natgillin/translations-raw huggingface dataset:
Further, as regards the support measures agreed on 27 February 2012, the Commission considers the conditions recalled in recital 73 are also met for the recapitalisation of EUR 250 million and the asset guarantee of EUR 100 million.
Poleg tega Komisija v zvezi z ukrepi pomoči, ki so bili sprejeti 27. februarja 2012, meni, da so pogoji iz uvodne izjave 73 za dokapitalizacijo v višini 250 milijonov EUR in jamstvo za sredstva v višini 100 milijonov EUR prav tako izpolnjeni.
The 2012 measures are granted by Austria and thus are directly attributable to the State.
Ukrepe iz leta 2012 je dodelila Avstrija in jih je zato mogoče neposredno pripisati državi.
The Commission thus concludes that they stem from State resources.
Komisija zato sklepa, da izhajajo iz državnih sredstev.
The 2012 measures allow ÖVAG to obtain capital (and indeed the asset guarantee de-facto provides the bank with capital) in a financial and economic crisis situation where it would not have been able to find that capital at the same conditions on the market.
Ukrepi iz leta 2012 ÖVAG omogočajo pridobitev kapitala (in jamstvo za sredstva banki dejansko zagotavlja kapital) v finančnih in gospodarskih kriznih razmerah, v katerih sama takšnega kapitala pod enakimi pogoji ne bi mogla najti na trgu.
The Commission notes that the minority shareholders of ÖVAG (ERGO Group, RZB and DZ Bank) decided not to participate in the recapitalisation of ÖVAG.
Po ugotovitvah Komisije so se manjšinski delničarji ÖVAG (ERGO Group, RZB in DZ Bank) odločili, da ne bodo sodelovali pri dokapitalizaciji ÖVAG.
The Volksbanken participated in the capital increase.
Volksbanken so sodelovale pri povečanju kapitala.
However, as existing majority shareholders and given that they are commercially closely linked to ÖVAG, they were investing under different economic considerations than those of the State.
Vendar so kot obstoječi večinski delničarji in glede na tesno poslovno povezanost z ÖVAG vlagale na podlagi drugačnih premislekov kot država.
Indeed, an insolvency of ÖVAG would have had severe consequences for the Volksbanken, potentially challenging their own survival.
Insolventnost ÖVAG bi resnično imela hude posledice za Volksbanken, kar bi lahko ogrozilo njihovo lastno preživetje.
In this context they participated in the rescue of ÖVAG in order to secure their own commercial future.
Zato so sodelovale pri reševanju ÖVAG, da bi si zagotovile poslovno prihodnost.
The 2012 measures must therefore be regarded as providing an advantage to ÖVAG.
Ukrepe iz leta 2012 je torej treba razumeti kot zagotavljanje prednosti ÖVAG.
Moreover, that advantage is selective since it only benefits one bank.
Poleg tega je ta prednost selektivna, saj prinaša ugodnosti samo eni banki.
Given that ÖVAG is active in the financial sector, which is open to intense international competition, any advantage from State resources to the bank has the potential to affect intra-Union trade and to distort competition.
Glede na to, da je ÖVAG dejavna v finančnem sektorju, ki je odprt hudi mednarodni konkurenci, bi lahko kakršna koli prednost zaradi dajanja državnih sredstev banki vplivala na trgovino znotraj Unije in izkrivljala konkurenco.
The measures therefore constitute State aid within the meaning of Article 107(1) of the Treaty.
Navedeni ukrepi so torej državna pomoč v smislu člena 107(1) Pogodbe.
That assessment is also not disputed by Austria.
Avstrija tudi tej opredelitvi ne nasprotuje.
The 2009 and 2012 capital measures total EUR 1,350 million and represent 3,8 % of the bank’s RWA at the end of 2008 (EUR 35,2 billion).
Ukrepi v zvezi s kapitalom iz let 2009 in 2012 skupaj znašajo 1350 milijonov EUR, kar je 3,8 % RWA banke ob konca leta 2008 (35,2 milijarde EUR).
In addition, EUR 3,0 billion of guarantees were obtained by the bank from Austria.
