natgillin/translations-raw huggingface dataset:
The merged entity will ensure the resolution of Anglo and INBS and that as a result both institutions will exit the Irish deposit and lending markets.
Združeni subjekt bo zagotovil reševanje bank Anglo in INBS ter posledični izstop obeh institucij z irskega depozitnega in posojilnega trga.
As established in recital 105, the merged entity will carry on some limited economic activities in order to work out the loan books of Anglo and INBS.
Kot je določeno v uvodni izjavi 105, bo združeni subjekt še vedno opravljal nekaj omejenih gospodarskih dejavnosti zaradi izdelave portfeljev posojil za banki Anglo in INBS.
The Commission notes positively that Ireland has provided the necessary commitments to ensure that the economic activities carried out by the merged entity will be limited to the minimum.
Komisija pozdravlja dejstvo, da je Irska prevzela ustrezne zaveze, ki zagotavljajo, da bodo gospodarske dejavnosti združenega subjekta omejene na najnujnejše.
The lending granted by the merged entity will be in the sole context of the management of the legacy loan books of Anglo and INBS (restructuring of loans, preservation of collateral value) and will be subject to strict restrictions.
Posojila, ki jih odobri združeni subjekt, bodo izdana izključno v okviru upravljanja portfeljev posojil za nepremičnine bank Anglo in INBS (prestrukturiranje posojil, ohranitev vrednosti zavarovanja), zanje pa se bodo uporabljale stroge omejitve.
The merged entity will not collect any deposits nor engage in new activities.
Združeni subjekt ne bo zbiral nobenih vlog niti izvajal novih dejavnosti.
Consequently, the distortion of competition caused by the massive aid to Anglo, INBS and the merged entity will be limited.
Zato bo izkrivljanje konkurence kot posledica ogromne pomoči, dodeljene bankama Anglo in INBS ter združenemu subjektu, omejeno.
It should be concluded that that: (i) the recapitalisation of the merged entity in a stress case and the guarantees are appropriate to ensure the resolution of Anglo and INBS; (ii) Anglo and INBS will exit the Irish deposit and lending markets; (iii) the fact that the investment in Anglo, INBS and the merged entity will not provide any remuneration or positive return is justified under the circumstances of the case; and (iv) there are sufficient measures limiting the negative spill-over effects for other competitors.
Treba je skleniti, da: (i) so dokapitalizacija združenega subjekta v izjemnem scenariju in jamstva primerni za zagotovitev reševanja bank Anglo in INBS; (ii) bosta banki Anglo in INBS izstopili z irskega depozitnega in posojilnega trga; (iii) je dejstvo, da naložba v banki Anglo in INBS ter združeni subjekt ne bo zagotovila nobenega nadomestila ali pozitivnega donosa, upravičeno glede na okoliščine primera; in (iv) so sprejeti zadostni ukrepi za omejitev negativnih učinkov prelivanja za druge konkurente.
The Restructuring Communication sets out the State aid rules applicable to the restructuring of financial institutions in the current financial crisis.
Sporočilo o prestrukturiranju določa pravila o državni pomoči, ki veljajo za prestrukturiranje finančnih institucij v trenutni finančni krizi.
According to the Restructuring Communication, in order to be compatible with Article 107(3)(b) of the Treaty, the restructuring of a financial institution in the context of the current financial crisis has to:
V skladu s sporočilom o prestrukturiranju mora za združljivost s členom 107(3)(b) Pogodbe prestrukturiranje finančne institucije v trenutni finančni krizi:
lead to a restoration of the viability of the bank, or to the orderly winding-up of the bank;
voditi k obnovitvi sposobnosti poslovanja banke ali k nadzorovani likvidaciji banke;
include sufficient own contribution by the beneficiary (burden-sharing);
vključevati zadosten lastni prispevek upravičenca (porazdelitev bremena);
Orderly resolution of the merged entity
Nadzorovano reševanje združenega subjekta
The joint restructuring plan aims at the resolution of Anglo and INBS by the merged entity in an orderly fashion.
