natgillin/translations-raw huggingface dataset:
a summary of the valuation including an explanation of best point estimate, value ranges and sources of valuation uncertainty;
povzetek vrednotenja, ki vključuje razlago najboljše ocene vrednosti, razponov vrednosti in virov negotovosti vrednotenja;
an explanation of the key methodologies and assumptions used by the valuer when performing the valuation, how sensitive the valuation is to the choices of methodologies and assumptions and, where feasible, an explanation of how those methodologies and assumptions differ from those used for other relevant valuations including any preliminary resolution valuations;
razlago ključnih metodologij in predpostavk, ki jih je cenilec uporabil pri izvajanju vrednotenja, tega, kako občutljivo je vrednotenje na izbiro metodologij in predpostavk, in, če je izvedljivo, razlago, kako se te metodologije in predpostavke razlikujejo od tistih, ki se uporabljajo za druga ustrezna vrednotenja, vključno z morebitnimi predhodnimi vrednotenji za namene reševanja;
any additional information which in the valuer's opinion would assist the resolution authority or competent authority for purposes of Article 36(1) to (11) of Directive 2014/59/EU.
vse dodatne informacije, ki bi po mnenju cenilca koristile organu za reševanje ali pristojnemu organu za namene člena 36(1) do (11) Direktive 2014/59/EU.
CRITERIA FOR THE VALUATION FOR THE PURPOSE OF ARTICLE 36(4)(a)
MERILA ZA VREDNOTENJE ZA NAMEN ČLENA 36(4)(a)
The valuations for the purpose referred to in point (a) of Article 36(4) of Directive 2014/59/EU shall be based on fair and realistic assumptions and shall seek to ensure that losses under the appropriate scenario are fully recognised.
Vrednotenja za namen iz točke (a) člena 36(4) Direktive 2014/59/EU temeljijo na poštenih in realnih predpostavkah, njihov cilj pa je zagotoviti, da se izgube v ustreznem scenariju v celoti pripoznajo.
Where such valuation is available, it shall inform the determination of the competent authority or of the resolution authority as appropriate, that an institution is ‘failing or likely to fail’ as referred to in Article 32(1)(a) of Directive 2014/59/EU.
Kadar je tako vrednotenje na voljo, prispeva k ugotovitvi pristojnega organa oziroma organa za reševanje, da institucija „propada ali bo verjetno propadla“, kot je navedeno v členu 32(1)(a) Direktive 2014/59/EU.
Based on existing supervisory guidance or other generally recognised sources setting out criteria conducive to the fair and realistic measurement of different types of assets and liabilities, the valuer may challenge the assumptions, data, methodologies and judgements on which the entity based its valuations for financial reporting obligations or for the calculation of regulatory capital and capital requirements and disregard them for the purposes of the valuation.
Na podlagi obstoječih smernic v zvezi z nadzorom ali drugih splošno priznanih virov, ki določajo merila, ki prispevajo k poštenemu in realnemu merjenju različnih vrst sredstev in obveznosti, lahko cenilec izpodbija predpostavke, podatke, metodologije in presoje, na podlagi katerih je subjekt izvajal vrednotenja v okviru obveznosti računovodskega poročanja ali za izračun regulativnega kapitala in kapitalskih zahtev, in jih pri vrednotenju ne upošteva.
The valuer shall determine the most appropriate valuation methodologies which may rely on the entity's internal models where the valuer deems it appropriate taking into account the nature of the entity's risk management framework and the quality of data and information available.
Cenilec določi najustreznejše metodologije vrednotenja, ki lahko temeljijo na notranjih modelih subjekta, če se cenilcu to zdi ustrezno glede na naravo okvira za upravljanje tveganja, ki ga uporablja subjekt, ter kakovost razpoložljivih podatkov in informacij.
The valuations shall be consistent with the applicable accounting and prudential regulatory framework.
Vrednotenja so v skladu z veljavnim računovodskim in bonitetnim regulativnim okvirom.
