natgillin/translations-raw huggingface dataset:
Since Dexia still had a particularly vulnerable liquidity profile and the market was well aware of that vulnerability, it is possible that Dexia faced more mistrust than other banks.
Ker je bil profil likvidnosti skupine Dexia še zlasti ranljiv in je bila na trgu ta ranljivost dobro znana, je bilo nezaupanje v skupino Dexia verjetno večje kot pri drugih bankah.
Dexia’s financing requirements increased markedly for the following reasons:
Potrebe po financiranju skupine Dexia so se povečale zlasti iz naslednjih razlogov:
the sharp fall in interest rates during the summer of 2011 increased by at least EUR [5-20] billion the need for additional collateral to cope with the margin calls linked to the variation in the market value of the portfolio of interest-rate derivatives used to hedge the balance sheet;
zaradi bistvenega znižanja obrestnih mer poleti 2011 se je potreba po dodatnem jamstvu zaradi pozivov za povišanje kritja, povezanih s spreminjanjem tržne vrednosti portfelja obrestnih izvedenih finančnih instrumentov, uporabljenih za zavarovanje bilance stanja, povečala za najmanj [5–20] milijard EUR;
many bond issues (in particular sovereign-guaranteed bonds previously issued by Dexia) matured at a time when market conditions for refinancing these bonds were not optimal;
številne izdane obveznice (zlasti obveznice z državnim jamstvom, ki jih je v preteklosti izdala skupina Dexia) so zapadle takoj, ko tržni pogoji za refinanciranje teh obveznic niso bili več optimalni;
the substantial fall in market value and decline in the credit quality of the assets that Dexia uses by way of security to obtain financing;
bistveno znižanje tržne vrednosti in slabša kreditna kvaliteta sredstev, ki jih skupina Dexia uporablja za jamstva za pridobitev financiranja;
the loss in confidence by many investors following, among other things, the announcement of substantial losses in the second quarter of 2011 (almost EUR 4 billion) and downgrades by some rating agencies;
nezaupanje velikega dela vlagateljev, med drugim po razglasitvi velikih izgub v drugem četrtletju leta 2011 (skoraj 4 milijarde EUR) in slabših ocen nekaterih bonitetnih agencij;
Dexia’s difficulties also resulted in massive withdrawals of deposits by customers in Belgium and Luxembourg in October 2011.
zaradi težav skupine Dexia je veliko strank oktobra leta 2011 dvignilo svoje vloge v Belgiji in Luksemburgu.
Given that it was impossible for Dexia to refinance itself on the markets and […] [16], initially it had to resort to a new ELA measure by the Banque nationale de Belgique and the Banque de France respectively.
Ker skupina Dexia ni mogla zagotoviti refinanciranja na trgih in […] [16], je morala najprej uporabiti nov ukrep izredne likvidnostne pomoči belgijske narodne banke (Banque nationale de Belgique) in francoske centralne banke (Banque de France).
It is in these circumstances that the Member States concerned granted the temporary refinancing guarantee in favour of Dexia.
V teh okoliščinah so zadevne države članice zagotovile začasno jamstvo za refinanciranje skupine Dexia.
Although Dexia BIL was not the source of the Dexia group’s problems, […], it faced substantial deposit outflows, in particular between 30 September 2012 and 10 October 2011, a period during which deposits fell by EUR [1-5] billion (from EUR [5-15] billion to EUR [5-15] billion).
Čeprav družba Dexia BIL ni glavni razlog za težave skupine Dexia […], so se njene vloge izrazito zmanjšale, zlasti med 30. septembrom 2011 in 10. oktobrom 2011, ko so se vloge zmanjšale za [1–5] milijard EUR (s [5–15] milijard EUR na [5–15] milijard EUR).
The deposit outflows subsequently stabilised following the announcement of a series of measures intended to dismantle the Dexia group and secure certain of the group’s subsidiaries (including Dexia BIL).
Odliv vlog se je nato po objavi sklopa ukrepov za razdelitev skupine Dexia in zavarovanje nekaterih odvisnih družb skupine (vključno z družbo Dexia BIL) stabiliziral.
In particular, on 6 October 2011 Dexia announced that it had entered into negotiations with a group of investors and the State of Luxembourg with a view to selling Dexia BIL.
