natgillin/translations-raw huggingface dataset:
In the present case, Dexia’s obligation to pay a coupon on the DFL issue is not liable to change the Commission’s approach in view of the fact that the exception comes under the restructuring plan, relates to a single issue which involves the payment of a limited coupon and Dexia forecasts a profit during the restructuring period.
V obravnavanem primeru obveznost skupine Dexia, da izplača kupon iz izdaje družbe DFL, ne more spremeniti stališča Komisije glede na dejstvo, da spada izjema v okvir načrta prestrukturiranja, da se nanaša na eno samo izdajo, ki povzroči izplačilo omejenega kupona, in da Dexia v obdobju prestrukturiranja načrtuje dobiček.
Finally, the Commission notes that the aid is limited to the minimum necessary by:
Nazadnje, Komisija ugotavlja, da je pomoč omejena na najnižjo potrebno s:
divestments of assets and subsidiaries, including fairly profitable subsidiaries, such as ‘Dexia Sabadell’, ‘Dexia Banka Slovensko’ (‘DBS’) and ‘Deniz Emeklilik’ (the insurance subsidiary of its subsidiary DenizBank which operates mainly in the RCB market in Turkey); and
prodajo sredstev in odvisnih družb, med katerimi so precej dobičkonosne odvisne družbe, kot so „Dexia Sabadell“, „Dexia Banka Slovensko“ (v nadaljnjem besedilu: DBS) in „Deniz Emeklilik“ (odvisna zavarovalnica odvisne družbe DenizBank, ki v glavnem posluje na trgu RCB v Turčiji), ter
appropriate remuneration for the aid received in the form of a guarantee by the Member States concerned on Dexia’s liabilities and its impaired assets (see recitals 158 to 159).
ustreznim nadomestilom za pomoč v obliki jamstva zadevnih držav članic za obveznosti do virov sredstev in oslabljena sredstva skupine Dexia (glej uvodni izjavi 158 in 159).
The factors set out above more than offset the many conditions and reservations noted as being adverse by the Commission, which accompany the suspension of the dividend distribution provided for in the restructuring plan.
Zgornje ugotovitve več kot odtehtajo številne pogoje in pridržke, ki jih je Komisija ocenila negativno in ki spremljajo začasen preklic razdelitve dividend, določen v načrtu prestrukturiranja.
Consequently, the Commission considers that Dexia and its shareholders are making a sufficient contribution to the restructuring from their own resources.
Komisija zato meni, da Dexia in njeni delničarji k prestrukturiranju dovolj prispevajo iz lastnih sredstev.
Measures to correct the distortions of competition
Ukrepi za odpravo izkrivljanja konkurence
According to section 4 of the Restructuring Communication, the restructuring plan must permit the limitation of excessive distortions of competition caused by the aid, i.e. the restructuring plan must provide for structural measures (divestment and/or reduction of business activities) and behavioural safeguards.
V skladu z razdelkom 4 Sporočila o prestrukturiranju mora načrt prestrukturiranja omogočiti omejitev neupravičenega izkrivljanja konkurence zaradi pomoči, to pomeni, da mora načrt prestrukturiranja določati strukturne ukrepe (odprodaja in/ali zmanjšanje obsega dejavnosti) in varovalke v zvezi z ravnanjem bank.
Appropriate measures must be put in place to minimise the distortions of competition and avoid the State aid in favour of Dexia prolonging past distortions caused by excessive risk-taking and an unsustainable business model.
Uvesti je treba ustrezne ukrepe, da se čim bolj zmanjša izkrivljanje konkurence in prepreči, da bi se z državnimi pomočmi za skupino Dexia nadaljevalo izkrivljanje, ki so ga v preteklosti povzročili čezmerna tveganja in neučinkovit poslovni model.
According to point 30 of the Restructuring Communication, the nature and form of measures to limit the distortions of competition will depend on two criteria: first, the amount of the aid and the conditions and circumstances under which it was granted and, second, the characteristics of the market or markets on which the beneficiary bank will operate.
V skladu s točko 30 Sporočila o prestrukturiranju se narava in oblika ukrepov za omejitev izkrivljanja konkurence določita na podlagi dveh meril: prvič, na podlagi višine pomoči ter pogojev in okoliščin, v katerih je bila pomoč dodeljena, in drugič, na podlagi značilnosti trgov, na katerih bo poslovala banka upravičenka.
