natgillin/translations-raw huggingface dataset:
A downgrade of up to two credit rating notches is thus envisaged by 2014 for European sovereigns which should help to maintain the credit spreads at their current levels and monetary interest rates which continue to be low throughout the curve.
V letu 2014 naj bi se tako po pričakovanjih bonitetna ocena evropskih vlad znižala za do dve stopnji, kar bi moralo prispevati k temu, da bi se kreditni razmiki ohranili na sedanji stopnji in da bi bile denarne obrestne mere še naprej nizke po vsej krivulji.
Then from 2014, the stabilisation of market conditions should lead to a gradual rise in interest rates and a convergence of credit spreads towards their historic mean.
Od leta 2014 dalje naj bi se obrestne mere in konvergenca kreditnih razmikov postopoma povečevale v smeri preteklega povprečja kot posledica stabilizacije tržnih pogojev.
Operating costs will drop significantly from 2013 (EUR 547 million in comparison with EUR 1,23 billion) largely because of the sale of DenizBank (- EUR [400-500] million) and other entities.
Od leta 2013 naj bi se predvsem zaradi prodaje banke DenizBank (za [400–500] milijonov EUR manj) in drugih subjektov bistveno znižali operativni stroški (547 milijonov EUR v primerjavi z 1,23 milijarde EUR).
From 2013, operating costs will fall progressively by some EUR [180-220] million by 2020.
Operativni stroški se bodo od leta 2013 postopoma zmanjševali za okrog [180–220] milijonov EUR do leta 2020.
The cost of the risk should be EUR [200-250] million in 2013 and should gradually decline before levelling off at EUR [50-100] million from 2017.
Stroški tveganja bi morali leta 2013 znašati [200–250] milijonov EUR, nato bi se morali postopoma zmanjševati in se od leta 2017 dalje stabilizirati pri [50–100] milijonih EUR.
Disposal of the Group’s viable entities
Prodaja donosnih subjektov skupine Dexia
The following sales took place before the revised orderly resolution plan was notified to the Commission: the acquisition of DBB/Belfius by the Belgian State (October 2011), the sale of RBCD (July 2012), DenizBank (September 2012), BIL (October 2012), Dexia Habitat (June 2012), DKB Polska (transfer signed on 7 November 2012).
Preden je bil Komisiji priglašen spremenjeni načrt nadzorovanega reševanja, so bile opravljene naslednje prodaje: Belgija si je pripojila banko DBB/Belfius (oktobra 2011), prodane so bile družbe RBCD (julija 2012), DenizBank (septembra 2012), BIL (oktobra 2012), Dexia Habitat (junija 2012) in DKB Polska (prenos je bil podpisan 7. novembra 2012).
The revised orderly resolution plan also includes:
V spremenjeni načrt nadzorovanega reševanja so vključeni tudi:
the disposal of DMA (January 2013);
prodaja družbe DMA (januarja 2013),
the disposal of DAM and Dexia’s holding in Popular Banca Privada and Sofaxis by 31 December 2013;
prodaja družbe DAM ter deleža skupine Dexia v banki Popular Banca Privada in družbi Sofaxis do 31. decembra 2013,
the disposal (or run-off management) of Dexia Région Bail, Dexia Bail, Dexia LLD and Dexia Flobail by 31 December 2013;
prodaja (ali upravljanje likvidacijske mase) družb Dexia Région Bail, Dexia Bail, Dexia LLD in Dexia Flobail do 31. decembra 2013,
the disposal of Dexia’s (direct or indirect) holding in Dexia Israel within 12 months of a final, non-actionable decision in the various legal actions brought against Dexia Israel and DCL as a shareholder;
prodaja (neposrednega ali posrednega) deleža skupine Dexia v družbi Dexia Israel v dvanajstih mesecih po končni, neizpodbojni sodbi v različnih sodnih postopkih, začetih proti družbi Dexia Israel in banki DCL kot delničarki, ter
the run-off management of Crediop after a period of one year from this Decision.
upravljanje likvidacijske mase družbe Crediop po enem letu od tega sklepa.
