natgillin/translations-raw huggingface dataset:
The financial projections show that at the end of the restructuring period (31 December 2016) the combined entity is expected, even in a stress scenario, to be able to cover its costs and realise an ROE of approximately [1-10] %.
Glede na finančne projekcije bo združeni subjekt ob koncu obdobja prestrukturiranja (31. decembra 2016) tudi po scenariju izjemnih situacij predvidoma lahko plačeval stroške in dosegel približno [1–10]-odstotno donosnost lastniškega kapitala.
The expected initial capital base is going to be well above the minimum capital requirements with a core tier 1 ratio of around [10-18] %, thanks to the capital injection by the State.
Pričakovana začetna kapitalska osnova bo znatno presegala minimalne kapitalske zahteve, saj bo delež navadnega lastniškega temeljnega kapitala zaradi kapitalske injekcije države znašal približno [10–18] %.
As a result of the significant capital injection by the State, the projected capital ratios of the bank during and at the end of the restructuring period are expected to stay above the minimum requirements and thus to safeguard the solvency of the bank.
Predvideni deleži kapitala banke med obdobjem prestrukturiranja in ob koncu zadevnega obdobja bodo zaradi znatne kapitalske injekcije države predvidoma še vedno presegali minimalne zahteve in s tem zagotavljali plačilno sposobnost banke.
According to the business plan provided by Portugal and reflected in the January 2012 Restructuring Plan, under a base case scenario the core tier 1 capital at the end of the restructuring period (31 December 2016) will be [8-12] %, slightly above the minimum regulatory requirements of 10 % established by the BdP as of December 2012 [49], and under a stressed scenario just below it ([7-11] %) as indicated in Graph 1 attached to paragraph (207).
V skladu s poslovnim načrtom, ki ga je predložila Portugalska in je upoštevan v načrtu prestrukturiranja iz januarja 2012, bo navadni lastniški temeljni kapital ob koncu obdobja prestrukturiranja (31. decembra 2016) v skladu z osnovnim scenarijem znašal [8–12] %, kar nekoliko presega 10-odstotno minimalno regulativno zahtevo, ki jo je decembra 2012 določila BdP [49], v skladu s scenarijem izjemnih situacij pa bo nekoliko nižji ([7–11] %), kot je prikazano v diagramu 1 k uvodni izjavi (207).
That evolution is expected to be mainly due to the need to implement the business plan set out in the January 2012 Restructuring Plan by granting a larger volume of credit to the economy, and to the impact of negative results in the first years of the restructuring plan.
Na navedeno gibanje bodo predvidoma vplivali zlasti dejstvo, da je treba poslovni načrt, določen v načrtu prestrukturiranja iz januarja 2012, izvesti z večjim obsegom posojil gospodarstvu, ter negativni rezultati v prvih letih izvajanja načrta prestrukturiranja.
The negative results will mainly be due to the still high cost structure of the bank, when compared with its business volume, combined with the cost of the restructuring BIC will undertake.
Negativni rezultati bodo zlasti posledica še vedno visoke stroškovne strukture banke glede na njen obseg poslovanja ter tudi stroškov prestrukturiranja, ki ga bo izvedla BIC.
Graph 1
Diagram 1
Projections for the combined entity BPN/BIC under the base case scenario, 2012-2016
Projekcije za združeni subjekt BPN/BIC v skladu z osnovnim scenarijem za obdobje 2012–2016
As to liquidity, the business plan relies mainly on deposits, with a projected deposit growth of around [1-10] % per year.
V zvezi z likvidnostjo so v poslovnem načrtu upoštevane zlasti vloge, pri čemer je predvidena približno [1–10]-odstotna rast vlog na leto.
The Commission considers that a stable financing of the combined entity via deposits is an important feature of the restructuring plan.
Komisija meni, da je stabilno financiranje združenega subjekta z vlogami pomemben element načrta prestrukturiranja.
Considering the small size of the combined entity and its growth potential, the projections for deposit evolution are credible.
Glede na majhen obseg združenega subjekta in njegov potencial rasti so projekcije za gibanje vlog verodostojne.
