natgillin/translations-raw huggingface dataset:
It is appropriate that valuations for the purposes of informing the choice and design of resolution actions or the extent of the write-down and conversion of capital instruments at the point of non-viability assess the economic value and not the accounting value.
Pri vrednotenjih, ki prispevajo k izbiri in oblikovanju ukrepov za reševanje ali določitvi obsega odpisa in konverzije kapitalskih instrumentov, ko postane poslovanje institucije neuspešno, je primerno oceniti ekonomsko in ne knjigovodsko vrednost.
Those valuations should consider the present value of cash flows that the entity can reasonably expect, even where this requires departing from accounting or prudential valuation frameworks.
Pri teh vrednotenjih bi bilo treba upoštevati sedanjo vrednost denarnih tokov, ki jih lahko subjekt razumno pričakuje, tudi če to zahteva odstopanje od okvirov za računovodsko ali bonitetno vrednotenje.
Valuations for the purposes of informing the choice and the design of resolution actions should reflect that cash flows may arise from continuing to hold the assets, yet should take into account the potential effects of the resolution on future cash flows and fair, prudent and realistic assumptions as to rates of default and severity of losses.
Pri vrednotenjih, ki prispevajo k izbiri in oblikovanju ukrepov za reševanje, bi bilo treba upoštevati, da lahko denarni tokovi izhajajo iz nadaljnjega posedovanja sredstev, pa tudi možne vplive reševanja na prihodnje denarne tokove ter poštene, preudarne in realne predpostavke v zvezi z stopnjo neplačil in resnostjo izgub.
Furthermore, to determine the post-conversion equity value of shares, the valuer should be able to take into account reasonable expectations for franchise value.
Za določitev vrednosti lastniškega kapitala po konverziji v delnice bi bilo treba cenilcu omogočiti tudi, da upošteva razumna pričakovanja glede vrednosti franšize.
Alternatively, where the entity lacks the ability to hold the assets or their disposal is considered necessary or appropriate to achieve the resolution objectives, the valuation should reflect that those cash flows may arise from the disposal of assets, liabilities or business lines, assessed over a defined disposal period.
Kadar subjekt ni sposoben posedovati sredstev ali pa se njihova odtujitev šteje za potrebno ali ustrezno za doseganje ciljev reševanja, bi bilo treba pri vrednotenju upoštevati, da ti denarni tokovi lahko izhajajo iz odtujitve sredstev, obveznosti ali poslovnih področij, ocenjenih v določenem obdobju odtujitve.
The disposal value should generally be understood as equivalent to the observable market price that could be obtained on the market for a particular asset or group of assets and may reflect a discount that is appropriate in view of the amount of assets being transferred.
Vrednost ob odtujitvi bi se morala na splošno šteti za enakovredno opazovani tržni ceni, ki bi se lahko na trgu dosegla za določeno sredstvo ali skupino sredstev in se lahko ustrezno diskontira glede na obseg sredstev, ki se prenašajo.
However, the valuer should be able where appropriate having regard to the actions to be taken under the resolution scheme, to determine the disposal value by applying a reduction to such observable market price for a potential accelerated sale discount.
Cenilcu pa bi bilo treba omogočiti, da po potrebi in ob upoštevanju ukrepov, ki se sprejmejo v okviru sheme za reševanje, vrednost ob odtujitvi določi z znižanjem navedene opazovane tržne cene v višini morebitnega popusta za pospešeno prodajo.
Where the assets do not have a liquid market, the disposal value should be determined by reference to the observable prices on markets where similar assets are traded or to model calculations using observable market parameters with discounts for illiquidity reflected as appropriate.
Kadar sredstva nimajo likvidnega trga, bi bilo treba vrednost ob odtujitvi določiti na podlagi opazovanih cen na trgih, na katerih se trguje s podobnimi sredstvi, ali modelnih izračunov, pri čemer bi bilo treba uporabiti opazovane tržne parametre in ustrezno upoštevati popuste za nelikvidnost.
