natgillin/translations-raw huggingface dataset:
Således nøjedes staten allerede i juli 2002 ikke med offentlige tilkendegivelser, men henvendte sig også til de vigtigste markedsaktører for at få dem til at videreformidle budskabet til investorerne.
Thus, in July 2002, the State did not simply issue public declarations; it also contacted the main market operators in order that they might act as go-betweens with investors.
Den vigtighed, man tillagde selskabets økonomiske situation, beviser, at staten havde truffet en klar beslutning om at støtte FT.
The urgency due to the Company's financial situation confirms the existence of a firm decision by the State to support France Télécom.
I første halvdel af 2002 forringedes FT's rating kraftigt efter offentliggørelsen af regnskabet for 2001.
During the first half of 2002, France Télécom saw its credit rating downgraded following publication of its 2001 annual accounts.
Forringelsen af FT's rating kulminerede den 24. juni 2002, hvor Moody's nedsatte selskabets rating til ratingen umiddelbart over »junk bonds«, hvilket ville gøre det meget svært for selskabet af få refinansieret sin gæld.
The lowest point in the downgrading of France Télécom's credit rating was reached on 24 June 2002 when Moody's downgraded the Company's rating to just above that of junk bond, thereby making it very difficult for it to refinance its debt.
Denne forringelse vakte stor uro på finansmarkederne om FT ' s økonomiske situation (og især selskabets evne til at refinansiere sin gæld på 15 mia. EUR, som forfaldt til betaling i slutningen af 2003), og markederne forventede derfor en reaktion fra statens side for at berolige dem.
This downgrading caused considerable concern on the financial markets about France Télécom ' s financial situation (and in particular about its capacity to refinance its EUR 15 billion debt falling due at the end of 2003), and the markets expected a reaction from the State designed to reassure them.
Disse omstændigheder viser efter Kommissionens opfattelse, at staten havde tænkt sig et hasteindgreb for at berolige markedet og forhindre yderligere forringelse af FT ' s rating, som så ville ende som »junk bond«, hvilket ville være til alvorlig skade for selskabets finansielle situation.
These circumstances show, in the Commission ' s opinion, that the State had to act urgently to reassure the market and to prevent any further downgrading of France Télécom ' s credit rating to that of junk bond status, as this would have had a highly negative impact on the Company ' s financial situation.
Staten opretholdt således denne tillid ved hjælp af en række tilkendegivelser.
The State thus retained this trust through successive declarations.
Statens indgriben forhindrede reelt, at selskabets rating blev yderligere forringet til »junk bond«, som det også fremgår af S & P's pressemeddelelse af 12. juli 2002, hvori det angives, at tilsagnene fra staten var en afgørende faktor for, at FT ikke blev sat ned til en rating som »junk bond«.
In fact, the State ' s intervention had the effect of preventing any downgrading of the Company ' s credit rating to that of junk bond status, as is, moreover, clearly stated in S & P ' s press release of 12 July 2002, where the assurances provided by the State are hailed as being a key factor in France Télécom's not being reduced to junk bond status.
Det kan konkluderes, at selv om de enkelte tilkendegivelser hver for sig måske ikke ville være tilstrækkelige til at påvise, at staten havde besluttet sig for at støtte FT, så viser de under ét, at denne beslutning var truffet (og udmøntede sig i tilbuddet om et aktionærlån til FT som fremskyndelse af statens deltagelse i en senere kapitaltilførsel).
In conclusion, while each of these declarations taken separately might not suffice to prove the existence of a decision by the State to support France Télécom, taken together they do seem to suggest that such a decision exists (being embodied in the offer of the shareholder loan to France Télécom upfront of the State's participation in a future recapitalisation).
Sådan blev det i hvert fald opfattet af markederne.
Such was at all events the view taken by the markets.
Beslutningen fremstår endnu mere solid, hvis det konstateres, at tilkendegivelserne er bindende efter national ret og kan sætte statens troværdighed på spil.
The firm character of that decision would be confirmed in the event of its being established that the declarations are binding under domestic law and are capable of placing the State's credibility on the line.
Kommissionen understreger indledningsvis, at den har undersøgt spørgsmålet, om en privat investor, som fremkommer med de samme tilkendegivelser som staten, efter national ret vil være forpligtet til at efterkomme sine løfter.
