natgillin/translations-raw huggingface dataset:
On 1 December 2011, Germany submitted information on the amount of temporary short-term liquidity assistance that may be provided to WestLB up to 30 June 2012.
Nemčija je 1. decembra 2011 predložila informacije o znesku začasne kratkoročne likvidnostne pomoči, ki se lahko banki WestLB zagotovi do 30. junija 2012.
On 8 December 2011, Germany submitted a final catalogue of commitments to the Commission.
Nemčija je 8. decembra 2011 Komisiji predložila končni seznam zavez.
On 13 December 2011, Germany confirmed the intended take-over of an entity named Verbundbank, which will be carved out from WestLB in the context of the latter's restructuring, by Helaba Landesbank Hessen-Thüringen (hereinafter called "Helaba").
Nemčija je 13. decembra 2011 potrdila, da bo, kot je bilo predvideno, subjekt Verbundbank, ki bo iz banke WestLB izločen med prestrukturiranjem, prevzela banka Helaba Landesbank Hessen-Thüringen (v nadaljnjem besedilu: Helaba).
The beneficiary is WestLB.
Upravičenec je banka WestLB.
WestLB is the Landesbank of North Rhine-Westphalia with registered offices in Düsseldorf.
Banka WestLB je deželna banka v Severnem Porenju - Vestfaliji s sedežem v Düsseldorfu.
Its shareholders are the Savings Banks Association of Westphalia-Lippe (hereinafter called "SVWL"), the Savings Banks and Giro Association of the Rhineland (hereinafter called "RSGV"; SVWL and RSGV are collectively called "the savings banks associations"), the Land of North Rhine-Westphalia (hereinafter called "NRW") and the two regional associations of the Rhineland (hereinafter called "LVR") and Westphalia-Lippe (hereinafter called "LWL").
Delničarji banke so združenje hranilnic Vestfalije - Lippe (v nadaljnjem besedilu: SVWL), združenje hranilnic Porenja (v nadaljnjem besedilu: RSGV; SVWL in RSGV se skupaj imenujeta združenja hranilnic), dežela Severno Porenje - Vestfalija (v nadaljnjem besedilu: NRW) in regionalni združenji Porenja (v nadaljnjem besedilu: LVR) in Vestfalije - Lippe (v nadaljnjem besedilu: LWL).
The Sonderfonds Finanzmarkstabilisierung (hereinafter called "SoFFin"), which is managed by the FMSA, has invested a silent participation in WestLB AG.
Sklad Sonderfonds Finanzmarkstabilisierung (v nadaljnjem besedilu: SoFFin), ki ga upravlja FMSA, je tihi družbenik banke WestLB AG.
The main financial data of WestLB are summarised in the following table:
Glavni finančni podatki o banki WestLB so povzeti v naslednji preglednici:
Main financial data of WestLB
Glavni finančni podatki o banki WestLB
Balance Sheet Figures (billion EUR)
Podatki iz bilance stanja (v mrd. EUR)
Bank Regulatory Capital Ratios (SolvV)
Deleži regulatornega kapitala banke (SolvV)
Core capital in billion EUR
Temeljni kapital v mrd. EUR
Own funds in billion EUR
Lastni viri sredstev v mrd. EUR
Risk-weighted assets in billion EUR
Tveganju prilagojena aktiva v mrd. EUR
Core capital ratio in %
Delež temeljnega kapitala v %
Overall ratio in %
Skupni delež v %
WestLB serves as the central institution for the savings banks and as a link to the financial markets for the regionally operating savings banks in NRW and Brandenburg.
Banka WestLB je centralna institucija za hranilnice in povezuje hranilnice, ki poslujejo na regionalni ravni v deželah NRW in Brandenburg, s finančnimi trgi.
It offers a broad range of products and services, including lending, customised structured finance, capital markets business, asset management, and transaction services to its German and international clients which include corporates, as well as institutional and public-sector clients.
Nemškim in mednarodnim strankam, vključno s podjetji, institucijami in javnim sektorjem, ponuja zelo različne produkte in storitve, vključno s posojili, strukturiranimi finančnimi instrumenti po meri, dejavnostmi na kapitalskih trgih, upravljanjem sredstev in vodenjem plačilnega prometa.
The focus of WestLB's business activities has changed over the years.
Osnovne poslovne dejavnosti banke WestLB so se v zadnjih letih spremenile.
