natgillin/translations-raw huggingface dataset:
Further, FIH will exit the relatively risky business area of acquisition finance which leads to a risk reduction of its business activities and puts its business model on a more solid foundation.
Komisija na splošno ugotavlja, da načrt prestrukturiranja, ki ga je predložila Danska, ustrezno obravnava vprašanja uspešnega poslovanja, porazdelitve bremena in izkrivljanja konkurence ter je torej v skladu z zahtevami sporočila o prestrukturiranju in sporočila o oslabljenih sredstvih.
Moreover, with a total capital ratio of 20,8 % [88] at the end of the restructuring period FIH seems overcapitalised [89] in view of its business model and thus much less exposed to market risks which might jeopardise its existence as a going-concern than before.
Glede na zgornjo oceno Komisija ugotavlja, da so ukrepi dobro usmerjeni, omejeni na minimum in zagotavljajo omejeno izkrivljanje konkurence.
The Commission therefore considers that the restructuring plan is apt to restore FIH’s long-term viability.
Dvomi Komisije glede združljivosti ukrepov, ki jih je prvotno izrazila v sklepu o reševanju in začetku postopka, so torej odpravljeni.
Burden-sharing
Sklepna ugotovitev
FIH has committed not to pay any dividends during the restructuring phase and to repay a previous State recapitalisation of DKK 1,9 billion.
Na podlagi priglasitve in glede na obveze, ki jih je predstavila Danska, je ugotovljeno, da so ukrepi pomoči združljivi z notranjim trgom.
Further, FIH will not make any coupon payments to investors in hybrid instruments or any instrument for which financial institutions have discretion to pay coupons or to call, regardless of their regulatory classification, including subordinated debt instruments, if no legal obligation to make payments exists.
Ustreznost ukrepov, uspešno poslovanje banke, lastni prispevki in ukrepi za ublažitev izkrivljanja konkurence se zdijo zadostni.
In addition, as explained in Section 5.4.1, the remuneration of the impaired asset measures is set at an appropriate level.
Zato je treba ukrepe odobriti na podlagi člena 107(3)(b) Pogodbe in zaključiti odprti postopek –
The Commission therefore considers that the restructuring plan sufficiently addresses the burden-sharing requirement.
SPREJELA NASLEDNJI SKLEP:
Distortion of competition
Člen 1
The restructuring plan provides for FIH to withdraw from certain business lines (property finance, private equity and private wealth management).
Prenos sredstev s skupine FIH na dansko družbo za finančno stabilnost, skupaj z ločenimi dogovori, pomeni državno pomoč v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
In particular, DKK 15,4 billion of property finance assets (25 % of the 2012 balance sheet) have been hived off to Newco.
Državna pomoč je glede na načrt prestrukturiranja in obveze, predstavljene v Prilogi, združljiva z notranjim trgom.
The amended term sheet also provides for a price leadership ban for deposits if the market share of FIH exceeds 5 %.
Člen 2
That commitment allows FIH to further improve its funding position by raising deposits on the market while at the same time establishing a threshold preventing excessive practices.
Ta sklep je naslovljen na Kraljevino Dansko.
In addition, there will be a ban on commercial aggressive practices safeguarding competitors from excessive market behaviour.
V Bruslju, 11. marca 2014
It should be noted that no market participant commented on FIH’s policy concerning deposit pricing after the Commission opened proceedings on that question.
Za Komisijo
Further, FIH will divest its investments in private equity funds and other equity investments and will no longer have a mortgage institute in its company structure after 31 December 2014.
Podpredsednik
Thus, those business areas will also be left to competitors and the presence of FIH on the market reduced accordingly.
UL C 359, 21.11.2012, str.
Moreover, FIH Realkredit [90] will be liquidated and all business activities in the business field Acquisition Finance will be ceased.
1.
According to the 2012 year-end figures, FIH Realkredit still held assets of around DKK 300 million (EUR 40,3 million) so was of limited importance to the overall FIH Group.
„Zakon o kapitalskih injekcijah iz državnih sredstev“ (lov om statsligt kapitalindskud) pomeni zakon št. 67 z dne 3. februarja 2009 in odredbe, izdane na podlagi tega zakona.
