natgillin/translations-raw huggingface dataset:
With regard to the questions relating to the FSA measure (valuation of the assets covered by the measure and remuneration of the measure), the Commission relied on the technical analysis of external experts under contract with the Commission (Oliver Wyman).
Pri vprašanjih, povezanih z ukrepom za družbo FSA (vrednotenje sredstev, zavarovanih z ukrepom, in nadomestilo za ukrep), se je Komisija oprla na strokovno analizo zunanjih strokovnjakov, ki pogodbeno sodelujejo s Komisijo (Oliver Wyman).
THIRD COMMISSION DECISION: EXTENSION OF THE GUARANTEE
TRETJA ODLOČITEV KOMISIJE: PODALJŠANJE JAMSTVA
Since the guarantee agreement concluded between Dexia and the Member States concerned was due to expire on 31 October 2009, the Member States concerned notified the Commission on 27 October 2009 of the renewal of the guarantee agreement until 28 February 2010, subject to certain adjustments.
Ker se je pogodba o jamstvu, sklenjena med skupino Dexia in zadevnimi državami članicami, iztekla 31. oktobra 2009, so zadevne države članice Komisijo 27. oktobra 2009 uradno obvestile, da bo pogodba o jamstvu z nekaterimi prilagoditvami podaljšana do 28. februarja 2010.
Information on the changes made to the guarantee agreement was communicated to the Commission on 10 September, 8 October and 27 October 2009.
Informacije o spremembah pogodbe o jamstvu so bile Komisiji poslane 10. septembra, 8. oktobra in 27. oktobra 2009.
ADDITIONAL MEASURES TO DEXIA’S RESTRUCTURING PLAN
DODATNI UKREPI IZ NAČRTA PRESTRUKTURIRANJA SKUPINE DEXIA
By communication of 10 February 2010, the Belgian authorities informed the Commission that, in the interests of this decision being adopted as soon as possible, they agree to this decision being adopted in the French language.
Belgijski organi so z dopisom z dne 10. februarja 2010 Komisiji sporočili, da se zaradi čimprejšnjega sprejetja tega sklepa strinjajo, da se ta sklep sprejme v francoskem jeziku.
Dexia is a financial group active in the banking and insurance sectors.
Dexia je finančna skupina, ki deluje v sektorjih bančništva in zavarovalništva.
The parent company, Dexia SA, is incorporated as a limited company under Belgian law and listed on the Euronext Paris and Euronext Brussels stock exchanges.
Matična družba, Dexia SA, je delniška družba, ki kotira na borzah Euronext Pariz in Euronext Bruxelles.
Following the capital increase, which took place on 3 October 2008, the stakes of the principle shareholders of Dexia SA are as follows:
Po dokapitalizaciji, izvedeni 3. oktobra 2008, imajo glavni delničarji skupine Dexia SA naslednje deleže:
Subscribed by
Ime vpisnika
% held before the operation
Lastniški delež pred transakcijo (v %)
Amount of subscription (million EUR)
Znesek vpisa (v milijonih EUR)
% held at 31 December 2008
Lastniški delež na dan 31. decembra 2008 (v %)
Belgian Federal Government
Belgijska zvezna vlada
Flemish Region
Flamska regija
Walloon Region
Valonska regija
Brussels Capital Region
Regija Bruselj – glavno mesto
French Government
Francoska vlada
Free float
Delnice v prostem obtoku (t.i. free float)
Dexia is organised around a parent holding company (Dexia SA) and three operational entities located in France (Dexia Crédit Local, ‘DCL’), Belgium (‘DBB’) and Luxembourg (Dexia Banque Internationale à Luxembourg, ‘Dexia BIL’).
Skupino Dexia sestavljajo matična holdinška družba (Dexia SA) in tri operativne družbe s sedežem v Franciji (Dexia Crédit Local, v nadaljnjem besedilu: DCL), Belgiji (v nadaljnjem besedilu: DBB) in Luksemburgu (Dexia Banque Internationale à Luxembourg, v nadaljnjem besedilu: Dexia BIL).
