natgillin/translations-raw huggingface dataset:
In the past Sparkasse KölnBonn incurred losses amounting to EUR […] million, because as a member of the regional savings banks association it contributed to the reserve fund established by the savings bank association as a safety net for its members and the Landesbanks.
Hranilnica Sparkasse KölnBonn je v preteklosti ustvarila za […] milijonov EUR izgub, ker je kot članica regionalnega združenja hranilnic prispevala k rezervnemu skladu, ki ga je združenje hranilnic ustanovilo kot varnostno mrežo za svoje člane in banke Landesbanks.
In the context of the WestLB rescue in 2008 the fund had to intervene.
Leta 2008 je moral sklad intervenirati v okviru reševanja banke WestLB.
The remaining risk exposure is linked to Sparkasse KölnBonn’s indirect holding in WestLB and remaining indirect liability for WestLB’s bad bank via RSGV.
Preostala izpostavljenost tveganju je povezana s posrednim deležem hranilnice Sparkasse KölnBonn v banki WestLB in ostalo posredno odgovornostjo za slabo poslovanje banke WestLB prek RSGV.
Although Sparkasse KölnBonn has not invested directly in WestLB, it is exposed to the stake in it held by RSGV, in which Sparkasse KölnBonn holds a direct stake of about 19 %.
Čeprav hranilnica Sparkasse KölnBonn ni neposredno vlagala v banko WestLB, je izpostavljena deležu v njej, ki ga ima RSGV, v katerem ima hranilnica Sparkasse KölnBonn približno 19-odstotni neposredni delež.
According to information provided by Germany, the risk that any impairment of RSGV’s book value for WestLB will have an impact on Sparkasse KölnBonn is very limited.
Na podlagi informacij, ki jih je predložila Nemčija, je tveganje, da bo kakršna koli oslabitev knjigovodske vrednosti RSGV za banko WestLB vplivala na hranilnico Sparkasse KölnBonn, zelo omejeno.
This is influenced not only by the value of WestLB, but also other subsidiaries and investments held by RSGV.
Na to ne vpliva le vrednost banke WestLB, ampak tudi druge podružnice in naložbe, ki jih ima RSGV.
Valuation of other RSGV subsidiaries conducted at the end of 2009 disclosed significant latent reserves, which would suffice to cover even the potential worst case scenario write-down of WestLB to 0.
Vrednotenje drugih podružnic RSGV, opravljeno konec leta 2009, je razkrilo znatne tihe rezerve, ki bi zadostovale celo za pokritje odpisa banke WestLB na vrednost 0 v morebitnem primeru najslabšega možnega poteka dogodkov.
Sparkasse KölnBonn’s obligation to contribute [to the …] created to cover potential losses of the recently created WestLB bad bank amounts to EUR […] million over 25 years.
Obveznost hranilnice Sparkasse KölnBonn, da prispeva […], ustanovljenem za kritje morebitnih izgub nedavno ustanovljene slabe banke WestLB, znaša […] milijonov EUR v 25 letih.
However, this commitment will not impact the capacity of the Bank to meet its regulatory requirements in the future because the contributions [to the …] are to be made only out of future profits.
Vendar ta obveznost ne bo vplivala na sposobnost hranilnice, da izpolnjuje predpisane zahteve v prihodnosti, ker se bodo prispevki […] financirali le iz prihodnjih dobičkov.
Partial early exit
Delno predčasno vračilo
Germany has provided a commitment that Sparkasse KölnBonn will repay part of the received capital earlier than provided for in the terms of the instruments (see Annex I, point 27).
Nemčija se je zavezala, da bo hranilnica Sparkasse KölnBonn odplačala del kapitala prej, kot je to določeno v pogojih instrumentov (glej točko 27 Priloge I).
The repayment will take place starting in 2011 and involve two steps.
Odplačilo se bo začelo izvajati leta 2011 in bo vključevalo dva koraka.
The first step consists of the sale of a EUR 150 million tranche […] to the Zweckverband.
Prvi korak je prodaja tranše […] v vrednosti 150 milijonov EUR združenju Zweckverband.
