natgillin/translations-raw huggingface dataset:
THE EFTA SURVEILLANCE AUTHORITY [1], HAVING REGARD to the Agreement on the European Economic Area [2], in particular Articles 61 to 63 thereof and Protocol 26 thereto,
NADZORNI ORGAN EFTE [1] JE – OB UPOŠTEVANJU Sporazuma o Evropskem gospodarskem prostoru [2] ter zlasti členov 61 do 63 Sporazuma in Protokola 26 k Sporazumu,
HAVING REGARD to the Agreement between the EFTA States on the Establishment of a Surveillance Authority and a Court of Justice [3], in particular Article 24 thereof,
OB UPOŠTEVANJU Sporazuma med državami Efte o ustanovitvi nadzornega organa in sodišča [3] in zlasti člena 24 Sporazuma,
HAVING REGARD to Article 1(3) of Part I and Article 4(3) of Part II of Protocol 3 to the Surveillance and Court Agreement [4],
OB UPOŠTEVANJU člena 1(3) dela I in člena 4(3) dela II Protokola 3 k Sporazumu o nadzornem organu in sodišču [4],
HAVING REGARD to the Authority’s Guidelines on the application and interpretation of Articles 61 and 62 of the EEA Agreement [5], and in particular the Chapter on the recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition thereof [6],
OB UPOŠTEVANJU Smernic Nadzornega organa o uporabi in razlagi členov 61 in 62 Sporazuma EGP [5] in zlasti poglavja o dokapitalizaciji finančnih institucij v trenutni finančni krizi: omejitev pomoči na najmanjšo potrebno in zaščitni ukrepi za preprečevanje neupravičenega izkrivljanja konkurence [6],
HAVING REGARD to Decision No 195/04/COL of 14 July 2004 on the implementing provisions referred to under Article 27 of Part II of Protocol 3 [7],
OB UPOŠTEVANJU Odločbe št. 195/04/COL z dne 14. julija 2004 o izvedbenih določbah iz člena 27 dela II Protokola 3 [7],
On 28 April 2009, the Norwegian authorities notified, pursuant to Article 1(3) of Part I of Protocol 3, a scheme for the temporary recapitalisation of fundamentally sound banks in order to foster financial stability and lending to the real economy (Event No 516522) [8].2.
Norveški organi so 28. aprila 2009 v skladu s členom 1(3) dela I Protokola 3 priglasili shemo začasne dokapitalizacije načeloma zdravih bank za spodbujanje finančne stabilnosti in posojil realnemu gospodarstvu (dogodek št. 516522) [8].
The Norwegian authorities have explained that there is considerable uncertainty concerning the evolution of the Norwegian economy and the developments in the banks’ lending policy and activity.
Norveški organi so pojasnili, da sta razvoj norveškega gospodarstva in razvoj dogodkov na področju posojilne politike in dejavnosti bank precej negotovi.
There is a strong interdependence between the real economy and the financial system.
Realno gospodarstvo in finančni sistem sta zelo medsebojno odvisna.
The desire to reduce risks in the face of mounting losses may cause banks to tighten the supply of credit.
Zaradi želje po zmanjšanju tveganja zaradi naraščajočih izgub bi lahko banke omejile ponudbo posojil.
The effect of reduced external demand on the Norwegian economy is exacerbated by a tightening of lending conditions for businesses and households, thereby hampering investments and activity in the real economy and amplifying the negative effects of the general economic downturn.
Vpliv manjšega zunanjega povpraševanja na norveško gospodarstvo se povečuje z zaostritvijo posojilnih pogojev za podjetja in gospodinjstva, s čimer se ovirajo naložbe in dejavnosti v realnem gospodarstvu ter se povečujejo negativni vplivi splošne gospodarske recesije.
The Norwegian authorities have indicated that lending surveys carried out by the Norwegian Central Bank (Norges Bank) and the Financial Supervisory Authority (Kredittilsynet) show that banks have been tightening credit standards substantially, particularly for corporate loans.
