natgillin/translations-raw huggingface dataset:
Starting from the end of 2012, it will ensure that its net stable funding ratio (NSFR) and its liquidity coverage ratio (LCR) [28] […].
Od konca leta 2012 bo zagotavljala, da bo njen količnik neto stabilnih virov financiranja (NSFR) in njen količnik likvidnostnega kritja) [28] […].
The share of the core bank’s USD business that is refinanced by means of USD-denominated funding (and not through swaps) will increase to at least […] % by the end of 2012 and to at least […] % by the end of 2014.
Delež poslovanja temeljne banke v ameriških dolarjih, refinanciran s sredstvi, denominiranimi v ameriških dolarjih (in ne preko zamenjav), se bo do konca leta 2012 povečal na vsaj […] %, do konca leta 2014 pa na vsaj […] %.
HSH will consistently reduce capital market business with a high risk potential and has already reduced its product catalogue significantly.
Banka HSH bo še naprej zmanjševala obseg poslovanja na kapitalskem trgu z visokim tveganjem, svojo ponudbo bančnih produktov pa je že precej zmanjšala.
Proprietary trading has already been discontinued.
Trgovanje za lastni račun je že ukinjeno.
DESCRIPTION OF THE FINANCIAL PLANNING IN THE MODIFIED RESTRUCTURING PLAN
OPIS FINANČNEGA NAČRTOVANJA V SPREMENJENEM NAČRTU PRESTRUKTURIRANJA
HSH presented a detailed business plan for the period 2011 to 2014 including profit and loss calculations and balance sheet, profitability and production indicators broken down per business unit and consolidated for the group.
Banka HSH je predložila podroben poslovni načrt za obdobje 2011–2014, vključno z izkazi poslovnega izida ter kazalniki bilance stanja, donosnosti in proizvodnje, razčlenjen na vsako poslovno enoto in konsolidiran za celo skupino.
HSH furthermore provided a sensitivity analysis in the form of an adverse and worst case scenario for the group.
Banka HSH je predložila tudi analizo občutljivosti v obliki negativnega in najslabšega možnega scenarija za vso skupino.
The total assets are projected to decrease from EUR 208 billion (in 2008) to EUR 120 billion (in 2014).
Po napovedih naj bi se skupna sredstva z 208 milijard EUR v letu 2008 zmanjšala na 120 milijard EUR v letu 2014.
The most important figures of the modified restructuring plan for HSH and the core bank are shown in the following tables.
Najpomembnejše številke iz spremenjenega načrta prestrukturiranja za banko HSH in temeljno banko so prikazane v naslednjih preglednicah.
Financial planning HSH 2011–2014
Finančno načrtovanje za banko HSH za obdobje 2011–2014
2008 actual
2008 dejansko
2011 plan
2011 načrtovano
2012 plan
2012 načrtovano
2013 plan
2013 načrtovano
2014 plan
2014 načrtovano
Total income (in EUR million)
Skupni prihodki (v milijonih EUR)
Net income before restructuring expenses (in EUR million)
Čisti dobiček pred stroški prestrukturiranja (v milijonih EUR)
Net income before tax (in EUR million)
Čisti dobiček pred obdavčitvijo (v milijonih EUR)
Net income (in EUR million)
Čisti dobiček (v milijonih EUR)
Cost income ratio (CIR) (%)
Razmerje med stroški in prihodki (%)
Return on equity after tax (RoE) (%)
Kapitalski donos po obdavčitvi (%)
Total assets (in EUR billion)
Skupna sredstva (v milijardah EUR)
Financial planning core bank 2011–2014
Finančno načrtovanje za temeljno banko za obdobje 2011–2014
Net income before restructuring (in EUR million)
Čisti dobiček pred prestrukturiranjem (v milijonih EUR)
Segment assets (EUR billion)
Sredstva segmentov (v milijardah EUR)
HSH’s funding plan in respect of the overall funding strategy and in respect of the USD funding strategy are shown in the following tables.
Načrt financiranja banke HSH v zvezi s celotno strategijo načrtovanja in v zvezi s strategijo financiranja v ameriških dolarjih.
