natgillin/translations-raw huggingface dataset:
As the squeeze-out does not constitute State aid, the question whether there is a violation of the principle of free movement of capital (which is not the case in Germany’s opinion) is not relevant to the in-depth investigation at hand.
Ker izrinjenje ne pomeni državne pomoči, vprašanje, ali je prišlo do kršitve načela prostega pretoka kapitala (kar se po mnenju Nemčije ni zgodilo), v zadevni podrobni preiskavi ni pomembno;
Summary of comments regarding Bohdan Kalwarowskyj:
povzetek pripomb glede Bohdana Kalwarowskyja:
Germany agrees with Mr Kalwarowskyj that, on the basis of the planned restructuring measures, the long-term viability of HRE would be secured.
Nemčija se strinja z g. Kalwarowskyjem, da bo na podlagi načrtovanih ukrepov prestrukturiranja zagotovljeno dolgoročno uspešno poslovanje banke HRE.
V. POSITION OF GERMANY
V. STALIŠČE NEMČIJE
Germany accepts that the measures constitute State aid within the meaning of Article 107(1) TFEU.
Nemčija se strinja, da ukrepi pomenijo državno pomoč v smislu člena 107(1) PDEU.
In order to ensure that the business model set out in the restructuring plan is put into action, and to ensure that adequate burden sharing is achieved and distortions of competition are limited to the minimum necessary, on 15 June 2011 Germany submitted a number of commitments, supplemented on 1 July 2011 [21], which can be summarised as follows:
Da bi zagotovila izvajanje poslovnega modela iz načrta prestrukturiranja in ustrezno razdelitev bremena ter omejitev izkrivljanj konkurence na najmanjša potrebna, je Nemčija 15. junija 2011 predložila številne zaveze, ki jih je dopolnila 1. julija 2011 [21], ki se lahko povzamejo na naslednji način:
Implementation of the restructuring plan and the commitments Germany will ensure that the restructuring plan as set out in its final version and the commitments are fully implemented.
izvajanje načrta prestrukturiranja in zavez Nemčija bo zagotovila, da bo načrt prestrukturiranja v svoji končni obliki skupaj z zavezami izveden v celoti;
Business lines Germany will ensure that only PBB will pursue new business and will do so only in two business lines, real estate finance and public investment finance.
poslovne linije Nemčija bo zagotovila, da bo samo banka PBB izvajala nove dejavnosti, in sicer samo dveh poslovnih linij, financiranja nepremičnin in financiranje javnih naložb.
All other business lines are stopped (the budget finance portfolio will remain on the PBB balance sheet but in run-down mode) and all other entities of the HRE group will stop their business activities.
Vse druge poslovne linije so se prenehale izvajati (portfelj financiranja proračuna bo ostal v bilanci stanja banke PBB, vendar kot izčrpana postavka) in vsi drugi subjekti skupine HRE bodo prenehali s svojimi poslovnimi dejavnostmi;
Reprivatisation of PBB Germany will reprivatise PBB as soon as possible, and by 31 December 2015 at the latest.
ponovna privatizacija banke PBB Nemčija bo banko PBB čim prej ponovno privatizirala, in sicer najkasneje do 31. decembra 2015;
Restriction of growth of PBB Germany will ensure that the growth rates of PBB remain within defined limits, measured in terms of balance sheet size as well as volume of new business.
omejitev rasti banke PBB Nemčija bo zagotovila, da bodo stopnje rasti banke PBB ostale v okviru opredeljenih omejitev, in sicer v smislu obsega bilance stanja in obsega novih dejavnosti;
Winding-up institution Germany will ensure that, after 30 September 2013, PBB will provide neither asset management services nor refinancing services for the winding-up institution FMS-WM and that, from an organisational point of view, those services can be taken over by third parties.
slaba banka Nemčija bo zagotovila, da po 30. septembru 2013 banka PBB banki FMS-WM ne bo zagotavljala niti storitev upravljanja sredstev niti storitev refinanciranja in da lahko, z organizacijskega vidika, te storitve prevzamejo tretje stranke;
Market presence Germany will ensure that PBB will acquire new business only on the following geographic markets:
prisotnost na trgu Nemčija bo zagotovila, da bo banka PBB pridobivala nove posle samo na naslednjih geografskih trgih:
Real estate finance:
financiranje nepremičnin:
Core markets [22]: Germany, United Kingdom, France and Spain.
