natgillin/translations-raw huggingface dataset:
As regards remuneration of the recapitalisation, the issue of new shares to the Belgian and French States giving them preferential rights to distributions (dividends and liquidation surplus [175] will enable those States (but not existing shareholders) to reap the full benefit of any future profits [176] if the situation improves, and will thus ensure that shareholders contribute fully to the resolution, as the Commission requires, in that existing shareholders have no prospect of a return on their investment and the situation is equivalent to a complete financial expropriation of the shareholders.
Kar zadeva nadomestilo za dokapitalizacijo, bo Belgiji in Franciji (ne pa obstoječim delničarjem) z izdajanjem novih delnic za ti državi, ki jima dajejo prednostne pravice pri razdeljevanju (dividend in presežka pri likvidaciji [175]), omogočeno, da bosta imeli vse koristi od kakršnih koli prihodnjih dobičkov [176], če se bo položaj skupine izboljšal, s čimer se bo zagotovilo, da delničarji v celoti prispevajo k reševanju, kot zahteva Komisija, kolikor obstoječi delničarji nimajo možnosti donosa od svojih naložb in kolikor položaj ustreza popolni finančni razlastitvi delničarjev.
Dexia will also continue to implement the remuneration principles agreed at G20 level and by the national bodies concerned as regards the remuneration of members of the Board of Directors and executives.
Skupina Dexia bo tudi nadaljevala izvajanje načel o prejemkih, o katerih so se dogovorili na ravni skupine G20 in zadevni nacionalni organi, kar zadeva prejemke njenih članov upravnega in izvršnega odbora.
In particular Dexia will not pay the variable proportion of the remuneration of members of the Board of Directors of Dexia SA, and will cap, at 30 % of the fixed proportion of their remuneration, the amount of the variable proportion of the remuneration of other staff of Dexia and its banking subsidiaries.
Skupina Dexia še zlasti ne bo izplačevala spremenljivega dela plačila članom upravnega odbora družbe Dexia SA, omejila pa bo tudi spremenljivi del plačila drugih zaposlenih v družbi Dexia SA in njenih bančnih odvisnih družbah, in sicer na 30 % nespremenljivega dela prejemkov.
Because there is absolutely no prospect of Dexia returning to viability, these arrangements may in practice be deemed to ensure that existing shareholders share the full burden of the resolution.
Ker ni popolnoma nobene možnosti, da bi skupina Dexia ponovno vzpostavila uspešno poslovanje, se lahko šteje, da te ureditve v praksi zagotavljajo, da si obstoječi delničarji delijo celotno breme reševanja.
Consequently, the Commission considers that Dexia and its shareholders are making a sufficient contribution to the restructuring through their own resources.
Zato Komisija meni, da skupina Dexia in njeni delničarji z lastnimi sredstvi dovolj prispevajo k prestrukturiranju.
The revised orderly resolution plan provides for Dexia to exit the markets on which it trades either by disposing of saleable entities to a third party, or by placing residual entities in run-off management with no new production.
V spremenjenem načrtu nadzorovanega reševanja je določeno, da se mora skupina Dexia umakniti s trgov, na katerih je poslovala, bodisi s prodajo subjektov, ki jih je mogoče prodati, tretji strani bodisi z uvedbo likvidacijskega postopka za preostale subjekte brez ustvarjanja novih proizvodov.
In the present case, for the residual entities to be placed in run-off management, the Dexia Group will cease production not just for new customers but also for existing customers.
Skupina Dexia bo v obravnavani zadevi prenehala ustvarjati nove proizvode ne le za nove stranke, temveč tudi za obstoječe stranke v preostalih gospodarskih subjektih, za katere bo uveden likvidacijski postopek.
Dexia will, however, be authorised to continue very limited production in connection with the desensitisation of some existing structured loans with DCL in a portfolio with a marked-to-market book value of EUR [0-2] billion, between February and July 2013 and June and November 2014, strictly on condition that this improves their economic value taking account of the reduction in the litigation risk generated by the desensitisation.
