natgillin/translations-raw huggingface dataset:
default rates were projected prudently, using the latest performance trends of these assets, at levels considered to be conservative,
stopnje neizpolnitve obveznosti so bile glede na zadnje usmeritve rezultatov teh sredstev previdno napovedane na ravneh, ki se štejejo za konservativne,
prudent recovery rates (including the costs of winding-up and recovery) were projected, reflecting the latest trends and not projecting any improvement in the coming years,
napovedane stopnje plačil (vključno s stroški zapiranja pozicij in plačil) so bile previdne, tako da so odražale zadnje usmeritve, v prihodnjih letih pa niso napovedovale izboljšanja,
the assumptions relating to early repayments are also conservative and in line with the latest trends observed.
tudi predpostavke o predčasnih vračilih so konservativne in v skladu z zadnjimi ugotovljenimi usmeritvami.
The first tranche of USD 4,5 billion, which must be reimbursed in cash by Dexia, is higher than the level of expected losses, estimated prudently and in line with the Impaired Assets Communication, in both the baseline scenario and the stress scenario, and in respect of both the FSAM portfolio in its entirety and the FSAM portfolio after deduction of the excluded assets.
Prva tranša v višini 4,5 milijarde USD, ki jo mora Dexia povrniti v gotovini, je večja od pričakovanih izgub po previdnih ocenah ter v skladu s Sporočilom o oslabljenih sredstvih, in sicer po osnovnem scenariju kot tudi po stresnem scenariju in tako za celoten portfelj FSAM kot za porfelj FSAM po odbitku izvzetih sredstev.
The transfer value, established at USD 12,1 billion is below the REV, in both the baseline scenario (USD [13,6-14,6] billion) and the stress scenario (USD [12-13] billion).
Transferna cena v višini 12,1 milijarde USD je nižja od REV tako po osnovnem scenariju ([13,6 – 14,6] milijarde USD) kot po stresnem scenariju ([12 – 13] milijard USD).
Remuneration of the FSA measure
Nadomestilo za ukrep za družbo FSA
The remuneration on the FSA measure, payable annually by Dexia to the Belgian and French States, is 113 basis points as cover for the risk of default on the put covered by the guarantee, to which is added 32 basis points as cover for the risk of default by Dexia in honouring its liquidity commitments to FSAM.
Skupina Dexia za ukrep za družbo FSA Belgiji in Franciji vsako leto plača nadomestilo v višini 113 bazičnih točk iz naslova zavarovanja tveganja neizpolnitve obveznosti na podlagi zavarovane opcijske pogodbe, čemur se prišteje 32 bazičnih točk iz naslova zavarovanja tveganja neizpolnitve likvidnostnih zavez skupine Dexia do družbe FSAM.
The Commission takes a positive view of the fact that the first tranche of USD 4,5 billion, which must be reimbursed in cash by Dexia, exceeds the level of expected losses, at 31 January 2009, in both the baseline scenario and the stress scenario, as this reduces the risk borne by the Belgian and French States.
Komisija pozitivno ocenjuje dejstvo, da je bila prva tranša v višini 4,5 milijarde USD, ki jo mora Dexia povrniti v gotovini, na dan 31. januarja 2009 večja od pričakovanih izgub tako po osnovnem scenariju kot stresnem scenariju, saj se s tem zmanjšuje tveganje za Belgijo in Francijo.
More specifically, the Commission views positively the level of remuneration granted to the Belgian and French States for the FSA measure, compared with the level of the residual risk assumed by the Belgian and French States.
Natančneje, Komisija glede na stopnjo preostalega tveganja, ki sta ga prevzeli Belgija in Francija, pozitivno ocenjuje višino nadomestila, ki jima je bilo dodeljeno za ukrep za družbo FSA.
Moreover, according to the Impaired Assets Communication, reference can be made to the freeing of regulatory capital generated thanks to the measure for the purpose of evaluating the remuneration for the FSA measure.
