natgillin/translations-raw huggingface dataset:
It will bridge the funding gap for which no specific sources had been identified by HSH.
Zmanjšalo bo finančni primanjkljaj, za katerega banka HSH ni namenila nobenih posebnih virov.
Further, HSH has demonstrated that its assumptions on the projected level of deposits (permanent average balances, Bodensatz) are conservative compared to current and historical levels of the funding from that source.
Nadalje je banka HSH dokazala, da so njene predpostavke glede načrtovane stopnje vlog (stalna povprečna bilanca, Bodensatz) v primerjavi s sedanjimi in preteklimi stopnjami financiranja iz tega vira, zadržane.
The Commission therefore considers that EUR [15-25] billion of funding needs not covered by the funding sources allocated can be covered through equity, excess deposits and short-term funding (secured or unsecured funding) without a negative impact on HSH’s funding costs.
Komisija zato meni, da se lahko potreba po financiranju v višini [15–25] milijard EUR, ki ni pokrita z dodeljenimi finančnimi viri, krije s kapitalom, presežnimi vlogami in kratkoročnim financiranjem (zavarovanim ali nezavarovanim financiranjem), ne da bi to imelo negativen učinek na stroške financiranja banke HSH.
Thus HSH will not have to find new funding sources, and will be able to rely on identified and existing sources for its entire funding needs through to 2014.
Zato banki HSH ne bo treba iskati novih virov financiranja, ampak se bo lahko do leta 2014 za vse svoje potrebe po financiranju zanašala na opredeljene in obstoječe vire financiranja.
Concerning the reliance on savings banks as a privileged source of funding (as described in recital 95 above), the Commission notes that the reduction of HSH’s risk profile will also reduce their importance in comparison with other sources.
Glede zanašanja na hranilnice kot privilegiran vir financiranja (kot je opisano v uvodni izjavi (95)) Komisija ugotavlja, da bo zmanjšanje profila tveganja banke HSH zmanjšalo tudi njihov pomen v primerjavi z drugimi viri.
The additional balance sheet reduction contained in the modified restructuring plan (EUR 30 billion additional reduction compared to the initial restructuring plan, see recital 50 above) will considerably reduce the new funding needs and the funding gap.
Dodatno zmanjšanje obsega bilance stanja iz spremenjenega načrta prestrukturiranja (zmanjšanje za dodatnih 30 milijard EUR v primerjavi s prvotnim načrtom prestrukturiranja, glej uvodno izjavo (50)) bo precej zmanjšalo nove potrebe po financiranju in finančni primanjkljaj.
The projected funding mix at the end of the restructuring period (as described in Table 7 and recital 93) reduces HSH’s reliance on short-term unsecured funding and therefore its exposure to a liquidity crisis.
Načrtovani program financiranja konec obdobja prestrukturiranja (kot je opisan v preglednici 7 in uvodni izjavi (93)) bo zmanjšal zanašanje banke HSH na kratkoročno nezavarovano financiranje in s tem njeno izpostavljenost likvidnostni krizi.
HSH will also rely more for its funding in relative terms on covered bonds, which in Germany comply with strict issuance requirements and can be considered as a stable and relatively cheap source of funding.
Banka HSH se bo za svoje financiranje v relativnem smislu bolj zanašala na krite obveznice, ki so v Nemčiji skladne s strogimi zahtevami glede izdaje ter se lahko štejejo za stabilen in razmeroma poceni vir financiranja.
The lack of USD-denominated funding of HSH constitutes another main weakness in HSH’s business profile.
Pomanjkanje financiranja banke HSH, denominiranega v ameriških dolarjih, je še ena od glavnih slabosti v poslovnem profilu banke HSH.
At the end of 2010 around [20-30] % of HSH’s total assets were dollar-denominated, amounting to USD [50-70] billion, of which only USD [15-20] billion (or [20-25] %) were directly funded in USD.
