natgillin/translations-raw huggingface dataset:
LBBW’s market share in financial markets is insignificant both in Germany and Europe-wide.
Tržni delež LBBW pri poslovanju na kapitalskih trgih je v Nemčiji in tudi drugod po Evropi neznaten.
The Measures
Ukrepi
The injection of capital was carried out through a proportional increase in the share capital, whereby priority was given to a distribution of the new share capital in proportion to the existing share capital.
Kapitalska injekcija je bila v obliki sorazmernega povečanja osnovnega kapitala, pri čemer je imelo izplačilo dividend za novi osnovni kapital prednost pred izplačilom dividend za obstoječi osnovni kapital.
The Bank is paying a total compensation of 10 % for the injected capital.
Banka plača nadomestilo v višini 10 % zagotovljenega kapitala.
It plans to repay the capital in five tranches each year from 2013 onwards.
Načrtuje, da bo kapital od leta 2013 vrnila v petih tranšah na leto.
The asset relief measure was granted in the form of guarantees which protect LBBW against losses and reduce the legally prescribed equity capital requirement for structured securities.
Ukrep pomoči je bil odobren v obliki jamstev, ki LBBW ščitijo pred izgubami in znižujejo regulatorni kapital za strukturirane vrednostne papirje.
The guarantees cover two different portfolios.
Jamstva so zagotovljena za dva različna portfelja.
The first one, referred to as the ‘ABS portfolio’, consists of structured products with a volume of EUR 17,7 billion which are held directly by the bank.
Prvi portfelj, t.i. portfelj ABS, vključuje strukturirane produkte v vrednosti 17,7 milijarde EUR, ki jih upravlja neposredno banka.
In the Sealink portfolio the First Loss amounts to EUR 2,75 billion. It is covered by a guarantee of the Free State of Saxony which had been negotiated in the course of the takeover of SachsenLB by LBBW [8].
Prva izguba pri portfelju SEALINK znaša 2,75 milijarde EUR. Pokrita je z jamstvom Svobodne dežele Saške, ki je bilo dogovorjeno med pogajanji, ko je LBBW prevzela SachsenLB [8].
Baden-Württemberg took over a Second Loss of EUR 6 billion with the result that there are no further risks of losses for LBBW.
Dežela Baden-Württemberg je prevzela drugo izgubo v višini 6 milijard EUR, tako da za LBBW ni nadaljnjih tveganj glede izgube.
According to information provided by Germany the portfolio had on 31 March 2009 a real economic value of EUR [12-13] billion and a market value of EUR 8,006 billion. The capital relief effect of the guarantee was EUR [2,5-3,5] billion.
Po podatkih Nemčije je dejanska gospodarska vrednost portfelja 31. marca 2009 znašala [12–13] milijard EUR, tržna vrednost pa 8,006 milijarde EUR. Učinek jamstva na razbremenitev kapitala je znašal [2,5–3,5] milijarde EUR.
The two portfolios together have a market value of EUR 18,143 billion; their real economic value is around EUR [27-29] billion.
Skupna tržna vrednost obeh portfeljev je 18,143 milijarde EUR, njuna dejanska gospodarska vrednost pa [27–29] milijard EUR.
The guarantee was provided for an unlimited period and can be terminated by LBBW.
Jamstvo je bilo zagotovljeno za nedoločen čas in ga LBBW lahko ukine.
LBBW undertook to pay an initial fee which is based on a capital relief effect of EUR 4,4 billion, on which an interest rate of 7 % p.a. is applied.
LBBW se je zavezala k plačilu začetne premije na podlagi kapitalskega učinka pomoči v višini 4,4 milijarde EUR, na katerega se zaračuna 7-odstotna obrestna mera.
For the first year the fee amounts to EUR 308 million; in subsequent years it will sink proportionally to the amount guaranteed and after a review during the restructuring procedure.
Premija za prvo leto znaša 308 milijonov EUR, v naslednjih letih pa se bo zniževala sorazmerno zajamčenemu znesku in v skladu s proučitvijo med postopkom prestrukturiranja.
