natgillin/translations-raw huggingface dataset:
The nationalisation happened without compensation of previous shareholders, while the commercial strategy and the risk control policy of BPN were changed in its wake.
Nacionalizacija ni vključevala nadomestila nekdanjim delničarjem, po njej pa sta bili spremenjeni poslovna strategija in politika obvladovanja tveganja BPN.
The Portuguese authorities also claim that the sale process for BPN was open and transparent.
Poleg tega je bil po mnenju portugalskih organov postopek prodaje BPN odprt in pregleden.
Finally, BIC is prohibited from distributing dividends until 2016 in order to ensure that the financial support granted to BPN is used for ensuring the long-term viability of the bank.
Za BIC velja tudi prepoved izplačila dividend do leta 2016, kar zagotavlja, da bo finančna pomoč, dodeljena BPN, uporabljena za zagotovitev dolgoročne rentabilnosti banke.
The profit-sharing agreement between the State and BIC for results above EUR […] million allows the State to recover part of the restructuring costs of the bank.
Sporazum o delitvi dobička med državo in BIC, če bodo rezultati presegali znesek […] milijonov EUR, omogoča državi povrnitev dela stroškov zaradi prestrukturiranja banke.
BIC’s commitment not to refer to state aid it has received in its commercial communication ensures, according to the Portuguese authorities, that the aid is not used to the detriment of competitors.
Zaveza BIC, da se v poslovni komunikaciji ne bo sklicevala na prejeto državno pomoč, po navedbah portugalskih organov zagotavlja, da se pomoč ne uporablja na način, ki bi negativno vplival na konkurente.
Other possible commitments foreseen in the Commission guidance for bank restructuring (such as measures to foster market opening, market share limits or the divestment of additional assets and activities) are not appropriate in the context of BPN’s restructuring.
Druge možne zaveze iz smernic Komisije o prestrukturiranju bank (na primer spodbujanje odprtosti trga, omejitve tržnega deleža ali odprodaja dodatnih sredstev in dejavnosti) v primeru prestrukturiranja BPN niso ustrezne.
Commitments given by the Portuguese State
Zaveze portugalske države
As regards the implementation of the restructuring plan, the Portuguese authorities commit to the following:
V zvezi z izvajanjem načrta prestrukturiranja se portugalski organi zavezujejo glede naslednjih točk:
Capital level
Stopnja kapitala
The core tier 1 capital ratio of BPN at the date of the sale to Banco BIC will not be higher than [10-18] %.
Delež navadnega lastniškega temeljnega kapitala BPN na dan prodaje banki BIC ne bo presegal [10–18] %.
If Banco BIC or the combined entity chooses to return loans to the State or any entity controlled by the State after the sale, it will pay back to the State the capital associated with those loans to the tune of [10-18] % of the loans’ risk weighted assets.
Če se banka BIC ali združeni subjekt odloči, da bo po prodaji vrnil posojila državi ali drugemu subjektu pod nadzorom države, vrne državi kapital, povezan z navedenimi posojili, v znesku [10–18] % tveganju prilagojene aktive posojil.
Non-performing loans
Nedonosna posojila
Banco BIC and the combined entity will not be entitled to transfer non-performing loans to the State or any entity controlled by the State after [> 2013].
Banka BIC in združeni subjekt ne smeta prenesti nedonosnih posojil na državo ali drug subjekt pod nadzorom države po letu [> 2013].
Banco BIC or the combined entity will transfer non-performing loans to the State or any entity controlled by the State under the conditions set out in paragraph (85) above only after having completely exhausted the provisions available at the date of the sale in the accounts of BPN.
Banka BIC ali združeni subjekt prenese nedonosna posojila na državo ali drug subjekt pod nadzorom države pod pogoji iz uvodne izjave (85) zgoraj le, če je v celoti izčrpal rezervacije, ki so na dan prodaje na voljo na računih BPN.
