natgillin/translations-raw huggingface dataset:
The notification included a commitment to submit by 31 December 2008‘concrete steps’ for a change in the ownership structure.
Nemčija se je v priglasitvi zavezala, da bo do 31. decembra 2008 predložila podrobno opredelitev sprememb lastniške strukture.
By letter dated 1 October 2008, the Commission informed Germany that it had decided to initiate the procedure laid down in Article 88(2) of the EC Treaty in respect of the measure.
Komisija je Nemčijo z dopisom z dne 1. oktobra 2008 obvestila o odločitvi, da bo v zvezi z ukrepom sprožila postopek iz člena 88(2) Pogodbe.
The Commission decision to initiate the formal investigation procedure (the opening decision) was published in the Official Journal of the European Union [4].
Odločitev Komisije o sprožitvi uradnega postopka preiskave (v nadaljnjem besedilu: odločitev o sprožitvi postopka) je bila objavljena v Uradnem listu Evropske unije [4].
The Commission there invited any other interested parties to submit their comments on the measure.
Komisija je pozvala zainteresirane strani, naj predložijo pripombe o ukrepu.
The Commission received no comments from other interested parties.
Komisija ni prejela nobenih pripomb drugih zainteresiranih strani.
On 24 November 2008 Germany submitted its comments on the initiation of the formal investigation procedure.
Nemčija je 24. novembra 2008 sprejela stališče v zvezi z odločitvijo o začetku uradnega postopka preiskave.
On 16 December 2008 WestLB requested an extension of the deadline for the submission of concrete steps for a change in the ownership structure.
WestLB je 16. decembra 2008 zaprosila za podaljšanje roka za predložitev podrobnih podatkov o spremembi lastniške strukture.
The Commission approved the extension of the deadline until 31 March 2009.
Komisija je odobrila podaljšanje roka do 31. marca 2009.
On 27 February 2009 Germany submitted an interim report covering progress up to the end of February 2009.
Nemčija je 27. februarja 2009 posredovala vmesno poročilo o napredku, ki je bil dosežen do konca februarja 2009.
From 6 to 8 April 2009, discussions on the restructuring took place between representatives of the Commission, Germany, the owners and WestLB.
Komisija, Nemčija, lastniki banke WestLB in WestLB so od 6. do 8. aprila 2009 razpravljali o prestrukturiranju.
On 17 April 2009 Germany submitted further information on the restructuring.
Nemčija je 17. aprila 2009 predložila dodatne informacije o prestrukturiranju.
On 30 April 2009 Germany submitted an amended restructuring plan.
Nemčija je 30. aprila 2009 predložila spremenjeni načrt prestrukturiranja.
On 12 May 2009 the Commission adopted a Decision.
Komisija je 12. maja 2009 sprejela odločitev.
That Decision contained some minor errors, though they did not affect its substance or its reasoning.
Besedilo odločitve z dne 12. maja 2009 je vsebovalo nekaj manjših napak, ki pa niso vplivale na njen pomen in utemeljitve v njej.
The present Decision is being adopted for the sake of correctness, and replaces the Decision of 12 May 2009 (C(2009) 3900).
Za zagotovitev pravilnosti se sprejme ta odločba, s katero se nadomesti Odločba z dne 12. maja 2009 (C(2009) 3900).
DESCRIPTION OF THE AID SCHEME
OPIS UKREPA POMOČI
The beneficiary
Upravičenka do pomoči
The beneficiary is WestLB.
Upravičenka do pomoči je WestLB.
WestLB is a European commercial bank based in North Rhine Westphalia.
WestLB je evropska poslovna banka s sedežem v pokrajini Severno Porenje - Vestfalija (v nadaljnjem besedilu: SPV).
With total assets of EUR 286,5 billion at 31 December 2007, WestLB is a major German financial services provider.
S skupno bilančno vsoto v višini 286,5 milijarde EUR (stanje na dan 31. decembra 2007) je ena od največjih ponudnic finančnih storitev v Nemčiji.
It is the central institution for the savings banks in North Rhine-Westphalia and Brandenburg, and as a commercial bank operating internationally it acts as their link to the global financial markets.