Cilj skupnega načrta prestrukturiranja je nadzorovano reševanje bank Anglo in INBS s strani združenega subjekta.
Accordingly, it is not necessary to assess the viability of the merged entity.
Potemtakem ocena poslovne uspešnosti združenega subjekta ni potrebna.
The joint restructuring plan presents an orderly resolution of Anglo and INBS based on State support.
Skupni načrt prestrukturiranja predstavlja nadzorovano reševanje bank Anglo in INBS na podlagi državne podpore.
The legacy loan books of both banks will be worked out over a 10-year period.
Portfelji posojil za nepremičnine obeh bank bodo izdelani v obdobju desetih let.
Ireland has estimated the capital injections necessary in […] in order to guarantee the merged entity against any risk of default.
Po oceni Irske so potrebni kapitalski vložki v […], da se združeni subjekt zavaruje pred morebitnim tveganjem neizpolnjevanja obveznosti.
In addition, the merged entity will benefit from State guarantees to pursue operations necessary to work out Anglo and INBS assets.
Poleg tega bo imel združeni subjekt koristi od državnih jamstev za opravljanje dejavnosti, ki so potrebne za izračun sredstev bank Anglo in INBS.
Consequently, the conditions to work out the assets of the merged entity in an orderly fashion are in place.
Torej so vzpostavljeni pogoji za nadzorovan izračun sredstev združenega subjekta.
The Restructuring Communication indicates that an appropriate contribution by the beneficiary is necessary in order to limit the aid to a minimum and to address distortions of competition and moral hazard.
Sporočilo o prestrukturiranju določa, da je za omejitev pomoči na najmanjšo potrebno ter odpravo izkrivljanja konkurence in moralnega tveganja potreben ustrezen prispevek upravičenca.
To that end: (a) both the restructuring costs and the amount of aid should be limited; and (b) a significant own contribution is necessary.
Zato: (a) morajo biti stroški prestrukturiranja in znesek pomoči omejeni ter (b) je potreben znaten lastni prispevek.
Limitation of restructuring costs and of the amount of aid
Omejitev stroškov prestrukturiranja in zneska pomoči
The principles of the Restructuring Communication require that the aid amount is limited to the minimum and banks should first use their own resources to finance restructuring.
Načela sporočila o prestrukturiranju zahtevajo, da je znesek pomoči omejen na najmanjši potreben in da banke najprej uporabijo lastna sredstva za financiranje prestrukturiranja.
Anglo and INBS will exit the market
Banki Anglo in INBS bosta izstopili s trga
Ireland has decided that Anglo and INBS should not pursue their activities in view of the massive losses suffered by both institutions and in view of the uncertainty that the continuation of their activities would convey to the market.
Irska je odločila, da banki Anglo in INBS ne smeta opravljati svojih dejavnosti zaradi ogromnih izgub, ki sta jih utrpeli obe instituciji in zaradi negotovosti, da bi nadaljevanje njunih dejavnosti vplivalo na trg.
In particular, the State would be at risk of having to continuously inject capital into Anglo and INBS as long as both banks are active in order to cover for losses and to ensure that both institutions fulfil the new capital requirements set by the Financial Regulator.
Zlasti bi bila država izpostavljena tveganju, da mora stalno vlagati kapital v banki Anglo in INBS, dokler bi obe banki še poslovali, da se pokrijejo izgube in zagotovi, da obe instituciji izpolnjujeta nove kapitalske zahteve, ki jih je določil finančni regulator.
By opting for the resolution of both banks, Ireland has put an end to market speculation on Anglo and INBS and has clarified the cost of the State support for them.
S tem, ko je Irska izbrala možnost reševanja obeh bank, so vsa tržna ugibanja glede usode bank Anglo in INBS brezpredmetna, jasni pa so tudi stroški državne podpore, ki ju bosta prejeli.