Areas requiring particular attention in the valuation
Področja, ki jim je treba pri vrednotenju nameniti posebno pozornost
The valuer shall particularly focus on areas subject to significant valuation uncertainty which have a significant impact on the overall valuation.
Cenilec se osredotoči zlasti na področja, na katerih je vrednotenje zelo negotovo in ki pomembno vplivajo na splošno vrednotenje.
For those areas the valuer shall provide the results of the valuation in the form of best point estimates and, where appropriate, value ranges, as laid down in Article 2(3).
Cenilec rezultate vrednotenja za ta področja predloži v obliki najboljših ocen vrednosti in po potrebi razponov vrednosti, kot je določeno v členu 2(3).
Those areas shall include:
Ta področja vključujejo:
loans or loan portfolios, the expected cash flows of which depend on a counterparty's ability, willingness or incentive to perform on its obligation, where those expectations are driven by assumptions relating to delinquency rates, probabilities of default, loss given default, or instrument characteristics, especially where evidenced by loss patterns for a portfolio of loans;
posojila ali portfelje posojil, katerih pričakovani denarni tokovi so odvisni od sposobnosti, pripravljenosti ali spodbude nasprotne stranke za izpolnjevanje njene obveznosti, če ta pričakovanja temeljijo na predpostavkah v zvezi s stopnjami kršitev, verjetnostjo neplačila, izgubo ob neplačilu ali značilnostmi instrumenta, zlasti če to dokazujejo vzorci izgube za portfelj posojil;
repossessed assets, the cash flows of which are affected by both the asset's fair value at the time the entity forecloses on the related security or lien, and the expected evolution of such value after foreclosure;
zasežena sredstva, na denarne tokove katerih vplivata poštena vrednost sredstev v trenutku, ko subjekt opravi izvršbo na povezani vrednostni papir ali zastavno pravico, in pričakovani razvoj take vrednosti po izvršbi;
instruments measured at fair value where the determination of that fair value in accordance with accounting or prudential requirements on their marking to market or marking to model is no longer applicable or valid taking into account the circumstances;
instrumente, merjene po pošteni vrednosti, kadar določitev te poštene vrednosti v skladu z računovodskimi ali bonitetnimi zahtevami za vrednotenje po tržnih cenah ali vrednotenje z uporabo notranjega modela glede na okoliščine ni več veljavna ali se ne uporablja več;
goodwill and intangibles, where the impairment test may depend on subjective judgement, including as regards the reasonably attainable cash flow stream, discount rates, and the perimeter of cash generating units;
dobro ime in neopredmetena sredstva, kadar je lahko preizkus oslabitve odvisen od subjektivne presoje, tudi v zvezi z razumno dosegljivim denarnim tokom, diskontnimi stopnjami in obsegom denar ustvarjajočih enot;
legal disputes and regulatory actions, the expected cash flows of which may be subject to varying degrees of uncertainty relating to their amount and/or timing;
pravne spore in regulativne ukrepe, katerih pričakovani denarni tokovi so lahko odvisni od različnih stopenj negotovosti glede zneska in/ali časovnega okvira;
items including pension assets and liabilities and deferred tax items.
postavke, ki vključujejo pokojninska sredstva in obveznosti, ter postavke odloženega davka.