Liquidity lines
Bančne kreditne linije
The existing credit line for EUR [150-500] million set out in the Framework Agreement in relation to BPN’s commercial paper programme and guaranteed by the State, will not be extended beyond […] years from the date of sale.
Sedanja kreditna linija za [150–500] milijonov EUR iz okvirnega sporazuma, ki je povezana s programom komercialnih zapisov BPN in za katero jamči država, se po […] letih od dneva prodaje ne podaljša.
The remuneration of the EUR [200-400] million liquidity line to be granted by CGD to Banco BIC or the combined entity will be set as a minimum at Euribor +[…] bps.
Za plačilo bančne kreditne linije v znesku [200–400] milijonov EUR, ki jo CGD odobri banki BIC ali združenemu subjektu, velja najmanj obrestna mera EURIBOR + […] bazičnih točk.
Until 31 December 2016 Portugal will request the prior approval of the Commission in advance of any granting of credit lines or guarantees by CGD or the State to Banco BIC or the combined entity after the sale.
Portugalska bo do 31. decembra 2016 zahtevala predhodno odobritev Komisije, preden bo CGD ali država banki BIC ali združenemu subjektu po prodaji odobrila kreditne linije ali poroštva.
Ban on acquisitions
Prepoved prevzemov
Banco BIC and the combined entity will not make any acquisition in undertakings until 31 December 2016 unless the total gross cumulative purchase price paid by Banco BIC and the combined entity for all acquisitions during a fiscal year is less than EUR […] million. The total gross cumulative purchase price of any such acquisitions will be calculated without including the assumption or transfer of debt in relation to such acquisitions.
Banka BIC in združeni subjekt do 31. decembra 2016 ne bosta izvedla nobenega prevzema podjetja, razen če je skupna bruto kumulativna nakupna cena, ki jo plačata banka BIC in združeni subjekt za vse prevzeme v poslovnem letu, nižja od […] milijonov EUR. Pri izračunu skupne bruto kumulativne nakupne cene katerega koli takšnega prevzema se ne upošteva prevzem ali prenos dolga v zvezi s takšnimi prevzemi.
Subordinated debt
Podrejeni dolg
Banco BIC, the combined entity and Portugal will not exercise until 31 December 2016 any call option rights in relation to subordinated debt issued by BPN prior to the date of the sale.
Banka BIC, združeni subjekt in Portugalska do 31. decembra 2016 ne bodo uveljavljali nakupnih opcij v zvezi s podrejenim dolgom, ki ga izda BPN pred dnem prodaje.
Banco BIC or the combined entity will not refer to the use of state aid in its marketing campaigns and communications to investors.
Banka BIC ali združeni subjekt se v svojih trženjskih kampanjah in sporočilih za vlagatelje ne bo skliceval na uporabo državne pomoči.
Article 107(1) of the Treaty on the Functioning of the European Union provides that 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, insofar as it affects trade between Member States, be incompatible with the internal market.
V skladu s členom 107(1) Pogodbe o delovanju Evropske unije 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 z notranjim trgom, kolikor prizadene trgovino med državami članicami.
It follows that a state measure qualifies as state aid if it meets the following four (cumulative) criteria:
Glede na to se državni ukrep šteje za državno pomoč, če izpolnjuje naslednja štiri (kumulativna) merila:
state resources;
državna sredstva;
selective advantage;
selektivno prednost;
Measures in favour of BPN and of the economic activity after the sale
Ukrepi v korist BPN in v zvezi z gospodarsko dejavnostjo po prodaji
Measures granted before the nationalisation
Ukrepi, odobreni pred nacionalizacijo
Portugal argues that the measures granted to BPN before the nationalisation do not constitute state aid.
Portugalska meni, da ukrepi, ki so bili odobreni BPN pred nacionalizacijo, ne pomenijo državne pomoči.
The measures consist of the ELA and the four loans granted by CGD before the nationalisation of BPN in October and November 2008.
Ti ukrepi vključujejo nujno likvidnostno pomoč in štiri posojila, ki jih je CGD odobrila pred nacionalizacijo BPN oktobra in novembra 2008.
