natgillin/translations-raw huggingface dataset:
Market data (in particular rating reports), historical data and recent evidence from ABN AMRO N show that the yearly first loss tranche of 20 basis points should suffice to cover expected losses.
Podatki o trgu (zlasti poročila o bonitetnih ocenah), pretekli podatki in novejši dokazi ABN AMRO N kažejo, da bi morala letna tranša prve izgube v višini 20 bazičnih točk zadostovati za kritje pričakovanih izgub.
The remuneration that ABN AMRO N pays is not lower than that requested in the Impaired Asset Communication and the Recapitalisation Communication.
Povračilo, ki ga banka AN AMRO N plačuje, ni nižje od povračila, zahtevanega v sporočilu o oslabljenih sredstvih in sporočilu o dokapitalizaciji.
The remuneration implies that ABN AMRO N will pay 10 % on the capital that is relieved by the transaction as a result of the reduction of RWA.
Povračilo pomeni, da bo banka ABN AMRO N plačala 10 % na kapital, sproščen s transakcijo zaradi zmanjšanja tveganju prilagojenih sredstev.
That rate compares favourably to the minimum rates set out in point (27) of the Recapitalisation Communication.
Stopnja je v primerjavi z minimalnimi stopnjami iz točke (27) sporočila o dokapitalizaciji ugodna.
Given the relatively high remuneration, the vertical slice of 5 % and the claw-back mechanisms can be considered to be in line with point (24) and footnote 15 of the Impaired Asset Communication.
Glede na razmeroma visoko povračilo se lahko za navpični prerez v višini 5 % in mehanizme za vračilo sredstev šteje, da so v skladu s točko (24) in sprotno opombo 15 sporočila o oslabljenih sredstvih.
Measure A also contains sufficient incentives to exit.
Ukrep A vsebuje tudi zadostne spodbude za izhod.
The call options described in recital 107 indicate that it is easy for ABN AMRO N (or now ABN AMRO Group) to terminate the measure.
Nakupne opcije, opisane v uvodni izjavi 107, pomenijo, da lahko banka ABN AMRO N (ali zdaj skupina ABN AMRO) zlahka prekine izvajaje ukrepa.
Moreover, the pricing is such that the measure becomes more expensive as time goes by.
Poleg tega je oblikovanje cen tako, da je ukrep sčasoma vedno dražji.
The contractual terms imply that the pricing will not be adjusted when ABN AMRO Group started to calculate its capital requirements based on Basel II.
Pogodbeni pogoji navajajo, da če začne skupina ABN AMRO svoje kapitalske zahteve izračunavati na podlagi Basla II, oblikovanje cen ne bo prilagojeno.
That lack of adjustment will reduce the capital relief effect of the measure while the guarantee fee will not fall.
Zaradi tega bo učinek razbremenitve kapitala ukrepa manjši, provizija za poroštvo pa se ne bo znižala.
Moreover, the first loss tranche is calculated as a percentage of the initial portfolio value, so that the first loss tranche as a percentage of the outstanding portfolio (namely initial portfolio corrected for, inter alia, repayments) will gradually increase over time.
Poleg tega je tranša prve izgube izračunana kot odstotek prvotne vrednosti portfelja, tako da se bo tranša prve izgube kot odstotek neplačanega zneska portfelja (tj. prvotni portfelj, med drugim popravljen za plačila) sčasoma povečala.
In view of the characteristics of the CRI and in view of the December 2009 Restructuring Plan and the updated November 2010 Restructuring Plan as described under heading 2.3 of this Decision, the Commission considers Measure A to be compatible with the general principles of the Impaired Asset Measure and with the principles of the internal market as explained in recital 284.
Ob upoštevanju značilnosti instrumenta za razbremenitev kapitala in ob upoštevanju načrta prestrukturiranja iz decembra 2009 ter posodobljenega načrta prestrukturiranja iz novembra 2010, kot je opisan pod naslovom 2.3 tega sklepa, Komisija meni, da je ukrep A združljiv s splošnimi načeli sporočila o oslabljenih sredstvih in z načeli notranjega trga, kot je razloženo v uvodni izjavi 284.
