natgillin/translations-raw huggingface dataset:
Out of CGD’s total capital buffer requirement of EUR 1650 million as established by EBA, which led to the need for that amount of State aid, EUR 1073 million (65 %) are due to exposure to Portuguese sovereign debt.
S stališča Komisije se s ciljno usmerjenim krčenjem domača prisotnost banke CGD ustrezno prilagaja zahtevam trga, hkrati pa se na splošno ohranja ustrezna raven storitev za stranke.
The Commission’s analysis has furthermore shown that CGD did not take excessive risk in acquiring sovereign debt.
Komisija še ugotavlja, da se bo učinkovitost poslovanja banke CGD izboljšala tudi s povečanjem prihodkov iz storitev in provizij, ki bo temeljilo na uvedbi novih struktur pristojbin.
The sovereign debt portfolio was acquired by doing carry trade transactions (financed by ECB one-year funding).
Povečanje prihodkov iz pristojbin in provizij se zdi upravičeno ob upoštevanju dejstva, da je delež provizij v izkazu poslovnega izida banke CGD precej majhen v primerjavi s povprečjem v portugalskem bančnem sektorju, in dejstva, da ima banka popoln nadzor nad veljavnimi strukturami pristojbin.
Whilst such transactions could under certain circumstances be considered as above-average risk-taking, the acquired bonds represented eligible collateral and the relevant rating notations were well above investment grade (AA- for Portugal).
Komisija v zvezi z zmanjševanjem finančnega vzvoda v bilanci stanja ugotavlja, da je načrt prestrukturiranja banke CGD uravnotežen in da se previdno izogiba ustvarjanju negativnih posledic za okrevanje portugalskega gospodarstva, čeprav s tem povezani ukrepi skupaj znašajo [10–20] milijard EUR, kar ustreza [10–20]-odstotnemu zmanjšanju bilančne vsote.
For those reasons the Commission will undertake a proportionate assessment pursuant to point 14 of the 2011 Prolongation Communication.
Če bi banka CGD kot največja portugalska banka preprosto zmanjšala proračun posojilnih sredstev, bi lahko pripomogla h kreditnemu krču in škodovala realnemu gospodarstvu.
Restoration of viability
Tak izid je preprečilo dejstvo, da glavni viri prizadevanj banke CGD za zmanjšanje finančnega vzvoda niso povezani z zneskom posojila, ki bi lahko bil zagotovljen portugalskemu gospodarstvu.
As the Commission sets forth in its Restructuring Communication the Member State concerned needs to provide a comprehensive restructuring plan which shows how the long-term viability of the beneficiary will be restored without State aid within a reasonable period of time and within a maximum of five years.
Prodaja zavarovalniške dejavnosti, prodaja preostalih nestrateških deležev, poplačilo dolga nekdanje banke BPN in likvidacija neključnih posojil v Španiji ne vplivajo na posojilno zmožnost banke CGD.
Long-term viability is achieved when a bank is able to compete in the marketplace for capital on its own merits in compliance with the relevant regulatory requirements.
Prizadevanja za zmanjšanje finančnega vzvoda so zato dobro usmerjena, saj banki CGD omogočajo, da se osredotoči na ključno bančno poslovanje s prebivalstvom in sprosti finančna sredstva, ki bi lahko okrepila temeljni kapital banke, hkrati pa se izogne morebitnim negativnim učinkom zmanjševanja finančnega vzvoda za portugalsko gospodarstvo.
For a bank to do so, it must be able to cover all its costs and provide an appropriate return on equity, taking into account the risk profile of the bank.
Podobno Komisija opozarja na zavezo banke CGD do portugalske vlade, da bo 30 milijonov EUR namenila v sklad, ki bo nato vlagal v lastniški kapital MSP in podjetja s srednje veliko tržno kapitalizacijo, da bi zagotovila financiranje realnega gospodarstva na Portugalskem.
Portugal has submitted a restructuring plan for CGD, with a five-year time horizon, going up to 2017 and showing a return to viability at the end of the restructuring period.
