FrancophonIA/JRC-Acquis_subcorpus_EL-FR_Hunalign_aligned-TMX huggingface dataset:
Greek: (41) Although the measure aims at bridging the equity gap for SMEs, the risk capital communication [5] does not foresee rules for such kind of measure. Even if the risk capital communication allows grants for setting up a venture capital fund, it has to be noted that Investbx cannot be regarded as such a fund and does not provide any venture capital to SMEs. The measure at stake solely aims at setting up the infrastructure for an exchange facility for investors and SMEs and therefore falls outside the risk capital communication. Also none of the other existing State aid regulations, frameworks or guidelines seem to be applicable. It is true that the West Midlands do qualify for the derogation in Article 87(3)(c) EC [6], and the Commission also notes that this region has suffered from the Rover crisis. But the grant to Investbx is not an application of an aid scheme for regional development. It is rather an ad hoc aid, which does not seem to be limited to initial investment in the meaning of the regional aid guidelines [7].
French: (41) Although the measure aims at bridging the equity gap for SMEs, the risk capital communication [5] does not foresee rules for such kind of measure. Even if the risk capital communication allows grants for setting up a venture capital fund, it has to be noted that Investbx cannot be regarded as such a fund and does not provide any venture capital to SMEs. The measure at stake solely aims at setting up the infrastructure for an exchange facility for investors and SMEs and therefore falls outside the risk capital communication. Also none of the other existing State aid regulations, frameworks or guidelines seem to be applicable. It is true that the West Midlands do qualify for the derogation in Article 87(3)(c) EC [6], and the Commission also notes that this region has suffered from the Rover crisis. But the grant to Investbx is not an application of an aid scheme for regional development. It is rather an ad hoc aid, which does not seem to be limited to initial investment in the meaning of the regional aid guidelines [7].
Greek: (42) However, an assessment of this ad hoc aid could be based directly on Article 87(3)(c) EC. Accordingly, a well-defined market failure has to exist, the aid instrument has to target the identified market failure and distortions of competition and the effect on trade should be limited to ensure that the aid measure is not, on balance, against the common interest.
French: (42) However, an assessment of this ad hoc aid could be based directly on Article 87(3)(c) EC. Accordingly, a well-defined market failure has to exist, the aid instrument has to target the identified market failure and distortions of competition and the effect on trade should be limited to ensure that the aid measure is not, on balance, against the common interest.
Greek: 4.3.1. Presence of a well-defined market failure
French: 4.3.1. Presence of a well-defined market failure
Greek: (43) The measure intends to address an alleged market failure particularly caused by imperfect information on both the demand and the supply side. SMEs usually face problems in finding adequate funding on the financial market. Investors have difficulties to gain appropriate and reliable information about potential investees.
French: (43) The measure intends to address an alleged market failure particularly caused by imperfect information on both the demand and the supply side. SMEs usually face problems in finding adequate funding on the financial market. Investors have difficulties to gain appropriate and reliable information about potential investees.
Greek: (44) The proposed aid addresses the market failure described by offering an electronic platform enabling the SMEs to present themselves and the investors to inform themselves. The match-making of investors and SMEs will be achieved through the electronic auctioning.
French: (44) The proposed aid addresses the market failure described by offering an electronic platform enabling the SMEs to present themselves and the investors to inform themselves. The match-making of investors and SMEs will be achieved through the electronic auctioning.
Greek: (45) Investbx targets equity funding in the area of GBP 0,5 million to GBP 2 million, a deal size range for which an equity gap was established in several studies put forward by the UK in the context of the ECF — Enterprise Capital Funds which was approved by the Commission on 3 May 2005 [8]. The question is whether this assessment of an equity gap in the UK and particularly in the West Midlands region is still valid.
French: (45) Investbx targets equity funding in the area of GBP 0,5 million to GBP 2 million, a deal size range for which an equity gap was established in several studies put forward by the UK in the context of the ECF — Enterprise Capital Funds which was approved by the Commission on 3 May 2005 [8]. The question is whether this assessment of an equity gap in the UK and particularly in the West Midlands region is still valid.
Greek: (46) Accordingly, the Commission wishes to further verify whether the arguments presented can justify the presence of a well-defined market failure, particularly in view of the above and any further third party comments.
