natgillin/translations-raw huggingface dataset:
As a result of the asset transfer, the RWA of NLB will be reduced by EUR 1,4 billion and entails a total reduction of capital needs of EUR 112 million.
Element pomoči tretje dokapitalizacije znaša 1,558 milijarde EUR.
Those figures were reported in the list of assets to be transferred to the BAMC sent to the Commission on 14 November 2013.
Glede prenosa oslabljenih sredstev na DUTB Komisija meni, da se ukrep izvaja z državnimi sredstvi.
d.
Slovenija je za podporo stabilnosti bančnega sektorja ustanovila DUTB, ki bo bankam v težavah pomagala pri prenosu tveganih sredstev z njihovih bilanc stanja po ceni, ki presega sedanjo tržno vrednost.
Methodology for the calculation of the transfer value
S prenosom sredstev z NLB na DUTB se bodo omejile izgube, ki bi jih banka drugače morala absorbirati, da bi lahko očistila svojo bilanco stanja in izvedla načrt prestrukturiranja.
The transfer value has been preliminarily established by the Bank of Slovenia in line with the methodology laid down in the legislation establishing the BAMC.
Da bi ocenili obstoj pomoči pri prenosu oslabljenih sredstev na DUTB, so strokovnjaki Komisije neodvisno določili sedanjo tržno vrednost portfelja, ki bo prenesen, in realno ekonomsko vrednost, ki bo hkrati tudi cena, po kateri bodo sredstva prenesena.
The methodology is based on the assessment of the net present value of future cash flows.
Ker je vrednost portfelja ob prenosu višja od sedanje tržne vrednosti, ukrep pomeni prednost za NLB.
For large exposures an individual assessment of future cash flows has been performed, while for small exposures a simplified approach was applied with an assessment based on loans' probabilities of default and loss given default characteristics.
NLB bo s to prednostjo v primerjavi s konkurenti v Sloveniji in drugih državah članicah, ki nimajo enake državne podpore, okrepila svoj položaj.
Furthermore, for calculating the transfer value, the expected losses in the baseline scenario of the ST as used as a reference.
Glede na to, da je NLB dejavna v finančnem sektorju, ki se sooča z ostro mednarodno konkurenco, in bo v njem dejavna še naprej, je treba za ukrep šteti, da bi lahko izkrivil konkurenco in vplival na trgovino med državami članicami.
The methodology of that valuation was endorsed by a dedicated group composed of the Slovenian authorities and, as observers, the Commission, the ECB and the European Banking Authority.
V zvezi z zneskom pomoči pri prenosu oslabljenih sredstev na DUTB je treba opozoriti, da je v opombi 2 k točki 20(a) sporočila o oslabljenih sredstvih znesek pomoči v ukrepu finančne pomoči opredeljen kot razlika med vrednostjo sredstev ob prenosu in tržno ceno.
For bankrupt companies and distressed loans the future cash flows were determined by the market value of collaterals and guarantees.
Skupna pomoč NLB na podlagi prve, druge in tretje dokapitalizacije ter prenosa oslabljenih sredstev na DUTB znaša 2,321 milijarde EUR, kar predstavlja 20 % tveganju prilagojene aktive NLB decembra 2012.
Reports made by independent experts in the last 12 months were used to assess the value of such collateral.
ZDRUŽLJIVOST POMOČI
The net present value of future cash flows was then calculated using a risk-free interest rate.
Pravna podlaga za oceno združljivosti
e.
Komisija lahko na podlagi člena 107(3)(b) PDEU ugotovi, da je pomoč združljiva z notranjim trgom, če je namenjena „odpravljanj[u] resne motnje v gospodarstvu države članice“.
The transfer value
Komisija priznava, da lahko svetovna finančna kriza povzroči resne motnje v gospodarstvu države članice in da so ukrepi v podporo bankam ustrezni za odpravo navedenih motenj.
The transfer value of the assets of NLB, as established by Slovenia, amounts to EUR 617 million for loans (which is equal to 27 % of their gross book value), and EUR 94 million for equities.