Skupina Dexia je 6. oktobra 2011 sporočila, da je začela pogovore s skupino vlagateljev in organi Luksemburga z namenom prodaje družbe Dexia BIL.
Since bottoming at EUR [5-15] billion on 22 November 2011, Dexia BIL’s deposits showed a slight improvement to EUR [5-15] billion EUR on 14 December 2011.
Potem ko je bil 22. novembra 2011 dosežen prag v višini [5–15] milijard EUR, je 14. decembra 2011 družba Dexia BIL zabeležila rahlo rast vlog, in sicer v višini [5–15] milijard EUR.
Description of the sale of Dexia BIL
Opis ukrepa prodaje družbe Dexia BIL
On 23 March 2012 Luxembourg notified the sale of Dexia BIL.
Luksemburg je 23. marca 2012 priglasil ukrep odprodaje družbe Dexia BIL.
Closure of the sale is subject to the prior approval of the Commission.
Prodajo mora pred njenim zaključkom odobriti Komisija.
The measure of the sale of Dexia BIL notified to the Commission was not the subject of a formal call for tenders.
Ukrep odprodaje družbe Dexia BIL, ki je bil priglašen Komisiji, ni potekal na podlagi uradnega javnega razpisa.
According to the Luxembourg authorities, the sale of Dexia BIL had apparently been envisaged for a long time by Dexia, which contacted a series of operators in that regard between 2009 and 2011, in particular […].
Luksemburški organi menijo, da je skupina Dexia odprodajo družbe Dexia BIL očitno načrtovala že dlje časa in da je v ta namen med letoma 2009 in 2011 stopila v stik z več subjekti, zlasti […].
The discussions had made some progress but none of the operators had submitted a tangible plan to acquire Dexia BIL.
Pogovori so bili večinoma uspešni, vendar noben od teh subjektov ni predložil dejanskega predloga za prevzem družbe Dexia BIL.
Under the Memorandum of Understanding, Precision Capital will acquire 90 % of the holding, the remaining 10 % being acquired by Luxembourg under the same terms and conditions as Precision Capital.
V skladu s tem memorandumom je družba Precision Capital z odprodajo pridobila 90-odstotni delež, država Luksemburg pa preostali 10-odstotni delež pod enakimi pogoji kot navedena družba.
Certain of Dexia BIL’s assets are excluded from the scope of the sale, which relates only to part of Dexia BIL, i.e. its retail and private banking businesses (hereinafter: ‘the sold businesses’).
Nekatera sredstva družbe Dexia BIL so izključena iz te prodaje in zaradi dejstva, da je odprodaja omejena le na del družbe Dexia BIL, in sicer na poslovanje s prebivalstvom in zasebno bančništvo (v nadaljnjem besedilu: prodani del).
More specifically, the following are excluded from the scope of the sale: Dexia BIL’s 51 % holding in DAM, its 50 % holding in RBCD, its 40 % holding in Popular Banca Privada, its portfolio of legacy securities (and certain derivative and associated products) and its holdings in Dexia LDG Banque and Parfipar.
Iz prodaje so natančneje izključeni: 51-odstotni delež, ki ga ima družba Dexia BIL v družbi DAM, 50-odstotni delež, ki ga ima družba Dexia BIL v družbi RBCD, 40-odstotni delež v družbi Popular Banca Privada, preostanek portfelja družbe Dexia BIL (in tudi nekateri izvedeni finančni instrumenti, povezani s tem), deleža družbe Dexia BIL v družbah Dexia LDG Banque in Parfipar.
The above businesses will be transferred to Dexia before the transaction is completed, with a clause for the recovery of the net proceeds from the transfers by Dexia BIL.
Navedene dejavnosti se na skupino Dexia prenesejo pred zaključkom transakcije, in sicer s klavzulo o izterjavi neto prihodka iz odprodaje s strani družbe Dexia BIL.
Furthermore, the MoU provides as a precondition for the sale the elimination of all the unsecured borrowing and lending with companies in the Dexia group and the elimination of much of the secured borrowing and lending with companies in the Dexia group.