Norveški organi so navedli, da so raziskave o posojilih, ki sta jih izvedla norveška centralna banka (Norges Bank) in finančni nadzorni organ (Kredittilsynet), pokazale, da banke bistveno zaostrujejo kreditne standarde, zlasti za posojila gospodarstvu.
They also show that capital ratios are a key concern for banks when evaluating their lending policy.
Raziskave tudi kažejo, da so deleži kapitala ključna skrb bank pri ocenjevanju svoje posojilne politike.
At present, Norwegian banks are financially sound but they need to strengthen their core capital in order to be able to maintain a normal supply of credit.
Trenutno so norveške banke finančno zdrave, vendar morajo okrepiti svoj temeljni kapital, da bodo lahko ohranile običajno ponudbo posojil.
In December 2008, Norges Bank recommended that the Government take measures to improve bank solidity in order to enhance lending to the real economy.
Norges Bank je decembra 2008 priporočila, naj vlada sprejme ukrepe za večjo trdnost bank, da se povečajo posojila realnemu gospodarstvu.
This recommendation was endorsed by the Financial Supervisory Authority.
To priporočilo je podprl finančni nadzorni organ.
The Norwegian authorities have explained that some of the larger Norwegian banks have relatively low core capital ratios and need recapitalisation in order to be able to continue lending to the real economy [9].
Norveški organi so pojasnili, da imajo nekatere večje norveške banke sorazmerno nizke deleže temeljnega kapitala in potrebujejo dokapitalizacijo, da bodo lahko še naprej zagotavljale posojila realnemu gospodarstvu [9].
Smaller banks with high capital ratios may also need additional core capital to maintain or increase lending in line with the purpose of the notified scheme.
Manjše banke z visokimi deleži kapitala bi prav tako potrebovale dodatni temeljni kapital za ohranjanje ali povečanje obsega posojil v skladu z namenom priglašene sheme.
The Norwegian authorities foresee that certain small banks may have more limited ways of funding themselves and a rather narrow lending portfolio.
Norveški organi predvidevajo, da bodo nekatere male banke morda imele bolj omejene načine za lastno financiranje in bolj omejen portfelj posojil.
Accordingly, they are more exposed to liquidity risks than banks with a broader business basis.
Zato so bolj izpostavljene likvidnostnim tveganjem kot banke s širšim poslovanjem.
Thus, even if they originally had higher capital ratios, such factors may imply that core capital is more easily eroded than would be the case for other banks.
Tudi če so te banke prvotno imele visoke deleže kapitala, lahko taki dejavniki pomenijo, da se temeljni kapital veliko lažje zmanjša, kot bi se v primeru drugih bank.
The Norwegian authorities have accordingly considered that both the situation in the banking sector and the outlook for the Norwegian economy require a state measure offering recapitalisation of fundamentally sound banks in order to restore financial stability and foster lending to the real economy.
Zato so norveški organi menili, da je zaradi razmer v bančnem sektorju in napovedi za norveško gospodarstvo potreben državni ukrep, ki ponuja dokapitalizacijo načeloma zdravih bank za ponovno vzpostavitev finančne stabilnosti in spodbujanje posojil realnemu gospodarstvu.
The objective of the scheme is to contribute Tier 1 capital [10] to the banks in order to strengthen the banks and to improve the ability of the banks to maintain ordinary lending activities.
Cilj sheme je prispevati kapital prvega reda [10] bankam, da se te okrepijo in izboljšajo sposobnost ohranjanja običajnih posojilnih dejavnosti.
The scheme is only open for fundamentally sound banks and has, according to the Norwegian authorities, been designed to achieve the purpose of ensuring lending to the real economy, whilst minimising distortions of competition.
Shema je na voljo le načeloma zdravim bankam in je bila po mnenju norveških organov oblikovana zato, da se zagotovijo posojila realnemu gospodarstvu, medtem ko se zmanjšuje izkrivljanje konkurence.
