natgillin/translations-raw huggingface dataset:
By June 2011, the exposure of BPN to CGD in money market instruments was approximately EUR 1 billion. Although the financing was being carried out on a daily basis, it was, according to the Portuguese authorities, of a structural nature with longer dates [17], and was also substituted by the fourth, and last, commercial paper issue of June 2011, with the launch of two issues of EUR 500 million each.
Izpostavljenost BPN do CGD iz naslova instrumentov denarnega trga je do junija 2011 znašala približno 1 milijardo EUR. Čeprav se je financiranje izvajalo dnevno, je bilo po navedbah portugalskih organov to izvajanje strukturne oblike in z daljšimi obdobji [17], nadomeščeno pa je bilo tudi s četrto in zadnjo izdajo komercialnih zapisov, ki je bila izvedena junija 2011, pri čemer sta bili organizirani dve izdaji po 500 milijonov EUR.
According to the figures supplied by the Portuguese authorities on 3 February 2012, the outstanding amount owed by BPN to CGD (apart from the commercial paper issues) was EUR 433,7 million on 31 December 2011 and EUR 232 million on 31 January 2012.
Po podatkih, ki so jih 3. februarja 2012 predložili portugalski organi, je preostali dolg BPN do banke CGD (razen izdaj komercialnih zapisov) 31. decembra 2011 znašal 433,7 milijona EUR, 31. januarja 2012 pa 232 milijonov EUR.
Overview of liquidity obtained by BPN from CGD, as at 31 December 2011
Pregled likvidnostnih sredstev, ki jih je BPN prejela od CGD, na dan 31. decembra 2011
Source: Portuguese authorities
Vir: portugalski organi.
With explicit state guarantee
Z izrecnim državnim poroštvom
CGD Loans
Posojila CGD
(without explicit state guarantee)
(brez izrecnega državnega poroštva)
Special Purpose Vehicles [18]
Pravni subjekti s posebnim namenom [18]
It should be noted that under Article 2(9) of the Nationalisation Law all credit or liquidity lines offered by CGD to BPN in the context of the nationalisation are to be guaranteed by the Portuguese State.
Opozoriti je treba, da morajo biti v skladu s členom 2(9) zakona o nacionalizaciji vse kreditne linije ali bančne kreditne linije, ki jih CGD zagotovi banki BPN v okviru nacionalizacije, zavarovane s poroštvom portugalske države.
It is therefore clear that all of the amounts described in Table 1 above benefited from a state guarantee pursuant to Article 2(9) of the Nationalisation Law and the various orders issued by the Secretary of State for the Treasury and Finance.
Zato je jasno, da je bilo za vse zneske iz preglednice 1 zagotovljeno državno poroštvo v skladu s členom 2(9) zakona o nacionalizaciji in da zanje veljajo različne odredbe, ki jih je izdal državni sekretar za zakladnico in finance.
The remuneration for the state guarantees was set at 0,2 % per year.
Za plačilo državnega poroštva je bila določena stopnja 0,2 % na leto.
The Restructuring of BPN
Prestrukturiranje BPN
The 2010 restructuring plan
Načrt prestrukturiranja iz leta 2010
An initial restructuring plan of 13 September 2010 (hereinafter ‘the 2010 Restructuring Plan’) was sent to the Commission by the Portuguese authorities on 16 September 2010.
Prvotni načrt prestrukturiranja z dne 13. septembra 2010 (v nadaljnjem besedilu: načrt prestrukturiranja iz leta 2010) so portugalski organi predložili Komisiji 16. septembra 2010.
In that plan, the Portuguese authorities explained their intention to split BPN into a good bank and a bad bank and to then try to sell the good bank.
V navedenem načrtu so portugalski organi pojasnili namero, da bi BPN razdelili na dobro banko in slabo banko ter nato poskusili dobro banko prodati.
The extent of the bank to be reprivatised: creation of the SPVs
Obseg banke za ponovno privatizacijo: ustanovitev pravnih subjektov s posebnim namenom
The State wanted to proceed through an open tender process with the sale of the ‘good bank’, BPN S.A., which was to be exclusively a retail bank.
