natgillin/translations-raw huggingface dataset:
In line with the ECB Recommendation, the minimum add-on element is calculated as the issuing bank’s 5-year CDS spreads on subordinated debt over the reference period 1 January 2007 through 31 August 2008 plus 200 basis points for operational costs plus an additional 100 basis points to reflect the seniority of the hybrid in relation to subordinated debt.
V skladu s priporočilom ECB se minimalni pribitek izračuna kot petletni razmiki kreditnih zamenjav banke izdajateljice za podrejeni dolg v referenčnem obdobju od 1. januarja 2007 do 31. avgusta 2008 plus 200 bazičnih točk za stroške poslovanja plus 100 dodatnih bazičnih točk za prikaz stopnje prednosti hibridnega finančnega instrumenta v razmerju do podrejenega dolga.
A mark-up is then applied for banks in risk classes 2 and 3.
Pribitek se nato uporabi pri bankah v drugem in tretjem razredu tveganja.
The Norwegian authorities have indicated that Norges Bank has estimated the median spread on subordinated CDS contracts for DnB NOR [22], the only Norwegian bank for which CDS contracts are traded, at 100 basis points for the period 1 January 2007 to 31 August 2008 [23].
Norveški organi so navedli oceno Norges Bank, in sicer, da je srednji razmik pri pogodbah o podrejenih razmikih kreditnih zamenjav za DnB NOR [22], tj. edina norveška banka, za katero se trguje s pogodbami o razmikih kreditnih zamenjav, ocenjen na 100 bazičnih točk za obdobje od 1. januarja 2007 do 31. avgusta 2008 [23].
To stimulate redemption, the coupon is increased by 1 percentage point after each of years 4 and 5.
Zaradi spodbujanja odkupa se kupon poviša za 1 odstotno točko po vsakem četrtem in petem letu.
The instrument will retain that higher fixed coupon until redemption.
Z instrumentom se bo zagotovilo, da se do odkupa ohrani višji nespremenljivi kupon.
Redemption is conditional upon permission being granted by the Financial Supervisory Authority, which needs to verify that capital adequacy requirements will continue to be fulfilled after the redemption.
Odkup je odvisen od dovoljenja, ki ga podeli finančni nadzorni organ, ki mora preveriti, ali bodo zahteve kapitalske ustreznosti po odkupu še naprej izpolnjene.
The Tier 1 preference capital instrument
Prednostni kapitalski instrument prvega reda
The Tier 1 preference capital instrument shall rank pari passu (absorb losses in parallel) with ordinary shares.
Prednostni kapitalski instrument prvega reda se uvršča pari passu (hkrati absorbira izgube) z navadnimi delnicami.
It may be called after 3 years.
Po treh letih se ga lahko odkupi.
It is designed as a mandatory convertible and will convert to ordinary shares after 5 years, unless it is redeemed or converted before that.
Oblikovan je kot obvezno zamenljiv instrument in se bo po petih letih spremenil v navadne delnice, razen v primeru odkupa ali predhodne pretvorbe.
The instrument shall have a fixed coupon determined as the Norwegian government bond rate, with the following add-on:
Instrument ima nespremenljiv kupon, ki je določen kot obrestna mera norveške državne obveznice z naslednjim pribitkom:
6,0 % for banks in risk class 1,
6,0 % za banke v prvem razredu tveganja,
6,5 % for banks in risk class 2,
6,5 % za banke v drugem razredu tveganja,
7,0 % for banks in risk class 3 [24].
7,0 % za banke v tretjem razredu tveganja [24].
In line with the ECB Recommendation, the minimum add-on is established as 600 basis points (500 basis points equity risk premium and 100 basis points to cover operational costs).
V skladu s priporočilom ECB se minimalni pribitek določi na 600 bazičnih točk (500 bazičnih točk premije za tveganje delnic in 100 bazičnih točk za kritje stroškov poslovanja).
A mark-up is applied to banks in risk classes 2 and 3.
Pribitek se uporabi pri bankah v drugem in tretjem razredu tveganja.
As noted above, the instrument may be called after 3 years.