Poleg tega se je v skladu s Sporočilom o oslabljenih sredstvih pri oceni nadomestila za ukrep za družbo FSA mogoče sklicevati na sprostitev regulatornega kapitala, pridobljenega na podlagi ukrepa.
In view of the considerable size of the first tranche and the fact that it is weighted at 1250 % with a view to calculating the regulatory capital associated with this first tranche, it was shown by the Belgian and French States that the FSA measure does not free any regulatory capital.
Glede na velikost prve tranše in dejstvo, da se ta pri izračunu regulatornega kapitala za prvo tranšo pomnoži s ponderjem 1250 %, sta Belgija in Francija dokazali, da ukrep za družbo FSA ne sprosti regulatornega kapitala.
As indicated in point 21 (footnote 11) of the Impaired Assets Communication, the asset relief measures must be remunerated in a comparable manner to a capital injection.
Kot je navedeno v točki 21 (opomba 11) Sporočila o oslabljenih sredstvih, je treba ukrepe finančne pomoči za oslabljena sredstva nadomestiti na način, primerljiv s kapitalskim vložkom.
The amount of capital which would be comparable to the FSA measure is zero here since no regulatory capital is freed.
Znesek kapitala, ki bi bil primerljiv z ukrepom za družbo FSA, je v tem primeru nič, ker regulatorni kapital ni bil sproščen.
On the other hand, the FSA measure covers a wider field of trigger events than just losses on assets covered.
Po drugi strani ukrep za družbo FSA vključuje širši obseg sprožitvenih dogodkov in ne samo izgube zavarovanih sredstev.
Consequently, the Commission considers that the annual remuneration for the FSA measure is appropriate.
Komisija zato meni, da je letno nadomestilo za ukrep za družbo FSA ustrezno.
Remuneration for the securities to be issued
Nadomestilo za izdajo vrednostnih papirjev
The Commission notes that the compensation received by the Belgian and French States in the case of calls made on the guarantee exceeding the first tranche of USD 4,5 billion exceeds the amount required by the Impaired Assets Communication.
Komisija ugotavlja, da nadomestilo, ki ga prejmeta Belgija in Francija, če se uveljavi jamstvo večje od prve tranše v višini 4,5 milijarde USD, presega zahteve iz Sporočila o oslabljenih sredstvih.
Conclusion on the compatibility of the FSA measure with the Impaired Assets Communication
Ugotovitev o združljivosti ukrepa za družbo FSA s Sporočilom o oslabljenih sredstvih
The Commission therefore concludes that the FSA measure is compatible with the principles of the Impaired Assets Communication.
Komisija torej ugotavlja, da je ukrep za družbo FSA združljiv z načeli iz Sporočila o oslabljenih sredstvih.
Degree of restructuring required
Zahtevana stopnja prestrukturiranja
As indicated under point 4 (footnote 4) of the Restructuring Communication, the specific criteria and circumstances leading to the obligation to present a restructuring plan refer in particular, but not exclusively, to situations where a distressed bank has been recapitalised by the State, or where a bank benefiting from asset relief has already received State aid in whatever form that contributes to coverage or avoidance of losses which altogether exceeds 2 % of the total bank’s risk-weighted assets.
Kot je navedeno v točki 4 (opomba 4) Sporočila o prestrukturiranju, se merila in posebne okoliščine, ki določajo obveznost predložitve načrta prestrukturiranja, nanašajo predvsem, vendar ne izključno, na primere, ko država dokapitalizira banko v težavah ali ko je banka, ki prejme finančno pomoč za oslabljena sredstva, že prejela državno pomoč v kakršni koli obliki, ki prispeva h kritju izgub ali preprečevanju njihovega nastanka in ki skupaj presega 2 % tveganju prilagojene tehtane aktive banke.
The Commission has already shown in its decisions of 19 November 2008, 13 March 2009 and 30 October 2009 that Dexia was an undertaking in difficulty at the time when the aid measures were introduced.
Komisija pa je že v odločitvah z dne 19. novembra 2008, 13. marca 2009 in 30. oktobra 2009 dokazala, da je bila Dexia ob uvedbi ukrepov pomoči podjetje v težavah.
