natgillin/translations-raw huggingface dataset:
Although the valuation is more complex in the case of loans with extendable maturities, which is typically the case of the shipping loans and commercial real estate loans that make up a large proportion of the shielded portfolio, the Commission’s decision-making practice demonstrates that cash-flow-based valuations of portfolios including similar assets have already been performed [62].
Čeprav je vrednotenje v primeru posojil z možnostjo podaljšanja zapadlosti, kar je značilno za posojila na področju ladijskega prometa in komercialna nepremičninska posojila, ki sestavljajo velik del zaščitenega portfelja, zahtevnejše, praksa odločanja Komisije kaže, da so bila vrednotenja portfeljev na podlagi denarnih tokov s podobnimi sredstvi že izvedena [62].
In addition, Germany has failed to demonstrate that a valuation based on cash flow projections would result in a materially different outcome.
Poleg tega Nemčija ni dokazala, da bi vrednotenje na podlagi napovedi za denarni tok prineslo bistveno drugačen rezultat.
Valuation should follow a general methodology established at Union level.
Vrednotenje mora potekati v skladu s splošno metodologijo, določeno na ravni Unije.
At the Commission’s request, HSH and its external expert Morgan Stanley conducted a full valuation of the portfolio in close cooperation with the Commission’s experts.
Na zahtevo Komisije sta banka HSH in njen zunanji strokovnjak Morgan Stanley izvedla vrednotenje celotnega portfelja, pri čemer sta tesno sodelovala s strokovnjaki Komisije.
The underlying assumptions applied by HSH in the valuation were in line with the severe stress scenarios applied by the Commission in other cases.
Temeljne predpostavke, ki jih je banka HSH uporabila pri vrednotenju, so bile v skladu s scenariji hude obremenitve, ki jih je Komisija uporabila v drugih primerih.
A consistent methodology has therefore been applied.
Uporabljena je bila torej skladna metodologija.
The valuation was conducted in line with the conditions set out in the Impaired Assets Communication and the Commission therefore takes the view that its doubts as expressed in recital 45 of the Decision initiating the procedure have been allayed.
Vrednotenje je bilo izvedeno v skladu s pogoji iz sporočila o oslabljenih sredstvih, zato Komisija meni, da so bili njeni pomisleki iz odstavka 45 sklepa o začetku postopka odpravljeni.
Full ex ante transparency and disclosure
Popolna predhodna preglednost in razkritje
In recital 42 of the Decision initiating the procedure the Commission raised doubts about the compatibility of the measure with regard to transparency and disclosure, in so far as Germany had not provided a full valuation of the assets of the shielded portfolio carried out by a recognised independent expert.
V odstavku 42 sklepa o začetku postopka je Komisija izrazila pomisleke glede združljivosti ukrepa v zvezi s preglednostjo in razkritjem, v kolikor Nemčija ne bi predložila popolnega vrednotenja sredstev zaščitenega portfelja, ki ga je izvedel neodvisni strokovnjak.
In accordance with paragraph 20 of the Impaired Assets Communication, applications for aid should be subject to full transparency and disclosure of impairments by eligible banks on the assets which will be covered by the relief measures, based on adequate valuation, certified by recognised independent experts and validated by the relevant supervisory authority.
V skladu z odstavkom 20 sporočila o oslabljenih sredstvih morajo biti oslabljena sredstva, za katera bodo namenjeni ukrepi pomoči, popolnoma pregledna in v celoti razkrita, in sicer na podlagi ustreznega vrednotenja, ki ga potrdijo neodvisni strokovnjaki ter ustrezni nadzorni organ, in to preden upravičena banka vloži prošnjo za pomoč.
The information on the impaired assets should be provided with the degree of detail suggested in point II and Table 2 of Annex III to the Impaired Assets Communication.
Informacije o oslabljenih sredstvih morajo biti zagotovljene tako podrobno, kot to navajata točka II in preglednica 2 Priloge III k sporočilu o oslabljenih sredstvih.
The Commission accepts the result of the valuation and the calculated capital relief effect submitted by Germany.