Kot je navedeno zgoraj, se instrument lahko odkupi po treh letih.
The method for calculating the redemption value shall be specified in the agreement with the bank and cannot be less than the par value [25].
Metoda za izračun odkupne vrednosti je določena v sporazumu z banko in ne more biti manjša od nominalne vrednosti [25].
Early redemption shall for instance be stimulated by including in the agreement an increase of the redemption rate in the fourth and fifth year, making early redemption less expensive compared to late redemption.
Zgodnji odkup se spodbuja na primer z vključitvijo stopnje odkupa v sporazum v četrtem in petem letu, zaradi česar je zgodnji odkup cenejši v primerjavi s poznejšim odkupom.
In addition, the incentive to redeem, instead of allowing mandatory conversion to take place, shall be ensured by setting a conversion rate at the end of the 5-year period that is more favourable to the Fund than conversion at the then market price, and also more favourable to the Fund compared to a redemption before the end of year 5 (in other words the method adopted shall provide for significant dilution of existing shareholders).
Poleg tega se spodbuda za odkup namesto obvezne pretvorbe zagotovi na podlagi določitve stopnje pretvorbe ob koncu petletnega obdobja, ki je ugodnejša za Sklad kot pa pretvorba po takratni tržni ceni, prav tako pa je ugodnejša za Sklad v primerjavi z odkupom pred iztekom petih let (to pomeni, da zagotavlja sprejeta metoda pomembno redčenje obstoječih delničarjev).
The Norwegian authorities have explained that the Fund shall have a right to convert the instrument to ordinary shares/primary capital certificates if the preferred capital constitutes a significant portion of the bank’s book equity.
Norveški organi so pojasnili, da ima Sklad pravico do pretvorbe instrumenta v navadne delnice/certifikate temeljnega kapitala, če predstavlja prednostni kapital velik del lastniških sredstev banke.
The Fund shall specify in the agreement with each individual bank what constitutes a significant portion.
Sklad v sporazumu z vsako posamezno banko podrobno navede, kaj predstavlja velik del.
The significant portion threshold shall be no higher than 50 % [26].
Prag za velik del ni višji od 50 % [26].
The individual agreement may also include an option for the bank to convert the instrument to ordinary shares/primary capital certificates if ‘own funds’ have been written down considerably (by more than 20 %).
Posamezni sporazum lahko vključuje tudi možnost, da lahko banka pretvori instrument v navadne delnice/certifikate temeljnega kapitala, če so bila „lastna sredstva“ bistveno znižana (za več kot 20 %).
The method for calculating how many shares the Fund shall receive upon the conversion shall be specified in the agreement with the bank and shall ensure a reasonable relationship between the redemption value and potential gain, on the one hand, and conversion and potential loss on the other hand [27].
Metoda za izračun, koliko delnic prejme Sklad na podlagi pretvorbe, se opredeli v sporazumu z banko in zagotavlja razumno povezavo med odkupno vrednostjo in morebitnim dobičkom na eni strani ter pretvorbo in morebitno izgubo na drugi strani [27].
Behavioural safeguards
Zaščitni ukrepi v zvezi z ravnanjem
According to the Norwegian authorities, the scheme is supplemented by a number of behavioural safeguards.
Norveški organi navajajo, da je shema dopolnjena z več zaščitnimi ukrepi v zvezi z ravnanjem.
The Fund shall make capital contributions conditional upon them being used in line with the aims of the scheme, and not being used contrary to the purpose thereof, and upon the bank refraining from exploiting the capital contribution in its marketing or for purposes of implementing aggressive commercial strategies [28].
Sklad poskrbi, da so vložena sredstva pogojena s temi ukrepi, ki se uporabijo v skladu s cilji sheme in ne v nasprotju z njenim namenom, ter so odvisna od banke, ki se vzdrži izkoriščanja vloženih sredstev pri svojem trženju ali za namene izvajanja agresivnih tržnih strategij [28].
