natgillin/translations-raw huggingface dataset:
The Tier 1 ratio of […] % and the cost-income ratio of […] % in 2011 indicate that the bank’s business model can be considered viable.
Primarni kazalnik kapitalske ustreznosti v višini […] % ter razmerje med stroški in prihodki (cost income ratio) v višini […] %, ki bi morala biti dosežena do leta 2011, kažeta na trden poslovni načrt.
The relatively low RoE of […] % in 2012 has to be regarded in relation to IKB’s high Tier 1 ratio, which is a necessary cushion.
Razmeroma majhen donos na lastni kapital v višini […] % (2012) je treba obravnavati v povezavi z relativno visokim primarnim kazalnikom kapitalske ustreznosti IKB, ki je nujno potreben blažilec.
The Commission recognises the significant cost-cutting measures which will be implemented by 2011.
Komisija je upoštevala obsežnejše ukrepe za prihranek pri stroških, ki bi morali biti izvedeni do leta 2011.
The Commission has also analysed the underlying assumptions of the restructuring plan and has no reason to doubt that they are realistic.
Komisija je preučila tudi predpostavke, ki predstavljajo podlago za načrt prestrukturiranja, in ne dvomi o njihovi izvedljivosti.
The plan indicates that even in a worst-case scenario, IKB will still show positive growth and will achieve a positive RoE.
Iz načrta prestrukturiranja je razvidno, da bo tudi v najmanj ugodnem primeru mogoč pozitiven gospodarski razvoj IKB s pozitivnim donosom na lastni kapital.
Even in such a worst-case scenario, the bank will achieve a Tier 1 ratio of […] % and thus be based on solid foundations.
Tudi v tem primeru bo lahko banka dosegla primarni kazalnik kapitalske ustreznosti v višini […] % in tako ohranila trdne temelje.
Aid limited to the minimum — own contribution
Pomoč, omejena na najmanjšo vsoto – lastna udeležba
Further, the Commission’s doubts as regards the aid being limited to the minimum have been allayed.
Dvomi Komisije, ali je pomoč omejena na najnižjo potrebno vsoto, so bili odpravljeni.
The Commission can now conclude that the aid has been limited to the minimum and is accompanied by a significant own contribution in line with the targets indicated in the Guidelines, i.e. above 50 % of the restructuring costs.
Komisija lahko zdaj sprejme sklep, da je pomoč omejena na najnižjo potrebno vsoto in da bo v skladu s cilji v Smernicah iz lastnih sredstev dan velik prispevek k prestrukturiranju, tj. prek 50 % stroškov prestrukturiranja bo financiranih iz lastnih virov.
The restructuring costs include various losses (losses from the portfolios, losses due to higher financing costs, losses stemming from the reduction of business, and losses from the execution of divestitures), as well as costs for setting up the risk shield, staff restructuring costs, administrative costs, and consultancy and lawyers’ fees.
Stroški prestrukturiranja zajemajo več postavk izgub (izgube v portfeljih, zaradi višjih stroškov financiranja, zaradi zmanjševanja poslovnih dejavnosti ter izgube med odsvojitvijo aktivnih postavk) in stroške za vzpostavitev zaščite pred tveganjem, stroške za prestrukturiranje osebja, upravne stroške ter honorarje za svetovalce in odvetnike.
The overall costs may therefore be estimated at around EUR [> 17] billion.
Skupni stroški so tako ocenjeni na približno [> 17] milijard EUR.
In accordance with point 43 of the Guidelines, this restructuring can be funded through aid, the beneficiary’s own funds, the proceeds of the sale of assets, and other owner and third party contributions at market conditions.
Prestrukturiranje IKB se lahko v skladu z uvodno izjavo 43 Smernic financira s pomočjo, lastnimi sredstvi upravičencev, prodajo premoženja, sredstvi delničarjev in s tujim financiranjem pod tržnimi pogoji.
A significant part of the restructuring of the portfolios is borne by the company itself and the previous and new private shareholders, comprising in particular the participation of the banking associations, IKB’s own funds [47] and Lone Star’s capital injection.
Znaten prispevek k prestrukturiranju portfeljev zagotavlja družba sama ter nekdanji in novi zasebni delničarji; k temu se prištevajo predvsem udeležba kreditnih združenj, lastna sredstva IKB [47] in kapitalski vložek družbe Lone Star.
