natgillin/translations-raw huggingface dataset:
it must be shown that the aid will allow an orderly winding-up and that it is kept to the minimum necessary in view of the objective pursued [170];
pokazati je treba, da bo pomoč omogočila pravilno likvidacijo in da se ohranja na najnižji možni ravni glede na zastavljeni cilj [170];
there must be appropriate burden-sharing, in particular by excluding shareholders from receiving the benefit of any aid in the context of the controlled winding-up procedure [171];
obstajati mora ustrezna delitev bremena, zlasti tako, da se delničarjem prepreči, da imajo koristi od kakršne koli pomoči v okviru postopka nadzorovane likvidacije [171];
to avoid undue distortions of competition, the liquidation phase should be limited to the period strictly necessary for the orderly winding-up.
v izogib nepotrebnemu izkrivljanju konkurence se mora stopnja likvidacije omejiti na obdobje, ki je nujno potrebno za pravilno likvidacijo.
As long as the beneficiary financial institution continues to operate it should not pursue any new activities, but merely continue the ongoing ones.
Dokler upravičena finančna institucija deluje, ne sme začeti opravljati nobene nove dejavnosti, ampak le nadaljevati obstoječe.
The banking licence should be withdrawn as soon as possible [172].
Bančno dovoljenje ji je treba čim prej odvzeti [172].
The Commission will therefore examine all the aid in question for Dexia, both past and future, as aid for a financial institution in controlled liquidation.
Komisija bo zato vso obravnavano pomoč za skupino Dexia – preteklo in prihodnjo, proučila kot pomoč finančni instituciji v nadzorovani likvidaciji.
Evidence of an orderly winding-up
Dokaz o pravilni likvidaciji
The Commission considers that the scenario provided for in the revised orderly resolution plan will enable an orderly winding-up of Dexia.
Po mnenju Komisije se bo s scenarijem iz spremenjenega načrta nadzorovanega reševanja omogočila pravilna likvidacija skupine Dexia.
The revised orderly resolution plan enables the Commission to assess the liquidation procedure and the potential impact on competition of the State measures which that procedure involves.
Spremenjeni načrt nadzorovanega reševanja Komisiji omogoča, da oceni postopek likvidacije in morebitni vpliv državnih ukrepov, ki jih ta postopek vključuje, na konkurenco.
The fundamental requirement which allows the planned scenario to be classified as a winding-up measure is for the institution to cease all banking activity.
Osnovna zahteva, v skladu s katero se lahko načrtovani scenarij opredeli kot ukrep likvidacije je, da institucija preneha izvajati vse bančne dejavnosti.
The revised orderly resolution plan provides for Dexia to exit the markets in which it previously traded either by disposing of entities to a third party, or by placing residual entities and activities in run-off management.
V spremenjenem načrtu nadzorovanega reševanja je določeno, da se mora skupina Dexia umakniti s trgov, na katerih je prej poslovala, bodisi s prodajo subjektov tretji strani bodisi z upravljanjem likvidacijske mase preostalih subjektov.
Run-off management is based on the absence of any new production, with an exception for Crediop and DCL in order to allow a genuinely controlled resolution.
Da se omogoči resnično nadzorovano reševanje, temelji upravljanje likvidacijske mase na tem, da ni ustvarjenega nobenega novega produkta, razen za družbo Crediop in banko DCL.
In order to comply with Crediop’s regulatory obligations so that it can keep its banking licence with a view to being wound up by 31 December 2013, Crediop will be able to provide EUR 200 million in new finance for existing customers for a period of one year from the Commission’s final decision.
Družba Crediop bo lahko obstoječim strankam eno leto po datumu sprejetja končnega sklepa Komisije zagotavljala 200 milijonov EUR novih finančnih sredstev za izpolnitev svojih regulativnih obveznosti, tako da bo lahko obdržala bančno dovoljenje z namenom uvedbe postopka likvidacije z dne 31. decembra 2013.
