natgillin/translations-raw huggingface dataset:
[18].
lead to a restoration of the viability of the bank or demonstrate how it can be wound-up in an orderly fashion.
Механизмът за ликвидност в режим на готовност в размер до 250 млн.
In the opening decision, the Commission temporarily approved the rescue aid, considering that the measures described in recital 36 were appropriate as they aimed at eliminating the threat to the Latvian economy stemming from the problems of MLB.
LVL, описан в съображение 36, буква в), е временно одобрен и се предоставя на БИЗ считано от 1 януари 2012 г. до приключването на процеса на продажба, за да бъде на разположение в случай на събития, изискващи спешно осигуряване на ликвидност.
The Commission also considered that those measures were necessary and were the best value options for the Latvian government to phase out the commercial activities of the bank.
От 30 май 2013 г. нататък използваната подкрепа на ликвидността е била значително по-ниска от максималния предвиден размер (50 млн.
Nevertheless the Commission had doubts that the aid was proportionate and requested further information in that respect.
LVL), защото не е имало изтегляне на депозити и процесът на преобразуване е протекъл гладко.
Safeguards against undue distortion of competition — Discontinuation of commercial activities
Понастоящем има неусвоен остатък от 25 млн.
According to the sales strategy, most of the economic activities of the commercial segment of MLB were to be discontinued and sold in bundles and the subsidiaries Hipolizings and Hipo Fondi were to be sold separately from the bank, which the Commission viewed positively.
LVL, който се очаква да бъде изчистен до 31 декември 2013 г.
As regards winding down in an orderly fashion, the Commission concluded that more information was needed on the compatibility of the aid for discontinuation of the commercial activities of MLB.
Гаранциите в размер до 32 млн.
In particular, the Commission requested the Latvian authorities to provide precise milestones envisaged for the sale of activities as well as further information regarding the activities that could not be sold.
LVL, описани в съображение 36, буква г), е трябвало да бъдат предоставени на международните кредитори на БИЗ във връзка с нейния търговски сегмент.
As regards the economic activities that were to be continued, only two entities, namely Hipolizings and Hipo Fondi, were to be sold as standalone legal entities.
Тъй като продажбата на търговския сегмент и преобразуването на БИЗ в банка за развитие би могло да се счита за неизпълнение съгласно техните договори, тази мярка е била необходима, за да се гарантират задълженията, в случай че международните кредитори биха поискали предварително изплащане на кредитите на БИЗ.
Nevertheless, in light of their limited market presence [20] and their timely sale by the bank, the Commission preliminarily concluded that the aid measures were adequate.
Въпреки това размерът на гаранциите, изисквани за търговската част, е по-нисък от очакваната сума от 32 млн.
Restoring long-term viability of economic activities of MLB group
LVL, тъй като само някои международни кредитори са поискали допълнителни мерки за безопасност.
In the opening decision, the Commission requested the Latvian authorities to provide additional information to ensure that entities that would remain on a stand-alone basis (Hipolizings and Hipo Fondi) would be viable after the sale.
Считано от 30 май 2013 г. прогнозираното равнище на необходимите гаранции е 12,4 млн.
More specifically, the Commission wanted to know who would provide the infrastructures or funding they required in the place of MLB after the sale.
LVL.
Orderly wind down of unsold commercial activities
Подкрепата на ликвидността на HipoNIA, описана в съображение 36, буква д), се оказва по-висока от сумата, временно одобрена от Комисията, като достига 71 млн.
Although the sales strategy provides information about the conditions for an orderly winding down of commercial activities, the Commission raised doubts in the opening decision that sufficient safeguards had been put in place against undue distortion of competition.
LVL вместо 60 млн.
The Commission in particular invited the Latvian authorities to terminate the sales in a timely manner and to propose additional measures to ensure that the bank priced its commercial products in an unattractive fashion and capped advances on existing loans.
LVL.
COMMENTS FROM INTERESTED PARTIES
Увеличението е необходимо, тъй като част от пакет 3 не е продадена на пазара, а вместо това се прехвърля на HipoNIA, увеличавайки по този начин необходимия размер на финансирането.
COMMENTS ON THE OPENING DECISION BY LATVIA
Очаква се тази подкрепа на ликвидността да бъде възстановена до 31 декември 2018 г.
