FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Indeed, even under the most optimistic reading, the ‘risk premium’ (i.e. the return exceeding the risk-free premium) would have been at most 0,3 % for capital increases C-IV and C-V (i.e. the capital increases of 2001 and 2002). For the capital increases made as a result of the 2003 decision to launch the construction of phase 1 of iTiden (and thus on the basis of the expected returns presented at the informal meeting of 4 March 2003, see recital 48 above), i.e. C-VI, C-VII and C-X, the expected return was zero, meaning that an infinitely better return could have been achieved by taking no risk at all.
Italian: Infatti, anche nello scenario più ottimistico, il «premio di rischio» (cioè il rendimento superiore al premio esente da rischio) sarebbe stato al massimo dello 0,3 % per gli aumenti di capitale C-IV e C-V (vale a dire gli aumenti di capitale del 2001 e del 2002), mentre per quanto concerne gli aumenti di capitale effettuati dopo la decisione del 2003 di avviare la costruzione della fase 1 del progetto iTiden (e quindi sulla base dei rendimenti attesi presentati in sede di riunione informale tenuta il 4 marzo 2003, cfr. considerando 48 di cui sopra), cioè C-VI, C-VII e C-X, il rendimento atteso era pari a zero, il che significa che si sarebbe potuto conseguire un rendimento assolutamente migliore senza incorrere in nessun rischio.
Estonian: Tõepoolest, isegi kõige optimistlikumate prognooside kohaselt oleks riskipreemia (st riskivaba tulumäära ületav tulu) olnud maksimaalselt 0,3 % kapitalisuurendamiste C-IV ja C-V puhul (st 2001. ja 2002. aasta kapitalisuurendamiste puhul). iTideni projekti esimese etapi ehitamise alustamist käsitleva 2003. aasta otsuse tulemusel (ja seega oodatava tulu põhjal, mida lubati 4. märtsi 2003. aasta mitteametlikul kohtumisel; vt põhjendus 48) tehtud kapitalisuurendamiste, st meetmete C-VI, C-VII ja C-X puhul oli oodatav tulu null, st riski võtmata oleks olnud võimalik saada oluliselt suuremat tulu.
English: When assessing the possible State aid involved in guarantees, the Commission applies the principles laid down in its Guarantee Notice. Point 3.2 of the Notice sets out the conditions that would normally be sufficient to rule out the presence of State aid in a guarantee granted by public authorities.
Estonian: Garantiidega kaasneva võimaliku riigiabi hindamiseks kohaldab komisjon garantiisid käsitlevas teatisega kehtestatud põhimõtteid.
English: Irrespective of the fact that Finland may qualify the powers of the local authorities to provide such capital injections (under the general powers they are granted by the Autonomy Act) as a ‘scheme’, the Commission must verify whether the provisions of the national law laying down those powers meet the definition of a ‘scheme’ under Article 1(d) of Regulation (EC) No 659/1999. It appears in this respect that the legal basis (Section 18(22) of Act 1144/1991) consists of rules that relate to the allocation of powers between different authorities within the Finnish legal order and that do not meet the requirements for constituting an aid scheme (which is defined among other things as ‘… an act on the basis of which, without further implementing measures being required, individual aid awards may be made …’).
Estonian: Olenemata asjaolust, et Soome võib anda kohalikule omavalitsusele volitused näha ette selliseid kapitalisüste (autonoomiaseadusega neile antud üldiste volituste alusel) kava kujul, peab komisjon kontrollima, kas siseriikliku õiguse sätted, millega need volitused kehtestatakse, vastavad kava määratlusele, mis on sätestatud määruse (EÜ) nr 659/1999 artikli 1 punktis d. Sellega seoses ilmneb, et õiguslik alus (seaduse nr 1144/1991 artikli 18 lõige 22) koosneb eeskirjadest, mis on seotud volituste jagamisega erinevate ametiasutuste vahel Soome õiguskorra raames; need eeskirjad ei vasta nõuetele, mis annaksid alust käsitada seda abikavana (mida muu hulgas määratletakse kui seadust, mille alusel võib anda individuaalset abi ilma täiendavate rakendusmeetmeteta).