HSH funding plan 2010–2014
Načrt financiranja banke HSH za obdobje 2010–2014
Volumes per funding channel
Obseg na vir financiranja
Covered bonds
Krite obveznice
State guaranteed long-term bonds
Dolgoročne obveznice z državnim jamstvom
Senior unsecured long-term
Financiranje v obliki nadrejenih nezavarovanih obveznic
Short-term wholesale funding
Kratkoročna medbančna posojila
Wholesale funding other
Medbančna posojila – drugo
Commercial and retail deposits (until 2010)/Residual deposits (permanent average balances from 2011)
Vloge podjetij in vloge na drobno (do leta 2010)/preostale vloge (stalna povprečna bilanca od leta 2011)
Development banks and commercial lending
Razvojne banke in komercialna posojila
Hybrids (Tier 1 and Tier 2)
Hibridni instrumenti (prvega in drugega reda)
Total assets
Skupna sredstva
Total assets – (total liabilities + derivatives) to be financed by short-term secured funding, excess deposits and equity
Skupna sredstva – (skupne obveznosti + izvedeni finančni instrumenti), ki bodo financirana s kratkoročnim zavarovanim financiranjem, presežki vlog in kapitalom
Funding strategy in USD 2010–2014
Strategija financiranja v ameriških dolarjih za obdobje 2010–2014
(in USD billion)
(v milijardah USD)
USD denominated funding
Denominirano financiranje v USD
USD funding through swaps
Financiranje z zamenjavami v USD
Total assets USD
Skupna sredstva v USD
Total assets USD shipping
Skupna sredstva ladijski promet v USD
Whereas in 2010 HSH funded 75 % of its US dollar assets through cross currency swaps, the reliance on swaps will decrease to […] % of total US assets (including assets in the restructuring unit).
Medtem ko je v letu 2010 banka HSH 75 % svojih sredstev v ameriških dolarjih financirala z valutnimi zamenjavami, se bo uporaba zamenjav zmanjšala na […] % skupnih sredstev v ameriških dolarjih (vključno s sredstvi enote za prestrukturiranje).
The decreased reliance in relative terms on financing through swaps will be achieved through a decrease of US dollar denominated assets and therefore a decrease in the absolute amounts of US dollar funding.
Manjšo uporabo financiranja z zamenjavami v relativnem smislu bo banka dosegla z zmanjšanjem sredstev, denominiranih v ameriških dolarjih, s čimer se bo zmanjšal absolutni znesek financiranja v ameriških dolarjih.
Over the year 2010, the saving banks provided EUR [2,5-3,5] billion of long-term unsecured funding for HSH and EUR [200-500] million of long-term secured funding.
V letu 2010 so hranilnice banki HSH zagotovile [2,5–3,5] milijarde EUR dolgoročnega nezavarovanega financiranja in [200–500] milijonov EUR dolgoročnega zavarovanega financiranja.
That total amount of EUR [2,7-4] billion compares to EUR [150-250] million of total funding provided by other Landesbanks and EUR [1-2] billion provided by other financial institutions (private and public other than saving banks and Landesbanks).
Ta skupni znesek v višini [2,7–4] milijarde EUR je treba primerjati s [150–250] milijoni skupnih sredstev, ki so jih zagotovile druge deželne banke, in [1–2] milijardama EUR, ki so jih zagotovile druge finančne institucije (zasebne in javne, ki niso hranilnice ali deželne banke).
HSH capital position 2009–2015
Stanje kapitala banke HSH v obdobju 2010–2015
Risk-weighted assets after guarantee (EUR billion)
Tveganju prilagojena sredstva po jamstvu (v milijardah EUR)
Guarantee outstanding (EUR billion)
Neporavnano jamstvo (v milijardah EUR)
Capital evolution (EUR billion)
Razvoj kapitala (v milijardah EUR)
Common equity Tier I capital (EUR billion)
Navadni lastniški kapital prvega reda (v milijardah EUR)
Tier I capital (EUR billion)
Kapital prvega reda (v milijardah EUR)
Total capital (EUR billion)
Skupni kapital (v milijardah EUR)
Capital ratios
Kapitalski deleži
Common equity/RWA (%)
Navadni lastniški kapital/tveganju prilagojena sredstva (%)
Tier 1 capital/RWA (%)
Kapital prvega reda/tveganju prilagojena sredstva (%)
COMMITMENTS MADE BY GERMANY
ZAVEZE NEMČIJE
Germany has given an undertaking that HSH will implement the modified restructuring plan and has submitted the commitments set out in Annex I and III to this Decision.