Konec leta 2010 je bilo v ameriških dolarjih denominiranih približno [20–30] % skupnih sredstev banke HSH, kar je znašalo [50–70] milijard USD, od tega pa je bilo v ameriških dolarjih neposredno financiranih samo [15–20] milijard USD (ali [20–25] %).
That gap is covered by foreign exchange swap transactions, which are rolled over on a continuous basis.
To razliko krijejo transakcije valutnih zamenjav, ki se redno prenašajo.
Due to the permanent widening of the EUR/USD foreign exchange swap basis since the outbreak of the financial crisis, that funding strategy costs an additional [20-30] bps approximately when compared to a funding strategy based on USD-denominated funding.
Zaradi stalnih širitev osnove zamenjave EUR/USD od začetka finančne krize ta strategija financiranja v primerjavi s tisto na podlagi financiranja, denominiranega v ameriških dolarjih, stane dodatnih [20–30] bazičnih točk.
Furthermore, the strategy brings a number of risks.
Poleg tega ta strategija prinaša številna tveganja.
They include (a) potential additional costs resulting from likely mismatches between actual and expected USD assets cash flows, (b) increased volatility of the short-term liquidity position due to margin call obligations related to the swap positions [71], and (c) increased exposure to counterparty risk due to the fact that swaps are concluded over the counter and HSH bears the full counterparty credit risk for those transactions.
Mednje sodijo (a) morebitni dodatni stroški zaradi zapadlostnega neskladja med dejanskim in pričakovanim denarnim tokom sredstev v ameriških dolarjih; (b) večja nestanovitnost kratkoročne likvidnostne pozicije zaradi obveznosti glede pozivov h kritju, povezanih s pozicijami zamenjav [71]; in (c) večja izpostavljenost tveganju do nasprotne stranke, ker se zamenjave sklepajo zunaj organiziranega trga in banka HSH pri teh transakcijah kreditno tveganje nasprotne stranke krije v celoti.
However, as the reduction of HSH’s risk profile is to take place mainly in segments which generate USD-denominated assets (i.e. aircraft, shipping and international real estate financing), it also constitutes a material step forward towards reducing the USD funding need.
Vendar pa bo zmanjšanje profila tveganja banke HSH potekalo zlasti v segmentih, ki ustvarjajo sredstva, denominirana v ameriških dolarjih (tj. letalstvo, ladijski promet in financiranje mednarodnih nepremičninskih poslov), in s tem precej pripomoglo k zmanjšanju potrebe po financiranju v ameriških dolarjih.
Further, HSH has committed to increase the share of the core bank’s USD business that is refinanced by means of USD-denominated funding to at least […] % by 2014.
Nadalje se je banka HSH zavezala, da bo do leta 2014 povečala delež poslov temeljne banke v ameriških dolarjih, ki je ponovno financiran s sredstvi, denominiranimi v ameriških dolarjih, na vsaj […] %.
In conclusion, the proposed measures address the concerns identified by the Commission.
Predlagani ukrepi odpravljajo pomisleke, ki jih je opredelila Komisija.
They should ensure that HSH is on the right path for developing a more sustainable and stable funding mix with regards to volumes, maturities, seniority, security and currency.
Zagotoviti bi morali, da je banka HSH na pravi poti za razvoj bolj vzdržnega in stabilnejšega programa financiranja glede obsegov, rokov zapadlosti, prednostnih pravic, varnostnih papirjev in valute.
The commitment to reach a net stable funding ratio and a liquidity coverage ratio […] by 2012, ahead of the deadline imposed for implementation of those two ratios by the Basel Committee on Banking Regulation, will enable monitoring of HSH’s progress in that area and should contribute to ensuring that it will keep improving the quality and stability of its funding and retain sufficient excess liquidity in case of stress.
Zaveza glede doseganja količnika neto stabilnih virov financiranja in količnika likvidnostnega kritja […] do leta 2012, kar je pred rokom, ki ga je Baselski odbor za pravno ureditev bančništva določil za izvedbo teh dveh količnikov, bo omogočila spremljanje napredka banke HSH na tem področju, prispevati pa bi morala tudi k zagotavljanju tega, da bo banka še naprej izboljševala kakovost in stabilnost svojega financiranja ter v primeru obremenitve ohranila ustrezno presežno likvidnost.