To je bilo zaporedoma podrobno opredeljeno in razvito v šestih sporočilih o krizi [18] ter sporočilu o bančništvu iz leta 2013.
Slovenia committed that the transfer value of the assets transferred to the BAMC will be equal to or below their REV established by the Commission's experts in line with the State aid rules.
Sporočilo o bančništvu iz leta 2013 se uporablja za ukrepe državne pomoči, priglašene od 1. avgusta naprej.
The Slovenian authorities have provided an analysis from the Bank of Slovenia certifying the detailed results and financial effects of the asset transfer to the BAMC by NLB.
Komisija je odobrila več ukrepov, ki so jih slovenski organi sprejeli v okviru boja proti finančni krizi [19], kar potrjuje obstoj resne motnje v slovenskem gospodarstvu.
f.
Zato je pravna osnova za oceno združljivosti vseh ukrepov iz načrta prestrukturiranja (prve dokapitalizacije, druge dokapitalizacije, tretje dokapitalizacije in prenosa oslabljenih sredstev na DUTB) člen 107(3)(b) PDEU.
Market price
Kar zadeva združljivost prenosa oslabljenih sredstev na DUTB, Komisija ta ukrep ocenjuje ob upoštevanju sporočila o oslabljenih sredstvih, kot je bilo prilagojeno v sporočilu o bančništvu iz leta 2013.
Slovenia has not assessed the market value of the portfolio.
Komisija združljivost pomoči NLB za prestrukturiranje ocenjuje na podlagi načrta prestrukturiranja ob upoštevanju sporočila o prestrukturiranju, kot je bilo dopolnjeno v sporočilu o bančništvu iz leta 2013.
g.
Združljivost s sporočilom o oslabljenih sredstvih, kot je bilo prilagojeno in dopolnjeno v sporočilu o bančništvu iz leta 2013
Independent expert advice for the Commission
Navedena merila so:
The Commission has relied on independent experts in order to assist it in the assessment of the proposed methodology and transfer price in connection with the REV of the transferred assets and the quantification of the market price of those assets, as laid down in the Impaired Assets Communication [13], which serves as the reference framework for measure.
upravičena sredstva;
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE
preglednost in razkritje oslabljenih sredstev;
On 2 July 2012 the Commission opened the formal investigation procedure on the recapitalisation measures and the version of the restructuring plan which had been submitted by Slovenia regarding their compatibility with the internal market as restructuring aid.
upravljanje sredstev;
At that time the Commission expressed doubts as to whether the version of the restructuring plan for NLB it had received ensured return to long-term viability, adequate burden-sharing and distortion of competition measures [14].
ustrezen in skladen pristop k vrednotenju;
As part of the viability issues the Commission raised doubts whether the decision-making process in NLB was in line with market norms and in particular about possible corporate governance issues related to the intervention of the State as main shareholder in the bank into the day-to-day business [15].
ter (v) ustrezno povračilo in porazdelitev bremena.
COMMENTS FROM INTERESTED PARTIES
Upravičena sredstva
No comments from interested third parties have been received with regard to the formal investigation procedure.
Glede upravičenih sredstev oddelek 5.4 sporočila o oslabljenih sredstvih navaja, da je za finančno pomoč potrebna jasna opredelitev oslabljenih sredstev in da v zvezi z upravičenostjo zaradi zagotavljanja združljivosti veljajo nekatere omejitve.
POSITION OF SLOVENIA
Sporočilo o oslabljenih sredstvih nadalje navaja, da je treba najti ravnotežje med doseganjem cilja takojšnje finančne stabilnosti in potrebo po ponovni vzpostavitvi normalnega delovanja trga, kar govori v prid prilagodljivosti pri opredelitvi vrst sredstev.
Slovenia agrees that the first recapitalisation, the second recapitalisation, the third recapitalisation and the transfer of impaired assets to the BAMC constitute State aid within the meaning of Article 107(1) TFEU.
