natgillin/translations-raw huggingface dataset:
The additional premium is further subject to a debtor warrant (‘Besserungsschein’) protecting the capital ratio of the bank.
Poleg zavez, ki se nanašajo na razdelitev HoldCo in OpCo in razdelitev plačil provizij za jamstvo, opisanih v oddelku 2.2.2, je Nemčija predložila nadaljnje zaveze.
If the bank's common equity ratio falls below the minimum ratio of 10 % core equity capital ratio (‘CET1 ratio’) payments will be deferred up to at the latest [2030-2040] [11].
Če bo prodajni postopek uspešno zaključen s pozitivno ponudbeno ceno brez pomoči (ob ohranitvi jamstva), bo Komisija obveščena o nameri za nakup, da bo lahko ocenila uspešnost poslovanja nove pravne osebe.
The guarantee provider has the right to give up its rights to the additional premium in case of a successful sale of the bank.
Prodaja ne bo izvedena pred sprejetjem odobritvenega sklepa Komisije [20].
The 2016 measures
Po uspešni prodaji bo banka spremenila svoje ime [21].
On 21 March 2016, Germany notified the following two measures:
Če prodajni postopek ne bo uspešno zaključen v roku, tj. se ne bo zaključil s pozitivno ponudbeno ceno brez pomoči (ob ohranitvi jamstva), ali če bo Komisija sklenila, da integracija OpCo z novo pravno osebo ne vodi do dolgoročno uspešnega poslovnega modela, se je Nemčija zavezala, da bo OpCo urejeno prenehal z novim poslovanjem in svoja sredstva upravljal samo s ciljem prenehanja v skladu s predpisi [22].
the split of HSH into a holding company (‘HoldCo’) and an operating subsidiary (‘OpCo’) and the distribution of the guarantee fee payment obligations across those two entities (‘2016 measure 1’);
V obdobju do roka prodaje so se nemški organi zavezali, da bo HoldCo upravljal OpCo s ciljem ohranjanja uspešnosti poslovanja, konkurenčnosti in primernosti za prodajo [23].
the transfer of up to EUR 6,2 billion of assets from OpCo to the Länder of Schleswig-Holstein and the City of Hamburg (‘Länder’) at market prices (‘2016 measure 2’).
S tem ciljem bodo izvedeni nadaljnji ukrepi za znižanje stroškov OpCo (administrativni stroški ne bodo presegli [570–590] milijonov EUR v letu 2016 in [520–550] milijonov EUR v letu 2017), za krepitev kapitalske osnove (npr. s prostovoljnim upravljanjem obveznosti z odobritvijo Komisije), za izvedbo preudarnega upravljanja tveganj in neizplačilo dividend ali drugih plačil pri instrumentih, kot so hibridni kapitalski instrumenti, ki so odvisni od dobičkonosnosti [24].
The split and the transfer of up to EUR 6,2 billion of assets EAD are detailed in the relevant commitments that are included in a catalogue (‘the commitment catalogue’) which Germany submitted with the notification of 21 March 2016 and which is annexed to this decision (see Annex I) [12].
Poleg tega je Nemčija zavezana nadaljevanju spoštovanja nekaterih zavez, ki so dodatek sklepu iz leta 2011, kot je ta, da se OpCo ne bo lotevala financiranja zrakoplovov [27], ne bo sodelovala pri zunanji rasti z nakupi nadzornih deležev v drugih družbah [28], ne bo izvajala namenskega trgovanja za lastni račun [29] in ne bo oglaševala odobritve državne pomoči ali posledičnih prednosti v primerjavi s konkurenco [30].
Under the 2016 measure 1, OpCo will retain all the operating assets and liabilities of HSH including the assets under guarantee, the guarantee itself and the banking license.
Nenazadnje se je Nemčija zavezala, da bo OpCo delovala v skladu z določenimi likvidnostnimi merili uspešnosti [31] in omejitvami, ki se nanašajo na plačila zaposlenim v OpCo in članom njenih odborov ter drugih organov.
