natgillin/translations-raw huggingface dataset:
The Member States concerned foresee progressive amortisation of the LPMD, as indicated in Table 4.
Zadevne države članice načrtujejo progresivno amortizacijo LPMD, kot je navedeno v tabeli 4.
The Commission notes that, despite the accelerated sale of the bond portfolio provided for in the restructuring plan, the pace of amortisation of the LPMD activities is slow on account of the long maturity of the assets concerned (LPMD would represent 17,9 % of Dexia’s total balance sheet by 2014).
Komisija opozarja, da je amortizacija dejavnosti LPMD kljub pospešeni odprodaji portfelja obveznic, predvideni v načrtu prestrukturiranja, počasna zaradi dolge ročnosti zadevnih sredstev (LPMD naj bi do leta 2014 obsegal 17,9 % bilančne vsote skupine Dexia).
These activities will therefore continue to burden the profitability of the group in the years to come.
Te dejavnosti bodo v prihodnjih letih torej še naprej vplivale na dobičkonosnost skupine.
Nevertheless, the Commission notes favourably that the application of conservative rules for the capitalisation of LPMD (respect of a core Tier 1 ratio of [10-15] %) restricts the group’s distribution capacity and therefore contributes to the capitalisation of the results.
Kljub temu Komisija odobrava dejstvo, da uporaba konservativnih pravil pri kapitalizaciji LPMD (upoštevanje [10-15]-odstotnega deleža temeljnega kapitala prvega reda) omejuje možnosti za razdelitev skupine in tako prispeva h kapitalizaciji dobička.
In addition, respect of strict funding rules (allocation to LPMD of stable resources: guaranteed or unguaranteed bond issues, mortgage bonds and deposits) must also allow the liquidity and transformation risks associated with LPMD to be contained.
Tudi upoštevanje strogih pravil pri financiranju (dodelitev stabilnih sredstev LPMD: izdaje zavarovanih in nezavarovanih obveznic, hipotekarne obveznice in depoziti) mora omogočiti zajezitev likvidnostnih in pretvorbenih tveganj, povezanih z LPMD.
Finally, the segregation of the activities of LPMD from the rest of the group’s activities will facilitate their monitoring by market observers,
Z ločitvijo dejavnosti LPMD od preostalih dejavnosti skupine jih lahko opazovalci trga lažje spremljajo,
Dexia’s PWB activities outside its historical markets (France, Belgium and Luxembourg) have also been reduced significantly: the Italian subsidiary (Dexia Crediop, with a total balance sheet of EUR 61,2 billion at 30 June 2009) and Spanish subsidiary (Dexia Sabadell, with a total balance sheet of EUR 15,6 billion at 31 December 2008) will be sold by 31 December 2012 and 31 December 2013 respectively, as were Dexia’s stake in Kommunalkredit Austria in 2008 and the Indian PWB entity in 2009.
dejavnosti PWB skupine Dexia zunaj njenih tradicionalnih trgov (v Franciji, Belgiji in Luksemburgu) so se prav tako znatno znižale: italijanska (Dexia Crediop, katere bilančna vsota je 30. junija 2009 znašala 61,2 milijarde EUR) in španska odvisna družba (Dexia Sabadell, katere bilančna vsota je 31. decembra 2008 znašala 15,6 milijarde EUR) se odprodata do 31. decembra 2012 oziroma 31. decembra 2013, kot se je leta 2008 zgodilo z deležem skupine Dexia v družbi Kommunalkredit Austria in leta 2009 z indijskim subjektom PWB.
The cessation of PWB activities outside Dexia’s historical markets should contribute to easing the pressure on the margins of Dexia’s PWB activities,
Prenehanje dejavnosti PWB zunaj tradicionalnih trgov skupine Dexia naj bi pripomoglo k zmanjšanju pritiska na marže iz dejavnosti PWB skupine Dexia,
Under no circumstances will Dexia retain open positions on its own account, except if such positions result from the incapacity of Dexia to execute certain customer orders and this will be within clearly determined limits so that they do not compromise the solvency and/or liquidity position of the group.
