natgillin/translations-raw huggingface dataset:
ÖVAG and Austria have provided a commitment that if VBRO has not been sold by the end of [2013-2017], no new business will be undertaken and it will be liquidated in compliance with the relevant legal framework.
ÖVAG in Avstrija sta se zavezali, da VBRO ne bo več sklepala novih poslov in bo likvidirana v skladu z veljavno zakonodajo, če je ne bodo prodali do konca leta [2013–2017].
(Alternatively, parts of VBRO could be sold by 31 December [2013-2017] and only the remaining portfolios be liquidated in compliance with the relevant legal framework.) On that basis, the Commission is reassured that the risks stemming from VBRO are already reduced and will be dealt with within a foreseeable time-frame.
(Namesto tega lahko banka posamezne dele VBRO proda do 31. decembra [2013–2017], preostale portfelje pa likvidira v skladu z veljavno zakonodajo.) Komisija je na podlagi tega prepričana, da so se tveganja, ki izvirajo iz VBRO, že zmanjšala in da jih bodo odpravili v predvidljivem časovnem okviru.
In that context, the Commission notes that VBRO has reduced the number of branches and employees as well as its lending business.
V zvezi s tem ugotavlja, da je VBRO zmanjšala število podružnic in zaposlenih ter svoje posojilne posle.
As regards ÖVAG’s activities in the fields of real estate and of public finance and infrastructure financing, the Commission notes that the relevant subsidiaries (KA, Europolis) have been sold and losses on those stakes were recognised by ÖVAG in its accounts.
Komisija v zvezi z dejavnostmi ÖVAG pri poslovanju z nepremičninami, javnih financah in financiranju infrastruktur ugotavlja, da so bile ustrezne hčerinske družbe (KA, Europolis) prodane in da je ÖVAG v svojih izkazih pripoznala izgube, povezane z deleži v teh družbah.
The real estate activities remaining in ÖVAG have been allocated to the non-core portfolio and are being run down.
Preostali nepremičninski posli ÖVAG so bili dodeljeni stranskemu portfelju in so v postopku likvidacije.
The full cessation of the activities referred to in recitals 99 and 100 constitutes a necessary and appropriate measure to remove the Commission’s concerns, because the divestments set an end to any future losses or risk exposure resulting from those subsidiaries.
Popolno prenehanje dejavnosti iz uvodnih izjav 99 in 100 je potreben in ustrezen ukrep za odpravo pomislekov Komisije, saj so odprodaje preprečile morebitne prihodnje izgube in odpravile izpostavljenost tveganju zaradi navedenih hčerinskih družb.
In addition, the measures free up management capacities, which can be reemployed in the core business of the bank.
Poleg tega so ukrepi sprostili zmogljivosti upravljanja, ki jih je mogoče znova uporabiti pri osrednji dejavnosti banke.
As regards the parts of the corporate financing and investment portfolios which proved to be sources of losses in the past, the Commission notes that the bank has recognised the necessary losses in its accounts.
Komisija glede delov portfelja poslovnega financiranja in naložbenega portfelja, ki so se v preteklosti izkazali za vire izgub, ugotavlja, da je banka v svojih izkazih pripoznala ustrezne izgube.
Further, the CDS [53] exposures have been settled or hedged.
Poleg tega so bili posli kreditne zamenjave [53] poravnani ali zavarovani.
Finally, those operations which are not necessary for ÖVAG to perform its role as central institute have been allocated to the non-core portfolio and are being run down.
Nazadnje, dejavnosti, ki niso potrebne za opravljanje vloge ÖVAG kot osrednje institucije, so bile dodeljene stranskemu portfelju in so v postopku likvidacije.
As regards the past reliance on unsecured wholesale funding, the Commission notes that ÖVAG and its majority owners are implementing measures which will ensure a comfortable liquidity position of the bank.
Komisija v zvezi z nekdanjo odvisnostjo od nezavarovanih medbančnih kreditov ugotavlja, da ÖVAG in njeni večinski lastniki izvajajo ukrepe, ki bodo zagotovili zadovoljiv likvidnostni položaj banke.
