natgillin/translations-raw huggingface dataset:
Den effektive ophævelse af denne ubegrænsede garanti senest den 31. marts 2010 udgør en foranstaltning, som er egnet til i overensstemmelse med EU-retten at fjerne den i artikel omhandlede statsstøtte.
The effective withdrawal of the unlimited guarantee by 31 March 2010 is a measure that will remove, in accordance with Union law, the State aid referred to in Article 1.
Senest to måneder efter meddelelsen af nærværende afgørelse sender Frankrig Kommissionen en detaljeret beskrivelse af, hvilke foranstaltninger man allerede har indført og planlagt med henblik på at efterkomme afgørelsen.
France shall provide the Commission, within two months of notification of this Decision, with a detailed description of the measures already taken and planned for the purpose of complying with this Decision.
Udfærdiget i Bruxelles, den 26. januar 2010.
Done at Brussels, 26 January 2010.
Med virkning fra den 1. december 2009 er EF-traktatens artikel 87 og 88 blevet til henholdsvis artikel 107 og 108 i traktaten om Den Europæiske Unions funktionsmåde (»TEUF«). De to sæt bestemmelser er i det væsentlige identiske.
With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively, of the Treaty on the Functioning of the European Union (‘TFEU’); the two sets of provisions are, in substance, identical.
EUT C 135 af 3.6.2008, s. 7.
OJ C 135, 3.6.2008, p. 7.
Sag N 531/05, Foranstaltninger i forbindelse med oprettelse og drift af Banque Postale, (EUT C 21 af 28.1.2006, s. 2).
Case N 531/05, Measures relating to the creation and operation of La Banque Postale (post office bank) (OJ C 21, 28.1.2006, p. 2).
Da kvalificeringen som eksisterende statsstøtte allerede blev begrundet i betragtning 93-97 i beslutningen om at indlede den formelle undersøgelsesprocedure angående støtten (se fodnote 2), og Kommissionen ikke har modtaget nogen bemærkninger om dette punkt, vender Kommissionen ikke tilbage til det spørgsmål og nøjes simpelthen med at bekræfte den foreløbige evaluering i pågældende beslutning.
Since the reasons for classifying the aid as existing aid have already been set out in recitals 93 to 97 of the decision to open the formal investigation into the aid (see footnote 2) and the Commission has received no comments on this point, the Commission will not return to this issue but will simply confirm the preliminary assessment contained in the said decision.
JORF (den franske lovtidende) af 17. juli 1980, s. 1799.
Official Journal of the French Republic of 17 July 1980, p. 1799.
JORF af 14. maj 1981.
Official Journal of the French Republic of 14 May 1981.
JORF af 8. juli 1990.
Official Journal of the French Republic of 8 July 1990.
Cour de Cassation stadfæstede det princip, der blev fastlagt ved en dom fra appelretten, Cour d'Appel, i Douai den 22. oktober 1998, hvorefter La Poste sidestilles med en offentlig erhvervsvirksomhed.
The Court of Cassation followed the reasoning in a judgment of the Douai Court of Appeal of 22 October 1998, in which La Poste was likened to a publicly owned establishment of an industrial and commercial character.
I en rapport til det franske senat i 2003 understreger udvalget for økonomiske anliggender, at »alle ved, at moderselskabet La Poste siden reformen i 1990 har haft en status, der kan sidestilles med status for en offentlig erhvervsvirksomhed af industriel eller kommerciel karakter.«
In a report submitted to the French Senate in 2003, the Economic Affairs Committee stated that it was common knowledge that, since the reform of 1990, the parent company, La Poste, had a legal form similar to that of a publicly owned establishment of an industrial and commercial character.
Jf. bl.a. dommen fra Cour de Cassation af 21. december 1987 (1. afdeling for civilsager).
See the judgment of the Court of Cassation of 21 December 1987 (1st Civil Division).
JORF (den franske lovtidende) af 26.1.1985, s. 1097.
Official Journal of the French Republic of 26 January 1985, p. 1097.
Cour administrative d'appel (forvaltningsappelretten), Paris, den 15.2.1991, JCP E1991, pan.
Administrative Court of Appeal, Paris 15 February 1991, JCP E1991, pan.
742, Cour de Cassation, Soc.
Court of Cassation, Soc.
6.11.1991, JCP E1992, pan.
6 November 1991, JCP E1992, pan.
85, Bull. V nr. 476.
85, Bull. V No 476.