On 5 April 2012, Latvia submitted comments on the opening decision and later complemented its position through regular submissions of information until June 2013 [21].
Съответно Латвия поиска от Комисията да одобри увеличението на подкрепата на ликвидността от 11 млн.
Overall, Latvia is of the opinion that all criteria for compatible State aid have been met with regard to MLB because: (i) the commercial segment has been liquidated; (ii) the remaining development segment operates within a strict product range (remit), and (iii) the remaining institution will have its licence revoked and thus not compete with commercial banks on funding.
LVL.
As regards MLB's development segment, Latvia submitted extensive information [22].
В този контекст Латвия твърди, че общият размер на помощта, необходима за поетапното прекратяване на търговския сегмент на БИЗ, е по-нисък от размера на временно одобрената помощ.
Nonetheless, Latvia clarified that no definitive agreement had been reached as yet on the creation of the SDI, which is supposed to take over MLB's development segment.
Таблица 2
Latvia stated that a joint action plan on the establishment of the SDI by the Ministries concerned and the external expert was due on 2 August 2013, and that the work would continue throughout 2013.
Преглед и съпоставка на одобрената държавна помощ спрямо отпусната държавна помощ
However, the final date for SDI's creation is still unclear.
(състояние към месец май 2013 г.)
For that reason, Latvia requested that the State aid assessment of the creation of the SDI be treated in a separate procedure and not within the procedure on MLB's commercial segment.
Подкрепа на ликвидността на БИЗ
As regards safeguards against undue distortions of competition, Latvia believes that the arrangements put in place ensure that there is no direct competition between MLB's commercial segment and other commercial banks.
Размер, предварително одобрен от Комисията на 26 януари 2012 г.
MLB stopped new lending activity as of November 2009.
250,0 млн.
On the deposit side, active management of the deposit base was originally needed to avoid additional State aid in the form of liquidity support until the completion of the sale.
LVL
Deposits related to MLB's commercial segment were eventually sold as a part of Bundles 1 and 2, while payment card operations and the automatic teller machine network have been dismantled.
Размер, предоставен през декември 2011 г.
HipoNIA, which has acquired loan portfolios from MLB, does not provide additional financing to any of its clients.
50,0 млн.
In particular, given the state of those loans (almost all are overdue by more than 90 days and restructuring attempts had already been made) almost all cases result in HipoNIA repossessing the property.
LVL
As regards the commercial segment, Latvia submitted a full timetable for the sale or liquidation of assets, set out the key milestones of the process and informed the Commission of progress made and the actual dates of sales agreements.
Подкрепа на ликвидността на HipoNIA
Latvia submitted that all balance sheet positions related to the commercial segment will have been eliminated by January 2014.
60,0 млн.
Latvia provided a detailed overview of the State aid amounts actually granted to MLB's commercial segment (namely, liquidity support to MLB of LVL 50 million, State guarantees of LVL 12,4 million, capital measures of LVL 95,2 million and liquidity support of LVL 71 million to HipoNIA).
LVL
Latvia underlined that the total aid needed by MLB for its commercial part is lower than originally assumed (and approved on a temporary basis in the opening decision).
Размер, предоставен през юни 2013 г.
According to Latvia, none of the aid measures directly benefits the commercial activities which will be continued by Hipolizings and Hipo Fondi after they have been sold.
71,0 млн.
MLB's core business was split up into three bundles and sold in the form of an asset sale.
LVL
None of those bundles constitutes an undertaking within the meaning of Article 107(1) of the Treaty; hence Latvia considers that the economic activity is not continued after the sale, nor will the bundles benefit from the State aid received prior to the sale.
Гаранции
Latvia takes the view that only the sale of Bundle 4 (Hipolizings) may constitute a continuation of economic activity.
32,0 млн.
However, Hipolizings will form a very small part of the group to which its buyer belongs (less than 0,1 %) and […].
LVL
The sale will ensure the entity's long-term viability and will not endanger the viability of the buyer.
Размер, предоставен през юни 2012 г.
Moreover, Hipolizings has only a very small market share of 5 %.
12,4 млн.
In addition, it only profited to a limited extent and indirectly from the aid granted to MLB: its existing contractual arrangements did not have to be terminated unexpectedly and, like the other companies owned by the bank, it did not have to be sold by a distressed owner.
