natgillin/translations-raw huggingface dataset:
The Commission still believes that the minority shareholders who did not participate in the recapitalisation of HSH in 2009, did not see their stakes sufficiently diluted because the number of shares allocated to the public owners in the recapitalisation was not based on a correct valuation of HSH at the relevant time.
Komisija še vedno meni, da se manjšinskim delničarjem, ki niso sodelovali pri dokapitalizaciji banke HSH leta 2009, deleži niso dovolj zmanjšali, saj število delnic, ki je bilo lastnikoma v javnem sektorju dodeljeno ob dokapitalizaciji, ni temeljilo na pravilnem vrednotenju banke HSH v zadevnem obdobju.
However the Commission observes that the modified restructuring plan contains additional measures which considerably improve burden sharing by the minority shareholders.
Vendar pa Komisija ugotavlja, da spremenjeni načrt prestrukturiranja obsega dodatne ukrepe, ki precej izboljšajo porazdelitev bremena s strani manjšinskih delničarjev.
In particular, the additional measures on remuneration of the risk shield imposed by the Commission (recitals 202 to 208) will increase the degree of burden sharing.
Stopnjo porazdelitve bremena bodo povečali zlasti dodatni ukrepi glede povračila zaščite pred tveganjem, ki jih uvaja Komisija (uvodne izjave (202) do (208)).
The additional remuneration for the risk shield consisting of the additional premium and the EUR 500 million lump sum payment in shares will have two major effects.
Dodatno povračilo za zaščito tveganja, sestavljeno iz dodatne premije in pavšalnega plačila v delnicah v višini 500 milijonov EUR, bo imelo dva velika učinka.
First, the increase of the absolute amount of the remuneration payments to the public-sector owners will decrease the distributable profits of HSH and therefore the value of HSH to its shareholders.
Prvič, povečanje absolutnega zneska plačil povračila lastnikoma v javnem sektorju bo zmanjšalo razdeljiv dobiček banke HSH in s tem vrednost banke HSH za njene delničarje.
Second, the EUR 500 million lump sum payment in shares will dilute the stakes held by the minority shareholders, whose shareholding will decrease from 16,8 % currently to about 14-15 % (depending on the share price valuation).
Drugič, pavšalno plačilo v delnicah v višini 500 milijonov EUR bo zmanjšalo deleže manjšinskih delničarjev, katerih delež se bo s sedanjih 16,8 % zmanjšal na približno 14–15 % (odvisno od vrednotenja cene delnic).
In addition to the effect resulting from the conditions imposed in respect of the remuneration of the risk shield, burden sharing by minority shareholders will be further improved by the restriction on remuneration of capital instruments set out in recitals 241 to 244.
Poleg učinka, ki ga bodo imeli pogoji, uvedeni glede povračila zaščite pred tveganjem, bo porazdelitev bremena dodatno izboljšana z omejitvijo izplačila za kapitalske instrumente iz uvodnih izjav (241) do (244).
The Commission considers that even though burden sharing by the minority shareholders has been significantly improved in the modified restructuring plan and through the conditions imposed by the Commission, the measures do not ensure that the burdens are shared to the maximum extent by the minority shareholders.
Komisija meni, da je porazdelitev bremena s strani manjšinskih delničarjev v spremenjenem načrtu prestrukturiranja in s pogoji, ki jih je uvedla Komisija, sicer precej boljša, vendar ukrepi ne zagotavljajo, da so bremena s strani manjšinskih delničarjev porazdeljena v največji možni meri.
As Germany refuses to propose additional burden sharing measures, the aid measure cannot be approved as compatible under Article 7(3) of Regulation (EC) No 659/1999.
Ker Nemčija ne želi predlagati dodatnih ukrepov za porazdelitev bremena, ukrepa pomoči ni mogoče razglasiti za združljivega na podlagi člena 7(3) Uredbe (ES) št. 659/1999.
