natgillin/translations-raw huggingface dataset:
More specifically, it was not clear how and when Parex banka would re-establish compliance with relevant regulatory requirements.
Nejasno je bilo, kako in kdaj naj bi banka Parex ponovno izpolnjevala ustrezne regulativne zahteve.
The initial plan also did not adequately address the risk factors (including exposure to non-OECD borrowers) identified in the due diligence report submitted with the restructuring plan.
V prvotnem načrtu tudi niso bili ustrezno obravnavani dejavniki tveganja (vključno z izpostavljenostjo posojilojemalcem iz držav, ki niso članice OECD), ki so bili ugotovljeni v poročilu o skrbnem pregledu poslovanja, predloženim skupaj z načrtom prestrukturiranja.
Moreover, the initial plan appeared to be based on rather optimistic assumptions as to the future operating conditions.
Poleg tega se je zdelo, da prvotni načrt temelji na precej optimističnih domnevah glede prihodnjih poslovnih razmer.
The Commission had doubts on how the bank would have been able to manage the lifting of deposit withdrawal restrictions.
Komisija je imela pomisleke o tem, ali bi banki uspelo odpraviti omejitve dvigovanja depozitov.
Notwithstanding liquidity constraints, the initial plan appeared to be built on an expanding business strategy for all lending segments and did not provide for abandoning or significant reduction of more risky activities, such as lending to high net worth individuals in CIS countries.
Ne glede na likvidnostne omejitve je prvotni načrt očitno temeljil na širitveni poslovni strategiji za vse posojilne segmente in ni določal opustitve ali znatnega zmanjšanja bolj tveganih dejavnosti, kot je dajanje posojil premožnim posameznikom v državah SND.
Regarding the then forecasted expansion of the deposits volumes and deposit-raising activities, there were doubts as to whether that plan was realistic and cost-efficient.
Glede takrat predvidene širitve obsega depozitov in dejavnosti dvigovanja depozitov se je dvomilo, ali je načrt realističen in stroškovno učinkovit.
Furthermore, the Latvian authorities had not at that stage provided the results of the stress test.
Poleg tega latvijski organi na tej stopnji niso predložili rezultatov testov izjemnih situacij.
In the opening Decision, the Commission invited therefore the Latvian authorities to reconsider the overall proposed business strategy for Parex banka.
Komisija je zato v odločitvi o začetku postopka latvijske organe pozvala, naj znova pretehtajo celotno predlagano poslovno strategijo za banko Parex.
The plan envisaged a business expansion strategy which appeared to mainly rely on an aggressive pricing and marketing policy to regain lost market shares using the bank’s competitive advantage due to State aid.
V načrtu je bila predvidena strategija širitve poslovanja, ki je očitno večinoma temeljila na agresivni cenovni in tržni politiki, s katero bi na podlagi konkurenčne prednosti banke zaradi dodelitve državne pomoči znova pridobili izgubljene tržne deleže.
However, it did not include adequate measures to limit competition distortions.
Ni pa vključeval ustreznih ukrepov za omejitev izkrivljanja konkurence.
As regards the issue of burden-sharing/own contribution, the initial plan did not provide clear information on the whole amount of required State support and Parex banka’s own contribution.
Glede porazdelitve bremena/lastnega prispevka v prvotnem načrtu ni bilo jasnih informacij o skupnem znesku zaprošene državne podpore in lastnem prispevku banke Parex.
The Commission had doubts whether the initial plan was focussed so as to limit the aid to the minimum.
Komisija je dvomila, da je prvotni načrt naravnan, tako da je pomoč omejena na najnižjo raven.
Under all scenarios, even by the end of the restructuring period the bank remained dependent on the State liquidity facilities or guarantees.
Banka bi po vseh scenarijih tudi ob koncu obdobja prestrukturiranja ostala še naprej odvisna od likvidnostnih posojil ali poroštev države.
In this context, the Commission also needed to investigate to what extent the funding needs of Parex banka could be reduced by a greater focus on core activities and an overall further reduction of the bank’s size.
Komisija je morala v teh okoliščinah še proučiti, za koliko bi bilo mogoče finančne potrebe banke Parex zmanjšati z večjo usmeritvijo na glavne dejavnosti in splošnim nadaljnjim zmanjšanjem velikosti banke.
No comments from interested third parties were received with regard to the opening Decision within the prescribed time limits.
Komisija v predpisanem roku ni prejela pripomb zainteresiranih tretjih oseb glede odločitve o začetku postopka.
