natgillin/translations-raw huggingface dataset:
although HRE has been nationalised, Germany plans to reprivatise PBB, which means that Germany will receive proceeds from any subsequent reprivatisation.
čeprav je bila banka HRE nacionalizirana, namerava Nemčija ponovno privatizirati banko PBB, kar pomeni, da bo Nemčija od morebitne naknadne ponovne privatizacije prejela premoženjsko korist.
Due to the fact that the State has taken the bank into public ownership and now plans to reprivatise it, it can also be argued that the State will try to recuperate as much of its contribution as possible and that former shareholders have contributed adequately.
Ker je država vzela banko v javno last in jo namerava zdaj ponovno privatizirati, je mogoče tudi trditi, da bo država poskušala dobiti nazaj čim več svojega prispevka in da so prejšnji delničarji zagotovili ustrezen prispevek.
The Commission also observes that the doubts it raised about Germany’s and HRE’s willingness and ability to provide full ex ante transparency and disclosure of the impairments have been alleviated by the extensive data delivery from a dedicated team at the bank.
Komisija tudi ugotavlja, da so bili pomisleki glede pripravljenosti in zmožnosti Nemčije in banke HRE, da zagotovita popolno predhodno preglednost in razkritje slabitev, ublaženi zaradi obsežnih podatkov, ki jih je predložila za to zadolžena skupina na banki.
In addition, partly at the Commission’s request, HRE has had its data sets audited for consistency and quality, which facilitated the final assessment by the Commission’s experts.
Poleg tega je banka HRE, delno na zahtevo Komisije, izvedla revizijo svojih podatkovnih nizov glede doslednosti in kakovosti, ki je vplivala na končno oceno s strani strokovnjakov Komisije.
Furthermore, Germany and PBB have committed to far-reaching improvements to the risk management and reporting systems in order to alleviate the Commission’s concerns about potential gaps in management information systems in the future.
Nemčija in banka PBB sta se tudi zavezali k izvajanju obsežnih izboljšav sistemov za upravljanje tveganja in poročanje, da bi v prihodnosti ublažili pomisleke Komisije glede morebitnih vrzeli v upravljavskih informacijskih sistemih.
Compatibility with the Restructuring Communication
Skladnost s Sporočilom o prestrukturiranju
The Restructuring Communication sets out the State aid rules applicable to the restructuring of financial institutions in the current crisis.
Sporočilo o prestrukturiranju določa pravila o državni pomoči, ki veljajo za prestrukturiranje finančnih institucij v sedanji krizi.
According to the Restructuring Communication, in order to be compatible with the internal market under Article 107(3)(b) TFEU, the restructuring of a financial institution in the context of the current financial crisis must lead to the restoration of the long-term viability of the bank, include a sufficient own contribution by the beneficiary (burden sharing) and contain sufficient measures limiting the distortion of competition [28].
V skladu s Sporočilom o prestrukturiranju mora prestrukturiranje finančne institucije, da bi bilo združljivo z notranjim trgom v skladu s členom 107(3)(b) PDEU, v obdobju sedanje finančne krize voditi k ponovni vzpostavitvi dolgoročno uspešnega poslovanja banke, vključevati ustrezen lasten prispevek upravičenke (porazdelitev bremena) in vsebovati ustrezne ukrepe za omejevanje izkrivljanja konkurence [28].
The amount of capital injections already granted, the amount of capital injection still envisaged and the amount of State aid resulting from the asset transfer together represent more than 20 % of HRE’s pre-crisis risk weighted assets.
Znesek kapitalskih injekcij, ki so že bile odobrene, znesek kapitalskih injekcij, ki so še načrtovane, in znesek državne pomoči na podlagi prenosa sredstev predstavljajo skupaj več kot 20 % tehtane aktive banke HRE pred krizo.
Restoration of the long-term viability of PBB
Ponovna vzpostavitev dolgoročno uspešnega poslovanja banke PBB
In line with section 2 of the Restructuring Communication, Germany submitted a comprehensive and detailed restructuring plan which identifies the causes of the financial difficulties faced by HRE and provides detailed information about the business model.
