natgillin/translations-raw huggingface dataset:
Following several exchanges from November 2016 onwards, Denmark informed the Commission on 29 April 2017 that Nykredit had received sufficient firm commitments from a number of investors to execute the new restructuring plan.
Konzorcij zagotavlja izpolnitev izdaje delnic, kar pomeni približno 745 milijonov DKK (približno 100 milijonov EUR) v obliki novega lastniškega kapitala banke ob domnevni vpisni ceni 1 DKK na delnico.
On 14 June 2017, Denmark submitted to the Commission the irrevocable undertaking signedby Denmark and a consortium of private investors on the sale of the Danish State's shareholding in Vestjysk, subject to the lack of any more advantageous offer which might be submitted by other prospective purchasers before 18 July 2017.
Vsi preostali sedanji delničarji bodo lahko nove delnice kupili pod enakimi pogoji kot konzorcij.
A new restructuring plan was drafted by Nykredit in collaboration with Vestjysk and was presented to the Commission by Denmark (‘Nykredit plan’).
Zgodnji odkup po nominalni vrednosti približno 815 milijonov DKK (približno 110 milijonov EUR) obstoječega podrejenega kapitala, vključno s približno 287,6 milijona DKK (približno 38,7 milijona EUR) preostalega nevplačanega dodatnega kapitala 1. reda, ki ga financira država [12].
It aims to address the capital needs and long-term viability of the Bank.
Banka si bo še naprej prizadevala zmanjšati odhodke za obresti (s cenejšim financiranjem) ter stroške osebja in upravne stroške […] [13], kar bo omogočilo boljše razmerje med stroški in prihodki.
The main elements of the Nykredit plan are:
Poslovni načrt banke, ki opredeljuje zmanjšanje stroškov, navedeno v uvodni izjavi 40(e), med drugim vsebuje naslednje projekcije za leta 2017, 2018 in 2019:
The other (private) shareholders of the Bank also have the possibility to sell their shares to the Consortium for the same price.
Poslovni načrt za obdobje 2017–2019 in dejanski podatki za leti 2012 in 2016
The Consortium guaranteeing the completion of a share issue resulting in approximately DKK 745 million (approximately EUR 100 million) in new equity for the Bank at an assumed subscription price of 1 DKK per share.
Zneski so v milijonih DKK
All remaining existing shareholders will be able to buy new shares on the same terms as the Consortium.
(dejansko)
The issue of approximately DKK 150 million (approximately EUR 20 million) in Additional Tier 1 capital and of DKK 225 million (approximately EUR 30 million) in Tier 2 capital.
(napoved)
An additional DKK 75 million (approximately EUR 10 million) of existing Additional Tier 1 capital will remain in place.
Odhodki za obresti
The early redemption at par of approximately DKK 815 million (approximately EUR 110 million) of existing subordinated capital, including the approximately DKK 287,6 million (approximately EUR 38,7 million) in remaining outstanding State-funded Additional Tier 1 capital [12].
Osnovni prihodek
The Bank continuing its efforts to reduce its interest expense (through cheaper funding) and staff and administrative costs […] [13] resulting in a better cost-income ratio.
Stroški osebja
The Bank's business plan which specifies the cost reductions referred to in recital 40(e) among others contains the following projections for the years 2017, 2018 and 2019:
Upravni in drugi stroški poslovanja
Table 1
Rezervacije za izgube pri posojilih
Business plan for the period 2017-2019 and actual figures for 2012 and 2016
Neto prihodek
Amounts in DKK million
Donosnost lastniškega kapitala po obdavčitvi (%)
(projection)
Razmerje med stroški in prihodki (%)
Interest expense
Število osebja (FTE)
Core income
Število podružnic
Staff expense
Predlagane transakcije, opisane v točkah od (a) do (d) uvodne izjave 40, so bile 12. junija 2017 predstavljene trgu in sporočene delničarjem banke.
Administrative and other operational cost
Istega dne je danska država objavila, da je pogojno sprejela prostovoljno ponudbo konzorcija za svoj 81,47-odstotni delež v banki.