French: (46) Accordingly, the Commission wishes to further verify whether the arguments presented can justify the presence of a well-defined market failure, particularly in view of the above and any further third party comments.
Greek: 4.3.2. The aid instrument has to target the identified market failure
French: 4.3.2. The aid instrument has to target the identified market failure
Greek: (47) The measure intends to change the behaviour of both investors and SMEs by increasing their information on their potential matches. In this context it is noted positively that the measure is limited to five years. AWM will either sell its shares of Investbx after this period or close it down.
French: (47) The measure intends to change the behaviour of both investors and SMEs by increasing their information on their potential matches. In this context it is noted positively that the measure is limited to five years. AWM will either sell its shares of Investbx after this period or close it down.
Greek: (48) Compared to usual risk capital schemes, the amount of public funding used is rather limited. Regional risk capital schemes covering regions similar in size as the West Midlands normally involve far higher amounts of aid than foreseen for this measure [9].
French: (48) Compared to usual risk capital schemes, the amount of public funding used is rather limited. Regional risk capital schemes covering regions similar in size as the West Midlands normally involve far higher amounts of aid than foreseen for this measure [9].
Greek: (49) However, the Commission wishes to further assess any incentive effect of the aid instrument. Also the relation between the notified measure and the ECF merits further examination.
French: (49) However, the Commission wishes to further assess any incentive effect of the aid instrument. Also the relation between the notified measure and the ECF merits further examination.
Greek: 4.3.3. Distortions of competition and the effect on trade should be limited to ensure that the aid measure is not, on balance, against the common interest
French: 4.3.3. Distortions of competition and the effect on trade should be limited to ensure that the aid measure is not, on balance, against the common interest
Greek: (50) As to the balancing of distortion of competition and effects on trade, the existing London based markets, namely the London Stock Exchange (LSE), its Alternative Investment Market (AIM) and the off-trading facility Ofex, may be the potential competitors of Investbx. Another source of perceived competition could be from traditional sources of finance such as bank debt, friends and family, business angels or venture capital funds.
French: (50) As to the balancing of distortion of competition and effects on trade, the existing London based markets, namely the London Stock Exchange (LSE), its Alternative Investment Market (AIM) and the off-trading facility Ofex, may be the potential competitors of Investbx. Another source of perceived competition could be from traditional sources of finance such as bank debt, friends and family, business angels or venture capital funds.
Greek: (51) However, LSE, AIM and Ofex use classical market making mechanisms using bid and offer price, the primary focus being institutional investors, with retail investors having no access to new issued shares. These traditional exchanges generate revenues primarily from companies joining the market and subsequently paying an annual fee in order to stay on the exchange.
French: (51) However, LSE, AIM and Ofex use classical market making mechanisms using bid and offer price, the primary focus being institutional investors, with retail investors having no access to new issued shares. These traditional exchanges generate revenues primarily from companies joining the market and subsequently paying an annual fee in order to stay on the exchange.
Greek: (52) Investbx seems, at first sight, to differ from these traditional markets. It, for instance, has no market makers. Market makers generate revenues based on the share price "spread", i.e. the margin between bid and offer price. Market makers achieve revenues either by selling large volumes of shares at low spread, or by selling low volumes of shares at high spread. Both of these factors may contribute to them not working well with SMEs, which have, for instance, lower volumes of shares to sell.
French: (52) Investbx seems, at first sight, to differ from these traditional markets. It, for instance, has no market makers. Market makers generate revenues based on the share price "spread", i.e. the margin between bid and offer price. Market makers achieve revenues either by selling large volumes of shares at low spread, or by selling low volumes of shares at high spread. Both of these factors may contribute to them not working well with SMEs, which have, for instance, lower volumes of shares to sell.
Greek: (53) Investbx furthermore seems to aim, unlike the traditional markets, also at providing a bridge between the above-mentioned traditional sources of finance and the more senior markets LSE, AIM and Ofex ("escalator function").
French: (53) Investbx furthermore seems to aim, unlike the traditional markets, also at providing a bridge between the above-mentioned traditional sources of finance and the more senior markets LSE, AIM and Ofex ("escalator function").
Greek: (54) However, at this stage, the differences to traditional markets and in particular to Ofex merits further examination and competition with LSE, AIM and Ofex as well as with debt financing from private banks needs to be verified further, particularly in view of the above and any further third party comments.
