natgillin/translations-raw huggingface dataset:
Liquidation values for ships have been discounted from recent assessors' valuations to take into account sales costs and time to sale as well as to correct statistically observable biases in specific assessors' estimates.
Komisija upošteva dejstvo, da se Nemčija obvezuje, da bo ime banke HSH Nordbanka po uspešni prodaji izginilo, kot tudi dejstvo, da je prodaja banke HSH po delih ali svežnjih sredstev različnim strankam posebej dovoljena, kot je zapisano v zavezah.
The economic lifetime of ships has been adjusted downwards to observable data.
V primeru, da postopek prodaje ne uspe, ker (a) ni bilo dražiteljev, (b) so bili samo dražitelji, ki ne izpolnjujejo meril iz zavez ali (c) najvišja ponudba pomeni negativno ceno ali (d) je ocena Komisije o uspešnosti poslovanja skupne pravne osebe negativna, se Nemčija in banka HSH zavezujeta, da bo banka zaustavila nove dejavnosti in upravljala svoja sredstva z namenom njihovega prenehanja [70].
All cash flows have been compared to available market benchmarks from third party providers and have been capped at those benchmarks.
Na tej podlagi Komisija meni, da po postopku prodaje ter po in neodvisno od njenega zaključka, zaveze Nemčije zagotavljajo, da bo preprečeno vsakršno neupravičeno izkrivljanje konkurence.
Growth rates in cash flows and liquidation values have been calculated from those market benchmarks but capped at a five-year horizon.
Prodajni postopek
While the valuation cut-off date agreed with the bank was 31 December 2015, most data provided by it dated from 30 September 2015.
Kot je bilo podrobno ocenjeno v oddelku 4.1, bodo ukrepi iz leta 2016 razdelili banko HSH na holding HoldCo in operativno podružnico OpCo, slednja pa bo bodisi prodana do 28. februarja 2018 bodisi bo zaustavila svoje poslovanje.
The Commission's experts therefore subtracted from the valuation all cash flows arising in the fourth quarter of 2015 according to the applicable projections.
Ti ukrepi ne vključujejo nove pomoči.
Based on the Commission's experts' valuation, the Commission comes to the conclusion that the market value of the entire portfolio of EUR [8-10] billion EAD is [33,4-56,8] % of EAD.
V skladu z oddelkom 2 Sporočila o prestrukturiranju in oddelka 5 Sporočila o bančništvu iz leta 2008 obstajajo zahteve za sprejemljivost postopka prodaje, da bo (a) s prodajo banke dosežena uspešnost poslovanja in (b) prispevala k odsotnosti pomoči kupcu.
The range of portfolios of EUR 6,2 billion EAD that can be chosen from those assets has market values between 33,4 % and 56,8 %.
Nemčija je že vključila zadnje možne datume za večje mejnike pri zavezah.
The valuation has been made available at line-by-line formation level to Germany and the bank.
V povezavi z vprašanjem, ali bo rezultat postopka prodaje poslovno uspešna pravna oseba, Komisija pozdravlja naslednji dve nemški zavezi – dražilci, ki sodelujejo v postopku prodaje (a) morajo izkazati potrebne finančne vire in relevantno znanje in izkušnje za vodenje OpCo kot poslovno uspešnega in aktivnega konkurenta in (b) biti neodvisni od javnega sektorja.
According to the commitments, bank and public owners will use that line-by-line valuation which was appended to the notification and to the present decision (Annex II) in order to determine the applicable transfer value for a given portfolio.
Zvezne banke in hranilnice v javni lasti (če so povezane z drugimi dražilci) lahko sodelujejo v postopku javnega naročila.
The size of the chosen portfolio including all tranches cannot be larger in sum than EUR 6,2 billion EAD.
Komisija prav tako pozdravlja številne zaveze, s katerimi si Nemčija želi izboljšati stanje poslovanja OpCo, in sicer uvedbo nadaljnjih ukrepov za prestrukturiranje v obliki znižanja stroškov (na [570–590] milijonov EUR 2016 in [520–550] milijonov v 2017), izboljšanja likvidnosti in upravljanju tveganja banke ter splošne zaveze za upravljanje sredstev banke in obveznosti na trajnostni način za kar največje možnosti uspešne prodaje po najvišji možni ceni v okviru danih omejitev.
According to the commitments, any transfer after 31 August 2016 will require a revaluation of the chosen assets by the Commission in order to ensure that the market value is adapted taking into account the evolution of the assets and the market.
Komisija poudarja, da bo po prejemu končne cene v postopku prodaje potreben dodaten sklep Komisije.
