natgillin/translations-raw huggingface dataset:
On the basis of the historical registration data for 2011 and 2012 for diesel PV vehicles with an engine of more than two litres, PSA considers that the development of a hybrid plug-in diesel PV range would have increased the number of vehicles with engines of a capacity of more than two litres (or equivalent power) to 30000-40000 units for the PSA Group.
Zaveza za najvišjo stopnjo prodora na trg za BPF
Transferring capacity at the Sevelnord plant to a competitor
Po mnenju francoskih organov se je ta stopnja za BPF in njene konkurente v zadnjih letih močno povišala, v primeru BPF s 27,5 % leta 2009 na 29,8 % leta 2012, v primeru banke RCI Banque SA [23] pa v istem obdobju s 30 % na 35 %, kakor je razvidno iz spodnje tabele 7.
Under this measure, the PSA Group is to transfer capacity at the Sevelnord plant to Toyota.
Francoski organi predvidevajo to zavezo zlasti, ker menijo, da lahko stopnjo prodora na trg brez težav spremljajo prek javnih virov.
The Sevelnord plant was built in 1988 as part of the extension of the activities of the Société Européenne de Véhicules Légers (‘Sevel’), jointly controlled (‘joint venture’ or ‘JV’) with the Fiat Group.
Načrtovana zaveza ima različne strukture za leto 2013, 2014 in 2015.
In 2011, this plant had 2700 employees and produced an average of 420 vehicles per day (Peugeot 807, Citroën C8, Peugeot Expert, Citroën Jumpy, Fiat Scudo).
V posameznih evropskih državah (v skupini G10 [24]), v katerih trguje BPF, naj leta 2013 ne bi presegala stopnje H2 2012 z razponom spreminjanja stopnje prodora na trg +1.
A total of 94843 vehicles were produced there in 2011.
Francoski organi menijo, da bodo hitre spremembe v sektorju v naslednjih obdobjih zahtevale napoved spreminjanja zaveze BPF na podlagi teh sprememb.
When Fiat wanted to withdraw from the JV partnership with the PSA Group at the Sevelnord plant, PSA signed a cooperation agreement with Toyota under which the PSA Group was to manufacture light commercial vehicles which Toyota would market in Europe under its own brand name.
Zato je predlagano povečanje stopnje prodora na trg, ki jo BPF dosega v letu „n – 1“, z določitvijo najvišje stopnje prodora na trg za leto „n“ na podlagi sprememb te stopnje v letu „n – 1“ med evropskimi konkurenti BPF.
This would enable Toyota to establish a substantial customer base at minimal cost.
To bi moralo preprečiti oddaljitev BPF od trendov v svojem konkurenčnem okolju.
Under this agreement, the PSA Group was initially (from the second half of 2013) to supply light commercial vehicles from its existing Peugeot Expert and Citroën Jumpy ranges (‘G9’ supply).
Zaveza za najvišjo stopnjo prodora BPF na trg v skupini G10 za leto „n“ bo od 31. decembra 2013 tako enaka stopnji, ki jo je BPF v tej skupini dosegla v letu „n – 1“, in prilagojena spremembi v stopnji prodora na trg pri primerljivih podjetjih v letu „n – 1“, vendar učinek te prilagoditve ne sme zajemati zmanjšanja stopnje prodora BPF na trg pod minimum.
The agreement also provides for cooperation in respect of the next generation of vehicles to be produced by the PSA Group (‘K0’ supply).
Primerljiva podjetja, ki so bila predlagana, so „zahodnoevropski“ oddelek banke RCI Banque SA in „evropski“ oddelek finančnih služb družbe Volkswagen (v nadaljnjem besedilu: FSDV).
According to the French authorities, without the agreement with Toyota, the PSA Group considers that it could on its own keep its light commercial vehicle activities viable.
Za zaščito pred nepredvidljivimi spremembami pri konkurentih in ohranitev stopnje prodora BPF na trg na ravni, ki je dejansko nižja od ravni njenih konkurentov, bo najvišja stopnja prodora na trg v skladu s stopnjo prodora na trg G10 v drugi polovici leta 2012 znašala 32,4 %.
The contract with Toyota is not therefore essential for continued operation at this plant.
