natgillin/translations-raw huggingface dataset:
As established in recitals 27 and 28 of the Rescue Decision, the non-participation of the minority shareholders in the recapitalisation and the disproportionate share of the burden of the rescue measures borne by the public-sector owners indicate that the recapitalisation was motivated by public policy objectives, and not by private investor considerations.
Kot je ugotovljeno v odstavkih 27 in 28 sklepa o reševanju, nesodelovanje manjšinskih delničarjev pri dokapitalizaciji in nesorazmeren delež bremena ukrepov za reševanje, ki sta ga nosila lastnika v javnem sektorju, kažeta, da so bili razlogi za dokapitalizacijo cilji javne politike in ne dejavniki zasebnega vlagatelja.
In line with its case practice [50] the Commission confirms its view that the aid element in the recapitalisation amounts to EUR 3 billion.
V skladu s svojo sodno prakso [50] Komisija potrjuje svoje stališče, da element pomoči dokapitalizacije znaša 3 milijarde EUR.
Moreover, the aid element of the risk shield is confirmed to be EUR 10 billion. Despite Germany’s arguments, the Commission remains convinced that the measure must be assessed on the basis of the Impaired Assets Communication.
Poleg tega je potrjeno, da element pomoči zaščite pred tveganjem znaša 10 milijard EUR. Kljub trditvam Nemčije je Komisija še naprej prepričana, da je treba ukrep oceniti na podlagi sporočila o oslabljenih sredstvih.
In the Impaired Assets Communication, the Commission has provided guidance on the treatment under Article 107(3)(b) TFEU of asset relief measures adopted by Member States.
V sporočilu o oslabljenih sredstvih je Komisija določila smernice o obravnavi ukrepov finančne pomoči, ki jih odobrijo države članice, na podlagi člena 107(3)(b) PDEU.
Impaired assets correspond to categories of assets on which banks are likely to incur losses.
Oslabljena sredstva ustrezajo kategorijam sredstev, pri katerih je verjetno, da bo imela banka izgube.
The Commission considers that the Impaired Assets Communication must cover any kind of support measure targeting impaired assets and providing effective asset relief to the recipient institution because the Impaired Assets Communication defines asset relief as any measure whereby a bank is dispensed from the need for severe downward value adjustments of certain asset classes [51].
Komisija meni, da sporočilo o oslabljenih sredstvih zajema vse vrste ukrepov pomoči, ki so namenjeni oslabljenim sredstvom in zagotavljajo učinkovito finančno pomoč ustanovi prejemnici, saj sporočilo o oslabljenih sredstvih finančno pomoč opredeljuje kot kateri koli ukrep, zaradi katerega banki ni treba močno zmanjšati vrednosti določenih kategorij sredstev [51].
The risk shield to HSH falls into that category of measure.
Zaščita pred tveganjem za banko HSH spada v to kategorijo ukrepov.
The Commission does not agree with Germany that the Impaired Assets Communication is inapplicable and that the aid amount involved in the second-loss guarantee should be determined according to the general state aid rules and the Guarantees Notice in particular.
Komisija se ne strinja z Nemčijo, da se sporočilo o oslabljenih sredstvih ne uporablja in da bi bilo treba znesek pomoči iz jamstva na drugo izgubo določiti v skladu s splošnimi pravili o državni pomoči in zlasti obvestilom o poroštvih.
The Guarantees Notice applies to aid measures that are designed to provide liquidity to a bank [52].
Obvestilo o poroštvih se uporablja za ukrepe pomoči, ki so oblikovani tako, da banki zagotavljajo likvidnost [52].
The risk shield serves another purpose.
Zaščita pred tveganjem ni namenjena zagotavljanju likvidnosti.
It is designed to be implemented on the asset side in order to free up as much capital as possible, so that the bank can improve its capital ratio.
Oblikovana je tako, da se izvede na strani sredstev in sprosti čim več kapitala, tako da lahko banka izboljša svoj kapitalski delež.
