natgillin/translations-raw huggingface dataset:
a benefit related to the share purchase agreement formula (DKK 0,73 billion) [74];
Predvideno ni bilo nikakršno plačilo za naložbo lastniškega kapitala, razen delnega (25 %) povečanja, če čista likvidacijska vrednost ustvari presežek na podlagi mehanizma popravka cene.
a foregone equity investment remuneration (DKK 1,33 billion) [75];
Poleg tega bi v negativnem scenariju, v katerem bi bil portfelj sredstev družbe Newco bistveno oslabljen, nadomestilo družbi FSC zagotovil holding FIH, ki v takih okoliščinah verjetno ne bi bil sposoben izpolnjevati svojih obveznosti.
excess interest payments by Newco on Loan One, the loss-absorbing loan, and the initial funding (DKK 0,33 billion);
Zato se, kot je navedeno v uvodnih izjavah 66 do 73 sklepa o reševanju in začetku postopka, ni zdelo verjetno, da bi plačilo in lastni prispevek zadostovala za to, da bi bila pomoč združljiva z notranjim trgom v skladu s smernicami iz sporočila o oslabljenih sredstvih.
excess administration fees (DKK 0,14 billion).
Komisija je torej v skladu s točko 39 sporočila o oslabljenih sredstvih temeljito analizirala tržno vrednost ukrepov.
As a mitigating factor, the Commission considered the early cancellation of government guarantees amounting to DKK 0,28 billion should be deducted from the total aid amount.
Ob pomoči zunanjega strokovnjaka je ocenila verjetnostno porazdelitev rezultatov za portfelj sredstev družbe Newco in izračunala učinek na verjetne končne likvidacijske vrednosti sredstev na podlagi pogodbe o nakupu delnic.
As indicated in Section 5.1, the Commission took a holistic approach in valuing all interest and other cash flows, fees and guarantees given, taking into consideration:
Komisija je v svoji oceni ugotovila prednosti na podlagi odpovedi plačilu iz naslova lastniškega kapitala in morebitne izgube, povezane s kreditno kakovostjo holdinga FIH, presežnimi obrestmi za posojilo za absorbiranje izgube, čezmernimi razponi pri financiranju za družbo Newco s strani banke FIH ter presežnimi provizijami za vodenje in varovanje pred tveganji z izvedenimi finančnimi instrumenti.
Denmark’s concern that the Commission would pay insufficient attention to at the economic reality of all aspects of the measures, such as the loss-absorbing loan;
Komisija je ugotovila tudi olajševalne dejavnike, kot je predčasni preklic državnih jamstev.
the fact that not all elements of the transaction could be linked to a specific item in the remuneration formula.
Ukrepi so skupaj vsebovali element državne pomoči v višini približno 2,25 milijarde DKK.
In line with the Impaired Asset Communication, the Commission has relied on external experts for valuation advice [76].
Ob upoštevanju točk 40 in 41 sporočila o oslabljenih sredstvih je bila razlika med vrednostjo ob prenosu in realno ekonomsko vrednostjo ocenjena na podlagi enakega izračuna, kot je bil opravljen za oceno tržne vrednosti, vendar z dvema prilagoditvama.
COMPATIBILITY
Prvič, porazdelitev rezultatov je temeljila na realnih ekonomskih vrednostih portfelja sredstev namesto na tržnih vrednostih.
Legal basis for the compatibility of the aid
Drugič, zahtevano plačilo za lastniški kapital je temeljilo na dejanski neto kapitalski olajšavi ukrepov.
Article 107(3)(b) of the Treaty provides that State aid may be considered to be compatible with the internal market where it is intended to ‘remedy a serious disturbance in the economy of a Member State’.
Komisija je po izjavi organa FSA ocenila, da je učinek bruto kapitalske olajšave ukrepov 375 milijonov DKK [77], enakovredna vrednost ob prenosu pa 254 milijonov DKK nad realno ekonomsko vrednostjo [78], ki jo je bilo treba plačati in vrniti.