Whereas the total balance sheet of the group was EUR 651 billion at 31 December 2008, that of the three operational entities was:
Medtem ko je bilančna vsota skupine 31. decembra 2008 znašala 651 milijard EUR, je bila bilančna vsota treh operativnih družb naslednja:
EUR 414 billion for DCL,
414 milijard EUR za DCL,
EUR 263 billion for DBB,
263 milijard EUR za DBB,
EUR 67 billion for Dexia BIL.
67 milijard EUR za Dexia BIL.
Since it was formed, Dexia’s activities have been divided among four main business lines:
Poslovanje skupine Dexia je vse od njene ustanovitve razdeljeno na štiri glavna področja dejavnosti:
financial services to the public and semi-public sector (‘Public and Wholesale Banking’ or ‘PWB’): this business line covers loans to local authorities, project finance, the credit enhancement activities carried out by DCL’s subsidiary FSA, sold to Assured Guaranty in July 2009, and holding and active management of a portfolio of bonds and asset-backed securities (‘ABS’); a significant proportion of these activities are directed by DCL and its international subsidiaries, with the exception of PWB activities in Belgium, which come under DBB,
finančne storitve v javnem sektorju in bančni posli za podjetja (Public and Wholesale Banking, v nadaljnjem besedilu: PWB): to področje dejavnosti obsega posojila lokalnim skupnostim, financiranje projektov, dejavnosti za izboljšanje kreditne kvalitete, ki jih izvaja odvisna družba FSA družbe DCL, ki je bila julija 2009 prodana družbi Assured Guaranty, ter lastništvo in dejavno upravljanje portfelja obveznic ter kolateraliziranih vrednostnih papirjev (asset-backed securities, v nadaljnjem besedilu: ABS); velik del teh dejavnosti vodijo DCL in njene mednarodne odvisne družbe, razen dejavnosti PWB v Belgiji, za katero je pristojna DBB,
financial services to private individuals (‘Retail and Commercial Banking’ or ‘RCB’): this business line covers deposit-taking and lending to private individuals and businesses in Belgium, Turkey, Slovakia and Luxembourg, as well as private banking in Luxembourg and Belgium; these activities are directed by DBB and Dexia BIL, and, as far as the activities in Turkey are concerned, DenizBank, a direct subsidiary of Dexia SA,
finančne storitve za občane (Retail and Commercial Banking, v nadaljnjem besedilu: RCB): to področje dejavnosti obsega zbiranje depozitov in dajanje posojil občanom in podjetjem v Belgiji, Turčiji, na Slovaškem in v Luksemburgu, ter zasebno bančništvo v Luksemburgu in Belgiji; te dejavnosti vodita DBB in Dexia BIL, dejavnosti v Turčiji pa DenizBank, neposredna odvisna družba matične družbe Dexia SA,
treasury and financial markets (‘Treasury, Funding and Markets’ or ‘TFM’) which covers all the treasury, asset-liability management (‘ALM’) and proprietary trading activities of Dexia,
zakladniški posli in finančni trgi (Treasury, Funding and Markets, v nadaljnjem besedilu: TFM), ki vključujejo vse zakladniške posle, upravljanje sredstev in obveznosti do virov sredstev (asset-liability management, v nadaljnjem besedilu: ALM) ter trgovanje skupine Dexia za svoj račun,
the other activities which cover the asset management activities (grouped under Dexia asset management, ‘Dexia AM’), investor services (offered by the joint subsidiary of Dexia and the Royal Bank of Canada, RBC Dexia Investor Services, ‘RBC Dexia IS’) and the insurance activities of the group, carried out in Belgium, France (Dexia Epargne Pension, ‘DEP’), Turkey and Ireland.
druge dejavnosti, ki vključujejo upravljanje sredstev (združene v okviru družbe Dexia Asset Management, v nadaljnjem besedilu: Dexia AM), storitve za vlagatelje (ponuja jih skupna odvisna družba skupine Dexia in Banque royale du Canada, RBC Dexia Investor Services, v nadaljnjem besedilu: RBC Dexia IS) ter zavarovalniške dejavnosti skupine, ki se izvajajo v Belgiji, Franciji (Dexia Epargne Pension, v nadaljnjem besedilu: DEP), Turčiji in na Irskem.
