natgillin/translations-raw huggingface dataset:
Жерар Корню, Юридически речник, PUF.
Cornu, Vocabulaire juridique, PUF.
Вж. S. Carpi-Petit, PUR, Правоприемството в административното право, посочено по-горе.
See S. Carpi-Petit, Les successions en droit administratif, cited above, p. 207.
Вж. бележка под линия 61.
See footnote 61.
Решение на Първоинстанционния съд, EPAC/Комисията, съединени дела T-204/97 и T-270/97, Сборник 2000 г., стр. II-2267, точки 80 и 81).
Joined Cases T-204/97 and T-270/97 EPAC v Commission [2000] ECR II-2267, paragraphs 80 and 81.
Финансовият рейтинг е задължителна стъпка от финансирането на предприятията на капиталовите пазари; освен това той все по-често се използва като справка при отпускане на банкови заеми.
The financial rating is a required step for obtaining funding for undertakings on the capital markets; in addition, it is increasingly used as a benchmark for bank lending.
Вж. по този повод бележката под линия на страница 46 от решението за откриване на процедурата.
In this regard, see footnote 46 to the opening decision.
Става въпрос за Standard & Poor’s и Fitch, две от най-големите агенции за кредитен рейтинг на световно ниво.
Standard & Poor's and Fitch, two of the leading global rating agencies.
Откъс от „International Postal Entities: Influence of government support on ratings“ ( „Международни пощенски оператори: Влияние на подкрепата от държавата върху кредитния рейтинг“) Standard and Poor’s, 22 ноември 2004 г.: „La Poste’s legal status, which ensures a last-recourse sovereign guarantee, confers the ultimate statutory guarantee of the Republic of France on its obligations“.
Extract from ‘International Postal Entities: Influence of government support on ratings’, Standard & Poor ' s, 22 November 2004.
Откъс от „Ratings direct“ за La Poste, S & P, 3 април 2007 г.: „In 1991, LP – previously part of the government bureaucracy- became an independent publicly owned entity with EP status, which ensures LP an ultimate state guarantee on its obligations, but not a timely and explicit guarantee as reflected by the rating differentiation between LP and the Republic of France.“.
Extract from ‘Ratings direct’ on La Poste, S & P, 3 April 2007. Original in English.
Вж. точка 1.2, второ и четвърто тире от известието относно гаранциите.
Second and fourth indents of Point 1.2 of the 2008 Guarantees Notice.
Вж. статията „Агенция Fitch потвърждава кредитния рейтинг „AA“, определен за La Poste “, Fitch Ratings, Париж/Лондон, 4 септември 2009 г.
See article ‘Fitch confirme la note “AA” attribuée à La Poste ’, Fitch Ratings, Paris/London, 4 September 2009.
Вж. съображение 2 от настоящото решение.
See recital 2 of this Decision.
Откъс от „International Postal Entities: Influence of government support on ratings“.
Extract from ‘International Postal Entities: Influence of government support on ratings’.
Standard and Poor’s, 22 ноември 2004 г.: „Category 2: notching down with respect to the state owner’s ratings.
Standard & Poor ' s, 22 November 2004: ‘Category 2: notching down with respect to the state owner's rating.
La Poste and Poste Italiane currently fall within this category.“.
La Poste and Poste Italiane currently fall within this category’.
Standard and Poor’s, 22 ноември 2004 г.: „Unlike the credit quality of companies that operate in a commercial manner at arm’s length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste’s robust credit quality is its extremely strong State support.
Standard & Poor’s, 22 November 2004: ‘Unlike the credit quality of companies that operate in a commercial manner at arm’s length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste’s robust credit quality is its extremely strong state support.
La Poste’s legal status confers the ultimate statutory guarantee of the Republic of France (AAAA/Stable/A-1+) on its obligations“.
La Poste’s legal status confers the ultimate statutory guarantee of the Republic of France (AAAA/Stable/A–1+) on its obligations’.
Последното понижаване на рейтинга на La Poste е през 21 януари 2009 г., малко след като президентът на Френската република съобщи за преобразуването на La Poste в акционерно дружество: рейтингът на La Poste спадна до A+, което още веднъж потвърждава, че при всякакви други равни условия публичноправният статут на La Poste оказва значително влияние върху нейния кредитен рейтинг.
The most recent downgrade of La Poste’s rating took place on 21 January 2009, shortly after the President of the French Republic had announced the conversion of La Poste into a public limited company: La Poste’s rating was downgraded to A+, which once again confirms that La Poste’s status as a public entity does indeed have an important influence on the rating, ceteris paribus.
