FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: The rate of default of an uncreditworthy company in 2001 within one year was, according to Moody's, 34,34 %. The rate of default of a creditworthy company in 2001 within one year was 0,13 %.
Spanish: Según Moody’s, en 2001 el índice de incumplimiento de una empresa no solvente en un período de un año se elevaba al 34,34 %, mientras que ese mismo año, el índice de incumplimiento de una empresa solvente en un período de un año se elevaba al 0,13 %.
Portuguese: Segundo a Moody’s, em 2001 a taxa de incumprimento de uma empresa não fiável, ao longo de um período de um ano, era de 34,34 %, enquanto a taxa de incumprimento de uma empresa solvente, durante o mesmo período, era de 0,13 %.
English: In particular, during the period under consideration the average price of non-subsidised imports decreased by 52 %. In contrast, over such period, the average price of subsidised imports decreased by 80 % (see recital 178 and relevant table of definitive Regulation) and the average sales price of the Community industry by 79 % (see recital 128 and relevant table of the provisional Regulation).
French: Le prix moyen des importations ne faisant pas l'objet de subventions a baissé de 52 %, alors qu'à titre de comparaison, au cours de la même période, le prix moyen des importations faisant l'objet de subventions a chuté de 80 % (voir le considérant 178 et le tableau correspondant du règlement définitif) et le prix de vente moyen pratiqué par l'industrie communautaire a reculé de 79 % (voir le considérant 128 et le tableau correspondant du règlement provisoire).
Spanish: En particular, durante el período considerado el precio medio de las importaciones no subvencionadas bajó un 52 %, mientras que, en comparación, durante el mismo período el precio medio de las importaciones subvencionadas cayó un 80 % (véase el considerando 178 y el cuadro correspondiente del Reglamento definitivo) y el precio de venta medio aplicado por la industria comunitaria se redujo en un 79 % (véase el considerando 128 y el cuadro correpondiente del Reglamento provisional).
Italian: In particolare, il prezzo medio delle importazioni non oggetto di sovvenzioni è diminuito del 52 %, mentre nello stesso periodo il prezzo medio delle importazioni oggetto di sovvenzioni si è ridotto dell’80 % (cfr. considerando 178 e tabella corrispondente del regolamento definitivo) e il prezzo medio di vendita dell’industria comunitaria del 79 % (cfr. considerando 128 e tabella corrispondente del regolamento provvisorio).
English: Jung-Gu, Seoul
French: Jung-Gu, Séoul
Spanish: Jung-Gu, Seúl
Italian: Jung-Gu, Seul
Polish: Jung-Gu, Seul
Hungarian: Jung-Gu, Szöul
Lithuanian: Jung-Gu, Seulas
English: Kangnamgu, Seoul
French: Kangnamgu, Séoul
Spanish: Kangnamgu, Seúl
Italian: Kangnamgu, Seul
Polish: Kangnamgu, Seul
Hungarian: Kangnamgu, Szöul
Lithuanian: Kangnamgu, Seulas
English: WT/DS299/R.
Spanish: Diferencia DS299.
Portuguese: WT/DS99/R.
Hungarian: WT/DS299/R
English: Panel report, footnote 185:‘While it is certainly true that Citibank, and its subsidiary SSB, are not government owned at all, we consider that the EC sufficiently demonstrated that the close relationship with the government and the specific role as financial advisor to Hynix throughout the restructuring make Citibank particularly inapt to serve as an appropriate market benchmark for assessing whether the government’s financial contribution was in line with the normal market conditions, or whether it, on the contrary, conferred a benefit to Hynix. This is especially so given the very small participation in Hynix by Citibank, whose share of the total Hynix loans in October 2001 was 1,3 %.
