natgillin/translations-raw huggingface dataset:
The customary fee for this type of underwriting commitment, according to the Belgian authorities, varies between 10 and 15 bps per week.
Običajna provizija za to vrsto zaveze zavarovanja se po podatkih belgijskih organov je med 10 in 15 bazičnimi točkami na teden.
The mid-point of this range (12.5 bps) has been applied to KBC.
Za KBC je bila uporabljena srednja vrednost v tem obsegu (12,5 bazične točke).
As the underwriting fee is in excess of this threshold, the remuneration is considered sufficient.
Ker premija za zavarovanje presega to mejo, se nadomestilo šteje za zadostno.
Furthermore, in the event that KBC does call upon the Belgian authorities to provide an equity injection, the Belgian authorities will subscribe to the newly issued equity at market terms.
Če bo KBC belgijske organe zaprosila za kapitalski vložek, bodo ti novoizdani kapital vpisali pod tržnimi pogoji.
In this case the Belgian authorities will obtain ordinary shares and will be remunerated accordingly.
V tem primeru bodo belgijski organi pridobili navadne delnice in bodo v skladu s tem tudi prejeli nadomestilo.
This is line with the Annex to the Recapitalisation Communication.
To je v skladu s Prilogo k Sporočilu o dokapitalizaciji.
In the context of the current crisis, the Commission previously has accepted equity injections where the issue price was based on a market-orientated valuation such as the share price [49].
Glede na sedanjo krizo je Komisija že prej odobrila kapitalske vložke, pri katerih je cena ob izdaji temeljila na tržno usmerjenem vrednotenju, kot je cena delnice [49].
If the Belgian authorities, when buying KBC shares, were to acquire more than 30 % voting rights, which could require them to launch a mandatory takeover bid, they will have the option to subscribe to hybrid capital instead.
Če bi belgijski organi pri kupovanju delnic KBC pridobili več kot 30 % glasovalnih pravic, zaradi česar bi morali podati obvezno ponudbo za prevzem, bodo imeli namesto tega možnost, da vpišejo hibridni kapital.
The coupon that KBC will have to pay is similar to that for the two already approved recapitalisation measures.
Kupon, ki ga bo KBC morala plačati, je podoben kot pri obeh že odobrenih ukrepih dokapitalizacije.
In addition, the Belgian authorities have the option of converting these hybrids into ordinary shares at market terms, which is in line with the terms of its subscription to the newly issued equity described above.
Poleg tega imajo belgijski organi možnost, da ta hibridni kapital preoblikujejo v navadne delnice pod tržnimi pogoji, kar je v skladu z njihovim vpisom opisanega novoizdanega kapitala.
Therefore the remuneration of the hybrid securities is in line with the Recapitalisation Communication.
Zato je nadomestilo hibridnih vrednostnih papirjev v skladu s Sporočilom o dokapitalizaciji.
In line with the reasoning given with regard to the first and the second recapitalisations, which established that a properly remunerated capital injection was an appropriate means of restoring confidence in a systemically important bank such as KBC, the Commission considers that it is reasonable to conclude that the commitment to provide capital in case of significant losses on the CDO portfolio is appropriate and to the minimum necessary.
V skladu z utemeljitvijo v zvezi s prvo in drugo dokapitalizacijo, v kateri je ugotovljeno, da je bil pravilno odplačan kapitalski vložek ustrezen način za obnovitev zaupanja v sistemsko pomembno banko, kot je KBC, Komisija meni, da je razumno skleniti, da je zavezanost za zagotovitev kapitala v primeru večjih izgub v portfelju CDO ustrezna in znaša, kolikor je najmanj potrebno.
Based on the above the Commission concludes that the conditions of the Recapitalisation Communication are fulfilled.
Na podlagi zgoraj navedenega Komisija ugotavlja, da so pogoji iz Sporočila o dokapitalizaciji izpolnjeni.