Under the recapitalisation scheme, a Government Finance Fund (Statens finansfond) [11] has been set up with the purpose of temporarily contributing Tier 1 capital to Norwegian banks [12]: acquisition by the Fund of either hybrid securities or preference capital instruments shall be based upon an application from the individual bank.
V skladu s shemo dokapitalizacije je bil ustanovljen vladni finančni sklad (Statens finansfond) [11] z namenom začasnega prispevanja kapitala prvega reda norveškim bankam [12]: hibridne vrednostne papirje ali prednostne kapitalske instrumente Sklad pridobi na podlagi vloge posamezne banke.
The conditions shall be governed by an agreement between the Fund and the individual bank, setting out the exact modalities of the recapitalisation (e.g. nominal value, amount, remuneration and exit incentives).3.
Pogoji so urejeni s sporazumom med Skladom in posamezno banko, v katerem so določeni podrobni načini dokapitalizacije (npr. nominalna vrednost, znesek, nadomestilo in pobude za izstop).3.
National legal basis for the aid measure
Nacionalna pravna podlaga za ukrep pomoči
The national legal basis establishing the Fund is Lov 6. mars 2009 nr. 12 om Statens finansfond.
Nacionalna pravna podlaga, ki ustanavlja Sklad je Lov 6. mars 2009 nr. 12 om Statens finansfond.
An implementing regulation relating to the Fund and its activities will also be adopted [13].4.
Prav tako bo sprejeta izvedbena uredba o Skladu in njegovih dejavnostih [13].
In 2008, Norges Bank carried out a macroeconomic stress test for the six largest Norwegian banks.
Norges Bank je leta 2008 izvedla makroekonomski test izjemnih situacij za šest največjih norveških bank.
The test replicated a negative scenario where the outcome was that banks would record losses amounting to on average 2,3 % of their risk-weighted assets.
S testom je poustvarila negativen scenarij, katerega rezultat je bil, da bodo banke zabeležile izgube v višini povprečno 2,3 % svojih tveganju prilagojenih sredstev.
On the basis of this test, Norges Bank estimated the need for recapitalisation of the ten largest banks to be NOK 34 billion.
Na podlagi tega testa je Norges Bank ocenila, da je potrebna dokapitalizacija desetih največjih bank v višini 34 milijard NOK.
In accordance with the results of this test, sufficient resources (NOK 50 billion, approximately 5,1 billion EUR) have been allocated to the Fund.
Glede na rezultate tega testa so bila Skladu dodeljena zadostna sredstva (50 milijard NOK, kar je približno 5,1 milijarde EUR).
The scheme shall be of a temporary nature and the rules are expected to enter into force in May 2009, with a window of 6 months for the Fund to reach agreements with banks that apply for recapitalisation.
Shema je začasna, pričakuje pa se, da pravila začnejo veljati maja 2009, pri čemer ima Sklad na voljo šest mesecev za sklenitev sporazumov z bankami, ki zaprosijo za dokapitalizacijo.
The recapitalisation scheme
Shema dokapitalizacije
The beneficiaries
Upravičenke
The Norwegian authorities have explained that only Norwegian banks that are financially sound are eligible for aid under the notified scheme.
Norveški organi so pojasnili, da so do pomoči v okviru priglašene sheme upravičene le norveške banke, ki so finančno zdrave.
The Norwegian Financial Supervisory Authority will exercise a gate-keeping function and determine whether a bank is eligible under the scheme [14].
Norveški finančni nadzorni organ bo opravljal nadzorno funkcijo in odločal, ali je banka upravičena do sheme [14].
As part of its regular surveillance functions, the Financial Supervisory Authority receives from each bank information on loan portfolios and other elements of its balance sheet, business plans and their own assessment of future risk factors.
Kot del svojih rednih nadzornih funkcij prejme finančni nadzorni organ od vsake banke informacije o portfelju posojil in drugih elementih bilance stanja, poslovne načrte in njihovo oceno prihodnjih dejavnikov tveganja.
