natgillin/translations-raw huggingface dataset:
In the Rescue Decisions and the Parex Final Decision, the aid measures approved for Parex banka were therefore assessed under Article 107(3)(b) of the Treaty, as well as on the basis of the Communications [30] adopted in the context of the financial crisis that were in force at the time the aid was granted.
Ustrezno upoštevanje dejavnika amortizacije iz okvira Basel II je bilo nujno za dosego končnega cilja ukrepa pomoči, tj zagotovitev zadostne kapitalizacije banke Parex in preprečitev resnih motenj v latvijskem gospodarstvu v času odobritve prvotnega podrejenega dolga.
As regards the Third Measure, the Commission's compatibility assessment has to be conducted on the basis of the updated criteria set out in the 20 13 Banking Communication [31].
Komisija opozarja tudi, da je ocena združljivosti pomoči v okviru tretjega sklepa o reševanju temeljila med drugim na zavezi latvijskih organov, da bodo čim prej in najpozneje tri leta po odobritvi prvih reševalnih ukrepov za banko Parex [33] prodali svoje delnice v banki Parex, tj. najpozneje leta 2011.
Indeed, any aid wholly or partially granted without the Commission's authorisation (and therefore in breach of Article 108(3) of the Treaty) after the publication in the Official Journal of the European Union of the 2013 Banking Communication has to be examined on the basis of that Communication.
Komisija ob upoštevanju teh okoliščin meni, da se lahko določitev prvotnega roka zapadlosti na sedem let obravnava kot določitev minimalnega potrebnega obdobja, da bi lahko podrejeni dolgovi, ki jih je odobrila Latvija, v celoti izpolnjevali pogoje za razvrstitev kot kapital 2. reda in da bi se banki Parex zagotovilo doseganje ciljnega količnika kapitalske ustreznosti, in sicer za ohranjanje stabilnosti znotraj latvijskega bančnega sistema in izpolnjevanje zaveze glede prodaje banke.
Since the Third Measure has been applied continuously starting 2011 and until the present time, it can be concluded that the aid was partially granted after 1 August 2013, the publication date in the Official Journal of the European Union of the 2013 Banking Communication.
O nepriglašenem podaljšanju roka zapadlosti podrejenih dolgov (drugi ukrep)
Compatibility of the aid with the internal market
Komisija je v sklepu o začetku postopka izrazila pomisleke, da bi se lahko dodatna pomoč z 18-mesečnim podaljšanjem roka zapadlosti podrejenih dolgov štela za združljivo, ker je z obstoječo oceno kot minimalna potrebna omejitev določen petletni rok zapadlosti podrejenega dolga in ker za utemeljitev združljivosti niso bile predložene nobene nove trditve.
Regarding the First Measure
Komisija ob upoštevanju informacij, ki jih je Latvija predložila po sprejetju sklepa o začetku postopka, ugotavlja, da so se leta 2013 pojavile regulativne spremembe [34] v zvezi z minimalnimi kapitalskimi zahtevami.
The subordinated loan granted by Latvia to Parex banka had since its issuance date (22 May 2009) a maturity of seven years (i.e. until 21 May 2016) and so exceeded the maximum five-year maturity which was set forth in first rescue Decision and later confirmed in the Parex Final Decision.
Komisiji je bil v zvezi s tem predložen dopis, ki ga je Komisija za finančne in kapitalske trge 1. marca 2013 poslala banki Citadele.
The measure was not notified to the Commission.
Dopis je odgovor bančnega regulatorja na poročilo o notranji oceni kapitalske ustreznosti, ki ga je banka Citadele predložila Komisiji za finančne in kapitalske trge v zvezi s svojim finančnim položajem dne 30. junija 2012.
In respect to that additional aid measure, represented by a maturity of the subordinated loans in excess of the terms of the Decisions, the Commission had doubts that it was kept at minimum necessary, and therefore could not conclude that all the criteria for compatibility were met.
