natgillin/translations-raw huggingface dataset:
Whilst HGAA focussed rather on large-scale business and key clients, the entities to be sold will focus on SME business.
Še eno odprto vprašanje je, ali je za Partizipationskapital, ki ga je v HGAA vložila Avstrija pod pogoji programa pomoči bančnemu sektorju, zagotovljeno ustrezno nadomestilo.
In practice the entities to be sold will be oriented towards a different client base.
Opozoriti je treba, da se v okviru programa pomoči bančnemu sektorju uporabljata dve različni obrestni meri, ki se plačujeta glede na to, ali je bila banka, ki prejema pomoč, banka v težavah ali načeloma zdrava banka.
The Commission furthermore notes that the sale of the operational entities is designed to maximise the value of HGAA’s assets before its liquidation in the interest of its creditors.
Avstrija je banko HGAA štela za načeloma zdravo, zato so bile stopnje nadomestila, ki jih je plačevala banka, nižje od stopenj, ki bi jih plačevala, če bi se štela za banko v težavah.
On the basis of the subject-matter, of the fact that the shareholders of HGAA and the entities to be sold will not be identical, and of the economic logic of the sales operation, the Commission considers that once the operational entities are sold and HGAA has ceased to exist there will be no continuation of the economic activity of HGAA.
Komisija v zvezi s tem ugotavlja, da preostali Partizipationskapital ostaja v HBInt, torej v delu HGAA za likvidacijo.
The liquidation plan sets out that some assets will be taken out of the operational entities to be sold.
Ker del za likvidacijo ni več dejaven na trgu in ker uspešnega poslovanja HGAA ni mogoče ponovno vzpostaviti (in bo zato HGAA likvidirana), Komisija ugotavlja, da so nizke stopnje nadomestila v tem primeru sprejemljive.
That removal will both improve the entities’ funding ability and improve the average asset quality of the remaining balance sheet, thus contributing to the marketability of the respective entities.
Družba Mitarbeiterstiftung Alpe Adria je bila najmanjša lastnica HGAA z 0,02-odstotnim deležem.
Point 21 of the Restructuring Communication points out that the creation of an autonomous ‘good bank’ from a combination of the ‘good’ assets and liabilities of an existing bank may also be an acceptable path to viability, provided any such new entity is not in a position to unduly distort competition.
V zvezi z lastniki hibridnega kapitala je HGAA sprejela številne ukrepe, da bi zagotovila porazdelitev bremena z odkupom navedenih instrumentov precej pod nominalno vrednostjo ali z njihovim preklicem, kar je znatno vplivalo na kapital.
In that regard, the creation of a SEE holding or the regrouping of certain assets away from HBInt to the SEE holding with the aim of creating a viable and marketable SEE banking unit would be an acceptable solution [43].
Poleg tega Komisija ugotavlja, da so dividende ali kuponi za veliko hibridnih instrumentov kapitala in instrumentov kapitala Partizipationskapital izplačani samo v primeru dobička.
The problem of asset quality, stemming from both the legacy portfolio and more recent risky engagements, could not be solved on a going concern basis because of increasing risk costs and impairments.
Ker banka v zadnjih letih ni bila donosna, imetniki navedenih instrumentov niso prejeli takšnih plačil.
Therefore the Commission considers that the liquidation plan presented by Austria to increasingly transfer problematic assets into the wind-down unit as the appropriate strategy.
Poleg tega bodo izplačila dividend in kuponov omejena tudi v prihodnosti.
As regards the funding envisaged in the liquidation plan, the entities to be sold will increasingly concentrate on local funding and seek to reduce their dependency on wholesale funding provided by HGAA.
Zato Komisija meni, da je porazdelitev bremena na imetnike navedenih instrumentov zadostna.
The Commission welcomes that change in funding strategy.
Zaradi navedenih razlogov Komisija ugotavlja, da načrt za likvidacijo HGAA zagotavlja ustrezno porazdelitev bremena.