V skladu z oddelkom 2 Sporočila o prestrukturiranju je Nemčija predložila celovit in podroben načrt prestrukturiranja, ki opredeljuje vzroke za finančne težave, s katerimi se je soočala banka HRE, in zagotavlja podrobne informacije o poslovnem modelu.
Causes of the difficulties experienced by HRE
Vzroki za težave, s katerimi se je soočala banka HRE
The restructuring plan and the complementary information provided by Germany show that HRE’s difficulties were mainly attributable to:
Načrt prestrukturiranja in dodatne informacije, ki jih je predložila Nemčija, kažejo, da je do težav banke HRE prišlo predvsem zaradi:
the status of HRE, and in particular its subsidiary DEPFA Bank plc, as a purely wholesale financed bank without franchise funding, so that it was highly dependent on an intact interbank money market, which temporarily came to a complete standstill after the collapse of Lehman Brothers;
statusa banke HRE in zlasti njene podružnice DEPFA Bank plc, ki je bila odvisna samo od financiranja podjetij brez financiranja franšiz in tako močno odvisna od medbančnega denarnega trga, ki pa je po zlomu banke Lehman Brothers začasno popolnoma prenehal delovati;
a legacy problem stemming from assets that do not show an appropriate return on investment if their actual risk profile is taken into account; and
predhodnih težav zaradi sredstev, ki ob upoštevanju njihovega dejanskega profila tveganja niso prinesla ustrezne donosnosti naložbe, in
the fact that HRE was the product of a merger of several smaller banks with different IT applications that were not integrated into a comprehensive, coordinated risk management system.
dejstva, da je bila banka HRE ustanovljena z združitvijo več manjših bank z različnimi aplikacijami informacijskega sistema, ki niso bile integrirane v celovit, usklajen sistem za upravljanje tveganja.
Business model
Poslovni model
As set out above, the restructuring and the planned measures, which relate primarily to the funding of the bank and internal control systems, are intended to ensure that the liquidity problems that put the bank on the brink of insolvency cannot be repeated.
Kot je bilo navedeno, je namen prestrukturiranja in načrtovanih ukrepov, ki so povezani predvsem s financiranjem banke in sistemov notranjega nadzora, zagotoviti, da se likvidnostne težave, zaradi katerih bi morala banka v stečaj, ne ponovijo.
The restructuring plan addresses the main concerns very specifically by focusing on a more stable, Pfandbrief-based funding concept, by considerably reducing the previous dependence on the interbank money market, by improving and integrating its IT systems and by reducing the geographical scope, the branch network and the absolute size of the business.
Načrt prestrukturiranja zelo podrobno obravnava glavna vprašanja, pri čemer se osredotoča na bolj stabilen koncept financiranja, ki temelji na hipotekarnih obveznicah, in bistveno zmanjšuje prejšnjo odvisnost od medbančnega denarnega trga z izboljšanjem in integriranjem njenih sistemov informacijske tehnologije ter zmanjšanjem geografskega obsega, mreže podružnic in absolutnega obsega poslovanja.
Terminating other activities and treating them as a run-down portfolio on the PBB balance sheet is the logical complement to that concept.
Prekinitev drugih dejavnosti in obravnavanje teh dejavnosti kot izčrpan portfelj v bilanci stanja banke PBB je logična dopolnitev tega koncepta.
Consequently, the two remaining business lines of PBB will only target assets which are eligible for German covered bonds, either in the form of mortgage bonds (‘Hypothekenpfandbriefe’) or that of public sector bonds (‘öffentliche Pfandbriefe’).
Zato bosta preostali dve poslovni liniji banke PBB namenjeni samo sredstvom, ki so upravičena do nemških kritih obveznic v obliki nemških hipotekarnih obveznic („Hypothekenpfandbriefe“) ali v obliki nemških obveznic javnega sektorja („öffentliche Pfandbriefe“).
