natgillin/translations-raw huggingface dataset:
In the best case [34] FIH is expected to continuously improve its results until 2016.
Zakonsko določeni količnik likvidnosti [38], ki je bil 31. decembra 2012 214 %, naj bi bil 31. decembra 2013 239,7 %.
The pre-tax return on normalised equity [35] on group level is budgeted to be 10,3 % on 31 December 2013 and 11,2 % [36] on 31 December 2016.
V obdobju prestrukturiranja naj bi količnik kapitalske ustreznosti znašal 19,6 %, zakonsko določeni količnik likvidnosti pa 175 %, kar bistveno presega regulativne zahteve.
The worst case scenario [37] is based on less favourable market assumptions.
Položaj banke se je bistveno izboljšal od sredine leta 2011, ko je organ FSA predvideval, da se bo banka FIH srečevala z velikimi likvidnostnimi potrebami, ki jih ne bo mogla izpolniti.
They include among others worsening market conditions for funding to banks both in terms of volume and price; lower demand for loans and advisory services;
Banka FIH je odplačala preostale neporavnane obveznice z državnim jamstvom in izziv v zvezi z refinanciranjem je bil torej rešen s 13. junijem 2013.
unfavourable movement in foreign exchange rates, interest rates, etc.; and impairment charges remaining above historical levels through the business cycle.
Poleg tega je banka FIH 2. julija 2013 odplačala državni hibridni kapital prvega reda.
In both cases there is a relatively low level of return on equity which is mainly due to the dividend ban and the ban on coupon payments foreseen in Denmark’s commitments made in the context of the State aid investigation.
UKREPI, KI JIH JE SPREJELA DANSKA V ODGOVOR NA POMISLEKE KOMISIJE
As a result of those commitments, FIH Group would retain profits until the end of the restructuring period and the settlement of the measures.
Danska in skupina FIH sta v odgovor na pomisleke, ki jih je v sklepu o reševanju in začetku postopka izrazila Komisija, izvedli vrsto ukrepov.
In addition, the loans in its Acquisition Finance business unit will be phased out.
Banka FIH je z datumom valute 18. december 2013 družbi Newco plačala znesek v višini 61,7 milijona DKK kot delno vračilo provizij, prejetih na podlagi sporazuma o upravljanju za leto 2012, ter retroaktivno znižala upravljavske provizije za vodenje in varovanje pred tveganji za leto 2013, zaračunane družbi Newco, na 0,05 % portfelja neporavnanih posojil.
Thus, Corporate Banking will be the only business unit to be continued.
Banka FIH je znižala skupno vrednost svojih sredstev s 109,3 milijarde DKK (14,67 milijarde EUR) na dan 31. decembra 2010 na 60,80 milijarde DKK (8,16 milijarde EUR) do 31. decembra 2012, kar ustreza 44-odstotnemu znižanju.
As of March 2013 the number of full-time employees was down to 214.
Nadalje je zmanjšala svoj portfelj posojil z 58,0 milijard DKK (7,79 milijarde EUR) na dan 31. decembra 2010 na 16,2 milijarde DKK (2,17 milijarde EUR) do 31. decembra 2012, to je za 41,8 milijarde DKK, kar skupaj ustreza 72-odstotnemu zmanjšanju.
According to the restructuring plan the balance sheet was to decrease to DKK 27,68 billion (EUR 3,74 billion) by 31 December 2013.
Poleg tega je banka FIH bistveno zmanjšala tvegane pozicije v segmentu trgov [43].
On 31 December 2016 FIH projects a total capital ratio of 19,6 %.
Število svojih zaposlenih s polnim delovnim časom je zmanjšala s 356 na dan 31. decembra 2010 na 214 na dan 31. marca 2013, kar ustreza 41-odstotnemu zmanjšanju.
The statutory liquidity ratio [38] which on 31 December 2012 was 214 %, is expected to be 239,7 % on 31 December 2013.
Poleg tega je zmanjšala svojo geografsko prisotnost, saj je zaprla dva od svojih štirih regionalnih uradov.
Over the restructuring period the total capital ratio is expected to amount to 19,6 % and the statutory liquidity ratio to 175 % and thus significantly exceed the regulatory requirements.