Conclusion on the State Protection Measure
Sklepne ugotovitve o državnem zaščitnem ukrepu
Given that the terms of the asset relief part of the State Protection measure are in line with the IAC and the terms of the Equity Range are in line with the Recapitalisation Communication, the Commission considers that the aid granted through the State Protection measure is compatible with the common market.
Glede na to, da so pogoji tistega dela državnega zaščitnega ukrepa, ki je finančna pomoč za oslabljena sredstva v skladu s Sporočilom o oslabljenih sredstvih in da so pogoji kapitalskega deleža v skladu s Sporočilom o dokapitalizaciji, Komisija meni, da je pomoč, dodeljena z državnim zaščitnim ukrepom, združljiva s skupnim trgom.
COMPATIBILITY OF THE RESTRUCTURING PLAN
ZDRUŽLJIVOST NAČRTA PRESTRUKTURIRANJA
The degree of required restructuring
Potrebna stopnja prestrukturiranja
The Commission observes that the Restructuring Communication does not set criteria for the conditions under which a bank may need to present a restructuring plan, but builds on the criteria laid down in the Recapitalisation Communication and the IAC.
Komisija opaža, da Sporočilo o prestrukturiranju ne določa meril za pogoje, pod katerimi bi morda banka morala predložiti načrt prestrukturiranja, temveč izhaja iz meril, določenih v Sporočilu o dokapitalizaciji in Sporočilu o oslabljenih sredstvih.
The Commission notes that KBC has received State aid in excess of 2 % of the bank’s total RWA.
Komisija ugotavlja, da je KBC prejela državno pomoč, ki presega 2 % skupne tveganju prilagojene aktive banke.
KBC should therefore in line with point 4 of the Restructuring Communication and with point 55 of the IAC, as well as with its previous commitments mentioned in the opening Decision, undergo in-depth restructuring.
KBC bi tako morala v skladu s točko 4 Sporočila o prestrukturiranju in točko 55 Sporočila o oslabljenih sredstvih ter v skladu s predhodnimi zavezami, ki so navedene v odločitvi o sprožitvi postopka, izvesti poglobljeno prestrukturiranje.
The application of the Restructuring Communication
Uporaba Sporočila o prestrukturiranju
The Restructuring Communication sets out the State aid rules applicable to the restructuring of financial institutions in the current crisis.
Sporočilo o prestrukturiranju določa pravila o državni pomoči, ki se uporabljajo pri prestrukturiranju finančnih ustanov v sedanji krizi.
According to the Restructuring Communication, in order to be compatible with article 87(3)(b) of the Treaty, the restructuring of a financial institution in the context of the current financial crisis has to:
Da bi bilo prestrukturiranje finančne ustanove v sedanji krizi v skladu s Sporočilom o prestrukturiranju združljivo s členom 87(3)(b) Pogodbe, mora to prestrukturiranje:
Lead to a restoration of the viability of the bank;
voditi do vnovične vzpostavitve poslovne uspešnosti banke;
Include sufficient own contribution by the beneficiary (burden-sharing);
vključevati zadosten lastni prispevek upravičenca (porazdelitev bremena);
Contain sufficient measures limiting the distortion of competition.
vključevati zadostne ukrepe za omejevanje izkrivljanja konkurence.
Restoration of long-term viability
Vnovična vzpostavitev dolgoročne poslovne uspešnosti
The Restructuring Communication sets out in points 9 to 11 that the Member State should provide a comprehensive and detailed restructuring plan which provides complete information on the business model.
Sporočilo o prestrukturiranju v točkah od 9 do 11 določa, da mora država članica predložiti celosten in podroben načrt prestrukturiranja, v katerem so podane popolne informacije o poslovnem modelu.
The plan should also identify the causes of the difficulties faced by a financial institution and alternatives to the restructuring plan proposed.
V njem morajo biti tudi opredeljeni vzroki za težave, s katerimi se spopada finančna ustanova, in druge možnosti, ki lahko nadomestijo predlagani načrt prestrukturiranja.
The information submitted by the Belgian authorities meets these requirements.
Informacije, ki so jih predložili belgijski organi, te zahteve izpolnjujejo.