English: No separate account has been given as to the financial assumptions that underpinned C-IV. However, as this capital increase was used to purchase the land on which iTiden was to be built (and this was the intention from the start), the Commission takes the view that the LG, to the extent that it considered the return prospects at all, had no reason to expect a better return than the 3 % that was expected in 2002.
Estonian: Meetme C-IV aluseks olnud finantseeldusi ei ole eraldi esitatud.
English: Another informal meeting between ÅI and the LG was held on 4 March 2003 in order to prepare ÅI’s general assembly on 5 March 2003. The general assembly was to decide on launching the construction of phase 1 of iTiden, which had not been carried out in 2002.
French: Le 4 mars 2003 s’est tenue une autre réunion informelle entre ÅI et le gouvernement provincial pour préparer l’assemblée générale de l’entreprise du 5 mars 2003, qui avait pour objet le lancement de la construction de la première phase du projet iTiden, qui n’avait finalement pas été effectué en 2002.
Finnish: ÅI:n ja maakuntahallituksen välillä pidettiin toinen epävirallinen kokous 4 päivänä maaliskuuta 2003, ja siinä valmisteltiin ÅI:n 5 päivänä maaliskuuta 2003 pidettyä yhtiökokousta, jossa oli tarkoitus päättää vuonna 2002 toteutumatta jääneestä iTiden-hankkeen vaiheen 1 rakentamisen käynnistämisestä.
English: It is true that Åland is a small market, located on an archipelago that can only be reached by sea or air, and that specific restrictions on the right of establishment apply there by virtue of Finland’s EU Accession Treaty. However, the fact remains that there is no absolute obstacle to foreign undertakings operating in Åland, and certainly no obstacle to such undertakings making investments in the local property market.
Hungarian: Igaz, hogy Åland piaca kicsi, csak tengeri vagy légi úton megközelíthető szigetcsoporton helyezkedik el, és a letelepedési jogot illetően – Finnország uniós csatlakozási szerződésének értelmében – sajátos korlátozások hatálya alatt áll. Mindazonáltal továbbra is tény, hogy a külföldi vállalkozások Ålandon történő működése előtt abszolút akadály nem áll, és e vállalkozások helyi ingatlanpiaci befektetéseit természetesen semmi sem korlátozza.
English: The Finnish authorities submitted further information on 31 May 2007 and 12 July 2007. The complainant submitted additional information in November 2006 and May 2007.
Italian: Le autorità finlandesi hanno trasmesso ulteriori informazioni il 31 maggio 2007 e 12 luglio 2007, mentre il denunciante ha trasmesso ulteriori informazioni nei mesi di novembre 2006 e maggio 2007.
English: Up until 1999 ÅI’s business activities were modest in size [5]. The balance sheet of ÅI grew very slowly, if at all [6].
Italian: Fino al 1999 il volume delle attività aziendali di ÅI era stato di modesta entità [5], con una crescita di stato patrimoniale modesta o nulla [6].
English: However, if the measures were found to include a State aid element, the aid, according to Finland, should be considered as lawful. Finland has argued that both the capital injections and the guarantees were covered by existing aid schemes that were put into place prior to Finland’s EU membership.
Italian: Secondo le autorità finlandesi, anche qualora dovesse risultare che le misure comprendono un elemento di aiuto di Stato, tale aiuto dovrebbe essere considerato legittimo, in quanto sia gli apporti di capitale che le garanzie rientravano in regimi di aiuto esistenti cui era stata data esecuzione prima dell’adesione della Finlandia all’UE.
English: Indeed, ÅI made losses in every year between 2001 and 2005. The profits between 1998 and 2000 were small and decreasing (respectively EUR 38000, 28000 and 9000).
Italian: Infatti, ÅI ha chiuso in perdita gli esercizi dal 2001 al 2005, mentre tra il 1998 e il 2000 ha registrato utili modesti e comunque decrescenti (rispettivamente 38000, 28000 e 9000 EUR).
