natgillin/translations-raw huggingface dataset:
Within the July 2007 Rhineland risk shield, KfW assumed all risks associated with the off-balance-sheet assets under the liquidity facilities to Rhineland, i.e. transferred the risks to its own balance sheet.
Med trajanjem zaščite pred tveganjem za družbo Rhineland, ki je bila vzpostavljena v juliju 2007, je KfW v okviru likvidnostnega posojila za družbo Rhineland prevzel vsa tveganja v zvezi z zunajbilančnimi aktivnimi postavkami. To pomeni, da je vsa tveganja prevzel na svojo bilanco.
This leaves unchanged the ceiling of EUR 1 billion on the banking associations’ liability for losses from other sources.
To nikakor ne vpliva na najvišje jamstvo v višini 1 milijarde EUR za izgube iz drugih postavk, ki so ga dala kreditna združenja.
As a consequence, IKB had to further write down the book values of the portfolios.
Zato je morala banka IKB knjigovodsko vrednost teh portfeljev še dodatno znižati.
Thus the EUR 1 billion guarantee has been completely drawn and can be considered as fulfilled.
Jamstvo v višini 1 milijarde EUR je bilo tako v celoti črpano in ga je mogoče šteti za izpolnjeno.
In the context of the negotiations with the bidders, the remaining portfolio investments have been divided into two structured investment portfolios, referred to as SIP 1 and SIP 2.
V okviru pogajanj s ponudniki so bile preostale portfeljske naložbe razdeljene v dva strukturirana naložbena portfelja (SIP 1 in SIP 2).
SIP 1 contains mainly [specific securities] with a nominal value of EUR […] billion and a book value of EUR [> 1] billion [12].
Portfelj SIP 1 zajema predvsem [določene vrednostne papirje] z nominalno vrednostjo v višini […] milijard EUR in knjigovodsko vrednostjo [> 1] milijard EUR [12].
SIP 2 contains IKB’s remaining [securities] with a nominal value of EUR […] billion and a book value of EUR [> 1] billion.
Portfelj SIP 2 vsebuje preostale [vrednostne papirje] IKB z nominalno vrednostjo v višini […] milijard EUR in knjigovodsko vrednostjo [> 1] milijard EUR.
Table 2 gives an overview of the movements in the portfolio investments until the end of August 2008.
Preglednica 2 vsebuje pregled gibanja vrednosti portfeljskih naložb do konca avgusta 2008.
The total realised and expected losses are estimated at about EUR 10,28 billion.
Ustvarjene in pričakovane izgube so ocenjene na približno 10,28 milijarde EUR.
Overview of movements in portfolio investments from March 2007 to August 2008
Portfeljske naložbe med marcem 2007 in avgustom 2008
Nominal value restated 03/2007
Nominalna vrednost, popravljena 03/2007
Currency adjustments
Popravki zaradi sprememb menjalnega tečaja
(nom. value of assets)
(nominalna vrednost sredstva)
Losses on sales
Izguba pri prodaji
(nom. value — sales price)
(nominalna vrednost prodajne cene)
Losses realised
Ustvarjena izguba
Nominal value 08/2008
Nominalna vrednost 8/2008
(IKB or KfW)
(IKB ali KfW)
Book value 08/2008
Knjigovodska vrednost 8/2008
Total losses
Izguba skupaj
(realised + expected)
(ustvarjena + prričakovana izguba)
not existing
ne obstaja
Total (1-3)
Skupaj (1–3)
The sale process
Prodaja
The process of selling KfW’s shares in IKB started in January 2008 and was concluded on 21 August 2008 with the decision to sell IKB to Lone Star Funds VI Financial Holdings LP Dallas, USA (hereinafter ‘Lone Star’).
Prodaja delnic IKB, ki jih je imel v lasti KfW, se je začela v januarju 2008 in je bila končana 21. avgusta 2008 na podlagi odločitve, da se bo banka IKB prodala družbi Lone Star Funds VI Financial Holdings, L. P. Dallas, ZDA (v nadaljnjem besedilu: Lone Star).
The sale was carried out in the form of an open, non-discriminatory and transparent bidding procedure.
Prodaja je bila izvedena v okviru odprtega, nediskriminatornega in preglednega razpisnega postopka.
