natgillin/translations-raw huggingface dataset:
The Commission considers that the measures in favour of FIH described in Section 2.3 should be considered together as a package.
Neobstoj zasebnega interesa je znak finančnih težav in slabega položaja banke.
The measures are part of a single transaction as their elements are interdependent (chronologically and in terms of structure) and have been designed altogether in order to address FIH’s funding problem.
Če ni udeleženca, ki bi vlagal pod enakimi pogoji kot država, je ukrep še vedno lahko brez pomoči, če bi v podobnih okoliščinah zasebni udeleženec odobril enako financiranje, pri čemer bi zahteval vsaj tako visok donos, kot ga je prejela država.
State resources
Ocena bi načeloma morala temeljiti na poslovnem načrtu ob upoštevanju razpoložljivih informacij in predvidenega razvoja dogodkov v času, ko je bilo odobreno javno financiranje, in se ne bi smela opirati na nobeno analizo na podlagi poznejšega stanja.
The measures described in Section 2.3 involve State resources as they are directly financed by the FSC, which is a State-owned company (through the Danish Ministry of Business Affairs) responsible for providing different kinds of measures to Danish banks in the context of the financial crisis [59].
Poleg tega je eden od položajev, v katerem je najtežje uporabiti načelo udeleženca v tržnem gospodarstvu, ko je družba že prejemnica državne pomoči.
Existence of an advantage
Organ FSA je menil, da je bila banka FIH v negotovem položaju, saj je obstajalo veliko tveganje, da ob zapadlosti dolga z državnim jamstvom ne bo sposobna izpolnjevati zakonsko določenih zahtev v zvezi z likvidnostjo.
The measures described in Section 2.3 provide an advantage as they result in an asset relief for FIH, thus improving the group’s capital ratios, while at the same time enabling the bank to better address its funding problems.
Tak položaj bi torej lahko privedel do odvzema dovoljenja banke FIH za opravljanje bančnih storitev [62].
The Danish authorities have argued that the measures respect the MEOP and hence do not constitute State aid to FIH Group.
Stališče organa FSA torej podpira oceno Komisije, da tržni udeleženec verjetno ne bi vlagal v banko FIH.
The Commission will therefore assess whether the measures in favour of FIH Group fulfil the MEOP test.
Čeprav je mogoče trditi, da poročilo organa FSA ni bilo javno, bi tržni udeleženec imel dostop do podatkov o zapadlosti dolga banke FIH z državnim jamstvom in bi torej lahko ugotovil isto.
That test examines whether a market operator would have taken part in a given operation on the same terms and conditions as the public investor at the time when the decision to make public resources available was taken.
Ob neobstoju dejanskega zasebnega vlagatelja mora Komisija, da bi nadalje preverila uporabo načela udeleženca v tržnem gospodarstvu oceniti, ali je skupna donosnost ukrepov v korist banke FIH enaka ali večja od pričakovane donosnosti, ki bi jo za tako naložbo zahteval hipotetični zasebni vlagatelj.
There is no State aid when public funds are granted in circumstances and on terms which correspond to market conditions.
Pričakovana donosnost ukrepov je odvisna od prihodnjega toka prihodkov iz denarnih tokov, ki jih je treba diskontirati na današnje obdobje, da bi dobili njihovo čisto sedanjo vrednost (v nadaljnjem besedilu: ČSV), za kar je treba uporabiti ustrezno diskontno stopnjo.
In that respect in the particular case of FIH Group the Commission considers that it is relevant to examine: (i) whether initially there had been a private investor willing to finance the measures on the same terms and conditions as the Member State;
Komisija je na podlagi strokovnih nasvetov ocenila tržno vrednost sredstev družbe Newco in oblikovala pričakovano donosnost za družbo FSC za celotno porazdelitev likvidacijskih vrednosti lastniškega kapitala družbe Newco.
if so, what was the return on investment it demanded in comparison with the return for the State;
Pri tem je upoštevala vse elemente pogodbe o nakupu delnic, kot so čista likvidacijska vrednost, prihodki in stroški, ki sta jih imeli družba FSC in skupina FIH, ter popravek nakupne cene, ki je vključeval posojilo za absorbiranje izgube.
and (iii) in the absence of private interest, what the expected return [60] and the distribution of the potential returns from the measures for the State would be, in comparison to those a market investor would expect if he was to undertake the measures under normal market economy conditions.
