natgillin/translations-raw huggingface dataset:
The payments of the additional premium would only exceed HSH’s expected net profit for the period 2012-2014 only in the scenario involving a EUR 10 billion drawing (see recital 90 above).
Plačilo dodatne premije bi pričakovani čisti dobiček banke HSH za obdobje 2012–2014 preseglo samo v scenariju, po katerem bi banka črpala jamstvo v višini 10 milijard EUR (glej uvodno izjavo (90)).
The Commission further notes that HSH has already cancelled EUR 3 billion of the guarantee, which implies that the third scenario set out in Table 4 above (drawing of the entire EUR 10 billion of the guarantee) can be ruled out.
Komisija nadalje ugotavlja, da je banka HSH že razveljavila 3 milijarde EUR jamstva, kar pomeni, da je tretji scenarij iz preglednice 4 (črpanje celotnega jamstva v višini 10 milijard EUR) mogoče izključiti.
If more than this additional premium had to be paid it would endanger HSH’s ability to achieve a common equity ratio of 10 %.
Če bi bilo razen te dodatne premije potrebno še kakšno drugo plačilo, bi to ogrozilo zmožnost banke HSH, da doseže delež navadnega lastniškega kapitala v višini 10 %.
For the reasons set out in recitals 223 to 226 and further explained in recitals 229 to 232 below, the Commission considers that achieving a level of capitalisation sufficient to buffer variations in the financial performance of HSH resulting from swings in the economic cycle is crucial in order not to compromise its return to viability.
Zaradi razlogov iz uvodnih izjav (223) do (226), ki so nadalje razloženi v uvodnih izjavah (229) in (232), Komisija meni, da je doseganje stopnje kapitalizacije, ki zadošča za blaženje nihanj finančne uspešnosti banke HSH zaradi nihanj v gospodarskem ciklu, bistvenega pomena za neovirano ponovno vzpostavitev uspešnega poslovanja.
Such a sufficient buffer is considered to be a common equity ratio of 10 %.
Za tak ustrezen blažilnik se šteje delež navadnega lastniškega kapitala v višini 10 %.
Thus if the additional premium were to compromise that ratio, its payment should be deferred to the extent necessary to avoid compromising HSH’s viability.
Če bi dodatna premija ta delež ogrozila, bi bilo treba plačilo te premije odložiti za potreben čas in se tako izogniti ogrožanju uspešnega poslovanja banke HSH.
On that basis, the Commission considers that it would be possible for HSH to make further payments during future years without impeding its ability to return to viability.
Na podlagi tega Komisija meni, da bi banka HSH v naslednjih letih lahko izvedla dodatna plačila, ne da bi to ogrožalo njeno zmožnost, da ponovno vzpostavi uspešno poslovanje.
Based on the above considerations, and in order to ensure the compatibility of the risk shield with the Impaired Assets Communication, the Commission requires an alternative remuneration mechanism which alters the guarantee provision agreement concluded on 2 June 2009 as follows.
Na podlagi navedenih razlogov in z namenom, da zagotovi združljivost zaščite pred tveganjem s sporočilom o oslabljenih sredstvih, Komisija zahteva nadomestni mehanizem povračil, ki sporazum o zagotavljanju jamstva, sklenjen 2. junija 2009, spreminja na naslednji način.
It should be based on the existing basic premium in the guarantee provision agreement in the amount of 400 bps p.a. on the nominal amount of the outstanding guarantee.
Temeljiti bi moral na obstoječi osnovni premiji iz sporazuma o zagotavljanju jamstva v višini 400 bazičnih točk na leto na nominalni znesek neporavnanega jamstva.
That basic premium should remain unchanged, except that any drawings under the guarantee would no longer reduce the nominal amount of the guarantee for the purposes of calculating the premium.
Ta osnovna premija bi morala ostati enaka, razen tega, da se z morebitnim črpanjem jamstva nominalni znesek jamstva ne bi več zmanjševal zaradi izračuna premije.
This avoids providing incentives to draw the guarantee.
S tem ni več morebitnih spodbud za črpanje jamstva.
