natgillin/translations-raw huggingface dataset:
In Commission Decision of 7 May 2009 in case N 244/09 Commerzbank, OJ C 147, 27.6.2009, p. 4 and in Commission Decision of 18 November 2009 in case C 18/09, KBC, not yet published, the Commission considered it appropriate to limit the ban to markets where the bank has a significant presence, defined for the purpose of the price leadership ban as having a market share of at least 5 %.
Komisija je v odločitvi z dne 7. maja 2009 v zadevi N 244/09, Commerzbank, UL C 147, 27.6.2009, str. 4. in še ne objavljeni odločitvi z dne 18. novembra 2009 v zadevi C 18/09, KBC, menila, da je treba prepoved omejiti na trge, na katerih ima banka znatno prisotnost, ki je za namen prepovedi narekovanja cen opredeljena kot vsaj 5-odstotni tržni delež.
Commission Decision of 22 October 2008 in case C 10/08, IKB, OJ L 278, 23.10.2009, p. 32.
Glej odločitev Komisije z dne 22. oktobra 2008 v zadevi C 10/08, IKB, UL L 278, 23.10.2009, str. 32.
As regards the impaired asset measure the following commitments have to be respected:
V zvezi z ukrepom za oslabljena sredstva je treba spoštovati naslednje zaveze:
Starting 25 October 2009, ING Group will make additional payments to the Netherlands, corresponding with an adjustment of the Alt-A remuneration of – 50 basis points on the funding fee received by ING and of + 82,6 basis points on the guarantee fee paid by ING. The guarantee fee related adjustment includes 15,6 basis points representing an adjustment for the period from 26 January 2009 — the start of the IABF (that is to say the A measure) — until 25 October 2009.
ING Groep bo od 25. oktobra 2009 Nizozemski zagotavljala dodatna plačila, ki ustrezajo prilagoditvi nadomestila Alt-A v višini – 50 BT na provizijo za financiranje, ki jo ING prejema, in + 82,6 BT na provizijo za jamstvo, ki jo ING plačuje. Prilagoditev v zvezi s provizijo za jamstvo vključuje 15,6 BT prilagoditve za obdobje od 26. januarja 2009, ko se je začel izvajati ukrep IABF (to je ukrep OS), do 25. oktobra 2009.
As regards the restructuring aid the following commitments have to be respected:
V zvezi s pomočjo za prestrukturiranje je treba spoštovati naslednje zaveze:
As regards balance sheet reductions, the commitment for divestment of insurance, ING Direct US and other units to be divested before end of 2013:
v zvezi z zmanjšanjem bilance, zavezo za odsvojitev zavarovalništva ter tem, da je treba ING Direct US in druge enote odsvojiti do konca leta 2013:
ING will reduce 45 % of its balance sheet compared to 30 September 2008 by the end of 2013 and will divest a list of units as described in recital 57, in particular Insurance and ING Direct US, […].
ING bo do konca leta 2013 v primerjavi s 30. septembrom 2008 za 45 % zmanjšala bilanco in odsvojila enote s seznama iz uvodne izjave 57, zlasti zavarovalništvo in ING Direct US […],
With respect to units ING commits to sell (as listed in recital 57), if a divestment of any such unit has not taken place by 31 December 2013 (for example on the basis of a final binding sale agreement having been entered into), the Commission may where appropriate or due to exceptional circumstances, in response to a request from the Netherlands, grant an extension of this time period [2].
če odsvojitev katere koli enote, ki se jo ING zaveže prodati (kot so navedene v uvodni izjavi 57), ni izvedena do 31. decembra 2013 (na primer na podlagi sklenitve dokončne in zavezujoče pogodbe o prodaji), lahko Komisija, če je to primerno ali zaradi izjemnih okoliščin, v odgovor na zahtevo Nizozemske odobri podaljšanje tega obdobja.
The Commission may also in such a case (i) request the Netherlands to appoint one or more (divestiture) trustee(s) [3], preselected and proposed by ING (and subject to the Commission’s approval), […].