OBVEZE, KI JIH JE PREDLAGALA DANSKA
The pre-tax return on so-called normalised equity [39] according to the best case scenario [40] of the restructuring plan is budgeted to be 9 % on 31 December 2013 and 10,1 % on 31 December 2016.
Danska je glede na pomisleke, ki jih je izrazila Komisija v sklepu o reševanju in začetku postopka, ter da bi zagotovila skladnost s sporočilom o oslabljenih sredstvih, zlasti v zvezi z ustreznim plačilom za ukrepe prenosa sredstev, sprejela dodatne obveze, ki so predstavljene v uvodnih izjavah 55 do 62.
Those figures are 0,9 % and 4,7 % respectively in the worst case scenario [41].
Banka FIH bo družbi FSC plačevala letni znesek v višini 12,1 milijona DKK (1,61 milijona EUR) od 30. septembra 2014 do končne poravnave posla s plačilom po načelu časovne porazdelitve in z obrestmi za dejansko število dni [44] za zadnje obdobje na dan poravnave (to je lahko do 31. decembra 2019).
The situation of the bank has significantly improved since mid-2011 when the FSA anticipated that FIH would face major liquidity needs that it would be unable to meet.
Banka FIH bo znižala upravljavske provizije, ki jih zaračunava družbi FSC, ali izvedla pavšalno plačilo za družbo FSC s sedanjo vrednostjo znižanja ali plačila, enakega 143,2 milijona DKK (19,09 milijona EUR).
FIH repaid the remaining outstanding government-guaranteed bonds and the refinancing challenge was thus solved by 13 June 2013.
Poleg tega bo banka FIH s 1. januarjem 2014 znižala upravljavske provizije za vodenje in varovanje pred tveganji, zaračunane družbi Newco, na 0,05 % na leto portfelja neporavnanih posojil.
In addition, FIH redeemed the government’s Tier 1 hybrid capital on 2 July 2013.
Banka FIH bo družbi FSC plačala dodatno letno provizijo v višini 47,2 milijona DKK (6,29 milijona EUR), če bi organ FSA spremenil svoje regulativno stališče glede kapitalskih zahtev na ravni holdinga, tako da regulativna posojilna sposobnost banke FIH tudi nadalje ne bi bila omejena s kapitalskim položajem holdinga FIH.
At present, FIH has no problems in meeting either its regulatory solvency or its liquidity requirements.
V obvezah so predvideni tudi umik banke FIH z nekaterih poslovnih področij (nepremičninska posojila, upravljanje zasebnega kapitala in zasebnega premoženja) in vrsta omejitev ravnanja, vključno s prepovedjo cenovnega vodstva pri vlogah, prepovedjo komercialno agresivnega ravnanja in prepovedjo prevzemov, ter likvidacija FIH Realkredit A/S, ki je bila hipotekarna banka skupine FIH.
ACTIONS TAKEN BY DENMARK TO ADDRESS THE CONCERNS RAISED BY THE COMMISSION
FIH Realkredit A/S je bila likvidirana leta 2013.
In order to address the concerns raised by the Commission in the context of the Rescue and Opening Decision, Denmark and FIH Group have taken a series of actions.
Celotni seznam obvez [45] je predstavljen v Prilogi.
FIH has made a ‘one-off’ payment to the FSC of DKK 310,25 million (EUR 39,12 million) with a value date of 4 December 2013 [42].
STALIŠČE DANSKIH ORGANOV
FIH paid, with value date 18 December 2013, an amount of DKK 61,7 million to Newco as partial repayment of fees received under the administration agreement for 2012, and retroactively reduced the management fees for administration and hedging for 2013 charged to Newco to 0,05 % of the outstanding loan portfolio.
Prvotno stališče Danske ob priglasitvi ukrepov Komisiji je bilo [46], da prenos lastniškega kapitala na družbo Newco vključuje državno pomoč družbi Newco, vendar da je vsaka taka pomoč združljiva z notranjim trgom na podlagi člena 107(3)(b) Pogodbe.
FIH further reduced its loan book from DKK 58,0 billion (EUR 7,79 billion) on 31 December 2010 to DKK 16,2 billion (EUR 2,17 billion) by 31 December 2012, that is to say, by DKK 41,8 billion in total corresponding to a decrease of 72 %.