In addition, the basic premium should be supplemented by an additional premium amounting to 385 bps and a lump sum payment of EUR 500 million in ordinary shares (‘lump sum payment’ or ‘lump sum payment in shares’).
Poleg tega bi bilo treba k osnovni premiji dodati še dodatno premijo v višini 385 bazičnih točk in pavšalno plačilo v višini 500 milijonov EUR v navadnih delnicah (v nadaljnjem besedilu: pavšalno plačilo ali pavšalno plačilo v delnicah).
In order to implement these conditions the initial guarantee contract needs to be amended as set out in recitals 201 to 208.
Za izvajanje teh pogojev je treba spremeniti prvotno pogodbo o jamstvu, kot je navedeno v uvodnih izjavah (201) do (208).
First, the additional premium needs to be added.
Prvič, dodati je treba dodatno premijo.
The basis for the calculation of the additional premium should be similar to the basis for the calculation the basic premium, namely the nominal amount of the guarantee reduced by partial cancellations but not by drawings.
Osnova za izračun dodatne premije bi morala biti podobna osnovi za izračun osnovne premije, tj. nominalni znesek jamstva, zmanjšan za delne razveljavitve, ne pa tudi črpanja.
However, the basis for the additional premium should depend on the extent to which HSH ultimately cancels the guarantee regardless of the timing of such cancellations.
Vendar pa bi morala biti osnova za dodatno premijo odvisna od tega, za kakšen znesek banka HSH na koncu razveljavi jamstvo, ne glede na to, kdaj se te razveljavitve izvedejo.
In order to achieve that effect, whilst both premiums are to be calculated on the contractually agreed guarantee amount reduced by cancellations but not by drawings, the basic premium should be paid on an annual basis on the outstanding guarantee amount but the additional premium should be set aside into a reserve account.
Da bi to dosegli, medtem ko bosta obe premiji izračunani na pogodbeno dogovorjen znesek jamstva, zmanjšan za razveljavitve, ne pa tudi črpanja, bi morala biti osnovna premija plačana letno na nominalni neporavnani znesek, dodatna premija pa bi morala biti položena na poseben račun.
The additional premium would be paid to HSH Finanzfonds AöR only if the guarantee is drawn.
Dodatna premija bi bila javnopravni ustanovi HSH Finanzfonds AöR plačana samo, če bi banka črpala jamstvo.
On the other hand, upon partial cancellation of the guarantee, the additional premium set aside in the reserve account corresponding to the cancelled amount should be repaid to HSH.
Po drugi strani bi morala biti ob delni razveljavitvi jamstva dodatna premija, položena na poseben račun, ki ustreza razveljavljenemu znesku, povrnjena banki HSH.
The additional premium should be calculated retroactively from 31 March 2009 and on a pro rata basis for parts of financial years.
Dodatna premija bi morala biti izračunana za nazaj od 31. marca 2009 in sorazmerno za dele finančnih let.
The additional premium should be payable together with the basic premium as long as HSH’s common equity ratio is at least 10 % (the ‘minimum common equity ratio’).
V kolikor je delež navadnega lastniškega kapitala banke HSH vsaj 10 % (v nadaljnjem besedilu: najmanjši delež navadnega lastniškega kapitala), bi morala biti dodatna premija plačana skupaj z osnovno premijo.
In order to ensure that HSH’s viability will not be endangered by the payments of the additional premium, the claw-back mechanism should contain a debtor warrant (Besserungsschein).
Za zagotovitev, da zaradi plačevanja dodatne premije uspešno poslovanje banke HSH ne bo ogroženo, bi moral mehanizem za vračilo sredstev vključevati nalog za plačilo dolgov (Besserungsschein).
The debtor warrant should have a maturity of up to 31 December [2030-2040].
Rok za zapadlost naloga za plačilo dolgov bi moral biti do 31. decembra [2030–2040].
If HSH’s common equity ratio were to fall below the minimum common equity ratio because of the additional premium, the payment would be delayed and transformed into a debtor warrant.
Če bi delež navadnega lastniškega kapitala banke HSH zaradi dodatne premije padel pod najmanjši delež navadnega lastniškega kapitala, bi bilo plačilo odloženo in preoblikovano v nalog za plačilo dolgov.
