natgillin/translations-raw huggingface dataset:
The Commission considers that the transfer of assets to the SPVs before the sale, at book value for EUR 3,9 billion (with impairments estimated at EUR 1,8 billion) involves an advantage to BPN because there was no ex ante transparency, assets were not valued at market price and the State was not remunerated in the framework of the transfer.
Komisija meni, da prenos sredstev na pravne subjekte s posebnim namenom pred prodajo in po knjigovodski vrednosti 3,9 milijarde EUR (pri čemer so oslabitve ocenjene na 1,8 milijarde EUR) pomeni prednost za BPN, ker ni bila zagotovljena predhodna preglednost, ker sredstva niso bila ovrednotena po tržni ceni in ker država pri prenosu ni prejela plačila.
The Commission considers that the transfer of assets at book value and not at market value confers an economic advantage on BPN compared with its competitors.
Komisija meni, da je BPN s prenosom sredstev po knjigovodski vrednosti namesto po tržni vrednosti pridobila gospodarsko prednost pred konkurenti.
Measures granted after the nationalisation, linked to the sale to BIC
Ukrepi, odobreni po nacionalizaciji in povezani s prodajo banki BIC
In addition to the measures granted to BPN after the nationalisation that were unconnected to the sale to BIC, additional measures were granted in connection with the sale to BIC.
Poleg ukrepov, ki so bili za BPN odobreni po nacionalizaciji in niso bili povezani s prodajo banki BIC, so bili odobreni tudi dodatni ukrepi, povezani s prodajo banki BIC.
They comprise:
Ti zajemajo:
the recapitalisation of BPN with a view to the sale;
dokapitalizacijo BPN zaradi prodaje;
the transfer of additional assets and liabilities to BPN linked to the sale;
prenos dodatnih sredstev in obveznosti iz BPN v zvezi s prodajo;
the right of BIC to transfer non-performing loans to the State, after the sale;
pravico banke BIC do prenosa nedonosnih posojil na državo po prodaji;
the transfer to the State, in view of the sale, of costs linked to litigation risks; and
prenos stroškov, povezanih s tveganjem sodnih postopkov, na državo zaradi prodaje in
the granting by CGD of a liquidity line to the combined entity after the sale and the maintenance of a credit line of commercial paper, after the sale, secured by the State, of EUR [150-500] million.
odobritev bančne kreditne linije CGD združenemu subjektu po prodaji in ohranitev kreditne linije v znesku [150–500] milijonov EUR za komercialni zapis po prodaji in s poroštvom države.
The recapitalisation of BPN in view of the sale
Dokapitalizacija BPN zaradi prodaje
The Commission considers that the capital injection confers an economic advantage on BPN and on the economic activity after the sale.
Komisija meni, da je BPN s kapitalsko injekcijo pridobila gospodarsko prednost, pri čemer je bila gospodarska prednost zagotovljena tudi gospodarski dejavnosti po prodaji.
The advantage stems from ensuring that the capital necessary to meet and exceed regulatory requirements is available to BPN following the recapitalisation and will also be available to the combined entity.
Prednost temelji na dejstvu, da je bil banki BPN po dokapitalizaciji zagotovljen kapital za izpolnjevanje in preseganje regulativnih zahtev ter da bo takšen kapital na voljo tudi združenemu subjektu.
That capital allows BPN, and will also allow the combined entity, to be active on the markets and to provide new credit, in an economic context in which other competitors must deleverage.
Ta kapital omogoča BPN poslovanje na trgih in zagotavljanje novih kreditov v gospodarskih okoliščinah, v katerih morajo drugi konkurenti zmanjšati finančni vzvod, pri čemer bo to omogočal tudi združenemu subjektu.
The measures concerned are selective as they solely benefit a specific entity - BPN and the combined entity that will continue the economic activity after the sale.
Zadevni ukrepi so selektivni, ker so bili sprejeti izključno v korist točno določenega subjekta, tj. BPN, in združenega subjekta, ki bo gospodarsko dejavnost nadaljeval po prodaji.
