natgillin/translations-raw huggingface dataset:
Thirdly, Germany submitted that the re-increase of the guarantee ceiling supported the purpose of restoring HSH's long-term viability and, furthermore, was in line with the aims of the restructuring plan approved in 2011.
To pomeni, da je celoten portfelj jamstva umetno razdeljen v tri tranše:
In that context, Germany stated that there were no reasons to doubt the long-term viability of the bank and the sustainability of its business model.
podrejeno tranšo ali del prve izgube v višini 3,2 milijarde EUR, ki jo v celoti krije banka ter je že bila odpisana;
It contended that the deviations from the business plan that occurred in the meantime did not justify other conclusions.
srednjo tranšo ali del druge izgube v višini 10 milijard EUR, za katero jamči država (7 milijard EUR neporavnanega zneska iz leta 2011 in dodatne 3 milijarde EUR, začasno odobrene s sklepom o začetku postopka); in
The delay of the partial guarantee cancellations by 2 to 3 years would ensure a more sustainable and less risky business model, in view of the continuing shipping crisis and having regard to supervisory requirements.
nadrejeno tranšo.
The higher fee payments the bank must pay as a consequence of the guarantee re-increase would be sustainable for it given that it has a sufficient capital base and in light of the other measures included in the restructuring plan approved by the 2011 decision.
Obstoj jamstva ima dve glavni skupini učinkov: učinki na računovodstvo v skladu z IFRS in učinki na kapitalske zahteve v skladu z regulativnimi in bonitetnimi pravili nadzornih organov.
Finally, Germany noted the need for a re-increased guarantee was caused by exogenous factors such as the continuing financial crisis, the increased regulatory requirements for financial institutions and the change to the accounting standard International Financial Accounting Standards (‘IFRS’) for the calculation of the capital quotas.
Učinki na računovodstvo
After making those comments, Germany continued to work closely with the Commission and submitted several updated restructuring plans.
Na prvi stopnji jamstvo kompenzira skupne izgube portfelja z zagotovljenim jamstvom nad 3,2 milijarde EUR in pod 13,2 milijarde EUR [57].
Those efforts subsequently resulted in the principal outline of the 2016 measures which Germany agreed with the Commission in October 2015.
Te različne vrste zahtevkov za terjatve iz jamstva vodijo do različnih ukrepov pri uporabi jamstva:
Consequently, on 21 March 2016, Germany re-notified the 2013 re-increase of the guarantee as State aid for the sale or, if a sale fails, winding down of HSH.
Znesek jamstva, ki je trenutno dejansko v uporabi (v nadaljnjem besedilu: dejansko počrpani znesek) ustreza znesku trenutnih poravnanih izgub portfelja z zagotovljenim jamstvom.
ASSESSMENT OF THE MEASURES
Nasprotno je nepočrpani znesek jamstva (v nadaljnjem besedilu: nepočrpani znesek) znesek, ki je še vedno na voljo za nadaljnje izgube, v tem primeru [8,2–10,0] milijard EUR (10 milijard EUR celotnega jamstva minus razlika med [3,2–5,0] milijarde EUR poravnanih in znanih izgub in 3,2 milijarde EUR dela prve izgube).
With regard to the 2013 measure, i.e. the re-increase of the guarantee from EUR 7 billion to EUR 10 billion which had been approved temporarily in the Opening decision, the Commission has already decided that that measure constituted State aid [54].
Celotni znesek počrpanega jamstva (v nadaljnjem besedilu: celotni počrpani znesek) se nanaša na znesek jamstva, ki bo izplačan, ko bo izoblikovan celotni portfelj pod jamstvom.
Although Germany, in its comments on the Opening decision (see recital 49), took the view that the re-increase did not constitute new aid — and, even if it did, was covered by the reasons for the approval in 2011 — it did not expand on those positions nor did it submit evidence in support of them.
Celotni počrpani znesek še ne more biti znan.
Finally, by re-notifying the re-increase ‘as State aid in the meaning of Article 107(1) TFEU’ [55] to be used for the sale or winding down of HSH, Germany confirmed the assessment of the Commission.
