natgillin/translations-raw huggingface dataset:
On 3 September 2010, the Commission received a final list of commitments.
Komisija je 3. septembra 2010 prejela končni seznam zavez.
On 2 September 2010, the Latvian authorities informed the Commission that they exceptionally accept that this Decision be adopted in the English language.
Latvijski organi so Komisijo 2. septembra 2010 obvestili, da se izjemoma strinjajo, da se ta sklep sprejme v angleškem jeziku.
Parex banka was the second largest bank in Latvia with total assets of LVL 3,4 billion (EUR 4,9 billion) as of 31 December 2008.
Banka Parex je bila druga največja banka v Latviji s skupnimi sredstvi v višini 3,4 milijarde LVL (4,9 milijarde EUR) na dan 31. decembra 2008.
At the end of 2007, before the crisis, the bank had the largest share (18 %) of the country’s deposits market and the third largest share (12 %) of its lending market [6].
Konec leta 2007, še pred krizo, je imela banka največji delež (18 %) na depozitnem trgu države in tretji največji delež (12 %) na njenem posojilnem trgu.
Therefore, it was regarded as being of systemic importance for the financial system by the Latvian authorities.
Posledično so jo latvijski organi obravnavali kot sistemsko pomembno za finančni sistem.
Parex banka offered a wide range of banking products directly and through specialised subsidiaries, including lending, payment card services, leasing, asset management and securities brokerage.
Banka Parex je neposredno ali prek specializiranih hčerinskih družb ponujala široko paleto bančnih proizvodov, vključno s posojili, storitvami plačilnih kartic, lizingom, upravljanjem premoženja in borznim posredništvom.
In addition to its Latvian banking operations, Parex banka operated a banking subsidiary in Lithuania and Switzerland (AP Anlage & Privatbank AG) and branches in Estonia, Sweden and Germany, a pan-Baltic asset manager and several leasing companies operating in the Commonwealth of Independent States (hereinafter ‘CIS’).
Banka Parex je poleg bančnega poslovanja v Latviji upravljala tudi hčerinsko bančno družbo v Litvi in Švici (AP Anlage & Privatbank AG) ter poslovne enote v Estoniji, na Švedskem in v Nemčiji, panbaltiškega upravitelja premoženja in več lizinških družb, ki delujejo v Skupnosti neodvisnih držav (v nadaljnjem besedilu: SND).
Parex banka was founded in 1992 and was majority-owned by two individuals who prior to the State intervention held 84,83 % of the bank’s share capital.
Banka Parex je bila ustanovljena leta 1992 in je bila v večinski lasti dveh zasebnikov, ki sta imela pred posredovanjem države v lasti 84,83 % delniškega kapitala banke.
As a result of the problems it faced, Parex banka was partially nationalised through the acquisition of the entire ownership of the former majority shareholders at a symbolic total purchase price of 2 LVL (approx. 3 EUR) [7].
Zaradi težav, ki so jo pestile, so jo deloma podržavili z odkupom celotnega lastništva nekdanjih večinskih delničarjev po simbolični skupni nakupni ceni v višini 2 LVL (približno 3 EUR).
In April 2009, the European Bank for Reconstruction and Development (hereinafter ‘EBRD’) concluded a share purchase agreement, whereby the EBRD would acquire 25 % of the share capital of Parex banka plus one share [8].
[7] Evropska banka za obnovo in razvoj (v nadaljnjem besedilu: EBOR) je aprila 2009 sklenila pogodbo o nakupu delnic, s katero bi pridobila 25 % delniškega kapitala in eno delnico banke Parex. [8]
Although Parex banka has historically been a profitable institution with a strong banking franchise in Latvia, the bank’s management chose an inadequate business strategy and made some high-risk decisions in the face of intense competition from more sophisticated subsidiaries of foreign banks.
Čeprav je bila banka Parex v preteklosti dobičkonosna institucija z močno bančno franšizo v Latviji, je uprava banke izbrala neustrezno poslovno strategijo in sprejela nekatere zelo tvegane odločitve ob močni konkurenci prodornejših hčerinskih družb tujih bank.