Država je načrtovala izvedbo odprtega razpisnega postopka, v katerem bi prodala „dobro banko“, tj. BPN S.A., ki naj bi ostala izključno banka za poslovanje s prebivalstvom.
That process was to be conducted on the basis of a call for expressions of interest, for which the specification (‘Caderno de Encargos’) was approved on 16 August 2010 by the Portuguese authorities [19].
Navedeni postopek je temeljil na pozivu k prijavi interesa, pri čemer so njegovo specifikacijo (Caderno de Encargos) portugalski organi potrdili 16. avgusta 2010 [19].
Under the 2010 Restructuring Plan, a number of BPN’s assets and liabilities were to remain outside the scope of the reprivatisation and transferred to three new Special Purpose Vehicles (‘SPVs’), Parvalorem, Parups and Parparticipadas.
V načrtu prestrukturiranja iz leta 2010 je bilo predvideno, da je več sredstev in obveznosti BPN izključenih iz ponovne privatizacije ter da se prenesejo na tri nove pravne subjekte s posebnim namenom, in sicer na Parvalorem, Parups in Parparticipadas.
These SPVs would initially remain within BPN and after the sale would be transferred to the State.
Ti pravni subjekti s posebnim namenom bi na začetku ostali znotraj BPN, po prodaji pa bi se prenesli na državo.
Loans and credits would be transferred to Parvalorem, real estate and investment funds to Parups, and subsidiaries to Parparticipadas.
Posojila in krediti bi se prenesli na Parvalorem, nepremičnine in investicijski skladi na Parups, odvisne družbe pa na Parparticipadas.
The Portuguese authorities valued the total amount of assets to be transferred to the SPVs at EUR 3885 million, with EUR 2507 million transferred to Parvalorem, EUR 1228 million to Parups and EUR 150 million to Parparticipadas.
Portugalski organi so ocenili, da bodo na pravne subjekte s posebnim namenom prenesena sredstva v skupnem znesku 3885 milijonov EUR, pri čemer bo na Parvalorem prenesenih 2507 milijonov EUR, na Parups 1228 milijonov EUR, na Parparticipadas pa 150 milijonov EUR.
Loans were transferred at nominal value; fund units, securities and real estate were to be transferred at purchase price, and companies owned by BPN at their book value.
Posojila naj bi se prenesla po nominalni vrednosti, enote skladov, vrednostni papirji in nepremičnine po nakupni ceni, podjetja v lasti BPN pa po knjigovodski vrednosti.
According to the Portuguese authorities, the transfer of assets to the SPVs was done on the basis of objective criteria, taking into account the volume of impairments as well as the fact that certain activities were not core for BPN after the nationalisation (consumer credit, investment bank, asset management, investment fund management, insurance and international business).
Po navedbah portugalskih organov je prenos sredstev na pravne subjekte s posebnim namenom temeljil na objektivnih merilih, pri čemer sta bila upoštevana obseg oslabitev in dejstvo, da nekatere dejavnosti BPN po nacionalizaciji niso bile osnovne (potrošniška posojila, investicijsko bančništvo, upravljanje premoženja, upravljanje investicijskih skladov, zavarovalništvo in mednarodno poslovanje).
BPN was to reposition itself as a pure retail bank with reduced exposure to the uncertainty of wholesale funding.
BPN naj bi se ponovno uveljavila izključno kot banka za poslovanje s prebivalstvom z manjšo izpostavljenostjo do negotovosti na področju medbančnih kreditov.
The SPVs financed the acquisition of the assets through two financing lines for EUR 3895 million, consisting of bonds with a state guarantee for EUR 3100 million acquired by CGD and loans from CGD with pledged assets for an aggregated value of EUR 795 million. The revenues from the sale of the assets to the SPVs allowed BPN to pay back EUR 3900 million of financing which it had obtained from CGD - EUR 3600 billion of the initial EUR 4 billion of commercial paper (meaning that an amount of EUR 400 million of commercial paper guaranteed by the State would remain unpaid by BPN), as well as EUR 300 million of short-term money market loans.