Najboljši približek za celotni počrpani znesek danes je virtualno črpanje jamstva (v nadaljnjem besedilu: virtualno črpanje), izračunano kot dejanski počrpani znesek plus oblikovanje rezervacij v skladu z IFRS v jamstvenem portfelju.
As a consequence, the Commission confirms in the present Decision its finding in the Opening decision as to the existence of State aid in that measure and it does so for the reasons set out in that decision and without any reassessment.
Virtualno črpanje trenutno znaša [6–8] milijard EUR ([9,2–11,2] milijarde EUR dejanskega počrpanega zneska plus oblikovanje rezervacij minus 3,2 milijarde EUR dela prve izgube).
However, the Commission has to assess whether there is aid contained in the 2016 measures [56].
Banka izračunava tudi oceno celotnega počrpanega zneska (v nadaljnjem besedilu: ocenjeni celotni počrpani znesek).
Finally, the Commission has to assess whether the aid measures in question — the 2013 measure and the 2016 measures (if they contain aid) — can be considered compatible with the internal market.
Obstajata dva dela provizij, ki jih je treba plačati za jamstvo: osnovna premija v višini 4,00 % (v nadaljnjem besedilu: osnovna premija) in dodatna premija v višini 3,85 % (v nadaljnjem besedilu: dodatna premija).
Existence of aid in the 2016 measures
V skladu z IFRS so plačane provizije za neporavnano jamstvo tolmačene kot zavarovalne premije in se beležijo kot preprosti strošek pri izkazu poslovnega izida.
The Commission observes that, according to the German authorities, no additional State aid will be granted as part of the 2016 measures.
Ko postane verjetno, da bo jamstvo počrpano ali če je dejansko počrpani znesek večji od nič, postanejo plačila provizij na tej strani jamstva predvidljiva.
According to Article 107(1) TFEU, State aid means ‘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, in so far as it affects trade between Member States’.
V skladu z IFRS so takšni stroški podobni obveznostim (prejeta je bila korist, vendar jo je treba povrniti) in za poplačilo je treba oblikovati rezervacije.
A measure constitutes State aid within the meaning of that provision if all of the following conditions are met: (a) the measure must be imputable to the State and financed through State resources; (b) it must confer an advantage on its recipient; (c) that advantage must be selective; and (d) the measure must distort or threaten to distort competition and have the potential to affect trade between Member States.
V skladu z IFRS je ustrezne ravni za oblikovanje rezervacij treba povečati, če se poveča ocenjeni celotni počrpani znesek.
Regarding State resources, the 2016 measure 1 contains both a subordination clause and a partial deferral mechanism for the guarantee fee obligations towards the public owners.
Zato vsako dodatno črpanje jamstva vodi v povečanje ocenjene celotne počrpane vrednosti in do ustrezno višjega plačila provizije v prihodnosti ter dvig zahtevanih provizij.
They were included in order to minimise the insolvency risk as regards HoldCo.
Dodatna premija je podvržena mehanizmu odloga, nalogu Besserungsschein, ki začne učinkovati pri ravni konsolidiranega kapitala banke HSH (HoldCo + OpCo) v višini 10 % navadnega lastniškega temeljnega kapitala.
Those provisions relate to obligations that are payable to the public owners as remuneration and, if the 2016 measure 1 conferred an advantage on HSH, those elements might entail a loss of State resources.
Mehanizem za odlog omogoča odlog celotnih plačil za obdobje do enega leta [2030–2040].
Therefore, the Commission considers that the two 2016 measures involve State resources, the 2016 measure 1 through the subordination agreement and the partial deferral mechanism of fees due as remuneration for the guarantee under the 2011 decision and the 2016 measure 2 through the money paid by the Länder to OpCo in return for the transferred assets.
Poleg tega mehanizem za odlog vključuje rezervacije za prihodnja plačila, ki so že vključena v nalog Besserungsschein.
The 2016 measure 2, the purchase of assets by the Länder, is a measure undertaken by the State.
To pomeni, da se lahko takšne rezervacije uporabijo kot blažilec pri izgubah, če bi te vodile do zmanjšanja deleža navadnega lastniškega temeljnega kapitala pod 10 % [59].
