natgillin/translations-raw huggingface dataset:
The schedule leads to a total repayment of EUR 4,5 billion translating into an overall IRR of exactly 12,5 %, which is above the overall return of at least 10 % mentioned in the Rescue Decision.
Načrt omogoča skupno odplačilo v višini 4,5 milijarde EUR, kar pomeni skupno IRR v višini natanko 12,5 %, kar je nad skupno IRR v višini najmanj 10 %, navedeno v sklepu o reševanju.
ING will only use its conversion option to the extent that coupon payments are triggered and/or accrued interest is payable, such that the proceeds will be equal to a total of EUR 4,5 billion. In such a case, the coupon and/or accrued interest payments leading to proceeds over the total of EUR 4,5 billion will be effectively deducted from or as the case may be credited against the 50 % premium payment.
ING bo svojo možnost pretvorbe uporabila le do te mere, da se sprožijo plačila kuponov in/ali da so natečene obresti plačljive, tako da bodo prihodki enaki skupno 4,5 milijarde EUR. V takem primeru se bodo plačila kuponov in/ali plačila natečenih obresti, ki vodijo do prihodkov, večjih od skupaj 4,5 milijarde EUR, učinkovito odštela oziroma odbila od plačila 50-odstotne premije.
Bringing the total repayment to EUR 4,5 billion EUR can be achieved by a - pro rata - conversion of part of the remaining securities instead of repurchasing them.
Zvišanje celotnega odplačila na 4,5 milijarde EUR se lahko namesto s ponovnim odkupom doseže s predhodno pretvorbo dela preostalih vrednostnih papirjev.
All remaining payments (notional, premium, coupons and/or accrued interest) sum up to a total of EUR 4,5 billion.
Vsa preostala plačila (nominalna, premije, kuponi in/ali natečene obresti) znašajo 4,5 milijarde EUR.
The actual repayments of the tranches within the above-mentioned schedule are conditional upon approval of DNB.
Dejanska izplačila tranš iz navedenega načrta mora odobriti DNB.
It is ING’s ambition to repay the Netherlandsas quickly as possible, and ING will accelerate payments if it is prudent under prevailing financial circumstances.
Cilj ING je čim prej odplačati Nizozemsko, pri čemer bo pospešila plačila, če bo v prevladujočih finančnih okoliščinah to preudarno.
If ING accelerates the payments, it would consequently lead to an IRR above 12,5 % [52].
Če bi ING plačila pospešila, bi to privedlo do IRR nad 12,5 % [52].
If a repayment tranche cannot be made in full or in part, ING will make it up by a corresponding increase of the subsequent tranche.
Če celotno ali delno izplačilo tranše ni mogoče, bo ING namesto tega ustrezno povečala naslednjo tranšo.
The Netherlandscommits to re-notify the recapitalisation measure in the event that ING does not repay in full two consecutive repayment tranches.
Nizozemska se zavezuje, da bo ponovno priglasila ukrep dokapitalizacije, če ING ne izplača dveh zaporednih tranš v celoti.
If ING does not repay a total of EUR 4,5 billion by 15 May 2015 as indicated in the schedule, the DutchStatecommits to re-notify the recapitalisation measure.
Če ING ne odplača 4,5 milijarde EUR do 15. maja 2015, kot je navedeno v načrtu, se Nizozemska zavezuje, da bo ponovno priglasila ukrep dokapitalizacije.
Additional comments of the Netherlandswith regards to the repayment of the CT1 securities
Dodatne pripombe Nizozemske v zvezi s odplačilom vrednostnih papirjev CT1
With respect to the repayment schedule, it should be recalled that according to the terms of the CT1 securities ING - after three years following the granting of recapitalisation measure - was free to choose between repaying the CT1 securities at 150 % or convert them into shares on a one-on-one basis (in which case the Netherlands could request a repayment in cash at 100 %).