V navedeni zavezi ni ničesar, kar bi lahko banki CGD prineslo dodatno prednost, zato Komisiji v tem sklepu ni treba nadalje proučiti stanja navedene zaveze.
Point 10 of the Restructuring Communication requires that the proposed restructuring measures constitute a remedy to the beneficiary’s weaknesses.
Kar zadeva prodajo zavarovalniških dejavnosti banke CGD, je treba prestrukturirati družbo Caixa Seguros, da bi se izboljšala njena tržljivost, kot je navedeno v načrtu prestrukturiranja banke CGD.
In that regard, the Commission notes that the restructuring plan addresses the core weakness of CGD, namely the overall weak profitability of its domestic banking operations, which represent 80 % of its activities.
Banka CGD je predlagala razumen pristop, da bi dosegli prodajo družbe Caixa Seguros v obdobju prestrukturiranja.
The weak results of CGD’s domestic activities can only partly be offset by the positive performance of CGD’s international operations, although on average they have shown in the past and currently still show positive Returns on Capital Employed (ROCE).
Sprememba bančnega poslovanja banke CGD v Španiji je pomemben element njenega načrta, da v kratkem času doseže pozitivno skupno dobičkonosnost.
In 2012, for example, the banking activities in Angola achieved a ROCE of [50-60] %, those in Mozambique a ROCE of [20-30] %, in South Africa [20-30] %, and in Macau [20-30] %.
Zlasti ob upoštevanja dejstva, da je poslovanje v Španiji nedobičkonosno že nekaj časa in je imelo negativne posledice pred začetkom krize, je za rešitev te težave potreben odločen pristop.
In comparison, the banking activities of CGD in Portugal achieved a ROCE of – [10-20] % in 2012.
Banka CGD je v načrtu prestrukturiranja kot najboljšo možnost navedla, da v Španiji preneha izvajati dejavnosti poslovanja s pravnimi osebami ter da v manjšem obsegu prestrukturira in nadaljuje dejavnosti poslovanja s prebivalstvom, navedla pa je tudi druge možnosti, in sicer popolno prenehanje poslovanja, njegovo popolno odsvojitev s prodajo ali zamenjavo sredstev, njegovo postopno likvidacijo ali iskanje partnerja za skupno podjetje.
As the international activities contribute positively to the overall economic situation of the CGD group, but only represent a small part of the activities, the restructuring plan focusses on improving the profitability of the domestic operations.
Vendar so imele vse te možnosti svoje pomanjkljivosti in naj bi povzročile precejšnje kapitalske izgube.
The Commission positively notes that CGD had taken measures to reduce its labour and administrative costs before it received State aid.
Banka CGD je zato sklenila, da je prestrukturiranje poslovanja v Španiji z ekonomskega vidika najboljša izbira.
The current macroeconomic situation and the prospects of the domestic banking market, however, called for a more resolute approach, such as the optimization effort that is set out in the restructuring plan.
Komisija meni, da bo prestrukturiranje poslovanja v Španiji v sedanjih makroekonomskih razmerah težka naloga, hkrati pa priznava, da bi lahko bili alternativni pristopi dražji.
The targeted reduction of the bank’s headcount, reducing the number of employees in Portugal in the banking area from 9401 to [8500-9000] over the restructuring period, thereby projecting a reduction of labour costs by [5-10] %, is an adequate means to achieve the required savings, in particular when taking into account that the budget for administrative costs will also be significantly cut down.
Pozdravlja dejstvo, da je poslovanje s pravnimi osebami ukinjeno in da bo banka BCG v vsakem primeru likvidirala znaten portfelj neključnih sredstev svojega poslovanja v Španiji, da bo svoje dejavnosti v Španiji bistveno zmanjšala za skoraj [50–60] % in da proučuje možnosti za znižanje stroškov z uporabo storitev, ki so na voljo v skupini.
The Commission’s analysis of CGD’s branch network initially showed that room for improvement as regards the handling of branches that were clearly underperforming.