In particular, Parex banka became increasingly involved in the CIS markets, relying excessively on large, short-term non-resident deposits.
Banka Parex je bila zlasti vedno bolj dejavna na trgih SND, pri čemer se je pretirano zanašala na visoke kratkoročne depozite nerezidentov.
The bank run reached a peak daily outflow of up to EUR 100 million and was not halted by the bank’s partial nationalisation.
Množično dvigovanje sredstev iz banke je doseglo vrh pri 100 milijonih EUR dnevnega odliva, zaustavilo pa ga ni niti delno podržavljenje banke.
It resulted in a fall in deposits of 36 % compared to the end of 2007, causing severe liquidity crisis.
Posledično se je število depozitov znižalo za 36 % v primerjavi s koncem leta 2007, kar je povzročilo hudo likvidnostno krizo.
To prevent a further outflow of deposits, restrictions on withdrawals were imposed by the Latvian regulator, the Finance and Capital Markets Commission.
Da bi preprečil nadaljnje odlivanje depozitov, je latvijski regulator, odbor za finance in kapitalske trge, uvedel omejitve dvigovanja sredstev.
The capital adequacy ratio (hereinafter ‘CAR’) of Parex banka on solo basis and at group level [9] was only 4,1 % and 3,1 % respectively.
Količnik kapitalske ustreznosti banke Parex na samostojni podlagi in na ravni skupine [9] je znašal samo 4,1 % oziroma 3,1 %.
Therefore, Parex banka was no longer able to meet regulatory solvency requirements.
Banka Parex zato ni več mogla izpolnjevati regulativnih zahtev glede kapitalske ustreznosti.
THE RESCUE MEASURES ALREADY APPROVED
ODOBRENI REŠEVALNI UKREPI
Overall, the European Commission temporarily approved as rescue aid: (i) a liquidity facility up to LVL 1,5 billion; (ii) State guarantees covering existing syndicated loans in the amount of EUR 775 million and new loans issued to refinance a syndicated loan in the amount of EUR 275 million; and (iii) recapitalisation measures, allowing Parex banka to reach a CAR of 11 % during the rescue phase [10].
Evropska komisija je na splošno kot pomoč za reševanje odobrila: (i) likvidnostno posojilo v višini največ 1,5 milijarde LVL; (ii) državna poroštva za obstoječa sindicirana posojila v višini 775 milijonov EUR in nova posojila, namenjena refinanciranju sindiciranega posojila, v višini 275 milijonov EUR; ter (iii) ukrepe dokapitalizacije, na podlagi katerih bi lahko banka Parex med fazo reševanja dosegla količnik kapitalske ustreznosti 11 %. [10]
THE RESTRUCTURING PLANS
NAČRTI PRESTRUKTURIRANJA
On 11 May 2009, Latvia submitted a restructuring plan for Parex banka as a follow-up to the first recapitalisation measures (hereinafter the ‘initial restructuring plan’), the contents of which were described in more detail in section 2.4 of the opening Decision.
Latvija je 11. maja 2009 predložila načrt prestrukturiranja za banko Parex kot nadaljevanje prvih ukrepov dokapitalizacije (v nadaljnjem besedilu: prvotni načrt prestrukturiranja), katerega vsebina je bila podrobneje opisana v razdelku 2.4 odločitve o začetku postopka.
The plan contained a preliminary analysis of the business of Parex banka, the restructuring aid measures envisaged, its future business strategy and measures to restore viability.
Načrt je vseboval analizo predhodnega poslovanja banke Parex, načrtovane ukrepe pomoči za prestrukturiranje, njeno prihodnjo poslovno strategijo in ukrepe za ponovno vzpostavitev uspešnega poslovanja.
The plan foresaw the implementation of a new strategy with Parex banka aiming to become a leading pan-Baltic bank.
V načrtu je bila predvidena izvedba nove strategije za banko Parex, ki naj bi postala vodilna panbaltiška banka.
All ‘non-Baltic’ activities were considered as non-core.
Vse „nebaltiške“ dejavnosti so se štele za sekundarne.
However, the plan excluded their possible sale in the short- to mid-term.
