natgillin/translations-raw huggingface dataset:
However, the servicing company may have one overseas branch in London, one in New York and a third in Asia in order to have local expertise at its disposal, to cover time zones, to reduce operational risks and to be capable of competing.
Kljub temu ima lahko družba za upravljanje po eno poslovalnico v Londonu, New Yorku in Aziji zaradi razpoložljivosti lokalnih strokovnjakov, pokrivanja časovnih pasov, zmanjšanja operativnih tveganj in konkurenčnosti.
Germany commits that SPM bank will be part of the monitoring by a trustee.
Nemčija se zavezuje, da bo poslovanje banke SPM spremljal upravitelj.
Germany commits that, after an extension and prolongation of the EAA service contract until 31 December 2016, the EEA will procure its required asset management services in line with the commitment on commercial pricing and by way of a public tender.
Nemčija se zavezuje, da bo EEA po razširitvi in podaljšanju storitvene pogodbe EAA do 31. decembra 2016 naročala potrebne storitve na področju upravljanja sredstev v skladu z obveznostjo glede prodajnih cen in z javnim razpisom.
Germany commits to supply detailed quarterly reports to the Commission on the measures taken on the basis of an understanding reached between the Commission and Germany on 16 December 2011.
Nemčija se zavezuje, da bo Komisiji predložila podrobna četrtletna poročila o ukrepih na podlagi sporazuma med Komisijo in Nemčijo z dne 16. decembra 2011.
OPENING OF THE FORMAL INVESTIGATION UNDER ARTICLE 108(2) TFEU
ZAČETEK FORMALNE PREISKAVE V SKLADU S ČLENOM 108(2) PDEU
THE DECEMBER 2009 DECISION
SKLEP IZ DECEMBRA 2009
With the December 2009 Decision, the Commission had raised doubts under Article 108(2) TFEU regarding the compatibility of the asset relief measures examined in that decision with the communication from the Commission on the treatment of impaired assets in the Community banking sector [47] (hereinafter called “the Impaired Assets Communication”).
Komisija je s sklepom iz decembra 2009 v skladu s členom 108(2) PDEU izrazila dvome glede združljivosti ukrepov finančne pomoči za oslabljena sredstva, ki so bili obravnavani v navedenem sklepu, s Sporočilom Komisije o obravnavanju oslabljenih sredstev v bančnem sektorju Skupnosti [47] (v nadaljnjem besedilu: Sporočilo o oslabljenih sredstvih).
Moreover, in the Commission’s opinion, the restoration of viability, adequate burden-sharing and the mitigation of distortion of competition caused by the (additional) aid had not been convincingly demonstrated in line with the Commission communication on the return to viability and the assessment of the restructuring measures in the financial sector in the current crisis under the State aid rules [48] (hereinafter called “the Restructuring Communication”).
Poleg tega po mnenju Komisije niso prepričljivo dokazani ponovno doseganje rentabilnosti, ustrezna porazdelitev bremena in omejitev izkrivljanja konkurence zaradi (dodatne) pomoči v skladu s Sporočilom Komisije o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči [48] (v nadaljnjem besedilu: Sporočilo o prestrukturiranju).
The Commission indicated that it was not only investigating the new aid stemming from the transfer of assets into the EAA but also had to reconsider the aid authorised under the May 2009 Decision [49].
Komisija je poudarila, da ni obravnavala samo nove pomoči iz prenosa sredstev na EAA, ampak je morala ponovno preučiti tudi pomoč, odobreno v skladu z odločbo iz maja 2009 [49].
The Commission also indicated doubts regarding an adequate own contribution of the savings banks, considering that the savings banks' obligations stemming from the asset relief measure were capped and that the capital necessary to establish the EAA was raised only from Germany but not from the savings banks [50].
Komisija je izrazila tudi dvome o ustreznem lastnem prispevku hranilnic, glede na to, da so bile obveznosti hranilnic, ki izhajajo iz ukrepa finančne pomoči za oslabljena sredstva, omejene in je kapital za ustanovitev banke EAA prispevala samo Nemčija, hranilnice pa ne [50].
