natgillin/translations-raw huggingface dataset:
the removal of part of the loans in BPN, over and above those loans which had already been transferred to the SPVs as of 30 December 2010 [31].
izločitev dela posojil BPN poleg posojil, ki so bila 30. decembra 2010 že prenesena na pravne subjekte s posebnim namenom [31].
The removal of the additional loans would allow a loan-to-deposit (‘LTD’) ratio of [110-150] % to be achieved.
Z izločitvijo dodatnih posojil bi lahko dosegli [110–150]-odstotno razmerje med posojili in vlogami.
That ratio had been set at [110-150] % in the BIC offer of 20 July 2011;
Navedeno razmerje [110–150] % je bilo določeno v ponudbi BIC z dne 20. julija 2011;
the right of BIC to remove from the balance sheet additional assets and liabilities (e.g. loans to credit institutions, financial assets, real estate assets, some provisions, other assets and other liabilities);
pravica banke BIC do izločitve dodatnih sredstev in obveznosti (npr. posojil kreditnim institucijam, finančnih naložb, nepremičninskih sredstev, nekaterih rezervacij, drugih sredstev in drugih obveznosti) iz bilance stanja;
the right of BIC to sell back within […] months loans that are non-performing for at least […] days (up to a maximum of […] of the nominal value of the total loan portfolio selected by BIC after compensation with existing deposits) and for the amount exceeding the level of provisioning (EUR […] million [32]) [33];
pravica banke BIC do ponovne prodaje posojil, ki so nedonosna najmanj […] dni (do največ […] nominalne vrednosti skupnega portfelja posojil, ki ga izbere BIC, po nadomestilu z obstoječimi vlogami) in katerih znesek presega stopnjo rezervacij ([…] milijonov EUR [32]) v […] mesecih [33];
v. the right of BIC to transfer deposits with pricing at least […] basis points (‘bps’) above the relevant reference rate [34] or to receive from the State the difference in remuneration [35];
v. pravica banke BIC do prenosa vlog, katerih cena presega ustrezno referenčno stopnjo [34] za najmanj […] bazičnih točk, ali do razlike plačila, ki jo prejme od države [35];
the right of BIC to request the transfer, before closing, of other assets and liabilities of BPN, such as loans to credit institutions, physical and financial assets, etc;
pravica banke BIC, da pred sklenitvijo zahteva prenos drugih sredstev in obveznosti BPN, kot so posojila kreditnim institucijam, stvarno premoženje, finančne naložbe itd.;
the granting of a money line to BIC from CGD until [> 2013] for up to EUR [150-350] million, with a lending rate at […] months Euribor [36] plus a spread of […] bps.
odobritev denarne linije banki BIC s strani CGD do leta [> 2013] v znesku do [150–350] milijonov EUR, pri čemer je obrestna mera […]-mesečni EURIBOR [36] s pribitkom […] bazičnih točk.
That money line would be made available if the level of deposits of BPN were to fall below EUR […] billion;
Ta denarna linija bo na voljo, če se vloge BPN zmanjšajo na raven, nižjo od […] milijard EUR;
the maintenance of a credit line of EUR [150-500] million with CGD until [> 2013] for the ongoing commercial paper programme bearing a state guarantee for three years but with a commitment from CGD that it would not call the loan before […];
ohranitev kreditne linije CGD v znesku [150–500] milijonov EUR do leta [> 2013] za trenutni program komercialnih zapisov z državnim poroštvom za tri leta, vendar z zavezo CGD, da ne bo zahtevala poplačila posojila pred […];
the maintenance of approximately half of the employees of BPN (at least 750 out of approximately 1600 employees).
ohranitev približno polovice delovnih mest BPN (vsaj 750 od približno 1600 delovnih mest).
