natgillin/translations-raw huggingface dataset:
Table 2
Po navedbah banke BayernLB bo to posledica predvidene […] v javnih financah ZDA in deviznega tečaja […] paritete kupne moči, ki je glede na oceno Organizacije za gospodarsko sodelovanje in razvoj (OECD) leta 2011 znašal 1,25 USD za euro.
Foreign currency denominated assets and liabilities end 2010
Ker je pričakovati, da bo inflacija v ZDA višja kot v euroobmočju, bo pariteta kupne moči po mnenju banke BayernLB leta 2016 znašala približno 1,30 USD.
ASSETS
Kar zadeva obrestne mere, napovedi banke BayernLB izhajajo iz trenutnih razmer z zelo nizkimi obrestnimi merami.
LIABILITIES
Banka BayernLB predvideva, da se bodo trenutno nizke ravni postopno zvišale do ravni poštene vrednosti; njeno mnenje temelji na napovedih glede rasti, napovedih glede inflacije in izjav glede predvidene denarne politike.
Other currencies
Nemški organi so Komisiji predložili informacije, ki prikazujejo, da so napovedi banke BayernLB glede BDP zelo podobne soglasju pomembnih mednarodnih institucij, kot sta Mednarodni denarni sklad (MDS) in Komisija.
Of the dollar-denominated assets, [30-50] % were booked in the restructuring unit at the end of 2010.
Najnovejša posodobitev napovedi iz junija 2012 temelji na sklopu predpostavk, oblikovanih maja 2012.
At the end of 2010 BayernLB's New York office held [30-50] % of the dollar-denominated assets and the London office held [50-70] % of the sterling-denominated assets.
V teh posodobljenih finančnih napovedih iz junija 2012 je banka BayernLB spremenila več makroekonomskih predpostavk in zlasti prilagodila napoved trenutnim zelo nizkim obrestnim meram (glej preglednico 3).
In its corporates business area, BayernLB provides project finance loans in addition to loans to companies.
Preglednica 3
At the end of 2010, out of EUR [23-29] billion of loans booked in this business area, corporate loans represented EUR [9-14] billion; the remaining EUR [12-17] billion were composed mainly of project finance and other structured finance loans.
Ključne predpostavke finančnih napovedi
The project finance loans generated significant exposure to non-EU countries.
Leto
In order to focus the bank more on its core market in Bavaria and Germany, the bank has therefore agreed to restrict its business to clients with a link to Germany, and to significantly limit its international business, as indicated in detail in the commitments provided by Germany.
Banka BayernLB je zaradi razlogov, specifičnih za družbo, izvedla tudi več negativnih prilagoditev svojih napovedi glede dobička.
In the course of the investigation intensive discussion took place between the German authorities, the financial regulator, the owners of the bank and the bank itself with respect to the amended restructuring plan and a possible repayment schedule.
Banka BayernLB je predložila analizo občutljivosti svojih finančnih napovedi na spremembe deviznih tečajev ameriškega dolarja, švicarskega franka in funta šterlinga.
It is undisputed that under Basel III silent participations (except State aid) will not be acknowledged as Tier 1 capital, and will thus no longer be fully recognised as regulatory capital from 2013 on.
Glede na predložene informacije so čisti prihodki iz obresti najbolj občutljivi na spremembe deviznih tečajev dolarja.
Individual Bavarian savings banks currently hold EUR [700-750] million in silent participations in BayernLB; […] [30].
Napovedi glede čistih prihodkov iz obresti so običajno nižje za višje devizne tečaje eura/dolarja in višje za nižje devizne tečaje eura/dolarja.
Those silent participations have no maturity, and will therefore remain in the bank unless they are paid back at the initiative of the bank.
Finančne napovedi
The savings banks association has agreed with the bank that all the silent participations without a specified maturity that are held by individual savings banks will be paid back […] and will immediately be reinvested in BayernLB Holding by the saving banks association, via a capital increase [31].
Nemčija je predložila podrobne finančne napovedi glede obsega sredstev, kritij in pozicijskih tveganj za posamezno področje poslovanja ter tudi glede financiranja za posamezne vire refinanciranja z zadevnimi kritji.
In addition, the savings banks association will inject a further EUR [22-62] million into BayernLB Holding.