Nemčija se je zavezala, da bo banka HSH izvedla spremenjeni načrt prestrukturiranja, in je predložila zaveze, priložene v Prilogi I in III k temu sklepu.
Germany has given an undertaking that a monitoring trustee will provide the Commission with detailed quarterly reports.
Nemčija se je zavezala, da bo fiduciar za spremljanje Komisiji predložil podrobna četrtletna poročila.
The reports will in particular contain information on the remuneration of the impaired asset measure (in line with Annex V to the Communication from the Commission on the treatment of impaired assets in the Community banking sector, hereinafter the ‘Impaired Assets Communication’ [29]), and on the implementation of the modified restructuring plan (in line with paragraph 46 of the Commission communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis, hereinafter the ‘Restructuring Communication’ [30]).
Poročila bodo vsebovala zlasti informacije o povračilu ukrepa za oslabljena sredstva (v skladu s Prilogo V k Sporočilu Komisije o obravnavanju oslabljenih sredstev v bančnem sektorju Skupnosti, v nadaljnjem besedilu: sporočilo o oslabljenih sredstvih [29]) in o izvajanju spremenjenega načrta prestrukturiranja (v skladu z odstavkom 46 Sporočila Komisije o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči, v nadaljnjem besedilu: Sporočilo o prestrukturiranju [30]).
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE IN RESPECT OF THE AID MEASURES FOR HSH
RAZLOGI ZA ZAČETEK FORMALNEGA POSTOPKA PREISKAVE GLEDE UKREPOV POMOČI ZA BANKO HSH
On 30 October 2009 the Commission opened the formal investigation procedure in order to verify whether the risk shield complied with the conditions of the Impaired Assets Communication regarding the definition of the eligible assets, the valuation (including the valuation methodology), the remuneration and the management of the impaired assets.
Komisija je 30. oktobra 2009 začela formalni postopek preiskave, da bi preverila, ali je bila zaščita pred tveganjem v skladu s pogoji iz sporočila o oslabljenih sredstvih glede opredelitve upravičenih sredstev, vrednotenja (vključno z metodologijo vrednotenja), povračila in upravljanja z oslabljenimi sredstvi.
Furthermore the Commission wanted to investigate the conditions of the recapitalisation measure, the burden sharing, and the measures to limit distortions of competition.
Poleg tega je Komisija želela preučiti pogoje ukrepa dokapitalizacije, porazdelitve bremena in ukrepov za omejitev izkrivljanja konkurence.
Regarding the eligibility of the assets covered by the risk shield, the Commission expressed doubts (recital 40 of the Decision initiating the procedure) as to whether they met the eligibility criteria laid down in the Impaired Assets Communication, since only a small fraction of the shielded portfolio fell directly into the definition of impaired assets provided for in the Communication.
Glede upravičenosti sredstev, kritih z zaščito pred tveganjem, je Komisija izrazila pomisleke (odstavek 40 sklepa o začetku postopka), ali izpolnjujejo merila za upravičenost iz sporočila o oslabljenih sredstvih, saj je neposredno pod opredelitev oslabljenih sredstev iz Sporočila spadal samo majhen del zaščitenega portfelja.
Regarding transparency and disclosure, the Commission stated in recital 42 of the Decision initiating the procedure that HSH had provided valuation reports by independent experts which covered only a residual fraction of the shielded portfolio, namely a large proportion of the structured credit securities.
Glede preglednosti in razkritja je Komisija v odstavku 42 sklepa o začetku postopka navedla, da je banka HSH predložila poročila neodvisnih strokovnjakov o vrednotenju, ki so zajela samo preostali del zaščitenega portfelja, namreč velik del strukturiranih dolžniških vrednostnih papirjev.
