natgillin/translations-raw huggingface dataset:
the positive results of the liquidity stress test reflect (i) improvements made by Dexia’s management during 2009 with a view to reducing the dynamic short-term funding needs, and (ii) financial market conditions which were favourable on the whole.
pozitivni rezultati testa likvidnosti v izjemnih razmerah odražajo (i) izboljšave, ki jih je vodstvo skupine Dexia uvedlo med letom 2009 za zmanjšanje dinamičnih potreb po kratkoročnem financiranju, in (ii) na splošno ugodne razmere na finančnih trgih.
However, passing a liquidity stress test at a given moment is no guarantee that it will be passed in the future.
Vendar dejstvo, da je skupina v danem trenutku prestala test likvidnosti v izjemnih razmerah, še ne pomeni, da ga bo prestala tudi v prihodnje.
It is therefore important for a certain discipline (in financing policy) to be maintained during the coming months and years in order to be able to meet this stress test continuously.
Ta stresni test bo torej mogoče vsakič prestati samo, če se bo v prihodnjih mesecih in letih vzdrževala določena disciplina (pri politiki financiranja).
In this respect, the commitments notified in the restructuring plan not only point towards an improvement in the liquidity of the group, but also allow their implementation to be verified periodically.
S tega vidika bodo zaveze, priglašene v načrtu prestrukturiranja, pripomogle k izboljšanju likvidnosti skupine, omogočile pa bodo tudi redno preverjanje njihovega uresničevanja.
Consequently, the Commission concludes that Dexia passes this third stress test.
Komisija zato ugotavlja, da je Dexia prestala ta tretji stresni test.
Other considerations concerning the stress tests
Druge ugotovitve v zvezi s stresnimi testi
Firstly, on the basis of the examination of certain assumptions retained in Dexia’s models, it appears that:
Prvič, na podlagi proučitve nekaterih predpostavk iz modelov skupine Dexia, se zdi, da:
for certain types of sectors or counterparties, the assumptions concerning the probability of default and/or of loss given default (‘LGD’) are not very prudent when they are compared to certain publicly available information,
za nekatere vrste sektorjev ali nasprotnih strank predpostavke v zvezi z verjetnostjo neizpolnitve obveznosti in/ali izgube ob neizpolnitvi obveznosti („loss given default“ ali „LGD“) niso zelo previdne, če jih primerjamo z nekaterimi javno dostopnimi informacijami,
for the portfolio of loans to local authorities, no rating migration assumption is made reflecting the deterioration in the future trend of public finances.
za portfelj posojil lokalnim skupnostim ni predpostavk v zvezi s spremembo bonitetne ocene, ki bi izražala poslabšanje prihodnje usmeritve javnih financ.
However, it is important to stress that comparison with the publicly available data is difficult, since the scope of Dexia’s exposures is not similar to that of the publicly available information.
Vendar je treba poudariti, da je primerjava z javno dostopnimi podatki težka, saj obseg izpostavljenosti skupine Dexia ni podoben obsegu javno dostopnih informacij.
The method used by Dexia to calculate the expected losses is based on internal ratings, integrating average, long-term, conservative and through-the-cycle probability of default and LGD parameters, adjusted to reflect the uncertainty and volatility with regard to certain data.
Metoda, ki jo je Dexia uporabila za izračun pričakovanih izgub, temelji na internih ocenah, pri čemer združuje povprečne, dolgoročne, konservativne in na celotnem ciklu temelječe povprečne parametre verjetnosti neizpolnitve obveznosti in izgube ob neplačilu, prilagojene glede na negotovost in nestabilnost nekaterih podatkov.
Such parameters are examined and validated by the CBFA, the French Commission bancaire and the CSSF.
Take parametre proučijo in potrdijo CBFA, francoska komisija za bančništvo in CSSF.
According to the Member States concerned, the risk parameters used by Dexia display a level of conservatism which is 10 % to 30 % above the minimum requirements under the prudential rules of Basel II.