From the time it was formed until the crisis in autumn 2008, the salient characteristics of Dexia’s business activity, differentiating it from other European commercial banks, were as follows:
Dejavnost skupine Dexia se je vse od njene ustanovitve pa do krize pomladi 2008 razlikovala od dejavnosti drugih evropskih komercialnih bank po naslednjih značilnostih:
a core clientele, the local authorities, characterised by low credit margins and outstanding loans with relatively long maturities,
jedru strank, ki ga sestavljajo lokalne skupnosti, za katere so značilne nizke posojilne marže in razmeroma dolga odplačilna doba,
a majority of short-term funding obtained on the interbank and money markets as against long-term assets (loans to local authorities, project finance, bond portfolio),
večinskem deležu kratkoročnih oblik financiranja, pridobljenega na medbančnem in denarnem trgu, v primerjavi z dolgoročnimi sredstvi (posojila lokalnim skupnostim, financiranje projektov, portfelj obveznic),
considerable dependence for funding on less stable sources, such as the interbank market, or funding from institutional investors,
precejšnji odvisnosti njenega financiranja od manj stabilnih virov, kot sta medbančni trg ali zbiranje sredstev pri institucionalnih vlagateljih,
the search for margins outside the group’s traditional activities (the financing of local authorities, businesses and private individuals), by means in particular of:
iskanje kritja zunaj tradicionalnih dejavnosti skupine (financiranje lokalnih skupnosti, podjetij in občanov) v obliki:
credit enhancement through the monoline insurance subsidiary FSA;
dejavnosti izboljšanja kreditne kvalitete prek odvisne zavarovalnice za zavarovanje kreditnih tveganj, FSA;
proprietary trading;
dejavnosti trgovanja za svoj račun;
proprietary investments in a portfolio mainly comprising bonds which, at 31 December 2008, was estimated at EUR 233 billion (that is to say 36 % of Dexia’s total balance sheet at that date);
lastniških naložb v portfelj, ki je v glavnem sestavljen iz obveznic in je bil na dan 31. decembra 2008 ocenjen na 233 milijard EUR (kar je tedaj znašalo 36 % bilančne vsote skupine Dexia);
sales of derivatives and structured products.
prodaje izvedenih in strukturiranih finančnih instrumentov.
On account of these specific characteristics, the refinancing profile of the group also displays particularities, since a significant proportion of the group (principally DCL) has structural financing needs which it meets in particular through funding from other parts of the group (essentially DBB and Dexia BIL) and from the money, bond and mortgage bond markets.
Zaradi teh značilnosti je poseben tudi profil refinanciranja skupine, saj se velik del skupine (v glavnem DCL) srečuje s strukturno potrebo po financiranju, ki jo pokriva zlasti s financiranjem iz drugih delov skupine (večinoma iz družb DBB in Dexia BIL), denarnih trgov ter trgov obveznic in hipotekarnih obveznic.
Therefore when, in September 2008, following the bankruptcy of Lehman Brothers, the interbank market and the mortgage bond market dried up, Dexia found itself with a dynamic short-term funding requirement amounting to EUR [200-300] [7] billion ([31-46] % of the group’s total balance sheet, at 31 December 2008).
Ko sta medbančni trg in trg hipotekarnih obveznic septembra 2008 po stečaju banke Lehman Brothers usahnila, je Dexia tako znova občutila potrebo po dinamičnem kratkoročnem financiranju za pokritje [200-300] [7] milijard EUR ([31-46] % bilančne vsote skupine na dan 31. decembra 2008).
The bank’s situation deteriorated in September and October 2008 on account of its significant exposures to bank and sovereign counterparties in difficulties (American, Irish and Icelandic banks), impairment of assets held directly by Dexia or enhanced by its subsidiary FSA, and the falling prices of shares held by the group.
Položaj banke se je septembra in oktobra 2008 še poslabšal zaradi njene velike izpostavljenosti nasprotnim strankam, kot so banke in države v težavah (ameriške, irske in islandske banke), zmanjšanja vrednosti sredstev, ki so bila v neposredni lasti skupine Dexia oziroma katerim je kreditno kvaliteto izboljšala njena odvisna družba FSA, in padca cen delnic, ki jih je imela v lasti skupina.
The total losses and asset impairments recorded by the group amounted to EUR 6,5 billion at 30 September 2009 (of which EUR 5,9 billion at 31 December 2008).