Furthermore at that time Germany had not provided a validation of the valuation process and outcome by BaFin.
Poleg tega Nemčija takrat ni zagotovila potrditve postopka in rezultatov vrednotenja s strani nemškega bančnega regulatorja BaFin.
Regarding asset management, the Commission expressed doubts in recital 44 of the Decision initiating the procedure as to whether HSH’s planned arrangements fulfilled the requirements laid down in the Impaired Assets Communication, since all assets would remain on HSH’s balance sheet.
Glede upravljanja s sredstvi je Komisija v odstavku 44 sklepa o začetku postopka izrazila pomisleke glede tega, ali načrtovana ureditev banke HSH izpolnjuje zahteve iz sporočila o oslabljenih sredstvih, saj bi vsa sredstva ostala na bilanci stanja banke HSH.
Regarding the valuation, the Commission stated in recital 46 of the Decision initiating the procedure that only the valuation of the structured credit portfolio had been carried out by independent experts, and that at the time the Commission did not have sufficient information for the assessment of the real economic value of the whole shielded portfolio.
Glede vrednotenja je Komisija v odstavku 46 sklepa o začetku postopka navedla, da so neodvisni strokovnjaki izvedli samo vrednotenje portfelja strukturiranega kredita in da takrat Komisija ni imela dovolj informacij za oceno realne ekonomske vrednosti celotnega zaščitenega portfelja.
The Commission sought to verify the correlation assumptions used for the shielded assets.
Komisija je želela preveriti predpostavke o korelaciji, uporabljene za zaščitena sredstva.
Regarding remuneration, in recital 49 of the Decision initiating the procedure the Commission expressed doubts about the adequacy of the burden sharing, as the Impaired Assets Communication would require HSH to contribute to the loss or risk coverage in the form of first-loss clauses (typically with a minimum of 10 %).
Glede povračila je Komisija v odstavku 49 sklepa o začetku postopka izrazila pomisleke glede ustreznosti porazdelitve bremena, saj je sporočilo o oslabljenih sredstvih od banke HSH zahtevalo, da h kritju izgub ali tveganj prispeva v obliki klavzul o prvi izgubi (običajno z vsaj 10 %).
In addition, in recital 51 et seq. of the Decision initiating the procedure, the Commission expressed doubts that the fee of 400 bps adequately remunerated the risk taken by the public-sector owners.
Poleg tega je Komisija v odstavku 51 in naslednjih sklepa o začetku postopka izrazila pomisleke glede tega, ali je plačilo v višini 400 bazičnih točk ustrezno nadomestilo za tveganje, ki sta ga sprejela lastnika v javnem sektorju.
Regarding a return to viability, in recital 59 of the Decision initiating the procedure the Commission expressed doubts as to whether HSH would be able to restore its long-term viability.
Glede ponovne vzpostavitve uspešnega poslovanja je Komisija v odstavku 59 sklepa o začetku postopka izrazila pomisleke glede tega, ali bo banka HSH lahko ponovno vzpostavila dolgoročno uspešno poslovanje.
In particular, in view of HSH’s strong reliance on wholesale funding, the Commission questioned whether the funding strategy presented would be sustainable on a stand-alone basis in the medium and longer term once public guarantees were phased out.
Komisijo je zlasti glede na precejšnje zanašanje banke HSH na medbančna posojila zanimalo, ali bo predstavljena strategija financiranja po izteku javnih jamstev srednje- in dolgoročno vzdržna tudi samostojno.
In recitals 60 and 61 of the Decision initiating the procedure the Commission queried the underlying assumptions of the initial restructuring plan in regard to growth rates and asset margins.
V odstavkih 60 in 61 sklepa o začetku postopka je Komisija izrazila pomisleke glede temeljnih predpostavk prvotnega načrta prestrukturiranja v zvezi s stopnjami rasti in obrestnimi maržami na sredstva.
The Commission questioned in particular the increased margins in the private banking segment and the growth assumptions in the shipping and transport segments, where HSH already had proportionally high market shares.
