natgillin/translations-raw huggingface dataset:
In addition, in order to avoid conflicts of interpretation and enhance the monitoring process, monitoring criteria specific to each market and based on the products offered by ING Direct Europe in each Member State in which it operates have been discussed with ING and the Netherlands and were specified in a separate document attached to the commitment catalogue [61].
Da bi se preprečili spori glede opredelitve in izboljšal postopek spremljanja, so poleg tega z ING in Nizozemsko potekale razprave o merilih spremljanja, ki veljajo za posamezne trge in temeljijo na produktih, ki jih ponuja ING Direct Europe v vsaki državi članici, v kateri posluje, in ki so bila opredeljena v ločenem dokumentu, priloženem h katalogu zavez [61].
In particular, the clear definition of the peer group for all of those markets will improve the monitoring and effective implementation of the commitment.
Zlasti se bo z jasno opredelitvijo skupine družb za vse navedene trge izboljšalo spremljanje in učinkovito izvajanje zaveze.
On that basis, it should be ensured that ING Direct will not adopt a more aggressive pricing strategy than its well-established competitors.
Na podlagi tega bi bilo treba zagotoviti, da ING Direct ne bo sprejela agresivnejše strategije določanja cen od uveljavljenih konkurentov.
Finally, the Commission notes positively that ING implemented in a timely fashion its divestment commitment regarding ING Direct US, which constituted a key viability measure of the restructuring plan.
Komisija pozitivno ugotavlja, da je ING pravočasno izvedla svojo zavezo k odsvojitvi glede ING Direct US, kar je bil ključni ukrep sposobnosti preživetja v načrtu strukturiranja.
Therefore, the amendments do not call into question the viability analysis of the 2012 Restructuring Decision and have allayed the Commission's doubt expressed in the Opening Decision.
Torej spremembe ne vzbujajo pomislekov glede analize sposobnosti preživetja iz sklepa o prestrukturiranju iz leta 2012 in so odpravile dvom Komisije, ki ga je izrazila v sklepu o začetku postopka.
The doubts that the Commission raised in the Opening Decision that ING regarding the remuneration strategy in respect of the CT1 securities, which have put into question the appropriate remuneration of the CT1 securities have been allayed by the proposed new repayment schedule and its inherent commitment to an IRR of 12,5 %.
Dvomi, ki jih je izrazila Komisija v sklepu o začetku postopka v zvezi s strategijo nadomestil ob upoštevanju vrednostih papirjev CT1, ki so vzbudili pomisleke glede ustreznega nadomestila vrednostnih papirjev CT1, so bili odpravljeni s predlaganim novim načrtom odplačila in njegovih zavez k IRR v višini 12,5 %.
However, the Commission cannot agree with the argument of ING indicated in Recitals (39), (40) and (41) that the Commission was not entitled to comment on its dividend policy as the Rescue Decision only refers to the IRR being at a level of at least 10 % and that there can be no doubt that such a level of return will be achieved.
Vendar se Komisija ne more strinjati s trditvijo ING v uvodnih izjavah (39), (40) in (41), da ni bila upravičena do predložitve pripomb o svoji politiki dividend, ker se sklep o reševanju navezuje le na IRR, ki je na ravni najmanj 10 %, in ni dvoma, da bo takšna raven donosa dosežena.
In particular the Commission cannot agree with the argument that it was not entitled to re-examine the dividend policy of ING as, independently of the payment of coupon, that policy would not lead to a return in excess of 8,5 % and that as a result the failure of ING to pay dividends (and so coupons) cannot be linked to the level of IRR.
Komisija se zlasti ne more strinjati s trditvijo, da ni bila upravičena do ponovne proučitve politike dividend ING, ker neodvisno od plačila kupona ta politika ne bi povzročila donosa, višjega od 8,5 %, in da zato dejstvo, da ING ni plačala dividend (in s tem kuponov), ne more biti povezano z ravnijo IRR.
Contrary to what ING contends, it is not the case that the Commission has in the 2012 Restructuring Decision (as well as the now annulled 2009 Restructuring Decision) taken note of ING’s dividend policy.