Where the sale of business or the use of the bridge institution tool are contemplated, reasonable expectations for franchise value may be taken into account when determining the disposal value.
Kadar je predvidena prodaja poslovanja ali uporaba instrumenta premostitvene institucije, se lahko pri določanju vrednosti ob odtujitvi upoštevajo razumna pričakovanja v zvezi z vrednostjo franšize.
For purposes of ensuring consistency between the calculation, required by Article 36(8) of Directive 2014/59/EU, of the estimate of the treatment that shareholders and each class of creditors would have been expected to receive had the institution or entity been wound-up under normal insolvency proceedings, and the valuation following resolution pursuant to Article 74 of that Directive, it is important that the valuer use the criteria set out for that valuation when appropriate.
Za zagotovitev skladnosti med izračunom ocene obravnave, ki naj bi je bili delničarji in vsak posamezni razred upnikov deležni, če bi prišlo do prenehanja institucije ali subjekta v skladu z običajnimi insolvenčnimi postopki, kot je določeno v členu 36(8) Direktive 2014/59/EU, in vrednotenjem po reševanju v skladu s členom 74 Direktive mora cenilec po potrebi uporabiti merila, določena za to vrednotenje.
A provisional valuation pursuant to Article 36(9) of Directive 2014/59/EU forming the basis of the decision on the taking of the appropriate resolution action should include a buffer aimed at approximating the amount of additional losses.
Začasno vrednotenje v skladu s členom 36(9) Direktive 2014/59/EU, na katerem temelji odločitev o sprejetju ustreznega ukrepa za reševanje, bi moralo vključevati blažilnik, namenjen približevanju zneska dodatnih izgub.
That buffer should be based on a fair, prudent, and realistic assessment of those additional losses.
Ta blažilnik bi moral temeljiti na pošteni, preudarni in realni oceni teh dodatnih izgub.
The decisions and assumptions supporting the calculation of the buffer should be adequately explained and justified in the valuation report.
Odločitve in predpostavke, na katerih temelji izračun blažilnika, bi bilo treba ustrezno pojasniti in utemeljiti v poročilu o vrednotenju.
For the valuation referred to in points (a) and (c) of Article 36(15) of Directive 2014/59/EU, the valuer should explain and justify key assumptions, uncertainties, and the sensitivity of the valuation to such key assumptions and uncertainties.
Za vrednotenje iz točk (a) in (c) člena 36(15) Direktive 2014/59/EU bi moral cenilec pojasniti in utemeljiti ključne predpostavke in negotovosti ter občutljivost vrednotenja nanje.
Significant differences between assumptions used in the valuation and those underlying accounting or regulatory information, where known to the valuer, should be included in the valuation report.
V poročilo o vrednotenju bi bilo treba vključiti pomembne razlike med predpostavkami, uporabljenimi pri vrednotenju, in predpostavkami, na katerih temeljijo računovodske ali regulativne informacije, če je cenilec z njimi seznanjen.
In that report the valuer should also record any additional related information which in the valuer's opinion would assist the resolution authority.
V navedenem poročilu bi moral cenilec navesti tudi vse dodatne povezane informacije, ki bi po njegovem mnenju koristile organu za reševanje.
The criteria laid down in this Regulation should be exclusively set out for conducting the valuations under Article 36 of Directive 2014/59/EU.
Merila iz te uredbe bi morala biti izključno določena za izvajanje vrednotenj iz člena 36 Direktive 2014/59/EU.
They should not replace or amend accounting principles and standards or the prudential regulatory framework that apply to entities in contexts other than resolution.
Ne bi smela nadomestiti ali spremeniti računovodskih načel in standardov ali bonitetnega regulativnega okvira, ki se uporabljajo za subjekte v okoliščinah, ki niso reševanje.
