natgillin/translations-raw huggingface dataset:
Latvia appointed an independent external advisor to prepare a concept for development institutions in Latvia.
V osnutku poročila je med drugim priporočeno, da se ustvari enotna razvojna institucija, pri čemer je treba zagotoviti njeno neodvisnost s posebnim zakonom ali vzpostavitvijo neodvisnih organov odločanja.
On 11 February 2011, the first draft ‘Report on Optimization of the System of Development Financial Institutions in Latvia’ was submitted to the Commission and the International Monetary Fund (IMF).
V tem okviru je bila v osnutku poročila opredeljena potreba, da se v celoti oblikuje delujoča struktura enotne razvojne institucije na podlagi popolnega pregleda obstoječih programov ter njihovih potreb v zvezi z delovanjem in osebjem, zlasti v zvezi s funkcijama ocene in obvladovanja tveganja.
The draft report recommends, amongst other matters, the creation of a single development institution (‘SDI’) while recognizing the need to ensure its independence by establishing it by a special law and by creating independent decision-making bodies.
Poleg tega je bila poudarjena potreba po posredovanju države s posrednimi instrumenti (posameznimi in portfeljskimi jamstvi, tveganim kapitalom, mezzanin skladi itd.), pri čemer se je treba oddaljiti od obsežnega neposrednega dajanja posojil in zagotoviti, da so neposredna posredovanja možnost le v nekaterih zelo specifičnih in utemeljenih primerih (dajanje mikroposojil, kmeti itd.).
In that context, the draft report identifies the need to design the functional structure of the SDI from scratch, based on a full review of existing programmes and their functional and staffing needs, in particular in respect of risk assessment and management functions.
Po navedbah iz osnutka poročila bi posredno usmerjanje dajanja posojil, ki ga podpira država, povečalo dostop do morebitnih upravičencev takih programov in izboljšalo tako stroškovno učinkovitost distribucije kot sodelovanje s komercialnim bančnim sektorjem.
Furthermore, it emphasises the need for State interventions through indirect instruments (individual and portfolio guarantees, venture capital, mezzanine funds etc.), while moving away from large direct lending and leaving direct interventions only as an option for a few very specific and justified cases (micro-lending, farmers, etc.).
Strategija prestrukturiranja: prodaja komercialnih dejavnosti banke
According to the draft report, indirect channelling of State-supported lending would increase access to the potential beneficiaries of such programmes and improve both distribution cost-efficiency and cooperation with the commercial banking sector.
V skladu z dodatnim memorandumom o soglasju iz julija 2010 je načrt preoblikovanja banke pripravil neodvisni svetovalec.
The restructuring strategy: sale by MLB of its commercial activities
Naloga svetovalca je bila, da pripravi scenarije o preoblikovanju banke, da se omogoči odcepitev sredstev in obveznosti, povezanih z razvojnim financiranjem, in da se banka s komercialnimi dejavnostmi privatizira ali pa da se preoblikuje tako, da se komercialne dejavnosti lahko prodajo, pri čemer bi se razvojni segment obdržal.
In line with the July 2010 Supplemental Memorandum of Understanding (‘sMoU’), an independent advisor was to draw up the MLB transformation plan.
Po analizi finančnega položaja banke je neodvisni svetovalec v načrtu preoblikovanja, ki ga je pripravil aprila 2011 (v nadaljnjem besedilu: načrt preoblikovanja iz aprila 2011), ugotovil, da bi bil najboljši scenarij pravočasna prodaja sredstev komercialnega segmenta banke v svežnjih.
That advisor was instructed to prepare scenarios on transforming the bank in order to allow either for assets and liabilities related to development financing to be split off and for the bank with its commercial activities to be privatised or for the bank to be transformed so that commercial activities could be sold leaving the development segment behind.
Latvijska vlada je 1. novembra 2011 odobrila priporočeno prodajno strategijo iz načrta preoblikovanja iz aprila 2011, zlasti prodajo komercialnega segmenta banke v šestih svežnjih.
After having analysed the financial situation of the bank, the independent advisor concluded in transformation plan produced in April 2011 (‘the April 2011 transformation plan’) that the best scenario would be to sell MLB's commercial assets in bundles in a timely manner.
