natgillin/translations-raw huggingface dataset:
Given the importance of securing sufficiently high margins, Germany’s commitment that PBB’s strategic new business will not contract new loans with a RAROC of less than 10 % on a transaction-by-transaction basis is appropriate and necessary.
Glede na pomen zagotavljanja dovolj visokih marž je zaveza Nemčije, da banka PBB pri svojih novih strateških dejavnostih ne bo sklepala novih posojil z RAROC, nižjim od 10 % za vsako transakcijo, ustrezna in potrebna.
In 2011 and 2012, fees generated from asset management services provided for FMS-WM (HRE’s ‘bad bank’) represent an important source of income for PBB.
V letih 2011 in 2012 provizije pri storitvah upravljanja sredstev za FMS-WM (slabo banko HRE) predstavljajo pomemben vir dohodka za banko PBB.
As set out in the IAC, in order to facilitate the bank’s focus on the restoration of viability and to prevent possible conflicts of interest, it is necessary to ensure a clear functional and organisational separation between the beneficiary bank and its impaired assets.
Kot je določeno v Sporočilu o oslabljenih sredstvih, je treba zato, da se banki olajša osredotočanje na ponovno vzpostavitev uspešnega poslovanja in da se preprečijo morebitna navzkrižja interesov, zagotoviti jasno funkcionalno in organizacijsko delitev med banko upravičenko in njenimi oslabljenimi sredstvi.
However, that situation needs to be remedied as quickly as possible.
Vendar je treba to popraviti takoj, ko bo to mogoče.
That commitment also helps to ensure that in the medium term PBB’s profitability is self contained and no longer based on fee income related to the transfer of impaired assets.
Ta zaveza bo tudi pomagala pri zagotavljanju, da bo donosnost banke PBB srednjeročno neodvisna in ne bo več temeljila na dohodku iz pristojbin, povezanem s prenosom oslabljenih sredstev.
The Commission notes that PBB intends to reduce its operating costs considerably.
Komisija ugotavlja, da namerava banka PBB precej zmanjšati stroške poslovanja.
Over the restructuring period, the cost-income ratio will improve significantly from [64–79] % in 2011 to [32–42] % in 2015 in the base case scenario.
V obdobju prestrukturiranja se bo v osnovnem scenariju razmerje med stroški in prihodki precej izboljšalo, s [64–79] % v letu 2011 na [32–42] % v letu 2015.
PBB has adopted some decisive restructuring measures that affect its cost base.
Banka PBB je sprejela nekaj odločilnih ukrepov prestrukturiranja, ki vplivajo na njeno stroškovno osnovo.
It has closed a considerable number of sales offices and reduced its workforce by approximately 30 % (1366 employees at the end of 2010, compared with 2000 employees at the end of 2007) [32].
Zaprla je precejšnje število prodajnih mest, delovno silo pa zmanjšala za približno 30 % (1366 zaposlenih v letu 2010 v primerjavi z 2000 zaposlenimi konec leta 2007) [32].
While those measures will have a positive impact on operating expenses in the medium and long term, the restructuring process brings about extraordinary expenses in the short term, in particular for redundancy and early retirement payments, fees for lawyers and consultants, etc. In the Commission’s view, the assumption that operating costs will stabilise at a considerably lower level once the restructuring process has been completed therefore seems credible.
Ti ukrepi bodo imeli pozitiven srednje- in dolgoročni učinek na stroške poslovanja, vendar proces prestrukturiranja kratkoročno prinaša izredne stroške, zlasti zaradi odpuščanja delavcev in plačil za predčasno upokojitev, stroškov za odvetnike in svetovalce itd. Po mnenju Komisije se zato predpostavka, da se bodo stroški poslovanja po dokončanju procesa prestrukturiranja ustalili na precej nižji ravni, zdi verodostojna.
After the transfer of impaired assets to FMS-WM, resulting in a significant reduction of the balance sheet, the base case scenario shows that PBB’s loan loss provisions are stable for the restructuring period.