Skupna vrednost izgub in zmanjšanja vrednosti sredstev skupine je na dan 30. septembra 2009 znašala 6,5 milijarde EUR (od tega 5,9 milijarde EUR na dan 31. decembra 2008).
For further details of the events at the origin of Dexia’s difficulties, the Commission refers to its decisions of 19 November 2008, 13 March 2009 and 30 October 2009.
Komisija se v zvezi z natančnejšimi vzroki za težek položaj skupine Dexia sklicuje na odločitve z dne 19. novembra 2008, 13. marca 2009 in 30. oktobra 2009.
In response to these difficulties, the group’s new management, appointed on 7 October 2008, implemented a transformation plan designed to refocus the group’s activities on its core business (comprising the PWB and RCB activities) and to reduce its risk profile and short-term funding needs.
Novo vodstvo skupine, imenovano 7. oktobra 2008, je v odziv na te težave uvedlo načrt preoblikovanja, s katerim naj bi dejavnost skupine znova usmerili na njeno osnovno dejavnost (in sicer dejavnosti PWB in RCB) ter zmanjšali njen profil tveganja in potrebo po kratkoročnem financiranju.
This transformation plan consisted of the following main measures:
Ta načrt preoblikovanja je vseboval naslednje glavne ukrepe:
sale of FSA’s credit enhancement activities to Assured Guaranty, with the FSA investment portfolio (‘Financial Products’) remaining under Dexia’s ownership [8],reduction in the scale of the international PWB activities (i.e. DCL’s PWB activities outside France, Italy and Spain),
prodaja dejavnosti izboljševanja kreditne kvalitete družbe FSA družbi Assured Guaranty, pri čemer je portfelj naložb v finančne instrumente družbe FSA (Financial Products) ostal v rokah skupine Dexia [8],zmanjšanje obsega mednarodnih dejavnosti PWB (to pomeni dejavnosti PWB družbe DCL zunaj Francije, Italije in Španije),
placing a substantial proportion of the bond portfolio in run-off (EUR 158 billion at 31 December 2008),
likvidacija velikega dela portfelja obveznic (158 milijard EUR na dan 31. decembra 2008),
cessation of all TFM proprietary trading activities and merger of ALM and treasury activities in a new business line ‘Group Center’,
prenehanje vseh dejavnosti trgovanja za svoj račun v okviru TFM in združitev dejavnosti upravljanja ALM in zakladništva v novo področje dejavnosti „Group Center“,
cost reduction programme.
načrt zniževanja stroškov.
Following the implementation of the transformation plan, at the start of 2009, Dexia’s situation improved, enabling it to record a positive net result of EUR 808 million in the first three quarters of 2009.
Položaj skupine Dexia se je po uvedbi načrta preoblikovanja v začetku leta 2009 izboljšal, tako da je lahko v prvih treh četrtletjih leta 2009 dosegla pozitiven neto poslovni izid v višini 808 milijonov EUR.
THE CAPITAL INCREASE
DOKAPITALIZACIJA
the Belgian State invested EUR 1 billion in Dexia SA,
Belgija je v matično družbo Dexia SA vložila 1 milijardo EUR,
the Flemish Region invested EUR 500 million in Dexia SA,
flamska regija je v matično družbo Dexia SA vložila 500 milijonov EUR,
the Walloon Region invested EUR 350 million in Dexia SA,
valonska regija je v matično družbo Dexia SA vložila 350 milijonov EUR,
the Brussels Capital Region invested EUR 150 million in Dexia SA,
regija Bruselj – glavno mesto je v matično družbo Dexia SA vložila 150 milijonov EUR,
Holding Communal SA invested EUR 500 million in Dexia SA,
družba Holding Communal SA je v matično družbo Dexia SA vložila 500 milijonov EUR,
Arcofin SCRL invested EUR 350 million in Dexia SA,
družba Arcofin SCRL je v matično družbo Dexia SA vložila 350 milijonov EUR,
Ethias invested EUR 150 million in Dexia SA,
družba Ethias je v matično družbo Dexia SA vložila 150 milijonov EUR,
the Caisse des Dépôts et Consignations (CDC) group invested EUR 1,71 billion in Dexia SA,
skupina Caisse des dépôts et consignations (CDC) je v matično družbo Dexia SA vložila 1,71 milijarde EUR,
CNP Assurances invested EUR 288 million in Dexia SA.
družba CNP Assurances je v matično družbo Dexia SA vložila 288 milijonov EUR.