That decision by Ireland, combined with the commitments outlined in Section 2.3.2, will ensure that the aid is not used to develop new activities, which would require capital and funding, and thus contributes to limit the amount of aid to the minimum.
Ta odločitev Irske, skupaj z zavezami, opisanimi v oddelku 2.3.2, bo zagotovila, da se pomoč ne uporabi za razvijanje novih dejavnosti, ki bi zahtevale kapital in financiranje, in tako prispeva k omejevanju zneska pomoči na najmanjši potreben.
The merged entity will, in particular, not engage in new lending and will limit its activities to managing the legacy loan book of Anglo and INBS under strict restrictions.
To zlasti pomeni, da združeni subjekt ne bo izdajal novih posojil, svoje dejavnosti pa bo omejil na upravljanje portfelja posojil za nepremičnine bank Anglo in INBS ob upoštevanju strogih omejitev.
The merged entity is the most appropriate resolution mechanism
Združeni subjekt je najustreznejši mehanizem reševanja
As part of the resolution of both Anglo and INBS, Ireland has decided to merge the two entities in order to manage only one resolution vehicle.
Kot del reševanja bank Anglo in INBS se je Irska odločila združiti oba subjekta, da bi tako upravljala samo eno sredstvo reševanja.
That solution is likely to create synergies in terms of the loan books’ work-out, human resources and funding management.
Ta rešitev bo najverjetneje ustvarila sinergije z vidika izdelave portfeljev posojil, človeških virov in upravljanja financiranja.
Although limited, such synergies will facilitate the work-out of the assets.
Take sinergije, čeprav omejene, bodo olajšale izračun sredstev.
[…] Merging the two entities in this specific case limits the capital that Ireland has to inject into those banks.
[…] Združitev obeh subjektov v tem posebnem primeru omeji kapital, ki ga mora Irska vložiti v navedeni banki.
More generally, merging the two banks will simplify the resolution structure, and has the potential to reduce the structural costs, albeit to a limited extent.
Na splošno bo združitev obeh bank poenostavila strukturo reševanja, hkrati pa lahko doprinese k zmanjšanju strukturnih stroškov, čeprav le v omejenem obsegu.
A liquidation would be more costly and would present more systemic risks
Likvidacija bi bila stroškovno manj ugodna, z več sistemskimi tveganji
Alternatively, Ireland could consider an immediate liquidation of Anglo and INBS.
Kot drugo možnost bi Irska lahko preučila takojšnjo likvidacijo bank Anglo in INBS.
The Commission is, however, of the view that a liquidation would be more costly than an orderly resolution and would require more State aid.
Vendar Komisija meni, da bi bila likvidacija stroškovno manj ugodna kot nadzorovano reševanje in bi zahtevala več državne pomoči.
Concerning the commercial loans transferred to the merged entity from Anglo, the joint restructuring plan foresees impairments on the nominal value of […] [65].
V zvezi s poslovnimi posojili, prenesenimi iz banke Anglo na združeni subjekt, skupni načrt prestrukturiranja predvideva oslabitev nominalne vrednosti […] [65].
Considering the discount levels estimated by Anglo’s market advisors in May 2010, the fire sale of non-NAMA loans from Anglo would imply substantially higher losses than an orderly work-out of the loan book ([…]) [66].
Ob upoštevanju diskontnih stopenj, ki so jih maja 2010 ocenili tržni svetovalci banke Anglo, bi prisilna prodaja posojil banke Anglo, ki niso bila prenesena na agencijo NAMA, vodila k bistveno večjim izgubam kot nadzorovana izdelava portfelja posojil ([…]) [66].
Overall, the losses that would be incurred in case of an immediate liquidation of Anglo would imply greater losses to those that the loans would bear if they are worked out over a long period.
Na splošno bi bile izgube, ki bi nastale v primeru takojšnje likvidacije banke Anglo, večje od tistih, ki bi jih prinesla posojila, če bi se izračunala na dolgi rok.
It should be underlined that, as regards the Irish loans in particular, there has been no transaction of the size discussed here.