Po prenosu oslabljenih sredstev na banko FMS-WM, zaradi česar se je bilanca stanja precej zmanjšala, osnovni scenarij kaže, da so v obdobju prestrukturiranja sredstva za izgube pri posojilih banke PBB stabilna.
The Commission considers that the targeted profitability of PBB is also sufficiently robust against the assumptions made in the stress case scenario, as neither the viability of the bank nor the prospects of reprivatising PBB are put at risk.
Komisija meni, da je načrtovana donosnost banke PBB glede na predpostavke iz izrednega scenarija prav tako dovolj stabilna, saj nista ogrožena niti uspešno poslovanje banke niti možnost ponovne privatizacije banke PBB.
Table 2: PBB profit and loss forecasts, International Financial Reporting Standards (IFRS) (stress case scenario), according to the restructuring plan
Preglednica 2: Napoved dobička in izgub banke PBB, mednarodni standard računovodskega poročanja (izredni scenarij), v skladu z načrtom prestrukturiranja
In the light of the improvements to the business model, the technical infrastructure and the organisational set-up, and their impact on PBB’s situation as to expected liquidity, solvency and profitability, the Commission considers that the restructuring plan fulfils the requirements of the Restructuring Communication with regard to the restoration of long-term viability.
Ob upoštevanju izboljšav poslovnega modela, tehnične infrastrukture in organizacijske sestave ter njihovega učinka na položaj banke PBB glede pričakovane likvidnosti, solventnosti in donosnosti Komisija meni, da načrt prestrukturiranja izpolnjuje zahteve Sporočila o prestrukturiranju glede ponovne vzpostavitve dolgoročno uspešnega poslovanja.
Own contribution/burden sharing
Lastni prispevek / porazdelitev bremena
The Restructuring Communication stipulates that the beneficiary must make an appropriate contribution to the restructuring costs.
Sporočilo o prestrukturiranju določa, da mora upravičenec ustrezno prispevati k stroškom prestrukturiranja.
The principles are laid down as follows in Section 3 of the Restructuring Communication:
Načela so v oddelku 3 Sporočila o prestrukturiranju določena, kot sledi:
Restructuring aid should be limited to covering costs which are necessary for the restoration of viability.
pomoč za prestrukturiranje mora biti omejena na kritje stroškov, potrebnih za ponovno vzpostavitev uspešnega poslovanja;
In order to limit the aid amount to the minimum necessary, the beneficiary bank should first use its own resources to finance restructuring, for example, through the sale of assets.
zaradi omejitve višine pomoči na najnižjo potrebno mora upravičena banka za financiranje prestrukturiranja najprej uporabiti svoje lastne vire, na primer, s prodajo aktive;
The costs associated with the restructuring should not be borne solely by the State but should also be borne by those who invested in the bank by absorbing losses with available capital and by paying an adequate remuneration for State interventions.
stroškov, povezanih s prestrukturiranjem, ne krije samo država, temveč jih morajo kriti tudi tisti, ki so vlagali v banko, in sicer tako, da izgube absorbirajo z razpoložljivim kapitalom in za državno pomoč plačajo ustrezno nadomestilo.
The objective of burden sharing is twofold: to limit distortions of competition and to address moral hazard [33].
Cilj porazdelitve bremena je dvojen: omejevanje izkrivljanja konkurence in obravnavanje moralnega tveganja [33].
The Commission’s doubts as to whether the aid is limited to the minimum necessary to restore the long-term viability of PBB have been allayed.
Pomisleki Komisije glede tega, ali je pomoč omejena na najnižjo potrebno za ponovno vzpostavitev dolgoročno uspešnega poslovanja banke PBB, so bili ublaženi.
Approximately 63 % of the capital of nearly EUR 10 billion remains within the HRE group.
Približno 63 % kapitala od skoraj 10 milijard EUR ostaja znotraj skupine HRE.
PBB is the only entity within the HRE group that will undertake new business in future and hence actively participate in competition.
Banka PBB je edini subjekt v skupini HRE, ki bo izvajala nove dejavnosti v prihodnosti in bo tako dejavno udeležena v konkurenci.
