natgillin/translations-raw huggingface dataset:
The Commission found however that the measure complied with the conditions on eligibility of assets, asset management arrangement, transparency and disclosure and a guarantee fee as stipulated in the Impaired Asset Communication.
Vendar je Komisija ugotovila, da je ukrep skladen s pogoji o upravičenih sredstvih, ureditvi upravljanja sredstev, preglednosti in razkritju ter proviziji za jamstvo, kot so določeni v sporočilu o oslabljenih sredstvih.
Regarding valuation, the Real Economic Value (REV) of the portfolio was claimed by the Netherlands to be 97,3 % of face value in a base case scenario and 88,8 % of face value in a stress case scenario.
Glede vrednotenja je Nizozemska zatrdila, da je realna ekonomska vrednost (v nadaljnjem besedilu: REV) portfelja 97,3 % nominalne vrednosti v primeru osnovnega scenarija in 88,8 % nominalne vrednosti v primeru izjemnega scenarija.
On this basis, the portfolio was transferred to the Netherlands at 90 % of face value.
Na tej podlagi je bil portfelj prenesen na Nizozemsko pri 90 % nominalne vrednosti.
The Commission expressed doubts on the evaluation of the REV, in particular on the choice of the discount rate, the house price assumptions, the levels of credit enhancement and other valuation issues.
Komisija je izrazila dvome o oceni REV, zlasti o izbiri diskontne stopnje, predpostavkah glede cen stanovanj, ravneh izboljšanja kreditne kvalitete in drugih vprašanjih vrednotenja.
Regarding burden sharing, the Commission expressed doubts about the level of the funding fee and the appropriateness of the management fee paid by the Netherlands to ING. Moreover, given that the Commission had doubts regarding the valuation of the portfolio, any negative conclusion on the review of the valuation could directly impact the assessment of the guarantee fee.
V zvezi s porazdelitvijo bremena je Komisija izrazila dvome o stopnji provizije za financiranje in ustreznosti provizije za upravljanje, ki ju Nizozemska plačuje družbi ING. Poleg tega bi lahko glede na to, da je Komisija dvomila o vrednotenju portfelja, vsaka negativna ugotovitev pri pregledu vrednotenja neposredno vplivala na oceno provizije za jamstvo.
According to Article 87(1) of the Treaty, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the common market.
V skladu s členom 87(1) Pogodbe je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva s skupnim trgom, kolikor prizadene trgovino med državami članicami.
The Commission has already established in the opening decision that the recapitalisation of ING constitutes State aid amounting to the sum of the injected capital, that is to say, EUR 10 billion.
Komisija je v odločitvi o začetku postopka že ugotovila, da dokapitalizacija družbe ING pomeni državno pomoč, ki ustreza vsoti vloženega kapitala, to je 10 milijardam EUR.
The amendment of the redemption premium also constitutes State aid in so far as the State waives its right to obtain revenues.
Sprememba odkupne premije je prav tako državna pomoč, če se država odpove pravicam do prihodkov.
As ING has already agreed to a redemption premium of 150 % any reduction is indeed forgone revenue.
Ker je ING že pristala na 150-odstotno odkupno premijo, je vsako znižanje v resnici prihodek, ki se mu država odpove. Posledica spremembe pogojev poplačila za nizozemski kapitalski vložek je dodatna korist za družbo ING.
The modification of the repayment terms for the Dutch capital injection results in an additional benefit for ING. This represents additional aid of approximately EUR 2 billion as indicated above in recital 34.
To je dodatna pomoč v višini približno 2 milijard EUR, kot je navedeno v uvodni izjavi 34 zgoraj.
As regards the IA measure the Commission has found in the opening decision that the measure constitutes aid.
Glede ukrepa OS je Komisija v odločitvi o začetku postopka ugotovila, da ta ukrep pomeni pomoč.
The aid amount resulting from the IA measure is calculated as the difference between the transfer price (based on the real economic value) and the market price of the transferred portfolio.