V zvezi z načrtom odplačila bi bilo treba opozoriti, da je ING v skladu z določbami za vrednostne papirje CT1, in sicer po treh letih po odobritvi ukrepa dokapitalizacije, lahko izbirala med odplačilom vrednostnih papirjev CT1 po 150 % ali njihovo pretvorbo v delnice v razmerju ena proti ena (v tem primeru bi lahko Nizozemska zahtevala 100-odstotno odplačilo v denarnih sredstvih).
The Netherlandsrecalled that ING's right to convert its CT1 securities to shares was activated on 12 November 2011.
Nizozemska opozarja, da je ING 12. novembra 2011 dobila pravico do pretvorbe svojih vrednostnih papirjev CT1 v delnice.
The Netherlandspoints at ING's repayment schedule with a total payment of EUR 4,5 billion, making very limited use of its conversion right.
Nizozemska navaja načrt odplačil ING s skupnim plačilom v višini 4,5 milijarde EUR, pri čimer je ING zelo omejeno uporabila svojo pravico do pretvorbe.
The repayment schedule included in this Decision leads to an IRR of 12,5 %.
Z načrtom odplačil, vključenim v ta sklep, IRR znaša 12,5 %.
The Netherlandsfurther informed the Commission that DNB has taken a framework decision on 22 October 2012 based on the divestment measures examined in the present Decision.
Nizozemska je nadalje obvestila Komisijo, da je DNB 22. oktobra 2012 sprejela okvirni sklep na podlagi ukrepov odsvojitve, proučenih v tem sklepu.
In addition to its framework approval of the divestment measures, DNB also needs to give approval for each of the repayment tranches of the CT1 securities at the time of repayment in order to ensure that a repayment is prudentially acceptable.
DNB mora poleg svoje okvirne odobritve ukrepov odsvojitve prav tako odobriti vsako posamezno tranšo odplačila vrednostnih papirjev CT1 v času odplačila, da se zagotovi preudarno sprejetje odplačila.
The repayment of EUR 750 million nominally and EUR 1,125 billion including the premium for 2012 has already been approved by DNB.
DNB je že odobrila odplačilo nominalnih 750 milijonov EUR in 1,125 milijarde EUR, ki vključujejo premijo za leto 2012.
The Netherlandsexpresses its confidence that if market circumstances do not change materially and ING delivers on its capital plan, they are confident that DNB will approve the repayment tranches envisaged in Annex I.
Nizozemska izraža prepričanje, da če se tržne okoliščine bistveno ne spremenijo in ING izpolni svoj kapitalski načrt, bo DNB prav gotovo odobrila tranše odplačil, predvidene v Prilogi I.
Monitoring and re-notification commitment
Spremljanje in zaveza k ponovni priglasitvi
Full and proper implementation of all the commitments and obligations set out in Annex I will be continuously and thoroughly monitored until 31 December 2015 by a suitably qualified monitoring trustee who is independent of ING. The company currently entrusted with that task will continue monitoring the commitment regarding the Van Gogh scenario and all other commitments in Annex I, except for the monitoring of the price leadership ban.
Celostno in pravilno izvajanje vseh zavez in obveznosti iz Priloge I bo do 31. decembra 2015 stalno in natančno spremljal ustrezno usposobljeni nadzorni fiduciar, ki je neodvisen od ING. Družba, ki mora izvesti to nalogo, bo še naprej spremljala upoštevanje zaveze v zvezi s scenarijem Van Gogh in vseh drugih zavez v Prilogi I, ne bo pa spremljala prepovedi narekovanja cen.
The price leadership ban will be monitored by a new trustee, the PLB Monitoring Trustee.
Upoštevanje prepovedi narekovanja cen bo spremljal nov fiduciar, tj. nadzorni fiduciar za prepoved narekovanja cen.
The appointment and performance of both Trustees will be reviewed by the Commission after six months and from then onwards on a continuous basis.
Imenovanje in učinkovitost fiduciarjev bo pregledala Komisija po šestih mesecih, nato pa bo te preglede izvajala redno.
ING and the Netherlands commit that the progress reports about the implementation of the restructuring plan will be provided to the Commission every six months until 31 December 2013 and annually thereafter until 2018 or until the full divestment of the ING Insurance business.