In addition, FIH has already reduced its total assets from DKK 109,3 billion (EUR 14,67 billion) on 31 December 2010 to DKK 60,80 billion (EUR 8,16 billion) by 31 December 2012, corresponding to a decrease of 44 %.
Zakon je bil odobren z odločbo Komisije z dne 3. februarja 2009 (UL C 50, 3.3.2009, str.
Altogether, those commitments lead to a sufficient mitigation of distortion of competition because business opportunities which could potentially be profitable for FIH will be abandoned and left to its competitors.
4).
CONCLUSION AND CLOSURE OF THE OPENING OF THE FORMAL INVESTIGATION PROCEDURE
Sklep Komisije z dne 29. junija 2012 v zadevi SA.34445 (2012/C) (ex 2012/N) (UL C 359, 21.11.2012, str.
The Commission expressed doubts in its Rescue and Opening Decision as to whether the measures at stake are well-targeted as required by the 2008 Banking Communication [91].
1).
In particular at that stage, it was unclear whether investors would consider FIH as fully relieved from its worst assets, and whether they would be ready to provide funding under bearable conditions.
Ti ukrepi pomoči so podrobno opisani v uvodnih izjavah 10 do 23 sklepa o reševanju in začetku postopka.
FIH’s restructuring plan demonstrates that the bank has a sufficient capital buffer even under a stress scenario and that it is likely to remain viable under unfavourable macroeconomic developments.
Glej uvodno izjavo 1.
In the Rescue and Opening Decision the Commission also raised doubts as to whether the measures were limited to the minimum and envisaged sufficient own contribution [92], in particular in view of the complexity of the measures.
V načrt so bile naknadno vnesene spremembe.
Following a detailed assessment of the elements and their links the Commission considers that that the remuneration FIH will pay for the measures serves as a sufficient own contribution and is in line with the Impaired Assets Communication.
Jezikovna opustitev z dne 10. decembra 2013.
The Commission welcomes the ‘one-off’ payment (of DKK 310,25 million) to the FSC and the commitments made in that respect.
23. avgusta 2013 se je združila s FIH Erhvervsbank A/S kot družbo, ki je nadaljevala poslovanje.
The Commission notes further that the measures have improved the liquidity profile of the bank which, under all scenarios, remains liquid and viable according to the restructuring plan.
Bančno poslovanje je prvotno vključevalo:
In the Rescue and Opening Decision the Commission expressed further doubts in relation to whether the requirement that distortion of competition be limited had been met.
bančno poslovanje za podjetja, ki je odgovorno za posojilne dejavnosti banke FIH, zlasti za majhna in srednje velika podjetja;
FIH is now subject to a coupon ban, a dividend ban, a price leadership ban (including for deposits) and a ban on commercial aggressive practices and is subject to divestment commitments.
posojila za prevzeme, s katerimi se zagotavlja strukturirano financiranje za združitve in prevzeme na skandinavskem trgu, in (3) nepremičninska posojila, s katerimi se zagotavljajo kapital in svetovalne storitve za nepremičninske vlagatelje.
Overall, the Commissions notes that the restructuring plan presented by Denmark adequately addresses the issues of viability, burden-sharing and distortion of competition, and hence it is in line with the requirements of the Restructuring Communication and Impaired Assets Communication.
Nepremičninska posojila niso več poslovno področje banke FIH, kot je pojasnjeno v uvodni izjavi 40.
Based on the assessment above the Commission finds that the measures are well-targeted, limited to the minimum and provide for limited distortion of competition.
Segment trgov zagotavlja storitve finančnega svetovanja za velika in srednje velika podjetja v zvezi z, na primer, obvladovanjem tveganj, upravljanjem obveznosti in kapitalsko strukturo.
Therefore the Commission’s doubts related to the compatibility of the measures, initially raised in the Rescue and Opening Decision, have been allayed.
Segment trgov je odgovoren tudi za trgovanje in dejavnosti, usmerjene na stranke, na trgih obrestnih mer, deviznih trgih in trgih vrednostnih papirjev.
Conclusion
Segment podjetniškega financiranja zagotavlja storitve finančnega svetovanja v zvezi z združitvami in prevzemi, privatizacijami in kapitalskimi injekcijami itd.
Based on the notification and in view of the commitments presented by Denmark it is concluded that the aid measures are compatible with the internal market.