In particular, the establishment of the liquidity pool with the regional Volksbanken and the divestments of subsidiaries which depended heavily on the refinancing of ÖVAG should ease the funding needs of the bank by EUR 6,2 billion. Furthermore, with the acquisition of Livebank ÖVAG gained access to retail funding of currently EUR 470 million, significantly reducing its past reliance on wholesale funding.
Zlasti bi morali vzpostavitev združene likvidnosti z regionalnimi Volksbanken in odprodaja hčerinskih družb, ki so bile močno odvisne od refinanciranja ÖVAG, zmanjšati potrebe banke po financiranju za 6,2 milijarde EUR. Poleg tega je ÖVAG s prevzemom Livebank dobila dostop do sedanjih 470 milijonov EUR sredstev prebivalstva, s tem pa je bistveno zmanjšala svojo nekdanjo odvisnost od medbančnih kreditov.
On the basis of the information provided in the context of the new restructuring plan, the Commission considers that ÖVAG is able to ensure a comfortable funding position, even with the approaching maturity of the remaining EUR 1 billion of State-guaranteed debt.
Komisija na podlagi informacij, predloženih na podlagi novega načrta prestrukturiranja, meni, da je ÖVAG sposobna zagotoviti zadovoljiv finančni položaj kljub dejstvu, da se približuje datum dospelosti preostale 1 milijarde EUR dolga z državnim jamstvom.
According to point 13 of the Restructuring Communication, the bank must be able to generate an appropriate return on equity, while covering all costs of its normal operations and complying with the relevant regulatory requirements.
Banka mora biti v skladu s točko 13 sporočila o prestrukturiranju sposobna ustvarjati ustrezen donos na kapital, hkrati pa kriti vse stroške običajnega poslovanja in izpolnjevati ustrezne zakonske zahteve.
The Commission considers that condition to be fulfilled, as explained in recitals 105-107.
Komisija meni, da je ta pogoj izpolnjen, kot je pojasnjeno v uvodnih izjavah 105–107.
First, ÖVAG provided financial projections for the period 2012-2017, giving information on revenues, costs, risk provisions, profits and capital position of the bank.
Prvič, ÖVAG je predložila finančne napovedi za obdobje 2012–2017, v katerih so navedene informacije o prihodkih, stroških, rezervacijah za tveganja, dobičkih in kapitalskem položaju banke.
The Commission finds that the base case projections provided are based on reasonable underlying macroeconomic assumptions.
Komisija ugotavlja, da predložene napovedi za osnovni scenarij temeljijo na smiselnih makroekonomskih predpostavkah.
With the exception of the year 2014, [54] the bank expects to generate profits and continuously improve its yearly results over the restructuring period.
Če ne upoštevamo leta 2014 [54], banka pričakuje, da bo v obdobju prestrukturiranja ustvarjala dobiček in nenehno izboljševala svoje letne rezultate.
Further, in 2017 the RoE will reach a level of 8,0 %, which appears to be an adequate level of remuneration for a bank with a risk profile such as that of ÖVAG.
Poleg tega bo donosnost lastniškega kapitala banke leta 2017 dosegla 8,0 %, kar se zdi ustrezna stopnja nadomestila za banko s profilom tveganja, kot ga ima ÖVAG.
The bank's capital ratios remain above the minimum regulatory requirements over the whole restructuring period, with the CET1 ratio improving from [9-10] % in 2012 to [12-13] % [55] in 2017.
Deleži kapitala banke bodo v celotnem obdobju prestrukturiranja ostali nad predpisanimi minimalnimi zahtevami, količnik CET1 pa se bo povečal z [9–10] % leta 2012 na [12–13] % [55] leta 2017.
Second, the new restructuring plan shows that ÖVAG is able to withstand a stress scenario.
Drugič, novi načrt prestrukturiranja kaže, da je ÖVAG sposobna preživeti v scenariju izjemnih situacij.
The assumptions of the stress scenario have been assessed as reasonable.
Predpostavke v scenariju izjemnih situacij so bile ocenjene kot smiselne.