Finally, the Commission stresses that selling loans to the Länder at those levels will generate additional losses in the bank which will have to be absorbed through profit and loss and to be covered through the available capital position of the bank.
Takšen sklep bo ocenil (a) ali bo skupna pravna oseba resnično poslovno uspešna ali ne, (b) ali je končna cena dejansko pozitivna, in ali uvedba postopka prodaje ne vključuje pomoči bodisi kupcu bodisi prodani pravni osebi [71].
The Commission further recalls that any such sale could result in the negative effect on the functioning of the guarantee described in recitals 75 and 76 and would be subject to the discretion of the supervisor.
Komisija pozdravlja zavezo Nemčije, da predloži zadnjo ponudbo v oceno in odobritev Komisije.
All those effects could further deplete the capital position of the bank.
V povezavi z zahtevano oceno uspešnosti poslovanja Komisija opozarja, da bo zgolj sprememba lastništva, ki ne vključuje tudi spremembe poslovnega modela, npr. preko prve javne ponudbe, naletela na iste dvome kar zadeva uspešnost poslovanja, kot jih je Komisija izrazila v sklepu o začetku postopka in posledično ne bodo odpravljeni, kot je bilo ocenjeno v tem sklepu v oddelku 4.1.2.
However, the Commission stresses that under no circumstances will further capital aid be provided to the bank.
Na osnovi teh zavez in prej omenjenih pomislekov Komisija zaključuje, da so zahteve iz točke 49 Sporočila o bančništvu iz leta 2008 ter točk 17 in 18 Sporočila o prestrukturiranju, izpolnjene.
On the basis of the commitments as assessed, the Commission is satisfied that the 2016 measure 2, the transfer of assets to the public owners, will be implemented at market value and will correspondingly not lead to an advantage.
Spremljanje
Resulting losses will be absorbed by the current capital position of the bank without any further aid.
Končno Komisija pozdravlja zavezo Nemčije, da bo celoten nabor zavez skrbno spremljal usposobljen in neodvisen fiduciar za spremljanje.
Based on the preceding assessment, the Commission concludes that the 2016 measures do not contain State aid in the meaning of Article 107(1) TFEU.
SKLEPNA UGOTOVITEV
Compatibility
Na osnovi predloženih zavez in predhodne ocene je Komisija sklenila, da se ukrep iz leta 2013 po ponovni priglasitvi kot pomoč za prenehanje banke HSH v skladu s predpisi lahko šteje za združljivega s pravili notranjega trga –
As assessed by the Commission in the preceding section, the 2016 measures do not contain State aid.
SPREJELA NASLEDNJI SKLEP:
Regarding the 2013 measure, the Commission has declared it temporarily compatible in the Opening decision but has opened the formal investigation procedure due to doubts over the compatibility of the measure, in particular ‘doubts that HSH will return to viability as assumed in the 2011 restructuring decision on the basis of the new business plan’ [66].
Člen 1
As the 2013 measure has been notified and declared temporarily compatible before the 2013 Banking Communication [67] became applicable, the Commission continues to base its assessment of the 2013 measure on Article 107(3)(b) TFEU, as explained in the 2011 Prolongation Communication and according to the general principles applicable for State aid granted to financial institutions set out in the 2008 Banking Communication, further elaborated in the Recapitalisation Communication and the Restructuring Communication [68] and subsequently amended by the 2010 Prolongation Communication and the 2011 Prolongation Communication.
Ukrepi iz leta 2016, ki jih namerava uvesti Nemčija za banko HSH Nordbank ne predstavljajo državne pomoči v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
Assessment of the grounds for opening
Člen 2
Regarding its doubts on viability, the Commission noted in particular three factors in the Opening decision (see section 2.4 for a more comprehensive overview):
Ukrep iz leta 2013 o ponovnem povečanju jamstva za drugo izgubo, ki ga je banki HSH Nordbank zagotovila javnopravna ustanova Finanzfonds, v znesku 3 milijard EUR predstavlja državno pomoč v smislu člena 107(1) PDEU in je združljiv z notranjim trgom ob upoštevanju zavez iz Priloge I k temu sklepu.
the further deterioration in the economic situation in the shipping sector;
Člen 3
the economic under-performance by the bank compared to the base case financial projections of the 2011 decision, also and in particular regarding the development of new business to the extent expected;
Ta sklep je naslovljen na Zvezno republiko Nemčijo.
the increase of the guarantee fee payments due to the higher guarantee amount.
V Bruslju, 2. maja 2016
As mentioned in section 1, Germany sent the Commission a number of restructuring plans provided by the bank.