Toda med februarjem in julijem 2013 ter junijem in novembrom 2014 ji bo dovoljeno nadaljevati zelo omejeno ustvarjanje novih produktov v zvezi z desenzibilizacijo obstoječih strukturiranih posojil, deponiranih pri banki DCL v portfelju s knjigovodsko vrednostjo glede na tržne razmere [0–2] milijardi EUR, in sicer strogo pod pogojem, da se s tem izboljša njihova ekonomska vrednost, pri čemer se upošteva zmanjšanje tveganja sodnega postopka, nastalo zaradi desenzibilizacije.
The total envelope for this production will be EUR 600 million.
Skupni znesek sredstev za te produkte bo znašal 600 milijonov EUR.
The level of origination envisaged for DCL represents less than [0-5] % of the total amount of DCL’s outstanding loans.
Za banko DCL je predvideno, da bi bila stopnja ustvarjanja posojil manjša od [0–5] % skupnega zneska neodplačanih posojil te banke.
This way of linking the restructuring of certain existing loans with a very limited envelope for granting new loans for the sole purpose of minimising expected losses on the existing portfolio (and thus the cost of the orderly resolution for States) is therefore not likely to result in excessive distortions of competition.
Ta način povezovanja prestrukturiranja določenih obstoječih posojil z zelo omejenimi sredstvi za dodeljevanje novih posojil, samo zato da se bodo pričakovane izgube v sedanjem portfelju kar najbolj zmanjšale (in s tem stroški nadzorovanega reševanja za države), torej verjetno ne bo povzročil pretiranega izkrivljanja konkurence.
Crediop too will be allowed to originate loans, for existing customers only, for a total of EUR 200 million for a period of one year from this Decision.
Tudi družbi Crediop bo eno leto od datuma sprejetja tega sklepa dovoljeno, da le obstoječim strankam daje posojila v višini 200 milijonov EUR.
The level of origination will, in practice, be strictly limited to Crediop’s regulatory obligations in order to avoid […] (i.e. less than [0-5] % of the outstanding loans) and prevent Crediop from otherwise going into immediate liquidation.
Stopnja dajanja posojil bo v praksi strogo omejena na regulativne obveznosti družbe Crediop, da bi se izognili […] (tj. manj kot [0–5] % neodplačanih posojil) in preprečili družbi Crediop, da bila zanjo sicer uvedena takojšnja likvidacija.
The origination capacity will also be strictly in line with Crediop’s ability to finance itself from commercial deposits.
Zmožnost dajanja posojil bo strogo skladna z zmogljivostjo družbe Crediop, da se financira iz poslovnih vlog.
The Commission notes that the volume of new loan finance for existing customers is very small and is strictly necessary to avoid a costly immediate liquidation and to keep options for selling Crediop open for a period of one year from this Decision, when market conditions and the natural depreciation of EMTNs will once again allow it.
Komisija navaja, da je obseg finančnih sredstev v obliki novih posojil za obstoječe stranke zelo majhen in strogo potreben, da se prepreči draga takojšnja likvidacija ter v enem letu od datuma sprejetja tega sklepa ohranjajo odprte možnosti za prodajo družbe Crediop, ko jo bodo ponovno omogočali tržni pogoji in naravna amortizacija posojil v obliki EMTN.
Without authorisation, Crediop would be placed in run-off management at the end of the current year.
Če družba Crediop ne bo dobila dovoljenja, bo zanjo ob koncu tega leta uveden likvidacijski postopek.
Dexia is also not to grant any new financing for Dexia Israel and DAM from the adoption of this Decision.
Od datuma sprejetja tega sklepa skupina Dexia tudi ne sme dodeliti nobenih novih finančnih sredstev družbama Dexia Israel in DAM.
The Commission notes that the Bank Restructuring Communication recommends that the Member States concerned should send regular detailed reports to the Commission to enable it to verify whether the plan is being implemented in accordance with the commitments notified, until the assets reach the end of their term.