The Commission notes that a total cessation of production, in other words immediate run-off management, would trigger the activation of […] and therefore a risk of […] for an amount of almost […].
Komisija navaja, da bi se s popolnim prenehanjem ustvarjanja produktov, tj. takojšnjim upravljanjem likvidacijske mase, aktivirala […] in tako tveganje […] v znesku, ki znaša skoraj […].
The Commission also notes that the new production is small compared with Crediop’s production before the crisis (around EUR 3 billion per year).
Komisija tudi navaja, da bo v primerjavi z ustvarjanjem produktov pred krizo družba Crediop ustvarila malo novih produktov (okrog 3 milijarde EUR letno).
DCL will be able to grant new finance, capped at EUR 600 million, between February and July 2013 and June and November 2014 with a view to desensitising a portfolio with a marked-to-market book value of EUR [0-2] billion of sensitive structured loans that are still lodged with DCL (local authority loans classified outside the Gissler Charter, scoring E3, E4 or E5 in the Gissler Charter or with a Cepcor score of 11 or more).
Nova finančna sredstva, ki jih lahko med februarjem in julijem 2013 ter junijem in novembrom 2014 dodeli banka DCL, bodo omejena na 600 milijonov EUR in bodo namenjena desenzibilizaciji portfelja, pri čemer bo njihova knjigovodska vrednost glede na tržne razmere znašala [0–2] milijardi EUR občutljivih strukturiranih posojil, še vedno deponiranih pri banki DCL (posojila lokalnih skupnosti, ki niso zajeta v Gisslerjevo listino ali po Gisslerjevi listini spadajo v kategorijo E3, E4 ali E5, po odboru Cepcor pa dosegajo 11 točk ali več).
The improvement in the economic value of the debt stock that this should entail is defined by taking account of the lessening of the litigation risk that desensitisation should bring about.
Izboljšanje ekonomske vrednosti višine dolga, ki bi ga moralo to povzročiti, je opredeljeno s tem, da se upošteva zmanjšanje tveganja sodnega postopka, nastalo zaradi desenzibilizacije.
This package will make it possible to reduce the risk (particularly of litigation) connected with the loans concerned by over 50 %, and to reduce collateral volatility and the operational risk on complex derivative cover transactions.
Ta paket bo omogočil za več kot 50-odstotno zmanjšanje tveganja (predvsem sodnega postopka), povezanega s zadevnimi posojili, ter zmanjšanje nestanovitnosti sekundarnega zavarovanja in operativnega tveganja za kompleksne transakcije s kritjem izvedenih finančnih instrumentov.
The flows linked to the desensitisation of these loans will also be limited according to the following conditions:
V skladu z naslednjimi pogoji se bodo omejili tudi tokovi, povezani z desenzibilizacijo teh posojil:
the new flows should bring about an improvement in the Gissler or Cepcor score;
z novimi tokovi naj bi se izboljšale ocene po Gisslerjevi listini ali po odboru Cepcor in
during the initial desensitisation period (February-July 2013), the new flows will as a priority concern the most sensitive loans, namely those granted to the [30-50] of DCL’s main customers which account for [40-60] % of the marked-to-market of the derivatives associated with loans outside the Gissler Charter.
novi tokovi med začetnim obdobjem desenzibilizacije (od februarja do julija 2013) prednostno zajemajo najobčutljivejša posojila, in sicer tista, ki so bila odobrena [30–50] najpomembnejšim strankam banke DCL, ki na trgu izvedenih finančnih instrumentov, povezanih s posojili, ki niso zajeta v Gisslerjevo listino, pomenijo [40–60] % vrednosti glede na tržne razmere.
The flows associated with operations to desensitise these loans will also be limited by the following requirements.
V skladu z naslednjimi zahtevami se bodo omejili tudi tokovi, povezani s transakcijami desenzibilizacije teh posojil.
Only the following operations will be authorised for desensitisation: […].
Za desenzibilizacijo bodo dovoljene le naslednje transakcije: […].