It notes that there will be an on-going funding commitment of HGAA to the entities to be sold.
Omejevanje izkrivljanja konkurence
Furthermore, the liquidation plan provides for a significant reduction in the leasing activities of HGAA, which have been a major source of HGAA’s problems in the past as leasing activities have a relatively low profitability compared to their risks and funding requirements.
Nazadnje oddelek 4 sporočila o prestrukturiranju zahteva, da načrt prestrukturiranja vsebuje ukrepe, ki omejujejo izkrivljanje konkurence.
That reduction will also positively contribute to the marketability of the operational entities.
Takšni ukrepi za omejevanje izkrivljanja konkurence morajo biti prilagojeni razmeram na trgih, na katerih banka upravičenka po prestrukturiranju ponovno posluje.
The Commission concludes that the viability of HGAA cannot be restored and that the orderly wind-down strategy for HGAA as put forward by Austria is an appropriate means to deal with HGAA given that it is not possible to restore the viability of the bank as such.
V obravnavanem primeru je treba zagotoviti, da subjekti, ki bodo ostali dejavni na trgu, dokler ne bodo prodani, ne uporabljajo državnih sredstev, prejetih na način, ki škoduje konkurentom, in delujejo brez izkrivljanja konkurence.
Own contribution and burden-sharing
V ta namen se Avstrija zavezuje k omejitvam glede poslovanja, navedenim v oddelku 4 Priloge, ki bodo zagotovile, da se pred dokončno prodajo čim bolj omeji izkrivljanje konkurence zaradi obstoja in dejavnosti operativnih subjektov.
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.
Narava in oblika ukrepov v zvezi s konkurenco se določita na podlagi dveh meril: prvič, na podlagi višine pomoči ter pogojev in okoliščin, v katerih je bila pomoč dodeljena, in drugič, na podlagi značilnosti trgov, na katerih bo posloval upravičenec.
To that end, it provides that (i) both the restructuring costs and the amount of aid should be limited and (ii) a significant own contribution is necessary.
Komisija poudarja, da je HGAA prejela državno pomoč v višini 3,15 milijarde EUR v obliki kapitala in jamstev za sredstva ter 1,35 milijarde EUR v obliki likvidnostnih jamstev in da bi v prihodnosti lahko za namene postopka likvidacije prejela dodatno državno pomoč v višini do 5,4 milijarde EUR v obliki kapitala in 3,3 milijarde EUR v obliki likvidnostnih sredstev.
The Restructuring Communication further provides that, in order to keep the aid limited to the minimum, the bank should first use its own resources to finance the restructuring.
Skupni znesek pomoči v obliki kapitala in jamstev za sredstva bi znašal 8,55 milijarde EUR, kar ustreza približno 26-odstotnemu tveganju prilagojene aktive HGAA, ki je 31. decembra 2008 znašala 32,8 milijarde EUR.
The costs associated with the restructuring should not only be borne by the State but also by those who invested in the bank.
Torej je znesek dodeljene pomoči zelo velik in zahteva ustrezne ukrepe.
That objective is achieved in particular by absorbing losses with available capital.
Točka 35 sporočila o prestrukturiranju določa, da morajo strukturni ukrepi, kot je odprodaja, olajšati vstop konkurentov in hkrati omogočati, da se postopek izstopa izvede v ustreznem časovnem okviru, da se ohrani finančna stabilnost.
First, all previous shareholders of HGAA have sold their shares to the Republic of Austria for a symbolic price of one euro which reduced the risk that the aid measures benefit the former shareholders.
Komisija ugotavlja, da je v načrtu za likvidacijo predvidena pravilna likvidacija, s katero bo HGAA najpozneje do 30. junija 2015 prenehala delovati na trgih kot dejaven gospodarski subjekt in bo likvidirala samo dejavnosti, ki do takrat ne bodo prodane.
The former owners have also provided HGAA with capital or liquidity, which have been used to cover losses and to improve the liquidity situation.