When a bank applies to the Fund for a capital injection, the Financial Supervisory Authority will be asked to make an assessment as to the bank’s eligibility under the scheme.
Kadar banka zaprosi Sklad za kapitalski vložek, se finančni nadzorni organ zaprosi, da izvede oceno glede upravičenosti banke v okviru sheme.
In all cases, the Financial Supervisory Authority shall base its analysis on up-to-date information, taking into account a bank’s various risk exposures, asset quality, and business prospects, as well as the formal capital adequacy ratios, in order to conclude that a bank is fundamentally sound also in light of likely developments in the near future.
V vseh primerih finančni nadzorni organ za svojo analizo uporabi posodobljene informacije, pri čemer upošteva izpostavljenost bank različnim vrstam tveganja, boniteto finančnih sredstev in poslovne možnosti ter tudi uradne deleže kapitalske ustreznosti z namenom potrditve, da banka velja kot načeloma zdrava tudi glede na mogoče razvojne dogodke v bližnji prihodnosti.
Maximum capital increases
Maksimalno povečanje kapitala
Maximum limits for increases in core capital ratios through capital injections from the Fund are foreseen as follows:
Mejne vrednosti za povečanje deležev temeljnega kapitala prek kapitalskih vložkov iz Sklada so naslednje:
a bank with a core capital ratio below 7 % may be recapitalised to a maximum core capital ratio of 10 %;
banka z deležem temeljnega kapitala pod 7 % se lahko dokapitalizira z največ 10-odstotnim deležem temeljnega kapitala;
a bank with a core capital ratio between 7 % and 10 % may be recapitalised by up to 3 percentage points, but not above a core capital ratio of 12 %;
banka z deležem temeljnega kapitala med 7 % in 10 % se lahko dokapitalizira za največ 3 odstotne točke, vendar ne z več kot z 12-odstotnim deležem temeljnega kapitala;
a bank with a core capital ratio above 10 % may be recapitalised by maximum 2 percentage points [15].
banka z deležem temeljnega kapitala nad 10 % se lahko dokapitalizira za največ 2 odstotni točki [15].
Banks which will have a core capital ratio in excess of 12 % after the state capital injections shall document their need for a capital contribution and the Fund will assess the case in light of the bank’s situation and in light of how lending to the real economy may be stimulated.
Banke, ki bodo imele po kapitalskih vložkih iz državnih virov delež temeljnega kapitala nad 12 %, svojo potrebo po kapitalskem prispevku zabeležijo, Sklad pa bo primer ocenil glede na položaj banke in glede na to, kako se lahko spodbujajo posojila realnemu gospodarstvu.
Likewise, an application for an increase in core capital of more than 2 percentage points must include appropriate documentation justifying the need for such a large injection of capital.
Tudi vloga za povečanje temeljnega kapitala za več kot 2 odstotni točki mora vsebovati ustrezne dokumente, ki upravičujejo potrebo po tako velikem kapitalskem vložku.
The Fund will decide on the actual amount to be allocated on the basis of an assessment of various risk factors, business plans and prospects.
Sklad bo odločil, kolikšen znesek se bo dejansko dodelil na podlagi ocene različnih dejavnikov tveganja, poslovnih načrtov in možnosti.
The Norwegian authorities have explained that if the Fund is not convinced, on the basis of the evidence provided, that there is a need for any aid under the scheme, it will reject the application.
Norveški organi so pojasnili, da bo Sklad vlogo zavrnil, če bo na podlagi predloženih dokazov dvomil o potrebi po kakršni koli pomoči v okviru te sheme.
Banks placed in the highest risk category that request a capital increase of more than 2 percentage points will be subject to particular scrutiny.
Banke, uvrščene v kategorijo največjega tveganja, ki zahtevajo povečanje kapitala za več kot 2 odstotni točki, bodo pod posebnim nadzorom.
Cases where the recapitalisation will correspond to more than 2 % of the core capital ratio will be reported to the Authority.