Germany has decided to adjust the guarantee compensation as follows.
Nemčija je sklenila, da bo povračilo za jamstvo prilagajala kot sledi.
LBBW will pay retrospectively EUR 336 million per year.
LBBW plača 336 milijonov EUR na leto z veljavnostjo za nazaj.
The capital relief effect has been corrected to EUR 4,476 billion.
Kapitalski učinek pomoči je bil popravljen na 4,476 milijarde EUR.
The recapitalisation was necessary in order to offset heavy losses in 2008 and to cover the higher capital requirement.
Dokapitalizacija je bila nujna, da bi ublažili hude izgube v letu 2008 in pokrili večjo potrebo po kapitalu.
The asset relief measure became necessary when the value adjustments for large portfolios of structured securities drove the capital requirement steeply upwards and the regulatory capital requirements could no longer be met in the second quarter of 2009.
Razbremenitev je bila potrebna, ker so popravki vrednosti za velike portfelje strukturiranih vrednostnih papirjev strmo povečali potrebo po lastnem kapitalu in v drugem četrtletju leta 2009 ni bilo več mogoče izpolniti zahtev po regulatornem kapitalu.
Future Business model of the beneficiary bank
Prihodnji poslovni model banke upravičenke
The restructuring plan envisages substantial changes to the LBBW business model.
Načrt prestrukturiranja predvideva velike spremembe poslovnega modela LBBW.
The basis for this is a clear focussing on LBBW’s regional core business and concentration on markets and customers for which a high degree of penetration and considerable cross selling effects are expected.
Podlagi zanje sta jasna usmerjenost na regionalno osnovno dejavnost LBBW ter osredotočenje na trge in stranke, za katere se pričakujejo višja stopnja penetracije in precejšnji učinki navzkrižne prodaje.
The capital market activities and trading for its own account will be reduced.
Zmanjšal se bo obseg dejavnosti na kapitalskih trgih in poslovanja za svoj račun.
All in all LBBW is to be converted from a capital market and customer-induced financial services group which offers a full range of services and products into a commercial bank with a clear focus on German SME business customers and private customers, which also offers a number of corporate finance and selected investment banking products for its business and savings bank customers.
LBBW naj bi se iz skupine za finančne storitve, usmerjene v kapitalske trge in stranke, ki ponuja celovit razpon storitev in produktov, spremenila v poslovno banko, ki je jasno osredotočena na srednje velike gospodarske družbe in zasebnike ter svojim strankam, tako podjetjem kot hranilniškim komitentom, zagotavlja vrsto storitev podjetniškega financiranja in finančnega svetovanja ter izbranih produktov v investicijskem bančništvu.
As regards its geographic presence, LBBW will withdraw from abroad or reduce its foreign presence and concentrate on a few core regions in Germany.
Kar zadeva geografsko navzočnost, se bo LBBW umaknila iz tujine oziroma bo svojo navzočnost v tujini zmanjšala in se osredotočila na nekaj glavnih regij v Nemčiji.
The restructuring is geared towards the following central themes:
Vodilna misel, na kateri temelji prestrukturiranje, je:
moderate growth in the medium term in German business and private customer activities; concentration of real estate financing on a few German states and selected properties,
zmerna srednjeročna rast v nemških podjetjih in zasebnem bančništvu; osredotočenje na manjše število držav in izbrane objekte na področju financiranja nepremičnin,
complete reduction of investment in structured securities and other forms of credit substitute business which are the main cause of LBBW’s current problems; adjustment of existing portfolios,
popolna ukinitev naložb v strukturirane vrednostne papirje in druge oblike poslovanja s kreditnimi nadomestki, ki so glavni vzrok trenutnih težav LBBW; ukinitev obstoječih portfeljev,
clear reduction in business activities, above all in large-volume business and abroad,
znatno zmanjšanje števila poslovnih dejavnosti, predvsem pri poslih velikega obsega in v tujini,
sale of important associated and subsidiary companies.
odprodaja precejšnjega števila pridruženih in hčerinskih družb.