Znesek pomoči, ki izhaja iz ukrepa OS, se izračuna kot razlika med prenosno ceno (na podlagi REV) in tržno ceno prenesenega portfelja.
According to the information submitted by the Netherlands authorities the total face value of the Alt-A portfolio was USD 39 billion on 31 December 2008.
V skladu z informacijami, ki so jih predložili nizozemski organi, je bila 31. decembra 2008 skupna nominalna vrednost portfelja Alt-A 39 milijard USD.
80 % of the portfolio has been transferred to the Netherlands at 87 % of face value (based on the amended measure) representing USD 27,1 billion.
80 % portfelja je bilo prenesenih na Nizozemsko pri 87 % nominalne vrednosti (na podlagi spremenjenega ukrepa), kar znaša 27,1 milijarde USD.
According to the information submitted by the Netherlands authorities the total market value of the Alt-A portfolio on 31 December 2008 was USD 25,8 billion, 80 % of which (USD 20,6 billion) has been transferred to the Netherlands.
V skladu z informacijami, ki so jih predložili nizozemski organi, je bila 31. decembra 2008 skupna tržna vrednost portfelja Alt-A 25,8 milijarde USD, 80 % tega portfelja (20,6 milijarde USD) pa je bilo prenesenih na Nizozemsko.
The EUR 10 billion of capital injection has been initially allocated as follows within the group: EUR 5 billion to ING Bank, EUR 4 billion to ING Insurance and EUR 1 billion at the level of the holding.
Kapitalski vložek 10 milijard EUR je bil v ING Groep prvotno razporejen tako: 5 milijard EUR za ING Bank, 4 milijarde EUR za ING Insurance in 1 milijarda EUR na ravni holdinga.
ING has the possibility to transfer the amount of capital injection at any time between ING Bank, ING Insurance and the holding level.
ING lahko znesek kapitalskega vložka kadar koli prenese med ING Bank, ING Insurance in ravnjo holdinga.
Furthermore 85 % of the cash flows transferred to the Netherlands under the IA measure covered assets held by ING Bank and 15 % assets held by ING Insurance.
Poleg tega je 85 % denarnih tokov, prenesenih na Nizozemsko v okviru ukrepa OS, zajemalo sredstva ING Bank, 15 % pa sredstva ING Insurance.
Of the total aid amount resulting from the IA measure (EUR 5 billion) EUR 4,25 billion is therefore to be attributed to ING Bank and EUR 0,75 billion to ING Insurance.
Torej je treba od skupnega zneska pomoči, ki izhaja iz ukrepa OS (5 milijard EUR), 4,25 milijarde EUR pripisati ING Bank, 0,75 milijarde EUR pa ING Insurance.
This results in a total aid amount for ING Bank of EUR 9,25 billion (representing 2,7 % of the RWA of ING Bank [30]), a total aid amount for ING Insurance of EUR 4,75 billion (representing 50 % of the solvency margin requirements of ING Insurance [31]) and EUR 1 billion remaining at the holding level.
Iz tega sledi, da skupni znesek pomoči za ING Bank znaša 9,25 milijarde EUR (to je 2,7 % RWA ING Bank [30]), skupni znesek pomoči za ING Insurance 4,75 milijarde EUR (to je 50 % zahtevane kapitalske ustreznosti ING Insurance [31]), 1 milijarda EUR pa ostane na ravni holdinga.
For the sake of simplicity and for consistency with the terms used in the Impaired Asset Communication, the total aid amount can also be expressed in RWAs of ING Bank only.
Zaradi poenostavitve in usklajenosti s pogoji, uporabljenimi v sporočilu o oslabljenih sredstvih, je mogoče skupni znesek pomoči izraziti tudi v RWA samo ING Bank.
In that case, both measures together plus the additional aid from the reduction of the redemption premium of EUR 2 billion result in an aid element of about EUR 17 billion, which amounts to about 5 % of risk weighted assets of ING Bank.