Given the present circumstances and also the circumstances in the financial markets at the time of the Rescue and Opening Decision, the Commission considers that the measures may be examined under that provision.
Poleg tega je bilo treba vrniti 143,2 milijona DKK presežnih provizij.
The Commission accepts that the financial crisis has created exceptional circumstances in which the bankruptcy of one bank may undermine trust in the financial system at large, both at national and international level.
Vnaprejšnje plačilo v višini 254 milijonov DKK (z datumom valute 1. marec 2012) je zmanjšalo učinek neto kapitalske olajšave s 375 milijonov DKK na 121 milijonov DKK.
That may be the case even for a small bank which is not in immediate difficulty but under tightened supervision by the financial regulator, such as FIH.
Z enkratno premijo v višini 310,25 milijona DKK [79] z datumom valute 30. september 2013 in letnim plačilom v višini 12,1 milijona DKK (ki ustreza letnemu plačilu v višini 10 % kapitalske olajšave), poleg vračila presežnih upravljavskih provizij [80], bi torej bili ukrepi v skladu s sporočilom o oslabljenih sredstvih.
The 2-4 year debt of that bank was priced at spreads of 600-700 bps over EURIBOR at the time of the Rescue and Opening Decision.
Danska je zagotovila, da je banka FIH plačala navedene zneske [81] in poleg tega izpolnila vse dogovore na podlagi sklepnih dokumentov o ukrepih.
That pricing level is a clear indication of imminent distress.
Danska se obvezuje, da banka FIH ne bo izplačevala dividend do končne poravnave računov družbe Newco na podlagi pogodbe o nakupu delnic, da se ublaži kreditno tveganje, s katerim se sooča holding FIH za družbo FSC.
In such cases, early intervention to avoid the institution concerned becoming unstable can be necessary to avoid threats to financial stability.
Skratka, ukrepi so v celoti sorazmerni, omejeni na minimum in zagotavljajo zadosten lastni prispevek banke FIH.
It is particularly so in the case of a small economy such as Denmark where counterparts may tend not to distinguish between individual banks, thus extending the lack of confidence generated by the failure of one bank to the whole sector.
Poleg tega ukrepi zaradi plačila 310,25 milijona DKK z obrestmi [82] družbi FSC ter dodatnih obvez v zvezi s plačilom in provizijami [83] zagotavljajo ustrezno plačilo v skladu s sporočilom o oslabljenih sredstvih.
Therefore, the legal basis for the compatibility assessment of all the measures covered by this Decision is Article 107(3)(b) of the Treaty.
Združljivost pomoči s sporočilom o prestrukturiranju in sporočilom o podaljšanju iz leta 2011 [84]
As regards specifically the compatibility of the transfer of assets to the FSC, the Commission will assess the measures with regard to the Impaired Assets Communication.
Uspešno poslovanje
The Commission will then assess the compatibility of the restructuring measures with regard to the Restructuring Communication.
V skladu s sporočilom o prestrukturiranju mora država članica predložiti celovit načrt prestrukturiranja, ki prikazuje, kako bo dolgoročno uspešno poslovanje upravičenca ponovno vzpostavljeno brez državne pomoči v razumnem času in v največ petih letih.
Compatibility of the measures with the Impaired Assets Communication
Dolgoročno uspešno poslovanje je doseženo, ko je banka sposobna samostojno konkurirati za kapital na trgu v skladu z ustreznimi regulativnimi zahtevami.
The Impaired Assets Communication lays down the principles regarding the valuation and transfer of impaired assets and compatibility of measures with the Treaty.
Zato mora biti sposobna kriti vse svoje stroške in zagotoviti ustrezno donosnost kapitala ob upoštevanju profila tveganja banke.
It has to be assessed whether the aid has been limited to the minimum and there is sufficient own contribution of the bank and its shareholders.
Ponovna vzpostavitev uspešnega poslovanja bi morala temeljiti predvsem na notranjih ukrepih in kredibilnem načrtu prestrukturiranja.
According to point 21 of the Impaired Assets Communication banks should bear the losses associated with impaired assets to the maximum extent.