Po navedbah zadevnih držav članic so parametri tveganja, ki jih je uporabila Dexia, za 10 % do 30 % bolj konservativni od minimalnih zahtev iz bonitetnih pravil iz sporazuma Basel II.
Secondly, the Commission notes the very large exposure, in both absolute and relative amounts, to the debt of certain countries and certain financial institutions.
Drugič, Komisija opozarja, da je skupina, tako v absolutnih kot relativnih zneskih, zelo izpostavljena dolgovom nekaterih držav in nekaterih finančnih ustanov.
In particular, as regards the exposure to sovereign risks, the Commission notes the exposure, at the end of 2008, to […].
Pri izpostavljenosti deželnim tveganjem Komisija opozarja zlasti na izpostavljenost konec leta 2008 […].
However, it is important to emphasise that:
Vendar je treba poudariti, da:
such exposures should not a priori have a material impact on the group result, especially if the group does not intend to sell these assets before contractual maturity (they could increase the volatility of the AFS reserve, which is shown in the group balance sheet),
taka izpostavljenost sama po sebi ne bi smela dejansko vplivati na poslovni izid skupine, zlasti če skupina ne namerava prodati svojih sredstev pred pogodbeno dospelostjo (lahko bi se povečala nestabilnost rezerve za prodajo razpoložljivih sredstev, vključene v bilanco stanja skupine),
under Dexia’s restructuring plan, these exposures would be reduced as provision is made for a substantial reduction in the bond portfolio.
naj bi se v okviru načrta prestrukturiranja skupine Dexia ta izpostavljenost zmanjšala, saj je predvideno precejšnje zmanjšanje porfelja obveznic.
Thirdly, the Commission takes a favourable view of the trend in the group’s need for short-term funding.
Tretjič, Komisija odobrava težnjo skupine glede potreb po kratkoročnem financiranju.
However, the Commission emphasises that the group has essentially reduced its need for funding between 0 and 1 month.
Vendar poudarja, da je skupina v glavnem zmanjšala svojo potrebo po financiranju od 0 mecesev do 1 meseca.
The funding between 1 and 5 years has been increased from […] % to […] %.
Financiranje od 1 do 5 let se je povečalo z […] % na […] %.
However, the bulk of the funding in this period is between 1 and 2 years.
Vendar je večina financiranja v tem obdobju od 1 do 2 let.
Share of the different sources of funding in Dexia’s total funding
Delež različnih virov financiranja v skupnem financiranju skupine Dexia
In this respect, the restructuring plan notified to the Commission provides for (i) a reduction of EUR 83 billion in the bond portfolio of the LPMD division; (ii) an increase in the proportion of more stable sources of financing (such as commercial deposits and mortgage bonds) from 36 % to 58 %; (iii) a gradual lengthening of the average maturity of the liabilities.
V zvezi s tem je v načrtu prestrukturiranja, priglašenem Komisiji, določeno (i) znižanje portfelja obveznic sektorja LPMD za 83 milijard EUR; (ii) povečanje deleža stabilnejših virov financiranja (kot so depoziti pravnih oseb in hipotekarne obveznice) s 36 % na 58 %; (iii) postopno podaljšanje povprečne ročnosti obveznosti do virov sredstev.
These factors will probably reduce the risks of refinancing problems for Dexia.
Tako bi se lahko zmanjšalo tveganje težav pri refinanciranju skupine Dexia.
Moreover, it is important to stress that the incremental rise in the costs of funding associated with this change in funding policy is integrated in the projections for the group’s profit and loss account and confirms that Dexia would remain in profit during its restructuring period.
Treba je še poudariti, da je postopno povečevanje stroškov financiranja, povezano s to spremembo politike financiranja, del napovedi izkaza poslovnega izida in potrjuje, da bi bila Dexia med prestrukturiranjem še naprej dobičkonosna.
Fourthly, despite the improvement in market conditions, Dexia’s cost of funding remains relatively high in comparison with other banks.