Če se tako seštejejo oba ukrepa in dodatna pomoč 2 milijard EUR zaradi znižanja odkupne premije, je rezultat znesek pomoči v višini približno 17 milijard EUR, kar je približno 5 % tveganju prilagojene aktive ING Bank.
In addition, ING received EUR 5 billion and USD 9 billion in aid from the Dutch guarantee scheme.
Poleg tega je ING prejela 5 milijard EUR in 9 milijard USD pomoči iz nizozemske jamstvene sheme.
On the basis of the prevalent exchange rate at the time of the granting of these measures of EUR/USD 1,3, the amount of the granted guarantees is about EUR 12 billion amounting to about 1 % of the entire balance sheet of the Group.
Na podlagi prevladujočega menjalnega tečaja EUR/USD, ki je ob odobritvi teh ukrepov znašal 1,3, je znesek odobrenih jamstev približno 12 milijard EUR, kar je približno 1 % bilančne vsote ING Groep. Jamstva so bila odobrena v času, ko so se tržne razmere slabšale in so banke težko dobile finančno podporo.
The guarantees were granted at a time when market conditions were deteriorating and it was difficult for banks to raise funding.
Torej vlagatelj v tržnem gospodarstvu ne bi zagotovil teh jamstev, ki zato pomenijo dodatno pomoč, po možnosti v višini do nominalnega zneska.
Furthermore, the Netherlands maintains that ING will […] an additional EUR […] billion of guarantees from the Netherlands for carving out the retail banking entity WUH/Interadvies, which has not been granted yet and the necessity of which is still to be established.
Nadalje, Nizozemska trdi, da bo ING od Nizozemske […] dodatnih […] milijard EUR jamstev za delno izčlenitev subjekta WUH/Interadvies za bančno poslovanje s prebivalstvom, ki še niso bila odobrena in za katera je treba še ugotoviti, ali so potrebna.
The Netherlands consider this as additional restructuring aid for the beneficiary, which will be notified at a later stage.
Nizozemska ta jamstva obravnava kot dodatno pomoč za prestrukturiranje upravičencu, ki bo priglašena pozneje.
The Commission is in principle not opposed to such aid as long as it is limited to the minimum necessary for the restructuring of ING [33] and as long as it is sufficiently remunerated.
Komisija načelno ne nasprotuje taki pomoči, če je omejena na najmanjši potrebni znesek za prestrukturiranje družbe ING [33] in če se zadovoljivo nadomesti.
In total, therefore, ING will receive restructuring aid of up to EUR [12-22] billion in liquidity guarantees and about EUR 17 billion of other aid, amounting to about 5 % of RWA of the bank.
ING bo torej skupno prejela pomoč za prestrukturiranje do [12–22] milijard EUR v obliki likvidnostnih jamstev in drugo pomoč v višini približno 17 milijard EUR, kar ustreza približno 5 % RWA banke.
Application of Article 87(3)(b) of the Treaty
Uporaba člena 87(3)(b) Pogodbe
Article 87(3)(b) of the Treaty empowers the Commission to decide that aid is compatible with the common market if it is intended ‘to remedy a serious disturbance in the economy of a Member State’.
V skladu s členom 87(3)(b) Pogodbe lahko Komisija odloči, da je pomoč združljiva s skupnim trgom, če se uporablja „za odpravljanje resne motnje v gospodarstvu države članice“.
The Commission acknowledged in its recent approval of the prolongation of the Dutch guarantee scheme [34] that, overall, the threat of a serious disturbance in the Dutch economy continues and that measures supporting banks are suitable to address that threat.
Komisija je v nedavni odobritvi podaljšanja nizozemske jamstvene sheme [34] potrdila, da na splošno nevarnost resne motnje v nizozemskem gospodarstvu ostaja in da so ukrepi v podporo bankam primerni za odpravljanje te nevarnosti.
Given the significance of its lending activities for specific regional markets, its cross border presence, and its integration and cooperation with other banks, the Commission accepts that ING is a systemically relevant bank.