ELA
Nujna likvidnostna pomoč
Regarding the ELA, as pointed out by the Portuguese authorities in their observations on the Decision of 24 October 2011, the emergency liquidity support granted to BPN before the nationalisation was decided upon independently by the BdP at a penalising interest rate and supported by guarantees provided by BPN, without a state guarantee.
Kot so portugalski organi v zvezi z nujno likvidnostno pomočjo opozorili v ugotovitvah o sklepu z dne 24. oktobra 2011, je BdP odločitev o nujni likvidnostni pomoči, odobreni BPN pred nacionalizacijo, sprejela neodvisno, pri čemer so bile določene zamudne obresti in je jamstvo zagotovila BPN, medtem ko državno poroštvo ni bilo dano.
At the time of the attribution of the ELA facility (17 and 27 October 2008) no decision had been taken regarding the solvency and nationalisation of BPN (since those decisions were taken only in early November 2008).
Ob dodelitvi nujne likvidnostne pomoči (17. in 27. oktobra 2008) odločitev o plačilni sposobnosti in nacionalizaciji BPN še ni bila sprejeta (ti odločitvi sta bili sprejeti šele v začetku novembra 2008).
The ELA was not part of a larger aid package, but rather the offering of liquidity as part of the normal activities of the BdP.
Nujna likvidnostna pomoč ni bila del večjega paketa pomoči, ampak je BdP z njo ponudila likvidnostna sredstva v okviru svojih običajnih dejavnosti.
The Commission therefore concludes that there was no state aid in the provision of ELA by the BdP to BPN, in line with the Banking Communication [39].
Zato Komisija ugotavlja, da nujna likvidnostna pomoč, ki jo je BdP zagotovila BPN, v skladu s sporočilom o bančništvu [39] ne pomeni državne pomoči.
Loans granted by CGD
Posojila, ki jih je odobrila CGD
Concerning the loans granted by CGD, the Commission notes that prior to the nationalisation of BPN, the bank received from CGD loans for a total of EUR 315 million and not EUR 235 million [40].
Komisija v zvezi s posojili, ki jih je odobrila CGD, ugotavlja, da je BPN pred nacionalizacijo prejela posojila CGD v skupni vrednosti 315 milijonov EUR in ne 235 milijonov EUR [40].
The Commission notes that CGD is wholly owned by the State, which appoints the members of its Board.
Komisija ugotavlja, da je CGD v popolni lasti države, ki imenuje člane upravnega odbora.
In order to establish whether the loans are imputable to the State, the specific circumstances under which they were granted need to be assessed in order to determine whether CGD acted for reasons differing from normal commercial practice.
Pri ugotavljanju, ali je mogoče posojila pripisati državi, je treba oceniti posamezne okoliščine, v katerih so bila posojila odobrena, in nato opredeliti, ali je CGD ravnala v nasprotju z običajno poslovno prakso.
To that end, the following considerations are relevant.
V zvezi s tem so pomembne naslednje ugotovitve.
First, at the time when the first three loans were granted in October 2008, BPN’s difficulties were already widely known.
Prvič, ob dodelitvi prvih treh posojil oktobra 2008 je bilo že splošno znano, da je BPN v težavah.
Any lender acting under normal commercial practice would have requested from BPN the information necessary to understand its liquidity position and repayment capacity before extending an additional loan to it, and would therefore have become acquainted with BPN’s precarious financial position.
Vsak posojilodajalec, ki ravna v skladu z običajno poslovno prakso, bi od BPN pred odobritvijo dodatnega posojila zahteval informacije, potrebne za razumevanje njenega likvidnostnega stanja in zmožnosti odplačevanja posojil, in bi bil tako seznanjen z negotovim finančnim položajem BPN.
Second, the amounts of the loans were very significant compared with the size of BPN’s balance sheet and liabilities at the time, constituting a significant individual exposure to a bank in difficulty for CGD.