Poleg tega je banka od Avstrije dobila 3,0 milijarde EUR jamstev.
Legal basis of compatibility assessment
Pravna podlaga za oceno združljivosti
On the basis of Article 107(3)(b) of the Treaty State aid can be found compatible with the internal market if it is intended "to remedy a serious disturbance in the economy of a Member State".
Državna pomoč se lahko na podlagi člena 107(3)(b) Pogodbe šteje za združljivo z notranjim trgom, če je namenjena „odpravljanj[u] resne motnje v gospodarstvu države članice“.
That assessment has been confirmed in the Recapitalisation Communication and the Commission Communication - Recapitalisation of financial institutions in the current financial crisis:
Ocena je bila potrjena v sporočilu o dokapitalizaciji in Sporočilu Komisije – Dokapitalizacija finančnih institucij v trenutni finančni krizi:
limitation of the aid to the minimum necessary and safeguards against undue distortions of competition [42] ("Restructuring Communication").
omejitev pomoči na najmanjšo potrebno in zaščitni ukrepi za preprečevanje neupravičenega izkrivljanja konkurence [42] (v nadaljnjem besedilu: sporočilo o prestrukturiranju).
The Commission still considers that the requirements for State aid to be approved pursuant to Article 107(3)(b) of the Treaty are fulfilled in view of the reappearance of stress in the financial markets.
Komisija še vedno meni, da so pogoji za odobritev državne pomoči v skladu s členom 107(3)(b) Pogodbe izpolnjeni glede na ponovitev napetosti na finančnih trgih.
The Commission confirmed that view in December 2011 by adopting the 2011 Prolongation Communication that prolongs the application of State aid rules to support measures in favour of banks in the context of the financial crisis.
Komisija je decembra 2011 potrdila navedeno stališče s sprejetjem sporočila o podaljšanju 2011, ki podaljšuje uporabo pravil o državni pomoči za podporne ukrepe v prid bankam v okviru finančne krize.
In respect to the Austrian economy, the Commission acknowledged in its approval of the Austrian scheme [43] and in the approval of State aid measures granted by Austria to individual banks [44] that there is a threat of serious disturbance in the Austrian economy and that State support of banks is suitable to remedy that disturbance.
Komisija je v zvezi z avstrijskim gospodarstvom v svoji odobritvi avstrijskega programa [43] in odobritvi ukrepov državne pomoči, ki jih je Avstrija dodelila posameznim bankam [44], potrdila, da obstaja nevarnost za resne motnje v avstrijskem gospodarstvu in da je državna podpora bankam primerna za odpravo teh motenj.
Therefore, the legal basis for the assessment of the aid measures should be Article 107(3)(b) of the Treaty. [45]
Zato mora biti člen 107(3)(b) Pogodbe pravna podlaga za oceno ukrepov pomoči [45].
The compatibility of the recapitalisation measures, in particular as regards their remuneration, should first be assessed on the basis of the Recapitalisation Communication and the 2011 Prolongation Communication.
Združljivost ukrepov dokapitalizacije, zlasti v zvezi z njihovim nadomestilom, bi bilo treba najprej oceniti na podlagi sporočila o dokapitalizaciji in sporočila o podaljšanju 2011.
Compliance with the Recapitalisation Communication and the 2011 Prolongation Communication
Skladnost s sporočilom o dokapitalizaciji in sporočilom o podaljšanju 2011
As regards the PS granted in 2009, it can be noted that it was granted in line with the terms laid down in the approved Austrian bank support scheme for such kind of instruments.
V zvezi s kapitalom PS, ki je bil dodeljen leta 2009, lahko omenimo, da je bil dodeljen v skladu s pogoji, določenimi v odobrenem avstrijskem programu pomoči bančnemu sektorju za tovrstne instrumente.
The Commission notes in addition that the same holds true for the refinancing guarantees granted at that time. [46]
Komisija poleg tega ugotavlja, da enako velja za jamstva za refinanciranje, ki so bila takrat dodeljena [46].
