natgillin/translations-raw huggingface dataset:
The Belgian authorities indicate that they have reviewed the Commission’s Decision of 30 June 2009 in which the Commission decided to initiate the procedure laid down in Article 88(2) of the Treaty in order to verify the conditions of the IAC regarding valuation (including the valuation methodology), burden-sharing, remuneration and asset management arrangements of the measure.
Belgijski organi navajajo, da so pregledali odločitev Komisije z dne 30. junija 2009, v kateri se je Komisija odločila, da bo sprožila postopek iz člena 88(2) Pogodbe, da preveri pogoje iz Sporočila o oslabljenih sredstvih v zvezi z vrednotenjem (vključno z metodologijo za vrednotenje), delitvijo bremen, nadomestili in ureditvijo za upravljanje sredstev pri ukrepu.
The Belgian State believes that each of these elements are adequately addressed by the KBC restructuring plan as filed on 30 September 2009 and by the various commitments that have been offered in connection with that restructuring plan.
Belgija meni, da je bil vsak od teh elementov že ustrezno obravnavan v načrtu prestrukturiranja KBC, ki je bil predložen 30. septembra 2009, in različnih zavezah, ki so bile podane v zvezi z navedenim načrtom prestrukturiranja.
POSITION OF BELGIUM ON THE RESTRUCTURING PLAN
STALIŠČE BELGIJE V ZVEZI Z NAČRTOM PRESTRUKTURIRANJA
The Belgian authorities submit that the restructuring plan complies with all conditions set forth in the Commission’s Communication of 23 July 2009 on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules [40].
Belgijski organi trdijo, da načrt prestrukturiranja izpolnjuje vse pogoje iz Sporočila Komisije o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči z dne 23. julija 2009 [40].
In particular, the Belgian authorities are of the opinion that the restructuring plan ensures that KBC’s long-term viability is restored, that KBC provides an important own contribution to the restructuring costs and that distortions of competition are limited by substantial structural and behavioural measures.
Po mnenju belgijskih organov še zlasti načrt prestrukturiranja zagotavlja, da bo dolgoročna uspešnost poslovanja KBC znova vzpostavljena, da KBC zagotavlja pomemben lastni prispevek k stroškom prestrukturiranja ter da je izkrivljanje konkurence omejeno z znatnimi strukturnimi ukrepi in ukrepi v zvezi z ravnanjem.
The Commission must assess whether the measures concerned constitute State aid.
Komisija mora oceniti, ali zadevni ukrepi pomenijo državno pomoč.
Article 87(1) of the Treaty provides that 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, insofar as it affects trade between Member States, incompatible with the common market.
Člen 87(1) Pogodbe določa, da je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti nekaterim podjetjem in ki vpliva na trgovino med državami članicami, nezdružljiva s skupnim trgom.
The Commission observes that, with regard to the first and second recapitalisation and the State Protection measure, it has already concluded that those measures constitute State aid.
Komisija navaja, da je v zvezi s prvo in drugo dokapitalizacijo ter državnim zaščitnim ukrepom ugotovila, da pomenijo državno pomoč.
For the first recapitalisation, this was established in the Commission’s first recapitalisation Decision of 18 December 2008 (recitals 39 to 53 of the recapitalisation Decision).
Za prvo dokapitalizacijo je bilo to ugotovljeno v odločitvi Komisije o prvi dokapitalizaciji z dne 18. decembra 2008 (uvodne izjave 39 do 53 odločitve o dokapitalizaciji).
For the second recapitalisation and the State Protection measure, this was established in the Commission’s opening Decision of 30 June 2009 (section 4.1 of the opening Decision).
Za drugo dokapitalizacijo in državni zaščitni ukrep je bilo to ugotovljeno v odločitvi Komisije o sprožitvi postopka z dne 30. junija 2009 (razdelek 4.1 odločitve o sprožitvi postopka).
The Commission furthermore notes that KBC will, in the context of the restructuring plan, not receive any additional measures and that the rescue aid measures will be converted into restructuring aid.