Uporaba porazdelitvenega modela je nujna za izračun ČSV koristi, izhajajočih iz 25-odstotne udeležbe pri povečanju vrednosti lastniškega kapitala, ter negativnih učinkov iz kombinacije velikih izgub sredstev v družbi Newco in neizpolnjevanja obveznosti holdinga FIH, če bi se tak scenarij uresničil [63].
In particular, it is important to check whether the transaction in its entirety generates positive cash flow, because no private operator, aiming at maximising of its profit, would enter a loss-making operation.
Čista sedanja vrednost ukrepa za družbo FSC
The most straightforward evidence showing that a transaction is in line with the MEOP is that the terms of the deal would not only be acceptable to a hypothetical market economy operator, but that there is actually such an operator participating in the same investment on the same terms as the State.
Donosnost 2 milijardi DKK vredne kapitalske naložbe za različne likvidacijske vrednosti sredstev družbe Newco
The presence of other investors provides a benchmark for the Commission to make its assessment of the applicability of the MEOP.
Donosnost za družbo FSC ob upoštevanju verjetnosti neplačila holdinga FIH, ki se povečuje s slabljenjem sredstev Newco (leva lestvica, v mrd DKK)
At the time Denmark granted the measures, there was no market participant prepared to grant similar measures to FIH as those which were granted by entities under the control of the State.
tržno implicirana verjetnost nastanka tega scenarija (desna lestvica)
In particular, neither the consortium of owners nor any third party expressed any intention to invest in FIH.
V grafu 1 je prikazana ČSV pogodbe o nakupu delnic za različne likvidacijske vrednosti sredstev družbe Newco (od 5,1 milijarde DKK do 28,3 milijarde DKK).
The Commission has no grounds to conclude that under those circumstances a market economy operator would be willing to participate in the measures.
Vsak od scenarijev se zgodi z verjetnostjo, označeno s črtkano črto glede na lestvico na desni strani (od 0,1 % do 7,5 %).
The absence of private interest is an indication of the financial difficulties and weak position of the bank.
V najverjetnejših scenarijih je donosnost rahlo negativna.
In the absence of an operator investing on the same terms as the State, a measure can still be still free of aid, if in similar circumstances a private operator would have granted the same funding, asking a return at least as high as the return the State received.
Kot je razvidno iz grafa 1, je skupno verjetnostno uteženo povprečje ČSV pogodbe o nakupu delnic prav tako negativno.
That assessment should, in principle, be based on a business plan taking into account available information and foreseeable developments at the time when the public funding was granted and it should not rely on any analysis based on a later situation.
Iz strokovnega izračuna izhaja, da znaša 726 milijonov DKK.
Furthermore, one of the situations in which it is hardest to apply the MEOP is where a company is already a beneficiary of State aid.
Posledično pogodba o nakupu delnic ustvarja izgubo namesto dobička.
In this case, FIH had already received a recapitalisation on 30 June 2009, which it repaid on 2 July 2012.
Udeleženec v tržnem gospodarstvu bi pri podobni naložbi v višini 2 milijardi DKK zahteval plačilo iz naslova lastniškega kapitala v višini najmanj 10 % [64] na leto, kar bi v sedemletnem obdobju obstoja družbe Newco ustvarilo približno 1,33 milijarde DKK.
The hybrid instruments used for the recapitalisation were remunerated at […] [61] %.
Komisija torej ugotavlja, da ne bi bil noben udeleženec v tržnem gospodarstvu pripravljen vlagati pod pogoji, enakovrednimi tistim iz pogodbe o nakupu delnic.
