natgillin/translations-raw huggingface dataset:
Transfer of Credit Linked Notes
Prenos zapisov s kreditno navezavo
Adjustment for undrawn committed lines
Prilagoditev za pričakovane izgube iz nečrpanih kreditnih linij
Adjustment for discounting expected losses
Prilagoditev za pričakovane izgube zaradi znižanja
c. THE THIRD SET OF MEASURES – THE LIQUIDATION MEASURES
c. TRETJI SVEŽENJ UKREPOV – UKREPI LIKVIDACIJE
The June 2011 restructuring plan sets out an orderly winding down of WestLB for which a number of additional support measures will be required.
Načrt prestrukturiranja iz junija 2011 določa nadzorovano likvidacijo banke WestLB, za katero bodo potrebni številni dodatni ukrepi podpore.
Germany envisages the transfer of the remaining assets and liabilities of WestLB to the EAA; the replacement of capital, assumption of operating costs and liquidation costs for WestLB or its renamed successor (hereinafter called "SPM bank") as the case may be; and appropriate measures to ensure liquidity during the transformation phase.
Nemčija načrtuje prenos preostalih sredstev in obveznosti banke WestLB na EAA, nadomestitev kapitala, prevzem operativnih stroškov in stroškov likvidacije banke WestLB ali preimenovane naslednice banke (v nadaljnjem besedilu: banka SPM) ter sprejetje ustreznih ukrepov, da se zagotovi likvidnost med preoblikovanjem.
The second asset transfer to the EAA
Drugi prenos sredstev na banko EAA
The June 2011 restructuring plan provides for an additional transfer of all remaining assets and liabilities, including risk-bearing off-balance sheet items and derivatives, from WestLB to the EAA (hereinafter called the "second asset transfer").
Načrt prestrukturiranja iz junija 2011 določa dodatni prenos vseh preostalih sredstev in obveznosti, vključno s tveganimi zunajbilančnimi postavkami in izvedenimi finančnimi instrumenti, z banke WestLB na EAA (v nadaljnjem besedilu: drugi prenos sredstev).
The overall portfolio has been discussed with the Commission and thereafter been submitted by the Germany on the basis of detailed figures, which can be summarised as follows:
O celotnem portfelju so potekale razprave s Komisijo, potem pa ga je Nemčija predložila na podlagi podrobnih podatkov, ki so povzeti v nadaljevanju:
Findings regarding the second asset transfer (billion EUR)
Ugotovitve glede drugega prenosa sredstev (v mrd. EUR)
Portfolio [32]
Portfelj [32]
HGB book value
Knjigovodska vrednost po HGB
Portfolio market values
Tržne vrednosti portfelja
As regards the market values of the assets and liabilities which will be the subject matter of the second asset transfer to the EAA, Germany has stated that their respective market values, if assessed on an individual basis, are higher than those indicated in Table 3.
Nemčija je navedla, da so tržne vrednosti sredstev in obveznosti, ki bodo vključene v drugi prenos sredstev na EAA, višje od vrednosti v preglednici 3, če se ocenijo posamezno.
Germany has in particular set out that the individual market values of the assets added up to EUR [120-150] billion, and those of the liabilities to EUR [120-150] billion. Germany argues that WestLB's remaining portfolio has already been cleaned by the first asset transfer and only contains assets that are priced at recoverable values.
Nemčija je zlasti poudarila, da so posamezne tržne vrednosti sredstev znašale [120–150] milijard EUR, tržne vrednosti obveznosti pa [120–150] milijard EUR. Nemčija trdi, da je bil preostali portfelj banke WestLB očiščen že s prvim prenosom sredstev in da vsebuje samo sredstva, vrednotena po izterljivih vrednostih.
In particular, Germany confirmed that the portfolio only contains securities and derivatives that were priced at their respective market values or loans and other financial instruments for which no established markets exist and that were hence priced on a Discounted Cash Flow method.
Nemčija je zlasti potrdila, da portfelj vsebuje samo vrednostne papirje in izvedene finančne instrumente, vrednotene po ustrezni tržni vrednosti, ali posojila in druge finančne instrumente, ki nimajo uveljavljenih trgov, zato je bila njihova cena določena po metodi diskontiranega denarnega toka.