Cyclical nature and volatility of main business segments
Ciklična narava in nestanovitnost glavnih poslovnih segmentov
The Decision initiating the procedure [72] questioned the ability of HSH to ensure long-term viability by concentrating on an expansion of business segments which are cyclical and volatile in nature [73].
Sklep o začetku postopka [72] je pod vprašaj postavil zmožnost banke HSH, da zagotovi dolgoročno poslovno uspešnost z osredotočanjem na razširitev poslovnih segmentov, ki so po naravi ciklični in nestanovitni [73].
The in-depth viability analysis reinforced those doubts, as it revealed a growing proportion of HSH’s net interest income to be generated by volatile and cyclical activities [74].
Poglobljena analiza nestanovitnosti je te pomisleke še okrepila, saj je odkrila, da bodo vedno večji delež čistega prihodka banke HSH od obresti prinašale nestanovitne in ciklične dejavnosti [74].
The relative importance of shipping and aircraft financing was viewed as being particularly problematic.
Pri tem je posebej problematičen zlasti relativen pomen financiranja ladijskega prometa in zrakoplovov.
However, the modified restructuring plan takes proper account of assets’ cyclical nature while preserving the HSH franchise in the shipping business.
Vendar pa spremenjeni načrt prestrukturiranja ustrezno upošteva ciklično naravo sredstev, obenem pa ohranja franšizo banke HSH v poslovanju na področju ladijskega prometa.
The EUR [30-35] billion additional asset reduction will come entirely from the core bank (to a EUR 82 billion target in 2014) and in particular from the cyclical and volatile activities.
Dodatno zmanjšanje sredstev v višini [30–35] milijard EUR bo v celoti izvedla temeljna banka (na ciljni znesek 82 milijard EUR v letu 2014) in to zlasti pri cikličnih in nestanovitnih dejavnostih.
HSH will end its aircraft financing activities.
Banka HSH bo prenehala z izvajanjem dejavnosti financiranja zrakoplovov.
The existing aircraft financing assets, amounting to EUR [3-8] billion, will be transferred to the restructuring unit as of the end of [2011-2012] and run down.
Obstoječa sredstva na področju financiranja zrakoplovov, ki znašajo [3–8] milijard EUR, bodo konec leta [2011–2012] prenesena na enoto za prestrukturiranje in postopno ukinjena.
HSH undertakes not to generate new business in that area.
Banka HSH si je zadala, da na tem področju ne bo začela nobene nove dejavnosti.
That total amount of EUR 15 billion of shipping and air transport financing assets compares to EUR [25-30] billion as of 2008.
Ta skupni znesek v višini 15 milijard EUR sredstev na področju financiranja ladijskega prometa in zračnega prevoza je treba primerjati s [25–30] milijardami EUR od leta 2008.
The total assets of the real estate division will also be reduced, to EUR 13 billion as of end 2014, as new international real estate business of German corporate clients will be stopped and other new business reduced.
Skupna sredstva oddelka za nepremičnine se bodo prav tako zmanjšala, na 13 milijard EUR od konca leta 2014, saj se novi mednarodni nepremičninski posli nemških podjetij ne bodo financirali, drugi novi posli pa se bodo zmanjšali.
The activities of the corporate division will be significantly decreased by 2014 through lower new business volumes.
Dejavnosti oddelka za poslovanje s podjetji se bodo z manjšim obsegom novih poslov do leta 2014 precej zmanjšale.
That absolute reduction will be accompanied by an improvement in HSH’s risk management processes.
To absolutno zmanjšanje bo spremljalo izboljšanje postopkov upravljanja tveganja banke HSH.
In particular, HSH is engaging in a process of reducing individual risks, in particular in the shipping segment.
Banka HSH se osredotoča zlasti na zmanjšanje posameznih tveganj, predvsem v segmentu ladijskega prometa.