However, lost business opportunities and a reduction of the business activities due to the crisis cannot be regarded as an own contribution because, under point 43 of the Guidelines, own contributions must be real.
Vendar pa izguba prometa in zmanjšanja poslovnih dejavnosti zaradi krize ne morejo biti priznani kot lastni prispevek, saj se mora v skladu z uvodno izjavo 43 Smernic uporabiti konkreten, tj. dejanski prispevek.
The own contribution from this category is therefore around EUR […] billion, i.e. [> 20]%.
Iz tega razreda lastni prispevek tako znaša približno […] milijard EUR [> 20] %.
This amount increases significantly and reaches at least 50 % if the proceeds from divestments implemented as compensatory measures are taken into consideration.
Če bi se upoštevali donosi iz odsvojitev zaradi izravnalnih ukrepov, bi se ta znesek občutno povečal in bi zajemal vsaj 50 %.
This concerns assets with a nominal value of EUR [> 15] billion (see Table 4).
To se nanaša na aktivne postavke z nominalno vrednostjo v višini [> 15] milijard EUR (glej preglednico 4).
However, the Commission cannot accept the entire amount as an own contribution.
Vendar Komisija tega zneska ne more v celoti priznati kot lastni prispevek.
First, part of the business of IKB Luxemburg will be re-established in Düsseldorf (EUR […] billion), and so only part of it will actually be divested.
Prvič je del dejavnosti družbe IKB Luxembourg znova prevzet v Düsseldorfu ([…] milijard EUR), tako da gre samo za delno odsvojitev.
Second, part of the funds will not be generated by active sales but by simple maturity of the assets.
Drugič pa del finančnih sredstev ni pridobljen z aktivno prodajo, temveč ob roku zapadlosti zadevnega premoženja.
Third, it is not clear at what value the assets can be wound up.
Tretjič ni jasno, na katero vrednost se lahko poravnajo aktivne postavke […].
Nevertheless, Germany provided sufficient arguments for the Commission to be able to accept that the active unwinding of the assets will provide at least EUR [< 5] billion in the near future [48].
Nemčija je kljub temu predložila številne utemeljitve, da bi Komisijo prepričala, da bi bilo z aktivno poravnavo aktivnih postavk v bližnji prihodnosti mogoče pridobiti vsaj [< 5] milijard EUR [48].
This will be monitored by the Commission in order to ensure that a sufficient level of own contribution is actually achieved and that the aid is actually limited to the minimum necessary.
Komisija bo to spremljala, da zagotovi, da bo dejansko dosežen dovolj visok lastni prispevek in da je pomoč res omejena na najnižjo potrebno vsoto.
The effect of the divestment is twofold.
Odsvojitev aktivnih postavk ima dvojni učinek.
On the one hand, the divestments reduce the amount of risk-weighted assets and therefore free up capital and increase the capital ratios.
Po eni strani se volumen tveganju prilagojenega premoženja zmanjša, tako da se kapital sprosti in se stopnja kapitalizacije poviša.
On the other hand, the divestments generate liquidity which can be used to finance the restructuring or to strengthen the liquidity basis [49].
Po drugi strani se z odsvajanjem okrepi likvidnost, ki jo je mogoče uporabiti za financiranje prestrukturiranja ali pa za krepitev likvidnostne osnove [49].
As explained in the above preceding paragraph, part of this is future expected inflow of funds, part has already been realised and another part will be realised in the near future.
Kot je že bilo navedeno v prejšnji točki, gre pri teh sredstvih deloma za pričakovane kapitalske prilive; del je že bil dosežen, drug del pa bo prejet v bližnji prihodnosti.
So, even leaving aside expected inflows of funds which can be realised only in 2011, and considering for precautionary purposes that the projected proceeds may not fully materialise for all of these divestments, the Commission comes to the conclusion that the requirement of a 50 % own contribution to the restructuring is fulfilled.
Celo pri izključitvi pričakovanih kapitalskih prilivov, ki jih je mogoče doseči šele leta 2011, in ob previdni predpostavki, da ne bodo vsi pričakovani donosi doseženi v celotnem obsegu, Komisija ugotavlja, da je veljaven pogoj o zagotovitvi lastnega prispevka za z vidika konkurenčnega prava neoporečno prestrukturiranje v višini vsaj 50 % izpolnjen.