Glede na pomembnost posojilnih dejavnosti družbe ING za posamezne regionalne trge, njeno čezmejno prisotnost ter njeno povezanost in sodelovanje z drugimi bankami Komisija priznava, da je to sistemsko pomembna banka.
It is therefore concluded that such a failure would entail serious consequences for the Dutch financial sector and the real economy.
Zato se sklene, da bi imel tak propad resne posledice za nizozemski finančni sektor in realno gospodarstvo.
The aid must therefore be assessed under Article 87(3)(b) of the Treaty.
Torej je treba pomoč oceniti na podlagi člena 87(3)(b) Pogodbe.
Compatibility of the IA measure
Združljivost ukrepa OS
The treatment of asset relief measures by Member States under Article 87(3)(b) of the Treaty is assed on the basis of the Impaired Asset Communication.
Kako države članice upravljajo ukrepe finančne pomoči za oslabljena sredstva na podlagi člena 87(3)(b) Pogodbe, se oceni na podlagi sporočila o oslabljenih sredstvih.
The Impaired Asset Communication sets out principles that must be followed by any asset relief measure.
To sporočilo določa načela, ki jih je treba upoštevati pri vsakem ukrepu finančne pomoči za oslabljena sredstva.
The doubts expressed in the opening decision that the IA measure does not fulfil the conditions for the compatibility of asset relief as set out in the Impaired Asset Communication are allayed.
Dvomi, ki so bili izraženi v odločitvi o začetku postopka, da ukrep IA ne izpolnjuje pogojev za združljivost finančne pomoči za oslabljena sredstva, kot so določeni v sporočilu o oslabljenih sredstvih, so odpravljeni.
The Netherlands authorities committed to amend the measure by means of an increase of the guarantee fee paid by ING to the Netherlands by 82,6 [35] bp p.a. whereby the resulting transfer price of the measure, as well as the fee structure have been altered.
Nizozemski organi so se zavezali k spremembi ukrepa z zvišanjem provizije za jamstvo, ki jo ING plačuje Nizozemski, za 82,6 [35] BT na leto, s čimer se spremenita s tem povezana prenosna cena ukrepa in struktura provizij.
Furthermore the funding fee has been reduced by 50 bp p.a.
Poleg tega je bila provizija za financiranje znižana za 50 BT na leto.
First of all the Commission of the increase of 82,6 bp. p.a. of the guarantee fee, 52 bp p.a. is intended to reduce the transfer price for the assets of the portfolio from 90 % of face value to 87 % of face value.
Kot prvo, od zvišanja provizije za jamstvo za 82,6 BT na leto je 52 BT na leto namenjenih znižanju prenosne cene za sredstva portfelja z 90 % nominalne vrednosti na 87 % nominalne vrednosti.
The amended transfer price brings the transfer price in line with the REV estimations for the portfolio that would result from the use of reasonable assumptions.
S spremembo prenosne cene se ta uskladi z ocenami REV za portfelj, ki bi izhajale iz uporabe razumnih predpostavk.
Following the opening decision the Dutch authorities have submitted revised valuations of the portfolio.
Nizozemski organi so na podlagi odločitve o začetku postopka predložili spremenjeno vrednotenje portfelja.
After the Commission expressed doubts on the house price assumptions and the discount rates used in the initial valuation of the portfolio by Dynamic Credit Partners, the Netherlands authorities provided the Commission with valuation outputs using the same valuation methodology but based on more conservative assumptions on house prices and discount rates.
Potem, ko je Komisija izrazila dvome o predpostavkah glede cen stanovanj in diskontnih stopnjah, ki jih je družba Dynamic Credit Partners uporabila v prvotnem vrednotenju portfelja, so nizozemski organi Komisiji predložili rezultate vrednotenja, dobljene z isto metodologijo vrednotenja, vendar na podlagi previdnejših predpostavk glede cen stanovanj in diskontnih stopenj.
The Commission adjusted the output for additional factors after consultation with its external experts.