Načrt prestrukturiranja, ki ga je v zvezi z banko FIH predložila Danska in zajema obdobje do 31. decembra 2016, kaže ponovno vzpostavitev uspešnega poslovanja ob koncu tega obdobja prestrukturiranja.
Point 21 requires a correct remuneration of the State for the asset relief measure, whatever its form, so as to ensure equivalent shareholder responsibility and burden-sharing irrespective of the exact model chosen.
Banka naj bi ostala rentabilna in izboljšala svoje letne rezultate zlasti v obdobju 2013–2016, z ustrezno donosnostjo lastniškega kapitala pri novo ustvarjenih poslih.
In their original form, the measures provided for remuneration equal to the funding cost of the Danish government plus a mere 100 bps for the liquidity.
V najslabšem možnem scenariju naj bi banka še vedno ustvarjala dobiček, pri čemer naj bi se čisti dobiček izboljšal z 51 milijonov DKK (6,8 milijona EUR) leta 2013 na 122 milijonov DKK (16,27 milijona EUR) leta 2016.
No remuneration for the equity investment was foreseen, apart from a partial (25 %) upside in case the net resolution yields an excess through the price adjustment mechanism.
Glede na načrt prestrukturiranja bo količnik kapitalske ustreznosti banke FIH do 31. decembra 2016 kar 19,6 %, zakonsko določeni količnik likvidnosti pa naj bi takrat bil 160 %.
Moreover, in a negative scenario where the asset portfolio of Newco would deteriorate significantly, compensation to the FSC would be provided by FIH Holding which, under those circumstances, would probably not have the capacity to honour its obligations.
Vsi ti količniki bistveno presegajo minimalne regulativne zahteve.
It seemed therefore unlikely, as stated in recitals 66 to 73 of the Rescue and Opening Decision, that the remuneration and own contribution would be sufficient to make the aid compatible with the internal market according to the guidance in the Impaired Assets Communication.
Zdi se torej, da je skupina dobro kapitalizirana in ima soliden likvidnostni položaj.
In line with point 39 of the Impaired Assets Communication, the Commission has therefore thoroughly analysed the market value of the measures.
Banka FIH je bila po ukrepih, zlasti prenosu posojil, sposobna ne samo, da je leta 2013 pravočasno odkupila obveznice z državnim jamstvom, ampak tudi, da je 2. julija 2013 odplačala hibridni kapital, ki ga je prejela od države.
Aided by an external expert, it estimated a probabilistic distribution of outcomes for the Newco asset portfolio and calculated the effect on the likely terminal liquidation asset values through the share purchase agreement.
Z ukrepi se je izboljšal profil likvidnosti banke FIH, ki je 31. decembra 2012 dosegla zakonsko določeni količnik likvidnosti v višini 214 %, 31. decembra 2013 [85] pa naj bi ta znašal 239,7 %, kar bistveno presega regulativne zahteve glede likvidnosti.
In its assessment, the Commission found advantages through foregone equity remuneration and potential losses linked to the credit quality of FIH Holding, excess interests for the loss-absorbing loan, excess spreads on funding to Newco by FIH and excess fees for administration and derivative hedging.
Zlasti je bil premosten primanjkljaj v financiranju, ki je predhodno grozil banki FIH, na podlagi odsvojitve sredstev s pomočjo posojila v višini 13 milijard DKK, ki ga je družba FSC zagotovila družbi Newco.
The Commission also found mitigating factors such as the early cancellation of government guarantees.
Poleg tega se je družba FSC obvezala, da bo po potrebi v času trajanja ukrepov dokapitalizirala družbo Newco [86].
In total, the measures contained a State aid element of about DKK 2,25 billion.
Vsa neposredna vprašanja glede dokapitalizacije za banko FIH so bila tako predvidena.
Following a statement by the FSA, the Commission assessed the gross capital relief effect of the measures to be DKK 375 million [77], and the equivalent transfer value to be DKK 254 million above the real economic value [78], which needed to be remunerated and clawed back.
