion and EUR 4,3 billion depending on the extrapolation method and correction factor.
Izračuni so pokazali, da naj bi glede na metodo ekstrapolacije in korekcijski faktor pričakovane izgube znašale med 2,9 milijarde EUR in 4,3 milijarde EUR.
Burden sharing
Porazdelitev bremena
According to the Impaired Assets Communication the banks should as far as possible themselves bear the costs associated with the impaired assets.
V skladu s sporočilom o oslabljenih sredstvih morajo banke v čim večji meri same nositi stroške, povezane z oslabljenimi sredstvi.
The assets should therefore be transferred at a price which corresponds to the real economic value or lies below it.
Tako je treba sredstva prenesti po ceni, ki ustreza dejanski gospodarski vrednosti ali je nižja od nje.
A write-down to the real economic value first has to be carried out for this or, in the case of a guarantee, a ‘First Loss’ clause must be included, according to which the first loss to be borne by the beneficiary bank corresponds to the difference between the book value and the real economic value.
Zato je najprej potreben odpis na podlagi dejanske gospodarske vrednosti ali, ob jamstvu, vključitev klavzule „prve izgube“, po kateri prva izguba, ki jo mora nositi banka upravičenka, ustreza razliki med knjigovodsko in dejansko gospodarsko vrednostjo.
In the current State aid case the asset relief measure was carried out without a previous write-down to the real economic value of the ABS portfolio.
V obravnavani zadevi o državni pomoči je bil ukrep pomoči uveden brez predhodnega odpisa na podlagi dejanske gospodarske vrednosti portfelja ABS.
In order to ensure the requested burden sharing, however, LBBW promised to take on a First Loss which covers the initial losses from the guarantee portfolio amounting to a total of EUR 1.9 billion; in the meantime this amount has been fully written down.
Da bi LBBW zagotovila zahtevano porazdelitev bremena, se je strinjala, da bo prevzela prvo tveganje, ki pokrije prve izgube iz jamstvenega portfelja v skupnem znesku 1,9 milijarde EUR; medtem je bil ta znesek v celoti odpisan.
As a result of the correction made by the Commission to the real economic value of the ABS portfolio, reducing it to EUR [1-2] billion lower than in the original valuation by the bank, the anticipated losses in the ABS portfolio are no longer offset in advance by a write-down or a sufficiently high first loss.
Na podlagi Komisijinega popravka dejanske gospodarske vrednosti portfelja ABS na znesek, ki je bil za [1–2] milijardi EUR nižji od prvotnega ovrednotenja bank, pričakovane izgube v portfelju ABS niso bile več vnaprej prestrežene z odpisom ali dovolj visoko prvo izgubo.
For this reason, in order to ensure the compatibility of the measures with the rules on State aid under the Impaired Assets Communication, an additional write-down must be made which takes account of the fall in the real economic value or, the case of a guarantee for assets, a correction of the ‘transfer value’ (i.e. a rise in the attachment point) to the real economic value must be undertaken.
Da bi zagotovili združljivost ukrepov s predpisi o državnih pomočeh v smislu sporočila o oslabljenih sredstvih, je bil tako potreben dodaten odpis, ki je upošteval znižanje dejanske gospodarske vrednosti, pri jamstvu za sredstva pa je bil potreben popravek „vrednosti ob prenosu“ (to je povišanje navezne točke) na dejansko gospodarsko vrednost.