natgillin/translations-raw huggingface dataset:
Given that BayernLB pays an adequate remuneration, amounting to EUR 80 million a year, for the asset guarantee, and on the condition that Germany will fully claw back the excess part of the transfer difference, amounting to EUR 1,96 billion, so as to bring the transfer price into line with the REV, the asset guarantee on the ABS portfolio can be considered to be compatible with the internal market.
Zlasti so napovedane ravni prihodkov iz pozicijskih tveganj (ki predstavljajo sposobnost tveganju prilagojenih sredstev za ustvarjanje prihodkov) v skladu z napovedmi vrstnic banke BayernLB.
In order to achieve a full claw-back, the conditions in Annex II to this Decision need to be met.
Napovedi iz preglednice 4 so nižje od ravni, doseženih leta 2009 in leta 2010 [63].
In the light of those considerations the doubts indicated in the opening decision have been allayed.
Zato so napovedi glede prihodkov po mnenju Komisije preudarne.
Compatibility of the restructuring aid
Vse komponente prihodkov, zlasti prihodkov iz naslova opravnin, so napovedane v skladu z ravnmi, doseženimi v preteklosti.
All the measures that the Commission has identified as State aid were taken in the context of the restructuring of BayernLB.
Napovedi banke BayernLB predvidevajo, da se bodo sredstva za izgubo na področju poslovanja s posojili v obdobju prestrukturiranja zmanjšala, kar je v skladu s predvideno srednjeročno ponovno vzpostavitvijo gospodarske rasti.
In this Decision the Commission should examine all those measures, including the measure taken by Austria.
Banka BayernLB napoveduje, da se bodo stroški v obdobju prestrukturiranja zmanjšali za [15–30] %, kar bo privedlo do [30–60]-odstotnega končnega razmerja med stroški in prihodki.
The rules applicable to the granting of restructuring aid to financial institutions in the current crisis are set out in the Commission communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules (the ‘Restructuring Communication’) [58].
Ta raven je v skladu z ravnmi drugih bank, ki so prejemnice pomoči [64].
The Restructuring Communication states that in order to be compatible with the internal market under Article 107(3)(b) of the Treaty, the restructuring of a financial institution in the context of the current financial crisis must lead to the restoration of the viability of the bank, must include a sufficient contribution of the recipients' own (burden sharing) and limit aid to the minimum necessary, and must include adequate measures to limit the distortion of competition.
Komisija meni, da je izboljšanje razmerja med stroški in prihodki nujno za ponovno vzpostavitev uspešnega poslovanja.
When the Commission analyses the restructuring of a bank in the context of the current financial crisis, it looks at aid measures which improve the capital situation of the bank.
Na podlagi poslovnega modela banke BayernLB, ki nima podružnic za poslovanje z občani (podružnice za poslovanje z občani običajno povečujejo razmerja med stroški in prihodki bank za poslovanje z občani), se pretekle ravni razmerja med stroški in prihodki ne morejo šteti za trajnostne.
Aid limited to the minimum
Banka BayernLB je imela konec leta 2010 58 milijard EUR neporavnanega podedovanega dolga.
According to the Restructuring Communication, restructuring aid should ensure that the bank can return to viability but should be limited to the minimum necessary to achieve that result.
Komisija tudi pozitivno ocenjuje manjše zanašanje na nezavarovano financiranje z medbančnega trga, kot je prikazano v preglednici 6.
In recital 99 to the opening decision, the Commission said that the restructuring plan contained no far-reaching proposals for limiting the aid to the minimum.
V skladu z odstavkom 13 sporočila o prestrukturiranju je dolgoročno uspešno poslovanje doseženo, ko je banka sposobna zagotoviti ustrezno donosnost kapitala ob upoštevanju profila tveganja banke.
BayernLB has obtained a capital injection of EUR 10 billion, which is clearly the most received by any of the German Landesbanken.