FIH also participated in the Danish guarantee scheme.
Ukrepi zato niso v skladu z načelom udeleženca v tržnem gospodarstvu [65].
Whilst those facts do not exclude the application of the MEOP in this case per se, they are indicative of the difficulties faced by FIH and would affect the willingness of private investors to invest in the measures.
Navesti je treba, da je Komisija pri izračunu, predstavljenem v uvodnih izjavah 91 do 93 upoštevala korespondenco Danske z dne 7. februarja in 11. marca 2013 ter nadaljnjo korespondenco [66], v kateri je Danska predložila predhodno nerazkrite elemente, kot so posebne razlage sestavnih delov variabilne nakupne cene, referenčni datum predloženih zapisov podatkov o izpostavljenosti posojila, ki so bili namenjeni za prenos z banke FIH na družbo Newco, gibanje bonitete portfelja med decembrom 2011 in septembrom 2012 ter podrobnejša analiza „nenamenskih kreditnih linij“ v portfelju.
The previous aid already distorts the economic circumstances, creating a perception of continued State support.
Poleg tega kvantifikacije, ki jih vsebujejo trditve Danske [67], ne vzdržijo natančne preučitve.
In its evaluation, the Commission has taken the replacement of such advantages by new ones into consideration.
Prvič, zneski predhodnih odpisov in rezervacije za tveganja niso utemeljeni z neodvisnim poročilom o vrednotenju [68].
The FSA was of the view that FIH was in a precarious position as there was significant risk that FIH would not be able to meet its statutory requirements as regards liquidity when its government-guaranteed debt expired.
Poleg tega ob upoštevanju možnosti, da skupina FIH ne bo mogla plačati naknadnih jamstev, ni razloga, zakaj izgube družbe Newco ne bi mogle presegati 2,7 milijarde DKK, zaradi česar bi bila družba FSC (in torej danska vlada) pogodbeno obvezana dokapitalizirati družbo Newco pred njeno končno likvidacijo.
That situation could, accordingly, have led to a withdrawal of FIH’s banking licence [62].
Komisija torej ugotavlja, da trditev, da bodo kakršne koli izgube naložb omejene na 1,05 milijarde DKK, ni utemeljena.
The position of the FSA therefore supports the Commission’s assessment that a market operator would have been unlikely to invest in FIH.
Dejstvo, da sta se družba FSC in holding FIH dogovorila o pogojih ukrepov, ne pomeni nujno, da so bili ukrepi izvedeni po tržnih pogojih.
While it can be argued that the FSA’s report was not in the public domain, a market operator would have had access to the maturity profile of FIH’s government-guaranteed debt and thus been able to derive the same conclusion.
Če bi Danska nameravala odobriti precejšen znesek dodatne pomoči banki, ki se sooča z resnimi likvidnostnimi težavami, samo to dejstvo ne bi izključevalo pogajanj med organi in to banko o določenih točkah posla.
In the absence of an actual private investor, to further check the applicability of the MEOP the Commission has to assess whether the overall return of the measures in favour of FIH is equal to or higher than the expected return that a hypothetical private investor would demand in order to make that investment.
Zaradi dvostranske narave pogajanj, ki so potekala, ta niso vključevala elementov, kot sta odprt nediskriminatorni razpisni postopek ali primerjava s podobnimi tržnimi posli.
The expected return of the measures depends on the future stream of revenue from cash flows, which has to be discounted to the present day to derive its net present value (‘NPV’) using an appropriate rate of discount.
Zato skladnost ukrepov s tržnimi pogoji ne izhaja samodejno iz dejstva, da so potekala pogajanja.
Relying on expert advice, the Commission estimated the market value of Newco’s assets and modelled the expected return for the FSC for entire distribution of liquidation values of Newco’s equity.
Kar zadeva poročilo družbe KPMG z dne 7. junija 2012, se Komisija strinja, da je treba pogoje ukrepov zaradi njihove kompleksnosti ocenjevati kot celoto, ker ni posameznih rezervacij, ki jih je mogoče razporediti na plačilo vsakega posameznega elementa.