With regard to this latter criterion, the Commission observes that Dexia is a key player on the local authority financing market (‘PWB’), especially in France, Belgium and Italy, and has a significant presence in Spain.
V zvezi z zadnjim merilom Komisija ugotavlja, da je Dexia pomemben akter na trgu financiranja lokalnih skupnosti (PWB), predvsem v Franciji, Belgiji in Italiji, precej je prisotna tudi v Španiji.
The PWB market is heavily concentrated in Belgium [53], France [54] and Italy [55] and the entry barriers there are high [56].
Trg PWB je močno skoncentriran v Belgiji [53], Franciji [54] in Italiji [55], kjer je vstop na trg oviran [56].
The Commission notes, moreover, that the restructuring plan guarantees that Dexia will take the necessary steps to open up the local authority financing market and limit the distortions of competition on this market generated by the aid received:
Komisija še ugotavlja, da načrt prestrukturiranja zagotavlja, da bo Dexia sprejela potrebne ukrepe za odprtje trga financiranja lokalnih skupnosti in na njem omejila izkrivljanje konkurence zaradi prejete pomoči:
firstly, the reduction in the scope of the PWB activities on Dexia’s core markets, through the limitation, and even the abandonment, of the PWB International turnover will enable competition to be increased on certain markets.
najprej, z omejitvijo dejavnosti PWB na glavne trge skupine Dexia, in sicer z zmanjšanjem ali celo opustitvijo dejavnosti PWB International, bo mogoče na nekaterih trgih povečati konkurenco.
In this respect, Dexia undertook to sell Crediop, a key player in local authority financing in Italy, and Dexia Sabadell, which operates in the Spanish market,
V zvezi s tem je Dexia zagotovila, da bo odprodala družbo Crediop, ki je pomemben akter pri financiranju lokalnih skupnosti v Italiji, in družbo Dexia Sabadell, ki posluje na španskem trgu,
secondly, in the core markets where Dexia still operates, the limitation of the volume of new turnover will also allow the entry of new operators and will promote competition in these markets (Dexia is limiting new annual turnover in PWB to EUR 12 billion in 2009, EUR 15 billion in 2010 and EUR 18 billion from 2011 to 2014, which represents a significant reduction compared to the level of EUR 34 billion recorded in 2008),
dalje, na osrednjih trgih, na katerih Dexia še naprej posluje, bo omejitev obsega novih dejavnosti omogočila tudi vstop novih akterjev in spodbudila konkurenco na teh trgih (Dexia je letni obseg novih dejavnosti PWB omejila na 12 milijard EUR v letu 2009, 15 milijard EUR v letu 2010 in 18 milijard EUR v obdobju 2011–2014, kar je znatno manj v primerjavi s 34 milijardami, ustvarjenimi v letu 2008),
finally, Dexia has undertaken to abandon its majority stake in AdInfo, a subsidiary which provides IT services to the local authorities in Belgium.
nazadnje, Dexia se je obvezala, da se bo odrekla svojemu večinskemu deležu v odvisni družbi AdInfo, ki se ukvarja z zagotavljanjem informacijskih storitev lokalnim skupnostim v Belgiji.
This subsidiary provides Dexia with access to a large number of public-sector customers throughout Belgium and has enabled it to strengthen its position as reference banker for local operators in Belgium and to develop technological solutions compatible with the financial services it offers the local authorities.
Ta odvisna družba je skupini Dexia omogočila dostop do številnih javnih strank na celotnem belgijskem ozemlju, tako da je lahko okrepila svoj položaj referenčne banke lokalnih akterjev v Belgiji in razvila tehnološke rešitve, združljive s finančnimi storitvami, ki jih ponuja lokalnim skupnostim.
In this respect, the Commission considers that the sale of this subsidiary will allow greater competition in the PWB market in Belgium.
Komisija tako meni, da se bo lahko z odprodajo te odvisne družbe povečala konkurenca na trgu PWB v Belgiji.