The argument that a more conservative commercial strategy of that kind should lead to a qualitative improvement of the lending activities is credible, in particular in the light of the specific requirements of the German Pfandbrief Act regarding the management, monitoring and control of risks, and its protective measures such as limits to the loan-to-value ratio.
Trditev, da bi morala bolj konzervativna komercialna strategija te vrste prinesti izboljšanje kakovosti dejavnosti na področju posojil, je verodostojna, zlasti ob upoštevanju posebnih zahtev nemškega zakona o hipotekarnih obveznicah glede upravljanja, spremljanja in nadzorovanja tveganj ter njegovih zaščitnih ukrepov, kot so omejitve razmerja med zneskom posojila in vrednostjo.
In recital 92 of the extension decision of 24 September 2010 (cf. recital 15 of this Decision) the Commission expressed doubts that the bank could achieve sufficient margins with its future business activities, in particular those in the public finance sector, which is characterised by low margins.
V uvodni izjavi 92 odločitve o podaljšanju z dne 24. septembra 2010 (glej uvodno izjavo 15 tega sklepa) je Komisija izrazila pomisleke glede tega, da bi lahko banka s svojimi prihodnjimi poslovnimi dejavnostmi, zlasti z dejavnostmi financiranja javnega sektorja, za katerega so značilne nizke marže, dosegla ustrezne marže.
Some of HRE’s former public sector finance activities, namely the PIF activities, are to be continued.
Nekatere od nekdanjih dejavnosti banke HRE na področju financiranja javnega sektorja, namreč dejavnosti financiranja javnih naložb, se bodo nadaljevale.
However, the PIF activities will only involve financing for products linked to investments by public-sector customers.
Vendar bodo dejavnosti financiranja javnih naložb obsegale samo financiranje proizvodov, povezanih z naložbami strank javnega sektorja.
Hence they can be distinguished from budget finance activities, i.e. uncommitted financing of public authorities, which are characterised by particularly low margins.
Zato se jih lahko razlikuje od dejavnosti financiranja proračuna, tj. nezavezujočega financiranja javnih organov, za katero so značilne precej nizke marže.
In the adjusted business model low-margin budget finance activities are terminated (they are equivalent to approximately 75 % of the former public sector finance activities) and the resulting portfolio is put in run-down mode on the PBB balance sheet, so that those concerns of the Commission are alleviated.
V prilagojenem poslovnem modelu so dejavnosti financiranja proračuna z nizkimi maržami ukinjene (enake so približno 75 % prejšnjih dejavnosti financiranja javnega sektorja), nastali portfelj pa je v bilanco stanja zaveden kot izčrpana postavka, tako da so ti pomisleki Komisije ublaženi.
Moreover, the commitment from Germany to ensure that PBB in its strategic new business will not contract new loans which have a RAROC of less than 10 % on a single transaction basis helps to alleviate those concerns.
Poleg tega zaveza Nemčije, da bo zagotovila, da banka PBB pri izvajanju svojih novih strateških dejavnosti ne bo sklepala novih posojil, ki imajo RAROC nižji od 10 % na podlagi vsake transakcije, pomaga pri blaženju teh pomislekov.
The Commission also notes that keeping PIF as a second business line of PBB will mitigate concerns of market players and rating agencies about the lack of diversification on the part of banks which restrict their activities to a single business line (known as ‘monoline banks’) and are therefore overly dependent on a single business area.
Komisija tudi ugotavlja, da bo ohranitev financiranja javnih naložb kot druge poslovne linije banke PBB ublažila pomisleke tržnih akterjev in bonitetnih agencij glede pomanjkanja diverzifikacije bank, ki svoje dejavnosti omejujejo na eno samo poslovno linijo (znanih kot „enopanožne banke“) in so zato preveč odvisne od enega samega poslovnega področja.
Having two business lines, with potentially different business cycles, should enable PBB to secure more stable and predictable revenues and to achieve the required visibility among institutional investors.