As the fee payment for retaining the guarantee benefit, OpCo will pay 2,20 % of remuneration on the unused part of the guarantee [13].
Skupna plačila vsem posameznikom ne bodo presegla petnajstkratnika povprečne plače v Nemčiji ali desetkratnika povprečne plače v banki HSH Nordbank (pred razdelitvijo) [32].
All other obligations under the guarantee contract will be borne by HoldCo, namely the 2,20 % base premium as remuneration on the used part of the guarantee, the 1,80 % base premium foreseen as claw-back under the 2011 decision and the 3,85 % additional premium including the Besserungsschein [14].
Vzroki za začetek postopka
HoldCo will be a pure financial holding company without any operational business.
Kot je bilo omenjeno v uvodnih izjavah 2 in 15, je bila zgornja meja jamstva v letu 2011 zmanjšana na 7 milijard EUR, vendar jo je bilo treba junija 2013 zaradi poslabšanja stanja na trgu ladijskega prometa od leta 2011 ponovno povečati na začetno raven 10 milijard EUR (glej uvodni izjavi 16 in 17).
HoldCo's assets will consist of at least 90 % of the shares of OpCo and some limited liquidity provided by OpCo [15] in order to cover HoldCo's operating costs and the guarantee fee payments as they fall due.
Nemčija je ponovno povišanje priglasila.
HoldCo's liabilities will consist of the guarantee fee payment obligations taken over in the split.
Vendar je Komisija v sklepu o začetku postopka odločila, da je ponovno povečanje nova pomoč.
In order to minimise the risk of insolvency of HoldCo, a subordination agreement will be concluded between HoldCo and the guarantee provider for those liabilities.
Prvič, povečanje jamstva je odobrila javnopravna ustanova Finanzfonds, ki je v lasti mesta Hamburg in zvezne dežele Schleswig-Holstein, torej izvira iz državnih virov in podpira mednarodno dejavno banko ter zato vpliva na konkurenco v bančnem sektorju in ima vpliv na trg znotraj Unije [35].
Under that agreement, any payments which HoldCo cannot service can be deferred to the next payment date against an interest rate of 10 %.
Ker jamstvo pod takšnimi pogoji ne bi bilo zagotovljeno zasebnemu vlagatelju, je banki HSH zagotovilo prednost, ki pomeni državno pomoč v smislu člena 107(1) PDEU [36].
That transfer can happen in various tranches [16].
Ker povečanje zneska zgornje meje jamstva ni bilo določeno v pogojih jamstva, odobrenega s sklepom iz leta 2011, je zahtevalo spremembo prejšnjih pogojev.
The Commission has carried out an independent verification of the market price prior to the asset sale based on an independent asset valuation.
Posledično je Komisija odločila, da je bilo povečanje odobritev novega jamstva [37].
If any transfer occurs after the end of August 2016, a further valuation by the Commission of the market value will be required [17].
V zvezi z začasno združljivostjo pomoči je Komisija svojo oceno v sklepu o začetku postopka utemeljila s členom 107(3)(b) PDEU, po katerem je državna pomoč lahko obravnavana kot združljiva z notranjim trgom, kadar je njen namen „odprava resne motnje v gospodarstvu države članice“.
Commitments
V luči še vedno negotovega položaja finančnih trgov je Komisija priznala, da bi propad banke HSH lahko neposredno vplival na finančne trge in torej celotno nemško gospodarstvo [38].
Apart from the commitments relating to the split into HoldCo and OpCo and the division of the guarantee fee payments described under section 2.2.2, Germany submitted further commitments.
Kar zadeva načela, ki se uporabljajo za državno pomoč finančnim institucijam, se je Komisija sklicevala na točko 15 Sporočila o bančništvu iz leta 2008 [39], pri čemer so bila ta načela v času sklepa o začetku postopka podrobneje razčlenjena v Sporočilu o dokapitalizaciji [40] in Sporočilih o podaljšanju iz let 2010 in 2011 [41].
They concern, first, the commitment to sell HoldCo's shares in OpCo by means of an open, non-discriminatory, competitive and transparent bidding procedure by 28 February 2018 at the very latest [18].
