natgillin/translations-raw huggingface dataset:
In December 2008, Norges Bank carried out a stress test for the six largest Norwegian banks.
Decembra 2008 je Norges Bank izvedla test izjemnih situacij za šest največjih norveških bank.
Norges Bank estimated the need for funds to recapitalise the 10 largest banks after the simulated negative developments at approximately NOK 34 billion.
Norges Bank je ocenila potrebo, da skladi dokapitalizirajo 10 največjih bank po simuliranem negativnem razvoju s približno 34 milijardami NOK.
Based on those conclusions, the Norwegian authorities have estimated that NOK 50 billion will be sufficient to allow for an increase in the core capital of all Norwegian banks by on average 2,3 %.
Na podlagi teh sklepnih ugotovitev so norveški organi ocenili, da bo 50 milijard NOK dovolj za povečanje temeljnega kapitala vseh norveških bank v povprečju za 2,3 %.
The budget of the scheme is therefore NOK 50 billion.
Zato znaša proračun sheme 50 milijard NOK.
The level of capital injection proposed by the Norwegian authorities is thus related to the specific conditions on the Norwegian banking market.
Stopnja kapitalskega vložka, ki jo predlagajo norveški organi, je tako povezana s posebnimi pogoji na norveškem bančnem trgu.
The Norwegian authorities have set maximum limits for increases in core capital ratios through capital injections from the Fund which are linked to the level of core capital existing in a bank prior to any state intervention.
Norveški organi so določili najvišje zgornje meje za povišanje deležev temeljnega kapitala s kapitalskimi vložki iz Sklada, povezane s stopnjo temeljnega kapitala, ki obstaja v banki pred kakršnim koli državnim posegom.
Thus banks with a core capital ratio below 7 % may apply for recapitalisation to bring them up to a core capital ratio of no more than 10 % [35].
Tako lahko banke z deležem temeljnega kapitala pod 7 % zaprosijo za dokapitalizacijo, da svoj delež temeljnega kapitala povečajo do največ 10 % [35].
Banks with a core capital ratio between 7 % and 10 % may be recapitalised by up to 3 percentage points, but not beyond a core capital ratio of 12 %.
Banke z deležem temeljnega kapitala med 7 % in 10 % se lahko dokapitalizirajo z največ tremi odstotnimi točkami, pri čemer delež temeljnega kapitala ne sme presegati 12 %.
Banks with a core capital ratio above 10 % can only apply for a maximum core capital injection of up to 2 percentage points.
Banke z deležem temeljnega kapitala nad 10 % lahko zaprosijo za najvišji vložek temeljnega kapitala, ki je največ 2 odstotni točki.
As noted above, the actual amount of any capital injection will be decided by the Fund and specified in the agreement with the individual applicant bank.
Kot je navedeno zgoraj, bo o dejanskem znesku kapitalskega vložka odločil Sklad, znesek pa bo naveden v sporazumu s posamezno banko prosilko.
In addition, priority will be given to applications from banks of systemic importance, thereby ensuring that the objective of restoring financial stability is also taken into account [36].
Poleg tega bodo prednost imele vloge sistemsko pomembnih bank, s čimer se zagotavlja, da se upošteva tudi cilj obnovitve finančne stabilnosti [36].
Furthermore, the Fund will require additional justification in relation to any application for a capital injection of more than 2 percentage points in order to verify the need for such a large capital injection.
Sklad bo zahteval tudi dodatno pojasnilo v zvezi z vsako vlogo za kapitalski vložek, ki je višji od dveh odstotnih točk, zaradi preverjanja potrebe po tako velikem kapitalskem vložku.
Any cases in which a capital injection of more than 2 % has been made will be reported to the Authority.
Vsak primer, v katerem bo zagotovljen kapitalski vložek nad 2 %, bo prijavljen Nadzornemu organu.
The Fund will also require additional justification in relation to any application where the proposed injection will bring the core capital ratio of the applicant bank above 12 %.