On that basis, the indirect aid to the minority shareholders would have to be deemed incompatible, unless some other conditional measures can be found which improve burden sharing by the minority shareholders.
Na tej podlagi bi bilo treba posredno pomoč manjšinskim delničarjem šteti za nezdružljivo, razen če se uvedejo drugi pogojni ukrepi, ki bodo izboljšali porazdelitev bremena s strani manjšinskih delničarjev.
To that end, the Commission should impose the condition that in the period from 1 January 2015 until 31 December 2016, dividend payments may not exceed 50 % of the annual surplus for the previous financial year.
Zato bi morala Komisija postaviti pogoj, da v obdobju od 1. januarja 2015 do 31. decembra 2016 izplačila dividend ne smejo presegati 50 % letnega presežka iz prejšnjega finančnega leta.
Furthermore, dividend payments should be permissible during that period only in so far as they would not jeopardise compliance with the Basel III provisions on the capital of credit institutions in the medium-term.
Poleg tega bi morala biti izplačila dividend v tem obdobju dovoljena le, če ne bi ogrozila skladnosti z določbami sporazuma Basel III o kapitalu kreditnih institucij v srednjeročnem obdobju.
Conclusion on own contribution and burden sharing by minority shareholders
Sklepne ugotovitve o lastnem prispevku in porazdelitvi bremena s strani manjšinskih delničarjev
The Commission concludes that adequate own contribution and burden sharing of the minority shareholders can be achieved, and consequently that the aid can be viewed as compatible subject to the conditions described in recitals 262, 202 to 208 and 241 to 244.
Komisija je sklenila, da je ustrezen lastni prispevek in ustrezno porazdelitev bremena s strani manjšinskih delničarjev mogoče doseči ter da je zato pomoč mogoče šteti za združljivo pod pogoji iz uvodnih izjav (262), (202) do (208) in (241) do (244).
Measures limiting distortion of competition
Ukrepi za omejevanje izkrivljanja konkurence
The Restructuring Communication requires that the restructuring plan contains measures limiting distortions of competition and ensuring a competitive banking sector.
Sporočilo o prestrukturiranju zahteva, da načrt prestrukturiranja vsebuje ukrepe, ki omejujejo izkrivljanja konkurence in zagotavljajo konkurenčen bančni sektor.
The Restructuring Communication indicates, in point 30, that the measures to limit the distortion of competition created by the aid should be tailor-made to address the distortions identified on the markets where the beneficiary bank operates following its return to viability after restructuring.
Sporočilo o prestrukturiranje v točki 30 navaja, da bi morali biti ukrepi za omejevanje izkrivljanja konkurence zaradi pomoči prilagojeni razmeram na trgih, na katerih banka upravičenka po prestrukturiranju ponovno uspešno posluje.
The Commission in its assessment should take as a starting point the size, scale and scope of the activities of HSH.
Ocena Komisije glede potrebe po takih ukrepih bi morala temeljiti na vrednosti in obsegu dejavnosti banke HSH.
In the Decision initiating the procedure, the Commission viewed the proposed measures to address distortion of competition as insufficient.
Po mnenju Komisije so bili ukrepi iz sklepa o začetku postopka, predlagani za odpravo izkrivljanja konkurence, nezadostni.
However, the modified restructuring plan provides more measures to address distortion of competition.
Vendar pa spremenjeni načrt prestrukturiranja zagotavlja več ukrepov za odpravo izkrivljanja konkurence.
In the modified restructuring plan the projected balance sheet reduction has been considerably increased by comparison with the initial restructuring plan.
V primerjavi s prvotnim načrtom prestrukturiranja je v spremenjenem načrtu prestrukturiranja načrtovano zmanjšanje bilance stanja precej večje.
HSH will reduce its balance sheet by 61 % by the end of 2014 compared to 2008 [87].
Banka HSH bo do konca leta 2014 svojo bilanco stanja v primerjavi z letom 2008 zmanjšala za 61 % [87].
