natgillin/translations-raw huggingface dataset:
ÖVAG provided information regarding its liquidity position as of May 2012 and presented measures which address current and future funding needs.
ÖVAG je posredovala informacije v zvezi s svojim likvidnostnim položajem maja 2012 in predstavila ukrepe, ki obravnavajo sedanje in prihodnje potrebe po financiranju.
As regards its previous reliance on unsecured wholesale funding, ÖVAG claims that it was mainly due to the subsidiaries which relied heavily on the funding provided by ÖVAG.
V zvezi s svojo nekdanjo odvisnostjo od nezavarovanih medbančnih kreditov trdi, da je bila ta posledica močne odvisnosti hčerinskih družb od sredstev, ki jih je zagotovila.
That problem has already been addressed to some extent by the sale of VBI in 2011 (reduction of the financing needs by EUR 1,1 billion).
Ta težava je bila nekako že odpravljena s prodajo VBI leta 2011 (s tem so se potrebe po financiranju zmanjšale za 1,1 milijarde EUR).
Further, the restructuring of VBRO and its subsequent sale, together with the divestment of VBLI, are to free up a further EUR 2,4 billion of liquidity.
Poleg tega bosta prestrukturiranje VBRO in poznejša prodaja skupaj z odprodajo VBLI sprostila nadaljnje 2,4 milijarde EUR likvidnosti.
The bank demonstrated that it has implemented measures which give it access to further sources of funding or ease its liquidity needs.
Banka je dokazala, da je izvedla ukrepe, ki ji omogočajo dostop do dodatnih virov financiranja ali zmanjšujejo njene potrebe po likvidnih sredstvih.
The acquisition of Livebank (from one of the Volksbanken) gave ÖVAG access to EUR 470 million of retail funding, thereby reducing ÖVAG's past reliance on wholesale funding.
ÖVAG je s prevzemom spletne banke Livebank (od ene od Volksbanken) dobila dostop do 470 milijonov EUR sredstev prebivalstva, s čimer se je zmanjšala njena nekdanja odvisnost od medbančnih kreditov.
The measures committed to by the minority shareholders [26] are to contribute to the reducton of the funding needs.
Ukrepi, h katerim so se zavezali manjšinski delničarji [26], naj bi zmanjšali potrebe po financiranju.
Finally, the establishment of the Verbundmodell together with the regional Volksbanken allows ÖVAG to reduce its financing needs by EUR 2,7 billion [27].
Nazadnje, vzpostavitev sistema „Verbundmodell“ skupaj z regionalnimi Volksbanken banki ÖVAG omogoča, da zmanjša svoje potrebe po financiranju za 2,7 milijarde EUR [27].
Additionally, it will be able to use some of the assets held by the associated Volksbanken as collateral for covered bonds if needed (currently EUR [2-4] billion).
Poleg tega bo lahko uporabila nekaj sredstev, ki so v lasti pridruženih Volksbanken, kot zavarovanje za krite obveznice, če bo to potrebno (trenutno [2–4] milijarde EUR).
Contribution of other shareholders and hybrid investors
Prispevek drugih delničarjev in vlagateljev v hibridne instrumente
DZ Bank, Ergo and RZB did not participate in the capital injection, but committed to contribute to ÖVAG's rescue and restructuring in the following way:
DZ Bank, Ergo in RZB niso sodelovale pri kapitalskem vložku, temveč so se zavezale, da bodo prispevale k reševanju in prestrukturiranju ÖVAG na naslednji način:
DZ Bank will maintain existing liquidity facilities for the subsidiaries owned in common with ÖVAG (for instance VBLI).
DZ Bank bo ohranila obstoječa likvidnostna posojila tistim hčerinskim družbam, ki jih ima v skupni lasti z ÖVAG (na primer VBLI).
Additionally, it will take over the business of ÖVAG's Frankfurt branch (EUR [400-500] million in terms of assets) and the related financing needs.
Poleg tega bo prevzela posle frankfurtske podružnice ÖVAG ([400–500] milijonov EUR v smislu sredstev) in povezane potrebe po financiranju.
ERGO will maintain its existing liquidity facilities with ÖVAG and agrees not to sell the financial instruments emanating from ÖVAG held by its insurance arm Victoria.