First of all, the Commission has studied the question whether, under domestic law, a private investor who has made the same declarations as the State would be obliged to keep his promises.
Eftersom investoren i den foreliggende sag er staten, er undersøgelsen af national ret også kommet ind på forvaltningsretten.
In view of the fact that, in the present case, the investor is the State, the study of domestic law also included administrative law.
Kommissionen har bestilt en ekspertrapport herom og har også modtaget flere rapporter fra tredjeparter.
The Commission commissioned an expert report on the subject and it also received several reports from third parties.
På grundlag af disse oplysninger kan Kommissionen ikke på nuværende tidspunkt udelukke, at de pågældende tilkendegivelser er bindende efter de franske forvaltnings-, civil-, handels- og strafferetlige regler og New Yorks statsret.
On the basis of this information, the Commission cannot rule out at this stage that the declarations in question may have binding force under French administrative, civil, commercial and criminal law, as well as under the law of the State of New York.
Den primære kritik af de franske myndigheder går på, at ensidige tilsagn i national ret er en undtagelse, og at hensigtserklæringer, som ikke er en ensartet kategori, kun undtagelsesvis medfører et ensidigt tilsagn.
The main criticism levelled by the French authorities is that, under domestic law, unilateral commitments are the exception, and that letters of intent, which do not form a homogeneous category, are treated as equivalent to a unilateral commitment only in exceptional circumstances.
Det er dog ikke spørgsmålet, om fransk ret er entydig på området, men om der i privatretten findes forhold, som kan godtgøre, at der i et tilfælde som det foreliggende er tale om et ensidigt tilsagn.
But the question is not whether French law is unequivocal on this matter, but whether there is any basis in private law for concluding that there exists a unilateral commitment in circumstances such as those of the present case.
Det kan således ikke bestrides, at der findes en dom afsagt af Cour de cassation, der finder anvendelse, selv om de franske myndigheder forsøger at begrænse graden heraf.
The fact that there exists a usable body of case law of the Court of Cassation, of which the French authorities are trying simply to minimise the scope, is incontestable.
Sådanne gentagne og enslydende tilkendegivelser fra ministeren, som har ansvaret for at administrere statens andele og som repræsenterer selskabets hovedaktionær, må bestemt opfattes som troværdige af markedsaktørerne, og de skaber dermed en forventning hos disse om, at staten vil træffe alle nødvendige foranstaltninger for at afhjælpe FT's økonomiske vanskeligheder.
It is entirely likely that such repeated and concordant declarations, emanating as they do from the Minister responsible for managing the State's shareholdings and representing the Company's majority shareholder, will be considered credible by the market, and as a result they create an expectation on the part of the latter that the State will do everything necessary to resolve any financial difficulties that France Télécom may face.
Hvis staten ikke havde opfyldt denne forventning, kunne det direkte have påvirket dens anseelse som ejer, aktionær og administrator af virksomheder, det være sig børsnoterede eller ej, og som udsteder af obligationer til finansiering af statsgælden.
Any failure by the State to fulfil that expectation would have directly affected its reputation in its capacity as owner, shareholder or manager of companies, whether quoted or not, and in its capacity as issuer of bonds to finance the public debt.
Den franske regerings tilkendegivelser fra og med juli 2002 afspejler således en strategi, der er baseret på statens anseelse.
Thus, the declarations by the French Government, starting from those of July 2002, are the expression of a strategy based on the reputation of the State.
Strategien består i at forpligte sig troværdigt på kort og lang sigt.
This strategy consists in entering into credible commitments in the short and the long term.
En hovedaktionær eller virksomhedsejer (eller mere generelt -leder), som ikke gør, som han offentligt har tilkendegivet, han ville, og en obligationsudsteder, som ikke holder ord, risikerer logisk set, uanset hvad de juridisk måtte være forpligtet til, at miste anseelse.
A majority shareholder in or an owner of companies (or, more generally, a manager) who does not conduct himself in the manner he had publicly announced and an issuer of bonds who does not keep his word risk logically, irrespective of any legal obligation, losing their reputation.
Dette tab af anseelse vil med stor sikkerhed føre til økonomiske omkostninger for operatøren, når denne næste gang skal skaffe lånekapital på markedet (om end der formodentlig altid vil være villige långivere) eller handle som ejer eller virksomhedsleder.