Factors affecting the valuation
Dejavniki, ki vplivajo na vrednotenje
The valuer shall take into account general factors that may affect the key assumptions on which the values of assets and liabilities in the areas referred to in Article 8 are based, including the following factors:
Cenilec upošteva splošne dejavnike, ki lahko vplivajo na ključne predpostavke, na katerih temeljijo vrednosti sredstev in obveznosti na področjih iz člena 8, vključno z naslednjimi dejavniki:
the economic and industry circumstances affecting the entity, including relevant market developments;
gospodarske in sektorske okoliščine, ki vplivajo na subjekt, vključno z ustreznim razvojem trga;
the entity's business model and changes in its strategy;
poslovni model subjekta in spremembe v njegovi strategiji;
the entity's asset selection criteria, including loan underwriting policies;
merila za izbiro sredstev subjekta, vključno s politikami preverjanja kreditne sposobnosti;
circumstances and practices that are likely to lead to payment shocks;
okoliščine in prakse, ki bodo verjetno povzročile plačilne šoke;
circumstances affecting the parameters used to determine risk weighted assets for the calculation of minimum capital requirements;
okoliščine, ki vplivajo na parametre, ki se uporabljajo za določitev tveganju prilagojenih sredstev za izračun minimalnih kapitalskih zahtev;
the impact of the entity's financial structure on the capacity of the entity to retain assets for the expected holding period and the entity's ability to generate predictable cash flows;
učinek finančne strukture subjekta na njegovo zmogljivost za zadržanje sredstev v pričakovanem obdobju posedovanja in sposobnost ustvarjanja predvidljivih denarnih tokov;
general or entity-specific liquidity or funding concerns.
pomisleki glede likvidnosti ali financiranja na splošno ali na ravni subjekta.
The valuer shall clearly separate any material unrealised gains identified in the valuation process, to the extent that those gains have not been recognised in the valuation, and shall provide adequate information in the valuation report of the exceptional circumstances that have led to those gains.
Cenilec jasno loči morebitne znatne nerealizirane dobičke, ugotovljene v postopku vrednotenja, če se ti dobički niso pripoznali pri vrednotenju, in v poročilu o vrednotenju navede ustrezne informacije o izjemnih okoliščinah, ki so povzročile te dobičke.
CRITERIA FOR THE VALUATION FOR THE PURPOSE OF ARTICLE 36(4)(b), (c), (d), (e), (f), (g) AND OF ARTICLE 36(9), SECOND SUBPARAGRAPH
MERILA ZA VREDNOTENJE ZA NAMENE ČLENA 36(4)(b), (c), (d), (e), (f) IN (g) TER DRUGEGA PODODSTAVKA ČLENA 36(9)
The valuer shall assess the impact on the valuation of each resolution action that the resolution authority may adopt to inform the decisions referred to in points (b) to (g) of Article 36(4) of Directive 2014/59/EU.
Cenilec oceni učinek vsakega ukrepa za reševanje, ki bi ga lahko sprejel organ za reševanje, na vrednotenje, da bi prispeval k odločitvam iz točk (b) do (g) člena 36(4) Direktive 2014/59/EU.
Without prejudice to the valuer's independence, the resolution authority may consult with the valuer in order to identify the range of resolution actions being considered by that authority, including actions contained in the resolution plan or, if different, any proposed resolution scheme.
Organ za reševanje se lahko brez poseganja v neodvisnost cenilca z njim posvetuje, da bi opredelil vrsto ukrepov za reševanje, ki jih ta organ obravnava, vključno z ukrepi iz načrta reševanja ali, če se razlikujejo, iz katere koli predlagane sheme za reševanje.
To ensure a fair, prudent and realistic valuation, the valuer shall, where appropriate and in consultation with the resolution authority, present separate valuations that reflect the impact of a sufficiently diverse range of resolution actions.
Kadar je to ustrezno in po posvetovanju z organom za reševanje, cenilec za zagotovitev poštenega, preudarnega in realnega vrednotenja predloži ločena vrednotenja, pri katerih upošteva učinek dovolj raznolike vrste ukrepov za reševanje.
The valuer shall ensure that when the resolution tools are applied or when the power to write-down or convert relevant capital instruments is exercised, any losses on the assets of the entity are fully recognised under scenarios that are relevant to the ranges of resolution actions being considered.
Cenilec zagotovi, da se v scenarijih, ki so pomembni za več obravnavanih ukrepov za reševanje, vse izgube v zvezi s sredstvi subjekta v celoti pripoznajo v trenutku uporabe instrumentov za reševanje oziroma izvajanja pooblastila za odpis ali konverzijo ustreznih kapitalskih instrumentov.