Četrtič, kljub izboljšanju tržnih razmer so stroški financiranja skupine Dexia še naprej razmeroma visoki v primerjavi z drugimi bankami.
The level of 5-year CDS is among the highest in Europe and remains at about 180 basis points; the secondary levels of Dexia’s credit spreads of unguaranteed benchmark-size issues remain high and stand at about 140 to 150 basis points for maturities of between 4 and 5 years; the cost of funding in covered bonds also remains high and stands at about 50 to 60 basis points for relatively similar terms to those of the assets financed.
Stopnja petletnih poslov kreditnih zamenjav je med najvišjimi v Evropi in ostaja pri približno 180 bazičnih točkah; sekundarne ravni kreditnih razmikov nezavarovanih standardnih izdaj skupine Dexia so še naprej visoke in se gibljejo okrog 140 do 150 bazičnih točk za dospelosti od 4 do 5 let; tudi stroški financiranja z zavarovanimi obveznicami so še naprej visoki in se gibljejo okrog 50 do 60 bazičnih točk za dobe, ki so precej podobne kot pri financiranih sredstvih.
Fifthly, in order to measure Dexia’s sensitivity to a variation in interest rates, Dexia communicated a table showing the sensitivity to a rate shock of 1 % for each maturity.
Petič, da bi lahko izmerili občutljivost skupine Dexia na spreminjanje obrestnih mer, je Dexia poslala tabelo, v kateri je za vsako dospelost prikazana občutljivost na 1-odstotno zvišanje obrestnih mer.
However, the Commission notes that in this sensitivity calculation exercise, EUR […] billion of the group’s short-term funding is not included, which suggests that Dexia remains relatively sensitive to movements in the rates curve for maturities of less than one year.
Vendar Komisija ugotavlja, da v ta izračun občutljivosti ni vključenih […] milijard EUR kratkoročnega financiranja skupine, kar kaže na to, da je Dexia razmeroma občutljiva na gibanje krivulje obrestnih mer za dospelosti, krajše od enega leta.
This was confirmed by Dexia, since the group considers it made about EUR […] million in profit in 2009 merely through the effect of steepening of the curve of the interbank rates for less than one year.
To je potrdila tudi Dexia, saj ocenjuje, da je v letu 2009 okrog […] milijonov EUR dobička ustvarila samo zaradi učinka naraščanja krivulje medbančnih obrestnih mer, krajših od enega leta.
The effect of a significant reduction in transformation income was nevertheless considered in Dexia’s projections and indicates that the group would remain in profit in the coming years.
Učinek precejšnjega znižanja prihodkov iz preoblikovanja se je kljub temu upošteval v napovedih skupine Dexia, ki kažejo, da bi bila skupina v naslednjih letih še naprej dobičkonosna.
Sixthly, both the absolute and the relative level of Dexia’s negative AFS reserve remain very high, despite the improvement observed during 2009.
Šestič, absolutna in relativna raven negativne rezerve za prodajo razpoložljivih sredstev skupine Dexia je še naprej zelo visoka kljub ugotovljenemu izboljšanju v letu 2009.
In this respect, the Commission notes the following factors:
V zvezi s tem Komisija ugotavlja naslednje:
even if the negative AFS reserve had been included in full in the calculation of the regulatory capital, Dexia would still have satisfied the regulatory capital requirements at 30 September 2009.
tudi če bi se negativna rezerva za prodajo razpoložljivih sredstev v celoti vključila v izračun regulatornega kapitala, bi Dexia na dan 30. septembra 2009 še naprej izpolnjevala zahteve v zvezi z regulatornim kapitalom.
The Tier 1 capital ratio would have stood at […] and the total capital ratio at […],
Delež kapitala prvega reda bi tako znašal […], delež celotnega kapitala pa […],
such a change in the regulations would have an impact on a large number of other banks,
taka regulatorna sprememba bi vplivala na številne druge banke,
Seventhly, despite their reduction during 2009, Dexia still has certain relatively large off-balance-sheet commitments.