Pravni subjekti s posebnim namenom so prevzem sredstev financirali z dvema kreditnima linijama v znesku 3895 milijonov EUR, ki sta vključevali obveznice z državnim poroštvom za 3100 milijonov EUR, ki jih je pridobila CGD, in posojila CGD z zastavljenim premoženjem v skupni vrednosti 795 milijonov EUR. S prihodki od prodaje sredstev pravnim subjektom s posebnim namenom je lahko BPN odplačala 3900 milijonov EUR, ki jih je prejela od CGD, tj. 3600 milijonov EUR od prvotnih 4 milijard EUR za komercialni zapis (kar pomeni, da BPN še vedno ni plačala 400 milijonov EUR za komercialni zapis s poroštvom države) in 300 milijonov EUR za kratkoročna posojila denarnega trga.
Following the transfer of assets, BPN’s balance sheet was reduced by around 30 %.
Po prenosu sredstev se je bilančna vsota BPN zmanjšala za približno 30 %.
According to information received from the Portuguese authorities, in order to allow BPN to comply with legal and regulatory requirements (namely in order to reach the 9 % core tier 1 capital required for 2011 [21]), and given that the own capital of BPN would still be negative after the transfer of assets to the SPVs, the State would have had to recapitalise BPN by about EUR 417 million [22].
Da bi lahko BPN izpolnila zakonske in regulativne zahteve (doseganje 9 % navadnega lastniškega temeljnega kapitala za leto 2011 [21]) in ker bi bil lastni kapital BPN po prenosu sredstev na pravne subjekte s posebnim namenom še vedno negativen, bi morala država po informacijah portugalskih organov dokapitalizirati BPN za približno 417 milijonov EUR [22].
The first two calls for reprivatisation
Prva javna razpisa za ponovno privatizacijo
The base price set for BPN (which excluded the assets to be transferred to the SPVs) in the tender published by Portugal was fixed at EUR 171,1 million based on the valuations of third party consultants Deloitte (EUR […] [23] million) and Deutsche Bank (EUR […] million).
Osnovna cena za BPN (brez sredstev, ki se prenesejo na pravne subjekte s posebnim namenom) v javnem razpisu, ki ga je objavila Portugalska, je bila 171,1 milijona EUR, pri čemer je temeljila na vrednotenju zunanjih svetovalcev, tj. družbe Deloitte ([…] [23] milijonov EUR) in banke Deutsche Bank ([…] milijonov EUR).
BPN’s new CGD management had in the meantime started a restructuring process for the bank.
Nova uprava BPN, ki izhaja iz CGD, je medtem začela postopek prestrukturiranja banke.
Operational costs were reduced by [1-10] % from December 2008 to December 2010; BPN’s activity was reduced in order to achieve a bank exclusively focused on retail commercial banking.
Stroški poslovanja so se od decembra 2008 do decembra 2010 zmanjšali za [1–10] %; dejavnost BPN je bila omejena, da bi vzpostavili banko, ki bi poslovala izključno na področju komercialnega bančništva za prebivalstvo.
That reduction in activity resulted partly from the drop in deposits following the nationalisation, but also from the transfer of assets to the three SPVs.
Dejavnosti so bile omejene delno zaradi zmanjšanja vlog po nacionalizaciji, delno pa tudi zaradi prenosa sredstev na tri pravne subjekte s posebnim namenom.
These measures reduced losses in 2010 to EUR [50-150] million, compared with EUR [150-250] million in 2009. Since the beginning of 2009, in an attempt to improve the bank’s image and range of products, the new management undertook the launch of […] new products and campaigns.
S temi ukrepi so se leta 2010 izgube s [150–250] milijonov EUR, kolikor so znašale leta 2009, zmanjšale na [50–150] milijonov EUR. Nova uprava je v začetku leta 2009 uvedla […] novih produktov in kampanj, da bi izboljšali ugled banke in povečali obseg njenih produktov.
Measures to improve the risk management and internal control systems of the bank were also implemented by the new management.
Poleg tega je sprejela ukrepe za izboljšanje sistemov banke za obvladovanje tveganj in notranji nadzor.
No interested parties came forward in response to the first two calls for privatisation by 30 September and 30 November 2010.
Na prva javna razpisa za privatizacijo se do 30. septembra oziroma 30. novembra 2010 ni odzvala nobena zainteresirana stran.
Following the failure of the tender process, in January 2011 Portugal indicated its intention to restructure BPN, making it more independent of CGD by appointing a new board, independent of the latter.
