natgillin/translations-raw huggingface dataset:
3,85 % on the ultimately used part of the guarantee subject to the Besserungsschein.
Vse obveznosti plačil, ki jih ne bo mogoče poravnati do konca leta 2017, bodo prenesene samo, če OpCo do tega datuma še ne bo prodan.
That split into OpCo and HoldCo implies that the accounting effect from the guarantee compensation will continue to accrue at the level of OpCo while all provisioning requirements under the IFRS arising from the treatment of fee payments on the used part of the guarantee will now occur in HoldCo.
Tudi v takšnem primeru odlog ne bo daljši od dveh mesecev, dokler OpCo ne bo prodan ali ne bo omogočeno prenehanje v skladu s predpisi.
However, the Commission stresses that at the consolidated level of the bank (HoldCo + OpCo) there is no change in the structure of the guarantee or its effects, so the split itself provides no additional advantage to HSH.
Takšen morebiten odlog bo zaračunan po 10-odstotni letni obrestni meri.
According to the commitments provided by Germany, HoldCo will not operate any business itself and therefore will not have any income streams other than those derived from its shareholding in OpCo.
Sklepna ugotovitev
From the split of obligations as outlined above, the Commission points out that the amount of fees due during the sales process payable by HoldCo at the year end of 2016 and 2017 respectively will depend on:
Z najbolj likvidnimi podrejenimi obveznicami banke HSH [62] se je trgovalo z letnimi donosi med 7,5 % in 8 % ob začetku sklenitve pogodbe, o kateri je bil dogovor dosežen oktobra 2015, trenutno pa se z njimi trguje z donosom 10,6 %.
the overall amount of guarantee outstanding (calculation basis for 1,80 % guarantee fee, the ‘fee component 1’);
Ob upoštevanju trgovalnega obsega donosov na te podrejene izdaje banke HSH in dejstva, da bo vsak odlog v letu 2016 verjetno omejen na največ [0–15] milijonov EUR, Komisija meni, da je plačilo 10 % na letni ravni za tveganje plačila v vrednosti [0–15] milijonov EUR, odloženega za eno leto, v skladu s tržnimi pogoji.
the actually used amount of guarantee in 2016 and 2017 (calculation basis for the part of the 2,20 % guarantee fee taken over by HoldCo, the ‘fee component 2’); and
Glede na močno krajšo zapadlost vseh odlogov, ki se nanašajo na leto 2017 v primerjavi z zapadlostjo podrejenih izdaj in ustrezno nižjega tveganja, Komisija meni, da je plačilo 10 % na letni ravni v skladu s tržnimi pogoji.
the total used amount of guarantee (calculation basis for the 3,85 % guarantee fee which is subject to the Besserungsschein, the ‘fee component 3’).
Skupno je torej Komisija sklenila, da ker je morebiten odlog dela pritokov provizije za jamstvo, ki ga je treba plačati lastnikom iz javnega sektorja, (a) verjetno zelo majhen, če bo do njega v letu 2016 sploh prišlo, (b) časovno omejen (če bo do njega sploh prišlo, kar je odvisno od dejanskega datuma prodaje) za provizije, zapadle v letu 2017, in (c) v vsakem primeru plačan z obrestno mero v skladu s tržnimi pogoji, ne predstavlja dodatne prednosti za banko HSH, ki bi izhajala iz izvedbe ukrepa št. 1 iz leta 2016 kot rezultat tveganj iz točk (a) in (b).
Base premium component of 1,80 %
Prednost v ukrepu št. 2 iz leta 2016
Regarding fee component 1, the overall level of guarantee outstanding is currently EUR 10 billion, including the 2013 measure.
V skladu z zavezami, ki jih je predložila Nemčija, bo banka HSH prenesla portfelj v vrednosti do 6,2 milijarde EUR EAD zajamčenih sredstev, ki so trenutno pod jamstvom zveznih dežel.
That level cannot go up further since EUR 10 billion is a fixed ceiling.
Do prenosa lahko pride v več tranšah med postopkom prodaje v letih 2016 in 2017.
Equally, that level is unlikely to go down during the sales process.
