natgillin/translations-raw huggingface dataset:
The methodology for conducting the valuation pursuant to point (a) of Article 3 shall be limited to determining the discounted amount of expected cash flows under normal insolvency proceedings.
Metodologija za izvajanje vrednotenja v skladu s točko (a) člena 3 je omejena na določanje diskontirane vrednosti pričakovanih denarnih tokov v običajnih insolvenčnih postopkih.
Expected cash flows shall be discounted at the rate or rates reflecting, as appropriate, the timing associated with expected cash flows, prevailing circumstances as of the resolution decision date, risk-free interest rates, risk premia for similar financial instruments issued by similar entities, market conditions or discount rates applied by potential acquirers and other relevant characteristics of the element or elements being valued (‘relevant discount rate’).
Pričakovani denarni tokovi se diskontirajo po stopnji ali stopnjah, ki ustrezno upoštevajo časovni okvir, povezan s pričakovanimi denarnimi tokovi, prevladujoče okoliščine na datum odločitve o reševanju, netvegane obrestne mere, premije za tveganja za podobne finančne instrumente, ki so jih izdali podobni subjekti, tržne pogoje ali diskontne stopnje, ki so jih uporabili morebitni prevzemniki, in druge pomembne značilnosti elementov, ki se vrednotijo (v nadaljnjem besedilu: ustrezna diskontna stopnja).
The relevant discount rate shall not apply where particular rates, if relevant for the purposes of the valuation, are specified in applicable insolvency law or practice.
Ustrezna diskontna stopnja se ne uporablja, kadar so v veljavnem insolvenčnem pravu ali praksi določene posebne stopnje, če to zadeva vrednotenje.
The valuer shall take the following into account in the determination of the discounted amount of expected cash flows under normal insolvency proceedings:
Cenilec pri določanju diskontirane vrednosti pričakovanih denarnih tokov v običajnih insolvenčnih postopkih upošteva naslednje:
applicable insolvency law and practice in the relevant jurisdiction, which may influence factors such as the expected disposal period or recovery rates;
veljavno insolvenčno pravo in prakso v ustrezni jurisdikciji, ki lahko vplivata na dejavnike, kot je pričakovano obdobje odtujitve ali stopnja izterjave;
reasonably foreseeable administration, transaction, maintenance, disposal and other costs which would have been incurred by an administrator or insolvency practitioner, as well as financing costs;
razumno predvidljive upravne stroške, stroške transakcij, vzdrževanja, odtujitve in druge stroške, ki bi nastali pri delu upravitelja ali stečajnega upravitelja, ter stroške financiranja;
the information on recent past insolvency cases of similar entities, where available and relevant.
informacije o nedavnih preteklih primerih insolventnosti podobnih subjektov, kadar so na voljo in ustrezne.
For assets traded in an active market, the valuer shall use the observed price, except where specific circumstances hamper the marketability of the assets of the entity, such as concentration, saturation and depth of the market.
Za sredstva, s katerimi se trguje na delujočem trgu, cenilec uporabi ugotovljeno ceno, razen kadar posebne okoliščine ovirajo tržljivost sredstev subjekta, na primer koncentracija, zasičenost in globina trga.
For assets not traded in an active market, the valuer shall consider a number of factors when determining the amount and timing of expected cash flows, including:
Za sredstva, s katerimi se ne trguje na delujočem trgu, cenilec pri določanju vrednosti in časovnega okvira pričakovanih denarnih tokov upošteva več dejavnikov, vključno s:
prices observed in active markets where similar assets are traded;
ugotovljenimi cenami na delujočih trgih, na katerih se trguje s podobnimi sredstvi;
prices observed in normal insolvency proceedings or otherwise distressed transactions involving assets of a similar nature and condition;
ugotovljenimi cenami v običajnih insolvenčnih postopkih ali drugače problematičnih transakcijah, ki vključujejo sredstva podobne narave in v podobnem stanju;
prices observed in transactions involving the sale of business or the transfer to a bridge institution or an asset management vehicle in a resolution context relating to similar entities;
ugotovljenimi cenami v transakcijah, ki vključujejo prodajo poslovanja ali prenos na premostitveno institucijo ali nosilca upravljanja sredstev v okviru reševanja podobnih subjektov;
the likelihood of an asset generating net cash inflows under normal insolvency proceedings;
verjetnostjo, da bi sredstvo ustvarjalo neto denarne tokove v običajnih insolvenčnih postopkih;
expected market conditions within a given disposal period, including market depth and the ability of the market to exchange the relevant volume of assets within that period; and
pričakovanimi tržnimi pogoji v posameznem obdobju odtujitve, vključno z globino trga in možnostjo, da se na trgu v tem obdobju zamenja ustrezen obseg sredstev, in
the length of a given disposal period shall reflect the implications of the applicable insolvency law, including the expected length of the liquidation process, or the characteristics of the relevant assets.
dolžino posameznega obdobja odtujitve, pri kateri se upoštevajo posledice veljavnega insolvenčnega prava, vključno s pričakovano dolžino postopka likvidacije, ali značilnosti ustreznih sredstev.