Kljub vsemu je bila v načrtu izključena možnost njihove kratkoročne ali srednjeročne prodaje.
The envisaged business strategy included attractive rates and an aggressive marketing strategy to support the growth of Parex banka and regain the lost deposit base.
Predvidena poslovna strategija je vključevala privlačne cene in agresivno tržno strategijo, s katero bi spodbudili rast banke Parex in ponovno pridobili izgubljeni obseg depozitov.
The plan assumed that Parex banka would remain dependent on State liquidity measures even beyond the restructuring period.
V skladu z načrtom naj bi bila banka Parex tudi po obdobju prestrukturiranja še naprej odvisna od likvidnostnih ukrepov države.
THE REVISED RESTRUCTURING PLAN
POPRAVLJENI NAČRT PRESTRUKTURIRANJA
The revised strategy for Parex banka was also based on building a strong Baltics operation across corporate, retail and wealth management business.
Spremenjena strategija za banko Parex je temeljila tudi na izgradnji močne poslovne dejavnosti v baltskih državah z dejavnostjo poslovanja z gospodarskimi družbami in prebivalstvom ter upravljanja premoženja.
The revised plan foresaw that Parex banka would be able to repay all State liquidity measures by the end of the restructuring period.
V spremenjenem načrtu je bilo predvideno, da bo banka Parex do konca obdobja prestrukturiranja zmožna poplačati vse likvidnostne ukrepe države.
Unlike the initial restructuring plan, however, the revised plan included a decrease in Parex banka’s balance sheet through focusing on core segments.
Spremenjeni načrt pa je v nasprotju s prvotnim načrtom prestrukturiranja vključeval znižanje bilančne vsote banke Parex z usmeritvijo na glavne segmente.
In particular, it envisaged the shrinkage of Parex banka’s lending activity.
Zlasti je bilo predvideno zmanjšanje posojilne dejavnosti banke Parex.
Furthermore, the plan indicated the possibility to spin off non-core activities.
Dalje je bila v načrtu navedena možnost odcepitve sekundarnih dejavnosti.
When Latvia later endorsed this strategic change, it was necessary to draw up a new corresponding version of the restructuring plan.
Ko je Latvija to strateško spremembo pozneje potrdila, je bilo treba sestaviti novo ustrezno različico načrta prestrukturiranja.
According to the final restructuring plan, the primary strategic objective is to return the bank to the private sector through its sale to a strategic investor providing a release of funding arrangements from the State while ensuring the long-term viability of the bank.
Kot je razvidno iz končnega načrta prestrukturiranja, je glavni strateški cilj vrniti banko zasebnemu sektorju z njeno prodajo strateškemu vlagatelju, kar naj bi omogočilo razbremenitev financiranja s strani države, hkrati pa zagotovilo dolgoročno uspešno poslovanje banke.
Latvia has already attracted the EBRD as a strong reputable external investor with sufficient financial resources and a long-term commitment (see recital 13).
Latvija je že pritegnila EBOR kot močnega in uglednega zunanjega vlagatelja z zadostnimi finančnimi sredstvi in dolgoročno zavezo (glej uvodno izjavo (13)).
The final restructuring plan assumes the split of Parex banka’s assets into a newly established bank named AS Citadele banka (hereinafter ‘Citadele banka’), so-called ‘good bank’, which will focus on the traditional banking operations, and a so-called ‘bad bank’ (Parex banka), […] [12].
V končnem načrtu prestrukturiranja je predvidena razdelitev sredstev banke Parex med novoustanovljeno banko z imenom AS Citadele banka (v nadaljnjem besedilu: banka Citadele), tako imenovano „dobro banko“, ki se bo usmerila na tradicionalne bančne posle, in tako imenovano „slabo banko“ (banka Parex), […] [12].
Split of assets
Razdelitev sredstev
In order to re-establish long-term viability, the core bank will be separated from non-core and non-performing assets.
Za ponovno vzpostavitev dolgoročno uspešnega poslovanja bo glavna dejavnost banke ločena od sekundarnih in nedonosnih sredstev.