ING in Nizozemska se zavezujeta, da bodo poročila o napredku glede izvajanja načrta prestrukturiranja predložena Komisiji vsakih šest mesecev do 31. decembra 2013, nato pa enkrat letno do leta 2018 ali do celotne odsvojitve podjetja ING Insurance.
If ING has not satisfied a divestment commitment or any NN Bank-related commitments to be executed in 2015, the Netherlandswill re-notify the recapitalisation measure to the Commission.
Če ING ne izpolni zaveze k odsvojitvi ali katerih koli drugih zavez v zvezi z banko NN Bank, ki jih je treba izpolniti leta 2015, bo Nizozemska ukrep dokapitalizacije ponovno priglasila Komisiji.
FURTHER INFORMATION ON ING DIRECT
DODATNE INFORMACIJE O ING DIRECT
According to the Netherlands the market share of ING in savings in Italy decreased from [1-4] % at the end of 2008 when the State aid was received to [1-4] % at the end of 2011.
Po navedbah Nizozemske se je tržni delež ING v prihrankih v Italiji zmanjšal in sicer z [1–4] % konec leta 2008, ko je bila prejeta državna pomoč, na [1–4] % konec leta 2011.
The Netherlands explained to the Commission that although ING considers that it has formally respected the price leadership ban in Italy, ING is willing to accept a revised price leadership ban in order to avoid misunderstandings and in order to meet the Commission’s concerns so that complaints such as that of MedioBanca in Italycan be avoided.
Nizozemska je Komisiji pojasnila, da, čeprav ING meni, da je formalno upoštevala prepoved narekovanja cen v Italiji, bi ING sprejela popravljeno prepoved narekovanja cen, da se preprečijo nesporazumi in se obravnavajo pomisleki Komisije, da se lahko preprečijo pritožbe, kot je pritožba banke MedioBanca v Italiji.
In some markets, like Italy ING Direct offers products that are not offered by the mainstream banks.
Na nekaterih trgih, npr. italijanskem, ING Direct ponuja produkte, ki jih običajne banke ne ponujajo.
As a result, ING Direct was sometimes required to benchmark those products against low-volume products of smaller players.
Zato je ING Direct včasih morala za te produkte kot merilo uspešnosti uporabiti produkte manjšega obsega manjših akterjev.
The revised price leadership ban ensures that ING Direct’s prices are benchmarked against the top-ten mainstream financial institutions (groups).
Popravljena prepoved narekovanja cen zagotavlja, da se cene ING Direct primerjajo z desetimi najvišje uvrščenimi običajnimi finančnimi institucijami (skupinami).
The revised price leadership ban also includes (procedural) clarifications and/or amendments, e.g. regarding the timeline for adjusting prices after ING has become aware of a price leadership position combined with a limit on the validity of market offerings.
Popravljena prepoved narekovanja cen vključuje tudi (postopkovna) pojasnila in/ali spremembe, npr. v zvezi s časovnim okvirjem za prilagajanje cen, zatem ko je bila ING seznanjena s stališčem narekovanja cen v kombinaciji z omejitvijo veljavnosti tržnih ponudb.
In respect of the financial performance of ING Direct, the Netherlandsprovided information according to which the EUR 608 million impairments for ING Direct are attributable to impairments of Greek government bonds for an amount of EUR 347 million.
V zvezi s finančno uspešnostjo ING Direct je Nizozemska predložila informacije, v skladu s katerimi se oslabitve sredstev v višini 608 milijonov EUR za ING Direct lahko pripišejo oslabitvam grških državnih obveznic v znesku 347 milijard EUR. Dodatnih 187 milijonov EUR oslabitev je rezultat manjše izpostavljenosti ING Direct prekomerni koncentraciji sredstev v regiji, ki jo ING uvršča pod „južno Evropo“.
A further EUR 187 million of impairments result from the reduction of the exposure of ING Direct to over-concentrated assets in the region classified as "southern Europe" by ING. That EUR 187 million loss resulted from a sale of EUR 2,3 billion of exposure in that category.