While it was initially limited to its function of a central giro institution for the savings banks, WestLB has turned more and more into an investment bank.
Banka je bila najprej osrednja klirinška institucija za hranilnice, sčasoma pa se je spremenila v investicijsko banko.
Since 2001, when its public mission activities were separated from its economic businesses, WestLB has been undergoing restructuring [12].
Banka WestLB je od leta 2001, ko so bile njene dejavnosti, ki jih je opravljala v javnem interesu, ločene od gospodarskega poslovanja, v postopku prestrukturiranja [12].
More recently, large investments in structured securities, partly booked in special purpose vehicles that had not been consolidated before 2007, caused significant losses and resulted in surging capital requirements, despite the relaxation of accounting standards that was adopted as a response to the financial crisis.
Pred kratkim so velike naložbe v strukturirane vrednostne papirje, delno knjižene v pravnih subjektih s posebnim namenom, ki pred letom 2007 niso bili konsolidirani, povzročile znatne izgube in dvig kapitalskih zahtev kljub manj strogim računovodskim standardom, ki so bili sprejeti kot odziv na finančno krizo.
Therefore, Germany and WestLB's shareholders granted the Phoenix risk shield in 2008 [13] and agreed in November 2009 on the establishment of a bad bank, the EAA, to which a nominal amount of around EUR 77.5 billion of assets and capital of approximately EUR 3 billion were transferred.
Zato so Nemčija in delničarji banke WestLB leta 2008 odobrili zaščito pred tveganji za portfelj Phoenix [13] in se novembra 2009 dogovorili o ustanovitvi slabe banke EAA, na katero je bil prenesen nominalni znesek približno 77,5 milijarde EUR v sredstvih in približno 3 milijarde EUR v kapitalu.
a. THE FIRST SET OF MEASURES – THE RISK SHIELD FOR THE PHOENIX PORTFOLIO
a. PRVI SVEŽENJ UKREPOV – ZAŠČITA PRED TVEGANJI ZA PORTFELJ PHOENIX
a guarantee covering claims against Phoenix Light of up to EUR 2 billion, for which all shareholders of WestLB are liable in proportion to their respective shareholdings,
jamstvo za terjatve do Phoenix Light v znesku do 2 milijardi EUR, za katero so odgovorni vsi delničarji banke WestLB v sorazmerju s svojimi deleži,
and a subordinated guarantee issued only by NRW, covering further claims against Phoenix Light of up to EUR 3 billion.
in podrejeno jamstvo, ki ga izda samo NRW in zajema dodatne terjatve do Phoenix Light v znesku do 3 milijarde EUR.
b. THE SECOND SET OF MEASURES – THE FIRST ASSET TRANSFER TO THE EAA
b. DRUGI SVEŽENJ UKREPOV – PRVI PRENOS SREDSTEV NA BANKO EAA
On 24 November 2009, Germany and WestLB's shareholders agreed on the details of the establishment of a bad bank called Erste Abwicklungsanstalt under the German Law on the Fund for Stabilisation of the Financial Markets (Finanzmarktstabilisierungsfondsgesetz - "FMStFG") in order to ring-fence a portfolio of risk positions and non-strategic business units.
Nemčija in delničarji banke WestLB so se 24. novembra 2009 dogovorili o podrobnostih glede ustanovitve slabe banke Erste Abwicklungsanstalt v skladu z nemškim zakonom o skladu za stabilizacijo finančnih trgov (Finanzmarktstabilisierungsfondsgesetz, v nadaljnjem besedilu: FMStFG), da bi se oblikoval ločen portfelj tveganih pozicij in nestrateških poslovnih enot.
WestLB’s shareholders met and formally approved the necessary contractual agreements on 11 December 2009.
Delničarji banke WestLB so se srečali 11. decembra 2009 in formalno potrdili potrebne pogodbe.
The first asset transfer measure [16] comprised a EUR 3 billion capital injection, further guarantees from WestLB's shareholders and an asset transfer which was to take place predominantly by way of a spin-off.
Ukrep prvega prenosa sredstev [16] je zajemal dokapitalizacijo v znesku 3 milijarde EUR, dodatna jamstva delničarjev banke WestLB in prenos sredstev, ki naj bi se izvedel predvsem z izločitvijo dejavnosti v novo podjetje.