In reaching this conclusion the Commission has taken into account the following factors.
To je Komisija ugotovila z upoštevanjem naslednjih vidikov.
Origin of funds
Izvor sredstva
Risk shield
Zaščita pred tveganjem
Banking associations
Kreditna združenja
Use of company capital reserves and hybrid capital
Kapitalska jamstva in hibridni kapital družbe
Capital contributions SIP II
Kapitalski prilivi iz portfelja SIP 2
Divestments portfolio investments
Odsvojitev portfeljskih naložb
Divestments of real-estate business
Ustavitev dejavnosti nepremičnin
Divestments of IKB Int. Luxembourg
Zaprtje družbe IKB Int. Luxembourg
Divestments of IKB CC New York
Zaprtje družbe IKB CC New York
Divestments of IKB Amsterdam
Zaprtje družbe IKB Amsterdam
Divestments of Movesta
Prodaja deležev družbi Movesta
Divestments of non-strategic assets
Odsvojitev aktivnih postavk, ki nimajo strateškega pomena
Subtotal: divestment compensatory measures
Vmesna vsota: odsvojitve kot izravnalni ukrepi
[> 5,0] (at least […])
[> 5,0] (najmanj […])
Avoidance of undue distortions of competition — compensatory measures
Izogibanje neupravičenemu izkrivljanju konkurence – izravnalni ukrepi
After the investigation, the Commission is convinced that sufficient measures are being taken in order to mitigate as far as possible any adverse effects of the aid on competitors.
Komisija je po preiskavi prepričana o tem, da so sprejeti zadostni ukrepi, da se kolikor mogoče omilijo mogoči škodljivi učinki pomoči na konkurente.
The Commission observes that IKB is giving up an entire business segment and is downsizing its most profitable business segment, i.e. structured financing, by [20-30] %.
Komisija ugotavlja, da se IKB ločuje od celotnega dela poslovanja in da se del, ki prinaša največje donose, tj. strukturirano financiranje, krči za [20–30] %.
The Commission cannot accept that the lion’s share of the downsizing (i.e. the portfolio investments of EUR 18,3 billion) constitutes compensatory measures, as these were necessary to restore viability.
Komisija ne more sprejeti trditve, da se največji delež zmanjševanja (tj. odprava portfeljskih naložb v višini 18,3 milijarde EUR) uveljavlja kot izravnalni ukrepi, saj so ukrepi za zmanjševanje potrebni za vnovično vzpostavitev dolgoročne donosnosti.
Pursuant to point 40 of the Guidelines, such measures cannot be considered compensatory measures.
Takšni ukrepi v skladu z uvodno izjavo 40 Smernic ne morejo biti priznani za izravnalne ukrepe.
Be that as it may, the further reduction by EUR [> 10] billion amounts to about [25] % of the balance-sheet total after deducting the portfolio investments (i.e. EUR [> 10] billion of EUR 45,2 billion) [50].
Ne glede na to nadaljnja zmanjšanja v vrednosti [> 10] milijard EUR ustrezajo približno [25] % bilančne vsote po odbitku portfeljskih naložb (tj. [> 10] milijard EUR od 45,2 milijarde EUR) [50].
In addition, while the exit from portfolio investments cannot be accepted as a compensatory measure, it nevertheless has an impact on the size of the bank and its activities.
Medtem ko izstopa iz dejavnosti portfeljskih naložb ni mogoče sprejeti kot izravnalni ukrep, ta kljub temu vpliva na velikost banke in njeno poslovno dejavnost.
Overall, the reduction in IKB’s balance-sheet total will, on the basis of the measures proposed by Germany, reach 47,2 % (i.e. EUR 18,3 billion portfolio investments and EUR [> 10] billion compensatory measures, minus EUR […] billion margin for growth, in relation to EUR 63,5 billion balance-sheet total).
Na podlagi ukrepov, ki jih je predlagala Nemčija, se bilančna vsota IKB zmanjša za 47,2 % (tj. za 18,3 milijarde EUR portfeljskih naložb in za [> 10] milijard EUR za izravnalne ukrepe z odbitkom […] milijard EUR marže za rast glede na 63,5 milijarde EUR skupne bilančne vsote).
