natgillin/translations-raw huggingface dataset:
The Commission still considers that 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.
Komisija še vedno meni, da so zahteve za državno pomoč, ki se odobri v skladu s členom 107(3)(b) PDEU, izpolnjene ob upoštevanju nove izredne situacije na finančnih trgih.
In respect of the German economy that analysis has been confirmed in the Commission's approval of various measures undertaken by the German authorities to combat the financial crisis, in particular in the approval and prolongations of the German rescue package [75].
Ta analiza nemškega gospodarstva je bila potrjena pri odobritvi Komisije različnih ukrepov, ki so jih nemški organi sprejeli v boju proti finančni krizi, zlasti pri odobritvi in podaljševanju nemškega svežnja pomoči [75].
An uncontrolled breakdown of a bank such as WestLB could directly affect the financial markets and thus the entire economy of a Member State.
Nenadzorovana razčlenitev banke, kot je WestLB, bi lahko neposredno vplivala na finančne trge in posledično na celotno gospodarstvo države članice.
In the light of the current fragile situation 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.
Komisija ob upoštevanju obstoječega negotovega položaja finančnih trgov še naprej ocenjuje ukrepe državne pomoči v bančnem sektorju na podlagi člena 107(3)(b) PDEU.
b. COMPATIBILITY OF THE IMPAIRED ASSET MEASURES
b. ZDRUŽLJIVOST UKREPOV ZA OSLABLJENA SREDSTVA
For the reasons explained in recitals 125 and 126, the compatibility of the first asset transfer to the EAA has to be assessed on the basis of the Impaired Assets Communication.
Zaradi razlogov iz uvodnih izjav (123) in (123) je treba združljivost prvega prenosa sredstev na banko EAA oceniti na podlagi Sporočila o oslabljenih sredstvih.
The compatibility assessment focuses on whether the asset transfer takes place above the market value but without exceeding the real economic value as defined in point 40 of the Impaired Assets Communication.
Ocena združljivosti se osredotoča na to, ali prenos sredstev poteka nad tržno vrednostjo, pri čemer ni presežena dejanska ekonomska vrednost iz točke 40 Sporočila o oslabljenih sredstvih.
In order for the aid measure to be compatible the transfer value should, according to point 41 of the Impaired Assets Communication, not exceed the REV and the transfer delta would be zero.
Da bi bil ukrep pomoči združljiv, vrednost prenosa v skladu s točko 41 Sporočila o oslabljenih sredstvih ne sme presegati dejanske ekonomske vrednosti, pri čemer bi bila delta prenosa nič.
The following assessment focuses first on the amount of the transfer delta (see recitals 144 to 159).
Naslednja ocena se najprej osredotoča na znesek delte prenosa (glej uvodne izjave 144 do 159).
If the transfer delta is not zero, i.e. it is above the REV, it should be reimbursed or clawed back (see recitals 161 and 162).
Če delta prenosa ni nič, tj. presega dejansko ekonomsko vrednost, jo je treba povrniti ali vrniti sredstva (glej uvodni izjavi 161 in 162).
Compatibility of the first asset transfer to the EAA
Združljivost prvega prenosa sredstev na banko EAA
The results of that analysis can be summarised as follows:
Rezultate te analize je mogoče povzeti na naslednji način:
As regards the valuation in general
Glede vrednotenja na splošno
As regards the overall valuation exercise, determining the REV of the assets to be transferred, the Commission maintains that its evaluation was not too conservative but was in accordance with point 37 of the Impaired Assets Communication.
Komisija v zvezi z izvajanjem splošnega vrednotenja in določanjem dejanske ekonomske vrednosti sredstev, ki bodo prenesena, vztraja, da njeno vrednotenje ni bilo preveč konservativno, temveč v skladu s točko 37 Sporočila o oslabljenih sredstvih.
Point 37 of the Impaired Assets Communication obliges the Commission to apply a correct and consistent approach to asset valuation, including assets that are more complex and less liquid, so as to prevent undue distortions of competition.
