natgillin/translations-raw huggingface dataset:
In other words, a competing bid must be at least equivalent to the offer by the Consortium in terms of restoration of the Bank's solvency and profitability.
S tem je Vestjysk Bank imetnike podrejenih dolžniških instrumentov preplačala za znesek, ki ustreza 2 % glavnice (ali 800000 NOK, približno 108000 EUR).
If a competing bid is made, the Consortium has the possibility to match it.
Danska je v svojem odgovoru na sklep o začetku postopka navedla, da je banka preplačilo odplačala danski državi v začetku leta 2014, s čimer je poravnala vsakršno neustrezno porazdelitev bremena, ki bi jo navedeni relativno nizek znesek lahko povzročil.
As a result, any party willing to invest in the Bank at a higher price has the opportunity to do so.
Komisija opozarja, da plačilo preplačila, ki ga je banka plačala državi, samo po sebi ne more popraviti nezadostne porazdelitve bremena.
The legal act enabling the Finance Ministry to conclude the sale to the Consortium mentions the possibility of competing bids with a more attractive offer during the offer period, and that possibility was also publically known.
Preplačilo se nanaša na finančna razmerja med banko in upniki (v okviru porazdelitve bremena), in ne na finančna razmerja med banko in državo (ki določajo znesek državne pomoči).
The Commission considers that this provides further reassurance that Denmark has made every possible effort to maximize the sales price and has given all interested parties the chance to make an offer.
Kljub temu lahko Komisija na podlagi te okoliščine, upoštevane skupaj z vrsto drugih okoliščin obravnavanega primera, ugotovi, da je bilo breme ustrezno porazdeljeno.
However, given the lack of success in the previous attempts to sell the Bank it seems highly unlikely that a competing bid will be made.
Navedene druge okoliščine se nanašajo zlasti na dejstvo, da je bil znesek preplačila minimalen (le 108000 EUR) in da prag 60 % ni bil določen v Sporočilu o prestrukturiranju, katerega besedilo je precej ohlapno [27], ampak v delovnem dokumentu služb Komisije [28].
On the basis of the above, the Commission considers that the process to sell Denmark's stake in Vestjysk has been open, non-discriminatory and unconditional, resulting in the maximisation of the sales price for the Danish State.
Glede na zgoraj navedeno Komisija meni, da so pomisleki, izraženi v sklepu o začetku postopka glede izpolnjevanja zahtev glede porazdelitve bremena, v celoti odpravljeni.
As the Commission has no reason to believe that the offer made and the price paid would not reflect the market price of the Bank, it can be concluded that the private purchaser of the State's shares in Vestjysk is not a beneficiary of the aid measures and thus does not receive aid.
Banka je omejila svoj obseg poslovanja z nadaljnjim zmanjšanjem svoje mreže podružnic za dodatne tri podružnice v primerjavi z navedbami Danske v odgovoru na sklep o začetku postopka, s čimer je od prejema pomoči za reševanje skupno število zmanjšala za devet podružnic (banka je leta 2012 imela 24 podružnic, leta 2015 je imela 18 podružnic, od konca leta 2016 pa 15 podružnic, s čimer je od leta 2012 skupno število zmanjšala za 37,5 %).
Hence it is concluded that the sole beneficiary of the aid measures is Vestjysk Bank.
Takšno zmanjšanje mreže podružnic ob upoštevanju značilnosti danskega bančnega sektorja vpliva na sposobnost banke pridobivanja novih poslov in novih vlog, s čimer prispeva k omejevanju izkrivljanja konkurence.
Overall, as set out in recitals 49 and 59, it is concluded that this Decision should merely assess the compatibility of the 2012 measures granted to the entity Vestjysk.
Iz načrta Nykredit izhaja tudi večje zmanjšanje števila osebja banke (zmanjšanje za [30–40] % do leta 2017 in zmanjšanje za [35–45] % do leta 2018) kot je bilo predvideno ob izdaji sklepa o začetku postopka (zmanjšanje za [20–30] % do leta 2017).
Compatibility of the aid
To povečano zmanjšanje je posledica prizadevanj banke za nadaljnje zmanjšanje stroškov in izboljšanje učinkovitosti, ki izhaja iz zmanjšanja mreže podružnic.