Dopis z dne 1. marca 2013 najprej opozarja na dejstvo, da morajo vse banke v skladu z dokumenti Komisije za finančne in kapitalske trge o politiki ohranjati več kot 10-odstotni količnik kapitalske ustreznosti.
In the Opening Decision, the Commission thus recalled that the subordinated loan approved for Parex banka with a five-year maturity had been assessed in the Rescue Decisions as being limited to the minimum necessary in amount and maturity.
Zatem jasno navaja, da se „banka in skupina za konsolidacijo, če se njuni količnik kapitalske ustreznosti zniža pod 10 %, štejeta za nezadostno kapitalizirani, pri čemer lahko Komisija za finančne in kapitalske trge sprejme popravljalne ukrepe, tj. omeji poslovanje banke“.
Based on that conclusion, the five-year subordinated loan had been therefore qualified as compatible by the Rescue Decisions and the Parex Final Decision.
Komisija na podlagi navedenega dopisa potrjuje, da je moral biti količnik kapitalske ustreznosti banke Citadele konec leta 2013 vsaj nad 10 %, da bi lahko banka v celoti nadaljevala svoje dejavnosti.
On the basis of the arguments presented in the Rescue Decisions and the Parex Final Decision, and in absence of new arguments, the Commission expressed doubts on the compatibility of the extended maturity of subordinated loans issued with a maturity of seven years instead of five years as initially approved.
Komisija opozarja, da je bil končni cilj zagotovitve državne pomoči v obliki podrejenih dolgov, kot je opredeljen v sklepih o reševanju in končnem sklepu o banki Parex, zagotoviti zadostno kapitalizacijo banke Parex (oziroma banke Citadele po letu 2010), da bi se preprečile resne motnje v latvijskem gospodarstvu.
In light of the new arguments brought forward by Latvia following the Opening Decision, and reported in section 5.1, the Commission is in a position to re-assess if the subordinated loans with a seven-year maturity granted by Latvia to Parex banka meet the compatibility requirement of State aid being limited to the minimum necessary.
Zato Komisija potrjuje, da je morala Latvija junija 2013 sprejeti popravljalne ukrepe, da bi se izognila tveganjem, ki bi se pojavila zaradi nezmožnosti banke Citadele, da izpolni nepričakovano povečane zahteve glede nadzora.
According to the 2008 Banking Communication, an aid measure must, in its amount and form, be necessary to achieve the objective pursued.
Za obravnavanje morebitnega pomanjkanja kapitala v primerjavi z novimi zahtevami bi bilo mogoče le:
It means that the capital injection must be of the minimum amount necessary to achieve the objective.
vložiti dodatna sredstva – kot kapital 1. ali 2. reda (npr. odobritev novih podrejenih dolgov);
The objective of granting a subordinated loan qualifying as Tier 2 capital to Parex banka was to enable the latter to continue to satisfy the capital adequacy ratio and to ensure that it is sufficiently capitalised so as to better withstand potential losses, in order to avoid a serious disturbance in the Latvian economy.
podaljšati rok zapadlosti obstoječih podrejenih dolgov, da bi se spremenila njihova stopnja amortizacije in omogočilo prispevanje večjega deleža dolgov h kapitalu banke.
In the first recue Decision, the minimum requirements for the subordinated loans to be eligible as Tier 2 capital of Parex banka taken into account by the Commission were based on the applicable Latvian legislation as communicated by Latvia [32].
Preglednica 2 vključuje primerjalni scenarij med primerom, ko je podrejena zapadlost leta 2013 podaljšana (kot je bilo izvedeno v okviru drugega ukrepa), in primerom, ko se zapadlost ohrani pod enakimi pogoji, pod katerimi so bili dolgovi prvotno izdani, pri čemer so vsi drugi parametri enaki.
It was thus established that the minimum maturity for the subordinated loan to qualify as Tier 2 capital was of five years.
Komisija na podlagi izračuna ugotavlja, da banka Citadele v primeru ohranitve zapadlosti podrejenih dolgov, pri čemer vsi drugi dejavniki ostanejo enaki, konec leta 2013 ne bi bila zmožna doseči 10-odstotni količnik kapitalske ustreznosti.