V nasprotju s trditvijo ING ne drži, da je bila Komisija v sklepu o prestrukturiranju iz leta 2012 (in prav tako v odločbi v prestrukturiranju iz leta 2009, ki je zdaj nična) seznanjena s politiko dividend ING.
Those arguments must be rejected because they rest on a partial reading of Recital 32 of the Rescue Decision.
Navedene trditve je treba zavrniti, ker temeljijo na nepopolnem branju uvodne izjave 32 sklepa o reševanju.
To put into context the commitment given by the Netherlands and on which the Rescue Decision is based, it is necessary to take account of the observations made by that MemberStateand by ING which are recorded in Recital 31 of that Decision.
Za smiselno razumevanje zaveze Nizozemske, na kateri temelji tudi sklep o reševanju, je treba upoštevati opažanja te države članice in ING, ki so navedena v uvodni izjavi 31 tega sklepa.
Against that background, it is clear that the Commission took a favourable view of the recapitalisation measure in light of the re-notification commitment precisely because the MemberStatehad indicated that an appropriate return would be secured in part through the payment of coupon and because ING had indicated that it would continue its previous dividend policy.
Glede na navedeno je jasno, da je bila Komisija naklonjena ukrepu dokapitalizacije glede na zavezo k ponovni priglasitvi prav zato, ker je zadevna država članica navedla, da bo ustrezen donos delno zagotovljen prek plačila kupona, in ker je ING navedla, da bo ohranila svojo prejšnjo politiko dividend.
Since the Commission was aware that the level of assistance to a bank through a direct recapitalisation would vary depending on the degree of remuneration provided to the Member State, the Commission was in a position to temporarily approve the recapitalisation measure in light of the commitment of the Member State to re-notify which offered the Commission a degree of reassurance that the bank would not obtain State assistance without paying a suitable return.
Ker je bila Komisija seznanjena s tem, da se bo raven pomoči banki prek neposredne dokapitalizacije razlikovala glede na stopnjo nadomestila za državo članico, je lahko ob upoštevanju zaveze države članice k ponovni priglasitvi začasno odobrila ukrep dokapitalizacije, s čimer je imela določeno raven zagotovila, da banka ne bo pridobila državne pomoči, ne da bi plačala ustrezno vračilo.
The Commission also underlines that when it approves a measure, it does so on the basis of any accompanying commitments which form an integral part of the measure in question.
Komisija prav tako poudarja, da, kadar odobri ukrep, to stori na podlagi spremljajočih zavez, ki so sestavni del zadevnega ukrepa.
As such, the re-notification commitment was built into the measure examined and temporarily approved by the Rescue Decision.
Proučeni ukrep je tako vseboval zavezo k ponovni priglasitvi in je bil začasno odobren v sklepu o reševanju.
When the Commission re-examined the recapitalisation measure in the 2012 Restructuring Decision, the re-notification commitment remained an integral part of that measure and there is nothing in the latter decision to indicate that the Commission had ceased to consider the re-notification commitment as relevant to its assessment.
Ko je Komisija ponovno proučila ukrep dokapitalizacije v sklepu o prestrukturiranju iz leta 2012, je zaveza k ponovni priglasitvi ostala sestavni del navedenega ukrepa, in v navedenem sklepu nič ne kaže na to, da je Komisija spremenila mnenje glede pomena zaveze k ponovni priglasitvi za njeno oceno.
Moreover, the very wording of the re-notification commitment indicates that the Commission understood it to be applicable for five years and that the Netherlandshad offered its commitment to cover that time period.
Poleg tega sami izrazi v zavezi k ponovni priglasitvi kažejo, da je Komisija upoštevala njeno petletno veljavnost in da je Nizozemska ponudila svoje zaveze za navedeno časovno obdobje.
As such, there is nothing to indicate that the Commission's treatment of the recapitalisation measure as a component of the restructuring aid approved in the 2012 Restructuring Decision affected the re-notification requirement.
