natgillin/translations-raw huggingface dataset:
The restructuring plan lays out a convincing strategy for repaying the Netherlands capital, which will be commenced even before the issuance of the present Decision.
V načrtu prestrukturiranja je zasnovana prepričljiva strategija za poplačilo kapitala Nizozemski, ki se bo začela izvajati še pred izdajo te odločbe.
The Restructuring Communication explains that long-term viability is achieved when a bank is able to cover all its costs including depreciation and financial charges and provide an appropriate RoE, taking account of the risk profile of the bank.
V načrtu prestrukturiranja je pojasnjeno, da se dolgoročna rentabilnost doseže, ko je banka sposobna kriti vse svoje stroške, vključno z amortizacijo in finančnimi dajatvami, ter zagotoviti ustrezen RoE ob upoštevanju profila tveganja banke.
As indicated in recital 65 the restructuring plan demonstrates how ING will show adequate profitability to cover all its costs including depreciation and financial charges and provide an appropriate return on equity, taking account of the risk profile of the bank.
Kot je navedeno v uvodni izjavi 65, je v načrtu prestrukturiranja navedeno, kako bo ING prikazala ustrezno donosnost za kritje vseh svojih stroškov, vključno z amortizacijo in finančnimi dajatvami, ter zagotovila ustrezen RoE ob upoštevanju profila tveganja banke.
The restructuring plan demonstrates that ING is also able to comply with the relevant regulatory requirements even in stress scenarios with a protracted global recession as required by point 13 of the Restructuring Communication.
Načrt prestrukturiranja kaže, da je ING zmožna izpolniti zadevne zakonske zahteve tudi v izjemnem scenariju z dolgotrajno svetovno recesijo, kot se zahteva s točko 13 sporočila o prestrukturiranju.
The information submitted by the Dutch authorities indicates that ING would be viable even in stress scenarios with conservative assumptions reviewed by the Commission.
Informacije, ki so jih predložili nizozemski organi, kažejo, da bi bila ING rentabilna tudi v izjemnih scenarijih s previdnimi predpostavkami, ki jih je pregledala Komisija.
The Commission notes that regarding the LGD levels for the Dutch mortgage retail portfolio the models used by ING have been approved by the DNB, the Dutch supervisory authority.
Komisija je seznanjena s tem, da je modele, ki jih je ING uporabila za stopnje LGD nizozemskega portfelja hipotekarnih posojil za prebivalstvo, odobril DNB – nizozemski nadzorni organ.
Regards the quality of the Dutch mortgage portfolio of ING additional severe stress assumptions for Dutch mortgage market were applied.
Glede kakovosti nizozemskega portfelja hipotekarnih posojil družbe ING so bile uporabljene dodatne izjemne predpostavke za nizozemski trg hipotek.
Under the additional stress assumptions ING would still meet its capital requirements according to the information provided by the Netherlands authorities.
Ob dodatnih izjemnih predpostavkah bi ING glede na informacije, ki so jih predložili nizozemski organi, še vedno izpolnjevala kapitalske zahteve.
The planned divestments will generate excess capital over time which should further strengthen the capital basis of ING.
Načrtovane odsvojitve bodo sčasoma ustvarile presežni kapital, ki bi moral dodatno okrepiti kapitalsko osnovo družbe ING.
Second, in line with point 10 of the Restructuring Communication, the plan identifies the causes of the difficulties for the bank and its weaknesses and outlines how the proposed restructuring measures will remedy the past problems.
Poleg tega so v načrtu v skladu s točko 10 sporočila o prestrukturiranju opredeljeni vzroki za težave banke in njene slabosti ter opisani načini, kako bodo predlagani ukrepi prestrukturiranja pripomogli k reševanju preteklih težav.
To this end the restructuring plan states that the beneficiary will improve its capital structure by eliminating double leverage and increasing its core capital ratio.