Komisija sprejema rezultat vrednotenja in izračunani učinek razbremenitve kapitala, ki ju je predložila Nemčija.
In view of the outcome of the investigation, the comments that Germany made on the capital relief effect no longer need to be addressed.
Glede na rezultat preiskave pripomb Nemčije glede učinka razbremenitve kapitala ni potrebno nadalje obravnavati.
The Commission’s doubts regarding adequate transparency and ex ante disclosure have been allayed.
Pomisleki Komisije glede zadostne preglednosti in predhodnega razkritja so bili odpravljeni.
Alignment with public policy objectives
Uskladitev s cilji javne politike
Section 5.3 of the Impaired Assets Communication requires incentives for banks to participate in an impaired asset relief measure to be aligned with public policy objectives, through (a) a six-month maximum enrolment window, (b) mechanisms to ensure participation by banks most in need of asset relief and (c) appropriate behavioural constraints to, among other things, limit the impact on competition.
Oddelek 5.3 sporočila o oslabljenih sredstvih zahteva spodbude bankam za vključitev v sheme finančne pomoči za oslabljena sredstva, ki morajo biti usklajene s cilji javne politike, s pomočjo (a) največ šestmesečnega roka za vključitev v sheme; (b) mehanizmov, ki zagotavljajo vključitev bank, ki najbolj potrebujejo finančno pomoč za oslabljena sredstva; in (c) ustreznih omejitev glede ravnanja, ki bodo med drugim ublažile učinek na konkurenco.
The guarantee was specifically designed for HSH and tailored to its particular situation in the light of its systemic importance to the economy of the public-sector owners.
Jamstvo je bilo oblikovano posebej za banko HSH in prilagojeno njenemu posebnemu položaju zaradi njenega sistemskega pomena za gospodarstvo lastnikov v javnem sektorju.
In the context of the modified restructuring plan, HSH will be subject to a number of behavioural commitments, in particular related to the payment of coupons and dividends, corporate governance, remuneration and market presence in specific sectors such as shipping.
V okviru spremenjenega načrta prestrukturiranja bodo za banko HSH veljale številne omejitve glede ravnanja, zlasti omejitve, povezane s plačilom kuponov in dividend, upravljanjem podjetja, povračilom in prisotnostjo na trgu v posebnih segmentih, kot je ladijski promet.
Based on the above, the risk shield for HSH is compatible with the requirements of the Impaired Assets Communication with regard to alignment with public policy objectives.
Na podlagi navedenega je zaščita pred tveganjem banke HSH združljiva z zahtevami sporočila o oslabljenih sredstvih glede uskladitve s cilji javne politike.
Remuneration and burden sharing
Povračilo in porazdelitev bremena
In recital 49 of the Decision initiating the procedure the Commission expressed doubts about the adequacy of the burden sharing.
V odstavku 49 sklepa o začetku postopka je Komisija izrazila pomisleke glede ustreznosti porazdelitve bremena.
Under paragraph 24 of the Impaired Assets Communication, HSH should be requested to contribute to the loss or risk coverage in the form of first-loss clauses (typically with a minimum of 10 %).
Na podlagi odstavka 24 sporočila o oslabljenih sredstvih bi bilo od banke HSH treba zahtevati, da prispeva h kritju izgub ali tveganja s klavzulo o prvi izgubi (praviloma z najmanj 10 %).
Adequate burden sharing can also be ensured by higher remuneration or ex post compensation.
Ustrezno porazdelitev bremena je mogoče zagotoviti tudi z višjim povračilom ali naknadnim nadomestilom.
In addition, in recitals 51 et seq. of the Decision initiating the procedure, the Commission expressed doubts that the fee of 400 bps adequately remunerated the risk taken by the public-sector owners.
Poleg tega je v odstavku 51 in naslednjih sklepa o začetku postopka Komisija izrazila pomisleke glede tega, ali je plačilo v višini 400 bazičnih točk ustrezno nadomestilo za tveganje, ki sta ga sprejela lastnika v javnem sektorju.