temeljni trgi: [22] Nemčija, Združeno kraljestvo, Francija in Španija,
Further markets: Sweden, Poland, Czech Republic, Belgium, Netherlands, Luxembourg, Austria, Switzerland, Denmark, Finland, Norway, Slovakia and Hungary.
drugi trgi: Švedska, Poljska, Češka, Belgija, Nizozemska, Luksemburg, Avstrija, Švica, Danska, Finska, Norveška, Slovaška in Madžarska;
Public investment finance:
financiranje javnih naložb:
Core markets: Germany, France, Spain and Italy.
temeljni trgi: Nemčija, Francija, Španija in Italija,
Further markets: Switzerland, Austria, Poland, Hungary, Czech Republic, Slovakia, Sweden, Norway, Denmark, Finland, Belgium, Netherlands, Luxembourg and United Kingdom.
drugi trgi: Švica, Avstrija, Poljska, Madžarska, Češka, Slovaška, Švedska, Norveška, Danska, Finska, Belgija, Nizozemska, Luksemburg in Združeno kraljestvo;
Remuneration for using the winding-up institution Germany will ensure that HRE, within the limits of its abilities, pays adequate remuneration in return for using the winding-up institution FMS-WM.
nadomestilo za uporabo slabe banke Nemčija bo zagotovila, da banka HRE v okviru svojih zmožnosti plača ustrezno nadomestilo v zameno za uporabo slabe banke FMS-WM.
PBB will retain and accumulate profits in order to pay back the silent participation.
Banka PBB bo zadržala in kopičila dobiček, da bo lahko odplačala tiho udeležbo;
Restrictions regarding coupon payments and profit distribution Germany will ensure that HRE and its subsidiaries refrain, within the legal limits, from coupon payments and other measures of profit distribution.
omejitve glede izplačila kuponov in izplačila dobička Nemčija bo zagotovila, da banka HRE in njene podružnice v okviru pravnih omejitev ne bodo izplačevale kuponov in uporabljale drugih načinov za izplačilo dobička;
Restrictions regarding paybacks Germany will ensure that HRE and its subsidiaries refrain from paying back existing financial instruments.
omejitve glede odplačevanja Nemčija bo zagotovila, da banka HRE in njene podružnice ne bodo odplačevale obstoječih finančnih instrumentov;
Acquisition ban Germany will ensure that HRE and its companies do not acquire other businesses during the restructuring period.
prepoved prevzemanja Nemčija bo zagotovila, da banka HRE in njene podružnice med obdobjem prestrukturiranja ne bodo prevzemale drugih podjetij;
Commitments relating to information technology of HRE/PBB Germany will ensure that the project set up to improve the bank’s IT systems is fully implemented.
zaveze glede informacijske tehnologije banke HRE/PBB Nemčija bo zagotovila, da bo projekt, vzpostavljen za izboljšanje informacijskih sistemov banke, izveden v celoti;
Commitment relating to RAROC Germany will ensure that PBB’s strategic new business does not issue any new loans that have a risk-adjusted return on capital (RAROC) of less than 10 % on a transaction-by-transaction basis.
zaveze glede RAROC Nemčija bo zagotovila, da se z novim strateškimi dejavnostmi banke PBB ne bodo izdajala nobena nova posojila s tveganju prilagojeno donosnostjo kapitala (risk-adjusted return on capital, v nadaljnjem besedilu: RAROC), nižjo od 10 % na podlagi vsake transakcije;
Monitoring trustee Germany will ensure that the restructuring plan and all commitments are correctly implemented and that the implementation is constantly monitored by a sufficiently qualified monitoring trustee.
fiduciar za spremljanje Nemčija bo zagotovila, da bodo načrt prestrukturiranja in vse zaveze pravilno izvedeni in da bo izvajanje stalno spremljal ustrezno usposobljen fiduciar.
