natgillin/translations-raw huggingface dataset:
The measures were accordingly approved for six months or, if Denmark submitted an in-depth restructuring plan within six months from the date of the Decision, until the Commission adopted a final decision on that restructuring plan.
Ukrepi so bili torej odobreni za šest mesecev oziroma dokler Komisija ne sprejme končne odločitve o poglobljenem načrtu prestrukturiranja, če ga Danska predloži v šestih mesecih od dneva sklepa.
On 18 April 2012, Denmark submitted a preliminary version of the restructuring plan for Vestjysk Bank, which included a draft set of commitments as the starting point for discussions concerning the restructuring plan.
Danska je 18. aprila 2012 predložila predhodno različico načrta prestrukturiranja Vestjysk Bank, ki je vseboval osnutek zavez kot izhodišče za pogovore v zvezi z načrtom prestrukturiranja.
Between April 2012 and December 2015, the Commission and Denmark discussed the restructuring plan, which has been updated several times, in a series of meetings, phone conferences and written correspondence.
Med aprilom 2012 in decembrom 2015, sta Komisija in Danska na več sestankih, v telefonskih razgovorih in pisno razpravljali o načrtu prestrukturiranja, ki je bil večkrat posodobljen.
Between August 2013 and April 2014, Denmark attempted to sell its stake in the Bank.
Med avgustom 2013 in aprilom 2014 je Danska poskušala prodati svoj delež v banki.
As a result, the discussions on the restructuring plan were put on hold during that period.
Zato so bili pogovori o načrtu prestrukturiranja v navedenem obdobju ustavljeni.
The attempt was unsuccessful due to a lack of interested bidders.
Poskus ni bil uspešen zaradi pomanjkanja zainteresiranih ponudnikov.
By letter dated 4 December 2015 the Commission informed Denmark that it had decided to initiate the procedure pursuant to Article 108(2) of the Treaty in respect of the aid (‘Opening Decision’).
Komisija je z dopisom z dne 4. decembra 2015 Dansko obvestila, da se je v zvezi s pomočjo odločila sprožiti postopek na podlagi člena 108(2) Pogodbe (v nadaljnjem besedilu: sklep o začetku postopka).
On 7 January 2016, the Commission received Denmark's comments on the Opening Decision.
Komisija je 7. januarja 2016 prejela pripombe Danske k sklepu o začetku postopka.
In April 2016, Denmark initiated a new open, unconditional and transparent sales process with the aim of selling its shares in the Bank.
Aprila 2016 je Danska začela nov odprt, brezpogojen in pregleden postopek prodaje s ciljem prodaje svojih delnic v banki.
On 17 June 2016, the Opening Decision was published in the Official Journal of the European Union [3].
Sklep o začetku postopka je bil 17. junija 2016 objavljen v Uradnem listu Evropske unije [3].
It did not receive any comments from interested parties.
Prejela ni nobenih pripomb zainteresiranih strani.
After the sales process had failed to attract any bids for the Bank, Denmark informed the Commission on 23 November 2016 that the Danish Bank Nykredit had expressed an interest in building a consortium of non-bank investors to acquire and recapitalise the Bank.
Danska je po tistem, ko postopek prodaje ni privabil ponudnikov, Komisijo 23. novembra 2016 obvestila, da je danska banka Nykredit izrazila zanimanje za vzpostavitev konzorcija nebančnih vlagateljev za nakup in dokapitalizacijo banke.
That transaction, combined with further restructuring efforts, would in Denmark's view restore the long-term viability of the Bank.
Ta transakcija, skupaj z nadaljnjim prizadevanjem za prestrukturiranje, bi po mnenju Danske obnovila dolgoročno uspešno poslovanje banke.
Between 23 November 2016 and early June 2017, the Commission and Denmark discussed the new restructuring plan in a series of meetings, phone conferences and written correspondence.
Med 23. novembrom 2016 in začetkom junija 2017 sta Komisija in Danska razpravljali o novem načrtu prestrukturiranja v vrsti srečanj, telefonskih pogovorov in pisni korespondenci.
On 14 June 2017 Denmark submitted the final version of the new restructuring plan as well as the signed agreement with the private investor consortium to acquire the Bank's shares.