Drugič, zneski posojil so bili glede na trenutno bilanco stanja BPN in njene obveznosti zelo visoki, kar je za CGD pomenilo znatno posamezno izpostavljenost do banke v težavah.
Third, the loans were granted in October and November 2008, soon after the failure of Lehman Brothers, at a time when interbank markets were largely inaccessible even for the strongest international financial institutions, let alone banks facing significant liquidity challenges.
Tretjič, posojila so bila odobrena oktobra in novembra 2008, tj. kmalu po propadu banke Lehman Brothers, ko so bili medbančni trgi zelo nedostopni ne le za banke v velikih likvidnostnih težavah, ampak tudi za najmočnejše mednarodne finančne institucije.
Fourth, concerning the fourth loan, the Commission notes that CGD was not only managing BPN in the interests of the State pursuant to Article 2(7) of the Nationalisation Law but also obtained a state guarantee pursuant to Article 2(9) of the Nationalisation Law in respect of all credit and liquidity it might grant to BPN in the context of the nationalisation and ‘in substitution of the State’.
Četrtič, Komisija v zvezi s četrtim posojilom ugotavlja, da CGD ni le upravljala BPN v interesu države v skladu s členom 2(7) zakona o nacionalizaciji, ampak je v skladu s členom 2(9) zakona o nacionalizaciji pridobila tudi državno poroštvo za vse kredite in likvidnostna sredstva, ki jih lahko odobri banki BPN v okviru nacionalizacije in „namesto države“.
Given the financial and economic situation in general, and the widely-known difficulties of BPN in particular, it would be highly unlikely that another institution would have provided the liquidity in question to BPN, which explains why the Portuguese authorities considered the CGD liquidity measures as being of a ‘special’ nature (see paragraph (25)).
Glede na finančne in gospodarske razmere na splošno ter zlasti glede na splošno znane težave BPN je malo verjetno, da bi banki BPN zadevna likvidnostna sredstva zagotovila druga institucija, zato so portugalski organi likvidnostne ukrepe CGD opredelili kot „posebne“ (glej uvodno izjavo (25)).
Based on each of these considerations, the Commission concludes that the CGD’s decision to grant the relevant loans to BPN before its nationalisation was not a normal commercial decision.
Glede na vse navedeno Komisija ugotavlja, da odločitev CGD o odobritvi zadevnih posojil banki BPN pred njeno nacionalizacijo ni bila običajna poslovna odločitev.
The decision to do so must be considered as directly imputable to the State.
Šteti je treba, da se lahko ta odločitev pripiše neposredno državi.
The loans therefore constitute state resources.
Zato posojila vključujejo državna sredstva.
As the loans allowed BPN to obtain liquidity that it would otherwise not have been able to obtain on the market, they provided BPN with the liquidity it needed in order to continue to operate and to compete, inter alia, for loans and deposits on the banking markets in which it was active.
Ker je lahko BPN s posojili pridobila likvidnostna sredstva, ki jih sicer na trgu ne bi mogla pridobiti, je s tem postala likvidna, kar je bilo med drugim potrebno za njeno nadaljnje poslovanje in konkuriranje za posojila in vloge na bančnih trgih, na katerih je poslovala.
The Commission therefore considers that BPN obtained an economic advantage.
Zato Komisija meni, da je BPN pridobila gospodarsko prednost.
The measures concerned are selective as they solely benefit BPN.
Zadevni ukrepi so selektivni, ker so bili sprejeti izključno v korist BPN.
Despite Portugal’s comment to the effect that BPN ranked only ninth in the Portuguese banking sector before its nationalisation, the loans by CGD distorted or threatened to distort competition by placing BPN in a beneficial position vis-à-vis other competing banks, allowing it to obtain liquidity that it would not otherwise have obtained on the market.