Where the values of the valuation diverge significantly from the values presented by the entity in the financial statements, the valuer shall use the assumptions of that valuation, to inform the adjustments to the assumptions and to the accounting policies necessary for the preparation of the updated balance sheet required under Article 36(6) of Directive 2014/59/EU, in a way consistent with the applicable accounting framework.
Kadar se vrednosti na podlagi vrednotenja bistveno razlikujejo od vrednosti, ki jih je subjekt navedel v računovodskih izkazih, cenilec uporabi predpostavke tega vrednotenja, da bi prispeval k prilagoditvam predpostavk in računovodskih politik, ki so potrebne za pripravo posodobljene bilance stanja v skladu s členom 36(6) Direktive 2014/59/EU, na način, ki je skladen z veljavnim računovodskim okvirom.
As regards losses identified by the valuer which cannot be recognised in the updated balance sheet, the valuer shall specify the amount, describe the reasons underlying the determination of the losses and the likelihood and time horizon of their occurrence.
V zvezi z izgubami, ki jih je opredelil cenilec in ki jih ni mogoče pripoznati v posodobljeni bilanci stanja, cenilec določi znesek, opiše razloge, na katerih temelji določitev izgub, ter navede verjetnost in časovni okvir njihovega pojava.
Where capital instruments or other liabilities are converted to equity, a valuation shall provide an estimate of the post-conversion equity value of new shares transferred or issued as consideration to holders of converted capital instruments or other creditors.
Kadar se kapitalski instrumenti ali druge obveznosti konvertirajo v lastniški kapital, se pri vrednotenju oceni vrednost lastniškega kapitala po konverziji v nove delnice, ki so bile prenesene na imetnike konvertiranih kapitalskih instrumentov ali druge upnike ali so jim bile izdane kot nadomestilo.
That estimate shall form the basis for the determination of the conversion rate or rates pursuant to Article 50 of Directive 2014/59/EU.
Ta ocena je podlaga za določitev menjalnega razmerja ali menjalnih razmerij v skladu s členom 50 Direktive 2014/59/EU.
Selection of the measurement basis
Izbira podlage za merjenje
In selecting the most appropriate measurement basis or bases, the valuer shall take into account the range of resolution actions to be examined according to Article 10(1).
Cenilec pri izbiri najustreznejše podlage ali najustreznejših podlag za merjenje upošteva vrsto ukrepov za reševanje, ki se proučijo v skladu s členom 10(1).
The valuer shall determine the cash flows that the entity can expect on the basis of fair, prudent and realistic assumptions from existing assets and liabilities following adoption of the examined resolution action or actions, discounted at an appropriate rate as determined in accordance with paragraph 6.
Cenilec določi denarne tokove, ki jih lahko subjekt na podlagi poštenih, preudarnih in realnih predpostavk pričakuje iz obstoječih sredstev in obveznosti, pri čemer so denarni tokovi diskontirani po ustrezni stopnji, določeni v skladu z odstavkom 6.
Cash flows shall be determined at the appropriate level of aggregation, ranging from individual assets and liabilities to portfolios or businesses, with due consideration to differences in the risk profiles.
Denarni tokovi se določijo na ustrezni ravni združevanja, ki zajema vse od posameznih sredstev in obveznosti do portfeljev ali poslovnih področij, pri čemer se ustrezno upoštevajo razlike v profilih tveganja.
Where the resolution actions referred to in Article 10(1) require that assets and liabilities are to be retained by an entity that continues to be a going concern institution, the valuer shall use the hold value as the appropriate measurement basis.
Kadar ukrepi za reševanje iz člena 10(1) zahtevajo, da sredstva in obveznosti zadrži subjekt, ki se ohrani kot delujoče podjetje, cenilec kot ustrezno podlago za merjenje uporabi vrednost ob posedovanju.
The hold value may, if considered fair, prudent and realistic, anticipate a normalisation of market conditions.
