natgillin/translations-raw huggingface dataset:
The resulting picture is that of a bank which by the end of the restructuring period will be adequately capitalised, with a lower proportion of its operations focused on highly cyclical segments and a stabilised, albeit still challenging, funding position, but with monitoring tools (the net stable funding ratio and USD funding proportion) that should help maintain the focus on continual improvement in the medium term.
Ob koncu obdobja prestrukturiranja bo tako banka ustrezno kapitalizirana, pri čemer bo manjši del njenega poslovanja osredotočen na zelo ciklične segmente in stabilno stanje sredstev, ki pa bo še vedno predstavljalo izziv, vendar pa bo imela tudi orodja za spremljanje (količnik neto stabilnih virov financiranja in delež financiranja v USD), ki bi ji morala pomagati pri tem, da srednjeročno ostane osredotočena na stalno izboljševanje.
On that basis, HSH should now have the capital base and the funding position necessary to be able to withstand an economic downturn without recourse to state aid.
Tako bi morala banka HSH imeti kapitalsko osnovo in stanje sredstev, ki ju potrebuje, da vzdrži gospodarsko recesijo, ne da bi se pri tem zatekla k državni pomoči.
Regarding the overall profitability of HSH, the modified restructuring plan shows that HSH’s return on equity during the restructuring period reaches [5-10] % in 2014 [77].
Glede splošne donosnosti banke HSH spremenjeni načrt prestrukturiranja kaže, da bo banka HSH med obdobjem prestrukturiranja v letu 2014 dosegla kapitalski donos v višini [5–10] % [77].
That figure is low in absolute terms, but should be more stable as a result of HSH’s significantly lower risk profile.
V absolutnem smislu je ta številka nizka, vendar bi morala biti zaradi precej manjšega profila tveganja banke HSH stabilnejša.
It should therefore be viewed as much improved compared to the levels observed in the 10 years preceding the crisis.
Zato jo je treba v primerjavi s stopnjami v desetih letih pred krizo šteti za precej izboljšano.
Own contribution and burden sharing by minority shareholders
Lastni prispevek in porazdelitev bremena s strani manjšinskih delničarjev
The Restructuring Communication indicates that, in order to limit the distortions of competition and to prevent moral hazard, (a) restructuring costs and (b) the aid amount should be limited, and there should be a significant own contribution.
Sporočilo o prestrukturiranju navaja, da morajo biti za omejitev izkrivljanj konkurence in preprečevanje moralnega tveganja (a) stroški prestrukturiranja in (b) znesek pomoči omejeni, zagotovljen pa mora biti tudi znaten lastni prispevek.
The Restructuring Communication states further that, in order to keep the aid limited to a minimum banks should first use their own resources to finance the restructuring.
Sporočilo o prestrukturiranju nadalje navaja, da mora biti pomoč omejena na najnižjo potrebno, zato mora banka za financiranje prestrukturiranja najprej uporabiti lastna sredstva.
The costs associated with the restructuring should not be borne only by the State but also by those who invested in the institution.
Stroškov, povezanih s prestrukturiranjem, ne sme nositi samo država, ampak tudi tisti, ki so v ustanovo vlagali.
These include shareholders and subordinated bondholders.
Mednje sodijo delničarji in podrejeni imetniki obveznic.
Own contribution, burden sharing and aid limited to the minimum
Lastni prispevek, porazdelitev bremena in pomoč, omejena na najnižjo potrebno
In recital 65 of the Decision initiating the procedure, the Commission noted that the volume of the divestments that were to serve as the institution’s own contribution was vague.
V odstavku 65 sklepa o začetku postopka je Komisija ugotovila, da ni jasno, kolikšen je obseg odprodaje, ki naj bi služil kot lastni prispevek ustanove.
Germany has given a commitment that HSH will sell [100-120] subsidiaries by the end of the restructuring period.
Nemčija se je zavezala, da bo banka HSH do konca obdobja prestrukturiranja prodala [100–120] hčerinskih družb.
