natgillin/translations-raw huggingface dataset:
According to point 49 of the Banking Communication, in order to ensure that no aid is granted to the buyer of a financial institution sold by the State, it is important that certain requirements are respected and in particular that: the sale process is open, transparent, non-discriminatory and unconditional, the sale takes place on market terms, and the State maximises the sale price for the assets and liabilities involved.
V skladu s točko 49 sporočila o bančništvu je treba za zagotovitev, da se pomoč ne zagotovi kupcu finančne institucije, ki jo proda država, upoštevati nekatere zahteve, zlasti da: je postopek prodaje odprt, pregleden, nediskriminacijski in brezpogojen, da prodaja poteka pod tržnimi pogoji ter da država čim bolj poveča prodajno ceno za zadevna sredstva in obveznosti.
Concerning the first requirement, while the sale process started as an open and unconditional tender procedure, the binding offer submitted by BIC was not final as regards several material aspects of the proposed transaction, including the ultimate extent of BPN’s assets and liabilities that BIC intended to acquire, and the exact number of branches and the number of staff to be taken over.
V zvezi s prvo zahtevo je ugotovljeno, da se je postopek prodaje začel v obliki odprtega in brezpogojnega javnega razpisa, vendar zavezujoča ponudba, ki jo je predložila BIC, ni bila dokončna v smislu več vsebinskih vidikov predlaganega posla, vključno z dokončnim obsegom sredstev in obveznosti BPN, ki naj bi jih BIC prevzela, ter točnega števila podružnic in števila zaposlenih, ki naj bi jih pridobila.
In other words, neither the BIC offer of 20 July 2011 nor the Framework Agreement clearly specify what BIC is buying, but both fix a precise price for it.
V njem zlasti niso določena sredstva in obveznosti, ki jih prevzame BIC, čeprav je izrecno določeno, da bo lastniški kapital BPN ob prodaji znašal [200–400] milijonov EUR. To pomeni, da predmet prodaje banki BIC ni jasno opredeljen niti v ponudbi BIC z dne 20. julija 2011 niti v okvirnem sporazumu, čeprav je v obeh dokumentih določena njegova točna cena.
In this connection, it is important to note that the Framework Agreement should not deviate from the terms of BIC’s binding offer of 20 July 2011 by providing additional advantages to BIC and/or the combined entity.
V zvezi s tem je treba opozoriti, da okvirni sporazum ne sme odstopati od pogojev iz zavezujoče ponudbe BIC z dne 20. julija 2011 tako, da bi bile v njem določene dodatne prednosti za BIC in/ali združeni subjekt.
Indeed, given the very loose terms of the 20 July 2011 binding offer, BIC could very well extract additional concessions from the State, e.g. by reducing the extent of the assets and liabilities it effectively acquires.
Glede na zelo ohlapne pogoje iz zavezujoče ponudbe z dne 20. julija 2011 bi lahko BIC od države zelo verjetno iztržila dodatne ugodnosti, npr. z zmanjšanjem obsega sredstev in obveznosti, ki jih dejansko prevzame.
Such additional concessions would result in a higher core tier 1 ratio than the BIC offer of 20 July 2011 implied, without contradicting the terms of the sale process.
S takšnimi dodatnimi ugodnostmi bi delež navadnega lastniškega temeljnega kapitala presegel stopnjo iz ponudbe BIC z dne 20. julija 2011, ne da bi bili pri tem kršeni prodajni pogoji.
The Commission therefore welcomes Portugal’s commitment to limit the level of capitalisation of BPN on the date of the sale to [10-18] % of core tier 1 capital, as implied in BIC’s offer.
Zato Komisija podpira zavezo Portugalske o omejitvi stopnje kapitalizacije BPN na dan prodaje na [10–18] % navadnega lastniškega temeljnega kapitala, kot je navedeno v ponudbi BIC.
The additional commitment of Portugal for BIC to give back the capital linked to any non-performing loans that it would return to the State or to a state -owned vehicle after the sale ensures that the level of core tier 1 capital will not be unduly increased after the sale.