V ta namen je v načrtu prestrukturiranja navedeno, da bo upravičenec izboljšal svojo strukturo kapitala z odpravo dvojnega vzvoda in izboljšanjem količnika kapitalske ustreznosti temeljnega kapitala.
Therefore, ING will be in a better position to face possible adverse economic developments in the future and absorb unexpected losses even after repayment of the capital from the Netherlands.
Torej bo ING v boljšem položaju za spopadanje z morebitnim neugodnim gospodarskim dogajanjem v prihodnosti in bo lahko krila nepričakovane izgube tudi po poplačilu kapitala, ki ga je prejela od Nizozemske.
The Alt-A portfolio has been identified as a main reason for repeated need of State support.
Portfelj Alt-A je bil opredeljen kot glavni razlog za ponovno potrebo po državni podpori.
In this respect the foreseen divestment of ING Direct US as submitted in the restructuring plan set aside a main source of difficulties that led to State intervention.
V tem pogledu je bil s predvideno odsvojitvijo ING Direct US, kot je bila predstavljena v načrtu prestrukturiranja, odpravljen glavni vir težav, ki so povzročile poseg države.
ING will further decrease its exposure to higher risk asset classes and not aim to increase its real estate exposure.
ING bo dodatno zmanjšala svojo izpostavljenost sredstvom iz razredov z večjim tveganjem in ne bo poskušala povečati svoje izpostavljenosti na trgu nepremičnin.
ING will also sell or reduce exposure to other risky businesses and assets.
Prav tako bo ING prodala druge tvegane dejavnosti in sredstva ali zmanjšala izpostavljenost tem elementom.
Furthermore, ING has initiated a broader ‘de-risking’ (i.e. a risk reduction policy) and cost cutting programme, which also addresses the complexity of the group by first creating banking and insurance divisions and by later divesting the entire insurance part of its business.
Poleg tega je ING začela izvajati širšo politiko zmanjševanja tveganj in program za zniževanje stroškov, ki je usmerjen tudi v odpravljanje zapletene sestave ING Groep, in sicer najprej z oblikovanjem bančnega in zavarovalniškega dela, pozneje pa z odsvojitvijo celotne zavarovalniške dejavnosti.
The plan shows that in particular ING Direct will adapt a [prudent] business strategy and refrain from […] pricing, which is underlined by the price leadership ban as described in recital 53 and recital 84.
Načrt kaže, da bo zlasti ING Direct prilagodila [preudarno] poslovno strategijo in se vzdržala […] določanja cen, kar je poudarjeno s prepovedjo narekovanja cen, kot je navedeno v uvodnih izjavah 53 in 84.
In addition, the plan illustrates that ING is adapting to the lessons learned from the crisis in line with point 11 of the Restructuring Communication.
Nadalje, načrt kaže, da se ING v skladu s točko 11 sporočila o prestrukturiranju prilagaja novim spoznanjem, ki jih je pridobila s krizo.
For example the plan explains that ING intends to amend its remuneration policy to orientate the bank more towards longer-term achievements and thus avoid rewards for failure.
V načrtu je na primer pojasnjeno, da namerava ING spremeniti plačno politiko, da bi banko umerila v dolgoročnejše dosežke in tako preprečila nagrajevanje neuspeha.
Therefore, it is concluded that the restructuring plan is apt to restore its long term-viability.
Zato se sklene, da je načrt prestrukturiranja primeren za ponovno vzpostavitev dolgoročne rentabilnosti družbe ING.
Own contribution of the beneficiary
Lastni prispevek upravičenca
Furthermore, the restructuring plan provides for an appropriate own contribution to the restructuring costs (section 3 of the Restructuring Communication).
Poleg tega je v načrtu prestrukturiranja predviden ustrezen lastni prispevek k stroškom prestrukturiranja (oddelek 3 sporočila o prestrukturiranju).
The restructuring plan demonstrates that ING provides an appropriate burden sharing in line with the Restructuring Communication, which is important for addressing moral hazard.