Točka 37 Sporočila o oslabljenih sredstvih Komisijo zavezuje k uporabi pravilnega in skladnega pristopa k vrednotenju sredstev, vključno s sredstvi, ki so bolj zapletena ter manj likvidna, da bi se preprečilo nepotrebno izkrivljanje konkurence.
The Commission has explained in the November 2010 Decision that its approach is in line with existing decision-making practice.
Komisija je v sklepu iz novembra 2010 pojasnila, da je njen pristop v skladu z obstoječo prakso odločanja.
The approaches taken by other bodies such as CEBS are certainly credible, but they are not relevant for that exercise.
Pristopi drugih organov, kot je Odbor evropskih bančnih nadzornikov, so nedvomno verodostojni, vendar v tem primeru niso pomembni.
The Commission remains unconvinced that the approach proposed by WestLB is in line with state aid decision-making practice.
Komisija še vedno ni prepričana, da je pristop, ki ga je predlagala banka WestLB, v skladu z prakso odločanja glede državne pomoči.
The Commission indeed notes that the Bundesbank has not confirmed the REV proposed by WestLB but instead criticised both the methodology and parameter use of WestLB [76].
Komisija opozarja, da Bundesbank ni potrdila dejanske ekonomske vrednosti, ki jo je predlagala banka WestLB, ampak je kritizirala uporabo metodologije in parametrov WestLB [76].
That critical stance contradicts Germany's claim that WestLB's methodology is in general a "recognised technical expertise".
To kritično stališče oporeka trditvi Nemčije, da je metodologija banke WestLB na splošno „priznano tehnično strokovno znanje“.
The Commission therefore maintains that WestLB's methodology deviates from usual case practice [77].
Komisija zato vztraja, da metodologija WestLB odstopa od običajne prakse primerov [77].
As regards the valuation at the level of sub-portfolios
Glede vrednotenja na ravni podportfeljev
A regards the valuation in detail, first, regarding the "Structured Securities" portfolio, the Commission notes that no great divergences exist.
Komisija v zvezi s podrobnim vrednotenjem, in sicer glede portfelja „Strukturirani vrednostni papirji“, opozarja, da ne obstajajo velike razlike.
In fact, the Commission's REV for the entire asset class lies very close to that as assessed by WestLB.
Dejanska ekonomska vrednost Komisije za celotno kategorijo sredstev je zelo blizu dejanske ekonomske vrednosti, ki jo je ocenila banka WestLB.
The Commission has refrained from using conservative assumptions where to do so would validate or reject individual portfolio valuations.
Komisija ni uporabila konservativnih predpostavk, kadar bi s tem potrdila ali zanikala vrednotenja posameznih portfeljev.
Instead, it followed its experts' advice to re-assess WestLB's overly conservative approach for the "European Super Senior" sub-portfolio.
Namesto tega je upoštevala nasvet svojih strokovnjakov za ponovno oceno pretirano konservativnega pristopa banke WestLB za podportfelj „European Super Senior“.
The Commission has examined the detailed expert report, which included a review of the main asset sub-categories (ABS CDOs [78], other CDOs [79], US RMBS [80], US CMBS [81], US ABS [82], EUR ABS [83] and Financials), and found the methodologies and results used to be consistent with other cases, such as those mentioned in the opening decision.
Komisija je pregledala podrobno poročilo strokovnjakov, ki je zajemalo pregled glavnih podkategorij sredstev (ABS CDO [78], drugi CDO [79], US RMBS [80], US CMBS [81], US ABS [82], EUR ABS [83] in Finančna sredstva), ter ugotovila, da so bile uporabljene metodologije in rezultati skladni z drugimi zadevami, kot so zadeve iz sklepa o začetku postopka.
Second, regarding the Lending Portfolio, the Commission does not accept Germany's claim regarding lack of transparency and inconsistencies in the valuation of its experts.