Dve poslovni liniji s potencialno različnimi poslovnimi cikli bi morali banki PBB omogočiti, da zagotovi bolj stabilne in predvidljive prihodke ter doseže potrebno prepoznavnost med institucionalnimi vlagatelji.
The restructuring concept will result in a clearer organisational structure, as fringe activities such as capital markets and asset management activities are terminated and the branch network is considerably reduced.
Koncept prestrukturiranja bo zagotovil jasnejšo organizacijsko strukturo, saj so dodatne dejavnosti, kot so kapitalski trgi in dejavnosti upravljanja s sredstvi, ukinjene, mreža podružnic pa precej manjša.
A substantial number of sales offices have already been closed; according to the more detailed and regional business model, four of those sales offices (Berlin, Hamburg, the Rhine/Ruhr area and Stockholm) will be re-opened.
Večje število prodajnih mest je bilo že zaprtih; v skladu s podrobnejšim in regionalnim poslovnim modelom bodo štiri od teh prodajnih mest (Berlin, Hamburg, območje Rena/Porurja in Stockholm) ponovno odprta.
The restructuring plan ensures that PBB will not unduly increase its presence on the markets.
Načrt prestrukturiranja zagotavlja, da banka PBB ne bo neupravičeno povečala svoje prisotnosti na trgu.
New lending is capped for both business lines.
Nove dejavnosti na področju posojil so omejene za obe poslovni liniji.
On its respective core markets PBB targets market shares of 1 % to 2 % with its PIF activities and 2 % to 6 % with its REF activities.
Banka PBB želi na svojih zadevnih temeljnih trgih doseči tržni delež v višini 1–2 % z dejavnostmi financiranja javnih naložb in 2–6 % z dejavnostmi financiranja nepremičnin.
The Commission notes that the bank has started to address the weaknesses of its IT system, which was initially rather heterogeneous and seriously deficient, in particular with regard to risk-management functionality and applications.
Komisija ugotavlja, da je banka začela z odpravljanjem pomanjkljivosti svojega sistema informacijske tehnologije, ki je bil prvotno precej heterogen in resno pomanjkljiv, zlasti glede funkcionalnosti in aplikacij upravljanja s tveganjem.
In 2009 HRE set up a multi-year, group-wide project called ‘New Evolution’ with a budget of approximately EUR 180 million to transform the IT landscape.
Banka HRE je leta 2009 vzpostavila večletni projekt na ravni celotne skupine, imenovan „Nov razvoj“ s proračunom približno 180 milijonov EUR, ki je bil namenjen preoblikovanju vseh informacijskih tehnologij.
The project will roll out various system improvements in six successive releases.
Projekt bo postopno uvedel različne izboljšave v šestih zaporednih različicah.
The scope of the project covers, inter alia, operational improvements such as the consolidation of credit management systems, risk management related improvements of the IT system with respect to credit, market and liquidity risks, standardisation of front office systems, and improvements to the accuracy, detail and quality of information and data.
Področje delovanja projekta med drugim zajema izboljšave poslovanja, kot so konsolidacija sistemov za upravljanje kreditov, izboljšave sistema informacijske tehnologije, povezane z upravljanjem tveganja, na področju kreditnega, tržnega in likvidnostnega tveganja, standardizacija čelnih sistemov ter izboljšanje natančnosti, podrobnosti in kakovosti informacij in podatkov.
The information provided on the content and progress of the IT transformation process suggests that the initial problems have been adequately addressed and can be resolved to the required extent during PBB’s restructuring period.
Informacije o vsebini in napredku postopka preoblikovanja informacijske tehnologije kažejo, da so bile prvotne težave ustrezno obravnavane in se lahko med obdobjem prestrukturiranja banke PBB ustrezno rešijo.
It is the Commission’s view that the future IT system will be a functional, efficient platform for timely and prudent risk management which is appropriate to the business processes.
Komisija meni, da bo prihodnji sistem informacijske tehnologije funkcionalna, učinkovita platforma za pravočasno in preudarno upravljanje tveganja, ki je primerno za poslovne procese.