The State would cover the total cost of closing the branches not taken over by BIC and of paying compensation to dismissed employees or to employees whose place of employment would be changed;
Država bo krila skupne stroške zaprtja podružnic, ki jih BIC ne bo prevzela, in stroške plačila nadomestil odpuščenim delavcem ali delavcem, ki so prerazporejeni na drug kraj zaposlitve;
the transfer to the State of the costs linked to litigation risks;
prenos stroškov, povezanih s tveganjem sodnih postopkov, na državo;
an acquisition price of EUR 40 million paid by BIC;
kupnina 40 milijonov EUR, ki jo plača BIC;
a price clause for the sharing with the State of 20 % of net profits (after tax) for the earnings to be generated by BPN during the next five years, for earnings cumulatively exceeding EUR 60 million;
cenovna klavzula o delitvi 20-odstotnega neto dobička (po obračunu davka) od prihodkov, ki jih bo BPN ustvarila v naslednjih petih letih, z državo, kadar prihodki kumulativno presegajo 60 milijonov EUR;
the commitment by BIC not to pay out dividends or any other equivalent benefits to shareholders in relation to BPN for a period of five years.
zaveza BIC, da delničarjem pet let ne bo izplačala dividend ali drugih enakovrednih prejemkov v zvezi z BPN.
According to the January 2012 Restructuring Plan, the combined entity resulting from the sale of BNP to BIC (the ‘combined entity’) will be profitable after […] years in a base line scenario, as well as in a less favourable one.
V skladu z načrtom prestrukturiranja iz januarja 2012 bo združeni subjekt, ki nastane s prodajo BPN banki BIC (v nadaljnjem besedilu: združeni subjekt), z dobičkom posloval po […] letih, če se upoštevata osnovni scenarij in tudi manj ugoden scenarij.
It is thus estimated that the core tier 1 capital ratio of the combined entity will drop from [10-15] % of the combined entity’s risk-weighted assets (RWA) after the first year to […] % after the fifth year.
Zato je ocenjeno, da se bo delež navadnega lastniškega temeljnega kapitala združenega subjekta z [10–15] % skupne tveganju prilagojene aktive združenega subjekta po prvem letu zmanjšal na […] % po petem letu.
The projected fall would be due to the negative results of the first years linked to the restructuring to be undertaken by BIC and the increase of the activity of the bank in terms of resizing it to return to viability by granting more credit to the economy.
Predvideno zmanjšanje bo posledica negativnih rezultatov v prvih letih zaradi prestrukturiranja, ki ga bo izvedla BIC, in okrepljene dejavnosti banke, ki se bo povečala, da bi z večjim obsegom posojil gospodarstvu zagotovili njeno ponovno doseganje rentabilnosti.
The restructuring will include investments in the bank’s agencies and image, as well as in the integration of processes, procedures and organisation, and in IT.
Prestrukturiranje bo vključevalo naložbe v bančne poslovalnice in podobo banke, v povezovanje procesov, postopkov in organizacijo ter v informacijsko tehnologijo.
The return on equity (ROE) is expected to grow from – [1-5] % in year 1 to + [1-5] % in year 5, whereas the return on assets (ROA) is expected to grow from – [0-2] % in year 1 to + [0-2] % in year 5.
Donosnost lastniškega kapitala se bo z –[1–5] % v letu 1 predvidoma povečala na +[1–5] % v letu 5, medtem ko se bo donosnost celotnih sredstev z –[0–2] % v letu 1 predvidoma povečala na +[0–2] % v letu 5.
In a less favourable scenario, characterised by a higher level of non-performing loans and by higher financing costs, the core tier 1 capital ratio is expected to drop to [8-12] % in year 5, from [10-15] % at the end of year 1.
Po manj ugodnem scenariju, ki predvideva višjo stopnjo nedonosnih posojil in višje stroške financiranja, se bo delež navadnega lastniškega temeljnega kapitala z [10–15] %, kolikor je znašal konec leta 1, v letu 5 predvidoma zmanjšal na [8–12] %.
Finally, the Portuguese State injected capital into BPN on 15 February 2012 for an amount of EUR 600 million [37].
Portugalska država je 15. februarja 2012 vložila v BPN kapital v znesku 600 milijonov EUR [37].