The aid elements associated with the capital increase and the FSA measure represent 5,5 % of the group’s risk-weighted assets calculated at 31 December 2008, which is an amount well in excess of that of 2 % of the risk-weighted assets and intended to cover the losses incurred by Dexia.
Elementi pomoči, povezani z dokapitalizacijo in ukrepom za družbo FSA, obsegajo 5,5 % tveganju prilagojene tehtane aktive skupine na dan 31. decembra 2008, kar je precej več od 2 % tveganju prilagojene tehtane aktive, namenjene kritju izgub skupine Dexia.
In accordance with these principles, Dexia must therefore present a restructuring plan.
V skladu s temi načeli mora Dexia torej predložiti načrt prestrukturiranja.
The degree of restructuring required depends on the seriousness of the problems encountered by each bank and the amount of aid received.
Zahtevana stopnja prestrukturiranja je odvisna od resnosti težav, s katerimi se sooča posamezna banka, in prejetega zneska pomoči.
In this respect, the aid to be taken into account is the total aid resulting from the measures for recapitalisation and treatment of the impaired assets, as well as the guarantees obtained.
V zvezi s tem je treba upoštevati vso pomoč, ki izhaja iz ukrepov dokapitalizacije in obravnavanja oslabljenih sredstev, pa tudi iz pridobljenih jamstev.
The compatibility of the restructuring plan must be assessed in the light of the conditions set out in the Restructuring Communication.
Združljivost načrta prestrukturiranja je treba presojati z vidika pogojev iz Sporočila o prestrukturiranju.
These conditions are the following:
Ti pogoji so naslednji:
the restructuring plan must enable the long-term viability of the institution to be restored,
z načrtom prestrukturiranja je treba omogočiti ponovno vzpostavitev dolgoročnega uspešnega poslovanja podjetja,
the restructuring plan must ensure equitable burden-sharing of the costs of restructuring between the States and the bank,
z načrt om prestrukturiranja je treba omogočiti pravično porazdelitev stroškov prestrukturiranja med države in banko,
the restructuring plan must allow the correction of excessive distortions of competition arising from the aid.
z načrtom prestrukturiranja je treba omogočiti odpravo neupravičenega izkrivljanja konkurence zaradi pomoči.
Restoration of the long-term viability of the institution
Ponovna vzpostavitev dolgoročnega uspešnega poslovanja podjetja
In accordance with section 2 of the Restructuring Communication, the restructuring plan must enable the long-term viability of the institution to be restored, i.e. the restructuring plan should be comprehensive, detailed and based on a coherent concept, demonstrating how the bank will restore long-term viability without State aid as soon as possible (within a maximum of five years).
V skladu s poglavjem 2 Sporočila o prestrukturiranju mora načrt prestrukturiranja omogočiti ponovno vzpostavitev dolgoročnega uspešnega poslovanja podjetja, to pomeni, da mora biti načrt prestrukturiranja celovit in podroben, temeljiti mora na usklajenem konceptu ter mora pokazati, kako bo banka čim prej (najpozneje v petih letih) začela dolgoročno uspešno poslovati brez državne pomoči.
The restructuring plan should include a comparison with alternative options, including a break-up, or absorption by another bank, it should identify the causes of the bank’s difficulties, provide information on the business model, provide for withdrawal from activities which would remain structurally loss-making, provide for an appropriate return on equity (under a baseline scenario and a crisis scenario) and consider arrangements for repaying the State aid.
Načrt prestrukturiranja mora zlasti zajemati primerjavo z drugimi možnostmi, vključno z razdelitvijo ali pripojitvijo k drugi banki, opredeljeni morajo biti vzroki za težave banke, zagotoviti je treba informacije o poslovnem modelu, predvideti opustitev dejavnosti, ki bi iz strukturnih razlogov še naprej ustvarjale izgubo, predvideti ustrezno donosnost lastniškega kapitala (in sicer po osnovnem scenariju in stresnem scenariju) ter določiti podrobna pravila za vračilo državne pomoči.