Paragraph 41 of the Impaired Assets Communication states that for any impaired asset measure an adequate remuneration must be secured for the State.
Odstavek 41 sporočila o oslabljenih sredstvih navaja, da mora država za vsak ukrep za oslabljena sredstva prejeti ustrezno povračilo.
An adequate remuneration for an impaired asset measure is one that would remunerate the regulatory capital impact of the measure.
Ustrezno povračilo za ukrep za oslabljena sredstva je povračilo, s katerim se povrne učinek na regulatorni kapital.
Thus the capital relief effect should be adequately remunerated.
Zato bi moral biti učinek razbremenitve kapitala ustrezno povrnjen.
As regards the remuneration of the capital relief effect, in its Decision on the state aid granted by Germany for the restructuring of Landesbank Baden-Württemberg [63], the Commission established that an adequate remuneration of the capital relief effect would be 6,25 % of the amount of the capital relief obtained through the measure [64].
Glede povračila učinka razbremenitve kapitala je Komisija v svojem Sklepu o državni pomoči Nemčije za prestrukturiranje Landesbank Baden-Württemberg [63] ugotovila, da bi bilo ustrezno povračilo učinka razbremenitve kapitala 6,25 % zneska razbremenitve kapitala, doseženega z ukrepom [64].
The capital relief effect for the risk shield has been determined to be around EUR [3,5] billion, hence there should be an annual remuneration of approximately EUR 220 million (which corresponds to [about 220] bps of the nominal value of the guarantee) where HSH benefits from the full amount of the guarantee.
Učinek razbremenitve kapitala zaščite pred tveganjem je bil določen na približno [3,5] milijarde EUR, zato bi moralo letno povračilo v primeru, da banka HSH izkoristi celoten znesek jamstva, znašati približno 220 milijonov EUR (kar ustreza [približno 220] bazičnim točkam na nominalno vrednost jamstva).
Upon (partial) cancellation of the guarantee, the minimum remuneration of the capital relief should decrease proportionally to about 220 bps of the outstanding nominal value of the guarantee.
Ob (delnih) razveljavitvah jamstva bi se moralo najnižje povračilo razbremenitve kapitala sorazmerno znižati na približno 220 bazičnih točk na neporavnano nominalno vrednost jamstva.
As explained in recital 46, HSH has proposed to pay a guarantee fee of 400 bps for the risk shield.
Kot je razloženo v uvodni izjavi (46), je banka HSH za zaščito pred tveganjem predlagala plačilo v višini 400 bazičnih točk.
Thus, depending on the scenario, HSH will pay EUR [> 1,5] billion (no drawing of the guarantee), EUR [> 2,5] billion (EUR 5 billion drawing) or EUR [> 4] billion (EUR 10 billion drawing).
Zato bo banka HSH, odvisno od scenarija, plačala [> 1,5] milijarde EUR (brez črpanja jamstva), [> 2,5] milijarde EUR (črpanje jamstva v višini 5 milijard EUR) ali [> 4] milijarde EUR (črpanje jamstva v višini 10 milijard EUR).
Regarding the adequacy of the minimum capital relief remuneration of [about 220] bps per annum on EUR 10 billion (or — in the event of partial cancellations — on the outstanding nominal amount of the guarantee [65]), the absolute amount of capital relief remuneration is reduced if the guarantee is partially cancelled.
Glede ustreznosti najnižjega povračila razbremenitve kapitala v višini [približno 220] bazičnih točk na leto na 10 milijard EUR (ali, v primeru razveljavitev, na nominalno neporavnano vrednost jamstva [65]), se absolutni znesek povračila razbremenitve kapitala zmanjša, če je jamstvo delno razveljavljeno.
Although it is likely that the capital relief effect will not decrease in direct proportion to the amount of the risk shield, the Commission considers that, over the life of the risk shield, it is a reasonable approximation to make for the purpose of calculating the minimum required capital relief remuneration.
Čeprav se učinek razbremenitve kapitala najverjetneje ne bo zmanjšal v neposrednem razmerju z zneskom zaščite pred tveganjem, Komisija meni, da je to v obdobju veljavnosti zaščite pred tveganjem razumen približek za izračun najnižjega potrebnega povračila razbremenitve kapitala.