It has also undertaken to reduce existing large single exposures to EUR […] million and to limit new single exposures to a maximum of EUR […] million.
Zavezala se je tudi, da bo zmanjšala obstoječe velike posamezne izpostavljenosti na […] milijonov EUR in nove posamezne izpostavljenosti omejila na največ […] milijonov EUR.
The volume of capital market activities
Obseg dejavnosti na kapitalskem trgu
In recital 62 of the Decision initiating the procedure, the Commission raised concerns in regard to the volume of HSH’s capital market operations, which were viewed as remaining disproportionately large despite the refocusing on regional activities.
V odstavku 62 sklepa o začetku postopka je Komisija izrazila pomisleke glede obsega poslovanja banke HSH na kapitalskem trgu, ki po njenem mnenju ostaja nesorazmerno velik kljub ponovnem osredotočanju na regionalne dejavnosti.
In particular, proprietary trading contributed to HSH’s difficulties.
K težavam banke HSH je pripomoglo zlasti trgovanje za lastni račun.
The downsizing of HSH’s balance sheet will lead to a very substantial diminution of capital market operations.
Zmanjšanje bilance stanja banke HSH bo prineslo precejšnje zmanjšanje poslovanja banke HSH na kapitalskem trgu.
Consequently, those measures address the concerns raised in the Decision initiating the procedure.
Zato ti ukrepi odpravljajo pomisleke iz sklepa o začetku postopka.
Weak capitalisation
Šibka kapitalizacija
HSH’s weak capital structure constitutes another potential obstacle to its long-term viability.
Šibka kapitalska struktura banke HSH je še ena morebitna ovira na poti do njenega dolgoročno uspešnega poslovanja.
The adequacy of the low capitalisation which in the initial restructuring plan was expected at the end of the restructuring period (Tier 1 ratio of [around 9] %) was questionable in particular in light of (a) the cyclical and volatile nature of HSH’s business profile, which called for an additional capital buffer to absorb recurring increased correlated losses, (b) the impact on HSH’s capital of the financial crisis [75] and (c) the introduction of the new Basel III rules, which will very substantially raise the new minimum capital levels [76] required by the regulators.
Ustreznost nizke kapitalizacije, ki je bila v prvotnem načrtu prestrukturiranja pričakovana konec obdobja prestrukturiranja (delež kapitala prvega reda v višini [okoli 9] %), je bila vprašljiva, zlasti ob upoštevanju (a) ciklične in nestanovitne narave poslovnega profila banke HSH, pri katerem je bil potreben dodaten kapitalski blažilnik, ki bi absorbiral ponavljajoče se povečane povezane izgube; (b) učinka finančne krize na kapital banke HSH [75] in (c) uvedbe novih predpisov Basel III, ki bodo precej povišali najnižje ravni kapitala [76], ki jih zahtevajo regulatorji.
It can also be assumed that market operators, and in particular institutions likely to provide unsecured wholesale funding, will expect higher capital ratios.
Prav tako se lahko domneva, da bodo udeleženci na trgu in zlasti ustanove, ki bodo verjetno zagotavljale nezavarovana medbančna posojila, pričakovali višje kapitalske deleže.
The further reduction of HSH’s risk profile, profit retention and the EUR 500 million capital increase in 2013 will materially improve HSH’s capitalisation.
Nadaljnje zmanjšanje profila tveganja banke HSH, zadržanje dobička in povečanje kapitala za 500 milijonov EUR v letu 2013 bo precej izboljšalo kapitalizacijo banke HSH.
At the end of 2014 HSH’s common equity ratio is expected to be above 10 % and the Tier 1 ratio above 12 %.
Po pričakovanjih naj bi konec leta 2014 delež navadnega lastniškega kapitala znašal več kot 10 %, delež kapitala prvega reda pa več kot 12 %.
Those figures compare to [around 7] % and [around 9] % levels in the initial plan for the same ratios.
Za primerjavo so za iste deleže v prvotnem načrtu prestrukturiranja stopnje znašale [okoli 7] % in [okoli 9] %.