That assessment was not altered by the subsequent decisions.
Preglednica 2
Having reviewed the additional information provided by Latvia and reflected in recitals 30 to 39, the Commission acknowledges that additional constraints modified the characteristics of the subordinated loans required for them to fully qualify as Tier 2 until 2010.
Primerjava količnika kapitalske ustreznosti s podaljšanjem roka zapadlosti ali brez njega
In particular, the Commission notes that the impact of the criteria of the Basel II framework on the amount of subordinated loans received by Parex banka in 2009 being eligible as Tier 2 capital represented a fundamental element for defining the minimum initial maturity of the subordinated loans.
Količnik kapitalske ustreznosti v %
The Commission considers that, if the assumptions and projections presented by Latvia at the time of the Rescue Decisions had adequately and completely reflected the subordinated debt amortization under Basel II rules as reflected in recital 37, they would have led to a different assessment of the maturity of the subordinated loans, concluding seven years was the minimum necessary and not five years.
Finančne napovedi pred 18-mesečnim podaljšanjem zapadlosti (oblikovane junija 2013)
The Commission also recalls that the compatibility assessment of the aid in third rescue Decision relied, inter alia, on the Latvian authorities' commitment that they would sell their shares in Parex banka as soon as possible, but not later than a period of three years after the first rescue measures were provided to Parex banka [33], i.e. not later than 2011.
Dejanski podatki od 31. decembra 2013, vključno s podaljšanjem roka zapadlosti
Regarding the un-notified maturity extension of the subordinated loans (the Second Measure)
Glede na to, da:
In the Opening Decision, the Commission expressed doubts that the additional aid represented by the 18-month extension of maturity of the subordinated loans could be considered compatible, because the existing assessment was that a five-year maturity of the subordinated debt was what ensured limitation to the minimum necessary and no new arguments had been presented for justification of compatibility.
je morala biti nova kapitalska zahteva izpolnjena do 31. decembra 2013,
In view of the information presented by Latvia after the Opening Decision, the Commission notes that regulatory changes occurred in 2013 [34] with respect to the minimum capital requirements.
je morala biti dejavnost upravljanja premoženja odprodana do 31. decembra 2013 in
In that regard, the Commission has been presented with the letter of 1 March 2013 of the FCMC to Citadele.
amortizacija podrejenega dolga neposredno vpliva na količnik kapitalske ustreznosti,
The letter represents a reaction of the banking regulator to an internal capital adequacy assessment report that Citadele had submitted to the FCMC in respect to its financial situation of 30 June 2012.
se Komisija strinja, da je drugi ukrep banki Citadele pomenil uspešno in učinkovito rešitev za izpolnjevanje novih zahtev glede kapitalske ustreznosti in da je bilo odobreno podaljšanje najmanjše potrebno za dosego navedenega cilja.
The letter of 1 March 2013 first draws attention to the fact that according to the FCMC's policy documents, all banks have to maintain their capital adequacy ratio above 10 %.
Ta rešitev ni zahtevala nobenega prenosa novih denarnih sredstev (čeprav se je morala Latvija vzdržati izterjave sredstev, ki bi ji sicer morala biti odplačana), temveč je obravnavala zahtevo glede nadzora na podlagi potrebe po zaščiti finančne stabilnosti.
It then clearly states that ‘if the capital adequacy ratio of a bank and consolidation group falls below 10 %, the bank and consolidation group are considered an insufficiently capitalised and the FCMC may impose corrective measures, e.g. restrict the operations of the bank’.
Komisija pozitivno ugotavlja tudi, da je količnik kapitalske ustreznosti banke Citadele od 31. decembra 2013 nekoliko presegal zahtevani minimalni 10-odstotni količnik [36], kar potrjuje njeno mnenje, da je bilo odobreno 18-mesečno podaljšanje omejeno na najkrajše potrebno.