Ključni podatki načrta za prestrukturiranje so predstavljeni v preglednici 4.
The new shares to be held by the savings banks association will be determined according to the value of BayernLB Holding assessed by the IdW S1 standard developed by the German institute of certified public accountants, Institut der Wirtschaftsprüfer (‘IdW’).
Preglednica 4
The savings banks association's stake may not exceed 25 %, to ensure that it remains below the blocking minority, which is 25 % + 1 vote.
Ključni finančni podatki načrta za prestrukturiranje Skupina (v milijonih EUR)
The silent participation of EUR 3 billion that is held by the Land of Bavaria will lose its status as full regulatory Tier 1 capital in 2018.
Razmerje med stroški in prihodki (vključno z dajatvijo za banke) v %
Bavaria has publicly stated that it wants to recover the EUR 3 billion silent participation from BayernLB.
[60–75]
However, BayernLB has been reluctant to redeem the silent participation, for fear of endangering its regulatory capital buffer.
[50–60]
BaFin has told the Commission verbally that it considers that a bank needs not only a 9 % core Tier 1 ratio as defined by the European Banking Authority (‘EBA’) but also a substantial buffer, which should amount at least to between 0,5 and 1 % depending on the business model of the bank.
[45–55]
Moreover, after applying a crisis scenario in line with the June 2011 EBA stress test, the bank concluded that it would be wise to have a buffer of this kind.
Prihodki/pozicijska tveganja skupaj (v bazičnih točkah)
The regulator welcomed this prudent approach.
Povprečno število zaposlenih (v tisočih)
For this reason Germany has not been able to propose any solution to the Commission showing how the silent participation could be redeemed.
Donosnost lastniškega kapitala na podlagi 10-odstotnega kapitalskega količnika [33]
BaFin has signalled that BayernLabo's capital [might be handled differently] in the future.
V testu izjemnih situacij EBA iz decembra 2011 je bil količnik temeljnega kapitala EBA banke BayernLB ocenjen na 10 %.
BayernLB therefore intends to transfer a significant part of BayernLabo's reserves (EUR 1 billion) to the core bank.
V obdobju prestrukturiranja bo banka ustvarjala vedno večji dobiček.
The special-purpose contribution (see recitals 29 and 31), however, will remain with BayernLabo, and will continue to be used for BayernLabo's legally imposed housing promotion work.
Napovedi in dobičkonosnost področij poslovanja
The capital remaining in BayernLabo will be upgraded so that it can be recognised as EBA core capital, being fully loss-absorbing and remunerated by way of dividends.
Preglednica 5
Description of the financial planning
Področje poslovanje
The assumptions used in the financial planning, the regulatory treatment, the projected key figures, profitability per business area and projections in respect of MKB are presented below in recitals 83 ff.
Donosnost lastniškega kapitala po davku [35]
Assumptions
Tveganju prilagojena sredstva (v milijardah EUR)
For GDP and currency forecasts in the short term (that is to say the period 2012-2013), BayernLB uses a methodology which is based on weighted forecasts from international institutions, short-term forecasts from private forecasters, and input from BayernLB's own in-house research department.
Spremembe tveganju prilagojenih sredstev
BayernLB bases its long-term GDP forecasts beyond 2013 on the assumption that the economy will tend to grow in line with its long-term potential.
2011–2016
BayernLB's forecasts for internal planning purposes are as a rule. conservative.
Podjetja ter mala in srednje velika podjetja
Minor deviations from the figures forecast by other institutions can occur due to rounding (for example, 2013 euro area forecasts: IMF: 0,9 %, BayernLB and Commission: 1 %).
[29–31]
BayernLB's dollar forecast rests on the assumption that the dollar will […] in 2013.
+ [6–14]
In 2015-16, the dollar will […] vis-à-vis the euro.
+ [21–31]
According to BayernLB, this will be the result of expected […] in US public finances and the exchange rate […] purchasing power parity (PPP), which the Organisation for Economic Cooperation and Development (OECD) estimated to be USD 1,25 per euro in 2011.
Nepremičnine
As inflation in the US is expected to be higher than in the euro area, PPP should in BayernLB's view be close to USD 1,30 in 2016.
+ [33–43]
For interest rates, BayernLB's projections start from the current very low interest rate environment.