Moreover, Dexia has undertaken that the RAROC on each loan granted to PWB customers will remain over 10 %, which will ensure that the rates applied by Dexia to these customers are in line with market rates and prevent Dexia assuming a dominant position in this market in the future by applying rates which are below market rates.
Dexia se je še obvezala, da bo stopnja RAROC pri vseh posojilih strankam PWB še naprej več kot 10-odstotna, kar zagotavlja, da bodo tarife, ki jih Dexia zaračunava tem strankam, v skladu s tržnimi, in preprečuje, da bi Dexia v prihodnje postala prevladujoč akter na tem trgu, če bi zaračunavala nižje tarife, kot veljajo na trgu.
Dexia is less present on the retail banking market than in local authority financing.
Na trgu bančnih storitev za občane Dexia ni tako prisotna kot pri financiranju lokalnih skupnosti.
The group engages in retail banking through its subsidiaries in four main countries: Belgium through DBB, Luxembourg through Dexia BIL, Slovakia through Dexia Banka Slovensko (DBS) and Turkey through DenizBank.
Skupina izvaja dejavnosti bančnega poslovanja z občani prek svojih odvisnih družb v štirih glavnih državah: v Belgiji prek banke DBB, v Luksemburgu prek banke Dexia BIL, na Slovaškem prek banke Dexia Banka Slovensko (DBS) in v Turčiji prek banke DenizBank.
Measured in terms of deposits, Dexia has a market share of about [10-15] % in Belgium, [10-15] % in Luxembourg, [0-5] % in Slovakia and [0-5] % in Turkey.
Z vidika depozitov ima Dexia v Belgiji približno [10–15]-odstotni tržni delež, v Luksemburgu [10–15]-odstotni delež, na Slovaškem [0–5]-odstotni delež in v Turčiji [0–5]-odstotni delež.
Since the retail banking market is not as concentrated as that of local authority financing in France, Belgium, Italy and Spain, there is less need for measures to limit the distortions of competition.
Ker trg bančnih storitev za občane ni tako skoncentriran kot trg financiranja lokalnih skupnosti v Franciji, Belgiji, Italiji in Španiji, so ukrepi za omejitev izkrivljanja konkurence tu manj nujni.
In particular, in Belgium where Dexia has its largest market share, it occupies only third place.
Zlasti v Belgiji, kjer ima Dexia največji tržni delež, a je kljub temu šele na tretjem mestu.
In any case, the Commission welcomes Dexia’s commitment to the following measures in the retail banking sector:
Komisija vsekakor pozitivno ocenjuje naslednje ukrepe, za katere se je Dexia zavezala glede bančnih storitev za občane:
divestment of Dexia Banka Slovensko,
odprodaja družbe Dexia Banka Slovensko,
abandonment of intra-group financing to DenizBank until end-2014,
opustitev financiranja znotraj skupine za družbo DenizBank do konca leta 2014,
divestment of Dexia Epargne Pension, which operates in the field of collective insurance and life assurance in France,
odprodaja družbe Dexia Epargne Pension, ki se ukvarja z inženiringom in življenjskimi zavarovanji v Franciji,
divestment of the holding in Crédit du Nord, which operates in the retail market in France; and
prodaja deleža v družbi Crédit du Nord, ki deluje na francoskem trgu bančnih storitev za občane, in
divestment of the insurance business in Turkey.
odprodaja zavarovalniške dejavnosti v Turčiji.
Dexia is subject to certain behavioural safeguards, such as not making any acquisition (until 30 December 2011) of more than 5 % of the share capital of other credit institutions or investment firms [57].
Za skupino Dexia veljajo nekatere varovalke pri ravnanju, na primer dejstvo, da (do 30. decembra 2011) ne bo pridobila več kot 5 % kapitalskega deleža drugih kreditnih institucij ali naložbenih podjetij.
This safeguard ensures that in principle Dexia will not make the acquisition of another credit institution or investment firm in order to exercise control over it within the meaning of the merger rules.
Taka varovalka zagotavlja, da Dexia načeloma ne bo prevzela druge kreditne institucije ali naložbenega podjetja, da bi nad njo izvajala nadzor v smislu predpisov o koncentracijah.
This principle is consistent, in particular, with point 40 of the Restructuring Communication.