The 2016 measure 1, the modification of the fee payment structure, is imputable to the public owners of Finanzfonds and thereby to the State.
Bonitetni učinki
That imputability is demonstrated through the fact that that modification is part of a larger package of measures that the Länder were actively involved in putting together.
Drugič, glede na nadzorniško formulo iz sporazuma Basel II (v nadaljnjem besedilu: nadzorniška formula), ki se uporablja pri strukturah sintetičnega listninjena, kot so jamstva za drugo izgubo, obstoj jamstva zmanjša utež tveganja za nadrejeno tranšo pri izračunu tveganju prilagojene aktive na 20 % (v nadaljnjem besedilu: TPA) [60].
The 2016 measures are in favour of HSH alone.
Glede na regulativna pravila in ob upoštevanju diskrecijske pravice nadzornih organov pri njihovi uporabi, morata biti upoštevani dve omejitvi, da bi jamstvo ohranilo ta učinek.
They are hence selective.
Prva omejitev je odvisna od izračuna bonitete pričakovanih izgub (po osnovnem scenariju), druga omejitev pa od nepričakovanih izgub (dodatne izgube po najslabšem scenariju) v preostanku portfelja pod jamstvom.
They have the potential to distort competition by preventing the normal outcome of market forces.
Ravni pričakovanih in nepričakovanih izgub v preostanku portfelja mora do neke mere pokriti nepočrpani znesek jamstva.
They affect trade between Member States given the liberalised nature of financial services in the Union.
Če sta preseženi ena ali obe omejitvi, je torej odvisno od razpoložljivega nepočrpanega zneska jamstva, na katerega močno vpliva znesek poravnanih izgub.
In order to determine the aid nature of the 2016 measures, the Commission therefore has to assess the question whether HSH is given an additional advantage by the 2016 measures extending beyond the advantage provided to it already by the 2013 measure.
Če je prva omejitev presežena, bo imela uporaba nadzorniške formule za rezultat dvig ravni TPA zaradi nadrejene tranše, takšen dvig pa bo sorazmeren z obsegom primanjkljaja kritja z najnižje ravni 20 %.
Before the question of additional advantage in the 2016 measures can be assessed, the Commission needs to recall the functioning of the guarantee to be in a position to assess the impact that the implementation of the 2016 measures as proposed will have on the working of the guarantee.
Če je presežena druga omejitev, nadzorniška formula ne bo več uporabna.
That means that the entire portfolio under guarantee is artificially split into three tranches:
V skladu z obvestilom bo banka HSH razdeljena na HoldCo in OpCo.
the junior tranche or first-loss piece of EUR 3,2 billion which is fully covered by the bank and has already been written off;
Provizije za jamstvo v skladu s plačilom, kot je bilo odobreno s sklepom iz leta 2011, ostanejo nespremenjene.
the mezzanine tranche or second-loss piece of EUR 10 billion which is guaranteed by the State (EUR 7 billion outstanding from 2011 and an additional EUR 3 billion temporarily approved in the Opening decision); and
Njihovo plačilo bo razdeljeno na naslednji način:
the senior tranche.
OpCo bo še naprej plačeval 2,20 % trenutno nepočrpanega dela jamstva
The presence of the guarantee has two main groups of effects, namely, effects on accounting under the IFRS and effects on the capital requirements under regulatory and prudential rules as applied by the supervisor.
HoldCo prevzame plačila preostalih provizij za jamstvo:
Accounting effects
1,80 % skupnega neporavnanega zneska jamstva;
In the first instance, the guarantee compensates overall losses taken on the guaranteed portfolio above EUR 3,2 billion and below EUR 13,2 billion [57].
2,20 % že počrpanega dela jamstva;
Those different types of compensation claims under the guarantee lead to different measures for the guarantee usage:
Komisija kljub temu poudarja, da na konsolidirani ravni banke (HoldCo + OpCo) ni spremembe v strukturi jamstva ali njegovih učinkih, zato razdelitev sama po sebi ne zagotavlja dodatne prednosti za banko HSH.
the amount of guarantee actually used currently (the ‘actually used amount’) corresponds to the amount of settled losses on the guaranteed portfolio at a given time.
