natgillin/translations-raw huggingface dataset:
However, given that this assessment is entirely a question of national law, the Commission accepts Austria's position according to which the continuation of ÖVAG in the form of a wind-down entity according to Article 162 BaSAG has no influence on the continuing validity of the guarantee.
Vendar je jasno, da lahko tudi brez protiukrepov, kot je program prihrankov pri stroških ali primerna prilagoditev stopnje oblikovanja cen, nastale izgube bremenijo delež temeljnega kapitala v zadevnem času in da bodo na dolgotrajni donos skupine Volksbanken-Verbund vplivale le omejeno.
On the basis of this position and because Immigon will at that date have suffered a capital reduction of 96,65 %, the settlement condition of less than 10 % CET ratio will be fulfilled and all at 31 December 2015 eligible claims will have to be settled.
V navedenem scenariju delež temeljnega kapitala ne pade pod [8–10] %, skupina Volksbanken-Verbund pa še vedno doseže [5–8]-odstotni donos po obdavčitvi leta 2019.
Under those conditions, the changes in the guarantee agreement — (a) prolonging the settlement period of the guarantee payment without allowing further claims to be registered beyond 31 December 2015 and (b) making the settlement payment exercisable only in the case that the capital would otherwise fall below zero — actually reduce the risk to the guarantee provider of the guarantee being exercised.
Nadzorne zahteve
Moreover, the applicable fee payments of 10 % per annum will continue to apply for a further two years.
Komisija poleg tega ugotavlja, da ukrepi, sprejeti za izravnavo tveganja skupine Volksbanken-Verbund, ki izhaja iz izpostavljenosti do družbe Immigon [22], negativno vplivajo na delež navadnega lastniškega kapitala, ki je približno enak [0–2] %.
Therefore, the new conditions of the asset guarantee only strengthen the position of the guarantee provider and do not provide a further advantage to ÖVAG/Immigon.
Poleg tega predloženo načrtovanje temelji na predpostavki, da se lahko izpostavljenost družbe Immigon zmanjša v letu […] in […] z nadaljnjimi prodajami.
The new restructuring plan also confers no new advantage on the Verbund, including its new central organisation, VBWB.
Te prodaje bi prinesle skupno pričakovano izgubo zaradi izpostavljenosti v višini [0–200] milijonov EUR z dodatnim tveganjem izgube v višini [0–100] milijonov EUR, če prodaj ne bi bilo mogoče izvesti in se prvi izgubljeni delež v višini [0–200] milijonov EUR v celoti absorbira.
As explained above [18], the Verbund is the beneficiary of the existing aid.
Z dodatnimi izgubami v višini [0–100] milijonov EUR bi se delež navadnega lastniškega kapitala dodatno zmanjšal za [0–2] odstotnih točk.
More specifically, under the 2012 Decision, the primary banks had to participate in realising the repayment of the outstanding EUR 300 million of participation capital by the end of 2017 as far as their minimum regulatory requirements allowed.
Po drugi strani je skupina Volksbanken-Verbund poleg ukrepov, ki so že vključeni v finančno načrtovanje, prav tako opredelila ukrepe za dodatno zmanjšanje svoje tveganju prilagojene aktive.
It has to be recalled that in the Comprehensive Assessment the capital shortfall was assessed not at the level of ÖVAG alone but at the level of the Verbund as a whole.
Dodatni morebitni ukrepi vključujejo strukturo listinjenja za kreditni portfelj malih in srednjih podjetij in prodajo družb start:bausparkasse in IMMO-Bank, s čimer bi se delež temeljnega kapitala ob upoštevanju potrebnega praga za višini plačil na podlagi avstrijske pravice do udeležbe pri dobičku povečal za največ [10–15] %.
While the risk-bearing participation capital is being consumed in the wind-down of ÖVAG/Immigon, the new commitments presented by Austria include a payment by the Verbund to Austria in the amount of EUR 300 million, through the granting of a profit participation right to Austria.
Komisija ugotavlja, da bi lahko sočasno izvajanje vseh teh ukrepov, če bi to bilo potrebno, negativno vplivalo na prihodnjo donosnost banke.