The fact that the CRI was called by ABN AMRO Group soon after it implemented Basel II requirments confirms ex-post the analysis made in recitals 294 to 301.
Dejstvo, da je skupina ABN AMRO instrument za razbremenitev kapitala preklicala kmalu po uvedbi kapitalskih zahtev Basla II, naknadno potrjuje analizo iz uvodnih izjav 294 do 301.
Assessment of the aid and of the December 2009 Restructuring Plan and the updated November 2010 Restructuring Plan under the Restructuring Communication
Ocena pomoči, načrta prestrukturiranja iz decembra 2009 in posodobljenega načrta prestrukturiranja iz novembra 2010 v skladu s sporočilom o prestrukturiranju
Given the amount and the scope of the aid as described in the preceding paragraphs and in particular the fact that the recapitalisation aid exceeds 2 % of RWA, the Commission believes that in-depth restructuring is required, in line with point (4) of the Restructuring Communication.
Glede na znesek in obseg pomoči, kot sta opisana v prejšnjih odstavkih, in zlasti dejstvo, da pomoč za dokapitalizacijo presega 2 % tveganju prilagojenih sredstev, Komisija meni, da je potrebno poglobljeno prestrukturiranje v skladu s točko (4) sporočila o prestrukturiranju.
Viability
Uspešno poslovanje
A restructuring plan should demonstrate that the bank’s strategy is based on a coherent concept and show that the bank has restored long-term viability without reliance on State support.
Načrt prestrukturiranja bi moral pokazati, da strategija banke temelji na skladnem konceptu in da je banka ponovno vzpostavila dolgoročno uspešno poslovanje brez zanašanja na pomoč države.
As already concluded in the Decision of 5 February 2010, the business models of FBN and ABN AMRO N did not rely on excessive risk taking and unsustainable lending practices.
Kot je bilo že ugotovljeno v sklepu z dne 5. februarja 2010, se poslovni modeli bank FBN in ABN AMRO N niso zanašali na prekomerno tveganje in netrajnostne posojilne prakse.
The two entities were, however, left vulnerable and unequipped in certain core fields as a consequence of the separation from their respective parent groups.
Pravna subjekta pa sta bila zaradi ločitve od njunih matičnih skupin na določenih temeljnih področjih ranljiva in nepreskrbljena.
After its parent company was broken up, ABN AMRO N had poor access to larger companies, no longer had an international network and lacked a number of product and IT capabilities.
Po ločitvi njenega matičnega podjetja je imela banka ABN AMRO N slab dostop do večjih podjetij, ni imela več mednarodne mreže, manjkali pa so ji tudi številni produkti in zmogljivosti IT.
FBN was also heavily affected by the separation from its parent company and its funding relied heavily on wholesale markets.
Ločitev od matičnega podjetja je močno vplivala tudi na banko FBN, njena sredstva pa so bila precej odvisna od denarnih trgov.
ABN AMRO Group’s December 2009 Restructuring Plan (and also the updated November 2010 Restructuring Plan) shows that the integration of ABN AMRO N and FBN substantially reduces the weaknesses of each of the individual entities.
Načrt prestrukturiranja skupine ABN AMRO iz decembra 2009 (pa tudi posodobljen načrt prestrukturiranja iz novembra 2010) kaže, da integracija bank ABN AMRO N in FBN postopno zmanjšuje pomanjkljivosti vsakega posameznega subjekta.
The combination of FBN and ABN AMRO N helped to allay some of those concerns.
Združitev bank FBN in ABN AMRO N je ublažila nekatere od teh težav.
The large retail and private banking franchise of ABN AMRO N was deposit-rich which created a better funding profile for the integrated group, FBN sorted out part of the international network problem of ABN AMRO N and the two groups together were better able to sort out, for example IT-related problems (namely they did not each have to rebuild separately an IT-platform and other support tools).