Hranilnice in združenje
BayernLB assumes a gradual return to normal from the current low levels towards fair value levels; it bases this view on growth forecasts, inflation forecasts and statements regarding expected monetary policy.
+ [50–200]
The German authorities have provided the Commission with information showing that BayernLB's GDP forecasts are very close to the consensus of major international institutions such as the International Monetary Fund (IMF) and the Commission.
Trgi
The latest update of the projections, dating from June 2012, is based on a set of assumptions established in May 2012.
[(– 31)–(– 21)]
In these updated financial projections of June 2012 BayernLB has changed a number of macroeconomic assumptions, and in particular adjusted its forecast to the current very low interest rates (see Table 3).
+ [0–33]
Table 3
Skupina [36]
Key assumptions of financial projections
[(– 20)–(– 11)]
Year
Opuščene dejavnosti
ear interest rates (previous planning)
Enota za prestrukturiranje
ear interest rates (June 2012 update)
[(– 5)–(0)]
For instance, it has used more cautious tax projections (i.e. a higher effective tax rate), increased its operational costs to reflect an unfavourable ruling of the Federal Labour Court (Bundesarbeitsgericht), and updated its cross-currency hedge results to reflecting the position at the end of 2011 [32].
Financiranje
BayernLB has provided an analysis of the sensitivity of its financial projections to a variation of the US dollar, Swiss franc and sterling exchange rates.
Nemčija je junija 2011 predložila načrt financiranja za banko BayernLB, ki je predstavljen v preglednici 6.
According to the information provided, net interest income is most sensitive to variations in dollar exchange rates.
Ta razčlenitev izhaja iz obdobja, preden se je banka zavezala k dodatnemu zmanjšanju svoje bilance stanja, na podlagi katerega se bo njena bilanca stanja leta 2015 zmanjšala na približno 240 milijard EUR.
The net interest income projections tend to decrease for higher euro/dollar exchange rates and increase for lower euro/dollar exchange rates.
Preglednica 6
Financial projections
Načrt financiranja
Germany has provided detailed financial projections for asset volumes, margins and risk positions per business area, and also for funding per source of refinancing with the respective margins.
Absolutna sprememba
The key figures of the restructuring plan are presented in Table 4.
Zavarovane obveznosti do bank
Table 4
Nezavarovane obveznosti do bank
Key financial figures of the restructuring plan
Od tega: vloga A
plan
Obveznosti do nebančnih ustanov
Cost/income ratio (incl. bank levy) in %
Od tega: vloge gospodarstva
[60-75]
Listinjene obveznosti
[50-60]
Od tega: hipotekarne obveznice (Pfandbriefe)
[45-55]
Od tega: vloga B
Total income/risk positions (in bps)
Rezervacije za obveznosti in stroške
Average number of employees (in units)
Podrejene obveznosti
Return on equity (RoE) based on a 10% capital ratio [33]
Lastna sredstva
In the December 2011 EBA stress test, BayernLB's EBA core Tier 1 capital ratio stood at 10 %.
Trgovalne obveznosti
Over the restructuring period the bank will generate increasing profits.
Drugo
Business areas projections and profitability
Skupaj
Table 5
Banka BayernLB je predložila informacije iz preglednice 7, ki prikazujejo spremembe v obdobju prestrukturiranja v zvezi z listinjenimi in nelistinjenimi podedovanimi [37] obveznostmi pred krizo, za katere jamči država.
Business area
Preglednica 7
RoE after tax [35]
Profil zapadlosti podedovanih obveznosti
RWAs (EUR billion)
Inventura
Change in RWAs
V milijardah EUR
2011-2016
Nemčija je predložila obsežne informacije o alternativnih virih financiranja, ki so na voljo banki BayernLB.
Corporates and small and medium-sized businesses
Informacije se nanašajo zlasti na zavarovanje s premoženjem, ki je upravičeno do izdaje kritih obveznic, vendar ni navedeno v predloženem načrtu financiranja.
[29-31]
Takšno zavarovanje s premoženjem je na voljo na ravni družbe DKB in bi lahko zagotovilo alternativni poceni vir financiranja.
+ [6-14]
Nemčija je predložila tudi informacije o večji zmožnosti izdajanja na mednarodnih trgih.