Legal basis for the compatibility assessment
V času izdaje sklepa o začetku postopka (glej uvodno izjavo 98 navedenega sklepa) je bila Komisija obveščena o zmanjšanju mreže podružnic za samo [10–20] % (s 24 podružnic na [18–22]) in o zmanjšanju števila zaposlenih za [20–30] %.
Article 107(3)(b) of the Treaty empowers the Commission to find that aid is compatible with the internal market if it is intended ‘to remedy a serious disturbance in the economy of a Member State’.
Glede na velik znesek pomoči, ki ga je banka prejela, se je Komisija spraševala, ali bodo načrtovana zmanjšanja števila podružnic in osebja med letoma 2012 in 2017 v zadostni meri omejila izkrivljanje konkurence.
The Commission has acknowledged that the global financial crisis can create a serious disturbance in the economy of a Member State and that measures supporting banks are apt to remedy that disturbance.
Komisija ob upoštevanju novih ciljev zmanjšanja meni, da si je banka v pomembni meri dodatno prizadevala nadalje zmanjšati svoj obseg poslovanja in povečati učinkovitost.
This has been successively detailed and developed in the seven Crisis Communications [25].
V preglednici 2 so prikazane dejanske razmere v letih 2012 in 2016, predlogi, ki so bili znani ob izdaji sklepa o začetku postopka, in sedanji načrti za prihodnja leta.
In accordance with the general principle of law tempus regit actum, which requires that a rule of law must be non-retroactive, and with the settled case law of the Union Courts, the compatibility of a State aid measure has to be assessed under the legal framework in force at the time of its implementation.
Preglednica 2
Point 90 of the 2013 Banking Communication further specifies that notifications registered by the Commission prior to 1 August 2013 will be examined in the light of the criteria in force at the time of notification.
Zmanjšanje števila podružnic, ekvivalentov polnega delovnega časa in razmerja med stroški in prihodki
The measures were notified on 13 April 2012.
Dejansko
Hence these measures should be assessed in the light of the new restructuring plan, having regard to the Restructuring Communication, the 2008 Banking Communication and the 2010 and 2011 Prolongation Communications.
Sklep o začetku postopka
Burden-sharing
Nov poslovni načrt
In the Opening Decision, the Commission took the preliminary view that a repurchase transaction carried out on 13 June 2013 was not in line with the Restructuring Communication's goal of ensuring adequate burden-sharing [26].
Štev. podružnic
The transaction was performed at an average price of 62 % of the principal, 2 percentage points above the market price of 50 % plus the premium of 10 %.
Delež spremembe v primerjavi z letom 2012 (%)
Vestjysk Bank thereby overpaid the holders of the subordinated debt instruments by an amount corresponding to 2 % of the principal (or NOK 800000, approximately EUR 108000).
Število osebja (FTE)
In its reply to the Opening Decision Denmark submitted that the overpayment that was made was paid back by the Bank to the Danish State in the beginning of 2014, thus offsetting any inadequate burden sharing that that relatively small amount would have caused.
[480–510]
The Commission notes that the payment of the overpayment by the Bank to the State cannot, as such, remedy an insufficient burden-sharing.
[460–490]
The overpayment concerns the financial relations between the Bank and the creditors (in the context of burden-sharing), and not the financial relations between the Bank and the State (which determine the amount of State aid).
[20–30]
Nevertheless, this circumstance taken together with a set of other circumstances of the present case allow the Commission to conclude that there was adequate burden-sharing.
Razmerje med stroški in prihodki (%)
In particular those other circumstances concern the fact that the amount of the overprice was minimal (only EUR 108000) and that the threshold of 60 % was not as such provided in the Restructuring Communication, which is phrased in a rather flexible manner [27], but in a staff document of the Commission [28].
[50–60]
In view of the above, the Commission considers that the doubts raised in the Opening Decision on the compliance with burden sharing requirements are fully dispelled.
Odkar je Vestjysk Bank prejela pomoč za reševanje, zaradi slabe uspešnosti ni uspela razširiti poslovanja.