The proposed restructuring is based on a ‘good-out’ scenario based on the establishment of a bank with a resilient capital base under Latvian regulatory oversight and with a Baltics focus.
Predlagano prestrukturiranje temelji na scenariju izločitve zdrave dejavnosti podjetja, ki temelji na ustanovitvi banke s trdno kapitalsko osnovo pod latvijskim regulativnim nadzorom in usmerjenostjo na baltske države.
All core assets and some non-core assets (in particular CIS performing loans) are transferred out of Parex banka into the newly established bank.
Vsa sredstva glavne dejavnosti in nekatera sredstva sekundarne dejavnosti (zlasti donosna posojila SND) se iz banke Parex prenesejo na novoustanovljeno banko.
The remaining non-core and non-performing assets (loans, securities and repossessed real estate) will remain with Parex banka, […].
Preostala sekundarna in nedonosna sredstva (posojila, vrednostni papirji in zasežene nepremičnine) bodo ostala v banki Parex, […].
Table 1 illustrates the structures of Citadele banka and Parex banka after the split.
V preglednici 1 sta prikazani strukturi bank Citadele in Parex po razcepitvi.
Shareholders structure after the split
Lastniška struktura po razcepitvi
Minority shareholders
Manjšinski delničarji
Latvia has already taken initial steps to implement the ‘good-out’ scenario.
Latvija je že sprejela prve ukrepe za izvedbo scenarija izločitve zdrave dejavnosti podjetja.
In consequence, the following assets and liabilities will be transferred from Parex banka to Citadele banka:
Posledično bodo naslednja sredstva in obveznosti prenesene z banke Parex na banko Citadele:
Baltic performing loans (LVL [between 300 and 800] million),
donosna posojila baltskim državam ([med 300 in 800] milijoni LVL);
CIS performing loans (LVL [between 50 and 350] million),
donosna posojila SND ([med 50 in 350] milijoni LVL);
Branches in Sweden and Germany,
poslovne enote na Švedskem in v Nemčiji;
Wealth management business-related deposits.
depoziti, povezani z dejavnostjo upravljanja premoženja.
The following assets and liabilities will remain in Parex banka:
V banki Parex bodo ostala naslednja sredstva in obveznosti:
Baltic non-performing loans (LVL [between 200 and 800] million) [14],
nedonosna posojila baltskim državam ([med 200 in 800] milijoni LVL); [14]
Loans to legacy shareholders (LVL […] million),
posojila starim delničarjem ([…] milijonov LVL);
CIS leasing subsidiaries,
lizinške hčerinske družbe v SND;
CIS non-performing loans (LVL [between 50 and 350] million).
nedonosna posojila SND ([med 50 in 350] milijoni LVL).
Table 2 illustrates the assets that are transferred to Citadele banka and those left in Parex banka, as well as the reduction of the balance sheet as per pre-crisis, as estimated in the final restructuring plan and amended on 27 August 2010:
V preglednici 2 so prikazana sredstva, prenesena na banko Citadele, in sredstva, ki so ostala v banki Parex, ter znižanje bilančne vsote glede na stanje pred krizo, kot je bilo ocenjeno v končnem načrtu prestrukturiranja in spremenjeno 27. avgusta 2010:
Split of assets between Citadele banka and Parex banka
Razdelitev sredstev med banki Citadele in Parex
(in LVL thousand)
(v tisočih LVL)
Parex banka – 2008
Banka Parex - 2008
Parex banka – 2009
Banka Parex - 2009
Parex banka – 31.7.2010 [15]
Banka Parex – 31.7.2010 [15]
Parex banka after the split [16]
Banka Parex po razcepitvi [16]
Cash and deposits with central banks
Denarna sredstva in depoziti pri centralnih bankah
Balances due from credit Institutions
Zneski, ki jih dolgujejo kreditne institucije
Investment in subsidiaries
Naložbe v hčerinske družbe
Liabilities and Equity
Obveznosti in lastniški kapital
Bank of Latvia
Banka Latvije
Credit Institutions
Kreditne institucije
Syndicate
Sindikat
Customer Deposits
Depoziti strank
Eurobond
Euroobveznica
Subordinated (Legacy)
Podrejeni (stari)
Subordinated (State)
Podrejeni (država)
Subordinated (EBRD)
Podrejeni (EBOR)
Other Liabilities
Druge obveznosti
Total Liabilities
Obveznosti skupaj
Split Ratio, including the transfer of investments in Lithuanian subsidiary, in AP Anlage & Privatbank AG and deposits in German branch [18]
Razdelitveni količnik, vključno s prenosom naložb v litovsko hčerinsko družbo, v AP Anlage & Privatbank AG in depoziti pri nemški poslovni enoti [18]
In terms of Parex banka – 2008
Glede na banko Parex – 2008
Citadele banka’s strategy to ensure long-term viability is based on building a strong Baltics operations, focusing on Latvia across the three main business segments: Corporate, Retail and wealth management business [19].