As regards the ratione temporis objection of Germany, the Commission would point out that it has to apply the law and guidelines in force at the time of the adoption of a decision, irrespective of the time at which the aid measures were designed or notified [53].
V zvezi z ugovorom Nemčije glede časovne veljavnosti (ratione temporis) Komisija poudarja, da mora uporabljati zakone in smernice, veljavne v času sprejetja sklepa, ne glede na to, kdaj so bili ukrepi pomoči oblikovani ali priglašeni [53].
This is a general rule, and any departure from it has to be clearly mentioned in the legal act that would otherwise be applicable.
To je splošno pravilo in vsakršno odstopanje od njega bi moralo biti jasno navedeno v pravnem aktu, ki bi se drugače uporabljal.
The Union courts have confirmed that a notified measure should be assessed under the rules applicable at the date of the decision [54].
Sodišče Unije je potrdilo, da mora biti priglašeni ukrep ocenjen na podlagi pravil, ki veljajo na datum sklepa [54].
Consequently, in the context of the current financial crisis, the Commission has previously applied the Impaired Assets Communication to measures notified before its publication [55].
Zato je Komisija v okviru sedanje finančne krize sporočilo o oslabljenih sredstvih prej uporabljala za ukrepe, priglašene pred objavo Sporočila [55].
According to the Impaired Assets Communication, the amount of aid in an asset relief measure corresponds to the difference between the transfer value of the assets and their market price.
V skladu s sporočilom o oslabljenih sredstvih znesek pomoči ukrepa finančne pomoči ustreza razliki med vrednostjo sredstev ob prenosu in njihovo tržno ceno.
The transfer value of the shielded portfolio amounts to [approximately EUR 168] billion, which corresponds to the nominal value of the portfolio of approximately EUR [172] billion minus the first loss of EUR 3,2 billion (first-loss tranche).
Vrednost zaščitenega portfelja ob prenosu znaša približno [168] milijard EUR, kar ustreza nominalni vrednosti portfelja v višini približno [172] milijard EUR minus prva izguba v višini 3,2 milijarde EUR (tranša prve izgube).
Given the significant size and the composition of the shielded portfolio ([60-80] % of the assets covered are loans to customers), the quantification of its market value is difficult.
Zaradi precejšnjega obsega in sestave zaščitenega portfelja ([60–80] % kritih sredstev predstavljajo posojila strankam) je težko količinsko opredeliti njegovo tržno vrednost.
In the absence of a market, the market value may effectively be as low as zero for some assets [56].
Če trga ni, je lahko tržna vrednost za nekatera sredstva dejansko tudi nič [56].
In any case the market value of the shielded portfolio lies significantly below its real economic value (REV) [57], which reflects the underlying long-term economic value of the assets.
V vsakem primeru je tržna vrednost zaščitenega portfelja precej nižja od njegove realne ekonomske vrednosti (REV) [57], ki odraža osnovno dolgoročno tržno vrednost sredstev.
Given that the aid amount involved in the guarantee cannot exceed its nominal value (EUR 10 billion) it is not necessary to determine the exact value.
Glede na to, da element pomoči jamstva ne more presegati svoje nominalne vrednosti (10 milijard EUR), ni treba določiti natančne vrednosti.
Therefore the Commission considers that the aid element involved in the risk shield is EUR 10 billion.
Zato Komisija meni, da element pomoči zaščitenega portfelja znaša 10 milijard EUR.
Finally, the Commission would point out that the liquidity guarantees provided by Soffin for an amount of EUR 17 billion constitute aid granted under the German scheme.
Ne nazadnje Komisija še poudarja, da likvidnostna jamstva sklada SoFFin v znesku 17 milijard EUR pomenijo pomoč, dodeljeno na podlagi nemške sheme.
The Commission has come to the conclusion that the aid element in the risk shield and the recapitalisation amounts to EUR 13 billion. The Commission further considers that the aid element in the liquidity guarantees is up to EUR 17 billion.