Za Komisijo
However:
Članica Komisije
the situation in the shipping sector has further deteriorated significantly since the Opening decision, with the Baltic Dry Shipping Index marking new all-time lows in February 2016, leading to even deeper and far-reaching losses on the remaining shipping portfolio held by HSH;
UL C 315, 29.10.2013, str. 81.
in every year since the Opening decision, HSH has underperformed its own projections regarding new business volumes — which over various plans had already been significantly revised downwards — in particular in the corporate and the shipping segments;
Sklep Komisije 2012/477/EU z dne 20. septembra 2011 o državni pomoči SA.29338 (C 29/09 (ex N 264/09)) ki jo je Nemčija odobrila banki HSH Nordbank AG (UL L 225, 21.8.2012, str. 1).
The Commission notes the fact that Germany has re-notified the 2013 measure as State aid to be used for the orderly wind-down of HSH Nordbank through either an aid-free sale or stopping new business and winding down.
Preko javnopravne ustanove Finanzfonds imata obe zvezni deželi v lasti 65 %; Hamburg jih ima neposredno 10,8 % in Schleswig-Holstein 9,58 %.
Based on that new purpose of the aid, the Commission deems it unnecessary to assess the restructuring plans received in more detail and does not draw any consequences from the fact that its doubts on the viability of the bank have not been allayed.
Glej sklep o začetku postopka, uvodna izjava 54.
Instead, the Commission will assess the compatibility of the aid based on section 2 of the Restructuring Communication and in particular the subsection ‘Viability through sale of a bank’ as well as on section 5 of the 2008 Banking Communication [69] ‘Aid for the controlled winding up of financial institutions’.
Za podroben opis jamstev glej uvodne izjave od 42 do 47 v sklepu iz leta 2011.
According to section 2 of the Restructuring Communication, the sale of an ailing bank to another financial institution can contribute to the restoration of long-term viability, if the purchaser is viable and capable of absorbing the transfer of the ailing bank.
Glej sklep o začetku postopka, uvodna izjava 13.
The purchaser should demonstrate to the Commission that the integrated entity will be viable.
Izpostavljenost ob neplačilu pomeni pričakovani znesek izgube, ki ji je izpostavljena banka v primeru neplačila nasprotne strani.
According to section 5 of the 2008 Banking Communication, aid for the controlled wind-down of financial institutions needs to be assessed mutatis mutandis according to section 3 of the 2008 Banking Communication, in particular
Uporablja se za izračun kreditnega tveganja finančnih institucij.
limitation of the aid to the minimum — private sector contribution; and
Zaupne informacije.
avoidance of undue distortions of competition.
Glej točki 2 in 4 kataloga zavez.
Those requirements are equivalent to the requirements under section 2 of the Restructuring Communication in case of a successful sale.
Glej točko 3.1 kataloga zavez.
Moreover, given that the orderly wind-down of the bank can be fulfilled by selling OpCo, the specific criteria set out in point 49 of the 2008 Banking Communication have to be fulfilled, namely ‘in order to ensure that no aid is granted to the buyers of the financial institution or parts of it or to the entities sold, it is important that…:
Glej opombo 12.
The sales process should be open and non-discriminatory,
Glej točko 2.3 kataloga zavez.
The sale should take place on market terms,
Za podrobnosti glej točko 4.2 kataloga zavez.
The financial institution … should maximise the sales price …’.
Glej točki 4.1 in 4.2 kataloga zavez.
Those requirements are equivalent to the requirements under section 2 of the Restructuring Communication regarding the sales process.
Glej točko 5.1 kataloga zavez.
According to point 50 of the 2008 Banking Communication, any new aid to either buyer or sold entity found according to the above criteria will lead to a separate assessment.
Glej točko 5.4 kataloga zavez.
Limitation of the aid to the minimum
Glej točko 5.7 kataloga zavez.
Regarding the limitation of the aid to the minimum and the private sector contribution, the Commission refers to its assessment in recital 57 of the Opening decision where it found that the increase of the second-loss guarantee — while being new aid — stayed within the boundaries of what it had originally approved in the 2011 decision.
Glej točko 5.8 kataloga zavez.
In finding the measure temporarily compatible, the Commission considered further the presence of a one-time payment of EUR 275 million from the bank to the guarantee provider and the fact that the additional EUR 3 billion of guarantee could be considered as senior to the existing guarantee of EUR 7 billion.
Glej točko 6 kataloga zavez.
Those two additional elements allowed the Commission to find that the remuneration adequately takes into account the greater risk to the guarantee provider.
Glej točko 6, črke od a) do e) kataloga zavez.
The Commission maintains that assessment while pointing out at the same time that a large part of the guarantee fee structure was implemented in order to ensure sufficient claw-back of the aid amount.