Additional restrictions exist such as (i) a ban on increase of salaries and other benefits of managerial personnel until 31 December 2010; (ii) an almost complete ban on bonuses for the financial years 2009 and 2010 with a prohibition on paying out accrued bonuses thereafter; (iii) a prohibition on managerial personnel receiving shares or similar on favourable terms, and (iv) a prohibition on initiating new share option programmes or extending or renewing existing ones.
Obstajajo dodatne omejitve, kot so (i) prepoved povišanja plač in drugih prejemkov vodstvenih delavcev do 31. decembra 2010; (ii) skoraj popolna prepoved nagrad za finančni leti 2009 in 2010 s prepovedjo izplačila neporavnanih premij; (iii) prepoved prejemanja delnic ali podobnih papirjev pod ugodnimi pogoji za vodstvene delavce ter (iv) prepoved uvajanja programov v zvezi z možnostjo novih delnic ali podaljšanja ali obnovitve obstoječih programov.
The presence of State aid
Prisotnost državne pomoči
Article 61(1) EEA reads as follows:
Člen 61(1) EGP določa:
To qualify as State aid, the measure must firstly be granted by the State or through state resources.
Da bi ukrep opredelili kot državno pomoč, ga mora najprej odobriti država ali pa se odobri iz državnih sredstev.
The notified scheme consists of capital injections made by the Fund with resources from the national budget.
Priglašeno shemo sestavljajo kapitalski vložki, ki jih Sklad ustvari s sredstvi iz državnega proračuna.
For this purpose, a total budget of NOK 50 billion has been allocated to the Fund.
V ta namen je bilo Skladu dodeljenih 50 milijard NOK.
Further, the recapitalisation measures allow the beneficiaries to secure the required capital on more favourable conditions than would otherwise be possible in the light of the prevailing conditions in the financial markets.
Poleg tega ukrepi dokapitalizacije upravičenkam omogočajo, da zavarujejo potrebni kapital pod ugodnejšimi pogoji, kot bi bili drugače na voljo glede na prevladujoče razmere na finančnih trgih.
The Authority considers that, given the current difficulties on capital markets, the State is investing because no market economy operator would have been willing to invest on similar terms.
Nadzorni organ meni, da država ob upoštevanju trenutnih težav na kapitalskih trgih vlaga zato, ker noben drug nosilec dejavnost v tržnem gospodarstvu ne bi bil pripravljen vlagati pod podobnimi pogoji.
Moreover, the notified measure is selective in that only fundamentally sound Norwegian banks and not any other financial institutions or other undertakings are eligible under scheme.
Poleg tega je priglašeni ukrep selektiven, ker so do sheme upravičene le načeloma zdrave norveške banke in nobena druga finančna institucija ali podjetje.
This gives an economic advantage to the beneficiaries and strengthens their position compared to that of their competitors in Norway and in other EEA Member States and must therefore be regarded as distorting competition and affecting trade between Contracting Parties.
To daje upravičenkam gospodarsko prednost in krepi njihov položaj v primerjavi s položajem njihovih konkurentov na Norveškem in v drugih državah članicah EGP ter se mora zato obravnavati kot izkrivljanje konkurence in vpliv na trgovino med pogodbenicami.
For these reasons, the Authority considers that the notified recapitalisation scheme constitutes State aid within the meaning of Article 61(1) EEA.
Iz teh razlogov Nadzorni organ meni, da predstavlja priglašena shema dokapitalizacije državno pomoč v smislu člena 61(1) EGP.
Pursuant to Article 1(3) of Part I of Protocol 3, ‘the EFTA Surveillance Authority shall be informed, in sufficient time to enable it to submit its comments, of any plans to grant or alter aid (…).
V skladu s členom 1(3) dela I Protokola 3 mora biti „Nadzorni organ Efte […] obveščen o vseh načrtih za dodelitev ali spremembo pomoči dovolj zgodaj, da lahko predloži pripombe […].
The State concerned shall not put its proposed measures into effect until the procedure has resulted in a final decision.’
Zadevna država ne sme izvajati svojih predlaganih ukrepov, dokler v postopku ni sprejeta dokončna odločitev“.