The restructured LBBW will consist of five core business areas: Corporates I (German SME business customers), Corporates II (large customers), Retail (private customers), Savings Banks, Real Estate (real estate financing) and Financial Markets (capital markets).
Prestrukturirana LBBW bo poslovala na petih osnovnih poslovnih področjih: gospodarske družbe I (srednje velika podjetja in gospodarske družbe II (velika podjetja)), maloprodaja (zasebniki), hranilnice, nepremičnine (financiranje nepremičnin) in finančni trgi (kapitalski trg).
In addition LBBW will also in future offer business-related services, in particular transaction banking, treasury and securities settlement and certain products for savings banks.
Poleg tega bo LBBW tudi v prihodnje ponujala storitve za podjetja, predvsem transakcijsko bančništvo, zakladništvo in poravnavo poslov z vrednostnimi papirji, ter nekatere produkte za hranilnice.
LBBW’s foreign activities and foreign presence are to be considerably reduced, and the bank will concentrate its business activity on the three regional core markets of Baden-Württemberg, Rhineland-Palatinate and Saxony, in which it is active due to earlier Landesbank mergers.
Dejavnost in navzočnost LBBW v tujini naj bi se močno zmanjšali in banka bo poslovno dejavnost osredotočila na tri glavne regionalne trge, in sicer Baden-Württemberg, Porenje-Pfalško in Saško, na katerih je dejavna zaradi združitev deželnih bank v preteklosti.
Despite the moderate growth envisaged in the current plan the restructuring will have significant effects on LBBW’s balance sheet and profit and loss account, not only with regard to its composition, but also with regard to its total size.
Prestrukturiranje bo – ne glede na zmerno rast, predvideno v sedanjem načrtu – močno vplivalo na bilančno vsoto in izkaz poslovnega izida LBBW, in sicer ne le glede njune sestave, temveč tudi glede celotne vrednosti.
The Bank’s balance sheet and the impaired assets (risk-weighted assets) are expected to fall by [25-30] % or [30-35] % in comparison with 2008 by 2013 through the reduction of non-strategic activities and the sale of holdings.
Bilančna vsota banke in tvegana sredstva (RWA) se bodo v primerjavi z letom 2008 z ukinjanjem nestrateških dejavnosti in prodajo pridruženih družb do leta 2013 znižali predvidoma za [25–30] % oziroma [30–35] %.
Compared with the figures for the end of 2008 the balance sheet total will fall by a total of EUR 182 billion or around 41 % and the impaired assets by EUR [80-90] billion or [45-50] % after the complete reduction of the stated business fields.
V primerjavi s podatki ob koncu leta 2008 se bo po popolni ukinitvi navedenih poslovnih področij bilančna vsota znižala za 182 milijard EUR oziroma približno 41 %, tvegana sredstva pa za [80–90] milijard EUR oziroma [45–50] %.
Around [35-45] % of the reduction in the balance sheet total and more than 50 % of the reduction in the impaired assets are due to the exit from the credit substitute business (which to a large extent fell within the asset relief measure).
Približno [35–45] % znižanja bilančne vsote oziroma več kot 50 % znižanja tveganih sredstev je mogoče pripisati prenehanju poslovanja s kreditnimi nadomestki (ki je bilo v precejšnji meri predmet ukrepa pomoči).
Cuts in the remaining core business fields are between 25 % and 40 %.
Preostala osnovna poslovna področja se bodo zmanjšala za od 25 do 40 %.
In detail LBBW will dismantle the credit substitute business, sell holdings, close a considerable part of its foreign subsidiaries and representation offices, abandon entire product lines of its current corporate business, close down its brokered mortgage loan business, abandon strategic trading for its own account and avoid more complex financial market activities, restrict real estate financing to a few regions and selected types of properties, and concentrate its large customer business on Germany’s neighbours [9].