V zvezi z nadaljevanjem dejavnosti subjektov v jugovzhodni Evropi do njihove prodaje je Avstrija predložila več zavez glede novih poslov, ki jih bodo opravljali navedeni subjekti, s ciljem preprečiti morebitno izkrivljanje konkurence v času do prodaje.
The majority shareholder of HGAA at the time of that sale was BayernLB.
Komisija v zvezi s tem pozdravlja zlasti omejitve glede novih poslov, h katerim sta se zavezali Avstrija in HGAA.
In total, BayernLB has contributed about EUR 1,5 billion in capital whilst renouncing further ownership rights, not even any prospect of further remuneration.
Po upoštevanju stroškov tveganja in stroškov financiranja naj bi se z novimi posli dosegla minimalna stopnja donosa […] % na leto.
Furthermore, BayernLB faced a significant write-down loss when selling its HGAA shares which contributes to addressing moral hazard in line with point 22 of the Restructuring Communication.
Banka se v istem duhu zavezuje k omejitvam glede ročnosti v novih poslih, tako da bodo spremembe ročnosti prispevale k donosnosti le v omejenem obsegu.
The Commission therefore considers that the amount of burden-sharing from the former owner BayernLB is significant and adequate.
Komisija nadalje pozdravlja zaveze glede izboljšanja obvladovanja tveganj, zlasti v zvezi z vsakoletno ponovno oceno vseh izpostavljenosti, ki presegajo […] EUR, ter zavezo, da bo banka na področju poslovanja s prebivalstvom in javnih financ poslovala samo s strankami z bonitetno oceno […] [45].
That conclusion will not be affected by the final outcome of the on-going lawsuit on the repayment of the outstanding loans to BayernLB.
Navedene zaveze zagotavljajo, da bo poslovanje preudarno in da se bodo zadevni subjekti izogibali tveganim poslovnim strategijam.
If BayernLB were to lose the lawsuit, the amount of burden-sharing would be even higher.
Pri poslovanju bodo potrebe po donosnosti uravnotežene s potrebnimi vidiki obvladovanja tveganj.
If BayernLB were to win the lawsuit, the amount of burden-sharing as assessed in this Decision would not change.
Obveznosti hkrati preprečujejo izvajanje agresivne politike širitve trga.
The contribution of GRAWE consists of both capital and liquidity measures.
V skladu z načrtom za likvidacijo bodo vsi operativni deli HGAA likvidirani ali prodani.
The originally capital injection of GRAWE into HGAA amounting to EUR 30 million has in the meantime been reduced to about EUR 9 million through a decision by the Republic of Austria as the bank’s sole shareholder to allocate the capital for loss absorption (Kapitalschnitt).
Postopek prodaje ali likvidacije skupine HGAA bo tako znatno prispeval k omejevanju izkrivljanja konkurence zaradi pomoči, saj bo HGAA kot taka prenehala delovati na trgih.
GRAWE also provided liquidity to HGAA.
Komisija meni, da še vedno ranljivo stanje finančnih trgov, zlasti v državah jugovzhodne Evrope, upravičuje podaljšanje roka za prodajo subjektov v navedenih državah do 30. junija 2015.
Based on the above considerations, the Commission concludes that the burden-sharing of GRAWE is sufficient.
Ugotavlja, da so bile dejavnosti v Avstriji že prodane in da bodo navedene dejavnosti prav tako likvidirane, če prodaja ne bo zaključena do 30. junija 2014.
As regards the Land Carinthia, the Commission observes that the Land Carinthia has contributed to burden-sharing by injecting capital which has been significantly reduced in the meantime through the Kapitalschnitt.
Komisija na splošno ugotavlja, da se bosta preostala bilančna vsota in tveganju prilagojena aktiva HGAA do leta 2017 zmanjšali za približno 85 % (če bo prodaja izvedena v skladu z načrtom).