The Verbund commits to a payment schedule amounting to a cumulative EUR 300 million by the end of [2020-2025], subject to intermediary payment thresholds in […], […] and […].
Vendar Komisija na podlagi omejenega obsega tveganja izgube in obsega že opredeljenih ukrepov za tveganju prilagojeno aktivo meni, da načrt vsebuje zadosten blažilnik za omejitev učinka na uspešno poslovanje.
By providing a new commitment to pay EUR 300 million to the State, the Verbund reinstates a claim equivalent in amount to the original repayment required.
To mnenje dodatno potrjuje pozitivna odločitev, ki jo je nadzornik sprejel glede odobritve ukrepov od (a) do (c) iz uvodne izjave 35, da se lahko vključijo v avstrijski poslovni register.
That original claim would be lost in the liquidation of ÖVAG as immanent risks would materialise.
Navedena pozitivna odločitev enotnega mehanizma nadzora temelji na istem načrtu prestrukturiranja kot ta sklep, na podlagi česar Komisija sklepa, da bo enotni mehanizem nadzora prav tako menil, da bo skupina Volksbanken-Verbund tudi ob upoštevanju tveganj, ki jih vsebuje načrt, zmožna izpolniti potrebne previdnostne kapitalske zahteve, veljavne od nadzornega pregleda, ki se je izvedel 26. julija 2015.
While the new payment schedule will result in a significant payment delay compared with the original commitment, it must be considered that under a simple liquidation for ÖVAG (as well as the counterfactual scenario of the resolution of the entire Verbund), all State claims, equity and participation capital would cease to exist.
Lastni prispevek in porazdelitev bremena
In addition, that new commitment is binding on the Verbund, although the payments relating to the profit participation right remain profit-dependent.
Komisija mora oceniti, ali lahko novi sklop zavez ustrezno zamenja zaveze iz leta 2012, da se zagotovi združljivost obstoječe pomoči za skupino Volksbanken-Verbund, gospodarsko naslednico družbe ÖVAG.
At the same time, the commitment ensures that Austria's claim to those payments is senior to any dividend payments.
V skladu s tem je treba proučiti, ali sta lastni prispevek in porazdelitev bremena skupine Volksbanken-Verbund ustrezna.
Moreover, for any dividend distribution to parties outside the consolidated Verbund, Austria will receive a compensation payment of equal amount and in addition to the payment from the profit participation right.
Kar zadeva lastni prispevek in porazdelitev bremena, je seznam zavez, priložen sklepu iz leta 2012, vključeval določbe o nadomestilu in povračilu za (a) jamstva za sredstva in (b) kapitalsko udeležbo ter prepoved izplačila dividend.
Furthermore, Austria will receive a stake of 25 % plus one share in VBWB as collateral for the payments on the profit participation right.
Kar zadeva spremembe v zvezi z jamstvom za sredstva, trenutni načrt likvidacije ne temelji na morebitnih denarnih izplačilih iz jamstva za ohranjanje plačilne sposobnosti po likvidaciji.
In addition, Austria will also be able to seize the collateral at that moment.
Sedanji načrt omejevanja plačil jamstva na primer,ko je treba preprečiti plačilno nesposobnost družbe Immigon, na najmanjše možno omejuje tveganje, da se državna pomoč uporabi za nadomestilo imetnikom kapitalskih instrumentov.
As such, the new commitment, although it differs in some features from the original commitment, is equivalent to the latter and cannot therefore be considered to confer an advantage on ÖVAG, Immigon, VBWB or the Verbund.
Kar zadeva kapitalsko udeležbo, mora družba ÖVAG v skladu s seznamom zavez, priloženih sklepu iz leta 2012 [23], povrniti 300 milijonov EUR do konca leta 2017, od tega pa mora skupina Volksbanken-Verbund prispevati, kolikor dovoljujejo minimalne zakonske zahteve.
Apart from the new commitment to pay an amount equivalent to the original value of the participation capital in ÖVAG on a newly instated profit participation right in VBWB, the new restructuring plan makes no other substantial modifications in relation to the Austrian State that could be interpreted as conferring an advantage on VBWB or the Verbund.