ERGO bo ohranila obstoječa likvidnostna posojila z ÖVAG in se strinja, da ne bo prodala finančnih instrumentov, ki izhajajo iz ÖVAG in jih ima v lasti njena zavarovalniška enota Victoria.
RZB (will implement measures which will have a positive effect on the capital of ÖVAG in the volume of EUR 100 million and supply additional liquidity to ÖVAG in the amount of EUR 500 million.
RZB bo izvedla ukrepe, ki bodo imeli pozitiven učinek na kapital ÖVAG, in sicer v višini 100 milijonov EUR, ter ÖVAG zagotovila dodatno likvidnost v višini 500 milijonov EUR.
Further, all historic shareholders [28] participate in the losses of the past by way of the capital cut of 70 %.
Vsi glavni delničarji [28] so udeleženi pri preteklih izgubah z zmanjšanjem kapitala za 70 %.
In addition, they have been significantly diluted in the last recapitalisation.
Poleg tega so se deleži delničarjev v zadnji dokapitalizaciji bistveno zmanjšali [29].
Furthermore, the Volksbanken contribute to the recent capital increase with fresh capital totalling to EUR 230 million.
Volksbanken so prispevale tudi k nedavnemu povečanju kapitala, in sicer s svežim kapitalom v višini 230 milijonov EUR.
In order to ensure that the owners of the bank participate in the reconstitution of an adequate capital basis over the restructuring period, the bank will retain dividends and not pay coupons on hybrid capital which it is not legally obliged to pay.
Da bi banka zagotovila sodelovanje svojih lastnikov pri vzpostavitvi ustrezne kapitalske osnove v obdobju prestrukturiranja, bo zadržala dividende in ne bo izplačevala kuponov za hibridni kapital, če teh ni zakonsko obvezana izplačati.
It is complemented by a strict limit on dividends which can be disbursed by the co-operative banks over the restructuring period, in order to support the build-up of capital in the "Verbund".
To bo dopolnila s strogimi omejitvami dividend, ki jih lahko zadružne banke izplačajo v obdobju prestrukturiranja, kar bo pospešilo pridobivanje kapitala v skupini „Verbund“.
The offered buy-back price was determined on the basis of the market value of the instruments plus a premium of not more than 10 percentage points, which was added to incentivise investors to participate in the buy-back.
Predlagana odkupna cena je bila določena na podlagi tržne vrednosti instrumentov, povečane za premijo do 10 odstotnih točk, ki je bila dodana, da vlagatelje spodbudi k sodelovanju pri odkupu.
Financial planning
Finančno načrtovanje
Austria presented a detailed business plan for ÖVAG for the period 2012 to 2017.
Avstrija je predložila podroben poslovni načrt za ÖVAG za obdobje 2012–2017.
The plan includes a base case and a stress case scenario with the aim of demonstrating ÖVAG's ability to restore its long-term viability.
Načrt vključuje osnovni scenarij in scenarij izjemnih situacij, njegov cilj pa je prikazati zmožnost ÖVAG, da ponovno vzpostavi svojo dolgoročno uspešno poslovanje.
The new restructuring plan is based on assumptions in respect of the evolution of the Euro area, its GDP growth, short-term and mid-term interest rates changes, which are largely in line with the expectations of important market players and international institutions like e.g. the IMF.
Novi načrt prestrukturiranja temelji na predpostavkah glede razvoja euroobmočja, rasti BDP ter sprememb kratko- in srednjeročnih obrestnih mer, ki so večinoma v skladu s pričakovanji pomembnih akterjev na trgu in mednarodnih institucij, kot je na primer Mednarodni denarni sklad (MDS).
Euro area inflation, oil prices and the EUR/USD and EUR/CHF exchange rates are part of the assumptions as well.
Predpostavke vključujejo tudi inflacijo v euroobmočju, cene nafte ter menjalna tečaja EUR/USD in EUR/CHF.
The planning assumes a moderate recovery of GDP growth in 2013 and thereafter.
Načrt predvideva zmerno rast BDP od leta 2013.
As illustrated in Table 2, in the base case ÖVAG is expected to continuously improve its results until 2016.