PF I A/S je holdinška družba za lastništvo holdinga FIH družb PFA Pension’s, Folksam Ömsesidig Livsförsäkring/Folksam Ömsesidig Sakförsäkring’s in C.P.
The appropriateness of the measures as well as the viability of the bank and own contributions together with the measures to mitigate distortion of competition appear sufficient.
V načrtu prestrukturiranja se uporablja izraz „količnik solventnosti“.
Consequently, the measures should be approved pursuant to Article 107(3)(b) of the Treaty and the opened proceedings should be closed,
Vendar izraz „količnik solventnosti“ v finančnem poročanju pomeni razmerje dobička družbe po obdavčitvi in amortizaciji glede na njene skupne obveznosti.
HAS ADOPTED THIS DECISION:
Z njim se torej meri sposobnost družbe, da poravna svoje dolgove.
Article 1
Številčno se opredeli obseg prihodkov družbe po obdavčitvi, brez nedenarnih amortizacijskih stroškov, v primerjavi z njenimi skupnimi dolžniškimi obveznostmi.
The asset transfer from FIH Group to the Danish Financial Stability Company, together with the side agreements, constitute State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Količnik zagotavlja tudi oceno verjetnosti, da bo družba še naprej kopičila svoje dolžniške obveznosti.
This State aid is compatible with the internal market, in the light of the restructuring plan and the commitments set out in the Annex.
Kadar je torej v načrtu prestrukturiranja uporabljen navedeni izraz, je v tem sklepu uporabljen izraz „količnik kapitalske ustreznosti“, tj. razmerje med celotnim kapitalom banke in vsoto tveganju prilagojene aktive.
Article 2
Menjalni tečaj z dne 31. decembra 2012:
This Decision is addressed to the Kingdom of Denmark.
1 EUR = 7,4610 DKK (ECB).
Done at Brussels, 11 March 2014.
Obratni kapital je opredeljen kot vsota vlog, izdanih obveznic, podrejenega dolga in lastniškega kapitala.
For the Commission
Glej opombo 2.
Vice-President
Leta 2010 je skupino FIH naprodaj ponudil njen prejšnji lastnik, Icelandic Kaupthing Bank hf, ki je leta 2008 šel v postopek prenehanja delovanja.
OJ C 359, 21.11.2012, p.
Glej uvodno izjavo 17.
1.
Glej opombo 4.
‘Act on State-Funded Capital Injections’ (lov om statsligt kapitalindskud) means the Act Number 67 of 3 February 2009 and executive orders issued under it.
Ukrepi so podrobneje opisani v uvodnih izjavah 22 do 30 tega sklepa.
The Act was approved by Commission Decision of 3 February 2009 (OJ C 50, 3.3.2009, p.
Sklepni memorandum med banko FIH in družbo FSC z dne 2. julija 2012.
4).
Družba Newco je bila ob prevzemu s strani družbe FSC preimenovana v „FS Property Finance A/S“, vendar je še vedno na istem naslovu kot sedež banke FIH.
Commission Decision of 29 June 2012 in case SA.34445 (2012/C) (ex 2012/N) (OJ C 359, 21.11.2012, p.
Družba FSC je posrednik v lasti danske države, ki skrbi za različne ukrepe, ki vključujejo uporabo državnih sredstev za finančne institucije v okoliščinah finančne krize.
1).
Glej Sklep N 407/10 z dne 30. septembra 2010 (UL C 312, 17.11.2010, str.
Those aid measures are described in detail in recitals 10 to 23 of the Rescue and Opening Decision.
7);
See recital 1.
Sklep SA.31938 (N 537/10) z dne 7. decembra 2010 (UL C 117, 15.4.2011, str.
The plan was subject to subsequent amendments.
1);
Language waiver dated 10 December 2013.
Sklep SA.33001 (11/N) – Del A z dne 28. junija 2011 (UL C 237, 13.8.2011, str.
It merged with FIH Erhvervsbank A/S as continuing company on 23 August 2013.
1);
Originally banking consisted of:
Sklep SA.33001 (11/N) – Del B z dne 1. avgusta 2011 (UL C 271, 14.9.2011, str.
corporate banking, which is responsible for FIH’s lending activities, in particular to small and medium-sized enterprises;
1);
acquisition finance, providing structured financing for mergers and acquisitions in the Scandinavian market; and (3) property finance, providing capital and advisory services to property investors.