Sporočilo o oslabljenih sredstvih kot upravičena sredstva navaja tista, zaradi katerih je nastala finančna kriza (izrecno navaja hipotekarno zavarovane vrednostne papirje v ZDA), vendar omogoča tudi, da bodo ob ustrezni utemeljitvi za primerne veljale tudi „dobro opredeljene kategorije sredstev, ki so povezane s sistemsko grožnjo, in sicer brez količinskih omejitev.“
Further Slovenia is of the view that those measures are compatible with the internal market under Article 107(3)(b) TFEU.
V zadevnem primeru je ukrep za oslabljena sredstva usmerjen v nedonosna sredstva, ki so večinoma povezana z gradbenimi družbami, prevoznimi družbami in finančnimi holdingi, ali nedonosna sredstva, zavarovana s stanovanjskimi nepremičninami.
Slovenia argues that the Restructuring Plan complies with all conditions set forth in the Restructuring Communication [16] supplemented by the 2013 Banking Communication.
Navedeni sektorji so bili z zajetnimi portfelji slabih posojil (41 % slabih posojil za finančne holdinge in 74 % za gradbene družbe) jedro težav NLB.
In particular, Slovenia is of the opinion that the Restructuring Plan ensures restoration of NLB's long-term viability without State resources, provides sufficient own contribution to the restructuring costs and limits competition distortion.
Preglednost in razkritje
In order to ensure prudent decision-making processes in the managing of the bank's activities Slovenia has provided commitments to strengthen its corporate governance.
Glede preglednosti in razkritja oddelek 5.1 sporočila o oslabljenih sredstvih zahteva, da morajo biti oslabljena sredstva upravičenih bank, za katera bodo namenjeni ukrepi pomoči, popolnoma pregledna in v celoti razkrita, in sicer na podlagi ustreznega vrednotenja, ki ga potrdijo priznani neodvisni strokovnjaki, ovrednoti pa ustrezni nadzorni organ.
The list of commitments provided by Slovenia is set out in the Annex to this decision.
Sporočilo o oslabljenih sredstvih zahteva, da morata biti razkritje in vrednotenje opravljeni pred dodelitvijo ukrepov pomoči države.
Further, Slovenia has committed to a timeline for defined divestments.
Prvo vrednotenje sredstev je opravila Banka Slovenije.
If any committed timeline for divestiture is not met, a Divestiture Trustee will be appointed.
Banka Slovenije je 10. maja 2013 razkrila stresni test, ki je pokazal, kako prenos sredstev s treh glavnih slovenskih bank na DUTB vpliva na kapital.
ASSESSMENT
Rezultati pregleda kakovosti sredstev in stresnih testov, ki so jih opravili neodvisni strokovnjaki, so bili razkriti 4. decembra 2013, pokazali pa so kapitalski primanjkljaj slovenskih bank v stresnem scenariju.
Therefore in this section the Commission will assess only whether the two new measures (the third recapitalisation and the transfer of impaired assets to the BAMC) constitute State aid.
Pregled kakovosti sredstev in stresne teste, ki so pokazali kapitalski primanjkljaj banke, so opravili zunanji strokovnjaki.
Article 107(1) TFEU provides that 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 is, insofar as it affects trade between Member States, incompatible with the internal market.
Upravljanje sredstev
As the third recapitalisation of EUR 1,558 billion will be provided directly by the Republic of Slovenia, the Commission concludes that the measure stems from State resources.
Glede upravljanja sredstev oddelek 5.6 sporočila o oslabljenih sredstvih določa potrebo po zagotavljanju jasne funkcionalne in organizacijske delitve med banko upravičenko in njenimi sredstvi, zlasti kar zadeva njihovo upravljanje, osebje in stranke.
The third recapitalisation allows NLB to obtain capital in a situation of financial and economic crisis where due to high uncertainty surrounding the Slovenian banking sector it would be impossible to find such capital on the market.
Sporočilo v zvezi s tem navaja, da bi morala takšna delitev banki omogočiti osredotočanje na ponovno vzpostavitev uspešnega poslovanja in preprečiti morebitna navzkrižja interesov.
Therefore the Commission considers that the third recapitalisation would not have been provided by a market economy investor.
Sredstva bo upravljala DUTB, ki je popolnoma neodvisna od NLB.