As regards the capital injection in 2012, according to the Annex of the Recapitalisation Communication and to the 2011 Prolongation Communication, capital increases for non-listed banks (such as ÖVAG) should, where there is no observable market price, be valued on the basis of an appropriate market-based valuation approach (including a peer group price-to-earnings (P/E) approach or other generally accepted valuation methodologies).
V zvezi s kapitalskim vložkom iz leta 2012 morajo biti povečanja kapitala za banke, ki ne kotirajo na borzi (kot je ÖVAG), če zaznavna tržna cena ni na voljo, v skladu s prilogama k sporočilu o dokapitalizaciji in sporočilu o podaljšanju 2011 ocenjena na podlagi ustreznega tržnega pristopa za vrednotenje (vključno s pristopom primerljive skupine za uporabo razmerja med ceno in dobičkom delnice (P/E) ali drugimi splošno sprejetimi metodologijami vrednotenja).
The Commission notes that Austria provided calculations based on a price-to-book approach to determine the value of ÖVAG prior to the 2012 recapitalisation.
Komisija ugotavlja, da je Avstrija predložila izračune, ki temeljijo na pristopu za uporabo razmerja med ceno in knjigovodsko vrednostjo delnice, da bi določila vrednost ÖVAG pred dokapitalizacijo leta 2012.
The 2011 Prolongation Communication explicitly mentions only the price-to-earnings approach but it also refers to other generally accepted valuation methodologies.
Sporočilo o podaljšanju 2011 izrecno omenja le pristop za uporabo razmerja med ceno in dobičkom delnice, vendar navaja tudi druge splošno sprejete metodologije vrednotenja.
The Commission considers the choice of a price-to-book approach to be justified in the case at hand.
Komisija meni, da je izbira pristopa za uporabo razmerja med ceno in knjigovodsko vrednostjo delnice v obravnavanem primeru utemeljena.
First, the price-to-book approach is also an established market-based valuation method.
Prvič, pristop za uporabo razmerja med ceno in knjigovodsko vrednostjo je uveljavljena tržna metoda vrednotenja.
Second, given the past volatility of ÖVAG's results, establishing the bank's value based on a more stable basis seems a correct approach.
Drugič, glede na preteklo spremenljivost rezultatov ÖVAG se ocenjevanje vrednosti banke ob upoštevanju bolj stabilne podlage šteje za pravilen pristop.
The Commission has critically reviewed the peer group selected by Austria and the established range of applicable P/B multiple and considers them reasonable.
Komisija je natančno preverila primerljivo skupino, ki jo je izbrala Avstrija, in določeni razpon ustreznega večkratnega P/B ter meni, da sta sprejemljiva.
Further, the Commission then analysed whether shareholders of ÖVAG acquired an appropriate share in the bank in the course of the recapitalisation, assuming the lower-range end of the company values (EUR [270-300] million).
Poleg tega je Komisija ob predpostavki nižjega dela razpona vrednosti družbe ([270–300] milijonov EUR) nato preučila, ali so delničarji ÖVAG pri dokapitalizaciji pridobili ustrezen delež v banki.
The Commission considered that if it can be concluded that the State, who contributed to the recapitalisation of the bank, obtained an appropriate share in the bank even when the lowest company value is assumed, it can be concluded that the measures fulfil the Commission’s requirements even if the company value is in fact higher than the lowest in the range.
Če je mogoče sklepati, da je država, ki je prispevala k dokapitalizaciji banke, pridobila ustrezen delež v banki tudi ob predpostavki najnižje vrednosti družbe, je po mnenju Komisije mogoče sklepati še, da ukrepi izpolnjujejo njene zahteve, čeprav je vrednost družbe v resnici višja kot najnižja vrednost v razponu.
Before making that assessment it also needs to be considered that the new capital provider would receive a sufficient discount.
Pred to ocene je treba upoštevati tudi dejstvo, da bi novi ponudnik kapitala dobil ustrezen odbitek.
In fact, according to points 8 and 9 of the 2011 Prolongation Communication capital injections should be subscribed at a sufficient discount to the share price after adjustment for the dilution effect which can be quantified by using generally accepted market techniques (TERP [47]).