The projected core capital ratio is strong, yet in line with capital ratios of competitors.
Napovedani delež kapitala prvega reda je velik, vendar v skladu z deleži kapitala konkurentov.
In reaction to the financial crisis, banks are now generally expected to show higher capital ratios than before the crisis.
Od bank se na splošno pričakuje, da bodo kot odziv na finančno krizo prikazale višje deleže kapitala kot pred krizo.
It also needs to be borne in mind that PBB, due to its problems within the crisis, needs a strong capital base in order to convince market players that it is a reliable business partner.
Treba je tudi upoštevati, da banka PBB zaradi svojih težav s krizo potrebuje trdno kapitalsko osnovo, da bi lahko tržne akterje prepričala, da je zanesljiv poslovni partner.
In the Commission’s view, the amount of capital provided and the resulting capital ratios are therefore deemed to be adequate and limited to the minimum necessary.
Po mnenju Komisije so tako znesek zagotovljenega kapitala in izhajajoči deleži kapitala ustrezni in omejeni na najnižje potrebne.
That transfer helped to ensure that the aid in the form of guarantees was limited to the minimum period necessary.
Ta prenos je pomagal zagotoviti, da je pomoč v obliki jamstev omejena na najkrajše potrebno obdobje.
As stated in the Restructuring Communication, beneficiary banks should first use their own resources to finance their restructuring, which is typically done by selling assets.
Kot je navedeno v Sporočilu o prestrukturiranju, morajo upravičene banke za financiranje prestrukturiranja najprej uporabiti svoje lastne vire, kar se običajno izvede s prodajo sredstev.
HRE has hived off a considerable part of its assets by transferring a notional amount of about EUR 210 billion of assets as well as about EUR 280 billion of derivatives to the winding-up institution FMS-WM, thereby effectively cutting its balance sheet in half.
Banka HRE je oddala precejšen del svojih sredstev, saj je nominalni znesek v višini 210 milijard EUR sredstev in 280 milijard EUR izvedenih finančnih instrumentov prenesla na slabo banko FMS-WM ter tako učinkovito zmanjšala svojo bilanco stanja na polovico.
However, that transaction has not created any accounting surplus that could have contributed to the financing of the restructuring costs.
Vendar ta prenos ni ustvaril nobenega presežka, ki bi lahko pripomogel k financiranju stroškov prestrukturiranja.
HRE has paid interest to SoFFin on all guarantees given by Germany, the respective interest rates ranging from 0,5 % to 0,8 % per annum.
Banka HRE je skladu SoFFin plačala obresti za vsa jamstva Nemčije, pri čemer so obrestne mere znašale med 0,5 % in 0,8 % na leto.
It has thus, in line with the Commission communication on the application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis [34] (‘Banking Communication’), adequately remunerated that part of the State aid.
Zato je, v skladu s Sporočilom Komisije o uporabi pravil o državni pomoči za ukrepe v zvezi s finančnimi institucijami v okviru trenutne svetovne finančne krize [34] (v nadaljnjem besedilu: Sporočilo o bančništvu), ustrezno povrnila ta del državne pomoči.
By contrast, up to now the bank has remunerated neither the capital received nor the capital relief arising from the asset relief measure, and is not capable of ensuring an adequate claw-back mechanism for the aid element received in the form of a transfer value of the assets which was higher than their REV.
Nasprotno pa banka do nastanka tega sklepa ni povrnila niti prejetega kapitala niti razbremenitve kapitala, do katere je prišlo zaradi ukrepa finančne pomoči, prav tako pa ne more zagotoviti ustreznega mehanizma za vračilo sredstev za element pomoči, prejet v obliki vrednosti sredstev ob prenosu, ki je bila višja od realne ekonomske vrednosti.
In the light of the overall economic situation of HRE, it can be concluded that the bank was simply not in a position to make any meaningful further own contribution to the restructuring costs [35].