It should however be possible to use the information resulting from the valuation to identify potential misapplications by the entity of accounting standards or of the prudential regulatory framework, or to determine changes in the entity's accounting policies or in the assumptions or judgements driving the measurement of assets and liabilities.
Omogočiti pa bi bilo treba, da se informacije, ki izhajajo iz vrednotenja, uporabijo za ugotavljanje, ali subjekt morda neustrezno uporablja računovodske standarde ali bonitetni regulativni okvir, ali za opredelitev sprememb v računovodskih politikah subjekta ali v predpostavkah ali presojah, na katerih temelji merjenje sredstev in obveznosti.
Those circumstances, for instance, should be taken into account for the preparation of the updated balance sheet pursuant to Article 36(6) of Directive 2014/59/EU.
Te okoliščine bi bilo treba na primer upoštevati pri pripravi posodobljene bilance stanja v skladu s členom 36(6) Direktive 2014/59/EU.
For that purpose the valuer should provide an adequate explanation of the differences between the existing and the updated balance sheets.
V ta namen bi moral cenilec ustrezno pojasniti razlike med obstoječimi in posodobljenimi bilancami stanja.
‘valuation’ means either the assessment of an entity's assets and liabilities conducted by a valuer pursuant to Article 36(1) of Directive 2014/59/EU, or the provisional valuation conducted by the resolution authority or the valuer, as the case may be, pursuant respectively to paragraphs (2) and (9) of Article 36 of that Directive.
„vrednotenje“ pomeni bodisi oceno sredstev in obveznosti subjekta, ki jo opravi cenilec v skladu s členom 36(1) Direktive 2014/59/EU, bodisi začasno vrednotenje, ki ga, odvisno od primera, opravi organ za reševanje ali cenilec v skladu s členom 36(2) oziroma (9) Direktive;
‘valuer’ means either the independent valuer within the meaning of Article 38 of Commission Delegated Regulation (EU) 2016/1075 or the resolution authority when conducting a provisional valuation pursuant to paragraphs (2) and (9) of Article 36 of Directive 2014/59/EU.
„cenilec“ pomeni bodisi neodvisnega ocenjevalca vrednosti v smislu člena 38 Delegirane uredbe Komisije (EU) 2016/1075 bodisi organ za reševanje, ko opravlja začasno vrednotenje v skladu s členom 36(2) in (9) Direktive 2014/59/EU;
‘entity’ means an institution or an entity as referred to in points (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU.
„subjekt“ pomeni institucijo ali subjekt iz točke (b), (c) ali (d) člena 1(1) Direktive 2014/59/EU;
‘fair value’ means the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the valuation date, as defined in the relevant accounting framework.
„poštena vrednost“ pomeni ceno, ki bi se prejela za prodajo sredstva ali plačala za prenos obveznosti v redni transakciji med udeleženci na trgu na datum vrednotenja, kot je določeno v ustreznem računovodskem okviru;
‘hold value’ means the present value, discounted at an appropriate rate, of cash flows that the entity can reasonably expect under fair, prudent and realistic assumptions from retaining particular assets and liabilities, considering factors affecting customer or counterparty behaviour or other valuation parameters in the context of resolution.
„vrednost ob posedovanju“ pomeni sedanjo vrednost (diskontirano po ustrezni stopnji) denarnih tokov, za katere lahko subjekt v skladu s poštenimi, preudarnimi in realnimi predpostavkami razumno pričakuje, da bodo izhajali iz zadržanja nekaterih sredstev in obveznosti, pri čemer se upoštevajo dejavniki, ki vplivajo na ravnanje stranke ali nasprotne stranke, ali drugi parametri vrednotenja v okviru reševanja;
‘disposal value’ means the measurement basis refered to in Article 12(5).
„vrednost ob odtujitvi“ pomeni podlago za merjenje iz člena 12(5);
‘franchise value’ means the net present value of cash flows that can reasonably be expected to result from the maintenance and renewal of assets and liabilities or businesses and includes the impact of any business opportunities, as relevant, including those stemming from the different resolution actions that are assessed by the valuer.