Drugič, Komisija v zvezi s portfeljem posojil ne sprejema trditve Nemčije glede premajhne preglednosti in neskladij pri vrednotenju strokovnjakov.
It recalls that it has tried to give guidance as to the appropriateness of certain methodologies for assessing the REV. For instance, the Commission recommended a large sample asset re-underwriting of the loan portfolio in order to assess the appropriateness of the existing rating systems, the resulting probabilities-of-default (PDs) and the LGDs.
Opozarja, da je poskušala podati navodila v zvezi s primernostjo nekaterih metodologij za oceno dejanske ekonomske vrednosti. Na primer, Komisija je priporočila ponoven odkup obsežnih vzorčnih sredstev portfelja s posojili, da bi se ocenila ustreznost obstoječih bonitetnih sistemov, posledične verjetnosti neplačila in izgube ob neplačilu.
Germany has not followed that recommendation.
Nemčija tega priporočila ni upoštevala.
The Commission also emphasised that, as explained in point 41 of the Impaired Assets Communication, it had to use sufficiently prudent LGD and PD stresses.
Komisija je poudarila tudi, da je morala uporabiti dovolj preudarne izredne situacije izgub ob neplačilu in verjetnosti neplačila, kakor je razloženo v točki 41 Sporočila o oslabljenih sredstvih.
In line with the Commission's decision-making practice, a transfer of assets must be assessed based on the REV of the assets.
V skladu s prakso odločanja Komisije je treba prenos sredstev oceniti na podlagi dejanske ekonomske vrednosti sredstev.
In conclusion, the Commission confirms its previous assessment that the valuation must be corrected by around EUR 1 billion
Komisija potrjuje svojo predhodno oceno, da je treba vrednotenje popraviti za približno 1 milijardo EUR.
Third, for the "Securities Portfolio" the Commission agrees with Germany that the differences stem from the assumption of whether the markets concerned are impaired.
Tretjič, Komisija se glede portfelja vrednostnih papirjev strinja z Nemčijo, da razlike izhajajo iz predpostavke, ali so zadevni trgi oslabljeni.
In fact, the question could also be whether that part of the portfolio should be considered eligible under the Impaired Assets Communication at all.
Pravzaprav bi bilo lahko vprašanje tudi, ali se lahko ta del portfelja sploh šteje za upravičenega v skladu s Sporočilom o oslabljenih sredstvih.
It could be argued that, although some flexibility could be envisaged by allowing banks to be relieved of assets not primarily involved at the first stages of the financial crisis, assets that cannot be considered impaired at the time of transfer should not be covered by a relief programme.
Trditi je mogoče, da sredstva, ki jih ni mogoče šteti za oslabljena v času prenosa, ne bi smela biti zajeta v shemi finančne pomoči, čeprav je mogoče predvideti določeno mero prilagodljivosti, tako da se bankam omogoči, da oddajo sredstva, ki niso bila pomembno vključena v prvih fazah finančne krize.
On that view, asset relief should not act as a form of open-ended insurance against the consequences of the recession.
Finančna pomoč za sredstva ne bi smela delovati kot oblika odprtega zavarovanja pred posledicami recesije.
On the other hand, the off-loading of large, multi-billion-euro-sized portfolios might trigger precisely the distortion of those markets.
Po drugi strani pa lahko prelaganje obsežnih portfeljev v vrednosti več milijard EUR sproži izkrivljanje teh trgov.
To strike a balance between the objective of maintaining financial stability and the need to prevent distortions of competition, the Impaired Assets Communication allows for the transfer of those assets.
Sporočilo o oslabljenih sredstvih omogoča prenos teh sredstev, da bi se doseglo ravnovesje med ciljem ohranjanja finančne stabilnosti in potrebo po preprečevanju izkrivljanja konkurence.
However, because the market for those assets is fully functional (i.e. unimpaired), the REV will be equal or approximately equal to the market value.
Ker je trg za ta sredstva v celoti funkcionalen (tj. neoslabljen), bo dejanska ekonomska vrednost enaka ali približno enaka tržni vrednosti.