Komisija lahko v takem primeru tudi (i) zahteva, naj Nizozemska imenuje enega ali več (odsvojitvenih) fiduciarjev [3], ki jih je predhodno izbrala in predlagala ING (ter odobrila Komisija) […],
ING will seek to carve-out the WUH business […].
ING si bo prizadevala, da bi končala postopek delne izčlenitve družbe WUH […].
After the carve-out period […], ING will hold-separate the WUH business and seek to divest this business […] [4].
Po obdobju delne izčlenitve […] bo ING poskrbela, da bo družba WUH delovala ločeno, in si prizadevala za odsvojitev te družbe […] [4],
A monitoring trustee and hold separate manager will be appointed within […] after the date of the present Commission Decision […] and a Divestiture trustee will be appointed […].
nadzorni fiduciar in poslovodja odsvojene družbe bosta imenovana v […] od datuma sprejetja te odločbe Komisije, odsvojitveni fiduciar pa bo imenovan v […].
The costs of all trustees appointed during the restructuring process will be born by ING.
stroške za vse fiduciarje, imenovane v postopku prestrukturiranja, bo nosila ING.
ING commits to orientate its non-deposit funding towards longer term funding once markets revert to less stressed conditions by issuing more debt instruments with a maturity more than 1 year.
ING se zavezuje, da bo svoje nedepozitno financiranje po umiritvi tržnih razmer usmerila v dolgoročnejše financiranje z izdajanjem več dolžniških instrumentov z zapadlostjo, daljšo od enega leta […],
If a rights issue of more than is needed to repay 50 % of the Core Tier 1 securities, including the relevant accrued interest and the exit premium fee, ING will not be obliged to defer coupon payments on hybrids on 8 and 15 December 2009 [5] and any coupon payments on hybrids thereafter.
če je potrebna nova izdaja delnic s pravico prednostnega nakupa za obstoječe delničarje za poplačilo 50 % temeljnih vrednostnih papirjev prvega reda, vključno z zadevnimi natečenimi obrestmi in provizijami izhodnih premij, družbi ING ne bo treba odložiti plačil kuponov na hibridne instrumente, predvidenih za 8. in 15. december 2009, [5] ali katerega koli plačila kupona na hibridne instrumente po tem,
The Dutch authorities understand that the Commission is against State aid recipients remunerating own funds (equity and subordinated debt) when their activities do not generate sufficient profits [6] and that the Commission is in this context in principle against the calling of Tier 2 capital and Tier 1 hybrids. ING regrets the misunderstanding regarding the calling of a lower Tier 2 bond on 14 October 2009.
nizozemski organi se zavedajo, da Komisija nasprotuje temu, da prejemniki državne pomoči to uporabljajo za nadomestila za lastna sredstva (lastniški kapital in podrejeni dolg), če njihove dejavnosti ne ustvarjajo zadostnih dobičkov [6], ter da Komisija v tem okviru načelno nasprotuje nakupu kapitala drugega reda in hibridnih instrumentov prvega reda; ING obžaluje nesporazum v zvezi z nakupom obveznice nižjega drugega reda 14. oktobra 2009.
The calling of Tier 2 capital and Tier 1 hybrids will in the future be proposed case by case to the Commission for authorisation, for the shorter period of three years starting from the date of the present Decision or up to the date on which ING has fully repaid the Core-Tier 1 securities to the Netherlands (including the relevant accrued interest on Core-Tier 1 coupons and exit premium fees).
Nakup kapitala drugega reda in hibridnih instrumentov prvega reda bo v prihodnje Komisiji predložen v odobritev za vsak primer posebej, in sicer v obdobju treh let od datuma sprejetja te odločbe ali dokler ING Nizozemski v celoti ne poplača temeljnih vrednostnih papirjev prvega reda (vključno z zadevnimi natečenimi obrestmi kuponov na temeljni kapital prvega reda in provizijami izhodnih premij), odvisno od tega, kaj nastopi prej;
In particular, whenever a divestment is being undertaken by an IPO process which has commenced and significant (30 % or more) share placements have been made prior to the end of the divestment period, the Commission (in consultation with the Netherlands, ING and the Trustee) shall actively consider allowing the entity more time to place remaining shares.