+ [21-31]
Zakon o vračilu posojila v tuji valuti [38], ki so ga madžarski organi sprejeli jeseni 2011, je pomembno vplival na čisto izgubo družbe MKB v zadevnem letu, ki je znašla 382 milijonov EUR.
Real estate
Ker so na obete glede dobička družbe MKB stalno negativno vplivali predčasno odplačevanje posojil v tuji valuti in trajne težavne razmere, je banka BayernLB v skladu z nemškimi računovodskimi standardi v svojih izkazih zmanjšala svoj delež v družbi MKB za 576 milijonov EUR.
+ [33-42]
Banka BayernLB je v prvem četrtletju leta 2012 prispevala 200 milijonov EUR k dokapitalizaciji družbe MKB.
Savings banks and association
V okviru financiranja znotraj skupine ima banka BayernLB izpostavljenost družbi MKB, ki je bila konec leta 2012 ocenjena na približno […] milijard EUR.
+ [50-200]
Test izjemnih situacij EBA
Markets
Pri preverjanju ustreznosti kapitala EBA decembra 2011 je bil količnik temeljnega kapitala banke BayernLB v skladu z merili EBA (v nadaljnjem besedilu: količnik temeljnega kapitala EBA ali količnik temeljnega kapitala) ocenjen na 10 %.
[(– 31)-(– 21)]
Ob upoštevanju sestave državnega portfelja banke BayernLB je EBA sklenil, da banka BayernLB za svoje izpostavljenosti v Evropskem gospodarskem prostoru ne potrebuje nobene posebne državne kapitalske rezerve.
+ [0-33]
Regulativne predpostavke
Group [36]
Finančno načrtovanje temelji na predpostavki, da bo leta 2013 izveden prehod v zvezi z referenčnimi računovodskimi standardi, ki se uporabljajo za izračun regulativnih kapitalskih količnikov, in sicer s splošno priznanih računovodskih načel v skladu z nemškim trgovinskim zakonikom (Handelsgesetzbuch) na mednarodne standarde računovodskega poročanja (MSRP).
[(– 20)-(– 11)]
Uporaba MSRP bi povzročila številne spremembe v regulativnem kapitalu banke BayernLB, ki so upoštevane v napovedih.
Discontinued activities
Odločilen učinek prehoda se nanaša na brezobrestna posojila (posojila, ki jih subvencionira država), ki jih banka BayernLabo zagotavlja v okviru gradnje stanovanj in razvoja mest [39].
Restructuring unit
V skladu s trgovinskim zakonikom so ta posojila evidentirana po svoji znižani vrednosti (ki je nižja od nominalne vrednosti, saj se za posojila ne plačujejo obresti).
[(– 5)-(0)]
Kot je potrdil revizor banke BayernLB, bi se posojila v okviru MSRP obračunala po svoji nominalni vrednosti.
[(– 100)-(– 75)]
Z razliko v vrednosti bi se ustvaril kapital na ravni družbe BayernLabo in posledično na ravni banke BayernLB.
Funding
Učinek te spremembe je 31. decembra 2011 znašal 967 milijonov EUR.
In June 2011 Germany provided the funding plan for BayernLB set out in Table 6.
Dodatno znižanje pozicijskega tveganja
This breakdown dates from before the bank committed to additional reductions in its balance sheet which would bring its balance sheet total to around EUR 240 billion in 2015.
Nemčija se zavezuje, da bo do leta 2017 dodatno zmanjšala pozicijska tveganja za 10 milijard EUR na nedobičkonosen način, pri čemer bo vsako zmanjšanje prihodkov izravnano z ustreznim zmanjšanjem stroškov.
Table 6
Zmanjšanja se lahko dosežejo z optimizacijo izračuna pozicijskih tveganj ali zmanjšanjem sredstev na določenih področjih poslovanja.