Danska je 14. junija 2017 predložila končno različico novega načrta prestrukturiranja ter podpisano pogodbo z zasebnim konzorcijem vlagateljev za nakup delnic banke.
The investor consortium subsequently launched a public takeover bid for the Bank's remaining shares (held by private parties), with closing date 18 July 2017.
Konzorcij vlagateljev je nato objavil javno prevzemno ponudbo glede preostalih delnic banke (ki so v lasti zasebnikov) z rokom 18. julij 2017.
By letter of 12 June 2017, Denmark agreed to waive its rights deriving from Article 342 of the Treaty in conjunction with Article 3 of Regulation No 1 [4] and to have this Decision adopted and notified in English.
Danska se je z dopisom z dne 12. junija 2017 strinjala, da se odpove pravicam iz člena 342 Pogodbe v povezavi s členom 3 Uredbe št. 1 [4] in da se ta sklep sprejme in priglasi v angleškem jeziku.
Vestjysk Bank today
Vestjysk Bank danes
First established in 1874, Vestjysk Bank is classified as a non-systemically important financial institution by the Danish Financial Supervisory Authority (‘DFSA’) and is currently the 15th largest bank in Denmark, with a market share of less than 0,3 %.
Vestjysk Bank je bila ustanovljena leta 1874; Danski finančni nadzorni organ (v nadaljnjem besedilu: DFSA) jo je razvrstil med nesistemsko pomembne finančne institucije in je trenutno 15. največja banka na Danskem, s tržnim deležem manj kot 0,3 %.
On the basis of the most recent available data (from 31 March 2017), the Bank has a balance sheet of DKK 19,5 billion (EUR 2,6 billion), DKK 14 billion of deposits (EUR 1,9 billion), DKK 12,4 billion of total loans (EUR 1,7 billion), 15 branches and 438 employees (full time equivalent ‘FTE’).
Na podlagi najnovejših razpoložljivih podatkov (z 31. marca 2017) je bilančna vsota banke 19,5 milijarde DKK (2,6 milijarde EUR), njene vloge znašajo 14 milijard DKK (1,9 milijarde EUR) in skupna posojila znašajo 12,4 milijarde DKK (1,7 milijarde EUR); banka ima 15 podružnic in 438 zaposlenih (v ekvivalentu polnega delovnega časa, v nadaljnjem besedilu: FTE).
The Danish State is the majority shareholder of the Bank, controlling 81,47 % of the share capital and voting rights in Vestjysk Bank.
Danska država je večinski delničar banke, saj obvladuje 81,47 % delniškega kapitala in glasovalnih pravic v Vestjysk Bank.
Vestjysk Bank is listed on the Copenhagen Stock Exchange.
Vestjysk Bank kotira na københavnski borzi.
The Bank's business model combines local retail lending with a large exposure to the agricultural and commercial real estate sectors.
Poslovni model banke združuje lokalna posojila prebivalstvu z veliko izpostavljenostjo do kmetijskega sektorja in sektorja poslovnih nepremičnin.
The Bank is mainly active in Denmark's Jutland Region.
Banka je dejavna zlasti v danski regiji Jutland.
The aid measures temporarily approved in the Rescue Decision
Ukrepi pomoči, začasno odobreni v sklepu o reševanju
In 2012 Vestjysk Bank received State aid in order to merge with Aarhus Lokalbank, another Danish regional bank active in the Jutland Region.
Leta 2012 je Vestjysk Bank prejela državno pomoč za združitev z Aarhus Lokalbank, ki je prav tako danska regionalna banka, dejavna v regiji Jutland.
At the end of 2011 Vestjysk Bank had a balance sheet of DKK 29,2 billion (EUR 3,9 billion) and Aarhus Lokalbank DKK 4,4 billion (EUR 600 million) respectively.
Ob koncu leta 2011 je bilančna vsota Vestjysk Bank znašala 29,2 milijarde DKK (3,9 milijarde EUR), bilančna vsota Aarhus Lokalbank pa 4,4 milijarde DKK (600 milijonov EUR).
In 2009, both Vestjysk Bank and Aarhus Lokalbank had received aid under the Danish recapitalisation scheme.
Leta 2009 sta Vestjysk Bank in Aarhus Lokalbank prejeli pomoč na podlagi danske sheme dokapitalizacije.
