natgillin/translations-raw huggingface dataset:
Den indirekte investering i NEC falder ind under de konkurrenceaktiviteter, som CDC-koncernen kan udøve i forbindelse med sine datterselskaber.
Its indirect investment in the NEC comes within the competitive activities that the CDC Group can undertake in relation to subsidiaries.
Men CDC's beslutninger om sine konkurrenceaktiviteter træffes med en større uafhængighed af staten.
The CDC’s decisions concerning its competitive activities are taken with greater autonomy from the State.
Ligeledes bør der tages hensyn til den organisatoriske og beslutningsmæssige uafhængighed hos La Poste samt hos Banque Postale.
Similarly, account has to be taken of the organisational and decision-making autonomy of La Poste, and La Banque Postale.
Kriterierne i Stardust Marine-dommen er ikke opfyldt i det foreliggende tilfælde, og tilstedeværelsen af regeringsinstanserne commissaire du gouvernement og contrôleur général économique et financier og deltagelsen af et medlem af La Postes bestyrelse i proceduren for Kommissionen er ikke relevante argumenter.
The criteria of the Stardust Marine judgment are not met in this case and the presence of the Government Commissioner and the Economic and Financial Comptroller General, and the participation of a member of the management board of La Poste, in the proceedings before the Commission are not relevant arguments.
I øvrigt er likviditetslinjen, som CDC skulle give DMA efter afhændelsen af DMA, ifølge de berørte medlemsstater led i normal markedspraksis og giver CDC og Banque Postale mulighed for at komme ind på markedet for finansiering af lokale myndigheder på optimale vilkår, dvs. at de til markedspris kan få adgang til et realkreditinstitut, som yder refinansiering på markedsvilkår til JV.
Moreover, the liquidity line provided by the CDC to DMA after its sale is, in the view of the Member States concerned, normal market practice and enables the CDC and La Banque Postale to enter the local authority financing market in an optimum way, i.e. benefiting, at market price, from access to a mortgage lending company providing refinancing under market conditions to the JV.
Endelig fastholder de berørte medlemsstater, at afhændelserne af rentable aktiver kun har kunnet gavne Dexia og ikke den afhændede enhed, idet den betalte pris svarer til markedsprisen, og afhændelserne har fundet sted på markedsvilkår.
Lastly, the Member States concerned contend that the disposals of viable assets benefited only Dexia and not the entity sold, as the price paid was a market price and the disposals took place under market conditions.
Vedrørende tilbagekaldelsen af den betingede godkendelsesafgørelse
On the revocation of the conditional authorisation decision
De berørte medlemsstater fremlægger økonomiske og historiske grunde til belysning af Arcofins beslutning om at deltage i kapitaltilførslen.
The Member States concerned adduce economic and historic reasons to explain Arcofin’s decision to take part in the capital increase.
I øvrigt har kapitalandelen i Dexia hele tiden været den største investering for Arcofin, som således ejede 18 % af Dexias kapital.
Arcofin’s holding of 18 % of Dexia’s capital has always been its largest investment.
Arcofin, som altid har vært tæt knyttet til Dexia, har villet undgå en udvanding af sin andel.
Arcofin, which has always had close links with Dexia, wished to avoid any dilution of its holding.
I øvrigt understreger de berørte medlemsstater, at selv om Kommissionen skulle konkludere, at Arcofins deltagelse i rekapitaliseringen af Dexia udgør statsstøtte, ville proportionalitetsprincippet gøre, at den omstruktureringsplan, der oprindelig blev godkendt den 26. februar 2010, kun ville blive ændret marginalt.
The Member States concerned also stress that, even if the Commission were to conclude that Arcofin’s participation in the recapitalisation of Dexia represents State aid, under the proportionality principle the restructuring plan initially approved on 26 February 2010 should be only marginally amended.
Endvidere ville gennemførelsen af omstruktureringsplanen ifølge en tidsplan, der var fremrykket i forhold til den oprindelige plan, kompensere for enhver supplerende støtte, som ville være indeholdt i denne rekapitalisering.
Moreover, the implementation of the restructuring plan according to a faster timetable than originally planned offsets any additional aid contained in this recapitalisation.
De berørte myndigheder anfører, at den plan for en velordnet afvikling, der blev forelagt den 24. marts 2012, overflødiggør enhver ændring af omstruktureringsplanen.