Germany was required to provide a revised restructuring plan taking into account the full amount of state aid granted, comprising adequate remuneration and additional in-depth restructuring.
Nemčija je morala zagotoviti revidiran načrt prestrukturiranja ob upoštevanju celotnega zneska odobrene državne pomoči, vključno z ustreznim nadomestilom in dodatnim poglobljenim prestrukturiranjem.
THE NOVEMBER 2010 DECISION
SKLEP IZ NOVEMBRA 2010
By the November 2010 Decision the Commission extended the procedure because of increased doubts regarding the compatibility of the first asset transfer with the Impaired Assets Communication and the compatibility of the December 2009 restructuring plan, which failed to demonstrate that it is apt to restore the viability of the beneficiary as well as to ensure adequate burden-sharing and mitigate the distortions of competition caused by the aid.
Komisija je s sklepom iz novembra 2010 podaljšala postopek zaradi dvomov o združljivosti prvega prenosa sredstev s Sporočilom o oslabljenih sredstvih in združljivosti načrta prestrukturiranja iz decembra 2009, s katerim ni bilo dokazano, da omogoča ponovno doseganje rentabilnosti upravičenke, zagotovi ustrezno porazdelitev bremena in omeji izkrivljanje konkurence zaradi pomoči.
In particular regarding the first asset transfer the Commission raised doubts regarding the eligibility of the impaired assets.
Komisija je izrazila dvom zlasti glede upravičenosti oslabljenih sredstev pri prvem prenosu sredstev.
It concluded on the existence of state aid and the amount of aid and assessed the amounts as being such that the aid would be incompatible with the Impaired Assets Communication if not clawed back or made up through additional restructuring pursuant to point 41 of the Impaired Assets Communication.
Sprejela je ugotovitev o obstoju državne pomoči in znesku pomoči ter ocenila, da bi bila pomoč zaradi višine zneskov nezdružljiva s Sporočilom o oslabljenih sredstvih, če se ne bi vrnila ali povrnila z dodatnim prestrukturiranjem v skladu s točko 41 Sporočila o oslabljenih sredstvih.
The Commission further endorsed the transfer delta as found by its experts, i.e., the net difference between transfer values and REVs of assets and liabilities.
Komisija je potrdila tudi delto prenosa, kot so jo določili strokovnjaki Komisije, tj. neto razliko med vrednostmi ob prenosu ter dejansko ekonomsko vrednostjo sredstev in obveznosti.
It considered that the transfer delta amounts to EUR 3.4 billion, once equity and credit factors are corrected for [55].
Menila je, da delta prenosa po odbitku lastniškega kapitala in posojil znaša 3,4 milijarde EUR [55].
Regarding the securities portfolio the Commission noted that in order to find the claimed asset classes to be impaired [56], further evidence would have been needed to conclude that markets for those assets would indeed have been dysfunctional, in absence of any buyers and sellers.
Komisija je glede portfelja vrednostnih papirjev opozorila, da bi bili za ugotovitev, da so zahtevane kategorije sredstev oslabljene [56], potrebni dodatni dokazi o nedelovanju trgov teh sredstev, na katerih ni kupcev in prodajalcev. Poleg tega se je v skladu s svojo prakso odločanja strinjala s strokovnjaki, da so bili diskontni faktorji, ki jih je banka WestLB uporabila za določitev dejanske ekonomske vrednosti, prenizki, zato je bil rezultat dejanske ekonomske vrednosti previsok.
Moreover, on the basis of its decision-making practice it agreed with the experts that the discount factors that WestLB had applied to establish the REV were too low, resulting in an excessively high end result for the REV. The Commission further concurred with the experts' finding that, due to insufficiently conservative LGD assumptions, the REV of the lending portfolio was around EUR 1,0 billion below WestLB's estimate.
Komisija se je strinjala tudi z ugotovitvijo strokovnjakov, da je bila dejanska ekonomska vrednost posojilnega portfelja zaradi premalo konservativnih predpostavk glede izgube ob neplačilu približno 1,0 milijarde EUR nižja od ocene WestLB.