Čeprav Danska ni kvantitativno utemeljila navedene trditve, najsi bo to s sklicevanjem na ustrezne tržne podatke ali s pojasnilom razlogov za stroške, povezane s poslom, je poudarila, da:
In addition, FIH significantly reduced the risk lines in Markets [43].
so bili vzpostavljeni postopki za določitev tržne cene prenosa;
FIH reduced the number of its full-time employees from 356 at 31 December 2010 to 214 by 31 March 2013, which corresponds to a reduction of 41 %.
je začetno financiranje in jamstva zagotovila skupina FIH;
In addition, FIH has reduced its geographical presence as two of its four regional offices have been closed.
je skupina FIH sprejela dodatne obveze v zvezi s prenosom, zlasti obveznost predložitve poslovnega načrta.
COMMITMENTS PROPOSED BY DENMARK
Danska je na podlagi tega ugotovila, da banki FIH ne bo zagotovljena prednost.
In view of the concerns raised by the Commission in the Rescue and Opening Decision and to ensure compatibility with the Impaired Assets Communication, in particular with regard to the proper remuneration of the asset transfer measures, Denmark has provided additional commitments which are set out in recitals 55 to 62.
Če bi bilo mnenje Komisije v zvezi s tem drugačno, je Danska trdila, da bi bilo mogoče kakršno koli pomoč banki FIH razglasiti za združljivo z notranjim trgom, ker je ureditev pomenila prestrukturiranje banke FIH v skladu s sporočilom o prestrukturiranju [47].
FIH will make an annual payment of DKK 12,1 million (EUR 1,61 million) to the FSC from 30 September 2014 until final settlement of the transaction with an ACT/ACT [44] pro rata temporis payment for the last period at settlement date (this can be up to 31 December 2019).
Danska je svoje prvotno stališče dopolnila s predstavitvijo z dne 20. marca 2012 [48], v kateri je poudarila, da banka FIH ni zahtevala ukrepov in da je imela v času, ko je izvedla te ukrepe, druge možnosti za razdolževanje, kar podpira trditev, da je bil posel sklenjen po tržnih pogojih.
FIH will reduce the management fees it makes to the FSC or make a lump sum payment to the FSC, with a present value of the reduction or of the payment equivalent to DKK 143,2 million (EUR 19,09 million).
Trdila je tudi, da sta prvotni odpis knjigovodske vrednosti sredstev v višini 1,4 milijarde DKK in nadaljnji diskont za prilagoditev tveganju v višini 1,3 milijarde DKK ustrezala tržni ceni.
In order to attain that outcome, FIH has paid an amount of DKK 61,7 million to Newco as a partial repayment of fees received by FIH from Newco under the administration agreement for 2012.
Poleg tega bi bile kakršne koli izgube pri nagradi za nadaljnjo uspešnost poslovanja popravljene na podlagi variabilne formule pogodbe o nakupu delnic, tako da bi učinkovit mehanizem naknadne prilagoditve zagotovil oblikovanje cen v skladu s tržnimi pogoji.
FIH has also reduced the management fees for administration and hedging charged to Newco to 0,05 % on the outstanding loan portfolio for the year 2013.
Danska ni podrobneje pojasnila zneska predlaganega diskonta in prilagoditve tveganju ali razlogov, zakaj naj bi to vodilo do tržne cene.
In addition FIH will reduce the management fees for administration and hedging charged to Newco to 0,05 % per annum of the outstanding loan portfolio, from 1 January 2014.
Danska je v nadaljnji korespondenci s Komisijo [49] trdila, da je največja izguba, ki ji je družba FSC izpostavljena, 1,05 milijarde DKK, tj. razlika med na eni strani posojilom za absorbiranje izgube v višini 1,65 milijarde DKK ter na drugi strani vsoto odpisa knjigovodske vrednosti in zneska predhodne prilagoditve tveganju, ki skupaj znaša 2,7 milijarde DKK.
FIH Realkredit A/S was liquidated in 2013.
Sočasno je zagotovila nekatera pojasnila v zvezi z metodologijami vrednotenja, ki jih je uporabil pravni svetovalec družbe FSC.
A full list of commitments [45] is set out in the Annex.
