natgillin/translations-raw huggingface dataset:
The Commission already established in the May 2009 Decision that the risk shield constitutes state aid.
Komisija je že v odločbi iz maja 2009 ugotovila, da zaščita pred tveganji pomeni državno pomoč.
Germany has clarified that the risk shield still takes effect on the equity part of the Phoenix portfolio which has been transferred to the EAA.
Nemčija je pojasnila, da zaščita pred tveganji še vedno vpliva na kapitalski del portfelja Phoenix, ki je bil prenesen na EAA.
b. THE CAPITAL INJECTION
b. DOKAPITALIZACIJA
The Commission already concluded in its December 2009 Decision that the capital injection of EUR 3 billion constitutes state aid within the meaning of Article 107(1) TFEU.
Komisija je že v sklepu iz decembra 2009 sklenila, da dokapitalizacija v znesku 3 milijarde EUR pomeni državno pomoč v smislu člena 107(1) PDEU.
c. THE ADDITIONAL CAPITAL INSTRUMENT FOR SPM BANK
c. DODATNI KAPITALSKI INSTRUMENT ZA BANKO SPM
According to the June 2011 restructuring plan NRW will issue an additional instrument in favour of SPM bank in the amount of EUR 1 billion in order to replace the part of WestLB's equity [60] that is going to be paid back to SoFFin.
NRW bo v skladu z načrtom prestrukturiranja iz junija 2011 izdala dodatni instrument v korist banke SPM v znesku 1 milijarde EUR za nadomestitev dela kapitala banke WestLB [60], ki se bo izplačal skladu SoFFin.
That capital is given by NRW and thus stems from State resources.
Ta kapital dodeli NRW, zato izvira iz državnih sredstev.
It has the effect of covering up a capital shortage of an individual bank and amounts hence to a selective advantage to SPM bank.
Ker kapital pokriva kapitalski primanjkljaj posamezne banke, banki SPM zagotavlja selektivno prednost.
Given that SPM bank will be active in a sector in which undertakings from other Member State are present, that measure is likely to distort competition and to affect trade between Member States.
Ker bo banka SPM dejavna v sektorju, v katerem so prisotna podjetja iz druge države članice, bo ta ukrep verjetno izkrivljal konkurenco in vplival na trgovino med državami članicami.
It is thus state aid, as is confirmed by the analysis of similar capital measures [61].
Zato gre za državno pomoč, kakor potrjuje analiza podobnih kapitalskih ukrepov [61].
d. THE ADDITIONAL LOSS COVERAGE BY NRW FOR SPM BANK
d. DODATNO KRITJE IZGUB S STRANI NRW ZA BANKO SPM
According to the June 2011 restructuring plan, NRW will take over the losses for operating and liquidating SPM bank over a five-year period, as well as assume all pension liabilities.
NRW bo v skladu z načrtom prestrukturiranja iz junija 2011 prevzela izgube pri delovanju in likvidaciji banke SPM v petletnem obdobju ter prevzela vse pokojninske obveznosti.
The overall losses that SPM bank will accumulate over its operating lifespan are assumed to range between EUR [3-6] billion in the base case scenario and EUR [4-7] billion in the bad case scenario.
Skupne izgube, ki jih bo banka SPM zbrala v času delovanja, bodo po predvidevanjih znašale [3–6] milijard EUR po osnovnem scenariju in [4–7] milijard EUR po slabem scenariju.
Those losses must be covered by the […].
Te izgube je treba pokriti z […].
The commitment to take over losses generated by SPM bank is therefore similar to a capital injection ranging between EUR [100-700] million and EUR [0,5-2,0] billion. As with the additional capital instrument for SPM bank, the additional loss coverage also covers SPM bank's capital shortage and provides it with a selective advantage since there is nothing to indicate that the bank could obtain such capital on the market.
Zaveza za prevzem izgub, ki jih je ustvarila banka SPM, je zato podobna dokapitalizaciji v znesku od [100–700] milijonov EUR do [0,5–2,0] milijarde EUR. Kritje dodatnih izgub tako kot v primeru dodatnega kapitalskega instrumenta za banko SPM krije tudi kapitalski primanjkljaj banke SPM in ji zagotavlja selektivno prednost, ker nič ne nakazuje, da bi lahko banka tak kapital pridobila na trgu.