Besides, HSH has already sold [30-40] of those [100-120] subsidiaries and expects to have completed all sales by […] at the latest.
Sicer pa je banka HSH od teh [100–120] hčerinskih družb že prodala [30–40] družb in pričakuje, da bo s prodajo zaključila najkasneje do 31. decembra 2013.
The revenues and profits generated will be used to cover restructuring costs.
Ustvarjene prihodke in dobiček bo porabila za kritje stroškov prestrukturiranja.
The financial participations to be sold are listed in Annex III and include, among others, HSH Real Estate AG, […], DekaBank and […], which are HSH’s largest subsidiaries.
Finančne udeležbe, ki jih bo prodala, so navedene v Prilogi III in med drugim vključujejo HSH Real Estate AG, […], DekaBank in […], ki so največje hčerinske družbe banke HSH.
Further, Germany has given a commitment that HSH will not engage in any acquisition until 31 December 2014.
Poleg tega se je Nemčija zavezala, da banka HSH do 31. decembra 2014 ne bo izvajala nobenih prevzemov.
The Commission considers that the own contribution measures set out in recitals 239 and 240 do not ensure that in HSH’s current financial circumstances it is providing the maximum contribution of its own to the costs of the restructuring.
Komisija meni, da ukrepi v zvezi z lastnim prispevkom iz uvodnih izjav (239) in (240) ne zagotavljajo, da banka HSH v trenutnem finančnem položaju k stroškom prestrukturiranja prispeva največji možni lastni prispevek.
In particular, the Commission considers that, in line with point 26 of the Restructuring Communication, in a restructuring context the discretionary offset of losses by beneficiary banks (for example by releasing reserves or reducing equity) in order to guarantee the payment of dividends and coupons on outstanding subordinated debt, is in principle not compatible with the objective of limiting the aid amount to the minimum.
Komisija zlasti meni, da v skladu s točko 26 Sporočila o prestrukturiranju diskrecijska izravnava izgub s strani bank upravičenk (npr. s sprostitvijo rezerv ali zmanjšanjem lastniškega kapitala), da bi zagotovile izplačilo dividend in kuponov na neodplačani podrejeni dolg, v okviru prestrukturiranja načeloma ni združljiva s ciljem omejitve zneska pomoči na najmanjšega potrebnega.
In particular financial instruments with equity components should participate in losses incurred.
Pri nastalih izgubah bi morali sodelovati zlasti finančni instrumenti z elementom lastniškega kapitala.
As Germany refuses to propose additional own contribution 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 v zvezi z lastnim prispevkom, ukrepa pomoči ni mogoče razglasiti za združljivega na podlagi člena 7(3) Uredbe (ES) št. 659/1999.
Such measures can, however, be imposed by attaching conditions to the Decision.
Taki ukrepi pa so lahko uvedeni s priložitvijo pogojev k sklepu.
Thus, during the restructuring phase, the Commission should impose the condition that HSH must not make any payments in respect of profit-related equity instruments (such as hybrid financial instruments and profit participation certificates), in so far as those payments are not owed on the basis of a contract or the law.
Zato bi morala Komisija med fazo prestrukturiranja postaviti pogoj, da banka HSH ne sme opravljati nobenih izplačil na kapitalske instrumente, povezane z dobičkom (kot so hibridni finančni instrumenti in potrdila o udeležbi pri dobičku), če teh izplačil ne dolguje na podlagi pogodbe ali zakonodaje.
As part of such a dividend ban the Commission also considers that if HSH’s balance sheet, without the adjustment of reserves and retained earnings, shows a loss, those instruments must participate in the loss.
V okviru prepovedi izplačila dividend Komisija tudi meni, da morajo v primeru, če bilanca stanja HSH brez sprostitve rezerv in zadržanega čistega dobička pokaže izgubo, ti instrumenti sodelovati v izgubi.
There should be no participation in losses brought forward from previous years.