Grounds for initiating the formal investigation procedure
Razlogi za začetek formalnega postopka preiskave
In the Decision of 24 October 2011, the Commission expressed doubts on whether:
Komisija je v sklepu z dne 24. oktobra 2011 izrazila dvom, ali:
BPN, as a combined entity with the purchaser, was viable;
je banka BPN kot združeni subjekt, povezan v strukturo kupca, rentabilna;
the aid granted to BPN was limited to the minimum and the sale to BIC was the least expensive option compared with a liquidation scenario;
je pomoč, dodeljena banki BPN, omejena na najmanjšo potrebno pomoč in je prodaja banki BIC v primerjavi s scenarijem likvidacije najcenejša možnost;
the measures limiting distortions of competition were sufficient; and
so ukrepi, ki omejujejo izkrivljanje konkurence, zadostni, in ali
the sale process entailed aid to the buyer.
postopek prodaje vključuje pomoč kupcu.
The Commission received no comments from third parties.
Komisija ni prejela pripomb tretjih strani.
Position of the Portuguese State
Stališče portugalske države
Position of the Portuguese State on the Decision of 24 October 2011 (Opening Decision)
Stališče portugalske države o sklepu z dne 24. oktobra 2011 (v nadaljnjem besedilu: sklep o začetku postopka)
The Portuguese authorities claim that the January 2012 Restructuring Plan complies with the Restructuring Communication.
Portugalski organi so navedli, da načrt prestrukturiranja iz januarja 2012 izpolnjuje zahteve iz sporočila o prestrukturiranju.
In addition to that plan, the Portuguese authorities submitted by letter of 20 January 2012 a number of observations on the Decision of 24 October 2011.
Poleg navedenega načrta so portugalski organi z dopisom z dne 20. januarja 2012 predložili več ugotovitev o sklepu z dne 24. oktobra 2011.
The Portuguese authorities consider that three types of measure in favour of BPN do not constitute state aid.
Portugalski organi menijo, da tri vrste ukrepov v korist BPN ne pomenijo državne pomoči.
The loans by CGD in October 2008 were granted at market terms with a competitive interest rate and appropriate guarantees, and accordingly did not confer any economic advantage on BPN.
Posojila CGD iz oktobra 2008 so bila odobrena po tržnih pogojih s konkurenčno obrestno mero in ustreznim poroštvom, zato BPN z njimi ni pridobila gospodarske prednosti.
Second, Portugal denies that state aid was involved in the financing granted to BPN by CGD after the former’s nationalisation (interbank money market operations and underwriting of commercial paper by CGD).
Drugič, Portugalska zanika, da je financiranje, ki ga je CGD odobrila banki BPN po njeni nacionalizaciji (posli medbančnega denarnega trga in prevzem izdaje komercialnega zapisa s strani CGD), pomenilo državno pomoč.
Portugal argues they were commercial transactions whose terms and conditions were equivalent to comparable transactions carried out by prudent investors in a market economy.
Portugalska meni, da so bili to komercialni posli, katerih roki in pogoji so enakovredni primerljivim poslom, ki jih izvajajo preudarni vlagatelji v tržnem gospodarstvu.
They therefore conferred no economic advantage on BPN.
Zato BPN z njimi ni pridobila gospodarske prednosti.
Finally, the Portuguese authorities also consider that no state aid was granted to BIC as a buyer of BPN.
Poleg tega portugalski organi menijo, da banki BIC kot kupcu banke BPN ni bila dodeljena državna pomoč.
The Portuguese authorities argue that the sale process was transparent, objective and non-discriminatory.
Po mnenju portugalskih organov je bil postopek prodaje pregleden, objektiven in nediskriminacijski.
BIC’s proposal was globally the best in economic terms and should therefore be regarded as reflecting the market price.
Predlog BIC je bil v ekonomskem smislu na splošno najugodnejši, zato je treba šteti, da izraža tržno ceno.
At the same time, Portugal acknowledges that some measures in favour of BPN constitute state aid.
Hkrati Portugalska priznava, da nekateri ukrepi, ki so bili odobreni BPN, pomenijo državno pomoč.