COMMENTS FROM LATVIA
PRIPOMBE LATVIJE
In reply to the opening Decision the Latvian authorities submitted a revised restructuring plan dated 4 September 2009 in which they aimed at addressing a number of doubts raised by the Commission by changing the restructuring strategy for Parex banka.
Latvijski organi so v odgovor na odločitev o začetku postopka predložili spremenjen načrt prestrukturiranja z dne 4. septembra 2009, v katerem so s spremembo strategije prestrukturiranja za banko Parex skušali odpraviti številne dvome, ki jih je navedla Komisija.
The content of the plan is described in section 3.2.
Vsebina načrta je opisana v razdelku 3.2.
However, following the final decision on the split of Parex banka, that plan was replaced by the final restructuring plan, submitted on 7 July 2010.
Ta načrt je bil po dokončni odločitvi o razcepitvi banke Parex zamenjan s končnim načrtom prestrukturiranja, predloženim 7. julija 2010.
After the expiry of the prescribed period, the Commission received letters dated 15 June and 13 July 2010 from the former majority shareholders of Parex banka.
Komisija je po izteku predpisanega roka prejela dopisa z dne 15. junija in 13. julija 2010, ki sta ju poslala nekdanja večinska delničarja banke Parex.
The letters of 22 and of 1 July concentrated on the implications which the chosen strategy for Parex banka and ongoing legislative initiatives may have in view of the Latvian legal system.
V dopisih z dne 22. in 1. julija so bile poudarjene posledice, ki bi jih lahko imele izbrana strategija za banko Parex in takratne zakonodajne pobude glede na latvijski pravni sistem.
The Commission notes that, where appropriate, it has taken into account the issues raised in those letters in its assessment of the final restructuring plan to the extent that they were relevant and the matter fell within its competence.
Komisija opozarja, da je vprašanja, na katera so ti dopisi opozorili, po potrebi upoštevala pri oceni končnega načrta prestrukturiranja, če so bila upoštevna in je zadeva spadala v njeno pristojnost.
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 shall, insofar as it affects trade between Member States, be 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.
The Commission observes that, with regard to the rescue measures in the form of guarantee, liquidity support and recapitalisation granted to Parex banka, which are maintained after the split of Parex banka during the restructuring phase, it has already established in the first rescue Decision [27] that those measures constitute State aid.
Komisija navaja, da je glede reševalnih ukrepov v obliki poroštva, likvidnostne podpore in dokapitalizacije v korist banke Parex, ki se ohranijo tudi po razcepitvi banke Parex med fazo prestrukturiranja, že v prvi odločbi o reševanju [27] ugotovila, da ti ukrepi pomenijo državno pomoč.
The Commission has no reason to change its previous assessment in this respect.
Komisija nima razloga, da bi v zvezi s tem spremenila svojo prejšnjo oceno.
Likewise, as these measures benefit a substantial part of the economic activity previously done by Parex banka that is continued by Citadele banka, they also constitute State aid to Citadele banka.
Ker ima koristi od teh ukrepov znaten del gospodarske dejavnosti, ki jo je prej izvajala banka Parex in jo nadaljuje banka Citadele, prav tako pomenijo tudi državno pomoč banki Citadele.
As regards the aid measures described in recitals 63 and 69, Latvia implements them for the restructuring of Parex banka which was and partly remains involved in cross-border and international activities.
Ukrepe pomoči, opisane v uvodnih izjavah (63) in (69), Latvija izvaja za prestrukturiranje banke Parex, ki se je in se deloma še vedno ukvarja s čezmejnimi in mednarodnimi dejavnostmi.
Also Citadele banka, which takes over economic activities of Parex banka, is and will be active on markets open to international competition.
Tudi banka Citadele, ki prevzame gospodarske dejavnosti banke Parex, je in bo dejavna na trgih, odprtih za mednarodno konkurenco.
Therefore any advantage from State resources would affect competition in the banking sector and have an impact on intra-Union trade.
Zato bi kakršno koli dajanje prednosti z zagotovitvijo državnih sredstev oviralo konkurenco v bančnem sektorju in vplivalo na trgovino v Uniji.
Furthermore, the measures concerned are selective as they solely benefit Citadele banka and Parex banka and they are financed through State resources.
Poleg tega so zadevni ukrepi selektivni, saj koristijo samo bankama Citadele in Parex ter so financirani iz državnih sredstev.
In the current circumstances of a financial crisis and in view of the Parex banka financial difficulties a market economy investor would not have granted such measures on comparable terms.
Vlagatelj pod tržnimi pogoji v sedanjih razmerah finančne krize in glede na finančne težave banke Parex ne bi dodelil takih ukrepov pod primerljivimi pogoji.