The reduction of HSH by more than half is appropriate, given the distortions of competition stemming from the large amount of aid received.
Zmanjšanje banke HSH za več kot polovico je glede na izkrivljanja konkurence zaradi visokega zneska prejete pomoči primerno.
The reduction is in line with Commission decision-making practice for comparable aid amounts in relative terms.
Zmanjšanje je v skladu s prakso odločanja Komisija glede primerljivih zneskov pomoči v relativnem smislu.
However, in the case of HSH the need to restructure and to reduce the balance sheet is especially great, owing to the insufficient burden sharing stemming from the incomplete claw-back.
Vendar je v primeru banke HSH potreba po prestrukturiranju in zmanjšanju bilance stanja še posebej velika zaradi neustrezne porazdelitve bremena, ki izhaja iz nepopolnega vračila sredstev.
The reduction complements HSH’s commitment to divest the majority of its participations.
Zmanjšanje dopolnjuje zavezo banke HSH, da odproda večino svojih udeležb.
Further, HSH has given a commitment to reduce the number of its international branches or representation offices from 21 to 6 and the number of national branches from 9 to 7.
Poleg tega se je banka HSH zavezala, da bo število svojih mednarodnih podružnic oziroma predstavništev z 21 zmanjšala na 6, število nacionalnih predstavništev pa z 9 na 7.
The remaining branches or representations in London and New York will also be substantially downsized and the branch in Luxembourg will remain solely as a branch of the restructuring unit.
Preostale podružnice oziroma predstavništva v Londonu in New Yorku bo prav tako precej zmanjšala, podružnica v Luksemburgu pa bo ostala samo kot podružnica enote za prestrukturiranje.
HSH has given a further commitment to observe an acquisition ban during the restructuring period (until 31 December 2014).
Banka HSH se je nadalje zavezala, da bo med obdobjem prestrukturiranja upoštevala prepoved prevzemov (do 31. decembra 2014).
HSH will not expand business activities through the acquisition of other firms.
Banka HSH svojih poslovnih dejavnosti ne bo širila z nakupi drugih podjetij.
Landesbank mergers remain possible, subject to the Commission’s approval.
Združitve deželnih bank so še naprej mogoče, če jih bo Komisija odobrila.
Debt-to-equity-swaps and other usual asset management measures are allowed as long as they do not lead to a circumvention of the acquisition ban.
Zamenjave terjatev v lastniške deleže in drugi običajni ukrepi za upravljanje s sredstvi so dovoljeni, če ne vodijo do izogibanja prepovedi prevzemov.
If the public-sector owners relinquish control over HSH, then the acquisition ban will apply for three years only.
Če se lastnika v javnem sektorju odrečeta nadzoru nad banko HSH, bo prepoved prevzemov veljala samo tri leta.
The Commission considers that the privatisation of HSH would have a positive effect on HSH’s viability and ensure effective competition.
Komisija meni, da bi imela privatizacija banke HSH pozitiven učinek na uspešno poslovanje banke HSH in bi zagotovila učinkovito konkurenco.
The continuation of the acquisition ban significantly beyond the date of sale could hinder a possible privatisation process.
Če bi prepoved prevzemov veljala daljše obdobje po datumu prodaje, bi to lahko oviralo morebiten postopek privatizacije.
More specifically, HSH has given a commitment to take additional measures which will directly address distortion of competition in the markets in which HSH had acquired strong market positions and in which it had planned to expand.
Natančneje, banka HSH se je zavezala, da bo sprejela dodatne ukrepe, ki bodo neposredno odpravljali izkrivljanje konkurence na trgih, na katerih je banka HSH pridobila trden položaj in na katerih je načrtovala širitev.
HSH will discontinue its business activities in financial services in relation to aviation [88].
Banka HSH bo prenehala s poslovanjem na področju finančnih storitev v zvezi z letalstvom [88].
EUR [3-8] billion of aviation assets will be transferred to the restructuring unit or sold as of the end of [2011-2012].
