natgillin/translations-raw huggingface dataset:
Moreover, the collateral was provided by valuable IKB assets, which are not derived from portfolio investments and should normally not default.
Zavarovana sta bila z aktivnimi postavkami IKB s polno vrednostjo, ki ne izvirajo iz portfeljskih naložb in običajno ne bi smele izostati.
In any event, the collateralisation is structured in such a way that the collateral will de facto never fall below 100 %.
Zavarovanje je urejeno tako, da dejansko nikoli ne more pasti pod 100 %.
Thus there is indeed an apparent high collateralisation and relatively low risk of the liquidity provision.
Tako za dodeljeno likvidnostno posojilo dejansko obstaja visoko zavarovanje in razmeroma nizko tveganje izpada.
KfW therefore relied not only on IKB’s financial strength, but in addition was secured with valuable collateral.
KfW se tako ni zanašal samo na finančno moč IKB, temveč je imel tudi polnovredna zavarovanja.
However, the risk margins applied should be in line with the Communication from the Commission on the revision of the method for setting the reference and discount rates (‘Communication on reference and discount rates’) [38].
Vendar pa bi temeljne meje tveganja morale biti v skladu s Sporočilom Komisije o spremembi metode določanja referenčnih obrestnih mer in diskontnih stopenj [38] (v nadaljnjem besedilu: Sporočilo o referenčnih obrestnih merah in diskontnih stopnjah).
Given that the company’s rating is based on the existence of the risk shield and there is agreement that the company is in difficulty (see recital 96), the Commission must apply the margins given for companies in difficulty.
Ker je bila bonitetna ocena podjetja dobljena na podlagi zaščite pred tveganjem in je bilo doseženo soglasje o tem, da gre za podjetje v težavah (glej uvodno izjavo 96), mora Komisija za osnovo vzeti meje za podjetja v težavah.
In cases of high collateralisation, this margin is 400 bps [39].
V primeru visokega zavarovanja je ta meja 400 osnovnih točk [39].
Hence it will be assumed that the advantage of the first line of EUR [> 1] billion corresponds to an average [> 300] bps for a period of ten months (i.e. from January to October 2008).
Komisija tako izhaja iz tega, da korist zaradi prvega likvidnostnega posojila v višini [> 1] milijard EUR v desetih mesecih (od januarja do oktobra 2008) v povprečju ustreza [> 300] osnovnim točkam.
The second line of July 2008 was granted, although not yet drawn, and thus did resulted in an advantage of [> 200] bps for a period of nine months (i.e. from February to October 2008).
Drugo likvidnostno posojilo iz julija 2008, ki do zdaj še ni bilo črpano, je v devetih mesecih (od februarja do oktobra 2008) zagotovilo korist v višini [> 200] osnovnih točk.
The aid involved in this line would therefore amounted to EUR […] million for the first line and to EUR […] million for the second, a total EUR […] million.
S tema posojiloma povezana pomoč bi bila tako za prvo likvidnostno posojilo […] milijonov EUR in za drugo likvidnostno posojilo […] milijonov EUR, kar ustreza skupnemu znesku pomoči v višini […] milijonov EUR.
As regards the liquidity facilities provided by [a regional bank] and [another regional bank], the Commission has no indication that the terms agreed did not reflect market considerations and would thus confer an advantage on IKB.
V zvezi z likvidnostnima posojiloma [deželne banke] in [druge deželne banke] Komisija ne vidi nobenega povoda za domnevo, da posojili nista bili dani na razpolago v skladu z razmišljanjem tržnega vlagatelja in da naj bi IKB morda dali prednost.
Furthermore, the circumstances in which the facilities were granted, in particular the fact that interbank business is part of a bank’s daily and standard operations, the concomitant participation on a large scale by private operators, and the fact that [a regional bank] and [another regional bank] did not provide these facilities under the direction of the State, leads the Commission to the finding that there is no indication that these transactions are imputable to the State [40].