Kapitalske vložke bi bilo treba v skladu s točkama 8 in 9 sporočila o podaljšanju 2011 vpisati z dovolj velikim odbitkom cene delnic po prilagoditvi za učinek slabitve, ki se lahko oceni z uporabo splošno priznanih tržnih metod (TERP [47]).
That approach is applied to the 2012 recapitalisation measure.
Ta pristop se je uporabil pri ukrepu dokapitalizacije iz leta 2012.
The Commission has accepted a discount of at least 25 % as acceptable in its recent decisional practice.
Komisija je v nedavni praksi odločanja določila, da je odbitek v višini vsaj 25 % sprejemljiv [48].
That level needs to be adjusted taking into account the size of the capital-strengthening measures in relation to the existing capital of the bank.
To stopnjo je treba prilagoditi ob upoštevanju obsega ukrepov krepitve kapitala glede na obstoječi kapital banke.
The Commission notes in that respect that the State subscribed the capital with a discount of [35 % to 45 %]. [49]
Komisija v zvezi s tem ugotavlja, da je država vpisala kapital z odbitkom v višini [35–45 %] [49].
On the basis of the range of the company evaluation, the Commission has calculated the theoretical shareholder structure of ÖVAG after the 2012 recapitalisation measure and compared it to the shareholder structure of the bank de facto agreed upon as a result of that measure.
Komisija je na podlagi razpona ocenjenih vrednosti družbe izračunala teoretično lastniško strukturo ÖVAG po ukrepu dokapitalizacije leta 2012 in jo primerjala z dejansko lastniško strukturo banke, o kateri so se dogovorili zaradi navedenega ukrepa.
The Commission observes that the new shareholder structure of ÖVAG [50] as agreed upon by its shareholders gives the State, which contributed most to the recapitalisation of the bank, a slightly higher stake than determined by the Commission as being necessary for compliance with State aid rules.
Ugotavlja, da nova lastniška struktura ÖVAG [50], kot je bila določena po dogovoru delničarjev, državi, ki je največ prispevala k dokapitalizaciji banke, dodeli nekoliko večji delež od tistega, ki ga je Komisija določila kot potrebnega za skladnost s pravili o državni pomoči.
On that basis, the Commission concludes that the 2012 recapitalisation of ÖVAG is in line with the Recapitalisation Communication and the 2011 Prolongation Communication.
Na podlagi tega je sklenila, da je dokapitalizacija ÖVAG leta 2012 skladna s sporočilom o dokapitalizaciji in sporočilom o podaljšanju 2011.
As regards the compatibility of the asset guarantee, the Commission notes that the measure serves the purpose of allowing ÖVAG to reverse its already built loan loss provisions.
Komisija v zvezi s skladnostjo jamstva za sredstva ugotavlja, da ukrep služi svojemu namenu, saj ÖVAG omogoča, da razveljavi svoje že oblikovane rezervacije za izgube pri posojilih.
In fact, the measure allows the capital base to be increased.
Ukrep pravzaprav omogoča povečanje kapitalske osnove.
However, unlike a typical impaired asset measure, it does not have an effect on the RWA of the bank due to the structure of the guarantee which aims at reducing only the loan loss provisions of the bank.
Vendar navedeni ukrep za razliko od običajnih ukrepov za oslabljena sredstva ne vpliva na RWA banke zaradi strukture jamstva, katerega cilj je zmanjšati samo rezervacije banke za izgube pri posojilih.
In addition, the asset guarantee covers the first loss and is thus also different from a standard impaired asset measure.
Poleg tega jamstvo za sredstva krije prve izgube in se zato razlikuje tudi od standardnega ukrepa za oslabljena sredstva.
Moreover, any amount drawn must be repaid to the State.
Poleg tega se mora biti vsak črpani znesek vrniti državi.
On that basis, as the guarantee is constructed, the effect of the measure is to temporarily increase and protect the capital base of ÖVAG and is therefore similar to a capital injection into ÖVAG and needs to be assessed as such.