Cilj sheme je ohraniti vrednost v bankah v težavah z nadzorovano likvidacijo na podlagi načela trajnosti poslovanja, namesto da bi bile te banke predmet stečajnih postopkov.
Property finance is no longer a business area in FIH, as explained in recital 40.
Na podlagi prvotne sheme so delničarji in imetniki podrejenih obveznic banke v težavah v celoti izbrisani.
The markets segment provides financial advisory services for large and medium-sized companies relating, for example, to risk management, liability management and capital structure.
Sredstva in preostale obveznosti se prenesejo na družbo FSC kot likvidacijsko družbo države.
The markets segment is also responsible for handling trading and customer-oriented activities in the interest rate, foreign exchange and securities markets.
Sredstva, ki se lahko prodajo, se prodajo vlagateljem, preostala sredstva se likvidirajo.
The corporate finance segment provides financial advisory services on mergers and acquisitions, privatisations and capital injections, etc.
Prihodki, ustvarjeni s prodajo in likvidacijo sredstev, se uporabijo za poplačilo upnikom (imetniki prednostnih obveznic in vlagatelji).
PF I A/S is the holding company for for the ownership of FIH Holding of PFA Pension’s, Folksam Ömsesidig Livsförsäkring/Folksam Ömsesidig Sakförsäkring’s and C.P.
Glej uvodni izjavi 1 in 4.
The restructuring plan uses the term ‘Solvency Ratio’.
Potrjeno z dopisom organa FSA z dne 18. aprila 2013, ki je bil Komisiji predložen z elektronsko pošto z dne 29. aprila 2013.
However, the term ‘solvency ratio’ in financial reporting means the ratio of a company’s profits after tax and depreciations to its total liabilities.
Po pogodbi naj bi družba Newco plačala dvoletno, triletno ali petletno efektivno obrestno mero danske državne obveznice plus 1,15-odstotni pribitek, odvisno od tega, katero dospelost izbere banka FIH.
It therefore measures the ability of a company to meet its debts.
Vendar je to dejansko postala petletna obrestna mera.
It quantifies the size of a company’s income after tax, not counting non-cash depreciation expenses, in contrast to its total debt obligations.
Nakupna cena je sestavljena iz fiksnega zneska v višini 2 milijard DKK in variabilnega zneska, ki je odvisen od končne likvidacijske vrednosti družbe Newco, ki je opisana v uvodni izjavi 30.
It also provides an assessment of the likelihood of a company to continue congregating its debt obligations.
Potrjeno z dopisom danskega nadzornega organa FSA z dne 18. aprila 2009; glej tudi opombo 26.
Therefore, where the restructuring plan uses that term the present decision refers to the ‘Total Capital Ratio’, that is to say, the ratio of the bank’s total capital to its total risk weighted assets.
Načelni dogovor, v katerem so predstavljene številne podrobnosti pogodbe o nakupu delnic in ločenih dogovorov, je bil podpisan 1. marca 2012, končni sklepni dokumenti pa 1. julija 2012.
Working capital is defined as the sum of deposits, issued bonds, subordinated debt and equity.
Sporočilo Komisije o obravnavanju oslabljenih sredstev v bančnem sektorju Skupnosti (UL C 72, 26.3.2009, str.
See footnote 2.
1).
In 2010, FIH Group was put up for sale by its previous owner, Icelandic Kaupthing Bank hf, which went into winding-down proceedings in 2008.
Z različnimi podscenariji.
See recital 17.
Podscenarij z nižjimi stroški oslabitev.
See footnote 4.
Izračunana na podlagi zneska lastniškega kapitala, ki ustreza 16-odstotni stopnji temeljnega kapitala glede tvegane pozicije banke.
The measures are further described in recitals 22-30 of this Decision.
Ob predpostavki, da ni učinkov na dobiček/izgubo.
Closing Memorandum between FIH and the FSC, dated 2 July 2012.