While WestLB assesses the existence of a functioning market on the basis of a pure liquidity criterion, the Commission remarks [84] that the starting point for an assessment of market impairment is a comparison with a well-functioning market for the particular asset.
Medtem ko banka WestLB ocenjuje obstoj delujočega trga na podlagi merila likvidnosti, Komisija meni [84], da je začetna točka za oceno oslabljenosti trga primerjava z dobro delujočim trgom za posamezno sredstvo.
In a normally functioning market a transaction is executed between a willing buyer and a willing seller.
Transakcija na normalno delujočem trgu poteka med voljnim kupcem in voljnim prodajalcem.
The notion of a willing buyer and seller implies that the transaction is voluntary and therefore free of compulsion.
Koncept voljnega kupca in prodajalca pomeni, da je transakcija prostovoljna in zato ne vključuje prisile.
The Commission's experts have provided transparent criteria for a normal functioning market, which are endorsed by the Commission [85].
Strokovnjaki Komisije so pripravili pregledna merila za normalno delovanje trga, ki jih podpira Komisija podpira [85].
While adequate liquidity or tight bid offer spreads indicate a functioning market, the reverse is not necessarily true.
Medtem ko zadostna likvidnost ali majhni razponi med povpraševanjem in ponudbo pomenijo delujoč trg, obratno ni nujno resnično.
For instance, a privately placed security, issued by a solvent and stable issuer, might not be liquid.
Na primer, zasebno plasiran vrednostni papir, ki ga izda plačilno sposoben in stabilen izdajatelj, morda ni likviden.
Nevertheless, if needed, a competitive market bid, close to a mark-to-model value computed from liquid proximity securities, could easily be obtained.
Vseeno je po potrebi mogoče preprosto pridobiti konkurenčno tržno ponudbo, ki je blizu vrednosti vrednotenja z uporabo notranjega modela, izračunane iz likvidnih bližnjih vrednostnih papirjev.
Therefore, the criteria proposed by WestLB are too narrow to assess the normal functioning of a market.
Merila, ki jih predlaga banka WestLB, so zato preveč omejena za oceno normalnega delovanja trga.
It should be remarked that the misattribution of unimpaired assets as impaired assets is per se not a problem for the determination of the REV. One would expect that the REV calculated for such asset positions would be close to the market value of the asset, provided that a suitable method and calibration is used.
Opozoriti je treba, da napačna določitev neoslabljenih sredstev kot oslabljena sredstva sama po sebi ne pomeni težave pri določanju dejanske ekonomske vrednosti. Pričakovalo bi se lahko, da bi bila dejanska ekonomska vrednost, izračunana za take pozicije sredstev, blizu tržne vrednosti sredstva, če sta uporabljeni primerna metoda in kalibracija.
Any REV calculation method should broadly converge to the market price, when a particular market is not impaired.
Vsaka metoda izračuna dejanske ekonomske vrednosti bi se morala okvirno približevati tržni ceni, kadar posamezni trg ni oslabljen.
Indeed, the instances of misattribution represent a test of the suitability of the REV calculation method and parameters used.
Primeri napačne določitve pomenijo preskus ustreznosti uporabljene metode za izračun dejanske ekonomske vrednosti in parametrov.
As regards Germany's claim that certain sovereign bond markets were impaired at the end of 2009, the Commission observes that criteria indicating a functioning market were fulfilled at that time.
Komisija v zvezi s trditvijo Nemčije, da so bili na koncu leta 2009 nekateri trgi z državnimi obveznicami oslabljeni, trdi, da so bila merila, ki označujejo delujoč trg, takrat izpolnjena.
Instead, specific sovereign submarkets showed evidence of impairment near the end of the second quarter of 2010 [86] and beyond, notably with interventions at ECB and other European levels.
Namesto tega so posamezni podtrgi državnih dolžniških vrednostnih papirjev kazali znake oslabljenosti na koncu drugega četrtletja leta 2010 [86] in pozneje, zlasti s posredovanji na ravni ECB in drugih evropskih ravneh.