Evaluation of Dexia’s business model
Ocena poslovnega modela skupine Dexia
the group’s operational performance has deteriorated relatively during 2009, decreasing by 44 % between the first and the third quarters of 2009,
poslovna uspešnost skupine se je v istem letu 2009 razmeroma zmanjšala, saj je med prvim in tretjim četrtletjem leta 2009 padla za 44 %,
a significant proportion of the group’s results, estimated at approximately EUR [300-500] million in 2009 by Dexia, come from cash-flow and more specifically transformation activities, which are possible thanks to the sharp steepening of the curve for maturities at less than one year,
velik del poslovnega izida skupine, ki je po ocenah skupine Dexia znašal približno [300–500] milijonov EUR v letu 2009, izhaja iz izkaza denarnih tokov, zlasti iz dejavnosti preoblikovanja, ki jih je bilo mogoče izvesti zaradi močnega naraščanja krivulje dospelosti do enega leta,
Dexia would probably not have made profits if it had not received quite a large allocation of funding guaranteed by the Member States concerned (the volume of which is among the highest in Europe).
Dexia verjetno ne bi poslovala z dobičkom, če ne bi prejela tako velikih finančnih sredstev z jamstvom zadevnih držav članic (katerih razpon je med največjimi v Evropi).
On the basis of the detailed information communicated to it by Dexia and the Member States concerned, the Commission has isolated two main sources of profit for Dexia: the recurring profits linked to Dexia’s traditional banking activities, on the one hand, and the less robust profits, on the other.
Komisija je na podlagi podrobnih informacij, ki so jih ji poslale Dexia in zadevne države članice, izpostavila dva glavna vira dobička skupine Dexia: trajen dobiček iz tradicionalnih bančnih dejavnosti skupine Dexia po eni strani in manj stabilen dobiček po drugi.
The former mainly comprise the income from loans and the bond portfolio, commission income, the costs of funding, the cost of the risk and operational costs.
Prvi v glavnem obsega prihodke iz posojil in portfelja obveznic, prihodke od provizij, stroške refinanciranja, stroške tveganja in stroške poslovanja.
The latter come from short-term transformation activities, proprietary market activities and extraordinary income drawn, for example, from the sale of assets, write-back of provisions or open positions in derivatives.
Drugi izhaja iz dejavnosti preoblikovanja kratkoročnih sredstev, tržnih dejavnosti za lasten račun in izrednih prihodkov, na primer iz prodaje sredstev, črpanja rezerv ali odprtih postavk na izvedenih finančnih instrumentih.
According to the information communicated to the Commission by the Member States concerned, […], so that the analysis of the main sources of the group’s profit can be conducted in terms of margins in relation to the interbank reference rates.
Iz podatkov, ki so jih Komisiji poslale zadevne države članice, je razvidno […], da bi bilo mogoče analizo glavnih virov dobička skupine izvesti z vidika marž v primerjavi z medbančnimi referenčnimi obrestnimi merami.
This analysis, carried out for the year 2009, led the Commission to consider that Dexia’s traditional banking activities would have yielded very low, and even negative, profitability.
Komisija je na podlagi te analize za leto 2009 menila, da bi imele tradicionalne bančne dejavnosti skupine Dexia zelo nizko ali celo negativno donosnost.
Such an analysis is not contradicted by the examination of the positive results recorded in the first three quarters of 2009, which arise from special circumstances, as indicated above.
Tako analizo potrjuje tudi proučitev pozitivnega poslovnega izida v prvih treh četrtletjih leta 2009, povezanih z obstojem zgoraj navedenih posebnih okoliščin.
In addition, the projections which may reasonably be inferred with regard to the future trend in the group’s principal sources of profit do not in fact suggest a possible improvement in the results of Dexia’s traditional banking activities.