Vendar je treba s stališča Komisije kljub temu okrepiti cilj, da se čim prej doseže sprememba poslovanja v Španiji.
However, the periodic revaluation process of branches which CGD has now established is an adequate approach to monitor the performance of the retail network so as to be able to adjust the domestic footprint if required.
Po mnenju Komisije je zato nujno, da se je Portugalska zavezala, da bo banka BCG bodisi do […] dosegla ključne kazalnike uspešnosti, opredeljene v oddelku 4.2.7.3.1.5 zavez v Prilogi, kar zadeva ustrezne pragove stroškov dela in upravnih stroškov, razmerje med stroški in prihodki, financiranje, vloge, nova posojila, čisti dobiček in slaba posojila, bodisi – če jih ne bo dosegla – prenehala opravljati novo dejavnost v Španiji in ukinila celotno poslovanje v Španiji.
In the restructuring plan CGD has set out that it will reduce the domestic branch network by [5-10] %, closing [70-80] out of the 840 branches.
Komisija ob upoštevanju navedenega zaščitnega ukrepa in pomanjkanja kratkoročnih nadomestnih možnosti soglaša z načrtom, da se v okviru načrta prestrukturiranja banke CGD doseže sprememba bančnega poslovanja s prebivalstvom v Španiji.
From the Commission’s point of view, the targeted downsizing appropriately adjusts CGD’s domestic presence to the market requirements, while on the whole maintaining an adequate service level to clients.
Komisija poleg tega meni, da je načrt prestrukturiranja banke CGD izvedljiv, tudi če bi trenutne težke gospodarske razmere na Portugalskem trajale dlje, kot se predvideva po osnovnem scenariju.
The Commission furthermore notes that the improvement of CGD’s operational efficiency will also be achieved by increasing the income from services and commissions, based on the introduction of new fee structures.
Tak delež kritja bi se lahko štel za usklajen z deležem kritja drugih portugalskih bank, ki niso prejele državnega kapitala, na primer Banco Espirito Santo ali Banco Santander Totta.
That fee and commission income increase seems justified, considering both that the share of commissions in CGD’s income statement is rather low compared to the average in the Portuguese banking sector on the one hand and that the bank has full control over the applicable fee structures on the other hand.
Delež kritja banke CGD je treba presojati ob upoštevanju dejstva, da je banka tradicionalno močno uveljavljena kot ponudnik hipotekarnih posojil na Portugalskem in ima zato v svojem posojilnem portfelju velik delež hipotekarnih posojil, pri čemer povprečno razmerje med posojilom in vrednostjo zastavljenih nepremičnin znaša približno [70–80] %.
As regards the deleveraging of the balance sheet, the Commission notes that CGD’s restructuring plan is well balanced and carefully avoids producing negative effects on the recovery of the Portuguese economy, even though in total the related measures add up to an amount of EUR [10-20] billion, equivalent to a balance sheet reduction of [10-20] %.
Ob upoštevanju navedenih dejavnikov se zdi, da je [50–60]-odstotno kritje tveganih posojil ustrezno za pokritje prihodnjih izgub banke CGD pri posojilih v obdobju prestrukturiranja.
If CGD as Portugal’s largest bank had simply cut down the size of the credit budget it could have contributed to a credit crunch and hurt the real economy.
Nazadnje, Komisija ugotavlja, da so vsi ukrepi iz načrta prestrukturiranja usmerjeni v ponovno vzpostavitev uspešnega poslovanja banke CGD in naj bi privedli do zadovoljive ravni dobičkonosnosti, kar kažeta [5–10]-odstotna donosnost lastniškega kapitala (ROE) za bančne dejavnosti banke CGD na Portugalskem, ki naj bi bila dosežena 31. decembra 2017, in [5–10]-odstotna donosnost lastniškega kapitala za konsolidirane rezultate vseh dejavnosti skupine CGD na dan 31. decembra 2017.
That outcome was avoided by the fact that the main sources of CGD’s deleveraging efforts are not linked to the amount of credit which may be provided to the Portuguese economy.