Det drejer sig om de frister, der er anført i artikel 3-1, stk. 3, i nævnte dekret.
The deadlines in question are those mentioned in the third subparagraph of Article 3-1 of the Decree.
Det hedder i artikel 10 i dekret nr. 2008-479, at »når opfordringen ikke har givet noget resultat ved udløbet af disse frister, sørger statens repræsentant eller tilsynsmyndigheden for at opføre udgiften på den insolvente lokale myndigheds eller offentlige virksomheds budget. Den pågældende frigør evt. de nødvendige ressourcer ved at nedsætte de bevillinger, der er afsat til andre udgifter og endnu ikke er brugt, eller ved at forhøje ressourcerne.
Article 10 of Decree No 2008-479 provides that ‘If the notice given has had no effect by the time these deadlines expire, the representative of the State or the authority responsible for supervision shall enter the expenditure in the budget of the defaulting authority or publicly owned establishment.
Hvis den lokale myndighed eller den offentlige virksomhed ikke inden for en frist på otte dage efter meddelelsen om opførelsen af bevillingen har sørget for at anvise det skyldige beløb, sørger statens repræsentant eller tilsynsmyndigheden herfor på eget initiativ inden for en frist på en måned«.
The representative of the State or the authority responsible for supervision shall, as appropriate, release the necessary resources either by reducing the appropriations allocated to other expenditures and still available or by increasing resources’.
JORF af 20.2.1990.
Official Journal of the French Republic of 20 February 1990.
Se kapitel 3 i kodificerende instruks nr. 02-060-M95 af 18. juli 2002 om finansielle og regnskabsmæssige bestemmelser for nationale offentlige erhvervsvirksomheder af industriel eller kommerciel karakter, Bulletin officiel de la comptabilité publique.
See Chapter 3 of codifying instruction No 02-060-M95 of 18 July 2002 on the financial and accounting regulation of national publicly owned establishments of an industrial and commercial character, Bulletin officiel de la comptabilité publique.
Se del IV, B: »Quelles dispositions juridiques prévoir?«, s. 21.
See Part IV, B: ‘Quelles dispositions juridiques prévoir?’, p. 21.
ERAP blev oprettet i 1965 og er en offentlig erhvervsvirksomhed, som har til formål på statens anmodning at erhverve andele i virksomheder i energisektoren, i lægemiddelindustrien og på telekommunikationsområdet.
Established in 1965, ERAP is an EPIC whose purpose is to acquire, at the request of the State, shareholdings in undertakings in the energy, pharmaceutical and telecommunications sectors.
Jf. artiklen »Fitch attribue la note préliminaire AAA au programme EMTN garanti de EUR 10 MD de ERAP«.
See Article ‘Fitch attribue la note préliminaire AAA au programme EMTN garanti de EUR 10 MD de ERAP’.
Kan ses på ERAP ' s websted: www.erap.fr/pdf/CP_Fitch_Ratings_fr.pdf
Consultable on ERAP’s website: www.erap.fr/pdf/CP_Fitch_Ratings_fr.pdf
Jf. artiklen »Moody's attribue la notation Aaa au programme d'EMTN de l'ERAP portant sur 10 milliards d'euros«.
See Article ‘Moody’s attribue la notation Aaa au programme d’EMTN de l’ERAP portant sur 10 milliards d’euros’.
I medfør af artikel 15 i lov nr. 90-568 af 2.7.1990 skal La Poste følge de regnskabsregler, der gælder for handelsvirksomheder.
In accordance with article 15 of Law No 90-568 of 2 July 1990 the accounts of La Poste comply with the rules applicable to commercial enterprises.
Jf. bl.a. de franske myndigheders breve af 24.4.2006, 6.12.2006, 16.1.2007, 1.2.2007 og 19.3.2007.
See, in particular, the letters from the French authorities dated 24 April 2006, 6 December 2006, 16 January 2007, 1 February 2007 and 19 March 2007.
Jf. del III i de franske myndigheders brev af 23. januar 2008.
See Part III of the letter from the French authorities dated 23 January 2008.
Conseil d'Etat, den 1. april 1938, Société de l'hôtel d'Albe, recueil du Conseil d'Etat, s. 341.
Council of State, 1 April 1938, Société de l’hôtel d’Albe, reported in Receuil, p. 341.
Jf. betragtning 33 i indledningsbeslutningen.
See recital 33 of the opening decision.