By notifying the recapitalisation scheme on 28 April 2009, the Norwegian authorities complied with the notification requirement.
S priglasitvijo sheme dokapitalizacije 28. aprila 2009 so norveški organi izpolnili zahtevo po priglasitvi.
They have committed not to implement the scheme until the Authority has approved the measure, thereby also complying with the standstill obligation.
Zavezali so se, da sheme ne bodo izvajali, dokler Nadzorni organ ukrepa ne odobri, s čimer se izpolnjuje tudi obveznost mirovanja.
The Authority can therefore conclude that the Norwegian authorities have respected their obligations pursuant to Article 1(3) of Part I of Protocol 3.
Nadzorni organ je zato sklenil, da so norveški organi izpolnili svoje obveznosti v skladu s členom 1(3) dela I Protokola 3.
Application of Article 61(3)(b) EEA and the Recapitalisation Guidelines
Uporaba člena 61(3)(b) EGP in Smernic o dokapitalizaciji
Article 61(3)(b) EEA provides that ‘aid to promote the execution of an important project of common European interest or to remedy a serious disturbance in the economy of an EC State or an EFTA State’ (emphasis added) may be held compatible with the functioning of the EEA Agreement.
Člen 61(3)(b) EGP določa, da je lahko „pomoč za pospeševanje izvedbe pomembnega projekta skupnega evropskega interesa ali za odpravljanje resne motnje v gospodarstvu države članice ES ali države Efte“ (dodan poudarek) združljiva z delovanjem Sporazuma EGP.
The Authority does not dispute the analysis of the Norwegian authorities that the current global financial crisis has restricted lending to the real economy on a national scale.
Nadzorni organ ne nasprotuje analizi norveških organov, da se zaradi trenutne svetovne finančne krize omejujejo posojila realnemu gospodarstvu na nacionalni ravni.
Should this situation not be addressed, it would have a systemic effect on the Norwegian economy as a whole.
Če se ta položaj ne bi obravnaval, bi lahko imel sistemski učinek na celotno norveško gospodarstvo.
The Authority therefore finds that the notified scheme aims at remedying a serious disturbance in the Norwegian economy.
Nadzorni organ zato ugotavlja, da je cilj priglašene sheme odpravljanje resnih motenj v norveškem gospodarstvu.
Based on Article 61(3)(b) EEA, the Authority adopted in January 2009 the Recapitalisation Guidelines laying down the rules for the assessment of aid granted in the form of recapitalisation in the context of the current financial crisis.
Na podlagi člena 61(3)(b) EGP je Nadzorni organ januarja 2009 sprejel Smernice o dokapitalizaciji, ki določajo pravila za ocenjevanje pomoči, dodeljene v obliki dokapitalizacije v okviru trenutne finančne krize.
Accordingly, the Authority will assess the current notification on the basis of the provisions of the Recapitalisation Guidelines.
Zato bo Nadzorni organ ocenil sedanjo priglasitev na podlagi določb iz Smernic o dokapitalizaciji.
The Recapitalisation Guidelines provide that ‘in the context of the current situation in the financial markets, the recapitalisation of banks can serve a number of objectives.
Smernice o dokapitalizaciji določajo, da je lahko „glede na trenutne razmere na finančnih trgih […] dokapitalizacija bank namenjena številnim ciljem.
[…] Second, recapitalisations can have as objective to ensure lending to the real economy’ [29].
[…] Kot drugo lahko dokapitalizacija pomaga zagotavljati posojila realnemu gospodarstvu“ [29].
Moreover ‘banks must have sufficiently favourable terms of access to capital in order to make the recapitalisation as effective as necessary.
Poleg tega „morajo imeti banke dovolj ugodne pogoje za dostop do kapitala, da bo dokapitalizacija tako učinkovita, kot je potrebno.
On the other hand, the conditions tied to any recapitalisation measure should ensure a level playing field and, in the longer term, a return to normal market conditions.
Po drugi strani pa bi morali pogoji, povezani z ukrepom dokapitalizacije, zagotoviti enake konkurenčne pogoje in z dolgoročnega vidika prehod na normalne tržne pogoje.