LBBW bo predvsem ukinila poslovanje s kreditnimi nadomestki, odprodala pridružene družbe, zaprla večji del hčerinskih družb v tujini in predstavništev, opustila celotne linije produktov, ki so del sedanjega poslovanja z gospodarskimi družbami, ukinila posredovanje pri poslovanju s hipotekarnimi posojili, opustila strateško poslovanje za svoj račun in se izogibala kompleksnejšim dejavnostim na finančnih trgih, omejila financiranje nepremičnin na nekaj regij in izbranih vrst objektov ter se pri poslovanju z velikimi strankami osredotočila na sosednje države Nemčije [9].
The major part of LBBW’s activities lies in its core business.
Večina dejavnosti LBBW je del njene osnovne dejavnosti.
Only around [6-8] % of the bank’s total impaired assets are allotted to the holdings and subsidiary companies as a whole.
Pridružene in hčerinske družbe skupaj obsegajo le približno [6–8] % celotnih tveganih sredstev banke.
LBBW has agreed to considerable cuts in its portfolio of holdings.
LBBW se je strinjala glede precejšnjih posegov v njen portfelj pridruženih družb.
The book value of all the holdings which are to be sold in the course of the restructuring is around EUR 4,5 billion (as at 31 December 2008), which corresponds to more than 50 % of the total book value of the bank’s associated and subsidiary companies.
Knjigovodska vrednost vseh pridruženih družb, ki naj bi jih odprodala med prestrukturiranjem, znaša približno 4,5 milijarde EUR (stanje 31. decembra 2008), kar presega 50 % skupne knjigovodske vrednosti pridruženih in hčerinskih družb banke.
A considerable part of the planned sales relates to the bank’s core business, particularly holdings in companies in the savings banks financial group (Sparkassen-Finanzgruppe) [10]:
Precejšnji delež načrtovanih odprodaj zadeva osnovno dejavnost banke, in sicer udeležbe v podjetjih skupine S-Finanzgruppe [10]:
DekaBank Deutsche Girozentrale (asset manager for the savings banks financial group);
DekaBank Deutsche Girozentrale (upravitelj premoženja Sparkassen-Finanzgruppe);
LBS Landesbausparkasse Baden-Württemberg (building society (Bausparkasse));
LBS Landesbausparkasse Baden-Württemberg (gradbena hranilnica) in
SV Sparkassen Versicherung Holding AG (insurance company).
SV Sparkassen Versicherung Holding AG (zavarovalnica).
In the course of the restructuring LBBW will cut around 2500 of the core bank’s current 10000 staff (full time equivalents in each case).
Med prestrukturiranjem bo LBBW sedanje število zaposlenih v matični banki z 10000 zmanjšala za približno 2500 (vsakič ekvivalent polnega delovnega časa).
It is assumed that the restructuring will not only reduce administrative costs, but also stabilise the profit situation as the more volatile business sectors will be abandoned.
Izhajala bo iz izhodišča, da prestrukturiranje ni namenjeno le zniževanju upravnih stroškov, temveč tudi stabilizaciji donosov, saj bodo opuščene panoge, ki so bolj volatilne.
The objective of the restructuring is a simpler, more transparent corporate structure in which fewer resources as a whole will have to be used for the administration of LBBW.
Cilj prestrukturiranja je bolj preprosta in pregledna struktura podjetja, v kateri je za upravljanje LBBW potrebnih manj virov.
The need for risk management and financial control will diminish as LBBW will abandon entire business areas and product lines, reduce its presence abroad and sell subsidiary and associated companies.
Potreba po upravljanju tveganj in finančnem nadzoru se bo zmanjšala, saj se bo LBBW odpovedala celotnim panogam in linijam produktov, poleg tega pa bo zmanjšala navzočnost v tujini ter odprodala hčerinske in pridružene družbe.
Existing business areas have been slimmed down and the services for savings banks are to be more clearly separated from other business areas, so that the results can be recorded more transparently.
Obstoječi obseg poslovanje bo zmanjšan, storitve za hranilnice pa naj bi jasneje ločili od drugih poslovnih področij, tako da bo mogoče rezultate pregledneje evidentirati.
The assets from the credit substitute business which is to be wound up will be transferred to an internal restructuring unit and administered separately.
Sredstva iz poslovanja s kreditnimi nadomestki, ki naj bi ga postopno ukinili, bodo prenesena na enoto za notranje prestrukturiranje) in upravljana ločeno.