Dodatna zaveza Portugalske, da bo banka BIC vrnila kapital, povezan z nedonosnimi posojili, ki jih bo vrnila državi ali subjektu v državni lasti po prodaji, zagotavlja, da se stopnja navadnega lastniškega temeljnega kapitala po prodaji ne bo neupravičeno povečala.
As demonstrated in section 6.1.1.3 all the measures linked to the sale to BIC involve state resources.
Kot je ugotovljeno v oddelku 6.1.1.3, vsi ukrepi, povezani s prodajo banki BIC, vključujejo državna sredstva.
In the absence of a determination of the core tier 1 capital of BPN in the BIC offer of 20 July 2011 or the Framework Agreement (both of which only indicate the absolute amount of capital to exist in BPN at the moment of the sale without taking into account the bank’s RWA or the right to BIC to select assets and liabilities to be transferred to the SPVs prior to the sale), the Commission notes that it is possible that BPN may end up with a core tier 1 ratio in excess of what was implied in the offer.
Ker v ponudbi BIC z dne 20. julija 2011 in okvirnem sporazumu ni določen navadni lastniški temeljni kapital BPN (pri čemer je v obeh dokumentih določen le absolutni znesek kapitala v BPN ob prodaji, ne da bi bila upoštevana tveganju prilagojena aktiva banke ali pravica banke BIC do izbire sredstev in obveznosti za prenos na pravne subjekte s posebnim namenom pred prodajo), Komisija ugotavlja, da bi lahko delež navadnega lastniškega temeljnega kapitala BPN presegel stopnjo iz ponudbe.
According to information submitted by the Portuguese authorities, [10-18] % of core tier 1 is the level of capital implied in BIC’s offer of 20 July 2011.
Po informacijah, ki so jih predložili portugalski organi, je v ponudbi BIC z dne 20. julija 2011 določena [10–18]-odstotna stopnja navadnega lastniškega temeljnega kapitala.
The Commission notes however that Portugal has undertaken to limit the level of capitalisation of BPN on the date of the sale to [10-18] % of core tier 1 capital, as implied by BIC’s offer.
Vendar Komisija ugotavlja, da se je Portugalska zavezala, da bo omejila stopnjo kapitalizacije BPN na dan prodaje na [10–18] % navadnega lastniškega temeljnega kapitala, kot je navedeno v ponudbi BIC.
This will allow the State to maximise the sale price for the assets and liabilities involved.
Tako bo lahko država čim bolj povečala prodajno ceno za zadevna sredstva in obveznosti.
This commitment is necessary to ensure that no advantage is granted to BIC.
Ta zaveza je pomembna, ker zagotavlja, da BIC ne pridobi prednosti.
The additional commitment of Portugal for BIC to give back the capital linked to any non-performing loans that it would return to the State or to a state-owned vehicle after the sale ensure that the level of core tier 1 capital will not be increased further after the sale.
Dodatna zaveza Portugalske, da bo banka BIC vrnila kapital, povezan z nedonosnimi posojili, ki jih bo vrnila državi ali subjektu v državni lasti po prodaji, zagotavlja, da se stopnja navadnega lastniškega temeljnega kapitala po prodaji ne bo dodatno povečala.
This additional commitment is necessary to avoid conferring an advantage on BIC.
Ta dodatna zaveza je potrebna, da se prepreči, da bi BIC pridobila prednost.
The measures concerned are selective as they benefit a specific entity, namely BIC, and implicitly also the combined entity.
Zadevni ukrepi so selektivni, ker so sprejeti v korist točno določenega subjekta, tj. BPN, in posredno tudi združenega subjekta.
In view of the commitments granted by Portugal, the Commission can conclude that the final results of the process, including the elements agreed upon with BIC in the Framework Agreement, would not have altered the outcome of the tendering procedure and no advantage is granted to BIC by the sale process.
Ob upoštevanju zavez Portugalske Komisija ugotavlja, da končni rezultati postopka, vključno z elementi, dogovorjenimi z BIC v okvirnem sporazumu, ne bi spremenili izida javnega razpisa in da BIC v postopku prodaje ni pridobila prednosti.