V skladu z zavezami, ki jih je predložila Nemčija, HoldCo sama ne bo poslovala in bo zato brez tokov prihodkov razen prihodkov iz lastniških deležev v OpCo.
At the end of 2015, EUR [1,2-2,0] billion of losses are actually settled.
HoldCo bo kljub temu prejela 260 milijonov EUR likvidnosti od OpCo, 50 milijonov EUR za operativne stroške v obdobju prodaje in 210 milijonov EUR za plačila provizij za jamstvo, ko te zapadejo.
It is known that that amount will rise by EUR [2-3] billion in 2016 based on claims that are currently in the process of settlement;
Z razdelitvijo obveznosti, kot je opisana zgoraj, Komisija poudarja, da bo znesek zapadlih provizij v postopku prodaje, ki jih mora plačati HoldCo konec leta 2016 in 2017, odvisen od:
conversely, the unused amount of the guarantee (the ‘unused amount’) is the amount still available for further losses, in this case EUR [8,2-10,0] billion (EUR 10 billion guarantee overall minus the difference between EUR [3,2-5,0] billion of settled and known losses and EUR 3,2 billion of first-loss piece);
skupnega zneska neporavnanega jamstva (osnova za izračun za 1,80 % provizije za jamstvo, v nadaljnjem besedilu: del provizije št. 1);
the total amount of guarantee used (the ‘total used amount’) refers to the amount of guarantee that will have been paid out once the entire portfolio originally under guarantee has been worked out.
dejansko počrpanega zneska jamstva v letih 2016 in 2017 (osnova za izračun za del 2,20 % provizije za jamstvo, ki ga je prevzel HoldCo, v nadaljnjem besedilu: del provizije št. 2); in
The total amount used cannot be known yet;
celoten počrpani znesek jamstva (osnova za izračun za 3,85 % provizije za jamstvo, ki je odvisna naloga Besserungsschein, v nadaljnjem besedilu: del provizije št. 3)
the best approximation for the total used amount today is the virtual use of the guarantee (the ‘virtual use’) calculated as the actual amount used plus provisioning under the IFRS on the portfolio under guarantee.
Del osnovne premije v višini 1,80 %
The virtual use is currently EUR [6-8] billion (EUR [9,2-11,2] billion of actual amount used plus provisioning minus EUR 3,2 billion of first-loss piece).
Ni verjetno, da bi se med postopkom prodaje ta raven znižala.
The bank also calculates the estimated total used amount (the ‘estimated total used amount’).
Ker raven 10 milijard EUR služi kot osnova za izračun dela provizije št. 1 v višini1,80 %, Komisija meni, da bo letna obveznost plačila provizije v skladu z delom provizije št. 1180 milijonov EUR.
There are two components of fees to be paid for the guarantee: the base premium of 4,00 % (the ‘base premium’) and the additional premium of 3,85 % (the ‘additional premium’).
Del osnovne premije v višini 2,20 %
The calculation base for the base premium is the overall amount of guarantee outstanding, EUR 10 billion.
V povezavi z delom provizije št. 2 Komisija opozarja, da se bo glede na nedavne razpoložljive ocene znesek poravnanih izgub iz zajamčenega portfelja zvišal na približno [3,2–5,0] milijarde EUR v letu 2016, kar je [0–1,8] milijarde EUR več, kot znaša tranša prve izgube, tj. 3,2 milijarde EUR.
The calculation base for the additional premium is the total amount used which cannot yet be known [58].
Ta znesek se bo še povečal za znesek izgub, ki jih je HSH prevzela z ukrepom št. 2 iz leta 2016, tj. prenosom do 6,2 milijarde EUR EAD zajamčenih sredstev na javne lastnike.
Under the IFRS, fees paid on an outstanding guarantee are interpreted as insurance premiums and result in a simple charge in the profit and loss account.
V skladu z zavezami bo prenesena vrednost sredstev določena v skladu s seznamom, priloženim priglasitvi, ki ustreza rezultatom ocene tržne cene s strani strokovnjakov Komisije.