Okoliščine, v katerih sta bili ti posojili dodeljeni, še posebej dejstvo, da medbančno poslovanje spada k vsakodnevnemu in običajnemu poslovanju banke, hkratna obsežna udeležba zasebnih gospodarskih subjektov in dejstvo, da [deželna banka] in [druga deželna banka] nista pripravili teh kreditnih linij po navodilu države, so Komisijo privedli do sklepa, da ni dokazov, da bi bilo mogoče prej omenjene posle pripisati državi [40].
The Commission has therefore no reason to conclude that these facilities imply the granting of State aid.
Zato ta posojila po mnenju Komisije ne vsebujejo državne pomoči.
The sale of IKB
Prodaja IKB
The Commission also assessed whether the sale of IKB to Lone Star involved elements of State aid.
Komisija je še preučila, ali je odsvojitev banke IKB družbi Lone Star vsebovala državno pomoč.
Firstly, this could be the case if IKB had been sold below market price to Lone Star.
To bi držalo, če bi bila banka IKB prodana družbi Lone Star pod tržno ceno.
However, on the basis of a wide range of information provided by Germany in this respect (see section 2.5) the Commission has no indication that the price paid by Lone Star is not the highest offer achieved in an open, transparent, non-discriminatory and non-conditional sale process.
Nemčija je v zvezi s tem Komisiji predložila številne podatke (glej oddelek 2.5), v katerih pa ni znakov za to, da cena, ki jo je plačala družba Lone Star, ne bi ustrezala najvišji ponudbi, ki bi bila dosežena v odprti, pregledni, nediskriminatorni in brezpogojni prodaji.
Given that this is the decisive criterion under the Commission’s rules on privatisation [41], it can conclude that the sale does not involve aid in favour of Lone Star.
Ker je to v skladu z načeli Komisije za privatizacijo [41] odločilno merilo, je mogoče skleniti, da prodaja ne vsebuje nobene pomoči v korist družbe Lone Star.
Second, the Commission assessed whether the sale implied some additional aid to IKB, which would be the case if liquidation would have been less costly for KfW than selling IKB, a criterion sometimes referred to as the market-economy vendor test.
Poleg tega je Komisija preučila, ali prodaja vsebuje dodatno pomoč v korist IKB, kar bi držalo, če bi bila za KfW likvidacija banke IKB cenejša od njene prodaje; preverjeno je bilo torej, ali gre za običajno tržno ravnanje pri odsvojitvi.
The Commission notes that the sale results not only in a sale price but also in some additional contributions by KfW, which need to be considered as part of the sale.
V zvezi s tem Komisija meni, da s prodajo ni dobljena samo prodajna cena, temveč tudi dodatni kapitalski prilivi KfW, ki jih je treba šteti za del prodaje.
These are (1) the maintenance of the two liquidity facilities of EUR [> 2,5] billion, (2) the senior loan by KfW for the refinancing of SIP 2, (3) the transfer of SIP 1 to KfW prior to the sale and (4) the assumption of the risk of liability […].
K temu se šteje ohranitev obeh kreditnih linij v višini [> 2,5] milijarde EUR, prednostni kredit KfW za refinanciranje portfelja SIP 2, pred prodajo IKB izveden prenos portfelja SIP 1 na KfW in upoštevanje jamstvenega tveganja […].
It is clear that KfW has taken these measures in order to allow a sale and free itself from as many assets as possible within as short period as possible.
KfW je te ukrepe nedvomno izvedel, da bi omogočil prodajo IKB in da bi v čim krajšem času prodal čim več aktivnih postavk.
Although at first sight KfW obtained a positive sale price, the sale was accompanied by measures which were capable of reducing the price to a negative price.
Čeprav se na prvi pogled zdi, da je KfW dosegel pozitivno prodajno ceno, so prodajo spremljali ukrepi, ki so na koncu privedli do negativne prodajne cene.
Nor can the fact be ignored that these measures were taken in the context of the restructuring, and thus in the context of the first three support measures.
Vendar ne smemo pozabiti, da so bili ti ukrepi izvedeni v okviru prestrukturiranja IKB in tako v zvezi s prvimi tremi ukrepi pomoči.
Therefore, the Commission cannot view them in isolation from the first three measures and once more does not see how KfW can revert to a market-economy investor argument [42].
