natgillin/translations-raw huggingface dataset:
The Commission also takes a positive view of the decreased reliance on unsecured funding from the inter-bank market, as illustrated in Table 6.
Prvič, hranilnice imajo trenutno v lasti posamezne tihe udeležbe, ki skupaj znašajo približno [770–810] milijonov EUR, kot je pojasnjeno v uvodni izjavi 76, pri čemer so se hranilnice za izboljšanje kakovosti kapitala banke in zagotovitev, da se kapital, ki ga zagotovijo hranilnice, še naprej šteje za temeljni kapital prvega reda EBA, dogovorile, da bodo ponovno odkupile te tihe udeležbe […].
point 13 of the Restructuring Communication indicates that long-term viability is achieved when the bank is able to provide an appropriate return on equity, taking into account its risk profile.
Združenje hranilnic bo ponovno vložilo [810–840] milijonov EUR v lastniški kapital in s tem povečalo svoj delež v banki BayernLB [70].
In the absence of repayment the bank would not be able to generate a sufficient RoE to be competitive in the market for capital.
Hranilnice tako ne bodo več upravičene do zanesljivejših plačil obresti, pri čemer prepoved izplačila dividend pomeni, da srednjeročno ne bodo prejemale zadevnih plačil dividend.
After restructuring, the bank would generate an RoE of [5-10] %, assuming a 10 % capital ratio.
Drugič, združenje hranilnic se je dogovorilo o nakupu družbe LBS po pošteni ceni 818,3 milijona EUR do konca leta 2012.
The RoE calculations in Table 4 assume a capital ratio of 10 %, which was the EBA core Tier 1 ratio recorded by the EBA for BayernLB in the December 2011 capital exercise.
Združenje hranilnic v določitev cene ni vključilo popusta, s katerim bi se upoštevalo, da so hranilnice glavna distribucijska veriga za produkte družbe LBS, kar bi zasebni vlagatelj prav lahko naredil.
It is also the ratio used by BayernLB to present the RoE in its projections (see Table 4).
Na podlagi vseh teh ukrepov se bo delež, ki se je prvotno zmanjšal na 6 %, bistveno povečal, morda do 25 %.
However, in the absence of repayment, the capital ratio of the bank would be substantially higher (as explained in recital 159, the capital ratios of BayernLB could have been increased from the 10 % December 2011 level on the basis of projections of profits sustained throughout the period only if such profits were to be retained), so that the RoE would be lower than that projected.
Nazadnje je treba omeniti, da bo Nemčija v celoti vrnila tisti del jamstva za sredstva, ki presega realno ekonomsko vrednost.
Through the additional reductions of EUR 10 billion in risk positions committed to by Germany, combined with the repayment schedule laid down in Annex II, the level of the RoE is re-established at around [7-12] % in 2016.
Porazdelitev bremena med banko in njenimi delničarji se tako lahko šteje za primerno; pomisleki, ki so bili v zvezi s tem izraženi v sklepu o začetku postopka, so bili odpravljeni.
That improvement of the RoE is possible because of the profit-neutral way in which the additional risk position reduction will be achieved, as committed to by Germany.
Ukrepi za omejevanje izkrivljanja konkurence
The feasibility of such profit-neutral reductions has been shown to be plausible on the basis of two illustrative scenarios which the bank might implement.
Sporočilo o prestrukturiranju določa, da bi moral načrt za prestrukturiranje vključevati ukrepe za omejevanje izkrivljanja konkurence.
However, the reductions can achieve the viability requirement of sufficient profitability only as long as the capital generated is used to repay the excess capital of the bank.
Ti ukrepi bi morali biti prilagojeni izkrivljanjem na trgih, na katerih banka upravičenka posluje po prestrukturiranju.
The level of RoE achieved at the end of the restructuring period is in line with projections by BayernLB's peers [65].
Narava in oblika takih ukrepov se določi na podlagi dveh meril: prvič, na podlagi višine pomoči ter pogojev in okoliščin, v katerih je bila pomoč dodeljena, in drugič, na podlagi značilnosti trgov, na katerih bo poslovala banka upravičenka.