Je centralna banka hranilnic v SPV in Brandenburgu, kot poslovna banka, ki deluje na mednarodnem trgu, pa je za hranilnice most do svetovnih finančnih trgov.
Working in close partnership with the savings banks, WestLB offers the full range of products and services of a universal bank, focusing on lending, structured finance, capital market and private equity products, asset management, transaction services and real estate finance.
V tesnem sodelovanju s hranilnicami ponuja celoten nabor produktov in storitev univerzalne banke, osredotoča pa se predvsem na posojila in strukturirano financiranje, dejavnosti na kapitalskih trgih, upravljanje zasebnega premoženja, upravljanje naložb, vodenje plačilnega prometa in financiranje nepremičnin.
On 30 December 2007 WestLB employed 6147 staff.
WestLB je na dan 30. decembra 2007 zaposlovala 6147 ljudi.
WestLB is a public limited company (AG) with its head offices in Düsseldorf and Münster.
WestLB je delniška družba z glavnima sedežema v Düsseldorfu in Münstru.
WestLB emerged from the former Westdeutsche Landesbank Girozentrale, on 30 August 2002, after that organisation’s public service activities had been integrated into Landesbank Nordrhein-Westfalen, a company governed by public law, which was established on 1 August 2002.
Iz nekdanje banke Westdeutsche Landesbank Girozentrale je nastala 30. avgusta 2002, po tem, ko so bile dejavnosti v javnem interesu prenesene na deželno banko Landesbank NRW, javnopravno ustanovo, ustanovljeno 1. avgusta 2002.
The current owners of WestLB are the savings banks’ and giro associations Westfälisch-Lippischer Sparkassen- und Giroverband (25,03 %) and Rheinischer Sparkassen- und Giroverband (25,03 %) and — directly and indirectly, through NRW.
Sedanji lastniki WestLB so združenje Westfälisch-Lippische Sparkassen- und Giroverband (WLSGV) s 25,03-odstotnim deležem, združenje Rheinische Sparkassen- und Giroverband (RSGV) s 25,03-odstotnim deležem ter – neposredno in posredno prek družbe NRW.
BANK (the former Landesbank Nordrhein-Westfalen) — the Land of North Rhine Westphalia (37,74 %) and the regional associations of local authorities Landschaftsverband Westfalen Lippe (6,09 %) and Landschaftsverband Rheinland (6,09 %).
BANK (nekdanja banka Landesbank NRW) – banka Land NRW s 37,74-odstotnim deležem, združenje Landschaftsverband Westfalen Lippe (LWL) s 6,09-odstotnim deležem in združenje Landschaftsverband Rheinland (LVR) s 6,09-odstotnim deležem.
WestLB is one of the German public banks which until 18 July 2005 still enjoyed the unlimited state guarantees known as Anstaltslast and Gewährträgerhaftung, which were abolished in accordance with a series of understandings between Germany and the Commission [5].
WestLB je ena od nemških javnopravnih ustanov, za katere sta do 18. julija 2005 še veljali neomejeni državni jamstvi „Anstaltlast“ (jamstvo za poslovanje javnih institucij) in „Gewährträgerhaftung“ (državno jamstvo za nemške javne banke), ki sta morali biti pozneje na podlagi vrste sporazumov med Nemčijo in Komisijo odpravljeni [5].
In 2002, following the abolition of Anstaltslast and Gewährträgerhaftung, the former WestLB was split up into NRW.
Po odpravi jamstev „Anstaltslast“ in „Gewährträgerhaftung“ v letu 2002 je bila prejšnja banka WestLB razdeljena na banki NRW.
BANK and WestLB.
BANK in WestLB.
Between 2003 and 2005 WestLB was restructured; it received various capital injections between 2002 and 2005.
WestLB je bila med letoma 2003 in 2005 prestrukturirana, v letih od 2002 do 2005 pa je bilo izvedenih več dokapitalizacij.
In a Decision it adopted on 18 July 2007, the Commission found that these capital injections did not constitute State aid [6].
Komisija je v odločbi z dne 18. julija 2007 [6] ugotovila, da ta povečanja ne pomenijo državne pomoči.
WestLB’s financial difficulties
Finančne težave banke WestLB
From the middle of 2007 the ongoing turmoil in the financial markets affected WestLB’s structured portfolio investments, which included exposures to US subprime real estate loans.