The aid granted to the Bank was provided in the form of hybrid capital of DKK 1438 million [5] and DKK 177,8 million [6] totalling DKK 1615,8 million (approximately EUR 216 million) and corresponding to 6,2 % of Risk Weighted Assets (RWA).
Pomoč, odobrena banki, je bila zagotovljena v obliki hibridnega kapitala v višini 1438 milijonov DKK [5] in 177,8 milijona DKK [6], kar znaša 1615,8 milijona DKK (približno 216 milijonov EUR) in ustreza 6,2 % tveganju prilagojenih sredstev (v nadaljnjem besedilu: RWA).
As a consequence, the Danish State was already the major shareholder in both banks (it had a stake of 53,1 % in Vestjysk Bank and 45,2 % in Aarhus Lokalbank) prior to the merger [7].
Zato je bila danska država že pred združitvijo pomemben delničar v obeh bankah (v Vestjysk Bank je imela 53,1-odstotni delež, v Aarhus Lokalbank pa 45,2-odstotni) [7].
On 28 February 2012, Denmark informed the Commission that Vestjysk Bank and Aarhus Lokalbank were about to merge as each faced an increased risk of becoming a distressed bank.
Dne 28. februarja 2012 je Danska Komisijo obvestila, da se bosta Vestjysk Bank in Aarhus Lokalbank združili, saj je za obe obstajalo povečano tveganje, da se znajdeta v težavah.
The merger of the two banks was intended to counter the funding challenges of the banks by creating one continuing entity, Vestjysk Bank, and to strengthen its position as a regional bank.
Namen združitve obeh bank je bil premagati izzive financiranja bank z ustanovitvijo enega stalnega subjekta, Vestjysk Bank, in okrepitvijo njegovega položaja kot regionalne banke.
In order to execute the merger Denmark notified the following measures in respect of Vestjysk Bank to the Commission:
Danska je za izvedbo združitve Komisiji priglasila naslednje ukrepe v zvezi z Vestjysk Bank:
Measure 1 – Completion of an increase in the capital of the Bank with net proceeds of between DKK 250 and DKK 300 million;
ukrep 1: dokončanje povečanja kapitala banke z neto prihodki med 250 in 300 milijoni DKK;
Measure 2 – Raising of new subordinated loan capital with a principal of DKK 200 million;
ukrep 2: pridobitev novega podrejenega dolžniškega kapitala z glavnico 200 milijonov DKK;
Measure 3 – Sale of a minority shareholding for DKK 175 million (EUR 23 million) that the Bank owned in a Danish mortgage credit institution to the Danish Central Bank;
ukrep 3: prodaja manjšinskega deleža v višini 175 milijonov DKK (23 milijonov EUR), ki ga je banka imela v danski hipotekarni kreditni instituciji, danski centralni banki;
Measure 4 – Individual State guarantees for new bonds for up to DKK 8,6 billion (EUR 1154 million).
ukrep 4: posamezna državna jamstva za nove obveznice do 8,6 milijarde DKK (1154 milijonov EUR).
On 25 April 2012 the Commission temporarily approved Measures 1, 3 and 4 as rescue aid for a period of six months or, if Denmark submitted an in-depth restructuring plan within six months from the date of the Decision, until the Commission had adopted a final decision on that restructuring plan.
Komisija je 25. aprila 2012 začasno odobrila ukrepe 1, 3 in 4 kot pomoč za reševanje za obdobje šestih mesecev, ali dokler Komisija ne sprejme končne odločitve o poglobljenem načrtu prestrukturiranja, če ga Danska predloži v šestih mesecih od izdaje sklepa.
Measure 2 was funded entirely by private investors and was, as a result, found not to constitute State aid.
Ugotovljeno je bilo, da ukrep 2 v celoti financirajo zasebni vlagatelji, zato ne pomeni državne pomoči.
On 28 June 2012, Vestjysk Bank received a final binding undertaking from the Danish Financial Stability Company [8] in respect of Measure 4, which limited the individual State guarantees for liabilities to DKK 6,8 billion (EUR 914 million).
Vestjysk Bank je 28. junija 2012 prejela dokončno zavezujočo zavezo danske družbe za finančno stabilnost [8] v zvezi z ukrepom 4, ki je posamezna državna jamstva za obveznosti omejila na 6,8 milijarde DKK (914 milijonov EUR).