Velika franšiza banke ABN AMRO na področju poslovanja s prebivalstvom in zasebnega bančništva je imela veliko depozitov, zaradi česar je imela integrirana skupina boljši profil financiranja, banka FBN je rešila del težave banke ABN AMRO N glede mednarodne mreže, obe skupini skupaj pa sta lažje reševali težave, povezane, na primer, z IT (skupaj sta lahko ponovno vzpostavili platformo IT in ostala podporna orodja).
The financial projections show that at the end of the restructuring period the combined entity should be able to cover its costs and realise an appropriate return on equity of approximately […] %.
Finančne napovedi kažejo, da bi moral biti združen subjekt ob koncu obdobja prestrukturiranja sposoben pokriti svoje stroške in realizirati ustrezen donos lastniškega kapitala v višini približno […] %.
Even in a stress scenario, the company will continue to make profits, while its capital adequacy ratios remain above the minimum regulatory thresholds.
Tudi v scenariju izjemnih situacij bo podjetje še naprej imelo dobiček, deleži njegove kapitalske ustreznosti pa bodo ostali nad minimalnimi regulativnimi pragovi.
Thus the company’s capital buffer seems sufficiently high – after the repeated interventions of the State – to weather future adverse circumstances without having to return to the State again.
Zato se zdi – po več posredovanjih države – kapitalska rezerva podjetja dovolj visoka za njegovo prebroditev neugodnih razmer v prihodnosti, ne da bi se moralo pri tem ponovno obrniti na državo.
As the figures of the second half of 2008 and the first half of 2009 showed, it is of crucial importance to realise sufficiently high net interest revenues to create a fully viable company.
Kot so pokazali podatki za drugo polovico leta 2008 in prvo polovico leta 2009, je izjemnega pomena, da podjetje realizira dovolj visoke čiste prihodke od obresti in tako postane popolnoma poslovno uspešno.
If ABN AMRO Group observes divergences compared with those projections, it should immediately undertake corrective action.
Če skupina ABN AMRO ugotovi odstopanja od teh napovedi, mora takoj sprejeti korektivne ukrepe.
A restructuring plan should contain projections with the necessary breakdown and restructuring also requires a withdrawal from activities which would remain structurally loss-making in the medium-term [119].
Načrt prestrukturiranja mora vsebovati napovedi s potrebno razčlenitvijo, prestrukturiranje pa zahteva tudi opustitev dejavnosti, ki bi srednjeročno iz strukturnih razlogov še naprej ustvarjale izgubo [119].
In recital 120 of the Decision of 5 February 2010, the Commission doubted whether the viability issues of the Prime Fund Solutions division – which reported an important Madoff-related loss in 2008 – had been adequately tackled.
V uvodni izjavi 120 sklepa z dne 5. februarja 2010 je Komisija izrazila pomisleke glede tega, ali so bile težave z uspešnim poslovanjem oddelka Prime Fund Solutions – ki je v letu 2008 poročal o veliki izgubi zaradi Madoffove goljufije – ustrezno obravnavane.
By selling PFS to Credit Suisse (see also recital 74), that issue has been resolved.
S prodajo oddelka PFS banki Credit Suisse (glej tudi uvodno izjavo 74) je bila ta težava rešena.
The detailed projections at divisional level show that both in a base case and a stress case all divisions contribute positively to results.
Podrobne napovedi na ravni oddelkov kažejo, da tako v osnovnem scenariju kot v scenariju izjemnih situacij vsi oddelki pozitivno prispevajo k rezultatom.
Therefore, the Commission can conclude that there are no other divisions with structural profitability problems and, in light of that conclusion, no further divestments are needed to improve the viability of the company.
Zato lahko Komisija sklene, da ni nobenih drugih oddelkov s strukturnimi težavami in da v skladu s to ugotovitvijo za izboljšanje uspešnega poslovanja podjetja niso potrebne nadaljnje odprodaje.
Burden-sharing/Minimum necessary
Porazdelitev bremena / najmanjša potrebna pomoč
A restructuring plan should clearly show that the aid has remained limited to the minimum necessary.