Komisija jih zaradi tega ne more obravnavati ločeno od prvih treh ukrepov in tako ne more argumenta vlagatelja v tržnem gospodarstvu, ki ga je navedel KfW, šteti za utemeljenega [42].
Be that as it may, the market-economy vendor test does not, in any event, appear to be fulfilled in this case.
Ne glede na to se zdi, da merilo za običajno tržno ravnanje odsvojitelja v tem primeru tako ali tako ni izpolnjeno.
The benchmark is indeed whether the price became negative as Germany has not substantiated any credible additional liquidation costs that would have been considered by a market vendor.
Konec koncev je odločilno, ali je bila določena negativna cena, ker Nemčija ni mogla utemeljiti nobenih verjetnih dodatnih likvidacijskih stroškov, ki bi jih odsvojitelj v tržnem gospodarstvu upošteval.
In particular, the Commission cannot consider the estimated losses from the default risk of loans granted in the development business.
Tako Komisija ne more upoštevati zlasti ocenjenih izgub iz tveganja zaradi neplačila kreditov, dodeljenih v okviru dejavnosti za pospeševanje.
The Commission notes that structured development financing is part of KfW’s public remit and not part of KfW’s function as a normal commercial credit institution.
Po mnenju Komisije spada strukturirano financiranje v okviru dejavnosti za pospeševanje pod javne storitve KfW in ni del nalog KfW kot običajne kreditne ustanove.
It should therefore not be considered as a cost which a market-economy investor would also have considered, because liabilities stemming from State support activities would not have been granted by a market-economy investor in the first place [43].
Zaradi tega se ne more šteti za stroškovno postavko, ki bi bila pomembna tudi za vlagatelja v tržnem gospodarstvu, ker ta obveznosti iz državnih ukrepov pomoči sploh ne bi prevzel [43].
Hence the Commission assessed whether the support measures resulted de facto in a simple negative price.
Zaradi tega je Komisija preučila, ali so ukrepi pomoči dejansko privedli do negativne cene.
Since the support measures are not given as grants but mainly by way of loans and guarantees, the Commission must, as would be the case for a normal State aid assessment, determine their economic advantage for IKB.
Ker pri ukrepih pomoči ne gre za subvencije, ampak večinoma za kredite in garancije, je treba kot pri vsaki drugi oceni pomoči določiti gospodarsko prednost za IKB zaradi teh ukrepov.
First, KfW continues to provide liquidity to IKB.
Prvič, KfW banki IKB še vedno zagotavlja likvidnostno posojilo.
As already established in recital 77, it is difficult to quantify the advantage since private investors might also have been willing to provide some liquidity under certain conditions, provided the risk shield existed.
Kot je že bilo navedeno v uvodni izjavi 77, je težko ovrednotiti dano prednost, saj so bili sčasoma tudi zasebni vlagatelji pripravljeni pod določenimi pogoji zagotoviti likvidnostna sredstva, dokler je bila zagotovljena zaščita pred tveganjem.
However, after the sale to Lone Star the risk shield will be removed.
Po prodaji IKB družbi Lone Star je bila zaščita pred tveganjem umaknjena.
The take-over by Lone Star and the Commission’s approval of the restructuring aid and restructuring plan shows that a restoration of viability is considered possible.
Prevzem IKB, ki ga je izvedla družba Lone Star, ter dejstvo, da je Komisija odobrila pomoč za prestrukturiranje in načrt sanacije, kažeta, da se vnovična vzpostavitev donosnosti šteje za mogočo.
Therefore, while during the restructuring period IKB is officially regarded as a company in difficulty, it should be considered as a ‘weak’ case (B rating) within the meaning of the Communication on reference and discount rates for the purposes of calculating the aid element [44].
Glede na to, da se IKB v fazi prestrukturiranja uradno šteje za podjetje v težavah, je družbo za namene izračuna elementa pomoči upravičeno šteti za „šibko“ (bonitetna ocena B) v skladu s Sporočilom o referenčnih obrestnih merah in diskontnih stopnjah [44].
The benchmark under the reference rate communication is 220 bps, which would imply that the second line is [> 100] below the reference rate, whereas the first line is [> 100] bps below.