As the stress scenario demonstrates that ÖVAG will exceed its regulatory capital requirements, the bank can be regarded as meeting the requirements of point 13 of the Restructuring Communication.
Ker scenarij izjemnih situacij kaže, da bo ÖVAG presegla predpisane kapitalske zahteve, je mogoče šteti, da banka izpolnjuje zahteve iz točke 13 sporočila o prestrukturiranju.
Finally, ÖVAG will run down the non-core segment internally, without a legal separation.
Nazadnje, ÖVAG bo interno likvidirala stranski segment, in to brez pravne ločitve.
In that context, the Commission notes that ÖVAG has commissioned simulations in order to quantify a possible maximum impact of the risks from the non-core segment on its capital position.
Komisija v zvezi s tem ugotavlja, da je ÖVAG naročila simulacije, da bi količinsko opredelila največji možen vpliv tveganj iz stranskega segmenta na njen kapitalski položaj.
The sensitivity analysis provided by the expert [56] demonstrates ÖVAG's ability to sustain adverse developments in its non-core portfolio, so that the run-down of the balance sheet of ÖVAG should not undermine the long-term viability of the bank.
Analiza občutljivosti, ki jo je pripravil strokovnjak [56], dokazuje, da je ÖVAG sposobna preživeti neugodne dogodke v njenem stranskem portfelju, zato zmanjšanje njene bilance stanja ne bi smelo ogroziti dolgoročnega uspešnega poslovanja banke.
This building-up of capital should allow the bank to cope with the termination of the asset guarantee in 2015 and to redeem the State PS in line with the agreed timeline with its own capital means, while complying with the regulatory capital requirements.
To povečevanje kapitala bi moralo banki omogočiti, da se uspešno spopade s potekom jamstva za sredstva leta 2015 in izplača državni kapital PS s svojimi sredstvi v skladu z dogovorjenimi roki ter hkrati izpolni predpisane kapitalske zahteve.
The Commission notes that in the context of financial projections in the base case, the bank provided information about its capital position until 2018, [57] demonstrating that the implementation of the exit strategy leads to CET1 and equity ratios of [12-13] % and [14-15] % respectively.
Komisija ugotavlja, da je banka glede na finančne napovedi v osnovnem scenariju predložila informacije o svojem kapitalskem položaju do leta 2018 [57], ki kažejo, da bo izvajanje izhodne strategije privedlo do [12–13]-odstotnega količnika CET1 in [14–15]-odstotnega deleža lastnega kapitala.
The Commission welcomes the commitment of the associated Volksbanken to support ÖVAG in the completion of the exit strategy for the State PS.
Komisija pozdravlja zavezo povezanih Volksbanken k podpori ÖVAG pri dokončanju izvedbe izhodne strategije za državni kapital PS [58].
According to the sensitivity analysis provided by the bank, if the adverse development in ÖVAG’s non-core segment were to materialise, the associated Volksbanken would have sufficient own funds to allow ÖVAG to redeem the State PS while still complying with the regulatory requirements.
Glede na analizo občutljivosti, ki jo je pripravila banka, bodo povezane Volksbanken, če se uresničijo neugodni dogodki v stranskem segmentu ÖVAG, imele dovolj lastnih sredstev za zagotovitev, da bo ÖVAG izplačala državni kapital PS in hkrati izpolnila predpisane zahteve.
The Commission considers that the exit strategy together with the adequate RoE achieved by the end of the restructuring period ensure that the State aid received by ÖVAG is terminated by means of repayment, expiry or remuneration on market terms.
Komisija meni, da izhodna strategija skupaj z ustrezno donosnostjo lastniškega kapitala, doseženo pred koncem obdobja prestrukturiranja, zagotavlja, da se bo državna pomoč, ki jo je prejela ÖVAG, zaključila prek odplačila, poteka ali nadomestila v skladu s tržnimi pogoji.
Consequently, the Commission considers that the new restructuring plan submitted by Austria for ÖVAG fulfils the requirements of the Restructuring Communication with regard to the restoration of long-term viability and thereby allays the doubts expressed in that respect in the opening Decision.