Komisija poleg tega ugotavlja, da KBC na podlagi načrta prestrukturiranja ne bo prejela nobenih dodatnih ukrepov in da bodo ukrepi pomoči za reševanje preoblikovani v pomoč za prestrukturiranje.
The Commission therefore has no reason to change its previous assessments.
Komisija tako nima razloga, da bi spremenila svojo prejšnjo oceno.
Consequently, the Commission concludes that the first and second recapitalisation and the State Protection measure obtained by KBC constitute State aid.
Posledično Komisija ugotavlja, da prva in druga dokapitalizacija ter državni zaščitni ukrep, ki jih je pridobila KBC, pomenijo državno pomoč.
AMOUNT OF AID
VIŠINA POMOČI
As regards the amount of aid, the recapitalisation measures constitute State aid amounting to the sum of the injected capital, thus in amount of EUR 7 billion.
Ukrepi za dokapitalizacijo pomenijo državno pomoč, ki je enakovredna vsoti kapitalskega vložka in ki tako znaša 7 milijard EUR.
As regards the aid amount of the State Protection measure, the Commission considers that a distinction should be made between the Equity Range and the Cash Range of the State Protection measure.
V zvezi z višino pomoči pri državnem zaščitnem ukrepu Komisija meni, da je treba razlikovati med kapitalskim deležem in gotovinskim deležem državnega zaščitnega ukrepa.
The Cash Range is regarded by the Commission to correspond to the asset relief measure.
Po mnenju Komisije gotovinski delež ustreza ukrepu finančne pomoči za oslabljena sredstva.
The Impaired Asset Communication states that the amount of aid in an asset relief measure corresponds to the difference between the transfer value of the assets and the market price.
Sporočilo o oslabljenih sredstvih določa, da višina pomoči pri ukrepu finančne pomoči za oslabljena sredstva ustreza razliki med vrednostjo sredstev ob prenosu in tržno ceno.
In an asset guarantee measure, the Commission considers that the transfer value is the point at which the State compensates the bank for losses in the form of cash.
V zvezi z ukrepom jamstva za sredstva Komisija meni, da je vrednost ob prenosu točka, na kateri država banki v gotovini poplača izgube.
The difference between the transfer value and the market value is EUR […] billion, of which 10 % has to be deducted as 10 % of the losses are retained by KBC.
Razlika med vrednostjo ob prenosu in tržno vrednostjo znaša […] milijard EUR, od česar je treba odšteti 10 %, saj 10 % izgub zadrži KBC.
This amounts to EUR […] billion.
To znaša […] milijard EUR.
In addition, the Commission considers that the excess guarantee fee paid by KBC for the Cash Range should be taken into account.
Poleg tega Komisija meni, da je treba upoštevati tudi presežno provizijo za jamstvo, ki jo je KBC plačala za gotovinski delež.
The total nominal guarantee fee is EUR 1,33 billion, of which, however, approximately EUR 1 billion (estimated excess guarantee fee [43] is above the minimum fee that is required by the Commission in the IAC.
Skupni nominalni znesek provizije za jamstvo znaša 1,33 milijarde EUR, kar za približno 1 milijardo EUR (ocenjena presežna provizija za jamstvo [43]) presega minimalno provizijo, ki jo Komisija zahteva v Sporočilu o oslabljenih sredstvih.
The amount of EUR 1 billion therefore needs to be deducted from the amount calculated in recital 112.
Znesek v višini 1 milijarde EUR je tako treba odšteti od zneska, ki je bil izračunan v uvodni izjavi 112.
This leads to a total aid amount for the asset relief measure of approximately EUR 260 million.
Tako je skupna višina pomoči za ukrep finančne pomoči za oslabljena sredstva približno 260 milijonov EUR.
Accordingly, the two capital injections and the asset relief part of the State Protection measure together result in aid element of approximately EUR 7,26 billion, which amounts to 4,1 % of RWA of KBC.