French: (54) However, at this stage, the differences to traditional markets and in particular to Ofex merits further examination and competition with LSE, AIM and Ofex as well as with debt financing from private banks needs to be verified further, particularly in view of the above and any further third party comments.
Greek: 5. DECISION
French: 5. DECISION
Greek: The Commission at this stage concludes that the measure involves State aid pursuant to Article 87(1) EC to Investbx. It nevertheless wishes to further verify the presence of State aid at the level of the investors and the enterprises invested in. In addition, also in view of the third party comments, it currently has doubts as to the compatibility of the measure with the common market, in particular the presence of a well-targeted market failure, whether the aid instrument has an incentive effect and whether the distortions of competition and the effect on trade are limited to ensure that the aid measure is not, on balance, against the common interest.
French: The Commission at this stage concludes that the measure involves State aid pursuant to Article 87(1) EC to Investbx. It nevertheless wishes to further verify the presence of State aid at the level of the investors and the enterprises invested in. In addition, also in view of the third party comments, it currently has doubts as to the compatibility of the measure with the common market, in particular the presence of a well-targeted market failure, whether the aid instrument has an incentive effect and whether the distortions of competition and the effect on trade are limited to ensure that the aid measure is not, on balance, against the common interest.
Greek: In the light of the foregoing considerations, the Commission, acting under the procedure laid down in Article 88(2) EC, requests the United Kingdom to submit its comments and to provide all such information as may help to assess the aid, within one month of the date of receipt of this letter.
French: In the light of the foregoing considerations, the Commission, acting under the procedure laid down in Article 88(2) EC, requests the United Kingdom to submit its comments and to provide all such information as may help to assess the aid, within one month of the date of receipt of this letter.
Greek: The Commission wishes to remind the United Kingdom that Article 88(3) EC has suspensory effect, and would draw its attention to Article 14 of Council Regulation (EC) No 659/1999, which provides that all unlawful aid may be recovered from the recipient.
French: The Commission wishes to remind the United Kingdom that Article 88(3) EC has suspensory effect, and would draw its attention to Article 14 of Council Regulation (EC) No 659/1999, which provides that all unlawful aid may be recovered from the recipient.
Greek: The Commission warns the United Kingdom that it will inform interested parties by publishing this letter and a meaningful summary of it in the Official Journal of the European Union. It will also inform interested parties in the EFTA countries which are signatories to the EEA Agreement, by publication of a notice in the EEA Supplement to the Official Journal of the European Union and will inform the EFTA Surveillance Authority by sending a copy of this letter. All such interested parties will be invited to submit their comments within one month of the date of such publication."
French: The Commission warns the United Kingdom that it will inform interested parties by publishing this letter and a meaningful summary of it in the Official Journal of the European Union. It will also inform interested parties in the EFTA countries which are signatories to the EEA Agreement, by publication of a notice in the EEA Supplement to the Official Journal of the European Union and will inform the EFTA Surveillance Authority by sending a copy of this letter. All such interested parties will be invited to submit their comments within one month of the date of such publication."
Greek: [1] ΕΕ C 235 της 21.8.2001, σ. 3.
French: [1] JO C 235 du 21.8.2001, p. 3.
Greek: [2] The definition complies with Commission Recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).
French: [2] The definition complies with Commission Recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).
Greek: [3] Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 93 of the EC Treaty (OJ L 83, 27.3.1999, p. 1).
French: [3] Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 93 of the EC Treaty (OJ L 83, 27.3.1999, p. 1).
Greek: [4] Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 93 of the EC Treaty (OJ L 83, 27.3.1999, p. 1).
French: [4] Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 93 of the EC Treaty (OJ L 83, 27.3.1999, p. 1).
Greek: [5] OJ C 235, 21.8.2001, p. 3.
French: [5] OJ C 235, 21.8.2001, p. 3.
Greek: [6] Commission decision of 17 August 2000 on State aid No N 265/2000 — UK concerning the UK regional aid map for 2000–2006 (OJ C 272, 23.9.2000, p. 43).
French: [6] Commission decision of 17 August 2000 on State aid No N 265/2000 — UK concerning the UK regional aid map for 2000–2006 (OJ C 272, 23.9.2000, p. 43).
Greek: [7] OJ C 74, 10.3.1998, p. 9.
French: [7] OJ C 74, 10.3.1998, p. 9.