Zato ni mogoče sklepati, da je obravnavanje Komisije ukrepa dokapitalizacije kot sestavnega dela pomoči za prestrukturiranje, odobrene v sklepu o prestrukturiranju iz leta 2012, vplivalo na zahtevo po ponovni priglasitvi.
Therefore the re-notification of the recapitalisation measure and the underlying facts were apt to call into question the compatibility of the remuneration of the CT1 securities.
Zato so lahko ponovna priglasitev ukrepa dokapitalizacije in osnovna dejstva vzbudila pomisleke glede združljivosti nadomestila vrednostnih papirjev CT1.
However, in line with the 2008 Rescue Decision, the measure’s compatibility can in any event be ensured if sufficient behavioral commitments have been put in place by the Netherlandsin order to ensure an adequate remuneration of the State capital.
Vendar je lahko v skladu s sklepom o reševanju iz leta 2008 združljivost ukrepa v vsakem primeru zagotovljena, če Nizozemska uvede ustrezne zaveze glede ravnanja, da se zagotovi ustrezno nadomestilo državnega kapitala.
The Commission observes that other financial institutions which were recapitalised by means of similar capital instruments have also committed to a fixed repayment schedule [62].
Komisija ugotavlja, da so se druge finančne institucije, ki so bile dokapitalizirane s podobnimi kapitalskimi instrumenti, prav tako zavezale k načrtu stalnih odplačil [62].
Moreover, the fact that DNB has already approved repayment of EUR 750 million nominally and EUR 1,125 billion including a premium for 2012 provides the Commission with sufficient confidence that the repayment will take place.
Poleg tega je po mnenju Komisije dejstvo, da je DNB že odobrila odplačilo v višini nominalnih 750 milijonov EUR in 1,125 milijarde EUR, vključno s premijo za leto 2012, zadostno zagotovilo za izvedbo odplačila.
The Commission considers that the indicated IRR of 12,5 % resulting from the repayment schedule is acceptable for the purposes of the present compatibility analysis, notwithstanding the fact that the 2012 Restructuring Decision contained a repayment schedule with a higher IRR [63].
Komisija meni, da je navedena IRR v višini 12,5 %, ki je posledica načrta odplačil, sprejemljiva za namene sedanje analize združljivosti kljub dejstvu, da je sklep o prestrukturiranju iz leta 2012 vseboval načrt odplačil z višjo IRR [63].
Also, it is in line with IRR levels approved as sufficient to make State aid compatible with the internal market in other Commission decisions on fixed repayment schedules for banks recapitalised with similar instruments [64].
Prav tako je v skladu z ravnmi IRR, ki so bile odobrene kot ustrezne, da državna pomoč postane združljiva z notranjim trgom v drugih sklepih Komisije o načrtih stalnih odplačil za banke, dokapitalizirane s podobnimi instrumenti [64].
The IRR of 12,5 % can be considered as an adequate remuneration.
IRR v višini 12,5 % se lahko šteje za ustrezno nadomestilo.
Second, the amendments to the restructuring plan regarding the divestiture period for the Insurance business concern burden-sharing.
Poleg tega spremembe načrta prestrukturiranja glede obdobja za odsvojitev za podjetje Insurance zadevajo porazdelitev bremena.
The divestments were supposed to enable ING to obtain the necessary resources to cover the restructuring plan’s costs [65] and in particular to repay the State aid.
Odsvojitve naj bi ING omogočile, da pridobi potrebne vire za kritje stroškov načrta prestrukturiranja [65] in zlasti, da odplača državno pomoč.
However, the worsening of the financial environment (see Recital ((26) and following) has resulted in difficult conditions for insurance sales transactions [66].
Vendar je poslabšanje finančnega okolja (glej uvodno izjavo ((26) in sledeče) povzročilo težke pogoje za zavarovalne prodajne transakcije [66].
However, the divestment deadline for ING Insurance Europe, which is the main reason for the delay, is affected by various other aspects which were not foreseeable in 2009 and which render meeting the 2013 deadlines nearly impossible.