In particular, the new instrument would be subordinated, not be redeemed for at least 30 years and have non-cumulative coupon payments.
Novi instrument bi bil podrejen, ne bi se odkupil vsaj 30 let in imel bi nekumulativna izplačila kuponov.
That step will result in the improvement of Sparkasse KölnBonn’s Tier-1 capital ratio by [0,8-1,0] %.
S tem korakom bi se delež kapitala prvega reda hranilnice Sparkasse KölnBonn povečal za [0,8–1,0] %.
Additionally, RSGV or another member of the savings bank sector will buy at market price the stakes of Sparkasse KölnBonn in two savings-bank-related […] [23] and […].
Poleg tega bo RSGV ali drug član sektorja hranilnic po tržni ceni kupil deleže hranilnice Sparkasse KölnBonn v […] [23] in […], povezanih s hranilnico.
The sale of the indirect stake in the two entities would result in a further [0,2-0,5] % decrease in the Bank’s total assets.
Prodaja posrednega deleža v teh dveh subjektih bi povzročila dodatno zmanjšanje skupnih sredstev hranilnice za [0,2–0,5] %.
The sale of the two entities is closely linked to the repayment of the second tranche of the Genussrechte as RSGV will buy the two entities with the proceeds from the sale of the Genussrechte.
Prodaja teh dveh subjektov je tesno povezana z odplačilom druge tranše Genussrechte, ker bo RSGV ti podjetji kupil s prihodkom od prodaje Genussrechte.
GROUNDS FOR INITIATING THE PROCEDURE ON THE RECAPITALISATION MEASURE
RAZLOGI ZA ZAČETEK POSTOPKA V ZVEZI Z UKREPOM DOKAPITALIZACIJE
The Commission recalls that in this case it opened the formal investigation procedure on the recapitalisation measure regarding its compatibility with the internal market pursuant to Article 107(3) TFEU [24] as restructuring aid on 4 November 2009.
Komisija opozarja, da je 4. novembra 2009 v tej zadevi začela uradni postopek preiskave v zvezi z ukrepom dokapitalizacije, in sicer glede njegove združljivosti z notranjim trgom v skladu s členom 107(3) PDEU [24] kot pomoč za prestrukturiranje.
Further, the Commission expressed doubts as to whether adequate burden-sharing was ensured in any way and whether the distortion of competition was limited, as required by the State aid rules (paragraph 50 of the opening Decision).
Poleg tega je Komisija izrazila dvome o tem, da je bila kakor koli omogočena primerna porazdelitev bremena in da je bilo izkrivljanje konkurence omejeno, kot to zahtevajo pravila o državni pomoči (odstavek 50 sklepa o začetku postopka).
Finally, given the uncertainty as to whether the difficulties of Sparkasse KölnBonn were due to investment decisions taken well before the crisis or rather to the crisis itself, the Commission did not conclude whether the recapitalisation measures would fall under Article 107(3)(b) TFEU or under Article 107(3)(c) TFEU.
Nazadnje Komisija zaradi nejasnosti, ali so bile razlog za težave hranilnice Sparkasse KölnBonn odločitve o naložbah, ki so bile sprejete veliko pred krizo, ali sama kriza, ni ugotovila, ali ukrepi dokapitalizacije spadajo v člen 107(3)(b) PDEU ali člen 107(3)(c) PDEU.
The Commission decided to proceed with an investigation of the facts in order to identify the proper legal basis to be applied and to take a position later in the process.
Komisija je sklenila, da bo nadaljevala preiskavo dejstev, na podlagi katere bo opredelila ustrezno pravno podlago, ki jo je treba uporabiti, in da bo svoje stališče izrazila v poznejši fazi postopka.
The Commission notes that no comments from interested third parties have been received with regard to the opening Decision on the recapitalisation measure.
Komisija ugotavlja, da zainteresirane tretje strani glede sklepa o začetku postopka v zvezi z ukrepom dokapitalizacije niso predložile nobenih pripomb.
Germany indicated that it had reviewed the Commission’s Decision of 4 November 2009, in which the Commission decided to initiate the procedure laid down in Article 108(2) TFEU.