Komisija navaja, da je v sporočilu o prestrukturiranju bank priporočeno, naj zadevne države članice Komisiji pošiljajo redna podrobna poročila, da bo lahko preverila, ali se načrt izvaja v skladu s priglašenimi zavezami, dokler sredstva ne dosežejo datuma zapadlosti.
The Commission is to receive six-monthly and end-of-year reports from the independent trustee responsible for monitoring the revised orderly resolution plan, throughout the duration of the plan.
Neodvisni skrbnik, odgovoren za spremljanje spremenjenega načrta nadzorovanega reševanja, mora Komisiji pošiljati poročilo in poročilo ob koncu leta, dokler se ta načrt ne zaključi.
The reports will include a detailed account of progress in implementing the revised orderly resolution plan, and in particular (i) compliance with the amount of and conditions for desensitising DCL’s portfolio of sensitive loans; (ii) compliance with the cap on new financing for Crediop’s existing customers; (iii) compliance with the timetable of scheduled disposals, including the date of sale, the book value of the assets on 31 December 2011, the sale value, the gains or losses made, and details of the measures still to be applied under the revised orderly resolution plan; and (iv) the management and ring-fencing of DAM and Dexia Israel.
V to poročilo bodo vključeni podrobno poročilo o napredku pri izvajanju spremenjenega načrta nadzorovanega reševanja in še zlasti o (i) skladnosti z zneskom in pogoji desenzibilizacije portfelja občutljivih posojil družbe DCL, (ii) skladnosti z omejitvijo novih finančnih sredstev, odobrenih obstoječim strankam družbe Crediop, (iii) skladnosti s časovnim razporedom načrtovanih prodaj, vključno z datumom prodaje, knjigovodsko vrednostjo sredstev z dne 31. decembra 2011, vrednostjo prodaje, doseženimi kapitalskimi dobički ali izgubami in podrobnostmi o preostalih ukrepih, ki jih je treba še izvesti po spremenjenem načrtu nadzorovanega reševanja, ter iv) upravljanju in omejitvah družb DAM in Dexia Israel.
Risks arising from the implementation of the revised orderly resolution plan
Tveganja pri izvajanju spremenjenega načrta nadzorovanega reševanja
The Commission notes that Dexia’s carry is likely to remain negative in 2013 despite the reduction in the guarantee costs to 5 basis points.
Komisija navaja, da prenos skupine Dexia v letu 2013 kljub zmanjšanju stroškov jamstva za 5 bazičnih točk verjetno ostane negativen.
The assets held by Dexia should produce a weighted average margin of some [25-75] basis points above the 3-month Euribor rate.
S sredstvi v lasti skupine Dexia bi se morala ustvariti ponderirana povprečna marža [25–75] bazičnih točk nad trimesečno obrestno mero Euribor.
This margin should settle at [25-75] basis points from 2016, largely as a result of the small issuing margins, but also because of the negative remuneration [177] of the cash collateral posted by the bank, which was EUR [30-40] billion in 2013, an amount set to shrink by [25-75] % by 2020 if interest rates do in fact increase.
Od leta 2016 bi se morala ta marža ustaliti pri [25–75] bazičnih točk, večinoma kot posledica majhnega izdajanja marže, pa tudi zaradi negativnega nadomestila [177] iz zavarovanja z denarnimi sredstvi, ki ga je dala banka in je leta 2013 znašalo [30–40] milijard EUR, ta znesek naj bi se do leta 2020 zmanjšal za [25–75] %, če se bodo obrestne mere dejansko povečale.
The Group’s financing costs should be halved between 2012 and 2013 because of the reduction of the guarantee costs to 5 basis points from 2013 compared with 90 basis points in 2012, representing a saving of over EUR [250-750] million for 2013.
Stroški financiranja skupine Dexia bi se morali med letoma 2012 in 2013 prepoloviti, ker so se stroški za jamstvo v letu 2013 zmanjšali na 5 bazičnih točk, v letu 2012 pa so znašali 90 bazičnih točk, kar pomeni prihranek v višini več kot [250–750] milijonov EUR v letu 2013.
This saving will go down as the guarantee drawdown is reduced.