They are more in line with the newly emerging capital standards for banks.
So bolj v skladu s prihodnjimi novimi kapitalskimi standardi za banke.
Although part of that improvement is also linked to the still significant reduction in risk weighted assets created by the risk shield, the capital position would improve in any event.
Čeprav je del tega izboljšanja povezan tudi s še vedno precejšnjim zmanjšanjem tveganju prilagojenih sredstev, nastalih na podlagi zaščite pred tveganjem, bi se kapitalski položaj banke HSH v vsakem primeru izboljšal.
The improvement has to be put in the context of the reduction of the risk profile of HSH’s balance sheet, and in particular the reduction in the proportion of highly cyclical assets.
To izboljšanje je treba umestiti v okvir zmanjšanja profila tveganja na bilanci stanja banke HSH in zlasti zmanjšanja deleža zelo cikličnih sredstev.
Furthermore, one of the requirements to be imposed by the Commission as a condition for finding that the risk shield’s remuneration and claw-back are compatible is that HSH cannot cancel the risk shield if that cancellation would lead to a decrease in the common equity ratio below set levels through the restructuring period, and in particular below 10 % as of 31 December 2014 (see recital 203).
Poleg tega je ena od zahtev, ki jih bo Komisija določila kot pogoj za razglasitev povračila zaščite pred tveganjem in vračila sredstev kot združljiva, da banka HSH ne more razveljaviti zaščite pred tveganjem, če bi se zaradi tega delež navadnega lastniškega kapitala med obdobjem prestrukturiranja znižal pod določene ravni in zlasti pod 10 % od 31. decembra 2014 (glej uvodno izjavo (203)).
That safeguard ensures that HSH is able to maintain adequate levels of capitalisation throughout the restructuring period even in the event of the economic situation deteriorating.
Ta zaščitni ukrep zagotavlja, da bo banka med obdobjem prestrukturiranja sposobna ohraniti ustrezno raven kapitalizacije tudi, če se gospodarski položaj poslabša.
The mechanism should help HSH regain the confidence of market counterparties.
Ta mehanizem bi moral banki HSH pomagati, da ponovno pridobi zaupanje nasprotnih strank na trgu.
HSH’s plan provides that it will fully exit the guarantee by [2014-2016], at which point the common equity ratio is expected to be [> 10] %.
Načrt banke HSH je popoln izstop iz sistema jamstva do leta [2014–2016], ko naj bi po pričakovanjih delež navadnega lastniškega kapitala znašal [> 10] %.
To conclude, the capital position of HSH is improved by the proposed measures so that it is aligned with newly emerging international standards.
Predlagani ukrepi izboljšujejo kapitalski položaj banke HSH, tako da je v skladu s prihodnjimi novimi mednarodnimi standardi.
The improved capital ratios and the higher resistance to stress will have a positive impact on HSH’s funding costs in the mid-term.
Izboljšani kapitalski deleži in večja odpornost na obremenitve bodo imeli srednjeročno pozitiven učinek na stroške financiranja banke HSH.
Planning assumptions
Predpostavke glede načrtovanja
The Decision initiating the procedure (recitals 60 and 63) raised doubts over the sustainability of certain assumptions used in HSH’s planning.
Sklep o začetku postopka (odstavka 60 in 63) je spodbudil pomisleke glede vzdržnosti nekaterih predpostavk v načrtu banke HSH.
Those doubts related in particular to assumptions for (a) the growth of the main business segments; (b) the growth of non-interest income; (c) margins on the key business segments; and (d) the evolution of loan loss provisions.
Ti pomisleki so bili povezani zlasti s predpostavkami glede (a) rasti glavnih poslovnih segmentov; (b) rasti neobrestnih prihodkov; (c) marž na ključne poslovne segmente in (d) razvoja rezervacij za izgube pri posojilih.
The Commission considered the growth assumptions, especially in the shipping, transportation and corporate segments, too optimistic.