In so doing, it has taken into account all elements of the share purchase agreement, such as the net liquidation value, revenues and costs incurred by the FSC and FIH Group and the purchase price adjustment, which included the loss-absorbing loan.
Vendar so v analizi, ki jo vsebuje poročilo družbe KPMG, spregledali možnost skrajnejših negativnih scenarijev, v katerih holding FIH ne bi mogel izpolniti svojih obveznosti.
The use of a distribution model is necessary to calculate the NPV of both the benefits stemming from a 25 % equity upside participation and the negative effects from the combination of large asset losses in Newco and a default of FIH Holding if such a scenario were to materialise [63].
Poleg tega v analizi ni obravnavano plačilo za 2,0 milijarde DKK vloženega kapitala.
Graph 1
Kot je navedeno v uvodni izjavi 95, skladnost s tržnim ravnanjem ne more obstajati, ker ni letnega plačila za kapital in glede na zgolj 25-odstotno udeležbo pri kakršnem koli povečanju vrednosti lastniškega kapitala v sedemletnem naložbenem obdobju samostojno in kot parameter v modelu celotnega plačila [69].
Net Present Value of the measure for the FSC
V tem okviru Komisija ugotavlja, da je morala banka v okviru predhodne dokapitalizacije s hibridnim kapitalom prvega reda [70] plačati letni kupon v višini […] % na leto.
Return on the DKK 2 Billion Equity investment for different liquidation values of Newco's Assets
Poleg tega je v začetku marca 2012 prednostni dolg banke FIH kotiral na trgu s predvidenim donosom, večjim od 10 %.
Return for FSC, taking into account a default probability of FIH Holding that increases as Newco's assets deteriorate (left hand scale, in DKK billion)
Sklepanje Komisije, da bi moralo biti plačilo za kapital vsaj 10 %, je torej utemeljeno.
market implied probability of this scenario occurring (right hand scale)
Tržni udeleženec bi verjetno zahteval večje plačilo glede na posebna tveganja, povezana s koncentracijo in slabšo kakovostjo [71] nepremičninskega portfelja družbe Newco poleg podrejenosti naložbe lastniškega kapitala.
Graph 1 shows, for different liquidation values of Newco’s assets (from DKK 5,1 billion to DKK 28,3 billion), the NPV of the share purchase agreement.
Plačilo v višini 6,5 %, kot ga navaja Danska [72], je torej očitno nezadostno.
Each of the scenarios occurs with a probability indicated by the dotted line against the right-hand scale (0,1 % to 7,5 %).
Navesti je treba tudi, da posel ustvarja negativno pričakovano donosnost.
In the most likely scenarios, the return is slightly negative.
Komisija ugotavlja, da ukrepi v korist banke FIH niso v skladu z načelom udeleženca v tržnem gospodarstvu.
As can be seen from Graph 1, the overall probability-weighted average NPV of the share purchase agreement operation is also negative.
Selektivnost
The expert calculation shows it amounts to DKK 726 million.
Uporaba ukrepov se nanaša samo na skupino FIH in družbo Newco.
As a result, the share purchase agreement generates a loss instead of a profit.
Ukrep je torej selektiven.
A market economy operator would have required an equity remuneration of at least 10 % [64] per annum on a similar DKK 2 billion investment, which would have generated about DKK 1,33 billion over the seven-year existence period of Newco.
Izkrivljanje konkurence in vpliv na trgovino med državami članicami
The Commission therefore concludes that no market economy operator would have been willing to invest on terms and conditions equivalent to those of the share purchase agreement.
Ukrepi so banki FIH pomagali okrepiti njen kapitalski in likvidnostni položaj v primerjavi s položajem njenih konkurentov, ki ne bodo deležni podobnih ukrepov.
As a result the measures are not in line with the MEOP [65].
Ukrep ji je torej omogočil izboljšanje njenega tržnega položaja.