In addition, the EUR 5 billion Phoenix risk shield was not terminated but transferred to the EAA.
Poleg tega zaščita pred tveganji za Phoenix v znesku 5 milijard EUR ni bila ukinjena, ampak je bila prenesena na banko EAA.
If the risk shield had not been transferred, the EAA would have needed an additional EUR 5 billion of capital in order to take over the Phoenix portfolio.
Če zaščita pred tveganji ne bi bila prenesena, bi banka EAA za prevzem portfelja Phoenix potrebovala dodatnih 5 milijard EUR kapitala.
The capital injection of SoFFin into WestLB
Dokapitalizacija banke WestLB iz sklada SoFFin
The contractual terms of the silent participation provide for a remuneration of 10 % per annum if WestLB shows a sufficient year-end profit according to HGB [17].
S pogodbenimi pogoji tihe udeležbe je določeno 10-odstotno letno nadomestilo, če bo banka WestLB imela zadosten letni dobiček v skladu z HGB [17].
In the case of a year-end loss, however, no remuneration will be paid and the silent participation will participate pari passu in the losses.
V primeru letne izgube nadomestilo ne bo izplačano, tihi družbenik pa bo pari passu udeležen pri izgubah.
Since the silent participation was injected, WestLB has either been loss-making (in 2009) or posted no year-end profits (in 2010) according to HGB.
Odkar je bila vplačana tiha udeležba, je imela banka WestLB izgubo (leta 2009) ali pa ni objavila letnega dobička (leta 2010) v skladu z HGB.
As a result, no remuneration has been paid to date and the silent participation has participated in the losses with approximately EUR 1 million.
Zato nadomestilo do zdaj ni bilo izplačano, tihi družbenik pa je bil pri izgubah udeležen v znesku približno 1 milijona EUR.
The guarantees by the shareholders
Jamstva delničarjev
The establishment of the EAA involves a guarantee from the WestLB's shareholders to cover further losses incurred by the transferred assets.
Ob ustanovitvi banke EAA je bilo zagotovljeno jamstvo delničarjev banke WestLB, ki je namenjeno za kritje nadaljnjih izgub zaradi prenesenih sredstev.
In fact, all losses by the EAA that go beyond the transferred capital must, pursuant to the FMStFG, be covered by the shareholders of WestLB and the FMSA.
Dejansko morajo vse izgube banke EAA, ki presegajo preneseni kapital, v skladu s FMStFG kriti delničarji banke WestLB in FMSA.
To that end the shareholders of WestLB provided an explicit guarantee in the total amount of EUR 1 billion, divided between NRW (EUR 482 million), the savings banks associations (EUR 501 million), and LVR and LWL (EUR 17 million).
Delničarji banke WestLB so zato zagotovili izrecno jamstvo v skupnem znesku 1 milijarde EUR, razdeljeno med deželo NRW (482 milijonov EUR), združenja hranilnic (501 milijon EUR) ter LVR in LWL (17 milijonov EUR).
Moreover, regarding any additional loss coverage WestLB's shareholders agreed to cap the obligation of RSGV and WLSGV for further loss compensation to an amount of EUR 4 billion. Taking into account the EUR 501 million guarantee given by the savings banks associations, the maximum loss participation of RSGV and WLSGV is therefore capped at EUR 4,5 billion. In order to raise the EUR 4 billion, RSGV and WLSGV are permitted to build up adequate reserves for that obligation over a period of 25 years.
Poleg tega so se delničarji banke WestLB glede morebitnega dodatnega kritja izgub dogovorili, da se obveznost RSGV in WLSGV za nadaljnje nadomestilo izgube omeji na 4 milijarde EUR. Ob upoštevanju jamstva v znesku 501 milijona EUR, ki so ga zagotovila združenja hranilnic, je največja udeležba RSGV in WLSGV pri izgubah omejena na 4,5 milijarde EUR. Za zagotovitev 4 milijard EUR lahko RSGV in WLSGV v obdobju 25 let zbereta ustrezne rezerve za izpolnitev te obveznosti.
Any losses exceeding both the equity of the EAA and the guarantees given will be borne by the FMSA and NRW [18].
Morebitne izgube, ki presegajo lastniški kapital banke EAA in zagotovljena jamstva, krijeta FMSA in NRW [18].
The first asset transfers
Prvi prenos sredstev
The transfer of the toxic and non-strategic assets (and liabilities) took place in two steps.