English: Finland has dismissed this view. Its arguments will be discussed below separately for the capital increases and the loan guarantees.
Italian: La Finlandia ha respinto la posizione della Commissione, con argomenti discussi di seguito separatamente per quanto concerne gli aumenti di capitale e le garanzie sui prestiti.
English: First of all, Finland dismisses the view that ÅI had a liquidity problem. In fact, although the company’s operations had been limited in size prior to the iTiden project, its operational result and liquidity had been satisfactory and remained so throughout the period covered by the investigation. The measures have thus not been necessary to cover the operations’ costs.
Italian: In primo luogo, la Finlandia nega che ÅI avesse un problema di liquidità, sostenendo che sebbene le sue attività fossero di entità limitata nel periodo precedente il progetto iTiden, il risultato operativo e le disponibilità liquide erano soddisfacenti e sono rimasti tali per tutto il periodo oggetto d’indagine.
English: Rather, the measures were intended to finance the expansion of the company and should consequently be considered investments. In the light of the conditions of these investments, they were justified under the Market Economy Investor Principle and consequently do not constitute State aid.
Italian: Pertanto, secondo le autorità finlandesi le misure non erano necessarie per coprire i costi d’esercizio, ma erano piuttosto intese a finanziare l’espansione della società e pertanto costituivano investimenti, i quali, sarebbero inoltre stati effettuati in conformità con il principio dell’investitore in un’economia di mercato e pertanto non costituiscono un aiuto di Stato.
English: Finland states that no minutes were kept of these meetings. Finland has nevertheless submitted to the Commission presentations made at such informal meetings or at meetings of ÅI’s board.
Italian: La Finlandia afferma che non sono stati conservati i verbali di tali riunioni, ma ha trasmesso alla Commissione le presentazioni effettuate nel corso delle suddette riunioni informali e durante le riunioni del consiglio d’amministrazione di ÅI.
English: This capital increase amounts to EUR 84094,39, i.e. well below the ECU 100000de minimis ceiling. ÅI did not benefit from any other measure during a period of three years [20].
Italian: L’aumento di capitale del 1997 che ammonta a 84094,39 EUR, è ampiamente inferiore alla soglia de minimis di 100000 ECU; inoltre ÅI non ha beneficiato di alcuna altra sovvenzione nei successivi tre anni [20].
English: The stock of real estate owned by ÅI had remained very stable until 2000, which also explains the company’s stable financial performance. ÅI’s turnover was in the range of EUR 95000 to EUR 101000 in 1997-2000.
Italian: Il patrimonio immobiliare di ÅI è rimasto sostanzialmente stabile fino al 2000, il che spiega altresì la stabilità dei risultati economici della società, il cui fatturato oscillava fra i 95000 e i 101000 EUR nel 1997-2000.
English: The inadequate return on the iTiden project would inevitably impact negatively on ÅI’s result as a whole. Indeed, the equity of an undertaking is not earmarked but fungible and has to be remunerated from the overall performance of the firm.
Italian: Il rendimento insufficiente del progetto iTiden avrebbe inevitabilmente inciso negativamente sul risultato economico complessivo di ÅI, in quanto il capitale proprio di un’impresa non è stanziato per scopi particolari, ma è fungibile e deve essere remunerato dai risultati generali dell’attività d’impresa.
English: The question that needs to be examined next is whether an adequate premium is charged for the guarantees, comparable to what would have been charged by a private guarantee provider. In the present case, the Commission has found no private guarantees that allow for a ready comparison.
Italian: La questione successiva da esaminare è se sia stato addebitato un premio adeguato per le garanzie, paragonabile al premio che sarebbe stato applicato da un prestatore di garanzia privato.
English: In December 2002, 2003 and 2004, […] rated ÅI respectively at C +, C + and C, which places the company in the category ‘adequate’. This category corresponds to the ‘weak’ rating category within the meaning of the Reference Rate Communication.
Italian: Nel dicembre degli anni 2002, 2003 e 2004, […] ha attribuito ad ÅI rispettivamente i rating C+, C + e C, corrispondenti alla categoria «adeguato», che a sua volta corrisponde alla categoria «scarso» della comunicazione relativa ai tassi di riferimento.