Portugal claims that BPN continued reducing its market share following the nationalisation and that the combined entity will have a market share of less than 1 % in terms of credit to clients, client recourses or banking products and of less than 2 % on any of the relevant markets.
Portugalska je navedla, da se je tržni delež BPN po nacionalizaciji zmanjševal in da bo tržni delež združenega subjekta na področju posojil komitentom, vlog komitentov ali bančnih produktov manjši od 1 %, na vseh drugih upoštevnih trgih pa manjši od 2 %.
Nevertheless, the measures distort or threaten to distort competition as they place BPN and the combined entity after the sale to BIC in a beneficial position vis-à-vis other competing banks.
Vendar ukrepi izkrivljajo ali bi lahko izkrivljali konkurenco, ker banki BPN in združenemu subjektu po prodaji banki BIC zagotavljajo ugodnejši položaj glede na druge konkurenčne banke.
The capital in excess in the combined entity shields the economic activity from investment risks that other competitors face.
S presežnim kapitalom v združenem subjektu je gospodarska dejavnost zaščitena pred naložbenimi tveganji, ki jih imajo drugi konkurenti.
It also increases the likelihood that additional liquidity will be available to both beneficiaries and could facilitate future expansion by BPN and the combined entity in an economic context where other competitors active in Portugal must deleverage.
Z njim se povečata tudi verjetnost, da bosta oba upravičenca imela na voljo dodatna likvidnostna sredstva, ter možnost prihodnje širitve BPN in združenega subjekta v gospodarskih okoliščinah, v katerih morajo drugi konkurenti, ki poslujejo na Portugalskem, zmanjšati finančni vzvod.
The EUR 600 million recapitalisation of BPN which took place on 15 February 2012 constitutes state aid.
Dokapitalizacija BPN v znesku 600 milijonov EUR, ki je bila izvedena 15. februarja 2012, pomeni državno pomoč.
The transfer of additional assets and liabilities from BPN linked to the sale
Prenos dodatnih sredstev in obveznosti z banke BPN v zvezi s prodajo
The measures granted in connection with the sale to BIC include the right of BIC to request the transfer, before closing, of other assets and liabilities of BPN, such as loans to credit institutions, or physical and financial assets.
Ukrepi, ki so bili odobreni v zvezi s prodajo banki BIC, vključujejo pravico banke BIC, da pred sklenitvijo zahteva prenos drugih sredstev in obveznosti BPN, kot so posojila kreditnim institucijam ali stvarno premoženje in finančne naložbe.
They also include the right of BIC to transfer deposits with pricing […] bps above the relevant reference rate or to receive from the State the difference in remuneration for such deposits.
Vključujejo tudi pravico banke BIC do prenosa vlog, katerih cena presega ustrezno referenčno stopnjo za […] bazičnih točk, ali do razlike plačila za takšne vloge, ki jo prejme od države.
The removal from BPN of certain loans and liabilities (including deposits) selected by BIC is directly financed by the Member State.
Izločitev nekaterih posojil in obveznosti (vključno z vlogami), ki jih izbere BIC, iz BPN neposredno financira država članica.
Any items removed from BPN will either be transferred at book value to the SPVs, which are wholly owned by the Member State, or will in any case be under its financial responsibility.
Vse postavke, izločene iz BPN, bodo po knjigovodski vrednosti prenesene na pravne subjekte s posebnim namenom, ki so v popolni lasti države članice, ali pa bo država članica v vsakem primeru kako drugače prevzela finančno odgovornost zanje.
The Member State would thereby bear the financial burden of managing and disposing of those assets and liabilities.
S tem bo država članica prevzela finančno obremenitev za upravljanje navedenih sredstev in obveznosti ter njihovo odtujitev.
The Member State would also have to finance the difference between the applicable interest on deposits and the pricing threshold of […] bps above the reference rate.