Vendar na rok odsvojitve za ING Insurance Europe, ki je glavni razlog za zamudo, vplivajo različni drugi vidiki, ki jih leta 2009 ni bilo mogoče predvideti in zaradi katerih je upoštevanje rokov za leto 2013 skoraj neizvedljivo.
They are, first, continued uncertainties relating to the Solvency II rules as well as the uncertainties relating to the European sovereign debt crisis, and its direct effect on the insurance sector considering that insurance companies are a significant investor group in sovereign bonds.
Obstajajo stalne negotovosti v zvezi s pravili Solventnosti II, pa tudi negotovosti v zvezi z evropsko dolžniško krizo ter njenim neposrednim vplivom na zavarovalniški sektor glede na to, da so zavarovalnice pomembna naložbena skupina v državne obveznice.
Second, ING Insurance Europe has a modified scope through the integration of a part of WUB in Nationale Nederlanden.
Poleg tega je ING Insurance Europe z vključitvijo v banko WUB v Nationale Nederlanden spremenila obseg.
Thirdly there exist […] in the home market of Nationale Nederlanden [67].
Na domačem trgu Nationale Nederlanden [67] tudi obstajajo […].
That modified scope as well as the regulatory and macroeconomic environment have increased the difficulty of the divestment process of ING Insurance Europe considerably in the short-term.
Ta spremenjeni obseg, pa tudi zakonodajno in makroekonomsko okolje, so kratkoročno znatno otežili postopek odsvojitve ING Insurance Europe.
Given that background and considering that the increased burden-sharing is preserved as a result of the associated prolongation of the acquisition ban and the ban to call or buy back hybrids, the extension of the divestiture period until 2015 can be seen as reasonable.
Glede na navedeno in ob upoštevanju povečane porazdelitve bremena, ki je ohranjena zaradi povezanega podaljšanja prepovedi prevzemov in prepovedi kupovanja ali odkupovanja hibridov, se podaljšanje obdobja odsvojitve do leta 2015 lahko zdi smiselno.
Regarding the prolongation of the deadline of ING Insurance US, the Commission notes […].
V zvezi s podaljšanjem roka ING Insurance US Komisija ugotavlja […].
The resulting delay in divestment can be considered appropriate as ING has put the VA business in run-down and would be subject to strict commitments in future stipulated in Annex II […] [68].
Posledična zamuda pri odsvojitvi se lahko šteje za ustrezno, saj je ING likvidirala poslovanje z rentnimi zavarovanji s spremenljivim donosom in bodo zanjo v prihodnosti veljale stroge zaveze iz Priloge II […] [68].
At the same time ING remains committed to go on with the envisaged IPO for the rest of ING Insurance US and commits to a reduction of 50 % of ING Insurance US at the end of 2013 (counting the run-down of the VA portfolio as reduction), when considering the capital involved.
Obenem ING ostaja zavezana k nadaljnji uporabi predvidene začetne javne ponudbe za preostali del ING Insurance US in se zavezuje k 50-odstotnemu zmanjšanju ING Insurance US konec leta 2013 (pri čemer se likvidacija portfelja rentnih zavarovanj s spremenljivim donosom šteje kot zmanjšanje), kar zadeva vključen kapital.
In 2014, ING will then divest 50 % of the business excluding the VA portfolio.
Leta 2014 bo ING torej odsvojila 50 % poslovanja brez portfelja rentnih zavarovanj s spremenljivim donosom.
The Commission considers that approach to be an acceptable solution […].
Komisija meni, da je tak pristop sprejemljiva rešitev […].
It is also appropriate in terms of burden-sharing by dint of the associated prolongation of the acquisition ban and the ban to call or buy back hybrids.
Prav tako je sprejemljiv v smislu porazdelitve bremena s pomočjo povezanega podaljšanja prepovedi prevzemov in prepovedi kupovanja ali odkupovanja hibridov.
While the Commission notes that the sale of a majority of the relevant businesses will allow them to be disaggregated from ING from an accounting and regulatory perspective, it also takes positive note that the Netherlands commits in addition that ING will divest the Asian and United States Insurance business by the end of 2016 and ING Insurance Europe in full by the end of 2018.