V skladu s tem oba kapitalska vložka in tisti del državnega zaščitnega ukrepa, ki je finančna pomoč za oslabljena sredstva, skupaj pomenijo element pomoči v višini približno 7,26 milijarde EUR, kar je 4,1 % tveganju prilagojene aktive KBC.
Finally, the Equity Range of the State Protection measure is also assessed.
Za konec je ocenjen še kapitalski delež državnega zaščitnega ukrepa.
The Commission notes that it could be considered as equivalent to a capital injection, given that the CBFA accepts it as regulatory capital which improves the capital position of the bank.
Komisija ugotavlja, da bi ga bilo mogoče šteti za enakovrednega kapitalskemu vložku glede na to, da ga CBFA sprejema kot regulativni kapital, s katerim se izboljšuje kapitalski položaj banke.
Article 87(3)(b) of the Treaty empowers the Commission to declare aid compatible with the common market if it is intended ‘to remedy a serious disturbance in the economy of a Member State’.
S členom 87(3)(b) Pogodbe je Komisija pooblaščena, da pomoč razglasi za združljivo s skupnim trgom, če je namenjena „za odpravljanje resne motnje v gospodarstvu države članice“.
Given the present circumstances in the financial markets, the Commission considers that the measures may be examined directly under the Treaty rules and in particular under Article 87(3)(b) of the Treaty.
Komisija glede na trenutne razmere na finančnih trgih meni, da je ukrepe mogoče preučevati neposredno v skladu s pravili Pogodbe in še zlasti členom 87(3)(b) Pogodbe.
The Commission has acknowledged that the global financial crisis can create a serious disturbance in the economy of a Member State and that measures supporting banks are apt to remedy this disturbance.
Komisija je priznala, da lahko svetovna finančna kriza povzroči resno motnjo v gospodarstvu države članice in da so ukrepi v podporo bankam ustrezni za odpravo te motnje.
This has been confirmed in the Commission’s Banking Communication [44], its Recapitalisation Communication, its IAC and its Restructuring Communication.
To je Komisija potrdila v Sporočilu o bančništvu [44], Sporočilu o dokapitalizaciji, Sporočilu o oslabljenih sredstvih in Sporočilu o prestrukturiranju.
In respect of the Belgian economy this was confirmed in the Commission’s various approvals of the measures undertaken by the Belgian authorities to combat the financial crisis [45] Therefore, as indicated in the recapitalisation Decision and the opening Decision, the legal basis for the assessment of the aid measures should be Article 87(3)(b) of the Treaty.
V zvezi z belgijskim gospodarstvom je bilo to potrjeno v različnih soglasjih, ki jih je Komisija dala za ukrepe belgijskih organov za boj proti finančni krizi [45]. Kot je to navedeno v odločitvi o dokapitalizaciji in odločitvi o sprožitvi postopka, bi zato pravna podlaga za oceno ukrepov pomoči moral biti člen 87(3)(b) Pogodbe.
COMPATIBILITY OF THE STATE PROTECTION MEASURE
ZDRUŽLJIVOST DRŽAVNEGA ZAŠČITNEGA UKREPA
As outlined in section 8.2, the Commission considers that, as regards the State Protection measure, a distinction should be made between the Equity Range and the Cash Range of the measure.
Kot je poudarjeno v razdelku 8.2, Komisija meni, da je treba v zvezi z državnim zaščitnim ukrepom razlikovati med kapitalskim deležem in gotovinskim deležem ukrepa.
The Commission considers that the commitment to inject capital, subject to the trigger event of specific realised losses on the CDO portfolio, associated with Equity Range should be considered as equivalent to a capital injection [46] Therefore, its compatibility is assessed under the Recapitalisation Communication.
Komisija meni, da je zavezo vložka kapitala zaradi posebnih ustvarjenih izgub v portfelju CDO, povezano s kapitalskim deležem, treba šteti za enakovredno kapitalskemu vložku [46]. Zato se njegova združljivost ocenjuje v skladu s Sporočilom o dokapitalizaciji.