Tako načelo je med drugim v skladu s točko 40 Sporočila o prestrukturiranju.
In the light of Dexia’s own contribution and the measures in its core markets, the Commission concludes that the structural measures as a whole contained in the restructuring plan are sufficient to limit the excessive distortions of competition arising from the aid in question.
Komisija glede na lastni prispevek skupine Dexia in ukrepe na njenih glavnih trgih ugotavlja, da bo z vsemi strukturnimi ukrepi iz načrta prestrukturiranja mogoče omejiti neupravičeno izkrivljanje konkurence zaradi zadevnih pomoči.
Finally, Dexia will implement the principles of remuneration agreed by the G-20 and the national bodies concerned regarding the remuneration of members of the Management Board and the Executive Committee of Dexia and its main operating entities.
Nazadnje, Dexia bo upoštevala načela v zvezi s prejemki, določena v okviru G-20 in zadevnih nacionalnih organov, kar zadeva plačilo članov upravnih in izvršnih odborov skupine Dexia in njenih glavnih delujočih subjektov.
MONITORING OF THE MEASURES
SPREMLJANJE UKREPOV
The Commission notes that point 46 of the Restructuring Communication recommends that a detailed report should be submitted regularly by the Member States concerned to the Commission to enable the latter to verify that the restructuring plan is being applied in accordance with the commitments notified.
Komisija navaja, da je v točki 46 Sporočila o prestrukturiranju priporočeno, da zadevne države članice Komisiji redno pošiljajo podrobna poročila, da ta lahko preveri, ali se načrt prestrukturiranja izvaja v skladu s priglašenimi zavezami.
In this respect, half-yearly reports will be addressed to the Commission by the independent expert in charge of monitoring the restructuring plan, before 1 October and 30 April each year.
V ta namen se Komisiji vsako leto pred 1. oktobrom in 30. aprilom predložijo polletna poročila neodvisnega strokovnjaka, odgovornega za spremljanje načrta prestrukturiranja.
The Commission finds that Belgium, France and Luxembourg unlawfully implemented aid in the form of a capital increase, guarantee and guaranteed LA operations, in breach of Article 108(3) TFEU.
Komisija ugotavlja, da so Belgija, Francija in Luksemburg nezakonito dodelili pomoči v obliki dokapitalizacije, jamstva in zajamčenih ukrepov likvidnostne pomoči ter tako kršili člen 108(3) PDEU.
On the basis of the information and commitments communicated to the Commission by the Member States concerned, the Commission authorises Dexia’s restructuring plan and the conversion of the emergency aid into restructuring aid under the conditions provided for under Article 2.
Komisija na podlagi informacij in zavez, ki so jih Komisiji poslale zadevne države članice, dovoljuje načrt prestrukturiranja skupine Dexia in pretvorbo nujnih pomoči v pomoči za prestrukturiranje pod pogoji iz člena 2.
The Commission also considers that the restructuring plan responds to the allegations made in the complaint communicated to it, without prejudice to the complainant asserting his rights for the period when the aid in question was not authorised,
Meni tudi, da načrt prestrukturiranja izpolnjuje zahteve iz pritožbe, ki jo je prejela, ne da bi to vplivalo na pravico pritožnika, da uveljavlja svoje pravice za obdobje, v katerem zadevne pomoči niso bile odobrene –
The measures implemented by Belgium, France and Luxembourg in favour of Dexia, for an amount of EUR 8,4 billion, in the form of a capital increase and aid for the treatment of impaired assets, and for an amount of EUR [95-135] billion, in the form of a guarantee and guaranteed liquidity assistance operation (‘liquidity assistance’ or ‘LA’), constitute State aid within the meaning of Article 107(1) TFEU.
Ukrepi, ki so jih Belgija, Francija in Luksemburg izvedli v korist skupine Dexia, in sicer v znesku 8,4 milijarde EUR v obliki dokapitalizacije in pomoči za obravnavanje oslabljenih sredstev ter v znesku [95-135] milijard EUR v obliki jamstva in zajamčenega ukrepa likvidnostne pomoči („Liquidity Assistance“ ali LA), pomenijo državne pomoči v smislu člena 107(1) PDEU.
This aid is compatible with the internal market under the conditions provided for in Article 2.