Komisija je imela pomisleke zlasti glede povečanih marž v segmentu zasebnega bančništva in predpostavk glede rasti v segmentih ladijskega prometa in prevoza, v katerih je banka HSH že imela sorazmerno velike tržne deleže.
In recital 62 of the Decision initiating the procedure the Commission questioned HSH’s plan to continue its international capital market activities at a significant level while declaring at the same time that it intended to refocus its business model towards regional activities.
V odstavku 62 sklepa o začetku postopka je Komisija izrazila pomisleke glede načrta banke HSH, da v precejšnji meri nadaljuje svoje mednarodne dejavnosti na kapitalskem trgu, obenem pa navedla, da namerava svoje poslovanje preusmeriti na regionalne dejavnosti.
In recital 63 of the Decision initiating the procedure the Commission expressed scepticism as to whether it was realistic to assume that an upgrade to the previous A rating would be achieved in 2013.
V odstavku 62 sklepa o začetku postopka je Komisija izrazila pomisleke tudi glede tega, ali je pričakovanje, da bo banka svojo prejšnjo bonitetno oceno A povrnila v letu 2013, realno.
Regarding the recipient’s own contribution, the Commission stated that no far-reaching proposals had been made in the initial restructuring plan.
Glede lastnega prispevka udeleženke je Komisija navedla, da v prvotnem načrtu prestrukturiranja ni nobenih daljnosežnih predlogov.
The scope of the own contribution in the form of divestments remained vague.
Ni bilo jasno, kakšen je obseg lastnega prispevka v obliki odprodaje.
As to the burden sharing of the minority shareholders, the Commission expressed doubts about the valuation of HSH and consequently the price of the newly issued shares.
Glede porazdelitve bremena manjših delničarjev je Komisija izrazila pomisleke glede vrednotenja banke HSH in s tem tudi glede cene novo izdanih delnic.
In recitals 10 and 32 of the Decision initiating the procedure, the Commission questioned whether the savings bank associations and Flowers, who had not participated in the recapitalisation, might not have benefited from the capital injection by maintaining excessively high shareholdings in HSH.
V odstavkih 10 in 32 sklepa o začetku postopka je Komisija izrazila pomisleke glede tega, ali bi lahko imeli združenji hranilnic in investicijska družba Flowers, ki niso sodelovale pri dokapitalizaciji, z ohranjanjem previsokih deležev v banki HSH korist od kapitalske injekcije.
On 17 December 2009 Germany submitted joint comments by the public-sector owners and HSH on the Decision initiating the procedure.
Nemčija je 17. decembra 2009 predložila skupne pripombe lastnikov v javnem sektorju in banke HSH na sklep o začetku postopka.
COMMENTS ON THE RISK SHIELD
PRIPOMBE NA ZAŠČITO PRED TVEGANJEM
Impaired Assets Communication not applicable
Sporočilo o oslabljenih sredstvih ni relevantno
Germany took the view that the Commission’s legal assessment of the risk shield was erroneous, because it was based on the application of the Impaired Assets Communication, which, according to Germany, was not applicable in the present case.
Nemčija je menila, da je pravna ocena zaščite pred tveganjem s strani Komisije napačna, saj je temeljila na uporabi sporočila o oslabljenih sredstvih, ki po mnenju Nemčije v tej zadevi ni bilo relevantno.
Germany disagreed with the Commission’s assessment that the Impaired Assets Communication had to be applied and that the Commission was obliged to apply laws and guidelines in force at the time of the adoption of the Decision, irrespective of the time at which the aid measures were designed or notified [31].
Nemčija se ni strinjala z oceno Komisije, da je treba uporabiti sporočilo o oslabljenih sredstvih in da mora Komisija ne glede na obdobje, v katerem so bili ukrepi pomoči oblikovani ali priglašeni, uporabljati zakone in smernice, ki so veljali v času sprejetja sklepa [31].
According to Germany, that view would be correct only if the assessed measure fell within the scope of application of the relevant legal provision or Communication, which was not the case here.