Sklad bo zahteval tudi dodatno pojasnilo v zvezi z vsako vlogo, pri kateri bo zaradi predlaganega vložka delež temeljnega kapitala banke prosilke nad 12 %.
The Fund will therefore be in a position to verify the need, despite an already high level of capitalisation, for state intervention.
Sklad bo zato lahko preveril potrebo po državnem posegu kljub že tako visoki kapitalizaciji.
The Authority notes that this situation concerns mainly small savings banks with limited ways of financing themselves.
Nadzorni organ ugotavlja, da ta položaj zadeva predvsem male hranilnice, ki imajo omejene načine lastnega financiranja.
These banks represent a small part of the market (only 11 % of total bank assets) and are primarily active on local markets.
Te banke predstavljajo majhen del trga (le 11 % skupnih bančnih sredstev) in so dejavne predvsem na lokalnih trgih.
If the specific need of the bank is not sufficiently justified, the Fund will reject its application.
Če posebna potreba banke ni ustrezno utemeljena, bo Sklad zavrnil njeno vlogo.
Based on the foregoing considerations, the Authority concludes that the notified scheme is constructed in such a way as to ensure that any injection of capital is based on genuine need.
Na podlagi navedenega Nadzorni organ ugotavlja, da je priglašena shema oblikovana za zagotavljanje, da temelji vsak kapitalski vložek na resnični potrebi.
Finally, the Authority must assess whether capital injections are made on terms that minimise the amount of aid in order to limit the distortions of competition to the minimum necessary to achieve the stated objectives.
Nazadnje, Nadzorni organ mora oceniti, ali so kapitalski vložki zagotovljeni pod pogoji, ki čim bolj znižajo znesek pomoči zaradi omejitve izkrivljanja konkurence na najnižjo možno stopnjo, potrebno za dosego navedenih ciljev.
According to the Recapitalisation Guidelines, closeness of pricing to market prices is the best guarantee to limit competition distortions [37].
V skladu s Smernicami o dokapitalizaciji je majhno odstopanje cen od tržnih cen najboljše zagotovilo za omejitev izkrivljanja konkurence [37].
The recapitalisation should therefore be designed in a way that takes the market situation of each institution into account and provides an incentive for the bank to redeem the State as soon as possible.
Dokapitalizacija mora biti zato oblikovana tako, da upošteva tržni položaj vsake institucije in zagotovi banki spodbudo za izplačilo državi takoj, ko je mogoče.
The following elements are therefore to be used when carrying out an assessment of the recapitalisation measures: objective of the recapitalisation, soundness of the beneficiary bank, remuneration, exit incentives, and safeguards against abuse of aid and distortion of competition.
Pri izvajanju ocenjevanja ukrepov dokapitalizacije se zato uporabijo naslednji vidiki: cilj dokapitalizacije, sposobnost poslovanja upravičene banke, nadomestilo, pobude za izstop ter zaščitni ukrepi za preprečevanje zlorabe pomoči in izkrivljanja konkurence.
The objective of the measure and the soundness of the banks have been examined above.
Cilj ukrepa in sposobnost poslovanja bank sta se proučila zgoraj.
risk profile of the beneficiary,
profil tveganja upravičenke,
characteristics of the instrument chosen,
značilnosti izbranega instrumenta,
exit incentives, and
pobude za izstop in
an appropriate benchmark risk-free rate of interest [38].
ustrezno referenčno obrestno mero, ki ni izpostavljena tveganjem [38].
The Guidelines identify an appropriate method to determine the price of recapitalisations by reference to the methodology set out in the aforementioned ECB Recommendation.
V Smernicah je opredeljena ustrezna metoda za določanje cene dokapitalizacij na podlagi metodologije, ki je določena v navedenem priporočilu ECB.
This methodology involves the calculation of a price corridor on the basis of different components with the lower bound identified as the required rate of return for subordinated debt and the upper bound set as the required rate of return for ordinary shares.