Navedene pomoči so združljive z notranjim trgom pod pogoji iz člena 2:
Belgium, France and Luxembourg shall respect all the commitments and conditions set out in Annex I to this decision within the time limits fixed.
Belgija, Francija in Luksemburg v predpisanih rokih izpolnijo vse zaveze in pogoje iz Priloge I k temu sklepu.
Before making any payment of coupons on hybrid Tier 1 or upper Tier 2 instruments issued before 1 February 2010, and at the latest two weeks before the start of the notification period for the payment of the coupon to investors, Dexia shall notify the Commission, until 31 December 2011, of its intention to pay such a coupon and shall demonstrate that this payment:
Pred vsakim izplačilom kupona iz hibridnih instrumentov Tier 1 ali Upper Tier 2, izdanih pred 1. februarjem 2010, in najpozneje dva tedna pred začetkom roka za obvestilo o izplačilu kuponov vlagateljem, Dexia Komisiji do 31. decembra 2011 priglasi svojo namero za izplačilo takih kuponov in dokaže, da je navedeno izplačilo:
is mandatory;
obvezno;
cannot be deferred;
neodložljivo;
is not discretionary; and
nediskrecijsko in
is not triggered automatically by a dividend payment, whatever the form, by Dexia SA or one of its subsidiaries, with the exception of the Tier 1 issue by DFL (ISIN code XS0273230572).
da ni neposredna posledica izplačila kakršnih koli dividend skupine Dexia S.A. ali ene od njenih odvisnih družb, razen izdaje instrumenta Tier 1, ki ga izda DFL (koda ISIN XS0273230572).
The Commission reserves the right not to authorise such a payment if any of the four cumulative conditions set out above is not satisfied.
Komisija si pridržuje pravico, da ne dovoli takega izplačila, če ni izpolnjen eden od štirih zgoraj navedenih kumulativnih pogojev.
Belgium, France and Luxembourg shall inform the Commission, within a period of two months from the date of notification of this decision, of the measures taken to comply therewith.
Belgija, Francija in Luksemburg v dveh mesecih po prejetju uradnega obvestila o tem sklepu Komisijo obvestijo o ukrepih, ki so jih sprejeli za njegovo upoštevanje.
Belgium, France and Luxembourg shall submit to the Commission, throughout the period of the restructuring plan, on a six-monthly basis, a detailed report on the achievement of the restructuring measures set out in their commitments notified to the Commission on 9 February 2010 (attached as Annex I to this decision).
Belgija, Francija in Luksemburg v celotnem obdobju izvajanja načrta prestrukturiranja vsakih šest mesecev pošljejo Komisiji podrobno poročilo o izvajanju ukrepov prestrukturiranja, navedenih v njihovih zavezah, ki so jih Komisiji priglasili 9. februarja 2010 (navedene v Prilogi I k temu sklepu).
The first report shall be communicated within six months of the date of this decision.
Prvo poročilo je treba poslati v šestih mesecih od sprejetja tega sklepa.
This decision is addressed to the Kingdom of Belgium, the French Republic and the Grand Duchy of Luxembourg.
Ta sklep je naslovljen na Kraljevino Belgijo, Francosko republiko in Veliko vojvodstvo Luksemburg.
Done at Brussels, 26 February 2010.
V Bruslju, 26. februarja 2010
OJ C 181, 4.8.2009, p. 42.
UL C 181, 4.8.2009, str. 42.
See footnote 1.
UL C 181, 4.8.2009, str. 42.
OJ C 115, 9.5.2008, p. 91.
UL C 115, 9.5.2008, str. 91.
OJ C 305, 16.12.2009, p. 3.
UL C 305, 16.12.2009, str. 3.
Confidential information […].
Zaupne informacije […].
For further information on the activities and sale of FSA, the Commission refers to its decision of 13 March 2009.
Za več informacij o dejavnostih in prodaji družbe FSA se Komisija sklicuje na svojo odločitev z dne 13. marca 2009.
The postponement of the final maturity applies only to bonds issued after the adoption of the Commission decision of 30 October 2009.
To podaljšanje skrajnega roka zapadlosti velja samo za obveznice, izdane po sprejetju odločitve Komisije z dne 30. oktobra 2009.