Subjekti, ki spadajo v bančno skupino in naj bi se kot pravni subjekti prodali z delniškim poslom, so prikazani v diagramu 1.
On 1 November 2011, the Latvian government endorsed the sale strategy recommended in the April 2011 transformation plan, and specifically the sale of MLB's commercial segment in six bundles.
Diagram 1
The entities belonging to the MLB group which were to be sold by means of a share deal as legal entities are shown in Chart 1.
Pregled pravnih subjektov bančne skupine [11]
Legal structure of MLB
Vir: Latvijski organi.
Subsidiaries to be sold
Na dan 31. avgusta 2011 so sredstva in obveznosti komercialnega segmenta banke, ki naj bi se prodala, vključevala:
Source: Latvian authorities
portfelj komercialnih posojil in delnic v odvisnih družbah (HipoNIA, Hipolizings in Hipo Fondi) v višini 283,8 milijona LVL ter
As at 31 August 2011, the assets and liabilities of MLB's commercial segment to be sold included:
vloge v vrednosti 356,1 milijona LVL.
A commercial loan portfolio and shares in subsidiaries (HipoNIA, Hipolizings, and Hipo Fondi) of LVL 283,8 million;
Postopek prodaje je bil izveden s pomočjo uglednega zunanjega svetovalca.
Deposits amounting to LVL 356,1 million.
Sprva je bil vzpostavljen stik s 121 morebitnimi kupci.
The sale process was carried out with the aid of a reputable external advisor.
98 morebitnih kupcev je prejelo dokument s povzetkom informacij („teaser“), od tega jih je 18 podpisalo pogodbo o nerazkritju, 51 morebitnih kupcev ponudba ni zanimala, 29 pa jih ni odgovorilo.
Initially, 121 potential purchasers were contacted.
Do 16. decembra 2011 in ob koncu prve faze postopka prodaje je bilo prejetih devet prvotnih ponudb.
98 of them received a teaser, of which 18 signed a non-disclosure agreement, 51 were not interested and 29 provided no answer.
Do 11. januarja 2012 so med drugo fazo postopka prodaje trije morebitni kupci predložili izboljšano ponudbo, šest jih ni spremenilo prvotne ponudbe, poleg tega pa je bila prejeta še ena nova ponudba.
By 16 December 2011, at the end of the first phase of the sales process, nine initial offers were received.
Vsem navedenim morebitnim vlagateljem je bil odobren dostop do podatkovne sobe.
By 11 January 2012, during the second phase of the sales process, three potentials purchasers submitted an improved offer, six maintained their initial offer and one new offer was received.
Med to fazo postopka so se trije morebitni kupci umaknili, eden pa je izrazil zanimanje le za dele dveh svežnjev (svežnjev 2 in 3), a ni predložil posebne ponudbe.
All those potential investors were granted access to the data room.
Zato so bile do 16. marca 2012 prejete končne ponudbe od štirih morebitnih vlagateljev, večinoma za enega od svežnjev, čeprav je eden od morebitnih kupcev predložil ponudbo za tri svežnje.
During that stage of the process, three potential purchasers withdrew from the process and one merely expressed an interest in parts of two bundles (Bundles 2 and 3), but did not submit a specific offer.
Svežnji
As a result, by 16 March 2012, final offers had been received from four potential investors, mostly for one of the bundles though one potential purchaser submitted an offer for three bundles.
Prodajna strategija, ki so jo latvijski organi odobrili 1. novembra 2011, je sprva predvidevala razdelitev sredstev in obveznosti banke v šest ločenih svežnjev v skladu s preskušenim zanimanjem trga.
Bundles
Med postopkom prodaje je bil sveženj 3 dodatno razdeljen v dva ločena svežnja, in sicer 3A in 3B.
The sales strategy endorsed by the Latvian authorities on 1 November 2011 was to divide MLB's assets and liabilities initially into six separate bundles, in accordance with tested market interest.
Svežnji so bili prodani ločenim kupcem, preostala sredstva in obveznosti banke pa so bila prenesena razvojnemu segmentu.