Načrt prestrukturiranja kaže, da ING v skladu s sporočilom o prestrukturiranju zagotovi ustrezno porazdelitev bremena, ki je pomembna za zmanjšanje moralnega tveganja.
First, the Netherlands has committed to adjust the terms of the IA measure which brings it in line with the requirements put forward in the Impaired Asset Communication.
Prvič, Nizozemska se je zavezala, da bo prilagodila pogoje ukrepa OS, s čimer se ta ukrep uskladi z zahtevami, določenimi v sporočilu o oslabljenih sredstvih.
Second, ING will pay an adequate remuneration of its capital injection in line with its Communication on the recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition [41] (‘the Recapitalisation Communication’).
Drugič, ING bo za pridobljeni kapitalski vložek plačala ustrezno nadomestilo v skladu s sporočilom o dokapitalizaciji finančnih institucij v trenutni finančni krizi: omejitev pomoči na najmanjšo potrebno in zaščitni ukrepi za preprečevanje neupravičenega izkrivljanja konkurence [41] (v nadaljnjem besedilu: sporočilo o dokapitalizaciji).
That assessment is not altered by the modification of the repayment terms as these constitute an early redemption premium.
Ta ocena se ne spremeni s spremembo pogojev poplačila, saj ti zadevajo premijo predčasnega odkupa.
Such early redemption premium constitutes a modification of the recapitalisation decision.
Ta premija pomeni spremembo odločitve o dokapitalizaciji.
It is acceptable because the Commission encourages early repayment.
Premija predčasnega odkupa je sprejemljiva, ker Komisija spodbuja predčasno poplačilo.
The rationale for such redemption incentives is that redemption removes the ongoing effects of State aid benefits for the bank.
Take spodbude za odkup so utemeljene tako, da se z njim odpravijo trajni učinki koristi državne pomoči za banko.
This has been applied in Commission decisions taken following the Recapitalisation Communication such as SNS and Aegon (cf. recital (33)) and should be applied here mutatis mutandis.
Enak pristop je bil uporabljen v odločitvah Komisije, sprejetih na podlagi sporočila o dokapitalizaciji, kot sta SNS in Aegon (glej uvodno izjavo 33), in ga je treba smiselno uporabiti tudi v tem primeru.
Moreover, in view of the fact that the capital injection will provide the Netherlands with a 15 % IRR, the reduction of the redemption premium also seems justified in itself as such an IRR is an adequate remuneration within meaning of the Recapitalisation Communication.
Poleg tega se zdi znižanje odkupne premije glede na to, da bo kapitalski vložek Nizozemski zagotovil 15-odstotno IRR, upravičeno tudi samo po sebi, saj je taka IRR ustrezno nadomestilo v smislu sporočila o dokapitalizaciji.
Consequently, the reduction in the redemption premium should be considered as compatible restructuring aid.
Zato je treba znižanje odkupne premije obravnavati kot združljivo pomoč za prestrukturiranje.
Third, ING will pay an adequate remuneration for its guarantees on medium-term liabilities in line with the Dutch guarantee scheme which, in turn, is in line with the Communication on the application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis [42].
Tretjič, ING bo za pridobljena jamstva za srednjeročne obveznosti plačala ustrezno nadomestilo v skladu z nizozemsko jamstveno shemo, ki je po drugi strani v skladu s sporočilom o uporabi pravil o državni pomoči za ukrepe v zvezi s finančnimi institucijami v okviru trenutne svetovne finančne krize [42].
The Netherlands has also committed to a large number of planned divestments in ING’s global insurance activities, its asset management business and its private banking activities in Switzerland and outside Europe, which contributes to covering the restructuring costs.
Nizozemska se je tudi zavezala k številnim načrtovanim odsvojitvam svetovnih zavarovalniških dejavnostih družbe ING, njene dejavnosti upravljanja premoženja ter njenih dejavnosti zasebnega bančništva v Švici in zunaj Evrope, kar prispeva h kritju stroškov prestrukturiranja.