It should be noted that in the calculation set out in recitals 91-93, the Commission took into account correspondence from Denmark dated 7 February and 11 March 2013, as well as subsequent correspondence [66] in which Denmark submitted previously undisclosed elements such as specific interpretations of the components of the variable purchase price, the reference date of the submitted loan exposure tapes that were earmarked for transfer from FIH to Newco, the evolution of the credit quality of the portfolio between December 2011 and September 2012 and a more granular analysis of the ‘uncommitted credit lines’ in the portfolio.
Ukrep lahko torej privede do izkrivljanja konkurence.
Furthermore, the quantifications contained in Denmark’s arguments [67] do not withstand scrutiny.
Glede na povezovanje bančnega trga na evropski ravni prednost, ki je zagotovljena banki FIH, občutijo konkurenti na Danskem (kjer delujejo banke iz drugih držav članic) in v drugih državah članicah.
First, the ex ante write-down amounts and risk provisions are not substantiated by an independent valuation report [68].
Za ukrepe je torej treba šteti, da lahko vplivajo na trgovino med državami članicami.
Moreover, when considering the possibility of FIH Group not being able to honour ex post guarantees, there is no reason why the losses of Newco could not exceed DKK 2,7 billion, in which case the FSC (and hence the Danish government) would be contractually required to recapitalise Newco prior to its final liquidation.
ZNESEK POMOČI
The Commission therefore concludes that the claim that any investment losses would be limited to DKK 1,05 billion is not substantiated.
Skupni znesek pomoči na podlagi ukrepov [73] je izračunan na približno 2,25 milijarde DKK (približno 300 milijonov EUR).
The fact that the terms of the measures were negotiated between the FSC and FIH Holding does not necessarily mean that the measures were executed on market terms.
Komisija je za določitev zneska pomoči upoštevala:
If Denmark intended to grant a substantial amount of additional aid to a bank facing grave liquidity difficulties, that fact alone would not exclude negotiations between the authorities and that bank on specific points of the transaction.
korist, povezano s formulo pogodbe o nakupu delnic (0,73 milijarde DKK) [74];
Because of the bilateral aspect of the negotiation which took place, it lacked features such as those of an open non-discriminatory tender procedure or of a comparison to similar market transactions.
odpoved plačilu za naložbo lastniškega kapitala (1,33 milijarde DKK) [75];
Therefore, the conformity of the measures with market conditions does not follow automatically from the fact that negotiations occurred.
presežne upravljavske provizije (0,14 milijarde DKK).
As regards the KPMG report of 7 June 2012, the Commission agrees that due to the complexity of the measures their terms and conditions should be assessed in their entirety, because there are no individual provisions that can be allocated to the remuneration of each individual element.
Kot olajševalni dejavnik je Komisija menila, da je treba predčasen preklic državnih jamstev v višini 0,28 milijarde DKK odšteti od skupnega zneska pomoči.
However, the analysis contained in that KPMG report overlooked the possibility of more extreme downside scenarios under which FIH Holding might not be able to honour its commitments.
Kot je navedeno v oddelku 5.1, je Komisija uporabila celostni pristop pri vrednotenju vseh obresti in drugih denarnih tokov, provizij in danih jamstev, pri čemer je upoštevala:
Moreover, the analysis failed to address a remuneration on the DKK 2,0 billion of capital invested.
dejstvo, da ni mogoče vseh elementov posla povezati z določenim elementom v formuli za plačilo.
As indicated in recital 95, there cannot be conformity with market behaviour given that there is no annual remuneration on the capital and given a mere 25 % participation of any equity upside over a seven-year investment period, both on a standalone basis and as a parameter in the entire remuneration model [69].
Komisija se je v skladu s sporočilom o oslabljenih sredstvih za nasvete glede vrednotenja oprla na zunanje strokovnjake [76].
In that context, the Commission notes that under a previous Tier 1 hybrid recapitalisation [70] FIH had to pay an annual coupon of […] % per annum.