Po neuspešnem postopku javnega razpisa je Portugalska januarja 2011 izrazila namero za prestrukturiranje BPN, pri čemer bi banka z imenovanjem novega upravnega odbora, ki ne bi bil odvisen od CGD, postala bolj neodvisna od CGD.
It also sought to accelerate the operational recovery of BPN, by redefining the bank’s brand and corporate identity and by reinforcing the recovery plan through cost cuts and enhancing commercial dynamics.
Načrtovala je tudi pospešeno operativno sanacijo BPN s ponovno opredelitvijo blagovne znamke banke in njene celostne podobe ter s poostritvijo sanacijskega načrta z zmanjšanjem stroškov in izboljšanjem dinamike poslovanja.
However, despite several requests, no updated restructuring plan was provided to the Commission.
Vendar Komisija kljub več zahtevam ni prejela posodobljenega načrta prestrukturiranja.
In the MoU of 17 May 2011, the Government gave an undertaking to launch a new privatisation process.
Vlada se je v memorandumu o soglasju z dne 17. maja 2011 zavezala, da bo začela nov postopek privatizacije.
In the MoU, the Portuguese authorities committed to ‘launching a process to sell Banco Português de Negócios (BPN) on an accelerated schedule and without a minimum price. To this end, a new plan is submitted to the EC for approval under competition rules. The target is to find a buyer by end-July 2011 at the latest. To facilitate the sale, the three existing special purpose vehicles holding its non-performing and non-core assets have been separated from BPN, and more assets could be transferred into these vehicles as part of the negotiations with prospective buyers. BPN is also launching another program of more ambitious cost cutting measures with a view to increase its attractiveness to investors. Once a solution has been found, CGD’s state guaranteed claims on BPN and all related special purpose vehicles will be taken over by the state according to a timetable to be defined at that time’ [24].
Portugalski organi so se v navedenem memorandumu zavezali, da bodo „pospešeno začeli postopek prodaje banke Banco Português de Negócios (BPN) brez določitve najnižje cene. Zato je bil Evropski komisiji v potrditev v skladu s pravili konkurence predložen nov načrt. Cilj je bil najti kupca najpozneje do konca julija 2011. Za lažjo izvedbo prodaje so bili iz BPN izločeni trije obstoječi pravni subjekti s posebnim namenom, ki vključujejo nedonosna in neključna sredstva, pri čemer bi lahko nanje v pogajanjih z možnimi kupci prenesli še več sredstev. Poleg tega je BPN uvedla dodaten program ukrepov za občutnejše zmanjšanje stroškov, da bi postala bolj zanimiva za vlagatelje. Ko bo oblikovana rešitev, bo terjatve z državnim poroštvom, ki jih ima CGD do BPN, in vse s tem povezane pravne subjekte s posebnim namenom prevzela država v skladu s časovnim razporedom, ki bo takrat opredeljen“ [24].
Sale to BIC
Prodaja banki BIC
A third privatisation attempt was launched at the beginning of May 2011 without a minimum price in order to find a buyer for BPN by 31 July 2011, as agreed in the MoU.
Tretji poskus privatizacije se je začel v začetku maja 2011, pri čemer v skladu z memorandumom o soglasju ni bila določena najnižja cena, da bi našli kupca za BPN do 31. julija 2011.
A tender procedure was held during which contacts with potential interested buyers took place.
Izveden je bil javni razpis, v okviru katerega je bil vzpostavljen stik z možnimi zainteresiranimi kupci.
An Investment Opportunity Overview (‘IOO’) was also produced.
Pripravljen je bil tudi pregled naložbenih priložnosti (Investment Opportunity Overview).
According to the IOO, interested parties had to bid for up to 100 % of the shares of BPN, but could ask for additional assets and liabilities to be removed from BPN’s balance sheet.
V skladu s pregledom naložbenih priložnosti so morale zainteresirane strani predložiti ponudbo za do 100 % delnic BPN, vendar so lahko zahtevale, da se iz bilance stanja BPN izključijo dodatna sredstva in obveznosti.
They could also ask for higher recapitalisation scenarios.
Poleg tega so lahko zahtevale scenarije z večjo dokapitalizacijo.