In addition, as regards the capitalisation measures, it is considered that a market economy investor expects a return commensurate with the risk perceived for the investment under consideration.
Poleg tega se glede ukrepov kapitalizacije šteje, da vlagatelj pod tržnimi pogoji pričakuje, da bo donos sorazmeren s tveganjem, prevzetim za zadevno naložbo.
This is especially true for Citadele banka which currently is not rated, and has emerged from the bank in difficulty in the context of restructuring.
To še zlasti velja za banko Citadele, ki trenutno nima bonitetne ocene in je v okviru prestrukturiranja nastala iz banke v težavah.
It is considered that the transfer of assets from Parex banka to Citadele banka implemented under a ‘good-out’ scenario (see recital 69) as an asset relief measure, because the newly created bank (Citadele banka) is relieved from the burden of potential losses on non-core and non-performing assets left behind in Parex banka.
Prenos sredstev iz banke Parex v banko Citadele na podlagi scenarija izločitve zdrave dejavnosti podjetja (glej uvodno izjavo (69)) se šteje za ukrep finančne pomoči za oslabljena sredstva, ker je novoustanovljeni banki (banki Citadele) odvzeto breme potencialnih izgub sekundarnih in nedonosnih sredstev, ki so ostala v banki Parex.
That relief, in turn, allows Citadele banka to avoid the subsequent depletion of its capital.
Ta razbremenitev banki Citadele posledično omogoča, da se izogne poznejšemu izčrpanju svojega kapitala.
Therefore, the measure at issue confers an advantage on Citadele banka.
Zato zadevni ukrep daje prednost banki Citadele.
The assets relief measure is financed through the State resources given that according to the final restructuring plan Latvia will provide capital to Parex banka up to LVL 218,7 million until […] which, along with the outstanding deposits in the amount of LVL [100-200] million, will potentially not be repaid at the end of the projected […] period (see Table 11 above).
Ukrep finančne pomoči za oslabljena sredstva je financiran iz državnih sredstev, saj bo Latvija glede na končni načrt prestrukturiranja banki Parex zagotovila kapital v višini do 218,7 milijona LVL do […], ki skupaj z neporavnanimi depoziti v znesku [100-200] milijonov LVL morda ne bo poplačan do konca predvidenega […] obdobja (glej preglednico 11 zgoraj).
In light of the above, it is considered that further recapitalisation at the time of the split in the form of a capital injection into Citadele banka of LVL 103 million and the conversion of State deposits and interest on those deposits in Parex banka upon the split and thereafter (see above recital 63) and the asset relief measure (see above recital 69) also constitute State aid pursuant to Article 107(1) TFEU.
Glede na navedeno se šteje, da tudi nadaljnja dokapitalizacija ob razcepitvi v obliki kapitalskega vložka v banko Citadele v višini 103 milijone LVL, pretvorba državnih depozitov in obresti na te depozite v banki Parex do razcepitve in po njej (glej uvodno izjavo (63)) in ukrep finančne pomoči za oslabljena sredstva (glej uvodno izjavo (69)) pomenijo državno pomoč v smislu člena 107(1) PDEU.
Article 107(3)(b) TFEU empowers the Commission to find aid compatible with the internal market if it is intended to ‘remedy a serious disturbance in the economy of a Member State’.
Komisija lahko na podlagi člena 107(3)(b) PDEU ugotovi, da je pomoč združljiva s skupnim trgom, če se nameni za „odpravljanje resne motnje v gospodarstvu države članice“.
As already indicated in the opening Decision, the Commission considers, that, due to the systemic relevance of Parex banka, Article 107(3)(b) TFEU can be applied in this case and that the notified aid measures should be assessed on this basis.
Kot je bilo navedeno že v odločitvi o začetku postopka, Komisija meni, da se člen 107(3)(b) PDEU zaradi sistemskega pomena banke Parex v tem primeru lahko uporabi in da je treba priglašene ukrepe pomoči oceniti na tej podlagi.
On the basis of the three Communications [28] adopted in the context of the current financial crisis that were in force at the time the decision was taken, in the opening Decision the case was preliminarily assessed in line with the principles of the Guidelines on State aid for rescuing and restructuring firms in difficulty [29], while taking into consideration the particular features of the crisis in the financial markets.
Na podlagi treh sporočil [28], sprejetih v okviru trenutne finančne krize, ki so se uporabljala ob sprejetju odločitve, je bil v odločitvi o začetku postopka primer predhodno preučen v skladu z načeli Smernic o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [29], pri čemer so se upoštevale posebnosti krize na finančnih trgih.