Dexia has drawn up an information and valuation methodology for all the planned disposals which is proportionate to the size of each planned disposal, which it has notified to the Commission:
Skupina Dexia je za vse načrtovane prodaje izdelala metodo obveščanja in vrednotenja, ki je sorazmerna z obsegom vsake načrtovane prodaje, in jo priglasila Komisiji:
for disposals of an amount of more than EUR 50 million (category 1): communication of an information note to the Commission and drawing up of a fairness opinion by an independent expert unconnected with the transaction;
za prodaje v znesku, ki presega 50 milijonov EUR (1. kategorija): Komisija prejme obvestilo, neodvisni izvedenec, ki ni povezan s transakcijo, pa pripravi nepristransko mnenje;
for disposals of an amount of less than EUR 50 million and (a) an amount of more than EUR 25 million or (b) for which the holding sold is valued at an amount of more than EUR 25 million or (c) for which the purchaser has a shareholding link with Dexia (holding of more than 2 % in Dexia) (category 2): communication of an information note to the Commission and valuation by the consultant bank advising Dexia on the transaction;
za prodaje v znesku, ki ne presega 50 milijonov EUR ter obenem (a) presega 25 milijonov EUR ali (b) za katerega je prodani delež ocenjen v znesku, ki presega 25 milijonov EUR, ali (c) za katerega je kupec s skupino Dexia povezan prek imetništva delnic (več kot 2-odstotni delež v skupini Dexia) (kategorija 2): Komisija prejme obvestilo, svetovalna banka, ki skupini Dexia svetuje, pa izdela oceno transakcije;
for other disposals (including all disposals of holdings in financing projects, in particular equity funds) (category 3): in-house valuation by Dexia and notification to the Commission of information on a database shared with the Commission.
za druge prodaje (vključno z vsemi prodajami deležev v finančnih projektih, zlasti skladih lastniškega kapitala) (kategorija 3): skupina Dexia izdela notranjo oceno, Komisiji pa se priglasijo informacije v zbirki podatkov, ki jo uporablja skupaj s Komisijo.
Run-off management of all other entities and assets
Upravljanje likvidacijske mase vseh ostalih subjektov in sredstev
Run-off management (i.e. with no new production) from the date of entry into force of the revised orderly resolution plan, of all the other entities and assets of the residual Group (subject to the special methods planned for Crediop): Dexia Sabadell, DKD, DKB, DCL America (DCL New York, DRECM, DCL Mexico, Dexia US Securities), DCL Dublin, DLG, Parfipar, DHI (FP, Global Funding), Dexia SA, CLF Banque, DCL Paris, Crediop after a period of one year from this Decision.
Po datumu začetka veljavnosti spremenjenega načrta nadzorovanega reševanja se upravlja likvidacijska masa (tj. brez novih produktov) vseh drugih subjektov in sredstev preostale skupine Dexia (družba Crediop pa v skladu s posebnimi metodami, ki so bile načrtovane zanjo); ti subjekti so: družbe Dexia Sabadell, DKD, DKB, DCL America (DCL New York, DRECM, DCL Mexico, Dexia US Securities), DCL Dublin, DLG, Parfipar, DHI (FP, Global Funding), Dexia SA, CLF Banque, DCL Paris in Crediop po enem letu od tega sklepa.
Dexia will also make every effort to speed up the disposal of its bond portfolio, when market conditions have improved, and thus satisfy the regulatory ratios, bearing in mind that such a disposal should take place only if it does not a have a substantial negative impact on Dexia’s solvency.
Ko se bodo tržni pogoji izboljšali, si bo družba Dexia prav tako čim bolj prizadevala pospešiti prodajo svojega portfelja obveznic in tako zadostiti regulativnim razmerjem, vendar bi se morala taka prodaja opraviti le, če ne bi imela bistvenega negativnega učinka na plačilno sposobnost skupine Dexia.
Final refinancing guarantee
Končno jamstvo za refinanciranje
The Member States concerned have undertaken to grant a final refinancing guarantee to Dexia as summarised below, from the date of entry into force of the guarantee issue agreement, at the latest by 31 January 2013, after signature of the sale of DMA, the final draft of which was notified to the Commission on 14 December 2012 (‘the guarantee agreement’).