Poleg tega memorandum o soglasju kot predpogoj za prodajo predvideva odpravo vseh danih in najetih posojil, ki niso zavarovana pri subjektih skupine Dexia, in odpravo številnih danih in najetih posojil, ki so zavarovana pri subjektih skupine Dexia.
On 10 February 2012 the financing granted to the other companies in the group was approximately EUR [0-5] billion, of which less than EUR [500-800] million was secured.
Znesek sredstev, odobrenih drugim subjektov skupine, je 10. februarja 2012 znašal približno [0–5] milijard EUR, od katerega je najmanj [500–800] milijonov EUR zavarovanih sredstev.
The exclusion of all these assets will make it possible to reduce Dexia BIL’s total assets by approximately EUR 16,9 billion in relation to total assets of EUR 41 billion on 30 June 2011 (i.e. a 40 % reduction in total assets and a 50 % reduction in risk-weighted assets).
Z izključitvijo vseh teh sredstev bi se lahko zmanjšala skupna sredstva družbe Dexia BIL za približno 16,9 milijarde EUR glede na skupna sredstva v višini 41 milijard EUR na dan 30. junija 2011 (kar pomeni zmanjšanje skupnih sredstev za 40 % in zmanjšanje tveganju prilagojenih sredstev za 50 %).
The notified measure stipulates that, when the sale is completed, Dexia BIL will have a Common Equity Tier 1 ratio under Basel III of exactly 9 %.
V skladu s priglašenim ukrepom bo imela družba Dexia BIL ob zaključku prodaje natančno 9-odstotni delež navadnega lastniškega temeljnega kapitala v okviru sporazuma Basel III.
The sale price is set at EUR 730 million, with Dexia BIL having a Common Equity Tier 1 ratio of exactly 9 % when the sale is completed.
Prodajna cena je določena na 730 milijonov EUR z natančno 9-odstotnim deležem navadnega lastniškega temeljnega kapitala družbe Dexia BIL ob zaključku prodaje.
In the event that the capital at the time of completion exceeds the 9 % Common Equity Tier 1 ratio under Basel III, the sale price will be adjusted by the excess capital available at the time of completion.
V primeru presežnega kapitala ob zaključku prodaje glede na 9-odstotni delež navadnega lastniškega temeljnega kapitala v okviru sporazuma Basel III se prodajna cena prilagodi presežnemu kapitalu, ki je na voljo ob zaključku prodaje.
If there is a shortfall of capital in relation to the 9 % Common Equity Tier 1 ratio, the shortfall will be offset by Dexia SA.
V primeru pomanjkanja kapitala glede na 9-odstotni delež navadnega lastniškega temeljnega kapitala ta primanjkljaj pokrije družba Dexia SA.
The measure notified on 23 March 2012 included a clause stipulating that, if Dexia SA or a company in the Dexia group obtained a sovereign guarantee in favour of a buyer in relation to its indemnification obligations towards that buyer under contractual guarantees specific to the sale, and if the buyer is a private entity (not controlled directly or indirectly by public entities), then Dexia undertakes to ensure that a guarantee on similar terms and for similar contractual obligations is granted by the same guarantor (or an alternative guarantor with the same credit rating) to the buyers under the sale contracts.
Ukrep, priglašen 23. marca 2012, vključuje klavzulo, ki določa, da se skupina Dexia v primeru, da družba Dexia SA ali subjekt skupine Dexia pridobi državno jamstvo za kupca za obveznost plačila odškodnin v skladu s posebnimi pogodbenimi jamstvi za takšno odprodajo v razmerju do tega kupca in če je zadevni kupec zasebni subjekt (ki ga javni subjekti neposredno ali posredno ne nadzirajo), zavezuje k zagotovitvi, da podobno jamstvo zagotovi isti garant (ali drugi garant z enako boniteto) pod podobnimi pogoji in podobnimi pogodbenimi obveznostmi do kupcev, ki so sklenili prodajno pogodbo.
This obligation was to have applied until 1 January 2017 (hereinafter: ‘clause 3.3.5’).
Ta obveznost mora veljati do 1. januarja 2017 (v nadaljnjem besedilu: klavzula 3.3.5).
However, the clause was subsequently dropped and was not included in the final contracts for transfer of shares that replaced the MoU.