Teh 187 milijonov EUR izgube je posledica prodaje v višini 2,3 milijarde EUR izpostavljenosti v navedeni kategoriji.
Finally, EUR 74 million in impairments related to a RMBS portfolio in ING Direct US.
74 milijonov EUR v oslabitvah je bilo povezanih s portfeljem RMBS v ING Direct US.
According to the data provided, the level of LLPs for 2011 is divided between EUR 326 million recorded by ING Direct USA and only EUR 136 million to other locations.
V skladu s predloženimi podatki je raven rezervacij za izgube pri posojilih za leto 2011 razdeljena med 326 milijonov EUR, ki jih je zabeležila ING Direct USA, in le 136 milijonov EUR na drugih lokacijah.
The Commission may approve an amendment to a restructuring plan and commitments, as it has discretion to allow such modifications as long as the modifications are equivalent to their original counterparts in that the modifications also ensure the compatibility of the aid with the internal market and do not entail any additional aid.
Komisija lahko odobri spremembo načrta prestrukturiranja in zavez, saj ima diskrecijsko pravico, da omogoči take spremembe, če te, tako kot njihove prvotne različice, prav tako zagotavljajo združljivost pomoči z notranjim trgom in ne vključujejo dodatne pomoči.
NO GRANTING OF ADDITIONAL AID
BREZ ODOBRITVE DODATNE POMOČI
The present amendment does not entail additional aid to the benefit of ING.
Veljavna sprememba ne vključuje dodatne pomoči v korist ING.
The Commission has established in the 2012 Restructuring Decision that ING has received State aid of more than EUR 15 billion, of which the recapitalisation measure represents EUR 10 billion. Further the Commission has established that the amendment of the repayment conditions of the CT1 securities constituted aid in favour of ING.
Komisija je v sklepu o prestrukturiranju iz leta 2012 ugotovila, da je ING prejela državno pomoč v višini več kot 15 milijard EUR, od tega ukrep dokapitalizacije zajema 10 milijard EUR. Komisija je ugotovila tudi, da je sprememba pogojev odplačil vrednostnih papirjev CT1 pomenila pomoč v korist ING.
The Commission notes that the notified amendments do not change the repayment conditions of the CT1 securities.
Komisija ugotavlja, da priglašene spremembe ne spremenijo pogoje odplačila vrednostnih papirjev CT1.
The commitment of the Netherlandsto put in place a repayment schedule is in line with the repayment conditions approved in the Rescue Decision.
Zaveza Nizozemske, da bo oblikovala načrt odplačila, je v skladu s pogoji odplačil, odobrenimi v sklepu o reševanju.
That schedule allows for a partial repurchase at 150 % and partial conversion [54].
Navedeni načrt omogoča delni ponovni odkup po 150 % in delno pretvorbo [54].
Both redemption mechanisms are currently possible under the conditions considered in the Rescue Decision and do not require an amendment of the repayment conditions for the CT1 securities.
Oba mehanizma odkupa sta trenutno izvedljiva pod pogoji, obravnavanimi v sklepu o reševanju, in zanju ni potrebna sprememba pogojev odplačila za vrednostne papirje CT1.
The current availability of both mechanisms contrasts with the situation in 2009, when ING only had the contractual option to repay at 150 % because the conversion option would only become available three years after the CT1 securities were granted.
Trenutna razpoložljivost obeh mehanizmov je v nasprotju s položajem leta 2009, ko je imela ING le pogodbeno možnost za odplačilo po 150 %, saj je možnost pretvorbe postala razpoložljiva šele tri leta po odobritvi vrednostih papirjev CT1.
In contrast to the situation in 2009, the Netherlands did not enter into an ad-hoc arrangement whereby the Netherlandswould have made an investment choice by accepting a modification of an existing contract.
V nasprotju s položajem leta 2009 Nizozemska ni sklenila začasnega sporazuma, v skladu s katerim bi imela naložbeno izbiro s sprejetjem spremembe obstoječe pogodbe.
The Netherlandswas not required, in accepting the repayment schedule of ING to which it commits, to make an investment decision.