Brez odplačil banka ne bi bila sposobna ustvariti ustrezne donosnosti lastniškega kapitala za konkuriranje na trgu za kapital.
In the EBA stress test of December 2011 BayernLB's EBA core Tier 1 ratio stood at 10 %.
Po prestrukturiranju bo banka ustvarjala [5–10]-odstotno donosnost lastniškega kapitala, pri čemer je predviden 10-odstotni kapitalski količnik.
Among the 13 German financial institutions taking part in the stress test exercise, BayernLB was the fourth-best capitalised: it was better capitalised than all the other German banks which had received State aid [59] with the exception of HRE, and better capitalised than the other large banks which had received no capital assistance, such as Deutsche Bank and Helaba Landesbank Hessen-Thüringen.
Izračuni donosnosti lastniškega kapitala iz preglednice 4 predvidevajo 10-odstotni kapitalski količnik, kakršen je bil količnik temeljnega kapitala EBA, ki ga je EBA evidentiral za banko BayernLB pri preverjanju ustreznosti kapitala decembra 2011.
If there were to be no redemption of any of the capital, any excess capital provided as State aid could be used by BayernLB to compete aggressively at the expense of other banks, in particular other Landesbanken, outside its former geographic business area [60].
Ta količnik je uporabila tudi banka BayernLB pri predstavitvi donosnosti lastniškega kapitala v svojih napovedih (glej preglednico 4).
A limitation of the capital is therefore necessary to limit distortions of competition.
Vendar bi bil kapitalski količnik banke brez odplačil bistveno višji (kot je pojasnjeno v uvodni izjavi 159, bi se lahko kapitalski količniki banke BayernLB na podlagi napovedi glede dobička, ki bi se ustvarjal v celotnem obdobju, zvišali nad 10-odstotno raven iz decembra 2011 le, če bi se ta dobiček ohranil), tako da bi bila donosnost lastniškega kapitala nižja od predvidene.
In addition, if BayernLB did not have to use its capital rationally it would be shielded from competitive pressure.
Ob upoštevanju dodatnih zmanjšanj pozicijskih tveganj za 10 milijard EUR, h katerim se je zavezala Nemčija, in načrta odplačil iz Priloge II je bila raven donosnosti lastniškega kapitala ponovno določena na približno [7–12] % leta 2016.
It would be in a position to allocate capital sub-optimally, which would, in the long run, result in below-average returns.
To izboljšanje donosnosti lastniškega kapitala je mogoče na podlagi nedobičkonosnega dodatnega zmanjšanja pozicijskih tveganj, h kateremu se je zavezala Nemčija.
Such over-capitalisation could be used to absorb losses from imprudent investments and permit ineffective credit-risk control.
Izvedljivost takih nedobičkonosnih zmanjšanj je bila dokazana na podlagi dveh ponazoritvenih scenarijev, ki ju bo banka morda izvedla.
It would therefore not create the right incentive structure for ensuring a return to viability.
Vendar se lahko z zmanjšanji izpolni zahteva glede uspešnega poslovanja z ustrezno dobičkonosnostjo le, če se ustvarjeni kapital uporabi za odplačevanje presežnega kapitala banke.
Moreover, excessive capitalisation would also prevent the bank from generating a competitive RoE [61].
Raven donosnosti lastniškega kapitala, dosežena ob koncu obdobja prestrukturiranja, je v skladu z napovedmi vrstnic banke BayernLB [65].
Despite these difficulties, Germany has not offered a solution that would allow excess capital to be redeemed.
Načrt odplačil iz Priloge II vključuje odplačilo tihe udeležbe v celoti, ki bi sicer bremenila dobičkonosnost banke.
However, the capital increase consists of a capital injection of EUR 7 billion and a silent participation of EUR 3 billion.
To tiho udeležbo bi bilo treba odplačati po ceni, veliko višji od donosnosti lastniškega kapitala banke, pri čemer se na podlagi pravil Basel III več ne bi štela za kapital za namene nadzora.