Limiting distortions of competition
Tveganju prilagojena sredstva so se prav tako zmanjšala s 25600 milijonov DKK ob koncu leta 2012 na 16081 milijonov DKK ob koncu leta 2016 (– 37 %), hkrati pa se je delovna sila banke v istem obdobju zmanjšala s 621 na 459 FTE (– 26 %).
The Bank has limited its commercial footprint by further reducing its branch network by an additional three branches compared to what was submitted by Denmark in its reply to the Opening Decision, bringing the total reduction since the rescue aid to nine branches (the Bank had 24 branches in 2012, 18 branches in 2015 and 15 from the end of 2016 onwards, giving a total reduction since 2012 of 37,5 %).
Iz vseh podatkov, navedenih v uvodnih izjavah 71 in 72, izhaja, da je banka v zadnjih petih letih že zmanjšala svoj odtis, delno tudi iz nuje.
Such a reduction of the branch network, coupled with the characteristics of the Danish banking sector affects the Bank's capacity to generate new business and gather new deposits, thereby contributing to a limitation of the distortions of competition.
Glede na to, da je bil znesek pomoči, ki ga je banka prejela leta 2012, dokaj velik glede na tveganju prilagojena sredstva banke (8,1 %), pa je treba predvideti posebne ukrepe za preprečevanje izkrivljanja konkurence.
The Nykredit plan also shows a greater reduction in the Bank's staff numbers (a [30-40] % reduction by 2017 and a [35-45] % reduction by 2018) than what was projected at the time of the Opening Decision (a [20-30] % reduction by 2017).
Hkrati je treba priznati, da bo banka do konca leta 2017 zmanjšala število osebja za skoraj [30–40] % in da je do konca leta 2016 že zmanjšala število podružnic za 37,5 %.
This increased reduction results from the Bank's efforts to further reduce costs and the efficiency improvements that result from the reduction of the branch network.
Danska je poleg ukrepov, ki so bili izvedeni pred sprejetjem tega sklepa, ponudila zaveze (glej uvodno izjavo 44), katerih cilj je nadaljnje omejevanje izkrivljanja konkurence med obdobjem prestrukturiranja.
At the time of the Opening Decision (see recital 98 of that Decision) the Commission was only informed of a reduction of the branch network with [10-20] % (from 24 branches to [18-22]) and a staff reduction of [20-30] %.
Prvič, bilančna vsota banke za leto 2017 je navzgor omejena na raven iz leta 2016, za leto 2018 je omejena na 20300 milijonov DKK in za leto 2019, če je relevantno, na 21000 milijonov DKK.
Considering the large amount of aid received by the Bank, the Commission questioned whether the projected branch and staff reductions between 2012 and 2017 would sufficiently limit competition distortion.
Navedene omejitve izrecno omejujejo možnosti banke za pridobivanje novih vlog in odobritev novih posojil v obdobju prestrukturiranja.
Taking the new reduction targets into account, the Commission considers that the Bank has made an important additional effort to further reduce its commercial footprint and increase its efficiency.
Sposobnost banke pridobiti tržne deleže na račun konkurentov je torej omejena tako, da zagotavlja omejevanje izkrivljanja konkurence.
Table 2 shows the actual situation in 2012 and 2016, the proposals known at the time of the Opening Decision and the current plans for the coming years.
Poleg tega banka ne bo odobrila novih posojil zunaj Danske, nova posojila pa lahko odobri zunaj regije Jutland le, če stranka zagotovi lastno financiranje v višini vsaj [35–45] % in je posojilo zavarovano.
Table 2
Navedena zaveza učinkovito preprečuje možnosti banke za širitev poslovanja zunaj svoje glavne regije dejavnosti, kjer ima tudi zgodovinsko osnovo, s čimer se prav tako ščitijo subjekti na trgu pred morebitnim agresivnim ravnanjem banke.
Evolution of reduction in branches, FTEs and cost-to-income ratio
Nazadnje, za banko velja prepoved prevzemov.
Opening Decision
Zato prepoved pridobitve kakršnega koli deleža v katerem koli podjetju jasno omejuje možnosti banke za širitev.
New business plan
Za banko velja tudi prepoved uporabe ukrepov pomoči za oglaševanje, kar prav tako ščiti konkurente.