They are the state guarantee on commercial paper issued by BPN, the transfer of selected assets to the SPVs in 2010, the recapitalisation of BPN undertaken on 15 February 2012 in view of the sale, and some of the measures granted in the context of the projected sale to BIC (such as the state guarantee on the commercial paper programme which will be maintained after the sale).
Ti ukrepi so državno poroštvo za komercialni zapis, ki ga je izdala BPN, prenos nekaterih sredstev na pravne subjekte s posebnim namenom, ki je bil izveden leta 2010, dokapitalizacija BPN, ki je bila zaradi prodaje izvedena 15. februarja 2012, in nekateri ukrepi, odobreni v zvezi z načrtovano prodajo banki BIC (na primer državno poroštvo za program komercialnih zapisov, ki se bo izvajal po prodaji).
Furthermore, Portugal argues that all the measures constituting state aid are compatible with EU law, as they address a serious disturbance in the Portuguese economy pursuant to Article 107(3)(b) of the Treaty.
Poleg tega Portugalska meni, da so vsi ukrepi, ki pomenijo državno pomoč, združljivi z zakonodajo EU, ker so v skladu s členom 107(3)(b) Pogodbe namenjeni odpravljanju resne motnje v portugalskem gospodarstvu.
According to Portugal, the January 2012 Restructuring Plan allows BPN to re-establish its long-term viability without the need of further aid.
Po navedbah Portugalske načrt prestrukturiranja iz januarja 2012 omogoča, da BPN brez dodatne pomoči ponovno doseže dolgoročno rentabilnost.
First, the State has restructured BPN through the separation of assets and the transfer of some assets to the SPVs, and through the reduction of its presence on the market by more than 50 % and the halting of activities that did not constitute the core of the retail bank, as well as through different risk control measures and a prudent commercial policy.
Prvič, država je prestrukturirala BPN z izločitvijo sredstev in prenosom nekaterih sredstev na pravne subjekte s posebnim namenom, z zmanjšanjem njene prisotnosti na trgu za več kot 50 % in prenehanjem dejavnosti, ki za banko, ki posluje s prebivalstvom, niso bile osnovne, ter z različnimi ukrepi za obvladovanje tveganja in preudarno poslovno politiko.
Second, according to the BIC projections, when BPN is integrated into BIC the combined entity should reach positive results […] the restructuring plan, both in a base line scenario and in a less favourable one.
Drugič, po projekcijah BIC in v skladu z načrtom prestrukturiranja bi moral združeni subjekt po vključitvi BPN v strukturo BIC začeti dosegati pozitivne rezultate […], če se upoštevata osnovni scenarij in tudi manj ugoden scenarij.
Third, the negative sale price is acceptable because liquidation is more expensive for the State and would pose a threat to financial stability.
Tretjič, negativna prodajna cena je sprejemljiva, ker je likvidacija za državo dražja in bi ogrozila finančno stabilnost.
Portugal considers that the measures are restricted to the minimum necessary in order to guarantee the stability of the Portuguese financial sector and to re-establish the viability of BPN.
Portugalska meni, da so sprejeti ukrepi omejeni na najmanjšo potrebno raven, ki zagotavlja stabilnost portugalskega finančnega sektorja in omogoča ponovno doseganje rentabilnosti BPN.
Additionally, Portugal argues that the sale scenario was the only alternative to the more costly liquidation scenario.
Poleg tega Portugalska meni, da je bil scenarij prodaje edina možnost poleg dražjega scenarija likvidacije.
Other options (integration into CGD and stand-alone restructuring) would not allow sufficient resources in net present value terms to be generated to compensate for the initial investment that would have to be made.
Z drugimi možnostmi (vključitvijo v strukturo CGD in samostojnim prestrukturiranjem) ne bi ustvarili dovolj sredstev po neto sedanji vrednosti za povrnitev začetne naložbe, ki bi bila potrebna.
Portugal estimates the cost of the sale to BIC at around EUR […] million to […] million (excluding the potential impact of some future contingencies which Portugal considers will not materialise), which is lower than the cost of liquidation under a number of different scenarios.