Danska je nato 16. maja 2012 zatrdila, da sta se holding FIH in družba FSC o pogojih posla dogovorila na podlagi običajnih poslovnih razlogov v zvezi z delitvijo tveganja in dobička ter da je bil posel sklenjen po tržnih pogojih.
POSITION OF THE DANISH AUTHORITIES
To izjavo je potrdila revizijska družba družbe FSC, tj. KPMG [51].
When it notified the measures to the Commission, Denmark’s initial position [46] was that the transfer of equity to Newco involved State aid to Newco, but that any such aid would be compatible with the internal market pursuant to Article 107(3)(b) of the Treaty.
Danska je 7. junija 2012 predložila poročilo družbe KPMG, v katerem so bili ukrepi ocenjeni z upoštevanjem vseh prispevnih elementov sočasno.
In the same submission Denmark claimed that the FIH Group had not received any State aid as the FSC would pay the market price for Newco.
Družba KPMG je menila, da „ni razloga za ugotovitev, da pogoji pogodbe ne bi ustrezali tveganjem za družbo FSC“, pri čemer je navedla visoko stopnjo zavarovanja, morebitno uporabo kritih obveznic, posojilo za absorbiranje izgube in 25-odstotno nagrado za nadaljnjo uspešnost poslovanja za družbo FSC.
While not quantitatively substantiating that claim, whether by making reference to relevant market data or explaining the reasoning behind transaction costs, Denmark emphasised that:
Danska v svojem odgovoru na začetek preiskave z dne 11. septembra 2012 ni neposredno izpodbijala stališča Komisije, da ukrepi pomenijo državno pomoč, ampak se je sklicevala na svoje trditve z dne 29. marca 2012 [52] in trdila, da bo vsak prenos nad tržno vrednostjo izravnan s posojilom za absorbiranje izgube in jamstvom za popravek cene, ki ga je odobril holding FIH.
procedures were in place to establish the market price of the transfer;
Poleg tega je Danska kot primera v podporo navedenemu stališču navedla povečanje marže pri podaljšanjih pogodbe in višjo stopnjo odkupa, kot je bila predvidena, ni pa izrecno ponovila, da bi bilo treba uporabiti načelo udeleženca v tržnem gospodarstvu [53].
initial funding and guarantees were provided by FIH Group;
Namesto tega je Danska trdila, da so ukrepi združljivi, in predstavila argumente, da bi dokazala, da so ustrezni, da je pomoč omejena na potrebni minimum in da je izkrivljanje konkurence omejeno [54].
FIH Group has to pay all transaction and winding-up costs;
Danski organi so tudi opozorili na svoje stališče v obvestilu z dne 23. aprila 2012, da so bili ukrepi rezultat pogajanj med banko FIH in družbo FSC [55], in trdili, da so nekatere smernice v sporočilu o bančništvu [56] zahtevale določeno kompleksnost ukrepov [57], ter nasprotovali temu, da bi bili lahko zaradi te kompleksnosti neustrezni.
and
Ko je Komisija Dansko obvestila o izvedenski oceni v zvezi s tržno vrednostjo in realno ekonomsko vrednostjo ukrepov, je Danska izpodbijala rezultate ter med 7. februarjem in 11. septembrom 2013 predložila vrsto vprašanj in pojasnil.
FIH Group made additional commitments in connection with the transfer, in particular the obligation to submit a business plan.
Danska je pripomnila, da je bila pomoč omejena na potrebni minimum [58], ker je predpostavljala, da vrednost ob prenosu ne bo presegla realne ekonomske vrednosti, vendar je dodala, da lahko to dejstvo potrdi le končno vrednotenje s strani Komisije.
Against that background Denmark concluded that FIH would not receive an advantage.
Poleg vidikov vrednotenja je Danska opozorila na pozitivne učinke prenosa na regulatorni položaj banke FIH v skladu s ciljem ponovne vzpostavitve dolgoročnega uspešnega poslovanja iz načrta prestrukturiranja.
In the event that the Commission were to take a different view on that matter, Denmark submitted that any aid to FIH could be declared compatible with the internal market as the arrangement amounted to a restructuring of FIH in compliance with the Restructuring Communication [47].