Existence of State aid under Article 107(1) TFEU and potential beneficiaries
Obstoj pomoči na podlagi člena 107(1) PDEU in morebitni upravičenci
The various measures in question were provided either directly by Germany or by SoFFin, an entity set up and controlled by the German Government, and thus involve State resources.
Različne zadevne ukrepe je izvedla bodisi neposredno Nemčija ali pa so bili izvedeni preko sklada SoFFin, subjekta, ki ga je ustanovila in ga nadzira nemška vlada, zaradi česar vključujejo državna sredstva.
The measures provide a selective advantage to HRE, enabling it to obtain new capital and guarantees and benefit from asset relief measures on more favourable conditions than could normally have been found on the market.
Ukrepi dajejo banki HRE selektivno prednost, saj ji omogočajo, da pridobiva nov kapital in jamstva ter koristi ukrepe finančne pomoči pod ugodnejšimi pogoji, kot bi jih lahko običajno dobila na trgu.
HRE is an internationally active bank, competing with other banks in Germany and other countries.
Banka HRE je mednarodno aktivna banka, ki konkurira drugim bankam v Nemčiji in drugih državah.
Therefore, for the same reasons as already outlined in the previous Commission decisions on HRE [23], the measures constitute State aid within the meaning of Article 107(1) TFEU.
Zato, zaradi razlogov, navedenih v prejšnjih odločitvah Komisije glede banke HRE [23], ukrepi pomenijo državno pomoč v smislu člena 107(1) PDEU.
Within the HRE group only PBB (and its subsidiaries) is pursuing new economic activities and is thus active on the markets.
V skupini HRE samo banka PBB (in njene podružnice) izvaja nove gospodarske dejavnosti in je tako aktivna na trgih.
PBB can thus be regarded as the entity continuing the activities of the former HRE (albeit to a limited extent, as explained in recital 63).
Zato se lahko banko PBB šteje za subjekt, ki nadaljuje z izvajanjem dejavnosti prejšnje banke HRE (čeprav v omejenem obsegu, kot je pojasnjeno v uvodni izjavi 63).
All other entities of the HRE group (i.e. DEPFA Bank plc and its subsidiaries and HRE Finance i.L.) are in run-down mode and their activities are limited to what is necessary to allow for an orderly run-down, but they do not generate new business.
Vsi drugi subjekti skupine HRE (tj. banka DEPFA Bank plc s podružnicami in družba HRE Finance i.L.) so izčrpani in njihove dejavnosti so omejene na tisto, kar je potrebno, da se omogoči pravilno prenehanje delovanja, vendar ne sklepajo novih poslov.
The final objective and effect of all the aid measures (irrespective of whether they were formally granted to HRE, HRE Holding, PBB or DEPFA Bank plc) is to enable PBB to continue to be active on the markets.
Končni cilj in učinek vseh ukrepov pomoči (ne glede na to, ali so bili formalno odobreni za banko HRE, HRE Holding, PBB ali DEPFA Bank plc) je omogočiti banki PBB, da je še naprej dejavna na trgih.
It is thus PBB’s continued existence on the markets which is distorting competition.
Zato stalna prisotnost banke PBB na trgih izkrivlja konkurenco.
DEPFA Bank plc can (like FMS-WM) be considered merely as a winding-up institution for assets which for various reasons were not transferred to FMS-WM (the ‘bad bank’).
Banko DEPFA Bank plc (tako kot banko FMS-WM) se lahko šteje samo kot banko za sredstva, ki iz različnih razlogov niso bila prenesena na banko FMS-WM („slaba banka“).
It will realise its assets as they mature or by selling them on the market, but will not contract new business as of the date of notification of this Decision [24].
Svoja sredstva bo sprostila, ko bodo unovčljiva ali ko jih bo prodala na trgu, ne bo pa sklepala novih poslov od datuma uradnega obvestila o tem sklepu [24].
In view of the fact that PBB is therefore the economic continuation of HRE and, in line with the Commission’s decision-making practice [25], PBB is considered the beneficiary of the aid, the assessment of the compatibility of the aid which follows will therefore concentrate on PBB.
