natgillin/translations-raw huggingface dataset:
Specific operating cost targets laid down in the commitments will help to ensure that the Bank implements the remaining cost reductions as envisaged to ensure its viability.
Na podlagi zgornje ocene so pomisleki, ki jih je Komisija izrazila v sklepu o začetku postopka, odpravljeni.
(82) The Bank also plans to further reduce its interest expenses (already down from DKK 727 million in 2012 to DKK 185 million in 2016) by [35-50] % by the end of 2017 and even by [45-60] % by the end of 2018.
Državno pomoč, obravnavano v tej zadevi, bi bilo zato treba razglasiti za združljivo z notranjim trgom na podlagi člena 107(3)(b) Pogodbe –
Further savings on interest expense are expected to be made through the refinancing of the Bank's subordinated capital base, as part of the restructuring plan (see recital 40).
Člen 1
The Bank submitted evidence which demonstrates that these savings are achievable and will also have a positive impact on the Bank's profitability and viability.
Pomoč za prestrukturiranje, ki jo je Danska izvedla v korist Vestjysk Bank, je združljiva z notranjim trgom v smislu člena 107(3)(b) Pogodbe, pod pogojem, da se upoštevajo zaveze iz Priloge.
The Bank can also easily reduce the interest rate on its deposits without eroding its funding as it has a significant deposit surplus [29].
Člen 2
The crucial factor for the viability and profitability of the Bank will be its impairment rate over the next couple of years.
V Bruslju, 18. julija 2017
The Bank currently expects that its loan loss provisions will decrease from DKK 416 million in 2016 to DKK [200-300] million in 2017 and to DKK [200-300] million in 2018.
Za Komisijo
The main reason for the significant drop in the amount of the budgeted provision is the Bank's expectation that its agricultural portfolio, which accounted for the largest part of the impairments in recent years [30], will perform better.
Članica Komisije
This expectation is based on the assumption that prices for key agricultural products (such as milk and pork) will be increasing following a slump in 2015-2016 and the assumption that this trend will not be reversed over the coming years.
UL C 220, 17.6.2016, str. 23.
The Commission's own projections [31] indicate that agricultural prices have indeed recovered after a slump in 2015-2016 but will remain more or less flat after 2017.
Sklep Komisije v zadevi SA.34423 (UL C 348, 3.10.2014, str. 2).
The Bank also expects a slight decrease in the impairments for the real estate sector while for the other sectors combined a modest increase is expected.
Glej opombo 1.
Overall, if the Bank's assumptions materialize, its profitability will improve significantly in the next few years.
Uredba Sveta št. 1 o določitvi jezikov, ki se uporabljajo v Evropski gospodarski skupnosti (UL 17, 6.10.1958, str. 385).
In particular, the Bank's return on equity after tax [32] will increase from 5,4 % in 2016, to [7-11] % in 2017 and [7-11] % in 2018 (see also Table 1).
Leta 2012 je bilo 287,6 milijona DKK (39 milijonov EUR) skupaj z obračunanimi obrestmi v višini 8,7 milijona DKK (1,2 milijona EUR) preoblikovanih v delnice.
Indeed, the Bank's core income (mainly interest and fee income) will stay more or less flat (see Table 1).
V obdobju 2009–2011 je Vestjysk Bank danski državi plačala kupone v višini 312,8 milijona DKK (42 milijonov EUR).
The Commission considers that the projected reductions in interest expense and staff and administrative costs can in normal circumstances be achieved within the timeframe envisaged by the Bank.
Obrestna mera kuponov je bila določena na 9,69 % in 10,19 % letno, odvisno od tega, ali so vključevali premijo za opcijo zamenjave.
With respect to the reduction in loan loss provisions, the Commission is of the opinion that the Bank's forecasts depend on optimistic assumptions.
Aarhus Lokalbank je prejela državni hibridni temeljni kapital s prvotno glavnico v višini 177,8 milijona DKK (24 milijonov EUR), od česar je bilo 142,2 milijona DKK (19 milijonov EUR) skupaj z obračunanimi obrestmi v višini 5 milijonov DKK (0,7 milijona EUR) pretvorjenih v delnice Aarhus Lokalbank.