Strategija banke Citadele za zagotovitev dolgoročno uspešnega poslovanja temelji na izgradnji močne poslovne dejavnosti v baltskih državah, ki bo prek treh glavnih segmentov usmerjena na Latvijo: dejavnost poslovanja z gospodarskimi družbami, dejavnost poslovanja s prebivalstvom in dejavnost upravljanja premoženja.
However, the wealth management business will remain as a core business of Citadele banka only if the bank is sold by […].
Vendar bo dejavnost upravljanja premoženja ostala glavna dejavnost banke Citadele samo, če bo banka prodana do […].
If that sale is not achieved, the wealth management business will be sold separately by the same date.
Če ne bo prodana, bo dejavnost upravljanja premoženja do istega datuma prodana ločeno.
Citadele banka will not engage in CIS lending and the CIS performing loan portfolio is hence deemed non-core.
Ker se banka Citadele ne bo ukvarjala s posojili SND, se portfelj donosnih posojil SND šteje za sekundarnega.
No new lending will be done in this segment and the existing portfolio will be disposed of by […].
Dodeljevanja novih posojil v tem segmentu ne bo, obstoječi portfelj pa bo prodan do […].
Parex banka’s presence in Lithuania and Estonia was considerably more limited than in Latvia.
Prisotnost banke Parex v Litvi in Estoniji je bila precej bolj omejena kot v Latviji.
Citadele banka also plans to retain a limited presence in these markets in the future.
Tudi banka Citadele namerava na teh trgih v prihodnje ohraniti omejeno prisotnost.
As regards the two deposit-taking branches in Sweden and Germany transferred to Citadele Banka, Latvia explained that as a result of the run on the bank a significant share of Baltic funding of the bank has been depleted.
Latvija je glede obeh poslovnih enot, na Švedskem in v Nemčiji, ki sprejemata depozite in sta bili preneseni na banko Citadele, pojasnila, da je bil zaradi množičnega dvigovanja depozitov osiromašen precejšen delež baltiškega financiranja banke.
Further, in the current macroeconomic context of Latvia it is difficult to attract external funding.
Poleg tega je v sedanjih makroekonomskih razmerah v Latviji težko pritegniti zunanje financiranje.
The total deposits of the residents in the Baltic states are significantly lower than the loan portfolio thereof, whereas Parex banka’s main competitors receive funding from their parent companies established in other countries (mostly Sweden).
Skupni znesek depozitov rezidentov baltskih držav je precej nižji od njihovega posojilnega portfelja, medtem ko glavni konkurenti banke Parex prejemajo finančna sredstva od svojih matičnih družb s sedežem v drugih državah (večinoma na Švedskem).
Thus, Citadele banka has to retain some funding base abroad (in Sweden and Germany).
Banka Citadele mora zato nekaj financiranja obdržati v tujini (na Švedskem in v Nemčiji).
Addressing identified key weaknesses
Odprava ugotovljenih ključnih pomanjkljivosti
Citadele banka intends to address the issues that forced Parex banka to seek State aid and to restore long-term viability through the key measures as follows.
Banka Citadele namerava s spodnjimi ključnimi ukrepi odpraviti težave, zaradi katerih je morala banka Parex zaprositi za državno pomoč, in ponovno vzpostaviti dolgoročno uspešno poslovanje.