Tabela 7
The French authorities point out that this measure helps to limit the PSA Group's market presence to the direct benefit of its competitors in so far as:
Stopnje prodora BPF na trg za nova vozila po posamezni državi in glavnem zemljepisnem območju (v %)
the PSA Group will transfer close on 30 % of production capacity at the Sevelnord plant to Toyota;
Najvišja stopnja H2 2012*
this agreement will enable a major competitor, Toyota, to gain access to a market in which it has not so far had a presence, and to extend its commercial vehicle range;
Razpon spreminjanja
this agreement offers a direct and certain competitive advantage to Toyota, in so far as it enables it to gain a large proportion of the margin on the vehicles covered by the agreement, and to sign up customers and gain their loyalty in a market in which it has no presence;
Predlagana najvišja stopnja*
this measure concerns one of the markets in which the PSA Group has a particularly large presence (21 % at European level in 2011).
Nemčija
In terms of turnover, the impact of this measure is estimated at EUR 443 million.
Avstrija
Discontinuation of production and development of the hybrid plug-in technology
Belgija
The PSA Group will reduce its market presence by ending the agreement signed on 25 October 2011 with BMW for the creation of a JV to develop and produce a technology for hybrid and electric vehicles.
Italija
The JV was developing and manufacturing all the electric components needed for an electric powertrain.
Španija
The PSA Group and BMW have invested over EUR 100 million in this project, on which, in late 2011, 400 workers were employed at the Munich R&D centre.
Nizozemska
The end of this JV will mean the PSA Group's withdrawal from the hybrid plug-in vehicle segment as a result of the termination of the JV agreement with BMW (segment C).
Portugalska
According to the French authorities, by ending the JV, the PSA Group will permanently withdraw from a segment considered to be promising and will lose access to around 6 % of the market by 2016.
Švica
The PSA Group will also lose an agreement that is valuable in terms of the brand image that its status as a partner of BMW gives it.
Francija
The withdrawal of the PSA Group from the JV with BMW will have two consequences:
Združeno kraljestvo
first, announcing that the hybrid plug-in technology is to be discontinued will harm the Group's image in this segment and will have an impact from 2013 on PSA Group sales of diesel hybrids.
Skupaj G5 [25]
The PSA Group estimates this impact (based on 10 % of volumes) at 3000 vehicles per year, i.e. an annual loss of turnover of EUR 60 million;
Skupaj M5 [26]
second, discontinuing the development of the hybrid plug-in technology, whose launch was scheduled for 2016, will be reflected by a reduction of an average of 20000 vehicles over three years, i.e. an annual loss of turnover averaging EUR 400 million.
Skupaj G10 [27]
The PSA Group estimates the total impact of this measure to be a loss of turnover of EUR 1,56 billion.
OCENA STROŠKOV PRESTRUKTURIRANJA IN NJIHOVEGA FINANCIRANJA
Commitment to a maximum penetration rate for BPF
Stroški prestrukturiranja so ocenjeni na 1708,9 milijona EUR.
The French authorities are planning to commit to a maximum penetration rate [22].
Načrtovani so naslednji ukrepi: zaprtje proizvodnje v obratu Aulnay, ki zaposluje 3000 delavcev, leta 2014, preselitev proizvodnje iz pariške regije v Poissy in regeneracija obrata Aulnay.
According to the French authorities, this rate has risen sharply in recent years both for BPF and for its competitors, increasing, in the case of BPF, from 27,5 % in 2009 to 29,8 % in 2012; and, in the case of RCI Banque SA [23], from 30,0 % to 35,0 % over the same period, as shown in Table 7 below.
Ti stroški naj bi med letoma 2012 in 2017 znašali [400–500]* milijonov EUR.
The French authorities are in particular envisaging this commitment because they consider that the penetration rate can be readily monitored from public sources.
Stroški racionalizacije industrijskega sistema v obratu Rennes, v katerem naj bi prezaposlili 1400 od skupno 5600 zaposlenih, naj bi med letoma 2012 in 2017 znašali [100–200]* milijonov EUR.
The planned commitment is structured differently for 2013, and for 2014 and 2015.
Racionalizacija organizacije skupine PSA prek načrtov GPEC 1 in 2 („Gestion prévisionnelle de l'Emploi et des Compétences“ [Napovedano vodenje zaposlovanja in kompetenc]) naj bi v letu 2012 in 2013 povzročila skupne stroške v višini [500–600]* milijonov EUR.
In 2013, it is proposed not to exceed, for each of the European countries (in the G10 perimeter [24]) in which BPF trades, the H2 2012 rate with a penetration rate flexibility of + 1.