Swedish: I december 2002, 2003 och 2004 gav […] ÅI kreditbetygen C+, C+ respektive C, vilket placerar företaget i kategorin ”adekvat”, vilken motsvarar kreditbetyget ”låg” i meddelandet om referensränta.
English: It should also be noted that […] granted ÅI loans guaranteed by the LG while at the same time producing ÅI’s rating, which might have affected the assessment. […] was not involved in the financial proceedings and their assessment is thus less likely to have been directly influenced by undue considerations linked to the State aid.
Italian: Inoltre, va rilevato che contestualmente alla formulazione del rating di ÅI, […] stava concedendo alla stessa società prestiti garantiti dall’AL, cosa che può aver influito sulla sua valutazione, mentre […] non ha preso parte alle procedure di finanziamento ed è pertanto meno probabile che la sua valutazione sia stata influenzata direttamente da considerazioni indebite legate all’aiuto di Stato.
English: In any case, even if the one-off premiums were added to the total financial costs of the guaranteed loans, the conclusion as to the presence of aid would not change. The one-off premium affects only the amount of aid granted to ÅI.
Italian: Ad ogni modo, anche se i premi una tantum fossero aggiunti ai costi finanziari totali dei prestiti garantiti, la conclusione in merito alla presenza di aiuti non cambierebbe, in quanto il premio una tantum incide soltanto sull’importo dell’aiuto concesso ad ÅI.
English: On 2 November 2004 ÅI took a loan of EUR […] from […] (credit number […]). This loan was secured by a guarantee from the LG, for which ÅI provided security in the form of a lien on real estate.
Italian: Il 2 novembre 2004 ÅI ha ottenuto dalla […] la concessione di un prestito di […] EUR (numero di credito […]), coperto dalla garanzia prestata dall’AL e per il quale ÅI ha fornito garanzie reali sotto forma di ipoteca su beni immobili.
English: Taking into account a normal level of collateralisation, the reference rate for this loan amounts to 4,969 % p.a. This is higher than the total financial cost of G-III amounting to […]% p.a.
Italian: Tenendo conto di un livello di copertura normale della garanzia, il tasso di riferimento relativo a tale prestito è del 4,969 % annuo, superiore quindi al costo finanziario complessivo di G-III, pari al […] % annuo.
Swedish: Om graden av ställd säkerhet antas vara ”normal” uppgår referensräntan för detta lån till 4,969 % årligen, vilket är mer än den totala finansiella kostnaden för G-III ([…] % per år).
English: It should also be noted that two measures granted by the LG to ÅI have recently been annulled by a national Finnish court. The measures are (i) capital increase C-XI paid to ÅI in 2007 (see comment at recital 16 above) and (ii) a 2006 loan guarantee that was never implemented.
Italian: Si fa altresì osservare che due misure concesse dall’AL ad ÅI sono state recentemente annullate da un tribunale finlandese, segnatamente: i) l’aumento di capitale C-XI versato ad ÅI nel 2007 (cfr. sopra, considerando 16); e ii) una garanzia su un prestito del 2006 cui non è mai stata data esecuzione.
English: Concerning the loan guarantees, the Commission has shown that the guarantee scheme had been substantively altered even before the granting of the guarantees at issue in this decision. These alterations, made by the Åland authorities, have not been notified to the Commission.
Italian: Per quanto concerne le garanzie sui prestiti, la Commissione ha provato che il regime di garanzie aveva subito modifiche sostanziali ancor prima della concessione delle garanzie oggetto della presente decisione, modifiche attuate dalle autorità di Åland e che non sono state notificate alla Commissione.
English: With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively, of the TFEU. The two sets of provisions are identical in substance.
Italian: A decorrere dal 1o dicembre 2009, gli articoli 87 e 88 del trattato CE diventano, rispettivamente, gli articoli 107 e 102 del trattato sul funzionamento dell’Unione europea (TFUE), ma non cambiano nella sostanza.