Komisija je po posvetovanju s svojimi zunanjimi strokovnjaki rezultate prilagodila dodatnim dejavnikom.
Based on that analysis it is concluded that a REV estimated at 87 % is acceptable in view of the requirements of the Impaired Asset Communication relating to valuation methodology and prudent assumptions, which were outlined in the opening decision.
Na podlagi te analize se sklene, da je REV, ocenjena na 87 %, sprejemljiva z vidika zahtev sporočila o oslabljenih sredstvih, kar zadeva metodologijo vrednotenja in preudarne predpostavke, ki so bile navedene v odločitvi o začetku postopka.
With the adjustment of the REV to 87 % the initial doubts of the Commission were therefore allayed.
S prilagoditvijo REV na 87 % so bili začetni dvomi Komisije odpravljeni.
Fee structure
Struktura provizij
In its opening decision, the Commission expressed doubts on the level of the management fee that was initially set at 25 bp p.a.
Komisija je v odločitvi o začetku postopka izrazila dvome o ravni provizije za upravljanje, ki je bila prvotno določena na 25 BT na leto.
Furthermore, the doubts of the Commission in respect of the funding fee expressed in the opening decision have also been addressed, in so far as the funding fee has been reduced by 50 bp p.a.
Poleg tega je bila pozornost namenjena tudi dvomom o proviziji za financiranje, ki jih je Komisija izrazila v odločitvi o začetku postopka, saj je bila ta provizija znižana za 50 BT na leto.
In this way the funding fee is brought in line with the cost of funding of the Netherlands as presented to the Commission by the Dutch authorities [36].
Tako se provizija za financiranje uskladi s stroški financiranja Nizozemske, kot so jih Komisiji predstavili nizozemski organi [36].
Therefore the Commission’s initial doubts in respect of the management and the funding fee have been alleviated.
Torej so bili začetni dvomi Komisije o provizijah za upravljanje in financiranje odpravljeni.
As regards burden sharing, the Impaired Asset Communication states in section 5.2 the general principle that banks ought to bear the losses associated with impaired assets to the maximum extent.
V zvezi s porazdelitvijo bremena je v oddelku 5.2 sporočila o oslabljenih sredstvih navedeno splošno načelo, da bi morale banke v čim večjem obsegu kriti izgube, povezane z oslabljenimi sredstvi.
The adjustment of the transfer price is in this case achieved by an increase in the guarantee fee of 52 bp p.a. equivalent in terms of net present value to the difference between 90 % and 87 % of par value.
Prilagoditev prenosne cene se v tem primeru doseže z zvišanjem provizije za jamstvo za 52 BT na leto, kar v neto sedanji vrednosti ustreza razliki med 90 % in 87 % nominalne vrednosti.
This is in line with the opening decision where the Commission accepted the cash flow swap agreement and held that adjustments to valuation would be made by way of alteration to the guarantee fee.
To je v skladu z odločitvijo o začetku postopka, v kateri je Komisija sprejela dogovor o izmenjavi denarnih tokov in menila, da se bo vrednotenje prilagodilo s spremembo provizije za jamstvo.
Therefore, the IA measure satisfies the conditions relating to appropriate burden sharing.
Ukrep OS torej izpolnjuje pogoje v zvezi z ustrezno porazdelitvijo bremena.
Finally, the amended IA measure enters into force on 25 October 2009 whilst payments have been made under the initial transaction fee structure, which was more favourable for ING, from 26 January 2009 until 25 October 2009.
Nazadnje, spremenjeni ukrep OS začne veljati 25. oktobra 2009, medtem ko so se plačila od 26. januarja 2009 do 25. oktobra 2009 izvajala na podlagi strukture provizij prvotne transakcije, ki je bila za družbo ING ugodnejša.
In order to make up for the payments by ING to the State which have been foregone during that period the guarantee fee has been increased by an additional 15,6 bp p.a.
Da bi se nadomestila plačila družbe ING državi, ki se jim je država v navedenem obdobju odpovedala, je bila provizija za jamstvo zvišana za dodatnih 15,6 BT na leto.