Portugalska ocenjuje, da stroški prodaje banki BIC znašajo od približno […] milijonov EUR do […] milijonov EUR (brez možnega učinka nekaterih prihodnjih nepredvidenih odhodkov, ki po mnenju Portugalske ne bodo realizirani) in so nižji od stroškov likvidacije, ki bi nastali v skladu z različnimi scenariji.
Furthermore, according to Portugal, the liquidity granted to BPN through the guarantee on issuance of commercial paper by BPN following the nationalisation was necessary to ensure the continued activity of the bank during the restructuring.
Poleg tega je bila po navedbah Portugalske likvidnostna pomoč, odobrena BPN v obliki poroštva za izdajo komercialnega zapisa BPN po nacionalizaciji, nujna, da bi zagotovili neprekinjeno poslovanje banke med prestrukturiranjem.
Regarding the selection of assets transferred to the SPVs, Portugal considers that it was done based on objective criteria with the aim of promoting the long-term viability of BPN and of making potential buyers interested in the reprivatisation process.
V zvezi z izbiro sredstev, prenesenih na pravne subjekte s posebnim namenom, Portugalska meni, da so bila pri tem uporabljena objektivna merila ter upoštevan cilj spodbuditi dolgoročno rentabilnost BPN in privabiti možne zainteresirane kupce k sodelovanju v postopku ponovne privatizacije.
Portugal also claims that further transfers of assets within the framework of the sale to BIC are adequate to guarantee the future viability of BPN and are limited to the minimum necessary to allow the sale.
Poleg tega je Portugalska navedla, da so dodatni prenosi sredstev v okviru prodaje banki BIC ustrezni za zagotovitev prihodnje rentabilnosti BPN in omejeni na najmanjšo potrebno raven, ki omogoča prodajo.
Portugal also claims that both the former shareholders of BPN and BPN itself have shared or will share sufficiently the costs of the restructuring process, ensuring adequate burden-sharing.
Poleg tega Portugalska meni, da so si ali si bodo nekdanji delničarji BPN in banka BPN ustrezno delili stroške postopka prestrukturiranja, kar zagotavlja primerno porazdelitev bremena.
BPN’s previous shareholders had received no compensation as a result of the nationalisation and had lost the entirety of the capital they had invested in the bank.
Nekdanji delničarji BPN niso prejeli nadomestila zaradi nacionalizacije in so izgubili celoten kapital, ki so ga vložili v banko.
However, Portugal considers that it is not appropriate to seek burden-sharing from clients who contributed subordinated debt to BPN, given the specific circumstances of the sale of those instruments […].
Vendar po mnenju Portugalske ni primerno zahtevati, da so v porazdelitev bremena vključeni komitenti, ki so prispevali k nastanku podrejenega dolga BPN, če se upoštevajo posebne okoliščine pri prodaji navedenih instrumentov […].
In some cases, the technical specifications of the products prevent BPN from refusing to pay clients interest to reimburse capital.
V nekaterih primerih BPN v skladu s tehničnimi specifikacijami produktov ne more zavrniti plačila obresti komitentom za nadomestilo kapitala.
According to Portugal, BPN’s contribution to the restructuring process is also significant as its management was replaced following the nationalisation, its commercial and risk management policies have been substantially altered and it will see its activity reduced by more than 50 %.
Po navedbah Portugalske je k postopku prestrukturiranja znatno prispevala tudi BPN, saj je bila po nacionalizaciji zamenjana njena uprava, bistveno sta bili spremenjeni njeni poslovna politika in politika obvladovanja tveganja, poleg tega pa se bo obseg njenega poslovanja zmanjšal za več kot 50 %.
Portugal concedes that the transfer of assets to the SPVs at book value took place above the assets’ real economic value and without remuneration for the State.
Portugalska priznava, da je knjigovodska vrednost, po kateri je bil izveden prenos sredstev na pravne subjekte s posebnim namenom, presegala realno ekonomsko vrednost sredstev in da država pri prenosu ni prejela plačila.
However, Portugal considers that an own contribution by BPN is ensured through its nationalisation at zero price, which was followed by a deep restructuring.