The silent participation is a redeemable instrument.
Predloženi načrt za prestrukturiranje predvideva odplačilo v celoti, medtem ko se kapitalizacija banke ohranja na zadovoljivi ravni.
Furthermore, it was provided before the Basel III rules were agreed upon, and will not qualify as EBA capital once the Basel III rules are implemented.
Raven donosnosti lastniškega kapitala je treba analizirati ob upoštevanju profila tveganja banke.
Because it bears a 10 % coupon, the silent participation will in the medium term become an economically expensive source of funding, and will limit BayernLB's profit distribution capacity, which in turn makes the bank unattractive for any new capital investors.
Banka BayernLB je v preteklosti poslovala zunaj Nemčije.
In addition, according to the restructuring plan, the bank intends to make profits throughout the restructuring period.
Banka BayernLB je zlasti na področju poslovanja s podjetji posojala strankam brez kakršne koli povezave z domačo stranko banke BayernLB in za projekte, ki niso zagotovili nobenega bistvenega zavarovanja.
Those profits would not be distributable, given that BayernLB is in restructuring.
Financiranje projektov je bilo osredotočeno na projekte v tujini, v zvezi s katerim so bili edino jamstvo za plačilo predvideni prihodnji denarni tokovi iz financiranih projektov.
When this is considered in parallel with the risk position reduction projected in the restructuring plan, it can be expected that the capitalisation of the bank will increase each year, which will improve its ability to repay.
Nemčija se je zavezala strogim omejitvam v zvezi s pozicijskimi tveganji pri mednarodnih dejavnostih na navedenih področjih poslovanja.
Moreover, Germany has committed to an additional risk position reduction beyond the reduction projected in the restructuring plan, which would free an additional 10 % of the capital of BayernLB.
Nemčija se je tudi zavezala, da bo poslovanje banke omejila na stranke, ki so na podlagi jasnih opredelitev povezane z domačim trgom banke, da bi kreditne izpostavljenosti omejila na stranke, katerih odnos s strankami ne temelji na regionalnem poslovnem modelu banke.
On that basis, the Commission requested the German authorities to provide a schedule for the repayment of the EUR 3 billion silent participation before 2018, when it ceases to satisfy all the requirements to be recognised as core capital for supervisory purposes.
S preusmeritvijo dejavnosti banke se bo zmanjšala relativna raven tveganja.
In response the German authorities provided the repayment scenarios indicated in Table 10 — Hypothetical repayment schedule excluding additional capital potentially generated by nominal-value accounting of BayernLabo loans.
Na podlagi tega se lahko predvidena približno [7–12]-odstotna donosnost lastniškega kapitala šteje za sprejemljivo.
The Commission considers that the aid can be limited to the minimum necessary through the repayment of the silent participation of EUR 3 billion as indicated in Table 10.
Odstavek 13 sporočila o prestrukturiranju tudi določa, da bi morala biti banka ob koncu prestrukturiranja ustrezno kapitalizirana.
That repayment is appropriate in the light, first, of the projections of the bank and, second, of the latest regulatory requirements, which call for a capitalisation above 9 % core Tier 1 capital plus a buffer (which will also be the case under the Basel III rules).
Zato bi morala biti na podlagi preudarnega vrednotenja sedanja in predvidena kapitalska ustreznost v skladu z veljavnimi nadzornimi predpisi [66].
On that basis, subject to the condition of the repayment detailed in Annex II, the Commission considers that the restructuring aid is limited to the minimum necessary required for restoring viability.
Komisija je ugotovila, da se predpostavke lahko štejejo za preudarne in da dopuščajo ustrezno raven stresa v skladu z odstavkom 13 sporočila o prestrukturiranju.
The Commission notes that especially as regards BayernLabo the repayment schedule is based on particular accounting and regulatory treatment assumptions although there is in fact some uncertainty as to the applicable framework.