Iz načrta prestrukturiranja mora biti jasno razvidno, da je pomoč ostala omejena na najmanjšo potrebno.
Costs associated with the restructuring should not only be borne by the State but to a maximum extent also by those who invested in the bank.
Stroškov, povezanih s prestrukturiranjem, ne bi smela kriti samo država, ampak v največji možni meri tudi tisti, ki so v banko vlagali.
In other words, the bank and its capital holders should contribute to the restructuring as much as possible with their own resources.
Banka in njeni delničarji morajo torej z lastnimi sredstvi v čim večji meri prispevati k prestrukturiranju.
Restructuring aid should be limited to covering costs which are necessary for the restoration of viability.
Pomoč za prestrukturiranje mora biti omejena na kritje stroškov, potrebnih za ponovno vzpostavitev uspešnega poslovanja.
Accordingly, an undertaking should not be endowed with public resources which could be used to finance market distorting activities not linked to the restructuring process like, for example, acquisitions [120].
To pomeni, da podjetje ne sme biti financirano z javnimi sredstvi, ki bi jih lahko uporabilo za financiranje dejavnosti, ki izkrivljajo trg in niso povezane s prestrukturiranjem, kot so na primer prevzemi [120].
The Restructuring Communication recalls that an acquisition ban is necessary to keep the aid limited to the minimum necessary.
Sporočilo o prestrukturiranju opozarja, da je prepoved prevzemov potrebna, da se pomoč omeji na najmanjšo potrebno.
Point (23) of the Restructuring Communication mentions explicitly that ‘an undertaking should not be endowed with public resources which could be used to finance market-distorting activities not linked to the restructuring process. For example, acquisitions of shares in other undertakings or new investments cannot be financed through State aid unless this is essential for restoring an undertaking’s viability’.
Točka (23) sporočila o prestrukturiranju izrecno navaja, da „podjetje ne sme biti financirano z javnimi sredstvi, ki bi jih lahko uporabilo za financiranje dejavnosti, ki izkrivljajo trg in niso povezane s prestrukturiranjem. Z državno pomočjo se na primer ne smejo financirati nakupi delnic drugih podjetij ali nove naložbe, razen če je to nujno za ponovno vzpostavitev uspešnega poslovanja podjetja.“
The Restructuring Communication also links an acquisition ban to distortions of competition.
Sporočilo o prestrukturiranju tudi povezuje prepoved prevzemov z izkrivljanjem konkurence.
In points (39) and (40), the Communication explains that ‘State aid must not be used to the detriment of competitors, which do not enjoy similar public support’, and that ‘Banks should not use State aid for the acquisition of competing businesses. This condition should apply for at least 3 years and may continue until the end of the restructuring period, depending on the scope, size and duration of the aid’.
V točkah (39) in (40) sporočilo pojasnjuje, da se „državna pomoč ne sme uporabljati na škodo konkurentov, ki niso deležni podobne državne pomoči“, in da „banke ne smejo uporabljati državne pomoči za prevzem konkurenčnih dejavnosti. Ta pogoj mora veljati najmanj tri leta, glede na obseg, višino in trajanje pomoči pa lahko velja do konca obdobja prestrukturiranja.“
In line with point (40) of the Restructuring Communication, the aid can only be declared compatible on the condition that ABN AMRO Group strictly applies an acquisition ban [121] in the 3 years following the date of the present Decision.
V skladu s točko (40) sporočila o prestrukturiranju je lahko pomoč razglašena za združljivo samo pod pogojem, da skupina ABN AMRO strogo uporablja prepoved prevzemov [121] tri leta po datumu tega sklepa.
The acquisition ban should be extended if the Dutch State continues to own more than 50 % of ABN AMRO Group after 3 years.
Če bo po treh letih Nizozemska še vedno lastnik več kot 50 % skupine ABN AMRO, je treba prepoved prevzemov podaljšati.
However, the acquisition ban should not extend beyond 5 years.
Vendar pa prepoved prevzemov ne sme biti daljša od pet let.