Poudariti je treba, da, zlasti kar zadeva irska posojila, nobena transakcija ni bila izvedena v takem obsegu, kot je navedeno v tem sklepu.
Consequently, all the figures are estimations based on experts’ judgment and in case of rapid sale it is far from certain that a buyer could be found for that enormous volume of assets, even at very low prices.
Zato so vsi zneski zgolj ocene na podlagi presoje strokovnjakov in v primeru hitre prodaje nikakor ni gotovo, da bi se lahko našel kupec za ta ogromen obseg sredstev, čeprav po zelo nizkih cenah.
In a liquidation process, the proceeds from the sale of assets would be distributed to repay senior bondholders, depositors and State-guaranteed ECB/CBI funding.
V postopku likvidacije bi se prihodki od prodaje sredstev razdelili za poplačilo imetnikov prednostnih obveznic, depozitarjev in državno zajamčenega financiranja ECB/CBI.
In Anglo, approximately EUR […] billion of unsecured debt is not covered by the State guarantee [67].
V banki Anglo približno […] milijard EUR nezavarovanega dolga ni pokritega z državnim jamstvom [67].
The rest of the unsecured debt in Anglo (approximately EUR 3 billion) is guaranteed by the State and the relevant debt holders would be paid at par by the State.
Za preostanek nezavarovanega dolga v banki Anglo (približno 3 milijarde EUR) jamči država, tako da bi država po nominalni vrednosti poplačala ustrezne nosilce dolga.
In total, in case of liquidation, the senior unsecured bond holders would thus contribute to the losses by a net amount of maximum […] billion.
Skupno bi v primeru likvidacije imetniki prednostnih nezavarovanih obveznic tako prispevali k izgubam v neto znesku največ […] milijard.
That amount is exceeded by the additional losses that would result from fire sales of Anglo assets.
Ta znesek je še višji zaradi dodatnih izgub, ki bi nastale kot posledica prisilne prodaje sredstev banke Anglo.
In addition, in case of liquidation, the subordinated debt holders would have to assume losses.
Poleg tega bi morali podrejeni nosilci dolga v primeru likvidacije prevzeti izgube.
However, since the subordinated debts have been bought back in the last years and the remaining outstanding subordinated debts are small, those losses would not compensate the additional State aid required to repay the other, more senior, debt holders [68].
Ker pa so bili podrejeni dolgovi v zadnjih letih odkupljeni in preostali še neplačani znesek podrejenih dolgov ni visok, te izgube ne bi nadomestile dodatne državne pomoči, potrebne za poplačilo drugih, bolj prednostnih nosilcev dolga [68].
In conclusion, a rapid liquidation of the loan portfolio, assuming that it would be feasible — which is far from certain — would crystallise a cost for Ireland superior to the costs incurred by an envisaged 10-year work-out of the assets of Anglo and INBS, where the assets easier to sell will be sold first while the assets for which there is no market will be held for several years.
Zaključimo lahko, da bi s hitro likvidacijo posojilnega portfelja, v kolikor bi bila izvedljiva – kar nikakor ni gotovo – nastal strošek za Irsko, ki presega stroške v okviru predvidenega izračuna sredstev bank Anglo in INBS v obdobju desetih let, pri čemer se bodo najprej prodala sredstva, ki se lažje prodajo, medtem ko se bodo sredstva, za katere ni trga, zadržala za več let.
Concerning INBS, similar considerations as those for Anglo apply with regard to the legacy commercial loan book of the bank (almost transferred to NAMA in full).
V zvezi z banko INBS se uporabljajo podobni premisleki kot za banko Anglo glede portfelja posojil za poslovne nepremičnine banke (skoraj v celoti prenesena na NAMA).
The large majority of liabilities of INBS are also guaranteed by Ireland [69].
Za veliko večino obveznosti banke INBS prav tako jamči Irska [69].