Corporate Governance
Upravljanje družbe
Important changes to the bank’s existing corporate governance structure go together with the restructuring.
S prestrukturiranjem so povezane tudi bistvene spremembe obstoječe strukture upravljanja banke.
Firstly, the reference to the public service in the Landesbank Baden-Württemberg Act (Gesetz über die Landesbank Baden-Württemberg) will be changed in order to underline that LBBW will conduct all business in accordance with business management criteria.
Prvič, spremenjeno bo sklicevanje na javno naročilo, navedeno v zakonu o Landesbank Baden-Württemberg, da bi poudarili, da bo LBBW vse posle vodila po gospodarskih merilih.
This principle will also be embodied in the LBBW articles of association, business policies and internal procedures.
To načelo bo tudi sestavni del statuta, poslovne politike in notranjih postopkov LBBW.
In order to give expression to the fact that LBBW will be run like a private business despite its public owners, LBBW will be converted from a company governed by public law into a public limited company.
Da bi poudarili, da je LBBW ne glede na javnega lastnika upravljana kot zasebno gospodarsko podjetje, se bo iz osebe javnega prava preoblikovala v delniško družbo.
Secondly, the functions of bodies such as the shareholders’ meeting, Supervisory Board and Board of Managing Directors will be redefined in order to achieve a clearer distribution of responsibilities and more transparency.
Drugič, funkcije organov po statutu, kot so generalna skupščina ali skupščina lastnikov, nadzorni svet in uprava, bodo na novo opredeljene, da bi tako dosegli jasnejšo delitev nalog in večjo preglednost.
The powers of the shareholders’ meeting will be restricted to the tasks which are typical of an annual general meeting under company law, in particular [as regards] rights relating to information and the taking of decisions on the use of profits.
Pristojnosti generalne skupščine ali skupščine lastnikov bodo omejene na značilne naloge generalne skupščine v skladu s pravom gospodarskih družb, predvsem na pravice do obveščanja in odločanje o uporabi dobička.
More extensive powers, which would allow improper influence on management, will be rescinded.
Obsežnejše pristojnosti, ki to presegajo in bi omogočile neprimeren vpliv na poslovanje, bodo ukinjene.
Unlike the current situation the supervisory and monitoring functions of the Board of Managing Directors will be exclusively embodied in the Supervisory Board.
Drugače kot doslej bo za funkcije nadzora in kontrole uprave izključno pristojen nadzorni svet.
Its influence on management decisions will be limited to those cases in which action is necessary under German company law or the Banking Act (Gesetz über das Kreditwesen).
Njegov vpliv na odločitve poslovodstva bo omejen na primere, v katerih je potreben poseg v skladu z nemškim pravom gospodarskih družb ali zakonom o bančništvu (KWG).
Responsibility for day-to-day operational management will clearly rest with the Board of Managing Directors, which reduces the possibilities of improper influence by the owners or their representatives.
Za vsakodnevno operativno poslovanje je nedvomno odgovorna uprava, kar zmanjšuje možnost neprimernega vplivanja lastnikov ali njihovih zastopnikov.
Further measures reduce the scope for (political) [influence] and ensure that the bank will be exclusively run in accordance with business management criteria.
Tu so še drugi mehanizmi, ki zmanjšujejo možnosti (političnega) vpliva in zagotavljajo, da bo banka vodena izključno po gospodarskih merilih.
In accordance with the aforementioned Corporate Governance Code half of the seats on the supervisory board allocated to LBBW’s shareholders, which currently only consists of representatives of the owners and employees, will be occupied by independent experts.
Skladno z zgoraj navedenim kodeksom upravljanja družb bo polovica sedežev v nadzornem svetu, ki pripadajo imetnikom deležev LBBW ter jih danes zasedajo le predstavniki lastnikov in delojemalcev, pripadla neodvisnim strokovnjakom.
All the members of the supervisory board will have to be subjected to an aptitude test (a ‘fit and proper’ test) which was recently prescribed by the banking supervisory authority for potential members of supervisory boards.