Sredstva na področju letalstva v višini [3–8] milijard EUR bodo ob koncu leta [2011–2012] prenesena na enoto za prestrukturiranje ali prodana.
HSH will also significantly reduce its shipping, real estate and corporate activities.
Banka HSH bo znatno zmanjšala tudi svoje dejavnosti na področju ladijskega prometa, nepremičnin in poslovanja s podjetji.
In particular, in the shipping segment, where HSH has established itself as a leading provider of ship financing and in which HSH had planned to further expand, HSH undertakes that its global market share in new shipping business will not exceed [< 8] % during the entire restructuring period and HSH will not be one of the top three shipping financing providers in terms of new business.
Zlasti v segmentu ladijskega prometa, v katerem se je banka HSH uveljavila kot vodilni vir financiranja ladij in v katerem je načrtovala nadaljnjo širitev, se je banka HSH zavezala, da njen delež novih poslov na svetovnem trgu med celotnim obdobjem prestrukturiranja ne bo presegel [< 8] % in da glede novih poslov ne bo med prvimi tremi največjimi financerji ladij.
In conclusion, the proposed measures to limit distortion of competition constitute a material improvement to the steps taken by HSH in the initial restructuring plan, and are viewed as appropriate and sufficient.
Predlagani ukrepi za omejevanje izkrivljanja konkurence pomenijo precejšnje izboljšanje ukrepov iz prvotnega načrta prestrukturiranja banke HSH ter se štejejo za ustrezne in zadostne.
Conclusion regarding the restructuring
Sklepne ugotovitve glede prestrukturiranja
The Commission comes to the conclusion that the restructuring measures, including Germany’s commitments in Annexes I and III, are such as to restore the long-term viability of HSH, for an adequate contribution on HSH’s own part, and make up for the distortion of competition due to the aid measures in question.
Komisija je sklenila, da so ukrepi za prestrukturiranje, vključno z zavezami Nemčije iz Priloge I in Priloge III, taki, da bodo ponovno vzpostavili uspešno poslovanje banke HSH, so ustrezen lastni prispevek banke HSH in odpravljajo izkrivljanje konkurence zaradi zadevnih ukrepov pomoči.
Under the conditions in regard to remuneration and burden sharing which are to be imposed by the Commission, and which are specified in Annex II, the modified restructuring plan also provides for adequate and sufficient burden sharing, and therefore may be deemed to be compatible with the internal market in accordance with Article 107(3)(b) TFEU.
Pod pogoji glede povračila in porazdelitve bremena, ki jih bo uvedla Komisija in so podrobneje navedeni v Prilogi II, spremenjeni načrt prestrukturiranja zagotavlja tudi ustrezno in zadostno porazdelitev bremena in se ga zato lahko razglasi za združljivega z notranjim trgom v skladu s členom 107(3)(b) PDEU.
Finally, the Commission considers that the aid contained in the EUR 17 billion of liquidity guarantees provided by Soffin constitutes compatible restructuring aid in so far as it was necessary to address a market failure, in the form of the collapse of the interbank market.
Komisija tudi meni, da pomoč v obliki likvidnostnih jamstev v višini 17 milijard EUR, ki jo je dodelil sklad Soffin, pomeni združljivo pomoč za prestrukturiranje, če je bila potrebna za odpravo tržne nepopolnosti v obliki razpada medbančnega trga.
POTENTIAL BENEFIT TO OTHER SHAREHOLDERS
MOREBITNA UGODNOST ZA DRUGE DELNIČARJE
The minority shareholders have argued that Article 7 of the Procedural Regulation would be breached by dividing the procedure into an authorisation of the direct aid measures for HSH in one set of proceedings while dealing with the issue of the indirect aid to the minority shareholders in another.
Manjšinski delničarji so trdili, da bi bil z razdelitvijo postopka na dva dela, tj. na sklop postopkov za odobritev ukrepov za neposredno pomoč za banko HSH in na sklop postopkov za obravnavo posredne pomoči manjšinskim delničarjem, kršen člen 7 postopkovne uredbe.