Iz besedila je razvidno, da je navedena zaveza v primeru skupine Volksbanken-Verbund izjava o nameri, ne pa pravno zavezujoča zahteva.
As the new restructuring plan does not confer an advantage on ÖVAG, Immigon, VBWB or the Verbund, there is no need to pursue the assessment of the cumulative State aid criteria.
Izplačila donosa na podlagi pravice do udeležbe pri dobičku bodo do leta [2020–2025] znašala 300 milijonov EUR minus kakršna koli plačila, prejeta v okviru likvidacije družbe ÖVAG.
On that basis, the Commission considers that the measures provided for in the new restructuring plan do not fulfil the conditions of Article 107(1) TFEU and, therefore, do not constitute new State aid to ÖVAG, Immigon, VBWB or the Verbund within the meaning of that provision.
Denarni tok, ki ustreza pravici do udeležbe pri dobičku, bo dodatno zagotovljen tako, da bo Avstrija prejela (a) delež v družbi VBWB, ki obsega 25 % in eno delnico (manjšina, ki lahko prepreči sprejetje) kot zavarovanje, in (b) pravico do imenovanja polovico članov nadzornega odbora banke VBWB.
ASSESSMENT OF THE LEGAL COMPATIBILITY OF THE MEASURES
Kumulativni pragovi za višino plačil pri pravici do udeležbe pri dobičku so naslednji:
As explained in Section 5.1, the new restructuring plan contains no new aid, while the aid for ÖVAG approved in the 2012 Decision is transferred to the Verbund as the economic successor of ÖVAG.
Prav tako bi Avstrija v primeru nespoštovanja pragov za višino plačil prejela dodatnih [1–15] % vseh delnic in pravico, da to zavarovanje izkoristi.
On the basis of the 2012 Decision, therefore, the Commission needs to establish whether the 2012 aid measures remain compatible with the internal market under the new restructuring plan and catalogue of commitments.
Poleg tega mora v tem primeru skupina Volksbanken-Verbund predložiti nov načrt prestrukturiranja, ki bi ga Avstrija nato morala priglasiti Komisiji.
That assessment must take place on the same legal basis that applied in the 2012 Decision, i.e. on the basis of the Recapitalisation Communication and the 2011 Prolongation Communication [19] and also the Restructuring Communication [20].
Komisija je ocenila vpliv novega dogovora glede povračila na načrt prestrukturiranja in sklenila, da je zadevni načrt dovolj stabilen za izvedbo načrtovanega povračila, ne da bi se pri tem nepotrebno obremenil delež temeljnega kapitala.
The recapitalisation granted to ÖVAG in the amount of EUR 250 million and the remaining participation capital in the amount of EUR 300 million will remain with Immigon and will, according to the plan, be completely consumed in the liquidation by 2017.
Vendar je Komisija ugotovila, da bi sočasno izvajanje vseh opredeljenih ukrepov za zmanjšanje tveganju prilagojene aktive [24] negativno vplivalo na donosnost banke, kar bi lahko ogrozilo tudi načrt povračil.
As explained in recital 93 of the 2012 Decision, the Restructuring Communication provides that the restructuring of a financial institution in the context of the current crisis is compatible with the internal market under Article 107(3)(b) TFEU only if it will restore the profitability of the bank, includes a sufficient own contribution and appropriate burden-sharing, and also contains sufficient measures to limit the distortion of competition.
Komisija meni, da nova zaveza o povračilu pomoči zagotavlja stalno združljivost obstoječe pomoči iz naslednjih razlogov:
With regard to those three elements, the Commission must check to what extent the changes submitted in the restructuring plan and in the catalogue of commitments preserve the compatibility of the measures established in the 2012 Decision.
z navedeno zavezo Avstrija prejme novo terjatev, ki je ustrezna zamenjava neplačani terjatvi do družbe ÖVAG.