If the common equity ratio increased above the target, the debtor warrant would be repaid up to the limit of that target.
Če bi bil delež navadnega lastniškega kapitala večji od ciljne vrednosti, bi bil nalog za plačilo dolgov poplačan do ciljne vrednosti.
That mechanism gives HSH the necessary flexibility but at the same time ensures that the claw-back will be paid at a later point in time once it is again in a situation to pay.
Ta mehanizem daje banki HSH potrebno prožnost, obenem pa zagotavlja, da bodo sredstva vrnjena kasneje, ko bo banka spet zmožna plačevati.
The deferred additional premium entitlement should be completely restored for the duration of the debtor warrant.
Pravica do odložene dodatne premije bi morala biti ponovno vzpostavljena za čas trajanja naloga za plačilo dolgov.
The additional premium will be payable until 31 December [2015-2025] at the latest.
Dodatna premija se izplačuje najkasneje do 31. decembra [2015–2025].
In any case, the basic premium and the additional premium should be payable at the latest until the sum of partial cancellations and drawings on the guarantee reaches EUR 10 billion.
V vsakem primeru bi se morali osnovna in dodatna premija izplačevati največ do takrat, ko vsota delnih razveljavitev in črpanj jamstva doseže 10 milijard EUR.
Second, HSH Finanzfonds AöR and HSH should be required to amend the initial guarantee provision agreement by adding a claim by HSH Finanzfonds AöR against HSH to a lump sum payment amounting to EUR 500 million. In order to prevent further reductions of HSH’s own capital ratio, that claim should be payable by HSH in ordinary shares by means of a capital increase.
Drugič, od javnopravne ustanove HSH Finanzfonds AöR in banke HSH bi bilo treba zahtevati, da spremenita prvotni sporazum o zagotavljanju jamstva, in sicer tako, da zahtevek javnopravne ustanove HSH Finanzfonds AöR do banke HSH dodata pavšalnemu plačilu, ki znaša do 500 milijonov EUR. Da se prepreči nadaljnje zmanjšanje kapitalskega deleža lastnega kapitala, bi morala imeti banka HSH možnost, da ta zahtevek izplača v navadnih delnicah s povečanjem kapitala.
The issue price is to be calculated on the basis of the value of HSH as of the day of the resolution of the general meeting of shareholders on that capital increase, and the net value of the lump-sum payment claim.
Cena ob izdaji bi morala biti izračunana na podlagi vrednosti banke HSH od dne sklepa skupščine delničarjev o tem povečanju kapitala in neto vrednosti zahtevka za pavšalno plačilo.
HSH should issue shares corresponding to the net amount of the claim directly to HSH Finanzfonds AöR (and thus indirectly to the public-sector owners).
Banka HSH bi morala delnice, ki ustrezajo neto znesku zahtevka, izdati neposredno javnopravni ustanovi HSH Finanzfonds AöR (in tako posredno lastnikoma v javnem sektorju).
The capital increase can take place either through an ordinary contribution in kind, with no right of option for minority shareholders, or through a mixed capital increase by way of contribution in kind and cash, with a right of option for all shareholders other than HSH Finanzfonds AöR regarding the cash portion.
Povečanje kapitala se lahko izvede preko navadnega stvarnega vložka, brez pravice do izbire za manjšinske delničarje, ali preko povečanja kapitala s stvarnim vložkom in v denarju, pri čemer bi imeli glede dela v denarju pravico do izbire vsi delničarji razen javnopravne ustanove HSH Finanzfonds AöR.
It is up to HSH Finanzfonds AöR and HSH to choose the form of the capital increase which will ensure speedier implementation and entry in the commercial register.
Javnopravna ustanova HSH Finanzfonds AöR in banka HSH sami izbereta obliko povečanja kapitala, ki bo zagotovila hitrejše izvajanje in vnos v trgovinski register.
If the guarantee provision agreement is amended, the absolute amount of the additional premium should vary based on the amount of losses actually covered by HSH Finanzfonds AöR (i.e. the greater the amount of losses absorbed by HSH Finanzfonds AöR, the greater the amount of the claw-back).