Pomoč, omejena na najmanjšo potrebno, lastni prispevek in porazdelitev bremena
CGD’s lending capacity is unaffected by the sale of the insurance business, the sale of remaining non-strategic holdings, the repayment of ex-BPN debt, and the run-off of non-core credit in Spain.
Sporočilo o prestrukturiranju določa, da je za omejitev pomoči na najmanjšo potrebno ter odpravo izkrivljanja konkurence in moralnega tveganja potreben ustrezen prispevek upravičenca.
The deleveraging efforts are hence well targeted, as they enable CGD to focus on its core retail banking operations and release funds that can strengthen the core capital of the bank whilst avoiding the potential negative effects of deleveraging for the Portuguese economy.
Zato bi bilo treba (i) omejiti stroške prestrukturiranja in znesek pomoči ter (ii) zagotoviti znaten lastni prispevek.
In the same vein the Commission takes note of the commitment by CGD vis-à-vis the Portuguese Government to allocate EUR 30 million per year to a fund that will in turn invest in equity of SMEs and mid-cap corporates in order to secure financing to the real economy in Portugal.
Načrt prestrukturiranja banke CGD ne vsebuje elementov, na podlagi katerih bi bilo mogoče sklepati, da pomoč presega sredstva, potrebna za ponovno vzpostavitev dolgoročnega uspešnega poslovanja.
Such investments will not involve the acquisition of equity stakes in competing businesses, and the Commission also considers that they do not constitute market-distorting activities within the meaning of point 23 of the Restructuring Communication.
Kot je opisano v uvodni izjavi (13), je bil kapitalski primanjkljaj, ki ga je bilo treba pokriti, določen na podlagi memoranduma o soglasju, o katerem so se dogovorile portugalska vlada na eni strani ter MDS, ECB in Komisija na drugi.
There is nothing in that commitment which can give rise to an additional advantage to CGD, and therefore the Commission does not need to consider further the status of that commitment in the present decision.
V skladu s točko 34 sporočila o prestrukturiranju je primerno plačilo za vsak poseg države eden od najustreznejših načinov za omejevanje izkrivljanja konkurence.
As regards the sale of CGD’s insurance activities, it is necessary to restructure Caixa Seguros in order to improve its marketability, as set out in CGD’s restructuring plan.
Komisija v zvezi s tem ugotavlja, da je kapital, zagotovljen s pogojno zamenljivimi obveznicami (CoCo), ustrezno poplačan v skladu s smernicami Komisije in ECB [16].
CGD has proposed a reasonable approach to achieve a sale of Caixa Seguros within the restructuring period.
Poplačilo pogojno zamenljivih obveznic (CoCo) se začne pri začetnih 8,5 % za prvo leto, sčasoma pa se bo postopoma zviševalo, tako da bo povprečna letna stopnja poplačila v naložbenem obdobju znašala 9,2 %.
The turnaround of CGD’s banking operations in Spain constitutes a significant element in CGD’s plan to achieve a positive overall profitability within a short timeframe.
Mehanizem postopnega zviševanja bo banko CGD spodbudil k izstopu iz posredovanja države.
In particular in view of the fact that the operations in Spain have been unprofitable for some time already and were contributing negatively before the financial crisis started, a decisive approach is needed to tackle that problem.
Komisija ugotavlja, da bo banka CGD v skladu z načrtom prestrukturiranja in s tem povezanimi zavezami svoj presežni kapital porabila za popolno izplačilo pogojno zamenljivih obveznic (CoCo) (glej oddelek 5 zavez).
In the restructuring plan, CGD has set out its preferred option to terminate the wholesale activities in Spain and to restructure and continue the retail activities on a smaller scale as well as alternatives, namely a full shut-down of the operation, divesting them by a sale or an asset swap, putting them into a progressive run-off, or looking for a joint venture partner.
Banka CGD bo za izplačilo 900 milijonov EUR pogojno zamenljivih obveznic (CoCo) leta 2014 porabila [50–60] % svojega presežnega kapitala, leta 2015 in v naslednjih letih pa [90–100] % presežnega kapitala.