Viability under the baseline scenario
Za družbo ÖVAG kot likvidirani subjekt se ne pričakuje, da bo kapitalsko udeležbo povrnila v večji meri kot to omogočajo presežki, ostali po njeni likvidaciji;
As explained in recital 71, the 2012 aid is transferred to the Verbund, which is also fully covered by the new restructuring plan.
kombinacija kumulativnih vrednosti pragov in prostovoljnih izplačil donosa na dividende, opisana v nadaljevanju [25], je ustrezen kompromis med zagotavljanjem povračila pomoči in ponovno vzpostavitvijo uspešnega poslovanja skupine Volksbanken-Verbund;
Here it is necessary to examine whether the long-term profitability of the Verbund in its new form under the restructuring plan will be re-established by 2019.
na podlagi tega se podaljšanje časovnega razporeda plačil lahko sprejme;
To that end, Austria has submitted a financial plan running up to 2019, which includes a baseline scenario and a stress scenario for the entire Verbund, on the basis of which the Commission carried out its analysis.
Avstrija ima možnost, da po potrebi uporabi svojo pravico, da prepreči sprejetje in po potrebi spremeni načrt prestrukturiranja.
The transformation of the structure of the Verbund itself through the merging of the local primary banks into regionally organised institutions can be assessed as beneficial in so far as the existing differences in the Verbund with regard to capital contribution and profitability will be somewhat equalised and economies of scale and potential synergies can be exploited.
Kar zadeva prepoved izplačila dividend, zadevna spremenjena zaveza [26], priložena sklepu iz leta 2012, velja še naprej.
The graph below clearly shows that in a comparison between the old and new Verbund the spread in the CET1 capital ratio and RoE is reduced.
Na podlagi nove zaveze se lahko dividende razdelijo zunanjim vlagateljem, če:
With less than [10-20] % per annum in staffing costs and less than [5-10] % per annum in non-staffing costs, the Commission is of the opinion that a rather cautious approach has been adopted and that further synergies might be available than those already included into the plan.
se je pravica do udeležbe pri dobičku prednostno uveljavljala v vsaj enakem znesku v skladu z dogovorjenimi pragovi in v istem letu;
The business strategy of the Verbund in its new form remains essentially unchanged.
se je zbral nov, zunanji temeljni kapital vsaj v višini morebitnega plačila dividend in dodatnega nadomestila.
The focus is clearly placed on local and regional clients both in the private and commercial customer segments and on business with small and medium-sized companies.
Komisija meni, da kombinacija prednostne narave obveznosti povračila, nadomestila in zbranega svežega zunanjega temeljnega kapitala zadošča za zagotovitev, da se pomoč ne uporabi kot donos kapitala in da se morebitne dividende plačajo izključno iz presežnih prihodkov.
Those business activities already make up the bulk of the portfolio, are profitable, and were not considered to be problematic in the 2012 Decision.
Na splošno Komisija meni, da novi sklop zavez zagotavlja združljivost obstoječe pomoči v zvezi z lastnim prispevkom in porazdelitvijo bremena.
In the baseline scenario, the interest-bearing assets in those areas increase by around [5-7] % until 2019 and thus by less than half of the predicted real economic growth of around 15 % over this same period [21].
Ukrepi za omejevanje izkrivljanja konkurence
It is only in special business areas, such as, for example, securities investment services, that higher growth rates are envisaged.
Komisija mora oceniti, ali lahko novi sklop zavez ustrezno zamenja zaveze iz leta 2012, da se zagotovi stalna združljivost obstoječe pomoči za skupino Volksbanken-Verbund.
Given the very limited initial size of those businesses, higher growth assumptions are justified.
V skladu s tem je treba proučiti, ali so izkrivljanja konkurence zaradi pomoči skupini Volksbanken-Verbund omejena v največji možni meri.
On the liabilities side, the particular relevance of business with private clients' deposits must be stressed (around 80 % of all liabilities).
Zaveze iz leta 2012 so v zvezi z družbo ÖVAG vključevale naslednje ukrepe za omejitev izkrivljanj konkurence:
That type of funding is rated under Basel III as especially reliable and counts correspondingly highly in funding indicators such as the Liquidity Coverage Ratio and the Net Stable Funding Ratio.