Če se sporazum o zagotavljanju jamstva spremeni, bi se moral absolutni znesek dodatne premije spreminjati glede na znesek izgub, ki jih dejansko krije javnopravna ustanova HSH Finanzfonds AöR (tj. višji kot je znesek izgub, ki jih absorbira javnopravna ustanova HSH Finanzfonds AöR, višji je znesek vračila sredstev).
To summarise, the cumulative claw-back payments resulting from the two conditions imposed by the Commission and described above are represented in the table below for the three scenarios presented in recital 46.
Na kratko so kumulativna vračila sredstev na podlagi teh dveh opisanih pogojev, ki ju postavlja Komisija, za tri scenarije iz uvodne izjave (46) predstavljena v naslednji preglednici.
Claw-back payment through the basic premium, lump-sum payment and additional premium
Vračilo sredstev preko osnovne premije, pavšalnega plačila in dodatne premije
Of which capital relief remuneration ([around 220] bps on outstanding nominal amount of the guarantee)
Od tega povračilo razbremenitve kapitala ([približno 220] bazičnih točk na neporavnani nominalni znesek jamstva)
Additional premium (385 bps on the ultimately drawn amount of the guarantee)
Dodatna premija (385 bazičnih točk na dokončni načrpani znesek jamstva)
Lump sum payment shares
Deleži pavšalnega plačila
Total claw-back paid
Skupni znesek vrnjenih sredstev
The Commission acknowledges that, in spite of the additional conditions imposed, in all the scenarios set out in Table 13 the remuneration mechanism will still result in only a partial claw-back of the EUR [2,5-10] billion gap between the REV and the guaranteed value (EUR […] billion in scenario 1, EUR […] billion in scenario 2 and EUR […] billion in scenario 3).
Komisija priznava, da bo kljub dodatnim postavljenim pogojem v vseh scenarijih iz preglednice 13 mehanizem povračil še vedno pripomogel samo k delnemu vračilu sredstev [2,5–10] milijard EUR vredne razlike med realno ekonomsko vrednostjo in zajamčeno vrednostjo ([…] milijard EUR v scenariju 1, […] milijard EUR v scenariju 2 in […] milijard EUR v scenariju 3).
However, the Commission has compared the risk shield measure (including the additional conditions on remuneration) with impaired asset measures approved in respect of other banks.
Vendar pa je Komisija ukrep zaščite pred tveganjem (vključno z dodatnimi pogoji glede povračila) primerjala z ukrepi za oslabljena sredstva, odobrenimi v zvezi z drugimi bankami.
The Commission also notes that paragraph 41 of the Impaired Assets Communication provides some flexibility for the assessment of impaired asset measures in which adequate remuneration cannot be paid, if the measure is accompanied by in-depth restructuring and/or claw-back mechanisms.
Komisija tudi ugotavlja, da odstavek 41 sporočila o oslabljenih sredstvih zagotavlja nekaj prožnosti pri oceni ukrepov za oslabljena sredstva, pri katerih ustrezno povračilo ne more biti plačano, če ukrep spremljajo poglobljeno prestrukturiranje in/ali mehanizmi za vračilo sredstev.
The Commission observes as well that its decision-making practice ranges from measures for which a full claw-back was provided (such as ING [67] or LBBW [68]) to others for which no claw-back was paid but for which a very far-reaching restructuring was undertaken (such as Parex [69]).
Poleg tega Komisija ugotavlja, da njena praksa odločanja obsega ukrepe, s katerimi je bilo zagotovljeno vračilo vseh sredstev (na primer v zadevi ING [67] ali LBBW [68]), pa tudi ukrepe, s katerimi sredstva niso bila vrnjena, ampak je bilo izvedeno zelo obsežno prestrukturiranje (na primer v zadevi Parex [69]).
The risk shield allows for a partial claw-back and is combined with far-reaching restructuring.
Zaščita pred tveganjem omogoča delno vračilo sredstev in je kombinirana z obsežnim prestrukturiranjem.
It consequently meets the requirements of paragraph 41 of the Impaired Assets Communication and falls within the outer limits of the range observed in the Commission’s decision-making practice.