The Commission notes positively that, following several DFSA inspections, the Bank has brought its credit risk policy in line with best practices of similar banks, as stated by the DFSA to the Commission (see recital 43).
V obdobju 2009–2011 je Aarhus Lokalbank danski državi plačala kupone v višini 25,9 milijona DKK (3,5 milijona EUR).
The Commission notes that the Bank accepted, in the discussions with Nykredit, a due diligence carried out by Deloitte at the end of 2016, which resulted in additional impairments being booked for an amount of approximately DKK [50-150] million [33].
Obrestna mera kuponov je bila določena na 10,92 % in 11,42 % letno, odvisno od tega, ali so vključevali premijo za opcijo zamenjave.
This should reduce uncertainty about provisioning needs going forward.
Subjekt v državni lasti, ustanovljen za izvajanje ukrepov državne pomoči, ki so bili uvedeni na Danskem v okviru finančne krize.
Nevertheless, the reduction in loan losses that is expected will be highly dependent on macroeconomic conditions and especially on the performance of the agricultural sector.
Zadevna transakcija začasnega odkupa se je nanašala na podrejeni dolg z nominalno vrednostjo 40 milijonov NOK (približno 5,2 milijona EUR).
Given the size of the Bank's agricultural exposures and the large impact the loan loss provisions has had on the Bank's profitability in the past, the Commission has run a sensitivity analysis whereby the loan loss provisions are changed to more prudent levels.
Ta začasni odkup je bil zaključen 13. junija 2013 in je bil izveden po povprečni ceni 62 % glavnice, tj. 2 odstotni točki nad tržno ceno v višini 50 % in premijo v višini 10 %.
In that analysis, the loan loss provisions are set 20 % higher than the respective budgeted amounts for the years 2017 and 2018.
S tem je Vestjysk Bank imetnike podrejenih dolžniških instrumentov preplačala za znesek, ki ustreza 2 % glavnice.
Under the revised assumption, the Bank's return on equity would drop by [0-5] % and [0-5] % in 2017 and 2018 respectively but would remain at levels of profitability where the Bank should be able to source further capital from market sources if required.
Sporočilo Komisije o uporabi pravil o državni pomoči za podporne ukrepe v korist bank v okviru finančne krize od 1. januarja 2012 dalje (Sporočilo o podaljšanju iz leta 2011) (UL C 356, 6.12.2011, str. 7).
However, the Bank's comfortable capital buffer (see recital 80) would be sufficient to absorb additional loan losses or other downsides and to keep the Bank solvent.
Konzorcij je sestavljen iz: Nykredit, Maj Invest (v imenu strank), Arbejdernes Landsbank, AP Pension, Novo A/S, C.L.
For this reason, the chances of the Bank needing new capital or State aid in the next few years seem very limited.
David Foundation and Collection, ISP Pension in Vestjylland Forsikring.
Even under a stressed scenario designed by the DFSA, the Bank would continue to have a sufficiently high capital buffer after the private investors' equity injection.
Konzorcij meni, da je njegova naložba v Vestjysk Bank povsem finančne narave.
The DFSA scenario assumes, among others, lower interest income, higher amortisations, and in total DKK [400-600] million of additional impairments compared to what was foreseen over the years 2018 and 2019.
Nobeden od članov konzorcija ne bo prevzel nadzora nad Vestjysk Bank (največji posamezni vložek bo predstavljal manj kot 20 % banke) in nihče ne namerava združiti dejavnosti banke s svojimi.
While the Bank would become loss-making in those two years, its solvency ratios would stay comfortably above regulatory requirements.
Odkupna cena znaša 110 % glavnice, kar pomeni, da bo poplačilo znašalo približno 316 milijonov DKK.
In other words, the actual impairment rates could even be higher without creating a solvency problem for the Bank in the next few years.
Zaupne informacije.
As a result, even in a stressed scenario, the Bank is unlikely to need new capital or to require new State aid to ensure its solvency.
S to odredbo se izvajajo smernice EBA o notranjem upravljanju.
On the basis of the above, the Commission considers that the Bank's projected RoE for 2017 would be sufficient to restore the Bank's viability.