State interventions should therefore be proportionate and temporary and should be designed in a way that provides incentives for banks to redeem the State as soon as market circumstances permit (…).
Državni posegi bi zato morali biti sorazmerni in začasni ter bi morali biti oblikovani tako, da dajejo bankam spodbudo za izplačilo državi takoj, ko bodo tržne razmere to dopuščale […].
In all cases, EFTA States should ensure that any recapitalisation of a bank is based on genuine need’ (emphasis added) [30].
Države članice bi morale vedno zagotoviti, da dokapitalizacija bank izhaja iz resnične potrebe“ (dodan poudarek) [30].
The notified measures must therefore fulfil the following conditions:
Priglašeni ukrepi morajo zato izpolnjevati naslednje pogoje:
appropriateness (adequacy of the measure to meet the objectives set) the aid measure must be well targeted in order to effectively meet the aim of fostering financial stability and lending to the real economy,
primernost (ustreznost ukrepa za izpolnitev zastavljenih ciljev) ukrep pomoči mora biti dobro usmerjen zaradi učinkovitega doseganja cilja krepitve finančne stabilnosti in posojil realnemu gospodarstvu,
necessity the aid measure must, in its amount and form, be necessary to achieve the stated objective [31],—
nujnost ukrep pomoči mora biti po višini in obliki nujen za doseganje navedenega cilja [31],—
proportionality the positive effects of the aid measure must be properly balanced against the distortions of competition, in order for the distortions to be limited to the minimum necessary to reach the measures’ objectives.
sorazmernost pozitivni učinki ukrepa pomoči morajo biti ustrezno uravnoteženi z izkrivljanjem konkurence, da se izkrivljanja omejijo na najnižjo raven, ki je potrebna za dosego ciljev ukrepov.
Appropriateness
Primernost
The Authority must firstly assess whether the measure proposed, i.e. state recapitalisation of fundamentally sound banks, is an appropriate measure to achieve the stated objectives of fostering financial stability and lending to the real economy
Nadzorni organ mora najprej oceniti, ali je predlagani ukrep, tj. državna dokapitalizacija načeloma zdravih bank, primeren ukrep za doseganje navedenih ciljev krepitve finančne stabilnosti in posojil realnemu gospodarstvu.
The Authority acknowledges that credit institutions may need extra capital in the present market circumstances in order to ensure a sufficient flow of credit to the entire economy, thereby counteracting a further deepening of the crisis.
Nadzorni organ priznava, da bi kreditne institucije v sedanjih tržnih razmerah morda potrebovale dodaten kapital, da se celotnemu gospodarstvu zagotovi dovolj močan kreditni tok, s čimer bi se preprečilo nadaljnje poglabljanje krize.
In addition, uncertainties as regards economic prospects have weakened trust in the long-term solidity of financial institutions.
Poleg tega so negotovosti v zvezi z gospodarskimi možnostmi oslabile zaupanje v dolgoročno trdnost finančnih institucij.
Recapitalisation of fundamentally sound banks should ensure that financial institutions are sufficiently strongly capitalised so as to better withstand potential losses and maintain normal lending activities.
Z dokapitalizacijo načeloma zdravih bank je treba zagotoviti, da so finančne institucije dovolj dobro kapitalizirane, da lahko lažje prenesejo morebitne izgube in ohranijo običajne posojilne dejavnosti.
The provision of capital to fundamentally sound banks can therefore be seen as an appropriate measure to ensure conditions favourable to lending to the real economy in line with the requirement of the Recapitalisation Guidelines.
Zagotavljanje kapitala načeloma zdravim bankam se zato lahko obravnava kot primeren ukrep za zagotovitev pogojev, ki so ugodni za posojila realnemu gospodarstvu v skladu z zahtevo iz Smernic o dokapitalizaciji.
Necessity
Nujnost
The aid measure must, in its amount and form, be necessary to achieve the stated objectives, having regard to the current exceptional circumstances.
Ukrep pomoči mora biti po višini in obliki nujen za doseganje navedenih ciljev ob upoštevanju trenutnih izjemnih razmer.