A negative decision on the recapitalisation in respect of the savings bank associations and Flowers would render the recapitalisation incompatible.
Zaradi negativnega sklepa o dokapitalizaciji glede združenj hranilnic in investicijske družbe Flowers bi dokapitalizacija postala nezdružljiva.
According to the savings bank associations, the Commission should address the issue of burden sharing by the minority shareholders in the context of the burden sharing assessment of the recapitalisation.
Po mnenju združenj hranilnic bi morala Komisija vprašanje porazdelitve bremena s strani manjšinskih delničarjev obravnavati v okviru ocene porazdelitve bremena v zvezi z dokapitalizacijo.
The Commission does not agree with the minority shareholders as to the interpretation of the Procedural Regulation.
Komisija se ne strinja z manjšinskimi delničarji glede razlage postopkovne uredbe.
A split of the procedure is legally possible and has been carried out by the Commission in several cases [89].
Razdelitev postopka je pravno mogoča, Komisija pa jo je že izvedla v več primerih [89].
If a single state aid measure has several beneficiaries whose status requires different legal assessments and might result in different paces of investigation, the formal investigation procedure can be split for the purpose of the effectiveness of the proceedings.
Če je pri enem samem ukrepu državne pomoči več upravičencev, njihov položaj pa zahteva različne pravne ocene in se zato lahko preiskave odvijajo različno hitro, se lahko zaradi večje učinkovitosti postopka formalni postopek preiskave razdeli.
The Commission does not agree either that a different legal assessment on the aid measure in relation to the minority shareholders as indirect beneficiaries would affect the legal assessment (and the compatibility) of the same aid measure in relation to HSH as direct beneficiary of the aid.
Komisija se prav tako ne strinja s trditvijo, da bi drugačna pravna ocena o ukrepu pomoči v zvezi z manjšinskimi delničarji kot posrednimi upravičenci vplivala na pravno oceno (in združljivost) istega ukrepa pomoči v zvezi z banko HSH kot neposredno upravičenko do pomoči.
The Commission refers to the ruling in Case C-382/99 Netherlands v Commission [90], where the Court upheld the Commission’s assessment that an aid measure granted to a recipient could be compatible aid (because in line with de minimis rules), while the same aid measure was not compatible in relation to indirect beneficiaries, and should be recovered.
Komisija je navedla sodbo v zadevi C-382/99, Nizozemska proti Komisiji [90], v kateri je Sodišče potrdilo oceno Komisije, da bi bil ukrep pomoči, dodeljen upravičencu, lahko združljiva pomoč (ker je v skladu s pravili de minimis), obenem pa isti ukrep pomoči ni bil združljiv v zvezi s posrednimi upravičenci in bi ga bilo treba vrniti.
The Commission notes that the proportionality of the recapitalisation in relation to HSH can be ensured through adequate measures in the restructuring plan, whereas any advantage granted to the minority shareholders by means of an excessively high issue price can be treated and corrected differently, for instance by burden sharing.
Komisija ugotavlja, da se lahko sorazmernost dokapitalizacije v zvezi z banko HSH zagotovi z ustreznimi ukrepi v načrtu prestrukturiranja, medtem ko je mogoče morebitno ugodnost za manjšinske delničarje zaradi prekomerno visoke cene izdanih delnic obravnavati in popraviti drugače, na primer s porazdelitvijo bremena.
Nevertheless, the Commission does not see any grounds to split the case, and can deal with the different aspects of the aid measure in one decision.
Kljub temu Komisija ne vidi razloga za razdelitev postopka in lahko različne vidike ukrepa pomoči obravnava v enem sklepu.
If there were not sufficient burden sharing any potential benefit to the minority shareholders could also be assessed, as indicated in the operational part of the Decision initiating the procedure.