Kljub temu je bila ta klavzula pozneje opuščena in ni bila vključena v končne pogodbe o prodaji delnic, ki so bile nadomeščene z memorandumom o soglasju.
Before the MoU was finalised, various scenarios under the preliminary draft of the sale of Dexia BIL were subject to a fairness opinion by a third party [17].
Pred dokončno sklenitvijo memoranduma o soglasju je bilo v zvezi s scenariji predhodnega predloga odprodaje družbe Dexia BIL pripravljeno nepristransko mnenje tretje osebe o ceni [17].
The evaluation dated 10 December 2011 was carried out using three different methods [18] and resulted in a valuation of between EUR [600-700] and [800-900] million. The updated evaluation dated 30 May 2012 comes to the same conclusions.
To mnenje z dne 10. decembra 2011 je bilo pripravljeno na podlagi treh različnih metod [18] in je bilo zaključeno v vrednosti cene v razponu med [600–700] milijoni in [800–900] milijoni EUR. Dopolnjeno mnenje z dne 30. maja 2012 kaže na enake ugotovitve.
Grounds for initiating the formal investigation procedure
Opis razlogov za začetek formalnega postopka preiskave
In the opening decision, the Commission took the view that it could not, at that stage, conclude that the transaction did not involve any aid.
Komisija je v sklepu o začetku postopka ocenila, da v tej fazi ne more potrditi, da transakcija ne vsebuje nobenega elementa pomoči.
The Commission took the view that clause 3.3.5 might contain state aid.
Komisija je ocenila, da bi lahko klavzula 3.3.5 zajemala državno pomoč.
It also took the view that the sale process for Dexia BIL had not been open, transparent and non-discriminatory.
Komisija je tudi ocenila, da postopek odprodaje družbe Dexia BIL ni bil izveden odprto, pregledno in nediskriminatorno.
The sale process had been restricted to bilateral negotiations with a number of potential buyers without a call for tenders.
Postopek odprodaje je bil omejen na dvostranska pogajanja z nekaterimi potencialnimi kupci, in sicer brez postopka javnega razpisa.
The Commission could not, therefore, conclude that the sale process had been such as to ensure the setting of a market price and, consequently, that it did not contain any state aid.
Komisija torej ni mogla ugotoviti, da se je s postopkom prodaje zagotovilo oblikovanje tržne cene in da zato elementi državne pomoči niso prisotni.
The Commission could not conclude, therefore, that the conditions of sale of Dexia BIL resulted in a sale at the market price, given the combined effects of the absence of an open call for tenders and the lack of precise information about the appropriate valuation of the transaction, having regard in particular to the scope of the sold businesses and the potential clause 3.3.5.
Komisija torej zaradi pogojev odprodaje družbe Dexia BIL glede na skupne učinke dejstva, da ni bilo javnega razpisa, in pomanjkanja natančnih informacij o ustrezni oceni transakcije, zlasti ob upoštevanju dela, izključenega iz odprodaje, ter morebitne klavzule 3.3.5, ni mogla ugotoviti, da je bila odprodaja izvedena po tržni ceni.
Following the publication of the formal investigation procedure on 3 April 2012, the Commission received comments from two third parties.
Komisija je po objavi odločitve o začetku formalnega postopka preiskave z dne 3. aprila 2012 prejela pripombe dveh zainteresiranih strani.
One of the comments received (hereinafter: ‘comment A’) from an investors’ association concerns the level of the purchase price.
Ena od pripomb (v nadaljnjem besedilu: pripomba A), ki jih je predložilo združenje vlagateljev, zadeva višino nakupne cene.
The association takes the view that the sale price for Dexia BIL is too low, in particular in the light of Dexia BIL’s good results in the past.
To združenje ocenjuje, da je prodajna cena za družbo Dexia BIL prenizka, zlasti ob upoštevanju dobrega poslovanja družbe Dexia BIL v preteklosti.
The comments (hereinafter: ‘comment B’) by the other third party, a shareholder in Dexia SA, expressed doubts about the behaviour of Dexia SA, Dexia BIL and the individuals and bodies supposed to supervise these companies since 1998.