Zlasti kadar se odsvojitev izvaja s postopkom prve javne ponudbe (v nadaljnjem besedilu: IPO), ki se je že začel, in je bila pred koncem obdobja odsvojitve prodana že precejšnja količina (30 % ali več) delnic, bo Komisija (ob posvetovanju z Nizozemsko, ING in fiduciarjem) aktivno preučila možnost, da subjektu dovoli več časa za prodajo preostalih delnic.
See paragraph 26 Commission Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under State aid rules (Restructuring Communication).
Glej točko 26 Sporočila Komisije o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči (sporočilo o prestrukturiranju).
On 12 May 2009 the Netherlands submitted a restructuring plan for ING group to the Commission, which was complemented by additional information submitted on 7 July 2009.
Nizozemska je 12. maja 2009 Komisiji predložila načrt prestrukturiranja za družbo ING, ki je bil dopolnjen z dodatnimi informacijami, predloženimi 7. julija 2009.
The restructuring plan was modified on 22 October 2009 (any reference to a restructuring plan made hereinafter refers to this last version of the restructuring plan).
Načrt prestrukturiranja je bil 22. oktobra 2009 spremenjen (v nadaljnjem besedilu se vsako sklicevanje na načrt prestrukturiranja nanaša na to zadnjo različico načrta).
Its activities in Canada were sold in early 2009.
Kanadski del dejavnosti je bil prodan v začetku leta 2009.
ING Insurance Americas offers life and non-life insurance, retirement services (primarily defined contribution plans), annuities, mutual funds, broker-dealer services and institutional products, including group reinsurance and institutional asset management products and services.
ING Insurance Americas ponuja življenjsko in neživljenjsko zavarovanje, pokojninske storitve (predvsem programe z določenimi prispevki), rentna zavarovanja, vzajemne sklade, storitve borznega posredništva in institucionalne produkte, vključno s skupinskim pozavarovanjem ter produkti in storitvami institucionalnega upravljanja premoženja.
In the framework of the restructuring plan the Netherlands has submitted an amendment to the agreement for repayment of the Tier 1 securities by ING. According to the amended terms ING is able to repurchase up to 50 % of the Core-Tier 1 securities at the issue price (EUR 10), plus the accrued interest in relation to the 8,5 % annual coupon (around EUR 253 million), plus an early repayment penalty when the ING share price trades above EUR 10.
V sklopu načrta prestrukturiranja je Nizozemska predložila spremembo dogovora o poplačilu vrednostnih papirjev prvega reda, ki jih je izdala ING.
The early redemption penalty increases with the ING share price.
V skladu s spremenjenimi pogoji lahko ING ponovno odkupi do 50 % temeljnih vrednostnih papirjev prvega reda po ceni, kakršna je bila ob izdaji (10 EUR), ki se ji prištejejo natečene obresti, povezane z 8,5-odstotnim letnim kuponom (približno 253 milijonov EUR), in kazen za predčasno poplačilo, ko cena delnice družbe ING preseže 10 EUR. Kazen za predčasni odkup se povečuje s ceno delnice družbe ING.
ING aims to make use of the repurchase option prior to 1 January 2010.
ING namerava izkoristiti možnost ponovnega odkupa pred 1. januarjem 2010.
Repayment and conversion options on the remaining 50 % are unaltered.
Možnosti poplačila in pretvorbe za preostalih 50 % ostanejo nespremenjene.
The IA measure was described in detail in the opening decision of 31 March 2009.
Ukrep OS je bil podrobno opisan v odločitvi o začetku postopka z dne 31. marca 2009.
The structure of the measure is only briefly recalled before the main changes in the remuneration and fee structure are explained.
Struktura ukrepa je opisana samo na kratko, preden so pojasnjene glavne spremembe v strukturi nadomestil in provizij.
ING Bank expects to meet its internal capital targets throughout the projection period.
ING Bank pričakuje, da bo dosegla cilje za notranji kapital v celotnem obdobju, zajetem v napovedi.
ING has set new internal capital targets which are […] % for the bank’s Tier 1 ratio and […] % for its Core-Tier 1 ratio.