Ob upoštevanju splošnega ekonomskega položaja banke HRE se lahko sklepa, da banka ni mogla nadalje znatno prispevati k stroškom prestrukturiranja [35].
Therefore the lack of own contribution has to be compensated for by particularly far-reaching structural measures in the restructuring plan, in order to ensure that the bank and its shareholders adequately share the burden of the rescue of the bank.
Zato je treba to pomanjkanje lastnega prispevka nadomestiti s precej obsežnimi strukturnimi ukrepi v načrtu prestrukturiranja, s čimer bo zagotovljeno, da si banka in njeni delničarji ustrezno delijo breme reševanja banke.
Overall, the Commission considers that the amount of downsizing laid down in the restructuring plan in terms of organisational size, market presence, scope of activities and balance sheet size is, given the specific circumstances of this case, an adequate substitute for the lack of adequate own contribution.
Na splošno Komisija meni, da obseg zmanjšanja iz načrta prestrukturiranja glede organizacijskega obsega, prisotnosti na trgu, obsega dejavnosti in bilance stanja, glede na posebne okoliščine tega primera, ustrezno nadomešča pomanjkanje ustreznega lastnega prispevka.
It should also be borne in mind that the bank was taken into public ownership and that the compensation received by its former shareholders was based on the value of the company without State support [36].
Upoštevati je treba tudi, da je banka postala javna last in da je nadomestilo, ki so ga prejeli nekdanji delničarji, temeljilo na vrednosti podjetja brez pomoči države [36].
That outcome is a positive element from a State aid point of view and means that the former shareholders have been wiped out and thus can be considered as having sufficiently contributed to the costs of the restructuring of HRE.
Ta rezultat je z vidika državne pomoči pozitiven element in pomeni, da so bili nekdanji delničarji izrinjeni, zato se lahko šteje, da je zadostno prispeval k stroškom prestrukturiranja banke HRE.
Furthermore, as regards HRE’s subordinated debt holders, Germany has provided a commitment that HRE will not make discretionary payments on profit-related financial instruments to third parties, thereby ensuring that Tier 2 capital holders will get little or no compensation for their investment and will thus participate in the burden sharing in the same way as Tier 1 capital holders.
Poleg tega je, glede imetnikov podrejenih dolžniških instrumentov banke HRE, Nemčija zagotovila, da banka HRE tretjim strankam ne bo izplačevala diskrecijskih plačil za finančne instrumente, povezane z dobičkom, s čemer bo zagotovila, da bodo imetniki kapitala drugega reda prejeli le majhno nadomestilo za svojo naložbo ali pa nadomestila sploh ne bodo prejeli in bodo tako sodelovali pri porazdelitvi bremena na enak način kot imetniki kapitala prvega reda.
The Commission therefore concludes that HRE’s shareholders have adequately contributed to the restructuring costs and that as a consequence the risk of moral hazard is adequately addressed.
Komisija zato ugotavlja, da so delničarji banke HRE ustrezno prispevali k stroškom prestrukturiranja in da je zaradi tega moralno tveganje ustrezno obravnavano.
As regards the measures limiting the distortion of competition, the Restructuring Communication sets out that the Commission has to take into account, in its assessment the amount of aid, the degree of burden sharing and the position the financial institution will have on the market after the restructuring.
Glede ukrepov za omejevanje izkrivljanja konkurence Sporočilo o prestrukturiranju določa, da mora Komisija pri svoji oceni zneska pomoči upoštevati stopnjo porazdelitve bremena in položaj, ki ga bo imela finančna institucija na trgu po prestrukturiranju.
On the basis of that analysis, suitable measures should be put into place.
Na podlagi te analize je treba uvesti ustrezne ukrepe.
The distortions of competition caused by HRE are significant.
Izkrivljanje konkurence s strani banke HRE je precejšnje.
HRE’s successor, PBB, will be well funded and relieved of the burden of the risky lending made by HRE in the past.
Naslednica banke HRE, banka PBB, bo dobro financirana, prav tako pa ne bo obremenjena zaradi tveganih posojil banke HRE v preteklosti.