It was widely publicised at the beginning of January 2008 and [> 40] bidders (including German and international banks as well as financial investors) expressed an interest in the first round.
Po splošni objavi v začetku januarja 2008 je v prvem krogu svoje zanimanje izrazilo [> 40] ponudnikov (vključno z nemškimi in mednarodnimi bankami ter finančnimi vlagatelji).
[> 20] of these signed a confidentiality clause and received the information memorandum (end January).
[> 20] ponudnikov je po podpisu izjave o zaupnosti prejelo informacijski memorandum (konec januarja).
[> 5] bidders actually submitted an indicative bid (end February).
[> 5] ponudnikov je predložilo prvo ponudbo (konec februarja).
[> 5] of these were granted access to the data room.
[> 5] ponudnikov je dobilo dostop do podatkovne sobe.
Then [< 5] bidders submitted a definite offer (mid-May).
Skupno [< 5] ponudniki so predložili podrobno ponudbo (v sredini maja).
At the end of May 2008, KfW selected three of these [< 5] bidders to make a final binding offer (financial and strategic investors from different countries).
KfW je konec maja 2008 tri od teh [< 5] ponudnikov ([finančni in strateški vlagatelji iz različnih držav]) pozval, naj predložijo zavezujočo ponudbo.
[< 5] bidders submitted a valid offer, Lone Star was chosen on the basis of an economic comparison of the [< 5] offers, i.e. as the bid offering the higher net price.
Od [< 5] ponudnikov, ki so predložili veljavno ponudbo, je bila na podlagi gospodarske primerjave [< 5] ponudb izbrana družba Lone Star, saj je ponudila višjo neto ceno.
In exchange, Lone Star undertook to fund SIP 2 with the above EUR [> 400] million.
Po drugi strani pa se je družba Lone Star zavezala, da bo s prej omenjenimi [> 400] milijoni EUR financirala portfelj SIP 2.
At the moment, IKB is considering whether to sell the SIP 2 assets to an SPV.
IKB trenutno razmišlja o prodaji aktivnih postavk portfelja SIP 2 namenski družbi.
KfW has agreed to participate EUR in the refinancing of SIP 2 with a senior loan of EUR 775 million, remunerated at Euribor plus [> 80] bps and senior to EUR [> 200] million capital notes and EUR [> 150] million mezzanine notes provided by Lone Star and IKB.
KfW je izjavil, da je pripravljen sodelovati pri refinanciranju portfelja SIP 2 s kreditom v višini 775 milijonov EUR, ki se vrača po obrestni meri euribor plus [> 80] osnovnih točk in ima prednost pred kapitalskimi zapisi v višini [> 200] milijonov EUR ter podrejenimi dolžniškimi zapisi v višini [> 150] milijonov EUR družbe Lone Star in banke IKB.
KfW has bought SIP 1 for EUR 1 billion [13].
KfW je kupil portfelj SIP 1 za 1 milijardo EUR [13].
KfW will take a first loss of EUR 150 million, Germany will bear the further risk of EUR 600 million (in the form of unexpected losses [14] through a guarantee, and KfW will take the remaining risk of EUR 250 million.
Družba KfW nosi prvo tveganje izgube v višini 150 milijonov EUR, na podlagi jamstva Nemčija nosi naslednje tveganje v višini 600 milijonov EUR (gre za nepričakovane izgube [14]), preostalih 250 milijonov EUR tveganja pa nosi KfW.
KfW is confident that the ultimate losses of the portfolio are reflected in the sale price and considers that no provisions have to be made.
KfW meni, da so vse izgube, ki jih je mogoče pričakovati pri portfelju, že vključene v ceni in tako niso potrebni nobeni nadaljnji ukrepi.
Moreover, the existing two framework liquidity facilities of EUR [> 2,5] billion which KfW provides to IKB are extended […] until at the latest (initially the facilities were to end in April and July 2009).
Poleg tega bosta okvirna vira IKB v višini [> 2,5] milijarde EUR, ki ju je KfW prevzel, podaljšana največ do […] (prvotno naj bi potekla aprila oz. julija 2009).
The conditions have been slightly modified.
Pogoji so bili rahlo spremenjeni.
The collateralisation of the first facility decreases from [> 100] % to [> 100] %. The interest rate on the second facility decreases from Euribor plus [> 100] bps to Euribor plus [> 100] bps.