Откъс от „Ratings direct“ за La Poste, S & P, 3 април 2007 г.: „S&P continues to follow a top-down rating methodology for La Poste – which allows for a governement supported entity to be rated by up to two categories below the sovereign- as we expect the French state to remain La Poste’s 100 % shareholder in the medium term.
Extract from ‘Ratings direct’ on La Poste, S & P, 3 April 2007: ‘S & P continues to follow a top-down rating methodology for La Poste — which allows for a governement supported entity to be rated by up to two categories below the sovereign — as we expect the French state to remain La Poste’s 100 % shareholder in the medium term.
The ratings nevertheless already factor in the long-term likelihood of a change in the group’s capital structure, which would require a change in its current “établissement public „ legal status and result in the loss of the state’s ultimate guarantee on LP’s financial obligations, the elimination of which was recently recommended by the European Commission“.
The ratings nevertheless already factor in the long-term likelihood of a change in the group’s capital structure, which would require a change in its current ‘établissement public’ legal status and result in the loss of the state’s ultimate guarantee on LP’s financial obligations, the elimination of which was recently recommended by the European Commission ’.
Откъс от „Ratings direct“ за La Poste, S & P, 3 април 2007 г.: „The EC recently recommended that the French government end this guarantee by year-end 2008, which they believe provides La Poste with more favorable financing conditions than its competitors in a market in the process of being liberalized.
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: ‘The EC recently recommended that the French government end this guarantee by year-end 2008, which they believe provides LP with more favorable financing conditions than its competitors in a market in the process of being liberalized.
The ratings on La Poste were unaffected by this recommendation since we consider that a change in La Poste’s status would not necessarily reflect a decrease in the strong state support that underpins La Poste’s ratings and that has been reaffirmed by recent government decisions“.
Original in English’.
Откъс от „ADP news“ от 21 януари 2009 г.: „S&P lowers ratings on La Poste with negative outlook“… „The announced legal status and ownership change will give the company a greater autonomy from the government, which is why its rating has a four-notch differential with the rating on the Republic of France, rated AAA/A-1 + with a “stable „ outlook.
Extract from ADP news dated 21 January 2009: ‘S & P lowers ratings on La Poste with negative outlook’ […] ‘The announced legal status and ownership change will give the company a greater autonomy from the government, which is why its rating has a four-notch differential with the rating on the Republic of France, rated AAA/A–1+ with a “stable” outlook.
S&P’s “negative „ outlook reflects concerns that the changes in the company’s legal status and ownership, likely to take place in the next two years as part of a capital hike, could pressure the ratings.
S & P’s “negative” outlook reflects concerns that the changes in the company’s legal status and ownership, likely to take place in the next two years as part of a capital hike, could pressure the ratings.
These initiatives could limit the government’s ability to provide the postal operator with exceptional support without improving its standalone profile in the short term, as the capital hike should not decrease La Poste’s debt relative to its cash generation“.
These initiatives could limit the government’s ability to provide the postal operator with exceptional support without improving its standalone profile in the short term, as the capital hike should not decrease La Poste’s debt relative to its cash generation ’.
Вж. параграф 197 от мнението, представено от Франция на 23 януари 2008 г.
See point 197 of the observations submitted by France on 23 January 2008.
„Rating Government-Related Entities: A Primer“. Standard and Poor’s.
‘Rating Government-Related Entities: A Primer’.
14 юни 2006 г.
Standard & Poor’s, 14 June 2006.
Вж. също „Ratings direct“ за La Poste, S & P, 3 април 2007 г.: „The entities’ credit standing is linked to that of the government, but ratings can be notched down from those on the State by up to two categories as the financial links between these companies and the state may be increasingly subject to change in the medium or long term“ ( „Кредитната позиция на образуванията е свързана с тази на държавата, но рейтингът може да бъде понижен с две категории в сравнение с този на държавата, доколкото финансовите връзки между тези дружества и държавата могат да се променят в средносрочен или дългосрочен план“).
See also ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: ‘The entities’ credit standing is linked to that of the government, but ratings can be notched down from those on the State by up to two categories as the financial links between these companies and the state may be increasingly subject to change in the medium or long term’.