Ta metodologija vključuje izračun cenovnega razpona na podlagi različnih elementov s spodnjo mejo, ki se opredeli kot zahtevana stopnja donosa za podrejeni dolg, in z zgornjo mejo, ki je določena kot zahtevana stopnja donosa za navadne delnice.
Both the lower and upper bounds are composed of a combination of government bond yield and ‘add-on’ elements.
Spodnjo in zgornjo mejo sestavlja kombinacija donosa državnih obveznic in elementov „pribitka“.
The specific features of individual institutions and of EFTA States should be reflected when calculating the price corridor in a particular situation.
Pri izračunu cenovnega razpona v določenem položaju se morajo upoštevati posebnosti posameznih institucij in držav Efte.
The Authority will also accept alternative pricing methodologies, provided they lead to remunerations that are higher than the ECB methodology [39].
Nadzorni organ bo sprejel tudi alternativne metodologije določanja cen, če omogočajo višja nadomestila kot metodologija ECB [39].
The required rate of return on subordinated debt is therefore calculated as the government bond yield plus the CDS spread of the issuing bank plus 200 basis points to cover operational costs and provide exit incentive.
Zahtevana stopnja donosa za podrejeni dolg se zato izračuna kot donos državnih obveznic plus razmik kreditnih zamenjav banke izdajateljice plus 200 bazičnih točk za kritje stroškov poslovanja in zagotovitev pobude za izstop.
For other hybrid instruments having economic features similar to subordinated debt, the higher degree of seniority of these instruments is reflected by including an additional 100 basis points.
Za druge hibridne instrumente z ekonomskimi značilnostmi, podobnimi podrejenemu dolgu, se višja stopnja prednosti teh instrumentov kaže z vključitvijo dodatnih 100 bazičnih točk.
The Norwegian authorities have identified the Hybrid Tier 1 security as falling within the above description and have calculated the remuneration on that instrument as the government bond yield plus 5,0 % for banks assigned to risk class 1 (the add-on is 5,5 % and 6,0 % for risk classes 2 and 3 respectively).
Norveški organi so uvrstili hibridni vrednostni papir prvega reda v zgoraj navedeni opis in izračunali nadomestilo za navedeni instrument kot donos državnih obveznic plus 5,0 % za banke, uvrščene v prvi razred tveganja (pribitek je 5,5 % in 6,0 % za drugi in tretji razred tveganja).
They have indicated that Norges Bank has estimated the CDS spread of DnB NOR (the biggest Norwegian bank and the only one for which CDS data is available) at 100 basis points.
Navedli so, da po ocenah Norges Bank znaša razmik kreditnih zamenjav DnB NOR (največja norveška banka in edina, za katero so na voljo podatki o kreditnih zamenjavah) 100 bazičnih točk.
Since the relevant data does not exist for the other Norwegian banks, the authorities have applied the same add-on for all banks.
Ker za druge norveške banke ustrezni podatki ne obstajajo, so organi uporabili enak pribitek za vse banke.
Applying the ECB methodology would therefore result in a minimum add-on of 400 basis points.
Uporaba metodologije ECB bi zato pomenila najmanjši pribitek v višini 400 bazičnih točk.
As noted above, the minimum add-on under the notified scheme is 500 basis points, and it therefore complies with the Guidelines in this respect.
Kot je navedeno zgoraj, je najmanjši pribitek v okviru priglašene sheme 500 bazičnih točk in je zato glede tega v skladu s Smernicami.
The required rate of return on ordinary shares is calculated as the government bond yield plus an equity risk premium of 500 basis points plus 100 basis points to cover operational costs and provide exit incentive.
Zahtevana stopnja donosa za navadne delnice se izračuna kot donos državnih obveznic plus premija za tveganje delnic v višini 500 bazičnih točk plus 100 bazičnih točk za kritje stroškov poslovanja in zagotovitev pobude za izstop.
For other instruments having economic features similar to ordinary shares (including perpetual instruments which convert to ordinary shares), the required rate of return should be close to that for ordinary shares.