Druga zainteresirana stran, ki je delničarka družbe Dexia SA, je v svojih pripombah (v nadaljnjem besedilu: pripomba B) izrazila dvome glede ravnanja družb Dexia SA, Dexia BIL ter oseb in organov, ki naj bi ti družbi nadzirali od leta 1998.
The shareholder also believes that Dexia SA does not provide sufficient information to its shareholders.
Ta delničarka tudi ocenjuje, da pretok informacij med družbo Dexia SA in njenimi delničarji ni zadosten.
The shareholder also takes the view that the minutes of the Annual General Meetings since 1999, the annexes relating to its own statements at those meetings, and all the correspondence between itself, Dexia SA, Dexia BIL and its managers should have been sent by Dexia SA to the potential buyers of Dexia BIL.
Poleg tega zadevna delničarka meni, da bi morala družba Dexia SA zapisnike o svoji udeležbi na sejah skupščine delničarjev od leta 1999 in njihove priloge ter tudi vso korespondenco med njo, družbama Dexia SA, Dexia BIL in njunimi upravnimi uslužbenci predložiti morebitnim kupcem družbe Dexia BIL.
COMMENTS BY DEXIA SA
PRIPOMBE DRUŽBE DEXIA SA
Since clause 3.3.5 has not been included in the final contracts for the transfer of shares that replaced the MoU, these concerns are groundless.
Če klavzula 3.3.5 ni vključena v končne pogodbe o prodaji delnic, ki so bile nadomeščene z memorandumom o soglasju, je ta zaskrbljenost nepotrebna.
The many contacts between Dexia SA and potential buyers since 2009, in conjunction with the official announcement on 6 October 2011 of the potential sale of Dexia BIL to an international group of investors, had made public the planned sale of Dexia BIL.
Zaradi številnih stikov družbe Dexia SA s potencialnimi kupci od leta 2009 in uradnega obvestila o morebitni odprodaji družbe Dexia BIL mednarodni skupini vlagateljev z dne 6. oktobra 2011 je načrtovana odprodaja družbe Dexia BIL postala javna.
Exclusive negotiations were not formally opened until more than two weeks later, so any other serious candidates interested in buying Dexia BIL would have had more than enough time to express their interest.
Izključna pravica je bila uradno dodeljena šele dva tedna pozneje, zato so ostali resni kandidati, zainteresirani za prevzem družbe Dexia BIL, imeli dovolj časa za seznanitev z zadevnim primerom.
Moreover, the conditions of sale of Dexia BIL were determined by Dexia SA with Precision Capital during arm’s length negotiations between private operators, under their own liability and without committing state resources.
Poleg tega je pogoje za odprodajo družbe Dexia BIL določila družba Dexia SA skupaj z družbo Precision Capital, in sicer v okviru strogo poslovnih pogajanj med zasebnimi subjekti na njihovo odgovornost in brez vključitve državnih sredstev.
Furthermore, it was urgent to find a buyer for Dexia BIL in order to protect the bank’s depositors and customers, to preserve the bank’s value, and to reduce the risks of contagion to the rest of the financial system.
Razen tega je bilo treba za družbo Dexia BIL nujno najti kupca, da bi se zaščitilo vlagatelje in stranke banke, ohranila vrednost banke in omejila tveganja negativnih vplivov na preostali finančni sistem.
Under these circumstances, the sale process for Dexia BIL may be regarded as an open, transparent and non-discriminatory process, such as to ensure the formation of a market price.
V teh okoliščinah je mogoče šteti, da je postopek prodaje družbe Dexia BIL odprt, pregleden in nediskriminatoren in da zagotavlja oblikovanje tržne cene.
It does not, therefore, contain any state aid.
Zato ne vsebuje elementov državne pomoči.
The fairness opinion dating from December 2011 related to the new scope of Dexia BIL (sold businesses), which is confirmed by the updated fairness opinion dated 30 May 2012.
Pri nepristranskem mnenju iz decembra 2011 se je upošteval nov obseg družbe Dexia BIL (prodani del), kar je bilo potrjeno z nepristranskim mnenjem, dopolnjenim 30. maja 2012.
The sale price is based on a Core Equity Tier 1 capital ratio under Basel III of 9 % at the time the sale was completed.