Ob upoštevanju dejstva, da je banka PBB gospodarsko nadaljevanje banke HRE, se v skladu s prakso odločanja Komisije [25] banka PBB šteje za prejemnika pomoči, zato bo ocena združljivosti pomoči osredotočena na banko PBB.
As regards the view expressed by Heisse Kursawe Eversheds that the squeeze-out constitutes State aid, the Commission notes that, while the capital injections into HRE constitute State aid, the squeeze-out of minority shareholders (i.e. the acquisition of their shares against payment to those shareholders) does not in itself contain State aid elements because it does not provide the bank with an advantage stemming from State resources.
Glede mnenja odvetniške pisarne Heisse Kursawe Eversheds, da izrinjenje pomeni državno pomoč, Komisija ugotavlja, da čeprav kapitalske injekcije za banko HRE pomenijo državno pomoč, izrinjenje manjšinskih delničarjev (tj. prevzem njihovih delnic proti plačilu tem delničarjem) samo po sebi ne vsebuje elementov državne pomoči, ker banki ne zagotavlja prednosti na podlagi državnih sredstev.
The squeeze-out involved a payment from the State to the minority shareholders, but this had no economic effect on HRE.
Izrinjenje je obsegalo plačilo države manjšinskim delničarjem, na banko HRE pa ni imelo ekonomskega učinka.
From HRE’s perspective only its ownership structure changed.
Z vidika banke HRE se je spremenila samo njena lastniška struktura.
As a result, the question whether the squeeze-out infringes the Treaty provisions on free movement of capital does not need to be assessed within this Decision.
Zato vprašanja, ali izrinjenje krši določbe Pogodbe o prostem pretoku kapitala, ni treba oceniti v okviru tega sklepa.
Under Article 107(3)(b) TFEU, aid may be considered to be compatible with the internal market if it remedies a serious disturbance in the economy of a Member State.
Na podlagi člena 107(3)(b) PDEU se lahko pomoč šteje za združljivo z notranjim trgom, če odpravlja resne motnje v gospodarstvu države članice.
As the breakdown of a systemically relevant bank can directly affect the financial markets and indirectly affect the entire economy of a Member State, the Commission currently, in the light of the ongoing fragile situation on the financial markets, bases its assessment of State aid measures in the banking sector under State aid law on that provision.
Ker lahko zlom sistemsko pomembne banke neposredno vpliva na finančne trge in posredno vpliva na celotno gospodarstvo države članice, se Komisija ob upoštevanju trenutnega občutljivega položaja na finančnih trgih pri svoji oceni ukrepov državne pomoči v bančnem sektorju v skladu z zakonodajo o državni pomoči opira na to določbo.
The Commission has no grounds to doubt Germany’s qualification of HRE as a bank of systemic relevance, in particular in the light of the position it previously held in the German Pfandbrief market, the original size of HRE’s balance sheet and the amount of derivatives previously held by HRE.
Komisija nima razlogov za pomisleke glede tega, da Nemčija banko HRE šteje za banko sistemskega pomena, zlasti ob upoštevanju položaja, ki ga je banka imela na nemškem trgu hipotekarnih obveznic, prvotnega obsega bilance stanja banke HRE in obsega izvedenih finančnih instrumentov, ki jih je imela banka HRE.
The Commission observes that HRE has received rescue aid which the Commission has found to be compatible with the internal market; however, that aid will now have to be assessed to determine whether it may be considered to be restructuring aid which is compatible with the internal market.
Komisija ugotavlja, da je banka HRE prejela državno pomoč, za katero je Komisija ugotovila, da je združljiva z notranjim trgom; vendar bo treba zdaj to pomoč oceniti in ugotoviti, ali se lahko šteje za pomoč za prestrukturiranje, ki je združljiva z notranjim trgom.
Therefore the Commission must now assess the compatibility of those measures and all further restructuring measures, i.e. the guarantees of EUR 52 billion and the capital injection of EUR 2,08 billion, on the basis of the Impaired Asset Communication and the Restructuring Communication.