Za druge instrumente z ekonomskimi značilnostmi, podobnimi navadnim delnicam (vključno z instrumenti brez dospetja, ki se pretvorijo v navadne delnice), mora biti zahtevana stopnja donosa čim bolj podobna stopnji donosa navadnih delnic.
The Norwegian authorities have identified the Tier 1 preference capital instrument as falling within the above description and have calculated the remuneration on that instrument as the government bond yield plus 6,0 % for banks assigned to risk class 1 (the add-on is 6,5 % and 7,0 % for risk classes 2 and 3 respectively).
Norveški organi so uvrstili prednostni kapitalski instrument prvega reda v zgoraj navedeni opis in izračunali nadomestilo za ta instrument kot donos državnih obveznic plus 6,0 % za banke, uvrščene v prvi razred tveganja (pribitek je 6,5% in 7,0 % za drugi in tretji razred tveganja).
Applying the ECB methodology would result in a minimum add-on of close to 600 basis points and it may therefore be concluded that the add-on for the preference capital instrument is in line with the Recapitalisation Guidelines.
Uporaba metodologije ECB bi zato pomenila najmanjši pribitek v višini približno 600 bazičnih točk, zaradi česar se lahko sklene, da je pribitek za prednostne kapitalske instrumente v skladu s Smernicami o dokapitalizaciji.
The other element of the remuneration is the government bond yield [40].
Drug element nadomestila je donos državnih obveznic [40]. Priglašena shema temelji na norveški petletni državni obveznici.
The Authority notes that, at present, the 6-month floating interest rate is approximately 1 percentage point lower than the 5-year fixed government bond rate.
Nadzorni organ ugotavlja, da je zdaj 6-mesečna spremenljiva obrestna mera za približno 1 odstotno točko nižja od fiksne obrestne mere 5-letnih državnih obveznic.
Thus, the remuneration would today be approximately 1 percentage point lower for a bank exercising the option of remuneration based on the 6-month floating rate.The Norwegian authorities have argued that the two ways of pricing the capital injections are normally equivalent.
Tako bi nadomestilo za banko, ki uporablja možnost nadomestila na podlagi 6-mesečne spremenljive obrestne mere, danes znašalo približno 1 odstotno točko manj.Norveški organi so trdili, da sta ta dva načina določanja cen kapitalskih vložkov običajno enakovredna.
They illustrate this by calculating the remuneration based on both the current 5-year Norwegian government bond rate and the net present cost of 6-month government certificates in the futures market for the 5-year period.
To so ponazorili z izračunom nadomestila na podlagi trenutne obrestne mere 5-letnih norveških državnih obveznic in neto sedanjih stroškov 6-mesečnih državnih certifikatov na terminskem trgu za obdobje petih let.
This is based on the theory that parity between fixed and floating interest rates will be ensured over time.
To temelji na teoriji, da se bo sčasoma zagotovila enakost med fiksnimi in spremenljivimi obrestnimi merami.
Although the calculations are based on expectations and do not guarantee that the interest will always be the same as predicted, the Authority concludes that, on the basis of available data, it is likely that the remuneration tied to a 6-month government certificate will be within the price corridor established on the basis of the methodology described above.
Čeprav temeljijo izračuni na pričakovanjih in ne zagotavljajo vedno enake obrestne mere, kot je predvideno, je Nadzorni organ sklenil, da je na podlagi dostopnih podatkov verjetno, da bo nadomestilo, vezano na 6-mesečni državni certifikat, v okviru cenovnega razpona, ki je bil vzpostavljen na podlagi zgoraj opisane metodologije.
Moreover, the Authority has taken note of the fact that the add-on elements are above the minimum required under the Recapitalisation Guidelines.
Poleg tega je Nadzorni organ upošteval dejstvo, da so elementi pribitka nad najnižjo vrednostjo, ki se zahteva v skladu s Smernicami za dokapitalizacijo.