Da bi določili portfelj za prenos, sta Nemčija in banka določili [8–10] milijard EUR EAD zajamčenih sredstev iz jamstva kot primernih za prenos na lastnike iz javnega sektorja.
Regarding fee component 2, the Commission recalls that according to the most recent available estimates the amount of settled losses on the guaranteed portfolio will rise to roughly EUR [3,2-5,0] billion in 2016, that is EUR [0-1,8] billion more than the first-loss tranche of EUR 3,2 billion.
Zato glavni cilj vrednotenja ni izračun poštene vrednosti, ampak izračun tržne vrednosti, ki bo, če bo uporabljena kot cena prenosa pri transakciji z javnimi organi, omogočala Komisiji zaključek, da transakcija po tej ceni ne zagotavlja prednosti banki in torej izključuje prisotnost državne pomoči.
That amount is going to increase further by the amount of losses taken by HSH through the 2016 measure 2, i.e. the transfer of up to EUR 6,2 billion EAD of assets under guarantee to the public owners.
Vrednotenje mora torej biti zlasti preudarno in konservativno.
According to the commitments, the transfer values of the assets will be determined according to the list appended to the notification which corresponds to the results of the market price valuation of the Commission's experts.
Komisija je zaposlila neodvisne strokovnjake za vrednotenje, ki jih bodo pomagali pri določanju tržne vrednosti teh sredstev.
The Commission recalls that according to the commitments the bank is aiming to transfer only EUR 5 billion EAD of assets by the end of June 2016.
Ocena tržne vrednosti
Until the transfer date, the guarantee remains mainly unused and the related fee payments will therefore be serviced by OpCo.
Portfelj sestavlja približno […] posojil, zavarovanih z […] ladjami in nekaterimi drugimi sredstvi.
Based on the list of transfer values (see Annex II to the present decision) and depending on how the guarantee use is going to be optimised, possible additional losses on the transfer of a portfolio of EUR 5 billion EAD chosen out of the list of EUR [8-10] billion EAD of available assets and settled under the guarantee are likely to be in the order of EUR [1-4] billion to EUR [1-4] billion.
Da bi se izognili težavam z navzkrižnim zavarovanjem, je banka zagotovila t. i. raven oblikovanja, ki je najnižja raven pri kateri je mogoče zavarovanje s premoženjem prepoznati kot zavarovanje s premoženjem za natančno eno linijo.
Therefore, the Commission considers that the fee payment obligation under fee component 2 for 6 months in 2016 will likely correspond to between EUR [25-35] million and EUR [25-35] million.
V portfelju je […] linij.
Additional premium of 3,85 %
V skladu s preudarnimi in načeli konzervativnega vrednotenja in na osnovi podatkov, ki jih je zagotovila banka, so strokovnjaki Komisije pripravili več predpostavk.
Additional losses of between EUR [1-4] billion and EUR [1-4] billion on the transfer of EUR 5 billion EAD of assets from the bank to the Länder will lead to an increase in the expected total used amount of the guarantee and, correspondingly, to further requirements for provisioning under the IFRS for both fee components 2 and 3.
Končno v zvezi z nedavno prestrukturiranimi posojili banke niso bile upoštevane nobene koristi.
According to the Commission's assessment, the additional provisioning need arising under the IFRS for fee component 2 is likely to correspond to roughly between EUR [700-900] million and EUR [700-900] million.
Strokovnjaki Komisije so uporabili model diskontiranega denarnega toka.
According to the restructuring plan provided by the bank, those additional provisions are not likely to be financed through the net income of the bank and are therefore likely to lead to a claim on the Besserungsschein at the consolidated level for roughly the same amount.
Vsi denarni tokovi iz poslovanja so bili določeni v skladu z razpoložljivimi tržnimi podatki, kot so obstoječe pogodbe s področja ladijskega prometa.
However, any compensation from the Besserungsschein is limited to the amount of the remaining buffer, i.e. EUR [700-800] million.
Likvidacijske vrednosti za ladje so bile diskontirane z nedavnih vrednotenj ocenjevalcev, da se upoštevajo stroški prodaje in čas za prodajo in se popravi statistično ugotovljive pristranskosti pri ocenah določenega ocenjevalca.