Poudariti bi bilo treba, da se načrta GPEC 1 in GPEC 2 ne prekrivata, prav tako pa se ne prekrivajo stroški prestrukturiranja obratov Aulnay in Rennes.
In the following periods, the French authorities consider that rapid developments in the sector make it necessary to forecast how BPF's commitment is to vary on the basis of these developments.
Stroški drugih ukrepov, zlasti prestrukturiranja evropskega trgovanja in zmanjšanje osebja pri PCR (Peugeot Citroën Retail), ki je del trgovske mreže PSA, usmerjene predvsem v južno Evropo, naj bi znašali [100–200] milijonov EUR.
It is therefore proposed to increase the penetration rate achieved by BPF in year ‘n-1’ by setting a maximum penetration rate for year ‘n’ on the basis of the changes in this rate in year ‘n-1’ among BPF's European competitors.
Poleg tega stroški dejavnosti PSA v zvezi s projektom Avtomobili 50 CO2 znašajo [300–400]* milijonov EUR.
This should help to prevent BPF from becoming disconnected from trends in its competitive environment.
Za financiranje teh stroškov prestrukturiranja skupina PSA od začetka leta 2012 izvaja program prodaje sredstev, ki je skupini PSA prinesla naslednja sredstva:
From 31 December 2013, therefore, BPF's maximum penetration rate commitment in the G10 perimeter for year ‘n’ will be equal to the rate achieved by BPF in this perimeter in year ‘n-1’ adjusted by the change in the penetration rate of comparable firms in year ‘n-1’, although the effect of this adjustment cannot be to reduce BPF's penetration rate below a minimum.
prodaja družbe Gefco decembra 2012: 878 milijonov EUR [28];
The comparable firms proposed here are the ‘Western Europe’ division of RCI Banque SA and the ‘Europe’ division of Volkswagen Financial Services (‘VWFS’).
prodaja družbe Citer februarja 2012: 449 milijonov EUR;
In order to guard against erratic developments among competitors and keep BPF's penetration rate at a level that is actually below that of its competitors, the maximum penetration rate will be capped at 32,4 %, in line with the G10 penetration rate recorded in the second half of 2012.
prodaja nepremičnin (vključno s sedežem) leta 2012: 628,7 milijonov EUR.
Table 7
Po mnenju francoskih organov je skupina PSA v prosti denarni pretok že izpustila 1956 milijard EUR, ki naj bi se ponovno investirale v prestrukturiranje skupine PSA, da bi se ponovno vzpostavilo njeno uspešno poslovanje.
BPF penetration rates for new vehicles by country and main geographical areas (as %)
Glede likvidnosti bodo zasebne banke na podlagi novega bančnega konzorcija za odobravanje dolgoročnih posojil skupini v obdobju prestrukturiranja ponudile finančno injekcijo v višini 11,6 milijarde EUR.
Ceiling rate H2 2012*
NAČRT ZA USPEŠNO POSLOVANJE BPF
Flexibility
NAČRT FINANCIRANJA
Proposed maximum rate*
Finančna sredstva iz listinjenja in izdaj EMTN bodo pridobljena po istem obdobju.
Austria
Denarni tok BPF v obdobju prestrukturiranja*
Italy
DONOSNOST IN SOLVENTNOST
Spain
BPF je bila v preteklosti donosna, kar je razvidno iz spodnjega grafa 1.
Netherlands
Konec leta 2012 je bila stopnja kapitalizacije, ki se meri z deležem navadnega lastniškega temeljnega kapitala [29], 13-odstotna.
Portugal
Graf 1
Switzerland
Pretekla donosnost BPF
France
Konsolidirani lastniški kapital
United Kingdom
LASTNIŠKI KAPITAL IN NETO REZULTAT 31.
G5 aggregate [25]
DECEMBRA 2012 (v milijonih EUR)
M5 aggregate [26]
Konsolidirani letni neto rezultat
G10 aggregate [27]
Banka meni, da se bo med prestrukturiranjem skupine še vedno ustvarjal dobiček, kakor je razvidno iz spodnje tabele 9.
ESTIMATION OF RESTRUCTURING COSTS AND THEIR FINANCING
Tabela 9
Restructuring costs are estimated to be EUR 1708,9 million.