Spanish: Informe del Grupo Especial, nota a pie de página 185:«Aunque es sin duda cierto que el Citibank, y su filial SSB, no son en modo alguno de propiedad gubernamental, estimamos que la CE ha demostrado suficientemente que la estrecha relación con el gobierno y la función específica de asesor financiero de Hynix a lo largo de la reestructuración hacía del Citibank una entidad especialmente inadecuada para servir como punto de referencia de mercado a fin de evaluar si la contribución financiera del gobierno estaba en consonancia con condiciones normales en el mercado, o si, por el contrario, otorgaba un beneficio a Hynix, tanto más habida cuenta la muy pequeña participación del Citibank en Hynix, que en octubre de 2001 no representaba más de 1,3 % del total de préstamos a Hynix.
English: The Panel found that the determination that the creditor banks were directed to participate in the May 2001 restructuring programme and that their purchase of KRW 1 trillion of convertible bonds (CBs) as part of the programme therefore constituted a financial contribution by the GOK was not consistent with Article 1.1(a) of the SCM Agreement [8]. More specifically, the Panel found that ‘while the May 2001 restructuring programme is a close case, we consider that the evidence before the investigating authority was insufficient to reasonably conclude that the government entrusted or directed the private banks to purchase the Hynix CBs.’
Estonian: Vaekogu leidis, et seisukoht, et krediidipangad olid suunatud osalema 2001. aasta mai restruktureerimiskavas ja nende vahetusvõlakirjade ost 1 triljoni Korea voni väärtuses selle kava ühe osana moodustas seega Korea valitsusepoolse rahalise toetuse, ei olnud kooskõlas subsiidiumide ja tasakaalustusmeetmete lepingu artikli 1 lõike 1 punktiga a. [8] Vaekogu täpsustas, et “kuna 2001. aasta mai restruktureerimiskava on piiripealne juhtum, siis arvame, et uurival asutusel ei olnud küllaldaselt tõendusandmeid järeldamaks põhjendatult, et valitsus oli teinud erapankadele ülesandeks osta Hynixi vahetusvõlakirju või suunanud neid seda tegema”.
English: The fifth and final programme considered to constitute a subsidy was the October 2001 restructuring programme. On 4 October 2001, a second Hynix CFIC was set up in accordance with the provisions of the Corporate Restructuring Promotion Act (CRPA).
Polish: Piątym i ostatnim programem, który został uznany za subsydium, był program restrukturyzacyjny z października 2001 r. Dnia 4 października 2001 r. zgodnie z ustawą o promocji restrukturyzacji zadłużenia firm (»ustawa CRPA«) powołano drugą radę CFIC w związku z zadłużeniem firmy Hynix.
Estonian: Viies ja viimane subsiidiumiks peetud programm oli restruktureerimisprogramm 2001. aasta oktoobris.4. oktoobril 2001 asutati vastavalt äriühingute ümberkorraldamise soodustamise seaduse (Corporate Restructuring Promotion Act – CRPA) sätetele teine Hynixi kreeditoride finantsasutuste nõukogu.
English: In the original investigation the EC had considered and evaluated the wages factor, but found wages to be irrelevant to its injury determination. However, the Panel found that:
Estonian: Esialgse uurimise käigus käsitles ja hindas Euroopa Ühendus palgategurit, kuid leidis, et palk on kahju määramisel ebaoluline.
English: Infineon substantially agrees with the redetermination. However, it submits that the Commission should impose a higher duty based on a proxy benchmark and the original injury determination, rather than the lower duty set out in this Regulation.
Estonian: Infineon nõustub sisuliselt uue seisukohaga, kuid on arvamusel, et komisjon peaks rakendama kõrgemat tollimaksu, mis põhineks pigem asenduskriteeriumil ja esialgsel kahju kindlaksmääramisel kui käesolevas määruses esitatud madalamal maksumääral.
English: Given this degree of GOK control over Pusan Bank, the bank's decision to participate in the syndicated loan cannot be considered to be a safe commercial benchmark. (21) Third, it would clearly not be appropriate to use Citibank Seoul as a benchmark to determine the commercial reasonableness of participating in the syndicated loan, for the reasons set forth in recitals 130 to 133 of the definitive Regulation.