Kot omenjeno je Nemčija v letu 2013 trdila, da tudi če Komisija povečanje zgornje meje jamstva obravnava kot novo pomoč, je ta s sklepom iz leta 2011 že bila sprejeta kot združljiva, zato je Komisija zavezana tej oceni in ne more sprejeti drugačnega zaključka [42].
If the sale procedure is concluded successfully with an aid-free, positive price offer (while retaining the guarantee), the intended purchase will be notified to the Commission for the latter to assess the viability of the new entity.
Takratni načrt prestrukturiranja je predvideval, da bo banka HSH plačala provizije za le 7 milijard EUR jamstva [43].
The purchase will not be implemented before an approval decision of the Commission [20].
Komisija je v sklepu o začetku postopka navedla tudi, da so bili dejavniki, ki so bili pomembni za oceno združljivosti nove pomoči, pomembni tudi za prejšnjo oceno, vendar jih je bilo treba preučiti v trenutni obliki.
Upon a successful sale the bank will change its name [21].
Ob upoštevanju navedenega je bilo zlasti pri oceni uspešnosti poslovanja banke HSH za odločitev o združljivosti pomoči treba upoštevati prevladujoči gospodarski položaj [44].
If the sale procedure is not concluded successfully within the deadline, i.e. should the procedure not result in an aid-free, positive price offer (while retaining the guarantee) or if the Commission concludes that the integration of OpCo in the new entity does not lead to a long-term viable business model, Germany has committed that OpCo would stop its new business and only manage its assets with the aim of an orderly winding-down [22].
V tem okviru je Komisija ugotovila, da se je gospodarski položaj v sektorju ladijskega prometa, ki je ključna dejavnost banke HSH in torej že v sklepu iz leta 2011 prepoznan kot težava za uspešnost poslovanja banke, v vmesnem času še poslabšal.
During the period up to the sale deadline, the German authorities committed that HoldCo would manage OpCo with the aim of retaining its viability, competitiveness and saleability [23].
Kriza v ladijskem prometu se je izkazala za daljšo in globljo od pričakovanj, vplivala je na kreditno sposobnost financiranja ladij nasploh in povečala tveganju prilagojeno aktivo banke HSH [45].
To that end, further measures will be carried out to reduce OpCo's costs (with the administrative costs not exceeding EUR [570-590] million in 2016 and EUR [520-550] million in 2017), to strengthen its capital base (e.g. by voluntary liability management subject to the Commission's approval), to carry out a prudent risk management and not pay dividends or make other payments on instruments, such as hybrid capital instruments, that depend on profitability [24].
Komisija je v sklepu o začetku postopka navedla, da bo povečanje jamstva povzročilo plačilo višjih provizij za jamstvo v višini približno 1 milijarde EUR, ti dodatni stroški pa bi močno vplivali na prihodnjo dobičkonosnost banke HSH [46].
As regards ship financing, OpCo will reduce further those activities and restrict its new business in that area to EUR [1-2] billion.
Ker banka HSH ni dosegla osnovnih finančnih napovedi iz načrta prestrukturiranja iz leta 2011 in ni razvila novih poslovnih dejavnosti do pričakovanega obsega, se je Komisija spraševala, ali je treba prilagoditi poslovno strategijo in ali je treba sprejeti druge ukrepe, s katerimi bi se obnovila dolgoročna uspešnost poslovanja banke [47].
Germany is, moreover, committed to continue to comply with some of the commitments annexed to the 2011 decision, such as OpCo not pursuing aircraft financing activities [27], not engaging in external growth by acquiring control over other companies [28], not carrying out dedicated proprietary trading [29], and not advertising the grant of State aid or the resulting advantages in comparison with competitors [30].
Zato je Komisija izrazila dvome, da bo banka HSH dosegla uspešnost poslovanja, kot je bilo predvideno v sklepu iz leta 2011, in prosila za nadaljnje informacije za potrditev domnev iz poslovnega načrta ter predloženih obetov za trge ladijskega prometa in dokaze, da provizije za dodatno jamstvo ne bodo presegle finančnih zmožnosti banke tudi pri scenariju izjemnih situacij [48].