The valuer shall consider whether the financial condition of the entity would have affected the expected cash flows, including through restrictions on the administrator's ability to negotiate terms with potential purchasers.
Cenilec obravnava, ali bi finančni položaj subjekta vplival na pričakovane denarne tokove, vključno z omejitvami sposobnosti upravitelja za pogajanje o pogojih z morebitnimi kupci.
Where possible, and subject to any applicable provision of the relevant insolvency regime, the cash flows shall reflect the contractual, statutory, or other legal rights of creditors or normal insolvency practices.
Kadar je to mogoče in v skladu s kakršnimi koli veljavnimi določbami ustrezne ureditve v zvezi z insolventnostjo, se v denarnih tokovih upoštevajo pogodbene in druge zakonske pravice upnikov ali običajne prakse na področju insolventnosti.
The hypothetical proceeds resulting from the valuation shall be allocated to shareholders and creditors in accordance with their priority level under the applicable insolvency law, as provided for in Article 3.
Hipotetični prihodki od vrednotenja se dodelijo delničarjem in upnikom glede na njihovo prednostno razvrstitev v skladu z veljavnim insolvenčnim pravom, kakor je določeno v členu 3.
For the purpose of determining any unsecured amount of derivatives claims in insolvency, the valuer shall apply methodologies set out in Commission Delegated Regulation (EU) 2016/1401, to the extent consistent with insolvency law and practice.
Za določanje kakršnih koli nezavarovanih zneskov terjatev iz naslova izvedenih finančnih instrumentov v insolvenčnem postopku cenilec uporabi metodologije iz Delegirane uredbe Komisije (EU) 2016/1401, če je to skladno z insolvenčnim pravom in prakso.
Determination of the actual treatment of shareholders and creditors in resolution
Določanje dejanske obravnave delničarjev in upnikov v postopku reševanja
The valuer shall identify all claims outstanding after the write-down or conversion of capital instruments and the application of any resolution actions, and shall assign those claims to the legal and natural persons who were the entity's shareholders and creditors at the resolution decision date.
Cenilec opredeli vse neporavnane terjatve po odpisu ali konverziji kapitalskih instrumentov in uporabi kakršnih koli ukrepov za reševanje ter dodeli navedene terjatve pravnim in fizičnim osebam, ki so bile na datum odločitve o reševanju delničarji in upniki subjekta.
Except where the legal and natural persons who were the entity's shareholders and creditors at the resolution decision date receive cash compensation as a result of the resolution, the valuer shall determine their actual treatment in accordance with paragraphs 2 to 4.
Cenilec v skladu z odstavki od 2 do 4 določi dejansko obravnavo pravnih in fizičnih oseb, ki so bile na datum odločitve o reševanju delničarji in upniki subjekta, razen če te osebe zaradi reševanja prejmejo denarno nadomestilo.
Where the legal and natural persons who were the entity's shareholders and creditors at the resolution decision date receive equity compensation as a result of the resolution, the valuer shall determine their actual treatment by providing an estimate of the overall value of shares transferred or issued as consideration to the holders of converted capital instruments or to the bailed-in creditors.
Kadar pravne in fizične osebe, ki so bile na datum odločitve o reševanju delničarji in upniki subjekta, zaradi reševanja prejmejo nadomestilo v obliki lastniškega kapitala, cenilec določi njihovo dejansko obravnavo tako, da zagotovi oceno skupne vrednosti delnic, ki so bile prenesene ali izdane kot nadomestilo imetnikom konvertiranih kapitalskih instrumentov ali upnikov, katerih sredstva so uporabljena za reševanje.
That estimate may be based on the assessed market price resulting from generally accepted valuation methodologies.
Navedena ocena lahko temelji na ocenjeni tržni ceni, ki izhaja iz splošno sprejetih metodologij vrednotenja.