An additional charge of EUR [700-900] million to EUR [700-900] million would therefore cause the CET1 ratio at the consolidated level to fall below 10 %.
Ekonomska življenjska doba ladij je bila prilagojena navzdol v skladu z ugotovljivimi podatki.
Provisioning for fee component 3 is itself subject to the Besserungsschein (see recital 73).
Vsi denarni tokovi so bili primerjani s tržnimi merili tretjih ponudnikov ter z njimi omejeni.
Therefore, given that after provisioning for fee component 2 the entire provision buffer under the Besserungsschein would be used up and the CET1 ratio would already have fallen below 10 %, the additional provisioning for fee component 3 would have to be deferred as well.
Stopnje rasti denarnih tokov in likvidacijske vrednosti so bile izračunane iz teh tržnih meril, ampak omejene na petletno obdobje.
Any transfer of assets during the sales period beyond the amount of EUR 5 billion, as is allowed under the commitments provided by Germany, is likely to lead to further losses.
Glede na vrednotenje strokovnjakov Komisije je ta sklenila, da tržna vrednost celotnega portfelja [8–10] milijard EUR EAD znaša [33,4–56,8] % EAD.
Such losses will only further decrease the CET1 ratio at the consolidated level, reducing further the probability that the CET1 ratio will rise above 10 %.
Nabor portfeljev v vrednosti 6,2 milijarde EUR EAD, ki jih je mogoče izbrati iz teh sredstev, ima tržno vrednost med 33,4 % in 56,8 %.
Only in such a case would payments or provisioning for fee component 3 be required.
Vrednotenje je bilo Nemčiji in banki na voljo z oblikovanjem po vrsticah.
Therefore, the Commission considers it likely that no payment or provisioning under fee component 3 will be required during the sales process.
Glede na zaveze bodo banka in lastniki iz javnega sektorja uporabili to vrednotenje po vrsticah, ki je dodano priglasitvi in trenutnemu sklepu (Priloga II), za določitev ustrezne vrednosti prenosa za zadevni portfelj.
The Commission further recalls that upon successful sale, the Länder have the right under the guarantee contract to waive the payment obligation of the additional premium of 3,85 % [61].
Velikost celotnega izbranega portfelja, vključno z vsemi tranšami, ne sme biti večja od 6,2 milijarde EUR EAD.
Fee payments under the 2016 measure 1
V skladu z zavezami bo vsak prenos po 31. avgustu 2016 zahteval ponovno vrednotenje izbranih sredstev s strani Komisije, da bi bilo zagotovljeno, da se tržna vrednost prilagaja in upošteva razvoj sredstev in trga.
In addition, the 2,20 % of fees on the unused amount of the guarantee is being paid by OpCo without any additional deferral mechanism in place covering in particular the full payment amount during the first 6 months of 2016 before the 2016 measure 2 is implemented.
Vsi ti učinki bi lahko nadalje poslabšali kapitalski položaj banke.
Therefore, based on the available information, the guarantee fee payments which will be received by the Länder for 2016 after implementation of the 2016 measures will in all likelihood not be lower than EUR [385-400] million (EUR [175-190] million OpCo + EUR 210 million HoldCo).
Komisija poudarja, da banka pod nobenimi pogoji ne bo dobila nadaljnje kapitalske pomoči.
Fee payments 2017
Na osnovi predhodne ocene je Komisija sklenila, da ukrepi iz leta 2016 ne vsebujejo državne pomoči v smislu člena 107(1) PDEU.
As pointed out before, HoldCo will not have any income so that it seems likely that if the sale of OpCo occurs after the fees for 2017 are payable HoldCo will not be in a position to honour those 2017 fee payment obligations when they fall due.
Kot je ocenila Komisija v predhodnem oddelku, ukrepi iz leta 2016 ne vsebujejo državne pomoči.
In such a case, according to the commitments provided by Germany, the fee payments will be deferred to the next payment date, compounded by an annual interest rate of 10 %.