Zavarovanje prvega vira je bilo zmanjšano z [> 100] % na [> 100] % in obrestna mera drugega vira je bila znižana s stopnje euribor plus [> 100] osnovnih točk na stopnjo euribor plus [> 100] osnovnih točk.
According to KfW these changes are justified by the increase in IKB’s own capital.
Po mnenju KfW so te spremembe upravičene, ker je banka IKB povečala svoj lastni kapital.
Beyond that, the sale contract contains no deal-specific sale conditions. The only exception is an indemnity clause concerning [certain circumstances] with financial repercussions to a maximum of EUR […] billion.
Kupna pogodba poleg tega ne vsebuje nobenih posebnih pogojev za nakup, z izjemo odškodninske klavzule, v skladu s katero so [določene okoliščine] s finančnim učinkom do največ […] EUR izvzete.
Given that the probability of the risk materialising is very small, but if it were to materialise the […] impact might be […], it is difficult to price such a […].
Glede na to, da je po eni strani verjetnost, da se […] zgodi, zelo majhna, po drugi strani pa bi lahko […] učinki […] bili hudi, je ta […] težko ovrednotiti.
Germany argues that such […] risks usually remain covered by the former owner within such acquisition transactions.
Nemčija trdi, da pri prevzemih takšna […] tveganja običajno ostanejo v breme nekdanjega lastnika.
KfW therefore excluded the risk from the sale from the outset.
Zaradi tega je KfW to tveganje že od začetka izvzel iz prodaje.
Given the small likelihood of the risk materialising, IKB has made no provisions in its books for any claims.
Ker je dejanski nastop takšnega tveganja zelo malo verjeten, banka IKB v svojih poslovnih knjigah ni predvidela rezervacij za morebitne terjatve.
Summary of support measures
Ukrepi pomoči
Summary of support received by IKB during restructuring
Ukrepi za pomoč IKB med prestrukturiranjem
(in EUR billion)
(v milijardah EUR)
(of which 1,00 from banking associations)
(od tega 1,00 od kreditnih združenj)
Ancillary risk shield (EUR 350 million additional loss coverage — Havenrock)
Dodatna zaščita pred tveganjem (350 milijonov EUR za zavarovanje pred dodatnimi izgubami – Havenrock)
(of which 0,20 from banking associations)
(od tega 0,20 od kreditnih združenj)
Capital increase and waived loan (coverage of depreciation of balance-sheet assets)
Povečanje kapitala in nepovratna posojila (kritje amortizacije aktivnih postavk iz bilance)
(of which 0,30 from banking associations)
(od tega 0,30 od kreditnih združenj)
Liquidity facility
Likvidnostno posojilo
Sale of IKB shares
Prodaja delnic IKB
Senior loan refinancing SIP 2
Prednostni kredit za refinanciranje portfelja SIP 2
Transfer SIP 1 to KfW
Prenos portfelja SIP 1 na KfW
Indemnity clause
Zagotovitev jamstva […]
Germany has submitted several revisions of the restructuring plan for IKB.
Nemčija je predložila več spremenjenih različic načrta za prestrukturiranje IKB.
Documents from August 2007 describe measures to overcome the bank’s crisis and avoid future problems.
V dokumentaciji iz avgusta 2007 so bili opisani ukrepi za premostitev bančne krize in preprečevanje težav v prihodnosti.
Just after the first measure was granted, IKB commissioned a study by PriceWaterhouseCoopers (PWC) in order to analyse the situation.
Neposredno po odobritvi prvega ukrepa je banka IKB pooblastila družbo PriceWaterhouseCoopers (v nadaljnjem besedilu: PWC), naj preuči takratno stanje.
On the basis of the study, IKB announced on 3 September 2007 that it would withdraw from its involvement in international portfolio investments.
Na podlagi te študije je IKB 3. septembra 2007 sporočila, da se bo umaknila s področja mednarodnih strukturiranih naložb.
IKB subsequently updated the plan and has now been sold to Lone Star.
Medtem je banka IKB uresničila načrt in je bila prodana družbi Lone Star.
Lone Star presented a new business plan for IKB that was reviewed by KPMG on 25 September 2008.
Družba Lone Star je predložila sanacijski načrt IKB, ki ga je revizijska družba KPMG preverjala od 16. julija do 25. septembra 2008.