At the same time, the Commission considers that in order to ensure the viability of the combined entity, there should be no incentive to replace deposits with wholesale funding.
Poleg tega Komisija meni, da se za zagotovitev rentabilnosti združenega subjekta ne sme spodbuditi nadomestitve vlog z medbančnim kreditiranjem.
In that vein, it is important that the remuneration of the liquidity line requested by BIC to compensate for a possible deposit outflow is increased to at least Euribor +[…] bps.
Glede na to je treba plačilo bančne kreditne linije, ki jo je zahtevala BIC za nadomestitev morebitnega odliva vlog, povečati na stopnjo najmanj EURIBOR + […] bazičnih točk.
Portugal’s commitment in this respect is necessary to ensure the compatibility of the restructuring aid with the internal market, taking into account the fact that […] has a significant amount of deposits which are currently remunerated in excess of Euribor +[…] bps, a level at which BIC can choose not to retain those deposits.
V zvezi s tem je zaveza Portugalske potrebna za zagotovitev združljivosti pomoči za prestrukturiranje z notranjim trgom, pri čemer je treba upoštevati dejstvo, da ima […] znaten znesek vlog, za katere zdaj velja plačilo, ki presega stopnjo EURIBOR + […] bazičnih točk, pri kateri se lahko BIC odloči, da navedenih vlog ne bo obdržala.
If the remuneration on the new credit line were not set at a level which gives BIC an incentive to maintain the level of deposits in line with what is foreseen in the January 2012 Restructuring Plan, BIC could be induced to substitute deposits with cheaper funding from CGD.
Če plačilo za novo kreditno linijo ne bo določeno po stopnji, ki bi banko BIC spodbudila k ohranitvi stopnje vlog v skladu z določbami iz načrta prestrukturiranja iz januarja 2012, bi lahko BIC vloge nadomestila s cenejšim financiranjem, ki ga zagotovi CGD.
Such a substitution might improve the combined entity’s short-term profitability, but at the same time it would damage its prospects of viability.
S takšno nadomestitvijo bi se lahko izboljšala kratkoročna donosnost združenega subjekta, vendar bi se z njo hkrati zmanjšale možnosti za doseganje rentabilnosti.
In that respect, it is also important to note that at Euribor +[…] bps, the credit line is still granted at more favourable terms than BIC is likely to obtain in the market.
Poleg tega je treba v zvezi s tem opozoriti, da je stopnja EURIBOR + […] bazičnih točk, po kateri je odobrena kreditna linija, še vedno ugodnejša od stopnje, ki bi jo BIC verjetno dobila na trgu.
While no comparable benchmark has been provided to the Commission for similar transactions occurring in the market, the Commission notes that it would be unlikely that a credit line of that duration and size would be available on the market, even at higher interest levels.
Čeprav Komisiji ni bil predložen primerljiv prag za podobne transakcije na trgu, Komisija ugotavlja, da kreditna linija s takšnim trajanjem in v takšnem obsegu na trgu verjetno ne bi bila na voljo niti po višjih obrestnih merah.
Additionally, the Commission considers it instructive that the remuneration on loans granted by CGD […] is fixed at Euribor […] months +[…] bps.
Poleg tega je po mnenju Komisije primerno, da se za plačilo posojil, ki jih odobri CGD, […] določi stopnja […]-mesečni EURIBOR + […] bazičnih točk.
On the basis of the foregoing the Commission’s doubts on the viability of BPN have been allayed.
Glede na to Komisija ne dvomi več o rentabilnosti BPN.
Aid limited to the minimum and burden-sharing
Omejitev pomoči na najnižjo potrebno raven in porazdelitev bremena
The Restructuring Communication indicates that an appropriate contribution by the beneficiary is necessary in order to limit the aid to a minimum and to address distortions of competition and moral hazard.
V skladu s sporočilom o prestrukturiranju je za omejitev pomoči na najnižjo potrebno raven ter zmanjšanje izkrivljanja konkurence in moralnega tveganja potreben ustrezen prispevek upravičenke.