However, when it becomes likely that the guarantee is going to be used or if the actually used amount is greater than zero, fee payments on that part of the guarantee become foreseeable.
Na osnovi seznama vrednosti ob prenosu (glej Prilogo II k trenutnemu sklepu) in odvisno od načina optimizacije črpanja jamstva, bodo morebitne dodatne izgube, poravnane v okviru jamstva, pri prenosu portfelja v vrednosti 5 milijard EUR EAD, izbranega s seznama [8–10] milijard EUR EAD razpoložljivih sredstev, verjetno znašale od [1–4] milijard EUR do [1–4] milijard EUR.
Under the IFRS, such charges resemble liabilities (the benefit has been received but needs to be repaid) and the repayment needs to be provisioned.
Zatorej Komisija meni, da bo obveznost plačila provizij v povezavi z delom provizije št. 2 za šest mesecev v letu 2016 verjetno ustrezala vrednosti med [25–35] milijoni EUR in [25–35] milijoni EUR.
Under the IFRS, the corresponding provisioning levels must increase when the estimated total used amount increases.
Dodatna premija 3,85 %
Therefore, any additional use of the guarantee leads to a rise in the estimated total used amount, to correspondingly larger fee payments in the future and in turn to a rise in required provisions.
V povezavi z delom provizije št. 3 je Komisija opozorila, da je plačilo 3,85 % odvisno od naloga Besserungsshein, ki začne učinkovati pri konsolidiranih ravneh kapitala za banko HSH (HoldCo + OpCo) v višini 10 % navadnega lastniškega temeljnega kapitala.
The additional premium is subject to a deferral mechanism, the Besserungsschein, which is effective at a consolidated capital level for HSH (HoldCo + OpCo) of 10 % CET1.
V skladu z zadnjimi razpoložljivimi številkami je banka HSH že na spodnji meji 10 % navadnega lastniškega temeljnega kapitala, pri čemer ostaja približno [700–800] EUR milijonov oblikovanih rezervacij v okviru naloga Besserungsshein.
That deferral mechanism allows for the deferral in full of payments due for a period of up to the year [2030-2040].
Dodatne izgube med [1–4] milijardami EUR in [1–4] milijardami EUR pri prenosu 5 milijard EUR EAD zajamčenih sredstev z banke na zvezne dežele bodo vodile do povišanja pričakovanega skupnega počrpanega zneska jamstva in, posledično, do nadaljnjih zahtev za oblikovanje rezervacij v skladu z IFRS za dele provizij št. 2 in 3.
Moreover, that deferral mechanism includes provisions made for future payments that are themselves included in the Besserungsschein.
Glede na oceno Komisije bo potreba po dodatnem oblikovanju rezervacij v skladu z IFRS za del provizije št. 2 verjetno ustrezala približno [700–900] milijonov EUR in [700–900] milijonov EUR.
This implies that such provisions can be released as a buffer against losses if those losses would lead to a reduction of the CET1 ratio to below 10 % [59].
Glede na program prestrukturiranja, ki ga je posredovala banka, tega dodatnega oblikovanja rezervacij verjetno ne bo financirala preko neto dohodka banke in bo zato verjetno na konsolidirani ravni vodilo do zahtevkov do naloga Besserungsschein za približno enak znesek.
Prudential effects
Oblikovanje rezervacij za del provizije št. 3 je krito z nalogom Besserungsschein (glej uvodno izjavo 73).
Secondly, according to the supervisory formula in Basel II (the ‘supervisory formula’) applicable to synthetic securitisation structures such as the second-loss guarantee, the presence of the guarantee reduces to 20 % the risk weight to be applied to the senior tranche when calculating risk-weighted assets (‘RWA’) [60].
Glede na to, da bi bil po oblikovanju rezervacij za del provizije št. 2 celoten blažilec za rezervacije v nalogu Besserungsschein izkoriščen in bi delež navadnega lastniškega temeljnega kapitala že padel pod 10 %, bi moralo biti zamaknjeno tudi dodatno oblikovanje rezervacij za del provizije št. 3.
According to regulatory rules and taking into account supervisory discretion in their application, two limits must be kept in mind for the guarantee to retain that effect.