In assessing a restructuring plan, the Commission must assess whether the bank is able to restore long-term viability without State aid.
Komisija mora pri ocenjevanju načrta prestrukturiranja oceniti, ali je banka zmožna znova vzpostaviti dolgoročno poslovno uspešnost brez državne pomoči.
With respect to KBC, any restructuring plan should demonstrate that it has taken measures to deal with the source of its difficulties, that its business model is viable and that it is able to withstand a realistic stress scenario.
V primeru KBC mora vsak načrt prestrukturiranja pokazati, da je KBC sprejela ukrepe za odpravljanje izvora težav, da je njen poslovni model obstojen in da je sposobna preživeti v realističnem scenariju izjemnih situacij.
It should also indicate, as noted in point 14 of the Restructuring Communication, how the State aid is redeemed or that it is remunerated according to normal market conditions.
Kot je določeno v točki 14 Sporočila o prestrukturiranju, mora biti navedeno tudi, kako se državna pomoč sčasoma odplača ali da se zanjo plača nadomestilo po običajnih tržnih pogojih.
The restructuring plan identifies the main causes of the difficulties for the bank, which were mainly attributable to value markdowns on KBC’s synthetic CDO portfolio.
V načrtu prestrukturiranja so opredeljeni glavni vzroki za težave banke, ki jih je bilo mogoče večinoma pripisati zmanjšanjem vrednosti sintetičnega portfelja CDO banke KBC.
Those instruments must be marked-to-market with any changes in the market value flowing immediately through the income statement.
Ti instrumenti morajo biti tržno ovrednoteni, vse spremembe tržne vrednosti pa se morajo nemudoma pokazati v celotnem izkazu poslovnega izida.
KBC required two capital injections and an asset guarantee to deal with these losses and their subsequent effect on its capital position.
KBC je potrebovala dva kapitalska vložka in jamstvo za sredstva, da se je lahko spopadla s temi izgubami in njihovim učinkom na njen kapitalski položaj.
In order to assess whether KBC can be considered viable, the Commission must assess whether the plan deals with these issues in the CDO portfolio.
Da bi Komisija lahko ocenila, ali je KBC mogoče šteti za sposobno preživetja, mora oceniti, ali so v načrtu obravnavana ta vprašanja iz portfelja CDO.
In this respect, the Commission notes that KBC has ceased to issue CDO instruments.
V zvezi s tem Komisija ugotavlja, da je KBC prenehala izdajati instrumente CDO.
As regards its residual CDO portfolio, KBC’s exposure to further losses has been significantly limited.
V zvezi s preostalim portfeljem CDO se je izpostavljenost KBC nadaljnjim izgubam znatno zmanjšala.
Since EUR 14,8 billion (at 90 %) of the losses on the portfolio has been guaranteed by the State, the portfolio no longer has to be valued at mark-to-market, thus reducing volatility on KBC’s balance sheet.
Ker je za izgube v portfelju v višini 14,8 milijarde EUR (z 90 %) jamčila država, portfelja ni treba več tržno vrednotiti, s čimer se zmanjša nestanovitnost v bilanci KBC.
Its only remaining exposure is on the small part of the CDO portfolio that is valued above the transfer value of the State Protection measure plus a 10 % exposure to losses in the cash guarantee tranche.
Izpostavljena je samo še z majhnim delom portfelja CDO, ki je ovrednoten nad vrednostjo ob prenosu pri državnem zaščitnem ukrepu, in z 10-odstotno izpostavljenostjo izgubam v tranši gotovinskega jamstva.
Therefore the Commission can conclude that KBC has taken sufficient actions to address the cause of its problems and that any further negative development in its CDO portfolio will not threaten its viability.
Zato lahko Komisija sklene, da je KBC sprejela znatne ukrepe za odpravljanje vzroka težav in da morebiten nadaljnji upad vrednosti njenega portfelja CDO ne bo ogrozil njene poslovne uspešnosti.
KBC also has an ABS portfolio that is not covered by the protection obtained from the Belgian authorities.