To that end: a) both the restructuring costs and the amount of aid should be limited and b) a significant own contribution is necessary.
Zato: a) je treba omejiti stroške prestrukturiranja in znesek pomoči ter b) zagotoviti znaten lastni prispevek.
The principles on the own contribution of the beneficiary bank in the restructuring phase are laid down in section 3 of the Restructuring Communication.
Načela o lastnem prispevku banke upravičenke v fazi prestrukturiranja so določena v oddelku 3 sporočila o prestrukturiranju.
It requires (i) that the restructuring aid is limited to the minimum to cover costs necessary for restoring viability; (ii) that the beneficiary bank should use to the extent possible its own resources to finance restructuring, for example, through the sale of assets and (iii) that the costs associated with the restructuring are also adequately borne by those who invested in the bank by absorbing losses with available capital and by paying an adequate remuneration for state interventions.
V njem je določeno, (i) da mora biti pomoč za prestrukturiranje omejena na najnižjo potrebno raven za kritje stroškov, potrebnih za ponovno doseganje rentabilnosti, (ii) da mora banka upravičenka za financiranje prestrukturiranja uporabiti čim več lastnih sredstev, na primer s prodajo sredstev, in (iii) da stroške, povezane s prestrukturiranjem, ustrezno krijejo tudi subjekti, ki so vlagali v banko, in sicer tako, da izgube absorbirajo z razpoložljivim kapitalom in za državno intervencijo plačajo ustrezno nadomestilo.
The objective of burden-sharing is twofold: to limit distortions of competition and to address moral hazard [50].
Porazdelitev bremena ima dva cilja: omejiti izkrivljanje konkurence in zmanjšati moralno tveganje [50].
A restructuring plan should clearly show that the aid has been kept to the minimum necessary.
V načrtu prestrukturiranja mora biti jasno opredeljeno, da je pomoč omejena na najnižjo potrebno raven.
Costs associated with the restructuring should be borne not only by the State but to a maximum extent also by those who invested in the bank.
Stroškov v zvezi s prestrukturiranjem ne sme plačati le država, ampak jih morajo v čim večjem obsegu plačati tudi subjekti, ki so vlagali v banko.
In other words, the bank and its capital holders should contribute to the restructuring as much as possible with their own resources.
To pomeni, da morajo banka in njeni delničarji v čim večjem obsegu prispevati k prestrukturiranju z lastnimi sredstvi.
Restructuring aid should be limited to covering costs which are necessary for the restoration of viability.
Pomoč za prestrukturiranje mora biti omejena na kritje stroškov, potrebnih za ponovno doseganje rentabilnosti.
Accordingly, an undertaking should not be endowed with public resources which could be used to finance market-distorting activities not linked to the restructuring process, such as acquisitions [51].
Glede na to podjetje ne sme biti financirano z javnimi sredstvi, ki bi jih lahko uporabilo za financiranje dejavnosti, ki izkrivljajo trg in niso povezane s postopkom prestrukturiranja, kot so prevzemi [51].
Limitation of the aid to the minimum
Omejitev pomoči na najnižjo potrebno raven
As regards the limitation of the aid to the minimum, the Restructuring Communication indicates in point 23 that the restructuring aid should be limited to covering the costs which are necessary for the restoration of viability.
V zvezi z omejitvijo pomoči na najnižjo potrebno raven je v točki 23 sporočila o prestrukturiranju določeno, da mora biti pomoč za prestrukturiranje omejena na kritje stroškov, potrebnih za ponovno doseganje rentabilnosti.
To that end, the Commission needs to assess: first, the claim of the Portuguese authorities that the costs associated with the sale of BPN to BIC are lower than the costs that would be incurred by Portugal if BPN were liquidated; and second, whether the aid granted for the restructuring of BPN has been kept to the minimum necessary.
Zato mora Komisija oceniti: trditev portugalskih organov, da so stroški, povezani s prodajo BPN banki BIC, nižji od stroškov, ki bi jih morala plačati Portugalska v primeru likvidacije BPN; in vprašanje, ali je bila pomoč, odobrena za prestrukturiranje BPN, zagotovljena na najnižji potrebni ravni.