A large amount of aid has been necessary in order to keep PBB in business and to facilitate the split-up.
Za ohranitev poslovanja banke PBB in pospešitev razdelitve je bil potreben precejšen znesek pomoči.
However, PBB will be a much smaller bank, and sufficient measures limiting any distortion of competition have been put in place by Germany.
Vendar bo banka PBB precej manjša banka, Nemčija pa je uvedla ustrezne ukrepe za omejitev izkrivljanja konkurence.
First, PBB will be an economic entity that is rather different from the former HRE.
Prvič, banka PBB bo gospodarski subjekt, ki se bo precej razlikoval od prejšnje banke HRE.
It has been taken into public ownership and is currently undergoing in-depth restructuring.
Postala je javna last, trenutno pa se izvaja temeljito prestrukturiranje.
As a result, PBB is a much smaller bank than HRE was.
Zato je banka PBB precej manjša od banke HRE.
After the transfer of a series of assets to FMS-WM, PBB’s strategic balance sheet size — which does not take into consideration those balance sheet items which are in run-down mode or have been synthetically transferred to FMS-WM — is around 15 % of HRE’s balance sheet at the end of 2008.
Po prenosu številnih sredstev na banko FMS-WM strateški obseg bilance stanja banke PBB, ki ne upošteva izčrpanih postavk bilance stanja ali postavk, ki so bile umetno prenesene na banko FMS-WM, obsega približno 15 % bilance stanja banke HRE konec leta 2008.
Second, Germany has provided the Commission with several commitments aimed at limiting PBB’s market presence, which have been described in more detail in Section V. PBB will only pursue new business in two business lines, REF and PIF.
Drugič, Nemčija je Komisiji predložila več zavez, namenjenih omejevanju prisotnosti banke PBB na trgu, ki so podrobneje opisane v oddelku V. banka PBB bo nove dejavnosti izvajala samo v dveh poslovnih linijah, financiranju nepremičnin in financiranju javnih naložb.
Those two business lines have only limited room for growth during the restructuring period because new business, the balance sheet and portfolio sizes must all stay within defined boundaries, effectively restricting PBB’s ability to expand on the market and thus distort competition.
Ti dve poslovni liniji se lahko med obdobjem prestrukturiranja povečata le v omejenem obsegu, saj morajo nove dejavnosti, bilanca stanja in velikost portfelja ostati v okviru določenih omejitev, ki učinkovito preprečujejo banki PBB, da bi se razširila na trgu in tako izkrivljala konkurenco.
Those caps on growth will remain in place until at least 31 December 2013 and potentially longer if PBB is not reprivatised by then.
Te omejitve glede rasti bodo veljale vsaj do 31. decembra 2013, morda pa še dlje, če banka PBB do takrat ne bo ponovno privatizirana.
All other entities of the HRE group must stop business and run down their portfolios, in particular infrastructure finance, capital markets and asset management, and activities related to budget finance.
Vsi drugi subjekti skupine HRE morajo prenehati s poslovanjem in izčrpati svoje protfelje, zlasti financiranje naložb v infrastrukturo, kapitalske trge in upravljanje s sredstvi ter dejavnosti, povezane s financiranjem proračuna.
Third, in order to allay the Commission’s concerns that PBB might harm competition and competitors through overly aggressive pricing strategies, Germany has given a commitment that PBB’s strategic new business will not issue new loans with a RAROC of less than 10 % on a transaction-by-transaction basis.
Tretjič, da bi ublažila pomisleke Komisije glede tega, da bi lahko banka PBB konkurenci in konkurentom škodila s preveč agresivnimi strategijami določanja cen, se je Nemčija zavezala, da banka PBB pri izvajanju svojih novih strateških dejavnosti ne bo sklepala novih posojil, ki imajo RAROC nižji od 10 % na podlagi vsake transakcije.
In the Commission’s view, that commitment will be another effective measure against undue distortions of competition.
Po mnenju Komisije bo ta zaveza še en učinkovit ukrep za preprečevanje neupravičenega izkrivljanja konkurence.