The bundles were sold to separate buyers, with the remainder of MLB's assets and liabilities transferred to the development segment.
sveženj 3, ki ga sestavljajo dobra posojila podjetjem, povezana z vlagatelji v nepremičnine in gradnjo.
Bundle 1 [12] and Bundle 2 [13] containing the majority of commercial loans and deposits, which have been sold.
sveženj 4 [15], povezan z družbo HipoNIA, je bil 28. junija 2013 prodan latvijski agenciji za privatizacijo.
The process was materially completed on 24 November 2012.
V zvezi z različnimi prodajnimi možnostmi svežnjev 3B in 4 so latvijski organi menili, da so bile ponudbe, ki so jih zanju predložili vlagatelji, neustrezne in niso izražale dejanske notranje vrednosti sredstev, ki sta jih vsebovala (glede na oceno uglednega neodvisnega strokovnjaka).
The remaining commercial terms will be settled during 2013 (compensation from the buyer […] [14] (LVL […]) and […] in accordance with the terms of sales agreement (LVL […]) with […]);
Za zmanjšanje izgub se je država odločila, da bo svežnja 3B in 4 prodala latvijski agenciji za privatizacijo.
Bundle 5 which consists of Hipolizings, the leasing subsidiary of MLB, and which was sold on 1 August 2012, and Bundle 6 made up of second pillar pension plans, managed by Hipo Fondi, which was sold in November 2012.
Glede na ponudbe vlagateljev bi bila lahko družba Hipo Fondi prodana bodisi s prodajo pravnega subjekta kot delujočega podjetja z vsemi sredstvi, ki jih upravlja, bodisi s prodajo sredstev.
The sale of Hipo Fondi, which is the remaining shell company, will take place in 2013;
Latvija je navedla, da je izbrala drugo možnost, saj je bila med drugim ponujena cena za posel s prodajo sredstev boljša.
Bundle 3 consists of corporate performing loans related to real estate developers and construction.
Zato je bila prodana skoraj vsa gospodarska dejavnost družbe Hipo Fondi, in sicer trije pokojninski načrti: „Rivjera“, „Safari“ in „Jurmala“.
It was split into Bundles 3A and 3B in order to facilitate the divestment process, as it did not receive adequate market interest.
Poleg navedenih pokojninskih načrtov je družba Hipo Fondi upravljala tudi več zasebnih portfeljev in zaprtih naložbenih skladov.
Bundle 3A was sold to a private investor on 18 June 2013, and Bundle 3B was sold to the Latvian Privatization Agency (LPA) on 28 June 2013;
Nekateri so že bili zaprti, preostali pa se zapirajo.
Bundle 4 [15] relating to HipoNIA was sold to the LPA on 28 June 2013.
Hipo Fondi bo ostala le še družba „poštni nabiralnik“ brez dejanskih dejavnih poslov, ki bi jih upravljala.
As regards the various sale options for Bundles 3B and 4, the Latvian authorities believed that the offers submitted by investors for them were inadequate and did not reflect the real intrinsic value of the assets they contained (as estimated by an independent reputable expert).
Ta preostala družba „poštni nabiralnik“ bi se lahko likvidirala ali prodala.
To minimise the losses, the State decided to sell Bundles 3B and 4 to the LPA.
Za navedeni pravni subjekt se je začel postopek prodaje in manjšinski delničar družbe Hipo Fondi [16] je izrazil zanimanje za nakup delnic […].
As regards Hipo Fondi, given the offers received from investors it could have been sold either by means of a sale of a legal entity as a going concern, with all the assets managed by it, or by means of an asset sale.
Latvijski organi so se odločili za nadaljevanje prodaje manjšinskemu delničarju zaradi boljšega finančnega rezultata in hitrejšega reševanja kot pri likvidaciji.
According to Latvia, the second option was chosen, since, amongst other reasons, a better price was offered for an asset deal.
Prodaja družbe Hipo Fondi je skoraj zaključena.
As a result almost all of the economic activity of Hipo Fondi was sold, namely, three pension plans ‘Rivjera’, ‘Safari’ and ‘Jurmala’.