The Commission noted that the figures were compared at sector level in line with the Commission's decision-making practice [57].
Komisija je opozorila, da so se podatki primerjali na sektorski ravni v skladu s prakso odločanja Komisije [57].
Furthermore the Commission reconsidered other mitigating factors submitted but decided that there was no basis to take them into account for the REV assessment.
Poleg tega je Komisija ponovno preučila druge predložene olajševalne dejavnike, vendar je ugotovila, da njihovo upoštevanje pri oceni dejanske ekonomske vrednosti ni utemeljeno.
Moreover, the Commission expressed doubts as to the management of the impaired assets as they were still administered by WestLB.
Komisija je izrazila tudi dvome glede upravljanja oslabljenih sredstev, ker jih je še vedno upravljala banka WestLB.
Furthermore, the Commission deduced from the fact that the EAA had recorded a loss of EUR 1 billion shortly after its establishment that losses could have already been incurred at the date of the transfer.
Komisija je na podlagi dejstva, da je EAA kmalu po ustanovitvi zabeležila izgubo v znesku 1 milijarde EUR, sklepala, da so lahko izgube obstajale že ob datumu prenosa.
That caused doubts as to whether the relevant assets fell within the scope of point 32 of the Impaired Assets Communication.
Zato je izrazila dvom o tem, ali se za zadevna sredstva uporablja točka 32 Sporočila o oslabljenih sredstvih.
Germany was again required to provide a revised restructuring plan taking into account the additional aid granted to WestLB and dealing with the shortcomings indicated in that decision.
Nemčija je morala ponovno zagotoviti revidiran načrt prestrukturiranja ob upoštevanju dodatne pomoči, odobrene banki WestLB, pri čemer je morala obravnavati pomanjkljivosti iz navedenega sklepa.
POSITION OF GERMANY
STALIŠČE NEMČIJE
Germany does not dispute that the measures constitute state aid within the meaning of Article 107(1) TFEU.
Nemčija ne nasprotuje, da ukrepi pomenijo državno pomoč v smislu člena 107(1) PDEU.
REGARDING THE FIRST ASSET TRANSFER TO THE EAA
GLEDE PRVEGA PRENOSA SREDSTEV NA BANKO EAA
Germany disputes some findings regarding the first asset transfer to the EAA.
Nemčija nasprotuje nekaterim ugotovitvam v zvezi s prvim prenosom sredstev na banko EAA.
a. APPLICABILITY OF THE IMPAIRED ASSETS COMMUNICATION
a. UPORABA SPOROČILA O OSLABLJENIH SREDSTVIH
First, Germany reiterates its position of 2 February 2010, claiming that the Impaired Assets Communication is not applicable to the first asset transfer to the EAA.
Prvič, Nemčija ponovno poudarja svoje stališče z dne 2. februarja 2010, tj. da se Sporočilo o oslabljenih sredstvih ne uporablja za prvi prenos sredstev na banko EAA.
Germany argues that WestLB is in fact carrying the burden of the impaired asset measure, as WestLB transfers equity to the EAA.
Nemčija trdi, da je breme ukrepa za oslabljena sredstva dejansko prevzela banka WestLB, saj lastniški kapital prenaša na EAA.
Referring to the May 2009 Decision, Germany claims that, in line with footnote 8 in recital 16 of that Decision, the Impaired Assets Communication is not applicable when a measure is being carried out by public shareholders in their capacity as owners.
Nemčija v zvezi z odločbo iz maja 2009 trdi, da se Sporočilo o oslabljenih sredstvih v skladu z opombo 8 v uvodni izjavi 16 navedene odločbe ne uporablja, kadar ukrep izvajajo javni delničarji v vlogi lastnikov.
b. ESTABLISHING THE REAL ECONOMIC VALUE OF THE FIRST ASSET TRANSFER
b. DOLOČANJE DEJANSKE EKONOMSKE VREDNOSTI PRVEGA PRENOSA SREDSTEV
Second, Germany claims that the Commission made errors in assessing the transferred assets and the application of scaling factors.