The Commission considers that the Cash Range, where the State is committed to compensate KBC for losses in cash, should be considered as an asset relief measure.
Komisija meni, da je treba gotovinski delež, pri katerem se je država zavezala, da bo v gotovini pokrila izgube KBC, šteti za ukrep finančne pomoči za oslabljena sredstva.
Therefore its compatibility is assessed under the IAC.
Zato se njegova združjivost ocenjuje v skladu s Sporočilom o oslabljenih sredstvih.
The application of the IAC to the Asset Relief Measure
Uporaba Sporočila o oslabljenih sredstvih za ukrep finančne pomoči za oslabljena sredstva
The specific conditions applying to asset relief measures are laid down in the IAC.
Posebni pogoji, ki se uporabljajo za ukrepe finančne pomoči za oslabljena sredstva, so določeni v Sporočilu o oslabljenih sredstvih.
In line with section 5.2 of the IAC, an asset relief measure must provide for full ex-ante transparency, adequate burden-sharing followed by the correct valuation of the eligible assets and should ensure the correct remuneration of the State for the asset relief measure to ensure shareholders’ responsibility and burden-sharing.
V skladu z razdelkom 5.2 navedenega sporočila mora ukrep finančne pomoči za oslabljena sredstva zagotavljati popolno predhodno preglednost, zadostno delitev bremen, ki ji sledi ustrezno vrednotenje upravičenih sredstev in ustrezno plačilo nadomestila državi za ukrep finančne pomoči za oslabljena sredstva, da se zagotovita odgovornost in delitev bremen delničarjev.
The Commission already established that the State Protection measure in favour of KBC complies with the IAC as regards full ex-ante transparency and disclosure and eligibility of assets in the opening Decision.
Komisija je že v odločitvi o sprožitvi postopka ugotovila, da je državni zaščitni ukrep v korist KBC skladen s Sporočilom o oslabljenih sredstvih, kar zadeva predhodno preglednost ter razkritje in upravičenost sredstev.
The Commission therefore focuses its assessment on conditions relating to valuation, remuneration and burden-sharing and asset management arrangements, as these were the aspects of the State Protection measure upon which it opened the investigation.
Komisija zato svojo oceno osredotoča na pogoje v zvezi z vrednotenjem, izplačilom ter ureditvijo za delitev bremen in upravljanje sredstev, saj so bili to vidiki državnega zaščitnega ukrepa, na podlagi katerih je sprožila preiskavo.
Regarding the valuation, the IAC establishes in section 5.5 that a correct and consistent approach to valuation is of key importance to prevent undue distortions of competition.
V Sporočilu o oslabljenih sredstvih je v zvezi z vrednotenjem v razdelku 5.5 določeno, da je pravilen in dosleden pristop k vrednotenju ključnega pomena za preprečevanje neupravičenega izkrivljanja konkurence.
Accordingly, the Commission has carefully scrutinized the valuation and in particular the underlying general methodology in order to ensure a consistent approach at Community level.
V skladu s tem je Komisija natančno pregledala vrednotenje in predvsem temeljno splošno metodologijo za vrednotenje, da bi zagotovila dosleden pristop na ravni Skupnosti.
For that purpose, the Commission called on the technical assistance provided by a panel of valuation experts.
Zato je Komisija zaprosila za tehnično pomoč komisije strokovnjakov s področja vrednotenja.
In assessing the measure, the Commission also employed asset valuation methodologies which have benefited from the technical assistance provided by experts from the ECB.
Komisija je pri ocenjevanju ukrepa uporabila tudi metodologije za vrednotenje sredstev, izboljšane zaradi tehnične pomoči, ki so jo zagotovili strokovnjaki iz ECB.
In line with paragraphs 40 and 41 of the IAC, the transfer value of the impaired assets must be in line with their real economic value (hereinafter ‘REV’).
V skladu z odstavkoma 40 in 41 Sporočila o oslabljenih sredstvih mora biti vrednost oslabljenih sredstev ob prenosu skladna z njihovo realno gospodarsko vrednostjo.