„vrednost franšize“ pomeni neto sedanjo vrednost denarnih tokov, za katere se lahko razumno pričakuje, da bodo izhajali iz vzdrževanja in obnove sredstev in obveznosti ali poslovnih področij, in po potrebi vključuje učinek morebitnih poslovnih priložnosti, tudi tistih, ki izhajajo iz različnih ukrepov za reševanje, ki jih oceni cenilec.
Franchise value may be higher or lower than the value arising from the contractual terms and conditions of assets and liabilities existing at the valuation date.
Vrednost franšize je lahko višja ali nižja od vrednosti, ki izhaja iz pogodbenih pogojev za sredstva in obveznosti, ki so obstajali na datum vrednotenja;
‘equity value’ means an estimated market price, for transferred or issued shares, that results from the application of generally accepted valuation methodologies.
„vrednost lastniškega kapitala“ pomeni ocenjeno tržno ceno prenesenih ali izdanih delnic, ki izhaja iz uporabe splošno sprejetih metodologij vrednotenja.
Depending on the nature of the assets or business, equity value may comprise franchise value.
Glede na naravo sredstev ali poslovanja lahko vrednost lastniškega kapitala vključuje vrednost franšize;
‘measurement basis’ means the approach for determining the monetary amounts at which assets or liabilities are presented by the valuer.
„podlaga za merjenje“ pomeni pristop k določitvi denarnih zneskov, v katerih cenilec prikaže sredstva ali obveznosti;
‘resolution date’ means the date on which the decision to resolve an entity is adopted, pursuant to Article 82 of Directive 2014/59/EU.
„datum reševanja“ pomeni datum sprejetja odločitve o reševanju subjekta v skladu s členom 82 Direktive 2014/59/EU.
General criteria
Splošna načela
When performing the valuation the valuer shall consider circumstances affecting the expected cash flows of, and discount rates applicable to an entity's assets and liabilities, and shall aim to fairly represent the entity's financial position in the context of the opportunities and risks it deals with.
Cenilec pri izvajanju vrednotenja upošteva okoliščine, ki vplivajo na pričakovane denarne tokove sredstev in obveznosti subjekta ter diskontne stopnje, ki veljajo zanje, in si prizadeva za pošten prikaz finančnega položaja subjekta glede na priložnosti in tveganja, s katerimi se srečuje.
The valuer shall disclose and justify the key assumptions used in the valuation.
Cenilec razkrije in utemelji ključne predpostavke, uporabljene pri vrednotenju.
Any significant deviation in the valuation from the assumptions used by the entity's management in the preparation of financial statements and in the calculation of the entity's regulatory capital and capital requirements shall be supported by the best available information.
Če je pri vrednotenju prisotno kakršno koli bistveno odstopanje od predpostavk, ki jih upravljalni organ subjekta uporablja pri pripravi računovodskih izkazov in izračunu regulativnega kapitala in kapitalskih zahtev subjekta, se to utemelji z najboljšimi razpoložljivimi informacijami.
The valuer shall provide the best point estimate of the value of a given asset, liability, or combinations thereof.
Cenilec zagotovi najboljšo oceno vrednosti danega sredstva, obveznosti ali njune kombinacije.
Where appropriate, the results of the valuation shall also be provided in the form of value ranges.
Po potrebi rezultate vrednotenj zagotovi tudi v obliki razponov vrednosti.
Criteria laid down in this Regulation for the measurement of individual assets and liabilities of an entity, shall also apply to the measurement of portfolios or groups of assets or combined assets and liabilities, businesses, or the entity considered as a whole, as the circumstances require.
Merila iz te uredbe za merjenje posameznih sredstev in obveznosti subjekta se glede na okoliščine uporabljajo tudi za merjenje portfeljev, skupin sredstev ali kombinacije sredstev in obveznosti, poslovnih področij ali subjekta kot celote.