Moreover, the Commission recalls that the limitation of the balance-sheet total to EUR 33,5 billion by the end of the restructuring period, i.e. 30 September 2011, will ensure that the closures and divestitures are not circumvented by rebuilding the business in other parts of the bank or simply transferring it.
Komisija poleg tega opozarja na to, da predviden padec skupne bilančne vsote na 33,5 milijarde EUR do konca obdobja prestrukturiranja (30. september 2011) zagotavlja, da zapiranj in odsvojitev ne bo mogoče spodkopavati z vnovičnim odprtjem dejavnosti v drugih delih banke ali s preprosto selitvijo.
Furthermore, the former owners of the bank as well as the former top management are no longer involved in IKB’s activities, which sends a valuable signal against moral hazard.
Poleg tega prejšnji lastniki in vodilni delavci banke niso več udeleženi v poslovnih dejavnostih IKB, s čimer je bil dan pomemben znak v zvezi z bojem proti moralnemu tveganju.
In addition, the bank has been sold in an open and non-discriminatory manner which gave competitors an opportunity to acquire the bank. This in itself also constitutes a kind of compensation for the competitive harm which the aid caused to them.
Banka je bila poleg tega prodana v odprtem in nediskriminatornem postopku, ki je ponudnikom v bančnem sektorju dal možnost, da banko pridobijo, kar pomeni nekakšno izravnavo za škodo, ki je bila konkurenci povzročena s pomočjo.
In sum, the compensatory measures are in proportion to the distortive effects of the aid granted to IKB and ensure that the adverse effects on trading conditions are minimised as much as possible.
Na splošno so izravnalni ukrepi v sorazmerju z učinki izkrivljanja, ki jih je povzročila pomoč, dodeljena IKB, in zagotavljajo, da neugodni učinki na tržne pogoje čim bolj oslabijo.
The Commission must be kept informed of progress in implementing these compensatory measures.
Nujno je, da se Komisijo redno obvešča o poteku izvajanja teh izravnalnih ukrepov.
The measures granted by Germany to IKB Deutche Industriebank AG (hereinafter ‘IKB’), based on the agreements and documents provided by Germany, constitute State aid within the meaning of Article 87(1) of the EC Treaty that is compatible with the common market subject to the obligations and conditions set out in Article 2.
Kljub temu pa ugotavlja, da gre pri zadevnih ukrepih za pomoč pri prestrukturiranju, ki jo je mogoče šteti za združljivo s skupnim trgom v skladu s členom 87(3)(c) Pogodbe ES, če so izpolnjeni ustrezni pogoji – SPREJELA NASLEDNJO ODLOČBO: Člen 1 Pomoči, ki jih je Nemčija dodelila v korist družbe IKB Deutsche Industriebank AG (v nadaljnjem besedilu: IKB) na podlagi predloženih dogovorov in dokumentov, so ob izpolnjevanju pogojev in obveznosti iz člena 2 združljive s skupnim trgom.
Germany shall ensure that the plan for restructuring IKB, as communicated to the Commission by Germany on 25 September 2008, is fully implemented by 30 September 2011.
Nemčija zagotavlja, da bo načrt za prestrukturiranje IKB, ki ga je predložila Komisiji 25. septembra 2008, v celoti izveden do 30. septembra 2011.
Germany shall ensure that the following IKB assets are sold to a third party that is independent of IKB and KfW or liquidated:
Nemčija zagotavlja, da bodo naslednje aktivne postavke IKB prenesene na tretjo stran, ki je neodvisna od IKB in KfW, oziroma bodo likvidirane:
The entire real-estate business segment, consisting of domestic and international real-estate financing, shall not accept any new business after 31 December 2008 and shall be actively unwound [51]; […] % shall will be sold by 30 September 2010, […] % by 30 September 2011 and the remainder as it falls due.
celotni poslovni segment financiranja nepremičnin, ki obsega nacionalno in mednarodno financiranje nepremičnin, bo prenehal delovati do 31. decembra 2008 in bo aktivno odpravljen [51], pri čemer se mora odsvojiti […] % dejavnosti do 30. septembra 2010, nadaljnjih […] % dejavnosti do 30. septembra 2011 in preostali del dejavnosti do ustreznih rokov zapadlosti.