Sale/orderly liquidation comparison
Primerjava med prodajo in nadzorovano likvidacijo
In the Decision of 24 October 2011 the Commission questioned several aspects of the quantitative comparison between the two scenarios as provided by Portugal at the time.
Komisija je v sklepu z dne 24. oktobra 2011 izrazila pomisleke o več vidikih količinske primerjave obeh scenarijev, ki jo je takrat predložila Portugalska.
In the January 2012 Restructuring Plan Portugal provided an updated comparison of the two scenarios and modified its initial assumptions to address the main concerns expressed by the Commission in the Decision of 24 October 2011, which related to the costs in the event of orderly liquidation.
Portugalska je v načrtu prestrukturiranja iz januarja 2012 predložila posodobljeno primerjavo obeh scenarijev in spremenila prvotne predpostavke, pri čemer je upoštevala glavne pomisleke, ki jih je Komisija v zvezi s stroški nadzorovane likvidacije izrazila v sklepu z dne 24. oktobra 2011.
Specifically, Portugal addressed the haircut on loans and the treatment of subordinated bond holders.
Portugalska je preučila zlasti odbitke za posojila in obravnavanje imetnikov podrejenih obveznic.
In particular, Portugal provided additional information and an alternative benchmark regarding its assumption in relation to the haircut to book value of 30-50 % on the sale of loans.
Portugalska je zagotovila zlasti dodatne informacije in nadomestni prag v zvezi s predpostavko o 30–50-odstotnem odbitku na knjigovodsko vrednost pri prodaji posojil.
The Commission considers that, when account is taken of the current economic situation and the substantial deleveraging of the banking sector, the application of a haircut on the sale of a loan portfolio is justifiable.
Komisija meni, da je glede na sedanje gospodarske razmere in znatno zmanjšanje finančnega vzvoda v bančnem sektorju uporaba odbitka pri prodaji portfelja posojil utemeljena.
Also, if the loans had to be held until maturity, the State would need to incur financing costs and bear the credit risk until maturity.
Če bi morala država posojila zadržati do zapadlosti, bi morala kriti stroške financiranja in prevzeti kreditno tveganje do zapadlosti.
The Commission therefore can accept the lower range estimate of a haircut provided by Portugal, i.e. a haircut of [20-50] %.
Zato Komisija meni, da je nižja ocena odbitka, ki ga je zagotovila Portugalska, tj. [20–50]-odstotni odbitek, sprejemljiva.
In relation to subordinated bond holders, the Commission understands that the total amount of EUR 245 million is composed of various issuances.
V zvezi z imetniki podrejenih obveznic se Komisija strinja, da je skupni znesek 245 milijonov EUR sestavljen iz različnih izdaj.
It may be possible […].
Možno je […].
Portugal submitted that, after a legal assessment of the conditions of each issuance, […].
Portugalska je navedla, da po pravni presoji pogojev posamezne izdaje […].
Table 3 provides an overview of the estimation of inflows/outflows, taking account of the revised assumptions mentioned in paragraphs (219)-(221) above.
Preglednica 3 vključuje pregled ocenjenih prilivov/odlivov, pri čemer so upoštevane spremenjene predpostavke iz uvodnih izjav od (219) do (221).
That estimation takes into account only the marginal costs linked to the two scenarios (and not the costs already incurred) and is based on the balance sheet data of BPN at the time of the sale to BIC [52].
Pri tej oceni so upoštevani le mejni stroški, povezani z obema scenarijema (in ne že nastali stroški), ocena pa temelji na podatkih iz bilance stanja BPN ob prodaji banki BIC [52].