The portfolio contains only a very limited amount of assets (less than EUR 1 billion) that would classify as international public finance or international sovereigns.
V portfelju je mogoče samo zelo majhen znesek sredstev (manj kot 1 milijardo EUR) razvrstiti med mednarodne javne finance ali mednarodne obveznice.
However, after discussion with the Commission Germany submitted that for some parts of the portfolio, i.e. the loan portfolio and similar illiquid assets of approximately EUR [40-70] billion, a portfolio effect has to be taken into consideration, in view of the sheer size of the overall portfolio.
Vendar je Nemčija po razpravi s Komisijo navedla, da je treba glede na zelo velik obseg celotnega portfelja pri nekaterih delih portfelja, tj. portfelju s posojili in podobnih nelikvidnih sredstvih v znesku približno [40–70] milijard EUR, upoštevati učinek portfelja.
If WestLB actually had to sell the whole portfolio on the market before 30 June 2012, excessive supply would push down the individual market values.
Če bi morala banka WestLB pred 30. junijem 2012 dejansko prodati celoten portfelj na trgu, bi se posamezne tržne vrednosti znižale zaradi prevelike ponudbe.
In that case, based on the information received, Germany submitted that the portfolio market values should be calculated by discounting the individual market values by [2-5]%.
Nemčija je za ta primer na podlagi prejetih informacij navedla, da je treba tržne vrednosti portfelja izračunati z znižanjem posameznih tržnih vrednosti za [2–5] %.
According to the June 2011 restructuring plan, the second asset transfer to the EAA may include assets from WestImmo, which will transfer assets to the EAA in order to improve its own marketability.
V skladu z načrtom prestrukturiranja iz junija 2011 lahko drugi prenos sredstev na banko EAA vključuje sredstva banke WestImmo, ki bo sredstva prenesla na EAA, da izboljša svojo tržljivost.
WestImmo will continue only business that is eligible for German covered bonds (Pfandbriefe) under the name "Pfandbriefbank" (that being a preliminary working title).
Banka WestImmo bo pod imenom Pfandbriefbank (predhodni delovni naziv) opravljala samo posle, ki izpolnjujejo pogoje glede nemških kritih obveznic (Pfandbriefe).
If WestImmo cannot be sold by 30 June 2012 those remaining assets will also be transferred to the EAA.
Banka WestImmo bo po prenosu precej manjša, njena sredstva ob nastanku pa bodo znašala približno [16–23] milijard EUR. Če banke WestImmo ne bo mogoče prodati do 30. junija 2012, bodo na EAA prenesena tudi preostala sredstva.
They have therefore to be considered in addition to the amount identified in recital 51.
Zato jih je treba upoštevati poleg zneska, navedenega v uvodni izjavi (51).
In detail, the carve-out portfolio which has been discussed with the Commission and thereafter been submitted by Germany on the basis of detailed figures, can be summarised as follows.
Izločeni portfelj, o katerem so potekale razprave s Komisijo in ga je pozneje predložila Nemčija na podlagi podrobnih podatkov, je podrobno povzet v nadaljevanju.
Valuation of WestImmo assets of the carve-out portfolio (billion EUR)
Vrednotenje sredstev banke WestImmo v izločenem portfelju (v mrd. EUR)
HGB book values
Knjigovodske vrednosti po HGB
Market values
Tržne vrednosti
International Real Est.
Mednarodne nepremičnine
German Real Estate
Nemške nepremičnine
FI Portfolio
Portfelj FI
Germany submitted a detailed explanation of why the valuation of the assets in the WestImmo carve-out portfolio should be considered to be sufficiently prudent.
Nemčija je podrobno pojasnila, zakaj je treba vrednotenje sredstev izločenega portfelja banke WestImmo oceniti za dovolj preudarno.
It claimed that 1) about one third of the portfolio consists of short-term positions; 2) the underlying collaterals structure is solid; and 3) the collateral valuation has been recent.
Navedla je, da 1) približno eno tretjino portfelja sestavljajo kratkoročne pozicije; 2) je temeljna struktura zavarovanj trdna in 3) je bilo zavarovanje vrednoteno nedavno.