Danska je tudi trdila, da je strategija banke FIH za pridobivanje vlog neodvisna od ukrepa državne pomoči in da njen namen ni „cenovno vodstvo“, ampak je bistveni del njene strategije financiranja.
Denmark followed up its initial submission with a presentation on 20 March 2012 [48] in which it pointed out that FIH had not requested the measures and that at the time FIH had concluded those measures it had had deleveraging alternatives which supported the claim that the transaction was negotiated on market terms.
Kljub temu se je Danska, da bi ublažila pomisleke Komisije, obvezala, da bo banka FIH upoštevala prepoved cenovnega vodstva.
It also claimed that an initial write down on the book value of the assets of DKK 1,4 billion and a further risk adjustment discount of DKK 1,3 billion corresponded to a market price.
OCENA
Moreover, any earn-out losses would be corrected through the variable share purchase agreement formula, so that an effective ex post adjustment mechanism would ensure pricing in line with market conditions.
OBSTOJ DRŽAVNE POMOČI
Denmark did not elaborate on the amount of the proposed discount and risk adjustment or the reasons why they would lead to a market price.
V skladu s členom 107(1) Pogodbe je državna pomoč vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, kolikor prizadene trgovino med državami članicami.
In subsequent correspondence with the Commission [49], Denmark asserted that that maximum loss to which the FSC was exposed was DKK 1,05 billion, that is to say, the difference between on the one hand the loss-absorbing loan of DKK 1,65 billion and on the other the sum of the book value write down and the FSC’s preliminary risk adjustment amount which totals DKK 2,7 billion.
Komisija meni, da je treba ukrepe v korist banke FIH, opisane v oddelku 2.3, obravnavati skupaj.
It also claimed that the State enjoys a considerable reduction of its risk related to FIH State-guaranteed loans and a repayment by FIH of a previous capital injection of DKK 1,9 billion.
Ukrepi so del enega samega posla, ker so njihovi elementi medsebojno povezani (časovno in strukturno) in so bili v celoti zasnovani za rešitev težave banke FIH v zvezi s financiranjem.
By a memorandum submitted on 23 April 2012 [50], Denmark informed the Commission that it would ‘not for the moment supply the Commission with further arguments regarding the use of the Market Economy Investor Principle.’
Državna sredstva
At the same time, it provided some explanations as regards the valuation methodologies used by the FSC’s legal advisor.
Ukrepi, opisani v oddelku 2.3., vključujejo državna sredstva, ker jih neposredno financira FSC, ki je družba v državni lasti (prek danskega ministrstva za gospodarstvo) in je odgovorna za zagotavljanje različnih vrst ukrepov za danske banke v okviru finančne krize [59].
Subsequently, on 16 May 2012, Denmark asserted that FIH Holding and the FSC had negotiated the transaction terms based on normal commercial considerations regarding the sharing of risk and profit and asserted that the transaction had been made on market terms.
Prvič, družba FSC zagotavlja 2 milijardi DKK v gotovini za pogodbo o nakupu delnic družbe Newco.
That statement was certified by the FSC’s accountancy firm, KPMG [51].
Drugič, družba FSC se je obvezala, da bo financirala sredstva družbe Newco, medtem ko banka FIH odplačuje svoja posojila z državnim jamstvom.
On 7 June 2012, Denmark submitted a KPMG report assessing the measures by considering all contributing elements at the same time.
Ta obveza lahko presega 13 milijard DKK.
KPMG saw ‘no reason to conclude that the terms of the agreement would not correspond to the risks for the FSC’, citing the high level of collateral, the potential use of covered bonds, the loss-absorbing loan and a 25 % earn-out for the FSC.
Tretjič, družba FSC se odpoveduje določenemu znesku obresti, da bi plačala za jamstvo iz holdinga FIH.
On 11 September 2012, in its reply to the opening of proceedings, Denmark did not directly contest the Commission’s view that the measures constituted State aid, but it referred to its line of argument of 29 March 2012 [52], arguing that any transfer above market value would be compensated by the loss-absorbing loan and the price-adjustment guarantee granted by FIH Holding.
Obstoj prednosti
Moreover, Denmark cited margin increases on renewals and a higher than anticipated redemption rate as examples to support that view, but without explicitly reiterating that the market economy operator principle (‘MEOP’) [53] should apply.