Quantification of the aid
Določitev zneska pomoči
BPN and the combined entity that will continue BPN’s economic activities benefited from several state aid measures as summarised below:
V korist BPN in združenega subjekta, ki bo nadaljeval gospodarsko dejavnost BPN, je bilo sprejetih več ukrepov državne pomoči, ki so povzeti v nadaljevanju:
Aid measures granted to BPN and the combined entity
Ukrepi pomoči, odobreni BPN in združenemu subjektu
Amount EUR million
Znesek (v mio. EUR)
a. Loans granted by CGD before nationalisation
a. Posojila, ki jih je odobrila CGD pred nacionalizacijo
b. Transfer of EUR 3,9 billion of assets to the SPVs before the tender process
b. Prenos sredstev v znesku 3,9 milijarde EUR na pravne subjekte s posebnim namenom pred javnim razpisom
Between 1800 and 4000
med 1800 in 4000
c. Capital injection by the State of 15 February 2012
c. Kapitalska injekcija države z dne 15. februarja 2012
d. Liquidity lines granted by CGD to BPN (as of 31 December 2011)
d. Bančne kreditne linije, ki jih je CGD odobrila BPN (31. december 2011)
of which covered by an explicit state guarantee
od tega zavarovane z izrecnim državnim poroštvom
e. Liquidity lines requested by BIC for the combined entity
e. Bančne kreditne linije, ki jih je BIC zahtevala za združeni subjekt
of which maintenance of the existing commercial paper programme
od tega ohranitev obstoječega programa komercialnih zapisov
of which new liquidity line
od tega nova bančna kreditna linija
First, it must be noted that these aid measures are not all to be considered as cumulative, as according to the Portuguese authorities, some measures replaced others (for example, the initial loans granted by CGD before nationalisation were replaced by the commercial paper issued by BPN after nationalisation).
Opozoriti je treba, da vseh teh ukrepov pomoči ni mogoče obravnavati kumulativno, ker so po navedbah portugalskih organov nekateri ukrepi nadomestili druge ukrepe (prvotna posojila, ki jih je odobrila CGD pred nacionalizacijo, so bila na primer nadomeščena s komercialnim zapisom, ki ga je BPN izdala po nacionalizaciji).
Measures b and c either involve capital injections or are equivalent to capital injections.
Ukrepa iz točk (b) in (c) vključujeta kapitalske injekcije ali sta enakovredna kapitalskim injekcijam.
They amount to at least EUR 3 billion, or around 50 % of BPN’s balance sheet before nationalisation.
Znašata najmanj 3 milijarde EUR ali približno 50 % bilančne vsote BPN pred nacionalizacijo.
In addition, the total amount of state guarantees on the commercial paper issuance programme granted by Portugal in favour of BPN since nationalisation amounts to EUR 5 billion, EUR 4,5 billion of which had been used as at 31 December 2011.
Poleg tega državna poroštva za program izdaje komercialnih zapisov, ki jih je Portugalska odobrila banki BPN od nacionalizacije, znašajo skupaj 5 milijard EUR, pri čemer je bilo 31. decembra 2011 uporabljene 4,5 milijarde navedenega zneska.
In addition, there is the right for BIC to transfer deposits with a pricing above […] bps or to have the State remunerate the difference, with a cost estimated by Portugal as amounting to around EUR […]. Finally, the transfer to the State of costs linked to litigation, and the transfer in the context of the sale of additional assets and liabilities, including non-performing loans, from the balance sheet of BPN to the SPVs, involve additional aid, which was considered non quantifiable by Portugal.
Poleg tega ima BIC pravico do prenosa vlog, katerih cena presega […] bazičnih točk, ali do državnega plačila razlike, pri čemer stroški po ocenah Portugalske znašajo približno […] EUR. Prenos stroškov sodnih postopkov na državo ter prenos dodatnih sredstev in obveznosti, vključno z nedonosnimi posojili, iz bilance stanja BPN na pravne subjekte s posebnim namenom v okviru prodaje vključujeta dodatno pomoč, ki je po mnenju Portugalske ni mogoče količinsko opredeliti.