Откъс от „Ratings direct“ за La Poste, S & P, 3 април 2007 г.: „In 1991, La Poste became an independent publicly owned entity with Etablissement Public status, which ensures La Poste an ultimate State guarantee on its obligations, but not a timely and explicit guarantee as reflected by the rating differentiation between La Poste and the Republic of France“.
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: Original in English.
Откъс от „Ratings direct“ за La Poste, S & P, 3 април 2007 г.: „The EC recently recommended that the French government end this guarantee by year-end 2008, which they believe provides La Poste with more favorable financing conditions than its competitors in a market in the process of being liberalized.
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007. ‘The EC recently recommended that the French government end this guarantee by year-end 2008, which they believe provides LP with more favorable financing conditions than its competitors in a market in the process of being liberalized.
The ratings on La Poste were unaffected by this recommendation since we consider that a change in La Poste’s status would not necessarily reflect a decrease in the strong state support that underpins La Poste’s ratings and that has been reaffirmed by recent government decisions“.
The ratings on La Poste were unaffected by this recommendation since we consider that a change in La Poste’s status would not necessarily reflect a decrease in the strong state support that underpins La Poste’s ratings and that has been reaffirmed by recent government decisions’.
Откъс от „Ratings direct“ за La Poste, S & P, 3 април 2007 г.: „A change in the group’s ownership structure would lead Standard and Poor’s to shift to a bottom-up rating approach, focusing more on La Poste’s stand-alone business and financial profiles.
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: ‘A change in the group’s ownership structure would lead Standard & Poor’s to shift to a bottom-up rating approach, focusing more on LP’s stand-alone business and financial profiles.
This rating approach may not necessarily translate into rating changes given the expected improvement in La Poste’s stand-alone situation in the coming years“ [ „Промяна в структурата на собственост на групата би довела до това Standard and Poor’s да премине към подход bottom-up за определяне на рейтинга, като се фокусира допълнително върху търговския и финансов профил на самата La Poste. Този подход за определяне на кредитния рейтинг не е задължително да доведе до промяна в рейтинга, като се има предвид очакваното подобрение на вътрешното състояние на La Poste през следващите години“].
This rating approach may not necessarily translate into rating changes given the expected improvement in La Poste’s stand-alone situation in the coming years’.
Откъс от „Ratings direct“ за La Poste, S & P, 3 април 2007 г.: „The ratings on La Poste could be downgraded, however, if state backing for the company were to weaken“ [ „Възможно е все пак рейтингът на La Poste да се понижи, ако подкрепата от държавата за това предприятие бъде намалена“].
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: ‘The ratings on La Poste could be downgraded, however, if state backing for the company were to weaken’.
Вж. раздел 3.2.1.Г от настоящото решение и част V.4 от мнението, представено от френските власти на 23 януари 2008 г.
See section 3.2.1.D of this Decision and part V.4 of the observations submitted by the French authorities on 23 January 2008.
Част V.4 а) от мнението, представено от Франция на 23 януари 2008 г.
Part V.4(a) of the observations submitted by France on 23 January 2008.
Вж. параграф 186 от мнението, представено от Франция на 23 януари 2008 г.
See point 186 of the observations submitted by France on 23 January 2008.
Вж. таблица 1 в „Ratings direct“ за La Poste, S & P, 3 април 2007 г.
See Table 1 in ‘Ratings Direct’ on La Poste, S & P, 3 April 2007.
Откъс от „International Postal Entities: Influence of government support on ratings“, Standard and Poor’s, 22 novembre 2004: „Unlike the credit quality of companies that operate in a commercial manner at arm’s length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste’s robust credit quality is its extremely strong State support.
Extract from ‘International Postal Entities: Influence of government support on ratings’, Standard & Poor’s, 22 November 2004: ‘Unlike the credit quality of companies that operate in a commercial manner at arm’s length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste’s robust credit quality is its extremely strong state support.
Вж. параграф 196 от мнението, представено от Франция на 23 януари 2008 г.
See point 196 of the observations submitted by France on 23 January 2008.
Вж. параграф 198-200 от мнението, представено от Франция на 23 януари 2008 г.
See points 198-200 of the observations submitted by France on 23 January 2008.
„International Postal Entities: Influence of government support on ratings“ [ „Международните пощенски оператори: Влияние на подкрепата от държавата върху кредитните рейтинги“] , Standard and Poor’s, 22 ноември 2004 г.
‘International Postal Entities: Influence of government support on ratings’, Standard & Poor’s, 22 November 2004.