Greek: [8] See State aid No C 17/2004 — UK, not yet published in the Official Journal.
French: [8] See State aid No C 17/2004 — UK, not yet published in the Official Journal.
Greek: [9] Take as example State aid No C 17/2004 — UK ("Enterprise Capital Funds") and State aid No C 72/2003 — UK ("Invest Northern Ireland Venture 2003").
French: [9] Take as example State aid No C 17/2004 — UK ("Enterprise Capital Funds") and State aid No C 72/2003 — UK ("Invest Northern Ireland Venture 2003").
Greek: Απόσπασμα από την απόφαση περί εκκαθάρισης σύμφωνα με το άρθρο 14 της οδηγίας 2001/17/EK του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου της 19ης Μαρτίου 2001 για την εξυγίανση και την εκκαθάριση των ασφαλιστικών επιχειρήσεων, η οποία αφορά την εταιρεία INGO BALTIC UADB
French: Extrait de la décision de liquidation visée à l'article 14 de la directive 2001/17/CE du Parlement européen et du Conseil du 19 mars 2001 concernant l'assainissement et la liquidation des entreprises d'assurance concernant INGO BALTIC UADB
Greek: (2005/C 289/03)
French: (2005/C 289/03)
Greek: Βάσει απόφασης του περιφερειακού δικαστηρίου του Vilnius της 18ης Αυγούστου 2005, κινήθηκε πτωχευτική διαδικασία σε σχέση με την ιδιωτική ασφαλιστική επιχείρηση INGO BALTIC UADB (κωδικός εταιρείας 110426768). Η δικαστική απόφαση τέθηκε σε ισχύ στις 30 Αυγούστου 2005.
French: Une procédure de faillite a été ouverte à l'encontre de l'entreprise d'assurance privée INGO BALTIC UADB (no de registre 110426768), en vertu d'une décision du Tribunal régional de Vilnius du 18 août 2005. Cette décision a pris effet le 30 août 2005.
Greek: Η Jupoga, μετοχική εταιρεία [κωδικός εταιρείας 5008557, Pramones str. 21a, Alytus, Lithuania, άδεια αριθ. 48a για την παροχή υπηρεσιών συνδίκου πτώχευσης, του υπουργείου οικονομικών της Δημοκρατίας της Λιθουανίας, τηλ. (370) 685 67424] διορίσθηκε σύνδικος πτώχευσης για την κηρυχθείσα σε πτώχευση εταιρεία. Ο κ. Juozas Dzekunskas (πιστοποιητικό αριθ. 468a) διορίσθηκε πληρεξούσιος του συνδίκου.
French: L'entreprise publique Jupoga [no de registre 5008557, Pramonès str. 21a, Alytus, Lituanie, agréée par le ministère de l'économie de la république de Lituanie sous le no 48a pour la fourniture de services d'administration de faillite, téléphone (370) 685 67424] a été chargée de l'administration d'INGO BALTIC UADB dans le cadre de cette procédure. M. Juozas Dzekunskas (certificat de compétence No 468a) a été désigné comme mandataire de l'administrateur.
Greek: Παρακαλούμε να μας διαβιβάσετε αμέσως τις αξιώσεις των πιστωτών, στην ακόλουθη διεύθυνση: Odminiu str. 3, LT-01122 Vilnius, Lithuania. Για περαιτέρω πληροφορίες μπορείτε να καλέσετε τον αριθμό τηλεφώνου (370) 5 264 90 90, τον αριθμό φαξ (370) 5 23 13 117, ή να απευθυνθείτε στην ηλεκτρονική διεύθυνση: ingo@ingo.lt.
French: Toute créance sur l'entreprise en question doit être déclarée sans délai à l'adresse suivante: Odminiu str. 3, LT-01122 Vilnius, Lituanie. Des informations complémentaires peuvent être demandées par téléphone (370) 5264 90 90, par télécopie (370 5 23 13117) ou par courrier électronique (ingo@ingo.lt).
Greek: Η αρχή στην οποία το κράτος έχει αναθέσει την εποπτεία της πτωχευτικής διαδικασίας για την υπόψη επιχείρηση είναι η επιτροπή εποπτείας ασφαλιστικών επιχειρήσεων της Δημοκρατίας της Λιθουανίας (Ukmerges str. 222, Vilnius, Lithuania, τηλ.: (370) 5 243 13 70, φαξ: (370) 5 272 36 896, ηλ. ταχ.: dpk@dpk.lt).