This loss of reputation will involve almost certain economic costs for the same operator when he tries to borrow again on the capital markets (assuming he still finds someone prepared to grant him a loan) or when he acts as owner or manager of a company.
Den franske stat har også taget omfattende lån på kapitalmarkederne til finansiering af statsgælden .
It is also a major borrower on the capital markets with a view to financing its public debt .
Hvis staten mistede sin troværdighed, ville det få mærkbare konsekvenser såvel for dens anseelse og rolle som økonomisk aktør og udsteder på de internationale markeder som for dens anseelse som politisk aktør.
A loss of credibility would therefore have not negligible consequences both for its reputation as a major economic operator and issuer on the international markets and for its reputation as a major political actor.
Det betyder, at disse forhold under ét medfører en reel risiko for statsmidlerne (idet staten får et ansvar over for investorerne og kan få højere omkostninger på fremtidige transaktioner).
Taken as a whole, these factors may be deemed to actually endanger state resources (either by incurring the State's responsibility vis-à-vis investors, or by increasing the cost of the State's future transactions).
Tesen om, at de franske myndigheders tilkendegivelser i tiden fra juli 2002 er statsstøtte, er således en nyskabende tese, men vel ikke uunderbygget.
The argument to the effect that the French authorities' declarations as from July 2002 are aid is therefore innovative, but probably not without foundation.
Kommissionen forventer dog ikke på dette grundlag ubestrideligt at kunne fastslå, at der er tale om statsstøtte.
Nevertheless, the Commission is not of the opinion that it can establish irrefutably the existence of aid on this basis.
Kommissionen mener til gengæld at kunne fastslå, at der er tale om støtte via en mere traditionel tilgang ud fra foranstaltningerne i december 2002, som blev indberettet.
It does, on the other hand, consider that it can demonstrate the presence of aid elements in a more conventional manner taking as a basis the December 2002 measures which were the subject of the notification.
I den forbindelse skal det blot påvises, at de forudgående tilkendegivelser havde en reel indvirkning på markedernes opfattelse af situationen i december, uden at disse tilkendegivelser i sig selv skal defineres som statsstøtte.
In this respect, it is sufficient to establish that the prior declarations had a real impact on the perception of the markets in December, without having to characterise these prior declarations as being in themselves state aid.
I den foreliggende sag bekræfter markedets reaktion og kommentarerne fra finansanalytikere, at markedet opfattede tilkendegivelserne som en troværdig forpligtelsesstrategi fra statens side om at støtte FT.
In the present case, the market's reaction and the comments by financial analysts confirm that the market regarded these declarations as a credible strategy of commitment by the State to support France Télécom.
Angående markedets reaktion understregede NERA, at den event study, der blev gennemført for bebudelsen den 12. juli 2002, viser, at bebudelsen forårsagede en usædvanlig og mærkbar stigning i værdien af FT's aktier og obligationer.
As to the market's reaction, NERA states that the event study carried out of the announcement of 12 July 2002 shows that that announcement led to an abnormal and not negligible increase in the value of France Télécom's shares and bonds.
Således steg FT-aktiekursen i forhold til indekset for hele den repræsentative del af telesektoren med mellem 37,8 % og 43,8 %.
Thus, compared with a set of telecom indexes representative of the market, France Télécom's share price rose by between 37,8 % and 43,8 %.
For obligationskursens vedkommende lå den unormale stigning mellem 3,2 % og 9,7 %.
The abnormal increase in bond prices amounted, for its part, to between 3,2 % and 9,7 %.
Denne reaktion viser, at staten efter markedets opfattelse med denne bebudelse forpligtede sig til at yde en mere omfattende støtte til FT og at markedet tillagde bebudelsen stor værdi.
This reaction implies that the market believed that, by the announcement, the State was committing itself to offering France Télécom greater support and that the market placed great store by the announcement.
For så vidt angår finansanalytikernes kommentarer nævner Deutsche Bank f.eks. flere gange i en rapport, som blev offentliggjort den 22. juli 2002, at statens støtte var af afgørende betydning for at undgå en krise, og at markedet på baggrund af regeringens tilkendegivelser var overbevist om, at staten ville støtte FT (selv om markedsaktørerne ikke vidste hvordan og i hvilket omfang).