Vrednost ob posedovanju lahko, če se šteje za pošteno, preudarno in realno, predvideva normalizacijo tržnih pogojev.
The hold value shall not be used as the measurement basis where assets are transferred to an asset management vehicle pursuant to Article 42 of Directive 2014/59/EU or to a bridge institution pursuant to Article 40 of that Directive, or where a sale of business tool pursuant to Article 38 of Directive 2014/59/EU is used.
Vrednost ob posedovanju se ne uporabi kot podlaga za merjenje, kadar se sredstva prenesejo na nosilca upravljanja sredstev v skladu s členom 42 Direktive 2014/59/EU ali premostitveno institucijo v skladu s členom 40 Direktive ali kadar se uporabi instrument prodaje poslovanja v skladu s členom 38 Direktive 2014/59/EU.
Where the resolution actions referred to in Article 10(1) envisage the sale of assets the expected cash flows shall correspond to the disposal values envisaged for the expected disposal horizon.
Kadar ukrepi za reševanje iz člena 10(1) predvidevajo odtujitev sredstev, pričakovani denarni tokovi ustrezajo vrednostim ob odtujitvi, predvidenim za pričakovano obdobje odtujitve.
The discount rates shall be determined having regard to the timing of cash flows, risk profile, financing costs and market conditions as appropriate to the asset or liability being measured, the disposal strategy considered and the entity's post-resolution financial position.
Diskontne stopnje se določijo ob upoštevanju časovnega okvira denarnih tokov, profila tveganja, stroškov financiranja in tržnih pogojev glede na sredstvo ali obveznost, ki se meri, obravnavano odtujitveno strategijo in finančni položaj subjekta po reševanju.
Specific factors relating to the estimation and discounting of expected cash flows
Posebni dejavniki, povezani z oceno in diskontiranjem pričakovanih denarnih tokov
For the purpose of estimating cash flows, the valuer shall apply their expert judgement in determining key characteristics of the assets or liabilities being measured.
Cenilec pri ocenjevanju denarnih tokov uporabi svojo strokovno presojo, da bi opredelil ključne značilnosti sredstev ali obveznosti, ki se merijo.
The valuer shall also apply their expert judgement in determining how the continuation, potential renewal or refinancing, run-off or disposal of those assets or liabilities, as envisaged in the examined resolution action, affect those cash flows.
Strokovno presojo uporabi tudi pri ugotavljanju, kako na te denarne tokove vplivajo nadaljevanje, morebitna obnova ali refinanciranje, iztek ali odtujitev teh sredstev ali obveznosti, kot predvideva proučen ukrep za reševanje.
Where the resolution action envisages an entity holding an asset, maintaining a liability, or continuing a business, the valuer may take into account factors potentially affecting future cash flows, including the following:
Kadar ukrep za reševanje predvideva, da bo subjekt posedoval sredstvo, ohranil obveznost ali nadaljeval poslovanje, lahko cenilec upošteva dejavnike, ki bi lahko vplivali na prihodnje denarne tokove, vključno z naslednjimi:
changes in assumptions or expectations, as compared to those prevailing as of the valuation date, consistent with long-term historical trends and a reasonable horizon consistent with the contemplated holding period of assets or for the recovery of the entity; or
spremembe predpostavk ali pričakovanj v primerjavi s tistimi, ki so prevladovala na datum vrednotenja, v skladu z dolgoročnimi preteklimi gibanji in razumnim časovnim okvirom, usklajenim s predvidenim obdobjem posedovanja sredstev ali sanacije subjekta, ali
additional or alternative valuation bases or methodologies that are considered appropriate by the valuer and consistent with this Regulation, including in the context of assessing the post-conversion equity value of shares.
dodatne ali alternativne podlage ali metodologije za vrednotenje, ki jih cenilec šteje za ustrezne in ki so v skladu s to uredbo, tudi v okviru ocenjevanja vrednosti lastniškega kapitala po konverziji v delnice.
