FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: OJ C 241, 8.10.2009, p. 16, and EEA Supplement No 52, 8.10.2009, p. 1. The Decision is also available on the Authority’s website: http://www.eftasurv.int/fieldsofwork/fieldstateaid/stateaidregistry/sadecice09/168_09_col.pdf
Latvian: OV C 241, 8.10.2009., 16. lpp., un EEZ papildinājums Nr. 52, 8.10.2009., 1. lpp. Lēmums ir pieejams arī Uzraudzības iestādes tīmekļa vietnē: http://www.eftasurv.int/fieldsofwork/fieldstateaid/stateaidregistry/sadecice09/168_09_col.pdf.
English: Prior to determining whether the Mortgage Loan Scheme is compatible under the IAG, it is relevant, in the present case, to determine whether the Scheme qualifies as a ‘scheme’ within the meaning of Protocol 3 to the Surveillance and Court Agreement. Article 1(d) of Part II of Protocol 3 provides that: ‘ “aid scheme” shall mean any act on the basis of which, without further implementing measures being required, individual aid awards may be made to undertakings defined within the act in a general and abstract manner and any act on the basis of which aid which is not linked to a specific project may be awarded to one or several undertakings for an indefinite period of time and/or for an indefinite amount’. The Authority has taken the view (which has not been disputed by the Icelandic authorities) that the Mortgage Loan Scheme is based on rules — the Housing Act, the Regulation and the Supplementary Rules — on the basis of which, without further implementing measures being required, individual aid awards may be made to undertakings defined in those rules in a general and abstract manner.
Maltese: Qabel ma jiġi determinat jekk l-Iskema ta’ Self Ipotekarju hijiex kompatibbli taħt l-IAG, ikun xieraq li f’dan il-każ jiġi determinat jekk l-Iskema tikkwalifikax bħala “skema” fis-sens tal-Protokoll 3 għall-Ftehim dwar is-Sorveljanza u l-Qorti.
English: WHEREAS: I. FACTS
Polish: I. STAN FAKTYCZNY
English: Mortgages subject to the Temporary Mortgage Loan Scheme must be returned to the beneficiary prior to any swap agreement under the Mortgage Loan Scheme.The Mortgage Loan Scheme is directed principally at small savings banks which are dependent on access to liquidity from other domestic financial institutions also facing liquidity problems [7]. The savings banks mainly provide traditional banking services to local communities (individuals, corporate customers and local authorities), of which they form an integrated part.
Polish: Kredyty hipoteczne objęte Tymczasowym programem kredytów hipotecznych należy zwrócić beneficjentowi przed zawarciem dowolnej umowy w sprawie transakcji wymiany w ramach Programu kredytów hipotecznych.Program kredytów hipotecznych jest skierowany przede wszystkim do małych banków oszczędnościowych, których funkcjonowanie zależy od dostępu do środków płynnych pochodzących od innych krajowych instytucji finansowych, które również miały problemy z płynnością [7].
English: As described above, the Icelandic authorities have argued that the Authority should consider the Mortgage Loan Scheme as part of the ongoing restructuring of the Icelandic savings banks sector and that it should be assessed under the Authority’s restructuring guidelines applicable to financial institutions under the financial crisis (the ‘banking restructuring guidelines’) [37]. However, the swap under the Mortgage Loan Scheme does not require any general restructuring of the financial institutions benefiting from the Scheme.
Polish: Zgodnie z powyższym władze islandzkie twierdzą, że Urząd powinien uznać Program kredytów hipotecznych za część bieżącego procesu restrukturyzacji islandzkiego sektora banków oszczędnościowych oraz że należy oceniać go zgodnie z wytycznymi Urzędu w dziedzinie restrukturyzacji, które mają zastosowanie do instytucji finansowych w warunkach kryzysu finansowego (wytyczne w sprawie restrukturyzacji sektora bankowego) [37].
English: Paragraph 39 provides that: ‘[a]s a first stage, assets should be valued on the basis of their current market value, whenever possible. In general, any transfer of assets covered by a scheme at a valuation in excess of the market price will constitute State aid. The current market value may, however, be quite distant from the book value of those assets in the current circumstances, or non-existent in the absence of a market (for some assets the value may effectively be as low as zero).’. Paragraph 40 provides that: ‘[a]s a second stage, the value attributed to impaired assets in the context of an asset-relief programme (the “transfer value”) will inevitably be above current market prices in order to achieve the relief effect. To ensure consistency in the assessment of the compatibility of aid, the Authority would consider a transfer value reflecting the underlying long-term economic value (the “real economic value”) of the assets, on the basis of underlying cash flows and broader time horizons, an acceptable benchmark indicating the compatibility of the aid amount as the minimum necessary. ’.