Kar zadeva izkrivljanje konkurence, novi sklop zavez, priložen temu sklepu, ohranja prvotno ravnovesje.
The Verbund has also supplied proof of the particular stability of the deposit business even during the crisis, so that the Commission finds the Verbund's funding situation to be a particular strength.
Z likvidacijo družbe ÖVAG sta se obravnavali zlasti vprašanji zmanjšanja bilančne vsote in tveganju prilagojene aktive, vprašanje osrediščenja na funkcije osrednje organizacije skupine Volksbanken-Verbund pa se je obravnavalo s prenosom navedenih funkcij na banko VBWB.
In the deposit business too, growth by 2019 is at around [5-7] % and over 50 % lower than predicted real economic growth.
V novem sklopu zavez so ohranjene prepovedi določanja cen, prevzemov in oglaševanja s pomočjo državne pomoči, pa tudi obstoječi ukrepi v zvezi z ravnanjem.
Risk assumptions with regard to the various credit portfolios appear plausible.
Kar zadeva določanje cen, banka Live Bank strankam ne bo smela nuditi obrestnih mer, kar velja za vse roke dospelosti, ki so višje od obrestnih mer v ponudbi tretjega najboljšega konkurenta na neposrednem spletnem bančnem trgu.
In the baseline scenario, the planned values for risk provisioning and impairments correspond to standard risk cost rates of approximately [7-15] basis points for private client business and [30-45] basis points for commercial client business.
Kar zadeva prevzeme, skupina Volksbanken-Verbund ne bo smela pridobiti kontrolnih ali manjšinskih deležev in paketov sredstev.
Those assumptions seem appropriate for the economic situation in the Austrian credit business, although not conservative.
Edini izjemi od te prepovedi sta (a) prevzemi, ki so potrebni za ohranjanje finančne stabilnosti ali stabilnosti na ravni skupine Volksbanken-Verbund, oziroma prevzemi, ki se izvedejo zaradi zagotavljanja učinkovite konkurence, če te prevzeme predhodno odobri Komisija, in (b) prevzemi, ki spadajo med običajne tekoče dejavnosti skupine Volksbanken-Verbund v smislu upravljanja obstoječih obveznosti strank v finančnih težavah.
The plan according to the baseline scenario will bring the Verbund from a negative after-tax RoE with a CET1 of [9-11] % in 2015 to an after-tax RoE of [8-9] % with a CET1-ratio of [11-13] % in 2019.
Kar zadeva oglaševanje, skupina Volksbanken-Verbund ne bo smela oglaševati dodeljenih ukrepov državne pomoči ali kakršnih koli prednosti, ki iz njih izhajajo.
In view of the moderate risk profile of the Verbund's business model, the planned after-tax RoE can be assessed as an appropriate remuneration of capital.
Kar zadeva ukrepe v zvezi z ravnanjem, bo skupina Volksbanken-Verbund ohranila ustrezne sisteme povračil in obvladovanja tveganja.
The considerations in recitals 94 to 98 on the financial planning with regard to growth, liquidity, costs, risk management and profitability allow the Commission to conclude that the planning is solid, that it has been calculated on the basis of essentially cautious assumptions, and that it is likely to ensure the long-term profitability of the Verbund and thus its ability to access the capital market.
Natančneje, sistemi povračil skupine Volksbanken-Verbund bodo pregledni, temeljili bodo na spodbudah, ki preprečujejo neprimerno tveganje, in bodo v skladu s trajnostnimi dolgoročnimi poslovnimi cilji.
Viability under the stress scenario
Sistem skupine Volksbanken-Verbund za obvladovanje tveganja se bo razvil še naprej, z namenom, da se izvaja preudarna, trdna in trajnostna poslovna politika.
That assessment of long-term profitability and of viability is also confirmed by the stress scenario provided at the same time.