ING je določila nove cilje za notranji kapital, in sicer […]-odstotni količnik kapitalske ustreznosti za kapital prvega reda in […]-odstotni količnik kapitalske ustreznosti za temeljni kapital prvega reda.
The exact repurchase price will depend on ING’s share price.
Natančna cena ponovnega odkupa bo odvisna od cene delnice družbe ING;
A [remaining] tranche presenting EUR […] billion of notional amount will be repurchased in […] at an assumed price of EUR […] billion. This price assumes repurchase at 150 % of par (EUR 15 per share) plus 8,5 % accrued interest for one year in line with the original terms of the Core-Tier 1 securities agreement.
[preostala] tranša v višini […] milijarde EUR nominalnega zneska bo ponovno odkupljena […] po predpostavljeni ceni […] milijard EUR. V tej ceni se predpostavlja ponovni odkup po 150 % nominalne vrednosti (15 EUR na delnico) z 8,5 % natečenih obresti za eno leto v skladu s prvotnimi pogoji dogovora o temeljnih vrednostnih papirjih prvega reda.
Alternatively, ING could [after] 2011 […] repurchase this tranche and then exercise its conversion option, whereby the Netherlands would receive either […] million ING ordinary shares or cash in the amount of EUR […] billion plus approximately EUR […] million accrued interest.
V okviru druge možnosti bi lahko ING [po] letu 2011 […] ponovno odkupila to tranšo in nato uporabila svojo možnost pretvorbe, pri čemer bi Nizozemska prejela […] milijonov navadnih delnic družbe ING ali denarna sredstva v višini […] milijard EUR ter približno […] milijonov EUR natečenih obresti;
On 14 October 2009 ING exercised a call option on a lower Tier 2 bond.
ING je 14. oktobra 2009 uporabila nakupno opcijo za obveznico nižjega drugega reda (Tier 2).
ING informed the Commission that it regrets this and states that it was a misunderstanding […].
Komisijo je obvestila, da to obžaluje, in zatrdila, da je bil to nesporazum […].
The Dutch authorities understand that the Commission is against State aid recipients remunerating own funds (equity and subordinated debt) when their activities do not generate sufficient profits [28] and that the Commission is in this context in principle against the calling of Tier 2 capital and Tier 1 hybrids.
nizozemski organi se zavedajo, da Komisija nasprotuje temu, da prejemniki državne pomoči to uporabljajo za nadomestila za lastna sredstva (lastniški kapital in podrejeni dolg), če njihove dejavnosti ne ustvarjajo zadostnih dobičkov [28], ter da Komisija v tem okviru načelno nasprotuje nakupu kapitala drugega reda in hibridnih instrumentov prvega reda.
ING regrets the misunderstanding regarding the calling of a lower Tier 2 bond on 14 October 2009.
ING obžaluje nesporazum v zvezi z nakupom obveznice nižjega drugega reda 14. oktobra 2009.
That amendment is necessary in order to consider the measure compatible with the Impaired Asset Communication from 26 January 2009.
Ta sprememba je potrebna, da bi se ukrep štel za združljivega s sporočilom o oslabljenih sredstvih od 26. januarja 2009.
However the increase does not raise the valuation of the portfolio or increase burden sharing, because it only ensures the application of the Impaired Asset Communication from the date of the IA measure coming into effect, i.e. retroactively.
Vendar se s tem zvišanjem ne poveča vrednotenje portfelja ali izboljša porazdelitev bremena, saj se z njim samo zagotavlja uporaba sporočila o oslabljenih sredstvih od datuma začetka veljavnosti ukrepa OS, tj. za nazaj.
Concerns in the market place about possible write-downs on the Alt-A portfolio have been one of the triggers of the recapitalisation measure before being covered by the IA measure.
Pomisleki na trgu glede morebitnih zmanjšanj vrednosti portfelja Alt-A so bili eden od povodov za dokapitalizacijo, preden je bil za portfelj uveden ukrep OS.
Such concerns in the market have been allayed by the IA measure.
Taki pomisleki na trgu so bili z ukrepom OS odpravljeni.