The Commission notes that the sole purpose of this active restructuring option is to limit the expected losses on the existing portfolio in a run-off scenario.
Komisija navaja, da je edini namen te možnosti dejavnega prestrukturiranja omejiti pričakovanje izgube sedanjega portfelja v scenariju upravljanja likvidacijske mase.
DCL will not in any event carry out any new activities in the strict sense, or any new production for new customers.
Banka DCL vsekakor ne bo izvajala nobenih novih dejavnosti v strogem pomenu besede ali ustvarjala kakršnih koli novih produktov za nove stranke.
The EUR 600 million envelope is no more than [0-5] % of the total amount of DCL’s loan stock.
Finančna sredstva v višini 600 milijonov EUR pomenijo zgolj [0–5] % skupne vrednosti vseh posojil banke DCL.
Secondly, the winding-up phase is to be limited to the successful completion of the orderly liquidation.
Faza likvidacije se bo omejila na uspešno dokončanje pravilne likvidacije.
In that respect the Commission notes that the resolution plan provides for the rapid disposal of all the Group’s saleable entities.
Komisija v zvezi s tem navaja, da je v načrtu prestrukturiranja določena hitra prodaja vseh subjektov skupine Dexia, ki jih je mogoče prodati.
In addition, a number of sales had already been made before the resolution plan was submitted [173].
Določeno število subjektov je bilo že prodanih pred predložitvijo načrta reševanja [173].
If the time-limits for disposal are not met, the entities will be placed in run-off management in the month following failure to comply with the commitment, or else an independent trustee will be appointed, again in the month following failure to comply with the commitment, to sell them […] within a maximum period of one year.
Če se roki za prodajo ne bodo upoštevali, bo za subjekte v mesecu po neizpolnitvi obveznosti uveden likvidacijski postopek, v nasprotnem primeru bo prav tako v mesecu po neizpolnitvi obveznosti imenovan neodvisni skrbnik, da jih bo najpozneje v enem letu prodal […].
All the other residual entities will be placed in run-off management.
Za vse preostale subjekte bo uveden likvidacijski postopek.
The resolution plan provides, moreover, for DAM, Dexia Israel and Crediop to be managed separately from the rest of the Dexia Group.
V načrtu reševanja je prav tako določeno, da je treba družbe DAM, Dexia Israel in Crediop upravljati ločeno od ostale skupine Dexia.
In view of the time it will take to liquidate the portfolios, the revised orderly resolution plan provides for them to be held, in principle, until they mature, in order to preserve their value and avoid fire sales.
V spremenjenem načrtu nadzorovanega reševanja je ob upoštevanju časa, potrebnega za likvidacijo portfeljev, določeno, da je treba portfelje načeloma obdržati do zapadlosti, da se ohrani njihova vrednost in prepreči hitra prodaja premoženja.
Dexia and the Member States concerned are also to look into the ways in which the Group could speed up opportunistic deleveraging if market conditions allow.
Skupina Dexia in zadevne države članice morajo tudi proučiti načine, na katere bi lahko ta skupina pospešila oportunistično zmanjšanje finančnega vzvoda, če bodo to dopuščali tržni pogoji.
In addition, the Member States concerned have given a commitment that Dexia and its subsidiaries will not make any new acquisitions.
Poleg tega so se zadevne države članice zavezale, da skupina Dexia in njene odvisne družbe ne bodo izvajale novih prevzemov.
As a third criterion, the bank is to end its commercial activities, apart from those associated with the sale of its assets.
V skladu s tretjim merilom naj bi banka prenehala trgovinske dejavnosti, razen tistih, ki so povezane s prodajo sredstev.
Some of Dexia’s commercial activities are to be sold to third parties as part of the disposal of saleable entities.
Nekatere od trgovinskih dejavnosti se bodo kot del prodaje subjektov, ki jih je mogoče prodati, prodale tretjim stranem.
On 30 June 2012 this had already fallen to EUR 411 billion, a decrease of over 37 % on the size of its balance sheet on 31 December 2008 (EUR 651 billion), when the first State aid was granted.