Loan loss provisions
Preden poteče ponudba konzorcija, imajo tretje osebe še vedno možnost predložiti finančno ugodnejšo ponudbo (torej pred 18. julijem 2017) (glej tudi uvodno izjavo 57).
Net income
Danska je 13. junija 2017 na zahtevo Komisije v dopisu navedla, da predlagana transakcija ne vsebuje nobenih novih ukrepov (na primer jamstev), ki bi zajemali kakršno koli državno pomoč, in Komisiji predložila sporazum s konzorcijem.
Return on equity (RoE) after tax (%)
Istega dne je DFSA na vprašanje Komisije v dopisu potrdila, da je politika upravljanja kreditnih tveganj Vestjysk Bank v skladu z dobrimi praksami podobnih bank.
[7-11 %]
DFSA je zlasti na podlagi svojega stalnega nadzora banke, vključno s proučitvijo obvladovanja kreditnih tveganj banke v štirih pregledih od leta 2012, ugotovila, da Vestjysk Bank v zvezi s svojo politiko upravljanja kreditnih tveganj upošteva dansko odredbo o upravljanju in nadzoru bank [14].
Cost income ratio (%)
ZAVEZE DANSKE, KI SO PODLAGA ZA NAČRT NYKREDIT
Number of branches
obdobje prestrukturiranja se konča 31. decembra 2018, če banka v navedenem letu doseže donosnost lastniškega kapitala po obdavčitvi v višini [7–11] %.
On 12 June 2017, the proposed transactions described in points (a) to (d) of recital 40 were announced to the market and shareholders of the Bank.
Če navedena donosnost ne bo dosežena, se obdobje prestrukturiranja konča 31. decembra 2019;
On the same day, the Danish State announced it had conditionally accepted the Consortium's voluntary offer for its 81,47 % stake in the Bank.
če se obdobje prestrukturiranja podaljša do konca leta 2019, bo morala banka (ponovno) opredeliti ceno vsakega razmerja s stranko (z nekaj omejenimi izjemami), tako da bo dosegla vnaprej določene cilje donosnosti na stranko;
Third parties still have the possibility to submit a financially more advantageous offer (see also recital 57) before the Consortium's offer expires (that is to say, before 18 July 2017).
banka mora imeti dodatne rezerve solventnosti, ki presegajo zahteve zakonodaje in predpisov, ki se uporabljajo, in izpolnjevati določene cilji likvidnosti;
A formal offer document with more detail of each element of the proposal and a timeline was presented to all of the Bank's shareholders on 19 June 2017.
bilančna vsota banke za leto 2017 ne sme presegati tiste za leto 2016 in v letu 2018 ne sme presegati 20300 milijonov DKK (približno 2730 milijonov EUR), v letu 2019 pa ne 21000 milijonov DKK (približno 2824 milijonov EUR), če se upošteva;
The share issue and the refinancing of the Additional Tier 1 capital are expected to be finalized in the autumn of 2017.
banka mora svoja posojila uravnotežiti z omejitvami posojil v posameznih sektorjih (in sicer nepremičnine in kmetijstvo, lov, gozdarstvo in ribištvo);
On 13 June 2017, at the request of the Commission, Denmark stated by letter that the proposed transaction does not contain any new measures (for example, guarantees), which could involve any State aid and submitted the agreement with the Consortium to the Commission.
banka ne sme zagotavljati novih posojil zunaj regije Jutland, razen če stranka ne zagotovi lastnega financiranja v višini vsaj [35–45] % in je posojilo zavarovano, in ne sme zagotavljati novih posojil zunaj Danske;
On the same day, the DFSA confirmed by letter, following a question by the Commission, that Vestjysk's credit risk policy is in line with the best practices of similar banks.
banka do novih strank ne sme prevzeti izpostavljenosti, ki bi sama po sebi pomenila več kot 10 % skupnega kapitala;
In particular, based on its on-going supervision of the Bank including examination of the credit risk management of the bank in four inspections since 2012, the DFSA concluded that Vestjysk Bank's credit risk policy implements the Danish Executive order on Management and Control of Banks [14].