The gross proceeds from Measure 1 amounted to DKK 318,7 million, (net proceeds of DKK 300 million) and the participation of the State amounted to DKK 166 million (EUR 22 million).
Bruto prihodki od ukrepa 1 so znašali 318,7 milijona DKK (neto prihodki v višini 300 milijonov DKK), udeležba države pa je znašala 166 milijonov DKK (22 milijonov EUR).
Measure 3 gave rise to a capital relief effect of 0,60 % by reducing RWA of the Bank.
Ukrep 3 je spodbudil učinek razbremenitve kapitala za 0,60 % z zmanjšanjem tveganju prilagojenih sredstev banke.
The final amount of support resulting from the implementation of the three measures described in the Rescue Decision was DKK 7293,7 million (EUR 979 million).
Končni znesek podpore, ki izhaja iz izvajanja treh ukrepov, opisanih v sklepu o reševanju, je bil 7293,7 milijona DKK (979 milijonov EUR).
The lack of a robust restructuring plan and the Opening Decision
Neobstoj trdnega načrta prestrukturiranja in sklep o začetku postopka
On 18 April 2012 Denmark submitted a preliminary version of the restructuring plan for Vestjysk Bank on a stand-alone basis, which included a draft term sheet for possible commitments.
Danska je 18. aprila 2012 predložila predhodno različico načrta samostojnega prestrukturiranja Vestjysk Bank, ki je vseboval osnutek pogojev izvajanja morebitnih zavez.
That submission was followed by numerous updates and amendments, aimed at providing for additional action to restore the long term viability of the Bank, as the latter failed to achieve its projected profitability.
Navedeni predložitvi so sledile številne posodobitve in spremembe, da bi se zagotovili dodatni ukrepi za ponovno vzpostavitev dolgoročno uspešnega poslovanja banke, saj ta ni dosegla načrtovane donosnosti.
In August 2013, Denmark informed the Commission that it planned to sell Vestjysk Bank and the discussions concerning the restructuring of the Bank on a stand-alone basis were hence suspended.
Avgusta 2013 je Danska obvestila Komisijo, da namerava prodati Vestjysk Bank, in pogovori o samostojnem prestrukturiranju banke so bili zato prekinjeni.
In April 2014 Denmark informed the Commission that the sale of the Bank had been cancelled as none of the potential buyers had submitted an offer.
Aprila 2014 je Danska obvestila Komisijo, da je bila prodaja banke preklicana, saj nobeden od morebitnih kupcev ni predložil ponudbe.
Discussions concerning the restructuring of the Bank on a stand-alone basis therefore resumed.
Pogovori o samostojnem prestrukturiranju banke so se zato nadaljevali.
However those discussions did not produce a final and robust restructuring plan that could ensure that the viability of the bank could be restored, and the Commission decided to initiate the formal investigation procedure pursuant to Article 108(2) of the Treaty.
Vendar na podlagi teh pogovorov ni bil pripravljen končni in trden načrt prestrukturiranja, ki bi zagotovil ponovno vzpostavitev uspešnega poslovanja banke, in Komisija se je odločila sprožiti formalni postopek preiskave na podlagi člena 108(2) Pogodbe.
In its Opening Decision of 4 December 2015 the Commission questioned whether
Komisija je v svojem sklepu o začetku postopka z dne 4. decembra 2015 izrazila pomisleke o tem, ali
the draft restructuring plan was apt to ensure the Bank's return to viability;
lahko osnutek načrta prestrukturiranja zagotovi ponovno vzpostavitev uspešnega poslovanja banke;
competition distortions had been limited to a minimum;
je bilo izkrivljanje konkurence kar se da omejeno;
burden sharing had been adequately implemented with respect to one of the repurchasing transactions [9] carried out in 2013.
se je pri eni od transakcij začasnega odkupa [9], izvedeni v letu 2013, porazdelitev bremen ustrezno izvajala.
Denmark's reply to the Opening Decision
Odgovor Danske na sklep o začetku postopka
The existence of aid in Measures 1 and 3
Obstoj pomoči v ukrepih 1 in 3
In its reply Denmark confirmed that it accepts Measure 4 is State aid, but also repeated the position it put forward at the time of the Rescue Decision, disputing that Measures 1 and 3 constitute State aid within the meaning of Article 107(1) of the Treaty.