V nobenem primeru Dexia ne obdrži odprtih pozicij za svoj račun, razen če take pozicije izhajajo iz nezmožnosti skupine Dexia, da izvede nekatera naročila svojih strank, in to v natančno opredeljenih okvirih, tako da nista ogrožena plačilna sposobnost in/ali likvidnost skupine.
Dexia’s deleverage and the refocusing of its activities on traditional banking business will allow the group gradually to restore the equilibrium of its balance sheet by reducing the share of the activities generating low margins (PWB outstandings and bond portfolio, in particular) and by increasing the share of the more profitable activities (new turnover PWB and RCB and project financing, in particular).
Skupina Dexia lahko z zmanjšanjem finančnega vzvoda skupine in ponovno usmeritvijo njenih dejavnosti na tradicionalne bančne dejavnosti postopoma znova uravnoteži svojo bilanco, saj se bo zmanjšal delež dejavnosti z nizko maržo (zlasti neporavnanih obveznosti iz naslova PWB in portfelja obveznic) ter povečal delež bolj dobičkonosnih dejavnosti (zlasti nov obseg dejavnosti PWB in RCB ter financiranje projektov).
In this respect, the Commission takes a positive view of the fact that this refocusing of Dexia’s activities is accompanied by close supervision of the profitability of these activities and especially PWB.
V zvezi s tem Komisija odobrava dejstvo, da ponovno usmeritev dejavnosti skupine Dexia spremlja podroben nadzor nad dobičkonosnostjo njenih dejavnosti, zlasti PWB.
Finally, the refocusing of Dexia’s activities on its traditional activities and markets is accompanied by a gradual improvement in the group’s liquidity profile, by adjusting the maturity of its funding more to the maturity of its assets.
Ponovno usmeritev dejavnosti skupine Dexia na njene tradicionalne dejavnosti in trge, spremlja postopno izboljšanje likvidnostnega profila skupine, saj se ročnost njenega financiranja še bolj poravna z ročnostjo njenih sredstev.
This improvement of the liquidity profile results from three main measures:
To izboljšanje likvidnostnega profila je posledica treh glavnih ukrepov:
the lengthening of the average maturity of the long-term funding and the increase in the sources of stable funding of the group.
podaljšanja povprečne ročnosti dolgoročnih oblik financiranja in povečanja virov stabilnega financiranja skupine.
In this respect, the Commission views favourably the target ratios set by the restructuring plan for the short-term funding in relation to the total balance sheet, the average maturity of the liabilities of the group and the stable sources of funding in relation to the total assets of the group.
V zvezi s tem Komisija pozitivno ocenjuje ciljne deleže kratkoročnih oblik financiranja, ki so v načrtu prestrukturiranja določeni glede na bilančno vsoto, ter povprečno ročnost obveznosti skupine in vire stabilnega financiranja glede na celotna sredstva skupine.
The Commission considers that, on the strict condition that these ratios are respected at the deadlines set, the reduction in Dexia’s exposure to the liquidity and transformation risks will make a positive contribution to restoring its long-term viability.
Komisija meni, da bo Dexia pod strogim pogojem, da se ti deleži upoštevajo za določene dospelosti, manj izpostavljena likvidnostnim in pretvorbenim tveganjem, kar bo ugodno vplivalo na ponovno vzpostavitev njenega dolgoročnega uspešnega poslovanja.
Such a trend is also consistent with the new international standards for liquidity measurement and monitoring, currently under discussion at the Basel Committee on Banking Supervision,
Tak razvoj je tudi skladen z novimi mednarodnimi standardi merjenja in nadzorovanja likvidnosti, o katerih trenutno razpravljajo v Baselskem odboru za bančni nadzor,
the ending of the funding made available by Dexia to its subsidiary DenizBank.
znižanja finančnih sredstev, ki jih Dexia namenja svoji odvisni družbi DenizBank, na ničelno raven.