The repayment schedule set out in Annex II achieves full repayment of the silent participations, which would otherwise have burdened the profitability of the bank.
Poleg tega mora Komisija upoštevati višino lastnega prispevka banke upravičenke in porazdelitev bremena v obdobju prestrukturiranja.
Those silent participations would have to be remunerated at a much higher rate than the RoE of the bank, and they will no longer qualify as supervisory capital under the Basel III rules.
Komisija je v sklepu o začetku postopka navedla, da so predlagani ukrepi za odpravljanje izkrivljanja konkurence nezadostni.
A full repayment is achieved under the restructuring plan submitted, while the capitalisation of the bank is kept at comfortable levels.
Posodobljeni načrt za prestrukturiranje določa dodatne take ukrepe.
The level of RoE has to be analysed in the light of the bank's risk profile.
Pomoč v tem primeru znaša približno 15,8 milijarde EUR kapitalske pomoči: vključuje dokapitalizacijo v znesku 10 milijard EUR, sklad za zajezitev tveganja v znesku 4,8 milijarde EUR in prenos 1 milijarde EUR kapitala družbe BayernLabo na banko BayernLB.
BayernLB has, in the past, been active outside Germany.
Znesek ne vključuje likvidnostnih jamstev, ki jih je zagotovil SoFFin, v višini približno 15 milijard EUR (od tega je bilo uporabljenih 5 milijard EUR) [71] in finančnih jamstev Avstrije v višini 2,638 milijarde EUR, ki jih je banka BayernLB po dogovoru prepustila družbi HGAA.
In particular in the corporates business, BayernLB lent to parties without any link to a home BayernLB client, and for projects that did not offer any substantial collateral.
Znesek pomoči 15,8 milijarde EUR je enakovreden 8 % tveganju prilagojenih sredstev po izvedenih ukrepih (pozicijska tveganja so leta 2008 znašala 198 milijard EUR).
Project financing focused on foreign projects for which the only guarantee of payment was the expected future cash flows from the project financed.
Znesek se dodatno poveča, če se vključijo jamstva v višini 2,638 milijarde EUR, ki jih je banki zagotovila Avstrija, in jamstva v višini 15 milijard EUR, ki ji jih je zagotovil SoFFin (od tega je bilo dejansko porabljenih 5 milijard EUR).
Germany has committed to strict limits in terms of risk positions in international activities in those business areas.
Znesek pomoči, dodeljene upravičenki, je torej zelo velik.
Germany has also undertaken to confine the bank's business to clients with a link to its home market, based on clear definitions, in order to limit credit exposures to clients without a client relationship based on the regional business model of the bank.
Za omejitev morebitnega izkrivljanja konkurence bodo potrebni precejšnji ukrepi, tudi če se upoštevata ustrezen obseg lastnega prispevka banke in porazdelitev bremena med upravičenko in njenimi delničarji v obdobju prestrukturiranja.
The refocusing of the activities of the bank will lead to a reduction of the relative level of risk.
V primerjavi s prvotnim načrtom prestrukturiranja je zato v novem načrtu predvideno zmanjšanje bilance stanja precej večje.
Against that background the projected RoE of around [7-12] % can be considered acceptable.
Glede na sredstva konec leta 2008 bo banka BayernLB zmanjšala svojo bilanco stanja za 51 %, in sicer s 421,7 milijarde EUR na 206 milijard EUR (239,4 milijarde EUR leta 2015).
point 13 of the Restructuring Communication also requires that the bank should be sufficiently capitalised at the end of the restructuring operation.
V ta namen je banka BayernLB pripravljena odprodati veliko število domačih in tujih hčerinskih družb ter bistveno zmanjšati svoj portfelj holdingov.
On the basis of prudent valuation, therefore, the current and prospective capital adequacy should be in line with the applicable supervisory regulations [66].