The third recapitalisation must therefore be regarded as providing an advantage to NLB.
Zato se lahko sklene, da je ločeno upravljanje sredstev v skladu z zahtevami sporočila o oslabljenih sredstvih.
Moreover, that advantage is selective since it only benefits one bank.
Vrednotenje
The third recapitalisation therefore constitutes State aid within the meaning of Article 107(1) TFEU.
Glavni namen vrednotenja je določiti realno ekonomsko vrednost sredstev.
The aid element in the third recapitalisation amounts to EUR 1,558 billion.
Če prenos oslabljenih sredstev pri tej vrednosti pomeni združljivost pomoči, je ta vrednost referenčna stopnja – ustvari učinek pomoči, ker presega sedanjo tržno vrednost, pomoč pa omeji na najmanjši potrebni znesek.
As regards the transfer of impaired assets to the BAMC, the Commission considers that the measure involves State resources.
Banka Slovenije je ocenila portfelj, Komisija pa je za zagotovitev skladnega pristopa na ravni Unije skupaj z zunanjimi strokovnjaki natančno pregledala vrednotenje in temeljno splošno metodologijo vrednotenja.
Slovenia created the BAMC to support banking sector stability, helping troubled banks to transfer their risky assets off their balance sheet at a price over current market value.
Ugotovitve so naslednje:
Those transfers of assets from NLB to the BAMC will limit the loss the bank would otherwise need to take in order to clean up its balance sheet and implement its restructuring plan.
gradivo, ki ga je predložila NLB, obsega temeljito analizo visoke kakovosti;
As the transfer value of the portfolio is higher than the current market value, the measure constitutes an advantage to NLB.
ocenjena realna ekonomska vrednost portfelja posojil NLB podjetjem je 60,2 % bruto izpostavljenosti s toleranco +/–5 %, na podlagi primerjalne stresne metode.
That advantage strengthens NLB's position compared to that of its competitors in Slovenia and other Member States that are not benefitting from the same State support.
Pri primerjalni stresni metodi se stopnja rezervacij, določena s pregledom kakovosti sredstev, izpostavi stresu.
The measure must therefore be regarded as liable to distort competition and affect trade between Member States, given also that NLB is and will be active in the financial sector, which is open to intense international competition.
Komisija in zunanji strokovnjaki so to stopnjo stresa umerili na podlagi prakse na tem področju.
As regards the aid amount in the transfer of impaired assets to the BAMC it should be noted that footnote 2 to point 20(a) of the Impaired Assets Communication defines the aid amount in an asset relief measure as the difference between the transfer price of the assets and the market price.
Stopnja realne ekonomske vrednosti, kot so jo ocenili strokovnjaki, se nanaša na portfelj posojil NLB podjetjem, ki je večji od portfelja, na koncu opredeljenega za prenos na DUTB.
The transfer price is EUR 617 million, while the market price is estimated at EUR 486 million.
Zato te ocene ni mogoče uporabiti za približek ocene realne ekonomske vrednosti portfelja, ki bo prenesen na DUTB.
The aid granted to NLB as a result of the transfer of impaired assets to the BAMC amounts to EUR 130 million.
Komisija je na podlagi navedenih elementov ocenila realno ekonomsko vrednost portfelja.
Consequently, the total aid to NLB as a result of the first, second and third recapitalisations and the transfer of impaired assets to the BAMC amounts to EUR 2,321 billion, representing 20 % of NLB's RWA as of December 2012.
Za to oceno je ločila dve vrsti posojil:
COMPATIBILITY OF THE AID
posojila za redno poslovanje podjetij ter posojila za prestrukturiranje kreditov in zapadla posojila.
Legal basis for the compatibility assessment
Realna ekonomska vrednost lastniških instrumentov je bila ocenjena ločeno.
Article 107(3)(b) TFEU empowers the Commission to find that aid is compatible with the internal market if it is intended ‘to remedy a serious disturbance in the economy of a Member State’.
Komisija je pri posojilih za redno poslovanje podjetij v skladu s priporočili zunanjih strokovnjakov uporabila pristop na podlagi bonitetnih ocen.