Nemčija je navedla, da je pregledala sklep Komisije z dne 4. novembra 2009, v katerem se je Komisija odločila, da začne postopek iz člena 108(2) PDEU.
It informed the Commission that it upheld its opinion that the recapitalisation measures received by Sparkasse KölnBonn in the form of a silent participation and certificates of participation at the end of 2008 and the beginning of 2009 did not constitute State aid within the meaning of Article 107(1) TFEU.
Komisijo je obvestila, da podpira njeno stališče, da ukrepi dokapitalizacije, ki so bili hranilnici Sparkasse KölnBonn konec leta 2008 in na začetku leta 2009 zagotovljeni v obliki tihe udeležbe in užitniških pravic, niso pomenili državne pomoči v smislu člena 107(1) PDEU.
Germany considered the measures to be in conformity with the market economy investor principle in accordance with the reasoning provided prior to the opening Decision (see paragraphs 24-28 of the opening Decision).
Nemčija je menila, da so ukrepi skladni z načelom vlagatelja pod tržnimi pogoji v skladu z utemeljitvijo, ki je bila predložena pred sklepom o začetku postopka (glej odstavke 24–28 sklepa o začetku postopka).
Germany disagreed with the Commission’s assessment that at the time the recapitalisation measures were executed, i.e. end 2008/beginning 2009, the market for hybrid instruments had completely dried up [25].
Nemčija se ni strinjala z oceno Komisije, da je bil trg hibridnih instrumentov v času, ko so se izvajali ukrepi dokapitalizacije, tj. konec leta 2008/začetek leta 2009, povsem izčrpan [25].
More specifically, it disagreed with the Commission’s conclusion that no market economy investor or owner would have engaged in such an investment at the time, even at a higher price (see paragraph 38 of the opening Decision).
Natančneje, ni se strinjala s sklepom Komisije, da takrat noben vlagatelj ali lastnik pod tržnimi pogoji ne bi sodeloval v taki naložbi, tudi ne po višji ceni (glej odstavek 38 sklepa o začetku postopka).
It argued that market developments did not affect Sparkasse KölnBonn, which was able to issue junior debt both in the last 4 months of 2008 (totalling EUR [10-15] million) and in the first quarter of 2009 (totalling EUR [35-40] million) in tranches of up to several hundred thousand euro.
Trdila je, da razvoj trga ni vplival na hranilnico Sparkasse KölnBonn, ki je lahko izdala podrejeni dolg v zadnjih štirih mesecih leta 2008 (skupno [10–15] milijonov EUR) in v prvem četrtletju leta 2009 (skupno [35–40] milijonov EUR) v tranšah do več sto tisoč eurov.
Finally, Germany contested whether the recapitalisation of Sparkasse KölnBonn by Förderungsgesellschaft involved any state resources.
Poleg tega je Nemčija izpodbijala navedbe o tem, da je dokapitalizacija hranilnice Sparkasse KölnBonn s strani družbe Förderungsgesellschaft vključevala državna sredstva.
Germany expressed, however, its confidence, that were the Commission to confirm its preliminary assessment regarding the State aid character of Sparkasse KölnBonn’s recapitalisation, the measures would be compatible with the internal market under Article 107(3)(b) TFEU.
Vendar je Nemčija izrazila prepričanje, da bi bili ukrepi združljivi z notranjim trgom v skladu s členom 107(3)(b) PDEU, če bi Komisija potrdila svojo predhodno oceno v zvezi s tem, da dokapitalizacija hranilnice Sparkasse KölnBonn pomeni državno pomoč.
Germany argued that the restructuring plan complied with all the conditions set forth in the Commission’s Communication of 23 July 2009 on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules [26] (‘Restructuring Communication’).
Nemčija je trdila, da je načrt za prestrukturiranje izpolnjeval vse pogoje iz sporočila Komisije z dne 23. julija 2009 o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči [26] (v nadaljnjem besedilu: Sporočilo o prestrukturiranju).