Kot je prikazano v preglednici 2, se v osnovnem scenariju pričakuje, da bo ÖVAG nenehno izboljševala svoje rezultate do leta 2016.
Key financial figures of ÖVAG – base case (in EUR million and %, respectively)
Najpomembnejši finančni podatki za ÖVAG – osnovni scenarij (v milijonih EUR oziroma %)
New restructuring plan of ÖVAG
Novi načrt prestrukturiranja ÖVAG.
Result (after tax)
Rezultat (po obdavčitvi)
Return on Equity after taxes
Donosnost lastniškega kapitala po obdavčitvi
Capital ratio
Delež kapitala
The return on equity (RoE) of the bank increases over the restructuring period to a level of 8,0 % after-tax.
Donosnost lastniškega kapitala banke se bo v obdobju prestrukturiranja povečala na raven 8,0 % po obdavčitvi.
The bank claims that the level of 8 % RoE after-tax represents a sufficient and market-oriented capital remuneration, given the business model of the core-bank with a low risk profile.
Banka trdi, da je 8-odstotna donosnost po obdavčitvi zadostno in tržno usmerjeno nadomestilo za kapital glede na poslovni model osrednje banke s profilom nizkega tveganja.
In particular the bank is not involved in such volatile activities as investment banking or proprietary trading but concentrates on its role as central institute for the local co-operative banks.
Poudariti je treba, da banka ne sodeluje pri takšnih spremenljivih dejavnostih, kot so investicijsko bančništvo ali trgovanje za lastni račun, temveč se osredotoča na svojo vlogo osrednje institucije lokalnih zadružnih bank.
Stress case
Scenarij izjemnih situacij
ÖVAG provided a stress case scenario on a group level based on less favourable market assumptions.
ÖVAG je predložila scenarij izjemnih situacij na ravni skupine, ki temelji na manj ugodnih tržnih predpostavkah.
Among others, a further appreciation of the US dollar against the euro and the weakening of the Romanian leu against the euro, a slower increase of the interest rates than expected in the base case, a further deterioration of some sovereign ratings and a decline of the economic growth in the EURO area were assumed.
V njem se med drugim predpostavljajo nadaljnja rast vrednosti dolarja v primerjavi z eurom in znižanje vrednosti romunskega leja v primerjavi z eurom, počasnejše zvišanje obrestnih mer, kot je pričakovano v osnovnem scenariju, nadaljnje poslabšanje nekaterih bonitetnih ocen in zmanjšanje gospodarske rasti v euroobmočju.
According to the bank's estimations those developments in sum could lead to an additional use of capital of up to EUR [600-650] million and to a reduction of ÖVAG's CET 1 ratio for the overall risk to [6,0-7,0] % in 2017.
Po ocenah banke bi lahko navedeni dogodki skupaj povzročili dodatno porabo kapitala v višini do [600–650] milijonov EUR in zmanjšanje količnika CET 1 ÖVAG za skupno tveganje na [6,0–7,0] % v letu 2017.
Key financial figures of ÖVAG – stress case (in EUR million and %, respectively)
Najpomembnejši finančni podatki za ÖVAG – scenarij izjemnih situacij (v milijonih EUR oziroma %)
Sensitivity scenarios
Scenariji občutljivosti
Furthermore, the bank provided sensitivity scenarios set up by an external consultant, in which the following additional adverse developments were assumed:
Poleg tega je banka predložila scenarije občutljivosti, ki jih je pripravil zunanji svetovalec in v katerih se predpostavljajo naslednji dodatni neugodni dogodki:
delayed sale of VBRO at a […] price of EUR […] million, increase of its refinancing costs;
zapoznela prodaja VBRO po […] ceni […] milijonov EUR in zvišanje stroškov njenega refinanciranja;
inability to divest VBLI;
nezmožnost odprodaje VBLI;
lower quality of assets in the non-core segment (increase in RWA by 20 %, increase in risk-provisioning by 50 % and impairments on investments of EUR 100 million);
slabša kakovost sredstev v stranskem segmentu (povečanje RWA za 20 %, povečanje rezervacij za tveganja za 50 % in oslabitev naložb v višini 100 milijonov EUR);
increase in RWA by 10 % in the core segment;
povečanje RWA v osrednjem segmentu za 10 %;
no increase in profits in 2016 and 2017.
brez povečanja dobička v letih 2016 in 2017.
