natgillin/translations-raw huggingface dataset:
As presented in recital 56, Latvia claims that since only LVL 49,5 million of the LVL 118,7 million of liquidity support had been converted into capital, the remaining LVL 69,2 million of liquidity support generated an excessive level of liquidity support by approximately the same amount.
Komisija opozarja, da je bila zaveza prodaji dejavnosti upravljanja premoženja skupaj z zavezo prodaji same banke Citadele vključena v končni sklep o banki Parex zaradi omejevanja izkrivljanja konkurence, saj je konkurentom omogočila predložitev ponudb za navedeno dejavnost [41].
However, the Commission recalls that, as set out in recital 63(b) of the Parex Final Decision, only State deposits can be converted into capital.
Komisija pozitivno ugotavlja, da je banka Citadele po sprejetju končnega sklepa o banki Parex začela prodajni postopek, da bi preverila interes trga, imenovala pa je tudi neodvisnega strokovnjaka za oblikovanje najboljše prodajne strategije, kot je navedeno v uvodnih izjavah 61 in 62, torej si je v dobri veri prizadevala izpolniti navedeni zavezi.
Therefore, the Commission considers that a lower level of liquidity converted into capital did not automatically lead to an excess of liquidity support.
Izravnalni ukrepi za zmanjšanje izkrivljanja konkurence in povečanje delitve bremena
The Commission further notes that the banking licence of Reverta had been with drawn in 2011 which avoided the need to convert further liquidity into capital to satisfy regulatory solvency ratio.
Da bi Komisija odobrila spremembe svojih končnih sklepov, morajo spremembe temeljiti na novih zavezah, ki se lahko štejejo za enakovredne prvotnim zavezam [42].
The Commission thus acknowledges that the cessation of capital requirements [39] permitted Latvia to grant a lower amount of recapitalisation aid to Reverta than the maximum amount of recapitalisation approved through the Decisions.
V tem primeru bi ukrepi pomoči ostali združljivi v skladu s členom 107(3)(b) Pogodbe le, če ostane splošni saldo prvotnega sklepa nespremenjen.
Based on the difficulties encountered by Reverta in the recovery of assets and the limited amount of capitalisation required following the withdrawal of the banking licence, the Commission concludes that the liquidity support received by Reverta has been limited to the minimum necessary for the orderly management of the wind-down process.
Da bi se ohranil prvotni saldo, spremenjene zaveze ne bi smele negativno vplivati na uspešnost poslovanja upravičenca do pomoči, pri čemer ostanejo splošne zaveze z vidika delitve bremena in izravnalnih ukrepov vsaj enakovredne, ob upoštevanju zahtev iz veljavnih sporočil Komisije.
The Commission also concludes that the additional liquidity support complies with the burden-sharing requirement set out in the 2013 Banking Communication.
Oddelek 4 sporočila o prestrukturiranju poziva k izvajanju učinkovitih in sorazmernih ukrepov za omejevanje izkrivljanja konkurence.
In particular, the Commission notes that, in accordance with point 77 of the 2013 Banking Communication, the equity of former shareholders of Parex banka has been written-down in full and that Latvia has now committed to prevent additional aid being provided to the benefit of subordinated debt holders.
Končni sklep o banki Parex je vključeval več takšnih ukrepov, med katerimi je bila ključna zaveza Latvije, da bo odprodala ali poskrbela za odprodajo banke Citadele do 31. decembra 2015 [43].
Regarding the breach of the commitment to divest the Wealth Management Business of Citadele (the Fourth Measure)
V sklepu o začetku postopka je Komisija menila, da prvotno daljši rok zapadlosti podrejenega dolga in 18-mesečno podaljšanje roka zapadlosti, izvedeno leta 2013, pomenita dodatne prednosti za banko Parex v primerjavi z obliko podrejenega dolga, odobreno v sklepih o reševanju in končnem sklepu o banki Parex.
The Latvian authorities state that, given the current challenging market conditions, Latvia has been unable to find interested buyers for the Wealth Management Business of Citadele within the prescribed deadline and would be unable to do so even within a foreseeable time horizon.