Drugič, Nemčija trdi, da se je Komisija zmotila pri oceni prenesenih sredstev in uporabi faktorjev povečanja.
While it claims that the Commission's assessment was in general too conservative, it elaborates on individual points for the individual asset classes "Structured Securities", "Other Securities" and "Credit Portfolio".
Trdi, da je bila ocena Komisije na splošno preveč konservativna, pri čemer podaja mnenje o posameznih točkah v zvezi s posameznimi kategorijami sredstev „strukturirani vrednostni papirji“, „drugi vrednostni papirji“ in „kreditni portfelj“.
As regards the "Structured Credit" portfolio, Germany claims that the WestLB valuation methodology, criticised by the Commission, was considered to be acceptable by Deutsche Bundesbank.
Nemčija v zvezi s portfeljem „strukturirani kredit“ trdi, da je Deutche Bundesbank metodologijo banke WestLB za vrednotenje, ki jo je Komisija kritično ovrednotila, ocenila za sprejemljivo.
Furthermore, it pointed out that BlackRock Solutions, the company that was mandated as Germany's expert, established a higher REV for the portfolio than WestLB itself, which indicates that a sufficiently conservative approach was taken by WestLB.
Poleg tega je poudarila, da je družba BlackRock Solutions, ki je Nemčiji strokovno svetovala, portfelju pripisala višjo dejansko ekonomsko vrednost kot banka WestLB, kar kaže, da je bil pristop WestLB dovolj konservativen.
For the "Other Securities" portfolio, Germany claims that the main differences between the valuation assessments stem from the discussion as to whether a market value is applicable.
Nemčija v zvezi s portfeljem „drugi vrednostni papirji“ trdi, da glavne razlike pri vrednotenju izhajajo iz razprave, ali je tržna vrednost primerna.
While WestLB proffered its own (mainly liquidity-based) criteria to determine whether a market is impaired, Germany criticises the Commission's experts for having insufficiently explained their finding that almost all assets belonged to unimpaired markets.
Banka WestLB je predstavila svoja merila (ki temeljijo predvsem na likvidnosti) za ugotavljanje oslabljenosti trga, pri čemer Nemčija kritizira strokovnjake Komisije, ker so pomanjkljivo razložili ugotovitev, da so skoraj vsa sredstva izhajala z neoslabljenih trgov.
As an example, Germany refers to sovereign bonds that make up a large portion of the securities portfolio and claims that falling market prices at the end of 2009 were an indication of market impairments.
Nemčija kot primer navaja državne obveznice, ki predstavljajo velik delež portfelja vrednostnih papirjev, in trdi, da je mogoče o oslabljenosti trgov sklepati na podlagi zmanjševanja tržnih cen na koncu leta 2009.
For the valuation for the "Credit Portfolio", Germany states that the Commission's experts' opinion – which was drawn up without access to the detailed credit documentation – cannot be used to contradict the WestLB values.
Nemčija v zvezi z vrednotenjem „kreditnega portfelja“ trdi, da se mnenje strokovnjakov Komisije, ki je bilo pripravljeno brez dostopa do podrobne kreditne dokumentacije, ne sme uporabiti za nasprotovanje vrednostim banke WestLB.
It criticises in particular a lack of transparency regarding the assessment parameters used, inherent contradictions, and an excessively conservative approach by the Commission's experts.
Kritizira zlasti premajhno preglednost v zvezi z uporabljenimi parametri za oceno, prisotna nasprotja in pretirano konservativen pristop strokovnjakov Komisije.
Germany claims that the parameters used in the Committee of European Banking Supervisors (CEBS) stress tests should be applied, not those used by the Commission's experts.
Nemčija trdi, da bi morali biti uporabljeni parametri iz testov izrednih situacij Odbora evropskih bančnih nadzornikov in ne parametri, ki so jih uporabili strokovnjaki Komisije.
Germany particularly criticised one of the stress scenarios, in which the Commission's experts used a 70 % probability-of-default assumption and 30 % LGD assumption.
Nemčija je zlasti kritizirala en scenarij izrednih situacij, v katerem so strokovnjaki Komisije uporabili naslednji predpostavki: 70-odstotno verjetnost neplačila in 30-odstotno izgubo ob neplačilu.