Conseil d'Etat, 10.11.1999, Société de gestion du port de Campoloro, recueil du Conseil d'Etat, s. 348, Conseil d'Etat, 18. november 2005, Société de gestion du port de Campoloro, recueil du Conseil d'Etat, s. 515.
Council of State, 10 November 1999, Société de gestion du port de Campoloro, reported in Receuil, p. 348; Council of State, 18 November 2005, Société de gestion du port de Campoloro, reported in Receuil, p. 515.
Jf. betragtning 34 i indledningsbeslutningen.
See recital 34 of the opening decision.
JORF nr.177 af 2.8.2001, s. 12480.
Official Journal of the French Republic, No 177, 2 August 2001, p. 12480.
Jf. del IIIB i skrivelsen fra de franske myndigheder den 23. januar 2008 og bemærkningerne fra de franske myndigheder den 27. oktober 2009.
See Part IIIB of the memorandum from the French authorities dated 23 January 2008 and the observations sent by the French authorities on 27 October 2009.
Jf. skrivelse fra de franske myndigheder fremsendt den 27. oktober 2009.
See the memo from the French authorities sent on 27 October 2009.
Labetoulle, La responsabilité des AAI dotées de la personnalité juridique: coup d’arrêt à l’idée de »garantie de l’Etat«, RJEP/CJEG nr. 635, oktober 2006.
Labetoulle, ‘La responsabilité des AAI dotées de la personnalité juridique: coup d’arrêt à l’idée de “garantie de l’Etat” ’ in RJEP/CJEG No 635, October 2006.
Jf. del IV i de franske myndigheders brev af 23. januar 2008.
See Part IV of the letter from the French authorities dated 23 January 2008.
Jf. punkt 78 i de franske myndigheders brev af 23. januar 2008.
See paragraph 78 of the letter from the French authorities dated 23 January 2008.
Bon, Le Préfet face à l’inexécution par une collectivité territoriale d’un jugement la condamnant pécuniairement, RFDA — marts-april 2006, s. 341.
Bon, ‘Le Préfet face à l’inexécution par une collectivité territoriale d’un jugement la condamnant pécuniairement’, in RFDA — March April 2006, p. 341.
Landais og F. Lenica, Le pouvoir de substitution du préfet en cas d’inexécution de la chose jugée par les collectivités territoriales, AJDA, 23.1.2006, s. 137.
Landais and F. Lenica, ‘Le pouvoir de substitution du préfet en cas d’inexécution de la chose jugée par les collectivités territoriales’, in AJDA, 23 January 2006, p. 137.
Conseil d'Etat, 10. november 1999, Société de gestion du port de Campoloro, recueil s. 348.
Council of State, 10 November 1999, Société de gestion du port de Campoloro, cited above.
Conseil d'Etat, 18. november 2005, Société de gestion du port de Campoloro, recueil s. 515.
Council of State, 18 November 2005, Société de gestion du port de Campoloro, cited above.
Conseil d'Etat, 30. november 1923, recueil s. 789.
Council of State, 30 November 1923, reported in Receuil, p. 789.
Dele af denne tekst er udeladt for at sikre, at der ikke meddeles nogen fortrolige oplysninger.
parts of this text have been omitted to ensure that confidential information is not disclosed.
Meddelelse fra Kommissionen om anvendelsen af EF-traktatens artikel 87 og 88 angående statsstøtte i form af garantier (EFT C 71 af 11.3.2000, s. 14).
Commission Notice on the application of Articles 87 and 88 of the EC Treaty to State aid in the form of guarantees (OJ C 71, 11.3.2000, p. 14).
Ifølge de franske myndigheder er det tilstrækkeligt, men ikke nødvendigt, at opfylde disse kriterier for at fjerne enhver fordel. Bl.a. mener de ikke, at det er umiddelbart indlysende, at den påståede tvivl om, hvilken procedure der skal anvendes i tilfælde af insolvens, kan udmøntes i bedre finansieringsvilkår.
According to the French authorities, compliance with these criteria is sufficient, albeit not necessary, to rule out the existence of any advantage In particular, it would be counter-intuitive to regard the alleged existence of a doubt about the procedure applicable in the event of insolvency to be reflected in more favourable funding terms.
Artikel L. 643-11 i handelsloven.
Article L 643-11 of the Commercial Code.
»Category 1: equalization of ratings with those of the state owner.
‘Category 1: equalization of ratings with those of the state owner.
This first category includes those entities (…), generally loss making or with poor financial profiles, and extremely unlikely to be privatized (…) given the nature of their activity, as well as their home country’s economic, social and political environment.