As the measure stems from NRW, it is provided from State resources.
Ker ukrep izhaja iz NRW, se financira iz državnih sredstev.
Given the characteristics of the banking sector set out in recital 118, the measure is apt to distort competition and to affect trade between Member States.
Ob upoštevanju značilnosti bančnega sektorja iz uvodne izjave 118 bi lahko ukrep izkrivljal konkurenco in vplival na trgovino med državami članicami.
Hence it constitutes state aid.
Zato pomeni državno pomoč.
e. THE FIRST ASSET TRANSFER
e. PRVI PRENOS SREDSTEV
The Commission already concluded in its December 2009 Decision that the impaired asset relief measure in the form of the establishment of a bad bank constitutes state aid [62].
Komisija je že v sklepu iz decembra 2009 sklenila, da ukrep finančne pomoči za oslabljena sredstva v obliki ustanovitve slabe banke pomeni državno pomoč [62].
It does not agree with Germany in so far as the latter argues that the Impaired Assets Communication should not be applied.
Ne strinja se s stališčem Nemčije, da se Sporočilo o oslabljenih sredstvih ne bi smelo uporabljati.
Germany has in fact previously confirmed that WestLB would not have complied with regulatory minimum capital requirements any longer had it not been shielded by the state support measure [64].
Nemčija je predhodno potrdila, da banka WestLB ne bi več izpolnjevala regulativnih najmanjših kapitalskih zahtev, če je ne bi ščitil ukrep državne podpore [64].
As regards its temporal scope, the Impaired Assets Communication must be applied to the asset transfer.
Kar zadeva časovno področje uporabe Sporočila o oslabljenih sredstvih, ga je treba uporabiti za prenos sredstev.
The Commission recalls that it has to apply the law and guidelines in force at the time of the adoption of a decision, irrespective of the time at which the aid measures were designed or notified [65].
Komisija opozarja, da mora uporabljati zakonodajo in smernice, veljavne v času sprejetja sklepa, in sicer ne glede na čas, v katerem so bili ukrepi pomoči pripravljeni ali priglašeni [65].
In fact, in the context of the current financial crisis the Commission has previously applied the Impaired Assets Communication to measures notified before the publication of the communication [66].
Komisija je v okviru trenutne finančne krize za ukrepe, priglašene pred objavo Sporočila o oslabljenih sredstvih, pred tem uporabljala to sporočilo [66].
In any event, the reasoning in the May 2009 Decision was to accept the nominal amount of the guarantee as the aid amount, which is not uncommon for impaired asset guarantees [67]; however, if that approach were to be applied in the present case, it would result in an amount that exceeded by far the aid amount established by the Impaired Assets Communication.
V vsakem primeru je bila obrazložitev v odločbi iz maja 2009 sprejetje nominalnega zneska jamstva kot znesek pomoči, kar ni neobičajno pri jamstvih za oslabljena sredstva [67]; vendar bi z uporabo tega pristopa v zadevnem primeru znesek močno presegel znesek pomoči iz Sporočila o oslabljenih sredstvih.
The main issue thus remains the establishment of the amount of aid.
Glavno vprašanje tako ostaja določitev zneska pomoči.
According to point 39 of the Impaired Assets Communication, aid is granted by an impaired asset measure in so far as the transfer value exceeds the market value of the total portfolio.
Pomoč se v skladu s točko 39 Sporočila o oslabljenih sredstvih dodeli v okviru ukrepa za oslabljena sredstva, če vrednost prenosa presega tržno vrednost skupnega portfelja.
In the November 2010 Decision the Commission calculated a preliminary aid amount of EUR 11 billion which did not consider mitigating factors.
Komisija je v sklepu iz novembra 2010 izračunala predhodni znesek pomoči 11 milijard EUR, pri čemer niso bili upoštevani olajševalni dejavniki.
To that end, the Commission made an assessment of a likely market value for assets that were not trading in the market and relied on expert advice.
Komisija je v ta namen izvedla oceno verjetne tržne vrednosti za sredstva, s katerimi se ni trgovalo na trgu, pri čemer se je zanašala na strokovno mnenje.
However, the Commission has been able, through in-depth analysis of the portfolio relying on the details of the final expert report, to refine its assessment.