Finally, Germany committed that OpCo would comply with certain liquidity benchmarks [31] and with restrictions regarding the remuneration of OpCo's employees and members of its boards and other bodies.
Vendar Komisija v sklepu o začetku postopka ni izrazila dvomov v povezavi z delitvijo bremena ali ukrepi v zvezi s konkurenco, odobrenih s sklepom iz leta 2011, in navedla, da ker je nova pomoč ostala znotraj meja ukrepa, odobrenega v letu 2011, so ti ukrepi v tej fazi še primerni [49].
Therefore, the total remuneration of any of those individuals will not exceed 15 times the national average salary in Germany or 10 times the average salary of HSH Nordbank (before the split) [32].
V luči potrebe po povečanju jamstva in dejstva, da je bilo plačilo primerno, je Komisija zaključila, da je bila pomoč začasno združljiva z notranjim trgom [50].
Grounds for initiating the procedure
PRIPOMBE NEMČIJE
As mentioned in recitals 2 and 15, the ceiling amount of the guarantee was reduced to EUR 7 billion in 2011 but had to be re-increased back to the initial level of EUR 10 billion in June 2013 due to a deterioration of the shipping market since 2011 (see recitals 16 and 17).
Po mnenju Nemčije je odločilen gospodarski učinek ponovnega povečanja na položaj zveznih dežel kot garantov, njun položaj pa se zaradi ponovnega povečanja ni spremenil, zlasti ker se verjetnost uporabe tranše ponovno povečanega jamstva ni močno povečala.
Germany notified the re-increase.
Še več, ponovno povečanje je bilo v veliki meri skladno z začetnim skupnim jamstvom, ki ga je Komisije že analizirala v okviru sklepa iz leta 2011, ne samo na temelju osnovnega, ampak tudi najslabšega scenarija [52].
It took the position that the guarantee constituted aid but doubted that re-instating a ceiling amount of EUR 10 billion was to be considered new aid since exactly the same upper threshold had been already approved in the 2011 decision [33].
Trdila je, da odstopanja od poslovnega načrta, do katerih je prišlo v vmesnem času, ne upravičujejo drugačnih zaključkov.
It furthermore argued that, even if the Commission were to consider the re-increase to be new aid, it was already found compatible under the 2011 decision [34].
Zamik dveh do treh let pri delnem preklicu jamstev bo zagotovil vzdržnejši in manj tvegan poslovni model glede na krizo v ladijskem prometu, ki še zmeraj traja, in v skladu z zahtevami nadzornih organov.
However, the Commission decided that re-increase was new aid in the Opening decision.
Plačila višjih provizij, ki jih mora banka plačati zaradi ponovnega povečanja jamstva, bodo zanjo vzdržna, če bo imela zadostno kapitalsko osnovo in glede na druge ukrepe, ki so del načrta prestrukturiranja, odobrenega s sklepom iz leta 2011.
First, the increase of the guarantee was granted by the Finanzfonds, owned by Hamburg and Schleswig-Holstein, thus stemming from State resources and supporting an internationally active bank, thereby affecting competition in the banking sector and having an impact on intra-Union trade [35].
Končno je Nemčija navedla, da so potrebo po ponovnem povečanju jamstva povzročili zunanji dejavniki, kot so nadaljevanje finančne krize, vedno večje regulativne zahteve za finančne institucije in spremembe računovodskega standarda International Financial Accounting Standards (v nadaljnjem besedilu: IFRS) za izračun kapitalskih kvot.
Since the guarantee at such conditions would not have been provided by a private investor, it gave HSH an advantage constituting State aid within the meaning of Article 107(1) TFEU [36].
Po predložitvi teh pripomb je Nemčija nadaljevala s tesnim sodelovanjem s Komisijo in posredovala več posodobljenih načrtov prestrukturiranja.