Od sredine leta 2007 je trajajoča kriza na finančnih trgih vplivala na nazadovanje strukturiranih portfeljskih naložb družbe WestLB, kar je vključevalo tudi izpostavljenost hipotekarnim kreditom z velikim tveganjem na ameriškem trgu.
The mark-to-market valuations of the securities suffered, and WestLB was unable to refinance the structured portfolio by selling notes on the market. As a consequence WestLB had to consolidate the off-balance portfolios on its own balance sheet.
Vrednotenje vrednostnih papirjev na podlagi tekočih tržnih cen se je poslabševalo, WestLB pa ni uspelo znova financirati strukturiranega portfelja s prodajo obveznic na trgu, tako da je morala WestLB zunajbilančne portfelje konsolidirati v lastni bilanci.
On 8 February 2008, the owners of WestLB reached agreement on the basic principles of an additional measure, which were set out in what was called the ‘Eckpunktepapier’ (key points paper) [7].
Lastniki WestLB so se 8. februarja 2008 v tako imenovanem „dokumentu o ključnih vprašanjih“ dogovorili o osnovah nadaljnjega ukrepa [7].
The talks included the financial services regulator (Bundesanstalt für Finanzdienstleistungsaufsicht – ‘BaFin’) and the Deutsche Bundesbank.
Pri razpravah sta sodelovala tudi zvezni urad za finančni nadzor Bundesanstalt für Finanzdienstleistungsaufsicht (v nadaljnjem besedilu: BaFin) in Deutsche Bundesbank (nemška zvezna banka).
The owners agreed essentially on a structure to ring-fence substantial risks in the bank’s structured portfolios, which were to be secured by a ‘risk shield’ of EUR 5 billion [8] (this figure included capital injections envisaged previously).
Lastniki WestLB so se okvirno dogovorili o strukturi za izločitev večjih tveganj pri strukturiranih portfeljih, ki jo je bilo treba zavarovati z zaščito pred tveganji v višini 5 milijard EUR [8] (vključno s predhodno dogovorjenimi kapitalskimi vložki).
By this agreement the owners intended to protect WestLB against the volatility of the markets.
V ozadju tega dogovora je bil cilj lastnikov, da WestLB zaščitijo pred nestanovitnostmi na trgih.
Under the IFRS international accounting standards applied by WestLB, the bank has to use the mark-to-market method, which means that a major part of the assets held by the bank has regularly to be valued afresh.
V skladu z mednarodnimi računovodskimi standardi (v nadaljnjem besedilu: standardi IFRS), ki jih uporablja WestLB, mora banka uporabiti metodo tržne vrednosti in redno znova vrednotiti velik del svojih sredstev.
As a result of the subprime crisis, demand for structured investment portfolios collapsed.
Zaradi krize na področju hipotekarnih posojil z velikimi tveganji se je zmanjšalo povpraševanje po strukturiranih naložbenih portfeljih.
At the end of 2007, on a portfolio of around EUR 23 billion, the balance sheet had to show a mark-to-market loss of approximately EUR [1,5-2,5] billion [9].
Zato je pri portfelju v višini približno 23 milijard EUR do konca leta 2007 nastalo za približno [(1,5–2,5)] [9] milijard EUR izgub, ki jih je bilo treba izkazati v bilanci.
The risk shield provides the legal basis for the transfer of impaired assets from WestLB to a special-purpose vehicle, Phoenix Light SF Ltd, so that WestLB will not have to incorporate the impact of market volatility related to these portfolios into its accounts.
Zaščita pred tveganjem je pravna podlaga za prenos oslabljenih sredstev banke WestLB na namensko podjetje Phoenix Light SF Limited; tako se prepreči, da bi se zaradi tržnih nestanovitnosti za te portfelje poslabšala bilanca družbe WestLB.
Once the assets have been transferred and the guarantee has been issued, the effects of this market volatility will have been completely removed from WestLB's accounts.
Takoj po prenosu sredstev in prevzemu jamstev bodo učinki tržnih nestanovitnosti v celoti izvzeti iz bilance WestLB.