Napovedi v zvezi z donosnostjo BPF
The following measures are planned: shutting down production at Aulnay, which has 3000 employees, in 2014, transferring production in the Paris region to Poissy and regenerating the Aulnay site.
Donos iz lastniških instrumentov*
These costs are estimated to be EUR [400-500]* million between 2012 and 2017.
Na podlagi predloženih informacij upniki ne bi bili prikrajšani ob morebitnem zaprtju BPF.
The costs of streamlining the industrial system at the Rennes plant, where 1400 out of a total of 5600 employees are to be redeployed, are estimated to be EUR [100-200]* million between 2012 and 2017.
Če bi bila prepuščena upravljanju z zmanjšanim portfeljem, bi po treh letih še vedno dosegala presežek likvidnosti med [1–3]* milijarde EUR in [24]* milijard EUR po scenariju izjemnih situacij v odvisnosti od ravni izjemnih situacij.
Streamlining the PSA Group's organisation, by means of the GPEC 1 and 2 plans (‘Gestion prévisionnelle de l'Emploi et des Compétences’ [Forward Management of Employment and Competences]), will generate total costs estimated to be EUR [500-600]* million in 2012 and 2013.
Sredstva BPF imajo zelo kratko zapadlost, ki je povprečno krajša kot pri njenih obveznostih.
It should be noted that there is no overlap between the GPEC 1 and 2 plans and the Aulnay and Rennes restructuring costs.
STOPNJA PRODORA NA TRG
The costs of other measures, in particular the restructuring of European trade and the reduction of staff at PCR (Peugeot Citroën Retail), which is the PSA's part of the dealer network, largely in southern Europe, are estimated to be EUR [100-200] million.
Po mnenju francoskih organov približno 29,8-odstotna stopnja prodora BPF na trg (leta 2012) pri prodaji vozil znotraj skupine PSA pomeni, da financira velik delež povpraševanja po vozilih, ki jih proizvaja skupina PSA, ter je ključna za financiranje njenega trgovanja in celoten sektor vozil, vključno s trgovskimi mrežami in strankami.
Lastly, the costs of PSA activities in connection with the 50CO2Cars project are EUR [300-400]* million.
postopnem delnem umiku tradicionalnih bank iz tega sektorja, ker jih finančne in kapitalske omejitve, povezane zlasti z začetkom veljavnosti svežnja Basel III, selektivno silijo, da upravljajo svoje bilance stanja;
disposal of Gefco in December 2012: EUR 878 million [28];
ravni obrestnih mer, ki so trenutno izjemno nizke, kar bo spodbujalo izposojanje za financiranje nakupa vozil, ter
disposal of Citer in February 2012: EUR 449 million;
trendu, da se vozila spreminjajo v vsakodnevno potrošno blago, kar se bo izražalo v povečanju financiranja z izposojanjem in mesečnimi plačili.
According to the French authorities, the PSA Group has already released EUR 1,956 billion of free cash flow which is to be reinvested in the restructuring of the PSA Group in order to restore its viability.
Tabela 10
In terms of liquidity, under the New Club Deal, private banks will inject EUR 11,6 billion into the Group's financing during the restructuring period.
Stopnja prodora BPF na trg po zemljepisnem območju, segmentu vozil in znamki (v %)
BPF'S VIABILITY PLAN
Segment B
The plan submitted by the French authorities contains financial projections and a financing plan for BPF to the end of 2015.
Segment C
According to the French authorities, BPF's return on equity will be [5-10]* % from 2014 and [10-20]* % in 2016.
Segment D
They point out that, according to the Commission's decision-making practice, the return on equity considered acceptable to demonstrate the viability of a bank is in the range of 8 to 12 %.
Segment H
FINANCING PLAN
Skupaj G5
BPF plans to increase its long-term bank financing by EUR [0-5]* billion by the end of 2012 to EUR [5-10]* billion by the end of 2015.
ODVISNOST SKUPINE
The bank has also launched a deposit product for individuals, which will provide financing of EUR [800-900]* million in 2015 according to the financial projections (in comparison with zero at the end of 2012).
Po mnenju francoskih organov je bonitetna ocena BPF povezana z bonitetno oceno PSA, kar dokazuje tudi tesna povezava med donosi obveznic skupine in banke.
Financing obtained from securitisation and EMTN issues will fall over the same period.
Bonitetne agencije so v svojih poročilih povezale bonitetni oceni skupine PSA in BPF ter določile, da lahko razlika med bonitetno oceno skupine in bonitetno oceno interne banke znaša največ dve stopnji [30].