Komisija sicer ugotavlja, da bo prodaja večine zadevnih podjetij omogočila njihovo ločitev od ING z računovodskega in zakonodajnega vidika, pri tem pa pozitivno ugotavlja, da se Nizozemska nadalje zavezuje, da bo ING odsvojila azijsko in ameriško zavarovalniško podjetje do konca leta 2016 in ING Insurance Europe v celoti do konca leta 2018.
In view of the above the Commission considers that the amendments do not call into question the conclusion of the 2012 Restructuring Decision as to the level of burden-sharing and have allayed the Commission's doubts regarding the remuneration of the CT1 securities.
Glede na navedeno Komisija meni, da spremembe ne vzbujajo pomislekov glede sklepne ugotovitve sklepa o prestrukturiranju iz leta 2012 v zvezi z ravnijo porazdelitve bremena in so odpravile dvome Komisije v zvezi z nadomestilom vrednostnih papirjev CT1.
The amendments notified to the Commission concern, in particular, the adequate remuneration of State aid and the divestment of a new competitive force in the Dutch retail market.
Spremembe, priglašene Komisiji, zadevajo zlasti ustrezno nadomestilo državne pomoči in odsvojitev nove konkurenčne sile na nizozemskem trgu poslovanja s prebivalstvom.
Whereas an adequate level of remuneration is necessary to address the existing distortions of competition, early repayment will limit the effect of the State aid.
Čeprav je ustrezna raven nadomestila potrebna za obravnavanje obstoječih izkrivljanj konkurence, bo zgodnje odplačilo omejilo učinek državne pomoči.
The Commission has already established that, according to the repayment schedule the IRR achieved on the recapitalisation measure is set at 12,5 %, which it considers adequate.
Komisija je že ugotovila, da je glede na načrt odplačil IRR, dosežena na ukrep dokapitalizacije, določena na 12,5 %, kar je po njenem mnenju ustrezno.
Moreover according to the commitments, that State capital will be fully repaid by 2015.
Poleg tega bo ta državni kapital glede na zaveze v celoti odplačala do leta 2015.
Second, by committing to divest WUB, the Netherlandsand ING undertook to bring a viable and competitive new force to the Dutch retail market.
Nizozemska in ING sta se z zavezo k odsvojitvi banke WUB zavezali, da bosta na nizozemski trg poslovanja s prebivalstvom pripeljali za preživetje sposobno in konkurenčno novo silo.
The Netherlandsand ING failed to implement that initial commitment.
Nizozemska in ING nista izvedli te prvotne zaveze.
They have proposed the Van Gogh scenario as an alternative, on which the Commission raised doubts in the Opening Decision.
Za drugo možnost sta predlagali scenarij Van Gogh, o katerem je Komisija izrazila dvome v sklepu o začetku postopka.
Those shortcomings have in the meantime been rectified through three key commitments, which together re-align the incentives of ING to create a sustainable new actor on the Dutch market.
Ti primanjkljaji so bili medtem odpravljeni s tremi ključnimi zavezami, ki skupaj ponovno usklajujejo spodbude ING, da se na nizozemskem trgu ustvari nov trajnostni akter.
The Commission takes positive note of the linked ban commitment described in Recitals (83) to (86) which constitutes a cap on ING's new mortgage production as a multiple of the production of NN Bank.
Komisija pozdravlja povezano zavezo k prepovedi, opisano v uvodnih izjavah (83) do (86), ki pomeni omejitev na izdajo novih hipotekarnih posojil ING kot večkratnika prometa banke NN Bank.
It ensures that ING will have the incentives to achieve the committed level of production for NN Bank and thereby the committed market share of around [2-9] %.
Zagotavlja, da bo imela ING spodbude za doseganje zastavljene ravni prometa za banko NN Bank in s tem zastavljenega tržnega deleža v višini okrog [2–9] %.