As to the comments by financial analysts, Deutsche Bank, for example, mentioned several times in a report published on 22 July 2002 that the State's support was decisive in preventing a crisis and that the market was convinced, in the light of the Government's declarations, of the state support that would be provided by the Government to France Télécom (even if the market did query the scope and modalities of that support).
Bureauet S & P betragtede ligeledes regeringens tilkendegivelser som troværdige i en sådan grad, at det påvirkede selskabets rating.
Similarly, S & P considered the Government ' s declarations to be credible to the point of influencing the Company ' s credit rating.
Den 12. juli sænkede S & P således FT ' s rating til BBB-, men lod den blive i investeringskategorien med en stabil prognose , idet bureauet understregede, at »den franske stat — som ejer 55 % af France Télécom — har klart tilkendegivet over for Standard & Poor's, at den vil optræde som en fornuftig investor og træffe passende foranstaltninger, hvis FT skulle få vanskeligheder. S & P forventer således, at FT kan få svært ved at refinansiere den del af selskabets obligationsgæld, der forfalder i 2003.
On 12 July, S & P thus downgraded France Télécom ' s rating to BBB- but maintained its investment-grade rating with a stable outlook , stating that ‘The French state — which owns 55 % of France Télécom — has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties … Indeed S & P believes that the company could face certain difficulties refinancing its debt obligations coming due in 2003.
Det forhold, at statens støtte, som blev bebudet fra og med juli 2002, var troværdig nok til at holde FT's rating i investeringskategorien, bekræftes også af FT selv.
The fact that the State's support, proclaimed as from July 2002, was credible to the point of enabling France Télécom's credit rating to remain at investment-grade quality is also corroborated by France Télécom itself.
Her underbygges Kommissionens opfattelse af, at den franske regering for at bevare sin anseelse over for finansmarkederne var nødt til at holde de løfter, den havde givet (og der er for øvrigt intet andet i sagen, som giver indtryk af, at regeringen på noget tidspunkt havde tænkt sig andet).
This evidence confirms the Commission's opinion that the French Government was obliged, in order to keep its reputation intact on the financial markets, to respect the promises it had made (there is nothing on file to suggest that this was not always the Government's intention).
Kommissionen mærker sig i øvrigt, at disse tilkendegivelser havde kraftig indvirkning på markedet.
The Commission notes that the declarations had a major impact on the market.
En undersøgelse af de franske myndigheders bemærkninger og dokumentation samt de tilgængelige parlamentsdokumenter viser, at statens tilkendegivelser bidrog til at genetablere tilliden på finansmarkederne.
A study of the comments and documents submitted by the French authorities and of the available parliamentary debates shows that the State's declarations helped to restore the financial markets' confidence.
Efter S & P ' s pressemeddelelse af 13. juli 2002 har ratingbureauerne således samstemmende understreget, at statens opbakning i tiden fra juli 2002 var en afgørende faktor for, at FT's rating blev bibeholdt i investeringskategorien.
In fact, ever since S & P ' s press release of 13 July 2002, the rating agencies were all agreed that the support shown by the State since July 2002 was decisive in maintaining France Télécom's investment-grade credit quality.
Fordi FT's rating fortsat var i investeringskategorien, undgik FT yderligere finansieringsomkostninger på de midler, selskabet allerede havde lånt, som følge af step-up-klausuler i visse obligationsemissioner og på senere lån.
The maintenance of France Télécom's investment-grade credit quality thus enabled the Company to avoid additional financial costs on the funds it had already borrowed owing to the existence of step-up clauses in some bond issues and on future borrowings.
Og fordi ratingen blev i investeringskategorien, fik selskabet mulighed for at rette op på sin finansielle situation ved en kapitaltilførsel, der blev gennemført under optimale vilkår i marts/april 2003.
The maintenance of investment-grade rating enabled the Company, moreover, to put its finances back on to a sound footing through a recapitalisation operation carried out under optimum conditions in March/April 2003.
Allerede i september 2002 stillede bankerne således bl.a. som betingelse for at deltage i kapitaltilførslen, at »Den rating, Moody's og Standard & Poor's angiver for selskabets langfristede gæld, skal som minimum holde sig på det nuværende niveau investment grade; denne betingelse indsættes også i garanti- og investeringskontrakten«.