Table 8
Bonitetna ocena BPF je bila 14. februarja 2013 znižana na „stopnjo nevlaganja“.
Cash flow situation of BPF over the restructuring period*
PRITOžBA
It is forecast that the bank's total balance sheet and therefore its financing will increase gradually during the projection period, from EUR 27186 million at the end of 2012 to EUR [>28000] million at the end of 2015.
Anonimni pritožnik meni, da bo jamstvo Francije BPF omogočilo, da bo trgovcem in strankam PSA ponujala kredite po privlačnejših pogojih kot interne banke konkurenčnih avtomobilskih proizvajalcev.
PROFITABILITY AND SOLVENCY
RAZLOGI ZA ZAČETEK POSTOPKA
BPF was profitable in the past, as can be seen from Graph 1 below.
Komisija je v sklepu o začetku postopka naštela naslednje dvome:
At the end of 2012, the capitalisation level measured by the ‘Core Tier 1’ [29] ratio was 13 %.
NAČRT ZA USPEŠNO POSLOVANJE BPF
Graph 1
V zvezi z načrtom za uspešno poslovanje BPF, ki ga je treba proučiti glede na Sporočilo o bančništvu, Komisija dvomi na podlagi trajnih težav glede uspešnosti poslovanja skupine PSA kot celote.
History of BPF's profitability
NAČRT PRESTRUKTURIRANJA SKUPINE PSA
Consolidated equity
V zvezi z načrtom prestrukturiranja industrijske skupine, ki ga je treba proučiti glede na smernice za reševanje in prestrukturiranje, Komisija dvomi o naslednjih vidikih:
EQUITY AND NET RESULT AT 31 DECEMBER 2012 (EUR million)
DVOMI O PONOVNI VZPOSTAVITVI USPEŠNEGA POSLOVANJA
Annual net consolidated result
Komisija je prosila tretje strani, naj predložijo pripombe o:
The bank considers that profits will continue to be made during the restructuring of the Group, as shown in Table 9 below.
predpostavkah glede razvoja avtomobilskega trga v Evropi in drugje po svetu ter zlasti o tem, ali so bile te predpostavke dovolj previdne;
Table 9
ukrepih prestrukturiranja, ki naj bi ponovno vzpostavili uspešno poslovanje skupine;
Profitability forecasts for BPF
morebitni vlogi projekta Avtomobili 50 CO2 pri ponovni vzpostavitvi uspešnega poslovanja, zlasti, ali je bila ta naložba v R in R, na podlagi katere se je začel izvajati program raziskav blage hibridizacije, skladna s hkratnim obvestilom o ukinitvi priključne hibridne tehnologije, ki naj bi jo skupina uspešno razvila.
Return on equity (RoE)*
DVOMI O IZRAVNALNIH UKREPIH
According to the information provided, creditors would not lose out if BPF were to be closed down.
Komisija je prosila za pripombe tretjih strani o opredelitvi predlaganih ukrepov kot izravnalnih ukrepov v smislu „smernic za reševanje in prestrukturiranje“, njihovi količinski opredelitvi in zmožnosti izravnave tveganj izkrivljanja konkurence na podlagi pomoči.
If placed in run-off management, there would, after three years, be a liquidity surplus ranging from EUR [1-3]* billion to EUR [2-4]* billion in a stress scenario, depending on the stress level applied.
PRIPOMBE FRANCIJE V ZVEZI S SKLEPOM O ZAČETKU POSTOPKA
BPF's assets have a very short maturity and on average have a shorter maturity than its liabilities.
O ZNESKU POMOČI
The bank's risk cost increased from […]* in 2011 to […]* in 2012.
Francoski organi menijo, da znesek pomoči ne more ustrezati nominalnemu znesku jamstva, da bodo izdaje BPF nujno izvedene s spremenljivo likvidnostjo in premijo za tveganje, ki bo nedvomno višja od 24 bazičnih točk, izmerjenih med izdajo, ki je bila izvedena na podlagi pomoči za reševanje, ter da bi se moralo za pretekle donose BPF upoštevati trimesečno referenčno obdobje.
Bad debts rose progressively from 3 % at the end of 2008 to 4,2 % at the end of 2012.