Po mnenju Komisije so bile predpostavke glede rasti, zlasti v segmentih ladijskega prometa, prevoza in poslovanja s podjetji, preveč optimistične.
The ability of HSH to achieve the planned total income was therefore questioned.
Zmožnost banke HSH, da doseže načrtovane skupne prihodke, je bila zato vprašljiva.
The revised restructuring plan is, however, based on more reasonable growth assumptions for the shipping and the corporate segments (see Table 5 above).
Spremenjeni načrt prestrukturiranja pa temelji na bolj razumnih predpostavkah glede rasti za segmenta ladijskega prometa in poslovanja s podjetji (glej preglednico 5).
Furthermore, since HSH is now exiting the aircraft financing business, the issue of growth in that segment has also been addressed.
Poleg tega je bilo rešeno tudi vprašanje rasti v segmentu financiranja zrakoplovov, saj banka HSH na tem področju ne bo več poslovala.
HSH has also revised its assumptions for the growth of its non-interest income.
Banka HSH je spremenila tudi predpostavke glede rasti svojih neobrestnih prihodkov.
On average over the period 2010 to 2014, non-interest income is expected to represent about [7-12] % of net interest income for the core bank.
Na splošno naj bi v obdobju 2010–2014 neobrestni prihodki predstavljali okoli [7–12] % čistega prihodka temeljne banke od obresti.
That target should be achievable in light of HSH’s plan to improve the cross-selling of products between its financial markets division and other business units.
Ob upoštevanju načrta banke HSH glede izboljšanja navzkrižne prodaje bančnih produktov med njenim oddelkom za finančni trg in drugimi poslovnimi enotami bi moral biti ta cilj dosegljiv.
The Decision initiating the procedure questioned the margins assumptions used in the original planning.
V sklepu o začetku postopka so bili izraženi pomisleki glede predpostavk v zvezi z maržami iz prvotnega načrta.
However new business margins as of end 2010 were in fact higher than initially expected and planning assumptions were adequately adjusted to reflect that fact.
Vendar so bile marže novih poslov od konca leta 2010 dejansko višje od prvotno pričakovanih in predpostavke glede načrtovanja so bile temu primerno prilagojene.
Overall conclusion on HSH’s long-term viability
Splošna sklepna ugotovitev glede dolgoročno uspešnega poslovanja banke HSH
The Decision initiating the procedure questioned HSH’s ability to withstand the next economic downturn without having recourse once again to State aid, and therefore its long-term viability.
Sklep o začetku postopka je sprožil pomisleke glede zmožnosti banke HSH, da vzdrži naslednjo gospodarsko recesijo, ne da bi se pri tem ponovno zatekla k državni pomoči, in s tem glede njenega dolgoročno uspešnega poslovanja.
That scepticism was based on the following weaknesses: (a) a fragile funding structure, and in particular a large upcoming funding gap and a chronic shortage of USD-denominated funding, (b) a focus on cyclical and volatile activities likely to create recurring large combined losses, and (c) too low a capitalisation to be able to absorb such losses.
Ti dvomi so temeljili na naslednjih slabostih: (a) šibka struktura financiranja in zlasti velik finančni primanjkljaj, ki ga bo banka kmalu imela, ter stalno pomanjkanje financiranja, denominiranega v ameriških dolarjih; (b) osredotočenost na ciklične in nestanovitne dejavnosti, ki bodo verjetno prinesle ponavljajoče se velike skupne izgube; in (c) prenizka kapitalizacija, ki takih izgub ne bo mogla absorbirati.
However, the proposed additional measures included in the modified restructuring plan address the Commission’s doubts.
Vendar pa predlagani dodatni ukrepi iz spremenjenega načrta prestrukturiranja odpravljajo pomisleke Komisije.
The new plan has been built using more realistic and credible assumptions and therefore gives a more reliable view of HSH’s viability.
Novi načrt je bil oblikovan z bolj razumnimi in verodostojnimi predpostavkami, zato nudi bolj zanesljiv pogled na uspešno poslovanje banke HSH.