Te odprodaje je treba izvesti do […]; v nasprotnem primeru morajo zadevne hčerinske družbe ali povezana podjetja prenehati z izvajanjem novih poslov [po …].
The Commission has established that the assumptions can be considered prudent, and that they allow for a proper range of stress in line with point 13 of the Restructuring Communication.
V preglednici 12 je pregled največjih odprodaj.
Furthermore, the capital projections supplied at the Commission's request are based on a repayment schedule that demonstrates that the current and the prospective capital adequacy levels are at the levels indicated by the regulator that are mentioned in recital 79.
Preglednica 12
They therefore meet the latest regulatory requirement, which calls for a capitalisation above 9 % EBA core Tier 1 capital plus a buffer.
Odprodaja glavnih holdingov
They thus also ensure compliance with the Basel III rules.
Ime
The Commission does not see a need to cater for any additional stress.
Bilanca stanja (v milijardah EUR) [72]
First, the EBA calculations for the 9 % capital exercise considered only sovereign stress, which in the case of BayernLB is not significant.
Tveganju prilagojena sredstva (v milijardah EUR) [72]
In the June 2011 EBA stress test, moreover, macro and individual stress were applied only to a ratio of 5 % EBA core Tier 1 capital.
LB (Švica)
The Commission currently has no indication that the EBA would now require a stress test combining the approaches of the two exercises.
Te odprodaje vključujejo vse mednarodne kreditne institucije banke.
Nor has such a combination been required in the assessment of the restructuring of any other German banks.
Odprodaja družbe HGAA, ki bi ji pomoč za prestrukturiranje prišla prav že leta 2008, je prispevala k ponovni vzpostavitvi uspešnega poslovanja banke BayernLB.
Instead BaFin has merely asked banks to comply with the 9 % EBA core Tier 1 capital requirement [67].
Vendar tudi če se družba HGAA ne upošteva za namene kvantifikacije ukrepov za omejevanje izkrivljanja konkurence, je zmanjšanje bilance stanja še vedno 45-odstotno ((421,7 – 44,6 =) 377,4 milijarde EUR v primerjavi z 206 milijardami EUR).
Today, therefore, the Commission can only work on the basis that the capital adequacy that will be required is the same as in the December 2011 capital exercise plus an additional buffer, as indicated in recital 79.
Poleg tega bo banka BayernLB zaprla sedem svojih mednarodnih podružnic ali predstavništev, v preostalih podružnicah v Londonu, Parizu, New Yorku in Milanu pa bo bistveno zmanjšala število zaposlenih.
That assumption is even more reasonable as foreseeable stresses specific to the bank and the macroeconomic environment are already factored into the projections.
Na splošno Komisija meni, da je to zmanjšanje skupne bilance stanja banke za več kot polovico primerno ob upoštevanju izkrivljanja konkurence, ki izhaja iz velikega zneska prejete pomoči.
In any event, the Commission acknowledges the role of the financial supervisor.
Zmanjšanje je v skladu s prakso odločanja Komisije v zvezi z drugimi državnimi bankami [73].
The Commission accepts that the annual instalment repayment obligation in Annex II is subject to regulatory approval.
Banka BayernLB se je poleg navedenih daljnosežnih strukturnih ukrepov dogovorila tudi o številnih omejitvah glede ravnanja.
The instalment payments under that repayment schedule are thus conditional upon approval by BaFin.
Zavezala se je, da bo v obdobju prestrukturiranja spoštovala zgornjo mejo 500000 EUR za prejemke osebja (fiksne in spremenljive), prepoved prevzemov in prepoved izplačila dividend.
If BaFin prohibits or does not approve repayment of an instalment, the Commission accepts that the corresponding obligation to repay that amount is deferred.
Poleg tega bo banka BayernLB bistveno omejila tako obseg kot absolutno količino svojih ostalih mednarodnih poslovnih dejavnosti na področjih podjetij, financiranja projektov in nepremičnin, kot je navedeno v Prilogi I. Tako bo prosta zmogljivost na voljo drugim udeležencem na temeljnih trgih banke BayernLB.