Consequently, the Commission would view as adequate a remuneration of [around 220] bps per annum on the outstanding nominal amount of the guarantee.
Zato je po mnenju Komisije ustrezno povračilo [približno 220] bazičnih točk na leto na nominalni neporavnani znesek jamstva.
As [around 220] bps on the outstanding guarantee amount is an acceptable approximation for 6,25 % on the capital relief amount, the Commission is satisfied that 6,25 % per annum on the capital relief effect will always be paid to HSH Finanzfonds AöR.
Ker je [približno 220] bazičnih točk na nominalni neporavnani znesek jamstva sprejemljiv približek 6,25 % zneska razbremenitve kapitala, je Komisija prepričana, da bo 6,25 % na leto za učinek razbremenitve kapitala vedno plačanih javnopravni ustanovi HSH Finanzfonds AöR.
The capital relief remuneration can accordingly be considered to be in line with the Impaired Assets Communication.
Za povračilo razbremenitve kapitala se lahko tako šteje, da je v skladu s sporočilom o oslabljenih sredstvih.
In addition, paragraph 41 of the Impaired Assets Communication requires the transfer value for asset purchase or asset guarantee to be based on the REV of the assets.
Poleg tega odstavek 41 sporočila o oslabljenih sredstvih zahteva, da mora vrednost sredstev ob prenosu za nakup sredstev ali jamstva za sredstva temeljiti na realni ekonomski vrednosti sredstev.
According to the Commission’s valuation of the risk shield, the guaranteed value of around EUR [168] billion was set too high (above the REV) and the first-loss tranche too low when designing the guarantee measure.
V skladu z oceno Komisije glede zaščite pred tveganjem je bila pri oblikovanju ukrepa zajamčena vrednost v višini približno [168] milijard EUR določena previsoko (nad realno ekonomsko vrednostjo), tranša prve izgube pa prenizko.
The difference between the guaranteed value and the REV is EUR [2,5-10] billion. The consequence should be a ‘correction’ of the guaranteed value and an increase in the first-loss tranche.
Razlika med zajamčeno vrednostjo in realno ekonomsko vrednostjo je [2,5–10] milijard EUR. Treba bi bilo „popraviti“ zajamčeno vrednost in povečati tranšo prve izgube.
Germany has provided evidence that it is not possible for HSH to pay back EUR [2,5-10] billion, and does not accept such a claw-back.
Nemčija je predložila dokazila, da banka HSH ne more vrniti [2,5–10] milijard EUR in da se ne strinja s takim vračilom sredstev.
However, even though HSH is unable to increase the first-loss tranche by EUR [2,5-10] billion in order to cover the expected losses, the difference could, pursuant to paragraph 41 of the Impaired Assets Communication, also be recovered at a later stage, for example through some combination of a claw-back mechanism and far-reaching restructuring measures.
Čeprav banka HSH tranše prve izgube ne more povečati za [2,5-10] milijard EUR za kritje pričakovanih izgub, lahko v skladu z odstavkom 41 sporočila o oslabljenih sredstvih to razliko povrne pozneje, na primer preko kombinacije mehanizma za vračilo sredstev in obsežnih ukrepov prestrukturiranja.
A claw-back mechanism can be put in place through the 400 bps basic premium paid to the State.
Mehanizem za vračilo sredstev se lahko vzpostavi preko osnovne premije v višini 400 bazičnih točk, ki jo prejema država.
It can take the form of that part of the payment which is in excess of the remuneration of the capital relief effect of [about 220] bps.
Lahko je v obliki tistega dela plačila, ki presega povračilo učinka razbremenitve kapitala v višini [približno 220] bazičnih točk.
In addition, that amount would also depend on the drawing of the guarantee, given that the basic premium can change, as illustrated in the table below.
Glede na to, da se lahko osnovna premija spremeni, kot je prikazano v naslednji preglednici, bi bil ta znesek odvisen tudi od črpanja jamstva.