This measure ensures that the planned development in DenizBank’s RCB activity is financed from its own funds and does not further burden the financing needs of the group as a whole.
S tem ukrepom je namreč mogoče zagotoviti, da se bo predvideni razvoj dejavnosti RCB družbe DenizBank financiral iz njenih lastnih sredstev in ne bo več bremenil finančnih potreb celotne skupine.
Stress scenarios communicated under the restructuring plan
Stresni scenariji, poslani v okviru načrta prestrukturiranja
In accordance with point 13 of the Restructuring Communication, the Commission asked the Member States concerned to carry out some stress test exercises to test Dexia’s resilience to a series of shocks which could arise in the coming years and to draw conclusions on the long-term viability of the group.
Komisija je v skladu s točko 13 Sporočila o prestrukturiranju od zadevnih držav članic zahtevala, naj opravijo nekatere primere stresnih testov in tako preverijo odpornost skupine Dexia na vrsto mogočih pretresov ter ugotovijo, kakšne so možnosti dolgoročnega preživetja skupine.
It is important to specify that the Commission based its analysis on the results of the tests as submitted by the Member States concerned.
Treba je pojasniti, da je Komisija svojo analizo oprla na rezultate testov, ki so jih predložile zadevne države članice.
First stress test
Prvi stresni test
The Commission makes the following observations concerning the first stress test, which was designed to test Dexia’s resilience to a change in the main macroeconomic variables (GDP, interest rate and exchange rate):
Komisija v zvezi s prvim stresnim testom, katerega namen je bil preveriti odpornost skupine Dexia na spremembo glavnih makroekonomskih spremenljivk (PIB, obrestna mera in menjalni tečaj), ugotavlja naslednje:
firstly, the variation in Dexia’s profit seems at first sight to be relatively inelastic to the levels of stress applied to the growth rate.
prvič, gibanje dobička skupine Dexia na izjemnih ravneh stopnje rasti se zdi na prvi pogled razmeroma neprožno.
Despite simulating extremely stressed growth rates compared with historic observations, Dexia would still to a large extent remain in profit, although its profit would of course fall because of a rise in the cost of the risk.
Kljub simulaciji izredno neobičajnih stopenj rasti glede na pretekla opažanja bi se dobiček skupine Dexia seveda znižal zaradi večjih stroškov tveganja, vendar bi bila skupina še naprej precej dobičkonosna.
This could be imputable to (i) the relatively large proportion and good credit quality of the ‘Public Finance’ portfolio and the bond portfolio in run-off [48] and (ii) the fact that Dexia made the justified choice of not really adjusting the group income in the case of stress in its model,secondly, it appears that in the Dexia model used for the stress test, no material link is established between the growth rate and Dexia’s funding cost and, more generally, the ‘funding cost’ variable, i.e. the margin above the interbank rate which Dexia would pay for new funding, was not stressed.
Razlog za to bi bili lahko (i) razmeroma velik obseg in dobra kreditna kvaliteta portfelja javnih financ in portfelja obveznic v likvidaciji [48] ter (ii) dejstvo, da se je Dexia upravičeno odločila, da prihodkov skupine ob pretresih znotraj svojega poslovnega modela pravzaprav ne bo prilagodila,drugič, zdi se, da v poslovnem modelu skupine Dexia, ki se je uporabil pri stresnem testu, ni vzpostavljena dejanska povezava med stopnjo rasti in stroški financiranja skupine Dexia, ter da, splošneje, spremenljivka stroškov financiranja, to je razlika nad medbančno obrestno mero, ki bi jo Dexia plačala za nova financiranja, ni bila izjemna.
This would also help to explain the relative inelasticity of Dexia’s profit in the case of stress.
S tem bi bilo mogoče pojasniti tudi precejšnjo neelastičnost dobička skupine Dexia v izjemnih razmerah.
This element is all the more pertinent when one considers that Dexia depends significantly on market-based and short-term funding, which increases both the extent to which and speed at which such an increase in the financing costs could impact on Dexia.