The Commission has acknowledged that the global financial crisis can create a serious disturbance in the economy of a Member State and that measures supporting banks are apt to remedy that disturbance.
Komisija je na podlagi sedanje bonitetne ocene NLB in posodobljenih finančnih informacij o izpostavljenosti določila verjetnost neplačila.
This has been successively detailed and developed in the six Crisis Communications [18] as well as in the 2013 Banking Communication.
Nato so bile na podlagi podrobne analize zavarovanj, obstoječe kreditne dokumentacije ali vnaprejšnjih pregledov kreditne kakovosti ocenjene izgube ob neplačilu.
In NLB's case, Slovenia has notified additional State aid in the form of capital injections and capital relief after 1 August 2013.
Komisija je pri lastniških instrumentih pregledala poročila o vrednotenju, ki jih je predložila Slovenija, da bi ocenila, ali so bile sporočene tržne vrednosti v skladu s tržnimi kotacijami za družbe, ki kotirajo na borzi, in ali je bila metodologija vrednotenja, uporabljena za družbe, ki ne kotirajo na borzi, v skladu s tržnimi standardi.
As a result the provisions of the 2013 Banking Communication apply to the compatibility assessment of NLB's restructuring plan.
Komisija glede ugotavljanja tržne vrednosti za oceno sedanje tržne vrednosti v času prenosa uporablja metodo razširjenega kritja.
The Commission's various approvals of the measures undertaken by the Slovenian authorities to combat the financial crisis [19] confirm the presence of a serious disturbance in the Slovenian economy.
Na podlagi tega je tržna vrednost portfelja ocenjena na 486 milijonov EUR za posojila in 94 milijonov EUR za lastniške instrumente.
Therefore, the legal basis for the compatibility assessment of all the measures covered by the Restructuring Plan (namely the first recapitalisation, the second recapitalisation, the third recapitalisation and the transfer of impaired assets to the BAMC) is Article 107(3)(b) TFEU.
Znesek pomoči je torej razlika med vrednostjo ob prenosu in tržno vrednostjo, ki znaša 130 milijonov EUR.
As regards specifically the compatibility of the transfer of impaired assets to the BAMC, the Commission assesses that measure with regard to the Impaired Assets Communication as adapted by the 2013 Banking Communication.
Porazdelitev bremena in povračilo
As regards the compatibility of the restructuring aid provided to NLB, the Commission assesses it on the basis of the Restructuring Plan with regard to the Restructuring Communication as supplemented by the 2013 Banking Communication.
Glede porazdelitve bremena oddelek 5.2 sporočila o oslabljenih sredstvih ponovi splošno načelo, da bi morale banke kriti izgube, povezane z oslabljenimi sredstvi, v čim večjem obsegu, s čimer naj bi zagotovile enako odgovornost delničarjev in porazdelitev bremena.
Compatibility with the Impaired Assets Communication as adapted and complemented by the 2013 Banking Communication
Zato bi morala biti sredstva prenesena po ceni, ki je enaka ali nižja od njihove realne ekonomske vrednosti.
As regards the compatibility of the aid provided to NLB in the form of the transfer of impaired assets to the BAMC, the Commission has to assess that measure on the basis of the Impaired Assets Communication as adapted and complemented by the 2013 Banking Communication.
Slovenija se je zavezala, da bo sredstva prenesla po ceni, ki je enaka ali nižja od njihove realne ekonomske vrednosti, kar je v skladu s sporočilom o oslabljenih sredstvih.
The Impaired Assets Communication defines impaired asset relief as any measure which ‘free[s] the beneficiary bank from (or compensate[s] for) the need to register either a loss or a reserve for a possible loss on its impaired assets and/or free regulatory capital for other uses’ and sets out criteria for the compatibility of such measures with the internal market.