Komisija je sklenila, da element pomoči zaščitenega portfelja in dokapitalizacije znaša 13 milijard EUR. Komisija nadalje meni, da element pomoči likvidnostnih jamstev znaša 17 milijard EUR.
COMPATIBILITY OF THE AID MEASURES
ZDRUŽLJIVOST UKREPOV POMOČI
APPLICATION OF ARTICLE 107(3)(B) TFEU
UPORABA ČLENA 107(3)(B) PDEU
In accordance with Article 107(3)(b) TFEU, aid can be found compatible with the internal market if it serves to ‘remedy a serious disturbance in the economy of a Member State’.
V skladu s členom 107(3)(b) PDEU se lahko pomoč šteje za združljivo z notranjim trgom, če „odpravlja resne motnje v gospodarstvu države članice“.
The Commission acknowledged in its approval of the German bank rescue scheme [58] that there is a threat of serious disturbance in the German economy and that state support of banks is a suitable way to remedy that disturbance.
Komisija je v svoji odobritvi nemške sheme za reševanje bančništva [58] priznala, da obstaja nevarnost resnih motenj v nemškem gospodarstvu in da je državna pomoč bankam ustrezen način za odpravo teh motenj.
Despite a slow economic recovery having taken hold since the beginning of 2010, the Commission still considers that the requirements for state aid to be approved pursuant to Article 107(3)(b) TFEU are fulfilled, in view of the reappearance of stress in financial markets.
Kljub počasnemu okrevanju gospodarstva, ki se stabilizira od začetka leta 2010, Komisija meni, da so pogoji za odobritev državne pomoči v skladu s členom 107(3)(b) izpolnjeni, glede na ponovitev negotovosti na finančnih trgih.
The Commission has confirmed that view by adopting in December 2010 a Communication that prolongs until 31 December 2011 the application of state aid rules to support measures in favour of banks in the context of the financial crisis [59].
Komisija je to mnenje potrdila, ko je decembra 2010 sprejela sporočilo, ki do 31. decembra 2011 podaljšuje uporabo pravil o državni pomoči za podporne ukrepe v korist bank v okviru finančne krize [59].
The collapse of a bank such as HSH could directly affect the financial markets and thus the entire economy of a Member State.
Propad banke, kot je banka HSH, bi lahko neposredno prizadel finančne trge in s tem celotno gospodarstvo države članice.
Given the current fragility of the financial markets, the Commission continues to base its assessment of state aid measures in the banking sector on Article 107(3)(b) TFEU.
Zaradi trenutne nestabilnosti finančnih trgov Komisija ukrepe državne pomoči v bančnem sektorju še naprej izvaja na podlagi člena 107(3)(b) PDEU.
COMPATIBILITY OF THE RISK SHIELD WITH THE IMPAIRED ASSETS COMMUNICATION
ZDRUŽLJIVOST ZAŠČITE PRED TVEGANJEM S SPOROČILOM O OSLABLJENIH SREDSTVIH
The Commission should examine the compatibility of asset relief measures in the light of Article 107(3)(b) TFEU and on the basis of the Impaired Assets Communication.
Komisija bi morala preučiti združljivost ukrepov finančne pomoči ob upoštevanju člena 107(3)(b) PDEU in na podlagi sporočila o oslabljenih sredstvih.
Contrary to what is argued by Germany, the Impaired Assets Communication does not serve merely to ensure consistent administrative practice [60].
V nasprotju s trditvami Nemčije sporočilo o oslabljenih sredstvih ne služi samo zagotavljanju dosledne upravne prakse [60].
Rather, it sets out the state aid rules to be applied to asset relief measures.
Namesto tega določa pravila o državni pomoči, ki jih je treba uporabljati za ukrepe finančne pomoči.
Taking account of their specific features, it translates the state aid rules into compatibility criteria to be applied to such measures.
Ob upoštevanju posebnih značilnosti pravil o državni pomoči ta pravila preoblikuje v merila o združljivosti, ki se uporabljajo za te ukrepe.
Applying the Impaired Assets Communication should ensure consistency between asset relief measures introduced by the Member States and compliance with state aid monitoring requirements.