Navesti je treba, da bosta ob predpostavki neto povečanja stroškov v letu 2013 v višini 310,25 milijona DKK na podlagi plačila v skladu s sporočilom o oslabljenih sredstvih in obresti ter 61,7 milijona DKK vračila upravljavskih provizij (glej dalje v uvodni izjavi 117 in naslednjih) neto dobiček in izguba banke v letu 2013 verjetno negativna v obeh scenarijih.
Newco has, since its acquisition by the FSC, been renamed ‘FS Property Finance A/S’ but continues to be located at the same address as FIH’s head office.
Podscenarij z visokimi stroški oslabitev.
The FSC is the Danish State-owned vehicle which takes care of the different measures entailing the use of State resources for financial institutions in the context of the financial crisis.
Zakonsko določeni količnik likvidnosti je opredeljen kot trenutna zakonsko določena likvidnostna pozicija v odstotku zakonsko določene likvidnostne zahteve.
See Decision N 407/10 of 30 September 2010 (OJ C 312, 17.11.2010, p.
Za izpolnitev zakonsko določene zahteve se zahteva količnik v višini 100 %, tako da količnik v višini 214 % več kot dvakrat presega zakonsko zahtevo.
7);
Glej opombo 35.
Decision SA.31938 (N 537/10) of 7 December 2010 (OJ C 117, 15.4.2011, p.
Najboljši možni scenarij predvideva nižje povprečne stroške financiranja in višje prihodke iz dejavnosti na področju trgov in podjetniškega financiranja.
1);
Najslabši možni scenarij predvideva precej negativen razvoj dogodkov na makroekonomski ravni z manjšim povpraševanjem po posojilih in zgodovinsko visokih stroških oslabitev (čeprav naj bi se v obdobju prestrukturiranja znižali).
Decision SA.33001 (11/N) — Part A of 28 June 2011 (OJ C 237, 13.8.2011, p.
Banka FIH je z učinkom z dne 4. decembra 2013 prenesla znesek v višini 310,25 milijona DKK na družbo FSC (znesek je bil vplačan 30. septembra 2013).
1);
Poleg tega je prenesla znesek v višini 6575342 DKK.
Decision SA.33001 (11/N) — Part B of 1 August 2011 (OJ C 271, 14.9.2011, p.
Na primer, zmanjšanje tvegane vrednosti s 50 milijonov DKK (6,71 milijona EUR) na dan 31. decembra 2011 na 35 milijonov DKK (4,7 milijona EUR) na dan 22. aprila 2013.
1);
To se nanaša na konvencijo o štetju dni za plačilo obresti, pri kateri se dejansko število dni v zadnjem obdobju (od zadnjega datuma plačila do naslednjega) deli z dejanskim številom dni med dvema zaporednima 30. septembroma.
Decision SA.33757 (11/N) of 9 December 2011 (OJ C 22, 27.1.2012, p.
Zajet v tako imenovanem „pismu o nameri“.
2);
Priglasitev SANI 6783 z dne 2. marca 2012, obvestilo banke FIH za Komisijo – končno, oddelek 3.
1) as well as Decision SA.33639 (11/N) – Rescue Aid for Max Bank of 6 October 2011 (OJ C 343, 23.11.2011, p.
9).
10).
Prenos sredstev z banke FIH na družbo FSC, ki jo je Danska Komisiji predložila 20. marca 2012.
The objective of the scheme is to preserve value in failing banks by means of a controlled winding-up on a going concern basis instead of those banks being subject to bankruptcy proceedings.
Elektronska pošta Danske za Komisijo z dne 29. marca 2012.
Under the original scheme, equity holders and subordinated bond holders of the failing bank are fully wiped out.
„Odgovori na vprašalnik z dne 4. aprila 2012 v zvezi z nakupom delnic od holdinga FIH s strani družbe FSC“, ki jih je Danska Komisiji predložila 23. aprila 2012.
Assets and remaining liabilities are transferred to the FSC as the State’s winding-up company.
„Izjava – FIH Erhvervsbank“, brez datuma, predložena Komisiji 16. maja 2012.
Sellable assets are sold to investors, and the remaining assets are put in run-off.
Glej opombo 49 in uvodno izjavo 67.
The revenues generated by the sale and run-off of assets are used to compensate creditors (senior bond holders and depositors).
Načelo vlagatelja v tržnem gospodarstvu je izraz, ki je za namene tega sklepa enakovreden načelu udeleženca v tržnem gospodarstvu.