The Luxembourg State undertook in September 2008 to invest EUR 376 million in Dexia BIL, in the form of convertible bonds with a maturity of three years, interest of 10 % a year and conversion to ordinary shares on terms to be agreed.
Luksemburg se je septembra 2008 obvezal, da bo v družbo Dexia BIL vložil 376 milijonov EUR v obliki zamenljivih obveznic s triletno dospelostjo, 10-odstotnimi letnimi obrestmi in preoblikovanjem v redne delnice pod pogoji, o katerih se je treba še dogovoriti.
In the restructuring plan notified in February 2010, Dexia indicated that it was definitively waiving the benefit of the Dexia BIL convertible bond, with immediate effect from the date of this decision.
Dexia je v načrtu prestrukturiranja, priglašenem februarja 2010, navedla, da se s sprejetjem tega sklepa nepreklicno odreka dobičku iz zamenljivih obveznic družbe Dexia BIL.
THE BOND GUARANTEE
JAMSTVO ZA DOLŽNIŠKE OBVEZNICE
The guarantee initially covered bond liabilities amounting to a maximum of EUR 150 billion in the proportion of 60,5 % for Belgium, 36,5 % for France and 3 % for Luxembourg.
Jamstvo je prvotno veljalo za dolžniške obveznice v višini največ 150 milijard EUR, pri čemer je Belgija jamčila za 60,5 %, Francija za 36,5 % in Luksemburg za 3 %.
In its above-mentioned decision of 19 November 2008, the Commission authorised the guarantee, as an emergency rescue measure, for a period of six months from the time it was set up.
Komisija je v zgoraj navedeni odločitvi z dne 19. novembra 2008 za šest mesecev odobrila jamstvo kot nujni ukrep za reševanje.
Under this decision, since a plan for restructuring the beneficiary has been submitted in accordance with the undertakings given by the three Member States concerned, this period is automatically extended until the Commission takes its decision on this restructuring plan.
Ker je bil v skladu z zavezami zadevnih treh držav članic predložen načrt prestrukturiranja upravičenca, je bilo to obdobje v skladu z navedeno odločitvijo samodejno podaljšano, dokler Komisija ne bi sprejela odločitve o navedenem načrtu prestrukturiranja.
However, since the guarantee agreement between Dexia and the Member States concerned was due to expire on 31 October 2009, the latter notified the Commission on 27 October 2009 of the renewal of the guarantee agreement until 28 February 2010, subject to certain modifications.
Ker pa se je pogodba o jamstvu, sklenjena med skupino Dexia in zadevnimi državami članicami, iztekla 31. oktobra 2009, so zadevne države članice Komisijo 27. oktobra 2009 uradno obvestile, da bo pogodba o jamstvu z določenimi prilagoditvami podaljšana do 28. februarja 2010.
The conditions of the guarantee were changed as follows compared with the initial guarantee concluded between the Member States concerned and Dexia on 9 October 2008:
Jamstveni pogoji so se v primerjavi s prvotnim jamstvom, ki so ga zadevne države članice in Dexia sklenile 9. oktobra 2008, spremenili tako:
the maximum amount of Dexia’s bonds guaranteed by the Member States concerned was reduced from EUR 150 billion to EUR 100 billion. In an amendment to the agreement, Dexia undertook to take every possible step to ensure that the global undertaking by the Member States concerned would not exceed EUR 80 billion after 1 November 2009;
najvišji znesek obveznic skupine Dexia, za katere so jamčile zadevne države članice, se je znižal s 150 milijard EUR na 100 milijard EUR; Dexia se je v dodatku k pogodbi zavezala, da se bo po najboljših močeh trudila, da po 1. novembru 2009 skupna obveznost zadevnih držav članic iz naslova jamstva ne bo presegla 80 milijard EUR;
the final maturity for the bonds covered by the guarantee was postponed from 31 October 2011 to 31 October 2014 [9];
rok zapadlosti obveznic, zavarovanih z jamstvom, se je z 31. oktobra 2011 podaljšal na 31. oktober 2014 [9];
from 16 October 2009, the guarantee no longer covers the group of contracts with a maturity of less than one month or sight deposits, which are treated in the same way as contracts with a maturity of less than one month in the guarantee mechanism.
jamstvo od 16. oktobra 2009 dalje ne krije več pogodb z manj kot enomesečnim rokom in vlog na vpogled, ki se v jamstveni shemi štejejo za pogodbe z manj kot enomesečnim rokom.