The subsidiary IKB International SA Luxembourg shall be actively unwound by 30 September 2011.
odvisna družba IKB International S.A. Luxembourg bo aktivno ukinjena do 30. septembra 2011.
No new business may be acquired after 31 March 2009.
Od 31. marca 2009 se ne bodo več sklepali novi posli.
Of, the business carried out by this subsidiary, that which is necessary for the corporate banking and structured finance business shall be taken over by IKB.
Od področij poslovanja te odvisne družbe bo IKB prevzela področja, ki so pomembna za poslovanje s podjetji in strukturirana financiranja;
IKB Capital Corporation New York shall be actively unwound by 30 September 2011; […] % of the loan portfolio shall be sold by 30 September 2010.
družba IKB Capital Corporation New York bo aktivno ukinjena do 30. septembra 2011, pri čemer je do 30. septembra 2010 treba odsvojiti […] % kreditnega portfelja.
No new business may be acquired after 31 December 2008.
Od 31. decembra 2008 se ne bodo več sklepali novi posli;
The activities of IKB AG in Amsterdam shall be actively unwound by […].
poslovne dejavnosti družbe IKB AG v Amsterdamu bodo aktivno ukinjene do […].
No new business shall be acquired after 31 December 2008.
Od 31. decembra 2008 se ne bodo več sklepali novi posli;
The 50 % participation in Movesta Lease and Finance GmbH shall be sold by 30 September 2011.
50-odstotni delež v družbi Movesta Lease and Finance GmbH bo odsvojen do 30. septembra 2011;
Certain further non-strategic assets originally treated as off-balance sheet items, with a nominal value of EUR 1,7 billion (book value at 31 March 2007), shall be actively unwound by 30 September 2011.
nadaljnje nestrateške aktivne postavke, ki so bile prvotno izkazane v bilanci, z nominalno vrednostjo v višini 1,7 milijarde EUR (knjigovodska vrednost na dan 31. marca 2007) bodo aktivno ukinjene do 30. septembra 2011.
Germany shall ensure that IKB’s balance-sheet total does not exceed EUR 33,5 billion by 30 September 2011 [53].
Nemčija zagotavlja, da skupna bilančna vsota IKB na dan 30. septembra 2011 obsega največ 33,5 milijarde EUR [53].
In the event of unforeseeable circumstances, in particular if the financial crisis continues or if the sale of some assets is impossible, the measures referred to in paragraphs 2 and 3 may be amended or replaced, or a deadline may be extended, provided that sufficient justification is given at least two months before the deadline and the Commission does not raise any objection within two months.
Ob nepredvidljivih okoliščinah, zlasti pri trajajoči krizi na kapitalskem trgu ali pri nezmožnosti odsvojitve določenih aktivnih postavk, je dovoljeno ukrepe iz členov 2 in 3 spremeniti ali nadomestiti ali pa podaljšati rok za njihovo izvedbo, če je bilo to vsaj dva meseca pred ustreznim rokom primerno utemeljeno in če Komisija v dveh mesecih ni podala nobenega ugovora.
For the purposes of monitoring compliance with the conditions set out in paragraphs 1, 2 and 3, Germany shall provide regular annual reports until 2012, by 31 April at the latest, on progress in implementing the restructuring plan and the conditions and obligations listed above.
Da bi se lahko nadzorovalo izpolnjevanje pogojev in obveznosti, določenih v odstavkih 1, 2 in 3, bo Nemčija do leta 2012 vsako leto, najpozneje 31. julija, predložila poročila o napredku pri izvajanju načrta prestrukturiranja ter teh pogojev in obveznosti.
OJ C 76, 27.3.2008, p. 5.
UL C 76, 27.3.2008, str. 5.,
The KfW Law was passed in October 1948 by the Economic Council and came into effect on 18 November 1948.
Zakon o KfW je oktobra 1948 sprejel ekonomski svet in je začel veljati 18. novembra 1948.
It was significantly amended by the Law on the Restructuring of Development Banks (Förderbankenneustrukturierungsgesetz) of 15 August 2003 and last amended by Article 173 of the Law of 31 October 2006 (the Ninth Law on the Adaptation of Responsibilities — Zuständigkeitsanpassungsgesetz).