Polish: Pkt 39 stanowi, że „na etapie pierwszym aktywa powinny zostać wycenione, zawsze gdy jest to możliwe, na podstawie ich aktualnej wartości rynkowej. Zasadniczo wszelkie przeniesienie aktywów objętych programem według wartości przekraczającej cenę rynkową będzie stanowiło pomoc państwa. Aktualna wartość rynkowa może jednak znacznie odbiegać od wartości księgowej tych aktywów w obecnych okolicznościach lub może być nie do określenia przy braku rynku (w przypadku niektórych aktywów wartość może być nawet równa zeru).”Pkt 40 stanowi, że: „Na etapie drugim wartość przypisana aktywom o obniżonej wartości w kontekście programu pomocy związanej z aktywami („wartość przekazania”) będzie nieuchronnie wyższa od aktualnej ceny rynkowej, co umożliwi osiągnięcie zamierzonego efektu pomocy. Dla zapewnienia spójności oceny zgodności pomocy Komisja będzie skłonna uznać wartość przekazania, odzwierciedlającą leżącą u jej podstaw wartość ekonomiczną aktywów w długim okresie ( „rzeczywistą wartość ekonomiczną”), uwzględniającą leżący u jej postaw przepływ środków pieniężnych i szersze horyzonty czasowe, za możliwy do przyjęcia punkt odniesienia, wskazujący na zgodność środka pomocy z kryterium ograniczenia pomocy do niezbędnego minimum ”.
English: Article 3 of the Regulation [13] and Article 6 [14] of the Supplementary Rules provide that HFF ‘shall perform the assessment of the value of the bonds offered to the Fund’ and that ‘the book value of the loan shall as a rule be the basis for their price.’ In other words, HFF itself carries out an ‘in-house’ assessment of the value of the mortgage loans. It bases that assessment on the book value of the loans.
Portuguese: O artigo 3.o do Regulamento [13] e o artigo 6. o [14] das Regras complementares estabelecem que o FFH «deverá realizar uma avaliação do valor das obrigações propostas para o Fundo» e que «por regra, o valor contabilístico do empréstimo deverá servir de base para o seu preço.» Por outras palavras, o próprio FFH avalia internamente o valor dos empréstimos hipotecários, baseando essa avaliação no valor contabilístico dos empréstimos.
English: On the basis of the IAG, the Authority had doubts as to whether (i) the market value of the assets had been calculated correctly (and reflected in the transfer price); and (ii) the swap agreements included sufficient remuneration for the State, ensuring proper burden sharing between the parties. Finally, the Authority objected to the fact that the Icelandic authorities had not limited the time period (‘entrance window’) during which eligible financial institutions could apply under the Mortgage Loan Scheme, or specified the amount of the total or annual budget of the Scheme.
Portuguese: Com base nestas Orientações, o Órgão de Fiscalização manifestou reservas quanto ao facto de: i) o valor de mercado dos ativos ter sido calculado corretamente (e refletido no preço de transferência); e ii) os acordos de troca preverem uma remuneração suficiente para o Estado, garantindo uma partilha adequada dos encargos entre as partes.Por fim, o Órgão de Fiscalização apresentou objeções relativamente ao facto de as autoridades islandesas não terem estabelecido um período («janela de aceitação») durante o qual as instituições financeiras elegíveis poderiam apresentar propostas no âmbito do Regime de empréstimos hipotecários, nem terem especificado o montante orçamental total ou anual do Regime.
English: On the contrary, the measure is selective in that it favours only one sector of the economy [34].1.3. Distortion of competition and effect on trade between Contracting Parties
Slovenian: Nasprotno, ukrep je selektiven, če daje prednost samo enemu gospodarskemu sektorju [34].1.3 Izkrivljanje konkurence in vpliv na trgovino med pogodbenicami
English: The Mortgage Loan Scheme must therefore be assessed under Article 61(3)(b) of the EEA Agreement and the IAG. Prior to determining whether the Mortgage Loan Scheme is compatible under the IAG, it is relevant, in the present case, to determine whether the Scheme qualifies as a ‘scheme’ within the meaning of Protocol 3 to the Surveillance and Court Agreement.
Slovenian: Torej je treba shemo hipotekarnih posojil oceniti v skladu s členom 61(3)(b) Sporazuma EGP in smernicami o oslabljenih sredstvih.