French: L'autorité chargée par l'État de la supervision de la procédure de faillite est la Commission de contrôle des assurances de la république de Lituanie [Ukmerges str. 222, Vilnius, Lituanie, téléphone: (370) 5243 13 70, télécopieur: (370) 5272 36896, courrier électronique: dpk@dpk.lt].
Greek: Η πτωχευτική διαδικασία διέπεται από το δίκαιο της Λιθουανίας.
French: La procédure est régie par le droit lituanien.
Greek: Ενδο-ΕΕ επενδύσεις στον τομέα των χρηματοπιστωτικών υπηρεσιών
French: Investissements intra-UE dans le secteur des services financiers
Greek: (2005/C 293/02)
French: (2005/C 293/02)
Greek: 1.ΕΙΣΑΓΩΓΗ
French: 1.INTRODUCTION
Greek: Κατά την άτυπη συνεδρίαση του Συμβουλίου ECOFIN, που πραγματοποιήθηκε στις 10 και 11 Σεπτεμβρίου 2004 στο Scheveningen, οι υπουργοί οικονομικών υπογράμμισαν την έλλειψη συνοριακής ενοποίησης στον χρηματοπιστωτικό τομέα. Η κατάσταση διαφέρει ανάλογα με το κράτος μέλος και εκφράζονται ανησυχίες για την ύπαρξη εμποδίων που δεν συμβιβάζονται με τις ελευθερίες της Συνθήκης. | Η καθυστέρηση της ενοποίησης του χρηματοπιστωτικού τομέα δείχνει την ύπαρξη εμποδίων στις επενδύσεις. |
French: Lors de la réunion informelle du Conseil ECOFIN qui s'est tenue les 10 et 11 septembre 2004 à Scheveningen, les ministres des finances ont souligné l'absence de consolidation transfrontalière dans le secteur financier. La situation est variable selon les États membres, et l'on craint l'existence d'obstacles incompatibles avec les libertés du traité. | Le retard pris par la consolidation du secteur financier fait craindre l'existence d'obstacles à l'investissement. |
Greek: Οι διατάξεις των άρθρων 56 και 43 της Συνθήκης, που αφορούν αντίστοιχα την ελεύθερη κυκλοφορία των κεφαλαίων και το δικαίωμα εγκατάστασης είναι άμεσα εφαρμόσιμες στο πλαίσιο των άμεσων ενδο-ΕΕ επενδύσεων στον χρηματοπιστωτικό τομέα. Ορισμένες πρόσφατες αποφάσεις του Ευρωπαϊκού Δικαστηρίου (Δικαστήριο) σε υποθέσεις σχετικά με άμεσες επενδύσεις συνέβαλαν στην κατανόηση των εν λόγω αρχών. | Οι ελευθερίες της Συνθήκης εγγυώνται θεμελιώδεις και εκτεταμένες ελευθερίες … |
French: Les dispositions des articles 56 et 43 du traité, qui concernent respectivement la liberté de circulation des capitaux et le droit d'établissement, sont directement applicables dans le contexte des investissements directs intra-UE dans le secteur financier. Certains arrêts récents de la Cour de justice européenne ("la Cour") dans des affaires ayant trait aux investissements directs ont fait avancer la compréhension de ces principes. | Les libertés du traité garantissent des droits fondamentaux et de vaste portée … |
Greek: Οι αποφάσεις αυτές του Δικαστηρίου παρέχουν επίσης αυστηρή ερμηνεία των πιθανών εξαιρέσεων ως προς τις ελευθερίες της Συνθήκης, ιδιαίτερα των εξαιρέσεων που συνδέονται με το γενικό συμφέρον ή εποπτικούς λόγους, που είναι και οι σημαντικότερες για τον χρηματοπιστωτικό τομέα. | … με ορισμένες περιορισμένες εξαιρέσεις. |
French: Ces arrêts de la Cour fournissent également une interprétation stricte des exceptions possibles aux libertés du traité, notamment des restrictions liées à l'intérêt général ou à des considérations prudentielles, qui sont les cas les plus pertinents pour le secteur financier. | … avec quelques exceptions limitées. |