Where the legal and natural persons who were the entity's shareholders and creditors at the resolution decision date receive debt compensation as a result of resolution, the valuer shall determine the actual treatment by taking into account factors such as the changes in contractual cash flows that result from the write-down or conversion, or the application of other resolution actions, as well as the relevant discount rate.
Kadar pravne in fizične osebe, ki so bile na datum odločitve o reševanju delničarji in upniki subjekta, zaradi reševanja prejmejo nadomestilo v obliki dolga, cenilec določi njihovo dejansko obravnavo tako, da upošteva dejavnike, kot so spremembe v pogodbenih denarnih tokovih zaradi odpisa ali konverzije ali uporaba drugih ukrepov za reševanje, in ustrezno diskontno stopnjo.
For any outstanding claim, the valuer may take into account, where available and together with the factors described in paragraphs 2 and 3, prices observed in active markets for the same or similar instruments issued by the entity under resolution or other similar entities.
Za kakršne koli neporavnane terjatve lahko cenilec upošteva ugotovljene cene na delujočih trgih za enake ali podobne instrumente, ki jih je izdal subjekt v postopku reševanja ali ki so jih izdali drugi podobni subjekti, kadar so te cene na voljo in skupaj z dejavniki, opisanimi v odstavkih 2 in 3.
Valuation report
Poročilo o vrednotenju
The valuer shall prepare a valuation report to the resolution authority which shall include at least the following elements:
Cenilec za organ za reševanje pripravi poročilo o vrednotenju, v katerega vključi vsaj naslednje elemente:
a summary of the valuation including a presentation of valuation ranges and sources of valuation uncertainty;
povzetek vrednotenja, ki vključuje predstavitev razponov vrednosti in virov negotovosti vrednotenja;
an explanation of the key methodologies and assumptions adopted, and how sensitive the valuation is to these choices;
razlago ključnih uporabljenih metodologij in predpostavk ter kako občutljivo je vrednotenje na te izbire;
an explanation, where feasible, why the valuation differs from other relevant valuations, including the resolution valuations conducted in accordance with Commission Delegated Regulation (EU) 2018/345 or other regulatory or accounting valuations.
če je izvedljivo, razlago, zakaj se vrednotenje razlikuje od drugih ustreznih vrednotenj, vključno z vrednotenji za namene reševanja, izvedenimi v skladu z Delegirano uredbo Komisije (EU) 2018/345, ali drugimi regulativnimi in računovodskimi vrednotenji.
Done at Brussels, 14 November 2017.
V Bruslju, 14. novembra 2017
Commission Delegated Regulation (EU) 2016/1075 of 23 March 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of recovery plans, resolution plans and group resolution plans, the minimum criteria that the competent authority is to assess as regards recovery plans and group recovery plans, the conditions for group financial support, the requirements for independent valuers, the contractual recognition of write-down and conversion powers, the procedures and contents of notification requirements and of notice of suspension and the operational functioning of the resolution colleges (OJ L 184, 8.7.2016, p. 1).
Delegirana uredba Komisije (EU) 2016/1075 z dne 23. marca 2016 o dopolnitvi Direktive 2014/59/EU Evropskega parlamenta in Sveta glede regulativnih tehničnih standardov, ki določajo vsebino načrtov sanacije, načrtov reševanja in načrtov reševanja skupine, minimalna merila, ki naj bi jih pristojni organ ocenil v zvezi z načrti sanacije in načrti sanacije skupine, pogoje za finančno podporo v skupini, zahteve o neodvisnih ocenjevalcih vrednosti, pogodbeno priznavanje pooblastil za odpis in konverzijo, postopke in vsebino zahtev v zvezi z obveščanjem in obvestilom o mirovanju ter operativno delovanje kolegijev za reševanje (UL L 184, 8.7.2016, str. 1).
Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).
Uredba (EU) št. 1093/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o ustanovitvi Evropskega nadzornega organa (Evropski bančni organ) in o spremembi Sklepa št. 716/2009/ES ter razveljavitvi Sklepa Komisije 2009/78/ES, UL L 331, 15.12.2010, str. 12.
Commission Delegated Regulation (EU) 2016/1401 of 23 May 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms with regard to regulatory technical standards for methodologies and principles on the valuation of liabilities arising from derivatives (OJ L 228, 23.8.2016, p. 7).