Finnish: Kun otetaan huomioon, että Korean viranomaisten vaikutusvalta Pusan Bankiin oli näin suuri, pankin päätöstä osallistua syndikoituun lainaan ei voida pitää luotettavana kaupallisena vertailukohteena.(21) On myös selvää, että Citibank Seoulin käyttäminen vertailukohteena, kun arvioidaan, oliko syndikoituun lainaan osallistuminen järkevää kaupallisesta näkökulmasta, ei olisi tarkoituksenmukaista lopullista tullia koskevan asetuksen johdanto-osan 130–133 kappaleessa esitetyistä syistä.
English: These so-called Option 1 banks were the KEB, Woori Bank, Chohung Bank, KDB, NACF and Citibank. Eight banks refused to extend new loans, so they swapped approximately one-third of their loans into equity and wrote-off the rest as a loss. The remaining banks objected to the restructuring and elected to receive the liquidation value of their loans, and had to write the remaining debt off as a loss. The loans remaining with the banks of the first category were subject to maturity extensions and interest rate cuts as explained above. The EC considered that the participation by the six Option 1 banks in the October 2001 restructuring programme constituted a financial contribution by the government which conferred a benefit on Hynix.
Finnish: Euroopan yhteisön mielestä kuuden vaihtoehto 1:n valinneen pankin osallistuminen lokakuun 2001 saneerausohjelmaan muodosti julkisen viranomaisen myöntämän taloudellisen tuen, jonka kautta annettiin etua Hynixille.
English: The GOK suggestion that the difference between the swap price paid and the market price should serve as the amount of benefit ignores the realities of Hynix’s abysmal financial situation; no-one would invest in a company with an SD rating. The conclusions set out in recitals 101 to 112 of the definitive Regulation supporting the finding that no comparable equity financing that might serve as a benchmark was available to Hynix on the commercial market are hereby confirmed.
Finnish: Korean viranomaisten ehdotuksessa, että edun määrän olisi oltava maksetun vaihtohinnan ja markkinahinnan välinen erotus, ei oteta huomioon Hynixin pohjattoman rahoitustilanteen realiteettia; kukaan ei sijoittaisi yritykseen, jonka luokitus on SD. Täten vahvistetaan lopullisen asetuksen johdanto-osan 101–112 kappaleessa esitetyt päätelmät, jotka tukevat päätelmää, että kaupallisilla markkinoilla ei Hynixille ollut tarjolla vertailukelpoista pääomarahoitusta, jota voisi käyttää vertailukohteena.
English: The GOK generally submits that the revised findings do not reasonably address the Panel’s recommendations. The Commission does not agree, for the reasons set out in this Regulation.
French: Les pouvoirs publics coréens font globalement valoir que les conclusions revues ne tiennent pas suffisamment compte des recommandations du groupe spécial, ce que la Commission conteste, pour les raisons exposées dans le présent règlement.
Portuguese: O Governo da Coreia alega, em geral, que as conclusões revistas não observam adequadamente as recomendações do painel, o que é contestado pela Comissão, pelos motivos apresentados no presente regulamento.
English: The product under consideration and the like product are the same as that covered by the original investigation, i.e. certain electronic microcircuits known as dynamic random access memories (DRAMs), of all types, densities and variations, whether assembled, in processed wafer or chips (dies), manufactured using variations of metal oxide-semiconductors (MOS) process technology, including complementary MOS types (CMOS), of all densities (including future densities), irrespective of access speed, configuration, package or frame etc., originating in the Republic of Korea. The product concerned also includes DRAMs presented in (non-customised) memory modules or (non-customised) memory boards, or in some other kind of aggregate form, provided the main purpose of which is to provide memory [7].