Furthermore, the restructuring plan foresees that ING will raise EUR 5 billion of capital via a share offering in 2009, which will result in a dilution of existing shareholder rights.
Poleg tega je v načrtu prestrukturiranja predvideno, da bo ING zbrala 5 milijard EUR kapitala s ponudbo delnic v letu 2009, katere posledica bo razvodenitev pravic obstoječih delničarjev.
This can be considered as a significant own contribution of existing capital providers.
To se lahko šteje za precejšnji lastni prispevek obstoječih ponudnikov kapitala.
A limitation of the aid to the minimum necessary is also ensured by the commitment of the Netherlands that the beneficiary will not acquire other financial institutions in general or other businesses if this slows-down the repayment of the capital provided by the Netherlands.
Omejitev pomoči na najmanjšo potrebno zagotavlja tudi zaveza Nizozemske, da upravičenec ne bo prevzemal drugih finančnih institucij na splošno ali drugih družb, če bi to upočasnilo poplačilo kapitala Nizozemski.
This ensures that the bank will refrain from any acquisition […].
S tem se zagotavlja, da se bo banka vzdržala vseh prevzemov […].
ING has in the past however not complied with the Commission’s policy on Tier 1 and Tier 2 capital instruments as stipulated in point 26 of the Restructuring Communication [43].
ING v preteklosti ni spoštovala politike Komisije glede kapitalskih instrumentov prvega in drugega reda, kot je določena v točki 26 sporočila o prestrukturiranju [43].
The Commission clarified there that in a restructuring context, the discretionary offset of losses (for example by releasing reserves or reducing equity) by beneficiary banks in order to guarantee the payment of dividends and coupons on outstanding subordinated debt, is in principle not compatible with the objective of burden sharing.
Komisija je v navedeni točki pojasnila, da v okviru prestrukturiranja diskrecijska izravnava izgub s strani bank upravičenk (npr. s sprostitvijo rezerv ali zmanjšanjem lastniškega kapitala), da bi zagotovile izplačilo dividend in kuponov na neodplačani podrejeni dolg, načeloma ni združljiva s ciljem porazdelitve bremena.
While, the Commission acknowledges that ING will no longer call Tier 1 and Tier 2 instruments without formal Commission approval the call on 14 October 2009 did not respect that principle and should be compensated by additional measures mitigating distortions of competition.
Čeprav Komisija razume, da ING ne bo več kupovala instrumentov prvega in drugega reda brez uradne odobritve Komisije, pa pri nakupu z dne 14. oktobra 2009 to načelo ni bilo spoštovano, kar je treba popraviti z dodatnimi ukrepi za omilitev izkrivljanja konkurence.
In the same vein, it is unfortunate that ING made discretionary coupon payments in 2009 without any proper justification although it was loss making in 2008.
Žal je ING leta 2009 podobno izvedla diskrecijska plačila kuponov brez kakršne koli primerne utemeljitve, čeprav je v letu 2008 ustvarila izgubo.
This has been demonstrated in the restructuring plan.
To je bilo prikazano v načrtu prestrukturiranja.
Measures addressing distortions of competition
Ukrepi za odpravo izkrivljanj konkurence
The restructuring plan also entails sufficient structural and behaviour measures to address distortions of competition.
Načrt prestrukturiranja vsebuje tudi zadostne strukturne ukrepe in ukrepe v zvezi z ravnanjem za odpravljanje izkrivljanja konkurence.
The Restructuring Communication explains that distortions of competition can be created where some banks compete on the merits of their products and services, whereas others accumulate excessive risks and/or rely on unsustainable business models.
V sporočilu o prestrukturiranju je pojasnjeno, da se lahko izkrivljanje konkurence pojavi, kadar nekatere banke konkurirajo na podlagi kakovosti svojih produktov in storitev, druge pa poslujejo pretirano tvegano in/ali uporabljajo nezanesljive poslovne modele.
State aid prolongs such distortions of competition by artificially supporting the market presence of beneficiaries.