The consultant found that if all those stress conditions were jointly to materialise, ÖVAG would have a capital shortfall of EUR 195 million in 2017/2018, [32] which however would be covered by the regulatory excess capital of the co-operative banks (i.e. the "Haftungsverbund") amounting to EUR [650-750] million in 2017/2018. Thus, overall, that adverse scenario could be managed by the bank.
Svetovalec je ugotovil, da bi imela ÖVAG leta 2017/2018 kapitalski primanjkljaj v višini 195 milijonov EUR [32], če bi se vsi navedeni neugodni pogoji uresničili, vendar bi ga bilo mogoče leta 2017/2018 pokriti z regulativnim presežnim kapitalom zadružnih bank (tj. „Haftungsverbund“) v višini [650–750] milijonov EUR. Tako bi lahko banka na splošno preživela takšen neugoden scenarij.
Cost reductions
Zniževanje stroškov
According to the financial projections of ÖVAG, its administrative costs will be reduced from EUR 166 million in 2012 to EUR 105,5 million in 2017, which represents a reduction by 36 %.
Glede na finančne napovedi ÖVAG se bodo njeni upravni stroški znižali s 166 milijonov EUR leta 2012 na 105,5 milijona EUR leta 2017, kar pomeni znižanje za 36 %.
However, in addition to the cost-optimisation measures (such as closing the Frankfurt branch and IK's representative offices in CEE; synergies resulting from the merger of ÖVAG and IK; reduction of personnel, building occupancy and consultancy expenses; outsourcing of IT infrastructure), that impact includes the effects of divestments and scaling-down of operations in the non-core segment.
Vendar poleg ukrepov za optimizacijo stroškov (kot so zaprtje podružnice v Frankfurtu in predstavništev IK v državah SVE; sinergije, ki so posledica združitve ÖVAG in IK; zmanjšanje števila zaposlenih ter znižanje stroškov uporabe stavb in svetovanja; uporaba zunanje informacijske infrastrukture) ta vpliv vključuje tudi učinke odprodaj in zmanjšanja poslovanja v stranskem segmentu.
Therefore, the bank provided also information on the expected results of the cost-cutting measures in the core segment.
Zato je banka predložila tudi informacije o pričakovanih rezultatih ukrepov za znižanje stroškov v osrednjem segmentu.
There the cost optimisation measures should result in a reduction of the annual costs by EUR 15 million by the end of the restructuring period, which represents about 12 % of the total costs in 2012.
V tem segmentu bi morali ukrepi za optimizacijo stroškov do konca obdobja prestrukturiranja zmanjšati letne stroške za 15 milijonov EUR, kar je približno 12 % skupnih stroškov iz leta 2012.
Redemption of PS in 2017/2018
Izplačilo PS leta 2017/2018
The Commission recalls that it opened the formal investigation procedure pursuant to Article 108(2) of the Treaty regarding the compatibility of the restructuring aid for ÖVAG with the internal market because it had, on the basis of the initial restructuring plan, serious doubts whether ÖVAG would be able to restore its long-term viability.
Komisija opozarja, da je začela formalni postopek preiskave v skladu s členom 108(2) Pogodbe glede združljivosti pomoči za prestrukturiranje ÖVAG z notranjim trgom, ker je imela na podlagi prvotnega načrta prestrukturiranja resne dvome o tem, ali bo ÖVAG lahko ponovno vzpostavila svojo dolgoročno uspešno poslovanje [33].
The Commission also expressed doubts whether adequate burden-sharing was ensured and the distortions of competition were sufficiently limited. [34]
Poleg tega je izrazila tudi dvome o tem, ali je bila zagotovljena ustrezna porazdelitev bremena in ali je bilo izkrivljanje konkurence dovolj omejeno [34].
Austria underlines that ÖVAG is a bank of systemic relevance whose insolvency would have had massive negative implications for the Austrian banking system and the Austrian real economy.