A memorandum governing the rules of the process was signed between BPN and the potential bidders allowing them to enter a data room, set up on 15 June 2011 for five weeks.
Med BPN in možnimi ponudniki je bil podpisan memorandum o postopkovnih pravilih, ki je ponudnikom omogočal dostop do podatkovne sobe, vzpostavljene 15. junija 2011 za obdobje petih tednov.
Four binding offers were submitted by 20 July 2011.
Do 20. julija 2011 so bile predložene štiri zavezujoče ponudbe.
These offers were analysed by the boards of CGD and BPN who submitted their opinion to the shareholder – the State – by 25 July 2011.
Te ponudbe sta analizirala upravna odbora CGD in BPN, ki sta svoje mnenje predložila delničarju, tj. državi, do 25. julija 2011.
Three of the four bidders submitting binding offers were eliminated.
Trije od štirih ponudnikov, ki so predložili zavezujoče ponudbe, so bili izločeni.
According to the Portuguese authorities, two bidders (Montepio and Aníbal Ribeiro) did not fulfil the requirements of the memorandum signed with BPN [25].
Po navedbah portugalskih organov dva ponudnika (Montepio in Aníbal Ribeiro) nista izpolnjevala zahtev iz memoranduma, ki je bil podpisan z BPN [25].
Montepio did not bid for the acquisition of the shares of BPN, but only for selected assets and liabilities, while Aníbal Ribeiro had not provided sufficient proof of managerial and financial capacities to run a bank.
Montepio ni predložil ponudbe za nakup delnic BPN, ampak le za nekatera sredstva in obveznosti, medtem ko Aníbal Ribeiro ni zagotovil zadostnih dokazil o poslovodnih in finančnih zmogljivostih za vodenje banke.
The third bid, from NEI [26], complied with the memorandum’s requirements, but there was insufficient proof of its capabilities to run the bank and of its financial capacity to assume future capital needs of BPN.
Tretja ponudba, ki jo je predložila skupina NEI [26], je izpolnjevala zahteve iz memoranduma, vendar v njej niso bila zagotovljena zadostna dokazila o zmogljivostih za vodenje banke in finančni zmogljivosti za prevzem prihodnjih potreb BPN po kapitalu.
Based on the only valid offer submitted under the tender procedure, which was made by BIC on 20 July 2011 (the ‘BIC offer of 20 July 2011’), the Government decided on 31 July 2011 to continue exclusive negotiations with BIC.
Na podlagi edine veljavne ponudbe, ki jo je v razpisnem postopku 20. julija 2011 predložila banka BIC (v nadaljnjem besedilu: ponudba BIC z dne 20. julija 2011), se je vlada 31. julija 2011 odločila za nadaljevanje ekskluzivnih pogajanj z BIC.
BIC was authorised by the BdP to exercise commercial banking activities on 9 October 2007 and actually started its activity in Portugal in May 2008, being active mainly in corporate banking and in private banking.
Potem ko je BdP banki BIC 9. oktobra 2007 izdala dovoljenje za izvajanje dejavnosti komercialnega bančništva, je BIC to dejavnost na Portugalskem dejansko začela izvajati maja 2008, pri čemer sta bili njeni glavni dejavnosti poslovanje s podjetji in poslovanje s prebivalstvom.
BIC’s main shareholders are a group of investors from Angola, and include Portuguese shareholders such as Amorim Projectos SGPS, SA (which has a 25 % shareholding).
Glavni delničar BIC je skupina vlagateljev iz Angole, pomembnejši delničarji pa so tudi portugalski delničarji, kot je Amorim Projectos SGPS, SA (s 25-odstotnim deležem).
As at December 2010, it had a turnover of EUR 389 million, with total assets of EUR 1 billion, and at 31 March 2011 it had capital of EUR 32 million and 7 branches.
Prihodki banke BIC so decembra 2010 znašali 389 milijonov EUR, njena bilančna vsota pa 1 milijardo EUR, pri čemer je 31. marca 2011 BIC imela 32 milijonov EUR kapitala in 7 podružnic.
According to the information provided by Portugal the market share of BIC in the market segments where it is active is less than 1 % [27].