Dne 30. junija 2012 se je že zmanjšala na 411 milijard EUR, kar je več kot 37-odstotno zmanjšanje obsega bilance stanja skupine Dexia z dne 31. decembra 2008 (651 milijard EUR), ko je bila odobrena prva državna pomoč.
On 31 December 2010 the Dexia Group employed 35185 staff in 34 countries.
V skupini Dexia je bilo 31. decembra 2010 zaposlenih 35185 ljudi v 34 državah.
As a result of the sale of DBB/Belfius in October 2011, the Dexia Group employed 22720 staff on 30 June 2012.
Zaradi prodaje banke DBB/Belfius oktobra 2011 je bilo v tej skupini 30. junija 2012 zaposlenih 22720 ljudi.
Since the disposal of DenizBank, BIL and RBCD, the number of staff has gone down to around 3650.
Število zaposlenih se je od prodaje družb DenizBank, BIL in RBCD zmanjšalo na približno 3650.
Dexia has also drawn up a methodology for informing the Commission and valuing all the planned disposals (see recital 125).
Skupina Dexia je tudi izdelala metodologijo za obveščanje Komisije in vrednotenje vseh načrtovanih prodaj (glej uvodno izjavo 125).
Lastly, the revised orderly resolution plan also means that aid will be limited to the minimum necessary.
Spremenjeni načrt nadzorovanega reševanja pomeni tudi, da bo pomoč omejena na najnižjo potrebno.
In particular, only the entities which cannot be sold to third parties will remain in the residual bank.
V preostali banki bodo zlasti ostali subjekti, ki jih ni mogoče prodati tretjim stranem.
The extra EUR 5,5 billion in capital to be provided for the residual bank is necessary in order to comply with the minimum prudential rules to prevent an uncontrolled liquidation of Dexia.
Za preostalo banko je zaradi uskladitve z minimalnimi bonitetnimi pravili, da se prepreči nenadzorovana likvidacija skupine Dexia, potrebnih dodatnih 5,5 milijarde EUR kapitala.
Finally, the reserve liquidity and cash buffer of EUR 700-800 million resulting from the planned EUR 5,5 billion recapitalisation of Dexia may be regarded as forming an integral part of the orderly winding-up scenario, given that it will serve to protect expected disbursements.
Lahko se šteje, da so likvidnostne in kapitalske rezerve v višini 700–800 milijonov EUR, ki izhajajo iz načrtovane dokapitalizacije skupine Dexia v višini 5,5 milijarde EUR, sestavni del scenarija pravilne likvidacije, saj se bodo uporabile za zaščito pričakovanih izplačil.
The EUR 85 billion final refinancing guarantee has been calibrated to meet Dexia’s refinancing needs in order to ensure its orderly resolution in both the baseline and the stress scenarios.
Končno jamstvo za refinanciranje v višini 85 milijard EUR je bilo določeno, da bi se zadostilo potrebam po refinanciranju skupine Dexia, da bi njeno reševanje po osnovnem scenariju ter scenariju izjemnih situacij potekalo nadzorovano.
In the baseline scenario, the maximum drawdown of the guarantees should be EUR [70-80] billion in 2013.
Po osnovnem scenariju naj bi se v letu 2013 črpalo za največ [70–80] milijard EUR jamstev.
The stress scenarios, on the other hand, show that the guarantee drawdown could be EUR [10-20] million more if the cumulative impact of the following factors materialised: an increase in the cash collateral to be paid (EUR + [0-5] billion) if interest rates change unfavourably; a deterioration in the quality of the reserves (EUR + 2,3 billion); the exercise of options by investors or major drawings on off-balance-sheet commitments (EUR [2,5-7,5] billion); the negative impact of a serious downgrading of the Group’s credit rating (EUR + [0-5] billion).