Komisija v zvezi s tem pozdravlja zavezo, ki jo je ponudila Latvija, da se rok prodaje banke Citadele premakne na zgodnejši datum, tj. z 31. decembra 2015 na […], kot ukrep za izravnavo dodatne prednosti, ki jo zagotavlja daljši rok zapadlosti podrejenih dolgov.
The Latvian authorities recall that the sale of Citadele was identified, amongst other commitments, as a key measure to address distortion of competition that the aid measures had created.
Pospešitev prodaje banke Citadele prispeva k ohranjanju enakih konkurenčnih pogojev.
But given a worsening of Citadele's financial shape compared to what had been envisaged at the time of the Parex Final Decision, the divestment of Citadele could not be achieved within the foreseen time horizon.
Poleg tega Komisija ugotavlja, da se je Latvija jasno zavezala […], če prodaja ne bo izvedena do navedenega zgodnejšega roka.
Latvia further submits that combining the sale of the Wealth Management Business with Citadele will improve the market's interest in Citadele and that an extension of the divestment period is more likely to allow the reprivatisation of Citadele.
Ta zaveza pomeni dodatni zaščitni ukrep (ki ni bil izrecno vključen v prvotni načrt prestrukturiranja) za zagotovitev, da bo izkrivljanje konkurence ustrezno zmanjšano, saj bo v manj kot […] banka Citadele […].
The Commission accepts that the financial shape of Citadele is worse than it was expected to be in the initial restructuring plan.
Komisija pozitivno ugotavlja tudi, da se je Latvija zavezala dodatnemu znižanju zneska kapitala, ki ga lahko latvijski organi dodelijo banki Reverta, kot je navedeno v uvodni izjavi 69.
That evaluation is also confirmed by the Monitoring Trustee [40] and is reflected in the indicators set out in Table 6:
V razdelku 3 sporočila o prestrukturiranju je določeno, da morajo banke in njeni deležniki čim več prispevati k stroškom prestrukturiranja, da bi se pomoč omejila na najmanjšo potrebno ter da bi se odpravila izkrivljanje konkurence in moralno tveganje.
Table 6
Komisija v zvezi s tem upošteva dodatne izravnalne ukrepe, ki jih je Latvija predlagala za zagotovitev, da tretje osebe ne bodo imele koristi od dodatnega zneska pomoči, dodeljenega banki Reverta, tj. zaveza glede okrepljenih ureditev delitve bremena iz uvodnih izjav 70 do 73.
Comparison of main financial indicators compared to the Restructuring Plan
Latvija se zavezuje, da banki Citadele in Reverta (nekdanja banka Parex) ter njuna povezana podjetja nobenim podrejenim imetnikom dolgov ali delničarjem, razen Latviji ali banki EBOR, ne bodo plačali obresti, dividend ali kuponov za obstoječe kapitalske instrumente (vključno s prednostnimi delnicami, delnicami razreda B ter instrumenti višjega in nižjega 2. reda) (neporavnane ali vnaprej vračunane) ali uveljavljali pravic do njihovega vpoklica, dokler in razen če državna pomoč za banko Reverta in/ali banko Citadele ne bo v celoti povrnjena in razen če ne bodo k temu zakonsko obvezani.
Restructuring Plan
Zaradi negativnega kapitala banke Reverta bo za imetnike teh kapitalskih instrumentov praktično nemogoče, da bi prejeli kakršno koli plačilo ali nadomestilo.
Actual
Latvija se poleg zavez iz uvodne izjave 165 zavezuje tudi, da ne bo odplačala nobenega neporavnanega dolga (glavnice) v okviru podedovanih podrejenih dolgov, razen če in dokler ne bo v celoti odplačana vsa državna pomoč, dodeljena banki Reverta/Citadele, v obsegu, ki je potreben za kritje negativne čiste vrednosti premoženja banke Reverta, in če bo zagotovljena pravna podlaga.
Impairments/net loans
Glede na to, da nacionalna zakonodaja trenutno ne zagotavlja ustrezne pravne podlage, ki bi omogočala izpolnjevanje navedene zaveze, se Latvija v zvezi s tem zavezuje tudi, da bo sprejela vse potrebne ukrepe za zagotovitev, da bodo kakršne koli pravne določbe, ki so potrebne za izpolnjevanje navedene zaveze, sprejete najpozneje do 30. aprila 2015.