In the case of Citadele and its consolidation group, the letter adds that in order to cover existing and potential risks arising from Citadele's operations, by the end of 2013 the group's capital adequacy ratio had to reach […] %.
Latvija je od leta 2011 banki Reverta zagotavljala likvidnostno podporo, ki je presegala omejitve, ki jih je Komisija odobrila v končnem sklepu o banki Parex za osnovni in najslabši mogoči scenarij.
Based on that letter, the Commission accepts that Citadele had to have its capital adequacy ratio at least above 10 % at the end of 2013 in order for its operations to continue in full.
Te omejitve so navedene v preglednici 3 [37].
The Commission recalls that the ultimate objective of granting State aid in the form of subordinated loans, as defined in the Rescue Decisions and the Parex Final Decision, was to ensure sufficient capitalisation of Parex banka (Citadele after 2010) in order to avoid a serious disturbance in the Latvian economy.
Dejanski zneski likvidnostne podpore, ki jih je prejemala banka Reverta (kot jih je Latvija sporočila v revidiranem načrtu prestrukturiranja, predloženem januarja 2014) in so navedeni v preglednici 4, so stalno presegali zneske iz končnega sklepa o banki Parex.
Therefore, the Commission agrees that in June 2013 Latvia had to take corrective actions in order to avoid the risks which would have stemmed from a failure of Citadele to comply with the unexpected increase of the supervisory requirements.
Preglednica 3
To address the potential capital shortfall compared to the new requirements, the only possible options would have been to:
Zgornje meje likvidnostne podpore za banko Reverta iz končnega sklepa o banki Parex
inject additional funds — either as Tier 1 capital or Tier 2 capital (e.g. grant new subordinated loans)
V milijonih LVL
extend the maturity of existing subordinated loans in order to modify their amortization rate and allow for a higher percentage of the loans to contribute to the capital of the bank.
Osnovni scenarij
Table 2 reflects a comparative scenario between situations where, all other parameters being equal, the subordinated maturity is extended in 2013 (as was done through the Second Measure) or is maintained on the same conditions under which the loans were originally issued.
Najboljši mogoči scenarij
Based on the calculation, the Commission finds that maintaining the maturity of the subordinated loans would have led, considering all other factors as equal, to a failure of Citadele to reach a capital adequacy ratio of 10 % at the end of 2013.
Najslabši mogoči scenarij
Table 2
Preglednica 4
Comparison of capital adequacy ratio level with or without the maturity extension:
Dejanski zneski likvidnostne podpore, ki jih je prejela banka Reverta
Capital adequacy ratio in %
Neporavnana likvidnostna podpora
31 December 2013
Likvidnostna podpora, dodeljena banki Reverta, je bila prvotno odobrena v okviru združljivih ukrepov državne pomoči, odobrenih v prvem sklepu o reševanju, v obliki državnih vlog.
Financial forecasts before the 18 months maturity extension (established in June 2013)
Po sprejetju končnega sklepa o banki Parex (ter razdelitvi banke Parex na dobro in slabo banko) je bila likvidnostna pomoč prenesena na banki Citadele in Reverta.
Actual figures as of 31 December 2013 including the maturity extension
Banka Citadele je že v celoti odplačala svoj delež likvidnostne podpore, banka Reverta pa je morala omejiti prejete zneske likvidnostne podpore.
Pro forma of the actual situation without the 18 months maturity extension
Vendar znesek likvidnostne podpore, ki je bil dejansko dodeljen banki Reverta, presega vse ravni, odobrene v končnem sklepu o banki Parex.