Primeri, v katerih bo dokapitalizacija ustrezala več kot 2-odstotnemu deležu temeljnega kapitala, bodo prijavljeni Nadzornemu organu.
Assignment to a risk class
Uvrstitev v razred tveganja
The Fund shall assign each bank to one of three risk classes, based on objective criteria [16].
Sklad vsako banko uvrsti v enega od treh razredov tveganja na podlagi objektivnih meril [16].
The risk class will determine the coupon to be paid on capital injected by the Fund and will remain fixed for the duration of the agreement between the bank and the Fund.
Na podlagi razreda tveganja se določi kupon, ki ga je treba plačati za kapital, vložen iz Sklada, in se v obdobju trajanja sporazuma med banko in skladom ne spremeni.
The Regulation stipulates that banks with an external rating from an authorised credit rating agency shall be assigned to a risk class as follows:
Uredba določa, da bodo banke, ki jih bodo ocenile zunanje pooblaščene bonitetne agencije, razvrščene v naslednje razrede tveganja:
Risk class
Razred tveganja
Rating
Bonitetna ocena
AA- or better
AA– ali boljše
From A- to A+
Od A– do A+
BBB+ or lower
BBB+ ali slabše
The Norwegian authorities have explained that few Norwegian banks are rated by international rating agencies.
Norveški organi so pojasnili, da mednarodne bonitetne agencije ocenijo malo norveških bank.
Other banks are, however, rated regularly by the largest Norwegian banks.
Kljub temu največje norveške banke redno ocenjujejo druge banke.
Banks that are not rated by an authorised credit rating agency will be assessed according to principles similar to those applied by official credit rating agencies [17].
Banke, ki jih ne oceni pooblaščena bonitetna agencija, bodo ocenjene po načelih, podobnih načelom uradnih bonitetnih agencij [17].
The Norwegian authorities estimate that very few Norwegian banks will fall within risk class 1, a number of banks will fall within risk class 2, and the majority of banks will be assigned to risk class 3 (around three quarters of all Norwegian banks).
Norveški organi ocenjujejo, da se bo zelo malo norveških bank uvrstilo v prvi razred tveganja, veliko bank bo v drugem razredu tveganja, večina bank pa bo uvrščenih v tretji razred tveganja (približno tri četrtine vseh norveških bank).
Recapitalisation instruments
Instrumenti dokapitalizacije
The legislation provides for two alternative capital instruments, a Hybrid Tier 1 security (‘fondsobligasjon’) and a Tier 1 preference capital instrument (‘preferansekapitalinstrument’).
Zakonodaja določa dva različna kapitalska instrumenta, in sicer hibridne vrednostne papirje prvega reda („fondsobligasjon“) in prednostne kapitalske instrumente prvega reda („preferansekapitalinstrument“).
Both instruments qualify as Tier 1 capital and will have no voting rights attached to them.
Oba instrumenta sta opredeljena kot kapital prvega reda in ne bosta imeli glasovalnih pravic, ki bi izhajale iz njiju.
The instruments shall have a preferential right to a non-cumulative claim for annual interest, which shall be conditional upon there being a profit and upon the capital adequacy ratio being no less than 0,2 % higher than the minimum capital adequacy ratio required at any given time.
Instrumenta imata prednostno pravico do nekumulativnega zahtevka za letne obresti, odvisnega od obstoja dobička in deleža kapitalske ustreznosti, ki ne sme biti manj kot 0,2 % višji od minimalnega deleža kapitalske ustreznosti, ki se zahteva kadar koli.
The interest shall be covered until it has either been paid in full or the profit has been exhausted.
Obresti se izplačujejo, dokler niso izplačane v celoti ali dokler ni dobiček porabljen.
The price for the recapitalisation will be fixed individually for each bank on the basis of the interest rate applicable.
Cena za dokapitalizacijo bo določena za vsako banko posebej na podlagi veljavne obrestne mere.
In addition, there will be an add-on depending on the risk category of the bank and the type of instrument chosen.
Poleg tega bo določen pribitek, odvisen od kategorije tveganja banke in vrste izbranega instrumenta.