Zato Komisija meni, da novi načrt prestrukturiranja ÖVAG, ki ga je predložila Avstrija, izpolnjuje zahteve sporočila o prestrukturiranju v zvezi s ponovno vzpostavitvijo dolgoročnega uspešnega poslovanja in tako odpravlja dvome, ki so bili v zvezi s tem izraženi v odločitvi o sprožitvi postopka.
Own contribution and burden-sharing
Lastni prispevek in porazdelitev bremena
As stated in the Restructuring Communication, banks and their stakeholders need to contribute to the restructuring as much as possible in order to ensure that aid is limited to the minimum necessary.
Kot je navedeno v sporočilu o prestrukturiranju, morajo banke in njihovi delničarji čim bolj prispevati k prestrukturiranju in tako zagotoviti, da se pomoč omeji na najmanjši potrebni znesek.
Thus banks should use their own resources to finance the restructuring, for instance by selling assets, while the stakeholders should absorb the losses of the bank where possible.
Zato morajo banke za financiranje prestrukturiranja uporabiti svoje vire, na primer s prodajo sredstev, delničarji pa morajo absorbirati izgube banke, če je to mogoče.
The measures committed to by ÖVAG ensure that own resources are used and that original shareholders and private investors holding hybrid capital of the bank contribute to the restructuring.
Ukrepi, h katerim se je zavezala ÖVAG, zagotavljajo, da se bodo uporabila njena lastna sredstva in da bodo prvotni delničarji in zasebni vlagatelji, ki imajo v lasti hibridni kapital banke, prispevali k prestrukturiranju.
The new restructuring plan does not contain any elements that suggest that the aid exceeds the means required to cover the costs which are triggered by the restoration of viability.
Novi načrt prestrukturiranja ne vsebuje elementov, ki bi kazali, da pomoč presega sredstva, potrebna za pokritje stroškov, ki nastanejo zaradi ponovne vzpostavitve uspešnega poslovanja.
The aid received is required to ensure that ÖVAG will have reasonable capital buffers above the minimum requirements stipulated by the CRD IV/CRR [59] framework in the base case and will be able to comply with those requirements in a stress scenario.
Prejeta pomoč je potrebna za zagotovitev, da bo imela ÖVAG v osnovnem scenariju ustrezne kapitalske rezerve nad minimalnimi zahtevami iz okvira CRD IV/CRR [59] in da bo v scenariju izjemnih situacij sposobna izpolnjevati te zahteve.
The commitments provided by the bank and Austria ensure that the reversible aid measures (PS and asset guarantee) are terminated as soon as the capital position of the bank allows for it, starting from the end of 2015. [60]
Zaveze banke in Avstrije zagotavljajo, da bodo ukrepi povratne pomoči (potrdila PS in jamstvo za sredstva) prenehali takoj, ko bo to dopuščal kapitalski položaj banke, kar naj bi bilo mogoče po koncu leta 2015 [60].
In respect of the contribution to covering the restructuring costs through internal resources generated by ÖVAG, the Commission notes that the bank has carried out and will continue to implement cost-cutting measures.
Komisija v zvezi s prispevkom h kritju stroškov prestrukturiranja prek notranjih sredstev, ki jih ustvari ÖVAG, ugotavlja, da je banka izvedla in bo še naprej izvajala ukrepe za znižanje stroškov [61].
In the core segment those cost-cutting measures will result in a reduction of the annual costs by EUR 15 million by the end of the restructuring period, which represents about 12 % of the total costs in 2012.
V osrednjem segmentu bodo navedeni ukrepi za znižanje stroškov pomenili znižanje letnih stroškov za 15 milijonov EUR do konca obdobja prestrukturiranja, kar je približno 12 % skupnih stroškov iz leta 2012.
In ÖVAG as a whole (including the non-core segment), the cost will be reduced even more significantly (EUR 105,5 million in 2017 compared to EUR 166 million in 2012, which represents a reduction by 36 %). [62]
Stroški se bodo v ÖVAG kot celoti (vključno s stranskim segmentom) še bolj zmanjšali (leta 2017 bodo znašali 105,5 milijona EUR, kar v primerjavi s 166 milijoni EUR leta 2012 pomeni zmanjšanje za 36 %) [62].