However, all of those alternatives had their specific downsides and were expected to result in capital losses of significant magnitude.
Mehanizem izplačil omejuje kapitalski blažilnik, ki ga lahko banka CGD obdrži v bilanci stanja in s tem zagotovi, da bo pomoč v obdobju prestrukturiranja ostala omejena na najmanjšo potrebno.
The Commission reckons that the restructuring of the Spanish operations in the current macroeconomic context will be a difficult undertaking but at the same time acknowledges that the alternative approaches could be more costly.
Vendar Komisija ugotavlja, da banka CGD ni upoštevala prepovedi izplačila dividend, temveč je izplačala dividende v višini 405415 EUR, s čimer je prekršila zavezo, ki jo je Portugalska dala v okviru sklepa o reševanju.
The Commission notes positively that the wholesale activities have been stopped and that BCG will in any case run-down a sizeable portfolio of non-core assets of its Spanish operations, significantly reduce its footprint in Spain by nearly [50-60] % and is exploring possibilities to save costs by using services available in the group.
Namen prepovedi izplačila dividend in kuponov je preprečiti odliv finančnih sredstev in s tem zagotoviti, da bo mogoče pomoč povrniti in da je torej državna pomoč omejena na najmanjšo potrebno.
From the Commission’s point of view it is, however, necessary to reinforce the objective of achieving a turnaround of the operations in Spain as soon as possible.
Zato bi morali biti delničarji banke ter imetniki hibridnega kapitala in podrejenih dolžniških instrumentov čim bolj izključeni iz morebitnih koristi državne pomoči.
For that reason the Commission deems it essential that Portugal has given a commitment that BCG will either meet by the […] the key performance indicators defined in section 4.2.7.3.1.5 of the commitments set out in the Annex with regard to the relevant thresholds for labour and administrative costs, cost-to-income ratio, funding, deposits, new credit, net margin, and non-performing loans, or – if it fails to achieve them – to stop new business in Spain and to run down all Spanish activities.
Ker je lahko banka CGD izplačala dividende, se je pokazalo, da višina pomoči ni bila omejena na najmanjšo potrebno.
In view of that safeguard and the lack of alternatives in the short run, the Commission accepts the plan to achieve a turnaround of the retail banking activities in Spain as an element of CGD’s restructuring plan.
Informacije, ki jih je banka CGD predložila med postopkom preiskave zlorabe, niso spremenile ocene Komisije v sklepu o začetku postopka, da se izplačila štejejo za izplačila dividend, ki so v sklepu o reševanju prepovedana, ali pokazale na pravno obveznost izplačila, na podlagi katere bi bilo dovoljeno izplačilo dividend na podlagi sklepa o reševanju.
The Commission furthermore considers CGD’s restructuring plan to be credible even if the current difficult economic situation of Portugal were to last longer assumed in the base case.
Komisija ugotavlja, da so bili ukrepi pomoči v višini 1,650 milijarde EUR omejeni na najmanjšo potrebno pomoč, razen zneska 405415 EUR, ki se je porabil za izplačila dividend.
CGD projects credit at risk to further increase over the restructuring period from an already high level of 12 % to [10-20] % at the end of 2017.
V zvezi s tem opozarja zlasti na zavezo banke CGD, da bo Portugalski vrnila znesek, ki ustreza izplačilu dividend, torej znesek, za katerega je dodeljena pomoč presegla najmanjšo potrebno.
The bank furthermore projects to increase provisioning of credit at risk to [50-60] %.
Glede na to zavezo se je štelo, da je pomoč omejena na najmanjšo potrebno.
Such a coverage ratio can be deemed to be in line with that of other Portuguese banks which have not received State capital, for example those of Banco Espirito Santo or Banco Santander Totta.
Komisija še ugotavlja, da se je Portugalska zavezala prepovedi izplačila dividend, kuponov in obresti (glej oddelek 6.7 zavez).