Ta dejavnik je še toliko pomembnejši, če upoštevamo, da je Dexia precej odvisna od tržnega in kratkoročnega financiranja, zaradi česar se povečujeta tako razpon kot tudi hitrost, s katero bi se lahko tako povečanje stroškov financiranja preneslo na skupino Dexia.
In order to analyse this point, the Commission has asked for a second type of stress test to be carried out separately,
Komisija je za proučitev tega vprašanja zahtevala, naj se ločeno izvede še druga vrsta stresnega testa,
thirdly, as regards the other two variables, the assumptions in a stress scenario were relatively similar to those used in a baseline scenario.
tretjič, kar zadeva drugi dve spremenljivki, so bile predpostavke iz stresnega scenarija razmeroma podobne kot v osnovnem scenariju.
For example, for interest rates, in both the baseline and the stress scenarios, the 3-month EURIBOR rates were projected at […] %, and the 5-year swap rates were projected at […] % and […] % respectively, suggesting negligible flattening of the curve.
Na primer, tako po osnovnem scenariju kot po stresnem scenariju so bile predvidene trimesečne obrestne mere EURIBOR v višini […] % in petletne menjalne obrestne mere v višini […] % in […] %, kar kaže na zelo majhno izravnavo krivulje.
The exchange rates were also similar in both scenarios.
Menjalni tečaji so bili po obeh scenarijih podobni.
For this reason, the Commission asked for a sensitivity analysis to be conducted separately (see recitals 186 to 195).
Komisija je zato zahtevala, naj se ločeno izvede analiza občutljivosti (glej uvodne izjave od 186 do 195).
Consequently, as far as this first stress test is concerned, the Commission concludes that, on account of the relatively large proportion and good credit quality of the ‘Public Finance’ portfolio and the bond portfolio in run-off, Dexia is capable of withstanding a significant increase in the cost of the risk in the event of a significant deterioration in the macroeconomic climate and consequently passes the stress test.
Komisija zato v zvezi s prvim stresnim testom ugotavlja, da se je Dexia zaradi razmeroma velikega obsega in dobre kreditne kakovosti portfelja javnih financ in portfelja obveznic v likvidaciji, sposobna soočiti z velikim povečanjem stroškov tveganja v močno oslabljenem makroekonomskem okolju, tako da je prestala stresni test.
Second stress test
Drugi stresni test
As regards the second stress test, designed to test Dexia’s resilience to an increase in the cost of its market-based funding, it appears that an additional rise of 100 basis points and of 200 basis points in the cost of funding over a period of 3 months would lead to a reduction in its pre-tax profit of EUR […] million and EUR […] million respectively. The impact would probably be materially greater if Dexia had used the assumptions laid down by the Commission in its stress test, […].
Kar zadeva drugi stresni test, katerega namen je bil preveriti odpornost skupine Dexia na povečanje njenih stroškov tržnega financiranja, se zdi, da bi se ob dodatnem povečanju stroškov financiranja za 100 bazičnih točk in 200 bazičnih točk v trimesečnem obdobju dobiček pred obdavčitvijo zmanjšal za […] oziroma […] milijonov EUR. Posledice bi bile verjetno dejansko še večje, če bi Dexia uporabila predpostavke, ki jih je Komisija določila v svojem stresnem testu, […].
The assumptions amended by Dexia are the following,
Predpostavke, kot jih je spremenila Dexia, so:
the rise in the cost of funding was simulated over a shorter period of […].
Simulacija povečanja stroškov financiranja se je nanašala na krajše obdobje […].
In this respect, the Commission notes that certain factors, such as Dexia’s CDS or the cost of long-term senior unsecured funding increased by more than […] basis points and for a period exceeding […].
Komisija v zvezi s tem ugotavlja, da so se nekateri elementi, kot so posli kreditnih zamenjav skupine Dexia ali stroški dolgoročnega financiranja v obliki nadrejenih nezavarovanih obveznic, povečali za več kot […] bazičnih točk v obdobju, daljšem od […].