Ta prihranek se bo zmanjšal, saj se bo črpalo manj jamstva.
However, it will only be from 2014 that the financing cost will be lower than the interest generated by the assets, because more expensive financing methods (ELA, some long-term guaranteed issues held by Belfius) will no longer be used, while greater use will be made of short-term finance (from the Central Bank and via the repo market) at a level close to the Euribor.
Vendar bodo stroški financiranja šele od leta 2014 dalje nižji od obresti, ustvarjenih s sredstvi, ker se ne bodo več uporabljale dražje metode financiranja (izredna likvidnostna pomoč, nekaj dolgoročno zajamčenih izdaj v lasti družbe Belfius), temveč se bo bolj uporabljalo kratkoročno financiranje (od centralne banke in prek trga transakcij začasne prodaje/začasnega odkupa) na stopnji blizu mere Euribor.
Interest from securities used as remuneration for capital should have a growing impact on the profit and loss account, at over EUR [100-300] million from 2019 compared with less than EUR [50-250] million before 2015.
Obresti od obveznic, uporabljene kot nadomestilo za kapital, bi morale imeti vedno večji učinek na izkaz poslovnega izida, in sicer več kot [100–300] milijonov EUR od leta 2019 v primerjavi z manj kot [50–250] milijonov EUR pred letom 2015.
The Commission notes that the Dexia Group is unlikely to generate a profit before 2018, since operating costs should consistently remain higher than net banking income.
Po navedbah Komisije ni verjetno, da bo skupina Dexia pred letom 2018 ustvarila dobiček, saj bi morali operativni stroški nenehno presegati čisti dejansko realizirani prihodek.
The Commission also notes that between 2013 and 2020 the annual cost of risk will stand at less than [0-20] basis points of the balance of loans and securities.
Komisija tudi navaja, da bodo letni stroški tveganja med leti 2013 in 2020 ostali nižji od [0–20] bazičnih točk ravnovesja med posojili in vrednostnimi papirji.
Moreover, the annual provisions of EUR [50-200] million for risks and charges that is to be set aside by DCL to address the risk of litigation on sensitive loans could prove inadequate.
Poleg tega bi se lahko kot neustrezni izkazali letni zneski v višini [50–200] milijonov EUR za tveganja in stroške, ki naj bi jih banka DCL rezervirala za reševanje tveganja sodnega postopka, povezanega z občutljivimi posojili.
As the Member States concerned have stressed, one of Dexia’s main problems stems from its large portfolio of interest rate hedging derivatives linked to its production of long-term, fixed-rate loans to the public sector.
Ena izmed največjih težav skupine Dexia, kot so poudarile zadevne države članice, izhaja iz obsežnega portfelja zavarovanja pred tveganjem v zvezi z obrestno mero izvedenih finančnih instrumentov, povezanih z njenim ustvarjanjem dolgoročnih posojil po fiksni obrestni meri za javni sektor.
The fall in rates in the summer of 2011 was accompanied by an increase in calls with a margin over EUR [0-25] billion [178].
Padec obrestnih mer poleti leta 2011 je spremljalo povečanje pozivov s kritjem v višini več kot [0–25] milijard EUR [178].
As the financing rate for Dexia should be close to Euribor + [25-75] basis points in 2013, the cash collateral would represent an annual cost of EUR [100-300] million.
Zavarovanje z denarnimi sredstvi bi pomenilo letni strošek v višini [100–300] milijonov EUR, ker bi morala stopnja financiranja skupine Dexia v letu 2013 dosegati obrestno mero Euribor v višini + [25–75] bazičnih točk.
The cost should then gradually fall (reaching a level below EUR [25-75] million in 2017) because of the conjunction of four factors: (i) the increase in long-term rates, which should reduce the amount of cash collateral to be paid, (ii) lower and better financing conditions, reducing costs for Dexia, (iii) stabilisation of short-term rate spreads, particularly between the Eonia rate and the 3-month Euribor rate, and (iv) the writing off of its loan portfolio and of the notional balance of the associated derivatives portfolio.