The estimated risk-adjusted book value (including the carve-out portfolio) is EUR [20-26] billion as of June 2011. That portfolio consists mainly of commercial real estate and retail mortgages.
Ocenjena tveganju prilagojena knjigovodska vrednost (vključno z izločenim portfeljem) je junija 2011 znašala [20–26] milijard EUR. Ta portfelj sestavljajo predvsem hipotekarna posojila, namenjena zasebnikom in poslovnim nepremičninam.
Germany submits that large parts of the initial portfolio has already been covered by the selection procedure for the first asset transfer so that the remaining part is clean and thus has a market value equal to the book value.
Nemčija je navedla, da je bil velik del prvotnega portfelja vključen že v postopek izbire za prvi prenos sredstev, zato je preostali del čist, njegova tržna vrednost pa enaka knjigovodski vrednosti.
Moreover, the commercial real estate portfolio is mainly used for issuing covered bonds and thus has a market value that is sufficient to match the transfer value.
Poleg tega se poslovni nepremičninski portfelj uporablja predvsem za izdajo kritih obveznic, zato je njegova tržna vrednost dovolj visoka, da ustreza vrednosti ob prenosu.
Finally, Germany submits that for the transfer of the WestImmo assets and the second transfer of assets from WestLB, their REV should be equal to their transfer values.
Nemčija je nazadnje navedla, da mora biti dejanska ekonomska vrednost pri prenosu sredstev banke WestImmo in drugem prenosu sredstev banke WestLB enaka vrednosti teh sredstev ob prenosu.
The additional capital instrument for SPM bank
Dodatni kapitalski instrument za banko SPM
NRW has committed to provide an additional capital instrument in line with the Eckpunktevereinbarung [34] in the amount of EUR 1 billion for that purpose (hereinafter called "the additional capital instrument for SPM bank").
NRW se je zavezala, da bo za ta namen v skladu z Eckpunktevereinbarung [34] zagotovila dodaten kapitalski instrument v znesku 1 milijarde EUR (v nadaljnjem besedilu: dodatni kapitalski instrument za banko SPM).
Assumption of further operating costs and liquidation costs of SPM bank
Prevzem nadaljnjih operativnih stroškov in stroškov likvidacije banke SPM
The June 2011 restructuring plan sets out two different business cases for WestLB/SPM bank, one for a scenario that is described as base case, the other for a scenario that is described as bad case.
Načrt prestrukturiranja iz junija 2011 določa dva različna poslovna primera za banki WestLB/SPM, enega za osnovni scenarij, drugega pa za slab scenarij.
The base case estimates that overall losses for operating and liquidating SPM bank over a five-year period (Transformationskosten), including the assumption of pension liabilities, will amount to EUR [3-6] billion. The bad case, which is based on different assumptions regarding staff reductions, the amount of depreciation required on buildings and IT investments, pension liabilities, and other exit costs, estimates that total losses over the five-year period will amount to EUR [4-7] billion. NRW takes full ownership of and responsibility for WestLB.
V osnovnem scenariju je ocenjeno, da bodo vse izgube iz poslovanja in zaradi likvidacije banke SPM v petletnem obdobju (Transformationskosten), vključno s prevzemom pokojninskih obveznosti, znašale [3–6] milijard EUR. V slabem scenariju, ki temelji na drugačnih predpostavkah glede zmanjšanja števila zaposlenih, zneska amortizacije za stavbe in naložbe v IT, pokojninskih obveznosti in drugih izstopnih stroškov, je ocenjeno, da bodo skupne izgube v petletnem obdobju znašale [4–7] milijard EUR. NRW prevzame popolno lastništvo in odgovornost za banko WestLB.
Commitment to provide liquidity support during the restructuring period
Zaveza glede zagotovitve likvidnostne podpore v obdobju prestrukturiranja
The June 2011 restructuring plans also sets out that current liquidity is to be maintained during the restructuring period by the savings banks, NRW and the EAA.
Načrt prestrukturiranja iz junija 2011 določa tudi, da morajo hranilnice, NRW in EAA med obdobjem prestrukturiranja ohraniti sedanjo likvidnost.