Zadevne države članice so se zavezale k odobritvi končnega jamstva za refinanciranje skupine Dexia, kot je povzeto v nadaljevanju, in sicer od datuma začetka veljavnosti pogodbe o izdaji jamstva, tj. najpozneje do 31. januarja 2013, po podpisu pogodbe o prodaji družbe DMA, katere končni osnutek je bil Komisiji priglašen 14. decembra 2012 (v nadaljnjem besedilu: pogodba o jamstvu).
The Member States concerned will grant Dexia SA and DCL a joint financing guarantee, 51,41 % to be provided by Belgium, 45,59 % by France and 3 % by Luxembourg.
Zadevne države članice bodo družbi Dexia SA in banki DCL odobrile skupno jamstvo za financiranje, pri čemer ga bo 51,41 % zagotovila Belgija, 45,59 % Francija in 3 % Luksemburg.
The bonds guaranteed may be issued to 31 December 2021, and have a maximum term of 10 years.
Zavarovane obveznice se lahko izdajajo do 31. decembra 2021 in zapadejo v največ desetih letih.
Dexia SA and DCL will not have to provide the Member States concerned with collateral, with the exception of the second-rank pledge granted to the Member States concerned in respect of the assets provided as collateral to the central banks for the ELA, which will be maintained.
Ne bo treba, da bi družba Dexia SA in banka DCL zadevnim državam članicam zagotovili sekundarno zavarovanje, razen za zastavno pravico druge stopnje, odobreno zadevnim državam članicam glede sredstev, ki se centralnim bankam zagotovijo kot sekundarno zavarovanje za izredno likvidnostno pomoč, ki se bo ohranila.
DCL will offer DBB/Belfius the opportunity to purchase the bonds that it has underwritten at DCL under the temporary independent guarantee agreement concluded on 16 December 2011 provided that DBB/Belfius underwrites, at the same time, new bonds having equivalent economic features for DCL which will benefit from the final guarantee scheme and in particular the breakdown key discussed above.
Banka DCL bo banki DBB/Belfius ponudila možnost za nakup obveznic, ki jih bo banka DCL odkupila po začasni neodvisni pogodbi o jamstvu z dne 16. decembra 2011, če banka DBB/Belfius istočasno odkupi tudi nove obveznice z enakimi ekonomskimi značilnostmi za banko DCL, ki bo upravičena do sheme končnega jamstva in zlasti ključa razčlenitve, o katerem se je že razpravljalo.
The setting-up commission is 0,50 % of EUR 85 billion, less the setting-up commission already paid as part of the temporary guarantee [33], to be distributed solely between Belgium and France, in a proportion of 53 % for Belgium and 47 % for France.
Osnovna provizija je 0,50 % od 85 milijard EUR, od česar se odšteje osnovna provizija, ki se že plačuje kot del začasnega jamstva [33], razdeliti pa jo je treba izključno med Belgijo in Francijo, in sicer v razmerju 53 % za Belgijo in 47 % za Francijo.
The monthly commission for the financing guarantee has an annual rate of 0,05 %, except for the amount placed with BdF Gestion as long as the ECB accepts the principle of all-in remuneration, for which the commission rate will be identical to what is stated in the 2011 agreement (at present 70 basis points).
Letna obrestna mera mesečne provizije za jamstvo za financiranje znaša 0,05 %, razen za znesek pri družbi BdF Gestion, če se ECB strinja z načelom plačila, ki zajema vse stroške, za katerega bo stopnja provizije enaka kot v pogodbi iz leta 2011 (za zdaj 70 bazičnih točk).
The commission will be distributed between the Member States concerned, at an annual rate of 0,01 % for Luxembourg and, as regards the remainder, in a proportion of 53 % for Belgium and 47 % for France, from the date of entry into force of the guarantee agreement (after the sale of DMA and by 31 January 2013).