Vsak prenos sredstev v obdobju prodaje, ki bi bil večji od 5 milijard EUR, kot je dovoljeno v zavezah, ki jih je predložila Nemčija, bi vodil v nadaljnje izgube.
The first limit depends on the prudential calculation of expected losses (in a baseline scenario) while the second limit depends on unexpected losses (additional losses in a worse-case scenario), in the remaining portfolio under guarantee.
Takšne izgube bodo samo še zmanjšale delež navadnega lastniškega temeljnega kapitala na konsolidirani ravni ter nadalje zmanjšale verjetnost, da se bo delež navadnega lastniškega temeljnega kapitala zvišal nad 10 %.
Levels of expected and unexpected losses in the remaining portfolio have to be covered to a certain extent by the unused amount of the guarantee.
Samo v tem primeru bi bila zahtevana plačila ali oblikovanje rezervacij za del provizije št. 3.
Whether one or both of those limits is breached therefore depends on the available unused amount of the guarantee which is significantly affected by the amount of settled losses.
Komisija torej meni, da je verjetno, da v postopku prodaje ne bodo potrebna plačila ali oblikovanje rezervacij za del provizije št. 3.
If the first limit is breached, the application of the supervisory formula will result in a rise in RWA levels due to the senior tranche, with such an increase occurring in proportion to the extent of the shortfall in coverage from its minimum level of 20 %.
Komisija nadalje opozarja, da se imajo zvezne dežele po pogodbi o jamstvu pravico odpovedati obveznosti plačila dodatne premije v višini 3,85 % [61].
If the second limit is breached, the supervisory formula will no longer be applicable at all.
Plačila provizij v skladu z ukrepom št. 1 iz leta 2016
In that case, the RWA levels on the senior tranche will immediately increase from the minimum 20 % to the level which would be applicable in the absence of a guarantee (the ‘cliff-effect’).
Poleg tega 2,20 % provizij na nepočrpani znesek jamstva plača OpCo brez dodatnega mehanizma za odlog, ki bi pokrival zlasti celotni znesek za plačilo v prvih šestih mesecih leta 2016, pred uvedbo ukrepa št. 2 iz leta 2016.
Advantage in the 2016 measure 1
Zato glede na razpoložljive informacije plačila provizije za jamstvo, ki jih bodo za leto 2016 prejele zvezne dežele po uvedbi ukrepov iz leta 2016, po vsej verjetnosti ne bodo nižja od [385–400] milijonov EUR ([175–190] milijonov OpCo + 210 milijonov EUR HoldCo).
According to the notification, HSH will be split into HoldCo and OpCo.
To kaže na znesek, ki ni večji od [0–15] milijonov plačil provizij v letu 2016, ki so lahko odložena do naslednjega datuma plačila.
The guarantee fees according to the guarantee remuneration as approved in the 2011 decision remain unchanged.
Vsak takšen odlog bo obračunan po 10-odstotni letni obrestni meri.
However, their payment will be split in the following way:
Plačila provizij 2017
OpCo continues to pay 2,20 % on the currently unused portion of the guarantee;
Komisija ugotavlja, da bo raven plačil provizij, zapadlih v letu 2017, na ravni HoldCo morda višje glede na možnosti prenosa nadaljnjih sredstev v okviru jamstva na lastnike iz javnega sektorja in dejstvo, da bo HoldCo moral plačevati 2,20-odstotno premijo na jamstvo skozi celo leto.
1,80 % on the overall outstanding guarantee amount;
V takšnem primeru bodo glede na zaveze, ki jih je zagotovila Nemčija, plačila provizij odložena do naslednjega datuma plačila, dodana pa jim bo letna 10-odstotna obrestna mera.
2,20 % on the already used portion of the guarantee;
Komisija opozarja, da je glede na zaveze, ki jih je predložila Nemčija, končni datum za prodajo banke HSH 28. februar 2018 ter da bo premoženjska korist, ki jo bo imel HoldCo od uspešne prodaje, v prvi vrsti porabljena za plačilo obveznosti plačila provizij, ki izhajajo iz jamstva.