Vendar je Komisija lahko prek izčrpne analize portfelja, ki je temeljila na podrobnostih končnega poročila strokovnjakov, nadgradila svojo oceno.
Table 6 provides an overview of the market value, listed by sub-portfolio:
V preglednici 6 je zagotovljen pregled tržne vrednosti, navedene po podportfeljih:
Market value of the first asset transfer (billion EUR)
Tržna vrednost prvega prenosa sredstev (v mrd. EUR)
Commission's Market Value Estimate
Ocena trine vrednosti Komisije
Undrawn Commitments —
Načrpane obveznosti
For the Securities portfolio as well as the ABS sub-portfolio of the Structured Securities portfolio, market values were either readily available or could be derived from valuations of proximity assets that had readily available market values (EUR 18,430 billion (that figure has been disaggregated: EUR 15,762 billion + EUR 2,770 billion – EUR 0,102 billion = EUR 18,430 billion
Za portfelj vrednostnih papirjev in podportfelj ABS portfelja strukturiranih vrednostnih papirjev so bile tržne vrednosti takoj na voljo ali bi bile lahko pridobljene iz vrednotenj bližnjih sredstev, ki so imela takoj razpoložljive tržne vrednosti (18,430 milijarde EUR (ta znesek je razčlenjen: 15,762 milijarde EUR + 2,770 milijarde EUR – 0,102 milijarde EUR = 18,430 milijarde EUR
)) and EUR 2,9 billion respectively).
) in 2,9 milijarde EUR).
For the lending portfolio, a severe stress scenario [68] was used as a market value proxy resulting in a EUR 748 million discount on undrawn commitments (total EUR 16,607 billion, that figure has been disaggregated: EUR 17,355 billion – EUR 0,748 billion = EUR 16,607 billion
Za portfelj posojil je bil uporabljen scenarij izredne situacije [68] kot približek tržne vrednosti, ki je povzročil znižanje v znesku 748 milijonov EUR za nečrpane obveznosti (skupaj 16,607 milijarde EUR, ta znesek je razčlenjen: 17,355 milijarde EUR – 0,748 milijarde EUR = 16,607 milijarde EUR
For the European Super Seniors sub-portfolio, the original WestLB estimate of expected principal losses is deemed to be very conservative and close to a market value calculation.
Za podportfelj European Super Seniors naj bi bila prvotna ocena banke WestLB glede pričakovanih izgub glavnice zelo konservativna in blizu izračunu tržne vrednosti.
As a result, the WestLB-inferred REV for the ESS portfolio could be used as a market value estimate (EUR 1,750 billion) [69].
Posledično bi bilo mogoče dejansko ekonomsko vrednost, povzeto po banki WestLB, za portfelj European Super Seniors uporabiti kot oceno tržne vrednosti (1,750 milijarde EUR) [69].
As regards the Phoenix Portfolio, which is a structured security with a complicated waterfall pay-off structure, an approximation of the market value can be made as follows: first, the mark-to-market (hereinafter called “MtM”) of the underlying collateral was deemed to be around 54 % (EUR 12,375 billion).
V zvezi s portfeljem Phoenix, ki je strukturiran vrednostni papir z zapleteno kaskadno strukturo izplačil, je mogoče približno oceno tržne vrednosti pridobiti na naslednji način: prvič, vrednotenje po tekočih tržnih cenah temeljnega zavarovanja je bilo po ocenah približno 54 % (12,375 milijarde EUR).
Taking into consideration the available cash (EUR 1,325 billion to be added) and the likely cash outflows (about EUR 0,5 billion in an adverse, MtM-like scenario, to be subtracted), the market value can be estimated at approximately EUR 13,2 billion [70].
Ob upoštevanju razpoložljivih (prišteje se 1,325 milijarde EUR) in verjetnih denarnih odtokov (odšteje se približno 0,5 milijarde EUR v negativnem scenariju, podobnem vrednotenju po tekočih tržnih cenah) je mogoče tržno vrednost oceniti na približno 13,2 milijarde EUR [70].
If one compares the total amount (EUR 52,887 billion) to the transfer value (EUR 68,116 billion), the aid amount is established, from which some mitigating factors have to be deducted.