Poleg tega bo morala država članica financirati razliko med ustreznimi obrestmi na vloge in cenovnim pragom, ki presega referenčno stopnjo za […] bazičnih točk.
The Commission considers that the transfer of additional assets and liabilities to the SPVs before the sale involves an advantage to BPN and the combined entity, because there was no ex ante transparency, assets were not valued at market price and the State was not remunerated in the framework of the transfer.
Komisija meni, da prenos dodatnih sredstev in obveznosti na pravne subjekte s posebnim namenom pred prodajo pomeni prednost za BPN in združeni subjekt, ker ni bila zagotovljena predhodna preglednost, ker sredstva niso bila ovrednotena po tržni ceni in ker država pri prenosu ni prejela plačila.
The Commission considers that the transfer of assets at book value and not at market value confers an economic advantage on BPN and the combined entity compared with its competitors.
Komisija meni, da sta BPN in združeni subjekt s prenosom sredstev po knjigovodski vrednosti namesto po tržni vrednosti pridobila gospodarsko prednost pred konkurenti.
BIC could freely choose the assets to be removed under that condition of the Framework Agreement and those assets would be neither valued at market value, nor the State reimbursed for them.
BIC bi lahko za ta sredstva zahtevala izločitev v skladu z navedenim pogojem iz okvirnega sporazuma, pri čemer navedena sredstva ne bi bila ovrednotena po tržni vrednosti in država zanje ne bi prejela plačila.
On the contrary, to the extent that this option reduces the RWA of BPN, it would result in an increase of the bank's capital ratio, and consequently of its capacity to extend new loans and to be active in the market.
Nasprotno bi se v obsegu, v katerem bi se pri tej možnosti zmanjšala tveganju prilagojena aktiva BPN, povečal delež kapitala banke in s tem njena zmogljivost za odobritev novih posojil in poslovanje na trgu.
After the sale, that advantage would be carried over to the combined entity.
Ta prednost bi se po prodaji prenesla na združeni subjekt.
The remuneration by the State of the difference between the applicable interest on deposits and the pricing threshold of […] bps above the reference rate removes a cost that BPN would have to bear in normal circumstances, and therefore confers an advantage on it.
Poleg tega je z državnim plačilom razlike med ustreznimi obrestmi na vloge in cenovnim pragom, ki presega referenčno stopnjo za […] bazičnih točk, odpravljen strošek, ki bi ga morala BPN plačati v običajnih okoliščinah, zato je BPN s tem pridobila prednost.
The measures concerned are selective as they solely benefit a specific entity - BPN – and the economic activity that will be continued after the sale.
Zadevni ukrepi so selektivni, ker so bili sprejeti izključno v korist točno določenega subjekta, tj. BPN, in gospodarske dejavnosti, ki se bo nadaljevala po prodaji.
The measures distort or threaten to distort competition as they place BPN and the combined entity after the sale to BIC in a beneficial position vis-à-vis other competing banks by not requiring it to deleverage unlike other competitors and by allowing BPN and the combined entity to grant more credit to the economy.
Ukrepi izkrivljajo ali bi lahko izkrivljali konkurenco, ker banki BPN in združenemu subjektu po prodaji banki BIC zagotavljajo ugodnejši položaj glede na druge konkurenčne banke, ker jima v nasprotju z drugimi konkurenti ni treba zmanjšati finančnega vzvoda, hkrati pa lahko odobrita več posojil za gospodarstvo.
The transfer of additional assets and liabilities (including deposits) from the balance sheet of BPN to the SPVs before the sale constitutes state aid.
Prenos dodatnih sredstev in obveznosti (vključno z vlogami) iz bilance stanja BPN na pravne subjekte s posebnim namenom pred prodajo pomeni državno pomoč.
The right of BIC to transfer non-performing loans to the State after the sale
Pravica banke BIC do prenosa nedonosnih posojil na državo po prodaji
BIC has the right to sell back within […] months loans that are non-performing for at least […] days (up to a maximum of […] % of the nominal value of the total loan portfolio selected by BIC after compensation with existing deposits) and for the amount exceeding the level of provisioning (EUR […] million).