Danska je v svojem odgovoru potrdila, da se strinja, da ukrep 4 pomeni državno pomoč, vendar je tudi ponovila stališče, ki ga je predložila ob izdaji sklepa o reševanju, da ukrepa 1 in 3 ne pomenita državne pomoči v smislu člena 107(1) Pogodbe.
More specifically, Denmark submits the following:
Natančneje, Danska je predložila naslednje:
Measure 1: Denmark considers that the completion of the capital increase does not constitute State aid as this was done in full accordance with the market economy investor principle and as a consequence the measure does not constitute State aid.
Ukrep 1: Danska meni, da dokončanje povečanja kapitala ni državna pomoč, saj je bilo izvedeno povsem v skladu z načelom vlagatelja v tržnem gospodarstvu in zato ukrep ne pomeni državne pomoči.
Measure 3: Denmark argues that the sale of a minority shareholding in a Danish mortgage credit institution to the Danish Central Bank does not constitute State aid as the transfer did not involve State resources, as the Danish Central Bank is an independent institution and, in any case, did not constitute an advantage for the Bank, as the price was calculated according to a pre-defined methodology that applies to any shareholder.
Ukrep 3: Danska trdi, da prodaja manjšinskega deleža v danski hipotekarni kreditni instituciji danski centralni banki ne pomeni državne pomoči, saj ne vključuje prenosa državnih sredstev, ker je danska centralna banka neodvisna institucija, v nobenem primeru pa ni pomenila prednosti za banko, saj je bila cena izračunana na v naprej določen način, ki se uporablja za katerega koli delničarja.
Denmark submitted that Vestjysk Bank is a viable yet at this point in time vulnerable bank.
Danska je navedla, da Vestjysk Bank uspešno posluje, vendar je trenutno ranljiva.
In the opinion of Denmark, the Bank is coming to the end of the restructuring phase and is on the way to entering a phase of stabilization.
Po mnenju Danske se banka približuje koncu faze prestrukturiranja in vstopa v fazo stabilizacije.
In addition, Denmark claims in its submission that the Bank has a solid basis for continuing core-earnings but, due to the low solvency buffer, the Bank is vulnerable to external macroeconomic factors, mainly factors that influence the agricultural sector due to the large exposure to this segment.
Poleg tega Danska v svojih navedbah trdi, da ima banka trdno osnovo za nadaljnje ustvarjanje ključnih prihodkov, vendar je zaradi nizkih rezerv solventnosti izpostavljena zunanjim makroekonomskim dejavnikom, zlasti dejavnikom, ki vplivajo na kmetijski sektor, saj je do tega segmenta precej izpostavljena.
Measures to limit the distortions of competition
Ukrepi za omejevanje izkrivljanja konkurence
Denmark considers that the Bank has actively worked to reduce its commercial footprint by reducing its overall balance sheet and gross lending and focusing its business on its core region composed of parts of Jutland.
Danska meni, da si je banka dejavno prizadevala zmanjšati svoj obseg poslovanja z zmanjšanjem celotne bilančne vsote in bruto posojil ter da je osredotočila svoje dejavnosti na svojo glavno regijo, sestavljeno iz delov regije Jutland.
In addition, the Bank has substantially reduced its number of branches and full time employees as well as reduced its operating costs.
Poleg tega je banka znatno zmanjšala število podružnic in zaposlenih za polni delovni čas ter zmanjšala stroške poslovanja.
In addition, the Bank has, since mid-2012, complied with a number of behavioural measures and corporate governance rules, that Denmark had proposed in the context of the draft restructuring plan referred to in recital 24, with the aim to limit the distortions of competition.
Poleg tega banka od sredine leta 2012 upošteva številne ukrepe glede ravnanja in pravila korporativnega upravljanja, ki jih je Danska predlagala v okviru osnutka načrta prestrukturiranja, navedenega v uvodni izjavi 24, s ciljem omejiti izkrivljanje konkurence.
Hence, Denmark concludes that the steps already taken have been more than adequate to limit the distortion of competition produced by the State aid measure.
Zato Danska meni, da že sprejeti ukrepi več kot zadoščajo za omejitev izkrivljanja konkurence, do katere pride zaradi ukrepa državne pomoči.