Concerning the legacy mortgage book of INBS, in the INBS restructuring plan, Ireland indicated that, based on the quality of the book and market intelligence available on transactions involving similar assets of better quality in Ireland and the United Kingdom, […], it is reasonable to anticipate a high discount on any short-term transactions concerning the mortgage book of INBS.
V zvezi s portfeljem hipotekarnih posojil za nepremičnine banke INBS je Irska v načrtu prestrukturiranja banke INBS navedla, da je na podlagi kakovosti portfelja in razpoložljivih tržnih informacij o transakcijah, v katere so vključena podobna sredstva boljše kakovosti na Irskem in v Združenem kraljestvu, […], smiselno pričakovati visok diskont za vse kratkoročne transakcije v zvezi s portfeljem hipotekarnih posojil banke INBS.
The joint restructuring plan foresees total losses on the INBS mortgage book of approximately […], based on impairments of […].
V skupnem načrtu prestrukturiranja so za portfelj hipotekarnih posojil banke INBS predvidene skupne izgube v višini približno […], na podlagi oslabljenih vrednosti […].
If the mortgage book were to be sold in 2011, […].
Če bi se portfelj hipotekarnih posojil prodal v letu 2011, […].
The benefit of an orderly resolution of INBS could be reduced if a higher than expected discount were offered for the mortgage book.
Prednost nadzorovanega reševanja banke INBS bi bila lahko zmanjšana, če bi bili za portfelj hipotekarnih posojil ponujeni višji diskonti od pričakovanih.
However, it is likely that the discount […].
Vendar je verjetno, da diskont […].
It should be concluded that the orderly resolution of Anglo and INBS, via a merged entity, limits the restructuring costs and the amount of State aid to the minimum necessary.
Treba je skleniti, da nadzorovano reševanje bank Anglo in INBS prek združenega subjekta omeji stroške prestrukturiranja in znesek državne pomoči na najmanjšo možno raven.
Significant own contribution
Znaten lastni prispevek
The principles on the own contribution of the beneficiary bank in the restructuring phase require: (i) that the beneficiary bank should use to the extent possible its own resources to finance restructuring, for example, through the sale of assets; and (ii) that the costs associated with the restructuring are also adequately borne by those who invested in the bank by absorbing losses with available capital and by paying an adequate remuneration for State interventions.
Načela lastnega prispevka banke upravičenke v fazi prestrukturiranja zahtevajo: (i) da banka upravičenka v čim večji meri uporabi lastna sredstva za financiranje prestrukturiranja, na primer, s prodajo sredstev; in (ii) da stroške, povezane s prestrukturiranjem, ustrezno krijejo 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 [70].
Porazdelitev bremena ima dva cilja: zmanjšanje izkrivljanja konkurence in moralnega tveganja [70].
Own contribution of the institutions concerned
Lastni prispevek zadevnih institucij
In the present resolution of Anglo and INBS, the own contribution of both institutions to their restructuring is maximised because all assets are identified for sale and the proceeds accrue in full to the financing of the resolution.
Pri zadevnem reševanju bank Anglo in INBS je lastni prispevek obeh institucij k njunemu prestrukturiranju največji možen, saj so vsa sredstva določena za prodajo, prihodki pa se v celoti pripišejo financiranju reševanja.
However, the value of assets is so depreciated that the proceeds of their sale is dwarfed by the capital injected into both banks.
Vendar je vrednost sredstev tako znižana, da so prihodki od njihove prodaje neznatni glede na kapital, vložen v obe banki.
In addition both banks have sold their deposits books.
Poleg tega sta obe banki prodali svoje portfelje vlog.
Burden-sharing by shareholders and subordinated creditors
Porazdelitev bremena med delničarji in podrejenimi upniki
As regards burden-sharing, the Restructuring Communication requires that the restructuring costs are not only borne by the State but also by the bank’s past investors and former shareholders.
Glede porazdelitev bremena sporočilo o prestrukturiranju določa, da stroškov prestrukturiranja ne krije le država, ampak tudi pretekli vlagatelji in nekdanji delničarji banke.