As regards the REV of the CDO portfolio, the Commission’s doubts have been allayed.
V zvezi z realno gospodarsko vrednostjo portfelja CDO se je Komisija znebila pomislekov.
Taking into account the prudent assumptions (such as correlation, loss severities and house price appreciation, default probabilities), in combination with reasonable stressed default probabilities, the Commission considers that EUR […] billion ([…] % of the notional value) is a prudent calculation of the REV.
Komisija ob upoštevanju preudarnih predpostavk (kot so korelacija, resnost izgub in zvišanje cen stanovanj, privzete verjetnosti) v kombinaciji z razumnimi privzetimi verjetnostmi v izjemnih situacijah meni, da je znesek […] milijard EUR ([…] % hipotetične vrednosti) preudaren izračun realne gospodarske vrednosti.
In addition, the estimations of the REV of the portfolio in a stress scenario is approximately EUR […] billion ([…] % of the notional value), which is still above the transfer value.
Ocena realne gospodarske vrednosti portfelja v scenariju izjemnih situacij znaša približno […] milijard EUR ([…] % hipotetične vrednosti), kar je še vedno več od vrednosti ob prenosu.
The Commission considers, that this valuation of the REV in a stress scenario can be considered as acceptable based on the assumptions and methodology used.
Komisija meni, da je tako vrednotenje realne gospodarske vrednosti v scenariju izjemnih situacij mogoče šteti za sprejemljivo na podlagi uporabljenih predpostavk in metodologije.
Remuneration
Nadomestila
In normal circumstances such a capital injection would cost in the region of EUR 35 million annually [47].
V običajnih okoliščinah bi tak vložek stal približno 35 milijonov EUR letno [47].
That is considerably less than the annual guarantee fee of EUR 221 million (total of EUR 1,33 billion over six years KBC pays.
To je znatno manj kot letna provizija za jamstvo v višini 221 milijonov EUR (v šestih letih skupaj 1,33 milijarde EUR), ki jo plačuje KBC.
Indeed, KBC pays in excess of EUR 1 billion over and above the minimum remuneration required under the IAC.
KBC dejansko plačuje več kot 1 milijardo EUR več, kot znaša najmanjše nadomestilo, ki se zahteva s Sporočilom o oslabljenih sredstvih.
Regarding burden-sharing, the IAC states in section 5,2 the general principle that banks ought to bear the losses associated with impaired assets to the maximum extent.
Kar zadeva porazdelitev bremena, je v razdelku 5.2 Sporočila o oslabljenih sredstvih navedeno splošno načelo, da bi morale banke v čim večjem obsegu kriti izgube, povezane z oslabljenimi sredstvi.
That implies first that the bank should bear the difference between the nominal value and the REV of the impaired assets.
To najprej nakazuje, da bi banka morala nositi razliko med nominalno vrednostjo in realno gospodarsko vrednostjo oslabljenih sredstev.
That criterion is fulfilled in this case as the REV of the portfolio corresponds to EUR […] billion ([…] % of the notional value) and the transfer value to EUR 14,8 billion (62 % of the notional value).The transfer value therefore lies below the REV. The figure of the REV has been verified and found reasonable by the Commission’s experts.
To merilo je v tem primeru izpolnjeno, saj realna gospodarska vrednost portfelja ustreza […] milijardam EUR ([…] % nominalne vrednosti), vrednost ob prenosu pa 14,8 milijarde EUR (62 % hipotetične vrednosti). Vrednost ob prenosu je tako manjša od realne gospodarske vrednosti.
KBC bears losses even beyond the REV. The Commission’s doubts with regard to burden sharing have therefore been allayed.
Višino realne gospodarske vrednosti so preverili strokovnjaki Komisije in se jim zdi razumna. KBC nosi izgube, ki celo presegajo realno gospodarsko vrednost.
Asset management
Komisija se je tako znebila pomislekov glede porazdelitve bremena. Upravljanje sredstev
Regarding the managements of assets, the Commission notes that the arrangements between the Belgian authorities and KBC comply with the requirements laid down in the IAC.