The authorities concerned point out that the orderly resolution plan notified on 24 March 2012 makes any amendment of the restructuring plan unnecessary.
Bemærkninger til foreneligheden af foranstaltningerne i planen for en velordnet afvikling
Comments on the compatibility of the measures contained in the orderly resolution plan
De berørte medlemsstaters myndigheder mener, at støtteforanstaltningerne ifølge planen for en velordnet afvikling er forenelige med meddelelsen om omstrukturering af banker.
The authorities of the Member States concerned consider that the aid measures contained in the orderly resolution plan are compatible with the Bank Restructuring Communication.
Først og fremmest vil den støtte, der er indeholdt i refinansieringsgarantien, være rimelig, i det omfang den gør det muligt at afvikle Dexia fuldt ud.
First, the aid contained in the refinancing guarantee is appropriate as it enables a full resolution of Dexia.
Dernæst er støtten begrænset til et minimum.
Second, the aid is limited to the minimum necessary.
Garantien for EMTN-porteføljen og BEI-udlånene i Crediop, som udgør en statsgaranti for de eksisterende passiver i en bank i vanskeligheder, hvilket allerede er accepteret af Kommissionen i andre tilfælde, er ifølge medlemsstaterne uundværlig for at undgå en betydelig forøgelse af likviditetsbehovet og risikoen for uordnet afvikling af Dexia-koncernen.
The guarantee in respect of Crediop’s EMTNs and EIB loans, which is a State guarantee covering the existing liabilities of a bank facing difficulties already accepted by the Commission in other cases, is essential in order to prevent any significant increase in liquidity needs and the risk of a disorderly resolution of the Dexia Group.
Loftet over den permanente garanti på 90 mia. EUR svarer til behovet for at modvirke risikoen for en betydelig indvirkning på bevillingen af beløb, der garanteres i tilfælde af stress (som ikke er medregnet i det skønnede nettofinansieringsbehov i basisscenariet i Dexias forretningsplan), og giver en sikkerhedsmargin.
The final guarantee ceiling of EUR 90 billion meets the need to offset the risks of a significant impact on the envelope of amounts guaranteed in a stress scenario (which is not taken into account in the net financing need estimated in the baseline scenario of Dexia’s business plan) by providing a margin of security.
I øvrigt bidrager Dexia SA til indsatsen for en velordnet afvikling via 1) afhændelsesprodukterne (alle aktiver i Dexia-koncernen har potentiale til at blive afhændet eller sat under afvikling, og hvor produktet fuldt ud indgår i den velordnede afvikling af Dexia), 2) nedbringelsen af omkostningerne gennem indførelse af en forenklet og mere centraliseret ledelsesmodel samt 3) honoreringen af støtten, som bør være proportional med enhedens finansielle kapacitet set ud fra det planlagte omstruktureringsniveau.
Dexia SA is contributing, moreover, to the orderly resolution effort via 1) the proceeds of disposals (all the Dexia Group’s assets can be disposed of or placed in run-off management and the proceeds are to be channelled back in full into Dexia’s orderly resolution), 2) the reduction of costs by introducing a simplified and more centralised business model and 3) the remuneration of the aid which is proportionate to the financial capacity of the entity in the light of the level of restructuring planned.
De berørte medlemsstater minder også om, at Dexias aktionærer og værdipapirindehavere allerede bidrager (og fortsat vil bidrage) til omstruktureringsomkostningerne.
The Member States concerned also point out that Dexia shareholders and security-holders are already contributing (and will continue to contribute in future) to the cost of the restructuring.
Endelig understreger de, at den eneste undtagelse ved Dexias udtræden af markedet består i en ny produktion, hvis eneste mål er at leve op til lovkravene og opretholde visse enheders afhændelighed.
Lastly, they stress that the only exception to Dexia’s exit from the market is a strand of new production whose sole aim is to meet the regulatory requirements and ensure that certain entities can continue to be disposed of.
De markedsandele, der hidrører fra denne nye produktion, vil forblive minimale og vil ikke kunne forårsage nogen betydelig konkurrencefordrejning.
This strand’s market shares will be minimal and will not be likely to entail a significant distortion of competition.
Støtten, der hidrører fra den franske stats garanti, er begrænset til det nødvendige minimum og indeholder et egetbidrag fra støttemodtageren.