In the particular case of Anglo, private shareholders have been fully ‘wiped out’ and the bank was fully nationalised.
V primeru banke Anglo so bili zasebni delničarji povsem „izbrisani“, banka pa je bila v celoti nacionalizirana.
Concerning INBS, prior to the State recapitalisation INBS was owned by its members.
Banka INBS je bila pred dokapitalizacijo s strani države v lasti svojih družbenikov.
In particular ‘share members’ (persons who have a deposit account in INBS) had a right to gains on any surplus of assets realised in case of its demutualisation (transformation of INBS into an ordinary bank), winding-down or dissolution.
Zlasti „družbeniki z deležem“ (osebe, ki imajo depozitni račun v banki INBS) so imeli pravico do dobička od vseh presežkov sredstev, realiziranih v primeru njene demutualizacije (preoblikovanje banke INBS v običajno banko), likvidacije ali prenehanja delovanja.
As a result of the first recapitalisation of INBS, the State has taken full control of INBS via the issuance of Special Investment Shares, following which the members have lost all rights to gains on surpluses of the assets realised to the benefit of the State (for instance, in case of a sale of INBS).
Kot rezultat prve dokapitalizacije banke INBS država v celoti nadzoruje banko INBS prek izdaje posebnih investicijskih delnic, po čemer so družbeniki izgubili vse pravice do dobička od presežkov sredstev, realiziranih v korist države (na primer, v primeru prodaje banke INBS).
As a result, the economic rights of the share members have been completely ‘wiped out’.
Zato so bile ekonomske pravice delničarjev z deleži povsem „izbrisane“.
Both shareholders of Anglo and members of INBS have thus contributed to the maximum extent possible by releasing to the State control and ownership of the institutions.
Delničarji banke Anglo in družbeniki banke INBS so zagotovili največji možni prispevek s tem, da so institucije prepustili državnemu nadzoru in lastništvu.
Subordinated debt holders have also contributed to a significant extent to the restructuring by means of two Liability Management Exercises (hereinafter referred to as ‘LMEs’) in Anglo and one in INBS.
Podrejeni nosilci dolga so prav tako pomembno prispevali k prestrukturiranju z dvema izvedbama upravljanja obveznosti v banko Anglo in ene v banko INBS.
The two LMEs in Anglo were conducted in August 2009 and December 2010 respectively, crystallized large losses for the bond holders, generated pre-tax profits of approximately EUR 3,5 billion and provided additional core tier one capital to the bank [71].
Upravljanje obveznosti v banko Anglo, ki je bilo izvedeno avgusta 2009 in decembra 2010, je prineslo velike izgube za imetnike obveznic, ustvarilo dobičke pred obdavčitvijo v višini približno 3,5 milijarde EUR, banki pa zagotovilo dodaten temeljni kapital prvega reda [71].
INBS conducted an LME in 2009, with bondholders exchanging their securities at a 42 % discount to par, thereby releasing EUR 112 million of core tier 1 equity for the institution.
Banka INBS je upravljanje obveznosti izvedla v letu 2009, pri čemer so imetniki obveznic izmenjali svoje vrednostne papirje po diskontni stopnji 42 % glede na nominalno vrednost in s tem za institucijo sprostili 112 milijonov EUR temeljnega lastniškega kapitala prvega reda.
In total, the merged entity will hold EUR 500 million of subordinated liabilities (as at 31 December 2010), significantly less than the subordinated debt held by Anglo and INBS at 31 December 2008 (respectively EUR 5 billion and EUR 300 million), illustrating the massive losses taken by subordinated bond holders.
Skupno bo imel združeni subjekt 500 milijonov EUR podrejenih obveznosti (na dan 31. decembra 2010), kar je bistveno manj, kot znaša podrejeni dolg, ki sta ga banki Anglo in INBS imeli 31. decembra 2008 (5 milijard EUR oziroma 300 milijonov EUR), kar kaže na ogromne izgube, ki so jih utrpeli podrejeni imetniki obveznic.