In Germany’s opinion the restructuring plan ensures that Sparkasse KölnBonn’s long-term viability is restored, Sparkasse KölnBonn provides a sufficient own contribution to the restructuring costs and distortions of competition are limited by substantial structural and behavioural measures.
Po mnenju Nemčije načrt za prestrukturiranje omogoča, da se ponovno vzpostavi dolgoročno uspešno poslovanje hranilnice, da hranilnica zagotovi zadosten lasten prispevek k stroškom prestrukturiranja ter da je izkrivljanje konkurence omejeno s pomembnimi strukturnimi ukrepi in ukrepi glede ravnanja.
The commitments provided by Germany are set out in Annexes I to III and form an integral part of this Decision.
Zaveze, ki jih je sprejela Nemčija, so opredeljene v prilogah I do III ter so sestavni del tega sklepa.
In order to ensure that the commitments will be implemented, a monitoring trustee will be appointed.
Da se zagotovi izvajanje zavez, bo imenovan fiduciar za spremljanje.
The appointment procedure and the responsibilities of the monitoring trustee are set out in Annex II.
Postopek imenovanja in pristojnosti fiduciarja za spremljanje so določeni v Prilogi II.
Further, Germany has committed itself to a timeline for divestments (see Annex I, points 10 and 13).
Poleg tega se je Nemčija zavezala časovnemu okviru za odsvojitve (glej točki 10 in 13 Priloge I).
Should the committed timeline for divestiture not be met, a divestiture trustee will be appointed and will perform his duties in accordance with the conditions stipulated in Annex III.
Če ta časovni načrt za odsvojitve ne bo upoštevan, bo imenovan fiduciar za odsvojitve, ki bo svoje naloge izvajal v skladu s pogoji iz Priloge III.
Existence and amount of the aid
Obstoj in znesek pomoči
Article 107(1) TFEU provides that any aid granted by a Member State or through state resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings is, in so far as it affects trade between Member States, incompatible with the internal market.
Člen 107(1) PDEU določa, da je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami.
In the opening Decision (section 5.1) the Commission reached the preliminary conclusion that the recapitalisation measures of Sparkasse KölnBonn constituted State aid.
V sklepu o začetku postopka (oddelek 5.1) je Komisija sprejela predhodni sklep, da ukrepi dokapitalizacije hranilnice Sparkasse KölnBonn pomenijo državno pomoč.
The Commission cannot agree with Germany’s reasoning according to which the measures did not constitute aid inasmuch as the conditions of both instruments were in line with what a market economy investor would have accepted.
Komisija se ne strinja z utemeljitvijo Nemčije, v skladu s katero ukrepi niso pomenili pomoči, ker so bili pogoji obeh instrumentov skladni s tem, kar bi sprejel vlagatelj pod tržnimi pogoji.
Even if the remuneration on both instruments was in line with the interest paid on comparable instruments until the beginning of 2008, it was too low in the case of Sparkasse KölnBonn given the high risk resulting from the lack of profitability of the Bank.
Čeprav je bilo nadomestilo za oba instrumenta skladno z obrestmi, ki so se plačevale za primerljive instrumente do začetka leta 2008, je bilo v primeru hranilnice Sparkasse KölnBonn premajhno glede na veliko tveganje zaradi pomanjkanja donosnosti hranilnice.
At the time of the recapitalisation, the market for hybrid instruments had even completely dried up.
V času dokapitalizacije je bil trg hibridnih instrumentov popolnoma izčrpan.
Therefore, in the context of the case and in particular the situation of the market, the Commission could not accept the argument that a market economy investor would have made the investment at the time, not to mention investing on equivalent terms.
Zato v okviru te zadeve in zlasti glede na položaj trga Komisija ni mogla sprejeti utemeljitve, da bi vlagatelj pod tržnimi pogoji takrat izvedel naložbo, sploh pa ne pod enakimi pogoji.
The investigation did not reveal any information which would have altered this assessment.
Preiskava ni razkrila nobenih informacij, ki bi spremenile to oceno.
Junior debt issuances by Sparkasse KölnBonn at the end of 2008 and in the first quarter of 2009 do not provide reliable evidence that the markets for hybrid instruments were active owing to the very limited amount of single tranches involved.