Če ne bi bilo ustrezne porazdelitve bremena, bi bilo mogoče oceniti tudi morebitno ugodnost za manjšinske delničarje, kot je navedeno v operativnem delu sklepa o začetku postopka.
However, in light of the modification of the remuneration of the risk shield and the additional burden sharing measures, a substantial dilution of the minority shareholders’ stakes and additional burden sharing will be achieved which mitigates substantially the flaws stemming from the valuation by PwC and thus re-establishes adequate burden sharing.
Vendar bosta ob spremembi povračila zaščite pred tveganjem in dodatnih ukrepih za porazdelitev bremena dosežena precejšnje zmanjšanje deležev manjšinskih delničarjev in dodatna porazdelitev bremena, kar bo precej popravilo napake iz vrednotenja s strani podjetja PwC in ponovno vzpostavilo ustrezno porazdelitev bremena.
In view of that adequate burden sharing established on the basis of the conditions imposed by the present Decision, the Commission considers that the sharing of burdens is sufficient and will therefore not pursue that issue further.
Ob upoštevanju te ustrezne porazdelitve bremena, vzpostavljene na podlagi pogojev, ki jih uvaja ta sklep, Komisija meni, da je porazdelitev bremena ustrezna in zato tega ne bo nadalje obravnavala.
In view of the commitments entered into by Germany regarding the restructuring and the conditions imposed by the Commission on that Member State in regard to the remuneration and burden sharing, the Commission comes to the conclusion that the risk shield is in line with Section 5 of the Impaired Assets Communication.
Ob upoštevanju zavez Nemčije glede prestrukturiranja in pogojev, ki jih je tej državi članici Komisija postavila glede povračila in porazdelitve bremena, je Komisija sklenila, da je zaščita pred tveganjem v skladu z oddelkom 5 sporočila o oslabljenih sredstvih.
In view of the modified restructuring plan submitted, the commitments given by Germany and the conditions imposed on that Member State by the Commission, the restructuring aid composed of the risk shield, the recapitalisation and the liquidity guarantees is in accordance with Article 107(3)(b) TFEU and can be found compatible with the internal market.
Ob upoštevanju predloženega spremenjenega načrta prestrukturiranja, pripomb Nemčije in pogojev, ki jih je tej državi članici postavila Komisija, je pomoč za prestrukturiranje, sestavljena iz zaščite pred tveganjem, dokapitalizacije in likvidnostnih jamstev, v skladu s členom 107(3)(b) PDEU in jo je mogoče razglasiti za združljivo z notranjim trgom.
The objections set out by the Commission in the Decision initiating the procedure have been dispelled,
Pomisleki, ki jih je Komisija izrazila v sklepu o začetku postopka, so bili odpravljeni –
The EUR 3 billion recapitalisation, the EUR 10 billion guarantee granted by Germany to HSH in the form of a risk shield and the liquidity guarantees granted by Germany constitute state aid caught by Article 107(1) of the Treaty on the Functioning of the European Union.
Dokapitalizacija v višini 3 milijarde EUR, jamstvo v višini 10 milijard EUR, ki ga je Nemčija dodelila banki HSH v obliki zaščite pred tveganjem in likvidnostnih jamstev, ki jih je dodelila Nemčija, pomenijo državno pomoč iz člena 107(1) Pogodbe o delovanju Evropske unije.
The aid in the form of a EUR 3 billion recapitalisation, a EUR 10 billion guarantee granted by Germany to HSH in the form of a risk shield and the liquidity guarantees granted by Germany are compatible with the internal market, in light of the commitments set out in Annexes I and III and subject to compliance with the conditions set out in in Annex II.
Pomoč v obliki dokapitalizacije v višini 3 milijarde EUR, jamstva v višini 10 milijard EUR, ki ga je Nemčija dodelila banki HSH v obliki zaščite pred tveganjem in likvidnostnih jamstev, ki jih je dodelila Nemčija, je ob upoštevanju zavez iz Priloge I in Priloge III ter pod pogoji iz Priloge II združljiva z notranjim trgom.