# of Branches
Obnova dolgoročne uspešnosti poslovanja
% Change vs. 2012
Komisija je v sklepu o začetku postopka izrazila pomisleke glede tega, ali je predloženi osnutek načrta prestrukturiranja zadostna podlaga za zagotovitev uspešnega poslovanja banke v obdobju prestrukturiranja.
# of staff (FTE)
Komisija je zlasti izrazila pomisleke glede nekaterih predpostavk, na katerih je temeljil načrt prestrukturiranja, in menila, da obstaja še veliko negotovosti.
[480-510]
Nazadnje je Komisija izrazila pomisleke tudi glede tega, ali je kapitalski položaj banke dovolj močan, da prenese dodatne oslabitve.
[460-490]
Količnik celotnega kapitala banke je 1. januarja 2017 znašal 13,1 %.
[20-30]
Vendar so se zaradi postopnega uvajanja zahteve po varovalnem kapitalskem blažilniku (v nadaljnjem besedilu: CCB) celotne kapitalske zahteve banke povečale na 13,8 %, zaradi česar primanjkljaj kapitala znaša približno 0,7 % ali 116 milijonov DKK (približno 15,6 milijona EUR).
Cost-to-income ratio (%)
Če ne bi bili sprejeti nobeni ukrepi, bi imela banka 1. januarja 2018 še vedno kapitalski primanjkljaj (vendar manjši), in sicer 0,4 % svojega količnika celotnega kapitala oziroma 63 milijonov DKK.
[50-60]
Po izdaji delnic in refinanciranju podrejenih kapitalskih instrumentov banka ne bo več imela kapitalskega primanjkljaja.
Vestjysk has not been able to expand its business since it received the rescue aid, given its bad performance.
Banka zlasti 1. januarja 2018 pričakuje presežek kapitala v višini približno 667 milijonov DKK (približno 90 milijonov EUR) oziroma rezerve v višini 4,3 % nad zahtevo količnika celotnega kapitala.
The size of the Bank's balance sheet has been shrinking in the last five years, with a 39,5 % reduction from DKK 32865 million at the end of 2012 to DKK 19895 million at the end of 2016.
Poleg tega se je Danska zavezala (glej uvodno izjavo 44), da bo banka ohranila določen znesek presežnega kapitala nad regulativno zahtevanim zneskom.
The same trend can be observed in the Bank's loan book: gross lending went down by about 36 % in the same period, gross lending to agriculture fell by about 26 % while gross lending to the construction and real estate sectors decreased by 48 % and 44 % respectively.
Banka je tudi pregledala svojo strategijo in bo še bolj zmanjšala svoje stroške poslovanja (glej tudi preglednico 1).
Risk weighted assets also shrank from DKK 25600 million at the end of 2012 to DKK 16081 million at the end of 2016 (– 37 %), while in the same period the Bank's workforce decreased from 621 to 459 FTEs (– 26 %).
V istem času je banka zmanjšala svojo delovno silo s 621 FTE na [460–490] FTE (– [20–30] %).
At the same time, should be recognised that the Bank will have reduced its staff by almost [30-40] % by the end of 2017 and had already cut branches by 37,5 % by the end of 2016.
Ob izdaji sklepa o začetku postopka je imela banka glede razmerja med stroški in prihodki kot cilj še vedno [50–60] % v letu 2017.
In addition to the measures implemented prior to the adoption of this Decision, Denmark offered commitments (see recital 44) aimed at further limiting the distortions of competition during the restructuring period.
To znatno zmanjšanje bi bilo zlasti posledica zamenjave iztekajočih se vezanih vlog s povprečno obrestnomero [0–5] % z novimi vlogami z obrestno mero zgolj približno [0–5] %.
Firstly, the Bank's balance sheet size is capped for 2017 at its 2016 level, for 2018 at DKK 20300 million and for 2019, if applicable, to DKK 21000 million.
Dodatni prihranki odhodkov za obresti so predvideni na podlagi refinanciranja osnove podrejenega kapitala banke kot del načrta prestrukturiranja (glej uvodno izjavo 40).
Those caps explicitly limit the possibility of the Bank to gather new deposits and to grant new loans during the restructuring period.