Net Income (Loss), in LVL million
Komisija pozdravlja zaveze Latvije iz uvodnih izjav 165 in 166, saj v prizadevanju za omejevanje plačil dolgovane glavnice in obresti v zvezi s podedovanimi podrejenimi dolgovi in kapitalskimi instrumenti bank Reverta in Citadele zagotavljajo dodatno delitev bremena.
ROE %
Komisija na podlagi tega ugotavlja, da se lahko predlagani izravnalni ukrepi iz oddelka 5.5 štejejo za ustrezne in enakovredne (z vidika učinkovitosti) ukrepom, ki jih je Latvija predhodno predlagala, Komisija pa odobrila v končnem sklepu o banki Parex, kakor je bil spremenjen s sklepom o spremembi.
Equity/total assets
Predlagani izravnalni ukrepi dejansko sledijo istemu cilju, tj. omejitvi izkrivljanja konkurence.
Given the lower level of profitability of Citadele compared to the initial Restructuring Plan the Commission understands the difficulties of divesting of Citadele under a tight timeline.
V skladu s tem je Komisija sklenila, da so spremenjene zaveze z vidika ponovne vzpostavitve uspešnega poslovanja, delitve bremena in zmanjšanja izkrivljanja konkurence enakovredne prvotnim zavezam.
The Commission recalls that the commitment regarding the sale of the Wealth Management Business, along with the commitment to sell Citadele itself, was included in the Parex Final Decision to limit distortions of competition, as they gave competitors the possibility to bid for those businesses [41].
Z zamenjavo prvotnih zavez z novimi se ne spremeni združljivost pomoči z notranjim trgom, kot je določena v končnem sklepu o banki Parex, kakor je bil spremenjen s sklepom o spremembi.
The Commission takes note that Latvia now seeks a prolongation of the deadline to complete the sale of the Wealth Management Business compared to the deadlines with which they committed to comply with in 2009.
Komisija obžaluje, da je Latvija nezakonito izvedla prvi, drugi in tretji ukrep, s čimer je kršila člen 108(3) PDEU, in da je kršila zavezo odprodaji dejavnosti upravljanja premoženja banke Citadele v roku iz končnega sklepa o banki Parex (četrti ukrep).
Latvia seeks an amendment to the Parex Final Decision to postpone the initial divestment deadline of the Wealth Management Business, in order to sell it together with Citadele, based on the additional commitments laid out in recitals 64 to 68.
Vendar je iz zgoraj navedenih razlogov ter ob upoštevanju dodatnih zavez Latvije in banke Citadele –
Compensatory measures mitigating distortions of competition and strengthening the burden-sharing
SPREJELA NASLEDNJI SKLEP:
For the Commission to approve amendments to its final decisions, changes have to be based on new commitments which can be considered equivalent to those originally provided [42].
Člen 1
In that case, the aid measures would remain compatible on the basis of Article 107(3)(b) of the Treaty only if the overall balance of the original decision remains intact.
Naslednji ukrepi pomenijo državno pomoč v smislu člena 107(1) Pogodbe:
In order to preserve the original balance, the altered commitments should not negatively affect the viability of the aid beneficiary, with the overall set of commitments remaining at least equivalent in terms of burden-sharing and compensatory measures taking into account the requirements of the applicable Commission's Communications.
odobritev podrejenih dolgov za banko Parex, katerih prvotni rok zapadlosti presega pogoje ukrepa, odobrenega v sklepih o reševanju in končnem sklepu o banki Parex (prvi ukrep);
In that respect the Commission views positively the set of commitments brought forward by Latvia and presented in recitals 64 to 73, as they contribute to addressing potential distortions of competition stemming from the First, Second, Third and Fourth Measures and to ensuring adequate burden-sharing from the stakeholders of th e beneficiaries.
odobritev dodatnega 18-mesečnega podaljšanja roka zapadlosti podrejenih dolgov v znesku 37 milijonov LVL za banko Citadele (drugi ukrep);
Section 4 of the Restructuring Communication calls for the application of effective and proportionate measures limiting distortions of competition.
odobritev likvidnostne podpore za banko Reverta, ki je presegala omejitve, ki jih je Komisija odobrila v končnem sklepu o banki Parex (tretji ukrep).