This first category includes those entities […], generally loss making or with poor financial profiles, and extremely unlikely to be privatized […] given the nature of their activity, as well as their home country’s economic, social and political environment.
None of the postal companies currently rated by Standard & Poor’s falls into this category (…).«
None of the postal companies currently rated by Standard & Poor’s falls into this category […]’.
»Category 2: notching down with respect to the state owner’s rating.
‘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.’
»Category 3: notching up from the postal entity’s stand-alone rating.
‘Category 3: notching up from the postal entity’s stand-alone rating.
(…) The entity’s postal activities are still a key public service, but the clear aim of the entity is to achieve a high level of operational and financial independence, either through privatization or commercial autonomy (state ownership, but independent management) (…).«
[…] The entity’s postal activities are still a key public service, but the clear aim of the entity is to achieve a high level of operational and financial independence, either through privatization or commercial autonomy (state ownership, but independent management) […]’.
»Standard & Poor’s Ratings Services lowered its counterparty credit (…) ratings on French issuer AGF (…) to »A« from »A+« (…), following a review of AGF’s parent, the Munich-based Allianz group (AA-/Negative/A-1+).
‘Standard & Poor’s Ratings Services lowered its counterparty credit […] ratings on French issuer AGF […] to “A” from “A+” […], following a review of AGF’s parent, the Munich-based Allianz group (AA–/Negative/A–1+).
(…)The downgrade of AGF, the holding company, is not specific to any issues within the French franchise and generally reflects the Allianz group’s financial leverage and fixed-charge coverage, which are increasingly aggressive relative to the group’s ratings and are a result of the group’s weakened consolidated capital base and reduced earnings.
[…] The downgrade of AGF, the holding company, is not specific to any issues within the French franchise and generally reflects the Allianz group’s financial leverage and fixed-charge coverage, which are increasingly aggressive relative to the group’s ratings and are a result of the group’s weakened consolidated capital base and reduced earnings.
»The ratings also take into account the unchallenged status of both it and its parent, Germany-based Volkswagen Financial Services AG (VWFS), as core and captive finance entities to VW « og » the ratings on VW Bank could moderately diverge (generally not more than one notch) from the ratings on VW or VWFS; currently only its outlook differs.«
‘The ratings also take into account the unchallenged status of both it and its parent, Germany-based Volkswagen Financial Services AG (VWFS), as core and captive finance entities to VW’ and ‘the ratings on VW Bank could moderately diverge (generally not more than one notch) from the ratings on VW or VWFS; currently only its outlook differs.’
»The ratings on Germany-based Volkswagen Financial Services AG (VWFS) are based on its unchallenged status as a core subsidiary of German automaker Volkswagen AG (VW; A-/Negative/A-2) and reflect its strategic importance for and close operational integration into its parent.«
‘The ratings on Germany-based Volkswagen Financial Services AG (VWFS) are based on its unchallenged status as a core subsidiary of German automaker Volkswagen AG (VW; A–/Negative/A–2) and reflect its strategic importance for and close operational integration into its parent.’
»Kreditvurderingen af en virksomhed, der får en høj statsstøtte (…), kan sænkes to kategorier, såfremt de finansielle bånd mellem det nævnte selskab og staten kan udvikles på mellemlang eller lang sigt.«
‘The rating of a company that enjoys strong state support […] may be lowered by two categories because the financial relationship between the company and the State may change in the medium or long term.’
På samme måde er den »høje statsstøtte«, Kommissionen nævner i betragtning 84 i indledningsbeslutningen, ifølge de franske myndigheder uden forbindelse med virksomhedens status eller en garantiordning, men henviser til beslutninger som oprettelsen af La Banque Postale eller reformen af pensionsfinansieringen, der sigter mod at give La Poste midlerne til at udvikle sig på lige fod med sine konkurrenter »at arm's length« i forhold til staten.
Similarly, according to the French authorities, the ‘strong state support’ referred to by the Commission in recital 84 of the opening decision bears no relation to the legal form of the company or any guarantee mechanism, but refers to decisions such as the setting up of the Banque Postale and the reform of pensions financing, which are intended to provide La Poste with the resources to grow on a level playing field with its competitors and at arm’s length from the State.
Imidlertid udgør visse af disse foranstaltninger selv statsstøtte på et betydeligt beløb (jf. bl.a. Kommissionens beslutning af 10. december 2007 om en reform af finansieringen af pensioner til tjenestemandsansatte i La Poste).