Uporaba sporočila o oslabljenih sredstvih bi morala zagotoviti usklajenost ukrepov finančne pomoči držav članic in skladnost z zahtevami za spremljanje državne pomoči.
Paragraph 18 of the Impaired Assets Communication states that the Communication aims to establish coordinated principles and conditions to ensure the effectiveness of asset relief measures in the internal market as far as possible, taking account of the long-term objective of a return to normal market conditions.
Odstavek 18 sporočila o oslabljenih sredstvih navaja, da je Sporočilo namenjeno določitvi usklajenih načel in pogojev za zagotavljanje čim večje učinkovitosti ukrepov finančne pomoči za oslabljena sredstva na notranjem trgu, pri čemer je treba upoštevati dolgoročni cilj ponovne vzpostavitve normalnih tržnih pogojev.
Thus the objectives of the Communication are broader than what is argued by Germany, and are not confined to administrative practice.
Zato so cilji Sporočila obširnejši kot trdi Nemčija in niso omejeni na upravno prakso.
To fulfil the above objectives the Commission has to apply the Impaired Assets Communication to all asset relief measures.
Da bi izpolnila navedene cilje, mora Komisija sporočilo o oslabljenih sredstvih uporabiti za vse ukrepe finančne pomoči.
The Commission therefore does not see any grounds to assess the measure directly under Article 107(3)(b) TFEU, as suggested by Germany.
Komisija zato ne vidi nobenega razloga za ocenjevanje ukrepa neposredno na podlagi člena 107(3)(b) PDEU, kot je to predlagala Nemčija.
The Impaired Assets Communication lays down a set of conditions with which asset relief measures have to comply in order to be compatible with Article 107(3)(b) TFEU.
Sporočilo o oslabljenih sredstvih določa sklop pogojev, ki jih morajo ukrepi finančne pomoči izpolnjevati, da bi bili združljivi s členom 107(3)(b) PDEU.
The examination of their compatibility is carried out using a number of criteria including the eligibility of the assets, the management of the assets, the valuation of the shielded portfolio, the appropriate identification of the problem and full ex ante transparency and disclosure, the alignment of the measure with public policy objectives, the appropriateness of the remuneration and burden sharing, and the requirement of the assessment of a restructuring plan by the Commission.
Preučevanje njihove združljivosti se izvede s pomočjo številnih meril, vključno z upravičenostjo sredstev, upravljanjem s sredstvi, vrednotenjem zaščitenega portfelja, ustrezno opredelitvijo težave ter popolno predhodno preglednostjo in razkritjem, uskladitvijo ukrepa s cilji javne politike, ustreznostjo povračila in porazdelitve bremena ter zahtevo po oceni načrta prestrukturiranja s strani Komisije.
Eligible assets
Upravičena sredstva
Paragraphs 33 et seq. of the Impaired Assets Communication require identification of eligible assets and their organisation into categories of assets (baskets).
Odstavek 33 in naslednji sporočila o oslabljenih sredstvih zahteva opredelitev upravičenih sredstev in njihovo razvrstitev v kategorije sredstev (košarice).
Detailed guidance on the definitions of those categories is provided in Annex III to the Impaired Assets Communication.
Podrobne smernice o opredelitvi teh kategorij so navedene v Prilogi III k sporočilu o oslabljenih sredstvih.
The variety of assets covered by the risk shield goes beyond the basket system covered by the Impaired Assets Communication.
Različna sredstva, ki jih krije zaščita pred tveganjem, presegajo sistem košaric iz sporočila o oslabljenih sredstvih.
However, paragraph 35 of the Communication allows for additional flexibility in the identification of eligible assets.
Vendar pa odstavek 35 Sporočila omogoča dodatno prilagodljivost pri opredelitvi upravičenih sredstev.
It allows banks to be relieved of impaired assets that are not covered by paragraph 33 without a specific justification, but only for a maximum of 10-20 % of the overall assets of a given bank.