Ne glede na navedbo Portugalske, da je bila BPN pred nacionalizacijo šele deveta največja banka v portugalskem bančnem sektorju, so posojila CGD izkrivljala ali bi lahko izkrivljala konkurenco, ker je BPN s tem pridobila prednost pred drugimi konkurenčnimi bankami, saj je prejela likvidnostna sredstva, ki jih sicer na trgu ne bi mogla pridobiti.
Given that BPN was active at national, European and international level at the time the loans were made, including for instance through its French subsidiary, the measures also threatened to affect trade between Member States.
Ob upoštevanju dejstva, da je BPN ob odobritvi posojil poslovala na nacionalni, evropski in mednarodni ravni, med drugim tudi prek svoje francoske odvisne družbe, bi lahko ukrepi prizadeli tudi trgovino med državami članicami.
The Commission therefore considers that the four loans totalling EUR 315 million made by CGD to BPN in October and November 2008 constitute state aid.
Zato Komisija meni, da štiri posojila v skupnem znesku 315 milijonov EUR, ki jih je oktobra in novembra 2008 banki BPN odobrila CGD, pomenijo državno pomoč.
Measures granted after the nationalisation, not specifically linked to the sale to BIC
Ukrepi, ki so bili odobreni po nacionalizaciji in niso neposredno povezani s prodajo banki BIC
The Commission has already established in the Decision of 24 October 2011 that the nationalisation does not constitute state aid in favour of BPN’s shareholders.
Komisija je v sklepu z dne 24. oktobra 2011 že ugotovila, da nacionalizacija ne pomeni državne pomoči v korist delničarjev BPN.
The following measures, which were not specifically linked to the sale to BIC, were granted after the nationalisation of BPN:
Po nacionalizaciji BPN so bili odobreni naslednji ukrepi, ki niso bili neposredno povezani s prodajo banki BIC:
the state guarantee on liabilities issued by BPN and funded by CGD, including both issuance of commercial paper subscribed by CGD and use of money market credit facilities provided by CGD;
državno poroštvo za obveznosti, ki jih je izdala BPN in financirala CGD, vključno z izdajo komercialnega zapisa, ki ga je vpisala CGD, in uporabo kreditov denarnega trga, ki jih je zagotovila CGD;
the transfer of assets and liabilities to three SPVs owned by the State.
prenos sredstev in obveznosti na tri pravne subjekte s posebnim namenom v lasti države.
The State guarantee on liabilities issued by BPN
Državno poroštvo za obveznosti, ki jih je izdala BPN
The state guarantee on commercial paper issued by BPN (and the SPVs) and subscribed by CGD, which was granted to BPN after the nationalisation, was directly financed by the Member State.
Državno poroštvo, ki je bilo po nacionalizaciji odobreno BPN za komercialni zapis, ki ga je izdala BPN (in pravni subjekti s posebnim namenom) in vpisala CGD, je neposredno financirala država članica.
Additionally, under Article 2(9) of the Nationalisation Law all credit or liquidity lines offered by CGD in favour of BPN (and of the SPVs) in the context of the nationalisation were to be guaranteed by the Portuguese State.
Poleg tega so morale biti v skladu s členom 2(9) zakona o nacionalizaciji vse kreditne linije ali bančne kreditne linije, ki jih je CGD zagotovila banki BPN (in pravnim subjektom s posebnim namenom) v okviru nacionalizacije, zavarovane s poroštvom portugalske države.
It is therefore indisputable that all funding provided by CGD to BPN (or the SPVs) after nationalisation involves state resources.
Zato vsa finančna sredstva, ki jih je CGD zagotovila banki BPN (ali pravnim subjektom s posebnim namenom) po nacionalizaciji, nedvomno vključujejo državna sredstva.
Additionally, it should be underlined that after the nationalisation CGD was the only entity providing funding to BPN or to the SPVs, and that its exposure increased over time as other liabilities matured and were not rolled over by the original lenders or substituted by lending from other institutions.
Poleg tega je treba opozoriti, da je finančna sredstva banki BPN ali pravnim subjektom s posebnim namenom po nacionalizaciji zagotovila izključno CGD in da se je njena izpostavljenost postopno povečala, ker so druge obveznosti zapadle, pri čemer jih prvotni posojilodajalci niso obnovili ali niso bile nadomeščene s posojili drugih institucij.