Compatibility of the various aid measures: application of Article 107(3)(b) TFEU
Združljivost različnih ukrepov pomoči: uporaba člena 107(3)(b) PDEU
Article 107(3)(b) of the Treaty on the Functioning of the European Union empowers the Commission to declare aid compatible with the internal market if it is intended ‘to remedy a serious disturbance in the economy of a Member State’.
Komisija lahko v skladu s členom 107(3)(b) Pogodbe o delovanju Evropske unije razglasi pomoč za združljivo z notranjim trgom, če je namenjena „odpravljanj[u] resne motnje v gospodarstvu države članice“.
The Commission has acknowledged that the global financial crisis can create a serious disturbance in the economy of a Member State and that measures supporting banks may be apt to remedy that disturbance.
Komisija je potrdila, da lahko zaradi svetovne finančne krize nastane resna motnja v gospodarstvu države članice in da je takšno motnjo mogoče odpraviti z ukrepi v podporo bankam.
That analysis has been confirmed in the Banking Communication, Recapitalisation Communication [42], the Impaired Assets Communication [43] (IAC) and the Restructuring Communication [44].
Ta analiza je potrjena v sporočilu o bančništvu, sporočilu o dokapitalizaciji [42], sporočilu o oslabljenih sredstvih [43] in sporočilu o prestrukturiranju [44].
The Commission continues to take the view that state aid may be approved pursuant to Article 107(3)(b) of the Treaty in view of the reappearance of stress in financial markets.
Komisija še vedno meni, da se lahko državna pomoč v skladu s členom 107(3)(b) Pogodbe odobri glede na ponovitev negotovosti na finančnih trgih.
The Commission confirmed that view by adopting the 2011 Prolongation Communication that prolongs beyond 31 December 2011 the application of state aid rules to support measures in favour of banks in the context of the financial crisis [45].
Navedeno stališče je potrdila s sprejetjem sporočila o podaljšanju iz leta 2011, v skladu s katerim se pravila o državni pomoči za podporne ukrepe v korist bank v okviru finančne krize uporabljajo tudi po 31. decembru 2011 [45].
Portugal in particular has been severely hit by the financial and economic crisis.
Finančna in gospodarska kriza je Portugalsko zelo prizadela.
Its effects have been confirmed in the Commission’s various decisions [46] approving the measures taken by the Portuguese authorities to combat the financial crisis.
Njeni učinki so potrjeni v več sklepih Komisije [46] o odobritvi ukrepov, ki so jih portugalski organi sprejeli v boju proti finančni krizi.
In addition, account should be taken of the challenging economic and financial situation which led to an official request for international assistance from Portugal on 7 April 2011, leading to the signing of the MoU on 17 May 2011.
Upoštevati je treba tudi zahteven gospodarski in finančni položaj, zaradi katerega je Portugalska 7. aprila 2011 uradno zaprosila za mednarodno pomoč, pri čemer je bil nato 17. maja 2011 podpisan memorandum o soglasju.
The Commission considers that the disorderly failure of BPN would entail serious consequences for the Portuguese economy.
Komisija meni, da bi imel nenadzorovan propad BPN resne posledice za portugalsko gospodarstvo.
The measures can therefore be assessed under Article 107(3)(b) of the Treaty.
Zato se lahko ukrepi ocenijo v skladu s členom 107(3)(b) Pogodbe.
Compatibility under the Restructuring Communication
Združljivost v skladu s sporočilom o prestrukturiranju
The Restructuring Communication sets out the state aid rules applicable to the restructuring of financial institutions in the current crisis.
V sporočilu o prestrukturiranju so določena pravila o državni pomoči, ki se uporabljajo za prestrukturiranje finančnih institucij v sedanji krizi.
According to the Restructuring Communication, in order to be compatible with Article 107(3)(b) of the Treaty, the restructuring of a financial institution in the context of the current financial crisis has to:
V skladu s sporočilom o prestrukturiranju je prestrukturiranje finančne institucije v okviru sedanje finančne krize združljivo s členom 107(3)(b) Pogodbe, če:
lead to a restoration of the viability of the bank;
omogoča ponovno doseganje rentabilnosti banke;
include sufficient own contribution by the beneficiary (burden-sharing);
vključuje zadosten lastni prispevek upravičenke (porazdelitev bremena);
contain sufficient measures limiting the distortion of competition.
vključuje zadostne ukrepe za omejevanje izkrivljanja konkurence.