Zato mora Komisija na podlagi Sporočila o oslabljenih sredstvih in Sporočila o prestrukturiranju oceniti združljivost teh ukrepov in vseh nadaljnjih ukrepov prestrukturiranja, tj. jamstvo v višini 52 milijard EUR in kapitalsko injekcijo v višini 2,08 milijarde EUR.
Assessment on the basis of the Impaired Asset Communication (IAC)
Ocena na podlagi Sporočila o oslabljenih sredstvih
Any asset transfer to a winding-up institution must take place in accordance with the IAC.
Prenos sredstev na slabo banko mora potekati v skladu s Sporočilom o oslabljenih sredstvih.
Furthermore, the Restructuring Communication clearly states that adequate remuneration of any State intervention generally is one of the most appropriate limitations of distortions of competition, as it limits the amount of State aid.
Poleg tega Sporočilo o prestrukturiranju jasno navaja, da je primerno plačilo za vsak poseg države običajno eden od najustreznejših načinov za omejevanje izkrivljanja konkurence, saj omeji višino pomoči.
A limit on the bank’s expansion in certain business or geographical areas may also be required, for instance via market-oriented remedies such as specific capital requirements, where the market would be weakened by direct restrictions on expansion, or to limit moral hazard.
Morda bo potrebna tudi omejitev širjenja banke na nekaterih poslovnih področjih ali geografskih območjih, na primer s tržno naravnanimi ukrepi, kot so posebne kapitalske zahteve, če bi neposredne omejitve širjenja oslabile trg ali za zmanjšanje moralnega tveganja.
As regards the eligibility of assets earmarked for transfer, paragraph 34 of the IAC recognises the necessity of a pragmatic and flexible approach to the selection of asset types for impaired assets measures.
Glede upravičenosti sredstev, namenjenih za prenos, uvodna izjava 34 Sporočila o oslabljenih sredstvih priznava potrebo po pragmatičnem in prožnem pristopu k izbiri vrst sredstev za ukrepe finančne pomoči za oslabljena sredstva.
The Commission has applied that flexibility in other State aid cases and accepted the transfer of assets which, strictly speaking, were not distressed but were non-strategic in view of the profound change in the business model of the bank in question.
Komisija je to prožnost uporabila v drugih zadevah o državni pomoči in sprejela prenos sredstev, ki sama po sebi niso bila oslabljena, ampak so bila glede na korenito spremembo poslovnega modela zadevne banke nestrateška.
As set out in paragraph 46 of the IAC, in order to facilitate the bank’s focus on the restoration of viability and to prevent possible conflicts of interest, it is necessary to ensure clear functional and organisational separation between the beneficiary bank and its impaired assets.
Kot je določeno v uvodni izjavi 46 Sporočila o oslabljenih sredstvih, je treba zato, da se banki olajša osredotočanje na ponovno vzpostavitev uspešnega poslovanja in da se preprečijo morebitna navzkrižja interesov, zagotoviti jasno funkcionalno in organizacijsko delitev med banko upravičenko in njenimi oslabljenimi sredstvi.
The Commission understands that when the winding-up institution was created it was not possible, in particular for technical reasons, to immediately cut the links between PBB and FMS-WM.
Komisija razume, da v času ustanovitve slabe banke zlasti zaradi tehničnih razlogov ni bilo mogoče takoj prekiniti povezav med bankama PBB in FMS-WM.
However, that situation must be remedied as quickly as possible.
Vendar je treba to popraviti takoj, ko bo to mogoče.
On that basis, Germany has committed that PBB will establish the full organisational independence of the related services and will no longer provide them to FMS-WM after 30 September 2013.
Na podlagi tega se je Nemčija zavezala, da bo banka PBB po 30. septembru 2013 postala popolnoma organizacijsko neodvisna od povezanih storitev in jih ne bo več zagotavljala banki FMS-WM.
As regards valuation and burden sharing, paragraph 21 of the IAC notes that correct remuneration is an element of the burden-sharing requirement.
Glede vrednotenja in porazdelitve bremena je v uvodni izjavi 21 Sporočila o oslabljenih sredstvih navedeno, da je ustrezno plačilo element zahteve glede porazdelitve bremena.