S primerjavo skupnega zneska (52,887 milijarde EUR) z vrednostjo prenosa (68,116 milijarde EUR) se določi znesek pomoči, od katerega je treba odšteti nekatere olajševalne dejavnike.
That aid amount includes the guarantees provided by the WestLB shareholders to cover the losses of the EAA (see recitals 33 to 40) because those guarantees will replace the engagement that the Bund has given by acquiring the assets from WestLB via the EAA.
Ta znesek pomoči zajema jamstva delničarjev banke WestLB, ki so namenjena kritju izgub banke EAA (glej uvodne izjave 33 do 40), ker bodo ta jamstva nadomestila obvezo, ki jo je zvezna država dala s pridobitvijo sredstev banke WestLB prek banke EAA.
It should be recalled that pursuant to the FMStFG the Bund must be compensated by the shareholders for any losses crystallising in the future.
Opozoriti je treba, da morajo delničarji v skladu z FMStFG zvezni državi povrniti vse izgube, ki postanejo jasne v prihodnosti.
Hence that liability of the Bund is in fact being replaced by a liability of the WestLB shareholders internally.
Zato se obveznost zvezne države dejansko nadomesti notranje z obveznostjo delničarjev banke WestLB.
However, that replacement does not have any effect vis-à-vis the beneficiary and to treat those guarantees as a separate source of aid would amount to double counting of the support.
Vendar ta zamenjava nima učinka na upravičenca, pri čemer bi obravnava teh jamstev kot ločeni vir pomoči pomenila dvojno upoštevanje podpore.
Those guarantees therefore do not increase the aid amount in the first asset transfer to the EAA.
Ta jamstva zato ne pomenijo višjega zneska pomoči v prvem prenosu sredstev na banko EAA.
f. THE SECOND ASSET TRANSFER - REPLENISHMENT OF THE EAA
f. DRUGI PRENOS SREDSTEV – DOPOLNITEV BANKE EAA
The second transfer concerns the potential replenishment of the EAA with all of WestLB's current assets and liabilities.
Drugi prenos zadeva morebitno dopolnitev banke EAA z vsemi trenutnimi sredstvi in obveznostmi banke WestLB.
It has to be borne in mind that only the transfer of the WestImmo carve-out portfolio to the EAA is certain to take place, while the transfer of assets and liabilities linked to the Verbundbank and Pfandbriefbank is merely a possibility.
Upoštevati je treba, da bo zagotovo potekal le prenos izčlenjenega portfelja WestImmo na banko EAA, pri čemer prenos sredstev in obveznosti, povezanih z Verbundbank in Pfandbriefbank, ni zagotovljen.
Furthermore, WestLB has put all its divisions and business units up for sale, and as a result related assets and liabilities may still be divested at market prices before 30 June 2012 and hence not be transferred to the EAA.
Poleg tega je banka WestLB dala v prodajo vse svoje oddelke in poslovne enote, zato je mogoče povezana sredstva in obveznosti odsvojiti po tržnih cenah pred 30. junijem 2012 in morda ne bodo preneseni na banko EAA.
The following assessment is, however, based on the precautious assumption that as of 30 June 2012, all of WestLB's current assets and liabilities will be transferred to the EAA.
Vendar naslednja ocena temelji na previdni predpostavki, da bodo po 30. juniju 2012 vsa trenutna sredstva in obveznosti banke WestLB preneseni na EAA.
In the case of WestImmo, a carve-out portfolio with assets and liabilities of around EUR [5,3-6,9] billion (HGB book value) will be spun off and transferred to the EAA.
V primeru banke WestImmo bo izčlenjeni portfelj s sredstvi in obveznostmi v znesku približno [5,3–6,9] milijarde EUR (knjigovodska vrednost po HGB) razdeljen in prenesen na EAA.
The market value has been established as indicated in Table 4 above.
Tržna vrednost je bila določena v skladu s preglednico 4 zgoraj.
The Commission has assessed the figures for the market value and finds the explanation why that amount should be considered sufficiently prudent plausible.
Komisija je ocenila zneske za tržno vrednost, pri čemer ocenjuje razlago, zakaj naj bi se ta znesek štel za dovolj preudarnega, kot verjetno.
Therefore it establishes the difference between transfer values and market values, i.e. the aid amount, for the WestImmo part of the second asset transfer to be EUR [300-800] million.