Denmark submits that burden sharing has been correctly implemented during the restructuring process.
Danska trdi, da je bilo breme med postopkom prestrukturiranja pravilno porazdeljeno.
Denmark received a discount in the subscription rate that ensured an adequate remuneration for its participation in the capital increase as well as a risk-based guarantee commission for the individual guarantee which is well above the requirements in the 2011 Prolongation Communication [10].
Danska je prejela popust na ceno vpisa, ki je zagotovil primerno poplačilo njene udeležbe pri povečanju kapitala, ter na tveganju temelječo provizijo za posamezno jamstvo, kar precej presega zahteve iz Sporočila o podaljšanju iz leta 2011 [10].
With reference to one of a number of liability management exercises completed since 2012 in which a price above the theoretical maximum price for the buyback of subordinated capital was paid, Denmark notes that the amount of such overprice to the benefit of the creditor (and not the Bank) amounted to 2 % of the principal corresponding to NOK 800000 (about EUR 108000).
Danska glede ene izmed mnogih nalog za upravljanje obveznosti, ki so bile opravljene od leta 2012 in v katerih je bila plačana cena, ki je presegala najvišjo teoretično ceno za ponovni odkup podrejenega kapitala, navaja, da je presežena cena v korist upnika (in ne banke) znašala 2 % glavnice, kar znaša 800000 NOK (približno 108000 EUR).
The amount was paid in full at the beginning of 2014.
Danski finančni nadzorni organ je na zahtevo Komisije marca 2016 izvedel test izjemnih situacij za banko.
The 2016 stress test and the new sales process
Test je bil izveden brez odlašanja in v skladu s standardi Evropskega bančnega organa (v nadaljnjem besedilu: EBA).
Upon the request of the Commission, in March 2016 the Danish Financial Supervisory Authority conducted a stress test on the Bank.
Ugotovljeno je bilo, da bi se posamezne zahteve glede solventnosti Vestjysk Bank v izjemnih situacijah lahko kršile.
The stress test was performed without delay and in accordance with European Banking Authority (‘EBA’) standards.
Maja 2016 je Danska Komisijo obvestila, da s svojim finančnim svetovalcem (SEB) vodi postopek za prodajo banke.
It concluded that if put under stress, Vestjysk Bank's individual solvency requirement could be breached.
Po prvotnih predvidevanjih naj bi se postopek zaključil do konca poletja 2016, vendar se je zavlekel do konca jeseni 2016 (glej tudi uvodno izjavo 52).
In May 2016, Denmark informed the Commission that it was conducting a process with its financial adviser (SEB) with a view to selling the Bank.
Danska je 23. novembra 2016 Komisijo obvestila, da je danska banka Nykredit izrazila zanimanje za vzpostavitev konzorcija nebančnih vlagateljev za nakup in dokapitalizacijo banke.
In this respect, it must be noted that Denmark considered selling the Bank either to another bank (which would possibly integrate it in its own operations) or to a financial investor (which would possibly keep it as a standalone entity).
Nykredit je v sodelovanju z Vestjysk Bank pripravila nov načrt prestrukturiranja, Danska pa ga je nato predstavila Komisiji (v nadaljnjem besedilu: načrt Nykredit).
The restructuring plan was hence also to be dependent on the type of buyer.
Načrt se nanaša na kapitalske potrebe in dolgoročno uspešno poslovanje banke.
4.
Glavni elementi načrta Nykredit so:
THE NEW RESTRUCTURING PLAN — A CONSORTIUM OF INVESTORS COORDINATED BY DANISH BANK NYKREDIT TO ACQUIRE AND RECAPITALISE VESTJYSK BANK
konzorcij, sestavljen iz dolgoročnih danskih vlagateljev (v nadaljnjem besedilu: konzorcij) [11], ki ga zastopa Nykredit, odkupi celotni delež države v višini 81,47 % po ceni 1 DKK na delnico, oziroma za celotni znesek približno 123 milijonov DKK (približno 16,5 milijona EUR).
On 23 November 2016, Denmark informed the Commission that the Danish bank Nykredit had expressed an interest in building a consortium of non-bank investors to acquire and recapitalise the Bank.
Ostali (zasebni) delničarji banke imajo prav tako možnost prodati svoje delnice konzorciju po isti ceni.