Although the opening Decision made reference to the Guidelines on State aid for rescuing and restructuring firms in difficulty, the Commission has clarified in recital 49 of the Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules (hereinafter, ‘Restructuring Communication’) [30] that all aid relating to financial institutions notified to it before 31 December 2010 will be assessed as restructuring aid to banks pursuant to the Restructuring Communication instead of the Guidelines on State aid for rescuing and restructuring firms in difficulty.
Čeprav se je Komisija v odločitvi o začetku postopka sklicevala na Smernice o državni pomoči za reševanje in prestrukturiranje podjetij v težavah, je v točki 49 Sporočila o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči (v nadaljnjem besedilu: Sporočilo o prestrukturiranju) [30] pojasnila, da bo vsako pomoč, ki ji bo priglašena do 31. decembra 2010, ocenila kot pomoč za prestrukturiranje bankam na podlagi Sporočila o prestrukturiranju in ne na podlagi Smernic o državni pomoči za reševanje in prestrukturiranje podjetij v težavah.
As regards the asset relief measure, it should also be assessed on the basis of Communication on the treatment of impaired assets in the Community banking sector [31] (hereinafter, ‘Impaired Assets Communication’).
Tudi ukrep finančne pomoči za oslabljena sredstva bi bilo treba oceniti na podlagi Sporočila o obravnavanju oslabljenih sredstev v bančnem sektorju Skupnosti [31] (v nadaljnjem besedilu: Sporočilo o oslabljenih sredstvih).
In the context of the first rescue Decision (and later confirmed, inter alia, in the opening Decision), it was already established that Parex banka is an institution in difficulties and hence an in-depth restructuring of the bank was necessary.
V okviru prve odločbe o reševanju (kar je bilo pozneje med drugim potrjeno v odločitvi o začetku postopka) je bilo že ugotovljeno, da je banka Parex ustanova v težavah in da je zato potrebno poglobljeno prestrukturiranje banke.
COMPLIANCE OF THE MEASURES WITH THE IMPAIRED ASSETS COMMUNICATION
SKLADNOST UKREPOV S SPOROČILOM O OSLABLJENIH SREDSTVIH
As previously pointed out in recitals 109, 108 and 111, the transaction regarding the transfer of the assets from Parex banka into Citadele banka can be considered an asset relief measure.
Kot je bilo opozorjeno že v uvodnih izjavah (109), (108) in (111), se lahko transakcija v zvezi s prenosom sredstev z banke Parex na banko Citadele šteje za ukrep finančne pomoči za oslabljena sredstva.
The State will assume a significant share of losses from non-core and non-performing assets.
Država bo pokrila znaten delež izgub iz sekundarnih in nedonosnih sredstev.
The specific conditions applying to asset relief measures are laid down in the Impaired Assets Communication.
Posebni pogoji, ki se uporabljajo za ukrepe finančne pomoči za oslabljena sredstva, so navedeni v Sporočilu o oslabljenih sredstvih.
Pursuant to section 5.2 of that Communication, an asset relief measure should ensure ex-ante transparency and should provide for adequate burden-sharing followed by the correct valuation of the eligible assets and the correct remuneration of the State, so that the asset relief measure ensures shareholders’ responsibility and does not unduly distort competition.
V skladu z razdelkom 5.2 tega sporočila mora ukrep finančne pomoči zagotoviti vnaprejšnjo preglednost in omogočiti ustrezno porazdelitev bremena, ki ji sledi pravilno vrednotenje upravičenih sredstev in ustrezno plačilo državi, tako da ukrep finančne pomoči za oslabljena sredstva zagotovi odgovornost delničarjev in neupravičeno ne izkrivlja konkurence.
Overall, where this case departs from similar transactions [32], it does so in a positive manner since Latvia will not cover all losses from the impaired portfolio.
Ta primer se na splošno od podobnih transakcij [32] razlikuje v pozitivnem smislu, saj Latvija ne bo pokrila vseh izgub iz portfelja oslabljenih sredstev.
Instead, coverage is ensured only up to a maximum amount and to the extent necessary to make Parex banka capital compliant until […].
Namesto tega je pokritje izgub zagotovljeno samo do najvišjega zneska in v obsegu, ki je potreben, da postane banka Parex kapitalsko ustrezna do […].
In asset split scenarios where the ‘good-out’ method is chosen, as in the current case, the burden of losses on non-core and non-performing assets is also partly borne by the former majority shareholders and the legacy minority shareholders.
Po scenarijih razdelitve sredstev, kjer je kot v tem primeru izbrana metoda izločitve zdrave dejavnosti podjetja, breme izgub sekundarnih in nedonosnih sredstev deloma krijejo tudi nekdanja večinska delničarja in stari manjšinski delničarji.