CGD’s coverage ratio has to be assessed in light of the fact that the bank traditionally has a strong foothold as mortgage provider in Portugal and hence has a large share of mortgages in its loan portfolio with an average loan-to-value ratio of around [70-80] %.
V točki 24 sporočila o prestrukturiranju je poleg tega navedeno, da je ustrezno nadomestilo za državni kapital tudi sredstvo za porazdelitev bremena.
Taking those factors into account, a coverage of credit at risk of [50-60] % appears to be adequate to cover for CGD’s future loan losses over the restructuring period.
Kot je navedeno v uvodni izjavi (76), Komisija meni, da je kapital, zagotovljen s pogojno zamenljivimi obveznicami (CoCo), ustrezno povrnjen.
The Commission finally notes that all the measures set out in the restructuring plan are geared to restore CGD’s viability and to result in a satisfactory level of profitability, as indicated by the Return on Equity (‘ROE’) of [5-10] % for CGD’s banking activities in Portugal that is targeted for 31 December 2017, as well as the ROE of [5-10] % for the consolidated results of all activities of the CGD group as of 31 December 2017.
Nazadnje, Komisija ugotavlja, da je banka CGD že izvedla in bo še naprej izvajala ukrepe za znižanje stroškov, zlasti z zmanjšanjem števila zaposlenih in mreže poslovalnic na Portugalskem, in da tako h kritju stroškov prestrukturiranja prispeva z notranjimi ukrepi.
Aid limited to the minimum, own contribution and burden-sharing
Komisija zato sklepa, da načrt prestrukturiranja zagotavlja, da je pomoč omejena na najmanjšo potrebno, ter določa ustrezen lastni prispevek in porazdelitev bremena.
The Restructuring Communication indicates that an appropriate contribution by the beneficiary is necessary in order to limit the aid to a minimum and to address distortions of competition and moral hazard.
Omejevanje izkrivljanja konkurence
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.
Nazadnje, v oddelku 4 sporočila o prestrukturiranju se zahteva, da načrt prestrukturiranja vsebuje ukrepe, ki omejujejo izkrivljanje konkurence.
CGD’s restructuring plan does not contain any elements that suggest that the aid exceeds the means required to restore long-term viability.
Taki ukrepi bi morali biti prilagojeni razmeram na trgih, na katerih banka upravičenka posluje po prestrukturiranju.
As described in recital (13), the capital shortfall which needed to be covered was determined on the basis of the MoU as agreed between the Portuguese Government, on the one hand, and the IMF, the ECB and the Commission, on the other hand.
Narava in oblika takih ukrepov se določita na podlagi dveh meril:
According to point 34 of the Restructuring Communication, adequate remuneration of any State intervention is one of the most appropriate limitations of distortions of competition.
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.
The Commission notes in that context that the capital provided in form of CoCos is adequately remunerated, in line with the guidelines of the Commission and the ECB [16].
Komisija mora poleg tega upoštevati obseg lastnega prispevka upravičenca in porazdelitev bremena v obdobju prestrukturiranja.
The remuneration of the CoCos starts at an initial 8,5 % for the first year and will with step-ups increase over time, resulting in an average annual remuneration rate of 9,2 % over the investment period.
Ker so pogojno zamenljive obveznice (CoCo) ustrezno poplačane, so za omejevanje morebitnega izkrivljanja konkurence potrebni samo zmerni ukrepi.
The step-up mechanism will encourage CGD to exit from the State intervention.
Sorazmerno krčenje banke CGD v smislu bilančne vsote, geografske pokritosti in osebja bo pripomoglo k omejevanju izkrivljanja konkurence.
The Commission notes that according to the restructuring plan and the related commitments CGD will use its excess capital for the full repayment of the CoCos (see Section 5 of the Commitments).
Medtem ko bosta odprodaja družbe Caixa Seguros ter krčenje in prestrukturiranje poslovanja v Španiji prispevala k ponovni vzpostavitvi uspešnega poslovanja banke, se preostalo zmanjšanje bilančne vsote šteje za ustrezno glede na izkrivljanje konkurence, ki izhaja iz pomoči.