Delegirana uredba Komisije (EU) 2016/1401 z dne 23. maja 2016 o dopolnitvi Direktive 2014/59/EU Evropskega parlamenta in Sveta o vzpostavitvi okvira za sanacijo ter reševanje kreditnih institucij in investicijskih podjetij v zvezi z regulativnimi tehničnimi standardi za metodologije in načela o vrednotenju obveznosti, ki izhajajo iz izvedenih finančnih instrumentov (UL L 228, 23.8.2016, str. 7).
supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria relating to the methodology for assessing the value of assets and liabilities of institutions or entities
o dopolnitvi Direktive 2014/59/EU Evropskega parlamenta in Sveta glede regulativnih tehničnih standardov, ki določajo merila v zvezi z metodologijo za ocenjevanje vrednosti sredstev in obveznosti institucij ali subjektov
Having regard to Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 on establishing a framework for the recovery and resolution of credit institutions and investment firms, and in particular Article 36(15) thereof,
ob upoštevanju Direktive 2014/59/EU Evropskega parlamenta in Sveta z dne 15. maja 2014 o vzpostavitvi okvira za sanacijo ter reševanje kreditnih institucij in investicijskih podjetij ter zlasti člena 36(15) Direktive,
In a resolution scenario it is important to distinguish between, on the one hand, an initial valuation assessing whether the conditions for the write-down and conversion of capital instruments or the condition for resolution have been met, and, on the other hand, a subsequent valuation forming the basis for the decision to apply one or more resolution tools.
V scenariju reševanja je treba razlikovati med začetnim vrednotenjem, pri katerem se oceni, ali so bili izpolnjeni pogoji za odpis in konverzijo kapitalskih instrumentov oziroma pogoj za reševanje, na eni strani in poznejšim vrednotenjem, na katerem temelji odločitev o uporabi enega ali več instrumentov za reševanje, na drugi strani.
In relation to the initial valuation, it is appropriate to ensure that when determining whether the conditions for resolution or for the write-down or conversion of capital instruments are met, a fair and realistic valuation of the entity's assets and liabilities is conducted.
V zvezi z začetnim vrednotenjem je primerno zagotoviti, da se pri ugotavljanju, ali so izpolnjeni pogoji za reševanje oziroma odpis ali konverzijo kapitalskih instrumentov, opravi pošteno in realno vrednotenje sredstev in obveznosti subjekta.
For purposes of the subsequent valuation informing the decision on the resolution actions, it is important to ensure that the valuation of the assets and liabilities of the entity, which determines the choice of the resolution action and the extent of any potential write-down or conversion of capital instruments at the point of non-viability, is based on fair, prudent and realistic assumptions.
Za namene poznejšega vrednotenja, ki prispeva k odločitvi o ukrepih za reševanje, je treba zagotoviti, da vrednotenje sredstev in obveznosti subjekta, ki odloča o izbiri ukrepa za reševanje in obsegu morebitnega odpisa ali konverzije kapitalskih instrumentov, ko postane poslovanje institucije neuspešno, temelji na poštenih, preudarnih in realnih predpostavkah.
To ensure that that valuation is fair, prudent and realistic, it is important that it estimates the impact of events prior to any resolution action or prior to the exercise of the power to write-down or convert capital instruments at the point of non-viability, as well as of different actions that might be taken by the resolution authority.
Za zagotovitev poštenega, preudarnega in realnega vrednotenja je pomembno, da se pri njem ocenjuje učinek dogodkov pred kakršnim koli ukrepom za reševanje ali pred uporabo pooblastila za odpis ali konverzijo kapitalskih instrumentov, ko postane poslovanje institucije neuspešno, in različnih ukrepov, ki bi jih lahko sprejel organ za reševanje.
The valuer should have access to any sources of relevant information and expertise, such as the internal records, systems, and models of the institution.
Cenilec bi moral imeti dostop do vseh virov ustreznih informacij in strokovnega znanja, kot so notranje evidence, sistemi in modeli institucije.
The ability of internal capabilities and systems to support resolution valuations should be assessed by the resolution authority as part of the resolvability assessment pursuant to Article 15 of Directive 2014/59/EU.
Sposobnost notranjih zmogljivosti in sistemov za podpiranje vrednotenj za namene reševanja bi moral organ za reševanje oceniti kot del ocene rešljivosti v skladu s členom 15 Direktive 2014/59/EU.
The valuer should as well be allowed to enter into arrangements for specialist advice or expertise.
Cenilcu bi bilo treba omogočiti tudi, da se dogovori za zagotovitev strokovnega svetovanja ali znanja.
Availability of specialist advice or expertise might be relevant, for instance, for preparing an estimate of the difference in treatment pursuant to Article 36(8) of Directive 2014/59/EU.