Avstrija poudarja, da je ÖVAG sistemsko pomembna banka in da bi imela njena insolventnost hude negativne posledice za avstrijski bančni sistem in avstrijsko realno gospodarstvo.
That assessment has been confirmed by a letter of Österreichische Nationalbank, the Austrian central bank.
To oceno je v svojem pismu potrdila avstrijska centralna banka Österreichische Nationalbank.
Austria does not deny the aid character of the measures described in section 2.2.
Avstrija ne zanika, da imajo ukrepi, opisani v oddelku 2.2, značaj pomoči.
Austria points out that the measures described in section 2.2.1 were granted in compliance with the approved Austrian bank support scheme.
Avstrija poudarja, da so bili ukrepi, opisani v oddelku 2.2.1, odobreni v skladu s sprejetim avstrijskim programom pomoči bančnemu sektorju.
It maintains that ÖVAG was at the moment of the recapitalisation not a distressed bank in the meaning of the Recapitalisation Communication.
Trdi, da ÖVAG v času dokapitalizacije ni bila banka v težavah v smislu sporočila o dokapitalizaciji.
Nevertheless, Austria has agreed to submitting a restructuring plan for the bank.
Kljub temu se je strinjala, da bo predložila načrt prestrukturiranja banke.
Further, Austria does not contest that the second recapitalisation measure agreed on 27 February 2012 and the asset guarantee ("the 2012 measures") constitute State aid within the meaning of Article 107(1) of the Treaty.
Poleg tega Avstrija ne zanika, da sta drugi ukrep dokapitalizacije, ki je bil sprejet 27. februarja 2012, in jamstvo za sredstva (v nadaljnjem besedilu: ukrepi iz leta 2012) državna pomoč v smislu člena 107(1) Pogodbe.
However, it considers them compatible with the internal market on the basis of Article 107(3)(b) of the Treaty, as they are required to remedy a serious disturbance in the economy of a Member State and are compliant with the relevant Commission communications.
Vendar meni, da sta združljiva z notranjim trgom na podlagi člena 107(3)(b) Pogodbe, saj sta potrebna za odpravo resnih motenj v gospodarstvu države članice in skladna z zadevnimi sporočili Komisije.
In particular, Austria provided information and comparative market data on the basis of which it argues that the 2012 measures comply with the requirements of the Recapitalisation Communication and the Communication from the Commission on the application, from 1 January 2012, of State aid rules to support measures in favour of banks in the context of the financial crisis [35] ("2011 Prolongation Communication").
Avstrija je zagotovila informacije in primerljive tržne podatke, na podlagi katerih trdi, da so ukrepi iz leta 2012 v skladu z zahtevami sporočila o dokapitalizaciji in Sporočila Komisije o uporabi pravil o državni pomoči za podporne ukrepe v korist bank v okviru finančne krize od 1. januarja 2012 dalje [35] (v nadaljnjem besedilu: sporočilo o podaljšanju 2011).
As regards the 2012 recapitalisation measure, the company value of ÖVAG (a non-listed bank) prior to the 2012 recapitalisation was estimated on the basis of an appropriate market-based valuation approach, which was a peer group price-to-book (P/B) approach.
V zvezi z ukrepom dokapitalizacije iz leta 2012 je bila vrednost ÖVAG (banka, ki ne kotira na borzi) pred dokapitalizacijo leta 2012 ocenjena na podlagi ustreznega tržnega pristopa za vrednotenje, ki pomeni pristop primerljive skupine glede razmerja med ceno in knjigovodsko vrednostjo delnice (P/B).
On the basis of the observable market data for an appropriate peer group, [36] Austria determined a P/B-multiple, leading to a company value in the range of EUR [270-300] million to EUR [320-360] million. After the recapitalisation by the Volksbanken is taken into account, the company value would range from EUR [500-530] million to EUR [550-580] million and translate to a price per share of EUR [3-4]. Since Austria subscribed the shares at the price of EUR 2,2, the effective discount ranges from [35 % to 45 %].