Na podlagi tega in zaradi strukture jamstva je učinek ukrepa začasno povečanje in zaščita kapitalske osnove ÖVAG, zato je ukrep podoben kapitalskemu vložku v ÖVAG in ga je treba oceniti kot takega.
For all those reasons, the Commission finds that the measure resembles a capital injection.
Komisija zaradi vseh teh razlogov ugotavlja, da je ukrep podoben kapitalskemu vložku.
ÖVAG has received an asset guarantee amounting to EUR 100 million which will be remunerated with a fee of 10 % p.a. on the total amount granted and not called (minus cancellations) from 30 September 2012 until 1 January 2016.
ÖVAG je prejela jamstvo za sredstva v višini 100 milijonov EUR, ki bo med 30. septembrom 2012 in 1. januarjem 2016 povrnjeno po letni premiji 10 % na skupni odobren in neunovčen znesek (zmanjšan za preklicane zneske).
The level of remuneration is also in line with point 29 of the Austrian scheme on emergency aid measures to distressed banks. [51]
Stopnja nadomestila je poleg tega skladna s točko 29 avstrijskega programa ukrepov nujne pomoči bankam v težavah [51].
Compliance with Restructuring Communication
Skladnost s sporočilom o prestrukturiranju
All the measures identified as State aid have been provided in the context of the restructuring of ÖVAG.
Vsi ukrepi, opredeljeni kot državna pomoč, so bili zagotovljeni v okviru prestrukturiranja ÖVAG.
The Restructuring Communication sets out the rules applicable to the granting of restructuring aid of financial institutions in the current crisis.
Sporočilo o prestrukturiranju določa pravila, ki se uporabljajo za dodeljevanje pomoči za prestrukturiranje finančnih institucij v trenutni krizi.
According to the Restructuring Communication, in order to be compatible with the internal market under Article 107(3)(b) of the Treaty, the restructuring of a financial institution in the context of the current financial crisis has to lead to the restoration of the viability of the bank, include sufficient own contribution and burden-sharing and contain sufficient measures limiting distortions of competition.
Glede na sporočilo o prestrukturiranju mora prestrukturiranje finančne institucije v trenutni finančni krizi, da bi bilo združljivo z notranjim trgom v skladu s členom 107(3)(b) Pogodbe, privesti do ponovne vzpostavitve uspešnega poslovanja banke, vključevati ustrezen lasten prispevek in porazdelitev bremena ter zajemati ustrezne ukrepe za omejitev izkrivljanja konkurence.
A restructuring plan must ensure that the financial institution is able to restore, when properly implementing it, its long-term viability (section 2 of the Restructuring Communication).
Načrt prestrukturiranja mora zagotoviti, da lahko finančna institucija ponovno vzpostavi svojo dolgoročno uspešno poslovanje, če pravilno izvede načrt (oddelek 2 sporočila o prestrukturiranju).
According to the Restructuring Communication, long-term viability is achieved when a bank is able to compete in the marketplace for capital on its own merits in compliance with the relevant regulatory requirements.
Glede na sporočilo o prestrukturiranju je dolgoročno uspešno poslovanje doseženo, ko je banka na podlagi lastne moči in v skladu z ustreznimi zakonskimi zahtevami sposobna samostojno konkurirati za kapital na trgu.
It must be able to cover all its costs and provide an appropriate return on equity taking into account its risk profile.
Banka mora biti sposobna kriti vse stroške in zagotoviti ustrezno donosnost lastnega kapitala ob upoštevanju profila tveganja banke.
The restructuring plan must identify the causes of the bank's difficulties and its weaknesses and explain how the restructuring is addressing them.
Načrt prestrukturiranja mora opredeliti vzroke za težave banke in njene slabosti ter opisati, na kakšen način bo prestrukturiranje odpravilo te težave.
In particular, successful restructuring entails withdrawal from all activities which would remain structurally loss-making in the medium-term.
Uspešno prestrukturiranje vključuje zlasti opustitev vseh dejavnosti, ki bi srednjeročno zaradi strukturnih razlogov še naprej ustvarjale izgubo.