Glej točko 84 in točke 89–96 obvestila Komisije o pojmu državne pomoči.
The Bank would hence meet the requirement laid down in point 15 of the Restructuring Communication that a restructuring should take no more than five years.
Glej točko 80 Sporočila o bančništvu iz leta 2013.
However, given the Bank's vulnerability to macroeconomic shocks (in particular for the agricultural sector) and the fact that the Bank itself plans to restructure further, the Commission finds it appropriate and prudent to accept commitments by Denmark that run up to the end of 2018 (and that can be prolonged by one year if necessary).
V tem postopku je bil vzpostavljen stik z vsaj devetimi bankami, sedem od njih jih je sprva izrazilo zanimanje za banko ali del nje.
The Commission notes that the commitments put forward by Denmark (see recital 44) provide an additional safeguard regarding the Bank's long-term viability.
Po skrbnem pregledu pa nobena ni predložila ponudbe.
In particular, in case the Bank were not to achieve an RoE of [7-11] % by 2018, the restructuring period will be prolonged by one year and additional measures will be implemented in order to ensure the Bank's long-term viability.
Stik je bil vzpostavljen zlasti z vsemi relevantnimi kupci s strateškimi izhodišči in znatnimi sinergijami, ter z morebitnim finančnim vlagateljem (poleg vlagatelja […]), ki je med postopkom izrazil zanimanje.
More specifically, in case of such prolongation of the restructuring period, 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 [34].
V tem drugem postopku je bil vzpostavljen stik z vsaj sedmimi bankami in enim finančnim vlagateljem, od katerih so trije izrazili začetno zanimanje.
In this way, the Bank strengthens its revenues in the event that its RoE has not met the [7-11] % target in 2018.
Samo dva sta izvedla skrbni pregled, nihče pa ni predložil ponudbe.
The Commission therefore considers that the commitments provide further comfort about the Bank's long-term viability.
Opozoriti je treba, da je delnica od objave izgubila več kot tretjino svoje vrednosti.
On this basis, the Commission no longer has doubts concerning the adequacy of the Bank's long-term viability.
Posledično je bila 28. junija 2017 cena za eno delnico le 9 DKK.
In particular, following the capital increase, the Bank will have a comfortable buffer above the regulatory capital requirements and will be able to absorb additional impairments, should they arise, without breaching those requirements.
Nadalje, videti je, da gibanje cene delnice v veliki meri določa približno 40000 zasebnih malih vlagateljev, kar bi lahko pojasnilo, zakaj se uspešnost banke ni odražala v gibanju cene njene delnice.
In addition, the extra cost savings (reducing interest expense and operating costs) will contribute to an improvement in the Bank's profitability.
Poleg tega so delnice nelikvidne (v zadnjem letu se je trgovalo le s 6 % delniškega kapitala), z omejenim prostim obtokom (le 18,52 %), kar nadalje zmanjšuje verjetnost, da cena delnice pravilno odraža pravo vrednost banke.
Overall, as a result of all the actions foreseen in the restructuring plan measures, the Bank's profitability will increase sufficiently to allow the Bank to raise further capital on the market if the need arises.
Po tem scenariju država ne bi prodala svojih delnic v Vestjysk Bank, njen delež pa bi se po izdaji delnic zmanjšal z 81 % na 23 %.
Finally, the commitments will ensure that the remaining cost-cutting measures are implemented, that adequate capital buffers are maintained, and that revenues will be increased if the Bank's profitability falls short of the [7-11] % RoE target.
Ves podrejeni kapital, vključno z državnimi hibridi, bi bil predčasno odkupljen po svoji nominalni vrednosti.
Therefore, the Commission considers that the Bank's most recent restructuring plan provides sufficient grounds to ensure the viability of the Bank and addresses the doubts expressed in the Opening Decision.
Nazadnje, izdaja novih delnic bi bila dopolnjena z novo izdajo kapitala 2. reda v znesku 275 milijonov DKK.
CONCLUSION
Rok za predložitev take konkurenčne ponudbe je 18. julij 2017 ob 16. uri.
On the basis of the foregoing assessment, the Commission's doubts expressed in the Opening Decision have been dispelled.