za banko veljata prepoved prevzemov in omejitev oglaševanja;
DENMARK'S COMMITMENTS UNDERPINNING THE NYKREDIT PLAN
banka mora prestrukturirati svoje obvladovanje tveganj in, kjer je upoštevno, prilagoditi svoje cene v skladu z vnaprej določenimi cilji;
In order to underpin the Bank's return to viability and further limit potential distortions of competition, Denmark has given a number of commitments that are summarised in points (a) to (j) (the full text of the commitments is included in the Annex to this Decision):
banka mora v šestih mesecih od sprejetja tega sklepa poplačati podrejene obveznice, ki jih je vpisala Danska;
the Restructuring period ends on 31 December 2018 if the Bank reaches a Return on Equity after tax (‘RoE’) of [7-11] % that year.
skrbnik za spremljanje mora vsakih šest mesecev Komisiji poročati o napredku pri načrtu prestrukturiranja in izpolnjevanju zavez iz točk od (a) do (j).
If such RoE is not reached, the Restructuring period ends on 31 December 2019;
OCENA UKREPA
if the Restructuring period is prolonged until end 2019, the Bank will be required to (re-)price every client relationship (with some limited exceptions) in such a way that it achieves pre-defined profitability targets per client;
Obstoj državne pomoči
the Bank must comply with an additional solvency buffer in excess of what is required by the applicable law and regulation, and with specific liquidity targets;
Komisija mora ugotoviti obstoj državne pomoči v smislu člena 107(1) Pogodbe, ki določa, da je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami.
the Bank's balance sheet size for 2017 must not be higher than for 2016 and it must not exceed DKK 20300 million (approximately EUR 2730 million) in 2018 and 21000 million (approximately EUR 2824 million) in 2019 (if applicable);
Izpolnjeni morajo biti torej naslednji kumulativni pogoji, da se ukrep šteje kot državna pomoč: da ga je mogoče pripisati državi in ga financira država članica ali se financira iz državnih sredstev, da daje selektivno prednost posameznim podjetjem ali proizvodnji posameznega blaga, da izkrivlja ali bi lahko izkrivljal konkurenco, in da bi lahko prizadel trgovino med državami članicami.
the Bank must rebalance its lending with specific caps to lending in certain sectors (namely, real estate and agriculture, hunting, forestry and fishing);
Komisija je v uvodnih izjavah 47–67 sklepa o reševanju in v uvodni izjavi 50 sklepa o začetku postopka že ocenila zadevne ukrepe in ugotovila, da ukrepi 1, 3 in 4 pomenijo državno pomoč v smislu člena 107(1) Pogodbe.
the Bank must not provide new lending outside the Jutland Region unless the customer provides own financing of at least [35-45] % and the loan is collateralised, and must not provide new lending outside Denmark;
Komisija je poleg tega ocenila dokumente, ki jih je predložila Danska, zlasti nepreklicno zavezo, navedeno v uvodni izjavi 39, ki ne vsebujejo nobene omembe kakršne koli uporabe javnih sredstev (na primer pomoč v kapitalu ali jamstva države) v okviru prodaje delnic.
the Bank must not take any exposure with new customers constituting on its own more of 10 % of the total capital;
Upravičenec do pomoči
the Bank is subject to an acquisition ban and restrictions on advertising;
Prodaja kreditne institucije, ki je prejela pomoč, lahko pomeni državno pomoč kupcem, razen če je prodaja organizirana na podlagi odprtega, nediskriminacijskega in neomejenega konkurenčnega razpisa, v katerem se sredstva prodajo najvišjemu ponudniku [15].
the Bank must restructure its risk management and where applicable adjust its pricing in line with predetermined targets;
Komisija mora zato oceniti [16]: (a) ali je prodajni postopek odprt, neomejen in nediskriminacijski, (b) ali prodaja poteka pod tržnimi pogoji, (c) ali kreditna institucija oziroma vlada, odvisno od izbrane strukture, poskuša doseči kar najvišjo ceno.
the Bank must redeem the subordinated bonds subscribed by Denmark within six months from the adoption of this Decision;
Danska je v zadnji četrtini leta 2013 poskušala prodati svoj delež v Vestjysk Bank.