Strošek bi se moral zaradi skupnega vpliva štirih dejavnikov nato postopoma zmanjševati (in v letu 2017 doseči raven pod [25–75] milijoni EUR); ti dejavniki so: (i) povečanje dolgoročnih mer, zaradi česar bi se moral zmanjšati znesek zavarovanja z denarnimi sredstvi, ki ga je treba plačati, (ii) nižji in boljši pogoji financiranja, s katerimi se za skupino Dexia zmanjšujejo stroški, (iii) stabilizacija kratkoročnih stopenj razmika, zlasti med obrestno mero EONIA in trimesečno obrestno mero Euribor, ter (iv) odpis portfelja posojil in teoretično ravnovesje med s tem povezanim portfeljem izvedenih finančnih instrumentov.
If one of the first three factors does not happen, the extra cost to the Group could be more than EUR […] million over the period 2014-20.
Če se prvi trije dejavniki ne uresničijo, bi lahko dodatni stroški za skupino Dexia v obdobju 2014–2020 presegali […] milijonov EUR.
The Group expects market conditions to stabilise from 2014 and credit spreads to converge towards their historic mean.
Skupina Dexia pričakuje, da naj bi se njeni tržni pogoji stabilizirali od leta 2014 dalje, kreditni razmiki pa bi se približali smeri preteklega povprečja.
For example, the bank expects Italy’s sovereign spread, which was 350 basis points in 2012, to converge towards a level of [25-75] basis points by 2018, and credit derivative indices to […].
Po pričakovanjih banke naj bi se na primer razmik donosnosti državnih dolžniških vrednostnih papirjev Italije, ki je v letu 2012 znašal 350 bazičnih točk, do leta 2018 približal ravni [25–75] bazičnih točk, indeksi kreditnih izvedenih finančnih instrumentov pa na […].
The opposite scenario could have major repercussions on unrealised losses between 2016 and 2020.
Nasprotni scenarij pa bi lahko v obdobju 2016–2020 imel večje posledice na nerealizirane izgube.
The Group’s financing plan provides for greater investment in the State-guaranteed securities market (EUR [5-20] billion long term and EUR [10-40] billion short term) with a parallel reduction in the use of those securities as collateral against refinancing from the Eurosystem.
V finančnem načrtu skupine Dexia je določeno večje vlaganje v trg vrednostnih papirjev, za katere jamči država (dolgoročno [5–20] milijard EUR, kratkoročno pa [10–40] milijard EUR), obenem pa zmanjšanje uporabe navedenih vrednostnih papirjev kot zavarovanja pred refinanciranjem iz Eurosistema.
Hitherto the Group has only been able to place limited volumes in the market [179] and there is nothing to indicate that investors’ interest will be any different in future.
Doslej jih je lahko skupina dajala na trg le v omejenem obsegu [179] in nič ne nakazuje, da se bodo interesi vlagateljev v prihodnosti kaj spremenili.
In particular, the credit rating of the guarantor States, the liquidity of the markets and their capacity to absorb guaranteed bank securities are all uncertain factors which could threaten the ‘financing mix’ envisaged.
Predvideno kombinacijo financiranja bi lahko ogrozili negotovi dejavniki, kot so zlasti bonitetna ocena držav, ki so poroki, likvidnost trgov in njihova sposobnost za absorbiranje zajamčenih bančnih vrednostnih papirjev.
Any less favourable scenario would mean greater reliance on ELA, which in turn would mean higher financing costs.
Kakršen koli manj ugoden scenarij bi pomenil večje zanašanje na izredno likvidnostno pomoč, ki pa bi pomenila višje stroške financiranja.
For example, if the target of placing EUR [10-40] billion of short-term securities was not achievable and the finance was raised from ELA, this could generate additional costs of around EUR [150-400] million per year.
Če se na primer ne bi dosegel cilj razvrščanja kratkoročnih vrednostnih papirjev v višini [10–40] milijard EUR in bi se črpala finančna sredstva iz izredne likvidnostne pomoči, bi to lahko ustvarilo dodatne stroške v višini okrog [150–400] milijonov EUR na leto.