Vendar Portugalska meni, da je prispevek BPN zagotovljen z nacionalizacijo brez nadomestila vrednosti, po kateri je bilo izvedeno temeljito prestrukturiranje.
Portugal claims that any advantage that could result for BPN from the separation of assets into the SPVs would be partially recovered through the reprivatisation price for the bank, which was the highest possible.
Portugalska je navedla, da bi bila kakršna koli prednost, ki bi jo lahko BPN pridobila zaradi izločitve sredstev in njihovega prenosa na pravne subjekte s posebnim namenom, delno izravnana z najvišjo možno ceno ponovne privatizacije banke.
Portugal also considers that the state guarantee is properly remunerated.
Poleg tega Portugalska meni, da je plačilo za državno poroštvo ustrezno.
Despite the remuneration being lower (at 0,2 % per year) than is required for government guarantees [38], any potential additional income received by BPN (or any expense that does not materialise) during the restructuring process would benefit the State, which currently owns the entirety of BPN’s shares.
Čeprav je plačilo nižje (0,2 % na leto) od zahtevanega plačila za državna poroštva [38], bi bili vsi morebitni dodatni prihodki BPN (ali kakršni koli nerealizirani odhodki) med postopkom prestrukturiranja ugodni za državo, ki ima zdaj v lasti vse delnice BPN.
Concerning the capital increase in BPN undertaken on 15 February 2012, Portugal comments that it will not alter the shareholder structure of BPN and that the capital will be at least partially recovered through the sale of BPN, as it contributes to avoiding the even higher cost of liquidation.
V zvezi s povečanjem kapitala BPN, ki je bilo izvedeno 15. februarja 2012, je Portugalska dodala, da se s tem ne bo spremenila struktura delničarjev BPN in da bo kapitalski vložek vsaj delno povrnjen s prodajo BPN, saj so bili s tem preprečeni še višji stroški, ki bi nastali z likvidacijo.
Portugal also considers that the measures adopted or to be adopted by the State do not distort competition.
Poleg tega Portugalska meni, da ukrepi, ki jih je sprejela ali jih bo sprejela država, ne izkrivljajo konkurence.
Portugal points out that the combined entity will have a market share lower than 1 % ([0-1] % of market share in the banking sector, 14th in terms of credit to clients and 15th in terms of deposits).
Portugalska opozarja, da bo tržni delež združenega subjekta manjši od 1 % ([0–1]-odstotni tržni delež v bančnem sektorju, tj. 14. mesto glede posojil komitentom in 15. mesto glede vlog).
Moreover, the measures are not likely to have a negative impact on the entry of foreign banks on the domestic market, as is evident from the fact that BIC itself is held by an Angolan financial group.
Ukrepi verjetno ne bodo negativno vplivali niti na vstop tujih bank na domači trg, kar dokazuje tudi dejstvo, da je BIC v lasti angolske finančne skupine.
Portugal also considers that there is no moral hazard as the bank has been nationalised, its management has been removed, its shareholders obtained no compensation and the bank has undergone a profound restructuring.
Po mnenju Portugalske tudi ni moralnega tveganja, ker je banka nacionalizirana in njena uprava odstavljena, ker njeni delničarji niso prejeli nadomestila in je bila banka temeljito prestrukturirana.
Further, Portugal considers that a number of measures taken within the process would be adequate and sufficient to limit any distortion of competition.
Poleg tega Portugalska meni, da je veliko ukrepov, ki so bili sprejeti v postopku, ustreznih in zadostnih za omejitev kakršnega koli izkrivljanja konkurence.
BPN had a reduced presence on the market before the nationalisation (9th largest bank in Portugal with market shares between [1-5] % and [1-5] % depending on the markets), it was restructured and its presence on the market was reduced by more than 50 % and was re-centred on retail banking.
BPN je zmanjšala svojo prisotnost na trgu pred nacionalizacijo (9. največja banka na Portugalskem s tržnimi deleži od [1–5] % do [1–5] % na posameznih trgih), bila je prestrukturirana, njena prisotnost na trgu se je zmanjšala za več kot 50 % in ponovno se je usmerila zlasti v poslovanje s prebivalstvom.