Zato izpolnjuje zahteve iz odstavka 41 sporočila o oslabljenih sredstvih in sodi v skrajno mejo razpona, ugotovljenega pri praksi odločanja Komisije.
Furthermore, the HSH guarantee remuneration mechanism provides a partial claw-back in all possible scenarios.
Poleg tega mehanizem za povračilo jamstva banke HSH zagotavlja delno vračilo sredstev v vseh možnih scenarijih.
In particular, if the full amount of the guarantee were to be drawn (as in scenario 3), that partial claw-back would amount to […] % of the claw-back required.
Zlasti če bi bil izčrpan celoten znesek jamstva (kot v scenariju 3), bi to delno vračilo sredstev znašalo […] % potrebnega vračila sredstev.
At the same time, as illustrated below at recitals 266 to 270, the restructuring of HSH will lead to a 61 % downsizing of its balance sheet.
Hkrati bo prestrukturiranje banke HSH, kot je prikazano v uvodnih izjavah (266) do (270), prineslo 61-odstotno zmanjšanje bilance stanja banke.
Considered in combination with the present extent of the restructuring, that partial claw-back is in line with the Commission’s decision-making practice.
Skupaj s sedanjim obsegom prestrukturiranja je to delno vračilo sredstev v skladu s prakso odločanja Komisije.
Therefore the Commission is of the view that the impaired asset measures can be considered compatible with the Impaired Assets Communication if the conditions described above and further detailed in Annex II are met.
Zato Komisija meni, da se ukrepi za oslabljena sredstva lahko štejejo za združljive s sporočilom o oslabljenih sredstvih, če bodo izpolnjeni opisani pogoji, ki so podrobneje razloženi v Prilogi II.
On the basis of the foregoing, the Commission concludes that the comments provided by the Member State and third parties have not allayed its doubts regarding the risk shield.
Na podlagi navedenega Komisija ugotavlja, da pripombe države članice in tretjih strani niso odpravile njenih pomislekov glede zaščite pred tveganjem.
In the Commission’s view, the risk shield is not in line with the Impaired Assets Communication as regards the points examined in section 9.2.2 of this Decision.
Po mnenju Komisije zaščita pred tveganjem glede točk, preučenih v oddelku 9.2.2 tega sklepa, ni v skladu s sporočilom o oslabljenih sredstvih.
However, compatibility can be achieved under the conditions laid down in Annex II to the present Decision.
Vendar pa je mogoče združljivost doseči pod pogoji iz Priloge II tega sklepa.
COMPATIBILITY OF THE MODIFIED RESTRUCTURING PLAN WITH THE INTERNAL MARKET
ZDRUŽLJIVOST SPREMENJENEGA NAČRTA PRESTRUKTURIRANJA Z NOTRANJIM TRGOM
The degree of restructuring required
Stopnja potrebnega prestrukturiranja
According to the Restructuring Communication, in order to be compatible with Article 107(3)(b) TFEU in the context of the current financial crisis the restructuring of a financial institution has to:
V skladu s Sporočilom o prestrukturiranju mora prestrukturiranje finančne ustanove, da bi bilo združljivo s členom 107(3)(b) PDEU v obdobju sedanje finančne krize:
lead to a restoration of the long-term viability of the institution;
omogočiti ponovno dolgoročno uspešno poslovanje ustanove;
include a sufficient contribution of the beneficiary’s own (burden sharing);
vključevati zadosten lastni prispevek upravičenke (porazdelitev bremena);
contain sufficient measures limiting the distortion of competition.
obsegati ustrezne ukrepe za omejevanje izkrivljanja konkurence.
In line with its practice during the financial crisis, when assessing the restructuring requirements the Commission will not add the amount of liquidity guarantees to the amount of aid.
V skladu s prakso med finančno krizo Komisija pri ocenjevanju zahtev glede prestrukturiranja znesku pomoči ne bo prištela zneska likvidnostnih jamstev.
The Decision initiating the procedure raised doubts on the ability of HSH to restore its long-term viability.
Sklep o začetku postopka je zbudil dvome glede zmožnosti banke HSH, da ponovno vzpostavi dolgoročno uspešno poslovanje.