Sklepna ugotovitev o ukrepu za oslabljena sredstva
Those criteria comprise:
Komisija ob upoštevanju navedenega ugotavlja, da prenos oslabljenih sredstev na DUTB izpolnjuje vse pogoje in zahteve sporočila o oslabljenih sredstvih, kot je bilo prilagojeno in dopolnjeno v sporočilu o bančništvu iz leta 2013.
the eligibility of the assets;
Združljivost s sporočilom o prestrukturiranju, dopolnjenim v sporočilu o bančništvu iz leta 2013
transparency and disclosure of impairments;
V skladu s točko 31 sporočila o bančništvu iz leta 2013 se bo vsak načrt prestrukturiranja, ki vključuje pomoč za prestrukturiranje, razen zahtev glede zbiranja kapitala in porazdelitve bremena, še naprej ocenjeval na podlagi sporočila o prestrukturiranju.
the management of the assets;
V skladu s sporočilom o prestrukturiranju in sporočilom o bančništvu iz leta 2013 mora načrt za prestrukturiranje najprej dokazati, da je postopek prestrukturiranja, v katerega je vključena upravičenka do državne pomoči, primeren za ponovno vzpostavitev dolgoročno uspešnega poslovanja.
the correct and consistent approach to valuation;
Poleg tega mora biti znesek pomoči omejen na najmanjši potreben znesek, delničarji in podrejeni upniki pa morajo k zmanjšanju kapitalskega primanjkljaja prispevati v največji možni meri.
and (v) the appropriateness of the remuneration and burden-sharing.
Uvesti je treba tudi ukrepe za omejevanje izkrivljanja konkurence, ki ga je povzročilo umetno podpiranje tržne moči upravičenke, in zagotavljanje konkurenčnega bančnega sektorja.
Eligibility of assets
Obravnavati je treba še spremljanje in postopkovna vprašanja.
As regards the eligibility of the assets, section 5.4 of the Impaired Assets Communication indicates that asset relief requires a clear identification of impaired assets and that certain limits apply in relation to eligibility to ensure compatibility.
Ponovna vzpostavitev dolgoročno uspešnega poslovanja
The Impaired Assets Communication however further sets out that a balance needs to be found between meeting the objective of immediate financial stability and the need to ensure the return to normal market functioning, which would plead in favour of flexibility when identifying classes of assets.
Kot je določeno v sporočilu o prestrukturiranju, mora država članica predložiti celovit načrt prestrukturiranja, ki kaže, kako bo dolgoročno uspešno poslovanje upravičenke vzpostavljeno brez državne pomoči v razumnem času in največ petih letih.
In particular, whilst the Impaired Assets Communication cites as eligible assets those that triggered the financial crisis (it explicitly refers to US mortgage-backed securities), it also permits eligibility to be extended to ‘well-defined categories of assets corresponding to a systemic threat upon due justification, without quantitative restrictions’.
Dolgoročno uspešno poslovanje je doseženo, ko je banka sposobna samostojno konkurirati za kapital na trgu v skladu z ustreznimi regulativnimi zahtevami.
As regards the present case, the impaired assets measure is targeted at non-performing assets mostly related to construction companies, transport companies and financial holdings, or non-performing assets with housing real estate collateral.
Da banka to lahko doseže, mora biti sposobna kriti vse svoje stroške in zagotoviti ustrezno donosnost kapitala ob upoštevanju profila tveganja banke.
Those sectors were at the core of NLB's difficulties with significant portfolios of non-performing loans (41 % of non-performing loans for financial holdings and 74 % for construction companies).
Ponovna vzpostavitev uspešnega poslovanja banke bi morala temeljiti predvsem na notranjih ukrepih in na kredibilnem načrtu prestrukturiranja.
The portfolio to be transferred accounts for more than half of impairments booked by NLB d.d. as of 31 December 2012.
Načrt prestrukturiranja NLB za obdobje do 31. decembra 2017 kaže, da bo uspešno poslovanje ponovno vzpostavljeno ob koncu tega obdobja prestrukturiranja.
Those assets are therefore in line with the eligibility criteria of the Impaired Assets Communication.
Do tega naj bi prišlo zlasti zaradi pričakovanega izboljšanja kakovosti portfelja ter manjše potrebe po dodatnih oslabitvah in oblikovanju rezervacij.