The plan gives an overview of IKB’s relevant core markets, sets out the reasons for the crisis, analyses the problems and identifies the measures to be taken.
Sanacijski načrt vsebuje pregled pomembnih osrednjih trgov IKB, pojasnjuje vzroke za krizo, preučuje težave in predlaga ukrepe za njihovo odpravljanje.
The plan aims to stabilise the bank’s short-term financial situation by securing the required liquidity, and to restore IKB’s long-term viability by reducing its risk exposure and concentrating on its core business.
Cilj tega načrta je po eni strani kratkoročno stabilizirati finančni položaj banke z zagotovitvijo potrebne likvidnosti, po drugi strani pa znova vzpostaviti dolgoročno donosnost z zmanjševanjem tveganih postavk in osredotočanjem na osrednjo poslovno dejavnost.
As regards the long-term strategy, the plan indicates that IKB will focus on corporate banking for medium-sized clients, while the structured finance business will be maintained only insofar as it is necessary for the corporate banking business.
Sanacijski načrt dolgoročno predvideva, da se bo banka IKB osredotočila na poslovanje s srednje velikimi podjetji in da bodo strukturirana financiranja ohranjena samo v obsegu, potrebnem za poslovanje s podjetji.
The plan confirms the exit from the portfolio investment activities that IKB had decided to implement immediately after the crisis.
Sanacijski načrt potrjuje umik iz dejavnosti portfeljskih naložb, za katerega se je banka IKB odločila takoj po pojavu krize.
During discussions with the Commission, IKB also agreed to exit the real-estate financing business as a compensatory measure.
Med potekom pogovorov s Komisijo je banka IKB poleg tega sprejela tudi izravnalni ukrep, da bo izstopila iz dejavnosti financiranja nepremičnin.
The remaining portfolio of EUR [< 3] billion will be unwound as the remaining assets mature.
Preostali portfelj v višini [< 3 milijarde] milijard EUR se pri zapadlosti preostalih aktivnih postavk likvidira.
Overall the complete divestiture means a reduction of about EUR 4,9 billion in credit volume of the real-estate financing business.
Popolna odsvojitev omogoča zmanjšanje zneska posojil za 4,9 milijarde EUR na področju financiranja nepremičnin.
In addition, Germany has offered that IKB will divest a number of its subsidiaries as a compensatory measure:
Nemčija je poleg tega kot izravnalni ukrep predlagala, naj se IKB loči od nekaterih svojih odvisnih družb:
IKB International SA Luxembourg, which was the major entity involved in capital market activities, with a balance-sheet total of around EUR [< 10] billion, will be actively unwound [16] by 30 September 2011.
družba IKB International S.A. iz Luxembourga bo aktivno ukinjena do 30. septembra 2011 [16]: ta družba je bila z bilančno vsoto približno [< 10] milijard EUR pomembna na kapitalskem trgu.
No new business will be acquired as of 31 March 2009.
Od 31. marca 2009 se ne bodo sklepali novi posli.
Any business which is important for the first and second pillar will be performed in IKB’s headquarters in Düsseldorf [17],
Vsi posli, ki so pomembni za prvi ali drugi steber, se bodo opravili na sedežu IKB v Düsseldorfu [17],
IKB Capital Corporation New York was active in structured finance activities in the US with a balance-sheet total of EUR [< 2] billion.
družba IKB Capital Corporation New York z bilančno vsoto v višini [< 2] milijard EUR je delovala v ZDA na področju strukturiranega financiranja.
It will be actively unwound by 30 September 2011.
Aktivno bo ukinjena do 30. septembra 2011.
No new business will be acquired after 31 December 2008,
Od 31. decembra 2008 se ne bodo več sklepali novi posli,
finally, IKB AG will cease activities in Amsterdam, where the branch was active in SME financing and the real-estate business, and had a credit volume of about EUR [< 500] million.
poleg tega bo družba IKB AG opustila svoj sedež v Amsterdamu; tamkajšnja poslovalnica s kreditnim poslovanjem v višini [< 500] milijonov EUR je bila osredotočena na financiranje MSP in poslovanje z nepremičninami.
It will be actively unwound by 30 March 2010.
Aktivno bo ukinjena do 30. marca 2010.