Hungarian: A jelen vizsgálat szempontjából figyelembe vettnek számító termék és a hasonló termék megegyezik az eredeti vizsgálat tárgyával, azaz a Koreai Köztársaságból származó egyes, DRAM (dinamikus véletlen hozzáférésű memória) néven ismert, a fém-oxid félvezető (MOS) gyártási technológia változatai, köztük komplementer MOS (CMOS) technológiatípusok révén előállított elektronikus mikroáramkörökkel, összeszerelve, feldolgozott szilíciumszelet vagy chip formájában is, függetlenül azok típusától, sűrűségétől (beleértve a jövőbeli sűrűségeket is), változatától, hozzáférési sebességétől, konfigurációjától, tokozásától vagy adattovábbító blokkjától stb. Az érintett termék magában foglalja a (nem egyedi kialakítású) memóriamodulok vagy (nem egyedi kialakítású) memórialapok formájában, illetve másféle összetett formában kiszerelt DRAM-okat is, amennyiben ezek fő rendeltetése az adattárolás [7].
Latvian: Attiecīgais ražojums un līdzīgais ražojums ir tie paši, kas minēti sākotnējā izmeklēšanā, t. i., dažas Korejas Republikas izcelsmes elektroniskās mikroshēmas, kas pazīstamas kā dinamiskās brīvpiekļuves atmiņas (“DRAM”), jebkādā veidā, ar jebkādu blīvumu, to variants var būt jebkāds, tie var būt komplektā, salikta apstrādāta diska vai mikroshēmu veidā vai izgatavoti, izmantojot metālu oksīdu pusvadītāju (MOS) apstrādes tehnoloģiju variantus, tostarp jebkura blīvuma (arī vēl neesoša blīvuma) komplementārā MOS (CMOS) veidus, lai kāds būtu piekļuves ātrums, konfigurācija, iepakojums vai rāmis utt. Attiecīgajam ražojumam pieskaitāmas arī DRAM, kas tiek piedāvātas lietotāja vajadzībām nepielāgotos atmiņas moduļos vai lietotāja vajadzībām nepielāgotās atmiņas platēs, vai citā apkopojuma formā ar noteikumu, ka to galvenais mērķis ir nodrošināt atmiņas funkciju [7].
English: It is clear that Shinhan was not acting commercially given that it increased its loan loss reserves for Hynix even as it continued to assist the company and that it offered no legitimate credit risk analysis for assisting it. KorAM Bank again faced GOK threats when the bank refused to purchase Hynix CBs, because it decided that doing so was not financially sound.
Hungarian: Egyértelmű, hogy a Shinhan nem kereskedelmi szempontok alapján járt el, mivel növelte a Hynixszel kapcsolatos hitelveszteségek fedezésére képzett céltartalékait, miközben tovább támogatta a vállalatot, és nem tudott felmutatni a támogatáshoz szükséges jogos hitelkockázat-elemzést A KK ismét megfeddte a KorAM Bankot, amikor a bank úgy döntött, nem hajlandó Hynix CB-ket vásárolni, mivel az pénzügyileg nem biztonságos.
English: Only companies with strong cash flows, ability to service debt and growth prospects are likely to make them look.’ [47].
Hungarian: Csak az erős pénzforgalommal és adósságszolgálati képességgel, illetve jó és növekedési kilátásokkal rendelkező vállalatok tarthatnak számot érdeklődésükre.”
English: Expert report of Anthony Saunders, p. 12. The Commission notes that although Hynix ' s current ratio improved somewhat to 0,65 in 2001, this improvement was solely attributable to the October 2001 restructuring, which enabled Hynix to drastically reduce the current portion of its long-term debt and, thus, its current liabilities.
Hungarian: Anthony Saunders szakértő jelentése, 12. o. A Bizottság megjegyzi, hogy bár a Hynix forgóeszköz-fedezeti mutatója 2001-ben 0,65-re emelkedett, ez a javulás csupán a 2001. októberi szerkezetátalakításnak tudható be, mely lehetővé tette, hogy a Hynix drasztikusan csökkentse hosszú lejáratú adósságának jelenlegi mértékét és ezzel együtt folyó kötelezettségeit.