KBC ima tudi portfelj ABS, ki v zaščiti belgijskih organov ni zajet.
The Commission observes that KBC has provided information on the remaining exposure ([…]).
Komisija ugotavlja, da je KBC predložila informacije o preostali izpostavljenosti ([…]).
KBC will absorb any losses on that portfolio (calculated at EUR […] million per annum), which according to KBC does not threaten its viability because of its more conservative risk and maturity profile [50].
KBC bo prevzela morebitne izgube v tem portfelju (ki po izračunu znašajo […] milijonov EUR na leto), ki po trditvah KBC ne ogrožajo njene uspešnosti zaradi bolj konservativnega profila tveganja in zapadlosti portfelja [50].
The losses on the ABS portfolio have been taken into account in the financial projections for the restructuring plan.
Izgube v portfelju ABS so bile upoštevane v finančnih napovedih za načrt prestrukturiranja.
As regards its business model, KBC intends to continue its bancassurance strategy, albeit within a smaller and more focussed group.
V zvezi s poslovnim modelom namerava KBC nadaljevati strategijo bančnega zavarovalništva, vendar v manjši in bolj osredotočeni skupini.
It will provide a full range of banking and insurance products to its core customer segments, retail, private SME and mid-cap.
Ključnim strankam iz segmentov prebivalstva, zasebnih malih in srednje velikih podjetij ter srednje velikih kapitalskih podjetij bo zagotavljala vse bančne in zavarovalniške produkte.
It will focus on markets, for example in the CEE-R, where it already has healthy franchises, while withdrawing from markets that it considers high risk or where it has a franchise that is not or cannot become sustainable.
Osredotočila se bo na trge, na primer na območju Srednje in Vzhodne Evrope ter Rusije, na katerih že ima zdrave franšize, umaknila pa se bo s trgov, za katere meni, da pomenijo veliko tveganje, ali na katerih ima franšize, ki niso ali ne morejo postati trajnostne.
KBC has a strong liquidity position.
KBC ima trden likvidnostni položaj.
It has a limited reliance on wholesale, particularly short-term, funding and has a loan-to-deposit ratio of less than […] %.
Zmerno odvisna je od trgovine na debelo, zlasti kratkoročnega financiranja, njeno razmerje med posojili in depoziti pa je nižje od […] %.
Its strong liquidity position is underlined by the fact that even during the most significant disruption in financial markets for many years it did not need to avail of any liquidity assistance from the Belgian State.
Njen dobri likvidnostni položaj potrjuje dejstvo, da ji ni bilo treba Belgije niti med največjimi motnjami na finančnih trgih v številnih letih niti enkrat zaprositi za likvidnostno pomoč.
The Commission considers that KBC's business strategy, which consists of retail activities combined with cross-selling of insurance products in KBC’s core markets, is a viable business model.
Komisija meni, da je poslovna strategija KBC, ki jo sestavljajo dejavnosti za prebivalstvo, združene z navzkrižno prodajo zavarovalniških produktov na ključnih trgih KBC, uspešen poslovni model.
The Commission considers that the continuation of KBC’s operations in the CEE-R, which could be considered as a developing market, is an acceptable strategy, as it allows KBC to leverage its successful business model to a high-growth region, allowing it the possibility to continue to grow and generate profits.
Komisija meni, da je nadaljevanje poslovanja na območju Srednje in Vzhodne Evrope ter Rusije, ki ga je mogoče šteti za razvijajoči se trg, sprejemljiva strategija, saj lahko KBC svoj uspešni poslovni model prenese v regijo z visoko stopnjo rasti in ji tako daje možnost za nadaljnjo rast in ustvarjanje dobička.
This is also important for financial stability concerns, as KBC is an important operator on financial markets in this region and its withdrawal could have destabilising effects.
To je pomembno tudi zaradi vprašanj v zvezi s finančno stabilnostjo, saj je KBC pomemben akter na finančnih trgih v tej regiji in bi njen umik lahko destabiliziral trg.
That analysis, as regards financial stability, also applies to KBC’s presence in Ireland.