Sedmič, čeprav so se zunajbilančne obveznosti skupine Dexia med letom 2009 zmanjšale, so ostale nekatere razmeroma pomembne obveznosti.
However, according to Dexia, the latter were taken into consideration in the stress tests.
Vendar so bile pri stresnih testih po navedbah skupine Dexia upoštevane.
Derivatives activities
Dejavnosti v zvezi z izvedenimi finančnimi instrumenti
Analysis of the Dexia balance sheet shows that, at the end of 2008, the market value of the derivatives is EUR 55 billion on the assets side and EUR 75 billion on the liabilities side of the balance sheet, creating a significant negative difference in the order of EUR 20 billion, which stems mainly from interest rate derivatives.
Iz analize bilance stanja skupine Dexia konec leta 2008 izhaja, da tržna vrednost izvedenih finančnih instrumentov na strani sredstev znaša 55 milijard EUR, na strani obveznosti pa 75 milijard EUR, kar ustvarja precejšnjo negativno razliko v višini 20 milijard EUR, ki v glavnem izhaja iz obrestnih mer izvedenih finančnih instrumentov.
The Commission compared this difference with that reported by other financial institutions.
Komisija je to razliko primerjala z razliko, ki so jo prikazale druge finančne ustanove.
Expressed as a percentage of the total balance sheet and as a percentage of capital, this difference is not only negative, but is also particularly large for Dexia compared to these other institutions.
Ta razlika, izražena v deležu bilančne vsote in deležu lastnih sredstev, ni samo negativna, temveč je za skupino Dexia tudi še posebej visoka v primerjavi z drugimi ustanovami.
Dexia justifies this by (i) the almost systematic policy of […], (ii) the fall in interest rates (iii) the considerable difference between the average maturity of the assets and that of the liabilities, (iv) […].
Dexia to upravičuje s (i) tako rekoč sistematično politiko […], (ii) padcem obrestnih mer (iii) veliko razliko med povprečno ročnostjo sredstev in povprečno ročnostjo obveznosti, (iv) […].
The Commission accepts these explanations, but nevertheless notes that (i) the size of this negative difference really is very large and (ii) the latter probably requires considerable collateral for Dexia, which may reduce its eligible collateral base for financing from the central banks or in the interbank repo market.
Komisija se strinja s temi pojasnili, vendar kljub temu ugotavlja, da (i) je razpon te negativne razlike resnično velik in (ii) za skupino Dexia verjetno zahteva precejšnja jamstva, tako da bi lahko znižal jamstveno osnovo, primerno za financiranje s strani centralnih bank ali na medbančnem trgu repo poslov.
Nevertheless, as far as this latter point is concerned, such needs were taken into consideration in the stress tests.
Vendar so se take potrebe upoštevale v stresnih testih.
Conclusion concerning viability
Ugotovitev glede uspešnega poslovanja
The Commission concludes from the analysis above that the restructuring plan will allow Dexia’s long-term viability to be restored.
Komisija na podlagi zgoraj navedene analize sklepa, da bo z načrtom prestrukturiranja mogoče ponovno vzpostaviti dolgoročno uspešno poslovanje skupine Dexia. V zvezi s tem še ugotavlja, da bo načrt prestrukturiranja skupini Dexia omogočil, da se sooči s pričakovano zaostritvijo bonitetnih pravil.
In this respect, the Commission also notes that the restructuring plan will enable Dexia to cope with the expected tightening up of the prudential regulations.
Po eni strani je zmanjševanje deleža posojilnih finančnih instrumentov, ki je posledica prestrukturiranja, v skladu z morebitno uvedbo najvišje stopnje finančnega vzvoda.
On the one hand, the deleveraging resulting from the restructuring is in line with the possible introduction of a maximum leverage ratio.
Po drugi strani sta izboljšanje in povečanje raznovrstnosti virov financiranja skupine Dexia skladna z uvedbo novih standardov merjenja in nadzorovanja likvidnostnega tveganja kreditnih institucij.