Izdaja podrejenih dolgov s strani hranilnice Sparkasse KölnBonn ob koncu leta 2008 in v prvem četrtletju leta 2009 ni zanesljiv dokaz, da so bili trgi hibridnih instrumentov dejavni, in sicer zaradi zelo omejene količine vključenih posameznih tranš.
Tranches of hybrid instruments worth several hundred thousand euro represent a considerably different level of risk from an instrument worth nominally EUR 150 million and are therefore much easier to absorb by the private markets.
Tranše hibridnih instrumentov, ki so vredne več sto tisoč eurov, pomenijo precej drugačno raven tveganja v primerjavi z instrumenti, ki imajo nominalno vrednost 150 milijonov EUR, in jih zato zasebni trgi veliko lažje absorbirajo.
Therefore, the Commission upholds its view that no market economy investor would have acquired a hybrid instruments issue of comparable size and characteristics as Sparkasse KölnBonn’s recapitalisation measures at that time.
Zato Komisija zagovarja svoje stališče, da noben vlagatelj pod tržnimi pogoji ne bi kupil izdaje hibridnih instrumentov primerljive velikosti in značilnosti, kot so bili takrat ukrepi dokapitalizacije za hranilnico Sparkasse KölnBonn.
As regards the nature of the resources used to recapitalise Sparkasse KölnBonn by Förderungsgesellschaft, the Commission recalls that it has already established in its case practice that means provided by RSGV are resources directly or indirectly controlled by public authorities [27].
V zvezi z naravo sredstev, uporabljenih za dokapitalizacijo hranilnice Sparkasse KölnBonn s strani družbe Förderungsgesellschaft, Komisija opozarja, da je v svoji praksi že opredelila, da so sredstva, ki jih je zagotovil RSGV, sredstva, ki jih neposredno ali posredno nadzirajo javni organi [27].
The Commission considers that this also applies to Förderungsgesellschaft, which is a wholly-owned subsidiary of RSGV.
Komisija meni, da to velja tudi za družbo Förderungsgesellschaft, ki je podružnica RSGV in v celoti v njegovi lasti.
Therefore, these resources are state resources within the meaning of Article 107(1) TFEU.
Zato so ta sredstva državna sredstva v smislu člena 107(1) PDEU.
In the light of the above, the Commission confirms the provisional conclusion reached in the opening Decision that the recapitalisation measures in favour of Sparkasse KölnBonn constitute State aid within the meaning of Article 107(1) TFEU.
Glede na navedeno Komisija potrjuje začasni sklep, sprejet v sklepu o začetku postopka, da ukrepi dokapitalizacije v korist hranilnice Sparkasse KölnBonn pomenijo državno pomoč v smislu člena 107(1) PDEU.
The Commission furthermore notes that the rescue aid measures have been converted into restructuring aid which continues to constitute an advantage for the Bank.
Poleg tega Komisija ugotavlja, da so bili ukrepi v zvezi s pomočjo za reševanje preoblikovani v pomoč za prestrukturiranje, ki še naprej pomeni prednost za hranilnico.
The measures allowed the Bank to obtain financing in a situation where it was unable to raise capital on the market, especially in the financial and economic crisis.
Ukrepi so hranilnici omogočili, da je prejela finančna sredstva v razmerah, ko ni bila sposobna zbirati kapitala na trgu, zlasti v času finančne in gospodarske krize.
This gives an economic advantage to the Bank and strengthens its position compared with that of its competitors in Germany and other Member States that are not benefiting from the same support.
To hranilnici zagotavlja gospodarsko prednost ter krepi njen položaj v primerjavi s konkurenti v Nemčiji in drugih državah članicah, ki nimajo ugodnosti iz iste podpore.
The measures must therefore be regarded as liable to distort competition and affect trade between Member States.
Zato je treba te ukrepe obravnavati kot ukrepe, ki lahko izkrivljajo konkurenco in prizadenejo trgovino med državami članicami.