Prenos slabih in nestrateških sredstev (ter obveznosti) je potekal v dveh fazah.
The transaction was structured in such a way that WestLB benefited from retroactive effects of the transfer.
Transakcija je bila strukturirana tako, da so bili učinki prenosa za banko WestLB retroaktivni.
The book values of the securities transferred on 23 December 2009 were determined based on the effective spin-off date of 31 December 2008/1 January 2009, while the book values of the remainder of the portfolio transferred on 30 April 2010 were determined based on the effective spin-off date of 31 December 2009/1 January 2010.
Knjigovodske vrednosti vrednostnih papirjev, ki so bili preneseni 23. decembra 2009, so bile določene na podlagi dneva izločitve dejavnosti v novo podjetje, tj. 31. decembra 2008/1. januarja 2009, knjigovodske vrednosti preostanka portfelja, ki je bil prenesen 30. aprila 2010, pa na podlagi dneva izločitve dejavnosti v novo podjetje, tj. 31. decembra 2009/1. januarja 2010.
The portfolio covers assets with a notional amount of EUR 77 billion (book value as of 31 December 2009 of EUR 68,117 billion [21]), containing a diverse range of lending products, plain vanilla bonds [22], structured securities and derivatives.
Portfelj vključuje sredstva v nominalnem znesku 77 milijard EUR (knjigovodska vrednost je 31. decembra 2009 znašala 68,117 milijarde EUR [21]), pri čemer vsebuje zelo različne posojilne produkte, navadne obveznice [22], strukturirane vrednostne papirje in izvedene finančne instrumente.
The portfolio also includes grandfathered liabilities in the amount of EUR 22,1 billion (book value according to the “Spaltungsvertrag”).
Portfelj zajema tudi podedovane obveznosti v znesku 22,1 milijarde EUR (knjigovodska vrednost v skladu s Spaltungsvertrag).
Three main types of assets were transferred into the EAA:
Na EAA so bile prenesene tri glavne vrste sredstev:
the "structured securities portfolio", containing the EUR 22,9 billion "Phoenix" portfolio, the EUR 2,8 billion "European Super Senior" tranches portfolio and EUR 3,4 billion of other asset-backed securities (hereinafter called “ABS”);
„portfelj strukturiranih vrednostnih papirjev“, ki vsebuje portfelj Phoenix v znesku 22,9 milijarde EUR, portfelj tranš European Super Senior v znesku 2,8 milijarde EUR in druge vrednostne papirje s premoženjskim kritjem (v nadaljnjem besedilu: ABS) v znesku 3,4 milijarde EUR,
the "securities portfolio", containing EUR 17,7 billion of bonds, some of which are hedged by credit default swaps (CDS) in so-called "negative basis trades" [23];
„portfelj vrednostnih papirjev“, ki vsebuje obveznice v znesku 17,7 milijarde EUR, med katerimi so nekatere zavarovane s posli kreditnih zamenjav v t.i. trgovanjih na negativni osnovi [23],
the "lending portfolio" of loans and (off-balance-sheet) loan commitments with a total notional amount of around EUR 30,6 billion inherited from various activities and branches of WestLB.
„posojilni portfelj“ s posojili in (zunajbilančnimi) posojilnimi obveznostmi v skupnem nominalnem znesku približno 30,6 milijarde EUR, ki je bil podedovan iz različnih dejavnosti in podružnic banke WestLB.
In addition, the assets were partly swapped (an interest rate and/or currency swap being attached to the security or loan) and some outright CDS positions were transferred, constituting the derivative part of the portfolio.
Poleg tega so bili s sredstvi delno povezani posli zamenjave (ker je bila z vrednostnim papirjem ali posojilom povezana zamenjava obrestnih mer in/ali valutna zamenjava), nekatere pozicije poslov kreditnih zamenjav pa so bile prenesene in so del portfelja z izvedenimi finančnimi instrumenti.
While some of the assets, their issuers, counterparts or submarkets could be categorised as impaired, for a significant portion that was not the case.
Medtem ko je bilo mogoče nekatera sredstva, njihove izdajatelje, nasprotne stranke ali delne trge obravnavati kot oslabljene, za znatni del to ni veljalo.
Germany classified EUR 4,2 billion (around 6 % of all assets) as "liquid", implying they belonged to markets that are not impaired [24].