Comparison of the sale to BIC and orderly liquidation scenarios (Data in EUR million)
Primerjava scenarija prodaje banki BIC in scenarija nadzorovane likvidacije (podatki v milijonih EUR)
OUTFLOWS
ODLIVI
Payment of the funding to credit institutions
Plačilo za financiranje kreditnim institucijam
Payment of deposits from clients
Plačilo vlog strank
Subordinated bond holders excluding perpetual issuance TBC
Imetniki podrejenih obveznic, razen obveznic brez dospetja – TBC
Total Outflows
Odlivi skupaj
INFLOWS
PRILIVI
Sale of client loans (EUR 2114 million net of haircut 30 %)
Prodaja posojil strank (2114 milijonov EUR po odbitku 30 %)
Reimbursement cash and loans to credit institutions
Plačilo gotovine in posojil kreditnim institucijam
Price BPN sale
Prodajna cena BPN
Deposits sale premium - 2 % of the deposit balance
Premija za prodajo vlog – 2 % stanja vlog
Total Inflows
Prilivi skupaj
ESTIMATED DIFFERENCE
OCENJENA RAZLIKA
Overall the options of orderly liquidation whereby the State would pay all deposits (other than those of subordinated creditors holding perpetual bonds) and whereby the State would pay the whole exposure to credit institutions would be more costly than the sale to BIC.
Na splošno bi bile možnosti nadzorovane likvidacije, pri katerih bi država plačala vse vloge (razen vlog podrejenih upnikov z obveznicami brez dospetja) in pri katerih bi država krila celotno izpostavljenost do kreditnih institucij, dražje od prodaje banki BIC.
The Commission recognises the uncertainty linked to a number of assumptions, namely the possibility to recover the credits transferred to BIC.
Komisija priznava negotovost, povezano z več predpostavkami, kot je možnost izterjave kreditov, prenesenih na BIC.
Account should also be taken of the fact that orderly liquidation could have negative spillovers on confidence in the whole banking sector and the sovereign rating of the Member State.
Upoštevati je treba tudi dejstvo, da bi lahko nadzorovana likvidacija negativno vplivala na zaupanje v celotnem bančnem sektorju in bonitetno oceno države članice.
On the basis of the available information, the Commission concludes that the option of restructuring of the bank, i.e. the sale to BIC, contributes to limiting the aid amount to the minimum.
Komisija na podlagi razpoložljivih informacij ugotavlja, da možnost prestrukturiranja banke, tj. prodaja banki BIC, prispeva k omejitvi zneska pomoči na najnižjo potrebno raven.
Aid limited to minimum in the restructuring of BPN
Omejitev pomoči na najnižjo potrebno raven pri prestrukturiranju BPN
BPN received a significant amount of aid before and after the nationalisation as indicated in paragraphs (182) to (185).
BPN je prejela znaten znesek pomoči pred nacionalizacijo in po njej, kot je navedeno v uvodnih izjavah od (182) do (185).
The aid was necessary to keep the bank afloat for the period necessary to implement the chosen restructuring, which is the sale of its viable parts to BIC and the liquidation over time of the bad assets.
Pomoč je bila potrebna, da bi preprečili zadolževanje banke v obdobju, v katerem je bilo treba izvesti izbrano možnost prestrukturiranja, tj. prodajo njenih rentabilnih delov banki BIC in postopno likvidacijo oslabljenih sredstev.
As a result of the restructuring process, BPN will disappear as an independent bank.
BPN bo po postopku prestrukturiranja prenehala obstajati kot samostojna banka.
The retail banking business that will be taken over by BIC has a balance sheet of less than 35 % of the balance sheet of BPN before its nationalisation.
Bilančna vsota poslovanja s prebivalstvom, ki ga bo prevzela BIC, je nižja od 35 % bilančne vsote BPN pred nacionalizacijo.
In the prevailing market conditions, these measures (and in particular the separation of the non-retail banking assets in the SPVs) are intimately linked to the viability of the bank that remains on the market.
Ti ukrepi (in zlasti izločitev bančnih sredstev, ki niso del poslovanja s prebivalstvom, ter njihov prenos na pravne subjekte s posebnim namenom) so v prevladujočih razmerah na trgu tesno povezani z rentabilnostjo banke, ki ostane na trgu.
The business and activities other than retail banking have been transferred to the SPVs to be liquidated over time.
Posli in dejavnosti, ki ne spadajo na področje poslovanja s prebivalstvom, so preneseni na pravne subjekte s posebnim namenom in bodo postopno likvidirani.