Own contribution by the institution
Lastni prispevek banke
According to section 3 of the Restructuring Communication, the restructuring plan must ensure fair burden-sharing of the costs of restructuring between the Member States concerned and the bank, i.e. the restructuring plan must provide for the highest possible contribution by the bank and its shareholders from their own resources.
V skladu z razdelkom 3 Sporočila o prestrukturiranju je treba z načrtom prestrukturiranja zagotoviti enakomerno porazdelitev stroškov prestrukturiranja med zadevne države članice in banko, to pomeni, da mora biti z načrtom prestrukturiranja določen čim večji prispevek banke in njenih delničarjev iz lastnih sredstev.
Such a contribution is necessary to ensure that rescued banks bear adequate responsibility for the consequences of their past behaviour and to create appropriate incentives for their future behaviour.
Taka porazdelitev je namreč nujna, da se zagotovi, da bodo rešene banke prevzele primerno odgovornost za posledice svojih preteklih ravnanj in da se ustvarijo ustrezne spodbude za njihovo ravnanje v prihodnosti.
Dexia, its shareholders and the Member States concerned have already made an own contribution to the restructuring effort in particular through the dilution of the share of the capital stock held by existing shareholders when the bank’s capital was increased (the French and Belgian authorities directly subscribed to EUR 3 billion of the EUR 6,4 billion capital increase announced in September 2008).
Dexia, njeni delničarji in zadevne države članice so iz lastnih sredstev že prispevali k prestrukturiranju, zlasti z zmanjšanjem kapitalskega deleža delničarjev, ki so obstajali pred dokapitalizacijo banke (francoski in belgijski organi so k dokapitalizaciji, napovedani septembra 2008, neposredno prispevali 3 milijarde EUR od 6,4 milijarde EUR).
The Commission notes, moreover, that a certain number of adverse factors accompany the suspension of the distribution of dividends provided for in the restructuring plan:
Komisija še ugotavlja, da številni neugodni elementi spremljajo ukinitev razdelitve dividend, predvideno v načrtu prestrukturiranja:
the subsidiaries in which Dexia has a 50 % stake are not concerned by the suspension of distribution of dividends, since this applies only to the entities over which Dexia SA directly or indirectly exercises exclusive control [51], and
začasni preklic razdelitve dividend ne velja za odvisne družbe, ki so v 50-odstotni lasti skupine Dexia, saj zadeva samo subjekte, nad katerimi ima Dexia SA neposredno ali posredno izključni nadzor [51] in
under the terms of the restructuring plan, the suspension (until the end of 2011) of the distribution of dividends on hybrid Tier 1 or Tier 2 instruments is without prejudice to the operations which Dexia is required to undertake by virtue of contracts concluded before 1 February 2010.
kot izhaja iz načrta prestrukturiranja, začasen preklic (do konca leta 2011) razdelitve dividend iz hibridnih instrumentov kapitala prvega reda ali kapitala drugega reda ne vpliva na transakcije, ki jih mora Dexia izvesti v skladu s pogodbami, sklenjenimi pred 1. februarjem 2010.
The Commission also notes that the suspension of payment of a dividend or a coupon on hybrid Tier 1 or Tier 2 instruments applies to the contracts concluded before 1 February 2010, in so far as, by virtue of the decision of 30 October 2009 [52], Dexia was required, for a period of four months, not to pay coupons and not to exercise early repayment options on its hybrid capital instruments (Tier 1 and Upper Tier 2).
Komisija še ugotavlja, da začasen preklic izplačila dividend ali kuponov iz hibridnih instrumentov kapitala prvega reda ali kapitala drugega reda velja za pogodbe, sklenjene pred 1. februarjem 2010, ker Dexia na podlagi odločitve z dne 30. oktobra 2009 [52] štiri mesece ni smela izplačevati kuponov in izvajati opcije predčasnega plačila iz svojih hibridnih instrumentov lastnih sredstev (Tier 1 in Upper Tier 2).
In this respect, the Commission notes that the volume of Dexia’s hybrid instruments amounted to EUR 1,4 billion at 31 December 2008.