Further, the restructuring costs are financed by proceeds from the divestments of stakes in profitable non-core entities (RZB, retail subsidiaries in Austria (already implemented in 2009-2010), VBLI).
Poleg tega se bodo stroški prestrukturiranja krili s prihodki od odprodaje deležev v dobičkonosnih subjektih stranskega segmenta (RZB, maloprodajne hčerinske družbe v Avstriji (že izvedeno v letih 2009 in 2010), VBLI).
Point 24 of the Restructuring Communication states that an adequate remuneration of the State capital is also a means of achieving burden-sharing.
V točki 24 sporočila o prestrukturiranju je navedeno, da je ustrezno nadomestilo za državni kapital tudi sredstvo za porazdelitev bremena.
In that context the Commission recalls that it established in recital 90 that the State, which contributed to the 2012 recapitalisation, obtained an appropriate stake in the bank.
Komisija v zvezi s tem opozarja, da je v uvodni izjavi 90 ugotovila, da je država, ki je prispevala k dokapitalizaciji leta 2012, pridobila ustrezen delež v banki.
That stake was based on a company value determined objectively by means of a market-based P/B approach.
Ta delež je temeljil na vrednosti družbe, ki je bila določena objektivno z uporabo tržnega pristopa na podlagi razmerja med ceno in knjigovodsko vrednostjo.
Further, as established in recital 89 the 2012 recapitalisation measure is subscribed at a sufficient discount, which is a form of an ex-ante remuneration of the capital injection.
Poleg tega je ukrep dokapitalizacije iz leta 2012, kot je bilo ugotovljeno v uvodni izjavi 89, vpisan z dovolj velikim odbitkom, ki je oblika predhodnega nadomestila za kapitalski vložek.
Therefore, the Commission considers the level of remuneration appropriate in association with the other burden-sharing measures.
Zato Komisija meni, da je stopnja nadomestila ustrezna v povezavi z drugimi ukrepi za porazdelitev bremena.
As regards the remaining State PS of EUR 300 million, the Commission recalls that State PS was provided to ÖVAG in the context of the Austrian bank support scheme and the remuneration of the instrument was fixed in line with that scheme.
Komisija v zvezi s preostalimi 300 milijoni EUR državnega PS opozarja, da je bil državni kapital PS ÖVAG dodeljen na podlagi avstrijskega programa pomoči bančnemu sektorju in da je bilo nadomestilo za instrument določeno v skladu s tem programom.
The Commission observes that in the sixth and seventh full financial year after the subscription of the instruments the coupon increases yearly by 50 basis points, which translates to a coupon of 9,8 % in 2016 and 10,3 % in 2017.
Komisija ugotavlja, da se kupon v šestem in sedmem polnem poslovnem letu po vpisu instrumentov vsako leto poveča za 50 bazičnih točk, kar pomeni, da bo kupon leta 2016 dosegel 9,8 %, leta 2017 pa 10,3 % [63].
Further, it notes that the redemption of those instruments in 2017 and 2018 will require repayment of 100 % of the nominal increased by the percentage points by which the coupon on the PS fell short of the contractual value when distributable yearly profits would have sufficed for the payment but instead were retained by the bank.
Nadalje ugotavlja, da bo za izplačilo teh instrumentov v letih 2017 in 2018 treba plačati 100 % nominalne vrednosti, povečane za toliko odstotnih točk, za kolikor je bil kupon za kapital PS manjši od pogodbene vrednosti, ko je banka letni dobiček, ki bi ga lahko razdelila, zadržala, čeprav je zadostoval za izplačilo [64].
Based on the financial projections of the bank, it can be reasonably expected that the amount of redemption paid to the State in 2017 and 2018 will include the remuneration of the PS capital attributable to the last years of the restructuring period.
Na podlagi finančnih napovedi banke se lahko upravičeno pričakuje, da bo znesek, ki bo državi izplačan v letih 2017 in 2018, vključeval nadomestilo za kapital PS za zadnja leta obdobja prestrukturiranja.