The Parex Final Decision included several such measures, amongst which the commitment of Latvia to dispose or procure the disposal of Citadele by 31 December 2015 [43] was key.
Člen 2
In the Opening Decision, the Commission considered that both the initially longer maturity of the subordinated debt and its 18-month prolongation implemented in 2013 represented additional advantages for Parex banka compared to the form of the subordinated debt approved in the Rescue Decisions and the Parex Final Decision.
Člen 3
In that context, the Commission welcomes the commitment offered by Latvia to bring forward the deadline for completing of the sale of Citadele, from 31 December 2015 to […], as a measure to compensate for the additional advantage stemming from the longer maturity of the subordinated loans.
Roka za odprodajo dejavnosti upravljanja premoženja banke Citadele, tj. 30. junij 2013 brez skrbnika za odprodajo ali 31. december 2013 s skrbnikom za odprodajo (četrti ukrep), navedena v uvodni izjavi 73 Sklepa Komisije C(2010) 6202 final z dne 15. septembra 2009 o državni pomoči C 26/09 (ex N 289/09), katerega izvedbo načrtuje Latvija za prestrukturiranje banke AS Parex Banka, sta spremenjena v skladu z zavezo Latvije iz Priloge II.
The acceleration of the sale of Citadele contributes to maintaining a level playing field.
Člen 4
In additional, the Commission notes that Latvia has provided a clear commitment to […] if the sale is not achieved within that earlier deadline.
Ta sklep je naslovljen na Republiko Latvijo.
That commitment provides an additional safeguard (which was not expressly included in the initial Restructuring Plan) to ensure that distortions of competition will be adequately mitigated, as within less than […] Citadele will […]
V Bruslju, 9. julija 2014
The Commission also positively notes that Latvia has committed to a further reduction of the amount of the capital that can be provided to Reverta by the Latvian authorities as presented in recital 69.
Za Komisijo
Section 3 of the Restructuring Communication provides that banks and their stakeholders should contribute to the restructuring costs as much as possible in order to limit the aid to the minimum, address distortions of competition and moral hazard issues.
Podpredsednik
In that respect, the Commission takes note of the additional compensatory measures proposed by Latvia to ensure that third parties will not benefit from the additional aid amount received by Reverta, namely the commitment on strengthened burden-sharing arrangements described in recitals 70 to 73.
Sklep Komisije SA.36612 – 2014/C (ex 2013/NN) (UL C 147, 16.5.2014, str. 11).
Latvia commits that Citadele and Reverta (formerly Parex banka), as well as their affiliated undertakings, will not pay any interest, dividends or coupons on existing capital instruments (including preference shares, B shares, and upper and lower tier-2 instruments) (either due or accrued) or exercise any call rights in relation to the same, to any subordinated debtholders or shareholders other than the Latvian State or the EBRD, until and unless the State aid to Reverta and/or Citadele has been fully repaid and unless there is a legal obligation to do so.
Sklep Komisije NN 68/08 (UL C 147, 27.6.2009, str. 1).
In that respect Latvia also commits to remove any such legal obligations as soon as possible and by 30 April 2015 at the latest.
Sklep Komisije NN 3/09 (UL C 147, 27.6.2009, str. 2).
As a result, holders of existing capital instruments will not receive any payment, since those existing capital instruments do not carry a mandatory coupon and in the course of liquidation of Reverta (which will take place by the end of 2017) they rank after senior debt.
Sklep Komisije N 189/09 (UL C 176, 29.7.2009, str. 3).
Because Reverta has a negative capital, it will be impossible in practical terms for the holders of those capital instruments to receive any payment or reimbursement.
Sklep Komisije C 26/09 (ex N 289/09) (UL C 239, 6.10.2009, str. 11).
Moreover, in addition to the commitments referred to in recital 165, Latvia also commits not to repay any outstanding debt (principal) of the Legacy Subordinated Loans unless and until all State aid to Reverta/Citadele is fully repaid, to the extent necessary to cover the negative net asset value of Reverta and provided a legal base is available.