V zvezi s tem Komisija ugotavlja, da so hibridni instrumenti skupine Dexia na dan 31. decembra 2008 znašali 1,4 milijarde EUR.
Therefore, in order to ensure that no payment of coupon will be made on Dexia’s hybrid instruments (Tier 1 and Upper Tier 2) contrary to the principles of the Restructuring Communication, the Commission makes its present decision conditional on Dexia, before making any payment of coupons on hybrid Tier 1 or Upper Tier 2 instruments issued before 1 February 2010, and no later than two weeks before the start of the notification period for payment of the coupon to investors, notifying the Commission, until 31 December 2011, of its intention to pay a coupon of this kind and showing that this payment (i) is mandatory, (ii) cannot be deferred, (iii) is not discretionary, and (iv) is not triggered automatically by a dividend payment, whatever the form, by Dexia SA or one of its subsidiaries, with the exception of the Tier 1 issue by DFL.
Za zagotovitev, da se kuponi iz hibridnih vrednostnih papirjev (Tier 1 in Upper Tier 2) skupine Dexia ne izplačajo v nasprotju z načeli iz Sporočila o prestrukturiranju, Komisija pogojuje ta sklep tudi s tem, da mora Dexia pred vsakim izplačilom kupona iz hibridnih instrumentov Tier 1 ali Upper Tier 2, izdanih pred 1. februarjem 2010, in najpozneje dva tedna preden začne teči rok za obvestilo o izplačilu kupona vlagateljem, Komisiji do 31. decembra 2011 priglasiti svojo namero za izplačilo takega kupona in dokazati, da je tako izplačilo (i) obvezno, (ii) neodložljivo, (iii) nediskrecijsko in (iv) da ni neposredna posledica izplačila kakršnih koli dividend skupine Dexia S.A. ali ene od njenih odvisnih družb, razen izdaje instrumenta Tier 1, ki ga izda DFL.
The Commission reserves the right not to authorise such a payment if one of these four cumulative conditions above is not satisfied.
Komisija si pridržuje pravico, da ne dovoli takega izplačila, če eden od štirih zgoraj navedenih kumulativnih pogojev ni izpolnjen.
Moreover, the Commission also notes that the suspension of payment of a dividend does not apply to the distributions of dividends undertaken entirely by allocation of new shares.
Sicer pa Komisija še ugotavlja, da začasen preklic izplačila dividend ne velja za razdelitve dividend, ki so bile v celoti izvedene z dodelitvijo novih delnic.
However, it should be noted that the payment of dividends by allocation of new shares, made possible by the generation of profits available for distribution, is not contrary to the Restructuring Communication in so far as such payment would be posted to Dexia’s accounts as incorporation in the reserve capital and a distribution of dividends taken from the profit of the last completed financial year and contributed by the shareholders to Dexia’s capital.
Kljub temu je treba navesti, da izplačilo dividend z dodelitvijo novih delnic, ki je mogoče, kadar je ustvarjen razdeljivi dobiček, ni v nasprotju s Sporočilom o prestrukturiranju, ker bi se tako izplačilo na računih skupine Dexia prikazalo kot vključitev rezerv v kapital in razdelitev dividend iz dobička zadnjega zaključenega poslovnega leta, ki so jih delničarji vložili v kapital skupine Dexia.
The allocation of shares would therefore have no impact on Dexia’s capital.
Dodelitev teh delnic torej ne bi vplivala na lastna sredstva skupine Dexia.
In general, as indicated in recital (204), the Commission is not opposed to a distribution of dividend paid exclusively in the form of shares on condition that this does not entail the obligation to pay a dividend or a coupon on other categories of securities constituting capital.
Kot je navedeno v uvodni izjavi 204, Komisija na splošno ne nasprotuje razdelitvi dividend, izplačanih izključno v obliki delnic, saj te ne povzročijo obveznosti izplačila dividend ali kuponov iz drugih kategorij vrednostnih papirjev, ki so del lastnih sredstev.