Provizija se bo razdelila med zadevne države članice, in sicer po letni obrestni meri 0,01 % za Luksemburg, preostanek pa v razmerju 53 % za Belgijo in 47 % za Francijo, od datuma začetka veljavnosti pogodbe o jamstvu (po prodaji družbe DMA in do 31. januarja 2013).
Moreover, the bonds issued from 21 December 2011 and provided with temporary guarantees as temporarily approved by the Commission decisions of 21 December 2011, 31 May 2012, 6 June 2012 and 26 September 2012 will continue to benefit from the guarantees until their final maturity, provided that the conditions under which these guarantees were granted are respected.
Poleg tega bodo obveznice, ki so bile izdane od 21. decembra 2011 in imajo zagotovljeno začasno jamstvo, kakor jih je v sklepih z dne 21. decembra 2011, 31. maja 2012, 6. junija 2012 in 26. septembra 2012 začasno odobrila Komisija, še naprej izkoriščale jamstva do njihove dokončne zapadlosti, če se bodo spoštovali pogoji, pod katerimi so bila ta jamstva odobrena.
On the basis in particular of the new assumptions underpinning the revised orderly resolution plan for the Dexia Group which assumes financing costs likely to have a major impact on the prospects of the Dexia Group and DCL in particular, the Board of Directors of Dexia SA, on 7 November 2012, ordered an integral reduction of the value of its holding in DCL.
Upravni odbor družbe Dexia SA je 7. novembra 2012 zlasti na podlagi novih predpostavk, na katerih temelji spremenjeni načrt nadzorovanega reševanja skupine Dexia, v katerem se domneva, da bodo imeli stroški financiranja verjetno večji vpliv na možnosti skupine Dexia in zlasti banke DCL, naročil, da je treba celovito zmanjšati vrednost deleža v banki DCL.
Following this reduction in value, the own company funds of Dexia’s holding became negative.
Po tem zmanjšanju vrednosti so lastna sredstva deleža skupine Dexia postala negativna.
53 % of the recapitalisation will be underwritten by Belgium, (i.e. EUR 2,915 billion) and 47 % by France (i.e. EUR 2,585 billion).
Belgija bo prevzela 53 % dokapitalizacije (tj. 2,915 milijard EUR), Francija pa 47 % (tj. 2,585 milijard EUR).
Pursuant to Article 598 of the Belgian Companies Code, the subscription price is equal to the mean of the closing rates for Dexia SA shares on the NYSE Euronext Brussels during the 30 calendar days preceding the decision by the Board of Directors of Dexia SA (dated 14 November 2012) to propose that shareholders undertake a capital increase, i.e. EUR 0,19.
V skladu s členom 598 belgijskega Zakona o gospodarskih družbah je cena za vpis kapitala enaka povprečju končnih tečajev za delnice družbe Dexia SA na bruseljski borzi NYSE Euronext v 30 koledarskih dneh pred odločitvijo upravnega odbora družbe Dexia SA (z dne 14. novembra 2012) o predlogu, naj delničarji prevzamejo kapitalsko povečanje, znaša pa 0,19 EUR.
This capital increase reserved to the Belgian and French States will be reflected by the award to those States of preferential shares giving them priority, at a rate of 8 % of the nominal value of the share per annum, in respect of any distribution of dividends that Dexia might make.
To kapitalsko povečanje, rezervirano za Belgijo in Francijo, bo razvidno iz prednostnih delnic, dodeljenih obema državama, zaradi česar bosta prejeli prednost, po 8-odstotni stopnji nominalne vrednosti za delnico na leto glede na vsako razdeljevanje dividend, ki bi ga lahko izvedla skupina Dexia.
The total dividend shortfall with respect to the rate of 8 % per annum will constitute a liquidation supplement giving the States a priority claim on the distribution of any net assets that may be distributed in the event of liquidation.
Celotni primanjkljaj dividend glede na 8-odstotno letno stopnjo bo pomenil dodatno izplačilo, zaradi česar bosta imeli državi prednostno terjatev pri porazdelitvi kakršnih koli neto sredstev, ki se bodo v primeru likvidacije morebiti razdeljevala.