Poleg tega napovedi glede kapitala, ki so bile predložene na zahtevo Komisije, temeljijo na načrtu odplačil, ki dokazuje, da so sedanje in predvidene ravni kapitalske ustreznosti enake ravnem, ki jih je navedel regulator in so navedene v uvodni izjavi 79.
Should the assumptions change, the repayment should be in accordance with Table 11.
Zato izpolnjujejo najnovejšo regulativno zahtevo, ki poziva h kapitalizaciji nad 9 % temeljnega kapitala prvega reda EBA in rezervi.
The Commission will assess the viability of the bank on the basis of the repayment schedule and the contribution by the bank and its shareholders.
S tem zagotavljajo tudi skladnost s pravili Basel III.
Restoring long-term viability
Komisija ne vidi razloga za skrb zaradi kakršne koli dodatne obremenitve.
In assessing a restructuring plan the Commission needs to determine whether the bank is able to restore long-term viability without State aid (section 2 of the Restructuring Communication).
Prvič, v izračunih 9-odstotnega kapitala EBA pri preverjanju kapitalske ustreznosti se je upoštevala le državna obremenitev, ki v primeru banke BayernLB ni velika.
The opening decision raised doubts in that respect.
Poleg tega sta se v testu izjemnih situacij EBA iz junija 2011 makro in individualna obremenitev uporabili le za 5-odstotni količnik temeljnega kapitala prvega reda EBA.
According to the Restructuring Communication, long-term viability is achieved when a bank is able to compete for capital in the marketplace on its own merits in compliance with the relevant regulatory requirements.
Komisija trenutno ni seznanjena s tem, da bo EBA zahteval test izjemnih situacij, ki bo združeval pristopa obeh preverjanj.
To do so the bank must cover all its costs and provide an appropriate return on equity, taking into account its risk profile.
Takšna kombinacija se tudi ni zahtevala pri oceni prestrukturiranja katere koli druge nemške banke.
Long-term viability further requires that any State aid received is either redeemed over time, as envisaged at the time the aid is granted, or is remunerated according to normal market conditions, thereby ensuring that any form of additional State aid is terminated.
BaFin je banke zgolj pozval k izpolnjevanju zahteve glede 9-odstotnega temeljnega kapitala prvega reda EBA [67].
The return to viability should derive from internal measures and be based on a credible restructuring plan, and should identify the causes of the bank's difficulties and weaknesses and explain how the restructuring operation will remedy them.
Zato lahko Komisija danes sprejme le predpostavko, da je kapitalska ustreznost, ki se bo zahtevala, enaka kot v okviru preverjanja kapitalske ustreznosti decembra 2011, pri čemer vključuje dodatno rezervo, kot je navedeno v uvodni izjavi 79.
In particular, successful restructuring entails withdrawal from all activities which would remain structurally loss-making in the medium term.
Ta predpostavka je še bolj smiselna, ker je predvidena obremenitev, značilna za banko in makroekonomsko okolje, že vključena v napovedi.
The Commission finds that this requirement is met, as the restructuring plan provides for a significant reduction in the bank's capital market activities both in volume and complexity, and reduces the bank's foreign activities to focus on the area where its main expertise lies, primarily commercial banking for retail customers and small and medium-sized business customers situated in its regional home markets.
Komisija v vsakem primeru priznava vlogo finančnega nadzornika.
point 13 of the Restructuring Communication requires that the restructuring plan should be based on assumptions which are compared with appropriate sector-wide benchmarks, adequately amended to take account of the new elements of the current crisis in financial markets, and should incorporate an adequate stress level.
Sprejema, da je za obveznost odplačevanja letnih obrokov iz Priloge II potrebna regulativna odobritev.
The Commission observes that the figures that BayernLB has provided are aligned with international benchmarks.
Obročna plačila v okviru zadevnega načrta odplačil mora torej odobriti BaFin.
The macroeconomic forecasts are in line with those of international institutions, and the foreign exchange market estimates can be considered conservative.