Razpoložljivost strokovnega svetovanja ali znanja je lahko pomembna na primer za pripravo ocene razlike v obravnavi v skladu s členom 36(8) Direktive 2014/59/EU.
The resolution authority should therefore be satisfied that the valuer has access to either a list of all claims including contingent claims held against the entity and classified according to their rights and priority under normal insolvency proceedings, or to adequate legal expertise for the preparation of such list.
Zato bi moral organ za reševanje poskrbeti za to, da ima cenilec dostop bodisi do seznama vseh terjatev, vključno s pogojnimi terjatvami do subjekta, razvrščenimi glede na ustrezne pravice in prednost v skladu z običajnimi insolvenčnimi postopki, bodisi do ustreznega pravnega strokovnega znanja za pripravo takega seznama.
The determination of whether an entity is failing or likely to fail may be carried out either by the competent authority or by the resolution authority in accordance with the conditions set out in Article 32(1)(a) of Directive 2014/59/EU.
To, ali subjekt propada ali bo verjetno propadel, lahko ugotovi pristojni organ ali organ za reševanje v skladu s pogoji iz člena 32(1)(a) Direktive 2014/59/EU.
For purposes of determining whether an institution is failing or likely to fail, the competent authority should consider the valuation provided for in Chapter II of this Regulation, where already available and should take into account the guidelines issued by the European Banking Authority (EBA) pursuant to Article 32(6) of Directive 2014/59/EU which aim at promoting convergence of practices in relation to the determination of such resolution condition.
Pri ugotavljanju, ali institucija propada ali bo verjetno propadla, bi moral pristojni organ upoštevati vrednotenje iz poglavja II te uredbe, če je že na voljo, in smernice, ki jih izda Evropski bančni organ (EBA) v skladu s členom 32(6) Direktive 2014/59/EU, da bi spodbudil usklajevanje praks glede določanja takega pogoja za reševanje.
Valuations for the purposes of informing the determination by the competent or the resolution authority whether the conditions for resolution or for write-down or conversion of capital instruments are met should be consistent with the applicable accounting and prudential regulatory framework.
Vrednotenja, ki prispevajo k ugotovitvi pristojnega organa ali organa za reševanje, ali so izpolnjeni pogoji za reševanje oziroma za odpis ali konverzijo kapitalskih instrumentov, bi morala biti v skladu z veljavnimi računovodskimi in bonitetnimi regulativnimi okviri.
The valuer, however, should be able to depart from assumptions made by the entity's management under which the financial statements are prepared to the extent such departure is consistent with the applicable accounting and prudential regulatory framework.
Cenilcu pa bi bilo treba omogočiti, da odstopa od predpostavk upravljalnega organa subjekta, na podlagi katerih so pripravljeni računovodski izkazi, če je to odstopanje v skladu z veljavnim računovodskim in bonitetnim regulativnim okvirom.
When departing from those assumptions, the valuation should be supported by the best available information and be consistent with existing supervisory guidance or other generally recognised sources of interpretation of accounting standards, so as to provide a fair and realistic representation of the entity's financial position.
Pri odstopanju od teh predpostavk mora biti vrednotenje podprto z najboljšimi razpoložljivimi informacijami in usklajeno z obstoječimi smernicami v zvezi z nadzorom ali drugimi splošno priznanimi viri tolmačenja računovodskih standardov, da bi zagotovili pošteno in realno predstavitev finančnega položaja subjekta.
It is appropriate to have rules that ensure that valuations for the purposes of informing the choice and design of resolution actions or the extent of write-down and conversion of capital instruments at point of non-viability are fair, prudent and realistic, to ensure that all losses are fully recognised at the moment the resolution tools are applied or the power to write-down or convert relevant capital instruments is exercised.
Primerno je imeti pravila, ki zagotavljajo poštena, preudarna in realna vrednotenja, ki prispevajo k izbiri in oblikovanju ukrepov za reševanje ali določitvi obsega odpisa in konverzije kapitalskih instrumentov, ko postane poslovanje institucije neuspešno, da bi se v trenutku uporabe instrumentov za reševanje oziroma izvajanja pooblastila za odpis ali konverzijo ustreznih kapitalskih instrumentov zagotovilo, da so se v celoti pripoznale vse izgube.
The choice of the most appropriate measurement basis (the hold value or the disposal value) should be made for the particular resolution actions being considered by the resolution authority.
Za določene ukrepe za reševanje, ki jih obravnava organ za reševanje, bi bilo treba izbrati najustreznejšo podlago za merjenje (vrednost ob posedovanju ali vrednost ob odtujitvi).