Having dealt with the appropriate benchmark interest rate and the characteristics of the instruments on offer, the next element of remuneration to consider is the risk profile of the beneficiary.
Ob upoštevanju referenčne obrestne mere in značilnosti instrumentov v ponudbi je naslednji element nadomestila, ki ga je treba upoštevati, profil tveganja upravičenke.
As noted above the Fund shall assign each bank to one of three risk classes, based on objective criteria [41].
Kot je navedeno zgoraj, Sklad vsako banko uvrsti v enega od treh razredov tveganja na podlagi objektivnih meril [41].
The risk class will determine the coupon to be paid on the injected capital.
Na podlagi razreda tveganja se določi kupon, ki ga je treba plačati za vloženi kapital.
Annex 1 to the Recapitalisation Guidelines gives more information on how the risk profile of the beneficiary is to be assessed and identifies capital adequacy, the size of the recapitalisation, current CDS spreads and the rating and outlook of the applicant bank as relevant indicators.
Priloga I k Smernicam o dokapitalizaciji navaja več informacij o načinu ocenjevanja profila tveganja upravičenke ter opredeljuje kapitalsko ustreznost, obseg dokapitalizacije, trenutne razmike kreditnih zamenjav ter bonitetno oceno in obete banke prosilke kot ustrezne kazalnike.
The Authority is of the opinion that the method of assessment by the Fund described above under Section I.5.3 above takes sufficient account of these various indicators and therefore leads to an appropriate classification of the applicant banks in terms of risk.
Nadzorni organ meni, da metoda ocenjevanja Sklada, opisana v oddelku I.5.3 zgoraj, v zadostni meri upošteva te različne kazalnike in zato pomeni ustrezno razvrstitev bank prosilk v zvezi s tveganjem.
The Norwegian authorities have included an extra 50 basis points in the remuneration for banks in risk class 2 and an extra 100 basis points for those in risk class 3.
Norveški organi so v nadomestilo za banke v drugem razredu tveganja vključili dodatnih 500 bazičnih točk in dodatnih 100 bazičnih točk za banke iz tretjega razreda tveganja.
The rationale for this has been explained as the difference observed between the credit spread of the subordinated debt of DnB NOR and that of other Norwegian banks as mark-ups to the estimated DnB NOR CDS spread.
Razlog za to naj bi bila ugotovljena razlika med kreditnim razmikom podrejenega dolga DnB NOR in kreditnim razmikom podrejenega dolga drugih norveških bank kot pribitki ocenjenih razmikov kreditnih zamenjav DnB NOR.
The spread between the lowest and highest yield was observed to be no greater than approximately 100 basis points and the add-ons for the medium and high risk classes were therefore set at 50 and 100 basis points respectively.
Ugotovljeno je bilo, da razmik med najnižjim in najvišjim donosom ni bil večji od približno 100 bazičnih točk, zato so bili pribitki za razrede s srednjo in visoko stopnjo tveganja določeni na 50 in 100 bazičnih točk.
The final element of remuneration identified in the Guidelines are the exit incentives built into the scheme.
Zadnji element nadomestila, ki je opredeljen v Smernicah, so pobude za izstop, ki so vključene v shemo.
In this respect, the Authority notes that remuneration on the Hybrid Tier 1 security (which may be redeemed at any time) is increased by 1 percentage point annually in each of years 4 and 5 and maintains that higher coupon until redemption.
V zvezi s tem Nadzorni organ ugotavlja, da se nadomestilo za hibridni vrednostni papir prvega reda (ki se lahko izplača kadar koli) poveča za 1 odstotno točko letno v vsakem četrtem in petem letu ter ohrani ta višji kupon do odkupa.
With respect to the Tier 1 preference capital instrument, redemption is only possible after 3 years have elapsed and at the end of the fifth year, the instrument is automatically converted into ordinary shares.
Pri prednostnem kapitalskem instrumentu prvega reda je odkup mogoč le po preteku treh let in ob koncu petega leta, instrument pa se samodejno pretvori v navadne delnice.