Therefore, the Commission considers that ÖVAG will pay remuneration on the State PS, which is adequate to the risk profile of ÖVAG.
Zato Komisija meni, da bo ÖVAG izplačala nadomestilo za državni kapital PS, ki ustreza njenemu profilu tveganja.
Also, any amounts called under the guarantee are remunerated at the level of 10 % until their repayment.
Poleg tega bodo vsi zneski, unovčeni na podlagi jamstva, povrnjeni po 10-odstotni stopnji, dokler ne bodo odplačani.
Given the reliable character and the level of the fee, the Commission considers that the remuneration of the asset guarantee, which has in fact the character of a temporary capital increase, is adequate.
Komisija glede na zanesljivost in stopnjo premije meni, da je nadomestilo za jamstvo za sredstva, ki ima dejansko značaj začasnega povečanja kapitala, ustrezno.
Moreover, in order to ensure that the owners of the bank participate to the maximum extent in the reconstitution of an adequate capital basis over the restructuring period, Austria committed that the bank will retain dividends and not pay any coupons which it is not under law obliged to pay until the end of the restructuring period or beyond if the State PS is not repaid by then.
Poleg tega se je Avstrija, da bi zagotovila čim večje sodelovanje lastnikov banke pri ponovni vzpostavitvi ustrezne kapitalske osnove v obdobju prestrukturiranja, zavezala, da bo banka zadržala dividende in ne bo izplačevala kuponov, če teh ni zakonsko obvezana izplačati, in sicer do konca obdobja prestrukturiranja ali po njem, če državni kapital PS do takrat ne bo odplačan.
Thereby, in line with point 26 of the Restructuring Communication, ÖVAG should not use State aid to make payments on own funds if there are insufficient profits to make such payments.
Zato ÖVAG v skladu s točko 26 sporočila o prestrukturiranju ne sme uporabljati državne pomoči za plačila za lastna sredstva, če nima dovolj dobička, da bi izvajala taka plačila.
The Commission further observes that ÖVAG offered to buy hybrid instruments back from private investors at the price corresponding to around 40 % of their nominal value.
Komisija nadalje ugotavlja, da je ÖVAG ponudila odkup hibridnih instrumentov od zasebnih vlagateljev po ceni, ki ustreza približno 40 % njihove nominalne vrednosti [65].
The offered buy-back price was determined on the basis of the market value of the instruments and contained a premium of not more than 10 percentage points, which was added to incentivise investors to participate in the buy-back.
Predlagana odkupna cena je bila določena na podlagi tržne vrednosti instrumentov in je vključevala premijo do 10 odstotnih točk, ki je bila dodana za spodbuditev vlagateljev k sodelovanju pri odkupu.
The offer was accepted for almost 80 % of the instruments' total nominal value, which after taking the costs of the transaction into consideration left ÖVAG with a profit of EUR 130 million. The still outstanding instruments are subject to the coupon ban explained in recital (117).
Ponudba je bila sprejeta in banka je odkupila skoraj 80 % skupne nominalne vrednosti instrumentov, s tem pa je ÖVAG ob upoštevanju stroškov posla ustvarila dobiček v višini 130 milijonov EUR. Za neporavnane instrumente velja prepoved kuponov, ki je pojasnjena v uvodni izjavi 117.
Therefore, the Commission considers that an adequate burden-sharing from ÖVAG’s private hybrid investors is ensured and the requirements of the Restructuring Communication in that respect are met.
Zato Komisija meni, da je zagotovljena ustrezna porazdelitev bremena zasebnih hibridnih vlagateljev ÖVAG in da so v zvezi s tem izpolnjene zahteve iz sporočila o prestrukturiranju.
Another aspect concerns ERGO Group, RZB and DZ Bank, the minority shareholders of ÖVAG.
Drug vidik zadeva ERGO Group, RZB in DZ Bank, ki so manjšinski delničarji ÖVAG.
The Commission notes first that they have been diluted significantly in the 2012 capital increase.
Komisija ugotavlja, da so bili njihovi deleži bistveno zmanjšani pri povečanju kapitala leta 2012.