Finally, Germany addressed the doubts on eligibility by arguing that the first EAA annual report (30 June 2010) is not an indication of existing portfolio losses.
Nemčija je navsezadnje obravnavala pomisleke o upravičenosti, in sicer je trdila, da prvo letno poročilo banke EAA (30. junij 2010) ni znak izgub obstoječih portfeljev.
It rebuts the Commission's doubts that the expected losses in the EAA structure were underestimated, arguing that the EAA's actual risk provisioning amount is mainly driven by the Phoenix portfolio.
Nemčija zavrača pomisleke Komisije, da so bile pričakovane izgube v strukturi EAA podcenjene, pri čemer trdi, da je dejanski znesek rezervacij za tveganja odvisen predvsem od portfelja Phoenix.
That amount was in fact EUR [0,5-1,5] billion lower than what was budgeted in the run down plan.
Ta znesek je bil pravzaprav [0,5–1,5] milijarde EUR nižji od dodeljenega zneska v načrtu za zmanjšanje.
Therefore, the EAA's treatment of provisioning did not contradict WestLB's assessment of expected losses.
Zato obravnavanje oblikovanja rezervacij banke EAA ni bilo v nasprotju z oceno pričakovanih izgub, ki jo je izvedla banka WestLB.
c. MITIGATING FACTORS
c. OLAJŠEVALNI DEJAVNIKI
Finally, Germany claims that the valuation of the transferred portfolios must take mitigating factors into account, in particular regarding (i) the transfer of grandfathered liabilities, (ii) future cash flows, (iii) undrawn committed lines, and (iv) discounting of expected losses.
Nemčija trdi tudi, da je treba pri vrednotenju prenesenih portfeljev upoštevati olajševalne dejavnike, zlasti v zvezi s (i) prenosom podedovanih obveznosti, (ii) prihodnjimi denarnimi tokovi, (iii) nečrpanimi dodeljenimi postavkami in (iv) znižanjem pričakovanih izgub.
As regards grandfathered liabilities, Germany claims that by transferring such liabilities [58] to the EAA WestLB foregoes an economic advantage of EUR 882 million that needs to be taken into account.
Nemčija v zvezi s podedovanimi obveznostmi trdi, da se banka WestLB s prenosom takih obveznosti [58] na banko EAA odreka gospodarski prednosti v znesku 882 milijonov EUR, ki jo je treba upoštevati.
As regards future cash flows, Germany claims that, by transferring the portfolios to the EAA, WestLB foregoes future cash flows (interest payments etc.) amounting to EUR 880 million that also should be taken into account.
Nemčija v zvezi s prihodnjimi denarnimi tokovi trdi, da se WestLB s prenosom portfeljev na EAA odreka prihodnjim denarnim tokovom (plačila obresti itd.) v znesku 880 milijonov EUR, ki jih je treba prav tako upoštevati.
As regards undrawn committed lines, Germany claims that a correction is necessary for the transfer of undrawn committed lines to the EAA, as their potential risks have been included in the calculation of the REV, while their potential earning power has not been included in the overall assessment.
Nemčija v zvezi z nečrpanimi dodeljenimi postavkami trdi, da je popravek potreben za prenos nečrpanih dodeljenih postavk na banko EAA, saj so njihova morebitna tveganja zajeta v izračun dejanske ekonomske vrednosti, pri čemer njihova sposobnost morebitnega zaslužka ni zajeta v splošno oceno.
As regards discounting of expected losses, Germany claims that the valuation of the portfolios should be based on discounted expected losses, as the conflicting concept of prudence has already been sufficiently applied when the REV was calculated.
Nemčija v zvezi z zniževanjem pričakovanih izgub trdi, da bi moralo vrednotenje portfeljev temeljiti na znižanih pričakovanih izgubah, saj je bilo nasprotujoče si načelo previdnosti že v zadostni meri uporabljeno pri izračunu dejanske ekonomske vrednosti.