Latvian: Anthony Saunders eksperta ziņojuma 12. lpp. Komisija atzīmē, ka, lai gan Hynix pašreizējais koeficients 2001. gadā uzlabojās apmēram līdz 0,65, šis uzlabojums bija izskaidrojams tikai ar 2001. gada pārstrukturēšanu, kas tam ļāva krasi samazināt ilgtermiņa parāda pašreizējo daļu un līdz ar to savas saistības.
Lithuanian: Anthony Saunders eksperto ataskaitos 12 p. Komisija pažymi, kad nors Hynix santykis 2001 m. pagerėjo ir buvo 0,65, šis pagerėjimas įvyko tik dėl 2001 m. spalio mėn. restruktūrizavimo, per kurį Hynix buvo suteikta galimybė žymiai sumažinti tuometinės ilgalaikės skolos dalį, o tuo pačiu ir tuometinius įsipareigojimus.
English: The Commission has conducted a thorough re-examination of the extensive record in this case and has employed the type of analysis discussed by the Panel. On this basis, the Commission has determined that the loans from the other banks participating in the syndicated loan could not serve as a proper benchmark.
Italian: La Commissione ha condotto un nuovo esame completo in materia, utilizzando il tipo di analisi proposta dal panel, concludendo che i prestiti proposti dalle altre banche che hanno partecipato al prestito sindacato non avrebbero potuto servire da valori di riferimento appropriati.
English: KorAM Bank again faced GOK threats when the bank refused to purchase Hynix CBs, because it decided that doing so was not financially sound. In response to the bank's decision not to purchase the bonds, an FSS official rebuked KorAm, using language uncharacteristic of a government apparently uninvolved in credit decisions.
Italian: La KorAm Bank ha subito le minacce del governo quando si è rifiutata di acquistare le obbligazioni convertibili della Hynix, un’operazione che essa non riteneva essere prudente da un punto di vista finanziario.
English: The financial contribution under consideration related to the extension of the facility by USD 600 million. However, the facility itself had an overall ceiling of USD 1,4 billion.
Italian: Il contributo finanziario in oggetto si riferisce all’estensione di 600 milioni di USD del massimale del credito all’esportazioni D/A, che ha raggiunto il livello di 1,4 miliardi di USD.
English: Having conducted this re-examination, the Commission has determined that there is no reliable information on the record regarding these matters. The Commission has not found any such benchmark as regards Hynix itself.
Italian: Al termine del riesame, la Commissione ha concluso che nel fascicolo non esistono informazioni attendibili in materia e non ha quindi reperito alcun valore di riferimento per la Hynix.
Portuguese: Na sequência desta reapreciação, a Comissão concluiu que o processo não incluía informações fiáveis nesta matéria, não tendo podido encontrar um critério de referência deste tipo em relação à própria Hynix.
English: The actual interest differential in this case is 54,37 %. This means that a strict application of this method would result in a much higher rate of countervailable subsidy allocated on turnover, in fact 12,8 % instead of the 5,1 % originally calculated by the Commission.
Italian: Nel caso in oggetto, la differenza effettiva è pari al 54,37 % e ciò significa che l’applicazione rigorosa di tale metodo darebbe una percentuale di sovvenzione compensabile rispetto al fatturato molto più elevata, pari al 12,8 % invece del 5,1 % calcolato inizialmente dalla Commissione.
English: The Panel found that the EC reached a reasonable and reasoned conclusion on the basis of the record before it that the KDB debenture programme conferred a benefit on Hynix. In doing so, it recalled that the KDB debenture programme was itself set up and effectively guaranteed by the GOK [54].
Italian: Il panel ha concluso che la CE ha tratto, sulla base del fascicolo esaminato, una conclusione ragionevole e motivata secondo la quale il programma obbligazioni della KDB ha conferito un vantaggio alla Hynix, ricordando che tale programma è stato progettato, realizzato e garantito dal governo coreano [54].