Given that:
Ocena načrta prestrukturiranja v okviru končnega sklepa o banki Parex je temeljila na predpostavkah, ki so bile takrat predložene v zvezi s pričakovanim dotokom likvidnosti v banko Reverta, ki bi ji omogočil odplačevanje likvidnostne podpore, dodeljene v obliki državnih vlog, do ravni, predhodno določenih v končnem sklepu o banki Parex [38].
the new capital requirement had to be meet by 31 December 2013,
Zneski, ki naj bi predvidoma ostali neplačani, kot je opisano v končnem sklepu o banki Parex, so znašali od [0–100] milijonov LVL (osnovni scenarij) do [100–200] milijonov LVL (najslabši mogoči scenarij).
the Wealth Management Business had to be divested by 31 December 2013, and
Vendar bo zagotovljena likvidnostna podpora glede na najnovejše projekcije denarnih tokov, ki jih je predložila Latvija, do leta 2017 predvidoma presegla omejitev iz končnega sklepa o banki Parex, kot je prikazano v preglednici 5.
the amortisation of subordinated debt directly affects the capital ratio,
Preglednica 5
the Commission agrees the Second Measure represented an effective and efficient solution to meet the new capital adequacy requirements for Citadele and that the extension granted was the minimum necessary to achieve that goal.
Presežni zneski likvidnostne podpore za banko Reverta v primerjavi z načrtom prestrukturiranja iz leta 2010
That solution did not call for any transfer of new cash (although it required Latvia to refrain from recovering funds which would otherwise have been due to be repaid to them) while it addressed the supervisory request based on the need to safeguarding financial stability.
Najslabši mogoči scenarij (prvotni načrt prestrukturiranja)
The Commission also positively notes that as of 31 December 2013 Citadele's capital adequacy ratio was slightly above the minimum required of 10 % [36] which confirms its view that the 18-month extension granted was limited to the minimum necessary.
Ocenjena likvidnostna podpora (posodobitev iz leta 2014)
Since 2011 Latvia has provided Reverta with liquidity support in excess of the maximum limits approved by the Commission in the Parex Final Decision, both for the base case and for the worst case scenario.
Razlika
Those limits are recalled in Table 3 [37].
Komisija ugotavlja, da so bila zaradi naslednjih težav:
The actual amounts of liquidity support from which Reverta has benefited (communicated by Latvia in the revised restructuring plan submitted in January 2014), as reported in Table 4, have constantly exceeded those laid out in the Parex Final Decision:
slabša kakovost in vrednost sredstev v primerjavi s tistimi, predvidenimi v načrtu prestrukturiranja, in
Table 3
počasnejša izterjava zavarovanja s premoženjem in pravdni spori z dolžniki,
Liquidity caps for Reverta as reflected in the Parex Final Decision
denarna sredstva izterjana dve leti pozneje (kot je navedeno v uvodni izjavi 45) v primerjavi z izterjavo, predvideno ob sprejetju končnega sklepa o banki Parex.
LVL million
Zaradi te zamude je bilo treba povečati državno pomoč.
Base case
Tako je dodatno potrebo po likvidnostni podpori povzročilo slabšanje finančnega položaja banke Reverta v primerjavi z napovedmi iz končnega sklepa o banki Parex.
Best case
Komisija ugotavlja, da se je zagotovljena likvidnostna podpora v zadnjih letih postopno povečevala v skladu s težavami banke Reverta pri izterjavi sredstev.
Worst case
Kot je navedeno v uvodni izjavi 56, Latvija trdi, da je bilo od 118,7 milijona LVL likvidnostne podpore le 49,5 milijona LVL pretvorjenega v kapital, zato je preostalega 69,2 milijona LVL pomenilo presežek likvidnostne podpore za približno enak znesek.
Table 4
Vendar Komisija opozarja, da je mogoče v kapital pretvoriti le državne vloge, kot je določeno v uvodni izjavi 63(b) končnega sklepa o banki Parex.
Actual amounts of liquidity from which Reverta has benefited
Zato meni, da nižja raven likvidnostne podpore, ki je pretvorjena v kapital, sama po sebi ne pomeni čezmerne likvidnostne podpore.
Outstanding of liquidity support
Komisija tako priznava, da je ukinitev kapitalskih zahtev [39] Latviji omogočila, da je banki Reverta dodelila znesek pomoči za dokapitalizacijo, ki je bil nižji od najvišjega zneska dokapitalizacije, odobrenega v sklepih.