No new business will be acquired as of 31 December 2008,
Od 31. decembra 2008 se ne bodo več sklepali novi posli,
the 50 % participation in Movesta Lease and Finance GmbH, which currently has a balance-sheet total of EUR [< 500] million, will be sold by 30 September 2011,
50-odstotni delež v družbi Movesta Lease and Finance GmbH s trenutno bilančno vsoto v višini [< 500] milijonov EUR bo prodan do 30. septembra 2011,
certain further non-strategic assets of EUR 1,7 billion (balance sheet value at 31 March 2007) will be divested.
poleg tega bo banka IKB odsvojila še nekatere aktivne postavke v vrednosti 1,7 milijarde EUR (bilančna vrednost na dan 31. marca 2007), ki nimajo strateškega pomena.
They will be actively unwound by 30 September 2011.
Aktivno bodo ukinjene do 30. septembra 2011.
However, given the difficult market environment, Germany negotiated a revision clause which allows IKB, in the even of unforeseeable circumstances, in particular if the financial crisis continues, or if the sale of some assets is impossible, to change or replace a measure or to extend a deadline as long as this is sufficiently well-reasoned and the Commission agrees.
Glede na napete razmere na trgu se je Nemčija dogovorila o gospodarski klavzuli, ki daje banki IKB možnost, da v primeru nepredvidenih okoliščin, še posebej pri trajanju krize na finančnem trgu ali pri neuspešni prodaji določenih aktivnih postavk, spremeni ali nadomesti ukrep ali podaljša rok, če je to dovolj utemeljeno in če Komisija ne poda ugovora.
Finally, Germany has committed itself to ensuring that IKB’s balance-sheet total will not exceed EUR 33,5 billion by 30 September 2011 [18]; this implies a balance-sheet reduction of 47,2 % compared to the EUR 63,5 billion shown in the restated balance sheet of March 2007.
Poleg tega se je Nemčija zavezala, da bo zagotovila, da bo skupna bilančna vsota IKB do 30. septembra 2011 največ 33,5 milijarde EUR [18]; to ustreza zmanjšanju bilance za 47,2 % glede na 63,5 milijarde EUR, izkazanih v popravljeni bilanci za marec 2007.
According to Germany, implementing these compensatory measures and exiting the portfolio investment business translates in financial terms as follows:
Nemčija je za izvedbo izravnalnih ukrepov in umik iz dejavnosti portfeljskih naložb predlagala naslednje:
Reduction measures
Ukrepi za zmanjševanje
Assets at 31.3.2007
Aktiva na dan 31.3.2007
Assets at 30.9.2011
Aktiva na dan 30.9.2011
Remaining assets in core business
Preostale aktivne postavke v osnovni dejavnosti
For viability
Ukrepi za vnovično vzpostavljanje donosnosti
Exit portfolio investments
Umik iz portfeljskih naložb
For compensation
Izravnalni ukrepi
Divestment of non-strategic assets
Odsvojitev aktivnih postavk, ki nimajo strateškega pomena
New development of certain business formerly established in Luxembourg
Vnovična vzpostavitev določenih poslov, ki so bili prej razviti v Luxembourgu)
Total balance sheet without growth
Skupna bilanca brez rasti
Committed maximum balance sheet
Maksimalni bilančni obseg
Remaining margin for new business
Preostali znesek za nove posle
Moreover, the plan indicates that IKB, whose Fitch rating has dropped from A + to BBB –, has funding difficulties in the current market environment.
Poleg tega je v sanacijskem načrtu navedeno, da ima banka IKB, katere ocena je po Fitchu padla z A + na BBB–, pri trenutnih tržnih pogojih težave s financiranjem.
The maximum liquidity requirement until the end of the restructuring period is estimated at EUR [< 10] billion. This will essentially be financed by the capital increase, extending KfW’s liquidity lines, and an asset-based refinancing operation.
Največja potreba po likvidnih sredstvih do konca prestrukturiranja je ocenjena na [> 10 milijard] EUR. Ta primanjkljaj naj bi se pokril s povečanjem kapitala, podaljšanjem likvidnostnih posojil KfW in refinanciranjem, ki temelji na terjatvah.
Part of the liquidity gap will be covered by a reduction in new activities.
Del likvidnostnega primanjkljaja bo pokrit z zmanjšanjem novega poslovanja.