Komisija v zvezi z upravljanjem sredstev ugotavlja, da so dogovori med belgijskimi organi in KBC v skladu z zahtevami iz Sporočila o oslabljenih sredstvih.
The Belgian authorities have obtained the customary and necessary rights to safeguard their interests as described in recital 62.
Belgijski organi so pridobili običajne in potrebne pravice, da zavarujejo svoje interese, kot je opisano v uvodni izjavi 62.
Accordingly, those rights are to provide safeguards to protect third party investors, super-senior counterparties and therefore, by extension, the Belgian authorities against possible conflicts of interest in the management of the guaranteed portfolio.
V skladu s tem te pravice delujejo kot varovalke, ki vlagatelje, ki so tretje osebe, in najbolj nadrejene nasprotne stranke ter tako tudi belgijske organe varujejo pred morebitnimi nasprotji interesov pri upravljanju portfelja z zagotovljenim jamstvom.
In addition, the Belgian authorities are provided with the right to monitor the management of the guaranteed portfolio and are granted appropriate rights to further protect their interests.
Belgijski organi imajo poleg tega pravico, da spremljajo upravljanje portfelja z zagotovljenim jamstvom, odobrene pa so jim tudi druge pravice, s katerimi lahko še bolj zaščitijo svoje interese.
On the basis of the foregoing, the Commission concludes that its doubts regarding the asset relief measure have been allayed and that the measure is in line with the IAC.
Komisija na podlagi navedenega ugotavlja, da se je znebila pomislekov v zvezi z ukrepom finančne pomoči za oslabljena sredstva in da je ukrep v skladu s Sporočilom o oslabljenih sredstvih.
Application of the Recapitalisation Communication to the equity commitment
Uporaba Sporočila o dokapitalizaciji za kapitalsko obveznost
The Commission recalls that in the case of losses in the Equity Range, the Belgian authorities have committed to provide capital if KBC so requests.
Komisija opozarja, da so se belgijski organi zavezali, da bodo v primeru izgub pri kapitalskem deležu na zahtevo KBC zagotovili kapitalska sredstva.
This recapitalisation of KBC in the Equity Range can occur through the issuance by KBC of ordinary shares to the Belgian authorities at market price.
Dokapitalizacija KBC v kapitalskem deležu se lahko izvede tako, da KBC belgijskim organom izda navadne delnice po tržni ceni.
If as result of such an issuance the Belgian authorities were to exceed a 30 % shareholding, they will receive hybrid securities.
Če bi belgijski organi zaradi izdaje teh delnic presegli 30-odstotni delež, bodo prejeli hibridne vrednostne papirje.
Therefore, for the measure to be compatible, the capital injection committed should be the minimum necessary and should be remunerated in line with the Recapitalisation Communication.
Da je ukrep združljiv, mora biti tako dodeljeni kapitalski vložek najmanjši potrebni in ga je treba odplačati v skladu s Sporočilom o dokapitalizaciji.
Regarding the remuneration for the Equity Range, the compatibility of the remuneration should be assessed in two ways.
V zvezi s plačilom nadomestila za kapitalski delež je treba združljivost odplačila oceniti na dva načina.
Firstly, the State should be remunerated for providing the equity guarantee.
Prvič, država mora dobiti nadomestilo za zagotovitev kapitalskega jamstva.
Secondly, in the event that it does inject capital, this should be remunerated appropriately.
Drugič, če država vloži kapital, je treba to ustrezno nadomestiti.
Regarding the equity guarantee, KBC must pay for having the right to an equity injection on standby.
V zvezi s kapitalskim jamstvom mora KBC plačati za pravico, da je zanjo pripravljen kapitalski vložek.
The underwriting fee is calculated by reference to the fee levels investment banks charge for stand-by equity underwritings.
Provizija za zavarovanje se izračuna glede na višino provizij, ki jih investicijske banke zaračunajo za pripravljena kapitalska zavarovanja.