Zlasti donosna posojila posojilojemalcem iz Skupnosti neodvisnih držav (SND), litovsko hčerinsko družbo, podružnice na Švedskem in v Nemčiji ter dejavnost upravljanja premoženja, pri čemer slednje vključuje švicarsko hčerinsko družbo.
For that purpose the outstanding debt (principal) of the Legacy Subordinated Loans will be either: (i) subject to a binding order that no payments under the Legacy Subordinated Loans shall become due and payable; or (ii) converted into non-voting Tier 1 capital; or (iii) written down.
Slaba banka je po razdelitvi 1. avgusta 2010 sprva obdržala ime Parex banka, maja 2012 pa je svoje ime podjetja spremenila v „AS Reverta“.
In that respect, considering that national law currently does not provide an appropriate legal base allowing for compliance with that commitment, Latvia further commits to undertake all necessary measures to ensure that any legal provisions needed to comply with that commitment are put in place by 30 April 2015 at the latest.
Sklep Komisije 2011/364/EU (UL L 163, 23.6.2011, str. 28).
The Commission welcomes the commitments of Latvia referred to in recitals 165 and 166 as, by aiming at limiting payments of principal and interest due in respect of the Legacy Subordinated Loans and capital instruments of Reverta and Citadele, they provide additional burden-sharing.
Sklep Komisije SA.34747, UL C 273, 21.9.2013, str. 1.
As a result, the Commission finds that the proposed compensatory measures mentioned in section 5.5 can be considered as adequate and equivalent (in terms of effectiveness) to those previously proposed by Latvia and approved by the Commission with the Parex Final Decision as amended by the Amendment Decision.
To so posojila posojilojemalcem in SND.
Indeed the proposed compensatory measures pursue the same objective of limiting the distortion of competition.
Dejavnost upravljanja premoženja je sestavljena iz sektorja upravljanja zasebnega kapitala banke Citadele, hčerinskih družb za upravljanje premoženja in banke AP Anlage & Privatbank AG v Švici.
They are well targeted as they aim at limiting distortions of competition in markets where Citadele operates.
Zaupne informacije
The Commission accordingly concludes that the amended commitments are equivalent to the original ones in terms of restoration of viability, burden-sharing and mitigation of competition distortions.
Glej opombo 1.
The replacement of the original commitments by the new commitments does not alter the compatibility of the aid with the internal market as established by the Parex Final Decision as amended by the Amendment Decision.
Glej uvodne izjave 55 do 57 končnega sklepa o banki Parex.
CONCLUSION
Glej uvodne izjave 58 do 61 končnega sklepa o banki Parex.
The Commission regrets that Latvia unlawfully implemented the First, Second and Third Measures in breach of Article 108(3) TFEU, and that it breached the commitment to divest the Wealth Management Business of Citadele within the deadline recorded in the Final Parex Decision (the Fourth Measure).
Glej uvodne izjave 62 do 68 končnega sklepa o banki Parex.
However, for the reasons set out above and given the additional commitments undertaken by Latvia and Citadele,
Glej uvodne izjavi 69 in 70 končnega sklepa o banki Parex.
HAS ADOPTED THIS DECISION:
Ob razdelitvi Latvija banki Parex ni zagotovila nobenega kapitala 2. reda, niti ga Latvija ni mogla zagotoviti po razdelitvi, kot je podrobneje pojasnjeno v uvodni izjavi 21 sklepa o začetku postopka.Banka EBOR je 3. septembra 2009 pristala na refinanciranje dela podrejenega dolga, ki ga je Latvija predhodno odobrila banki Parex.
Article 1
Dne 31. decembra 2009 so podrejeni dolgovi, ki jih je Latvija odobrila banki Parex, znašali 37 milijonov LVL, podrejeni dolg, ki ga je refinancirala banka EBOR, pa je znašal 13 milijonov LVL.Ob razdelitvi je Latvija prevzela 8 milijonov LVL od 13 milijonov LVL podrejenega dolga, ki ga je odobrila banka EBOR.