The Norwegian authorities consider that the system by which the rate of remuneration for each bank for each instrument is calculated corresponds to the methodology established by the European Central Bank [18] in its recommendation of 20th November 2008 [19] and therefore complies with the Recapitalisation Guidelines.The Norwegian authorities have explained that Norwegian banks’ assets are, to a large extent, floating rate assets.
Norveški organi menijo, da sistem, po katerem se izračuna stopnja nadomestila za vsako banko in vsak instrument, ustreza metodologiji, ki jo je oblikovala Evropska centralna banka [18] v svojem priporočilu z dne 20. novembra 2008 [19], ter je zato v skladu s Smernicami o dokapitalizaciji. Norveški organi so pojasnili, da so sredstva norveških bank v veliki meri sredstva s spremenljivo obrestno mero.
In order to minimise interest rate risk, banks will generally try to have the same maturities of interest rate contracts on both sides of the balance sheet.
Za zmanjšanje tveganja obrestnih mer bodo banke na splošno poskušale ohraniti enake roke zapadlosti pogodb o obrestnih merah na obeh straneh bilance.
Maturity matching thus requires that Norwegian banks have mostly floating rate liabilities.
Zaradi ujemanja rokov zapadlosti morajo imeti norveške banke predvsem obveznosti po spremenljivi obrestni meri.
Against this background, the Norwegian authorities have proposed that the remuneration of a recapitalisation is based on the yield for either a short-term 6-month government certificate or a 5-year government bond.
Na podlagi tega so norveški organi predlagali, naj nadomestilo za dokapitalizacijo temelji na donosu za kratkoročne 6-mesečne državne certifikate ali petletne državne obveznice.
According to the explanations of the Norwegian authorities, the cost of recapitalisation for the banks over a 5-year period will be the same irrespective of which option a bank chooses.
Glede na pojasnila norveških organov bo strošek dokapitalizacije za banke v petletnem obdobju enak ne glede na možnost, ki jo banka izbere.
They illustrate this point by comparing the net present cost of recapitalisation for the banks using the option based on a 5-year government bond yield, with the net present cost of recapitalisation for the banks using the option based on the 6-month government certificate yield over a period of 5 years [20].
To točko ponazarjajo s primerjavo neto sedanjega stroška dokapitalizacije za banke, ki izberejo možnost na podlagi petletnega donosa državnih obveznic, in neto sedanjega stroška dokapitalizacije za banke, ki izberejo možnost na podlagi 6-mesečnega donosa državnih certifikatov v obdobju petih let [20].
Therefore the Norwegian authorities consider that, even though the 6-month government certificate yield today is lower than the 5-year government bond yield, the cost of recapitalisation for the banks over a 5-year period will be the same irrespective of which option is chosen.
Zato norveški organi menijo, da bo strošek dokapitalizacije za banke v petletnem obdobju enak ne glede na izbrano možnost, čeprav je danes 6-mesečni donos državnih certifikatov nižji od petletnega donosa državnih obveznic.
The Hybrid Tier 1 security
Hibridni vrednostni papir prvega reda
The Hybrid Tier 1 security shall absorb losses after ordinary share capital (preference with respect to loss absorption).
Hibridni vrednostni papir prvega reda absorbira izgube po običajnem delniškem kapitalu (prednost glede na absorpcijo izgube).
It is designed as a callable perpetual, with a fixed coupon determined as the Norwegian government bond rate, with the following add-on:
Oblikovan je kot vrednostni papir brez dospetja z možnostjo predčasnega odkupa, z nespremenljivim kuponom, ki je določen kot obrestna mera norveških državnih obveznic z naslednjim pribitkom:
5,0 % for banks in risk class 1,
5,0 % za banke v prvem razredu tveganja,
5,5 % for banks in risk class 2,
5,5 % za banke v drugem razredu tveganja,
6,0 % for banks in risk class 3 [21].
6,0 % za banke v tretjem razredu tveganja [21].