None of the other conditions in the initial guarantee concluded on 9 October 2008 were changed. The conditions concerning remuneration, in particular, remain as follows:
Vsi drugi pogoji iz prvotnega jamstva, sklenjenega 9. oktobra 2008, ostajajo nespremenjeni, zlasti pogoji glede nadomestila, ki so še naprej naslednji:
the remuneration of the guarantee consists of a commission that Dexia will have to pay every month on the pro rata temporis amount outstanding, equal to 50 basis points on an annual basis for all bonds with a maturity of up to twelve months or indefinite maturity;
nadomestilo za jamstvo vključuje provizijo, ki jo mora Dexia vsak mesec plačati glede na neporavnane obveznosti pro rata temporis, v višini 50 bazičnih točk na leto za vse krite obveznice z največ dvanajstmesečno ali z nedoločeno zapadlostjo;
for all guaranteed bonds that have a maturity exceeding one year, the remuneration of the guarantee will be equal to 50 basis points on an annual basis, plus the lower of the following two values, applied to each guaranteed bond: either the median value of the Dexia five-year senior CDS spreads over a period starting on 1 January 2007 and ending on 31 August 2008 (provided that these spreads are representative), or the median value of the five-year CDS spreads during the same period for all credit institutions with a long-term credit rating equivalent to that of Dexia.
pri vseh kritih obveznicah z več kot enoletno zapadlostjo nadomestilo za jamstvo znaša 50 bazičnih točk letno, povečano za najnižjo od obeh naslednjih vrednosti, ki se uporabi za vsako krito obveznico: bodisi povprečni razmik poslov kreditnih zamenjav skupine Dexia, ki se izračuna za obdobje od 1. januarja 2007 do 31. avgusta 2008 (ti razmiki morajo biti reprezentativni), bodisi povprečni razmik poslov kreditnih zamenjav vseh kreditnih ustanov, katerih dolgoročna bonitetna ocena je enaka bonitetni oceni skupine Dexia, izračunani za isto obdobje.
In each case, the commission is calculated on the average amount of the outstanding guaranteed bonds with the maturity in question and covered by the guarantee during the previous month.
V vsakem primeru se provizija izračuna na podlagi povprečnega zneska neporavnanih obveznosti iz naslova kritih obveznic z zadevno zapadlostjo, ki so v zadnjem mesečnem obdobju zavarovane z jamstvom.
The maximum amount of Dexia’s bond liabilities covered by the guarantee comes to EUR 95,9 billion at 27 May 2009 [10].
Najvišji znesek dolžniških obveznic skupine Dexia, zavarovanih z jamstvom, je 27. maja 2009 znašal 95,9 milijarde EUR [10].
Fig. 1 illustrates the trend in the volume of Dexia bonds covered by the guarantee between 9 October 2008 and 11 February 2010.
Na diagramu 1 je prikazano gibanje zneska obveznic skupine Dexia, zavarovanega z jamstvom, od 9. oktobra 2008 do 11. februarja 2010.
Fig. 1
Diagram 1:
Trend in the volume of Dexia bonds covered by the guarantee
Gibanje zneska obveznic skupine Dexia, zavarovanega z jamstvom
(Source: BNB, 11 February 2010)
(Vir: BNB, 11. februar 2010)
In its decision of 30 October 2009, the Commission raised no objections to the extension of the guarantee by the Member States concerned in favour of Dexia until 28 February 2010, in so far as the guarantee constitutes an emergency rescue measure compatible with the internal market, on the basis of Article 107(3)(b) TFEU.
Komisija v odločitvi z dne 30. oktobra 2009 ni nasprotovala podaljšanju jamstva zadevnih držav članic za skupino Dexia do 28. februarja 2010, ker jamstvo pomeni nujni ukrep za reševanje, ki je na podlagi člena 107(3)(b) PDEU združljiv z notranjim trgom.
THE LA OPERATION
UKREP LIKVIDNOSTNE POMOČI