Pri tem ne sme biti sodelovanja v izgubah, prenesenih iz prejšnjih let.
In order to ensure that the owners of HSH participate to the maximum extent in the reconstitution of an adequate capital basis over the restructuring period (see recitals 229 to 231 above), the Commission would also consider any dividend payment over the restructuring period to be against the principles of keeping state aid to the minimum necessary.
Da bi zagotovila, da lastniki banke HSH v obdobju prestrukturiranja v največji možni meri sodelujejo pri vzpostavljanju ustrezne kapitalske osnove (glej uvodne izjave (229) do (231)), je po mnenju Komisije kakršno koli izplačilo dividend v obdobju prestrukturiranja v nasprotju z načelom omejevanja državne pomoči na najmanjšo potrebno.
Therefore the Commission takes the view that HSH should not pay dividends in the period up to and including the 2014 financial year.
Zato Komisija meni, da banka HSH v tem obdobju in vključno s finančnim letom 2014 ne bi smela izplačati nobenih dividend.
Burden sharing by minority shareholders
Porazdelitev bremena s strani manjšinskih delničarjev
In the Decision initiating the procedure (recitals 66 to 72), the Commission took the preliminary view that the minority shareholders who had not participated in the recapitalisation of HSH in May 2009 had not seen their stakes sufficiently diluted.
V sklepu o začetku postopka (odstavki 66 do 72) je Komisija predhodno menila, da se manjšinskim delničarjem, ki maja 2009 niso sodelovali v dokapitalizaciji banke HSH, deleži niso dovolj zmanjšali.
The original restructuring plan did not include burden sharing sufficient to allow the aid to HSH to be considered compatible.
Prvotni načrt prestrukturiranja ni vseboval porazdelitve bremena, ki bi omogočila, da se pomoč banki HSH šteje za združljivo.
Further, the Commission questioned whether the minority shareholders themselves might have benefited from the state aid by maintaining excessively high shareholdings in HSH.
Nadalje se je Komisija spraševala, ali so imeli sami manjšinski delničarji z ohranjanjem previsokih deležev v banki HSH morda korist od državne pomoči.
The Commission concluded that the measure might include potential indirect aid to the minority shareholders, which might be unlawful if mechanisms to achieve adequate burden sharing were not put in place (recital 73).
Komisija je sklenila, da je ukrep morda vseboval morebitno posredno pomoč manjšinskim delničarjem, ki bi lahko bila nezakonita, če ob tem niso bili vzpostavljeni mehanizmi za ustrezno porazdelitev bremena (odstavek 73).
The Commission responses to comments by Germany and third parties
Odgovori Komisije na pripombe Nemčije in tretjih strani
The savings banks associations have asserted that the Commission has not investigated secondary indirect aid effects in any previous recapitalisation case (see recital 129); the Commission points out that it has in fact investigated indirect aid in a great variety of aid measures in a number of decisions [78].
Združenji hranilnic sta trdili, da Komisija ni preučila sekundarnih učinkov posredne pomoči v nobeni drugi zadevi v zvezi z dokapitalizacijo (glej uvodno izjavo (129)); Komisija poudarja, da je posredno pomoč dejansko preučevala pri različnih ukrepih v številnih zadevah [78].
The Commission recalls that according to settled case-law, Article 107(1) TFEU does not distinguish between measures of state intervention by reference to their causes or aims but defines them in relation to their effects [79].
Komisija opozarja, da člen 107(1) PDEU v skladu z uveljavljeno sodno prakso med ukrepi ne razlikuje na podlagi razlogov ali ciljev državnih ukrepov, ampak jih opredeljuje glede na njihov učinek [79].
The origin of the advantage indirectly conferred on the minority shareholders was the renunciation by the public-sector owners of that additional shareholding in HSH which they would have received if the price of the new shares had been determined correctly.
Ugodnost, posredno dana manjšinskim delničarjem, je posledica dejstva, da sta se lastnika v javnem sektorju odpovedala dodatnemu deležu v banki HSH, ki bi ga običajno prejela, če bi bila cena novih delnic določena pravilno.