The multiple of [2-4] linking the mortgage production of ING and NN Bank is based on the average ING production of new mortgages excluding renewals since 2011 [70] compared to the projected EUR [1,5-6] billion of annual new production of NN Bank.
Večkratnik [2–4], ki povezuje izdajo hipotekarnih posojil ING in NN Bank, temelji na povprečnih izdajah novih hipotekarnih posojil ING brez obnovitev od leta 2011 [70] v primerjavi s predvidenim zneskom [1,5–6] milijard EUR letnega novega prometa banke NN Bank.
If NN Bank underperforms compared to its minimum targets of new production, ING would suffer a loss of market share in turn.
Če poslovanje banke NN Bank ne bo doseglo njenih najnižjih ciljev glede novega prometa, bi ING po drugi strani utrpela izgubo tržnega deleža.
In the current macroeconomic environment, where the future evolution of the size of the market can only be predicted with relatively high uncertainty, it is appropriate to fix a production cap relative to the performance of NN Bank rather than at an absolute level.
V sedanjem makroekonomskem okolju, ko je prihodnji razvoj velikosti trga mogoče napovedati le z relativno visoko negotovostjo, je treba odpraviti omejitev prometa glede na uspešnost banke NN Bank in ne na absolutni ravni.
The linkage in the ban will ensure that if the market grows or declines more than expected ING will have the necessary incentives to keep the market share of NN Bank in line with the projected level.
Povezava v prepovedi bo zagotovila, da bo ING v primeru, da se trg poveča ali zmanjša bolj kot pričakovano, imela potrebne spodbude, da obdrži tržni delež banke NN Bank na predvideni ravni.
That linked ban commitment is further strengthened through the self-funding commitment described in Recitals (87) to (96).
Navedena povezana zaveza k prepovedi je dodatno okrepljena z zavezo k samofinanciranju, opisano v uvodnih izjavah (87) do (96).
In fact, the new production of NN Bank should be self-funded to ensure real independence from ING in the medium-term.
Pravzaprav bi novi promet banke NN Bank moral biti samofinanciran, da se zagotovi srednjeročna realna neodvisnost od ING.
The linked ban could lead ING to encourage NN Bank to fund its new production in an unsustainable way in order to avoid a production constraint for ING in the short-term.
S povezano prepovedjo bi ING lahko spodbudila banko NN Bank, da netrajnostno financira svoj novi promet, da se kratkoročno prepreči omejitev prometa za ING.
ING committed that the funding will to a large extent consist of customer liabilities, insofar as total deposits and wholesale funding will constitute at least 75 % in the first year, 80 % in the second year and 85 % in the third year of the funding in the base case projections, whereas wholesale funding must be limited to EUR [1-4] billion.
ING se je zavezala, da bo financiranje v veliki meri sestavljeno iz obveznosti strank, če bodo skupne vloge in financiranje za podjetja v napovedih osnovnega scenarija znašali najmanj 75 % v prvem letu, 80 % v drugem letu in 85 % v tretjem letu financiranja, pri čemer mora biti financiranje za podjetja omejeno na [1–4] milijard EUR.
In addition, in order to achieve a critical mass of a market share of [2-9] % it is acceptable that ING funds NN Bank up to the maximum amount of EUR 2,7 billion in line with the NN Bank business plan until the moment of the divestment.
Poleg tega je za doseganje kritične mase tržnega deleža v višini [2–9] % sprejemljivo, da ING banko NN Bank financira največ do zneska 2,7 milijarde EUR v skladu s poslovnim načrtom banke NN Bank do trenutka odsvojitve.
However in order to achieve independence of NN Bank as a new actor on the Dutch retail banking market, that funding beyond the divestment can only take the form of securities issued by NN Bank and purchased by ING in transactions in line with market conditions.
Vendar se za doseganje neodvisnosti banke NN Bank kot novega akterja na nizozemskem trgu bančnega poslovanja s prebivalstvom lahko financiranje po odsvojitvi izvaja le v obliki vrednostnih papirjev, ki jih je izdala banka NN Bank in kupila ING v transakcijah v skladu s tržnimi razmerami.