Glej točko 7.1 kataloga zavez.
By ensuring that those amounts are effectively paid back to the guarantee provider, the new arrangement continues to ensure that the aid received by HSH during the crisis is limited to the minimum.
Glej točko 7.5 kataloga zavez.
Burden-sharing measures have been implemented as envisaged under the 2011 decision and the Commission reiterates its assessment from the Opening decision that it has no doubts that those measures are still adequate for the compatibility of the 2013 measure.
Glej točko 7.2 kataloga zavez.
On that basis, the Commission concludes that the aid is limited to the minimum and contains sufficient own contribution.
Glej točko 8 kataloga zavez.
Avoidance of undue distortions of competition
Glej točko 10 kataloga zavez.
Regarding distortions of competition, the Commission takes into consideration that the aid provided serves to ensure that HSH is ultimately going to disappear from the market as a stand-alone entity, either (a) through a sale to a different entity;or (b) through stopping new business, thereby making the market share held by HSH available to other market participants.
Glej točko 12 kataloga zavez.
During the time of the sales process, the Commission considers that the business commitments provided by Germany serve to fulfil the conditions on minimising distortions of competition as is sought by section 3 of the 2008 Banking Communication, namely:
Glej točko 11 kataloga zavez.
business restrictions in the form of limiting shipping business to EUR [1-2] billion a year, limiting business with corporate clients to business with a relation to Germany and a commitment to not engage in proprietary trading;
Glej točko 14.2 kataloga zavez.
a further decrease in the overall size of the balance sheet to EUR [100-110] billion in 2016 and EUR [90-100] billion in 2017; and
Glej sklep o začetku postopka, uvodna izjava 30.
restrictions of conduct which is considered incompatible with receiving aid such as an advertisement ban, an acquisition ban and a cap on remuneration.
Glej sklep o začetku postopka, uvodna izjava 31.
The Commission takes positively into account also the fact that Germany commits that the name HSH Nordbank is going to disappear after a successful sale as well as the fact that a sale of HSH in parts or asset bundles to different parties is specifically allowed, as reflected in the commitments.
Glej sklep o začetku postopka, uvodni izjavi 38 in 39.
In case the sales process fails because (a) there are no bidders; or (b) only bidders which do not qualify according to the commitments; or (c) the highest bid results in a negative price; or (d) the Commission's assessment of the viability of the joint entity is negative, Germany and HSH commit that the bank is going to stop new business and manages its assets with the view to wind them down [70].
Glej sklep o začetku postopka, uvodna izjava 40.
On that basis, the Commission considers that during the sales process as well as after and independent of its final outcome, the commitments provided by Germany ensure avoiding undue distortions of competition.
Glej sklep o začetku postopka, uvodna izjava 41.
The sales process
Glej sklep o začetku postopka, uvodna izjava 45.
As assessed in detail in section 4.1, the 2016 measures will split HSH into a holding company HoldCo and an operating subsidiary OpCo with the latter either being sold by 28 February 2018 or stopping new business.
Sporočilo o uporabi pravil o državni pomoči za ukrepe v zvezi s finančnimi institucijami v okviru trenutne svetovne finančne krize (UL C 270, 25.10.2008, str. 8).
Those measures do not involve new aid.
Sporočilo Komisije o dokapitalizaciji finančnih institucij v trenutni finančni krizi: omejitev pomoči na najmanjšo potrebno in zaščitni ukrepi za preprečevanje neupravičenega izkrivljanja konkurence (UL C 10, 15.1.2009, str. 2).
According to section 2 of the Restructuring Communication and section 5 of the 2008 Banking Communication, there are requirements on the sales procedure in order to be acceptable to (a) achieve viability through the sale of the bank; and (b) contribute to the absence of aid to the buyer.
Sporočilo Komisije o uporabi pravil o državni pomoči za podporne ukrepe v korist bank v okviru finančne krize od 1. januarja 2011 dalje (UL C 329, 7.12.2010, str. 7) in Sporočilo Komisije o uporabi pravil o državni pomoči za podporne ukrepe v korist bank v okviru finančne krize od 1. januarja 2012 dalje (UL C 356, 6.12.2011, str. 7).
Regarding the question of aid to the buyer, the Commission notes positively Germany's commitments to sell OpCo through an open, transparent and competitive tender sales procedure as well as at a positive price by 28 February 2018.
Glej sklep o začetku postopka, uvodna izjava 47.
Germany is going to provide a timeline with monitoring milestones to the Commission once the sales process has been launched.
Glej sklep o začetku postopka, uvodna izjava 48.
Germany has already included the latest possible dates for major milestones in the commitments.