Poleg tega ob upoštevanju razumnih napovedi prihodnjega gibanja glavnih virov dobička skupine glede na sedanje stanje ni mogoče pričakovati morebitnega izboljšanja poslovnega izida tradicionalnih bančnih dejavnosti skupine Dexia.
the average margin on the PWB lending activities and the bond portfolio would remain low on a long-term basis on account of (i) the low level of income generated from these activities (between […] basis points, according to the information contained in the restructuring plan), (ii) the relatively slow amortisation profile of these assets in view of the (long) average maturity of the PWB loans and the bonds and (iii) Dexia’s difficulty in replacing these assets reaching maturity with new loans generating higher income.
povprečna marža za posojilne dejavnosti PWB in portfelj obveznic naj bi bila še naprej trajno nizka zaradi (i) nizkih prihodkov iz teh dejavnosti (po podatkih iz načrta prestrukturiranja med […] bazičnimi točkami), (ii) razmeroma počasne amortizacije teh sredstev glede na povprečno (dolgoročno) dospelost posojil PWB in obveznic ter (iii) dejstva, da bi Dexia ta sredstva ob dospelosti težko zamenjala za nova posojila, ki bi ustvarila večje prihodke.
In this last respect, the Commission notes that Dexia had fixed a new turnover target in the PWB activity of EUR […] billion in 2009, achieved in respect of […] of the amount planned (EUR […] billion), over the first 11 months of the year 2009, on account of keener competition for these activities in Dexia’s traditional markets and downward pressure on margins,
V zvezi z zadnjim Komisija ugotavlja, da si je Dexia zastavila nov prihodkovni cilj iz dejavnosti PWB v višini […] milijard EUR v letu 2009, ki je v prvih 11 mesecih leta 2009 dosegel […] predvidenega zneska ([…] milijard EUR), in sicer zaradi večje konkurence pri teh dejavnostih na tradicionalnih trgih skupine Dexia ter pritiska na znižanje marž,
the commission income, of which an important source in the past was the sale of structured products as part of the financial services offered by Dexia to the local authorities, would be liable to fall in the future because this source is expected to dry up (decline in the marketing of structured products on account of the fall in new PWB turnover and the minimal appetite of the local authorities for this type of products in the future) and keener competition for the commission-generating activities,
prihodki od provizij, katerih pomemben vir v preteklosti je bila prodaja strukturiranih finančnih instrumentov v okviru storitev, ki jih je Dexia ponujala lokalnim skupnostim, bi se v prihodnje lahko znižali zaradi pričakovanega usihanja teh virov (manjše trženje strukturiranih finančnih instrumentov zaradi znižanja novih prihodkov iz dejavnosti PWB in majhnega zanimanja lokalnih skupnosti za to vrsto finančnih instrumentov v prihodnje) in večje konkurence pri dejavnostih, ki prinašajo provizije,
the costs of funding would increase because Dexia would need gradually to replace short-term funding and/or funding obtained from the central banks by longer-term funding either (i) on the bond market, at higher costs than those observed before the financial crisis, or (ii) on the mortgage bond market, also at higher costs than before the crisis and within the limits of the absorption capacities of this market, which are likely to diminish in the future on account of the expected tightening up regarding eligible collateral at the ECB, or (iii) by means of commercial and institutional customer deposits, but in a more competitive environment,
stroški financiranja naj bi se povečali, saj mora Dexia kratkoročno financiranje in/ali financiranje, ki ga zagotavljajo centralne banke, postopoma nujno zamenjati z dolgoročnejšimi oblikami financiranja, pridobljenega (i) na trgu obveznic, po višjih stroških kot pred finančno krizo, ali (ii) na trgu hipotekarnih obveznic, prav tako po višjih stroških kot pred krizo in ob upoštevanju absorpcijskih sposobnosti tega trga, ki bi se lahko v prihodnosti skrčil zaradi pričakovane zaostritve pogojev v zvezi z upravičenostjo do jamstva ECB, ali celo (iii) z depoziti podjetij in institucionalnih strank, vendar v konkurenčnejšem okolju,
the operational and structural costs (expressed in basis points in relation to total balance sheet) would be liable to remain at the current level, or even increase, despite the plan to reduce costs by 15 % by 31 December 2012, as this reduction has to be considered in the perspective of the reduction in the total balance sheet of the group over the same period, which is greater than 15 %,
stroški poslovanja in strukturni stroški (izraženi v bazičnih točkah glede na bilančno vsoto) bi lahko ostali na sedanji ravni, ali se celo povečali, in to kljub načrtovanemu 15-odstotnemu znižanju stroškov do 31. decembra 2012, saj je treba to znižanje primerjati z znižanjem bilančne vsote skupine v istem obdobju, ki je večje od 15 %,
At the end of this analysis, the Commission therefore considers that the restructuring plan should (i) deleverage Dexia in order, in particular, to enable it to assume higher funding costs and low margins on assets, (ii) improve the quality and composition of its sources of funding and (iii) reduce its fixed cost base.