Nevertheless, it was not the case on 31 December 2009 or on 31 March 2010, which were the two reference dates used in the valuation exercise.
Vendar to ni veljalo 31. decembra 2009 ali 31. marca 2010, ki sta referenčna datuma iz izvedbe vrednotenja.
The Commission therefore maintains its view that WestLB used either a wrong valuation methodology or applied the wrong parameters in its valuation methodology, so that the valuation must be corrected by around EUR 600 million.
Komisija zato vztraja pri stališču, da je banka WestLB uporabila napačno metodologijo za vrednotenje ali uporabila napačne parametre pri metodologiji za vrednotenje, zato je treba vrednotenje popraviti za približno 600 milijonov EUR.
In conclusion, the Commission finds the REV assessment for each of the three sub-portfolios as indicated in the experts' report to be valid and consistent with its decision-making practice.
Komisija meni, da je ocena dejanske ekonomske vrednosti za vse tri podportfelje, kakor je navedeno v poročilu strokovnjakov, veljavna in skladna s prakso odločanja Komisije.
As a result, the Commission deems the difference between the transfer value and the REV of the assets in the portfolio to be EUR 6,949 billion [87].
Komisija posledično ocenjuje, da je razlika med vrednostjo prenosa in dejansko ekonomsko vrednostjo sredstev v portfelju 6,949 milijarde EUR [87].
In the November 2010 Decision the Commission expressed doubts whether all of the assets were eligible for the transfer.
Komisija je v sklepu iz novembra 2010 izrazila pomisleke, ali so do prenosa upravičena vsa sredstva.
The Commission took statements in EAA's first annual report as evidence that in some assets losses had already been incurred at the date of the transfer, although such assets would not fall within the scope of point 32 of the Impaired Assets Communication.
Komisija je izkaze v prvem letnem poročilu banke EAA sprejela kot dokaz, da je v nekaterih sredstvih na datum prenosa že prišlo do izgub, čeprav taka sredstva ne bi spadala na področje uporabe točke 32 Sporočila o oslabljenih sredstvih.
However, Germany subsequently provided additional information and explained the amount of risk provisioning made by the EAA and the amount of losses that had been incurred in the assets transferred to the EAA.
Vendar je Nemčija posledično predložila dodatne informacije ter pojasnila znesek rezervacij za tveganja banke EAA in znesek izgub, do katerih je prišlo v sredstvih, prenesenih na EAA.
Those explanations were plausible and allay the Commission's concerns.
Ta pojasnila so bila verjetna in odpravljajo pomisleke Komisije.
There is therefore no need to make further corrections relating to a non-eligibility of assets.
Zato ne obstaja potreba po dodatnih popravkih v zvezi z neupravičenostjo sredstev.
Mitigating factors
Olajševalni dejavniki
Moreover, the Commission invited Germany to engage the Bundesbank to comment on the compensatory effects and have any proposed alteration in the portfolio valuation verified and confirmed by a regulatory authority such as the Bundesbank, in line with guidance from the Impaired Assets Communication.
Poleg tega je Komisija Nemčiji svetovala, da Bundesbank pozove k predložitvi pripomb o izravnalnih učinkih, pri čemer naj vse predlagane spremembe v vrednotenju portfelja preveri in potrdi regulativni organ, kot je Bundesbank, v skladu z navodili iz Sporočila o oslabljenih sredstvih.
No such verification and confirmation by the regulatory authority has taken place.
Do takega preverjanja in potrditve regulativnega organa ni prišlo.
Regarding the grandfathered liabilities, the Commission notes that the valuation of liabilities is per se not discussed in the Impaired Assets Communication.
Komisija v zvezi s podedovanimi obveznostmi navaja, da vrednotenje obveznosti kot tako ni obravnavano v Sporočilu o oslabljenih sredstvih.