LVL
Considering the very limited amount of aid for Hipolizings, Latvia believes that after the sale and full integration with its buyer Hipolizings will not benefit from aid.
Капитал
As regards the shell company Hipo Fondi sold to a private investor, Latvia undertakes that […].
70,2 + 50,0 млн.
Regarding the transfer of assets from MLB to HipoNIA and its subsequent sale, Latvia agrees with the Commission's preliminary findings, set out in the opening decision, that the transfer does not involve aid.
LVL
With regard to the 2012 capital increase for the commercial segment, Latvia clarified that that increase took place in two parts: the first one was linked to the sale of Bundles 1, 2, 3, 5 and 6 while the second one was linked to the sale of Bundle 4.
70,2 + 25,0 млн.
The amount of capital was kept to the minimum and calculated to ensure regulatory capital adequacy for the commercial segment following the losses from the sale.
LVL
As regards the standby liquidity facility granted in the context of restructuring, Latvia submitted that the support to the commercial segment was of a temporary nature to ensure the orderly sale.
Общ размер на държавната помощ
Its small scale and temporary nature reduced the potential distortions of competition to the minimum, according to Latvia.
462,2 млн.
Finally, Latvia undertook to submit monitoring reports on MLB's restructuring, including the wind-down of unsold commercial activities and an ex post valuation of the liquidation.
LVL
ASSESSMENT OF THE MEASURES
Текуща оценка на размера на мерките за помощ
Existence of aid within the meaning of Article 107(1) of the Treaty
228,6 млн.
As set out in Article 107(1) of the Treaty any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market, save as otherwise provided.
LVL
Beneficiaries of aid
Основания за откриване на процедурата
As set out in recital 145 of the opening decision, when assessing the measures in order to determine whether they constitute State aid, it is necessary to distinguish between the present and future development bank activities of MLB, on the one hand, and the residual commercial activities pursued by MLB during the transition (phasing-out) period, on the other hand.
В Съобщението относно преструктурирането [19] се посочват правилата за държавна помощ, приложими за преструктурирането на финансовите институции в настоящата криза.
Latvian authorities submitted the data demonstrating how the measures benefitted one segment or the other.
Съгласно Съобщението относно преструктурирането, за да отговаря на условията на член 107, параграф 3, буква б) от Договора, преструктурирането на финансова институция в контекста на настоящата финансова криза трябва да:
The scope of the present decision only covers measures granted to the commercial part of MLB.
включва достатъчно собствено участие от страна на бенефициера (споделяне на тежестта);
The terms of operation of the development part of MLB, which is expected to be continued by an as yet still to be established development institution will be assessed in a separate final decision.
съдържа достатъчни мерки, които да ограничават нарушаването на конкуренцията;
As a result, the present decision will assess only the measures granted by Latvia benefitting the commercial part of MLB in so far as they are needed for the restructuring of the commercial segment of MLB.
води до възстановяване на жизнеспособността на банката или да демонстрира как може да се извърши организирано ликвидацията ѝ.
It is recalled that to assess the measures benefitting the commercial segment of the bank, it is important to ascertain whether and to what extent the economic activity is continued or dissolved after the sale of the commercial assets and liabilities [23].
В решението за откриване на процедурата Комисията временно е одобрила помощта за оздравяване, като е счела, че мерките, описани в съображение 36, са целесъобразни, тъй като те са целели премахването на заплахата за латвийската икономика, произтичаща от проблемите на БИЗ.
In that respect, the Commission finds that, with the sale of bundles 3A (to a private investor), 3B and 4 (to the LPA for gradual work out) by 30 June 2013, those economic activities of the former commercial part of MLB have been dissolved.
Комисията счита също така, че тези мерки са необходими и са най-ефикасният вариант за латвийското правителство за поетапното прекратяване на търговската дейност на банката.
It is also noteworthy that a large share of assets formerly managed by Hipo Fondi was sold separately from that company by means of an asset sale.
Въпреки това Комисията има съмнения относно това дали помощта е пропорционална и е поискала допълнителна информация в това отношение.
The Commission considers that the sale in bundles, which allowed different buyers to bid for separate parts of commercial assets and liabilities of MLB, effectively contributes to the liquidation of the commercial activities of MLB.