However, it is stipulated in the Regulation that 1) redemption shall be at no less than par value and shall increase in years 4 and 5, and 2) conversion to shares at the end of year 5 shall be on such terms as to provide the bank with incentives to redeem the instrument before automatic conversion would take place.
Kljub temu je v Uredbi določeno, da 1) odkup ne sme biti opravljen po nižji ceni, kot je nominalna vrednost, in se poveča v četrtem in petem letu ter 2) je pretvorba v delnice ob koncu petega leta opravljena pod takimi pogoji, da se banki zagotovijo spodbude za odkup instrumenta pred samodejno pretvorbo.
The Norwegian authorities have also indicated that, as an additional incentive for redemption, the conversion mechanism should also be more favourable to the Fund than a conversion at the then market price, thus requiring a significant dilution of existing shareholders.
Norveški organi so navedli tudi, da mora biti kot dodatna spodbuda za odkup mehanizem pretvorbe bolj naklonjen Skladu kot pretvorba po takratni tržni ceni, kar zahteva pomembno redčenje obstoječih delničarjev.
The Authority considers that, taking all of these elements into account, the notified scheme provides for an overall level of remuneration in line with the principles laid down in the Recapitalisation Guidelines.
Nadzorni organ meni, da ob upoštevanju vseh teh elementov zagotavlja priglašena shema splošno stopnjo nadomestila v skladu z načeli iz Smernic o dokapitalizaciji.
In addition to remuneration and exit incentives, the Recapitalisation Guidelines also refer to safeguards against abuse of aid and distortion of competition and require EFTA States to attach effective and enforceable national safeguards to recapitalisation which ensure that the injected capital is used to sustain lending to the real economy so that the objective of financing the real economy is effectively attained [42].
Poleg nadomestila in pobud za izstop se Smernice o dokapitalizaciji sklicujejo tudi na zaščitne ukrepe za preprečevanje zlorabe pomoči in izkrivljanja konkurence ter zahtevajo, da države Efte dokapitalizacijo pogojijo z učinkovitimi in izvršljivimi zaščitnimi ukrepi, ki zagotavljajo, da je vložek kapitala uporabljen za ohranitev zagotavljanja posojil realnemu gospodarstvu [42].
The Authority notes in this respect that the notified scheme contains behavioural commitments imposed on the banks benefiting from a capital injection to ensure that the funds are not used for other purposes than to support lending to the real economy.
Nadzorni organ v zvezi s tem ugotavlja, da priglašena shema vsebuje zaveze v zvezi z ravnanjem, določene za banke, ki koristijo kapitalski vložek, za zagotovitev, da se sredstva ne uporabijo v druge namene kot le za posojila realnemu gospodarstvu.
Section 6 of the Regulation ensures that the Fund is regularly informed of the lending policy of beneficiary banks, Section 8 requires banks benefiting from a capital injection to commit to use it in line with the aims of the scheme, not contrary to the purpose thereof which is to foster lending to the real economy and Section 14 gives the Fund the power to take measures to ensure that the terms governing the capital injection are complied with.
V oddelku 6 Uredbe je zagotovljeno, da je Sklad redno obveščen o posojilni politiki upravičenih bank, v oddelku 8 se zahteva, da se banke, ki koristijo kapitalski vložek, zavežejo k njegovi uporabi v skladu s cilji sheme in ne v nasprotju z njenim namenom, ki je spodbujanje posojil realnemu gospodarstvu, v oddelku 14 pa se Skladu omogoča sprejemanje ukrepov, da se zagotovi upoštevanje pogojev, ki urejajo kapitalski vložek.
Finally, the Authority notes that the Norwegian authorities do not have in place any other State aid measures aimed at the banking sector.
Nazadnje, Nadzorni organ ugotavlja, da norveški organi nimajo vzpostavljenih nobenih drugih ukrepov državne pomoči, ki so namenjeni bančnemu sektorju.