V skladu s tem sporočilom je bila meja za posojilo 220 osnovnih točk, kar bi pomenilo, da je bilo drugo likvidnostno posojilo za [> 100] osnovnih točk nižje od referenčne meje in prvo posojilo za [> 125] osnovnih točk nižje od referenčne meje.
This would, if calculated over […] years (from October 2008 until April […]), result in additional aid of about EUR [90] million.
Če to preračunamo na […] let (od oktobra 2008 do aprila […]), dobimo dodatno pomoč v višini [približno 90] milijonov EUR.
However, it is doubtful that in the present market situation a private investor would have been able and willing to buy such a portfolio, at least not in its entirety.
Pri trenutnih tržnih razmerah bi bil redkokateri zasebni vlagatelj sposoben ali pripravljen kupiti takšen portfelj (vsaj v celoti ne).
The fact that Lone Star was not willing to do so, and that, KfW was not able or willing to do so without help of the State, is evidence for this.
Dejstvi, da družbe Lone Star nakup ni zanimal in da KfW ni bil sposoben opraviti takšnega nakupa brez državne pomoči, govorita sami za sebe.
The need for further write-downs of the portfolio cannot be excluded.
Nujnosti nadaljnjih odpisov za portfelj ni mogoče izključiti.
In a worst case, this would concern the junior tranche of EUR [< 200] million. Hence, in the absence of any other benchmark, the Commission takes the view that KfW’s additional potential exposure from SIP 1 runs up to EUR [< 200] million.
V najslabšem primeru bi to prizadelo podrejeno tranšo v višini [< 200] milijonov EUR. Ker ni na voljo nobenih drugih primerjav, Komisija izhaja iz tega, da KfW nosi dodatno tveganje v višini do [< 200] milijonov EUR.
Third, KfW provided a senior loan for SIP 2 of EUR 775 million, which is remunerated at Euribor plus [> 90] bps due to its seniority (it is served first from any incoming proceeds).
Tretjič, KfW je za portfelj SIP 2 dal na voljo prednostni kredit v višini 775 milijonov EUR, ki se za prednost vrača po obrestni meri euribor plus [> 90] osnovnih točk (to pomeni, da se kredit izplačuje predvsem iz tekočih dohodkov).
Nevertheless, the loan is given to an SPV which has no credit history as such.
Kredit je odobren namenski družbi, ki kot jemalec kredita še ni znana.
According to the Communication on reference and discount rates, the interest rate for such SPVs should be at least Euribor plus 400 bps [45].
Obrestna mera, dodeljena takšni namenski družbi, bi morala biti v skladu s Sporočilom o referenčnih obrestnih merah in diskontnih stopnjah vsaj euribor plus 400 osnovnih točk [45].
However, given that the loan is a senior loan which is subordinated to involvement of IKB and thus essentially benefiting IKB, in this case the Commission also accepts a benchmark of 220 bps.
Ker pa gre za prednostni kredit, ki je podrejen udeležbi IKB in se tako pravzaprav šteje v korist IKB, Komisija v tem primeru sprejema tudi mejo za posojilo v višini 220 osnovnih točk.
The aid element in the provision of the senior tranche of EUR 775 million can therefore be quantified at about EUR [< 30] million ([> 100] bps during the period of […] years, from October 2008 until […]).
Element pomoči v povezavi z zagotovitvijo nadrejene tranše v višini 775 milijard EUR je tako mogoče povečati za približno [< 30] milijonov EUR ([> 100] osnovnih točk v […] letih, tj. od oktobra 2008 do […]).
Finally, the taking over of […] was motivated by the impossibility of putting an acceptable price on the risk if it was transferred together with IKB.
Četrtič, razlog za prevzem tveganja za […] je bil ta, da v primeru prevzema tveganja skupaj z IKB tega tveganja ne bi bilo mogoče zadovoljivo oceniti v znesku.
Given that the exposure to the indemnity is limited and, on the basis of the available information, the case is unlikely to arise, it would have been disproportionate to make the risk part of the sale procedure.