The Commission must assess the continuation of all previous emergency aid measures as restructuring aid.
Komisija mora oceniti nadaljevanje vseh predhodnih ukrepov nujne pomoči kot pomoč za prestrukturiranje.
The compatibility of the restructuring aid is assessed on the basis of the restructuring plan in the context of the Commission Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules [38] (‘the Restructuring Communication’).
Združljivost pomoči za prestrukturiranje se oceni na podlagi načrta za prestrukturiranje v okviru Sporočila Komisije o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči [38] (v nadaljnjem besedilu: sporočilo o prestrukturiranju).
Even if previous decisions have made reference to the Guidelines on State aid for rescuing and restructuring firms in difficulty [39], the Commission has clarified in point 49 of the Restructuring Communication that all aid notified to the Commission before 31 December 2009 will be assessed as restructuring aid to banks pursuant to the Restructuring Communication instead of the Guidelines on State aid for rescuing and restructuring firms in difficulty.
Tudi če so prejšnje odločitve vsebovale sklice na Smernice o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [39], je Komisija v točki 49 sporočila o prestrukturiranju pojasnila, da bo vsako pomoč, ki ji bo priglašena do 31. decembra 2010, ocenila kot pomoč za prestrukturiranje bankam na podlagi sporočila o prestrukturiranju in ne na podlagi Smernic o državni pomoči za reševanje in prestrukturiranje podjetij v težavah.
The degree of restructuring required
Potrebna stopnja prestrukturiranja
The Restructuring Communication does not define the conditions under which a bank may need to present a restructuring plan but relies on previous communications.
Sporočilo o prestrukturiranju ne določa pogojev, pod katerimi bi morala banka predložiti načrt prestrukturiranja, temveč se sklicuje na predhodna sporočila.
The Commission considers that ING should undergo in-depth restructuring in particular as the beneficiary has already received State aid that contributes to coverage or avoidance of losses which altogether exceeds 2 % of the total bank’s RWA.
Komisija meni, da bi ING potrebovala poglobljeno prestrukturiranje, zlasti ker je upravičenec že prejel državno pomoč, ki prispeva h kritju izgub ali preprečevanju njihovega nastanka in ki skupaj presega 2 % skupne RWA banke.
This position is in line with point 4 of the Restructuring Communication and point 55 of the Impaired Asset Communication, as well as the previous commitments of ING [40].
To stališče je v skladu s točko 4 sporočila o prestrukturiranju in točko 55 sporočila o oslabljenih sredstvih ter s prejšnjimi zavezami družbe ING [40].
The restoration of viability
Ponovna vzpostavitev rentabilnosti
When assessing a restructuring plan the Commission makes sure that the bank is able to restore long-term viability without State aid (section 2 of the Restructuring Communication).
Komisija se pri ocenjevanju načrta prestrukturiranja prepriča, da je banka zmožna ponovno vzpostaviti dolgoročno rentabilnost brez državne pomoči (oddelek 2 sporočila o prestrukturiranju).
The Restructuring Communication recalls in this context that governments have recapitalised banks on terms chosen primarily for reasons of financial stability rather than for a return to viability.
V sporočilu o prestrukturiranju je v tem okviru navedeno, da so države izvajale dokapitalizacije bank pod pogoji, ki so bili izbrani predvsem za ohranjanje finančne stabilnosti in ne toliko za ponovno vzpostavitev rentabilnosti.
Long-term viability therefore requires that any State aid received is either redeemed over time, as anticipated at the time of the granting of the aid, or is remunerated according to normal market conditions, thereby ensuring that any form of additional State aid is terminated.
Dolgoročna rentabilnost zato zahteva, da se vsaka prejeta državna pomoč sčasoma odplača, kot je predvideno ob dodelitvi pomoči, ali pa se zanjo plača nadomestilo po običajnih tržnih pogojih, s čimer se zagotovi prenehanje vseh oblik dodatne državne pomoči.