Po scenariju izjemnih situacij pa bi se lahko črpalo za [10–20] milijonov EUR več jamstev, če bi se uresničil skupni učinek naslednjih dejavnikov: povečanje zavarovanja z denarnimi sredstvi, ki ga je treba plačati v primeru neugodnih sprememb obrestnih mer (+ [0–5] milijard EUR); poslabšanje kakovosti rezerv (+ 2,3 milijarde EUR); izvršitev opcij s strani vlagateljev ali večje črpanje iz zavez zunaj bilance stanja ([2,5–7,5] milijarde EUR); negativni učinek resnega znižanja bonitetne ocene skupine Dexia (+ [0–5] milijard EUR).
The Commission also notes that the very low remuneration of this guarantee and its long duration compared with guarantees granted to banks in the process of restructuring is acceptable only in the case of an orderly resolution with no new production, thus minimising potential distortions of competition.
Komisija tudi navaja, da so zelo nizki prejemki tega jamstva in dolgo trajanje v primerjavi z jamstvi, odobrenimi bankam v postopku prestrukturiranja, sprejemljivi le v primeru nadzorovanega reševanja brez ustvarjanja novih produktov, s čimer se kar najbolj zmanjša morebitno izkrivljanje konkurence.
Without any extra aid Dexia would go into immediate liquidation, which would create a serious risk for the Member States concerned.
Za skupino Dexia bi bil brez kakršne koli dodatne pomoči uveden likvidacijski postopek, kar bi povzročilo resno tveganje za zadevne države članice.
The aid in the form of recapitalisation and the final refinancing guarantee granted to Dexia prevents the orderly winding-up from becoming uncontrolled liquidation.
Pomoč v obliki dokapitalizacije in končno jamstvo za refinanciranje, dodeljena skupini Dexia, zagotavljata, da pravilna likvidacija ne bi postala nenadzorovana likvidacija.
Under point 46 of the Banking Communication, particular care must be taken to minimise moral hazard, notably by excluding shareholders and possibly certain types of creditors from receiving the benefit of any aid in the context of the controlled winding-up procedure.
V skladu s točko 46 sporočila o bančništvu se je treba posebej posvetiti zmanjšanju moralnega tveganja, zlasti tako, da se delničarjem in tudi nekaterim vrstam upnikov prepreči, da imajo koristi od kakršne koli pomoči v okviru postopka nadzorovane likvidacije.
Dexia’s shareholders and security-holders have already contributed to the cost of restructuring.
Delničarji in imetniki vrednostnih papirjev skupine Dexia so že prispevali k stroškom prestrukturiranja.
Since October 2008, the share price has fallen by over 95 %.
Cena delnic je od oktobra 2008 padla za več kot 95 %.
Since the initial restructuring plan, Dexia has waived the payment of dividends and the payment or early repayment of discretionary coupons on its hybrid Tier 1 and Tier 2 instruments.
Skupina Dexia se je od prvotnega načrta prestrukturiranja odrekla plačilu dividend ali diskrecijske možnosti predčasnega izplačila kuponov na instrumente temeljnega kapitala ali kapitala drugega reda.
The EUR 5,5 billion dilution of existing shareholdings planned by the recapitalisation by the Belgian and French States will be considerable.
Zmanjšanje sedanjih poslovnih deležev v višini 5,5 milijarde EUR, ki se načrtujejo z dokapitalizacijo Belgije in Francije, bo precejšnje.
Existing shareholders, other than the Belgian and French States, will see their holdings drastically diluted from 88,54 % before the capital increase to 5,58 % thereafter.
Deleži obstoječih delničarjev, razen Belgije ali Francije, se bodo izrazito zmanjšali z 88,54 % pred dokapitalizacijo na 5,58 % po njej.