However, if a repayment of the amount initially deferred is not approved the following year, or is again prohibited, the implementation of the restructuring plan will be compromised, and Germany will therefore need to submit a modified restructuring plan to the Commission.
Nemčija se je tudi zavezala, da bo banka BayernLB opustila več dejavnosti, na primer ladijski in letalski promet.
The mere fact that the supervisory authority prohibits or does not authorise the repayment cannot automatically dispense the bank from the repayment obligation: it requires action by the bank.
Prav tako bo prenehala z dejavnostmi javnih financ zunaj Bavarske.
If the bank cannot repay while meeting all the requirements imposed by the regulator, additional capital should in principle be freed through further RWA reduction.
Ob upoštevanju te mešanice raznih ukrepov in zgoraj navedene ugotovitve, da sta lastni prispevek banke in porazdelitev bremena primerna, Komisija meni, da se kljub visokemu znesku pomoči, ki jo prejema banka BayernLB, izvajajo zadostni zaščitni ukrepi za omejevanje morebitnega izkrivljanja konkurence.
In addition, any delay will in general require additional compensatory measures [68].
Izvajanje in spremljanje
The Commission therefore insists on the principle that in the modified restructuring plan Germany must provide additional compensatory measures.
Da bi Komisija lahko preverila, ali se načrt prestrukturiranja ustrezno izvaja, bo treba v skladu z oddelkom 5 sporočila o prestrukturiranju zagotavljati redna poročila.
This is reflected in point 4 of Annex II.
Prvo poročilo bi bilo treba predložiti najpozneje šest mesecev po odobritvi načrta za prestrukturiranje.
However, it should be noted that if regulatory capital requirements were in future to go substantially beyond the level envisaged in this Decision, the Commission might have to conduct a proportionate assessment of the kind indicated in the third sentence of point 14 of the Commission Communication on the application, from 1 January 2012, of State aid rules to support measures in favour of banks in the context of the financial crisis [69]; this might possibly necessitate only a limited additional measure of restructuring.
V ta namen bi morala Nemčija imenovati fiduciarja za spremljanje in dvakrat letno predložiti poročilo o spremljanju.
Under the Restructuring Communication it has also to be assessed whether the restructuring plan addresses any existing or potential weaknesses in the corporate governance structure.
Posamezna odplačila so odvisna od dogovora z nemškim regulatorjem BaFin.
The Commission finds that the restructuring plan comprises significant changes in the bank's legal structure and corporate governance which will make BayernLB less vulnerable to potential undue influence by shareholders and permit better corporate oversight.
Če banka ne doseže ciljev iz načrta odplačil, mora Nemčija v skladu s točko 4 Priloge II Komisiji priglasiti spremenjeni načrt za prestrukturiranje.
The measures to be implemented will ensure that BayernLB will not be different from its competitors in terms of its constitution, its internal policies and procedures, or the role and composition of its governing bodies.
Tak nov načrt bi moral načeloma vključevati dodatne ukrepe za omejevanje izkrivljanja konkurence.
There are sufficient safeguards against business decisions being taken on the basis of considerations other than commercial ones.
Če banka BayernLB med izvajanjem načrta odkrije področja optimizacije, ki z vidika novega regulativnega ali makroekonomskega razvoja vplivajo na navedeni obseg zmanjšanj, bi morala Nemčija obvestiti Komisijo o odstopanjih v obsegu zmanjšanj, razen če spremembe zmanjšanj na posameznih področjih poslovanja leta 2017 niso večje od [10–15] %, ne presežejo splošnega zneska iz točke 33 Priloge I in ne posegajo v uspešnost poslovanja banke BayernLB, kot je opisana v načrtu za prestrukturiranje.
There is a clearer and more stringent differentiation of the respective roles of the different bodies (shareholders' meeting, supervisory board and executive board) and the professionalism of the supervisory board will benefit from the inclusion of independent experts and the introduction of a ‘fit and proper’ test which every board member will have to pass.