Based on the above considerations, the Commission concludes that the burden-sharing of Land Carinthia is sufficient.
Poleg navedenih daljnosežnih ukrepov Komisija ugotavlja, da se je Avstrija zavezala k prepovedi oglaševanja državne podpore in prepovedi agresivnih poslovnih praks.
The fact that the remuneration on the Partizipationskapital for GRAWE and Land Carinthia is higher than the remuneration for the capital injected by BayernLB is justified because BayernLB provided a different kind of capital instrument.
Pozdravlja tudi prepoved prevzemov, ki zagotavlja, da se državna pomoč ne bo uporabljala za prevzem konkurentov, ampak bo služila svojemu pravemu namenu, in sicer financiranju postopka likvidacije.
In contrast to GRAWE and Land Carinthia, they provided no Partizipationskapital, but simply renounced all rights deriving from capital instruments and some liquidity.
Ob upoštevanju zavez ter primernosti lastnega prispevka in porazdelitve bremena, ki sta obravnavana v uvodnih izjavah od (122) do (138), Komisija meni, da je kljub visokemu znesku pomoči, dodeljenemu HGAA, predvidenih dovolj ukrepov za omejitev morebitnega izkrivljanja konkurence.
Thus BayernLB provided a higher degree of burden-sharing which seems appropriate as BayernLB had been the dominant owner of HGAA before the acquisition of the bank by Austria.
SKLEPNE UGOTOVITVE
Another open issue is whether the injected Partizipationskapital capital into HGAA by Austria under the conditions of the bank support scheme is sufficiently remunerated.
Ob upoštevanju zavez, ki jih je sprejela Avstrija, je bilo sklenjeno, da je strategija za likvidacijo v skladu s sporočilom o prestrukturiranju, da je pomoč za likvidacijo omejena na najmanjši potrebni znesek in da je zagotovljeno zadostno odpravljanje izkrivljanja konkurence.
It has to be recalled that under the bank support scheme there were two different interest rates to be paid depending on whether the aided bank had been a distressed or a fundamentally sound bank.
Pomoč za likvidacijo je zato združljiva z notranjim trgom v skladu s členom 107(3)(b) Pogodbe –
HGAA was considered as fundamentally sound by Austria and thus paid lower remuneration rates than if it would have done had it been considered a distressed bank.
SPREJELA NASLEDNJI SKLEP:
On that issue, the Commission observes that all the remaining Partizipationskapital remains with HBInt, and thus with the wind-down part of HGAA.
Člen 1
Given that the wind-down part is no longer active on the market and that the viability of HGAA cannot be restored (so that HGAA will be liquidated), the Commission finds that the low remuneration can be accepted in the present case.
Naslednji ukrepi so državna pomoč:
The Mitarbeiterstiftung Alpe Adria was the smallest owner of HGAA with a 0,02 % stake.
dokapitalizacija v znesku 900 milijonov EUR v okviru programa pomoči bančnemu sektorju;
Given the complete loss of any shareholders’ rights without any consideration, the Commission considers the degree of burden-sharing is sufficient, in particular given its relative small size compared with the other owners.
jamstva v znesku 1,35 milijarde EUR v okviru programa pomoči bančnemu sektorju;
As regards the hybrid capital holders, HGAA has taken a number of steps to ensure their burden-sharing by buying back those instruments significantly below par or cancelling them altogether which has generated a significant capital effect.
jamstvo za sredstva v znesku 100 milijonov EUR;
Furthermore, the Commission notes that many of the hybrid capital instruments as well as the Partizipationskapital instruments only yield dividends or coupon payments in case of profits.
jamstvo za sredstva v znesku 200 milijonov EUR;
Given the lack of profitability of the bank in recent years, the holders of those instruments have not received such payments.
dokapitalizacija v znesku 500 milijonov EUR;
As a result, the Commission considers that there is sufficient burden-sharing from the holders of those instruments.
pogojni kapital za likvidacijo HGAA v višini največ 5,4 milijarde EUR;
Limiting competition distortions
Državna pomoč iz odstavka 1 je ob upoštevanju zavez iz Priloge združljiva z notranjim trgom.