ASSESSMENT OF THE MEASURE
Kljub začetnemu zanimanju več danskih bank [17] transakcije ni bilo mogoče zaključiti, predvsem zato, ker so morebitni kupci na podlagi svojih skrbnih pregledov sredstev banke pričakovali dodatne znatne odpise po prevzemu.
Existence of State aid
V drugem četrtletju leta 2016 je Danska začela drugi prodajni postopek, potem ko je k njej pristopil danski finančni vlagatelj […].
The Commission has to establish the existence of State aid within the meaning of Article 107(1) of the Treaty, which provides that any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market.
Predlog vlagatelja […] (glej tudi uvodno izjavo 55) pa je bil dan na podlagi ekskluzivnosti.
The qualification of a measure as State aid therefore presupposes that the following cumulative conditions are met: it must be imputable to the State and financed by a Member State or through State resources, it must grant a selective advantage susceptible to favour certain undertakings or the production of certain goods and it must distort or threaten to distort competition and have the potential to affect trade between Member States.
Danska se je zato odločila, da bo najprej dala možnost vsem ostalim morebitnim kupcem [18], da predložijo ponudbo.
In recitals 47 to 67 of the Rescue Decision, and in recital 50 of the Opening Decision, the Commission has already assessed the measures under scrutiny and concluded that Measures 1, 3 and 4 constituted State aid within the meaning of Article 107(1) of the Treaty.
Danska je za vodenje postopka sklenila dogovor s strokovnim finančnim svetovalcem SEB.
Denmark has not brought forward any new arguments during the formal investigation that it had not already expressed in in 2012.
Vlagatelj […], ki je tedaj dejansko imel ekskluzivnost, je oktobra 2016 začel skrbni pregled, vendar ga je novembra 2016 končal brez predložitve ponudbe.
The Commission's assessment and conclusion in the Rescue Decision that Measures 1, 3 and 4 (as described in recital 19 of the Rescue Decision) constituted State aid within the meaning of Article 107(1) of the Treaty therefore remains unchanged.
V letih 2013 in 2016 je bil prodajni postopek zasnovan kot sledi:
In addition, the Commission assessed the documents submitted by Denmark, and in particular the irrevocable undertaking mentioned in recital 39, which do not contain any reference to any use of public funds (for example, capital support or guarantees provided by the State) in the context of the sale of the shares.
cilj države je bil doseči prodajo pod tržnimi pogoji, da se doseže kar najvišja prodajna cena, vendar niso bile določene najnižja cena ali druge omejitve;
The aid beneficiary
vsi morebitni kupci so dobili dostop do enake ravni informacij, torej do podatkov o največjih izpostavljenostih banke, sobe z elektronskimi podatki o ključnih dokumentih, predstavitve vodstva in postopka vprašanj in odgovorov;
The sale of an aided credit institution may entail State aid to the buyers, unless the sale is organised via an open, non-discriminatory and unconditional competitive tender where the assets are sold to the highest bidder [15].
v postopek so bili vključeni vsi relevantni morebitni kupci [20] in država ni dajala prednosti posameznemu kupcu.
For this reason, the Commission has to assess [16] whether: (a) the sales process is open, unconditional and non-discriminatory; (b) the sale takes place on market terms; (c) the credit institution or the government, depending on the structure chosen, maximises the sales price.
V obeh prodajnih postopkih je bil vzpostavljen stik z Nykredit.
Denmark also investigated if a buyer for the Bank's activities in the Aarhus Region could be found.
Pozneje se je Nykredit zanimala za prevzem dela banke (regija Aarhus), vendar po skrbnem pregledu ni predložila ponudbe.