Državna pomoč podaljšuje taka izkrivljanja konkurence, saj umetno podpira prisotnost upravičencev na trgu.
In this way it may create moral hazard within the banking system while weakening the incentives of the non-beneficiaries to compete, invest and innovate.
Na ta način lahko ustvarja moralno tveganje v bančnem sistemu, hkrati pa slabi spodbude za konkurenčno ravnanje, naložbe in inovacije bank, ki niso upravičene do pomoči.
State aid may also undermine the single market by creating entry barriers and undermining the incentives for cross-border activities.
Z ustvarjanjem ovir za vstop in zmanjševanjem spodbud za čezmejne dejavnosti lahko tudi oslabi enotni trg.
Point 31 of the Restructuring Communication notes that when assessing the amount of aid and the resultant distortions, the Commission has to take into account both the absolute and relative amount in relation to the State aid received.
V točki 31 sporočila o prestrukturiranju je navedeno, da mora Komisija pri ocenjevanju zneska pomoči in izkrivljanja, ki nastane zaradi pomoči, upoštevati absolutni in relativni znesek prejete državne pomoči.
In this respect ING has received a significant aid amount, representing 5 % of RWA if expressed in terms of RWA of ING Bank.
Glede na to je ING prejela precejšnji znesek pomoči, ki pomeni 5 % RWA, če je izražena v RWA ING Bank.
This level is well above the ‘trigger level’ of 2 % of RWA [44].
Ta raven je precej nad „sprožitveno ravnjo“ 2 % RWA [44].
In addition ING has obtained a significant amount of guarantees, which should however not need to result in measures to mitigate distortions of competition pursuant to point 31 of the Restructuring Communication because that ING did not have a funding problem (which guarantees typically help to overcome) but was encouraged by the Netherlands to take the guarantees in order to lend to the real economy.
Poleg tega je ING pridobila precejšnji znesek jamstev, zaradi katerih pa ni treba sprejeti ukrepov za omilitev izkrivljanja konkurence v skladu s točko 31 sporočila o prestrukturiranju, saj ING ni imela težave s financiranjem (jamstva so navadno namenjena odpravljanju te težave), temveč jo je Nizozemska spodbudila, naj sprejme jamstva, da bo lahko dajala posojila realnemu gospodarstvu.
Moreover, there does not appear to be any reason why, at this stage, the additional guarantees foreseen in the restructuring plan for the carve-out of WUH/Interadvies should require additional measures to mitigate distortions of competitions.
Prav tako ni videti razloga, zakaj bi na tej stopnji dodatna jamstva, v načrtu prestrukturiranja predvidena za delno izčlenitev WUH/Interadvies, zahtevala dodatne ukrepe za omilitev izkrivljanja konkurence.
That measure is, in itself, a measure intended to help address the market distortion since it is only envisaged in order to enable the carve-out of WUH/Interadvies.
Navedeni ukrep je sam po sebi namenjen odpravljanju izkrivljanja trga, saj je predviden samo zato, da se omogoči delna izčlenitev WUH/Interadvies.
It is therefore concluded that the amount of aid to the beneficiary is large.
Torej se sklene, da je upravičenec prejel velik znesek pomoči.
Consequently, significant measures are necessary in order to remedy the distortions of competition.
Zato so potrebni znatni ukrepi, da se odpravi izkrivljanje konkurence.
The mitigating measures should be increased pursuant to point 31 of the Restructuring Communication due to the insignificant burden-sharing stemming from non-compliance with the Commission’s policy on Tier-1 and Tier-2 instruments set out in point 26 of the Restructuring Communication as explained in more detail in recital 138 et seq. of this Decision [45].
Ukrepe za omilitev izkrivljanja konkurence je treba okrepiti v skladu s točko 31 sporočila o prestrukturiranju zaradi nezadostne porazdelitve bremena, ki izhaja iz nespoštovanja politike Komisije glede instrumentov prvega in drugega reda, določene v točki 26 sporočila o prestrukturiranju, kot je podrobneje pojasnjena v uvodni izjavi 138 in naslednjih te odločbe. [45]
The Commission considers that ING has taken the necessary steps to address the very large competition distortions because the restructuring plan foresees a number of divestments reducing the market presence of the beneficiary.