As regards the cost of short-term funding, without the unprecedented interventions by the Member States concerned and the central banks, which are due to disappear, this cost of funding would also have increased sharply,
Tudi stroški kratkoročnega financiranja bi se brez predhodnih posredovanj zadevnih držav članic in centralnih bank, ki naj jih več ne bi bilo, močno povečali.
Dexia changed its funding mix and assumes, during the period when the cost of funding is stressed, that only short-term funding is carried out.
Dexia je spremenila svojo mešanico finančnih instrumentov in v obdobju izjemnih stroškov financiranja Dexia predpostavlja samo uporabo kratkoročnih oblik financiranja.
In this respect, the Commission notes that such assumptions are not consistent with Dexia’s recent experience, since despite the sustained increase in its cost of funding, Dexia increased the proportion of long-term funding,
Komisija v zvezi s tem ugotavlja, da so take predpostavke v nasprotju z nedavnimi izkušnjami skupine Dexia, saj je ta kljub vztrajnemu večanju stroškov financiranja povečala delež dolgoročnega financiranja.
in the stress scenario, Dexia did not use assumptions in line with those used for other similar exercises recently conducted in Europe.
Pri stresnem scenariju Dexia ni uporabila podobnih predpostavk, kot so bile uporabljene pri nedavnih podobnih testih v Evropi.
The Commission therefore concludes from this that […].
Komisija na podlagi tega torej ugotavlja, da […].
The Commission also notes that this parameter is not really taken into consideration in the other stress tests carried out by Dexia, i.e. the stress test conducted as part of other similar exercises recently carried out in Europe and the liquidity stress test.
Komisija še ugotavlja, da se ta parameter v resnici ni upošteval pri drugih stresnih testih, ki jih je izvedla Dexia, in sicer pri testu v okviru drugih podobnih preverjanj, ki so bila pred kratkim izvedena po Evropi, in testu likvidnosti.
Dexia maintains that (i) the assumptions made in its business plan, before simulation of an increase of […] or […] basis points, are already inherently stressed as they reflect the funding conditions in July 2009, which were admittedly better than those at the end of 2008 or the beginning of 2009, but do not reflect the positive trend in the second half of 2009; (ii) an assumption of no change in the funding mix would not reflect the behaviour of a market operator in such circumstances.
Dexia trdi, da (i) so predpostavke, na katerih je temeljil njen poslovni načrt pred simulacijo zvišanja za […] ali […] bazičnih točk, že same po sebi izjemne, saj izražajo pogoje financiranja iz julija 2009, ki so bili zagotovo boljši od tistih konec leta 2008 ali v začetku leta 2009, ne izražajo pa pozitivnega gibanja v drugi polovici leta 2009; (ii) naj predpostavka o nespremenjeni mešanici finančnih instrumentov ne bi izražala ravnanja tržnega akterja v takih okoliščinah.
The stress test on this last element is useful, as it allows the conclusion to be drawn that it is important that the restructuring plan (i) reduces Dexia’s dependence on market-based financing and (ii) lengthens the average maturity of its funding, with a view to reducing Dexia’s sensitivity to an increase in the cost of funding.
Stresni test za zadnji element je koristen, saj kaže na to, da je pomembno, da se z načrtom prestrukturiranja (i) zmanjša odvisnost skupine Dexia od tržnega financiranja in (ii) poveča povprečna dospelost njenega financiranja, da bi se tako zmanjšala občutljivost skupine Dexia na povečanje stroškov financiranja.
This is precisely one of the elements which Dexia’s management took into account between 30 September 2008 and 30 September 2009 and which the restructuring plan aims to cover.
Prav to je eden od elementov, ki jih je vodstvo skupine Dexia upoštevalo med 30. septembrom 2008 in 30. septembrom 2009 ter ki naj bi bili vključeni v načrt prestrukturiranja.
Consequently, as regards this second stress test, the Commission concludes that, although Dexia’s current funding structure makes it vulnerable to extreme shocks to its cost of funding, the restructuring plan provides a gradual, satisfactory response to Dexia’s sensitivity to an increase in its funding cost.