Sklepne ugotovitve glede prestrukturiranja
The corporate governance framework is compatible with the requirements for private businesses and extends to the implementation of the (voluntary) German corporate governance code.
Na podlagi napovedi banke ter ob upoštevanju najnovejših regulativnih zahtev, v skladu s katerimi bosta potrebni kapitalizacija nad 9 % temeljnega kapitala prvega reda in rezerva, in pravil Basel III Komisija meni, da se bo z ukrepi za prestrukturiranje, vključno z zavezami Nemčije, verjetno ponovno vzpostavilo dolgoročno uspešno poslovanje banke BayernLB in odpravilo izkrivljanje konkurence zaradi ukrepov pomoči.
The bank's shareholders' meeting will have the standard powers of a shareholders' meeting, without any additional influence.
V skladu s pogoji glede odplačila dela ukrepov pomoči in vračanja sredstev načrt za prestrukturiranje tudi določa, da je treba pomoč omejiti na najnižjo potrebno in da mora banka zagotoviti ustrezen lastni prispevek.
In line with the corporate governance code, half of the members of the supervisory board will be independent.
Če je zahteva glede odplačila iz Priloge II izpolnjena, se pomoč za prestrukturiranje lahko šteje za združljivo z notranjim trgom v skladu s členom 107(3)(b) PDEU.
Qualitative requirements ensuring a minimum qualification of newly appointed supervisory board members introduced by BaFin, the German regulator, are to be applied to all members of the board.
PREDNOST, ZAGOTOVLJENA ZDRUŽENJU HRANILNIC
During the restructuring period, the chairman of the supervisory board will be an independent member.
Odpravljeni so bili tudi pomisleki Komisije, da je združenje hranilnic imelo koristi od ukrepov za reševanje, ne da bi zagotovilo ustrezno porazdelitev bremena.
An audit and risk committee will also be introduced, and will operate in line with best corporate governance practices.
Komisija je v sklepu o začetku postopka navedla, da bo med formalnim postopkom preiskave morda ocenila pravilnost vrednotenja banke BayernLB in natančnost izračuna preostalega deleža združenja hranilnic.
Overall, therefore, BayernLB's restructuring plan of is likely to restore its long-term viability.
Pozneje je Komisija Nemčiji poslala zahtevek za informacije v zvezi s prispevkom združenja hranilnic k reševanju.
The bank's own contribution
Medtem je bila dosežena ustrezna raven porazdelitve bremena, in sicer s pretvorbo tihe udeležbe hranilnic in poznejšo naložbo kapitala združenja hranilnic, s čimer se je povečal delež združenja.
The Restructuring Communication states that, in order to keep the aid to a minimum, banks should first use their own resources to finance the restructuring and that the costs associated with the restructuring should be borne not only by the State but also by those who invested in the bank.
SKLEPNE UGOTOVITVE
In the opening decision the Commission noted that the scope of the divestitures proposed as the bank's own contribution remained vague.
Ob upoštevanju zavez Nemčije v zvezi s prestrukturiranjem in pogojev iz Priloge II v zvezi z odplačilom delov ukrepov pomoči in vračanjem sredstev je Komisija sklenila, da je sklad za zajezitev tveganja v skladu z oddelkom 5 sporočila o oslabljenih sredstvih, da je pomoč za prestrukturiranje omejena na najnižjo potrebno in je izkrivljanje konkurence ustrezno obravnavano ter da se bo s predloženim načrtom za prestrukturiranje verjetno ponovno vzpostavilo dolgoročno uspešno poslovanje banke BayernLB.
In the meantime Germany has given a commitment that BayernLB will sell [40-70] subsidiaries or holdings by the end of the restructuring period.
Zato bi bilo treba pomoč za prestrukturiranje šteti za združljivo z notranjim trgom v skladu s členom 107(3)(b) Pogodbe –
The bank has already sold the majority of those subsidiaries and expects to have completed all sales by […] at the latest.