Glej sklep o začetku postopka, uvodna izjava 49.
Regarding the question of whether a viable entity will result from the sales process, the Commission takes positive note of the following two commitments provided by Germany, namely that bidders participating in the sales process (a) should demonstrate the necessary financial resources and relevant expertise to run OpCo as a viable and active competitor; and (b) will be independent from the public sector.
Glej sklep o začetku postopka, uvodna izjava 50.
Landesbanken and publicly-owned Sparkassen (if bidding jointly with other bidders) are allowed to participate in the tender process.
Glej sklep o začetku postopka, uvodna izjava 52.
The Commission also notes positively a number of commitments by Germany aimed at improving the state of the business in OpCo, namely the implementation of further restructuring measures in the form of cost reductions (to EUR [570-590] million in 2016 and EUR [520-550] million in 2017), improvements in the liquidity and risk management of the bank as well as a general commitment to manage the bank's assets and liabilities in a sustainable way to maximise the chances of a successful sale at a maximal price within the constraints provided.
Glej sklep o začetku postopka, uvodni izjavi 53 in 54.
The Commission stresses that a further Commission decision will be required once a final bid has been received in the sales process.
Glej sklep o začetku postopka, uvodna izjava 56.
Such a decision will assess (a) whether the joint entity is indeed viable or not; and (b) whether the final bid price is indeed positive, and the implementation of the sales process does not involve aid to either buyer or the sold entity [71].
Glej sklep o začetku postopka, uvodna izjava 57.
The Commission takes positive note of the commitment by Germany to submit the final bid for assessment and approval to the Commission.
Glej sklep o začetku postopka, uvodna izjava 63.
Regarding the required assessment of viability, the Commission notes that a mere change of ownership that did not involve a change in business model, for example through an IPO, would encounter the same doubts in terms of viability as have been raised by the Commission in the Opening decision and not subsequently allayed as assessed in the present decision in section 4.1.2.
Nemčija je predložila pripombe, ki so odraz skupnega stališča Nemčije, zvezne dežele Schleswig-Holstein, mesta Hamburg in banke HSH, z dopisom z dne 30. septembra 2013.
Based on those commitments and the aforementioned considerations, the Commission concludes that the requirements under point 49 of the 2008 Banking Communication as well as under points 17 and 18 of the Restructuring Communication are met.
Za primer glej uvodno izjavo 61 sklepa iz leta 2011.
Monitoring
Glej uvodni izjavi 37 in 38.
Finally, the Commission takes positive account of the commitment by Germany to subject the entire set of commitments to rigorous monitoring by a qualified and independent monitoring trustee.
Dopis, ki ga je Nemčija s priglasitvijo predložila dne 21. marca 2016.
CONCLUSION
Glej oddelek 2.2.2.
On the basis of the commitments provided and the preceding assessment, the Commission concludes that the 2013 measure, re-notified as aid for the orderly wind-down of HSH, can be considered as compatible with the rules of the internal market,
Glej uvodni izjavi 24 in 25.
HAS ADOPTED THIS DECISION:
Glej uvodno izjavo 25.
Article 1
TPA izračuna nadzorni organ, da bi določil absolutni znesek kapitala, ki ga mora imeti banka.
The 2016 measures which Germany is planning to implement for HSH Nordbank do not constitute State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Ta pravica je že bila zagotovljena v originalni pogodbi o jamstvu, sklenjeni leta 2009.
Article 2
ISINs DE000HSH2H15 in DE000HSH2H23.
The 2013 measure, a re-increase in the second-loss guarantee provided by the Finanzfonds to HSH Nordbank, in the amount of EUR 3 billion constitutes State aid within the meaning of Article 107(1) TFEU and it is compatible with the internal market, in light of the commitments set out in Annex I of the present decision.
Glej oddelek 2.1.
Article 3
Zadevi državne pomoči SA.43390 (2016/N) in SA.38843 (2015/N), sklepa še nista objavljena.
This Decision is addressed to the Federal Republic of Germany.
Sporočilo Komisije o obravnavanju oslabljenih sredstev v bančnem sektorju Skupnosti (UL C 72, 26.3.2009, str. 1).
Done at Brussels, 2 May 2016.
Sporočilo o uporabi pravil o državni pomoči za podporne ukrepe v korist bank v okviru finančne krize od 1. avgusta 2013 (v nadaljnjem besedilu: Sporočilo o bančništvu) (UL C 216, 30.7.2013, str. 1).
For the Commission
Sporočilo Komisije o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči (v nadaljnjem besedilu: Sporočilo o prestrukturiranju) (UL C 195, 19.8.2009, str. 9).