Fourth, PBB’s activities will be limited by behavioural constraints which include an acquisition ban and a ban on invoking State support in its advertising.
Četrtič, dejavnosti banke PBB bodo omejene z omejitvami glede ravnanja, ki obsegajo prepoved prevzemanja in prepoved sklicevanja na državno pomoč pri oglaševanju.
In addition, the Commission notes that timely reprivatisation can ensure that third parties have the opportunity to acquire PBB.
Poleg tega Komisija ugotavlja, da lahko pravočasna ponovna privatizacija zagotovi tretjim stranem priložnost za prevzem banke PBB.
Germany has committed that the implementation of the HRE restructuring plan and the implementation of the commitments will be monitored by a monitoring trustee, who will submit reports to the Commission on a quarterly basis.
Nemčija se je zavezala, da bo izvajanje načrta prestrukturiranja za banko HRE in izvajanje zavez spremljal fiduciar za spremljanje, ki bo vsako četrtletje Komisiji predložil poročilo.
The Commission concludes that the measures analysed above constitute State aid pursuant to Article 107(1) TFEU.
Komisija ugotavlja, da analizirani ukrepi pomenijo državno pomoč v skladu s členom 107(1) PDEU.
The Commission further concludes that the restructuring aid is compatible with the internal market pursuant to Article 107(3)(b) TFEU subject to the implementation of the restructuring plan which was finally updated on 14 June 2011 and subject to the fulfilment of the commitments set out in the Annex to this Decision,
Komisija nadalje ugotavlja, da je pomoč za prestrukturiranje združljiva z notranjim trgom v skladu s členom 107(3)(b) PDEU na podlagi izvajanja načrta prestrukturiranja, ki je bil dokončno posodobljen 14. junija 2011, in na podlagi izpolnjevanja zavez iz Priloge k temu sklepu –
The State aid which Germany implemented and is planning to implement in favour of Hypo Real Estate Group, consisting of:
Državna pomoč, ki jo je Nemčija izvedla in jo namerava izvajati v korist skupine Hypo Real Estate Group in ki jo sestavljajo:
capital injection of EUR 60 million, notified on 17 April 2009,
kapitalska injekcija v višini 60 milijonov EUR, priglašena 17. aprila 2009,
capital injection of EUR 2,96 billion, notified on 3 June 2009,
kapitalska injekcija v višini 2,96 milijarde EUR, priglašena 3. junija 2009,
capital injection of EUR 3 billion, notified on 26 October 2009,
kapitalska injekcija v višini 3 milijarde EUR, priglašena 26. oktobra 2009,
capital injection of EUR 1,85 billion, notified on 30 April 2010, of which EUR 450 million is contingent on the existence of certain circumstances,
kapitalska injekcija v višini 1,85 milijarde EUR, priglašena 30. aprila 2010, od katere je 450 milijonov EUR pogojenih z obstojem določenih okoliščin,
capital injection of EUR 2,08 billion, notified on 10 September 2010,
kapitalska injekcija v višini 2,08 milijarde EUR, priglašena 10. septembra 2010,
guarantees of EUR 35 billion, notified on 30 September 2008,
jamstva v višini 35 milijard EUR, priglašena 30. septembra 2008,
guarantees of EUR 52 billion, notified on 17 April 2009,
jamstva v višini 52 milijard EUR, priglašena 17. aprila 2009,
guarantee of EUR 8 billion, notified on 26 October 2009,
jamstvo v višini 8 milijard EUR, priglašeno 26. oktobra 2009,
guarantee of EUR 10 billion, notified on 26 October 2009,
jamstvo v višini 10 milijard EUR, priglašeno 26. oktobra 2009,
liquidity guarantee of EUR 20 billion, notified on 2 September 2010,
likvidnostno jamstvo v višini 20 milijard EUR, priglašeno 2. septembra 2010,
settlement guarantee of EUR 20 billion, notified on 10 September 2010 and
jamstvo v primeru likvidacije v višini 20 milijard EUR, priglašeno 10. septembra 2010, in