Taka analiza glede finančne stabilnosti velja tudi za prisotnost KBC na Irskem.
According to points 9 and 12 to 15 of the Restructuring Communication, the restructuring plan should also demonstrate how the bank will restore its long-term viability without State aid as soon as possible.
V skladu s točkami 9 in od 12 do 15 Sporočila o prestrukturiranju je treba z načrtom prestrukturiranja tudi pokazati, kako bo banka lahko čim prej znova vzpostavila dolgoročno poslovno uspešnost brez državne pomoči.
In particular, the bank should be able to generate appropriate return on equity, while covering all costs of its normal operations and complying with the relevant regulatory requirements.
Banka mora biti zlasti sposobna ustvarjati ustrezen donos na kapital, hkrati pa kriti vse stroške običajnega poslovanja in izpolnjevanja ustreznih zakonskih zahtev.
The Commission considers that the restructuring plan submitted by KBC meets those requirements as KBC has provided financial projections for the period 2008-2013, giving information on revenues, costs, impairments, profits and capital position for each business unit.
Komisija meni, da načrt prestrukturiranja, ki ga je predložila KBC, izpolnjuje te zahteve, saj je KBC predložila finančne napovedi za obdobje 2008–2013 in podala informacije o prihodkih, stroških, oslabitvah, dobičkih in kapitalskih položajih za vsako poslovno enoto.
The Commission notes that the projections provided are based on reasonable underlying macroeconomic assumptions.
Komisija ugotavlja, da predložene napovedi temeljijo na razumnih makroekonomskih predpostavkah.
As regards KBC’s ability to withstand a stress scenario, this was described in recital (42) to (49).
Sposobnost KBC, da preživi v scenariju izjemnih situacij, je bila opisana v uvodnih izjavah od (42) do (49).
The Commission considers the scenario generated as reasonable.
Komisiji se zdi oblikovani scenarij razumen.
As the stress scenario demonstrates that KBC will exceed its regulatory capital requirements, KBC can be regarded as meeting the requirements of paragraph 13 of the Restructuring Communication.
Kot dokazuje scenarij izjemnih situacij, da bo KBC presegla predpisane kapitalske zahteve, je mogoče šteti, da KBC izpolnjuje zahteve iz odstavka 13 Sporočila o prestrukturiranju.
Moreover, the Commission notes positively that projected profits will allow the bank to remunerate the State capital adequately and redeem it over time.
Komisija poleg tega z zadovoljstvom ugotavlja, da bo banka z napovedanimi dobički lahko plačala zadostno nadomestilo za državni kapital in ga sčasoma odplačala.
The repayment of the State capital should be possible without depleting the capital base of the institution, as the KBC’s Tier-1 capital ratio is projected to reach […] and exceed it afterwards under every scenario provided in the restructuring plan.
Odplačilo državnega kapitala bi moralo biti mogoče brez izčrpavanja kapitalske osnove ustanove, saj naj bi po napovedih temeljni kapital KBC prvega reda dosegel […] in pozneje ta znesek presegel po vsakem od scenarijev, ki so bili predloženi v načrtu prestrukturiranja.
Finally, the plan also lays out a convincing strategy for repaying the Belgian authorities.
Nazadnje, v načrtu je tudi določena prepričljiva strategija za odplačevanje belgijskih organov.
For the State Protection measure, the fee is paid in cash in 12 semi-annual instalments.
Za državni zaščitni ukrep se provizija plača v gotovini v 12 polletnih obrokih.
As regards the capital injection, KBC starts paying coupons from 2011 and will begin repaying the principal once it begins to generate surplus capital, which under the base case is from 2012 onwards.
Za kapitalski vložek začne KBC plačevati kupone od leta 2011, glavnico pa bo začela odplačevati, ko bo začela ustvarjati presežni kapital, kar bo po osnovnem scenariju od leta 2012.
Taking into account the 50 % penalty, KBC is projected to repay about EUR 7 billion in the years […], which is equivalent to the principal amount of State capital that is received.