The special-purpose vehicle is equivalent to a ‘bad bank’ which is set up for one institution and benefits from a state guarantee.
Ta namenska družba deluje kot „slaba banka“ (bad bank) za en sam institut, za katero jamči država.
On 31 March 2008 the owners of WestLB approved the measures, subject to final approval by the regional parliament of North Rhine-Westphalia.
Lastniki WestLB so 31. marca 2008 odobrili ukrepe s pridržkom, da deželni zbor pokrajine Severno Porenje - Vestfalija da soglasje.
The bank and the auditors were satisfied that the parliament would in all probability agree, and considered the decision sufficient for the transfer of the risk to the owners, which took place on 31 March 2008.
Ker so bili banka in revizorji prepričani, da bo deželni zbor najverjetneje dal soglasje, so odločitev ocenili kot zadostno, da se tveganje 31. marca 2008 prenese na lastnike.
The parliament did indeed subsequently approve the measure.
Ukrepe je deželni zbor pozneje odobril.
The restructuring plan provides that the risk shield granted to the special-purpose vehicle, Phoenix Light SF Ltd, will be prolonged and converted from a provisional into a permanent structure.
V načrtu za prestrukturiranje je predvideno, da se zaščita pred tveganjem ohrani za namensko družbo Phoenix Light SF Limited, ki je družba z omejeno odgovornostjo, registrirana na Irskem (v nadaljnjem besedilu: Phoenix Light), in se preoblikuje iz začasne strukture v stalno.
However, the structure of the shield has not been altered.
Kljub temu pa pri strukturi zaščite pred tveganjem ni bilo sprememb.
The risk shield consists of:
Zaščita pred tveganjem je sestavljena iz:
a guarantee issued by the owners of WestLB in line with their respective shareholdings covering claims up to an amount of EUR 2 billion held by WestLB against Phoenix Light, to which WestLB will transfer a structured securities portfolio with a nominal value of EUR 23 billion; and
jamstvene izjave lastnikov WestLB, ki ustreza njihovim posamičnim deležem, za zavarovanje terjatev WestLB do Phoenix Light, na katero bo WestLB prenesla strukturirani portfelj vrednostnih papirjev z nominalno vrednostjo 23 milijard EUR, in sicer do višine 2 milijard EUR, ter
a guarantee issued by the Land of North Rhine-Westphalia covering further claims held by WestLB against Phoenix Light up to an additional amount of EUR 3 billion.
jamstvene izjave dežele SPV za zavarovanje terjatev WestLB do Phoenix Light do višine dodatnih 3 milijard EUR.
The transaction was carried out as follows:
Sredstva so se prenesla takole:
The upper tranche consists of senior notes for a total amount of EUR 18 billion. The Land of North Rhine-Westphalia issued a guarantee for the junior notes.
Spodnja izdaja je sestavljena iz mlajših dolžniških instrumentov (junior notes), na katere vplivajo predvsem izpadi plačil iz prenesenih sredstev (in so posledično obremenjeni z vsemi tveganji), v skupni nominalni vrednosti 5 milijard EUR. Zgornja izdaja je sestavljena iz starejših dolžniških instrumentov (senior notes) v skupni nominalni vrednosti 18 milijard EUR.
There are two reasons for this.
Ti se zato štejejo za varne.
Phoenix Light is to pay the guarantors a commission of [0,2–0,1] % per annum on the guarantee of EUR 5 billion, and is to pay a return to the holder or holders of the senior and junior notes (for the duration of the interim structure, the holder was WestLB).
Phoenix Light plačuje porokom letno provizijo v višini [(0,2–1,0)] % za zagotavljanje jamstva v višini 5 milijard EUR, imetnikom starejših in mlajših dolžniških instrumentov (med predhodno strukturo WestLB) pa nadomestilo.
These costs and all the administrative costs are to be borne out of the return on the paper transferred to Phoenix Light.
Ti stroški in skupni stroški upravljanja so bili pokriti z nadomestili za papirje, ki so bili preneseni na Phoenix Light.
The return paid by Phoenix Light on the senior and junior notes was calculated in such a way that WestLB was able to cover its refinancing costs.