SPREJELA NASLEDNJI SKLEP:
The financial holdings to be sold are listed in point 11 of Annex I and in Annex III, and include LBS Bayern, MKB and Banque LB Lux SA, which are amongst BayernLB's largest subsidiaries.
Člen 1
The revenues generated and any profit made will be used to cover restructuring costs and will help to ensure that the aid is kept to the minimum.
Sklep Komisije z dne 25. julija 2012 o državni pomoči, ki sta jo Nemčija in Avstrija odobrili banki Bayerische Landesbank (zadeva SA.28487 (C 16/09, ex N 254/09)), je razveljavljen.
Moreover, in order to ensure that over the restructuring period the owners of the bank play as large a part as possible in the reconstitution of an adequate capital base, Germany has given a commitment that the bank will retain dividends and will not pay coupons, other than any it is legally obliged to pay, until the end of the restructuring period, or beyond if the Land's silent participation is not repaid by then.
Člen 2
This will ensure, in line with point 26 of the Restructuring Communication, that BayernLB does not use State aid to remunerate its own funds if there are insufficient profits to make such payments.
Naslednji ukrepi pomenijo državno pomoč v smislu člena 107(1) PDEU:
The prolonged ban on dividends and hybrid coupons will also help BayernLB to comply with the repayment schedule.
dokapitalizacija banke Bayerische Landesbank s strani dežele Bavarske v znesku 10 milijard EUR;
Another aspect concerns the savings banks association, which did not participate in the 2008 rescue measures even though it was a shareholder in BayernLB.
jamstvo za drugo izgubo v obliki sklada za zajezitev tveganja v znesku 4,8 milijarde EUR, ki ga je banki Bayerische Landesbank odobrila dežela Bavarska;
Because it did not participate in the rescue, the savings banks association's stake has been significantly diluted, but it has in the meantime agreed to various additional contributions.
jamstva za obveznosti v znesku 15 milijard EUR, ki jih je banki Bayerische Landesbank odobrila Nemčija;
First, the savings banks currently hold individual silent participations totalling about EUR [770-810] million, as explained in recital 76, and in order to improve the quality of the capital of the bank and to ensure that the capital provided by the savings banks continues to count as EBA core Tier 1 capital, the savings banks have agreed to buy back these silent participations […].
finančno jamstvo v znesku 2,638 milijarde EUR, ki ga je banki Bayerische Landesbank odobrila Avstrija;
The savings banks association will reinject EUR [810-840] million in equity, thus increasing its stake in BayernLB [70].
prenos kapitala družbe Bayerische Landesbodenkreditanstalt v znesku 1 milijarde EUR z dežele Bavarske na banko Bayerische Landesbank.
The savings banks will thereby lose their entitlement to more reliable interest payments, while the dividend ban means that they will not receive corresponding dividend payments over the medium term.
Državna pomoč iz odstavka 1 je ob upoštevanju zavez iz Priloge I in Priloge III ter pod pogoji iz Priloge II združljiva z notranjim trgom.
Second, the savings banks association has agreed to purchase LBS for a fair price of EUR 818,3 million by the end of 2012.
Člen 3
In the determination of the price the savings banks association has not applied a discount to take into consideration the fact that the savings banks are the main distribution channel for LBS products, as a private investor might well have done.
Nemčija zagotovi, da se načrt za prestrukturiranje, predložen 6. junija 2012 in dopolnjen 12. junija 2012, izvaja v celoti, vključno z zavezami iz Priloge I in Priloge III ter pogoji iz Priloge II, v skladu z načrtom iz navedenih prilog.
As a result of all these measures the shareholding that was initially diluted to 6 % will rise significantly, potentially up to 25 %.
Člen 4
Finally, it should be noted that Germany will claw back the entire part of the asset guarantee above the REV.
Nemčija v dveh mesecih po uradnem obvestilu o tem sklepu obvesti Komisijo o ukrepih, ki jih je sprejela za izpolnjevanje tega sklepa.
The sharing of burdens by the bank and its shareholders can therefore be considered appropriate; the doubts raised in that respect in the opening decision have been allayed.
Člen 5