Z Zakonom o prestrukturiranju razvojnih bank (Förderbankenneustrukturierungsgesetz) z dne 15. avgusta 2003 so bile uvedene nove ključne spremembe in zakon je bil nato s členom 173 zakona z dne 31. oktobra 2006 (9. zakon o uskladitvi pristojnosti (9. Zuständigkeitsanpassungsgesetz)) spremenjen.
Confidential.
Zaupen podatek.
A special purpose vehicle (SPV) — also called a conduit or special investment vehicle (SIV) — is a corporate body (usually a limited liability company of some type or, sometimes, a limited partnership) created to fulfil narrow, specific or temporary objectives, primarily to isolate financial risk (usually bankruptcy but sometimes a specific taxation or regulatory risk).
Obvodno podjetje, imenovano tudi namenska družba (special purpose vehicle) ali posebni naložbeni nosilec (special investment vehicle – SIV), je družba (praviloma vrsta družbe z omejeno odgovornostjo ali v nekaterih primerih komanditna družba), ki je ustanovljena s posebnimi, ozko določenimi in časovno omejenimi cilji, da bi praviloma izključila finančno tveganje (običajno stečaj, včasih pa tudi posebno davčno tveganje ali tveganje v zvezi z nadzorom).
SIVs are used because they can remain off balance sheet and need not be consolidated by banks.
Na SIV se sklicujemo zato, ker gre za družbe, ki ne vplivajo na bilanco in pri katerih bankam ni treba izvesti konsolidacije.
This allows banks to fund lending at cheaper rates than those they would provide themselves (owing notably to the obligations of regulatory equity liquidity ratios).
Tako lahko banke financirajo kredite po obrestnih merah, ki so nižje kot njihove lastne (saj so tudi same vezane na določen delež likvidnostnih rezerv zaradi bančnega nadzora).
The SPV refinances investments in asset-backed securities by borrowing in the market for short-term asset-backed commercial paper, which is a money-market security issued by large banks and corporations.
Namenska družba refinancira investicije v vrednostne papirje, zavarovane s premoženjem (asset-backed securities, v nadaljnjem besedilu: ABS), tako da najame posojilo na trgu komercialnih zapisov, zavarovanih s premoženjem (Commercial Papers). Commercial Papers so kratkoročni nezavarovani dolžniški instrumenti, ki jih na denarnem trgu izdajajo velike banke in velika podjetja.
BdB, the Association of German Private Banks; BVR the Association of German Cooperative Banks and DSGV the Association of German Saving Banks and Landesbanken.
Združenje Bundesverband deutscher Banken (BdB), združenje Bundesverband der Deutschen Volksbanken und Raiffeisenbanken (BVR) in združenje Deutscher Sparkassen- und Giroverband (DSGV).
Demand for such portfolios is currently weak and thus market value has decreased considerably.
Povpraševanje po takšnih portfeljih je trenutno majhno, zato je njihova tržna vrednost opazno padla.
Significant losses would be made if the portfolio were sold.
Prodaja portfelja bi tako prinesla znatno izgubo.
In the still outstanding agreement, KfW intends to limit its total exposure concerning Rhinebridge and other direct subprime portfolio investments to EUR 1 billion.
Cilj KfW je, da v dogovoru, ki še ni bil sprejet, v zvezi s skladom Rhinebridge in drugimi portfeljskimi naložbami subprime tveganje za skupno izgubo omeji na 1 milijardo EUR.
The private banks’ deposit guarantee fund covers all ‘non-interbanking’ accounts.
Sklad zajamčenih vlog zaščiti vse „naložbe, ki jih niso opravile banke“.
The EUR 7,0 billion of expected losses consist of EUR 5,8 billion direct losses in Rhineland and EUR 1,2 billion for Havenrock.
Pri tem gre za 5,8 milijarde EUR neposrednih izgub v družbi Rhineland in 1,2 milijarde EUR pri strukturi Havenrock.
The off-balance-sheet portfolios were included in the balance sheet in the restated 2006/2007 annual accounts.
Zunajbilančni portfelji so bili med popravkom vključeni v bilanco za obdobje 2006/2007.
The IFRS book value reflects the mark-to-market value of the assets in the portfolio.
Knjigovodska vrednost po IFRS odraža vrednost aktivne postavke v portfelju na podlagi tekočih tržnih cen.