Bankam omogoča, da se oslabljena sredstva, ki niso zajeta v odstavku 33, brez posebne utemeljitve vključijo v mehanizem pomoči, vendar v obsegu največ 10–20 % vseh sredstev banke, ki so vključena v ta mehanizem.
However, since [around 75] % of HSH’s balance sheet is covered by the risk shield, paragraph 35 of the Impaired Assets Communication does not provide a satisfactory solution here.
Ker pa zaščita pred tveganjem krije [približno 75] % bilance stanja banke HSH, odstavek 35 sporočila o oslabljenih sredstvih v tem primeru ne nudi ustrezne rešitve.
Nevertheless, under paragraph 32 of the Impaired Assets Communication, which lays down the guiding principles on the eligibility of assets, a pragmatic approach should be adopted when assessing the nature of the assets involved in an impaired assets measure.
Kljub temu je treba na podlagi odstavka 32 sporočila o oslabljenih sredstvih, ki določa usmerjevalna načela za upravičenost sredstev, pri ocenjevanju narave sredstev iz ukrepa finančne pomoči uporabiti pragmatični pristop.
The Commission notes that the range of asset classes affected by the financial crisis has become broader over time due to spill-over effects.
Komisija ugotavlja, da se je obseg kategorij sredstev, na katere je vplivala finančna kriza, zaradi učinkov prelivanja postopoma povečal.
In particular, securities related to shipping, aircraft and real estate in general face illiquid markets or are subject to severe downward adjustments.
Zlasti vrednostni papirji v zvezi z ladijskim prometom, letali in nepremičninami se na splošno soočajo z nelikvidnimi trgi ali pa precej izgubljajo na vrednosti.
Asset relief for such assets can help to achieve the objectives of the Impaired Assets Communication, namely to increase transparency and to contribute to financial stability, even if they are not in the asset classes that initially triggered the financial crisis.
Finančna pomoč za taka sredstva lahko pripomore k doseganju ciljev sporočila o oslabljenih sredstvih, tj. k povečanju preglednosti in večji finančni stabilnosti, tudi če ta sredstva ne spadajo v kategorije, ki so prvotno sprožile finančno krizo.
Therefore the Commission has in previous cases accepted asset relief measures for these assets [61].
Zato je Komisija v prejšnjih zadevah sprejela ukrepe finančne pomoči za ta sredstva [61].
The Commission considers it appropriate to do so again in the present case.
Komisija meni, da je to ustrezno tudi v tem primeru.
Lastly, paragraph 36 of the Impaired Assets Communication allows for wider eligibility criteria if the measure is compensated by in-depth restructuring.
Odstavek 36 sporočila o oslabljenih sredstvih dovoljuje obširnejša merila upravičenosti, če je ukrep izravnan s poglobljenim prestrukturiranjem.
The greater the proportion that guaranteed assets represent in the portfolio of a bank, the more thorough the restructuring that the bank will have to undergo.
Večji kot je delež zajamčenih sredstev v portfelju banke, temeljitejše je prestrukturiranje, ki ga bo morala izvesti banka.
In the Decision initiating the procedure the Commission expressed its doubts regarding the eligibility of assets because the initial restructuring plan submitted to it at that time was not sufficiently far-reaching to adequately compensate for the flexible application of the eligibility criteria.
V sklepu o začetku postopka je Komisija izrazila pomisleke glede upravičenosti sredstev, ker prvotni načrt prestrukturiranja, ki ga je takrat prejela, ni bil dovolj obsežen, da bi ustrezno izravnal prožno uporabo meril za upravičenost.
They allow the Commission to conclude that the depth of the restructuring compensates for the flexible application of the Impaired Assets Communication as regards the eligibility of assets.
Komisiji omogočajo ugotovitev, da obseg prestrukturiranja izravnava prožno uporabo sporočila o oslabljenih sredstvih v zvezi z upravičenostjo sredstev.
Consequently, the Commission’s doubts regarding the eligibility of assets have been allayed.
Zato so bili pomisleki Komisije glede upravičenosti sredstev odpravljeni.