Funding plan
Za ponazoritev je banka BayernLB predložila naslednjo razčlenitev zmanjšanja za 10 milijard EUR po posameznih segmentih v primerjavi z napovedmi glede pozicijskih tveganj iz načrta za prestrukturiranje: dodatna zmanjšanja v znesku […] milijard EUR na področju podjetij/malih in srednje velikih podjetij, […] milijard EUR za družbo DKB, […] milijard EUR na področju nepremičnin, […] milijard EUR na področju trgov in […] milijard EUR za enoto za prestrukturiranje.
absolute change
Scenarij 1 – Zmanjšanja pozicijskih tveganj za […] milijard EUR z zmanjšanji v poslovanju in […] milijard EUR z optimizacijo
Secured liabilities to banks
Nemčija v prvem scenariju predstavi učinek zmanjšanj pozicijskih tveganj za […] milijard EUR z zmanjšanji v poslovanju in […] milijard EUR z optimizacijo, kot je prikazano v preglednici 8.
Unsecured liabilities to banks
Preglednica 8
of which: Depot A
Scenarij 1
Liabilities to non-banks
Delta na podlagi zmanjšanja pozicijskih tveganj za 10 milijard EUR
of which: corporate deposits
Načrt za prestrukturiranje
Securitised liabilities
Po dodatnem zmanjšanju
of which: mortgage bonds (Pfandbriefe)
Donosnost lastniškega kapitala [40] (22 % davka)
Of which: Depot B
[5–10] %
Provisions for liabilities and charges
[7–12] %
Subordinated liabilities
Pozicijska tveganja
Own funds
Scenarij 2 – Zmanjšanja pozicijskih tveganj za […] milijard EUR z zmanjšanji v poslovanju in […] milijard EUR z optimizacijo
Trading liabilities
Nemčija v drugem scenariju predstavi učinek zmanjšanj pozicijskih tveganj za […] milijard EUR z zmanjšanji v poslovanju in […] milijard EUR z optimizacijo, kot je prikazano v preglednici 9.
Other
Preglednica 9
Total
Scenarij 2
BayernLB has provided the information set out in Table 7 showing changes over the restructuring period in its securitised and non-securitised pre-crisis State-guaranteed grandfathered [37] liabilities.
Donosnost lastniškega kapitala [41] (22 % davka)
Table 7
Po navedbah banke v tej fazi ni mogoče opredeliti natančnega profila zmanjšanja pozicijskih tveganj v zadevnem obdobju, ker se lahko zmanjšanja dosežejo z optimizacijo ali z zmanjšanji v poslovanju.
Maturity profile of grandfathered liabilities
Načrt odplačil
Stock
Poleg tega načrt odplačil temelji na preudarni predpostavki, da regulator ne bo priznal kapitala, ki je bil ustvarjen z vključitvijo posojil družbe BayernLabo po nominalni vrednosti v temeljni kapital za namene nadzora v skladu z MSRP (preglednica 10).
In EUR billion
Vendar se je Nemčija zavezala, da se bodo vsa ta posojila ali deli posojil, če jih bo regulator priznal kot temeljni kapital za namene nadzora, upoštevala v načrtu odplačil ustreznega dela v okviru vračanja sredstev od leta 2013, kot je navedeno v preglednici 11.
Germany has provided extensive information on alternative sources of funding which are available to BayernLB.
Preglednica 10
The information relates in particular to collateral that is eligible for the issue of covered bonds but not listed in the funding plan provided.
Hipotetični načrt odplačil brez dodatnega kapitala, ki je bil morda ustvarjen z obračunavanjem posojildružbe BayernLabo po nominalni vrednosti v skladu z MSRP (v milijonih EUR)
Such collateral is available at the level of DKB and could provide an alternative cheap source of funding.
SKUPAJ
Germany has also provided information on incremental issuance capacity on the international markets.
Periodična plačila v okviru vračanja sredstev
The Foreign Currency Loan Repayment Law [38] enacted by the Hungarian authorities in autumn 2011 was a major factor in MKB's net loss for the year of EUR 382 million.
Vračanje sredstev
As MKB's earnings outlook has been permanently impaired by the early repayment of foreign currency loans and the continuing difficult environment, BayernLB wrote down its stake in MKB by EUR 576 million in its accounts, in line with German accounting standards.
Odplačila za tiho udeležbo brez dodatnih dogovorjenih zmanjšanj
In the first quarter of 2012, BayernLB contributed EUR 200 million to a capital increase for MKB.
Odplačila na podlagi dodatnih zmanjšanj
Via intra-group funding BayernLB has an exposure to MKB estimated to be around EUR […] billion at the end of 2012.