The preferential rights attributed to the new shares will be limited and/or suspended in the event of the Group’s failure to comply with certain prudential ratio thresholds.
Prednostne pravice, dodeljene novim delnicam, bodo omejene in/ali odložene, če skupina Dexia ne bo izpolnila določenih pragov bonitetnih razmerij.
As a result, any future improvement of Dexia’s financial situation will first and foremost benefit the Belgian and French States, having regard to the risk that they are taking.
Zato bosta imeli koristi od kakršnega koli prihodnjega izboljšanja finančnega stanja skupine Dexia najprej in predvsem Belgija in Francija, pri čemer se upošteva tveganje, ki sta mu izpostavljeni.
The Member States have indicated that the proposed solution meets the requirement of ‘burden-sharing’ although it does not comply with the principles applicable to bank recapitalisations set out in the Communication from the Commission on the application, from 1 January 2012, of State aid rules to support measures in favour of banks in the context of the financial crisis (‘the 2011 Prolongation Communication’) [34].
Državi članici sta navedli, da predlagana rešitev izpolnjuje zahtevo o delitvi bremena, čeprav ne izpolnjuje načel, ki se uporabljajo za dokapitalizacijo bank, določenih v Sporočilu Komisije o uporabi pravil o državni pomoči za podporne ukrepe v korist bank v okviru finančne krize od 1. januarja 2012 dalje [34] (v nadaljnjem besedilu: sporočilo o uporabi pravil o državni pomoči iz leta 2011).
Under these principles, any recapitalisation should in practice be carried out at a substantial discount with respect to the theoretical price excluding subscription rights.
V skladu s temi načeli bi bilo treba vsako dokapitalizacijo v praksi izvesti po precej znižani ceni glede na teoretično ceno, iz česar so izvzete pravice do vpisa.
Moreover, the characteristics of the operation, in particular the priority rights attached to the (category B) preference shares, will bring about an economic dilution of existing shareholders as, by application of the rights attached to the preference shares, any capital reductions would be attributed as a priority to ordinary shares so that the proportion of the equity capital represented by ordinary shares would be reduced to an amount close to zero and the capital repayment rights of holders of ordinary shares would be reduced practically to zero.
Poleg tega bodo značilnosti transakcije, zlasti prednostnih pravic, pripisanih prednostim delnicam (kategorije B), povzročile gospodarsko zmanjšanje obstoječih delničarjev, saj bi se z uporabo pravic, pripisanih prednostim delnicam, kakršna koli zmanjšanja kapitala pripisala kot prednostna na navadne delnice, tako da bi se lastniški kapital, ki ga pomenijo navadne delnice, zmanjšal na stopnjo blizu ničle, pravice do izplačila kapitala lastnikom navadnih delnic pa bi se zmanjšale praktično na ničlo.
Dexia will allocate the product of the capital increase to the repayment of its commitments in respect of DCL and the establishment of liquidity reserves for future losses, and to a capital increase in DCL of EUR 2 billion in order to enhance its own funds in accordance with French company accounting and prudential standards, while retaining a cash-flow reserve of some EUR 700 to 800 million.
Skupina Dexia bo produkt kapitalskega povečanja dodelila za izplačilo svojih zavez glede banke DCL in vzpostavitev likvidnostnih rezerv za prihodnje izgube ter kapitalsko povečanje v višini 2 milijard EUR v banki DCL, da se povečajo njena lastna sredstva v skladu z računovodskimi in bonitetnimi standardi za francoske družbe, obenem pa bo ohranila rezervo denarnega toka v višini okrog 700 do 800 milijonov EUR.
Elimination of all links between Dexia and DMA
Prekinitev vseh povezav med skupino Dexia in družbo DMA
All existing links between Dexia and DMA will be eliminated within a maximum of six months from the closing date of the DMA operation, with the exception of IT systems whose links will be closed down within a period of 24 to 30 months from that date.
Najpozneje v šestih mesecih po datumu zaključka postopka prodaje družbe DMA bodo prekinjene vse povezave, ki obstajajo med skupino Dexia in družbo DMA, sistemi IT pa bodo povezavo ohranjali še 24 do 30 mesecev po tem datumu.