The early repayment of a significant part of the State aid granted to the Netherlands addresses existing concerns of the Commission that such coupon payments impede ING from achieving long-term viability without State aid.
Predčasno poplačilo znatnega dela državne pomoči, dodeljene Nizozemski, odpravlja obstoječe pomisleke Komisije, da taka plačila kuponov preprečujejo družbi ING, da bi dosegla dolgoročno rentabilnost brez državne pomoči.
If a bank is able to raise such a significant amount of capital from the market and has a clear strategy in the medium term, it should no longer be restricted in the use of its capital if and where this does not threaten the implementation of its restructuring plan.
Če lahko banka na trgu zbere toliko kapitala in ima jasno srednjeročno strategijo, ne bi več smela biti omejena pri uporabi svojega kapitala, če in kadar to ne ogroža izvajanja njenega načrta prestrukturiranja.
In that respect, the beneficiary will reduce its balance sheet by 45 % before the end of 2013 compared to the balance sheet of 30 September 2008.
Upravičenec bo tako pred koncem leta 2013 svojo bilanco zmanjšal za 45 % glede na bilanco z dne 30. septembra 2008.
Those measures are only to a very limited part due to deleveraging and mainly entail the divestiture of ING’s entire insurance and asset management business as well as retail banking in the Netherlands, private banking in Switzerland and banking activities elsewhere outside Europe.
Navedeni ukrepi so samo v zelo omejenem obsegu posledica razdolževanja in vključujejo predvsem odsvojitev celotne zavarovalniške dejavnosti družbe ING, dejavnosti upravljanja premoženja in bančnega poslovanja s prebivalstvom na Nizozemskem, zasebnega bančništva v Švici in bančnih dejavnosti zunaj Evrope.
An increase in fee is only applicable as from 25 October 2009.
Zvišanje provizije je mogoče uporabiti samo od 25. oktobra 2009.
An adjustment was required and was evaluated at 15,6 bp to compensate for the non payment between 26 January 2009 and 25 October 2009.
Potrebna prilagoditev je bila ocenjena na 15,6 BT, da se nadomestijo neplačila med 26. januarjem 2009 in 25. oktobrom 2009.
This adjustment captures both the reduction in funding fee by 50 bp (received by ING from the Dutch State) and the increase in the guarantee fee by 67 bp (paid by ING to the Dutch State).
Ta prilagoditev zajema znižanje provizije za financiranje (ki jo ING prejme od Nizozemske) za 50 BT in zvišanje provizije za jamstvo (ki jo ING plačuje Nizozemski) za 67 BT.
Although, the Commission in principle considers a coupon ban is also necessary in the case of ING, it finds that such a ban should no longer be required in this case provided that ING repays EUR 5 billion before 31 January 2010.
Čeprav Komisija meni, da je prepoved kuponov načelno potrebna tudi v primeru ING, pa ugotavlja, da se taka prepoved v tem primeru ne bi več smela zahtevati, če ING poplača 5 milijard EUR pred 31. januarjem 2010.
This would include the coupon payments of 8 and 15 December 2009.
To bi vključevalo plačili kupona z dne 8. in 15. decembra 2009.
ING will not have a restriction on organic (that is to say not related to acquisitions) growth of the balance sheet of its businesses. […].
Zaradi takih zahtev bi se lahko bilanca povečala precej bolj, kot je predvideno v sedanjih napovedih notranje rasti,
Through an increase of the guarantee fee of 15 bp p.a. (in addition to the 52 bp p.a. for valuation adjustment and 15,6 bp p.a. for time adjustment) the management fee is reduced to 10 bp p.a. which is an acceptable level given the size of the portfolio under management.
Z zvišanjem provizije za jamstvo za 15 BT na leto (poleg 52 BT na leto za prilagoditev vrednotenja in 15,6 BT na leto za časovno prilagoditev) se provizija za upravljanje zniža na 10 BT na leto, kar je sprejemljiva raven glede na velikost upravljanega porfelja.
ING intends to apply to the Netherlands for State guaranteed funding up to an amount of EUR […] billion for the funding of the WUH business. In that case, the Dutch authorities commit to notify this measure separately.