In line with points 9 to 11 of the Restructuring Communication, Austria submitted a comprehensive and detailed restructuring plan which provides complete information on the business model.
Avstrija je v skladu s točkami 9–11 sporočila o prestrukturiranju predložila celosten in podroben načrt prestrukturiranja, v katerem so podane popolne informacije o poslovnem modelu.
The plan also identifies the causes of the difficulties faced by the bank.
V njem so opredeljeni tudi vzroki za težave banke.
As regards its business model, ÖVAG will limit its scope of activity to its role as central institute of the local and regional Volksbanken.
ÖVAG bo v zvezi s svojim poslovnim modelom omejila obseg dejavnosti na vlogo osrednje institucije lokalnih in regionalnih Volksbanken.
It will provide liquidity management services and intermediation in the access to capital markets to the associated Volksbanken, products which exceed the Volksbanken's capacity or expertise, and shared back-office facilities such as compliance, marketing or IT.
Povezanim Volksbanken bo zagotavljala storitve upravljanja likvidnosti in posredovanje pri dostopu do kapitalskih trgov, produkte, ki presegajo zmogljivosti Volksbanken ali njihovo strokovno znanje, ter skupne zaledne storitve, kot so nadzorovanje skladnosti, trženje in informacijska tehnologija.
As a consequence, ÖVAG will concentrate on its statutory activities and capitalise on its core competences, while withdrawing from those areas which have been at the origin of its financial difficulties or do not fall within the scope of the newly defined business model.
Zato se bo ÖVAG osredotočila na svoje statutarne dejavnosti in izkoristila svoje osrednje sposobnosti, hkrati pa se bo umaknila s tistih področij, ki so bila razlog za njene težave ali ne spadajo v področje novega poslovnega modela.
In particular, ÖVAG ceases its real estate activities and the parts of its corporate financing and investment portfolios which are not necessary for its role as central institute, and divests all non-core subsidiaries.
ÖVAG bo zlasti opustila svoje poslovanje z nepremičninami ter dele portfelja poslovnega financiranja in naložbenega portfelja, ki niso potrebni za opravljanje vloge banke kot osrednje institucije, poleg tega pa bo odprodala vse hčerinske družbe stranskega segmenta.
The Commission considers that the new business model of the bank is appropriate to ensure its long-term viability and sustainability.
Komisija meni, da je novi poslovni model banke ustrezen za zagotovitev dolgoročnega uspešnega poslovanja in trajnosti.
The Commission notes positively that ÖVAG already sold all but one (VBRO) of its VBI subsidiaries in 2011.
Komisija pozdravlja dejstvo, da je ÖVAG že leta 2011 prodala vse hčerinske družbe VBI razen ene (VBRO).
The Commission recalls that in light of the unsuccessful attempt to divest VBRO and the amount of losses it generated in 2011, the Commission expressed doubts in the opening Decision as to whether the initial restructuring plan would allow the bank to solve its problems.
Opozarja, da je morala zaradi neuspešnega poskusa odprodaje VBRO in obsega izgub, ki jih je ta ustvarila leta 2011, v odločitvi o sprožitvi postopka izraziti dvome o tem, ali bo lahko banka s prvotnim načrtom prestrukturiranja rešila svoje težave.
The Commission notes that the new restructuring plan identifies the sources of VBRO’s problems and addresses them by restructuring VBRO in such a way that the subsidiary does not negatively affect ÖVAG’s profitability in the future and that its attractiveness for a potential investor is increased.
Komisija ugotavlja, da so v novem načrtu prestrukturiranja opredeljeni vzroki za težave VBRO in da jih načrt namerava odpraviti s prestrukturiranjem VBRO, in to tako, da hčerinska družba v prihodnosti ne bo negativno vplivala na donosnost ÖVAG in da bo postala privlačnejša za potencialnega vlagatelja [52].
It notes in this respect that according to the restructuring plan, VBRO is planning positive results in the coming years.
V zvezi s tem ugotavlja, da VBRO glede na načrt prestrukturiranja v prihodnjih letih načrtuje doseči pozitivne rezultate.