The valuation shall subdivide creditors in classes according to their priority ranking under applicable insolvency law, and shall include the following estimates:
Pri vrednotenju se upniki nadalje razdelijo na razrede glede na njihovo prednostno razvrstitev v skladu z veljavnim insolvenčnim pravom in vrednotenje vključuje oceno:
the value of claims of each class according to the applicable insolvency law and, where relevant and feasible, according to the contractual rights conferred on claimants;
vrednosti terjatev vsakega razreda v skladu z veljavnim insolvenčnim pravom in, če je to ustrezno in izvedljivo, v skladu s pogodbenimi pravicami, podeljenimi lastnikom terjatev, ter
the proceeds each class would receive if the entity were wound-up under normal insolvency proceedings;
prihodkov, ki bi jih prejel vsak razred, če bi prišlo do prenehanja subjekta v skladu z običajnimi insolvenčnimi postopki.
When calculating the estimates pursuant to points (a) and (b) of the first subparagraph, the valuer may apply the criteria set out in Article 4 of Commission Delegated Regulation (EU) 2018/344 of 14 November 2017 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 methodologies for valuation of difference in treatment in resolution as appropriate.
Cenilec lahko pri izračunu ocen v skladu s točkama (a) in (b) prvega pododstavka po potrebi uporablja merila iz člena 4 Delegirane uredbe Komisije (EU) 2018/344.
Where appropriate and feasible, taking into account timing and credibility of the valuation, the resolution authority may request several valuations.
Če je to ustrezno in izvedljivo, lahko organ za reševanje ob upoštevanju časovnega okvira in verodostojnosti vrednotenja zahteva več vrednotenj.
In that case, the resolution authority shall establish the criteria to determine how these valuations shall be used for the purposes set out in Article 36 of Directive 2014/59/EU.
V tem primeru organ za reševanje uvede merila za določitev, kako se ta vrednotenja uporabljajo za namene iz člena 36 Direktive 2014/59/EU.
The valuation date shall be one of the following dates:
Datum vrednotenja je eden od naslednjih datumov:
the reference date as determined by the valuer on the basis of the date as close as possible before the expected date of a decision by the resolution authority to put the entity in resolution or to exercise the power to write-down or to convert capital instruments;
referenčni datum, ki ga cenilec določi na podlagi datuma, ki je najbližji pričakovanemu datumu odločitve organa za reševanje, da bo subjekt vključil v postopek reševanja ali da bo uporabil pooblastilo za odpis ali konverzijo kapitalskih instrumentov;
where an ex post definitive valuation required by Article 36(10) of Directive 2014/59/EU is conducted, the resolution date;
kadar se opravi naknadno dokončno vrednotenje iz člena 36(10) Direktive 2014/59/EU, datum reševanja;
in relation to liabilities arising from derivative contracts, the point in time determined pursuant to Article 8 of Commission Delegated Regulation (EU) 2016/1401.
v zvezi z obveznostmi, ki izhajajo iz pogodb o izvedenih finančnih instrumentih, trenutek, določen v skladu s členom 8 Delegirane uredbe Komisije (EU) 2016/1401.
Sources of information
Viri informacij
The valuation shall be based on any information pertinent to the valuation date which is deemed relevant by the valuer.
Vrednotenje temelji na vseh informacijah v zvezi z datumom vrednotenja, ki jih cenilec šteje za ustrezne.