It may therefore be considered that only aid to fundamentally sound banks is necessary for the purposes of the stated objectives.
Zato se lahko šteje, da je za namene navedenih ciljev nujna le pomoč načeloma zdravim bankam.
The Norwegian authorities envisage that the notified scheme will enter into force in May 2009 and be open for 6 months.
Norveški organi predvidevajo, da bo priglašena shema začela veljati maja 2009 in bo na voljo 6 mesecev.
A deadline for the submission of applications for a capital injection will be set 6 weeks prior to the expiry of the 6-month period (approximately end-September 2009).
Rok za predložitev vlog za kapitalski vložek bo določen 6 tednov pred iztekom 6-mesečnega obdobja (približno konec septembra 2009).
In addition, the capital injections are intended to be temporary.
Poleg tega naj bi bili kapitalski vložki začasni.
Incentives to encourage the banks to repay the capital injected are embedded in the scheme and a number of significant behavioural constraints are imposed, further incentivising a return to normal market conditions.
Spodbude bankam za poplačilo vloženega kapitala so vključene v shemo, uvedene pa so tudi številne velike omejitve v zvezi z ravnanjem, ki dodatno spodbujajo vrnitev k običajnim tržnim pogojem.
By limiting the temporal scope of the scheme, the Authority considers that the Norwegian authorities have confined the potential State aid to the context of the current situation on financial markets and the serious disturbance presently existing in the Norwegian economy.
Na podlagi omejitve časovnega okvira sheme Nadzorni organ meni, da so norveški organi omejili morebitno državno pomoč glede na trenutne razmere na finančnih trgih in resne motnje, ki trenutno obstajajo v norveškem gospodarstvu.
The Recapitalisation Guidelines underline the importance of the distinction between fundamentally sound, well-performing banks, and distressed, less-performing banks [32].
Smernice o dokapitalizaciji poudarjajo pomen razlikovanja med načeloma zdravimi bankami, ki dobro poslujejo, in bankami v težavah, ki slabše poslujejo [32].
The Norwegian authorities have explained that only banks that are fundamentally sound are eligible to participate in the notified scheme.
Norveški organi so pojasnili, da lahko v okviru priglašene sheme sodelujejo le načeloma zdrave banke.
On the basis of the information provided by the banks when applying for the capital injection and on the basis of objective criteria (formal capital adequacy ratios, analysis of each bank’s various risk exposures, asset quality, business prospects, etc.), the Norwegian Financial Supervisory Authority will exercise a ‘gate-keeping’ function and assess whether a bank is fundamentally sound.
Na podlagi informacij, ki so jih predložile banke ob zaprositvi za kapitalski vložek, in na podlagi objektivnih meril (uradni deleži kapitalske ustreznosti, analiza izpostavljenosti posameznih bank različnim tveganjem, boniteta finančnih sredstev, poslovne možnosti itd.) bo norveški finančni nadzorni organ opravljal nadzorno funkcijo in ocenil, ali je banka načeloma zdrava.
The scheme will only be open to banks that are found by the Financial Supervisory Authority to meet Tier 1 capital requirements ‘with a good margin, also when likely developments in the near future are taken into consideration’ [33].
Shema bo dostopna le bankam, za katere finančni nadzorni organ ugotovi, da izpolnjujejo zahteve v zvezi s kapitalom prvega reda „s precejšnjo rezervo, tudi kadar se upoštevajo mogoči razvojni dogodki v bližnji prihodnosti“ [33].
It may therefore be concluded that the notified scheme respects the distinction operated in the Recapitalisation Guidelines and will not be used to recapitalise banks which are not fundamentally sound.
Zato se lahko sklene, da priglašena shema upošteva razlikovanje iz Smernic o dokapitalizaciji in se ne bo uporabljala za dokapitalizacijo bank, ki načeloma niso zdrave.
EFTA States should ensure that any recapitalisation of a bank is based on genuine need [34].
Države Efte morajo zagotoviti, da temelji vsaka dokapitalizacija banke na resnični potrebi [34].