If additional liquidity support is necessary during the restructuring period until 30 June 2012, WestLB, its shareholders, and the EAA will in line with the Eckpunktevereinbarung agree upon suitable measures for the provision of liquidity during the transformation phase.
Če bo med obdobjem prestrukturiranja do 30. junija 2012 potrebna dodatna likvidnostna podpora, se bodo WestLB, delničarji WestLB in EAA v skladu z Eckpunktevereinbarung dogovorili o ustreznih ukrepih za zagotavljanje likvidnosti med fazo preoblikovanja.
According to information submitted by Germany on 1 December 2011, the use of the additional liquidity assistance […] in the case of a stress scenario.
V skladu z informacijami, ki jih je Nemčija predložila 1. decembra 2011, uporaba dodatne likvidnostne pomoči v primeru scenarija izjemnih situacij […].
RESTRUCTURING PLANS
NAČRTI PRESTRUKTURIRANJA
a. INTRODUCTION
a. UVOD
Germany has submitted several restructuring plans to the Commission that have dealt with different state aid measures and different restructuring concepts.
Nemčija je Komisiji predložila več načrtov prestrukturiranja, ki so obravnavali različne ukrepe državne pomoči in koncepte prestrukturiranja.
A first set of documents, which covered only the EUR 5 billion risk shield, resulted in the April 2009 restructuring plan [35].
Na podlagi prvega sklopa dokumentov, ki so zajemali samo zaščito pred tveganji v znesku 5 milijard EUR, je bil pripravljen načrt prestrukturiranja iz aprila 2009 [35].
The two key elements of the April 2009 restructuring plan [36] were a reduction of the balance sheet of WestLB from EUR 250 billion to EUR 125 billion (including the divesture of several assets such as WestImmo) and the refocusing and de-risking of all activities, followed by a sale of WestLB in an open, transparent and non-discriminatory tendering procedure.
Ključna elementa načrta prestrukturiranja iz aprila 2009 [36] sta bila zmanjšanje bilančne vsote banke WestLB z 250 milijard EUR na 125 milijard EUR (vključno z odprodajo več sredstev, na primer WestImmo) ter preusmeritev dejavnosti in zmanjševanje tveganj vseh dejavnosti pred prodajo banke WestLB v odprtem, preglednem in nediskriminacijskem razpisnem postopku.
New restructuring plans were submitted in December 2009 [37] and February 2011.
Nova načrta prestrukturiranja sta bila predložena decembra 2009 [37] in februarja 2011.
The February 2011 restructuring plan indicated a further downsizing of the bank to a balance sheet of about EUR 80 billion but no claw back payments.
V načrtu prestrukturiranja iz februarja 2011 je bilo navedeno nadaljnje zmanjšanje obsega banke na bilančno vsoto približno 80 milijard EUR, vendar brez vračanja plačil. Končni načrt prestrukturiranja je bil priglašen junija 2011.
A final restructuring plan was notified in June 2011.
Nemčija je izrecno potrdila, da je bil načrt prestrukturiranja iz februarja 2011 preklican.
Germany has explicitly confirmed that the February 2011 restructuring plan has been withdrawn.
V tem sklepu bo zato obravnavan samo načrt prestrukturiranja iz junija 2011.
The June 2011 restructuring plan is based on four key elements:
Načrt prestrukturiranja iz junija 2011 temelji na štirih ključnih elementih:
sales efforts for all other parts of WestLB will be continued as long as a sales agreement is possible before 30 June 2012;
prizadevanja za prodajo vseh drugih delov WestLB se bodo nadaljevala, če bo možno prodajno pogodbo skleniti do 30. junija 2012;
on 30 June 2012 the EEA will take over those portfolios which have not been assigned to the Verbundbank, have not been taken over by the members of the savings banks finance group and have not been sold by 30 June 2012 by WestLB to third parties, and after 30 June 2012 WestLB will not engage in new banking business (except for business in connection with asset management) and will be transformed into a servicing platform including a run-down vehicle that holds legacy positions commercially transferred to or hedged by the EAA, that deals with redundancies, and provides asset management services (called SPM bank);
EEA bo 30. junija 2012 prevzela portfelje, ki niso preneseni na Verbundbank, ki jih niso prevzele članice finančne skupine hranilnic in jih banka WestLB do 30. junija 2012 ni prodala tretjim osebam; banka WestLB po 30. juniju 2011 ne bo sklepala novih bančnih poslov (razen poslov, povezanih z upravljanjem sredstev) in bo preoblikovana v platformo za upravljanje z likvidacijskim subjektom, ki ima v lasti podedovane pozicije – ki so bile komercialno prenesene na EAA ali jih je ta zavarovala – ki obravnava presežne delavce in opravlja storitve na področju upravljanja sredstev (z imenom banka SPM);
a part of SPM bank (hereinafter called "the servicing company") that provides asset management services to the EAA, the Verbundbank and third parties will be hived off.