Komisija na podlagi te analize torej meni, da se morajo z načrtom prestrukturiranja (i) znižati raven finančnega vzvoda skupine Dexia, da bi ta lahko pokrila višje stroške financiranja in nizke marže na sredstva, (ii) izboljšati kakovost in sestava teh virov financiranja ter (iii) znižati njeni osnovni fiksni stroški.
In this respect, the Commission considers that if the restructuring plan notified on 9 February 2010 is carried out in accordance with the commitments undertaken by the Member States concerned, it will provide satisfactory responses to the question of the long-term viability of the group.
V zvezi s tem Komisija meni, da načrt prestrukturiranja, priglašen 9. februarja 2010, pomeni zadovoljiv odgovor na vprašanje dolgoročnega uspešnega poslovanja skupine, če bo izveden v skladu z zavezami, ki so jih sprejele zadevne države članice.
Firstly, the restructuring plan allows a reduction in Dexia’s total balance sheet of 35 % by 2014, compared to the amount at 31 December 2008, and a refocusing of the group’s activities on its traditional banking business:
Najprej, z načrtom prestrukturiranja bo mogoče do leta 2014 za 35 % znižati bilančno vsoto skupine Dexia v primerjavi z zneskom na dan 31. decembra 2008, dejavnosti skupine pa ponovno usmeriti na njene tradicionalne bančne dejavnosti:
the sale of FSA to Assured Guaranty, which took place on 1 July 2009, significantly improved Dexia’s risk profile by reducing its exposure to public sector risks and American structured products.
s prodajo družbe FSA družbi Assured Guaranty 1. julija 2009 se je precej izboljšal profil tveganja skupine Dexia, saj se je zmanjšala njena izpostavljenost tveganjem, povezanim z javnim sektorjem in ameriškimi strukturiranimi finančnimi instrumenti.
The Assured Guaranty securities received by Dexia under the sale of FSA will also be sold, thereby reducing by the same amount Dexia’s exposure to the monoline insurance sector,
Vrednostni papirji družbe Assured Guaranty, ki jih je Dexia pridobila z odprodajo družbe FSA, bodo prav tako prodani, tako da bo skupina Dexia sektorju zavarovalnic za zavarovanje kreditnih tveganj še toliko manj izpostavljena,
a significant proportion of the bond portfolio management activity and certain PWB activities in Dexia markets which are not its historical markets (in particular in Australia, Japan, Mexico, Sweden and Switzerland) are isolated from the group’s traditional banking activity and placed in run-off.
velik del dejavnosti upravljanja portfelja obveznic in nekatere dejavnosti PWB na trgih skupine Dexia, ki niso njeni tradicionalni trgi (zlasti v Avstraliji, na Japonskem, v Mehiki, na Švedskem in v Švici), so izločene iz tradicionalne bančne dejavnosti skupine in predvidene za likvidacijo.
These activities ringfenced in the LPMD together totalled EUR 161,7 billion at 31 December 2009, i.e. 27,9 % of Dexia’s total balance sheet at that date.
Vse te dejavnosti v LPMD so na dan 31. decembra 2009 skupaj znašale 161,7 milijarde EUR, kar je bilo takrat 27,9 % bilančne vsote skupine Dexia.