Po mnenju francoskih organov v tem primeru nista izpolnjena dva kumulativna pogoja, na podlagi katerih bi bil lahko znesek pomoči enako visok kot znesek jamstva, tj. velika verjetnost, da posojilojemalec ne bo mogel odplačati posojila, ki ga zajema jamstvo, in obstoj izrednih razmer.
PENETRATION RATE
Znesek pomoči, ki je vključen v državno jamstvo, je tako enak razliki med skupnimi stroški financiranja, ki so nastali na podlagi jamstva, in samega jamstva ter skupnimi stroški financiranja, ki jih mora podjetje plačati brez jamstva.
According to the French authorities, BPF's penetration rate of approximately 29,8 % (in 2012) in the PSA Group's vehicle sales means that it finances a large proportion of the demand for vehicles produced by the PSA Group and is crucial to the financing of its trading activity, and the whole of the vehicle sector, including dealer networks and customers.
Po nadaljnjem mnenju francoskih organov je predpostavka o presežnih stroških BPF v višini približno 40 bazičnih točk utemeljena.
They point out that the forecast plan assumes that the penetration rate will continue to increase slightly from 2011 up to 2017.
Izdaje BPF 25. marca 2013 so bile izvedene v posebej ugodnih tržnih razmerah.
This increase is based on a number of factors:
Razširitve v zvezi z zamenljivo državno obveznico, ki so bile izmerjene ob tej izdaji (24 bazičnih točk), so najnižje v zgodovini.
the partial and gradual withdrawal of traditional banks from this sector, because the financing and capital constraints linked in particular to the entry into force of Basel III are forcing them selectively to manage their balance sheets;
Francoski organi na primer trdijo, da bi vlagatelji za interno banko v avtomobilskem sektorju običajno zahtevali višje plačilo kot za javne organe, kot sta zveza UNEDIC [31] ali sklad CADES [32], zlasti ker bi imeli na voljo linije za vpis tovrstnih transakcij CADES ali UNEDIC, ki jih ne bi imeli nujno tudi za transakcijo pri BPF.
the growth in consumers' financing needs in a climate of strong contraction of purchasing power in Europe;
Poleg tega referenčno obdobje, ki so ga predložili francoski organi (od 12. julija do 16. oktobra 2012), najbolje kaže dejanske donose obveznic BPF na trgih, saj upošteva težave skupine PSA in ne obvestila o državnem jamstvu.
interest rate levels, currently at a historical low, which will encourage borrowing to finance purchases of vehicles; and lastly
O USPEŠNEM POSLOVANJU BPF
the tendency for vehicles to become an everyday consumer good, along the lines of a commodity, which will be reflected by a growth of financing by borrowing and monthly payments.
Francoski organi so seznanjeni s stališčem Komisije, da BPF nima težav z donosnostjo ali solventnostjo ter da je za njene težave z likvidnostjo kriva zgolj povezava s skupino PSA.
The development of BPF's penetration rate by geographical area and by segment (B, C, D, H and CV) is shown in Table 10 below (PV means ‘Peugeot vehicle’ and CV means ‘Citroën vehicle’).
Vseeno so predložili naslednje pripombe:
Table 10
po mnenju francoskih organov je povečanje bilance stanja BPF zmerno in v skladu s predvideno inflacijo.
BPF's penetration rate by geographical area, vehicle segment and brand (as %)
To povečanje je povezano z vse slabšimi makroekonomskimi razmerami in dejstvom, da si potrošniki vse pogosteje izposojajo finančna sredstva za nakup vozil;
Segment B
v odziv na argument Komisije, da bi morali BPF preprečiti financiranje nizkokakovostnih posojil, s čimer bi se umetno povečali prihodki skupine PSA, francoski organi poudarjajo, da:
Segment C
je edini cilj izravnalnega ukrepa, ki vključuje BPF, zmanjšati intenzivnost njenega konkurenčnega ravnanja in omejiti njen tržni delež,
Segment D
se približno 4-odstotna stopnja „slabih posojil“ v zadnjih treh letih skoraj ni spremenila,
Segment H
BPF določa politiko tveganja neodvisno pod nadzorom organa za bonitetni nadzor;
Total G5
po mnenju francoskih organov bi bilo nemogoče spremeniti politiko tveganja banke, saj bonitetne agencije in revizijski odbor BPF natančno spremljajo raven slabega dolga.
THE GROUP'S DEPENDENCE
O PONOVNI VZPOSTAVITVI USPEŠNEGA DELOVANJA SKUPINE PSA