Ukrep iz leta 2013 je Komisija v sklepu o začetku postopka razglasila za začasno združljivega, vendar je začela formalni postopek preiskave zaradi dvomov o združljivosti ukrepov, zlasti „dvomov o tem, da se bo banka HSH vrnila k uspešnemu poslovanju, kot je bilo predvideno v sklepu o prestrukturiranju iz leta 2011 na osnovi novega poslovnega načrta“ [66].
The Commission recalls that according to the commitments provided by Germany, the ultimate date for a sale of HSH is 28 February 2018 and that the proceeds flowing to HoldCo from a successful sale will first and foremost be used to pay the fee payment obligations arising under guarantee.
Ker je bil ukrep iz leta 2013 priglašen in razglašen za začasno združljivega preden je začelo veljati Sporočilo o bančništvu iz leta 2013 [67], Komisija svojo oceno ukrepa iz leta 2013 še vedno utemeljuje na členu 107(3)(b) PDEU, kot je pojasnjeno v Sporočilu o podaljšanju iz leta 2011 ter v skladu s splošnimi načeli, ki se uporabljajo za državno pomoč, odobreno finančnim institucijam iz Sporočila o bančništvu iz leta 2008, ki so bila podrobneje razčlenjena v Sporočilu o dokapitalizaciji in Sporočilu o prestrukturiranju [68] ter naknadno spremenjena s Sporočili o podaljšanju iz leta 2010 in 2011.
Therefore, any fee payment obligations which cannot be honoured at the end of 2017 will be deferred only if OpCo has not yet been sold by that date.
Ocena razlogov za začetek postopka
Even in such a case the deferral would be for no longer than 2 months, until OpCo is sold or goes into orderly wind-down or resolution.
Zaradi svojih dvomov o uspešnosti poslovanja je v sklepu o začetku postopka Komisija zlasti opozorila na tri dejavnike (glej oddelek 2.4 za celovitejši pregled):
Such a possible deferral will be remunerated at 10 % annual interest rate.
Nadaljnje poslabšanje gospodarskega položaja v sektorju ladijskih prevozov;
Conclusion
nezadostna gospodarska uspešnost banke v primerjavi s končnimi projekcijami po osnovnem scenariju iz sklepa iz leta 2011, tudi in zlasti v povezavi z razvojem novega poslovanja v pričakovanem obsegu;
Furthermore, while fee payments due in 2017 may have to be deferred in full, any such deferral will be limited to at most 2 months in view of the sales deadline of 28 February 2018.
Kot je bilo omenjeno v oddelku 1, je Nemčija Komisiji poslala več načrtov prestrukturiranja, ki jih je predložila banka.
Under the commitments, any deferrals will be remunerated with an annualised interest rate of 10 %.
Vendar:
The most liquid subordinated bonds of HSH [62] have traded at annualised yields of between 7,5 % and 8 % in the wake of the agreement reached in October 2015 and they currently trade at about 10,6 %.
Položaj v sektorju ladijskega prometa se je od sklepa o začetku postopka nadalje poslabšal in indeks Baltic Dry Shipping februarja 2016 zabeležil novo najnižjo raven, kar je vodilo še k globljim in daljnosežnim izgubam v preostanku ladijskega portfelja banke HSH;
Those two issuances mature during the sales process in February 2017 with EUR 928 million of outstanding notional to be repaid.
vsako leto od sklepa o začetku postopka je banka HSH delovala manj uspešno od svojih projekcij o novih obsegih poslovanja – ki so v različnih načrtih že bile močno popravljene navzdol – zlasti kar zadeva poslovni segment in segment ladijskega prometa;
They provide an indication of a market price for risk for a capital-like exposure to HSH, and therefore a conservative estimation of what a market level remuneration for a possible fee deferral would be.
plačila provizij so še naprej močno slabšala dobičkonosnost banke HSH z močno zmanjšano verjetnostjo za zmanjšanje zneska jamstva med njegovo življenjsko dobo.
Regarding any possible deferral resulting from obligations due in 2017, the Commission observes firstly that it would occur only if the sale does not take place before the end of 2017.
Sprememba namena pomoči
Secondly, while the amount of a possible deferral is likely to be comparable to the outstanding amount of each of the two subordinate issuances, such a deferral will be limited to at most 2 months given the final sales deadline, thereby significantly limiting the risk taken by deferring the charges.