While part of the aid has already been redeemed, some measures (in particular measures Z and C) cannot be redeemed by the bank due to the form in which they were granted (i.e. not in the form of a hybrid debt instrument).
Del pomoči je že bil odplačan, nekaterih ukrepov (zlasti ukrepa Z in C) pa banka ne more odplačati zaradi oblike, v kateri so bili odobreni (tj. ne v obliki hibridnega dolžniškega instrumenta).
The end of the State ownership is a proxy for estimating when the advantage derived from the aid ends.
Prenehanje državnega lastništva je približek za oceno prenehanja prednosti zaradi pomoči.
The Commission observes that the December 2009 Restructuring Plan (completed with worst case financial projections on 23 March 2010) indicated already that ABN AMRO Group has become a viable entity that should realise a decent return on equity and is even expected to realise decent profits in worse economic conditions.
Komisija je ugotovila, da je v načrtu prestrukturiranja iz decembra 2009 (dopolnjen s finančnimi napovedmi v najslabšem možnem scenariju 23. marca 2010) že navedeno, da je skupina ABN AMRO postala poslovno uspešen subjekt, ki bi moral realizirati zmeren kapitalski donos in za katerega se celo pričakuje, da bo v slabših gospodarskih pogojih realiziral zmeren dobiček.
The updated November 2010 Restructuring Plan confirmed this analysis.
Posodobljeni načrt prestrukturiranja iz novembra 2010 je to analizo potrdil.
That return to viability does not hinge on acquisitions.
Ponovna vzpostavitev uspešnega poslovanja ni odvisna od prevzemov.
An acquisition ban therefore does not go against the return to viability.
Prepoved prevzemov torej ne škodi ponovni vzpostavitvi uspešnega poslovanja.
The Commission considers that, pursuant to point (26) of the Restructuring Communication, a hybrid coupon ban and a hybrid call ban are unavoidable [122].
Komisija meni, da sta v skladu s točko (26) sporočila o prestrukturiranju prepoved plačila kuponov na hibridne instrumente in prepoved nakupa hibridnega instrumenta neizogibni [122].
In a restructuring context, measures which reduce the total amount of own funds are not compatible with the objective of burden-sharing and the minimum necessary requirement.
V okviru prestrukturiranja ukrepi, ki zmanjšajo skupni znesek lastnih sredstev, niso združljivi s ciljem porazdelitve bremena in z zahtevo glede pomoči, omejene na najmanjšo potrebno.
As stated in point (26) of the Restructuring Communication, ‘banks should not use State aid to remunerate own funds (equity and subordinated debt) when its activities do not generate sufficient profits’.
Kot je navedeno v točki (26) sporočila o prestrukturiranju, „banke ne smejo uporabiti državne pomoči za izplačila za lastna sredstva (lastniški kapital in podrejeni dolg), če navedene dejavnosti ne ustvarjajo zadostnih dobičkov“.
Thus the aid can only be declared compatible on the condition of a two-year hybrid coupon and call ban as described in detail in Article 8 of the operational part of the Decision.
Zato se lahko pomoč razglasi za združljivo samo pod pogojem dveletne prepovedi plačila kuponov na hibridne instrumente in nakupa hibridnega instrumenta, kot je podrobno opisano v členu 8 operativnega dela tega sklepa.
That coupon and call ban should also apply to the holders of FBNH Preferred Shares to remove the doubt expressed by the Commission in recital 130 of the Decision of 5 February 2010.
Prepoved plačila kuponov na hibridne instrumente in nakupa hibridnega instrumenta mora veljati tudi za imetnike prednostnih delnic Fortis Bank Nederland Holding, da se odpravijo pomisleki, ki jih je Komisija izrazila v uvodni izjavi 130 sklepa z dne 5. februarja 2010.
In other cases, burden-sharing measures are also necessary to make sure that rescued banks bear adequate responsibility for the consequences of their past behaviour so as to create appropriate incentives for the future behaviour of themselves and others.