Avstrija je na podlagi razpoložljivih tržnih podatkov za ustrezno primerljivo skupino [36] določila večkratni P/B, pri čemer je bila vrednost družbe ocenjena na [270–300] do [320–360] milijonov EUR. Če bi se upoštevala dokapitalizacija, ki bi jo izvedle Volksbanken, bi vrednost družbe znašala med [500–530] in [550–580] milijonov EUR, cena za delnico pa znašala [3–4] EUR. Ker je Avstrija delnice vpisala po ceni 2,2 EUR, dejanski odbitek znaša [35–45 %].
Austria considers that the application of that discount adequately addresses the requirements stipulated in the point 8 of the 2011 Prolongation Communication that State capital injections should be subscribed at a sufficient dilution-adjusted discount.
Avstrija meni, da uporaba tega odbitka izpolnjuje zahteve iz točke 8 sporočila o podaljšanju 2011, ki določa, da bi bilo treba državne kapitalske vložke vpisati z dovolj velikim odbitkom, prilagojenim za učinek slabitve.
As regards the asset guarantee, Austria argues that it is a measure which aims solely at increasing ÖVAG's capital by EUR 100 million. Since it is comparable to recapitalisation and remunerated at 10 % p. a., it is compliant with the Recapitalisation Communication.
Avstrija v zvezi z jamstvom za sredstva trdi, da je to ukrep, namenjen zgolj povečanju kapitala ÖVAG za 100 milijonov EUR. Ker je jamstvo primerljivo z dokapitalizacijo in se povrne po stopnji 10 % na leto, je skladno s sporočilom o dokapitalizaciji.
Austria is of the opinion that the restructuring plan ensures that ÖVAG's long-term viability is restored, that ÖVAG provides a sufficient own contribution to the restructuring costs and that distortions of competition are limited by substantial structural and behavioural measures.
Po mnenju Avstrije načrt prestrukturiranja zagotavlja, da bo dolgoročno uspešno poslovanje ÖVAG znova vzpostavljeno, da bo ÖVAG ustrezno prispevala k stroškom prestrukturiranja ter da bo izkrivljanje konkurence omejeno z znatnimi strukturnimi ukrepi in ukrepi v zvezi z ravnanjem.
The activities of the monitoring trustee will apply throughout the restructuring period, which lasts until 2017.
Skrbnik spremljanja bo svoje naloge opravljal celotno obdobje prestrukturiranja, ki traja do leta 2017.
The commitments comprise several behavioural restrictions for ÖVAG such as dividend and coupon bans, [37] a ban on advertising the state aid received and a price leadership ban for its online platform "Livebank", [38] an acquisition ban [39] and a commitment to assess the remuneration of board members with the aim of creating an incentive structure for a sustainable development.
Zaveze vključujejo več omejitev za ÖVAG v zvezi z ravnanjem, kot so prepovedi glede izplačevanja dividend in kuponov [37], prepoved oglaševanja prejete državne pomoči in prepoved določanja cen za spletno platformo „Livebank“ [38], prepoved prevzemov [39] ter zaveza banke, da bo ocenila prejemke članov odbora, da bi oblikovala strukturo spodbujanja za trajnostni razvoj [40].
In addition, the commitments comprise the obligation to divest VBLI by [2013-2017], VBRO and the banking activities in Malta by [2013-2017] and the participation in RZB by [2013-2017]. [41]
Poleg tega zaveze vključujejo obveznosti odprodaje VBLI do leta [2013–2017], odprodaje VBRO in bančnih dejavnosti na Malti do leta [2013–2017] ter odprodaje deleža v RZB do leta [2013–2017] [41].
Existence and the amount of aid
Obstoj in znesek pomoči
As stated in Article 107(1) of the Treaty 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.
Kot je določeno v členu 107(1) Pogodbe, 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, če prizadene trgovino med državami članicami.
The Commission recalls that it has already established in the decisions on the Austrian bank support scheme that liquidity guarantees and capital injections given under the scheme in 2009 constitute aid.
Komisija opozarja, da je v sklepih o avstrijskem programu pomoči bančnemu sektorju že ugotovila, da likvidnostna jamstva in kapitalski vložki, ki so bili leta 2009 dodeljeni na podlagi programa, pomenijo državno pomoč.
That qualification is not disputed by Austria.
Avstrija navedeni opredelitvi ne nasprotuje.