The following measures constitute State aid within the meaning of Article 107(1) of the Treaty:
Dne 1. avgusta 2010 je skupni znesek podrejenih dolgov, ki jih je odobrila Latvija, znašal 45 milijonov LVL (z različnimi datumi zapadlosti), znesek dolgov, ki jih je odobrila banka EBOR, pa je znašal 5 milijonov LVL.
the grant to Parex banka of subordinated loans with an initial maturity exceeding the terms of the measure approved in the Rescue Decisions and the Parex Final Decision (the First Measure);
Podrobnejši opis je naveden v uvodni izjavi 21 sklepa o začetku postopka.
the grant to Citadele of an additional 18-month extension of the maturity of LVL 37 million of subordinated loans (the Second Measure);
Ured ba Sveta (ES) št. 659/1999 z dne 22. marca 1999 o določitvi podrobnih pravil za uporabo člena 108 Pogodbe ES (UL L 83, 27.3.1999, str.
the grant to Reverta of liquidity support in excess of the maximum limits approved by the Commission in the Parex Final Decision (the Third Measure).
1).
Article 2
Glej uvodno izjavo 73 končnega sklepa o banki Parex.
The aid measures referred to in Article 1 are compatible with the internal market pursuant to Article 107(3)(b) of the Treaty in light of the commitments undertaken by Latvia as set out in Annex I.
Glej člen 1(h) Uredbe (ES) št. 659/1999.
Article 3
Basel II je splošno ime okvira „Mednarodno zbliževanje merjenja kapitalske ustreznosti in kapitalskih standardov: spremenjeni okvir“ (International Convergence of Capital Measurement and Capital Standards: a Revised Framework), ki vsebuje sklop standardov za določitev minimalnih kapitalskih zahtev za bančne organizacije in ki ga je pripravil Baselski odbor za bančni nadzor, tj. skupina centralnih bank in nadzornih organov bank iz skupine desetih držav (skupina G-10), ki je prvi standard razvila leta 1988.
The deadlines to divest the Wealth Management Business (WMB) of Citadele, by 30 June 2013 without a Divestiture Trustee or by 31 December 2013 with a Divestiture Trustee (the Fourth Measure), recorded in recital 73 of Commission Decision C(2010) 6202 final corr. of 15 September 2009 on the State aid C 26/09 (ex N 289/09) which Latvia is planning to implement for the restructuring of AS Parex Banka are amended in line with the commitment provided by Latvia which is set out in Annex II.
Tj. opcija, ki imetniku podrejenega dolga zagotavlja pravico, da od banke zahteva odkup dolga, če bi se od izdaje dolga zamenjali obvladujoči delničarji banke.
Article 4
Glej uvodno izjavo 40 prvega sklepa o reševanju.
This Decision is addressed to the Republic of Latvia.
Glej sodbo v zadevi Komisija proti EDF (C-124/10 P, ECLI:EU:C:2012:318, točki 82 in 84).
Done at Brussels, 9 July 2014.
Glej v zvezi s tem točko 20 sodbe v zadevi Italija proti Komisiji, 303/88, ECLI:EU:C:1991:136.
For the Commission
Glej uvodno izjavo 41 prvega sklepa o reševanju.
Vice-President
Sporočilo Komisije – Uporaba pravil o državni pomoči za ukrepe v zvezi s finančnimi institucijami v okviru trenutne svetovne finančne krize (v nadaljnjem besedilu: sporočilo o bančništvu iz leta 2008) (UL C 270, 25.10.2008, str. 8); Sporočilo Komisije – Dokapitalizacija finančnih institucij v trenutni finančni krizi: omejitev pomoči na najmanjšo potrebno in zaščitni ukrepi za preprečevanje neupravičenega izkrivljanja konkurence (v nadaljnjem besedilu: sporočilo o dokapitalizaciji) (UL C 10, 15.1.2009, str. 2); Sporočilo Komisije o obravnavanju oslabljenih sredstev v bančnem sektorju Skupnosti (v nadaljnjem besedilu: sporočilo o oslabljenih sredstvih) (UL C 72, 26.3.2009, str. 1), in Sporočilo Komisije o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči (v nadaljnjem besedilu; sporočilo o prestrukturiranju) (UL C 195, 19.8.2009, str. 9).