Če BaFin prepove ali ne odobri plačila obroka, Komisija sprejme, da je s tem povezana obveznost odplačevanja zadevnega zneska odložena.
BayernLB's EUR/USD projections incorporate a weaker dollar in 2016 than suggested by the purchasing power parity level; this suggests that BayernLB's dollar earnings have been translated into euros in a conservative manner.
Vendar če prvotno odloženo odplačevanje zneska naslednje leto ni odobreno ali je spet prepovedano, je izvajanje načrta za prestrukturiranje ogroženo, zato mora Nemčija Komisiji predložiti spremenjeni načrt za prestrukturiranje.
Relatively high projections of the EUR/USD exchange rate tend to have a negative impact on the projected net income, because BayernLB has more assets denominated in dollars than liabilities [62].
Zgolj dejstvo, da je nadzorni organ prepovedal ali ni odobril odplačila, ne more samodejno odpraviti obveznosti banke v zvezi z odplačilom, temveč od banke zahteva ukrepanje.
The projected levels of the dollar compared to the euro are below the current levels of the EUR/USD exchange rate and the levels of the forward curve.
Če banka ne more zagotoviti odplačila in hkrati izpolnjevati vseh zahtev regulatorja, bi bilo treba dodatni kapital načeloma sprostiti z dodatnim zmanjšanjem tveganju prilagojenih sredstev.
According to the sensitivity analysis provided by BayernLB (recital 89) the profits of the bank would increase if a stronger dollar were assumed in the projections.
Poleg tega bodo za vsako zamudo na splošno potrebni dodatni ukrepi nadomestil [68].
That increase can be explained by the fact that BayernLB has more assets in USD than liabilities and therefore, if the dollar is stronger, the euro equivalent of the net interest it receives in dollars is higher.
Zato Komisija vztraja pri načelu, da mora Nemčija v spremenjenem načrtu za prestrukturiranje zagotoviti dodatne ukrepe nadomestil.
Given that BayernLB assumes a weaker dollar than the financial markets expect, as reflected in the forward curve, the assumption can be considered stress-proof.
To je izraženo v točki 4 Priloge II.
The projections in Table 4 are lower than the levels achieved in 2009 and 2010 [63].
Poleg tega je kakovost pregleda nad podjetji bistveno večja.
The Commission therefore considers the income projections to be prudent.
Ločevanje zadevnih vlog različnih organov je jasneje in strožje (skupščina delničarjev, nadzorni odbor in izvršni odbor), strokovnost nadzornega odbora pa se bo povečala z vključitvijo neodvisnih strokovnjakov in uvedbo preskusa „sposobnosti in ustreznosti“, ki ga bo moral opraviti vsak član odbora.
All the components of income, and in particular fee income, are projected in line with levels achieved in the past.
Okvir upravljanja podjetij je združljiv z zahtevami po zasebnih podjetjih in vključuje izvajanje (prostovoljnega) nemškega kodeksa upravljanja javnih delniških družb.
BayernLB's projections expect the loss provisions in lending business to decrease over the restructuring period, which is consistent with the assumed medium-term return to economic growth.
Skupščina delničarjev banke bo imela standardna pooblastila skupščine delničarjev brez kakršnega koli dodatnega vpliva.
BayernLB projects a [15-30] % decrease in costs over the restructuring period, leading to an end cost/income ratio of [30-60] %.
V skladu s kodeksom upravljanja javnih delniških družb bo polovica članov nadzornega odbora neodvisnih.
That level is in line with those of other aided banks [64].
Kvalitativne zahteve, ki zagotavljajo minimalne kvalifikacije novo imenovanih članov nadzornega odbora in ki jih je uvedel nemški regulator BaFin, se uporabljajo za vse člane odbora.
The Commission considers that an improvement of the cost/income ratio is necessary for the return to viability.
Predsednik nadzornega odbora v obdobju prestrukturiranja bo neodvisen član.