No new production
Nobenih novih produktov
The revised orderly resolution plan makes provision for Dexia’s withdrawal from the markets in which it previously traded either by disposing of entities to third parties, or by placing residual entities in run-off management.
V spremenjeni načrt nadzorovanega reševanja je vključena določba, da se mora skupina Dexia umakniti s trgov, na katerih je prej poslovala, bodisi s prodajo subjektov tretjim stranem bodisi z uvedbo likvidacijskega postopka za preostale subjekte.
Under run-off management there is to be no new production, with the exception of Crediop and DCL as specified below in recitals 105 to 108.
V okviru upravljanja likvidacijske mase se ne smejo ustvarjati novi produkti, razen v družbi Crediop in banki DCL, kot je podrobneje pojasnjeno v uvodnih izjavah 105 do 108.
In order to meet the regulatory requirements for Crediop with a view to its run-off management by 31 December 2013, Crediop could offer new financing of up to EUR 200 million to existing customers for a period of one year from the Commission’s final decision.
Družba Crediop bi lahko obstoječim strankam ponudila nova finančna sredstva v višini do 200 milijonov EUR za eno leto od končnega sklepa Komisije, da bi izpolnila regulativne zahteve za družbo Crediop z namenom upravljanja njene likvidacijske mase do 31. decembra 2013.
The States could also ask the Commission, at the end of this one-year period, for authorisation for a supplementary package of new financing for a period of one year for reasons of financial stability.
Zadevne države članice bi lahko Komisijo po koncu tega enoletnega obdobja tudi prosile, naj zaradi finančne stabilnosti za eno leto odobri dodaten sklop novih finančnih sredstev.
DCL could grant new financing, capped at EUR 600 million, between February and July 2013, or June and November 2014, in order to desensitise the outstanding EUR 1,2 billion of sensitive structured loans still lodged with DCL (loans granted to local authorities and classified outside the Gissler Charter or scored as E3, E4 or E5 in the Gissler Charter or with a Cepcor [35] score of 11 or more).
Banka DCL bi lahko nova finančna sredstva, omejena na 600 milijonov EUR, dodelila med februarjem in julijem 2013 ali junijem in novembrom 2014, da bi desenzibilizirala neodplačanih 1,2 milijarde EUR občutljivih strukturiranih posojil, še vedno deponiranih pri banki DCL (posojila, odobrena lokalnim skupnostim, ki niso zajeta v Gisslerjevo listino ali po Gisslerjevi listini spadajo v kategorijo E3, E4 ali E5, po odboru Cepcor [35] pa dosegajo 11 točk ali več).
The improvement of 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 to moralo povzročiti, se opredeli z upoštevanjem zmanjšanja tveganja sodnega postopka, ki bi lahko nastalo zaradi desenzibilizacije.
This package should make it possible to reduce the risk (of litigation in particular) connected with the loans concerned and also to reduce collateral volatility and the operational risk on complex derivative coverage transactions.
Ta paket bi moral omogočiti več kot 50-odstotno zmanjšanje tveganja (predvsem sodnega postopka), povezanega z zadevnimi posojili, ter zmanjšati nestanovitnost sekundarnega zavarovanja in operativnega tveganja za kompleksne transakcije s kritjem izvedenih finančnih instrumentov.
The flows linked to operations to desensitise existing loans lodged with DCL (after the sale of DMA) will also be limited according to the following conditions:
V skladu z naslednjimi pogoji se bodo omejili tudi tokovi, povezani s transakcijami desenzibilizacije obstoječih posojil, deponiranih pri banki DCL (po prodaji družbe DMA):
new flows will be solely at a fixed rate;
novi tokovi bodo imeli izključno fiksno stopnjo,
the maturity of new flows will be limited to 30 years;
novi tokovi bodo zapadli v 30 letih,
the new flows should bring about an improvement of the Gissler or Cepcor score;
z novimi tokovi naj bi se izboljšale ocene po Gisslerjevi listini ali po odboru Cepcor in