Opozoriti je treba, da zahteve glede porazdelitve bremena, ki so veljale v času odobritve ukrepov, niso zajemale odpisa ali konverzije podrejenega dolga, kar se zahteva šele odkar je 1. avgusta 2013 začelo veljati Sporočilo o bančništvu iz leta 2013.
The State aid at issue in this case should therefore be declared compatible with the internal market pursuant to Article 107(3)(b) of the Treaty.
Glej točko 26 Sporočila o prestrukturiranju.
HAS ADOPTED THIS DECISION:
Obrazložitev osebja Generalnega direktorata Evropske Komisije za konkurenco z dne 13. junija 2012 o „ponovnih odkupih hibridnih vrednostnih papirjev s strani bank, ki prejemajo državno pomoč“.
Article 1
Banka je imela ob koncu leta 2016 razmerje med posojili in vlogami 74 %, pričakuje pa se, da bo to razmerje leta 2018 znašalo približno 73 %.
The restructuring aid which Denmark has implemented in favour of Vestjysk Bank is compatible with the internal market within the meaning of Article 107(3)(b) of the Treaty, subject to the commitments listed in the Annex.
Bruto oslabitve v kmetijskem in ribiškem portfelju predstavljajo približno 57 %, 68 % oziroma 78 % celotnih bruto oslabitev v letih 2014, 2015 in 2016.
Article 2
Glej https://ec.europa.eu/agriculture/markets-and-prices/medium-term-outlook_sl.
This Decision is addressed to the Kingdom of Denmark.
V teh podatkih je upoštevano načrtovano povečanje kapitala za 745 milijonov DKK.
Done at Brussels, 18 July 2017.
Deloitte je pregledal 135 posojil banke, kar je ustrezalo 25 % vseh poslovnih posojil in 40 % vseh posojil, pri katerih obstaja objektiven dokaz o oslabitvi.
For the Commission
Banka je rezultate tega skrbnega pregleda ekstrapolirala in na podlagi nekaterih predpostavk opredelila dodatne potrebne oslabitve za svoj celotni portfelj.
Member of the Commission
Ti cilji se bodo za poslovanje s potrošniki uporabljali na podlagi portfelja, za poslovanje s podjetji pa bodo uporabljeni na ravni razmerja s posamezno stranko.
OJ C 220, 17.6.2016, p. 23.
PRILOGA
Commission Decision in case SA.34423 (OJ C 348, 3.10.2014, p. 2).
POGOJI IZVAJANJA (ZADEVA SA.34720) DANSKA – NAČRT ZA PRESTRUKTURIRANJE VESTJYSK BANK
Cf. footnote 1.
Kraljevina Danska (v nadaljnjem besedilu: Danska) zagotovi, da Vestjysk Bank A/S (v nadaljnjem besedilu: Vestjysk Bank ali banka) izvede načrt prestrukturiranja, predložen 14. junija 2017.
Council Regulation No 1 determining the languages to be used by the European Economic Community (OJ 17, 6.10.1958, p. 385).
Danska s tem predloži naslednje zaveze (v nadaljnjem besedilu: zaveze), ki so sestavni del navedenega načrta prestrukturiranja.
In 2012 DKK 287,6 million (EUR 39 million) plus accrued interest of DKK 8,7 million (EUR 1,2 million) was converted into shares.
Zaveze začnejo veljati na dan, ko Evropska komisija (v nadaljnjem besedilu: Komisija) sprejme sklep o odobritvi načrta prestrukturiranja (v nadaljnjem besedilu: sklep).
In 2012 DKK 142,2 million (EUR 19 million) plus accrued interest of DKK 5 million (EUR 0,7 million) was converted into shares.
Besedilo zavez se razlaga glede na sklep in splošni okvir prava Unije ter ob upoštevanju Uredbe Sveta (EU) 2015/1589 [1].Danska zagotovi, da Vestjysk Bank izvede ukrepe, potrebne za pravilno in popolno izpolnitev teh zavez do konca obdobja prestrukturiranja.
Following a recapitalisation under the recapitalisation scheme in 2009 and a conversion of the capital injection into share capital on 20 February 2012.