See recitals 1 and 4.
Izraz načelo udeleženca v tržnem gospodarstvu je bil sprejet za zajetje položaja vlagateljev in drugih tržnih akterjev, kot so posojilodajalci, upniki itd.
Confirmed by a letter from the FSA dated 18 April 2013, submitted to the Commission by electronic mail on 29 April 2013.
Dopis z dne 11. septembra 2012, oddelki 2, 3 in 4.
Contractually, Newco is to pay the two-, three-, or five-year Danish Government effective Bond rate plus 1,15 % depending on which maturity is chosen by FIH.
Dopis z dne 11. septembra 2012, str.
However, it has de facto become the five-year rate.
5.
The purchase price consists of a fixed amount of DKK 2 billon and a variable amount, depending on the terminal realisation value of Newco, which is decribed in recital 30.
Glej opombo 31.
Confirmed by a letter of the Danish supervisory authority FSA, dated 18 April 2009, see also footnote 26.
Dopis z dne 11. septembra 2012, oddelek 2, stran 5.
An agreement in principle, outlining many of the details of the share purchase agreement and its side agreements was signed on 1 March 2012, with the final closing documents signed on 1 July 2012.
Dopis z dne 11. septembra 2012, str.
Communication from the Commission — The application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis (OJ C 270, 25.10.2008, p.
6 in 7.
8).
Dejavnosti družbe FSC urejajo zakon o finančni stabilnosti in zakon o finančnem poslovanju ter odredbe, izdane na podlagi teh zakonov.
Communication from the Commission on the Treatment of Impaired Assets in the Community Banking Sector (OJ C 72, 26.3.2009, p.
Poleg tega za družbo FSC veljajo posebne določbe o družbah v državni lasti.
1).
Za druge ukrepe, ki jih je predhodno zagotovila družba FSC, je bilo v Odločbi Komisije NN51/08 z dne 10. oktobra 2008 („Jamstvena shema za banke na Danskem“) ( UL C 273, 28.10.2008, str.
With various sub-scenarios.
2) ugotovljeno, da jih je treba pripisati danski državi.
Sub-scenario with lower impairment charges.
Pričakovana donosnost ukrepov je izračunana na podlagi prihodnjih denarnih tokov, diskontiranih za izpeljavo čiste sedanje vrednosti.
Calculated on the basis of the amount of equity corresponding to a core capital ratio of 16 %, given the risk positions of the bank.
Glej uvodni izjavi 91 in 92.
Assuming no effects on the profit/loss.
Zaupne informacije.
It is worth mentioning that assuming a net cost increase in 2013 of DKK 310,25 million through a payment in accordance with the Impaired Asset Communication + interest and DKK 61,7 million of administration fee refunds (see further in recital 117 ff.), the net profit and loss figure for the bank is likely to be negative in 2013 in both scenarios.
Obvestilo organa FSA o FIH Erhvervsbank A/S z dne 16. maja 2012, predloženo Komisiji.
FIH has largely offset that effect through a liquidity management exercise in December 2013.
Ta pojav je na finančnih trgih znan kot „tveganje zaradi neugodnih gibanj“.
The effect in 2016 would be negligible, as the figures are quoted as ‘normalised’ return on equity.
Komisija je na podlagi strokovnih nasvetov predvidela 16-odstotno povprečno implicitno kumulativno izgubo.
Sub-scenario with high impairment charges.
Vendar je bila porazdeljena linearno po negativnih donosih, tako da je bilo pričakovanje 91-odstotne izgube uporabljeno v izjemnem primeru, v katerem bi portfelj sredstev devalviral na zgolj 5,1 milijarde DKK, izguba pa ne bi bila pričakovana, če bi sredstva imela pozitiven donos.
The Statutory Liquidity Ratio is defined as current statutory liquidity position in per cent of the statutory liquidity requirement.
Kot dokaz Komisija navaja, da lahko v kriznih razmerah plačila na trgu dokapitalizacije zlahka presežejo 15 % (J. P. Morgan, European Credit Research, 27. oktober 2008, in podatki družbe Merrill Lynch o dolgu prvega reda, denominiranemu v eurih, za institucije z bonitetno oceno „naložbenega razreda“).