Given the business model of BayernLB, which does not operate retail branches (retail branches tend to increase the cost/income ratios of retail banks), the historical levels of the cost//income ratio cannot be considered sustainable.
Ustanovljen bo tudi odbor za revizije in tveganja, ki bo deloval v skladu z dobro prakso upravljanja podjetij.
In respect of funding, the challenge facing the Landesbanken over the medium term is the replacement of State-guaranteed grandfathered debt.
Zato je na splošno verjetno, da bo načrt za prestrukturiranje banke BayernLB ponovno vzpostavil njeno dolgoročno uspešno poslovanje.
Grandfathered debt constitutes a cheap source of funding for the Landesbanken which cannot be replaced at the same cost.
Lastni prispevek banke
At the end of 2010 BayernLB had EUR 58 billion of grandfathered debt outstanding.
V sporočilu o prestrukturiranju je navedeno, da bi morale banke za zmanjšanje pomoči na najnižjo potrebno prestrukturiranje najprej financirati z lastnimi sredstvi in da bi morala stroške v zvezi s prestrukturiranjem kriti ne le država, ampak tudi vlagatelji v banko.
Virtually all of that debt will mature by the end of 2015.
Komisija je v sklepu o začetku postopka navedla, da ostaja obseg odprodaj, ki so bile predlagane kot lastni prispevek banke, nejasen.
The Commission notes that the maturing grandfathered liabilities are more than compensated for by the balance sheet reduction of EUR 70 billion projected by BayernLB in June 2011.
Medtem se je Nemčija zavezala, da bo banka BayernLB do konca obdobja prestrukturiranja prodala [40–70] hčerinskih družb ali holdingov.
Further additional reductions offered by the bank led to a commitment on the part of the German authorities that the balance sheet would be reduced to EUR 240 billion in total.
Banka je že prodala večino zadevnih hčerinskih družb in pričakuje, da bo vse prodaje izvedla najpozneje do […].
The funding plan presented in June 2011 presented a number of weak points in terms of the credibility of the availability of certain sources of funding.
Finančni holdingi, ki se bodo prodali, so navedeni v točki 11 Priloge I in v Prilogi III ter vključujejo družbe LBS Bayern, MKB in Banque LB Lux SA, ki so med največjimi hčerinskimi družbami banke BayernLB.
First, the plan relied on an assumption that corporates' deposits would increase by EUR [2-8] billion, an increase of […] % over the 2010 level.
Ustvarjeni prihodki in kakršen koli dobiček se bodo namenili za kritje stroškov prestrukturiranja in bodo pomagali zagotoviti omejenost pomoči na najnižjo potrebno.
Second, the Depot B funding obtained through savings banks was projected to increase by EUR [1-5] billion, a […] % increase over the 2010 level.
Za zagotovitev, da imajo lastniki banke v obdobju prestrukturiranja čim večjo vlogo pri obnovi ustreznega lastniškega kapitala, se je Nemčija tudi zavezala, da bo banka ohranila dividende in ne bo plačevala kuponov, razen kuponov, ki jih je pravno zavezana plačevati, do konca obdobja prestrukturiranja ali dlje, če do takrat ne bo odplačana tiha udeležba dežele Bavarske.
Those concerns have been addressed by an additional reduction of EUR [3-10] billion achieved through additional reductions in funding-intensive business areas (real estate, corporates and project finance).
Tako se bo v skladu z odstavkom 26 sporočila o prestrukturiranju zagotovilo, da banka BayernLB ne bo uporabila državne pomoči za izplačila za lastna sredstva, če za ta plačila ne bo ustvarila zadostnih dobičkov.
Furthermore, BayernLB has provided credible information on the available alternative funding sources, in particular its capacity to issue more covered bonds (Pfandbriefe).
Podaljšana prepoved dividend in hibridnih kuponov bo banki BayernLB pomagala tudi pri izpolnjevanju načrta odplačil.