Komisija ob upoštevanju navedenega meni, da novi sklop zavez ustrezno omejuje izkrivljanje konkurence zaradi obstoječe državne pomoči, dodeljene skupini Volksbanken-Verbund –
While longer-lasting low interest rates exert pressure on the interest margin, the credit crisis also has to be simultaneously financed through higher risk provisioning and impairments as well as a generally higher risk weighting of loan stocks resulting in higher capital requirements.
Člen 1
Given the reduced yields and the higher risk provisioning and impairments, the Verbund would make significant losses in 2015 and further light losses in 2016.
Ukrepi iz načrta prestrukturiranja z dne 23. junija 2015 in pripadajoči sklop zavez ne pomenijo nove državne pomoči.
However, it is clear that even without taking countermeasures such as a cost saving programme or adjusting pricing margins accordingly the resulting losses can be met out of the core capital ratio at the time, and will affect the Verbund's long-term yield position only to a limited extent.
Ukrepi iz načrta prestrukturiranja z dne 23. junija 2015 in pripadajoči sklop zavez so takšni, da ukrepi iz člena 1(1) Sklepa 2013/298/EU ostajajo združljivi z notranjim trgom.
Supervisory requirements
Člen 2 Sklepa 2013/298/EU se nadomesti z naslednjim:
Following on from the capital shortfall identified in the supervisory authority's Comprehensive Assessment of 2014, the Verbund has currently been given the objective of achieving a CET1 core capital ratio of 14,63 % by 26 July 2015.
„Člen 2
The current financial planning will not deliver such a capital ratio.
Avstrija zagotovi, da se bo načrt prestrukturiranja, ki je bil predložen 23. junija 2015, izvedel v celoti, vključno z zavezami iz Priloge k temu sklepu.“
Moreover, the Commission notes that the measures taken to neutralise the Verbund's risk stemming from the exposure to Immigon [22] have a detrimental impact on the CET1-ratio roughly equivalent to [0-2] %.
Priloga k Sklepu 2013/298/EU se nadomesti s Prilogo k temu sklepu.
In addition, the submitted planning is based on the assumption that the Immigon exposure can be reduced in […] and […] through further sales.
Člen 3
These sales would lead to an overall expected loss from the exposure of EUR [0-200] million with an additional downside risk of a further EUR [0-100] million if sales cannot be achieved and the EUR [0-200] million first loss piece is fully consumed.
Ta sklep je naslovljen na Republiko Avstrijo.
Additional losses of EUR [0-100] million would further reduce the CET1-ratio by [0-2] percentage points.
V Bruslju, 2. julija 2015
On the other hand, the Verbund has also identified measures to further reduce its RWA beyond the measures already included in the financial planning.
Za Komisijo
Further possible measures include a securitisation structure for a credit portfolio of small and medium-sized enterprises and the sale of start:bausparkasse and IMMO-Bank, which would increase the core capital ratio to up to [10-15] % when taking into account the necessary threshold payment on the Austrian profit participation right.
Članica Komisije
Here, the Commission notes that the simultaneous implementation of all these measures — if required — could have a detrimental impact on the future profitability of the bank.
UL C 46, 17.2.2012, str. 3.
However, given the limited size of downside risks and the scope of the already identified RWA measures, the Commission considers that there is a sufficient buffer in the plan to limit the impact on viability.
Sklep Komisije z dne 9. decembra 2008 v zadevi o državni pomoči N 557/2008 – Maßnahmen nach dem Finanzmarktstabilitäts- und dem Interbankmarktstärkungsgesetz für Kreditinstitute und Versicherungsunternehmen in Österreich, UL C 3, 8.1.2009, str. 2.
This view is further strengthened by the positive decision the supervisor has taken regarding the approval of measures (a) to (c) in recital 35 with a view to allowing their entry into the Austrian corporate register.
Prvo podaljšanje programa, vključno z nekaterimi spremembami, je bilo odobreno 30. junija 2009 (UL C 172, 24.7.2009, str. 4), drugo podaljšanje 17. decembra 2009 (UL C 28, 4.2.2010, str. 6), tretje podaljšanje 25. junija 2010 (UL C 250, 17.9.2010, str. 4) in četrto podaljšanje 16. decembra 2010 (UL C 20, 21.1.2011, str. 3).