Its full implementation is therefore crucial.
Njegova popolna uvedba je zato bistvenega pomena.
Liquidity, solvency and profitability of PBB [29] are taken as the main indicators of the viability of the bank, assessed under both a base case and a stress case scenario [30].
Likvidnost, solventnost in dobičkonosnost banke PBB [29] se upoštevajo kot glavni kazalniki uspešnega poslovanja banke, ocenjeni v okviru osnovnega in izrednega scenarija [30].
According to the restructuring plan, PBB will no longer benefit from State guarantees on its refinancing.
V skladu z načrtom prestrukturiranja banka PBB pri svojem refinanciranju ne bo imela več koristi od državnih jamstev.
PBB nevertheless remains a wholesale funded institution without franchise funding.
Kljub temu banka PBB ostaja odvisna samo od financiranja podjetij brez financiranja franšiz.
That situation is mitigated by PBB’s strategy to significantly reduce the amount of unsecured funding required and instead to issue covered bonds, considered to be a more stable source of funding.
Ta položaj blaži strategija banke PBB, ki bo precej zmanjšala znesek potrebnega nezavarovanega financiranja, namesto tega pa izdala krite obveznice, ki se štejejo za bolj stabilen vir financiranja.
As an acute liquidity shortage was one of the main causes of HRE’s problems that ultimately led to the need for State support, the restructuring plan provides for an adequate cash and liquidity reserve, taking into account effects that might result from Basel III requirements.
Ker je bilo akutno zmanjšanje likvidnosti eden od glavnih vzrokov za težave banke HRE, ki so sčasoma privedle do potrebe po državni pomoči, načrt prestrukturiranja zagotavlja ustrezno denarno in likvidnostno rezervo ob upoštevanju morebitnih učinkov, ki bi se lahko pojavili zaradi zahtev okvira Basel III.
That reserve is greatest at the beginning of the restructuring period and will gradually decrease over time.
Ta rezerva je največja na začetku obdobja prestrukturiranja, nato pa se postopno zmanjšuje.
With a core capital ratio (calculated on the Basel II internal ratings-based approach) projected at 12,9 % at the end of 2011 in the base case scenario or 10,5 % in the stress test scenario, PBB is sufficiently capitalised and will meet minimum capital requirements over the restructuring period.
Z deležem kapitala prvega reda (izračunanega na podlagi pristopa okvira Basel II, ki temelji na notranjih bonitetnih ocenah), ki je konec leta 2011 predviden v višini 12,9 % v osnovnem scenariju oziroma 10,5 % v izrednem scenariju, je banka PBB dovolj kapitalizirana in bo v obdobju prestrukturiranja dosegla minimalne kapitalske zahteve.
According to the assumptions used in the restructuring plan, the core capital ratio at the end of 2015 will be 12,4 % in the base case scenario or 11,3 % in the stress case scenario.
V skladu s predvidevanji iz načrta prestrukturiranja bo delež kapitala prvega reda konec leta 2015 znašal 12,4 % v osnovnem scenariju oziroma 11,3 % v izrednem scenariju.
However, the decline in the core capital ratio in the base case scenario is due mainly to the projected increase in risk-weighted assets resulting from the planned growth and not to losses (in the base case scenario, PBB shows a positive result after tax between 2011 and 2015; only in the stress case scenario would PBB show a loss after tax in 2011 and 2012).
Vendar je zmanjšanje deleža kapitala osnovnega reda v osnovnem scenariju predvsem posledica napovedanega povečanja tveganju prilagojene aktive zaradi načrtovane rasti in ne zaradi izgub (v osnovnem scenariju banka PBB kaže pozitiven rezultat po odbitku davka med letoma 2011 in 2015; samo v izrednem scenariju banka PBB po odbitku davka ne bi dosegla praga dobička v letih 2011 in 2012).
The profitability of PBB is expected to improve over the restructuring period.
Donosnost banke PBB naj bi se v obdobju prestrukturiranja izboljšala.