Nemčija je sredstva v znesku 4,2 milijarde EUR (približno 6 % vseh sredstev) razvrstila med likvidna, kar je pomenilo, da spadajo na neoslabljene trge [24].
At its inception, the capital of the EAA consisted of net assets totalling EUR 3,267 billion. Those assets were composed of EUR 3 billion in capital and EUR 267 million arising from an internal liability coming from credit-linked notes (CLNs) within the European Super Senior tranches portfolio.
Ob ustanovitvi banke EAA je bil njen kapital sestavljen iz čistih sredstev v skupnem znesku 3,267 milijarde EUR. Ta sredstva so zajemala 3 milijarde EUR v kapitalu in 267 milijonov EUR iz notranje obveznosti, ki je izhajala iz zapisov s kreditno navezavo (v nadaljnjem besedilu: CLN) v portfelju tranš European Super Senior.
As regards the management of assets, the EAA signed a service agreement with WestLB for a period of three years.
Banka EAA je v zvezi z upravljanjem sredstev z banko WestLB podpisala sporazum o opravljanju storitev za obdobje treh let.
Under that agreement WestLB provides portfolio management services to the EAA whose main objective is to wind down over time the entire portfolio and to minimise risks.
Banka WestLB v skladu s tem sporazumom zagotavlja storitve na področju upravljanja portfeljev za banko EAA, katere glavni cilj je postopno likvidirati celotni portfelj in čim bolj zmanjšati tveganja.
Initially WestLB has acted as an exclusive counterparty to the EAA for funding purposes and derivatives.
Banka WestLB je bila najprej izključna nasprotna stranka banke EAA za namene financiranja in izvedene finančne instrumente.
Asset valuation
Vrednotenje sredstev
Germany valued both parts of the ring-fenced portfolio, the first part with 30 September 2009 as a reference date and the second part with 31 March 2010 as a reference date (for an overview see Table 2).
Nemčija je vrednotila oba dela ločenega portfelja, in sicer prvi del z referenčnim datumom 30. septembra 2009, drugi del pa z referenčnim datumom 31. marca 2010 (za pregled glej preglednico 2).
Germany stated that the real economic value (hereinafter called "REV") of the combined portfolios was EUR 62,727 billion, which is EUR 5,389 billion lower than their combined book values [25].
Nemčija je navedla, da realna ekonomska vrednost (v nadaljnjem besedilu: REV) obeh portfeljev znaša 62,727 milijarde EUR, kar je 5,389 milijarde EUR manj od njunih združenih knjigovodskih vrednosti [25].
That calculation was confirmed both by Blackrock [26] and by Deutsche Bundesbank [27] to be sufficiently conservative.
Ta izračun sta kot dovolj konservativen potrdili družba Blackrock [26] in banka Deutsche Bundesbank [27].
For the quantification of the amount of state aid involved, Germany deducted from the REV shortfall (EUR 5,389 billion) the EAA's initial capitalisation [28] (EUR 3,267 billion, that amount being the difference between book values of assets and liabilities) and thereby arrived at the amount of EUR 2,123 billion as the net difference between the transfer value and the REV.
Nemčija je, da bi količinsko opredelila znesek vključene državne pomoči, od primanjkljaja REV (5,389 milijarde EUR) odštela začetno kapitalizacijo banke EAA [28] (3,267 milijarde EUR, tj. razlika med knjigovodskimi vrednostmi sredstev in obveznosti) in tako izračunala, da neto razlika med vrednostjo ob prenosu in dejansko ekonomsko vrednostjo znaša 2,123 milijarde EUR.
Like Germany, the Commission focused on the net difference between transfer values and REVs of assets and liabilities transferred (hereinafter called the "transfer delta") for its calculation of the amount of state aid involved.
Komisija je, tako kot Nemčija, pri izračunu zneska vključene državne pomoči obravnavala zlasti neto razliko med vrednostmi ob prenosu in dejansko ekonomsko vrednostjo prenesenih sredstev in obveznosti (v nadaljnjem besedilu: delta prenosa).
The Commission reviewed the valuation submitted by Germany, making use of external experts, namely Société Générale, Bangert Research and Professor Wim Schoutens.
Komisija je s pomočjo zunanjih strokovnjakov, tj. banke Société Générale, družbe Bangert Research in profesorja Wima Schoutensa, pregledala vrednotenje, ki ga je predložila Nemčija.