Vendar se je v tem primeru Danska obvezala, da bosta holding FIH in banka FIH nerazporejeni dobiček zadržala na visoki ravni, da bi bolje zagotovila ustrezno plačilo družbi FSC.
In addition, DKK 143,2 million in excess fees needed to be recovered.
Zlasti če bo družba Newco ustvarila bistveno nižji prihodek, kot je načrtovala banka FIH, bosta banka FIH (prek posojila za absorbiranje izgube) in holding FIH (prek jamstva, danega družbi FSC) nosila stroške za zagotovitev plačila banke FIH v višini, ki je ustrezna glede na pravila o državni pomoči.
An up-front payment of DKK 254 million (with value date 1 March 2012) has reduced the net capital relief effect from DKK 375 million to DKK 121 million.
Vendar se z akumulacijo zadržanega dobička lastniški kapital poveča na razmeroma visoko raven (8,4 milijarde DKK v najboljšem primeru, 7,3 milijarde DKK v najslabšem primeru), s čimer se zmanjša koeficient donosnosti lastniškega kapitala.
Therefore, a one-off premium of DKK 310,25 million [79] with value date 30 September 2013 plus an annual payment of DKK 12,1 million (corresponding to an annual remuneration of 10 % of the capital relief), in addition to the recovery of the excess administration fees [80] would bring the measures in line with the Impaired Assets Communication.
Banka FIH ni v položaju, da bi preprečila ta proces, razen če ustvari izgube (kar pa ni niti predvideno niti zaželeno).
Denmark has ensured that FIH paid those amounts [81] in addition to honouring all agreements under the closing documents of the measures.
Pojem „normaliziranega lastniškega kapitala“ je torej v tem primeru boljši, da bi Komisija lahko pravilno ocenila rentabilnost banke, brez upoštevanja rezultatov akumulacije zadržanega dobička.
Denmark commits that FIH will pay no dividends until the final settlement of the Newco accounts under the share purchase agreement, so as to mitigate the credit risk faced by FIH Holding for the FSC.
Nadalje bo banka FIH zapustila razmeroma tvegano poslovno področje posojil za prevzeme, s čimer se bo zmanjšalo tveganje za njene poslovne dejavnosti, njen poslovni model pa bo imel trdnejšo podlago.
In conclusion, the measures in their entirety are proportionate, limited to the minimum and provide sufficient own contribution by FIH.
Poleg tega se zdi banka FIH z 20,8-odstotnim količnikom kapitalske ustreznosti [88] ob koncu obdobja prestrukturiranja prekapitalizirana [89] glede na njen poslovni model in s tem mnogo manj kot prej izpostavljena tržnim tveganjem, ki bi lahko ogrozila njeno trajnost poslovanja.
Moreover, due to the payment of DKK 310,25 million plus interest [82] to the FSC as well as the additional commitments as regards remuneration and fees [83], the measures provide for an appropriate remuneration in accordance with the Impaired Assets Communication.
Komisija torej meni, da je načrt prestrukturiranja primeren za ponovno vzpostavitev dolgoročnega uspešnega poslovanja banke FIH.
Compatibility of the aid with the Restructuring Communication and the 2011 Prolongation Communication [84]
Porazdelitev bremena
According to the Restructuring Communication, in order to be compatible with the internal market under Article 107(3)(b) of the Treaty, the restructuring of a financial institution in the context of the current financial crisis must: (i) lead to a restoration of the viability of the bank, or to the orderly winding-up thereof;
Banka FIH se je obvezala, da v fazi prestrukturiranja ne bo izplačevala dividend in da bo odplačala predhodno državno dokapitalizacijo v višini 1,9 milijarde DKK.
ensure that the aid is limited to the minimum necessary and include sufficient own contribution by the beneficiary (burden-sharing);
Nadalje banka FIH ne bo izplačevala kuponov vlagateljem v hibridne instrumente ali katere koli instrumente, za katere imajo finančne institucije diskrecijsko pravico za izplačevanje kuponov ali odpoklic, ne glede na njihovo regulativno razvrstitev, vključno z instrumenti podrejenega dolga, če ne obstaja pravna obveznost za izplačila.
and (iii) contain sufficient measures limiting the distortion of competition.