Prodajna cena ob zaključku prodaje temelji na 9-odstotnem količniku navadnega lastniškega temeljnega kapitala v okviru sporazuma Basel III.
If there is a difference between this level and the level of capital when the transfer is completed, the adjustment clause guarantees that the difference will be repaid by the buyers or the seller and/or that the sale price will be adjusted.
Klavzula v primeru razlik med to stopnjo in stopnjo kapitala ob zaključku prodaje določa, da kupci ali prodajalec zagotovijo vračilo razlike in/ali da se odprodajna cena prilagodi.
Under these conditions, Dexia SA takes the view that the valuation of shareholdings or assets excluded from the transaction should not be taken into account when determining the market price.
Pod temi pogoji družba Dexia SA meni, da se vrednotenje deležev ali sredstev, izključenih iz transakcije, pri določitvi tržne cene ne upošteva.
Dexia BIL did not benefit directly from the previous aid received by the Dexia group.
Družba Dexia BIL ni bila neposredna upravičenka pomoči, ki jih je skupina Dexia prejela v preteklosti.
On the contrary, since the end of 2008, Dexia BIL has constantly been a net provider of liquidity to the Dexia group.
Nasprotno, družba Dexia BIL je od konca leta 2008 skupini Dexia stalno izboljševala likvidnost.
In addition, the Commission cannot presume that, because a company belongs to a group of companies, the company has benefited from aid received by the group, in particular where, as in this case, the transfer mechanisms existing in the group have been used solely to the detriment of the company and not for its benefit [20].
Poleg tega Komisija ne more predvideti, da podjetje zaradi svoje pripadnosti skupini podjetij ne more biti upravičeno do pomoči, ki jo prejme ta skupina, zlasti kadar, tako kot v zadevnem primeru, so mehanizmi prenosa, ki obstajajo znotraj skupine, uporabljeni le v škodo podjetja in ne v njegovo korist [20].
Likewise, the Commission cannot presume that the transaction is imputable to the State or commits state resources when it is carried out at arm’s length between Dexia and the buyer without involving state resources.
Komisija podobno ne more predvideti, da se transakcija pripiše državi ali da vključuje državna sredstva, čeprav se izvede na strogo poslovni podlagi med družbo Dexia in kupcem ter brez vključitve državnih sredstev.
In any event, Dexia SA stresses the fact that the acquisition of Dexia BIL at the market price is enough to eliminate the possibility of a potential transfer of previous aid received by the Dexia group to the buyer or to the sold company, Dexia BIL [21].
Družba Dexia SA v vsakem primeru poudarja, da nakup družbe Dexia BIL po tržni ceni zadostuje za izključitev možnosti morebitnega prenosa predhodnih pomoči, ki jih je prejela skupina Dexia, na kupca ali na prodano družbo Dexia BIL [21].
The sale of Dexia BIL cannot include new aid because the acquisition by the State of Luxembourg is taking place without it injecting new capital into Dexia BIL.
Odprodaja družbe Dexia BIL ne more vključevati nove pomoči, v kolikor se nakup s strani države Luksemburg opravi brez vložitve novega kapitala države Luksemburg v družbo Dexia BIL.
In that context, Dexia SA emphasises that, in the absence of additional aid, the sale of Dexia BIL does not distort competition, so it is not necessary to impose additional measures to limit distortions of competition.
V zvezi s tem družba Dexia SA poudarja, da brez dodatne pomoči odprodaja družbe Dexia BIL ne pomeni izkrivljanja konkurence, zato uveljavitev dodatnih ukrepov za omejitev izkrivljanja konkurence ni potrebna.
In any event, the reduction in the size of Dexia BIL through the businesses excluded from the sale is sufficiently large not to require additional measures.
Obseg družbe Dexia BIL se je zaradi dejavnosti, izključenih iz odprodaje, vsekakor dovolj zmanjšal, da dodatni ukrepi niso potrebni.
COMMENTS BY LUXEMBOURG
PRIPOMBE LUKSEMBURGA
Luxembourg takes the view that the sale of Dexia BIL is a private-market solution that does not contain any state aid.
Luksemburg meni, da prodaja družbe Dexia BIL pomeni tržno rešitev in ne vsebuje nobenega elementa državne pomoči.