Ko je Nizozemska sprejela načrt odplačil ING, h kateremu se zavezuje, ji ni bilo treba sprejeti naložbene odločitve.
As a result, the Commission considers that the Netherlandscould not be foregoing any revenues under the repayment schedule.
Zato po mnenju Komisije ni bilo mogoče, da bi se Nizozemska v skladu z načrtom odplačila odpovedovala kakršnim koli prihodkom.
The Commission also notes that the triggering of the re-notification commitment in the Rescue Decision does not give rise to the existence of additional aid.
Komisija tudi ugotavlja, da sprožitev zaveze glede ponovne priglasitve v sklepu o reševanju ne pomeni obstoja dodatne pomoči.
That re-notification solely concerns an issue of compatibility insofar as it raises the question of whether the Netherlandswill receive an adequate remuneration.
Navedena ponovna priglasitev zadeva zgolj vprašanje združljivosti, če se bo postavilo vprašanje, ali bo Nizozemska prejela ustrezno nadomestilo.
Therefore the commitment by ING to a fixed repayment schedule should thus be examined only to determine the compatibility of the modifications to the restructuring plan.
Zato bi bilo treba zavezo ING k načrtu stalnih odplačil proučiti le zato, da se ugotovi združljivost sprememb načrta prestrukturiranja.
COMPATIBILITY OF RESTRUCTURING AID
ZDRUŽLJIVOST POMOČI ZA PRESTRUKTURIRANJE
As the notified amendments do not entail additional State aid to the benefit of ING, the amendments can be considered as a substitution of a certain number of commitments by other commitments.
Ker priglašene spremembe ne vključujejo dodatne državne pomoči v korist ING, se za spremembe lahko šteje, da nadomestijo določeno število zavez z drugimi zavezami.
The Commission should therefore examine if the substituted commitments also ensure the compatibility of the aid provided in 2008 and 2009 [55].
Komisija bi zato morala proučiti, če nadomeščene zaveze prav tako zagotavljajo združljivost pomoči iz leta 2008 in 2009 [55].
The conclusion of the 2012 Restructuring Decision as to the compatibility of that aid should not alter as long as it can be established that the new commitments continue to ensure viability, an appropriate degree of burden-sharing and sufficient measures to address distortions of competition [56].
Sklep o prestrukturiranju iz leta 2012 se v zvezi z združljivostjo navedene pomoči ne bi smel spremeniti, dokler je mogoče dokazati, da nove zaveze še naprej zagotavljajo sposobnost preživetja, ustrezno stopnjo porazdelitve bremena in zadostne ukrepe za obravnavanje izkrivljanja konkurence [56].
In the absence of additional aid the Commission will not assess the viability of ING afresh.
Če ni dodatne pomoči, Komisija ne bo ponovno ocenila sposobnost preživetja ING.
In the 2012 Restructuring Decision the Commission based its viability assessment on the commitment by ING to eliminate double leverage and increase its capital ratios in order to be in a better position to face possible adverse economic developments in the future and absorb unexpected losses [57].
Ocena sposobnosti preživetja Komisije je v sklepu o prestrukturiranju iz leta 2012 temeljila na zavezi ING, da odpravi dvojni finančni vzvod in izboljša količnike kapitalske ustreznosti, da bo tako v boljšem položaju za spopadanje z morebitnimi neugodnimi gospodarskimi razmerami v prihodnosti in bo lahko krila nepričakovane izgube [57].
First, the new deadlines for the divestment of Insurance Europe prolong the commitment to reduce complexity and eliminate double leverage.
Novi roki za odsvojitev Insurance Europe podaljšujejo zavezo k manjši zapletenosti poslovnega modela in odpravi dvojnega finančnega vzvoda.
By divesting more that 50 % of all insurance entities by the end of 2015 and losing control of the board of the legal entities of ING Insurance, ING's strategic decision-making will only take place in the banking market and no longer in the insurance market.
Z odsvojitvijo več kot 50 % vseh zavarovalniških subjektov do konca leta 2015 in izgubo nadzora v odboru za pravne subjekte ING Insurance se bo ING strateško odločala le na bančnem trgu in ne več na trgu zavarovanj.