There is a causal link between the aid granted through state resources to HSH and the advantage to the minority shareholders.
Obstaja vzročna povezava med pomočjo, ki je bila banki HSH dodeljena iz državnih sredstev, in ugodnostjo za manjšinske delničarje.
The Commission also disagrees with the statement that the advantage to the minority shareholders is not imputable to the State because the decision about the recapitalisation, including the number of shares and the share price, was taken by the shareholders’ meeting (see recital 128).
Komisija se ne strinja tudi s trditvijo, da ugodnosti za manjšinske delničarje ni mogoče pripisati državi, ker se je o dokapitalizaciji, vključno s številom delnic in ceno delnic, odločalo na skupščini delničarjev (glej uvodno izjavo (128)).
At that meeting the public-sector owners were present as shareholders, and acted in their function as public bodies [80].
Na tej skupščini sta bila lastnika v javnem sektorju prisotna kot delničarja in sta delovala v svoji funkciji kot javna organa [80].
There was a political discussion on the future of HSH at that time.
Takrat je potekala politična razprava o prihodnosti banke HSH.
The main comments from Germany and the minority shareholders revolve around the arguments that a lesser dilution is not aid and that in any case dilution is simply the result of the parameters chosen for the capital increase, namely the number of shares and the price of those shares.
Glavne pripombe Nemčije in manjšinskih delničarjev temeljijo na trditvah, da manjše zmanjšanje ni pomoč in da je v vsakem primeru zmanjšanje samo rezultat parametrov, izbranih za povečanje kapitala, tj. števila delnic in cene teh delnic.
Further, regarding such parameters, Germany and the minority shareholders have pointed to the fact that the valuation was conducted by PwC, a respected company, in line with recognised valuation standards.
Nadalje so Nemčija in manjšinski delničarji glede teh parametrov poudarili dejstvo, da je vrednotenje izvedlo ugledno podjetje PwC v skladu z uveljavljenimi standardi vrednotenja.
The valuation was based on the assumption that HSH would return to A rating in 2013, which it was claimed was a reasonable premise.
Vrednotenje je temeljilo na predpostavki, da bo banka HSH v letu 2013 ponovno pridobila oceno A, kar naj bi bila po trditvah razumna napoved.
The savings bank associations and Flowers agree with Germany as to that assessment.
Združenji hranilnic in investicijska družba Flowers se glede te ocene strinjajo z Nemčijo.
They claim that the issue price of the new shares was in fact too low.
Trdijo, da je bila cena na novo izdanih delnic pravzaprav prenizka.
The Commission does not question that PwC is a respected company and that it conducted the valuation of HSH in line with recognised valuation standards.
Komisija ne dvomi, da je PwC ugledno podjetje in da je vrednotenje izvedlo v skladu z uveljavljenimi standardi vrednotenja.
However, it maintains that the valuation of HSH did not take into account several aspects which, had they been considered, would have led to a lower value of HSH.
Vendar pa vztraja, da pri vrednotenju banke HSH niso bili upoštevani številni vidiki, ki bi, če bi bili upoštevani, vplivali na nižjo vrednost banke HSH.
The PwC valuation report (‘the Valuation Report’) was delivered on 15 May 2009 [81].
Poročilo podjetja PwC o vrednotenju (v nadaljnjem besedilu: poročilo o vrednotenju) je bilo predloženo 15. maja 2009 [81].
On 30 April 2009 Germany notified the State aid measures for HSH to the Commission because HSH was at risk of not being able to meet regulatory capital requirements.
Nemčija je 30. aprila 2009 Komisiji priglasila ukrepe državne pomoči za banko HSH, ker je obstajalo tveganje, da banka HSH ne bo mogla izpolniti predpisanih kapitalskih zahtev.
At that point in time it was apparent that HSH would have to undergo substantial restructuring and that it would have to offer compensatory measures for competition distortions that the aid measures might cause.