In addition to the entity's financial statements, related audit reports and regulatory reporting as of a period ending as close as possible to the valuation date, that relevant information may include the following:
Poleg računovodskih izkazov subjekta, povezanih revizijskih poročil in regulativnih poročil od obdobja, ki se konča čim bližje datumu vrednotenja, lahko te ustrezne informacije vključujejo:
the updated financial statements and regulatory reporting prepared by the entity as close as possible to the valuation date;
posodobljene računovodske izkaze in regulativna poročila, ki jih subjekt pripravi čim bližje datumu vrednotenja;
an explanation of the key methodologies, assumptions and judgements used by the entity in order to prepare the financial statements and regulatory reporting;
razlago ključnih metodologij, predpostavk in presoj, ki jih subjekt uporablja za pripravo računovodskih izkazov in regulativnih poročil;
data contained in the records of the entity;
podatke iz evidenc subjekta;
relevant market data;
ustrezne tržne podatke;
conclusions drawn by the valuer from discussion with management and auditors;
sklepe, ki jih je cenilec sprejel na podlagi razprave z upravljalnim organom in revizorji;
where available, supervisory assessments of the entity's financial condition, including information acquired pursuant to point (h) of Article 27(1) of Directive 2014/59/EU;
če so na voljo, nadzorne ocene finančnega stanja subjekta, vključno z informacijami, pridobljenimi v skladu s točko (h) člena 27(1) Direktive 2014/59/EU;
industry-wide assessments of asset quality, where relevant to the entity's assets, as well as stress test results;
ocene kakovosti sredstev za celotni sektor, če je to ustrezno glede na sredstva subjekta, in rezultate stresnih testov;
valuations of peers, adequately adjusted to capture the entity's specific circumstances;
vrednotenja konkurentov, ustrezno prilagojena, da bi zajela posebne okoliščine subjekta;
historical information, adequately adjusted to eliminate factors that are no longer relevant, and to incorporate other factors that did not affect the historical information; or
pretekle informacije, ustrezno prilagojene, da bi odpravili dejavnike, ki niso več ustrezni, in vključili druge dejavnike, ki niso vplivali na pretekle informacije, ali
trend analyses, adequately adjusted to reflect the entity's specific circumstances.
analize trendov, ustrezno prilagojene, da bi upoštevale posebne okoliščine subjekta.
Impact of group arrangements
Učinek ureditev znotraj skupine
Where the entity forms part of a group, the valuer shall take into account the impact that existing contractual intra-group support arrangements can have on the value of the assets and liabilities where, on the basis of the circumstances, it is probable that those arrangements will be put into effect.
Kadar je subjekt del skupine, cenilec upošteva učinek, ki ga obstoječe pogodbene podporne ureditve znotraj skupine lahko imajo na vrednost sredstev in obveznosti, če je glede na okoliščine verjetno, da bodo take ureditve vzpostavljene.
The valuer shall only take into account the impact of other formal or informal arrangements within the group where, on the basis of the circumstances, it is probable that those arrangements shall remain in place in the context of a group's stressed financial condition or in resolution.
Cenilec upošteva učinek drugih uradnih ali neuradnih ureditev znotraj skupine le, če je glede na okoliščine verjetno, da se bodo te ureditve uporabljale tudi v primeru neugodnega finančnega stanja skupine ali pri reševanju.
The valuer shall determine whether the resources of an entity within the group are available to meet losses of other group entities.
Cenilec ugotovi, ali so sredstva enega subjekta v skupini na voljo za pokritje izgub drugih subjektov v skupini.
except as provided in Article 36(9) of Directive 2014/59/EU, the information referred to in points (a) to (c) of Article 36(6) of that Directive;
razen v primeru iz člena 36(9) Direktive 2014/59/EU, informacije iz točk (a) do (c) člena 36(6) Direktive;
except as provided in Article 36(9) of Directive 2014/59/EU, the information referred to in Article 36(8) of Directive 2014/59/EU;
razen v primeru iz člena 36(9) Direktive 2014/59/EU, informacije iz člena 36(8) Direktive 2014/59/EU;
the valuation of the liabilities arising from derivatives carried out in accordance with Commission Delegated Regulation (EU) 2016/1401;
vrednotenje obveznosti, ki izhajajo iz izvedenih finančnih instrumentov, opravljeno v skladu z Delegirano uredbo Komisije (EU) 2016/1401;