Откъс от „Ratings direct“ за La Poste, S & P, 3 април 2007 г.: „The ratings nevertheless already factor in the long-term likelihood of a change in the group’s capital structure, which would require a change in its current „établissement public“ legal status and result in the loss of the state’s ultimate guarantee on LP’s financial obligations, the elimination of which was recently recommended by the European Commission “.
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: The ratings nevertheless already factor in the long-term likelihood of a change in the group’s capital structure, which would require a change in its current ‘établissement public’ legal status and result in the loss of the state’s ultimate guarantee on LP’s financial obligations, the elimination of which was recently recommended by the European Commission’.
От друга страна, набелязаните слаби страни на La Poste включват: „Likely capital structure change at company or bank level in the long term“.
Moreover, La Poste’s identified weaknesses include: ‘Likely capital structure change at company or bank level in the long term’.
Mid swap е средна стойност между предлаганата и предложената в даден момент от банките лихва за междубанковите им транзакции по падеж, т.е. фиксираната лихва, която една банка е готова да обмени срещу общовалиден шестмесечен euribor.
The mid swap is the median between the rate offered and the rate proposed by the banks at a particular moment for their interbank dealings by maturity, i.e. it is the fixed rate that a bank is willing to exchange for a 6-month Euribor as a general rule.
Решение на Съда на Европейските общности от 14 февруари 1990 г., „Boussac“, Франция/Комисията, C-301/87, Сборник, стр. I-307, точка 33.
Judgment of the Court of Justice in Case C-301/87 France v Commission, ‘Boussac’, [1990] ECR I-307, paragraph 33.
Решение на Първоинстанционния съд от 11 март 2009 г., TF1/Комисията, T354/05, Сборник, стр. II-113, точки 166 и 167.
Judgment of the Court of First Instance in Case T-354/05 TF1 v Commission [2009] ECR II-471, paragraphs 166 and 167.
По-специално, в решението EDF (параграф 57 от Решение 2005/145/ЕО на Комисията от 16 декември 2003 г. относно държавната помощ, предоставена от Франция на EDF и предприятията от електрическата и газовата промишленост (ОВ L 49, 22.2.2005 г., стр. 9) Комисията счита, че „невъзможността за EDF да премине през процедура по оздравяване и съдебна ликвидация, и следователно да се установи неплатежоспособност, е равностойна на обща гаранция върху ангажиментите на предприятието.
In particular, in its decision on EDF (paragraph 57 of the Commission Decision 2005/145/EC of 16 December 2003 on the State aid granted by France to EDF and the electricity and gas industries, OJ L 49, 22.2.2005, p. 9), the Commission took the view that ‘EDF cannot be subject to administration or compulsory liquidation proceedings, and therefore cannot be declared bankrupt, is equivalent to a general guarantee covering all its liabilities.
Такава гаранция не може да подлежи на никакво възнаграждение съгласно пазарните правила.
Such a guarantee cannot be the subject of any remuneration according to the rules of the market.
Тази гаранция, която е неограничена като обхват, във времето и размера си, представлява държавна помощ“.
Such a guarantee, which is unlimited in scope, time and amount, constitutes State aid’.
Вж. известието относно гаранциите, точка 2.1, трета алинея 3.
See the third paragraph of point 2.1 of the 2008 Guarantees Notice.
ОВ L 15, 21.1.1998 г., стр. 14-25.
OJ L 15, 21.1.1998, p. 14.
Вж. например Решение 2005/145/ЕО.
See, for example, Decision 2005/145/EC.
Вж. по-специално точка 1.5 от известието относно гаранциите, което потвърждава принципа на неутралността, както и точка 1.2, в която се обяснява, че дадена държавна гаранция може да произтича единствено от правната форма (второ и четвърто тире от тази точка).
See inter alia point 1.5 of the Guarantees Notice, which confirms the principle of neutrality, and point 1.2, which explains that a state guarantee may result from the simple fact of the legal form (second and fourth indents of this point).
Дело E 10/2000, „Anstaltslast und Gewährträgerhaftung“, точка 5 от предложението за приемане на подходящи мерки от 8 май 2001 г. Достъпно на уебсайта на Комисията: http://ec.europa.eu/community_law/state_aids/comp-2000/e010-00-1.pdf
Case E 10/2000, Anstaltslast und Gewährträgerhaftung, point 5 of the proposal for appropriate measures of 8.5.2001. Consultable on the Commission website: http://ec.europa.eu/community_law/state_aids/comp-2000/e010-00-1.pdf
Вж. Решение 2005/145/ЕО.