Despite initial interest from several Danish banks [17], it was not possible to complete a transaction, mainly because the potential buyers — on the basis of their due diligence of the Bank's assets — anticipated additional significant write-downs following an acquisition.
V drugem četrtletju leta 2016 je Nykredit izrazil zanimanje za vodenje konzorcija, vendar ni vstopil v postopek.
In the second quarter of 2016, the Denmark initiated a second sales process, after having been approached by the Danish financial investor […].
Oktobra 2016 pa je Nykredit vseeno predložila začasen predlog okvira dokapitalizacije Vestjysk Bank.
[…]'s proposal (see also recital 55) was, however, subject to exclusivity.
Novembra 2016 je Vestjysk Bank nato zadolžila Nykredit, naj prouči možnosti za pridobivanje kapitala od zunanjih vlagateljev.
Denmark therefore decided to first give all other relevant potential buyers [18] the opportunity to submit an offer.
Rezultat teh prizadevanj je bil načrt Nykredit, ponudba konzorcija in transakcije, opisane v uvodni izjavi 40.
Denmark contracted an expert investment advisor, SEB, to manage the process.
Konzorcij je ponudil odkup celotnega deleža države (81,47 %) po ceni 1 DKK za delnico.
The process was carried out in the second and third quarter of 2016.
Ko je bila ponudba 12. junija 2017 objavljena, je bila cena za delnico banke na københavnski borzi 14,90 DKK [21].
In the end, none of the contacted buyers [19] made an offer due to anticipated additional significant write-downs.
Ker pa v okviru dveh odprtih prodajnih postopkov ni bila predložena nobena druga ponudba, je mogoče sklepati, da je cena, ki jo je ponudil konzorcij, najvišja, ki jo je v sedanjih razmerah mogoče doseči.
[…], who then had de facto exclusivity, started its due diligence in October 2016 but ended the process in November 2016 without making an offer.
Vendar se ta alternativni predlog ni uresničil, saj se je […] umaknil, po tistem, ko je oktobra 2016 začel skrbni pregled.
Both in 2013 and 2016, the sales process was designed as follows:
To je dodatno merilo (tudi 1 DKK na delnico), iz katerega je mogoče sklepati, da konzorcij predlaga kar najvišjo prodajno ceno in da bo transakcija potekala pod tržnimi pogoji.
the State's objective was to achieve a sale on market terms that maximized the sales price but no minimum price or other constraints were put forward;
Strokovnjak je do tega sklepa prišel tudi z upoštevanjem informacij, pridobljenih v obeh predhodnih prodajnih postopkih, trenutnega stanja kapitala banke in negotovosti glede zadeve državne pomoči, ki je bila takrat še v teku.
all potential buyers were provided with access to the same level of information that is to say, details on the Bank's largest exposures, electronic data room with key documents, management presentation and Q&A process;
Nazadnje, na podlagi sporazuma s konzorcijem ima danska država možnost sprejeti ugodnejšo konkurenčno ponudbo [23] dobroverne tretje osebe.
all relevant potential buyers [20] were involved in the process and the State had no preference for a particular buyer.
Vendar mora taka konkurenčna ponudba realistično omogočati obravnavo preteklih vprašanj državne pomoči, voditi mora v poplačilo dodatnega kapitala 1. reda, ki ga je financirala država, in ne sme zajemati nobene nadaljnje državne pomoči.
Nykredit was contacted in both sales processes.
Z drugimi besedami, konkurenčna ponudba mora biti vsaj enakovredna ponudbi konzorcija v smislu ponovne vzpostavitve solventnosti in donosnosti banke.
In 2013, it initially showed interest in the Bank as a whole as part of a consortium, but the consortium was not able to submit a bid.
Če je dana konkurenčna ponudba, ima konzorcij možnost uskladiti svojo ponudbo z njo.
In the second quarter of 2016, Nykredit expressed interest in fronting a consortium, but did not enter the process.