OPREDELITVE POJMOV
Vestjysk Bank raised State hybrid core capital with an original principal of DKK 1,44 billion (EUR 194 million), of which DKK 287,6 million (EUR 39 million) plus accrued interest of approximately DKK 8,7 million (EUR 1,2 million) was converted into shares in Vestjysk Bank.
V teh zavezah imajo pojmi naslednji pomen:
In the period 2009 — 2011 Vestjysk Bank paid coupons amounting to a total of DKK 312.8 million (EUR 42 million) to the Danish State.
glavna regija
The coupon interest rates were set at 9,69 % and 10,19 % per annum, depending on whether they included the conversion option fee.
regija Jutland;
Aarhus Lokalbank has raised State hybrid core capital with an original principal of DKK 177.8 million (EUR 24 million), of which DKK 142,2 million (EUR 19 million) plus accrued interest totalling DKK 5 million (EUR 0,7 million) was subsequently converted into shares in Aarhus Lokalbank.
sklep
In the period 2009 — 2011 Aarhus Lokalbank paid coupons amounting to a total of DKK 25,9 million (EUR 3,5 million) to the Danish State.
sklep Komisije o odobritvi ukrepa državne pomoči in načrta prestrukturiranja Vestjysk Bank v zadevi SA.34720 z dne [vstavi];
The coupon interest rates were set at 10,92 % and 11,42 % per annum, depending on whether they included the conversion option fee.
datum začetka veljavnosti
The State-owned entity established to take care of the State aid measures that were introduced in Denmark in the context of the financial crisis.
datum sprejetja sklepa;
The repurchasing transaction in question concerned subordinated debt with a nominal value of NOK 40 million (approximately EUR 5,2 million).
razmerje financiranja
The consortium consists of: Nykredit, Maj Invest (on behalf of customers), Arbejdernes Landsbank, AP Pension, Novo A/S, the C.L.
fizična ali pravna oseba ali več takih oseb, ki so neodvisne od Vestjysk Bank, ki jih odobri Komisija in imenuje Vestjysk Bank in ki so pooblaščene za spremljanje izpolnjevanja zavez Vestjysk Bank;
David Foundation and Collection, ISP Pension and Vestjylland Forsikring.
načrt prestrukturiranja
The Consortium considers its investment in Vestjysk Bank to be of a purely financial nature.
načrt prestrukturiranja Vestjysk Bank, odobren v sklepu (poslovni načrt, kot je bil posodobljen in predložen Komisiji junija 2017);
None of the Consortium's members will gain control over Vestjysk (the largest individual investment will make up less than 20 % of the Bank), nor do any of them wish to combine the Bank's activities with their own.
donosnost lastniškega kapitala po obdavčitvi;
The redemption price is 110 % of the principal meaning the repayment will amount to approximately DKK 316 million.
donosnost lastniškega kapitala na ravni stranke
Confidential information.
donosnost lastniškega kapitala pred obdavčitvijo na ravni razmerja s stranko, izračunana na podlagi transferne cene financiranja, sorazmerne s stroškom financiranja z usklajeno zapadlostjo in prilagojene za stroške tveganj.
This Executive order implements EBA guidelines on Internal Governance.
Ta izračun vključuje povprečje vseh posojil ene stranke, tehtano glede na obseg; upoštevati je mogoče tudi druge neobrestne posle ali bančne transakcije, ki prispevajo k donosnosti razmerja z isto stranko, tako da novo posojilo morda ustvarja nižje donose, če se izravna s prihodki iz drugih neobrestnih poslov ali bančnih transakcij;
See points 84 and 89-96 of the Commission Notice on the notion of State aid.
državni hibridi
See point 80 of the 2013 Banking Communication.
podrejene obveznice, ki jih vpiše Danska (v danščini: hybrid kernekapital udstedt under bankpakke II).
At least nine banks were contacted in this process, seven of which expressed initial interest in (part of) the Bank.
V zavezah ednina navedenih izrazov vključuje tudi množino (in obratno), razen če je v zavezah določeno drugače.
After due diligence, none however submitted an offer.
SPLOŠNO
In particular, all relevant buyers with a strategic rationale and significant synergies were contacted as well as a potential financial investor (other than […]) which had indicated an interest during the process.