Nadomestilo, ki ga je Phoenix Light plačala za starejše in mlajše dolžniške instrumente, je bilo izračunano tako, da je WestLB lahko pokrila svoje stroške refinanciranja.
During the rescue period WestLB had to hold both the junior and the senior notes in order to ensure their reversibility.
WestLB je morala med reševanjem hraniti mlajše in starejše dolžniške instrumente, da je zagotovila, da jih je mogoče preoblikovati nazaj.
After approval by the Commission, the interim structure was changed into a permanent structure.
Po soglasju Komisije je bila začasna struktura preoblikovana v stalno.
In the permanent structure, WestLB will continue to hold the guaranteed junior notes until maturity.
WestLB bo v stalni strukturi mlajše dolžniške instrumente z jamstvom obdržala do njihove zapadlosti.
Phoenix Light will try to place the senior notes on the capital markets as soon as market conditions make such transactions possible once again.
V nasprotju s tem pa bo Phoenix Light starejše dolžniške instrumente dala na kapitalski trg, ko bodo tržne razmere tako transakcijo spet dovoljevale.
WestLB will consequently hold the senior notes in the permanent structure too, until such time as they can be placed on the markets.
WestLB bo zato tudi starejše dolžniške instrumente v stalni strukturi obdržala tako dolgo, dokler jih ne bo spet mogoče dati na trge.
The senior notes now held by WestLB will then be redeemed by Phoenix Light and sold to third parties.
V tem primeru bi Phoenix Light vzela nazaj starejše dolžniške instrumente, ki jih ima zdaj WestLB, in jih prenesla na tretje osebe.
Vis-à-is third parties, the Land of North Rhine-Westphalia has exclusive liability for the total amount of the guarantee of EUR 5 billion. On a first tranche of EUR 2 billion, the Land may claim compensation from the other four owners in proportion to their holdings.
Dežela SPV navzven jamči izključno samo do polne višine jamstva v višini 5 milijard EUR. Za prvo izdajo v višini 2 milijard EUR lahko dežela navznoter od preostalih štirih lastnikov zahteva izravnavo, sorazmerno njihovemu deležu v WestLB.
For the remainder of the guarantee, amounting to EUR 3 billion, the Land will bear sole liability, without regard to its proportionate holding.
Za presežni znesek jamstva v višini do največ 3 milijard EUR dežela SPV sama nesorazmerno jamči.
In return for bearing this liability, the Land has obtained from the other owners an adjustment of its shareholder rights and entitlement to compensation, which it can opt to receive either in cash or by way of an assignment of shares in WestLB.
V ta namen je dežela SPV pri drugih družbenikih dosegla uskladitev svojih pravic družbenika in izravnavo vrednosti, ki jo lahko dežela pridobi s poravnavo v denarju ali pridobitvijo delnic WestLB.
It was agreed that changes would in any event be made to the consortium agreement, under which certain rights held by the savings banks’ and giro associations would be ended or adjusted [11].
V zvezi s prilagoditvijo konzorcijske pogodbe, ki bo izvedena v vsakem primeru, je bilo dogovorjeno, da se nekatere pravice hranilnic in klirinških združenj [11] ukinejo ali prilagodijo.
The detailed changes would be agreed between the owners of WestLB later.
O spremembah so se morali še medsebojno dogovoriti vsi lastniki WestLB.
Compensation is to be paid to the Land if the disproportionate EUR 3 billion component of the guarantee is called upon: in that event the Land will be entitled to demand the transfer to it of a corresponding number of WestLB shares currently held by the savings banks’ associations and the regional associations. The compensation will be calculated on the basis of a share price of EUR 220, less a discount of EUR 20 per share.
V zvezi z izravnavo vrednosti za deželo SPV ima dežela pravico, da se nanjo prenese ustrezno število delnic WestLB, ki so trenutno v lasti hranilnic in regionalnih združenj, če se dežela SPV terja iz nesorazmernega deleža zaščite pred tveganjem v višini 3 milijard EUR. Za izračun zahtevka se uporabi cena delnice v višini 220 EUR, od česar se odšteje po 20 EUR na delnico.
For the regional associations the share price will be EUR 220.
Za regionalna združenja se uporablja cena v višini 220 EUR za delnico.