Back in September 2002, one of the conditions imposed by the banks for their participation in the operation was ‘the maintenance of at least the current ratings investment-grade quality of the company's long-term debt by the Moody's and Standard & Poor's rating agencies; this condition will be included in the guarantee and investment contract’.
Når aktionærlånet er en fremskyndelse af statens deltagelse i kapitaltilførslen til FT, følger det logisk, at der ikke ved lånet kan være taget hensyn til følgerne af disse tilkendegivelser.
In so far as the shareholder loan is made by way of an upfront prepayment by the State towards France Télécom's recapitalisation, it follows that it cannot be examined without regard to the effects of these declarations.
Hvis FT's rating var blevet nedsat, ville aktionærlånet sandsynligvis ikke være blevet givet; hvis det var, ville det i hvert fald være på mere bekostelige vilkår.
A downgrading of France Télécom's credit rating would have rendered any shareholder loan improbable or at the very least more costly.
Når de franske myndigheder i deres bemærkninger fremfører, at aktionærlånet isoleret set og uden hensyntagen til de forudgående begivenheder overholder det markedsøkonomiske investorprincip, er det Kommissionens umiddelbare indtryk, at dette argument ikke er helt uden berettigelse.
The Commission would note that, inasmuch as they seek to show that the shareholder loan taken in isolation and disregarding the events preceding it satisfies the prudent investor test, the French authorities' comments might seem at first sight not to be altogether without foundation.
Dette indtryk holder imidlertid ikke ved en mere detaljeret analyse.
However, this impression fades after more detailed analysis.
Kommissionen må således af de nedenfor anførte grunde understrege, at beslutningen om at fremskynde kapitaltilførslen ved at yde et aktionærlån ikke kan analyseres uafhængigt af de tidligere omhandlede tilkendegivelser.
The Commission would stress that, for the reasons given below, the decision to act upfront of the capital increase operation by granting a shareholder loan cannot be analysed independently of the above-mentioned declarations.
I den forbindelse minder Kommissionen om, at staten allerede i juli 2002 tilkendegav, at den ville træffe de foranstaltninger, der måtte være nødvendige for at selskabet kunne afhjælpe sine finansieringsproblemer.
In this connection, the Commission would recall that the State had declared in July 2002 that it wished to take the necessary steps to enable the Company to overcome its financing difficulties.
De franske myndigheder angav i starten ikke tydeligt, hvad der nærmere var tanken med disse tilkendegivelser.
The French authorities remained vague initially about the arrangements for putting these declarations into practice.
Det gjorde de derimod, da de efterfølgende i september bebudede deres beslutning om at deltage i en styrkelse af egenkapitalen, da de i december bebudede, at de ville stille en kreditbevilling på 9 mia. EUR til rådighed for selskabet, og da de traf de tiltag, der var nødvendige herfor.
They then fleshed them out in successive statements by announcing, in September, the decision to participate in an operation to strengthen the capital base, by announcing, in December, the provision to the Company of a EUR 9 billion credit line, and by putting in place the necessary conditions for that provision.
Selv om de foranstaltninger, der blev indberettet i december (f.eks. beslutningen om at fremskynde en fremtidig kapitaltilførsel ved at yde et aktionærlån), isoleret set kan give indtryk af at være helt rationelle transaktioner, så står det dog klart, at de økonomiske aktørers adfærd i december var tydeligt påvirket af statens forudgående handlinger og tilkendegivelser — navnlig fra og med juli — som viste, at staten havde til hensigt at afhjælpe selskabets finansieringsproblemer.
The fact that the measures notified in December (including the decision to act upfront of a future recapitalisation by granting a shareholder loan), viewed separately, may create the illusion of perfectly rational transactions does not alter the fact that the behaviour of economic operators in December was clearly influenced by the actions and declarations made by the State beforehand, notably from July 2002, signalling the State's intention to mitigate the Company's financing problems.
Kommissionen minder i den forbindelse om, at statens tilkendegivelser var afgørende for, at selskabets rating blev holdt i investeringskategorien, og at aktionærlånet, hvis ratingen var blevet kategoriseret som »junk bond«, i hvert fald ville have været på mere bekostelige vilkår eller måske slet ikke var blevet ydet.
The Commission would point out in this connection that the State's declarations were decisive in maintaining the Company's investment-grade credit quality and that a junk bond rating would have made the shareholder loan more unlikely and certainly much more costly.