The aid resulting from the guarantee by the French State is limited to the minimum necessary and includes an own contribution by the beneficiary.
Anvendelsen af frimarginen og egenbetalingen, der er planlagt i tilfælde af udnyttelse af garantien, lægger en betydelig del af risikoen ved de »følsomme udlån« over på DCL og Dexia og skaber et incitament for disse to aktører til sund forvaltning af disse udlån og minimerer således risikoen for udnyttelse af garantien.
The threshold and the user charge to be applied if there is a drawdown from the guarantee means that a significant proportion of the risk connected with the ‘sensitive loans’ lies with DCL and Dexia, providing an incentive for these two players to manage these loans properly and thus to minimise the risk of drawdown of the guarantee.
Endvidere bemærker de berørte medlemsstater, at denne risiko, der belaster DCL og Dexia, samt den forpligtelse, de pålægges til at fortsætte med at forvalte nedbringelsen af følsomheden, sikrer, at statsgarantien ikke afføder nogen moralsk risiko.
The Member States concerned also point out that the risk lying with DCL and Dexia, and the obligation incumbent upon them to continue the desensitisation process, ensures that the State guarantee will not give rise to any moral hazard.
De berørte myndigheder understreger endelig, at DCL honorerer støtteforanstaltningen med 10 mio. EUR.
The authorities concerned lastly stress that the aid measure is subject to remuneration of EUR 10 million by DCL.
De berørte medlemsstater mener, at de foranstaltninger, der er knyttet til afhændelsen af DMA, er forenelige med statsstøttereglerne.
The Member States concerned consider that the measures linked to the disposal of DMA are compatible with the State aid rules.
Først og fremmest er afhændelsen hensigtsmæssig.
First, the disposal is appropriate.
Dels muliggør afhændelsen af DMA en tilbagevenden til langsigtet rentabilitet i dens virksomhed.
They will enable a new player to emerge in the local authority financing market and in the covered bond issue market where competition has been weakened by the withdrawal of the leading players.
For det fjerde tilføjer de berørte myndigheder, at fastholdelsen af DMA på markedet ikke ville forårsage nogen konkurrencefordrejning, idet det marked, hvor den hypotetiske støtte skulle ydes, er kendetegnet ved et faldende udbud.
Fourth, the authorities concerned add that DMA’s continued presence in the market will not entail any distortion of competition, as the main feature of the market in which the hypothetical aid is provided is a diminution of the supply.
De berørte medlemsstater fastholder ligeledes, at hvis fraværet af enhver konkurrencefordrejning overflødiggør indførelsen af afhjælpende foranstaltninger, så er sådanne foranstaltninger allerede reelt til stede i afhændelsen af DMA og dannelsen af NEC og JV.
The Member States concerned also contend that, while the lack of any distortion of competition makes it unnecessary to impose compensatory measures, such measures are in practice already part and parcel of the disposal of DMA and the creation of the NEC and the JV.
Bemærkning til overvågningen
Comment on monitoring
I betragtning af det store antal planlagte afhændelser bemærker de berørte medlemsstater, at den systematiske underretning om hver operation sammen med en uafhængig eksperts udarbejdelse af en fairness opinion kunne vise sig at være for bekostelig og belastende for Dexia.
Bearing in mind the large number of disposals planned, the Member States concerned point out that systematically notifying each operation, and producing a fairness opinion drawn up by an independent expert, could be overly costly and onerous for Dexia.
For at lette den administrative byrde har Dexia således foreslået at indføre en metode, hvorved Dexia mener at kunne sikre, at den valgte procedure står i rimeligt forhold til betydningen af den enkelte afhændelse.
In order therefore to lighten the administrative burden, Dexia has proposed to introduce a method which, it its opinion, will make it possible to ensure that the procedure used is in keeping with the scale of each planned disposal.
FOREKOMST AF STØTTE OG STØTTEMODTAGERE
EXISTENCE OF AID AND BENEFICIARIES
Artikel 107, stk. 1, i TEUF fastsætter, at »bortset fra de i traktaterne hjemlede undtagelser er statsstøtte eller støtte, som ydes ved hjælp af statsmidler under enhver tænkelig form, og som fordrejer eller truer med at fordreje konkurrencevilkårene ved at begunstige visse virksomheder eller visse produktioner, uforenelig med det indre marked, i det omfang den påvirker samhandelen mellem medlemsstaterne«.