Instead of a transfer of the shares, the parties may also agree on a cash payment.
Družbeniki se lahko namesto za prenos delnic dogovorijo tudi za poravnavo v denarju.
In the Decision of 30 April 2008, the Commission found that the risk shield described constituted temporary rescue aid, and declared it compatible with the common market under the rescue and restructuring guidelines until 8 August 2008.
Komisija je z odločitvijo z dne 30. aprila 2008 omenjeno zaščito pred tveganjem opredelila kot pomoč za reševanje z določenim rokom, ki je združljiva s skupnim trgom, in jo je v skladu s Smernicami za reševanje in prestrukturiranje odobrila do 8. avgusta 2008.
At the same time the Commission requested that Germany submit a far-reaching and coherent restructuring plan.
Hkrati je Komisija Nemčijo pozvala, naj predloži dolgoročen in prepričljiv načrt prestrukturiranja.
Germany sent a restructuring plan on 8 August 2008.
Nemčija je načrt prestrukturiranja predložila 8. avgusta 2008.
The notification consists of a ‘key points agreement’ (Eckpunktevereinbarung) between the owners of the bank, dated 8 August 2008, and a more detailed ‘stand-alone’ restructuring plan, which has been amended following discussion with the Commission.
Priglasitev vključuje dogovor o ključnih točkah, ki so ga lastniki sklenili 8. avgusta 2008, in celosten samostojni (stand–alone) načrt prestrukturiranja, ki je bil spremenjen neposredno po pogovorih s Komisijo.
The restructuring plan can be summarised as follows.
Načrt prestrukturiranja, ki ga je predložila WestLB, je mogoče povzeti, kot sledi.
A central element in the key points agreement and the restructuring plan is the intended change of ownership, which Germany and the owners undertook to put into definite terms, for example by producing a letter of intent, by 31 December 2008.
Osrednja sestavina dogovora o ključnih točkah in načrta prestrukturiranja je nameravana menjava lastništva, ki so jo obljubili Nemčija in lastniki, npr. s predložitvijo pisma o nameri do 31. decembra 2008.
But this step has not been taken.
Vendar pa se to ni zgodilo.
Downsizing, cost-cutting, de-risking and refocusing measures are to be taken in order to facilitate a sale.
Ukrepi za krčenje, znižanje stroškov, zmanjšanje tveganja in preusmeritev bi morali odsvojitev olajšati.
An unbundled WestLB will therefore be offered for sale, as a whole or in the form of independent business units, in an open, transparent and non-discriminatory tender procedure which will be launched before the end of August 2010 and which will be completed before the end of [June–October] 2011, enabling the sale to become effective on 1 January 2012.
WestLB bo po razdvojitvi – v celoti ali kot posamezne neodvisne poslovne enote – zato ponujena v odprtem, preglednem in nediskriminacijskem razpisnem postopku za nakup, ki se bo začel do konca avgusta 2010 in bo končan do konca [(junija–oktobra)] 2011, tako da bo odsvojitev začela učinkovati najpozneje 1. januarja 2012.
The restructuring plan stipulates that there must be an open, transparent and non-discriminatory tender procedure open to any buyer, domestic or foreign.
Načrt prestrukturiranja v zvezi z razpisom določa, da mora biti izveden odprto, pregledno in nediskriminacijsko in biti odprt za vse morebitne kupce iz Nemčije in tujine.
The sale must be adequately publicised in at least one international newspaper or periodical available throughout the Community in English.
Odsvojitev je treba ustrezno objaviti v vsaj enem mednarodnem občilu, ki je dostopen v vsej Skupnosti v angleškem jeziku.
WestLB acts as a central institution for savings banks in North Rhine-Westphalia.
WestLB deluje kot osrednja banka za hranilnice v deželi SPV.
WestLB itself is a commercial bank in the legal form of a public limited company.
WestLB je poslovna banka v obliki delniške družbe.
Therefore neither the current role of WestLB as a central institution for savings banks nor the name WestLB is to be invoked to prevent a complete sale of the bank to a private investor.
Sedanje funkcije družbe kot centralne banke in imena WestLB zato ni mogoče navajati kot argument za preprečitev prodaje celotne banke zasebnemu vlagatelju.