Secondly, although Germany took the position that the re-increase could not be considered as new aid since the ceiling amount EUR 10 billion had already been approved by the 2011 decision, the Commission explained in the Opening decision that the cancellation of a guarantee is of a binding character and that any re-instatement had to be considered as a new agreement between guarantor and the guarantee holder, based on a new economic assessment of the risk factors that may have changed over time.
Posledica teh naporov je bil glavni oris ukrepov iz leta 2016, ki jih je Nemčija oktobra 2015 uskladila s Komisijo.
Since an increase of the ceiling amount of the guarantee was not provided for in the terms and conditions of the guarantee approved by the 2011 decision, it required a change of the previous terms and conditions.
21. marca 2016 je Nemčija ponovno priglasila ponovno povečanje jamstva v letu 2013 kot državno pomoč za prodajo ali, če prodaja ne uspe, prenehanje banke HSH.
Consequently, the Commission decided that the increase was the granting of a new guarantee [37].
OCENA UKREPOV
Regarding the temporary compatibility of the aid, the Commission based its assessment in the Opening decision on Article 107(3)(b) TFEU according to which State aid may be considered to be compatible with the internal market where it is intended to ‘remedy a serious disturbance in the economy of a Member State’.
Kar zadeva ukrep iz leta 2013, tj. ponovno povečanje jamstva s 7 milijard EUR na 10 milijard EUR, kar je bilo začasno odobreno s sklepom o začetku postopka, je Komisija že odločila, da ukrep pomeni državno pomoč [54].
In view of the still fragile situation of the financial markets, the Commission acknowledged that a breakdown of HSH could directly affect the financial markets and thus the entire economy of Germany [38].
Čeprav je Nemčija v svojih pripombah na sklep o začetku postopka (glej uvodno izjavo 49) zavzela stališče, da ponovno povečanje ni pomenilo nove pomoči, in če jo bi, bi bila krita z razlogi za odobritev iz leta 2011, tega stališča ni podrobneje razdelala ali predložila dokazov, ki bi ga podprli.
As to the principles applicable to State aid for financial institutions the Commission referred to point 15 of the 2008 Banking Communication [39], that at the time of the Opening decision had been further elaborated in the Recapitalisation Communication [40] and in the 2010 and 2011 Prolongation Communications [41].
Končno je s ponovno priglasitvijo ponovnega povečanja „kot državne pomoči v smislu člena 107(1) PDEU“ [55], ki bo uporabljena za prodajo ali prenehanje banke HSH, Nemčija potrdila oceno Komisije.
As mentioned, Germany claimed in 2013 that, even if the Commission were to consider the increase of the guarantee ceiling to be new aid, it had already been found compatible under the 2011 decision so that the Commission would now be bound by that assessment and could not come to a different conclusion [42].
Posledično Komisija v trenutnem sklepu potrjuje svojo ugotovitev iz sklepa o začetku postopka o obstoju državne pomoči v tem ukrepu iz razlogov iz tega sklepa in brez ponovne ocene.
The Commission explained in the Opening decision that, although it had indeed decided in 2011 that the EUR 10 billion ceiling amount was compatible with the internal market, that assessment was based on the Commission's evaluation of the guarantee as notified by Germany on 30 April 2009 and in light of the economic situation at the moment it adopted the 2011 decision and of the financial projections that HSH presented as basis for the examination in that decision.
Komisija mora kljub temu oceniti, ali ukrepi iz leta 2016 vsebujejo državno pomoč [56].
Thus, the restructuring plan at that time assumed that HSH would pay guarantee fees for only a EUR 7 billion guarantee [43].
Končno mora Komisija oceniti, ali je zadevne ukrepe pomoči, ukrep iz leta 2013 in ukrepe iz leta 2016 (če vsebujejo pomoč), mogoče obravnavati kot združljive z notranjim trgom.
The Commission also noted in its Opening decision that the factors relevant for the assessment of the compatibility of the new aid were also relevant for the previous assessment but that they had to be examined in their current form.
Obstoj pomoči v ukrepih iz leta 2016
Against that background, in particular the assessment of HSH's viability had to take account of the prevailing economic situation in order to decide on the compatibility of the aid [44].