BIC je upravičena do ponovne prodaje posojil, ki so nedonosna najmanj […] dni (do največ […] % nominalne vrednosti skupnega portfelja posojil, ki ga izbere BIC, po nadomestilu z obstoječimi vlogami) in katerih znesek presega stopnjo rezervacij ([…] milijonov EUR), v […] mesecih.
The right of BIC to remove additional assets and liabilities from the balance sheet after the sale is directly financed by the Member State.
Pravico banke BIC do izločitve dodatnih sredstev in obveznosti iz bilance stanja po prodaji neposredno financira država članica.
The Member State would thereby bear the financial burden of managing and disposing of those assets.
S tem bo država članica prevzela finančno obremenitev za upravljanje navedenih sredstev ter razpolaganje z njimi.
The Commission considers that the possibility of removing non-performing loans after the sale enables BPN and the combined entity to expand their activity and grant more credit in an economic context where other competitors active in Portugal must deleverage.
Komisija meni, da možnost izločitve nedonosnih posojil po prodaji BPN in združenemu subjektu omogoča, da razširita svojo dejavnost in odobrita več posojil v gospodarskih okoliščinah, v katerih morajo drugi konkurenti, ki poslujejo na Portugalskem, zmanjšati svoj finančni vzvod.
Indeed, if the same level of equity were retained, the bank's capital ratio would increase through the removal of non-performing loans and the reduction of RWA.
Če bi banka ohranila enako stopnjo lastniškega kapitala, bi se delež kapitala banke z izločitvijo nedonosnih posojil in zmanjšanjem tveganju prilagojene aktive povečal.
Consequently its capacity to extend new loans and to be active in the market would increase.
S tem bi se povečala njena zmogljivost za odobritev novih posojil in poslovanje na trgu.
The combined entity will also have an advantage over its competitors that are faced with impairments on lower quality assets, which they have to absorb, limiting the capital available to them for new lending.
Prednost pred konkurenti, ki so obremenjeni z oslabitvami zaradi sredstev slabše kakovosti, ki jih morajo absorbirati, s čimer se omeji njihov kapital za nova posojila, bi imel tudi združeni subjekt.
The combined entity, in contrast, will not have its capital base reduced by such impairments and the decreasing value of its loan portfolio.
Vendar se kapitalska osnova združenega subjekta zaradi takšnih oslabitev in vedno manjše vrednosti portfelja posojil ne bo zmanjšala.
The measure concerned is selective as it solely benefits a specific entity - BPN – and the economic activity that will be continued after the sale.
Zadevni ukrep je selektiven, ker je bil sprejet izključno v korist točno določenega subjekta, tj. BPN, in gospodarske dejavnosti, ki se bo nadaljevala po prodaji.
The measure distorts or threatens to distort competition as it places BPN and the combined entity after the sale to BIC in a beneficial position vis-à-vis other competing banks by not requiring it to deleverage unlike other competitors and thus allowing BPN and the combined entity to grant more credit to the economy.
Ukrep izkrivlja ali bi lahko izkrivljal konkurenco, ker banki BPN in združenemu subjektu po prodaji banki BIC zagotavlja ugodnejši položaj glede na druge konkurenčne banke, ker jima v nasprotju z drugimi konkurenti ni treba zmanjšati finančnega vzvoda, hkrati pa lahko odobrita več posojil za gospodarstvo.
The measure could allow BPN and the combined entity, in the absence of a commitment to give back the capital linked to the loans, to retroactively modify the RWA of the bank after the sale.
Če ne bi bilo zaveze o vračilu kapitala, povezanega s posojili, bi ukrep banki BPN in združenemu subjektu omogočal, da po prodaji retroaktivno spremenita tveganju prilagojeno aktivo banke.
This would result in a higher proportional capitalisation of the bank.
Tako bi se povečala sorazmerna kapitalizacija banke.