The lack of alternative funding sources for BPN is not surprising, given that its financial difficulties and its precarious future were public knowledge.
Dejstvo, da nadomestni viri financiranja za BPN niso bili na voljo, glede na njene splošno znane finančne težave in negotovo prihodnost ni presenetljivo.
The state guarantees allowed BPN to obtain financial support in a situation where there were no alternatives for it on the market.
Z državnimi poroštvi je BPN prejela finančno pomoč, ko zanjo ni bilo drugih možnosti na trgu.
They allowed BPN to continue activity on the market, competing for business (not only for the maintenance of business but also possibly for new business) as well as to meet its obligations towards clients and other market players.
Z njimi je lahko BPN še naprej poslovala na trgu, konkurirala pri poslih (ne le pri nadaljnjem izvajanju poslov, ampak tudi pri pridobivanju novih poslov) ter izpolnjevala obveznosti do komitentov in drugih udeležencev na trgu.
On the basis of the foregoing, the Commission concludes that the state guarantees confer an economic advantage on BPN.
Glede na to Komisija ugotavlja, da je BPN z državnimi poroštvi pridobila gospodarsko prednost.
The measures concerned are selective as they benefit a specific entity, BPN.
Zadevni ukrepi so selektivni, ker so bili sprejeti v korist točno določenega subjekta, tj. BPN.
Moreover, for the part of the liquidity line continuing after the sale, they also benefit the combined entity.
Poleg tega so bili v zvezi z delom bančne kreditne linije, ki se je izvajala po prodaji, sprejeti tudi v korist združenega subjekta.
Given the position of BPN in the Portuguese financial sector, and the fact that the financial sector is open to intense competition at Union level, as well as the fact that BPN is competing with a significant number of subsidiaries of foreign banks in Portugal, the Commission considers that any advantage from state resources would have the potential to affect intra-Union trade and to distort competition within the meaning of Article 107(1) of the Treaty.
Glede na položaj BPN v portugalskem finančnem sektorju ter dejstvo, da je konkurenca v finančnem sektorju na ravni Unije zelo velika in da BPN konkurira veliko odvisnim družbam tujih bank na Portugalskem, Komisija meni, da bi lahko kakršna koli prednost, ki izhaja iz državnih sredstev, prizadela trgovino v Uniji in izkrivljala konkurenco v smislu člena 107(1) Pogodbe.
The state guarantees in favour of BPN allowed BPN to receive a large amount of funding which was not available on the market and provided BPN with a selective advantage.
BPN je lahko z državnimi poroštvi, ki so ji bila odobrena, prejela znatna finančna sredstva, ki na trgu niso bila na voljo in s katerimi je pridobila selektivno prednost.
They allowed BPN to remain on the market and pursue its activities without further contamination from its previous situation.
Zaradi državnih poroštev je lahko BPN še naprej poslovala na trgu in opravljala dejavnosti, ne da bi nanjo negativno vplivale pretekle okoliščine.
They constitute state aid.
Državna poroštva pomenijo državno pomoč.
The transfer of assets to the SPVs
Prenos sredstev na pravne subjekte s posebnim namenom
The removal of certain assets from BPN to the SPVs, which are wholly owned by the Member State, means that the Member State bears the entire financial responsibility for them and incurs all the risks for assets in the SPVs, at least some of which may be irrecoverable.
Izločitev nekaterih sredstev iz BPN in njihov prenos na pravne subjekte s posebnim namenom, ki so v popolni lasti države članice, pomeni, da država članica prevzame celotno finančno odgovornost zanje in prevzame vsa tveganja za sredstva v pravnih subjektih s posebnim namenom, pri čemer so lahko vsaj nekatera od njih neizterljiva.
The measure therefore involves state resources.
Zato ukrep vključuje državna sredstva.