Management of assets
Upravljanje s sredstvi
In recital 45 of the Decision initiating the procedure, the Commission expressed doubts about the compatibility of the guarantee in relation to the management of assets on the basis that there was no evidence of a clear functional and organisational separation between HSH and the shielded assets as all assets would remain on HSH’s balance sheet; this applied in particular to management, staff and customers.
V odstavku 45 sklepa o začetku postopka je Komisija izrazila pomisleke glede združljivosti jamstva v zvezi z upravljanjem s sredstvi, ker ni bilo nobenega dokaza o jasni funkcionalni in organizacijski delitvi med banko HSH in zaščitenimi sredstvi, saj bi vsa sredstva ostala na bilanci stanja banke HSH; to je veljalo zlasti za upravo, osebje in stranke.
Germany provided additional information, explaining that HSH had set up a restructuring unit which was an internal winding-down bank with separate management.
Nemčija je predložila dodatne informacije, s katerimi je pojasnila, da je banka HSH ustanovila enoto za prestrukturiranje, ki je notranja likvidacijska banka z ločeno upravo.
HSH had introduced segment-based reporting, including separate management for the restructuring unit, so that no conflict of interest between the core bank and the restructuring unit could arise.
Da ne bi prišlo do navzkrižja interesov med temeljno banko in enoto za prestrukturiranje, je banka HSH uvedla poročanje po segmentih, vključno z ločeno upravo za enoto za prestrukturiranje.
The Commission agrees with the comments from Germany on management of assets as summarised in recital 115 of this Decision, and accepts the changes introduced by HSH in the management of assets.
Komisija se strinja s pripombami Nemčije glede upravljanja s sredstvi, kot je povzeto v odstavku (115) tega sklepa, in sprejema spremembe, ki jih je banka HSH uvedla na področju upravljanja s sredstvi.
Consequently, the risk shield is in line with the requirements of the Impaired Assets Communication with regard to the management of assets.
Zato je zaščita pred tveganjem v skladu z zahtevami sporočila o oslabljenih sredstvih glede upravljanja s sredstvi.
Valuation of the shielded portfolio
Vrednotenje zaščitenega portfelja
In recital 45 of the Decision initiating the procedure the Commission also raised doubts about the valuation of the shielded portfolio, because only a small portion of the portfolio had been valued by independent experts, and HSH had not provided enough information for the assessment of the REV of the entire portfolio.
V odstavku 45 sklepa o začetku postopka je Komisija izrazila tudi pomisleke glede vrednotenja zaščitenega portfelja, ker so neodvisni strokovnjaku ovrednotili samo majhen del portfelja, banka HSH pa ni zagotovila dovolj informacij za oceno realne ekonomske vrednosti celotnega portfelja.
Prior to the implementation of the measure HSH had appointed two independent experts, Blackrock and Cambridge Place.
Pred izvedbo ukrepa je banka HSH imenovala dva neodvisna strokovnjaka, podjetji Blackrock in Cambridge Place.
They had valued only a small fraction of the shielded portfolio, namely the assets-backed securities (ABS) and parts of the CIP portfolio.
Podjetji sta ovrednotili samo majhen del zaščitenega portfelja, namreč vrednostne papirje, zavarovane s premoženjem, in dele portfelja strukturiranega kredita.
The Commission does not share Germany’s view, set out in recital 116 above that customer loans are difficult to value given the number of assumptions involved in cash flow projections (such as those on future delinquencies, probabilities of default, the timing of default and recovery, and interest rates both in respect of the risk-free rate and the risk premium).
Komisija se ne strinja s stališčem Nemčije iz uvodne izjave (116), da je vrednotenje posojil strankam težko izvedljivo zaradi številnih predpostavk pri napovedih denarnega toka (npr. predpostavk glede nerednosti plačil v prihodnosti, verjetnosti neplačila, časovnega okvira neplačil in plačil ter obrestnih mer tako pri obrestnih merah brez tveganja kot pri premijah tveganja).