ZDRUŽLJIVOST
Furthermore, in the beginning of March 2012 FIH’s senior debt was quoted on the market with an implied yield exceeding 10 %.
Pravna podlaga za združljivost pomoči
Therefore, the Commission’s reasoning that a remuneration for capital should be at least 10 % is justified.
Člen 107(3)(b) Pogodbe določa, da se lahko državna pomoč šteje za združljivo z notranjim trgom, če je namenjena „odpravljanj[u] resne motnje v gospodarstvu države članice“.
A market operator would probably require a remuneration in excess of that level, in view of the particular risks related to the concentration and the inferior quality [71] of the real estate portfolio of Newco in addition to the junior credit rank of an equity investment.
Glede na sedanje razmere in tudi razmere na finančnih trgih v času sklepa o reševanju in začetku postopka Komisija meni, da se lahko ukrepi preučijo na podlagi navedene določbe.
Therefore, a remuneration of 6,5 %, as put forward by Denmark [72] is clearly insufficient.
Komisija priznava, da so zaradi finančne krize nastale izjemne razmere, v katerih lahko stečaj ene banke spodkoplje zaupanje v finančni sistem na splošno tako na nacionalni kot na mednarodni ravni.
It should also be noted that the transaction generates a negative expected return.
To lahko velja celo za majhno banko, ki ni v neposrednih težavah, vendar pod ostrim nadzorom finančnega regulatorja, kot je banka FIH.
The Commission concludes that the measures in favour of FIH are not in line with the MEOP.
Cena 2–4-letnega dolga te banke je bila v času sklepa o reševanju in začetku postopka v razponu od 600 do 700 bazičnih točk nad Euriborjem.
Selectivity
Ta raven cene je jasen znak skorajšnjih težav.
The use of the measures only concern FIH Group and Newco.
V takih primerih je lahko zgodnje posredovanje, s katerim se prepreči, da bi zadevna institucija postala nestabilna, nujno, da se preprečijo tveganja za finančno stabilnost.
Distortion of competition and effect on trade between Member States
Zato je pravna podlaga za oceno združljivosti vseh ukrepov, na katere se nanaša ta sklep, člen 107(3)(b) Pogodbe.
The measures helped FIH strengthen its capital and liquidity position compared to that of its competitors who will not benefit from similar measures.
Kar posebej zadeva združljivost prenosa sredstev na družbo FSC, bo Komisija ukrepe ocenila glede na sporočilo o oslabljenih sredstvih.
The measure therefore enabled FIH to improve its market position.
Komisija bo nato ocenila združljivost ukrepov prestrukturiranja glede na sporočilo o prestrukturiranju.
Given the integration of the banking market at European level, the advantage provided to FIH is felt by competitors both in Denmark (where banks from other Member States operate) and in other Member States.
V sporočilu o oslabljenih sredstvih so določena načela v zvezi z vrednotenjem in prenosom oslabljenih sredstev ter združljivostjo ukrepov s Pogodbo.
The measures must therefore be regarded as potentially affecting trade between Member States.
Oceniti je treba, ali je bila pomoč omejena na minimum ter ali je lastni prispevek banke in njenih delničarjev zadosten.
AMOUNT OF AID
V skladu s točko 21 sporočila o oslabljenih sredstvih bi morale banke v čim večjem obsegu kriti izgube, povezane z oslabljenimi sredstvi.
The total aid amount of the measures [73] is calculated to be approximately DKK 2,25 billion (approximately EUR 300 million).
Točka 21 zahteva ustrezno plačilo državi za ukrep finančne pomoči za oslabljena sredstva ne glede na njegovo obliko, da se zagotovita enaka odgovornost delničarjev in porazdelitev bremena ne glede na to, kateri model se izbere.
To quantify the amount of aid, the Commission has considered:
Ukrepi so v svoji prvotni obliki predvidevali plačilo, enako stroškom financiranja danske vlade, s povečanjem za zgolj 100 bazičnih točk za likvidnost.