del banke SPM (v nadaljnjem besedilu: družba za upravljanje), ki banki EAA, Verbundbank in tretjim osebam zagotavlja storitve na področju upravljanja sredstev, bo izločen.
The plan can roughly be summarised as follows:
Načrt je okvirno povzet v nadaljevanju:
Basic structure targeted by the June 2011 restructuring plan
Temeljna struktura, obravnavana v načrtu prestrukturiranja iz junija 2011
Current structure
Sedanja struktura
< 30 June 2011
< 30. junij 2011
Target structure
Ciljna struktura
> 30 June 2012
> 30. junij 2012
Balance sheet size: EUR 160 billion
Bilančna vsota: 160 milijard EUR
RWA: 88,5 billion (in 2008, see table 1)
Tveganju prilagojena aktiva: 88,5 milijarde EUR (leta 2008, glej preglednico 1)
Equity: EUR 4 billion
Lastniški kapital: 4 milijarde EUR
Employees: 4400
Zaposleni: 4400
Balance sheet size: tbc (assets synthetically transferred to EAA)
Bilančna vsota: za potrditev (sredstva, umetno prenesena na EAA)
RWA: < 1 billion
Tveganju prilagojena aktiva: < 1 milijarda EUR
Employees: 4400, < 400 in 2016 either in holding or operating company
Zaposleni: 4400, < 400 leta 2016 v holdingu ali operativni družbi
Equity: […]
Lastniški kapital: […]
Shareholder: NRW 100 %
Delničar: NRW 100 %
WestImmo and other subsidiaries of WestLB
WestImmo in druge hčerinske družbe banke WestLB
Subsidiary = SPM operating company
Hčerinska družba = operativna družba SPM
Employees: see holding
Zaposleni: glej holding
Subsidiary = SPM servicing company
Hčerinska družba = družba za upravljanje SPM
Balance sheet size: EUR < 1 billion
Bilančna vsota: < 1 milijarda EUR
Employees: max 1000 in 2016
Zaposleni: največ 1000 leta 2016
To be sold by 2016
Namenjena za prodajo pred letom 2016
Transfer of the Verbundbank to Helaba
Prenos Verbundbank na Helaba
Balance sheet size: EUR 40-45 billion
Bilančna vsota: 40–45 milijard EUR
Equity: EUR 1 billion by savings banks
Lastniški kapital: 1 milijarda EUR hranilnic
Employees: ~ 400
Zaposleni: ~ 400
shareholder: transfer to Helaba
Delničarji: prenos na Helaba
Sale of assets by 30 June 2012
Prodaja sredstev do 30. junija 2012
In particular WestImmo (Pfandbriefbank)
Zlasti banka WestImmo (Pfandbriefbank)
Balance sheet size WestImmo: EUR [16-23] billion
Bilančna vsota banke WestImmo: [16–23] milijard EUR
EAA – bad bank as of April 2010
EAA – slaba banka od aprila 2010
Nominal volume: EUR 77,5 billion (October 2011: 53)
Nominalna vrednost: 77,5 milijarde EUR (oktober 2011: 53)
Equity: EUR 3 billion
Lastniški kapital: 3 milijarde EUR
Stakeholders: NRW 48 %, regions 2 %,
Delničarji: NRW 48 %, regije 2 %,
savings banks associations 50 %
združenja hranilnic 50 %
EAA (replenished) – the bad bank
EAA (dopolnjena) – slaba banka
Balance sheet size: ~ EUR [100-250] billion
Bilančna vsota: ~ [100–250] milijard EUR
Equity: Equity as of 06/2012 plus additional capital for the loss-free round-down of the assets transferred on 30.6.2012
Lastniški kapital: lastniški kapital iz 6/2012 z dodatnim kapitalom za zmanjšanje sredstev, prenesenih 30. junija 2012, brez izgub.