Pogodba o prodaji je bila podpisana, vendar prodaja še ni zaključena, saj pridobitev pregleduje latvijski nadzornik, tj. komisija za finančni in kapitalski trg.
Apart from those pension plans, Hipo Fondi also managed several private portfolios and closed-end funds.
Družba Hipo Fondi nima v lasti registriranih intelektualnih pravic, registrirana znamka „hipo“ in z njo povezane pravice pa so v lasti banke.
Some of them have already been closed and the remainder are being terminated.
V skladu s pogodbo s kupcem banka ni ugovarjala uporabi izraza „hipo“ v imenu Hipo Fondi.
Hipo Fondi will remain purely as a shell company with no active actual business to manage.
To razliko je morala kriti banka […], saj je bil to pogoj, da državna zakladnica dodeli posojilo družbi HipoNIA in da latvijska agencija za privatizacijo pridobi delnice družbe HipoNIA.
That remaining shell could have been liquidated or sold.
Skupna neto vrednost […] za banko iz posla znaša […] LVL (tj. […] glede na čisto knjigovodsko vrednost, po rezervacijah in ob začetku posla).
A sales process was undertaken for that legal entity and the minority shareholder of Hipo Fondi [16] expressed interest in acquiring the shares […].
Preglednica 1
The Hipo Fondi sale is almost complete.
V tisoč LVL
The agreement on sale has been signed, but closing has not yet taken place as the acquisition is being reviewed by the Latvian supervisor, the Financial and Capital Market Commission (‘FCMC’).
Vsebina
Hipo Fondi does not hold registered intellectual rights, and the registered trademark ‘hipo’ and related rights are held by MLB.
Trenutno stanje
MLB as a part of agreement with the buyer has not objected to the use of term ‘hipo’ in the HipoFondi name.
Vlagatelj
As regards the sale of HipoNlA, MLB transferred capital amounting to LVL […] to HipoNIA on 20 June 2013.
Bruto knjigovodska vrednost
That recapitalisation was needed because the transfer of HipoNlA from MLB to the LPA took place at […] to book value, with the difference amounting to LVL […].
Čista knjigovodska vrednost
That difference was […] by MLB as it was a precondition both for the State treasury to grant the loan to HipoNlA and for the LPA to acquire HipoNIA's shares.
Končna cena/dolgoročna ekonomska vrednost
The total net […] to MLB from the transaction is LVL […] (i.e., […] to net book value, after provisions, at the moment of initiation of the transaction).
Bruto popust
Table 1
Neto popust
Overview of Bundles and the terms of their sale
Bruto izguba
in LVL 000
Čista izguba
Content
Sveženj 1
Current Status
dobra posojila prebivalcem in malim podjetjem
Investor
prodan
Gross Book value
Sveženj 2
Net Book value
dobra posojila velikim podjetjem
Final Price/Long Term Economic Value
Sveženj 3A
Gross Discount
dobra posojila podjetjem, povezana z vlagatelji v nepremičnine in gradnjo
Net Discount
vlagatelj 2
Gross Loss
Sveženj 3B
Net Loss
v postopku
Bundle 1
agencija za privatizacijo
Retail and small corporate performing loans
Sveženj 4
Sold
HipoNIA: družba za upravljanje nedonosnih sredstev
Bundle 2
Sveženj 5
Large corporate performing loans
Hipolizings: lizinška družba (zakup vozil …)
Bundle 3A
Sveženj 6
Corporate performing loans related to real estate developers and construction
Hipo Fondi: družba za upravljanje za državni obvezni pokojninski sklad
Investor 2
Skupni znesek, ki je bil ustvarjen s postopkom prodaje, je bil nekoliko večji, kot je bilo predvideno v okviru osnovnega scenarija po popustih v osnovnem primeru iz prodajne strategije, če se bruto popusti iz prodajne strategije uporabljajo za bruto knjigovodske vrednosti.
Bundle 3B
Izguba je znašala 53,1 milijona LVL, pričakovana izguba pa je bila 56,8 milijona LVL.
Under process
Prenehanje poslovanja z vrednostnimi papirji
Privatization Agency
Banka prekinja pogodbe o storitvah skrbništva s svojimi strankami.