Ker obstaja manjše tveganje zaradi jamstva in ker je iz podatkov mogoče razbrati, da je uresničitev tega tveganja zelo malo verjetna, tega tveganja ne bi bilo primerno šteti za del prodaje.
That the risk can be considered small is confirmed by the fact that IKB was not requested by the auditors to provide for it.
Nizko tveganje potrjuje tudi dejstvo, da revizorji od IKB niso zahtevali nobenih rezerv.
However, there is of course a residual risk left with […].
Glede na nekatera nadomestila za škodo […] določeno tveganje seveda še vedno ostaja.
In the absence of a quantitative risk evaluation, the Commission would therefore consider that EUR […] million, corresponding to […] % risk, needs to be estimated within the current exercise.
Ker kvantitativna ocena tveganja ni bila posredovana, Komisija izhaja iz tega, da je za trenutne ukrepe treba sprejeti oceno v višini […] EUR, kar ustreza tveganju v višini […] %.
The aid involved in the measures provided by KfW as part of the sale of IKB totals EUR 390 million, which exceeds the sale price of EUR [> 100] million by EUR [> 250] million and thus render it negative.EUR Therefore it can be considered that the sale of IKB involved aid to IKB.
Ukrepi, ki jih je sprejel KfW v okviru prodaje IKB, skupaj vključujejo pomoč v višini 390 milijonov EUR; ta znesek presega prodajno ceno v višini [> 100] milijonov EUR za [> 250] milijonov EUR, tako da dobimo negativno prodajno ceno. Zaradi tega se ugotavlja, da prodaja IKB vključuje pomoč v korist IKB.
Summary of State aid
Pregled državnih pomoči
Overall, the total aid involved in all measures indicated in Table 5 amounts to EUR 9,155 billion.
Kot je mogoče razbrati iz preglednice 5, obsega skupna vrednost pomoči, dodeljenih v okviru vseh ukrepov, 9,155 milijarde EUR.
Summary of State aid received during restructuring
Pomoč v korist banke IKB med njenim prestrukturiranjem
EUR million
V milijonih EUR
Aid amount involved
Znesek pomoči
1st risk shield (Rhineland EUR 5,8 billion, Havenrock EUR 0,85 billion and on-balance-sheet assets EUR 1 billion)
Prva zaščita pred tveganjem (Rhineland: 5,8 milijarde EUR; Havenrock: 0,85 milijarde EUR; bilančne aktivne postavke: 1 milijarda EUR)
2nd risk shield (EUR 350 million additional loss coverage — Havenrock)
Druga zaščita pred tveganjem (350 milijonov EUR za dodatno pokritje izgub – Havenrock)
Capital increase and waived loan (coverage of depreciation on-balance-sheet assets)
Povečanje kapitala in nepovratno posojilo (za kritje amortizacije aktivnih postavk iz bilance)
Liquidity facility to IKB (before sale)
Likvidnostno posojilo za IKB (pred prodajo)
Sale of IKB:
Prodaja IKB
Price of IKB shares
Cena delnic IKB
Liquidity facility to IKB (after sale)
Likvidnostno posojilo za IKB (po prodaji)
Sale of IKB net
Prodaja IKB (neto)
Compatibility with the common market under Article 87(3)(b): aid to remedy a serious disturbance in the economy of a Member State
Združljivost ukrepov s skupnim trgom v skladu s členom 87(3)(b) Pogodbe ES: pomoč za odpravljanje resne motnje v gospodarstvu države članice
The Commission recalls that the Court of First Instance has stressed that Article 87(3)(b) must be applied restrictively.
V skladu s členom 87(3)(b) Pogodbe ES je pomoč dovoljeno zagotoviti za odpravljanje resne motnje v gospodarstvu države članice. Komisija opozarja, da je Sodišče prve stopnje poudarilo, da je treba člen 87(3)(b) Pogodbe ES uporabljati v omejenem obsegu.
Compatibility with the common market under Article 87(3)(c) — restructuring aid
Obravnavanih ukrepov tako ni mogoče razglasiti za združljive s skupnim trgom na podlagi člena 87(3)(b) Pogodbe ES. 5.3 Združljivost ukrepov s skupnim trgom v skladu s členom 87(3)(c) Pogodbe ES – pomoč za prestrukturiranje
The investigation allowed the Commission to reach the conclusion that the measures can be considered as compatible restructuring aid because they satisfy all the tests for authorisation under the criteria in the Guidelines for restructuring aid.