Banka je predložila dokaze, iz kateri izhaja, da so ti prihranki dosegljivi in da bodo pozitivno vplivali na njeno donosnost in uspešnost poslovanja.
The capability of the Bank to gain market shares at the expense of its competitors is hence restricted in a way that ensures the limitation of distortions of competition.
Ključni dejavnik uspešnosti poslovanja in donosnosti banke bo njena stopnja oslabitev v naslednjih nekaj letih.
In addition, the Bank will not grant new loans outside Denmark, and can only provide new lending outside the Jutland Region if the customer provides own financing of at least [35-45] % and the loan is collateralised.
To predvidevanje temelji na predpostavki, da se bodo cene za ključne kmetijske proizvode (na primer mleko in svinjino) zvišale, po tistem, ko so se v letih 2015 in 2016 znižale, ter na predpostavki, da se to gibanje v prihodnjih letih ne bo znova spremenilo.
That commitment effectively inhibits the Bank's potential to expand its business outside its core region of activity where it also has its historical base, again protecting market players from a potential aggressive behaviour from the bank.
Če se bodo predpostavke banke uresničile, se bo v naslednjih nekaj letih njena donosnost znatno izboljšala.
Finally, the Bank is subject to an acquisition ban.
Zlasti donosnost lastniškega kapitala po obdavčitvi [32] se bo povečala s 5,4 % v letu 2016 na [7–11] % v letu 2017 in [7–11] % v letu 2018 (glej tudi preglednico 1).
Acquisitions are a standard way for a market player to expand to new activities, products or business areas.
To precejšnje povečanje donosnosti banke je v glavnem posledica zmanjšanja stroškov in izgub pri posojilih.
Hence the prohibition of acquiring any stake in any undertaking clearly hinders the expansion potential of the Bank.
Osnovni prihodki banke (predvsem obresti in prihodki iz provizij) bodo ostali bolj ali manj nespremenjeni (glej preglednico 1).
The Bank is also subject to a ban on using the aid measures for advertising purposes, which also protects competitors.
Komisija meni, da je načrtovano zmanjšanje odhodkov za obresti in stroškov osebja ter upravnih stroškov v običajnih okoliščinah mogoče doseči v časovnem okviru, ki ga banka predvideva.
In this way, the risk of distortions of competition will be limited sufficiently by the end of 2017.
Komisija z zadovoljstvom ugotavlja, da je banka po več inšpekcijskih pregledih DFSA svojo politiko upravljanja kreditnega tveganja uskladila z dobrimi praksami podobnih bank, kot je Komisiji sporočila DFSA (glej uvodno izjavo 43).
Nevertheless, through the commitments given by Denmark the Bank has also taken substantive additional measures to limit distortions of competition during the remainder of the restructuring period which ends at the latest at the end of 2019.
Komisija ugotavlja, da je banka v pogovorih z Nykredit sprejela skrbni pregled, ki ga je ob koncu leta 2016 izvedla družba Deloitte, posledica česar je bilo knjiženje dodatnih oslabitev v znesku približno [50–150] milijonov DKK [33].
For this reason, the Commission considers that the doubts in the Opening Decision regarding the distortion of competition have been sufficiently addressed.
To bi moralo zmanjšati negotovost glede potreb po rezervacijah v prihodnje.
In its Opening Decision, the Commission expressed doubts as to whether the draft restructuring plan submitted at that time provided sufficient grounds to ensure the viability of the Bank within the restructuring period.
Komisija je glede na obseg izpostavljenosti banke sektorju kmetijstva in na velik vpliv, ki so jih rezervacije za izgube pri posojilih imele na donosnost banke v preteklosti, opravila analizo občutljivosti, v skladu s katero se rezervacije za izgube pri posojilih spremenijo na bolj preudarno raven.
On 1 January 2017, the Bank had a total capital ratio of 13,1 %.
Tudi v scenariju izjemnih situacij, ki ga je predvidela DFSA, bi banka po injekciji kapitala zasebnih vlagateljev imela zadostne kapitalske rezerve.