Seštevek (vračanje sredstev in tiha udeležba Bavarske)
EBA stress test
Preglednica 11
In the EBA capital exercise of December 2011, BayernLB's core Tier 1 ratio according to the EBA criteria (‘the EBA core Tier 1 ratio’ or ‘the core Tier 1 ratio’) stood at 10 %.
Hipotetični načrt odplačil, vključno z dodatnim kapitalom v znesku […], ki je bil morda ustvarjen z obračunavanjem posojil družbe BayernLabo po nominalni vrednosti v skladu z MSRP (v milijonih EUR)
Taking into account the composition of BayernLB's sovereign portfolio, the EBA concluded that BayernLB did not need any specific sovereign capital buffer for its exposures in the European Economic Area.
Zaveze Nemčije
Regulatory assumptions
Nemčija se je zavezala, da bo zagotovila popolno izvajanje prvotnega načrta za prestrukturiranje, ki je bil predložen 29. aprila 2009 ter nazadnje spremenjen s sporočili Nemčije z dne 6. in 12. junija 2012, vključno z zavezami iz Priloge I k temu sklepu in pogoji iz Priloge II k temu sklepu, v skladu s časovnim razporedom iz navedenih prilog.
The financial planning is based on the assumption that in 2013 there will be a changeover in the reference accounting standards used for calculating regulatory capital ratios, from the Generally Accepted Accounting Principles (GAAPs), in accordance with the German Commercial Code (Handelsgesetzbuch), to the International Financial Reporting Standards (IFRSs).
POVZETEK SKLEPA O ZAČETKU POSTOPKA IN PODALJŠANJE POSTOPKA
Under the Commercial Code these loans are recorded at their discounted value (which is below nominal value, because the loans pay no interest).
verjetnosti, da se bo z načrtom za prestrukturiranje ponovno vzpostavilo dolgoročno uspešno poslovanje banke;
Under the IFRSs, as confirmed by BayernLB's auditor, the loans would be accounted for at their nominal value.
ustreznosti in učinkovitosti ukrepov za obravnavanje kakršnega koli izkrivljanja konkurence zaradi pomoči;
The difference would generate capital at the level of BayernLabo and consequently at the level of BayernLB.
omejitve pomoči na najnižjo potrebno in ustrezne porazdelitve bremen med lastniki banke.
The impact of that change amounts to EUR 967 million at 31 December 2011.
Poleg tega je imela Komisija pomisleke glede predpostavk, na katerih je temeljil načrt za prestrukturiranje, in je bila zaskrbljena glede zmožnosti uspešnega poslovanja hčerinskih družb banke HGAA in MKB.
Additional risk position reduction
Komisija je ugotovila, da ni bila sprejeta nobena jasna zaveza glede prodaje družb HGAA, MKB in Banque LB Lux SA do […].
Germany undertakes to reduce further risk positions of EUR 10 billion by 2017 in a profit-neutral way in which any reduction in income would be offset by a corresponding reduction in costs.
Komisija meni, da predvideno zmanjšanje bilance stanja in tveganju prilagojenih sredstev ni bilo zadostno za odpravo izkrivljanja konkurence, ker bi bil znaten del tega zmanjšanja v vsakem primeru nujen za ponovno vzpostavitev uspešnega poslovanja.
The reductions may be achieved by optimising the calculation of risk positions or by reducing assets in specified business areas.
Komisija je navedla, da je pričakovala nadaljnje ukrepe v zvezi z ravnanjem ali strukturo, s katerimi bi se dodatno omejilo izkrivljanje konkurence, pri čemer je v zvezi s tem poudarila zlasti morebitno odprodajo družbe LBS.
By way of illustration BayernLB has provided the following segment-by-segment breakdown of the EUR 10 billion reduction as compared with the risk position projections in the restructuring plan: additional reductions of EUR […] billion in corporates/small and medium-sized businesses, EUR […] billion in DKB, EUR […] billion in real estate, EUR […] billion in markets, and EUR […] billion in the restructuring unit.
V zvezi z zahtevo po omejitvi pomoči na najnižjo potrebno je Komisija ugotovila, da niso bili predloženi nobeni jasni predlogi glede porazdelitve bremena med delničarji.