Moreover, the modification does not call into question the commitment of ING to fully eliminate double leverage.
Poleg tega sprememba ne vzbuja pomislekov glede zaveze ING k popolni odpravi dvojnega finančnega vzvoda.
The full divestment of the insurance subsidiaries will lead to the elimination of double leverage at the latest in 2018.
S popolno odsvojitvijo zavarovalniških hčerinskih družb se bo najpozneje do leta 2018 odpravil dvojni finančni vzvod.
Furthermore the possibilities of a sale must be periodically explored and the retention […] should therefore be only temporary.
Poleg tega je treba redno proučevati možnosti prodaje in zadržanje […] bi moralo zato biti le začasno.
Moreover, the Commission notes that in the implementation of its restructuring plan ING has been able to absorb unexpected losses such as the losses on its Greek bonds [58].
Poleg tega Komisija ugotavlja, da je ING z izvajanjem načrta prestrukturiranja lahko krila nepričakovane izgube, kot na primer izgube na svoje grške obveznice [58].
Further the Commission notes that ING was able to meet the EBA capital exercise requirements in which no capital shortfall has been identified [59].
Komisija nadalje ugotavlja, da je ING lahko izpolnila kapitalske zahteve EBA, glede katerih ni bilo ugotovljeno noben kapitalski primanjkljaj [59].
In view of the demonstrated capacity of ING to absorb unexpected shocks the prolongation of the deadline for the elimination of the double leverage does not affect the assessment of the viability of ING in the 2012 Restructuring Decision.
Ob upoštevanju dokazane zmogljivosti ING, da krije nepredvidene šoke, podaljšanje roka za odpravo dvojnega finančnega vzvoda ne vpliva na oceno sposobnosti preživetja ING v sklepu o prestrukturiranju iz leta 2012.
Second, the allegation that ING has acted as a price leader has been rebutted.
Domneva, da je ING narekovala cene, se ovrže.
ING has submitted evidence that it was not the best priced among all participants in the market and thus did not infringe the price leadership ban in the 2009 Restructuring Decision.
ING je predložila dokaze, da ni imela najugodnejših cen med vsemi udeleženci na trgu in tako ni kršila prepovedi narekovanja cen iz odločbe o prestrukturiranju iz leta 2009.
While the Netherlands have demonstrated that ING Direct has not infringed the text of the commitment on price leadership, the positioning of ING Direct in Italyjust below Banca Sistema nevertheless confirms that pricing is still a key element in the commercial strategy of ING Direct.
Čeprav je Nizozemska dokazala, da ING Direct ni kršila besedila zaveze o narekovanju cen, uvrstitev ING Direct v Italiji takoj za banko Banca Sistema kljub temu potrjuje, da je določanje cen še vedno ključni element v poslovni strategiji ING Direct.
Against that background, the strengthened commitment which gives rise to a better calibrated price leadership ban will, along with a more prudent definition of the peer group for ING Direct, ensure that ING will not be driven in the future into yield-searching investment strategies which could expose it to impairments, as was the case of their investment portfolio in the United States.
Glede na navedeno bo okrepljena zaveza, ki omogoča bolje prilagojeno prepoved narekovanja cen, ob preudarnejši opredelitvi skupine družb za ING Direct zagotovila, da ING v prihodnosti ne bo treba iskati donosnih naložbenih strategij, pri čemer bi se lahko izpostavila oslabitvam, kot se je zgodilo z naložbenim portfeljem v Združenih državah.
That calibration is based in particular on data provided by ING as to underlying market dynamics [60].
Navedena prilagoditev temelji zlasti na podatkih, ki jih je predložila ING v zvezi z osnovno tržno dinamiko [60].
In the case of Italythe explicit exclusion of […] from the benchmarking sample will ensure that ING will only be compared to actors with comparable strength.
V primeru Italije se bo z izrecno izključitvijo […] iz referenčnega vzorca zagotovilo, da se bo ING primerjala le z akterji s primerljivo močjo.