It thereby confers an advantage on the bank and distorts competition with other competitors.
S tem ukrepom banka torej pridobi prednost, poleg tega ukrep izkrivlja konkurenco z drugimi konkurenti.
The measure constitutes state aid.
Ukrep pomeni državno pomoč.
The transfer of litigation risks to the State
Prenos tveganja sodnih postopkov na državo
The transfer of BPN’s litigation risks to the State constitutes a liability which is taken over by the State.
Prenos tveganj sodnih postopkov banke BPN na državo pomeni obveznost, ki jo prevzame država.
By taking over a liability from BPN, the State is granting an advantage to BPN and to the combined entity in comparison with their competitors who must incur equivalent liabilities on their own balance sheet.
S prevzemom obveznosti BPN država zagotavlja prednost BPN in združenemu subjektu pred njunimi konkurenti, ki morajo v svoji bilanci stanja sami prevzeti ustrezne obveznosti.
The measure concerned is selective as it solely benefits a specific entity (BPN and the combined entity resulting entity after the sale to BIC).
Zadevni ukrep je selektiven, ker je sprejet izključno v korist točno določenega subjekta (BPN in združenega subjekta, ki nastane po prodaji banki BIC).
The measure provides capital relief to BPN and the combined entity where no alternatives existed on the market and where other competitors must incur such liabilities on their balance sheet.
Ukrep je zagotovil razbremenitev kapitala za BPN in združeni subjekt, ko na trgu ni bilo na voljo drugih možnosti in so morali drugi konkurenti takšne obveznosti sami prevzeti v svojih bilancah stanja.
The measure provides a capital relief measure and constitutes state aid.
Ukrep zagotavlja razbremenitev kapitala in pomeni državno pomoč.
The granting by CGD of a EUR 300 million liquidity line to the combined entity after the sale and the maintenance of a credit line of commercial paper of EUR [150-350] million in favour of BPN
Odobritev bančne kreditne linije s strani CGD v znesku 300 milijonov EUR združenemu subjektu po prodaji in ohranitev kreditne linije za banko BPN v znesku [150–350] milijonov EUR za komercialni zapis
The granting of a EUR [150-350] million liquidity line to the combined entity after the sale and the maintenance of a credit line of commercial paper of EUR [150-500] million by CGD in favour of BPN after the sale must be considered as imputable to the State taking into account the specific circumstances under which they occurred.
Odobritev bančne kreditne linije v znesku [150–350] milijonov EUR združenemu subjektu po prodaji in ohranitev kreditne linije s strani CGD za banko BPN v znesku [150–500] milijonov EUR za komercialni zapis po prodaji je mogoče pripisati državi, pri čemer se upoštevajo posebne okoliščine, v katerih sta bili izvedeni.
First, CGD is wholly owned by the State, which appoints the members of its Board.
Prvič, CGD je v popolni lasti države, ki imenuje člane upravnega odbora.
As noted in paragraph (100), CGD was appointed by law to manage BPN and also obtained a state guarantee pursuant to Article 2(9) of the Nationalisation Law in respect of all credit and liquidity it might grant to BPN in the context of the nationalisation and ‘in substitution of the State’.
Kot je navedeno v uvodni izjavi (100), je bila CGD v skladu z zakonom imenovana za upravljanje BPN in je v skladu s členom 2(9) zakona o nacionalizaciji prejela tudi državno poroštvo za vse kredite in likvidnostna sredstva, ki bi jih odobrila banki BPN v okviru nacionalizacije in „namesto države“.
That guarantee continues to apply to the EUR [150-500] million credit line.
Navedeno poroštvo velja tudi za kreditno linijo v znesku [150–500] milijonov EUR.
Second, the decisions to grant the liquidity and credit lines were not taken independently by CGD, but were part of the conditions of the sale negotiated between BIC and the Portuguese authorities.