Zato ugotavlja, da je razlika med vrednostmi prenosa in tržnimi vrednostmi, tj. znesek pomoči, za del drugega prenosa sredstev banke WestImmo [300–800] milijonov EUR.
In addition, Germany submits that, if WestImmo, freed of the carve-out portfolio, cannot be sold as Pfandbriefbank but has to be transferred to the EAA, its transfer value would be equal to its market value.
Nemčija poleg tega navaja, da bi bila vrednost prenosa banke WestImmo brez izčlenjenega portfelja, če je ne bi bilo mogoče prodati kot Pfandbriefbank, ampak bi jo bilo treba prenesti na EAA, enaka njeni tržni vrednosti.
That submission seems plausible, given that Pfandbriefbank has deliberately been released from impaired assets.
Ta navedba se zdi uresničljiva, saj je bila Pfandbriefbank namenoma odvezana oslabljenih sredstev.
In the case of WestLB, assets and liabilities of around EUR [120-150] billion (HGB book value) will be spun off. The portfolio market values have been established to be EUR [1,0-1,8] billion lower than their HGB book values, as indicated in Table 3 at recital 52.
V primeru banke WestLB bodo sredstva in obveznosti v znesku približno [120–150] milijard EUR (knjigovodska vrednost po HGB) razdeljeni. Ugotovljeno je bilo, da so tržne vrednosti portfeljev [1,0–1,8] milijarde EUR nižje od njihovih knjigovodskih vrednosti po HGB, kakor je navedeno v preglednici 3 v uvodni izjavi (52).
The Commission has assessed the figures for the market value of the remaining WestLB assets and liabilities.
Komisija je ocenila podatke za tržno vrednost preostalih sredstev in obveznosti banke WestLB.
It did not identify any inconsistencies in the market valuation.
Pri vrednotenju trga ni odkrila neskladij.
In fact, the Commission recalls that WestLB has been freed from impaired assets in the context of the first asset transfer, and that the resulting capital relief was quite large.
Komisija celo opozarja, da je bila WestLB v okviru prvega prenosa sredstev rešena oslabljenih sredstev, pri čemer je bila posledična kapitalska olajšava precej obsežna.
Hence it does not seem surprising that the quality of the portfolio and so its market value is much better than that of the first transfer.
Zato se ne zdi presenetljivo, da sta kakovost portfelja in njegova tržna vrednost veliko boljša od kakovosti in tržne vrednosti prvega prenosa.
Therefore the Commission accepts that the portfolio market values of the assets and liabilities are in total EUR [1,0-1,8] billion lower than the transfer values (HGB book values), and that the aid amount for the WestLB-part of the second asset transfer is hence equal to EUR [1,0-1,8] billion.
Zato se Komisija strinja, da so tržne vrednosti sredstev in obveznosti portfelja skupaj [1,0–1,8] milijarde EUR nižje od vrednosti prenosa (knjigovodske vrednosti po HGB) in da je znesek pomoči za del drugega prenosa sredstev banke WestLB enak [1,0–1,8] milijarde EUR.
In total, the market values of the second asset transfer are EUR [1,3-2,6] billion lower than their transfer values.
Skupaj so tržne vrednosti drugega prenosa sredstev [1,3–2,6] milijarde EUR nižje od vrednosti prenosa.
The total aid amount for the second asset transfer is hence EUR [1,3-2,6] billion.
Skupen znesek pomoči za drugi prenos sredstev je torej [1,3–2,6] milijarde EUR.
g. PROVISION OF LIQUIDITY SUPPORT BY THE WESTLB SHAREHOLDERS IN THE FIRST HALF OF 2012
g. ZAGOTAVLJANJE LIKVIDNOSTNE PODPORE DELNIČARJEV BANKE WESTLB V PRVI POLOVICI LETA 2012
Once all assets of WestLB have been transferred into the EAA, the EAA will take care of their funding.
Banka EAA bo po prenosu vseh sredstev banke WestLB na EAA poskrbela za njihovo financiranje.
Up to 30 June 2012 (that is, until the transfer takes place) the shareholders of WestLB will provide any liquidity support that is needed in order to ensure that the transfer of assets to the EAA occurs.