Article 107(1) TFEU lays down that, save as otherwise provided in the Treaties, 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.
I sin betingede godkendelsesafgørelse har Kommissionen allerede fastslået, at den støtte, Dexia modtog i form af kapital, finansieringsgaranti, ELA sammen med en statsgaranti og støtte til sine værdiforringede aktiver (FSA-foranstaltningen) udgjorde statsstøtte.
The Commission already established in its conditional authorisation decision that the aid received by Dexia in the form of capital, financing guarantees, ELA backed by a sovereign guarantee and support for impaired assets (FSA measure) constituted State aid.
Med undtagelse af Arcofins investering har Kommissionen da heller ikke kendskab til oplysninger, der tyder på, at dens vurdering af eksistensen af statsstøtte i de foranstaltninger, der blev undersøgt i betragtning 122-149 i den betingede godkendelsesafgørelse, er blevet forvansket.
Apart from the investment made by Arcofin, the Commission is not aware of any evidence to suggest that its assessment of the existence of State aid in the measures considered in recitals 122-129 of the conditional authorisation decision was flawed.
Datterselskaberne i koncernen, især DBB/Belfius og DMA, og ikke kun holdingselskabet Dexia SA, har nydt godt af samtlige disse foranstaltninger, uden hvilke koncernen ikke havde kunnet gennemføre sine aktiviteter.
The Group’s subsidiaries, particularly DBB/Belfius and DMA, and not just the holding company Dexia SA, benefited from all of these measures, without which the Group would not have been able to pursue its activities.
På nuværende tidspunkt analyserer Kommissionen ikke spørgsmålet om tilbagesøgning af statsstøtten i de støtteforanstaltninger, der blev identificeret i den betingede godkendelsesafgørelse, hvilket ville kræve identificering af de selskaber, der skulle tilbagebetale den uforenelige støtte.
At present the Commission is not examining the question of how to recover the State aid contained in the aid measures identified in the conditional authorisation decision, which would involve identifying the companies that should repay the incompatible aid.
Kommissionen fastslår snarere, hvorvidt disse foranstaltninger har udgjort støtte til den aktivitet, som bl.a. DBB/Belfius og DMA har udøvet.
Instead, the Commission is ascertaining whether those measures constituted aid for the activities carried out by DBB/Belfius or DMA, among others.
Der er senere indrømmet andre foranstaltninger, nemlig en refinansieringsgaranti til Dexia SA og DCL, en nye ELA fra BNB (og ELA fra BdF med en garanti fra BNB) samt afhændelsen og omstruktureringen af DBB/Belfius.
Other measures were granted subsequently: a refinancing guarantee for Dexia SA and DCL, new ELA from the BNB (and ELA from the BdF backed by a guarantee from the BNB), and the sale and restructuring of DBB/Belfius.
Der skal træffes nye foranstaltninger, især i forbindelse med den velordnede afvikling af Dexia og afhændelsen af DMA, som skal munde ud i stiftelsen af en udviklingsbank til finansiering af franske lokale myndigheder og offentlige virksomheder i den franske sundhedssektor.
New measures are to be taken, particularly in connection with the orderly resolution of Dexia and the sale of DMA resulting in the creation of a development bank to finance local authorities in France and French public health establishments.
Foranstaltningerne, der er genstand for den betingede godkendelsesafgørelse
Measures covered by the conditional authorisation decision
Gennemførelsen af de forpligtelser og betingelser, der gælder for godkendelsen af den støtte, der er genstand for den betingede godkendelsesafgørelse
Implementation of the commitments and conditions to which approval of the aid covered by the conditional authorisation decision was subject
Som beskrevet i betragtning 7 i den betingede godkendelsesafgørelse har Kommissionen på betingelse af overholdelse af alle forpligtelser og betingelser heri godkendt:
As described in recital 7, the Commission authorised the following measures in its conditional authorisation decision, subject to compliance with all the commitments and conditions laid down in that decision:
en rekapitalisering af 6 mia. EUR, heraf 5,2 mia. EUR i statsstøtte
a recapitalisation of EUR 6 billion, EUR 5,2 billion of which was State aid;
en garanti fra den belgiske og den franske stat for en portefølje af værdiforringede aktiver, heraf 3,2 mia. EUR i støtte
a guarantee from the Belgian and French States in respect of an impaired asset portfolio, including EUR 3,2 billion in State aid;
en ELA-foranstaltning fra BNB garanteret af den belgiske stat, primært udnyttet i oktober og november 2008, samt
ELA from the BNB guaranteed by the Belgian State, largely drawn down between October and November 2008; and
en garanti fra den belgiske, den franske og den luxembourgske stat for refinansiering af koncernen med et maksimalt beløb på 135 mia. EUR (dette beløb omfatter ligeledes en garanti fra den belgiske stat for de ELA-foranstaltninger, BNB har tildelt Dexia).