Danska se zavezuje zagotoviti, da bodo med izvajanjem obdobja prestrukturiranja zaveze v celoti upoštevane.
At least seven banks and one financial investor were contacted in this second process, three of which expressed an initial interest.
Obdobje prestrukturiranja se konča 31. decembra 2018, če Vestjysk Bank doseže donosnost lastniškega kapitala v višini [7–11] % na podlagi končnih revidiranih letnih računovodskih izkazov za leto 2018; če navedena donosnost lastniškega kapitala ni dosežena za leto 2018, pa se obdobje konča 31. decembra 2019, na podlagi končnega poročila skrbnika za spremljanje glede zavez, ki veljajo za navedeno leto.
Only two proceeded to the due diligence stage but none made an offer.
Zaveze veljajo v obdobju prestrukturiranja, razen če ni določeno drugače.
All potential competitors, even if not formally invited, could participate in the ongoing tender process and the market was made aware of the search for a buyer by SEB who had been tasked by Denmark to find a buyer for its stake in the Bank and to manage the sales process (see footnote 17).
PRESTRUKTURIRANJE VESTJYSK BANK: KAPITALIZACIJA IN PONOVNO URAVNOTEŽENJE PORTFELJA POSOJIL
It has to be noted that the share has lost over a third of its value since the announcement.
Vestjysk Bank v obdobju prestrukturiranja ohranja kapital vsaj na ravni, ki je enaka višji od naslednjih dveh možnosti: (i) 2 % zneska skupne izpostavljenosti tveganju ali (ii) 325 milijonov DKK nad vsoto solventnostne potrebe in zahteve po skupnem blažilniku v skladu s pravom in predpisi, ki se uporabljajo.
As a result, on 28 June 2017, the price for one share was only 9 DKK.
Vestjysk Bank v celotnem obdobju prestrukturiranja izpolnjuje naslednje zahteve glede likvidnosti:
Furthermore, the share price development seems to a large extent determined by the about 40000 private retail investors and this may explain why the Bank's share price development has not reflected the underlying performance.
Vestjysk Bank vzdržuje količnik likvidnostnega kritja v višini najmanj 100 %, izmerjeno v skladu s pravom in predpisi, ki se uporabljajo;
The shares are also illiquid (only 6 % of share capital traded over the last year) with limited free float (only 18,52 %) further reducing the likelihood that the share price is an accurate reflection of the Bank's true value.
Vestjysk Bank ohranja presežek likvidnostnega kritja v višini vsaj 50 % zahteve glede likvidnostnega kritja v skladu s pravom in predpisi, ki se uporabljajo;
In this scenario the State would not have sold its shares in Vestjysk, but its stake would have gone down from 81 % to 23 % after the share issuance.
Vestjysk Bank vzdržuje razmerje financiranja največ 1, izmerjeno v skladu s pravom in predpisi, ki se uporabljajo.
All subordinated capital, including the State hybrids, would have been redeemed early at their nominal value.
Bilančna vsota Vestjysk Bank za leto 2017 ne preseže tiste iz leta 2016 in ne preseže 20300 milijonov DKK v letu 2018 ter 21000 milijonov DKK v letu 2019 (če je relevantno).
Finally, the issuance of new shares would have been complemented by a new Tier 2 issuance for an amount of DKK 275 million.
Vestjysk Bank v obdobju prestrukturiranja uravnoteži svoja posojila kot sledi:
The deadline for such a competing bid is 18 July 2017 at 16h00.
neto posojila, vključno z jamstvi v nepremičninskem sektorju, ne predstavljajo več kot 25 % skupnih neto posojil (posojila strankam), vključno z jamstvi v vsakem trenutku.
Folketingstidende E, Aktstykke 114, 29 June 2017.
Neto posojila, izmerjena kot povprečna neto posojila na leto v sektorju kmetijstva, lova, gozdarstva in ribištva na 31. december katerega koli leta ne smejo presegati njihovega deleža v skupnih neto posojilih na dan 31. december 2016 (tj. 20 % skupnih posojil strankam, kot je opredeljeno zgoraj), če in v kolikor so taka presežna neto posojila posledica posojil novim strankam ali povečanja takih posojil obstoječim strankam.