As regards groups of assets and liabilities or businesses envisaged to be run off, the valuer shall take into account workout costs and benefits.
V zvezi s skupinami sredstev in obveznosti ali poslovnimi področji, ki naj bi se iztekli, cenilec upošteva stroške in koristi tega procesa.
Where an entity's situation prevents it from holding an asset or continuing a business, or where the sale is otherwise considered necessary by the resolution authority to achieve the resolution objectives, the expected cash flows shall be referenced to disposal values expected within a given disposal period.
Kadar razmere subjektu preprečujejo posedovanje sredstva ali nadaljevanje poslovanja ali kadar organ za reševanje meni, da je odtujitev potrebna za doseganje ciljev reševanja, se za pričakovane denarne tokove upoštevajo vrednosti ob odtujitvi, pričakovane v danem obdobju odtujitve.
The disposal value shall be determined by the valuer on the basis of the cash flows, net of disposal costs and net of the expected value of any guarantees given, that the entity can reasonably expect in the currently prevailing market conditions through an orderly sale or transfer of assets or liabilities.
Cenilec določi vrednost ob odtujitvi na podlagi denarnih tokov, neto stroškov odtujitve in neto pričakovane vrednosti vseh izdanih jamstev, ki jih lahko subjekt razumno pričakuje v trenutno prevladujočih tržnih razmerah, z redno prodajo ali prenosom sredstev ali obveznosti.
Where appropriate, having regard to the actions to be taken under the resolution scheme, the valuer may determine the disposal value by applying a reduction for a potential accelerated sale discount to the observable market price of that sale or transfer.
Če je ustrezno, lahko cenilec ob upoštevanju ukrepov, ki bodo sprejeti v okviru sheme za reševanje, vrednost ob odtujitvi določi z znižanjem opazovane tržne cene te prodaje ali prenosa v višini morebitnega popusta za pospešeno prodajo.
To determine the disposal value of assets which do not have a liquid market, the valuer shall consider observable prices on markets where similar assets are traded or model calculations using observable market parameters, with discounts for illiquidity reflected as appropriate.
Kadar sredstva nimajo likvidnega trga, cenilec vrednost ob odtujitvi določi ob upoštevanju opazovanih cen na trgih, na katerih se trguje s podobnimi sredstvi, ali modelnih izračunov, pri čemer uporabi opazovane tržne parametre in ustrezno upošteva popuste za nelikvidnost.
The valuer shall have regard to factors that might affect disposal values and disposal periods, including the following:
Cenilec upošteva dejavnike, ki bi lahko vplivali na vrednosti ob odtujitvi in obdobja odtujitve, vključno z naslednjimi:
the disposal values and disposal periods observed in similar transactions, adequately adjusted to take into account differences in the business model and in the financial structure of the parties to those transactions;
vrednosti ob odtujitvi in obdobja odtujitve, ki so bili ugotovljeni pri podobnih transakcijah in ki so ustrezno prilagojeni, da bi upoštevali razlike v poslovnem modelu in finančni strukturi strank v teh transakcijah;
advantages or disadvantages of a particular transaction that are specific to the parties involved or to a subset of market participants;
prednosti ali slabosti določene transakcije, ki so značilne za udeležene stranke ali podsklop udeležencev na trgu;
particular attributes of an asset or business that may only be relevant to a potential purchaser, or to a subset of market participants;
posebne značilnosti sredstva ali poslovanja, ki so lahko pomembne samo za morebitnega kupca ali podsklop udeležencev na trgu;
the likely impact of expected sales on the entity's franchise value.
verjetni učinek pričakovane prodaje na vrednost franšize subjekta.
When assessing the value of businesses for purposes of the use of the sale of business or of the bridge institution tool, the valuer may take into account reasonable expectations for franchise value.
Pri ocenjevanju vrednosti poslovnih področij zaradi uporabe instrumenta prodaje poslovanja ali premostitvene institucije lahko cenilec upošteva razumna pričakovanja v zvezi z vrednostjo franšize.