REGARDING THE ADVANTAGE FOR THE SAVINGS BANKS
GLEDE PREDNOSTI HRANILNIC
Germany commented on the doubts that additional illegal aid might have been provided to the savings banks as follows:
Nemčija je izrazila mnenje glede dvomov, da je bila hranilnicam morda zagotovljena dodatna nezakonita pomoč.
First, Germany sets out that WestLB's shareholders, among whom are the savings banks, were not obliged to establish a bad bank but rather did so based on an autonomous decision.
Nemčija trdi, da delničarji banke WestLB, med katere spadajo tudi hranilnice, niso bili obvezani ustanoviti slabe banke, ampak so to naredili na podlagi avtonomne odločitve.
Second, Germany points out that the FMStFG does not lay down an unlimited obligation to compensate for losses.
Nemčija poudarja tudi, da sklad FMStFG ne določa neomejene obveznosti nadomestila izgub.
The obligation to compensate for losses is rather restricted to the equivalent amount of equity invested into the beneficiary bank.
Obveznost nadomestila izgub je omejena na enakovredni znesek kapitala, vloženega v banko upravičenko.
Germany claims that the FMStFG allows for a contractual allocation of the loss compensation obligation that deviates from an equity-based pro-rata allocation, in order to take different financial capacities into account.
Nemčija trdi, da FMStFG dopušča pogodbeno razdelitev obveznosti nadomestila izgub, ki odstopa od sorazmerne razdelitve na podlagi kapitala, da bi se upoštevale različne finančne zmogljivosti.
Finally Germany argues that the savings banks, having assumed the obligation to compensate for potential losses stemming from the EAA of up to EUR 4,5 billion, have taken an adequate share of the burden.
Nemčija navsezadnje trdi, da so hranilnice s prevzemom obveznosti nadomestila morebitnih izgub, ki izhajajo iz banka EAA, v znesku do 4,5 milijarde EUR, prevzele zadosten delež bremena.
V. ASSESSMENT OF AID TO WESTLB
V. OCENA POMOČI ZA BANKO WESTLB
STATE AID WITHIN THE MEANING OF ARTICLE 107(1) TFEU
1 DRŽAVNA POMOČ V SMISLU ČLENA 107(1) PDEU
According to Article 107(1) TFEU, any aid granted by a Member State or through state resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market.
V skladu s členom 107(1) PDEU je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami.
The qualification of a measure as state aid requires that the following conditions are met: a) it must be financed by a Member State or through state resources; b) it must grant an advantage liable to favour certain undertakings or the production of certain goods; c) the measure must distort or threaten to distort competition; and d) the measure must have the potential to affect trade between Member States.
Da bi se ukrep štel za državno pomoč, morajo biti izpolnjeni naslednji pogoji: a) financiran mora biti s strani države članice ali iz državnih sredstev; b) omogočati mora korist, ki bi lahko dajala prednost posameznim podjetjem ali proizvodnji posameznega blaga; c) ukrep mora izkrivljati ali bi lahko izkrivljal konkurenco in d) ukrep lahko vpliva na trgovino med državami članicami.
The Commission maintains its view that those conditions are met for all measures, as it will explain below, even allowing for the fact that WestLB will discontinue its banking activities, because WestLB is still conducting economic activities such as asset management services.
Komisija še vedno meni, da so ti pogoji izpolnjeni v zvezi z vsemi ukrepi, kar bo pojasnila tudi v nadaljevanju, pri čemer se dopušča celo, da bo banka WestLB prekinila svoje bančne dejavnosti, ker še vedno izvaja gospodarske dejavnosti, kot so storitve na področju upravljanja sredstev.
Given that those activities are still pursued in a context of international competition, the Commission considers that those measures have the potential to distort competition and also may affect trade between Member States [59].
Ker se te dejavnosti še vedno izvajajo v okviru mednarodne konkurence, Komisija meni, da bi ti ukrepi lahko izkrivljali konkurenco in vplivali na trgovino med državami članicami [59].
a. THE RISK SHIELD FOR THE PHOENIX PORTFOLIO
a. ZAŠČITA PRED TVEGANJI ZA PORTFELJ PHOENIX