See Decision 2005/145/EC.
от 26 февруари 2010 година
of 26 February 2010
относно държавна помощ C 9/09 (ex NN 45/08; NN 49/2008 и NN 50/08), приведена в действие от Кралство Белгия, Република Франция и Великото херцогство Люксембург в полза на Dexia SA
on State aid C 9/09 (ex NN 49/08, NN 50/08 and NN 45/08) implemented by the Kingdom of Belgium, the French Republic and the Grand Duchy of Luxembourg for Dexia SA
(нотифицирано под номер C(2010) 1180)
(notified under document C(2010) 1180)
като покани заинтересованите страни да представят мненията си в съответствие с посочените разпоредби [1],
Having called on interested parties to submit their comments pursuant to the provisions cited above [1],
НЕОТЛОЖНИ МЕРКИ В ПОЛЗА НА DEXIA
EMERGENCY MEASURES FOR DEXIA
На 30 септември 2008 г. властите в Белгия, Франция и Люксембург (наричани по-долу „заинтересованите държави-членки“) оповестиха публично прилагането на увеличението на капитала, описано в раздел 3.1 от настоящото решение (наричано по-долу „увеличението на капитала“).
On 30 September 2008, the authorities of Belgium, France and Luxembourg (‘the Member States concerned’) publicly announced the implementation of the capital increase described in section 3.1 of this decision (‘the capital increase’).
На 9 октомври 2008 г. заинтересованите държави-членки оповестиха прилагането на гаранцията, описана в раздел 3.2 (наричана по-долу „гаранцията“).
On 9 October 2008, the Member States concerned announced the implementation of the guarantee described in section 3.2 (‘the guarantee’).
С писма от 1 и 2 октомври 2008 г., заведени като получени на същия ден от Комисията, властите на заинтересованите държави-членки информираха Комисията за предприетите от тях мерки за увеличението на капитала.
By communications of 1 and 2 October 2008, recorded the same day at the Commission, the authorities of the Member States concerned informed the Commission of the measures they had taken in the context of the capital increase.
Впоследствие Комисията получи мотивирани писма, обосноваващи неотложността на предприетите от заинтересованите държави-членки мерки за увеличението на капитала:
Reasoned letters, justifying the urgency of the measures taken by the Member States concerned in the context of the capital increase, were then addressed to the Commission:
писмо от Централната банка на Белгия [Banque nationale de Belgique] (наричана по-долу „BNB“), получено на 1 октомври 2008 г.;
letter from the Banque nationale de Belgique (‘BNB’), received on 1 October 2008,
писмо от Централната банка на Франция [Banque de France], получено на 2 октомври 2008 г.;
letter from the Banque de France, received on 2 October 2008,
писмо от Комисията на Люксембург за надзор на финансовите услуги [Commission luxembourgeoise de surveillance des services financiers] (наричана по-долу „CSSF“), получено на 10 октомври 2008 г.
letter from the Commission luxembourgeoise de surveillance des services financiers (‘CSSF’), received on 10 October 2008.
С писма от 9, 13 и 17 октомври 2008 г., заинтересованите държави-членки информираха Комисията за прилагането на гаранцията.
By communications of 9, 13 and 17 October 2008, the Member States concerned informed the Commission of the implementation of the guarantee.
С писма от 2, 13 и 14 октомври 2008 г. заинтересованите държави-членки поеха ангажимент да представят на Комисията в срок от шест месеца, считано от 3 октомври 2008 г., план за преструктуриране на Dexia, като отчетат предприетите на 3 и 9 октомври 2008 г. мерки.
By communications of 2, 13 and 14 October 2008, the Member States concerned undertook to present to the Commission, within a period of six months from 3 October 2008, a restructuring plan for Dexia, taking into account the measures taken on 3 and 9 October 2008.
В писма от 8 и 13 октомври, и с оглед на прозрачността, BNB информира Комисията за операция за осигуряване на ликвидност (или „Liquidity Assistance“, наричана по-долу „операцията LA“), която BNB в сътрудничество с Националната банка на Франция са осъществили поради временните затруднения по отношение на ликвидността, които е изпитвала Dexia.
By letters of 8 and 13 October, in a concern for transparency, the BNB informed the Commission of a liquidity assistance operation (‘the LA operation’), put in place by the BNB, in cooperation with the Banque de France, on account of Dexia’s temporary liquidity problems.