Takrat je bilo jasno, da bo morala banka HSH izvesti obsežno prestrukturiranje in da bo morala nuditi izravnalne ukrepe za izkrivljanje konkurence, ki so jo morda povzročili ukrepi pomoči.
The PwC valuation was conducted on the basis of a business plan that did not take all those aspects into account.
Vrednotenje s strani podjetja PwC je bilo izvedeno na podlagi poslovnega načrta, v katerem niso bili upoštevani vsi ti vidiki.
Furthermore, the valuation was conducted under the assumption that HSH would return to an A rating in 2013. PwC explicitly mentioned in the Valuation Report that on 6 May 2009 S&P downgraded HSH from A to BBB + with negative outlook [83], and that the downgrade was not reflected in the funding planning on which the valuation was based and consequently was not taken into account in the calculation of the indicative value of HSH.
Poleg tega je bilo vrednotenje izvedeno ob predpostavki, da bo banka HSH v letu 2013 ponovno pridobila oceno A. Podjetje PwC je v poročilu o vrednotenju izrecno navedlo, da je bonitetna agencija S&P banki HSH 6. maja 2009 znižala oceno z A na BBB + z negativnim obetom [83] in da to znižanje ocene ni bilo zajeto pri načrtovanju financiranja, posledično pa tudi ne pri izračunu okvirne vrednosti banke HSH.
In addition, PwC observed that, in view of the upcoming state aid investigation, it could be expected that in order to ensure the compatibility of the aid measures, requirements would be imposed which would have a considerable impact on HSH’s business plan.
Poleg tega je podjetje PwC ugotovilo, da se zaradi skorajšnje preiskave državne pomoči lahko pričakuje, da bodo zaradi zagotavljanja združljivosti ukrepov pomoči postavljene zahteve, ki bodo imele precejšen učinek na poslovni načrt banke HSH.
PwC also noted that the general economic conditions in the sectors relevant for HSH (shipping, aviation) and restrictions on the capital market (funding) made it difficult to predict future developments.
Podjetje PwC je tudi ugotovilo, da je zaradi splošnega gospodarskega položaja v sektorjih, ki so pomembni za banko HSH (ladijski prevoz, letalstvo), in omejitev na kapitalskih trgih (financiranje) težko napovedati prihodnji razvoj dogodkov.
Finally, it should be mentioned that the valuation was conducted under the assumption that the risk shield would be implemented.
Nazadnje je treba omeniti, da je bilo vrednotenje izvedeno ob predpostavki, da bo vzpostavljena zaščita pred tveganjem.
Without the risk shield the RWA relief would not have taken place, and the scale of the necessary recapitalisation would have had to have been increased and the rating assumptions reviewed.
Brez zaščite pred tveganjem ne bi bilo razbremenitve tveganju prilagojenih sredstev in obseg potrebne dokapitalizacije bi bilo treba povečati, predpostavke glede ocene pa popraviti.
PwC also calculated the value of HSH for the scenario in which the risk shield was not implemented [84], and arrived at an indicative value for HSH of EUR [0,8-1,2] billion to EUR [1,5-2] billion, which corresponds to a share price between [> 9] and [< 22] EUR. In view of those facts the Commission continues to consider that the price of the newly issued shares was considerably too high.
Podjetje PwC je izračunalo tudi vrednost banke HSH v scenariju, v katerem zaščita pred tveganjem ni bila vzpostavljena [84], in dobilo okvirno vrednost banke HSH v razponu od [0,8–1,2] milijarde EUR do [1,5-2] milijarde EUR, kar ustreza ceni delnice med [> 9] in [< 22] EUR. Ob upoštevanju teh dejstev Komisija še vedno meni, da je bila cena na novo izdanih delnic bistveno previsoka.
The minority shareholders also argued that in its Decision on HRE the Commission accepted a price for new shares that was above the stock exchange price without questioning its adequacy for burden sharing purposes.