See: http://www.nbb.be/DOC/DQ/warandia/index.htm
Glej: http://www.nbb.be/DOC/DQ/warandia/index.htm
Moniteur belge of 17 October 2008, edition 2, pp. 55634 et seq.
Moniteur belge (Uradni list Belgije) z dne 17. oktobra 2008, 2. izdaja, str. 55634 in naslednje.
CES = Closed-end second mortgages / HELOC = Home equity line of credit
CES = Closed-end second mortgages (zaprte sekundarne hipoteke) / HELOC = Home equity line of credit (gospodinjska posojila); posojila Option ARM (hipotekarna posojila z variabilno obrestno mero)
The short-term funding consists of: repo operations (sale and repurchase agreements) of all kinds (with the central banks, bilateral or triparty), certificates of deposit and commercial paper, interbank deposits, fiduciary deposits, central bank deposits and other wholesale funding.
Kratkoročne oblike financiranja vključujejo: vse vrste repo poslov (s centralnimi bankami, dvostranske ali tristranske), potrdila o vlogah in komercialne zapise, medbančne vloge, fiduciarne depozite ter druge oblike financiranja podjetij.
The group’s liabilities included in this ratio comprise: (i) the long-term stock of mortgage bonds issued by the group and issues in EMTN format (guaranteed, unguaranteed and placed on the interbank market or via the retail banking network) and (ii) the short-term stock of all the short-term funding included in the balance sheet of the group.
Obveznosti do virov sredstev skupine, na katere se nanaša ta delež, vključujejo (i) dolgoročno stanje vseh hipotekarnih obveznic, ki jih je izdala skupina, in izdaj v obliki EMTN (zavarovane, nezavarovane in dane na medbančni trg ali prek mreže bančnega poslovanja z občani) in (ii) kratkoročno stanje vseh kratkoročnih oblik financiranja v bilanci skupine.
The economic capital is calculated according to the methodology of the Basel Committee on Banking Supervision (see ‘International Convergence of Capital Measurement and Capital Standards: a Revised Framework’ (June 2006)).
Ekonomski kapital se izračuna po metodologiji Baselskega odbora za bančni nadzor (glej: Mednarodno približevanje merjenja kapitalske ustreznosti in kapitalskih standardov – spremenjeni okvir (junij 2006)).
The Member States concerned communicated to the Commission a letter from Dexia dated 12 February 2010 confirming that there are no hybrid subordinated debt securities issued by the entities of the group with terms and conditions providing for a coupon payment obligation (‘coupon pusher’), assuming that Dexia SA would make payment of a dividend in shares, with the sole exception of the issue of EUR 500 million by Dexia Funding Luxembourg SA in 2006 (ISIN code: XS0273230572).
Zadevne države članice so Komisiji poslale dopis skupine Dexia z dne 12. februarja 2010, v katerem je potrjeno, da subjekti skupine niso izdali hibridnih in podrejenih dolžniških instrumentov, katerih pogoji bi določali obvezno izplačilo kupona („coupon pusher“), če bi Dexia SA izplačala dividende v obliki delnic, pri čemer je edina izjema izdaja v višini 500 milijonov EUR, ki jo je Dexia Funding Luxembourg SA realizirala v letu 2006 (koda ISIN: XS0273230572).
Dexia will not be required to dispose of its stake in Crediop at an excessively depressed price (less than […] times the book value in 2010 and 2011 and […] times the book value in 2012).
Skupini Dexia svojega deleža v družbi Crediop ne bo treba prodati po prenizki ceni (manj kot […]-kratna knjigovodska vrednost v letih 2010 in 2011 ter […]-kratna knjigovodska vrednost v letu 2012).
Dexia will not be required to sell DBS at an excessively depressed price (less than […] times the book value in 2010 and […] times in 2011).
Skupini Dexia družbe DBS ne bo treba prodati po prenizki ceni (manj kot […]-kratna knjigovodska vrednost leta 2010 in […]-kratna v letu 2011).
RAROC reflects the costs of the PWB division and the methodology and calculation of the RAROC and its components are correct.
Stopnja RAROC kaže stroške sektorja PWB, metodologija in izračun stopnje RAROC ter sestavin pa sta natančna.