Finally, section 4 of the Restructuring Communication requires that the restructuring plan contains measures limiting distortions of competition.
Člen 2
Such measures should be tailor-made to address the distortions on the markets where the beneficiary operates after restructuring.
Avstrija zagotovi, da bo načrt za likvidacijo, ki je bil predložen 29. junija 2013 in dopolnjen 27. avgusta 2013, izveden v celoti, vključno z zavezami iz Priloge.
In the present case it needs to be ensured that the entities which will remain active on the market before they will be finally sold do not use the State resources received in a manner which is detrimental to competitors and do not act in a distortive manner.
Člen 3
To that end, Austria commits to the business restrictions set out in section 4 of the Annex which will ensure that until the sale competition distortions resulting from the existence and the activities of the operational entities are kept as much as possible to the minimum.
Ta sklep je naslovljen na Republiko Avstrijo.
The nature and form of competition measures depend on two criteria: first, the amount of the aid and the conditions and circumstances under which it was granted and, second, the characteristics of the markets on which the beneficiary will operate.
V Bruslju, 3. septembra 2013
The total aid amount in capital and asset guarantees would amount to EUR 8,55 billion which is equivalent to approximately 26 % of HGAA’s RWA of EUR 32,8 billion as of 31 December 2008.
Podpredsednik
The amount of aid granted is therefore significant very large, requiring appropriate measures.
UL C 85, 31.3.2010, str.
Point 35 of the Restructuring Communication stipulates that structural measures such as divestitures should favour the entry of competitors while allowing for the exit process to take place within an appropriate time frame that preserves financial stability.
21; UL C 266, 1.10.2010, str.
The Commission observes that the liquidation plan provides for an orderly wind-down where by 30 June 2015 at the latest HGAA will cease to exist as an active economic actor on the markets and will just wind down the activities which have not been sold by that time.
5; UL C 59, 28.2.2013, str.
As regards the continued activity of the SEE entities until their sale, Austria has submitted a number of commitments as regards the new business to be pursued by those entities, avoiding any possible distortion of competition in the period until the sale.
34.
In that respect, the Commission in particular positively takes note of the restrictions on new business to which Austria and HGAA committed: After taking into account risk costs and funding costs a minimum return of […] % p.a. should be realised on new business.
Partizipationskapital nima glasovalnih pravic.
That minimum return on new business will ensure that operational entities do not enter into anti-competitive pricing practices while at the same time contribute to their long-term profitability.
Program je bil odobren z Odločbo Komisije z dne 9. decembra 2008 v zadevi N 557/2008, Maßnahmen nach dem Finanzmarktstabilitäts- und dem Interbankmarktstärkungsgesetz für Kreditinstitute und Versicherungsunternehmen in Österreich (UL C 3, 8.1.2009, str.
In the same spirit, the bank commits to limitations on the maturities of new business so that maturity transformation only contributes in a limited way to profitability.
2).
As regards […], Austria provided an additional commitment to limit the […] business to customers rated […] or better and not to exceed a total volume of EUR […].
UL C 134, 13.6.2009, str.
That commitment mitigates the risks associated with currency devaluation and restricts the volume in which the bank can be active in that market segment.
31.
In summary, those restrictions both serve to ensure long-term viability and limit the competitive capacity of the respective entities.
UL L 83, 27.3.1999, str.
The Commission further views positively the commitments regarding an improved risk management, in particular as regards the annual re-rating of all exposures exceeding EUR […] and the commitment that in retail and public finance the bank will only do business with customers rated […] [45].
1.
Those commitments ensure that the business conduct will be prudent and the affected entities will abstain from a risky business strategy.
UL C 85, 31.3.2010, str.
Business will be conducted so that profitability needs are balanced with the necessary risk control considerations.