Manjšinski delničarji so trdili tudi, da je Komisija v svojem sklepu o banki HRE sprejela ceno za nove delnice, ki je bila višja od cene na borzi, ne da bi pri tem dvomila v njeno ustreznost za namene porazdelitve bremena.
They claim that the issue of the share price in HSH should therefore not be investigated either.
Trdijo, da Komisija vprašanja cene delnic v primeru banke HSH zato ne bi smela preučevati.
The Commission is of the opinion that those two cases are not comparable.
Komisija meni, da ti dve zadevi nista primerljivi.
In HRE a series of measures was taken leading to a full nationalisation of HSH.
V primeru banke HRE je bil sprejet sklop ukrepov, ki so vodili v popolno nacionalizacijo banke HSH.
The main difference between the two cases is that HRE was taken into public ownership and that the State acquired the shares at a price based on the value of the company without state support [85].
Glavna razlika med tema dvema zadevama je, da je banka HRE postala javna last in da je država kupila delnice po ceni, ki je temeljila na vrednosti podjetja brez državne pomoči [85].
That is not the case for HSH.
Pri banki HSH ni tako.
The Commission understands that the savings bank associations had an option on the new stock and were not obliged to exercise that right.
Komisija razume, da sta imeli združenji hranilnic možnost nakupa novih delnic in nista bili zavezani, da to pravico uveljavljata.
The Commission does not see a connection between the capital measures in 2008 and the aid measures in 2009.
Komisija ne vidi povezave med ukrepi v zvezi s kapitalom v letu 2008 in ukrepi pomoči v letu 2009.
The Commission does not agree with the savings bank associations’ comments stating that they do not conduct any economic activities and therefore cannot be regarded as undertakings for the purposes of the state aid rules (see recital 128).
Komisija se ne strinja s pripombami združenj hranilnic, da ne opravljata nobenih gospodarskih dejavnosti in se ju zato za namene pravil o državni pomoči ne more šteti za podjetji (glej uvodno izjavo (128)).
The savings banks in Schleswig-Holstein carry on an economic activity [86].
Hranilnice v zvezni deželi Schleswig-Holstein opravljajo gospodarsko dejavnost [86].
They have grouped their economic interests in the savings bank associations.
Svoje gospodarske interese so združile v združenjih hranilnic.
The savings bank associations provide services to the savings banks in Schleswig-Holstein and hold participations/shareholdings for the savings banks, as is the case with the savings bank’s shares in HSH Nordbank.
Združenji hranilnic nudita storitve hranilnicam v zvezni deželi Schleswig-Holstein in ohranjata udeležbe/deleže za hranilnice, kot v primeru delnic, ki jih imajo hranilnice v banki HSH Nordbank.
If the participations of the savings banks in the associations increase in value, the value of the savings banks also increases.
Če se poveča vrednost udeležb hranilnic v združenjih, se poveča tudi vrednost hranilnic.
The savings bank associations and their member savings banks form an economic unit.
Združenji hranilnic in njune članice hranilnice sestavljajo gospodarsko enoto.
Any advantage to the associations is by the same token an advantage to the savings banks in Schleswig-Holstein.
Kakršna koli ugodnost za združenji je prav tako ugodnost za hranilnice v zvezni deželi Schleswig-Holstein.
Therefore the savings bank associations, which economically speaking can be wholly identified with the Schleswig-Holstein savings banks, can be considered recipients of state aid in the meaning of Article 107(1) TFEU.
Zato se lahko združenji hranilnic, ki ju je z ekonomskega vidika mogoče v celoti poistovetiti s hranilnicami v zvezni deželi Schleswig-Holstein, šteje za prejemnici državne pomoči v smislu člena 107(1) PDEU.
The comments received from Germany and third parties have not allayed the Commission’s doubts on the insufficiency of the burden sharing by minority shareholders.
Pripombe Nemčije in tretjih strani niso odpravile pomislekov Komisije glede neustrezne porazdelitve bremena s strani manjšinskih delničarjev.