Предпазни мерки срещу излишното нарушаване на конкуренцията — прекратяване на търговските дейности
It is noteworthy that the bank attempted more than once to sell the unsold assets which are ultimately to be transferred to the LPA, repackaging the bundles and renegotiating the offers with the potential investors.
В съответствие със стратегията за продажба повечето от икономическите дейности на търговския сегмент на БИЗ трябва да бъдат прекратени и продадени на пакети и дъщерните предприятия Hipolizings и Hipo Fondi трябва да бъдат продадени отделно от банката, което се оценява положително от Комисията.
Hence, MLB seems to have exhausted all available opportunities in the market to sell those worst quality assets at a reasonable price, i.e. a price higher than their long-term economic value as estimated by an external reputable consultant.
Що се отнася до организираната ликвидация, Комисията стига до заключението, че е необходима повече информация относно съвместимостта на помощта за прекратяване на търговските дейности на БИЗ.
As regards MLB's ancillary activities of a commercial nature, Latvia also provided sufficient information that they have already been or will be terminated in the near term.
По-специално Комисията е поискала от латвийските органи да посочат точните етапи, предвидени във връзка с продажбата на дейностите, както и допълнителна информация относно дейностите, които не могат да бъдат продадени.
The shell company Hipo Fondi, which will remain after the sale of the assets it managed, will be sold in the coming months, the securities business will be terminated, and RIS, which is a pure holding company currently holding shares in Hipo Fondi and two companies in insolvency, will be liquidated.
По отношение на икономическите дейности, които се предвижда да продължат да се извършват, само два субекта, а именно Hipolizings и Hipo Fondi, е трябвало да бъдат продадени като самостоятелни юридически лица.
It is planned that MLB's banking licence will be revoked by 31 December 2013.
Независимо от това, предвид тяхното ограничено присъствие на пазара [20] и тяхната навременна продажба от банката Комисията прави предварително заключение, че мерките за помощ са били адекватни.
As regards Hipolizings, it was sold as a legal entity by means of a share deal.
Възстановяване на жизнеспособността в дългосрочен план на икономическите дейности на групата БИЗ
Latvia submitted that Hipolizings did not directly benefit from any of the support granted to its parent company, MLB [24].
В решението за откриване на процедурата Комисията е поискала от латвийските органи да предоставят допълнителна информация в уверение на това, че предприятията, които ще останат като самостоятелни субекти (Hipolizings и Hipo Fondi), ще бъдат жизнеспособни след продажбата.
As regards the potential asset relief measure described in recitals 165 to 170 of the opening decision, it is recalled that before the sale of Hipolizings the worst assets of MLB were internally transferred to HipoNIA.
По-конкретно Комисията иска да знае след продажбата кой ще осигури инфраструктурите или финансирането, които са им необходими, вместо БИЗ.
In the opening decision the Commission concluded that such an internal transfer of assets could only constitute an asset relief measure in favour of Hipolizings and Hipo Fondi, if and to the extent that they benefitted from such transfers.
Организирана ликвидация на непродадените търговски дейности
Given Latvia's confirmation that no assets were transferred from Hipolizings to HipoNIA, it can be concluded that Hipolizings did not receive any asset relief directly benefitting its activities.
Въпреки че в стратегията за продажба е предоставена информация за условията за организирана ликвидация на търговските дейности, в решението за откриване на процедурата Комисията изразява съмнения, че са въведени достатъчни предпазни мерки срещу излишното нарушаване на конкуренцията.
However, as acknowledged by Latvia, it cannot be excluded that Hipolizings profited to a limited extent from the aid granted to MLB insofar as the existing contractual arrangements of Hipolizings did not have to be terminated unexpectedly, and it did not have to be sold by a distressed owner.
Комисията по-специално приканва латвийските органи да завършат продажбите своевременно и да предложат допълнителни мерки, за да се гарантира, че банката е определила непривлекателни цени на своите търговски продукти и е поставила таван за овърдрафтите по съществуващи кредити.
Therefore, the Commission concludes that Hipolizings benefitted from the aid granted to MLB, albeit indirectly and hence to a very low degree.
МНЕНИЯ ОТ ЗАИНТЕРЕСОВАНИ СТРАНИ
As regards Hipo Fondi, the Commission notes that when it was sold to its minority shareholder it was merely a shell company.