English: According to a profitability calculation presented at the meeting, the project would break even with a return on equity of 3 %. However, this calculation had to be revised to account for the increased cost of adapting the buildings to the tenant’s needs.
Lithuanian: Remiantis šiame posėdyje pateiktu pelningumo apskaičiavimu, aptariamas projektas sužlugtų, net jei nuosavo kapitalo pelningumas siektų 3 % Tačiau šį apskaičiavimą reikėjo patikslinti atsižvelgiant į kainą, padidėjusią pritaikant pastatus nuomininko poreikiams.
English: On 18 June 2010, Finland submitted to the Commission a report from the consultancy firm […] that provides an annual rating for ÅI for December each year. The rating is prepared retrospectively and based on the figures available at the end of the financial year (i.e. the rating given in December 2002 looks retrospectively at the health of the company in 2002).
Lithuanian: 2010 m. birželio 18 d. Suomija perdavė Komisijai konsultacinės firmos […] ataskaitą, kurioje pateiktas metinis ÅI reitingas kiekvienų metų gruodžio mėn. Šis reitingas parengtas retrospektyviai ir pagrįstas finansinių metų pabaigoje turimais skaičiais (t. y. 2002 m. gruodžio mėn. reitingas nurodytas atsižvelgiant į įmonės būklę 2002 m).
English: The interest rate on the loan was set at […]% until 15 January 2007 [26]. The premium for the guarantee was […]% of the loan amount p.a [27]. Thus, the total financial cost of the guaranteed loan at the time of granting the loan amounted to […]% p.a., which should be compared with a reference rate calculated for the guarantee on the basis of the base rate and a margin that depends on ÅI’s rating and the collateralisation level of the loan.
Lithuanian: Nustatyta […] % paskolos palūkanų norma, galiojanti iki 2007 m. sausio 15 d. [26] Garantijos įmoka sudarė […] % paskolos sumos p. a. [27] Taigi visos garantuotos paskolos finansinės išlaidos paskolos suteikimo metu siekė […] % p. a., kuriuos reikėtų palyginti su orientacine norma, šiai garantijai apskaičiuota remiantis bazine norma ir marža, priklausančia nuo ÅI reitingo ir paskolos įkaito dydžio.
English: Assuming a normal level of collateralisation, the reference rate for this loan amounts to 6,314 % p.a., which is higher than the total financial cost of G-II amounting to […]% p.a. Comparing the costs of this new guaranteed loan with the reference rate shows that the total financial cost of the loan covered by guarantee G-II was at least […] basis points below the reference rate, thus providing a financial advantage to ÅI.
Lithuanian: Jei įkeitimo lygis normalus, šios paskolos orientacinė norma yra 6,314 % p. a., t. y. didesnė už visas su G-II susijusias finansines išlaidas, sudarančias […] % p. a. Palyginus šios naujos garantinės paskolos išlaidas ir orientacinę normą matyti, kad visos G-II garantija užtikrintos paskolos finansinės išlaidos buvo ne mažiau kaip […] baziniais punktais mažesnės už orientacinę normą, taigi ÅI turėjo finansinį pranašumą.
English: This guarantee was to cover the ‘reference loan’, i.e. the originally non-guaranteed loan of 9 October 2003, the terms of which were thus amended. The interest rate of the loan was at this point changed to […]% p.a.
Lithuanian: Ši garantija buvo skirta pagrindinei paskolai padengti, t. y. iš pradžių 2003 m. spalio 9 d. be garantijos suteiktai paskolai, kurios sąlygos tada buvo pakeistos.
English: Taking into account a normal level of collateralisation, the reference rate for this loan amounts to 4,969 % p.a. This is higher than the total financial cost of G-III amounting to […]% p.a. Therefore, the LG has given ÅI a corresponding financial advantage of at least […]% p.a.
Lithuanian: Atsižvelgiant į įprastą turto įkeitimo lygį, šios paskolos orientacinė norma yra 4,969 % p. a. Tai viršija visas G-III finansines išlaidas, kurios sudaro […] % p. a. Todėl vietos valdžia suteikė ÅI atitinkamą finansinį pranašumą – ne mažiau kaip […] % p. a.