Drugič, CGD odločitve o odobritvi bančne kreditne linije in ohranitvi kreditne linije ni sprejela neodvisno, ampak je pri tem šlo za enega od pogojev prodaje, o katerih so se dogovorili BIC in portugalski organi.
The granting by CGD of a EUR [200-400] million liquidity line to the combined entity after the sale and the maintenance by CGD of a credit line of commercial paper of EUR [150-500] million after the sale are therefore both directly imputable to the Member State.
Zato je mogoče odobritev bančne kreditne linije s strani CGD v znesku [200–400] milijonov EUR združenemu subjektu po prodaji in ohranitev kreditne linije s strani CGD v znesku [150–500] milijonov EUR za komercialni zapis po prodaji pripisati neposredno državi članici.
The measures allow BPN and the combined entity to have easy and cheap access to liquidity.
Ukrepi banki BPN in združenemu subjektu omogočajo preprost in cenovno ugoden dostop do likvidnostnih sredstev.
Concerning the EUR [200-400] million credit line granted by CGD to BIC, the Commission notes that it will provide a cushion for the combined entity’s funding position, should there be deposit outflows after the sale.
V zvezi s kreditno linijo v znesku [200–400] milijonov EUR, ki jo je CGD odobrila banki BIC, Komisija ugotavlja, da bi omilila stanje sredstev združenega subjekta v primeru odliva vlog po prodaji.
No such credit line is granted by CGD to any entity other than the combined entity.
CGD takšne kreditne linije ni odobrila nobenemu drugemu subjektu, razen združenemu subjektu.
The credit line therefore constitutes an economic advantage for the combined entity.
Zato je združeni subjekt s kreditno linijo pridobil gospodarsko prednost.
The maintenance of a credit line, with state guarantee, of EUR [150-500] million until […] for the ongoing commercial paper programme also gives BPN and the combined entity an advantage over its competitors in terms of access to liquidity.
Prednost pred konkurenti glede dostopa do likvidnostnih sredstev za BPN in združeni subjekt pomeni tudi ohranitev kreditne linije v znesku [150–500] milijonov EUR z državnim poroštvom do […] za trenutni program komercialnih zapisov.
The measures concerned are selective as they solely benefit a specific entity (BPN and the combined entity resulting from the sale to BIC).
Zadevni ukrepi so selektivni, ker so sprejeti izključno v korist točno določenega subjekta (BPN in združenega subjekta, ki nastane po prodaji banki BIC).
The advantage granted to BPN and the combined entity after the sale distorts competition, all the more so considering the current high cost of borrowing on the financial markets.
Prednost, ki jo pridobita BPN in združeni subjekt po prodaji, izkrivlja konkurenco, zlasti ob upoštevanju sedanjih visokih stroškov zadolževanja na finančnih trgih.
Given the position of BPN in the Portuguese financial sector, and given that the financial sector is open to intense competition at Union level, and that BPN is competing with a significant number of subsidiaries of foreign banks in Portugal, the Commission considers that any advantage from state resources would have the potential to affect intra-Union trade and to distort competition within the meaning of Article 107(1) of the Treaty.
Glede na položaj BPN v portugalskem finančnem sektorju ter dejstvo, da je konkurenca v finančnem sektorju na ravni Unije zelo velika in da BPN konkurira veliko odvisnim družbam tujih bank na Portugalskem, Komisija meni, da bi lahko kakršna koli prednost, ki izhaja iz državnih sredstev, prizadela trgovino v Uniji in izkrivljala konkurenco v smislu člena 107(1) Pogodbe.
The grant by CGD of a EUR [200-400] million liquidity line to the combined entity after the sale and the maintenance of a credit line of commercial paper of EUR [150-500] million in favour of BPN constitute state aid.
Odobritev bančne kreditne linije s strani CGD v znesku [200–400] milijonov EUR združenemu subjektu po prodaji in ohranitev kreditne linije za banko BPN v znesku [150–500] milijonov EUR za komercialni zapis pomenita državno pomoč.
Possible aid to the buyer
Morebitna pomoč kupcu