Ob upoštevanju 50-odstotne kazni, naj bi KBC po napovedih približno 7 milijard EUR odplačala v letih […], kar je enako glavnici prejetega državnega kapitala.
KBC intends to fully repay the State […].
KBC namerava v celoti odplačati dolg do države […].
The projected internal rate of return of the State is 13,9 % [51].
Napovedana notranja stopnja donosa države znaša 13,9 % [51].
Consequently, the Commission considers that the restructuring plan submitted by KBC fulfils the requirements of the Restructuring Communication with regard to the restoration of the long-term viability.
Zato Komisija meni, da načrt prestrukturiranja, ki ga je predložila KBC, izpolnjuje zahteve iz Sporočila o prestrukturiranju v zvezi z vnovično vzpostavitvijo dolgoročne poslovne uspešnosti.
The Restructuring Communication indicates that an appropriate contribution by the beneficiary is necessary in order to limit the aid to minimum and to address distortions of competition and moral hazard.
V Sporočilu o prestrukturiranju je navedeno, da je primeren prispevek upravičenca potreben, da se višina pomoči omeji na najmanjšo potrebno ter da se odpravita izkrivljanje konkurence in moralno tveganje.
To that end, firstly, the restructuring costs should be limited while, secondly, the aid amount should be limited and a significant own contribution is necessary.
V ta namen morajo biti stroški prestrukturiranja in višina pomoči omejeni, potreben pa je tudi precejšen lastni prispevek.
As regards the limitation of the restructuring costs, the Restructuring Communication indicates in point 23 that the restructuring aid should be limited to cover the costs which are necessary for the restoration of viability.
V zvezi z omejitvijo stroškov prestrukturiranja točka 23 Sporočila o prestrukturiranju določa, da mora biti pomoč za prestrukturiranje omejena tako, da krije samo stroške, ki so potrebni za vnovično vzpostavitev uspešnosti poslovanja.
Furthermore, in order to keep the aid limited to a minimum, the banks should first use their own resources to finance the restructuring.
Poleg tega morajo banke za omejitev višine pomoči na najmanjšo mogočo najprej uporabiti lastna sredstva za financiranje prestrukturiranja.
Accordingly, the costs associated with the restructuring should not only be borne by the State but also by those who invested in the bank by absorbing losses with available capital and by paying an adequate remuneration for State interventions.
V skladu s tem stroškov, povezanih s prestrukturiranjem, ne sme nositi samo država, ampak jih morajo nositi tudi tisti, ki so vlagali v banko, tako da se izgube prevzamejo z razpoložljivim kapitalom in plačilom ustreznega nadomestila za posredovanje države.
Limitation of restructuring costs
Omejevanje stroškov za prestrukturiranje
The Commission observes that the restructuring costs are limited to the costs which are necessary for the restoration of viability.
Komisija opaža, da so stroški prestrukturiranja omejeni na stroške, ki so potrebni za vnovično vzpostavitev poslovne uspešnosti.
The Commission observes that the first and second recapitalisations were used by KBC to improve its core Tier-1 capital ratio and to increase the solvency of its insurance business.
Komisija ugotavlja, da je KBC prvo in drugo dokapitalizacijo uporabila za izboljšanje svojega deleža temeljnega kapitala prvega reda in za izboljšanje solventnosti svoje zavarovalniške dejavnosti.
Those measures, by improving KBC’s capital position, have increased its ability to absorb losses.
Ti ukrepi so povečali sposobnost KBC, da prevzame izgube, tako da so izboljšali njen kapitalski položaj.
The State Protection measure was used to shield KBC from further write-downs on its CDO portfolio, as well as to increase its capital ratios.
Državni zaščitni ukrep je bil uporabljen, da se KBC zaščiti pred nadaljnjimi zmanjšanji vrednosti v portfelju CDO in da se povečajo njeni deleži kapitalske ustreznosti.
That measure has furthermore removed a source of volatility on its balance sheet.
S tem ukrepom je bil še dodatno odstranjen vir nestanovitnosti iz njene bilance.