Po podatkih, ki jih je predložila Portugalska, je tržni delež BIC na tržnih segmentih, na katerih posluje, manjši od 1 % [27].
The sale conditions
Prodajni pogoji
According to the information provided by the Portuguese authorities, following the BIC offer of 20 July 2011 [28], the negotiations with BIC culminated with the signing on 9 December 2011 of a Framework Agreement for the sale of BPN to BIC [29].
Po podatkih, ki so jih predložili portugalski organi, so se pogajanja z BIC po ponudbi BIC z dne 20. julija 2011 [28] končala, ko je bil 9. decembra 2011 podpisan okvirni sporazum o prodaji banke BPN banki BIC [29].
The BIC offer of 20 July 2011 set out only general terms, and provided for:
V ponudbi BIC z dne 20. julija 2011 so bili določeni le splošni pogoji, pri čemer so bile opredeljene naslednje točke:
i. a recapitalisation by the State in order for BPN to reach a core tier 1 ratio of [between 9 and 18] % plus EUR [100-300] million;
i. državna dokapitalizacija, da BPN doseže [9–18]-odstotni delež navadnega lastniškega temeljnega kapitala in dodatnih [100–300] milijonov EUR;
the removal of part of the credit loans to be selected by BIC in order to achieve a loan-to-deposit ratio of [110-150] %;
izločitev dela posojil, ki jih izbere BIC, da se doseže [110–150]-odstotno razmerje med posojili in vlogami;
the transfer out of BPN of all non-performing loans above the threshold of approximately EUR […] million (estimated level of provisioning of loans at BPN);
prenos vseh nedonosnih posojil nad pragom približno […] milijonov EUR (ocenjena stopnja rezervacij za posojila v BPN) iz BPN;
the right of BIC to remove from the balance sheet of BPN additional assets and liabilities (e.g. loans to credit institutions, financial assets, real estate assets, some provisions, other assets and other liabilities) that have been provided outside the scope of its normal activity;
pravica banke BIC do izločitve dodatnih sredstev in obveznosti (npr. posojil kreditnim institucijam, finančnih naložb, nepremičninskih sredstev, nekaterih rezervacij, drugih sredstev in drugih obveznosti), ki ne spadajo na področje običajnega poslovanja BPN, iz bilance stanja BPN;
v. the transfer out of BPN of deposits selected by BIC that are not offering market conditions;
v. prenos vlog, ki ne zagotavljajo tržnih pogojev, po izbiri BIC iz BPN;
the granting of a money line to BIC from CGD for up to [150-650] million for a period of […] years, with a lending rate at […] months Euribor.
odobritev denarne linije banki BIC s strani CGD v znesku do [150–650] milijonov EUR za obdobje […] let, pri čemer je obrestna mera […]-mesečni EURIBOR.
That amount would be increased if deposits were to fall below EUR […] billion;
Navedeni znesek se poveča, če se vloge zmanjšajo na raven, nižjo od […] milijard EUR;
the maintenance of 500 to 600 employees of BPN (out of approximately 1600 employees) and of 160-170 branches which are in facilities belonging to the bank or with leasing contracts with a maturity up to 12 months.
ohranitev 500 do 600 delovnih mest v BPN (od približno 1600 delovnih mest) in 160–170 podružnic v objektih, ki so v lasti banke ali je zanje sklenjena zakupna pogodba z veljavnostjo do 12 mesecev;
the transfer to the State of the costs linked to litigation; and
prenos stroškov sodnih postopkov na državo in
an acquisition price of EUR 30 million to be paid by BIC.
kupnina 30 milijonov EUR, ki jo plača BIC.
Following the negotiations, that lasted approximately five months, the Framework Agreement provides for:
Na podlagi pogajanj, ki so trajala približno pet mesecev, je v okvirnem sporazumu določeno:
i. a recapitalisation by the State to reach the minimum capital level and the additional level required by BIC — BIC required a final capital level of EUR [200-400] million after the balance sheet adjustments it had proposed [30];
i. državna dokapitalizacija, da se dosežeta najnižja stopnja kapitala in dodatna stopnja, ki jo zahteva BIC (BIC je zahtevala končno stopnjo kapitala v znesku [200–400] milijonov EUR po predlaganih popravkih bilance stanja) [30];