МНЕНИЯ ОТНОСНО РЕШЕНИЕТО ЗА ОТКРИВАНЕ НА ПРОЦЕДУРА ОТ ЛАТВИЯ
Latvia has confirmed that the remaining private portfolios and closed-end funds managed by Hipo Fondi have already been closed, are in the process of termination or will be wound up.
На 5 април 2012 г.
Furthermore, Latvia has committed that […].
Латвия представя мнения относно решението за откриване на процедурата и по-късно допълва своята позиция чрез редовни подавания на информация до месец юни 2013 г.
In light of the foregoing, it can be concluded that Hipo Fondi will remain purely as a shell company with no actual business to manage at least for some time.
[21].
Given that the shell company ends the activities formerly carried out by Hipo Fondi as MLB's subsidiary and does not undertake any new economic activities immediately, it can be concluded that there is no continuity between Hipo Fondi as an undertaking which was part of MLB group and the new entity, i.e. Hipo Fondi owned by new owner(s) and carrying out new economic activities, if any.
Като цяло Латвия е на мнение, че всички критерии за съвместима държавна помощ са изпълнени по отношение на БИЗ, защото: i) търговският сегмент е бил ликвидиран; ii) останалият сегмент за развитие функционира в рамките на строго определена гама продукти (компетенции) и ii) лицензът на оставащата институция ще бъде оттеглен и следователно тя няма да се конкурира с търговските банки за финансиране.
Therefore, the shell Hipo Fondi company cannot be considered as benefitting from the aid previously granted to MLB.
По отношение на сегмента за развитие на БИЗ Латвия е представила изчерпателна информация [22].
As regards HipoNIA, it will contain assets of the former commercial segment of MLB in run-down mode and will operate only for a limited time.
Независимо от това Латвия е пояснила, че все още не е постигнато окончателно споразумение относно създаването на ЕИР, която се предвижда да поеме сегмента за развитие на БИЗ.
However, in line with the established case practice, measures aimed at winding down commercial activities may still constitute aid [25].
Латвия посочва, че съвместен план за действие за създаването на ЕИР от съответните министерства и външния експерт трябва да бъде представен на 2 август 2013 г., както и че работата ще продължи през цялата 2013 година.
As regards the undertakings which are buyers of the bundles, the Commission notes that, based on information submitted by Latvia, the sale process was carried out in an open and non-discriminatory manner, on market terms and with the aim to maximize the price for specific bundles.
Въпреки това крайната дата за създаване на ЕИР е все още неясна.
As regards HipoNIA transfer at below market value, the Commission confirms the preliminary conclusion of the opening decision that its buyer, the LPA, cannot be considered as a beneficiary of the aid, since it does not carry out economic activities and is merely an agency of the Latvian State [26].
Поради тази причина Латвия е поискала оценката на държавната помощ за създаването на ЕИР да бъде разгледана в отделна процедура, а не в рамките на процедурата относно търговския сегмент на БИЗ.
On that basis, the Commission considers that no aid was granted to the undertakings which are buyers of MLB's commercial assets and liabilities.
Що се отнася до предпазните мерки срещу излишното нарушаване на конкуренцията, Латвия смята, че въведените мерки гарантират, че няма пряка конкуренция между търговския сегмент на БИЗ и други търговски банки.
In conclusion, after the sale of all the bundles consisting of the former commercial activities of MLB, which has been concluded by now, the aid measures only benefit those commercial activities of MLB continued after the sale by HipoNIA and Hipolizings.
БИЗ е преустановила дейността по отпускане на нови кредити от ноември 2009 г.
Aid measures
По отношение на депозитите, първоначално е било необходимо активно управление на депозитната база, за да се избегне допълнителна държавна помощ под формата на подкрепа на ликвидността до приключването на продажбата.
As stated in recital 73, Hipolizings has benefitted (albeit only to a limited extent) from the aid granted to MLB.
Депозитите, свързани с търговския сегмент на БИЗ, в крайна сметка са продадени като част от пакети 1 и 2, а операциите с платежни карти и мрежата от терминални устройства АТМ е демонтирана.
As mentioned above, its contractual arrangements did not have to be terminated unexpectedly and the company did not have to be sold by a distressed owner, which could have possibly led to a fire sale.