Na podlagi izsledkov preiskave je bilo mogoče ugotoviti, da se ukrepi lahko štejejo za pomoč za prestrukturiranje, združljivo s skupnim trgom, ker izpolnjujejo vse pogoje Smernic.
Consequently it was not necessary to investigate whether any rescue aid was involved, something the Commission had in any event excluded in the opening decision, given the irreversible nature of the risk shield.
Zaradi tega preiskava, ali je pri ukrepih lahko šlo tudi za pomoč za reševanje, ni potrebna, kar je Komisija izključila že v uvodni odločbi na podlagi trajne narave zaščite pred tveganjem.
Firm in difficulty
Podjetja v težavah
The Commission considers that IKB was a firm is in difficulty within the meaning of paragraph 9 of the Guidelines, given that without the intervention of KfW it was highly unlikely that IKB would have been able to cope with the liquidity squeeze for much longer.
Po mnenju Komisije je bila banka IKB podjetje v težavah v smislu uvodne izjave 9 Smernic in brez posredovanja KfW zelo verjetno ne bi bila sposobna zelo dolgo vzdržati likvidnostne krize.
The imminent losses would have led to the bank being closed, thus meeting the conditions of paragraph 10(c) of the Guidelines.
Grozeče izgube bi privedle do zaprtja banke in s tem so izpolnjeni pogoji iz točke 10(c) Smernic.
Germany has not contested this opinion, which was set out in the opening decision.
Nemčija tega stališča, ki je bilo zastopano že v uvodni odločbi, ni izpodbijala.
The present investigation first confirmed that the restructuring will restore the beneficiary’s long-term viability.
Ta preiskava potrjuje, da bo s prestrukturiranjem obnovljena dolgoročna sposobnost preživetja banke IKB.
The Commission considers that the sale of IKB to Lone Star is a central element for solving the difficulties and will support a positive economic development of the bank.
Po mnenju Komisije je prodaja IKB družbi Lone Star odločilnega pomena za rešitev nastalih težav in za ugoden gospodarski razvoj IKB.
Moreover, the investigation confirmed that IKB has redirected its activities.
Preiskava je še potrdila, da je banka IKB na novo oblikovala svojo dejavnost.
It has abandoned the loss-making activities and is no longer making portfolio investments.
Opustila je dejavnosti, ki prinašajo izgubo, in ne vlaga več v portfelje.
Moreover, IKB intends to focus on its core business, medium-sized corporate clients.
Poleg tega se bo osredotočala na svojo osrednjo dejavnost, poslovanje s srednjimi podjetji.
All other remaining activities in the structured financing business segment are deemed to serve the corporate clients segment, while [> 20] % of this business as well as the entire real-estate financing business will be abandoned.
Preostale dejavnosti v segmentu strukturiranega financiranja bodo ohranjene, da se zadovoljijo potrebe dejavnosti poslovanja s podjetji, medtem ko bodo [> 20] % segmenta in celotna poslovna dejavnost financiranja nepremičnin opuščeni.
In addition, IKB has taken measures to improve its risk management and has already reduced its risk exposure considerably.
Banka IKB je poleg tega sprejela ukrepe za izboljšanje upravljanja tveganja in znatno zmanjšala svoje tvegane postavke.
IKB has therefore taken the necessary internal measures to ensure its turnaround.
IKB je s tem sprejela notranje ukrepe, potrebne za spremembo.
Furthermore, the Commission acknowledges that IKB’s restructuring plan indicates a sustainable restoration of IKB’s viability.
Poleg tega Komisija ugotavlja, da je v načrtu za prestrukturiranje IKB poudarjena trajna vzpostavitev dolgoročne sposobnosti preživetja.
In particular, the plan, which is based on sound financial projections, makes it clear that the business model would work.
Iz načrta, ki se opira na trdne napovedi o razvoju trga, je očitno, da se bo izbrani poslovni model obdržal.