The outcome of that review, which is described in detail in the November 2010 Decision [29], led to the conclusion that, when adopting a prudent view, the transfer delta is EUR 1,606 billion higher than that stated by Germany (EUR 5,389 billion).
Na podlagi rezultata tega pregleda, ki je podrobno opisan v sklepu iz novembra 2010 [29], je bilo ugotovljeno, da je delta prenosa, če se upošteva preudaren pristop, za 1,606 milijarde EUR višja od zneska, ki ga je navedla Nemčija (5,389 milijarde EUR).
In other words the REV is EUR 6,949 billion below the transfer value [30].
To pomeni, da je dejanska ekonomska vrednost 6,949 milijarde EUR manjša od vrednosti ob prenosu [30].
The experts found, mainly at the sub-portfolio level, differences in the REV assessment of certain bonds (for the entire securities portfolio about EUR 600 million) due to a diverging assessment as to the impairment of those markets.
Strokovnjaki so predvsem na ravni podportfeljev ugotovili razlike pri oceni dejanske ekonomske vrednosti nekaterih obveznic (pri celotnem portfelju vrednostnih papirjev približno 600 milijonov EUR) zaradi drugačne presoje glede oslabljenosti teh trgov. Strokovnjaki so na primer v nasprotju z banko WestLB več trgov z navadnimi obveznicami obravnavali kot delujoče trge, zato je bila tržna vrednost obravnavana kot dejanska ekonomska vrednost.
For instance, contrary to WestLB, the experts considered several vanilla bond markets to be functioning markets so that the market value was considered to be the REV. Secondly, differences were found regarding the loans WestLB had transferred (in the entire lending portfolio of EUR 1 billion), on the basis of serious discrepancies in its loss-given-default (LGD) assessment.
Drugič, na podlagi resnih neskladij pri oceni izgub ob neplačilu so ugotovili razlike glede posojil, ki jih je prenesla banka WestLB (v celotnem posojilnem portfelju v znesku 1 milijarde EUR).
Large differences were also found in certain sub-categories of the structured securities portfolio but their net effect seemed to even out.
Velike razlike so bile ugotovljene tudi v nekaterih podkategorijah portfelja strukturiranih vrednostnih papirjev, vendar naj bi se njihov neto učinek izravnal.
Germany further submitted potential mitigating factors and arguments to show that the transfer delta was less than zero.
Nemčija je predložila tudi morebitne olajševalne dejavnike in trditve, v skladu s katerimi naj bi bila delta prenosa manjša od nič.
The following Table taken from the November 2010 Decision summarises the findings per sub-portfolio.
V naslednji preglednici iz sklepa iz novembra 2010 so povzete ugotovitve po podportfeljih.
Findings regarding the first asset transfer as indicated in the November 2010 Decision
Ugotovitve glede prvega prenosa sredstev iz sklepa iz novembra 2010 Stališče Nemčije
Germany's Position
Stališče Komisije
Commission's Position
Preneseni portfelj
Portfolio of Assets being transferred
PortfelJ sredstev za prenos
Dec Book Value (TV)
knigovodska vrednost (TV)
WestLB Dec REV - TV "inferred"
WestLB, dec., dejanska ekonomska vrednost – VP, „izpeljano“
EU expert Dec REV estimate
Strokovna ocena EU, dec., dejanska ekonomska vrednost
EU expert Dec REV-TV estimate
Strokovna ocena EU, dec., dejanska ekonomska vrednost, VP
Structured Securities' Portfolio
Portfelj strukturiranih vrednostnih papirjev
Other ABS
Drugi ABS
Securities' Portfolio
Portfaljvracrostrir-papirjev
Banque D'Orsay Portfolio
Portfel Barnque D'Orsay
CDS & Derivatives
Posli posojilnih zamenjav & izvedeni finančni instrumenti
Lending Products
Posojilni produkti
Drawn Positions
Črpara pozicije
Undrawn Commitments
Nečrpano
Mitigation factors
Olajševalni dejavniki
Capital of the EAA (difference between transfer values of assets and liabilities)
Kapital EAA (razlika med vrednostmi sredstev in obveznosti ob prenosu)
Transfer of Grandfathered Liabilities
Prenos podedovanih obveznosti
Future cash flows of transferred portfolio
Prihodnji denarni tokovi iz prenesenega portfelja