The targeted profitability in the base case can hence be considered satisfactory for a bank pursuing the business targeted in the restructuring plan, both from a viability point of view and in the light of the planned reprivatisation of PBB.
Načrtovana donosnost v osnovnem scenariju se lahko zato šteje za zadovoljivo za banko, ki si prizadeva za uresničenje dejavnosti, načrtovanih v načrtu prestrukturiranja, tako z vidika uspešnega poslovanja kot ob upoštevanju načrtovane ponovne privatizacije banke PBB.
According to Germany, for PBB profits after tax will be offset by losses from previous years.
Po navedbah Nemčije se bo za banko PBB neto dobiček po odbitku davka kompenziral z izgubami iz prejšnjih let.
In view of the losses carried forward, this means that PBB will record balance sheet losses (‘Bilanzverluste’) until 201[…] but will not do so in 201[…], in the context of the redemption of the silent participation.
Glede na izgube, prenesene naprej, to pomeni, da bo banka PBB beležila bilančne izgube („Bilanzverluste“) do leta 201[…], vendar do tega, v okviru odkupa tihe udeležbe, ne bo prišlo leta 201[…].
Table 1: PBB profit and loss forecast, International Financial Reporting Standards (IFRS) (base case scenario), according to the restructuring plan
Preglednica 1: Napoved dobička in izgub banke PBB, mednarodni standard računovodskega poročanja (osnovni scenarij), v skladu z načrtom prestrukturiranja
Net interest income and similar earnings
Čisti prihodki od obresti in podoben dobiček
EUR million
v mio. EUR
Net commission income
Čisti prihodki od opravnin (provizij)
Loan loss provisions
Sredstva za izgube pri posojilih
Administrative expenses
Upravni odhodki
Balance of other income/expenses
Bilanca drugih prihodkov/odhodkov
Pre-tax profit/loss
Poslovni izid pred davkom
Profit/loss after taxes
Poslovni izid po davkih
Assessing PBB’s main profitability drivers, two sources of profitability can be identified: first, PBB’s revenues stemming from its commercial activities will increase and, second, operating costs will decrease.
Pri ocenjevanju glavnih gonil donosnosti banke PBB je mogoče opredeliti dva vira donosnosti: prvič, prihodki banke PBB iz njenih komercialnih dejavnosti se bodo povečali, in drugič, stroški poslovanja se bodo zmanjšali.
As regards the increase of revenues, the restructuring plan assumes that the average margin on loans can be improved, in particular by underwriting new and more profitable business.
Glede povečanja prihodkov načrt prestrukturiranja predvideva, da se lahko povprečna marža za posojila izboljša, zlasti s prevzemom novih in bolj donosnih dejavnosti.
With regard to the REF business line, net margins calculated for the current portfolios are assumed to improve from [85–100] bps (basis points) to [105–120] bps in 2011, [105–110] bps in 2012 and [95-100] bps thereafter.
Glede poslovne linije financiranja nepremičnin se za čiste marže, izračunane na podlagi sedanjih portfeljev predvideva, da se bodo v letu 2011 izboljšale s [85–100] bazičnih točk na [105–120] bazičnih točk, v letu 2012 na [105–110] bazičnih točk in kasneje na [95–100] bazičnih točk.
The PIF business line will generate a net margin of [27-35] bps during the whole restructuring period, which is a considerable improvement on the net margin of [6–12] bps calculated for the existing portfolio of public sector finance activities [31].
Poslovna linija financiranja javnih nepremičnin bo v celotnem obdobju prestrukturiranja ustvarila neto maržo [27–35] bazičnih točk, kar je precejšnje izboljšanje neto marže v višini [6–12] bazičnih točk, izračunane za obstoječi portfelj dejavnosti financiranja javnega sektorja [31].
That improvement is largely due to the fact that budget finance activities, which are characterised by particularly low margins, will no longer be pursued.
Do tega izboljšanja bo prišlo predvsem zato, ker se dejavnosti financiranja proračuna, za katere so značilne zelo nizke marže, ne bodo več izvajale.