English: At least three amendments to the guarantee scheme were enacted by the regional authorities after 1 January 1994 (by Provincial Acts 1994:29, 1996:56 and 2002:23) and prior to the granting of the first guarantee on 14 August 2003. These amendments provided for a substantial increase in the budget of the scheme (i.e. an increase in the global amount of guarantees that could be granted at any given time).
Polish: Władze regionalne wprowadziły co najmniej trzy zmiany w programie gwarancji w okresie od dnia 1 stycznia 1994 r. (na mocy ustaw prowincjonalnych 1994:29, 1996:56 oraz 2002:23) do momentu przyznania pierwszej gwarancji w dniu 14 sierpnia 2003 r. Zmiany przewidywały znaczne zwiększenie budżetu programu (tj. zwiększenie łącznej kwoty gwarancji, które mogły zostać przyznane w dowolnym momencie).
Lithuanian: Regiono valdžia priėmė ne mažiau kaip tris garantijų sistemos pakeitimus po 1994 m. sausio 14 d. (provincijos įstatymais 1994:29, 1996:56 ir 2002:23) ir prieš suteikdama pirmąją garantiją 2003 m. rugpjūčio 14 d. Šiais pakeitimais numatyta iš esmės padidinti sistemos biudžetą (t. y. padidinti visą garantijų sumą, kuri gali būti suteikta bet kuriuo konkrečiu metu).
English: Two of the abovementioned amendments [34] have increased the original budget of the scheme by 50 % and 150 %, respectively. These budget increases constitute substantive alterations to the scheme which were never notified to the Commission.
Lithuanian: Dviem pirmiau minėtais pakeitimais [34] pradinis schemos biudžetas padidintas atitinkamai 50 ir 150 % Šie du biudžeto didinimo atvejai yra esminis schemos pakeitimas, apie kurį niekada nebuvo pranešta Komisijai.
English: Under the heading ‘maximum possible aid intensity that (…) can be obtained in favour of any one project’, Finland has indicated ‘30 %’. Furthermore, under the heading ‘Budget/expenditure’ Finland has indicated budgets for the years 1992 to 1994 but left a blank under the heading ‘Total budget estimate for the whole planning period of the scheme’.
Lithuanian: Biudžeto eilutėje „Didžiausias galimas pagalbos intensyvumas, kuris <…> gali būti taikomas bet kuriam projektui“ Suomija nurodė „30 %“ Be to, eilutėje „Biudžetas/išlaidos“ Suomija nurodė 1992–1994 m. biudžeto lėšas, bet paliko tuščią eilutę „Bendras viso schemos planavimo laikotarpio biudžeto projektas“.
English: It is true that capital increase C-IV was made in 2001, i.e. prior to the profitability analysis presented in 2002. No separate account has been given as to the financial assumptions that underpinned C-IV.
Polish: Podwyższenie kapitału C-IV faktycznie zrealizowano w 2001 r., tj. przed przedstawieniem analizy rentowności w 2002 r. Nie przedstawiono odrębnych dowodów na poparcie założeń finansowych stanowiących podstawę przyznania podwyższenia C-IV.
Lithuanian: Tiesa ta, kad C-IV kapitalo injekcija buvo atlikta 2001 m., t. y. prieš pateikiant pelningumo analizę 2002 m. Nebuvo atskirai pateiktos finansinės prielaidos, palaikančios kapitalo injekciją C-IV.
English: C-I [11]
Latvian: C–I [11]
English: C-II [11]
Latvian: C–II [11]
English: C-III [11]
Latvian: C–III [11]
English: C-IV
Latvian: C–IV
English: C-V
Latvian: C–V
English: C-VI
Latvian: C–VI
English: G-I
Latvian: G–I
English: C-VII
Latvian: C–VII
English: C-VIII
Latvian: C–VIII
English: G-II
Latvian: G–II
English: C-IX
Latvian: C–IX
English: C-X
Latvian: C–X
English: G-III
Latvian: G–III
English: C-XI
Latvian: C–XI