Vsi člani nadzornega sveta bodo morali opraviti preizkus primernosti, ki ga je za potencialne člane nadzornega sveta pred kratkim predpisal nadzorni organ za banke.
During the restructuring phase until the end of 2013 the chairmanship of the supervisory board will be occupied by one of the independent members.
Med prestrukturiranjem do konca leta 2013 bo mesto predsednika nadzornega sveta zasedal neodvisni član.
The existing Supervisory Board Committees will be converted into a Risk Committee and an Audit Committee in accordance with the best governance principles for banks.
Obstoječi odbori nadzornega sveta bodo v skladu z načeli najboljšega upravljanja za banke preoblikovani v odbor za tveganja in odbor za revizijo/bilanco.
Specialist qualification demands on the members of these committees are intended to ensure that these committees can fulfil their tasks in an optimum way.
Upoštevne zahteve glede kvalifikacij članov v teh odborih naj bi zagotovile, da lahko oba odbora optimalno opravljata svoje naloge.
Evidence of the restoration of long-term profitability
Dokazilo o ponovni vzpostavitvi dolgoročno uspešnega poslovanja
LBBW presented a profit and loss plan including estimates of the return on equity (RoE) and sensitivity analyses on the basis of a realistic and a pessimistic scenario.
LBBW je predložila načrt dobičkov in izgub, vključno z ocenami donosnosti lastnega kapitala (RoE) in analizami občutljivosti na podlagi realističnega in pesimističnega scenarija.
The most important figures in the restructuring plan are shown in the following table:
Najpomembnejše številke in kazalniki načrta prestrukturiranja so povzeti v naslednji tabeli:
Target business 2013
Cilj 2013
RWA before migration (EUR billion)
Tehtana tvegana aktiva pred migracijo (v milijardah EUR)
RWA incl. migration (EUR billion)
Tehtana tvegana aktiva vključno z migracijo (v milijardah EUR)
Gross profits (incl. capital utilisation/hybrid servicing)
Bruto prihodek (vključno z izkoriščenostjo kapitala/uporabo hibridov)
Risk costs
Stroški tveganja
Operating result
Izid iz poslovanja
Balance other effects
Saldo drugih učinkov
Risk shield fee
Premija za zaščito pred tveganji
Correction implicit deduction for hybrid instruments compensation
Popravek implicitnega odbitka za povračilo za hibridne instrumente
Earnings before tax (before hybrid servicing)
Rezultat pred obdavčitvijo (pred uporabo hibridov)
Recovery of hybrid instruments after participation in losses
Nadomestilo hibridi po udeležbi pri izgubi
Servicing of hybrid capital
Uporaba hibridnega kapitala
Earnings before tax
Rezultat pred obdavčitvijo
Earnings after tax
Rezultat po obdavčitvi
Core capital (EUR billion)
Temeljni kapital (v milijardah EUR)
RoE
Donosnost lastnega kapitala (RoE)
Core capital ratio (after establishment of results)
Delež temeljnega kapitala (po ugotovitvi rezultata)
According to the baseline scenario 2009 will continue to be a difficult year and the gross domestic product (GDP) will shrink due to the continuing financial crisis.
Po osnovnem scenariju bo leto 2009 slej ko prej težko leto, bruto domači proizvod (BDP) pa se bo zmanjševal zaradi trdovratne finančne krize.
A gradual recovery is expected from 2010 onwards, with the result that the situation in the financial markets and the economy should fully return to normal.
Od leta 2010 dalje se pričakuje postopno okrevanje, tako da bi se lahko položaj na finančnih trgih in v gospodarstvu popolnoma normaliziral.
On the basis of these assumptions LBBW is expecting the following effects on its core business.
Na podlagi teh predpostavk LBBW pričakuje naslednje vplive na svojo osnovno dejavnost.
The profit situation in private customer business which is mainly driven by securities will continue to prove moderate.
Donosi v zasebnem bančništvu, ki temeljijo predvsem na poslovanju z vrednostnimi papirji, bodo še naprej zmerni.