Changing of management style and corporate governance: Prior to nationalisation, Parex banka’s decision-making processes were centralised with the main owners.
Sprememba načina vodenja in upravljanja družb: Pred podržavljenjem je bilo odločanje banke Parex v rokah glavnih lastnikov.
Citadele banka will adhere to the enhanced corporate governance recently adopted.
Banka Citadele se bo držala pred kratkim sprejetega okrepljenega korporativnega upravljanja.
It will implement a set of procedures of Management Board and Supervisory Board aimed to ensure high corporate governance standards.
Vzpostavila bo niz postopkov upravnega in nadzornega odbora, namenjenih zagotovitvi visokih standardov korporativnega upravljanja.
Key corporate governance principles of Citadele banka are: strict separation of ownership and management; ensuring the rights of shareholders; disclosure and transparency; responsibilities and structure of the board; and promoting ethical and responsible decision-making.
Ključna načela korporativnega upravljanja banke Citadele so: stroga ločitev lastništva in upravljanja; zagotovitev pravic delničarjev; razkritje in preglednost; pristojnosti in sestava upravnega odbora ter spodbujanje etičnega in odgovornega odločanja.
Enhanced risk management: The management of Parex banka has reviewed and strengthened risk management and controls within the bank both at the enterprise and operational level across all major risk categories (market, credit and operational risks).
Okrepljeno obvladovanje tveganja: Vodstvo banke Parex je pregledalo in okrepilo obvladovanje tveganja in nadzor v banki z vidika podjetja in poslovanja za vse glavne vrste tveganj (tržno, kreditno in operativno tveganje).
In particular, credit risk controls in Citadele banka will be substantially re-configured, to change the previous approach of Parex banka, namely collateral-based lending with inherently uncertain valuations, to cash flow-based evaluations of the borrower’s debt service capacity.
Bistveno preoblikovan bo zlasti nadzor nad kreditnim tveganjem v banki Citadele, da se prejšnji pristop banke Parex, in sicer zavarovana posojila s po naravi negotovimi vrednotenji, zamenja z ocenami dolžnikove zmožnosti izpolnjevanja dolžniških obveznosti na podlagi denarnega toka.
Risk management is an essential element of Citadele banka’s management process.
Obvladovanje tveganja je bistveni element upravljavskega procesa v banki Citadele.
Risk management within Citadele banka is controlled by independent unit.
Obvladovanje tveganja v banki Citadele nadzoruje neodvisna enota.
In addition, the Supervisory Board of Citadele banka takes part in risk management supervision and has elected one of its members to be responsible for the supervision of risk management, internal audit and compliance function.
Pri nadzoru nad obvladovanjem tveganja sodeluje tudi nadzorni odbor banke Citadele, ki je enega od svojih članov pooblastil za nadzor nad obvladovanjem tveganja, notranjo revizijo in spremljanje skladnosti.
Monthly risk reports are prepared for the Supervisory Board, which include update on credit risk and compliance in the bank.
Za nadzorni odbor se mesečno pripravijo poročila, ki vključujejo najnovejše informacije o kreditnem tveganju in skladnosti v banki.
Smaller balance sheet focused on core segments: The core business of Citadele banka will be in the Baltics and the management’s focus will be to return Citadele banka to profitability in this region.
Nižja bilančna vsota s poudarkom na ključnih segmentih: Glavna dejavnost banke Citadele bo v baltskih državah, vodstvo pa se bo osredotočilo na ponovno zagotovitev dobičkonosnosti banke Citadele v tej regiji.
The non-core CIS performing loan portfolio will be transferred to Citadele banka, but will be sold by […].
Sekundarni portfelj donosnih posojil SND bo prenesen na banko Citadele, vendar bo prodan do […].
By refocusing on its core activities and by materially reducing the size of its active balance sheet, Citadele banka will be profitable in a sustainable manner.
Banka Citadele bo s ponovno usmeritvijo na svoje glavne dejavnosti in bistvenim znižanjem aktivnih postavk svoje bilance stanja trajnostno donosna.