English: In its second meeting held on 31 October 2001, the CFIC decided on a ‘second restructuring package’ for Hynix. The following measures were proposed:
Italian: Nella seconda riunione, tenutasi il 31 ottobre 2001, il CFIC ha deciso di adottare un “secondo pacchetto di ristrutturazione” a favore della Hynix, costituito dalle seguenti misure:
Portuguese: Em 31 de Outubro de 2001, na segunda reunião, o CFIC decidiu lançar um “segundo programa de reestruturação” para a Hynix, no âmbito do qual foram propostas as seguintes medidas:
Dutch: Op de tweede bijeenkomst op 31 oktober 2001 besloot de raad van crediteuren tot een „tweede saneringspakket” voor Hynix, dat de volgende maatregelen inhield:
English: Having conducted this re-examination, the Commission has determined that there is no verified information on the record regarding these matters. The Commission has not found any such benchmark as regards Hynix itself.
Italian: Al termine del riesame, la Commissione ha concluso che nel fascicolo non esistono informazioni verificate in materia e non ha quindi reperito alcun valore di riferimento per la Hynix.
English: While the existing share values were diluted as a result of the issuance, this had absolutely no balance sheet impact on Hynix. It did not result in any cash outlays (apart from the expense associated with the issuance of the new shares) and did not obligate Hynix to any sort of cash payments in the future, as would have been the case with debt instruments.
Italian: Anche se il valore delle azioni esistenti è risultato diluito dall’emissione, questa non ha avuto alcuna incidenza sulla Hynix a livello di bilancio, non comportando alcun esborso (a parte le spese associate all’emissione delle nuove azioni) e non obbligando la Hynix ad alcun pagamento futuro in contanti, come sarebbe successo nel caso dell’utilizzo di strumenti finanziari rappresentativi di un prestito.
English: The Commission has carefully considered that request. However, for the reasons set out in this Regulation and due to the specific purpose of this Regulation, notably as an implementation of the Panel's recommendations, the Commission has not altered its initial determination on this point.
Italian: La Commissione ha valutato attentamente la richiesta, ma, per i motivi esposti nel presente regolamento e tenuto conto degli obiettivi specifici di quest’ultimo, in particolare l’attuazione delle raccomandazioni del panel, non ha modificato le proprie conclusioni iniziali a questo proposito.
English: Panel report paragraph 7.184. See also footnote 171, where the Panel states that the examination of other participants is important, but that ‘we emphasise that we do not wish to imply that it is necessarily the end-point of such an analysis, as it will need to be determined whether the behaviour of these market players is so distorted by the government's intervention that they can no longer serve as the benchmark against which to measure the alleged government distortion’.
Italian: Relazione del panel, paragrafo 7.184 Cfr. anche la nota 171, in cui il panel afferma che l’esame degli altri partecipanti è importante ma in cui sottolinea anche di non volere «con questo affermare che esso costituisca necessariamente il punto conclusivo dell’analisi, dal momento che bisognerà determinare se il comportamento di tali operatori del mercato è a tal punto falsato dall’intervento della pubblica amministrazione da non potere più essere utilizzato come fonte di valori di riferimento per misurare la distorsione causata, secondo quanto si sostiene, da tale amministrazione».
English: In February 2001, in an article in the Korea Herald [46], another market expert stated that: ‘Given the fact that credit risk is still pronounced and haunting investors, I don't think fluent capital will flow into corporate bonds rated below BBB+’. This coincides with the early period of the KEIC Guarantee and KDB Debenture Programme.
Lithuanian: 2001 m. vasario mėn. Korea Herald [46] straipsnyje kitas rinkos ekspertas teigė, kad: „Atsižvelgiant į tai, kad tebeišlieka ryški, investuotojus persekiojanti, kredito rizika, nemanau, kad nepanaudotas kapitalas bus investuojamas į žemesnių nei BBB+ reitingo įmonių obligacijas.“ Šis straipsnis pasirodė ankstyvajame KEDK garantijos ir KPB obligacijų programų etape.