Vendar pa zaradi neuspešnih predhodnih poskusov prodaje banke ni zelo verjetno, da bo konkurenčna ponudba dana.
However, in October 2016 Nykredit did present preliminary considerations on a framework for a recapitalisation of Vestjysk Bank.
Na podlagi zgoraj navedenega Komisija meni, da je bil postopek prodaje deleža Danske v Vestjysk Bank odprt, nediskriminacijski in neomejen, s čimer je danska država dosegla najvišjo možno prodajno ceno.
This effort resulted in the Nykredit plan, the offer by the Consortium, and the transactions described in recital 40.
Ker Komisija nima razlogov za domnevo, da ponudba in plačana cena ne izražata tržne cene banke, je mogoče sklepati, da zasebni kupec delnic države v Vestjysk Bank ni upravičenec do ukrepa pomoči in zato ne prejema pomoči.
The Consortium has offered to acquire the State's entire 81,47 % shareholding at a price of 1 DKK per share.
Zato je bilo ugotovljeno, da je edini upravičenec ukrepa pomoči Vestjysk Bank.
When the offer was announced on 12 June 2017, the price on the Copenhagen Stock Exchange for a share in the Bank stood at 14,90 DKK [21].
Na splošno, kot je določeno v uvodnih izjavah 49 in 59, je bilo ugotovljeno, da naj ta sklep oceni le združljivost ukrepov iz leta 2012, ki so bili podeljeni subjektu Vestjysk Bank.
However, since no other bids were presented in the context of the two open sales processes, it can be considered that the price offered by the Consortium is the maximum that could be achieved in the current situation.
Združljivost pomoči
This conclusion is also confirmed by the assessment of an alternative proposal (see also recital 52) that was informally tested by […] in February 2016.
Pravna podlaga za oceno združljivosti
However, that alternative proposal did not materialise as […] eventually withdrew after having started due diligence in October 2016.
Komisija je priznala, da lahko svetovna finančna kriza povzroči resne motnje v gospodarstvu države članice in da so ukrepi v podporo bankam ustrezni za odpravo teh motenj.
This constitutes an additional benchmark (also 1 DKK per share) to conclude that the Consortium's proposal is the one that maximises the sales price and that the transaction will take place at market terms.
To je bilo večkrat podrobno obravnavano in izdelano v sedmih sporočilih o krizi [25].
Denmark has also submitted a fairness opinion prepared by an independent expert at its request.
V skladu s splošnim pravnim načelom tempus regit actum, ki zahteva, da pravna pravila ne smejo biti retroaktivna, in v skladu z uveljavljeno sodno prakso sodišč Unije, je treba združljivost ukrepa državne pomoči presoditi na podlagi pravnega okvira, ki je veljal v času njegove izvedbe.
The fairness opinion concludes that the offer consideration of 1 DKK per share is, at this point in time, the best possible market price that can be obtained.
V točki 90 Sporočila o bančništvu iz leta 2013 je nadalje določeno, da bodo priglasitve, ki jih je Komisija evidentirala pred 1. avgustom 2013, pregledane glede na merila, ki so se uporabljala v času priglasitve.
To come to this conclusion, the expert took into account, among other things, the information obtained via the two previous sales processes, the Bank's current capital situation and the uncertainty concerning the State aid case which was pending at the time.
Porazdelitev bremena
Finally, under the agreement with the Consortium, the Danish State has the possibility to accept a more advantageous competing bid [23] from a bona fide third party.
Komisija je v sklepu o začetku postopka zavzela predhodno stališče, da transakcija začasnega odkupa, izvedena 13. junija 2013, ni bila v skladu s ciljem Sporočila o prestrukturiranju glede zagotovitve ustrezne porazdelitve bremena [26].
However, such a competing bid must realistically make it possible to deal with the past State aid issues, must lead to a repayment of the State-funded Additional Tier 1 capital and must not entail any further State aid.
Transakcija je bila izvedena po povprečni ceni 62 % glavnice, tj. 2 odstotni točki nad tržno ceno v višini 50 % in premijo v višini 10 %.