It needed therefore to assess how to deal with a transfer that mixed assets and liabilities as was done in this case.
Zato je morala oceniti, kako obravnavati prenos, ki združuje sredstva in obveznosti, kar velja tudi za ta primer.
While the Commission recognises the potential economic disadvantage of transferring low-yielding liabilities, it had to strike a balance between compatible amounts on the asset side and the amounts on the liability side.
Komisija priznava morebitno gospodarsko pomanjkljivost prenosa obveznosti z nizkim donosom, pri čemer je morala najti ravnovesje med združljivimi zneski na strani sredstev in zneski na strani obveznosti.
As a result, while the Commission has taken the effect of grandfathered liabilities into account when assessing the total aid amount (see recital 133) the Commission does not consider it applicable in the assessment of REV.
Čeprav je Komisija pri oceni skupnega zneska pomoči upoštevala vpliv podedovanih obveznosti (glej uvodno izjavo 131), ga posledično ne obravnava kot potrebnega za oceno dejanske ekonomske vrednosti.
Regarding the positive future results for the transferred assets, the Commission does not follow Germany's argument and insists that, once assets have been transferred, future profits should no longer be taken into account.
Komisija v zvezi s pozitivnimi prihodnjimi rezultati prenesenih sredstev ne upošteva trditev Nemčije in vztraja, da se prihodnji dobički po prenosu sredstev ne bi smeli več upoštevati.
That methodology of establishing the REV of the lending portfolio is in line with the Commission's decision-making practice [89].
Ta metodologija za določitev dejanske ekonomske vrednosti posojilnega portfelja je v skladu s prakso sprejemanja odločitev Komisije [89].
Regarding undrawn committed lines, the Commission confirms that an undrawn committed line can indeed carry a zero book value.
Komisija v zvezi z nečrpanimi dodeljenimi postavkami potrjuje, da ima nečrpana dodeljena postavka res lahko nično knjigovodsko vrednost.
That possibility does however not exclude that an undrawn committed line can have a negative REV contribution. The drawing of the line is not excluded, because contractually it cannot be avoided.
Vendar ta možnost ne izključuje možnosti, da ima nečrpana dodeljena postavka negativni prispevek REV. Črpanje postavke ni izključeno, ker se temu pogodbeno ni mogoče izogniti.
Therefore, the fact that a line is not yet drawn will thus not change the REV even if such positions have zero book value.
Zato dejstvo, da postavka še ni črpana, ne bo spremenila REV, čeprav imajo take postavke nično knjigovodsko vrednost.
Regarding discounting expected losses, the Commission observes that by discounting the expected losses WestLB simply alters its own valuation approach, and moreover does so without support from the Bundesbank.
Komisija v zvezi z zniževanjem pričakovanih izgub opaža, da banka WestLB z zniževanjem pričakovanih izgub preprosto spreminja svoj pristop k vrednotenju, poleg tega pa to počne brez podpore Bundesbank.
Germany thereby contradicts its own REV estimate but does not provide any additional arguments against the Commission's opinion.
Nemčija s tem oporeka lastni oceni REV, vendar ne zagotavlja dodatnih argumentov proti mnenju Komisije.
In sum, as the REV has been endorsed above and is in line with points 40 and 41 of the Impaired Assets Communication, the Commission therefore does not consider the expected losses or any of the other three mitigating factors advanced by Germany in its comments as relevant for the REV assessment.
Ker je bila REV zgoraj podprta in je v skladu s točkama 40 in 41 Sporočila o oslabljenih sredstvih, Komisija pričakovanih izgub ali katerega koli izmed drugih treh olajševalnih dejavnikov, ki jih v pripombah predlaga Nemčija, ne obravnava kot pomembne za oceno REV.
Asset management
Upravljanje sredstev
The Commission's doubts as to the proper management of the impaired assets in the wake of the asset transfer have been allayed.
Pomisleki Komisije v zvezi z ustreznim upravljanjem oslabljenih sredstev glede na prenos sredstev so bili odpravljeni.