Claw-back payment through the basic premium and additional claw-back requirement
Vračilo sredstev preko osnovne premije in dodatna zahteva po vračilu sredstev
Of which, capital relief remuneration ([about 220] bps on outstanding nominal amount of the guarantee)
Od tega povračilo razbremenitve kapitala ([približno 220] bazičnih točk na neporavnani nominalni znesek jamstva)
Claw-back in basic premium
Vračilo sredstev z osnovno premijo
Further claw-back needed
Nadaljnje potrebno vračilo sredstev
The remuneration would result in an insufficient claw-back through the basic premium.
Vračilo sredstev preko osnovne premije ne bi zadoščalo za povračilo.
Therefore, to achieve a full claw-back, the difference between the REV and the transfer price not covered by the basic premium of 400 bps remains to be paid to the State by HSH.
Zato mora banka HSH, da bi sredstva vrnila v celoti, državi plačati razliko med realno ekonomsko vrednostjo in ceno ob prenosu, ki ni zajeta z osnovno premijo v višini 400 bazičnih točk.
Depending on the scenario, that difference ranges from EUR […] billion to EUR […] billion.
Odvisno od scenarija znaša ta razlika od […] milijard EUR do […] milijard EUR.
As Germany and HSH refuse to increase the payment in that respect the aid measure cannot be approved as compatible under Article 7(3) of Regulation (EC) No 659/1999.
Ker Nemčija in banka HSH zavračata zvišanje plačila, ukrepa pomoči ni mogoče razglasiti za združljivega na podlagi člena 7(3) Uredbe (ES) št. 659/1999.
The Commission observes that the modified restructuring plan does demonstrate that it is impossible to ask for an additional claw-back payment of between EUR […] billion and EUR […] billion without threatening HSH’s viability, because a full claw-back would consume its profits over the entire restructuring period and beyond, based on the projections in recital 91 above.
Komisija ugotavlja, da v skladu s spremenjenim načrtom prestrukturiranja ni mogoče zahtevati dodatnega vračila sredstev v višini od […] milijard EUR do […] milijard EUR, ne da bi bilo pri tem ogroženo uspešno poslovanje banke HSH, ker bi na podlagi napovedi iz uvodne izjave (91) banka s popolnim vračilom sredstev porabila svoj dobiček iz celotnega obdobja prestrukturiranja.
Nevertheless the Commission considers that the compatibility of the aid measure might be ensured if a remuneration system were put in place that allowed for a correction in line with the rules established by the Impaired Assets Communication and the Commission’s decision-making practice regarding claw-backs and remuneration.
Kljub temu Komisija meni, da bi bilo mogoče zagotoviti združljivost ukrepa pomoči, če bi se vzpostavil sistem povračil, ki bi omogočal popravek v skladu s pravili iz sporočila o oslabljenih sredstvih in prakso odločanja Komisije glede vračila sredstev in povračil.
Paragraph 41 of the Impaired Assets Communication in fact specifies that it can be acceptable for the transfer value (guaranteed value) of the assets to exceed their REV if there is far-reaching restructuring and if conditions are introduced that allow for the recovery of the additional aid at a later stage.
Odstavek 41 sporočila o oslabljenih sredstvih dejansko navaja, da je lahko sprejemljivo, da vrednost sredstev ob prenosu (zajamčena vrednost) presega njihovo realno ekonomsko vrednost, če poteka obsežno prestrukturiranje in so uvedeni pogoji, ki omogočajo črpanje te dodatne pomoči v poznejši fazi.
In sum, paragraph 41 of the Impaired Assets Communication leaves some room for accepting partial claw-backs if adequately compensated through restructuring.
Na kratko, odstavek 41 sporočila o oslabljenih sredstvih pušča nekaj prostora za sprejetje delnih vračil sredstev, če so ustrezno povrnjena s prestrukturiranjem.
In the case in hand the Commission considers that a partial additional claw-back could be obtained if a combination of measures were implemented.
V zadevnem primeru Komisija meni, da bi bilo dodatno vračilo sredstev mogoče, če bi bila uvedena kombinacija ukrepov.