The Commission concludes, however, that these risks are inherent in the orderly resolution of a group like Dexia, and that, without underestimating them, the Commission considers that they are not likely to threaten the plan as presented and approved.
Vendar Komisija ugotavlja, da so taka tveganja del nadzorovanega reševanja skupine, kot je Dexia, in ne da bi jih podcenjevala ugotavlja, da verjetno ne bodo ogrozili načrta, kot je bil predstavljen in odobren.
COMPATIBILITY OF THE DMA SALE OPERATION
ZDRUŽLJIVOST TRANSAKCIJE PRODAJE DRUŽBE DMA
Scope of the compatibility assessment
Obseg ocene združljivosti
As regards operations to set up development banks, the Commission considers that aid may distort competition on two levels: upstream, in competition between financial institutions for the aid to the development bank (level I), and downstream, between beneficiaries of the finance provided by DMA and any competitors they may have (level II).
Komisija glede ukrepov za vzpostavitev razvojnih bank meni, da bi lahko pomoč izkrivljala konkurenco na dveh ravneh: na višji ravni v konkurenci med finančnimi institucijami za pomoč razvojni banki (I. raven) in na nižji ravni med upravičenci do finančnih sredstev, ki jih zagotavlja družba DMA, in vsemi drugimi morebitnimi konkurenti (II. raven).
As described earlier, the Commission found that the memorandum on the DMA sale operation contained an aid measure to help the future development bank, in that France gave a commitment that the State, the CDC and La Banque Postale would recapitalise the NEC and DMA if necessary.
Kot je bilo že opisano, je Komisija ugotovila, da je memorandum o transakciji prodaje banke DMA vseboval ukrep pomoči za pomoč prihodnji razvojni banki ter da se je Francija zavezala, da bodo novo kreditno institucijo in družbo DMA po potrebi dokapitalizirale Francija, hranilnica in posojilnica CDC in banka LBP.
At this stage, solely on the basis of the memorandum on the DMA sale operation, the Commission has not been able to identify specific level II aid measures.
Komisija na tej stopnji zgolj na podlagi memoranduma o transakciji prodaje banke DMA ni mogla opredeliti posebne II. ravni ukrepov pomoči.
However, the Commission notes that France has given certain commitments to cooperate with it in identifying and assessing any aid at that level, without prejudice to the Commission’s powers and duty to assess all potential aid.
Toda Komisija navaja, da je Francija sprejela določene zaveze, da bo z njo sodelovala pri ugotavljanju in ocenjevanju kakršne koli pomoči na tej ravni, pri čemer ne bo posegala v pristojnosti Komisije in njeno dolžnost, da oceni vsako morebitno pomoč.
As regards competition at level I, the Commission considers that DMA will, in some ways, be the successor to the Dexia Group and that as a subsidiary of Dexia it has benefited at least partially from the aid granted to the Group in the past.
Komisija glede konkurence na I. ravni meni, da bo družba DMA na nekatere načine naslednica skupine Dexia ter da je bila kot odvisna družba skupine Dexia v preteklosti vsaj delno upravičena do pomoči, dodeljene tej skupini.
Furthermore, it is still today, as a subsidiary of Dexia, benefiting from aid still being paid to Dexia (ELA and refinancing guarantee), and this will continue until it is sold, on 31 January 2013 at the latest.
Poleg tega je kot odvisna družba skupine Dexia še vedno upravičena do pomoči, ki se še izplačuje skupini Dexia (izredna likvidnostna pomoč in jamstvo za refinanciranje), kar se bo nadaljevalo, dokler se najpozneje do 31. januarja 2013 ne proda.
As the Commission stated earlier, DMA belongs to an undertaking receiving new aid in connection with its sale operation and the setting-up of a development bank to finance French local authorities and French public health establishments.
Kot je Komisija prej navedla, spada družba DMA k podjetju, ki prejema novo pomoč v povezavi s transakcijo prodaje in ustanovitvijo razvojne banke za financiranje francoskih lokalnih skupnosti in ustanov javnega zdravstva.