The Commission will ensure, as noted in Annex IV to the IAC, that any pricing of the asset relief includes remuneration for the State that adequately takes account of the risks of future losses exceeding those that are projected in the determination of the REV. In line with the Commission’s decision-making practice on asset relief measures [26], the assessment of necessary remuneration of the capital relief effect will be based on a transfer at the REV, even if that is lower than the transfer value.
Komisija bo zagotovila, kot je navedeno v Prilogi IV k Sporočilu o oslabljenih sredstvih, da bo vsako določanje cene finančne pomoči za sredstva vključevalo plačilo za državo, ki ustrezno upošteva tveganja prihodnjih izgub, ki presegajo izgube, načrtovane v določitvi realne ekonomske vrednosti. V skladu s prakso odločanja Komisije o ukrepih finančne pomoči [26] bo ocena ustreznega povračila učinka razbremenitve kapitala temeljila na prenosu po realni ekonomski vrednosti, tudi če je ta nižja od vrednosti ob prenosu.
Paragraph 41 of the IAC states that the transfer value should correspond to the REV. Where a Member State considers it necessary — in particular to avoid technical insolvency — to use a transfer value for assets that exceeds their REV, it can only be accepted if accompanied by far-reaching restructuring and the introduction of conditions allowing the recovery of that additional aid at a later stage, for example through a claw-back mechanism.
Uvodna izjava 41 Sporočila o oslabljenih sredstvih navaja, da mora vrednost ob prenosu temeljiti na realni ekonomski vrednosti. Če država članica meni, da mora vrednost sredstev ob prenosu presegati njihovo realno ekonomsko vrednost, zlasti zato, da se izogne tehnični plačilni nesposobnosti, je to sprejemljivo le, če hkrati poteka obsežno prestrukturiranje in se uvajajo pogoji, ki omogočajo črpanje te dodatne pomoči v poznejši fazi, na primer prek mehanizmov za vračilo sredstev.
On that basis, the Commission comes to the conclusion that the difference between the REV and the transfer value, which is to be recovered at a later stage and which was established with the support of the Commission’s independent experts, is at the level of EUR 16,2 billion, and calls for a particularly thorough restructuring and downsizing of the bank.
Na tej podlagi Komisija ugotavlja, da je razlika med realno ekonomsko vrednostjo in vrednostjo ob prenosu, ki bo povrnjena kasneje in je bila določena s pomočjo neodvisnih strokovnjakov Komisije, na ravni 16,2 milijarde EUR, ter poziva k posebej temeljitemu prestrukturiranju in zmanjšanju banke.
No additional remuneration is required, pursuant to paragraph 21 of the IAC, because, after an a priori capital deduction of EUR 16,2 billion, the measure does not entail any further capital relief effect [27].
V skladu z uvodno izjavo 21 Sporočila o oslabljenih sredstvih dodatno plačilo ni potrebno, ker po vnaprejšnjem odbitku kapitala v višini 16,2 milijarde EUR ukrep ne obsega nadaljnjega učinka razbremenitve kapitala [27].
The Commission observes that Germany has not explicitly provided for recovery of that amount.
Komisija ugotavlja, da Nemčija ni izrecno zagotovila vračila tega zneska.
However, it has introduced clauses allowing for recovery as far as possible.
Vendar je uvedla klavzule, ki omogočajo karseda obsežno izterjavo.
They consist of:
Te klavzule vključujejo:
a contingent payment of EUR 1,59 billion from HRE to the winding-up institution;
pogojeno izplačilo v višini 1,59 milijarde EUR banke HRE slabi banki;
the use by PBB of retained profits to redeem the silent participation of the Federal Republic of Germany;
uporabo zadržanega dobička s strani banke PBB za odplačilo tihe udeležbe Zvezne republike Nemčije;
after the payment of EUR 1,59 billion has been made in full, the DEPFA Bank plc sub-group (i.e. parent company and all subsidiaries) must pay to Germany an adequate remuneration for the State support;
po v celoti izvedenemu plačilu 1,59 milijarde EUR mora podskupina DEPFA Bank plc (tj. matično podjetje in vse podružnice) Nemčiji plačati ustrezno nadomestilo za pomoč države;