First of all, the Commission considers that, to the greatest possible extent (and without undermining HSH’s return to long-term viability), the payment of any additional claw-back should be made immediately and not deferred any longer than necessary.
Prvič, Komisija meni, da bi moralo biti morebitno dodatno vračilo sredstev v največji možni meri izvedeno takoj (ne da bi bila pri tem ogrožena ponovna vzpostavitev uspešnega poslovanja banke HSH) in brez nepotrebnega odlašanja.
It has therefore investigated the possibility of an upfront payment.
Zato je preiskala možnosti vnaprejšnjega plačila.
However, that loss can be absorbed in subsequent years and will not prevent HSH from establishing a track record of consistent profits (representative of its business profitability) for all the remaining years of the restructuring period. Such a track record will be necessary to demonstrate HSH’s return to long-term viability and ultimately to improve its ability to attract investors.
Tako dosledno doseganje dobička bo potrebno za prikaz ponovne vzpostavitve uspešnega poslovanja banke HSH in ne nazadnje za izboljšanje njene zmožnosti, da pritegne vlagatelje.
On that basis, the Commission considers that EUR 500 million is the largest possible upfront contribution towards an additional partial claw-back that HSH could afford.
Zato Komisija meni, da je znesek v višini 500 milijonov EUR največji možni vnaprejšnji prispevek za dodatno delno vračilo sredstev, ki bi si ga banka HSH lahko privoščila.
However, in any event, the Commission does not consider that the amount clawed back up front needs to be paid back to the State in cash.
Vendar pa Komisija ne meni, da bi moral biti ta vnaprej vrnjeni znesek državi plačan v gotovini.
Given HSH’s capital situation, which to date has been insufficient to cover losses from its investing activities or to contribute to the strengthening of its capital basis, the Commission considers that the lump sum payment of EUR 500 million could be made in shares rather than in cash.
Glede na stanje kapitala banke HSH, ki do danes ni zadoščal za kritje izgub pri njenih naložbenih dejavnostih ali za krepitev njene kapitalske osnove, Komisija meni, da bi lahko bilo pavšalno plačilo v višini 500 milijonov EUR namesto v gotovini izvedeno v delnicah.
HSH’s capital position needs to be reinforced, in particular in view of the fact that it will continue to operate and focus on business lines which exhibit a strong pro-cyclicality and volatility, such as ship financing, as explained in detail below (see recitals 223 to 226).
Treba je okrepiti stanje kapitala banke HSH, zlasti ob upoštevanju, da bo banka še naprej delovala in se osredotočala na poslovne linije, za katere sta značilni močna procikličnost in nestanovitnost, kot je financiranje ladij, kot je podrobneje razloženo v nadaljevanju (glej uvodne izjave (223) do (226)).
In addition to the one-off up-front payment described above, the Commission considers that HSH is also able to pay additional claw-back amounts on an ongoing basis.
Komisija meni, da lahko banka HSH poleg prej opisanega enkratnega vnaprejšnjega plačila tudi redno vrača dodatna sredstva.
A further correction of the transfer price can be achieved through an additional premium paid over the restructuring period on top of the basic premium.
Nadaljnji popravek cene ob prenosu je mogoče doseči z dodatno premijo, ki se jo v obdobju prestrukturiranja plačuje poleg osnovne premije.
Based on the financial projections in recital 91, the Commission considers that such an additional premium could be set as high as 385 bps without endangering the capacity of HSH to return to viability.
Na podlagi finančnih napovedi iz uvodne izjave (91) Komisija meni, da bi lahko bila taka dodatna premija določena na največ 385 bazičnih točk, ne da bi bila pri tem ogrožena zmožnost banke HSH, da ponovno vzpostavi uspešno poslovanje.
An additional premium of 385 bps would not exceed the payments of the basic premium of 400 bps set out in Table 4 above over the restructuring period [66].
Dodatna premija v višini 385 bazičnih točk v obdobju prestrukturiranja ne bi presegla plačil osnovne premije v višini 400 bazičnih točk iz preglednice 4 [66].