However, due to the phasing-in of the capital conservation buffer (‘CCB’) requirement the Bank's total capital requirement has increased to 13,8 % resulting in a capital shortfall of about 0,7 % or DKK 116 million (approximately EUR 15,6 million).
Z drugimi besedami, v naslednjih nekaj letih bi dejanske ravni oslabitev lahko bile celo višje, pa to ne bi ogrozilo solventnosti banke.
If no action were to be taken, the Bank would continue to have a capital shortfall (albeit smaller) on 1 January 2018 (namely 0,4 % of its total capital ratio or DKK 63 million).
Posledično tudi po scenariju izjemnih situacij ni verjetno, da bi banka potrebovala nov kapital ali novo državno pomoč za zagotavljanje svoje solventnosti.
In particular, on 1 January 2018 the Bank expects to have a capital surplus of approximately DKK 667 million (approximately EUR 90 million) or a buffer of 4,3 % above its total capital ratio requirement.
Banka bi tako izpolnila zahtevo iz točke 15 Sporočila o prestrukturiranju, da prestrukturiranje ne sme trajati več kot pet let.
The Bank also reviewed its strategy and will further reduce its operating costs (see also Table 1).
Komisija ugotavlja, da so zaveze, ki jih je dala Danska (glej uvodno izjavo 44), dodatni zaščitni ukrep za dolgoročno uspešno poslovanje banke.
At the time of the Opening Decision, the Bank had only planned to reduce the number of branches to [18-22].
Banka bo v primeru takega podaljšanja obdobja prestrukturiranja morala predvsem (ponovno) opredeliti ceno vsakega razmerja s stranko (z nekaj omejenimi izjemami), tako da doseže vnaprej določene cilje donosnosti na stranko [34].
Over the sametime-period, the Bank has cut its workforce from 621 FTE to [460-490] FTE (– [20-30] %).
Komisija zato meni, da so zaveze dodatno zagotovilo za dolgoročno uspešno poslovanje banke.
By the end of 2017 this number will be further reduced to [374-425] FTE (– [30-40] %) and the objective is to reach [340-390] FTE by end 2018 (almost – [30-40] %).
Glede na navedeno Komisija nima več pomislekov glede ustreznosti dolgoročnega uspešnega poslovanja banke.
The Bank's restructuring plan at the time of the Opening Decision envisaged a staff level of [460-490] FTE at the end of 2017 (which only corresponds to a reduction of [20-30] % compared to the end of 2012).
Zlasti po povečanju kapitala bo banka imela zadostno rezervo, večjo od regulativnih kapitalskih zahtev, in bo lahko absorbirala dodatne oslabitve, če bi do njih prišlo, brez kršitve navedenih zahtev.
These significant additional cost-cutting measures are reflected in the Bank's cost-income ratio which has dropped from 55,3 % in 2012 to 50,3 % in 2016.
Poleg tega bodo dodatni prihranki pri stroških (zmanjšanje odhodkov za obresti in stroškov poslovanja) prispevali k izboljšanju donosnosti banke.
This ratio is expected to decrease further to [45-55] % at the end of 2017 and even to [40-50] % by the end of 2018.
Na splošno se bo kot posledica vseh ukrepov, predvidenih v načrtu prestrukturiranja, donosnost banke povečala dovolj, da bo banka lahko na trgu zbrala dodaten kapital, če bo to potrebno.
At the time of the Opening Decision, the Bank still targeted a cost-income ratio of [50-60] % in 2017.
Nazadnje, če banka ne doseže cilja donosnosti lastniškega kapitala v višini [7–11] %, bo na podlagi zavez zagotovljeno, da bodo preostali ukrepi zmanjšanja stroškov izvedeni, da se bodo ohranjale zadostne kapitalske rezerve in da se bodo prihodki povečali.
Thus, it is clear that the Bank has made important additional cost-cutting efforts compared to those envisaged at the time of the Opening Decision.
Zato Komisija meni, da najnovejši načrt banke za prestrukturiranje zagotavlja zadostno podlago za zagotovitev uspešnega poslovanja banke in odpravlja pomisleke, izražene v sklepu o začetku postopka.
These extra efforts will contribute to the Bank's profitability and hence to its viability.
SKLEPNA UGOTOVITEV