Komisija zato v zvezi z drugim stresnim testom ugotavlja, da, čeprav je Dexia zaradi sedanje strukture financiranja občutljiva na izrazite pretrese v zvezi s stroški financiranja, načrt prestrukturiranja pomeni postopno in zadovoljivo rešitev za občutljivost skupine Dexia na povečanje njenih stroškov financiranja.
Furthermore, the Commission takes a positive view of the fact that Dexia has a large stock of assets (including the assets of the LPMD division), which are of good quality and are eligible to obtain financing at a marginally lower cost in the interbank repo market and, if necessary, from central banks.
Sicer pa Komisija pozitivno ocenjuje dejstvo, da ima Dexia na voljo visoko stanje sredstev (vključno s sredstvi v okviru sektorja LPMD), ki so kakovostna in upravičena do pridobitve finančnih sredstev po nekoliko nižjih cenah na trgu medbančnih repo poslov, po potrebi pa tudi pri centralnih bankah.
Third stress test
Tretji stresni test
As regards the third stress test, which is designed to test the group’s liquidity profile, the Commission notes that both the stress test carried out by Dexia and that carried out by the CBFA suggest that the group meets the requirements of the test at a horizon of one month.
Komisija v zvezi s tretjim stresnim testom, katerega namen je bil preveriti likvidnostni profil skupine, ugotavlja, da sta oba testa, tako test, ki ga je izvedla Dexia, kot tudi test, ki ga je izvedla CBFA, pokazala, da skupina ustreza zahtevam testa za obdobje enega meseca.
The Commission notes the following elements:
Komisija ugotavlja naslednje:
the liquidity stress test models, as established by Dexia and by the regulator, do not seem to make assumptions about the cost of this liquidity in exceptional circumstances and without State aid.
modela testa likvidnosti v izjemnih razmerah, kot sta ju določila Dexia in nadzorni organ, očitno ne temeljita na predpostavkah v zvezi s stroški tega zagotavljanja likvidnosti v izjemnih razmerah in brez državne pomoči.
In this respect, the Commission asked the group to carry out a separate stress test designed to simulate the ‘funding cost’ variable (see recitals 180 to 183),
V zvezi s tem je Komisija od skupine zahtevala, naj izvede ločen stresni test za simulacijo spremenljivke stroškov financiranja (glej uvodne izjave od 180 do 183),
the stress test assumptions made by the CBFA, as set out in the Circular of 8 May 2009, are conservative and reflect the recent experience of the crisis.
predpostavke v okviru stresnega testa, ki ga je izvedla CBFA, navedene v okrožnici z dne 8. maja 2009, so konservativne in kažejo nedavne izkušnje iz krize.
They include the following assumptions, for example: (i) the institution can no longer obtain unsecured financing on the money and capital markets; (ii) application of conservative haircut levels for repo financing; (iii) withdrawal by the retail customers of 5 % of their sight deposits and savings deposits within the period of one week and 20 % of these deposits within one month; (iv) withdrawal by wholesale customers of 100 % of their deposits repayable on sight (and not secured by liquid financial assets) and their deposits of uncertain maturity within the period of one week; (v) non-rollover of all time deposits of the institution at their next due date,
Med njimi so na primer naslednje predpostavke: (i) banka se na denarnem in kapitalskem trgu ne more več financirati brez jamstva; (ii) uporaba konservativnih stopenj odbitkov za financiranje repo poslov; (iii) stranke poslovanja z občani v enem tednu dvignejo 5 % svojih vlog na vpogled in hranilnih vlog, v enem mesecu pa 20 % teh vlog; (iv) stranke s področja poslovanja s podjetji v enem tednu dvignejo 100 % neposredno razpoložljivih vlog (ki niso zavarovane z likvidnimi finančnimi sredstvi) in vlog brez dospelosti; (v) neobnovitev vseh vezanih vlog banke ob njihovi naslednji zapadlosti,