ING namerava za financiranje družbe WUH zaprositi Nizozemsko za državno zajamčeno pomoč do […] milijarde EUR. V tem primeru se nizozemski organi zavezujejo, da bodo ta ukrep priglasili posebej,
These figures refer to projections that do not take into account the possible impact of organic growth and exclude additional increases due to potential new regulatory requirements, such as for example if banks are required to hold significantly larger liquidity buffers due to new EU-wide regulations. Such requirements could increase the balance sheet significantly beyond the current organic growth projections.
te številke se nanašajo na napovedi, v katerih se ne upošteva možni učinek notranje rasti in ki izključujejo dodatna povečanja zaradi morebitnih novih zakonskih zahtev, na primer če bi morale banke v skladu z novimi predpisi, veljavnimi v vsej EU, vzdrževati občutno večje likvidnostne rezerve.
ING […] to apply to the Netherlands for State guaranteed funding up to an amount of EUR […] billion for the funding of the WUH business. In that case, the Dutch authorities commit to notify this measure separately.
ING […] za financiranje družbe WUH zaprosi Nizozemsko za državno zajamčeno pomoč do […] milijarde EUR. V tem primeru se nizozemski organi zavezujejo, da bodo ta ukrep priglasili posebej,
The first measure consisted of a capital injection fully subscribed by the Netherlands which allowed ING Group to increase its Core-Tier 1 capital by EUR 10 billion [11]. The Commission noted in its decision approving the rescue aid (N 528/08) that the reasons for the loss of market confidence in ING, which triggered the State intervention, was due to the perceived toxicity of the Alt-A portfolio, market concerns about further write downs, the capital needs of ING Insurance and the deteriorating debt to equity ratio of ING group.
Prvi ukrep je bil kapitalski vložek, ki ga je v celoti vpisala Nizozemska in je ING Groep omogočil povečanje temeljnega kapitala prvega reda za 10 milijard EUR. [11] Komisija je v odločitvi, s katero je odobrila pomoč za reševanje (N 528/08), opozorila, da so razlogi za izgubo zaupanja trga v družbo ING, ki je povzročila državni ukrep, dojemanje portfelja Atl-A kot nezanesljivega, pomisleki trga o nadaljnjem zmanjševanju vrednosti, kapitalske potrebe ING Insurance ter poslabšanje razmerja med dolgom in kapitalom ING Groep.
For the purpose of the calculation of the early redemption premium the share price increase is capped at EUR 12,45 [12]. At that level the penalty is equal to 13 % on an annual basis.
Za namen izračuna premije predčasnega odkupa je dvig cene delnice omejen na 12,45 EUR. [12] Na tej ravni znaša kazen 13 % na leto.
ING projects an organic balance sheet growth for the bank of approximately […] % per year during the restructuring period […]. ING plans to achieve most of that growth by lending to the real economy (households and companies).
ING napoveduje notranjo rast bančne bilance za približno […] % na leto v obdobju prestrukturiranja […] ING namerava doseči večino te rasti s posojili realnemu gospodarstvu (gospodinjstvom in družbam).
The resulting difference between the transfer price and the market price of the transferred portfolio is USD 6,5 billion, which corresponds to around EUR 5,0 billion [29]. The aid amount resulting from the IA measure is therefore considered to be EUR 5 billion.
Posledično znaša razlika med prenosno in tržno ceno prenesenega portfelja 6,5 milijarde USD, kar je približno 5 milijard EUR. [29] Torej se šteje, da je znesek pomoči, ki izhaja iz ukrepa OS, 5 milijard EUR.
The Commission is of the view that an appropriate level of burden sharing can only be achieved if the impaired assets are transferred to the State at a transfer price that does not exceed the REV [37]. The Commission has been assured on this point by the revised transfer price as indicated above in recital 112.
Komisija meni, da je mogoče ustrezno raven porazdelitve bremena doseči samo, če se oslabljena sredstva prenesejo na državo po prenosni ceni, ki ne presega REV. [37] Komisijo je v zvezi s tem prepričala spremenjena prenosna cena, kot je navedena v uvodni izjavi 112 zgoraj.