Komisija ugotavlja, da je Nemčija ponovno priglasila ukrep iz leta 2013 kot državno pomoč, ki bo uporabljena za prenehanje banke HSH Nordbank v skladu s predpisi bodisi preko prodaje brez pomoči bodisi zaustavitve novih dejavnosti in prenehanja.
Given the significantly shorter maturity of any deferral relating to 2017 compared to the maturity of the subordinate issuances and the correspondingly lower risk, the Commission considers a remuneration of annualised 10 % to be in line with market conditions.
Zaradi tega novega namena pomoči Komisija meni, da prejetih načrtov prestrukturiranja ni treba podrobneje oceniti, in dejstvo, da njeni dvomi o uspešnosti poslovanja banke niso bili pomirjeni, ne igra pomembne vloge.
Taken together, the Commission concludes that because any possible deferral of part of the guarantee fee streams due to the public owners is (a) likely to be very small, if any, in 2016; (b) limited in time (should it occur at all, depending on the actual sales date) for fees due in 2017; and (c) in any case remunerated at an interest rate in line with market conditions, there is no additional advantage to HSH resulting from the implementation of the 2016 measure 1 as a result of the risks present from (a) and (b).
Namesto tega bo Komisija ocenila združljivost pomoči v skladu z oddelkom 2 Sporočila o prestrukturiranju in zlasti pododdelkom „Uspešnost poslovanja banke s pomočjo njene prodaje“ ter oddelkom 5 Sporočila o bančništvu iz leta 2008 [69]„Pomoč za nadzorovano ukinitev finančnih institucij“.
Advantage in the 2016 measure 2
Glede na oddelek 2 Sporočila o prestrukturiranju lahko prodaja banke v reševanju drugi finančni instituciji pripomore k obnovi dolgoročne uspešnosti poslovanja, če je kupec poslovno uspešen in sposoben absorbiranja prenosa banke v reševanju.
According to the commitments provided by Germany, HSH is going to transfer a portfolio of up to EUR 6,2 billion in EAD of assets currently under the guarantee to the Länder.
Kupec mora Komisiji dokazati, da bo integrirana pravna oseba poslovala uspešno.
That transfer can happen in multiple tranches during the duration of the sales process in 2016 and 2017.
V skladu z oddelkom 5 Sporočila o bančništvu iz leta 2008 mora biti pomoč za nadzorovano likvidacijo finančnih institucij ocenjena smiselno, zlasti v skladu z oddelkom 3 navedenega sporočila.
In order to define the portfolio to be transferred, Germany and the bank have identified EUR [8-10] billion EAD of assets under the guarantee as eligible for transfer to the public owners.
Omejitev pomoči na minimum – prispevek zasebnega sektorja; in
The Commission notes that basically all those assets are non-performing loans, all of which are in the shipping segment which has been one of the main drivers for the difficulties of the bank [63].
izogibanje nepotrebnemu izkrivljanju konkurence.
Because there is currently no market buyer available for those assets, the Commission considers that such a transfer to the public owners corresponds to an impaired asset measure.
Te zahteve so enakovredne zahtevam iz oddelka 2 Sporočila o prestrukturiranju v primeru uspešne prodaje.
In line with first principles and as recalled in recent Commission decisions regarding non-performing loans in Italy and Hungary [64], such an asset transfer can only be considered free of State aid if the transaction happens at market terms.
Glede na to, da je prenehanje banke v skladu s predpisi lahko izvedeno s prodajo OpCo, morajo biti izpolnjena določena merila, določena v točki 49 Sporočila o bančništvu iz leta 2008, tj. „za zagotovitev, da se pomoč ne zagotovi kupcem finančnih institucij oziroma njihovih delov ali prodanim subjektom, je pomembno, da …
In particular, the Commission has clarified that because of the nature of the portfolio and the absence of a market buyer it bases its valuation on the principles of the market value calculation specified in the Impaired Asset Communication [65].
je postopek prodaje odprt in nediskriminatoren,
Therefore, the main aim of the valuation is not to calculate a fair value but a market value which — if used as a transfer price in a transaction with a public authority — allows the Commission to conclude that a transaction at that price does not provide an advantage to the bank and thereby excludes the presence of State aid.
se prodaja odvija po tržnih pogojih,
The Commission has employed independent valuation experts to assist it with the determination of the market values of those assets.