V drugih primerih so ukrepi glede porazdelitve bremena potrebni tudi za zagotovitev, da rešene banke nosijo ustrezno odgovornost za svoje ravnanje v preteklosti in s tem ustvarijo zadostne spodbude za njihovo ravnanje in ravnanje drugih v prihodnje.
That factor is less relevant in this case as the problems of the company were to a large extent linked to the former parent company Fortis SA/NV (see section 6.3.3 ‘Measures to limit distortions of competition’).
Ta dejavnik je v tem primeru manj pomemben, saj so bile težave podjetja večinoma vezane na nekdanje matično podjetje Fortis SA/NV (glej oddelek 6.3.3 „Ukrepi za omejitev izkrivljanja konkurence“).
Therefore it can also be accepted, from a burden-sharing perspective, that there are no major divestments apart from the disposal of PFS and Intertrust which jointly accounted for […] % of total operating income and […] % of RWA.
Zato se lahko z vidika porazdelitve bremena tudi sprejme, da razen odprodaje PFS in Intertrusta, ki sta skupaj predstavljala […] % skupnega prihodka iz poslovanja in […] % tveganju prilagojenih sredstev, ni velikih odprodaj.
Measures to limit distortions of competition
Ukrepi za omejitev izkrivljanja konkurence
With respect to the measures needed to limit distortion of competition, the present case presents some atypical features.
V zvezi z ukrepi, potrebnimi za omejitev izkrivljanja konkurence, ima ta zadeva nekaj neobičajnih značilnosti.
Point (28) of the Restructuring Communication indicates the type of distortion of competition which may occur when State aid is provided in order to support financial stability in times of systemic crisis: ‘Where banks compete on the merits of their products and services, those which accumulate excessive risk and/or rely on unsustainable business models will ultimately lose market share and, possibly, exit the market while more efficient competitors expand on or enter the markets concerned. State aid prolongs past distortions of competition created by excessive risk-taking and unsustainable business models by artificially supporting the market power of beneficiaries. In this way it may create a moral hazard for the beneficiaries, while weakening the incentives for non-beneficiaries to compete, invest and innovate’.
Točka (28) sporočila o prestrukturiranju navaja vrsto izkrivljanja konkurence, do katerega lahko pride, ko je državna pomoč zagotovljena z namenom podpiranja finančne stabilnosti v časih sistemske krize: „Če si banke konkurirajo in je pri tem odločilna kakovost njihovih proizvodov in storitev, bodo tiste, ki poslujejo pretirano tvegano in/ali uporabljajo nezanesljive poslovne modele, na koncu izgubile tržni delež in morda izstopile s trga, medtem ko se bodo učinkovitejše konkurentke širile ali vstopale na zadevne trge. Državna pomoč podaljšuje pretekla izkrivljanja konkurence, ki so jih povzročili pretirano tvegano poslovanje in nevzdržni poslovni modeli, saj umetno podpira tržno moč upravičenk. Na ta način lahko ustvarja moralno tveganje za upravičenke, hkrati pa slabi spodbude za konkurenčno ravnanje, naložbe in inovacije bank, ki niso upravičene do pomoči.“
As explained in the Decision of 3 December 2008, the difficulties of Fortis SA/NV and Fortis Bank SA/NV followed from excessive risk: (i) Fortis Bank SA/NV invested a large amount of money in structured credit and (ii) Fortis SA/NV decided to purchase ABN AMRO N at a very high price.
Kot je bilo pojasnjeno v odločbi z dne 3. decembra 2008, so se težave Fortis SA/NV in Fortis Bank SA/NV začele zaradi prekomernega tveganja: (i) Fortis Bank SA/NV je vložila velik znesek v strukturiran kredit in (ii) Fortis SA/NV se je odločil, da bo banko ABN AMRO N kupil po zelo visoki ceni.
In order to authorize aid to such banks, the Commission requires a significant reduction of the market presence of the beneficiary.
Komisija za odobritev pomoči takim bankam zahteva znatno zmanjšanje prisotnosti upravičenca na trgu.