Viability
Rentabilnost
Points 9 and 10 of the Restructuring Communication state that the Member State should provide a comprehensive and detailed restructuring plan which should provide complete information on the business model.
V skladu s točkama 9 in 10 sporočila o prestrukturiranju mora država članica predložiti celovit in podroben načrt prestrukturiranja, v katerem morajo biti navedene popolne informacije o poslovnem modelu.
The plan should also identify the causes of the difficulties faced by a financial institution and alternatives to the restructuring plan proposed.
V načrtu morajo biti opredeljeni tudi vzroki za težave finančne institucije in druge možnosti, ki bi se lahko uporabile namesto predlaganega načrta prestrukturiranja.
The restructuring plan should demonstrate that the bank’s strategy is based on a coherent concept and show that the bank has restored long-term viability without reliance on state support.
V načrtu prestrukturiranja mora biti dokazano, da strategija banke temelji na usklajenem konceptu in da je brez uporabe državne pomoči ponovno vzpostavljena dolgoročna rentabilnost banke.
The Restructuring Communication in point 17 confirms that a sale of (part of) the financial institution to a third party can help to restore its long-term viability.
V točki 17 sporočila o prestrukturiranju je potrjeno, da lahko prodaja (dela) finančne institucije tretji osebi prispeva k ponovnemu doseganju dolgoročne rentabilnosti zadevne institucije.
In the present case the Commission observes that the Portuguese authorities have chosen to sell BPN through a tender process.
V obravnavanem primeru Komisija ugotavlja, da so portugalski organi za prodajo BPN izbrali postopek javnega razpisa.
As a result, the banking business will be sold to BIC after certain adjustments, and selected assets will be transferred to the SPVs with the goal of being liquidated over time.
Zato bo bančna dejavnost prodana BIC po nekaterih prilagoditvah, pri čemer bodo nekatera sredstva z namenom postopne likvidacije prenesena na pravne subjekte s posebnim namenom.
The Commission therefore has to assess whether the banking business of BPN which will be part of the business of the buyer (the combined entity), will be viable.
Zato mora Komisija oceniti, ali bo bančna dejavnost BPN, vključena v poslovanje kupca (združeni subjekt), rentabilna.
In the Decision of 24 October 2011 the Commission indicated that it had not received a business plan effectively demonstrating the viability of BPN as an integrated entity with BIC and thus it could not reach a conclusion in that respect.
Komisija je v sklepu z dne 24. oktobra 2011 navedla, da ni prejela poslovnega načrta, v katerem bi bilo dejansko dokazano, da bo BPN po vključitvi v združeni subjekt z BIC rentabilna, zato v zvezi s tem ni mogla sprejeti sklepne ugotovitve.
Portugal submitted a detailed business plan for BPN integrated with BIC in the form of the January 2012 Restructuring Plan (including the additional information on the business and viability provided on 3 February 2012).
Portugalska je podroben poslovni načrt za banko BPN, vključeno v strukturo BIC, predložila v obliki načrta prestrukturiranja iz januarja 2012 (vključno z dodatnimi informacijami o poslovanju in rentabilnosti, ki jih je predložila 3. februarja 2012).
According to the January 2012 Restructuring Plan, the part of BPN which is sold to BIC has a considerably smaller balance sheet, of around EUR […] billion, in comparison with that of BPN at the moment of nationalisation.
V skladu z načrtom prestrukturiranja iz januarja 2012 je bilančna vsota dela BPN, ki se proda banki BIC, v znesku približno […] milijard EUR bistveno nižja od bilančne vsote BPN ob nacionalizaciji.
Together with BIC’s assets, the combined entity will have total assets of around EUR […] billion.
Bilančna vsota združenega subjekta bo skupaj s sredstvi BIC znašala približno […] milijard EUR.