The aid element in the capital injections amounts to EUR 650 million and represents 3,3 % in relation to the Bank’s risk weighted assets (end of 2008).
Element pomoči v kapitalskih vložkih znaša 650 milijonov EUR in predstavlja 3,3 % glede na tveganju prilagojena sredstva hranilnice (konec leta 2008).
Legal basis for the compatibility assessment
Pravna podlaga za oceno združljivosti
In its opening Decision of 4 November 2009, the Commission did not conclude what would be the proper legal basis for the analysis of the recapitalisation measures.
V svojem sklepu o začetku postopka z dne 4. novembra 2009 Komisija ni navedla, katera bi bila ustrezna pravna podlaga za analizo ukrepov dokapitalizacije.
Based on the information available at that time, the decisions to invest in regional development projects taken in the period considerably before the financial crisis seemed to be the major source of Sparkasse KölnBonn’s difficulties.
Na podlagi takrat razpoložljivih informacij je bilo mogoče sklepati, da so bile odločitve o vlaganju v regionalne razvojne projekte, sprejete veliko pred finančno krizo, največji vir težav hranilnice Sparkasse KölnBonn.
As the crisis appeared only to have exacerbated existing problems of the Bank, the application of Article 107(3)(c) TFEU was not excluded.
Ker je kriza verjetno le poglobila obstoječe težave hranilnice, uporaba člena 107(3)(c) PDEU ni bila izključena.
On the other hand, the implementation date of the recapitalisation measures at the peak of the financial crisis and the Commission’s financial crisis banking case practice suggested the application of Article 107(3)(b) TFEU.
Na drugi strani sta bila čas uveljavitve ukrepov dokapitalizacije na vrhuncu finančne krize in praksa Komisije v zvezi z bančništvom v finančni krizi podlaga za domnevo uporabe člena 107(3)(b) PDEU.
Further, even if previous decisions made reference to the Guidelines on State aid for rescuing and restructuring firms in difficulty [28] ( ‘Restructuring Guidelines’), the Commission has clarified in point 49 of the Restructuring Communication that all aid notified to the Commission before 31 December 2010 will be assessed as restructuring aid to banks pursuant to the Restructuring Communication instead of the Restructuring Guidelines.
Čeprav so se prejšnji sklepi sklicevali na smernice o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [28] (v nadaljnjem besedilu: Smernice za prestrukturiranje), je Komisija v točki 49 Sporočila o prestrukturiranju pojasnila, da bo vsa pomoč, ki bo Komisiji priglašena pred 31. decembrom 2010, ocenjena kot pomoč za prestrukturiranje bank v skladu s Sporočilom o prestrukturiranju in ne v skladu s Smernicami za prestrukturiranje.
Given the continuing sensitivity of the banking sector in Germany the Commission concludes that the potential dissolution of one of the biggest saving banks in Germany due to the […] would have had systemic implications and therefore threatened financial stability in Germany.
Glede na trajajočo občutljivost bančnega sektorja v Nemčiji Komisija ugotavlja, da bi morebitno popolno prenehanje poslovanja ene od največjih hranilnic v Nemčiji zaradi […] imelo sistemske posledice in bi zato ogrozilo finančno stabilnost Nemčije.
Therefore, Article 107(3)(b) TFEU is the appropriate legal basis for assessing whether the aid received by Sparkasse KölnBonn is compatible with the internal market as restructuring aid in order to preserve financial stability.
Zato je člen 107(3)(b) PDEU ustrezna pravna podlaga za oceno, ali je pomoč, ki jo je prejela hranilnica Sparkasse KölnBonn, združljiva z notranjim trgom kot pomoč za prestrukturiranje, da se ohrani finančna stabilnost.
According to the Restructuring Communication, first, the restructuring plan has to demonstrate that the restructuring process which a beneficiary of State aid is undergoing is suitable to restore its long-term viability.
V skladu s Sporočilom o prestrukturiranju mora načrt za prestrukturiranje najprej prikazati, da je postopek prestrukturiranja, v katerega je vključena upravičenka do državne pomoči, primeren za ponovno vzpostavitev dolgoročno uspešnega poslovanja.