Delničarji banke WestLB bodo do 30. junija 2012 (tj. do izvedbe prenosa) zagotavljali vso likvidnostno podporo, potrebno za zagotavljanje izvedbe prenosa sredstev na banko EAA.
Given the status of the WestLB shareholders as public authorities or entities under the ultimate control of public authorities to whom any decision to grant liquidity in the context of the transformation would be imputable, the measure stems from state resources.
Glede na status delničarjev banke WestLB kot javni organi ali subjekti pod dokončnim nadzorom javnih organov, ki jim je mogoče pripisati vsako odločitev za dodelitev likvidnosti v okviru transformacije, ukrep izhaja iz državnih sredstev.
As explained in recital 118, the characteristics of the banking sector in Germany are such that the provision of such an advantage would be apt to distort competition and also to affect trade between Member States.
Kakor je pojasnjeno v uvodni izjavi 118, bi lahko zagotavljanje take prednosti zaradi značilnosti bančnega sektorja v Nemčiji izkrivilo konkurenco in vplivalo na trgovino med državami članicami.
As a result, the provision of liquidity support by the WestLB shareholders in the first half of 2012 constitutes state aid.
Zagotavljanje likvidnostne podpore delničarjev banke WestLB v prvi polovici leta 2012 posledično pomeni državno pomoč.
h. CONCLUSION
h. SKLEPNA UGOTOVITEV
In sum, WestLB has obtained the following state aid measures:
Banka WestLB je pridobila naslednje ukrepe državne pomoči:
Capital or capital-like measures
Kapitalski ali kapitalskim podobni ukrepi
(billion EUR)
(v mrd. EUR)
The risk shield for the Phoenix portfolio
Zaščita pred tveganji za portfelj Phoenix
The capital injection in the context of the first asset transfer
Dokapitalizacija v okviru prvega prenosa sredstev
The additional loss coverage by NRW for SPM bank
Dodatno kritje izgub s strani NRW za banko SPM
The first asset transfer
Prvi prenos sredstev
The second transfer - replenishment of the EAA with WestImmo assets and liabilities (carve-out portfolio)
Drugi prenos – dopolnitev banke EAA s sredstvi in obveznostmi banke WestImmo (odcepljen portfelj)
The second transfer - replenishment of the EAA with WestLB assets and liabilities
Drugi prenos – dopolnitev banke EAA s sredstvi in obveznostmi banke WestLB
Percentage of aid, compared with EUR 88,5 billion of RWAs (as of 30.12.2008)
Odstotek pomoči v primerjavi z 88,5 milijarde EUR tveganju prilagojenih sredstev (od 30.12.2008)
Liquidity measures
Ukrepi v zvezi z likvidnostjo
COMPATIBILITY OF THE AID WITH THE INTERNAL MARKET
2 ZDRUŽLJIVOST POMOČI Z NOTRANJIM TRGOM
a. APPLICATION OF ARTICLE 107(3)(b) TFEU
a. UPORABA ČLENA 107(3)(B) PDEU
Article 107(3)(b) TFEU empowers the Commission to find that aid is compatible with the internal market if it is intended "to remedy a serious disturbance in the economy of a Member State".
Člen 107(3)(b) PDEU Komisijo pooblašča, da presodi, da je pomoč združljiva z notranjim trgom, če je namenjena „odpravljanj[u] resne motnje v gospodarstvu države članice“.
The Commission has acknowledged that the global financial crisis can create a serious disturbance in the economy of a Member State and that measures supporting banks are apt to remedy that disturbance.
Komisija priznava, da lahko svetovna finančna kriza povzroči resne motnje v gospodarstvu države članice in da so ukrepi v podporo bankam ustrezni za odpravo teh motenj.
That assessment has been confirmed in the Commission communication The recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition [72] (hereinafter called “the Recapitalisation Communication”), the Impaired Assets Communication and the Restructuring Communication.
To oceno potrjujejo tudi Sporočilo Komisije – Dokapitalizacija finančnih institucij v trenutni finančni krizi: omejitev pomoči na najmanjšo potrebno in zaščitni ukrepi za preprečevanje neupravičenega izkrivljanja konkurence [72] (v nadaljnjem besedilu: Sporočilo o dokapitalizaciji), Sporočilo o oslabljenih sredstvih in Sporočilo o prestrukturiranju.