Po mnenju Nemčije bi bilo tako stališče pravilno samo, če bi ocenjeni ukrep sodil na področje uporabe zadevne pravne določbe ali sporočila, vendar pa v tem primeru ni bilo tako.
Germany further argued that the Impaired Assets Communication could not be read as covering all kinds of support measures targeting impaired assets.
Nemčija je nadalje trdila, da sporočila o oslabljenih sredstvih ni mogoče razumeti, kot da zajema vse vrste ukrepov podpore, namenjene oslabljenim sredstvom.
The Impaired Assets Communication should be regarded as an administrative instruction only, designed solely to ensure consistent administrative practice and binding on the Commission alone.
Sporočilo o oslabljenih sredstvih bi bilo treba obravnavati zgolj kot upravno navodilo, ki je namenjeno samo zagotavljanju dosledne upravne prakse in zavezuje samo Komisijo.
The compatibility of the risk shield with the internal market should be assessed directly under the TFEU.
Združljivost zaščite pred tveganjem z notranjim trgom bi bilo treba oceniti neposredno na podlagi PDEU.
According to Germany, the fact that the objective of the second-loss guarantee and the composition of the shielded portfolio were outside the terms of the Impaired Assets Communication was evidence that the Communication was not applicable in the HSH case.
Po mnenju Nemčije je dejstvo, da cilj jamstva na drugo izgubo in sestava zaščitenega portfelja ne sodita na področje sporočila o oslabljenih sredstvih, dokaz, da v primeru banke HSH Sporočilo ni relevantno.
Germany stated that applying the Impaired Assets Communication led to an erroneous assessment framework, which was unfavourable to HSH as regards the aid element, the value of the portfolio, the remuneration of the measure and the scope of restructuring.
Nemčija je navedla, da je zaradi uporabe sporočila o oslabljenih sredstvih okvir za ocenjevanje napačen, glede elementa pomoči, vrednosti portfelja, povračila ukrepa in obsega prestrukturiranja pa za banko HSH neugoden.
Germany referred to recital 38 of the Decision initiating the procedure, where the Commission mentioned the difficulties in assessing the market value of the portfolio, which consisted mainly of loans to corporate customers.
Nemčija se je sklicevala na odstavek 38 sklepa o začetku postopka, v katerem je Komisija navedla težave pri ocenjevanju tržne vrednosti portfelja, ki je bil sestavljen v glavnem iz posojil podjetjem.
Germany regarded those difficulties as evidence that the second-loss guarantee should not be assessed under the Impaired Assets Communication.
Nemčija je te težave navedla kot dokaz, da jamstvo na drugo izgubo ne bi smelo biti ocenjeno na podlagi sporočila o oslabljenih sredstvih.
It pointed out that the Commission had by extrapolation arrived at an aid amount equal to the nominal value of the guarantee.
Poudarila je, da je Komisija z ekstrapolacijo dobila znesek pomoči, ki je enak nominalni vrednosti jamstva.
Germany further argued that such an outcome was evidence that the chosen method must be wrong, since the Commission estimated the aid element of a guarantee as being the same as the aid element of a recapitalisation, although the two measures were different in nature.
Nemčija je nadalje trdila, da je tak rezultat dokaz, da je bila izbrana metoda napačna, saj je Komisija element pomoči jamstva ocenila kot enakega elementu pomoči dokapitalizacije, čeprav je narava teh dveh ukrepov različna.
Whereas the recapitalisation was a permanent capital injection, the guarantee was only a regulatory stability measure limited to the maturity of the covered assets.
Dokapitalizacija je bila trajna kapitalska injekcija, jamstvo pa je bil samo ukrep za regulativno stabilnost, omejen na zapadlost kritih sredstev.
Germany pointed out that the estimation of the aid element on the basis of the market value showed that the Commission had misunderstood the nature of the risk shield, which did not cover market fluctuations.
Nemčija je poudarila, da je ocena elementa pomoči na podlagi tržne vrednosti pokazala, da je Komisija napačno razumela naravo zaščite pred tveganjem, ki ni zajemala tržnih nihanj.