Poleg tega je plačilo za ukrepe za oslabljena sredstva določeno na ustrezno višino, kot je pojasnjeno v oddelku 5.4.1.
Viability
Komisija zato meni, da načrt prestrukturiranja zadostno obravnava zahtevo po porazdelitvi bremena.
According to the Restructuring Communication a Member State needs to provide a comprehensive restructuring plan which demonstrates 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.
Izkrivljanje konkurence
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.
Načrt prestrukturiranja določa, da se bo banka FIH umaknila z nekaterih poslovnih področij (nepremičninska posojila, upravljanje zasebnega kapitala in zasebnega premoženja).
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.
Zlasti je bilo 15,4 milijarde DKK sredstev nepremičninskih posojil (25 % bilančne vsote za leto 2012) odsvojenih na družbo Newco.
The return to viability should mainly derive from internal measures and be based on a credible restructuring plan.
V spremenjenem pismu o nameri je določena tudi prepoved cenovnega vodstva pri vlogah, če tržni delež banke FIH preseže 5 %.
The restructuring plan submitted by Denmark in respect of FIH covering the period up to 31 December 2016 shows a return to viability at the end of that restructuring period.
Ta obveza banki FIH omogoča, da bo dodatno izboljšala svoj položaj v zvezi s financiranjem, tako da bo zbirala vloge na trgu, sočasno pa določila prag, ki bo preprečeval pretiravanjem pri tem.
The bank is expected to remain profitable and improve its yearly results in particular during the period 2013-2016, with an adequate return on equity on newly generated business.
Poleg tega bo prepovedano agresivno poslovno ravnanje, s čimer bodo konkurenti zaščiteni pred nezmernim tržnim ravnanjem.
In a worst case scenario, the bank would still generate profits, with net profit improving from DKK 51 million (EUR 6,8 million) in 2013 to DKK 122 million (EUR 16,27 million) in 2016.
Navesti je treba, da ni noben tržni udeleženec izrazil pripomb glede politike banke FIH v zvezi s cenami vlog, potem ko je Komisija začela postopek v zvezi s tem vprašanjem.
According to the restructuring plan, by 31 December 2016 the total capital ratio of FIH will be as high as 19,6 % and the statutory liquidity ratio then is expected to be 160 %.
Nadalje bo banka FIH odprodala svoje naložbe v sklade zasebnega kapitala in druge naložbe lastniškega kapitala ter po 31. decembru 2014 v svoji strukturi ne bo več imela hipotekarne enote.
All those ratios exceed significantly the regulatory minimum requirements.
Ta poslovna področja bodo torej prav tako prepuščena konkurentom, tako da se bo prisotnost banke FIH ustrezno zmanjšala.
The group therefore appears well capitalised and endowed with a comfortable liquidity position.
Poleg tega bo likvidirana družba FIH Realkredit [90] in opuščene bodo vse poslovne dejavnosti na poslovnem področju posojil za prevzeme.
Following the measures, in particular the transfer of loans, FIH was a position not only to redeem the government-guaranteed bonds in 2013 in due time but also to repay on 2 July 2013 the hybrid capital it had received from the government.
Glede na podatke ob koncu leta 2012 je družba FIH Realkredit še imela sredstva v višini približno 300 milijonov DKK (40,3 milijona EUR), tako da ni imela velikega pomena za celotno skupino FIH.
The measures have improved the liquidity profile of FIH which was able to obtain a statutory liquidity ratio of 214 % as of 31 December 2012 and was expected to obtain a ratio of 239,7 % as of 31 December 2013 [85] thus exceeding the regulatory liquidity requirements significantly.
Poleg tega je banka FIH skupno vrednost svojih sredstev že znižala s 109,3 milijarde DKK (14,67 milijarde EUR) na dan 31. decembra 2010 na 60,80 milijarde DKK (8,16 milijarde EUR) do 31. decembra 2012, kar ustreza 44-odstotnemu znižanju.