The plan also includes some projections regarding the future performance of the bank in a good, base and bad-case scenario.
Sanacijski načrt poleg tega vsebuje domneve o prihodnjem razvoju banke v dobrem, osnovnem in slabem primeru.
It concludes that in the base case, IKB would achieve a return on equity (RoE) of […] % at the end of the restructuring period in September 2011.
V skladu s temi predpostavkami bi banka IKB lahko v slabem primeru na koncu obdobja prestrukturiranja v septembru 2011 dosegla donos na lastni kapital v višini […] %.
IKB would then achieve profit before taxation of EUR […] million with […] full-time employees The Tier 1 ratio would rise to […] % and the cost-income ratio fall to […] %.
Dobiček pred plačilom davka bi bil […] milijonov EUR z […] zaposlenimi s polnim delovnim časom. Primarni kazalnik kapitalske ustreznosti bi narasel na […] % in razmerje med stroški in prihodki (cost-income ratio) bi padlo na […] %.
Germany therefore estimates IKB’s total restructuring costs at about EUR [> 15] billion.
Nemčija zato stroške za prestrukturiranje IKB ocenjuje na skupaj približno [> 15] milijard EUR.
In the opening decision the Commission questioned whether KfW’s measures in favour of IKB complied with the market-economy investor test, essentially because KfW’s exposure as a result of the measures was not limited, whereas the banking associations limited their risk and the other shareholders in IKB did not take part at all.
Komisija je v uvodni odločbi dvomila, ali ukrepi KfW v korist IKB ustrezajo načelom vlagatelja v tržnem gospodarstvu, saj tveganje za KfW, povezano z ukrepi, ni bilo omejeno, medtem ko so kreditna združenja svojo udeležbo pri zaščiti pred tveganjem omejila in drugi delničarji IKB sploh niso sodelovali.
Moreover, at that stage the Commission doubted whether the measures could be found compatible with the common market pursuant to Article 87(3) of EC Treaty.
Komisija je takrat tudi dvomila, ali je mogoče ukrepe šteti za združljive s skupnim trgom v skladu s členom 87(3) Pogodbe ES.
They did not qualify as aid to remedy a serious disturbance in the economy under Article 87(3)(b).
Po mnenju Komisije ukrepov ni bilo mogoče šteti za pomoč za odpravljanje resne motnje v gospodarstvu države članice, ki je združljiva s skupnim trgom v smislu člena 87(3)(b) Pogodbe ES.
There were no grounds for regarding them as rescue aid, given that they were not temporary in nature.
Poleg tega po mnenju Komisije ni bilo nobenega razloga, da bi se ukrepe štelo za pomoč za reševanje, ker ni šlo za prehodne ukrepe.
Finally, at that stage the measures did not meet all the conditions for restructuring aid set out in the Community Guidelines on aid for rescue and restructuring of firms in difficulty [21].
Do tistega časa pogoji, navedeni v Smernicah Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah (v nadaljnjem besedilu: Smernice) [21], niso bili v celoti izpolnjeni.
COMMENTS FROM GERMANY FOLLOWING THE OPENING DECISION
PRIPOMBE NEMČIJE NA UVODNO ODLOČBO
The German authorities maintain their initial position that most of the measures would not involve State aid because they were taken in conformity with the market-economy investor principle.
Nemčija je vztrajala pri svojem prvotnem mnenju, da pri ukrepih ne gre za državno pomoč, ker ustrezajo načelu vlagatelja v tržnem gospodarstvu.
The intervention was based on market-economy investor considerations because liquidation of IKB would have been more costly for KfW than the support measures.
Ukrepi so bili izvedeni v skladu z razmišljanjem vlagatelja v tržnem gospodarstvu, saj bi bila za KfW plačilna nesposobnost IKB povezana z višjimi stroški kot podporni ukrepi med prestrukturiranjem IKB.
In this respect Germany reiterates that an adequate return on investment is irrelevant.
V zvezi s tem Nemčija poudarja, da vprašanje primernega donosa na kapital ni pomembno.
Moreover, Germany indicates that the market-economy investor test must be made ex ante.
Poleg tega bi se moral pregled, ali je bilo upoštevano načelo vlagatelja v tržnem gospodarstvu, izvesti vnaprej.