The liquidity support granted to Reverta was initially approved as part of the compatible State aid measures covered by the first rescue Decision, in the form of State deposits.
Komisija je ob upoštevanju težav banke Reverta pri izterjavi sredstev in omejenega zneska dokapitalizacije, ki je bil potreben po odvzemu dovoljenja za opravljanje bančnih storitev, sklenila, da je bila likvidnostna podpora, ki jo je prejela banka Reverta, omejena na najmanjšo potrebno za ustrezno izvedbo postopka likvidacije.
Following the Parex Final Decision (and the split of Parex banka into a good and a bad bank) the liquidity aid was subsequently transferred to Citadele and Reverta.
O kršitvi zaveze o odprodaji dejavnosti upravljanja premoženja banke Citadele (četrti ukrep)
Citadele has already repaid in full its share of the liquidity support, whereas Reverta had to limit the amounts of liquidity support it received.
Latvijski organi navajajo, da Latvija zaradi trenutnih neugodnih tržnih pogojev ni mogla najti zainteresiranih kupcev za dejavnost upravljanja premoženja banke Citadele v predvidenem roku in da ji to ne bo uspelo niti v bližnji prihodnosti.
However, the amount of liquidity support actually granted to Reverta exceeds all levels approved within the Parex Final Decision.
Latvijski organi opozarjajo, da je bila prodaja banke Citadele med drugimi zavezami opredeljena kot ključni ukrep za obravnavanje izkrivljanja konkurence, ki so ga povzročili ukrepi pomoči.
The assessment of the restructuring plan in the Parex Final Decision was based on assumptions presented at that time regarding the expected inflows of liquidity into Reverta, which would allow it to start repaying the liquidity support granted in the form of State deposits up to the levels predefined in the Parex Final Decision [38].
Vendar odprodaje banke Citadele zaradi slabšanja finančnega položaja banke v primerjavi s predvidenimi razmerami ob sprejetju končnega sklepa o banki Parex ni bilo mogoče izvesti v načrtovanem roku.
The amounts expected to remain unpaid, as described in the Parex Final Decision, ranged from LVL [0-100] million (the base case scenario) to LVL [100-200] million (the worst case scenario).
Latvija navaja tudi, da se bo z združitvijo prodaje dejavnosti upravljanja premoženja in banke Citadele izboljšal tržni interes za banko Citadele in da je verjetneje, da bo podaljšanje obdobja odprodaje omogočilo ponovno privatizacijo banke Citadele.
However, following the latest cash flow projections presented by Latvia, the liquidity support provided is planned to exceed the limit set in the Parex Final Decision until 2017, as reflected in Table 5:
Komisija priznava, da je finančno stanje banke Citadele slabše, kot je bilo predvideno v prvotnem načrtu prestrukturiranja.
Table 5
To oceno potrjuje tudi nadzorni skrbnik [40] in je izražena v kazalnikih iz preglednice 6:
Excess amounts of liquidity for Reverta vs 2010 Restructuring Plan
Preglednica 6
Worst case (initial restructuring plan)
Primerjava glavnih finančnih kazalnikov v primerjavi z načrtom prestrukturiranja
Estimated liquidity support (2014 update)
Načrt prestrukturiranja
Difference
Dejanski delež
The Commission understands that, given the following difficulties:
Operativni stroški/skupni prihodki
Lower asset quality and value compared to what have been planned in the restructuring plan, and
Oslabitve/neto posojila
a delay of two years occurred in the cash recovery (as mentioned in recital 45) compared to what was planned at the time of the adoption of the Parex Final Decision.
Donosnost lastniškega kapitala v %
That delay called for an increase of State support.
Lastniški kapital/sredstva skupaj
The Commission observes that the liquidity support provided has increased progressively over recent years in line with Reverta's difficulties in recovering assets.
Komisija glede na nizko stopnjo dobičkonosnosti banke Citadele v primerjavi s prvotnim načrtom prestrukturiranja razume težave pri odprodaji banke Citadele v kratkem roku.