In particular, the funding gap which previously threatened FIH has been closed through a hive-off of assets, with the help of the DKK 13 billion funding facility provided by the FSC to Newco.
Vse te obveze skupaj vodijo do zadostne ublažitve izkrivljanja konkurence, ker bodo poslovne priložnosti, ki bi lahko bile dobičkonosne za banko FIH, opuščene in prepuščene njenim konkurentom.
In addition, the FSC has committed to recapitalise Newco over the lifetime of the measures, if necessary [86].
SKLEPNA UGOTOVITEV IN ZAKLJUČEK FORMALNEGA POSTOPKA PREISKAVE
As a result, any immediate recapitalisation issues for FIH have been pre-empted.
Komisija je v sklepu o reševanju in začetku postopka izrazila dvome glede tega, ali so zadevni ukrepi dobro usmerjeni, kot se zahteva s sporočilom o bančništvu iz leta 2008 [91].
In summary, with both profitability and liquidity assured, and a sufficient capital base FIH seems to be in a good position to attain long-term viability on a stand-alone basis.
Zlasti na tisti stopnji ni bilo jasno, ali bodo vlagatelji banko FIH šteli za popolnoma razbremenjeno njenih najslabših sredstev in ali bodo pripravljeni zagotoviti financiranje pod sprejemljivimi pogoji.
Although in the worst case scenario the pre-tax return on normalised equity is budgeted to be only 0,9 % at 31 December 2013 and 2,0 % [87] at 31 December 2016, the best case projects a return on normalised equity of 10,3 % and 11,2 % for 2013 and 2016 respectively.
Iz načrta prestrukturiranja banke FIH je razvidno, da ima banka zadostno kapitalsko rezervo tudi v stresnem scenariju in da je verjetno, da bo pri neugodnem makroekonomskem razvoju dogodkov ohranila uspešnost poslovanja.
The Commission does not usually use the concept of ‘normalised equity’ because it regularly leads to a higher return on equity than if the calculations were based on the actual equity.
Komisija je v sklepu o reševanju in začetku postopka izrazila dvome tudi glede tega, ali so bili ukrepi omejeni na minimum in ali je bil v njih predviden zadosten lastni prispevek [92], zlasti glede na kompleksnost ukrepov.
In this case, however, Denmark has given a commitment that FIH Holding and FIH will retain accumulated earnings to a high level, so as to better guarantee an appropriate payment to the FSC.
Po podrobni oceni elementov in njihove povezave Komisija meni, da je plačilo, ki ga bo banka FIH plačala za ukrepe, zadosten lastni prispevek in v skladu s sporočilom o oslabljenih sredstvih.
In particular if Newco realises significantly lower proceeds than planned by FIH, FIH (via the loss-absorbing loan) and FIH Holding (via the guarantee given to the FSC) will bear costs to ensure the remuneration of the FIH at a level commensurate with the State aid rules.
Komisija pozdravlja „enkratno plačilo“ (v višini 310,25 milijona DKK) za družbo FSC in obveze, sprejete v zvezi s tem.
The accumulation of retained earnings nevertheless increases equity to a relatively high level (DKK 8,4 billion in the best case, DKK 7,3 billion in the worst case) which reduces the return on equity ratio.
Komisija dalje navaja, da so ti ukrepi izboljšali likvidnostni profil banke, ki v vseh scenarijih ostaja likvidna in uspešno posluje v skladu z načrtom prestrukturiranja.
FIH is not in a position to counteract that process unless it produces losses (which is neither foreseen nor desirable).
Komisija je v sklepu o reševanju in začetku postopka izrazila nadaljnje dvome v zvezi s tem, ali je bila zahteva po omejitvi izkrivljanja konkurence izpolnjena.
The concept of ‘normalised equity’ is therefore preferable in the current case to allow the Commission to assess properly the profitability of the bank, setting aside the results of the accumulation of retained earnings.
Za banko FIH zdaj veljajo prepoved izplačevanja kuponov, prepoved izplačevanja dividend, prepoved cenovnega vodstva (tudi pri vlogah) in prepoved agresivnega poslovnega ravnanja ter obveze odprodaje.