Those doubts were confirmed by an in-depth viability analysis performed after the adoption of the Decision initiating the procedure.
Te pomisleke je potrdila poglobljena analiza uspešnega poslovanja, ki je bila izvedena po sprejetju sklepa o začetku postopka.
In the Decision initiating the procedure, three main areas were identified as major weaknesses likely to jeopardise HSH’s long-term viability which had not been properly addressed in the initial restructuring plan: (a) HSH’s dependency on wholesale funding, (b) its reliance on volatile and cyclical activities and (c) the large size of its capital market activities relative to its banking activities.
V sklepu o začetku postopka so bila kot glavne slabosti, ki bodo verjetno ogrozile dolgoročno uspešno poslovanje banke HSH, opredeljena tri področja, ki v prvotnem načrtu prestrukturiranja niso bila ustrezno obravnavana: (a) odvisnost banke HSH od medbančnih posojil, (b) njeno zanašanje na nestanovitne in ciklične dejavnosti ter (c) velik obseg njenih dejavnosti na kapitalskem trgu glede na njene bančne dejavnosti.
Furthermore, doubts were raised as to the sustainability of the growth rates and other assumptions used in the restructuring plan.
Poleg tega so se pojavili pomisleki glede vzdržnosti stopenj rasti in drugih predpostavk iz načrta prestrukturiranja.
Concerning the funding position of HSH, the analysis performed highlighted the following issues: (a) a weak funding structure with limited sources of long-term stable funding, in particular as grandfathered state-guaranteed bonds gradually come to maturity and have to be refinanced, (b) a heavy reliance on savings banks as a privileged source of funding, and (c) a lack of USD-denominated funding.
Glede stanja sredstev banke HSH je izvedena analiza izpostavila naslednja vprašanja: (a) šibko strukturo financiranja z omejenimi viri dolgoročnega stabilnega financiranja, zlasti ker bodo podedovane obveznice z državnim jamstvom počasi zapadle in jih bo treba ponovno financirati; (b) precejšnje zanašanje na hranilnice kot privilegiran vir financiranja; in (c) pomanjkanje financiranja, denominiranega v ameriških dolarjih.
The Decision initiating the procedure [70] highlighted the need for HSH to refinance EUR [60-110] billion of wholesale funding coming to maturity by 2014, and questioned its ability to do so.
V sklepu o začetku postopka [70] je bila poudarjena potreba banke HSH po ponovnem financiranju medbančnih posojil v višini [60–110] milijard EUR, ki bodo zapadla do leta 2014, in pod vprašaj postavljena njena zmožnost ponovnega financiranja.
The Commission had identified a gap of around EUR [15-30] billion for which HSH had not planned and allocated specific sources of funding.
Komisija je ugotovila primanjkljaj v višini približno [15–30] milijard EUR, ki ga banka HSH ni načrtovala in zanj ni namenila posebnih virov financiranja.
As described in recital 53 above, HSH’s funding plan showed a gap of EUR 48 billion, which can be adjusted based on assumptions on equity and derivatives in line with historical levels to around EUR [15-30] billion of uncovered funding needs.
Kot je opisano v uvodni izjavi (53), je načrt financiranja banke HSH pokazal primanjkljaj v višini 48 milijard EUR, ki ga je na podlagi predpostavk glede kapitala in izvedenih finančnih instrumentov v skladu s preteklimi stopnjami mogoče prilagoditi na približno [15–30] milijard EUR nekritih potreb po financiranju.
However, the additional group balance sheet reduction of EUR 34 billion to a balance sheet amount of EUR 120 billion as of the end of 2014 (as opposed to EUR 150 billion in the initial restructuring plan) will reduce the wholesale funding needs, and alleviate the pressure on the funding situation of HSH.
Vendar bo dodatno zmanjšanje bilance stanja skupine v višini 34 milijard EUR na bilanco stanja v višini 120 milijard EUR od konca leta 2014 (v primerjavi s 150 milijardami EUR v prvotnem načrtu prestrukturiranja) zmanjšalo potrebo po medbančnih posojilih in ublažilo pritisk na finančni položaj banke HSH.