Ukrepi, opisani v oddelku 2.3., zagotavljajo prednost, saj vodijo do pomoči za oslabljena sredstva za banko FIH, s čimer se izboljšajo količniki kapitalske ustreznosti skupine, obenem pa banki omogočajo boljše reševanje svojih težav s financiranjem.
Instead, Denmark argued that the measures are compatible, giving arguments to show that they are appropriate, that the aid is limited to the minimum necessary and that distortion of competition is limited [54].
Danski organi so trdili, da so ukrepi v skladu z načelom udeleženca v tržnem gospodarstvu in zato ne pomenijo državne pomoči za skupino FIH.
The Danish authorities also recalled their position in the note of 23 April 2012 that the measures were the result of negotiations between FIH and the FSC [55] and argued that some of the guidance in the Banking Communication [56] had necessitated a degree of complexity in the measures [57], disputing that complexity might render them inappropriate.
Komisija bo torej ocenila, ali so ukrepi v korist skupine FIH v skladu z načelom udeleženca v tržnem gospodarstvu.
When the Commission informed Denmark about the expert assessment as regards the market value and real economic value of the measures, Denmark contested the results and submitted a number of questions and clarifications between 7 February and 11 September 2013.
Pri tem preizkusu se preuči, ali bi tržni udeleženec sodeloval v določenem poslu pod enakimi pogoji kot javni vlagatelj v času, ko je bila sprejeta odločitev, da se dajo na voljo javna sredstva.
Denmark commented that the aid was limited to the minimum necessary [58], because it assumed the transfer value would not exceed the real economic value, but added that only a final valuation by the Commission could establish that fact.
Državna pomoč ne obstaja, če so javna sredstva odobrena v okoliščinah in pod pogoji, ki ustrezajo tržnim pogojem.
Aside from the valuation aspects, Denmark noted the positive effects of the transfer on the regulatory position of FIH, in line with the goal of restoration of long-term viability contained in the restructuring plan.
Komisija v zvezi s tem v posebnem primeru skupine FIH meni, da je treba preučiti (i) ali je prvotno obstajal zasebni vlagatelj, ki je bil pripravljen financirati ukrepe pod enakimi pogoji kot država članica, (ii) če je obstajal, kakšna je bila donosnost naložbe, ki jo je zahteval, v primerjavi z donosnostjo za državo, in (iii) če ni zasebnega interesa, kakšna bi bila pričakovana donosnost [60] in porazdelitev morebitnega donosa iz ukrepov za državo v primerjavi z donosom, ki bi ga pričakoval tržni vlagatelj, če bi izvedel ukrepe pod običajnimi pogoji tržnega gospodarstva.
Denmark also argued that FIH’s deposit acquisition strategy is independent of the State aid measure and does not convey the intention of a ‘price leadership’ role, but is an essential part of its funding strategy.
Najneposrednejši dokaz, da je posel v skladu z načelom udeleženca v tržnem gospodarstvu, je, da pogoji posla ne bi bili sprejemljivi samo za hipotetičnega udeleženca v tržnem gospodarstvu, ampak da dejansko obstaja tak udeleženec, ki sodeluje v isti naložbi pod istimi pogoji kot država.
Nevertheless, to alleviate the Commission’s concerns, Denmark has provided a commitment that FIH will adhere to a price leadership ban.
Prisotnost drugih vlagateljev Komisiji zagotavlja merilo za oceno uporabe načela udeleženca v tržnem gospodarstvu.
ASSESSMENT
Ko je Danska odobrila ukrepe, ni bilo tržnega udeleženca, ki bi bil pripravljen banki FIH odobriti podobne ukrepe, kot so jih odobrili subjekti pod nadzorom države.
EXISTENCE OF STATE AID
Zlasti ni niti konzorcij lastnikov niti nobena tretja stran izrazila kakršnega koli namena za vlaganje v banko FIH.
According to Article 107(1) of the Treaty, State aid is any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods, in so far as it affects trade between Member States.
Komisija nima razlogov za ugotovitev, da bi bil v teh okoliščinah udeleženec v tržnem gospodarstvu pripravljen sodelovati pri ukrepih.