The shareholders’ positions will change as follows:
Pozicije delničarjev se bodo spremenile tako:
Dexia shareholders after recapitalisation
Delničarji skupine Dexia po dokapitalizaciji
Holding before the proposed capital increase
Delež pred predlagano dokapitalizacijo
Holding after the proposed capital increase
Delež po predlagani dokapitalizaciji
Caisse des dépôts et consignations
Hranilnica in posojilnica Caisse des dépôts et consignations
Belgian Federal Government via SFPI
Belgijska zvezna vlada prek sklada SFPI
Ethias Group
Skupina Ethias
Flemish Region via Vlaams Toekomstfonds
Flamska regija prek sklada Vlaams Toekomstfonds
Brussels-Capital Region
Regija Bruselj – glavno mesto
The Bank Restructuring Communication states that the use by banks of their own resources to finance their restructuring may involve the sale of assets, for instance.
V sporočilu o prestrukturiranju bank je navedeno, da lahko banke v uporabo lastnih sredstev pri financiranju prestrukturiranja vključijo na primer prodajo sredstev.
In the present case, Dexia Group’s own contribution to its restructuring is maximised in that all its assets are earmarked for sale or run-off management, and profits from the sales will all go into Dexia’s orderly resolution.
V obravnavani zadevi je lastni prispevek skupine Dexia k prestrukturiranju kar najbolj povečan s tem, da so vsa njena sredstva namenjena za prodajo ali upravljanje likvidacijske mase, dobički od prodaje pa se bodo porabili za nadzorovano reševanje skupine Dexia.
Dexia’s operating costs are also set to fall considerably during its orderly resolution, from EUR 1,1 billion in 2012 to EUR [0-1] billion in 2020.
Tudi operativni stroški skupine Dexia naj bi se med nadzorovanim reševanjem občutno zmanjševali, in sicer z 1,1 milijarde EUR v letu 2012 na [0–1] milijardo EUR v letu 2020.
Since the run-off management or orderly resolution of the aid beneficiary constitutes the most extreme form of restructuring, the Commission accepts, in such circumstances, a lower remuneration of the aid than that required by its communications on State aid to banks.
Upravljanje likvidacijske mase ali nadzorovano reševanje upravičenca pomoči sta najskrajnejši obliki prestrukturiranja, zato Komisija v takih okoliščinah sprejema nižja nadomestila za pomoč od zahtevanih v svojih sporočilih o državni pomoči bankam.
In the present case, Dexia has already paid 1) EUR 225 million in commission for the setting up of the temporary guarantee, and 2) additional commission of EUR 50 million following the increase in the temporary guarantee ceiling, and 3) is paying remuneration for the temporary guarantee according to the terms of the Commission’s decisions of 21 December 2011, 31 May 2012, 7 June 2012 and 26 September 2012 (i.e. EUR 273 million by 30 September 2012).
V obravnavani zadevi je skupina Dexia že plačala 1) 225 milijonov EUR provizije za vzpostavitev začasnega jamstva, 2) 50 milijonov EUR dodatne provizije po povečanju začasne zgornje meje jamstva ter 3) nadomestilo za začasno jamstvo pod pogoji sklepov Komisije z dne 21. decembra 2011, 31. maja 2012, 7. junija 2012 in 26. septembra 2012 (tj. 273 milijonov EUR do 30. septembra 2012).
The amount of remuneration for the final guarantee will be 5 basis points from the entry into force of the agreement.
Znesek nadomestila za končno jamstvo bo 5 bazičnih točk od začetka veljavnosti pogodbe.
Dexia will also pay the Member States concerned an additional setting-up commission of 0,50 % of EUR 30 billion, to be paid to each of the Member States according to their respective contributions to the guarantee.
Skupina Dexia bo zadevnim državam članicam plačala tudi dodatno osnovno provizijo v višini 0,50 % od 30 milijard EUR, ki naj bi jo izplačala vsaki od držav članic glede na njihove ustrezne prispevke k jamstvu.
Given the scale of the orderly resolution scenario submitted by Dexia, the Commission considers that these levels of remuneration of the aid may be regarded as compatible.
Komisija meni, da se te stopnje nadomestila za pomoč lahko obravnavajo kot združljive, pri čemer upošteva obseg scenarija nadzorovanega reševanja, ki ga je predložila skupina Dexia.