Bundle 4
Ukinila bo zadevno infrastrukturo in prerazporedila ali odpustila zaposlene.
HipoNIA: non-performing asset management company
Banka bo v praksi tudi v celoti prenehala poslovati z vrednostnimi papirji.
Bundle 5
Obdržala bo le račune približno 100 strank, s katerimi ne more vzpostaviti stika (večinoma zato, ker so že pokojne).
Hipolizings: leasing company (vehicles…)
Ker banka ne more takoj zakonito prodati vrednostnih papirjev navedenih nedejavnih strank, namerava (1) pridobiti dovoljenje za upravljanje navedenih računov z vrednostnimi papirji strank in (2) preklicati dovoljenje za opravljanje vseh bančnih storitev, ki so zajemale tudi storitve skrbništva.
Bundle 6
Strategija prestrukturiranja: vzpostavitev enotne razvojne institucije
Hipo Fondi: asset management for State compulsory pension fund
Po pričakovanjih naj bi se preostale komercialne dejavnosti po prodaji prenesle na razvojni segment, te pa med drugim vključujejo likvidna sredstva v vrednosti 20,3 milijona LVL, druga sredstva v vrednosti 7,6 milijona LVL, vloge na vpogled v vrednosti 5,9 milijona LVL in vezane vloge v vrednosti 1 milijona LVL, druge obveznosti v vrednosti 1,7 milijona LVL in kapital v obtoku v vrednosti 19,2 milijona LVL.
The total amount generated by the sales process has been marginally better than foreseen in the base scenario at base case discounts in the sales strategy, if gross discounts from the sales strategy are applied to the gross book values.
Po pričakovanjih naj bi banko po prodaji komercialnih dejavnosti dne 30. junija 2013 sestavljale samo razvojne dejavnosti.
There has been a loss of LVL 53,1 million compared to the expected loss of LVL 56,8 million.
Imela bo sredstva v vrednosti približno 222,3 milijona LVL.
Securities business termination
V dodatnem memorandumu o soglasju je Latvija navedla naslednje zaveze za Unijo in MDS:
MLB is terminating custody service agreements with its clients.
Po odprodaji sredstev komercialnega segmenta banke bo Latvija združila razvojni del banke z drugimi državnimi institucijami in tako ustvarila enotno razvojno institucijo.
It will dismantle related IT infrastructure and reallocate or lay off employees.
Enotna razvojna institucija bi izvajala programe državne pomoči s finančnimi instrumenti, ki jih trenutno upravljajo banka, latvijska agencija za jamstva, sklad za razvoj podeželja in sklad za okoljske naložbe [17].
MLB will also in practice fully terminate its securities business.
Enotna razvojna institucija ne bo smela privabljati zasebnih vlog.
It will retain only the accounts of approximately 100 clients, none of whom can be reached (mainly because most are dead).
Izogibala se bo neposrednemu dajanju posojil, razen če so bili koncesijski programi že odobreni ali če je dajanje posojil (i) povezano z zagotavljanjem produktov, ki jih ne nudijo komercialne banke ali nebančne finančne institucije, (ii) odvisno od visoko specializiranega znanja, ki ga komercialne banke ali nebančne finančne institucije nimajo, ali (iii) premajhnega obsega ali preveč tvegano, da bi bilo zanimivo za komercialne banke ali nefinančne bančne institucije.
As the bank cannot legally sell off immediately securities of those inactive clients, MLB intends to 1) obtain a licence to operate those clients' securities accounts and 2) revoke the full banking licence that also covered custody services.
Banka ne bo začela izvajati novih programov neposrednih posojil do odobritve akcijskega načrta za enotno razvojno institucijo, vsa finančna sredstva, ki jih je banka dodelila za izvajanje nacionalnih instrumentov finančnega inženiringa, pa je treba zavarovati in v celoti prenesti enotni razvojni instituciji, ki bo vzpostavljena.
The restructuring strategy: creation of the SDI
Za izboljšanje strokovnega spremljanja in preglednosti bo po vzpostavitvi enotne razvojne institucije vzpostavljen posvetovalni svet, ki mu bo predsedovalo ministrstvo za finance, sestavljali pa ga bodo člani ključnih ministrstev, socialnih partnerjev, združenja komercialnih bank in znanih mednarodnih finančnih institucij s strokovnim znanjem na področju razvojnih dejavnosti.