The Verbundbank business activities will be carved out to form an entity that is merged with another bank.
Poslovne dejavnosti Verbundbank bodo izločene, da bo vzpostavljen subjekt, ki se bo združil z drugo banko.
During the procedure leading to the adoption of the present Decision, the savings banks have given up their earlier intention to establish a new bank on a stand-alone basis.
Med postopkom sprejetja tega sklepa so se hranilnice odrekle predhodni nameri, da bodo samostojno ustanovile novo banko.
The Verbundbank will act as a service provider and central bank to saving banks in NRW and Brandenburg, and employ approximately 400 former employees of WestLB.
Verbundbank bo ponudnica storitev in centralna banka za hranilnice v deželah NRW in Brandenburg ter bo zaposlovala približno 400 nekdanjih zaposlenih banke WestLB.
It may for a transitional period contract some services provided by WestLB/SPM bank.
Med prehodnim obdobjem bo morda morala skleniti pogodbo za nekatere storitve, ki jih opravljata banki WestLB/SPM.
The Verbundbank will have a low risk business model.
Za Verbundbank se bo uporabljal poslovni model z majhnim tveganjem.
It will offer services and products to the savings banks and their clients, to medium-sized corporates, and to public entities and institutional clients.
Verbundbank bo hranilnicam in strankam hranilnic, srednje velikim podjetjem, javnim subjektom in institucijam ponujala storitve in produkte.
Its products will mainly comprise corporate finance and plain vanilla capital market activities.
Produkti Verbundbank bodo vključevali predvsem financiranje za podjetja in dejavnosti na navadnih kapitalskih trgih.
Amongst the key financial figures of the Verbundbank are risk-weighted assets in the amount of EUR 8,3 billion and a balance sheet total in the range of EUR 40 to EUR 45 billion. At inception the Verbundbank will be equipped with capital of EUR 1 billion in order to have a regulatory equity ratio of 12 %.
Ključni finančni podatki Verbundbank med drugim vključujejo tveganju prilagojeno aktivo v znesku 8,3 milijarde EUR in bilančno vsoto od 40 do 45 milijard EUR. Verbundbank bo ob nastanku imela kapital v znesku 1 milijarde EUR, da bo dosegla 12-odstotni regulativni delež lastniškega kapitala.
The capital will be provided by the savings banks associations in NRW (50 %) and the savings banks association at national level (DSGV – 50 %) [38].
Kapital bodo zagotovila združenja hranilnic v NRW (50 %) ter združenje hranilnic na nacionalni ravni (DSGV – 50 %) [38].
Its liabilities will consist of deposits by savings banks, bonds and covered bonds as well as deposits from institutional investors.
Obveznosti Verbundbank bodo vloge hranilnic, obveznice, krite obveznice in vloge institucionalnih vlagateljev.
The major part of the funding will be provided through members of the savings banks finance group.
Velik del financiranja bodo zagotovile članice finančne skupine hranilnic.
After submission of the June 2011 restructuring plan Landesbank Helaba indicated its readiness to take over the Verbundbank activities.
Helaba je po predložitvi načrta prestrukturiranja iz junija 2011 izrazila pripravljenost za prevzem dejavnosti Verbundbank.
On 12 December 2011 Helaba in principle concluded positively on a due diligence of a selected portfolio of assets and liabilities from WestLB and reiterated its willingness to take over the Verbundbank by mandating its executive board to enter into concrete negotiations on the integration of Verbundbank business [39].
Helaba je 12. decembra 2011 načeloma pozitivno zaključila skrbni pregled izbranega portfelja sredstev in obveznosti banke WestLB ter ponovno izrazila svojo pripravljenost za prevzem banke Verbundbank, tako da je pooblastila upravo banke za začetek dejanskih pogajanj o vključitvi poslovnih dejavnosti Verbundbank [39].