21.
At the same time, the commitments also preclude an aggressive market expansion strategy.
UL C 266, 1.10.2010, str.
The Commission notes positively the two-fold purpose of the commitments set out in recitals 147 and 148.
5.
Firstly, they contribute to increasing the saleability of the business as no overly risky business is conducted, and secondly, they diminish competition distortions by restricting aggressive behaviour and thus limiting new business.
UL C 31, 4.2.2012, str.
Under the liquidation plan all operational parts of HGAA will be either wound down or sold.
13.
Austria has provided a firm commitment as regards the sale of HBA and the SEE network (in parts or as a whole) in that the sale has to be done by 30 June 2014 respectively 30 June 2015 at the latest.
V nadaljnjem besedilu: SA.32554 (2009/C) „Pomoč za prestrukturiranje skupini Hypo Group Alpe Adria“.
After that date, all new business has to stop and HGAA will exit the market, either because all activities are in a wind-down process or because they have been sold to a third party in a transparent way.
UL C 59, 28.2.2013, str.
As such, the sales/wind-down process of HGAA contributes significantly to limiting the competition distortions of competition resulting from the aid, because HGAA as such will disappear from the markets.
34.
The Commission considers that the still fragile situation on the financial markets in particular in the SEE countries justifies the prolonged deadline of 30 June 2015 for the sale of the entities in those countries.
Še neobjavljen.
It notes that the Austrian activities have already been sold and that if the sale is not completed by 30 June 2014 those activities will also be wound down.
Glej uvodno izjavo 4 in sklep o reševanju iz decembra 2009.
Overall, the Commission notes that by 2017 the remaining balance sheet size and the RWA of HGAA will decline by about 85 % (provided the sale succeeds as planned).
Družbi Norica in HBInt Credit Managment (CM), v katerih imajo zunanji vlagatelji v lasti 49-odstotni delež, sta tudi v postopku likvidacije.
In addition to those far-reaching measures, the Commission notes a ban on advertising State support and a ban on aggressive commercial practices to which Austria committed.
Zaupni podatki.
It also welcomes an acquisition ban, which ensures that the State aid will not be used to take over competitors, but to serve its intended purpose, namely to finance the liquidation process.
Reševanje skupine HGAA s strani Avstrije je pod navedenimi pogoji pomenilo, da je moral BayernLB odpisati celotno knjižno vrednost HGAA v višini 2,3 milijarde EUR in se odpovedati terjatvam do HGAA za zagotovljena sredstva v višini 825 milijonov EUR.
The Commission deplores Austria’s partial compliance with the commitments it entered into within the framework of the 2012 December rescue decision.
Medtem je HGAA nehala plačevati obresti in glavnice v zvezi z določenimi posojili BayernLB v skladu s svojo razlago avstrijske zakonodaje o nadomestitvi lastnih sredstev (Eigenkapitalersatzgesetz).
The Commission considers, however, that the breach of some of those commitments which lasted for a restricted period of time is counterbalanced by the complete break-up and liquidation of the bank.
BayernLB izpodbija navedeno odločitev in je vložil tožbo, da bi dobil nazaj posojila in plačila obresti, kot je bilo prvotno dogovorjeno.
Taking into account the commitments and in light of the appropriateness of the own contribution and burden-sharing as set out in recitals 122 to 138, the Commission considers that there are sufficient safeguards to limit potential distortions of competition despite the high amount of aid granted to HGAA.
Kommunikation zur EU – Überarbeiteter Umstrukturierungsplan, Klagenfurt am Wörthersee, 29.6.2013.
CONCLUSIONS
V načrtu je pojasnjeno, da bi bila v jugovzhodni Evropi lahko ustvarjena pravno neodvisna holdinška družba ali pa bi se ločili deli družbe HBInt (vključno s kreditnimi linijami za refinanciranje), da bi lahko subjekti v jugovzhodni Evropi postali samostojni.