Te zahteve so enakovredne zahtevam iz oddelka 2 Sporočila o prestrukturiranju v primeru uspešne prodaje.
Market value assessment
Glede na točko 50 Sporočila o bančništvu iz leta 2008 bo treba za vsako novo pomoč bodisi kupcu bodisi prodani pravni osebi v skladu z zgornjimi merili opraviti ločeno oceno.
After a first data request by the Commission and its experts in mid-December 2015, the bank made available information on 18 January 2016.
Omejitev pomoči na najmanjšo možno
Multiple contacts, meetings, discussions and data deliveries occurred between 20 January and 19 March 2016.
Komisija ohranja to oceno in hkrati poudarja, da je bil večji del strukture plačil jamstva že uveden, da bi zagotovil zadostno vračanje neupravičeno prejetih sredstev zneska pomoči.
The portfolio consists of about […] loan facilities, collateralised by […] ships and some other assets.
Z zagotavljanjem učinkovitega vračanja teh zneskov ponudniku jamstva, novi dogovor še naprej zagotavlja, da je pomoč, ki jo je med krizo prejela banka HSH, omejena na najmanjšo možno.
In order to avoid cross-collateralisation issues, the bank has also provided the so-called formation level which is the lowest level at which collateral can be identified as collateral for exactly one line.
Ukrepi za delitev bremena so bili uvedeni, kot je bilo predvideno s Sklepom iz leta 2011; Komisija ponovno potrjuje svojo oceno iz sklepa o začetku postopka, da ne dvomi v to, da so ti ukrepi še vedno primerni za združljivost ukrepa iz leta 2013.
There are […] formation lines in the portfolio.
Na tej osnovi Komisija zaključuje, da je pomoč omejena na najmanjšo možno ter vsebuje zadosten lasten prispevek.
In line with the prudent and conservative valuation principles, and based on the data made available by the bank, the Commission's experts have made a number of assumptions.
Preprečevanje vsakršnega neupravičenega izkrivljanja konkurence
For example where no data was made available to the Commission's experts, such as on collaterals other than ships, those collaterals were conservatively valued at zero and excluded from the calculation.
Kar zadeva izkrivljanje konkurence, Komisija upošteva, da zagotovljena pomoč služi kot zagotovilo, da bo banka HSH na koncu izginila s trga kot samostojna pravna oseba bodisi (a) preko prodaje drugi pravni osebi ali (b) preko ukinitve novih dejavnosti, ko bo tržni delež, ki ga ima banka HSH, ponudila na voljo drugim sodelujočim na trgu.
In addition, in the absence of data on the precise order of different creditors' claims to cash flows resulting from the collaterals, all claims on the shipping collaterals not arising from claims under the guarantee were considered as senior and they were subtracted from the collateral value.
Komisija meni, da bodo poslovne zaveze, ki jih je ponudila Nemčija, v času postopka prodaje omogočile, da bodo izpolnjeni pogoji o kar najmanjšem izkrivljanju konkurence, kot zahteva oddelek 3 Sporočila o bančništvu iz leta 2008:
Finally no benefit was taken into account where the bank had recently restructured loans.
Poslovne omejitve v obliki omejenega poslovanja z ladijskim prometom v višini [1–2] milijard na leto, omejitev poslovanja s poslovnimi strankami na poslovanje, ki je povezano z Nemčijo, in zaveza o nevključevanju v trgovanje za lastni račun.
The model used by the Commission's experts is a discounted cash flow model.
Nadaljnje zmanjšanje skupnega obsega bilance na [100–110] milijard EUR v letu 2016 in [90–100] milijard EUR v letu 2017; in
All operating cash flows have been calibrated to observable market data such as existing shipping contracts.
omejitve vedenja, ki velja za nezdružljivo s prejemanjem pomoči, kot so prepoved oglaševanja, prepoved nakupa in omejitev navzgor pri plačilih.