The Commission recognises that the significant delays in the implementation of the restructuring of BPN are connected to the exceptional circumstances that affected the Portuguese economy and led to the signing of the MoU of 17 May 2011.
Komisija priznava, da so znatne zamude pri izvajanju prestrukturiranja BPN povezane z izjemnimi okoliščinami, ki so vplivale na portugalsko gospodarstvo in prispevale k podpisu memoranduma o soglasju z dne 17. maja 2011.
As indicated by the Commission in its Decision of 24 October 2011, in addition to the measures granted to BPN before its sale, BIC is requiring additional measures, which are indicated in paragraph (56).
Kot je Komisija navedla v sklepu z dne 24. oktobra 2011, je BIC poleg ukrepov, ki so bili odobreni banki BPN pred prodajo, zahtevala dodatne ukrepe, navedene v uvodni izjavi (56).
In its Decision of 24 October 2011 the Commission raised the question of whether the capital injection requested by BIC was the minimum amount necessary to ensure viability.
Komisija je v sklepu z dne 24. oktobra 2011 izrazila pomisleke, ali je kapitalska injekcija, ki jo je zahtevala BIC, predstavljala najmanjši znesek, potreben za zagotovitev rentabilnosti.
Taking into account the balance sheet adjustments requested by BIC in its offer of 20 July 2011 and the June 2011 BPN financial statements, Portugal estimated that a level of capital of EUR [200-400] million represents a core tier 1 capital ratio of [10-18] %.
Portugalska je ob upoštevanju prilagoditev bilance stanja, ki jih je BIC zahtevala v ponudbi z dne 20. julija 2011, in računovodskih izkazov BPN iz junija 2011 ocenila, da stopnja kapitala v znesku [200–400] milijonov EUR ustreza [10–18]-odstotnemu deležu navadnega lastniškega temeljnega kapitala.
Portugal claims that level of capital is the result of the tender process, when account is also taken of the price BIC will pay to the State (EUR 40 million).
Portugalska je navedla, da je raven kapitala posledica javnega razpisa, če se upošteva tudi cena, ki jo bo BIC plačala državi (40 milijonov EUR).
It is justified by the costs of refocusing the bank on its core business and the need to maintain a sufficient buffer of additional capital.
Utemeljena je glede na stroške ponovne usmeritve banke v osnovno dejavnost in glede na potrebo po ohranitvi zadostne dodatne kapitalske rezerve.
Portugal considers that the buffer is adequate to maintain a sufficient level of own capital, in particular in the initial years of the integration, when account is also taken of the negative reputation of BPN and the difficult economic situation of Portugal.
Portugalska meni, da je rezerva ustrezna, da se zlasti v prvih letih združevanja ohrani zadostna stopnja lastnega kapitala, če se upoštevajo tudi slab ugled BPN in težke gospodarske razmere na Portugalskem.
It should be noted that according to the January 2012 Restructuring Plan the capital ratio is estimated to reach [8-12] % at the end of the fourth year after the sale and, under a stressed scenario, to reach [7-11] % (slightly lower than the minimum required by law in Portugal of 10 %).
Opozoriti je treba, da bo delež kapitala konec četrtega leta po prodaji v skladu z načrtom prestrukturiranja iz januarja 2012 predvidoma znašal [8–12] %, v skladu s scenarijem izjemnih situacij pa bo dosegel stopnjo [7–11] % (nekoliko nižjo od minimalne zakonske zahteve na Portugalskem, ki znaša 10 %).
The Commission can therefore conclude that the capital level equivalent to a core tier 1 ratio of [10-18] % is the result of the tender process and is necessary to ensure the viability of the bank, based on the January 2012 Restructuring Plan.
Zato Komisija ugotavlja, da je stopnja kapitala, ki ustreza [10–18]-odstotnemu deležu navadnega lastniškega temeljnega kapitala, posledica javnega razpisa in je na podlagi načrta prestrukturiranja iz januarja 2012 potrebna za zagotovitev rentabilnosti banke.