That method is viewed positively from a State aid point of view as it limits to some degree the necessity for a fully fledged valuation of the extent of the impairments.
Ta metoda je z vidika državne pomoči ocenjena pozitivno, saj do določene mere omejuje potrebo po popolnem vrednotenju obsega oslabljenih sredstev.
Pursuant to the Impaired Assets Communication, the appropriateness of the transfer price and the remuneration should be assessed.
V skladu s Sporočilom o oslabljenih sredstvih bi bilo treba oceniti primernost cene ob prenosu in nadomestila.
In the present case, it is clear that the book value of the assets remaining with Parex banka is higher than their market value and therefore constitutes State aid to Citadele banka, as already established in recitals 109-111.
V obravnavanem primeru je jasno, da je knjigovodska vrednost sredstev, ki so ostala v banki Parex, višja od njihove tržne vrednosti, zato pomeni državno pomoč za banko Citadele, kot je bilo ugotovljeno že v uvodnih izjavah (109)–(111).
According to points 23 and 41 of the Impaired Assets Communication, the transfer price in asset purchase measures should be based on their underlying long-term economic value.
V skladu s točkama 23 in 41 Sporočila o oslabljenih sredstvih mora cena ob prenosu v okviru ukrepov odkupa sredstev temeljiti na njihovi osnovni dolgoročni ekonomski vrednosti.
In a ‘good-out’ scenario, the good bank should in principle therefore cover the difference between transfer value and real economic value.
Dobra banka bi torej morala po scenariju izločitve zdrave dejavnosti podjetja načeloma pokriti razliko med vrednostjo ob prenosu in realno ekonomsko vrednostjo.
If this is not possible to avoid technical insolvency, this difference would have to be recovered, for example through a claw-back.
Če to ni možno zaradi izognitve tehnični plačilni nesposobnosti, bi bilo treba to razliko povrniti na primer z vračilom neupravičeno prejetih sredstev.
In the present case and as already set out in recital 69, a conservative approach based on the worst case scenario would incur losses for the State of LVL [between 100 and 400] million; there would be losses for the State of LVL […] million in the base case scenario.
V obravnavanem primeru, kot je bilo navedeno že v uvodni izjavi (69), bi zadržan pristop na podlagi najslabšega možnega scenarija državi povzročil izgubo v višini [med 100 in 400] milijoni LVL; po osnovnem scenariju pa bi država utrpela za […] milijonov LVL izgub.
Given that most of the loans are collateralised, those valuations of assets’ long-term economic value in the financial projections do not appear to be too optimistic.
Ker je večina posojil zavarovanih, se ta vrednotenja dolgoročne ekonomske vrednosti sredstev v finančnih napovedih ne zdijo preveč optimistična.
Were Citadele banka able to fully cover these losses, the measure would be equivalent to an asset transfer at real economic value.
Če bi lahko banka Citadele te izgube v celoti pokrila, bi bil ukrep enak prenosu sredstev po realni ekonomski vrednosti.
In addition, pursuant to section 5.2 of the Impaired Assets Communication, the Commission considers that Citadele banka should pay an appropriate remuneration for the capital relief achieved by the impaired assets measures.
Komisija v skladu z razdelkom 5.2 Sporočila o oslabljenih sredstvih prav tako meni, da bi morala banka Citadele plačati primerno nadomestilo za kapitalsko pomoč na podlagi ukrepov finančne pomoči za oslabljena sredstva.
The objective of requiring remuneration (including, where applicable, a claw-back) is two-fold: to ensure burden-sharing and to ensure a level playing field (i.e. minimise competition distortions).
Cilj zahteve za nadomestilo (po potrebi vključno z vračilom neupravičeno prejetih sredstev) je dvojen: zagotoviti porazdelitev bremena in enake konkurenčne pogoje (to je čim bolj zmanjšati izkrivljanje konkurence).
In the light of the estimated effect of the asset relief and the projected net income (see Tables 3 and 4 above) the Commission takes the view that the Citadele banka will not able to pay the required remuneration (including a full claw-back) for the asset relief while still restoring viability.
Komisija glede na ocenjeni učinek finančne pomoči za oslabljena sredstva in pričakovani neto dohodek (glej preglednici 3 in 4 zgoraj) meni, da banka Citadele ne bo mogla plačati zahtevanega nadomestila (vključno s popolnim vračilom neupravičeno prejetih sredstev) za finančno pomoč za oslabljena sredstva in hkrati ponovno vzpostaviti uspešnega poslovanja.