However, some of these measures themselves constitute a considerable amount of State aid (see in particular the Commission Decision dated 10 December 2007 concerning the reform of the financing of the pensions of public sector workers employed by La Poste).
Derfor kan de ikke være tegn på statens interesse for at udvikle La Poste på »at arm's length« betingelser.
Consequently, they cannot be indicators of the State’s arm’s-length interest in La Poste’s growth.
»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.
‘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 LP's stand-alone situation in the coming years.«
This rating approach may not necessarily translate into rating changes given the expected improvement in LP’s stand-alone situation in the coming years.’
»The ratings could come under pressure if the group significantly underperforms its operational and financial trajectory at the dawn of full postal deregulation, or if an ownership changes occur sooner than we expect.«
‘The ratings could come under pressure if the group significantly underperforms its operational and financial trajectory at the dawn of full postal deregulation, or if an ownership changes occur sooner than we expect.’
»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 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 Postes status would not necessarily reflect a decrease in the strong state support that underpins LP's ratings and that has been reaffirmed by recent government decisions.«
Original in English.
Ifølge de franske myndigheder var spreadet over »mid swap« på 12 basispoint for en 15-årig emission (dvs. 33 basispoint på OAT) og 4 basispoint for den 7-årige emission.
According to the French authorities, the mid-swap spread was 12 basis points for the fifteen-year bonds (i.e. 33 basis points on fungible treasury bonds) and 4 basis points for the seven-year bonds.
Til sammenligning anfører de franske myndigheder, at den foregående obligationsemission, der blev foretaget i 2004, vedrørte en 15-årig obligation på 580 mio. EUR og havde ført til et spread på 8 basispoint over »mid swap«.
By way of comparison, the French authorities indicate that the previous bond issue, made in 2004, concerned a fifteen-year bond for EUR 580 million and had led to a mid-swap spread of 8 basis points.
Mid swap er medianen mellem den tilbudte kurs og den af bankerne foreslåede kurs på et givet tidspunkt for deres interbankhandel efter løbetid, dvs. den faste kurs, som en bank normalt er parat til at handle mod en 6-måneders Euribor.
The mid swap is the median between the rate offered and the rate proposed by the banks at any 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.
Denne kurs udgør markedsreferencen, især for udstedelse af obligationer.
That rate is the market reference for bond issues in particular.
Conseil d'Etat, 16.11.1998, Sille: »For det første og som de første dommere besluttede, selv om den offentlige myndigheds ansvar, også objektivt ansvar, kan gøres gældende på grundlag af princippet om lige fordeling af offentlige byrder i tilfælde, hvor en lovligt truffet foranstaltning har bevirket et særligt tab af en vis alvorlighed for en fysisk eller juridisk person, forholder det sig ikke sådan i den foreliggende sag, hvor hr. Sille i egenskab af fagmand inden for ejendomssektoren ikke kunne være uvidende om de risici, der nødvendigvis ligger i realiseringen af et ejendomsprogram som det, der var planlagt i den foreliggende sag, og til hvis realisering det bl.a. var nødvendigt at ændre arealanvendelsesplanen og opnå kommunalbestyrelsens godkendelse, hvor hr. Sille normalt måtte tage højde for den mulighed, at projektet i tilfælde af negative resultater af den offentlige undersøgelse og fjendskab over for projektet ville blive opgivet af kommunen. Da han havde påtaget sig den risiko på et kvalificeret grundlag, kan han ikke med føje hævde, at han har lidt et usædvanligt tab, og at kommunen skal bære de økonomiske følger for ham af, at projektet blev opgivet«.
Council of State, 16 November 1998, Sille: ‘First, having regard to the fact, as the judges in the court of first instance decided, whether the public authorities can be held liable, even without fault, on the grounds of the principle of the equality of citizens before public burdens, where a measure lawfully adopted has the effect of causing a special loss of a certain degree of gravity to a natural or legal person, that does not hold true in this case because Mr Sille, in his capacity as a real-estate professional, could not be unaware of the risks necessarily involved in the execution of a building project such as that planned in this case, in respect of which it was necessary, in particular, to amend the provisions of the land-use plan and obtain the agreement of the local council that Mr Sille should have contemplated the possibility or, faced with the negative findings of the public enquiry and the hostility encountered by the project, that it would be dropped by the local authority; that having taken on the risk in full knowledge of the facts, he cannot usefully maintain that he has suffered an abnormal loss and that the local authority must bear the substantial consequences for him arising from the shelving of the project’.