Komisija meni, da je ING sprejela potrebne ukrepe za odpravo zelo obsežnega izkrivljanja konkurence, saj so v načrtu prestrukturiranja predvidene številne odsvojitve, s katerimi se bo zmanjšala prisotnost upravičenke na trgu.
The scale of the proposed divestments is appropriate to mitigate the distortions of competition, also in view of the aggravating circumstances mentioned in recitals 138 and 139.
Obseg predlaganih odsvojitev je ustrezen za omilitev izkrivljanja konkurence, tudi ob upoštevanju oteževalnih okoliščin iz uvodnih izjav 138 in 139.
In addition, the restructuring plan also fosters effective competition and prevents market power and disincentives for cross-border activities pursuant to recital 32 of the Restructuring Communication by carving out an entity from ING’s business in the Dutch retail market.
Poleg tega se z načrtom prestrukturiranja tudi spodbuja učinkovita konkurenca ter preprečujejo tržna moč in ovire za čezmejno poslovanje v skladu s točko 32 sporočila o prestrukturiranju, saj bo v skladu z njim od dejavnosti družbe ING na nizozemskem trgu bančnega poslovanja s prebivalstvom izvedena delna izčlenitev subjekta.
The Commission has identified such market conditions in particular in the Netherlands where the retail banking market is highly concentrated and ING is one of the leading players able to maintain its high market share with the help of State aid.
Komisija je ugotovila take tržne razmere zlasti na Nizozemskem, kjer je trg bančnega poslovanja s prebivalstvom močno koncentriran, ING pa je med vodilnimi udeleženci na trgu in lahko z državno pomočjo ohrani velik tržni delež.
The WUH/Interadvies business is appropriate because it is apt to constitute a viable business in the future that can compete in the retail banking business in the Netherlands.
Družba WUH/Interadvies je primerna, ker se lahko v prihodnosti razvije v rentabilno družbo, ki lahko konkurira pri bančnem poslovanju s prebivalstvom na Nizozemskem.
According to the Netherlands the carve out should be able to add competition in this highly concentrated market, given that it amounts to a good market share in the mortgage business and consumer loans and some savings activities.
Kot navaja Nizozemska, bi morala delna izčlenitev povečati konkurenco na močno koncentriranem trgu, saj ima družba znaten tržni delež na področju hipotekarnih in potrošniških posojil ter pri nekaterih dejavnostih na področju varčevanja.
Moreover, the entity will be a fully fledged banking business that has a well equipped back office, and fully fledged Internet interface with a payments system and is funded by ING. The fact that it does not have a branch network which is typically an essential facility for a banking business in most Member States is at least partially compensated through Internet banking, which is also an important distribution channel for banking products in the Netherlands.
Poleg tega bo subjekt celovita bančna družba z dobro opremljeno zaledno službo in dobro razvitim internetnim vmesnikom s plačilnim sistemom, financirala pa ga bo ING. Neobstoječo mrežo podružnic, ki je navadno pomembna infrastruktura za bančno dejavnost v večini držav članic, vsaj delno nadomešča internetno bančništvo, ki je prav tako pomemben distribucijski kanal za bančne produkte na Nizozemskem.
Deposits can be attached to WUH/Interadvies via its received Internet platform.
Vloge se lahko položijo pri WUH/Interadvies prek internetne platforme, ki jo bo dobila ta družba.
Also, given the know-how and human resources provided to the new entity, it will be in a position to further develop its existing business and possibly set up branches.
Novi subjekt bo lahko zaradi strokovnega znanja in izkušenj ter človeških virov, ki mu bodo zagotovljeni, tudi nadalje razvijal svojo obstoječo poslovno dejavnost in morda ustanovil podružnice.