Komisija ugotavlja, da po mnenju nemških organov v okviru ukrepov iz leta 2016 ne bo odobrena nobena dodatna državna pomoč.
Thus, the shipping crisis had proven to be longer and deeper than expected, affected the creditworthiness of ship financing in general and resulted in an increase of risk-weighted assets held by HSH [45].
Ti določbi sta bili vključeni, da bi kar najbolj zmanjšali tveganje za insolventnost HoldCo.
The Commission also noted in the Opening decision that the increase of the guarantee would result in higher guarantee fee payments of approximately EUR 1 billion and that those additional costs would significantly affect HSH's future profitability [46].
Nanašata se na obveznosti, ki jih je treba plačati lastnikom iz javnega sektorja kot plačilo in, če ukrep št. 1 iz leta 2016 zagotavlja prednost banki HSH, lahko ti elementi pomenijo izgubo javnih sredstev.
For those reasons the Commission expressed doubts that HSH would return to viability as assumed in the 2011 decision and asked for further information corroborating the assumptions of the business plan and the submitted outlook for the shipping markets as well as for evidence that the additional guarantee fees would not overstretch the bank's financial capacities even in a stress scenario [48].
Ukrep št. 1 iz leta 2016, spremembo strukture plačila provizije, gre pripisati lastnikom iz javnega sektorja javnopravne ustanove Finanzfonds in torej državi.
The Commission, however, did not express doubts in the Opening decision regarding burden-sharing or about the competition measures approved by the 2011 decision and stated that, since the new aid stayed within the boundaries of the measure approved in 2011, those measures were still adequate at that stage [49].
Odgovornost se kaže z dejstvom, da je sprememba del večjega paketa ukrepov, pri pripravi katerih so bile dejavno vključene zvezne dežele.
In view of the necessity of the guarantee increase and the fact that remuneration was considered appropriate, the Commission concluded that the aid was temporarily compatible with the internal market [50].
Ukrepi iz leta 2016 so izključno v korist banke HSH.
COMMENTS FROM GERMANY
Torej so selektivni.
Germany in its comments on the Opening decision [51] repeated, first, the initial position that the re-increase of the guarantee was no new aid measure since the re-increase did not exceed the ceiling of EUR 10 billion approved by the 2011 decision.
Imajo potencial, da izkrivijo konkurenco s tem, da preprečujejo običajno delovanje tržnih sil.
In Germany's view, the economic effect of the re-increase on the situation of the Länder as guarantors is decisive, and their situation did not change as a consequence of the re-increase, in particular because there was no significantly increased probability of use of the re-increased guarantee tranche.
Da bi določila naravo pomoči v ukrepih iz leta 2016, mora Komisija oceniti vprašanje, ali je banki HSH z ukrepi iz leta 2016 podeljena dodatna prednost poleg tiste, ki jo je pridobila že z ukrepi iz leta 2013.
Moreover, the re-increase was to a large extent congruent with the initial, full guarantee which the Commission had already analysed in the context of the 2011 decision, not only on the basis of a base case but also on the basis of a worst-case scenario [52].
Preden lahko oceni dodatno prednost v ukrepih iz leta 2016, se mora Komisija sklicevati na delovanje jamstva, da bo lahko ocenila vpliv, ki ga bo imela uvedba ukrepov iz leta 2016 v predlagani obliki na delovanje jamstva.
Secondly, Germany confirmed its earlier view that the re-increase, even if qualified as new aid, was covered by the reasons for the approval in 2011 as the Commission noted in the Opening decision when stating that it had no doubts — at that stage — that the burden-sharing and competition measures that were considered as appropriate and sufficient in the 2011 decision were still adequate in view of the new aid staying within the boundaries of the measures approved in the 2011 decision [53].
Delovanje jamstva in vpliv ukrepov iz leta 2016
According to Germany, the Commission is bound by the reasons it had given for approving the aid in the 2011 decision.
Jamstvo za drugo izgubo, kot je bilo odobreno s sklepom iz leta 2011, je v obliki sintetičnega listinjenja.