The remaining commercial activities after the sale are expected to be transferred to the development segment: they include, amongst others, liquid assets of LVL 20,3 million; other assets of LVL 7,6 million; demand deposits of LVL 5,9 million and term deposits of LVL 1 million; other liabilities of LVL 1,7 million; and outstanding equity of LVL 19,2 million.
Ko bodo komercialni deli banke prodani ali preneseni latvijski agenciji za privatizacijo, banka ne bo smela privabljati novih zasebnih vlog.
After the sale of the commercial activities, as of 30 June 2013 MLB is expected to consist solely of development activities.
Komisija za finančni in kapitalski trg bo zagotavljala skladnost z navedeno zavezo.
It will hold assets of around LVL 222,3 million.
Opis ukrepov iz tega sklepa
In the sMoU, Latvia provided the following commitments to the Union and the IMF:
V zvezi z razvojnimi dejavnostmi banke Komisija ugotavlja, da namerava Latvija optimizirati sistem razvojnih finančnih institucij, tako da jih bo konsolidirala z enotno razvojno institucijo.
After divesting the commercial assets of MLB, Latvia will merge the development part of MLB with other State institutions to create the SDI.
Ker latvijski organi še niso zaključili projekta vzpostavitve enotne razvojne institucije, se ta sklep nanaša le na komercialni del banke.
The SDI would implement State aid programmes through financial instruments currently handled by the MLB, the Latvian Guarantee Agency, the Rural Development Fund and the Environment Investment Fund [17].
Zato se bo razvojni del banke ocenil v ločenem končnem sklepu.
The SDI will not be permitted to attract private deposits.
V sklepu o začetku postopka so bili naslednji ukrepi, ki jih je dodelila Latvija komercialnemu delu banke, začasno odobreni kot pomoč za reševanje:
It will avoid direct lending, except where concessional programmes are already approved, or in instances where the lending is: (i) associated with the delivery of products not offered by the commercial banks or non-bank financial institutions; (ii) dependent on highly specialized knowledge that commercial banks or non-bank financial institutions do not possess; or (iii) of too small a volume or too risky to be of interest to commercial banks or non-bank financial institutions.
ukrep dokapitalizacije v višini 70,2 milijona LVL, dodeljen 23. marca 2010;
To improve professional monitoring and transparency once the SDI is set up, a Consultative Council chaired by the Ministry of Finance and comprised of members from key Ministries, social partners, the Association of Commercial Banks and renowned international financial institutions with expertise in development activities will be established.
„stand-by“ likvidnostno posojilo v višini do 250 milijonov LVL;
Once the commercial parts of MLB have been sold or transferred to the LPA, the bank will not be allowed to attract any new private deposits.
jamstva za mednarodne upnike komercialnega segmenta banke v višini do 32 milijonov LVL;
The FCMC will ensure compliance with that commitment.
likvidnostna podpora v višini do 60 milijonov LVL za solventno likvidacijo oslabljenih sredstev znotraj družbe HipoNIA.
Description of the measures covered by the present decision
Latvija je predložila informacije o uporabi navedene državne podpore za likvidacijo komercialnega segmenta banke, ki so bile spremenjene tako, da se je upoštevalo izvajanje prodajne strategije.
As regards MLB's development activities, the Commission notes Latvia's intention to optimise the system of development financial institutions by consolidating them in the SDI.
Skupni znesek potrebnega kapitala iz ukrepa, opisanega v točki (b) uvodne izjave 36, je bil nižji, kot je bilo sprva načrtovano, in je znašal 25 milijonov LVL namesto 50 milijonov LVL, saj so se latvijski organi odločili, da bo banka delovala brez dovoljenja za opravljanje bančnih storitev, kar je zmanjšalo znesek potrebnega kapitala.
In the opening decision, it was anticipated that MLB would carry out development activities only until the set-up of the SDI which was to take place by 31 December 2012.
Dokapitalizacija v višini 25 milijonov LVL je bila izvedena junija 2012 [18].