The balance sheet of BPN at the moment of the sale to BIC contains only the more viable activities and the best assets of the bank.
Bilanca stanja BPN ob prodaji banki BIC vključuje le bolj rentabilne dejavnosti in najboljša sredstva banke.
In particular, the loan portfolio transferred to BIC has been cleaned and most of the illiquid assets have been transferred to the SPVs.
To zlasti pomeni, da je bil portfelj posojil, prenesen na BIC, očiščen in da je bila večina nelikvidnih sredstev prenesena na pravne subjekte s posebnim namenom.
BPN’s liabilities consist mainly of retail deposits totalling EUR 1669 million and subordinated debts totalling EUR 246 million.
Obveznosti BPN vključujejo zlasti vloge na drobno v skupnem znesku 1669 milijonov EUR in podrejene dolgove v skupnem znesku 246 milijonov EUR.
BPN after the sale and after capital injection (Pro forma) [47] [47]
BPN po prodaji in po kapitalski injekciji (formalno) [47] [47]
EUR Million
mio. EUR
Cash, central banks and credit institutions
Gotovina, centralne banke in kreditne institucije
Net credits to customers
Neto krediti strankam
TOTAL ASSETS
SREDSTVA SKUPAJ
Own Capital
Lastni kapital
TOTAL LIABILITIES AND CAPITAL
OBVEZNOSTI IN KAPITAL SKUPAJ
The restructuring measures already initiated by the interim administrators will be continued by BIC, remedying the specific causes of BPN’s problems.
Ukrepe prestrukturiranja, ki so jih že začeli izvajati začasni upravitelji, bo nadaljevala BIC, da bi odpravila posamezne vzroke za težave BPN.
As indicated in paragraph (24) above, the management has been fully replaced.
Kot je navedeno v uvodni izjavi (24), je bila zamenjana celotna uprava banke.
Taking into account the specific circumstances that led to the nationalization of BPN, and in particular numerous alleged cases of fraud committed by the former management of the bank, several legal proceedings [48] have been initiated by the new management to defend the interests of the bank.
Ob upoštevanju posebnih okoliščin, ki so privedle do nacionalizacije BPN, in zlasti več domnevnih primerov goljufije, ki naj bi jih storila nekdanja uprava banke, je nova uprava za zaščito interesov banke začela več sodnih postopkov [48].
The bank’s risk assessment procedures have been completely redesigned to implement best practices.
Postopki banke za ocenjevanje tveganja so bili v celoti preoblikovani, da se zagotovi izvajanje najboljših praks.
The new administrators of BPN also concentrated on the optimisation of the cost structure and adopted a number of initiatives to reduce operational costs.
Novi upravitelji BPN so posebno pozornost namenili tudi optimizaciji stroškovne strukture, pri čemer so sprejeli več pobud za zmanjšanje operativnih stroškov.
Between December 2008 and December 2010 operational costs were reduced by around EUR […] million and personnel costs were reduced by around EUR […] million.
Operativni stroški so se od decembra 2008 do decembra 2010 zmanjšali za približno […] milijonov EUR, stroški dela pa za približno […] milijonov EUR.
According to the January 2012 Restructuring Plan, BIC’s strategy is to concentrate on the core retail business and to exploit BPN’s network to become the reference bank to support trade and financial transactions between Portugal and Angola.
Strateška usmeritev BIC v skladu z načrtom prestrukturiranja iz januarja 2012 določa, da se banka usmeri zlasti v osnovno dejavnost poslovanja s prebivalstvom ter da z izkoriščanjem mreže BPN postane referenčna banka za podporo trgovinskim in finančnim transakcijam med Portugalsko in Angolo.
That plan is based on reasonable underlying macroeconomic assumptions, when account is taken of the current situation of the markets in Portugal, with the economy forecast to remain in recession until 2014.
Navedeni načrt temelji na razumnih osnovnih makroekonomskih predpostavkah ob upoštevanju sedanjih razmer na portugalskih trgih, pri čemer naj bi Portugalska glede na gospodarsko napoved ostala v recesiji do leta 2014.