a guarantee by the Belgian, French and Luxembourg States in respect of the refinancing of the Group of a maximum amount of EUR 135 billion (this amount also includes a guarantee by the Belgian State in respect of ELA operations granted to Dexia by the BNB).
I hele den periode, der fulgte vedtagelsen af den betingede godkendelsesafgørelse, blev en hel del af de forpligtelser, der var betingelsen for godkendelse af denne støtte, ikke opfyldt, bl.a. forbuddet mod at yde lån til PWB-kunder med et RAROC-niveau på under 10 %, overholdelsen af et stabilt minimumsfinansieringsforhold, forbuddet mod at udnytte en skønsmæssig option på førtidig indfrielse i forbindelse med Tier 2-instrumentet, pligten til at underrette Kommissionen på forhånd om enhver kuponindløsning i forbindelse med de hybride instrumenter Tier 1 eller Upper Tier 2 samt tidsplanen for nedbringelse af koncernens balancesum [87].
Throughout the period following the adoption of the conditional authorisation decision, many of the commitments on which the authorisation of the aid was contingent were not complied with, in particular the prohibition on lending to PWB customers at a RAROC level of less than 10 %, observance of a minimum stable funding ratio, the prohibition on exercising a discretionary early repayment option on Tier 2 instruments, the requirement to notify the Commission in advance of any payment of coupons on Tier 1 or Upper Tier 2 hybrid instruments, and the rate of the Group’s deleveraging [87].
Ifølge Kommissionen var det forhold, at nedbringelsen af gearingen i obligationsporteføljen udgjorde et større beløb end det planlagte minimum, at produktionen af nye lån var mindre end det planlagte maksimum, eller at afhændelsen af størstedelen af enhederne skete før fristen ifølge forpligtelserne i den betingede godkendelsesafgørelse, blot i overensstemmelse med den normale udførelse af nævnte afgørelse og kunne hverken kompensere eller undskylde de rapporterede betydelige mangler, sådan som de berørte medlemsstater og Dexia ellers foreslår i deres bemærkninger.
According to the Commission, the fact that the bond portfolio was deleveraged by more than the minimum planned, that new loan production was less than the maximum set, and that most of the entities were sold before the deadline authorised by the commitments in the conditional authorisation decision is nothing more than the normal execution of that decision and cannot make up for or excuse, as the Member States concerned and Dexia suggest in their comments, the significant failings identified.
Selv om bestemte enheder var blevet afhændet inden fristen, var to af de største enheder, der skulle afhændes, nemlig Crediop og Sabadell, stadig datterselskaber af Dexia trods udløbet af fristen for planlagt afhændelse og syntes ikke at skulle blive det i den nærmeste fremtid.
After all, although some entities were sold in good time, two of the largest entities to be sold, Crediop and Sabadell, remain subsidiaries of Dexia even though the time-limit set for their sale has expired, and they do not appear likely to be sold in the immediate future.
Målet om reduktion af balancesummen for 2010 blevet »nået« den 31. marts 2011 i stedet for inden 31. december 2010, sådan som de berørte medlemsstater havde forpligtet sig til.
The deleveraging target for 2010 was ‘met’ on 31 March 2011 rather than by 31 December 2010, as the Member States concerned had committed to.
Punkt 18d i forpligtelserne pålægger de berørte medlemsstater, når de årlige mål ikke er nået, at forelægge Kommissionen de foranstaltninger, som gør det muligt at nå disse mål før den 30. juni året efter.
Point 18d of the commitments requires the Member States concerned, where annual targets are not met, to submit to the Commission measures to enable the targets to be met by 30 June of the following year.
Når Dexia ultimo 2011 nåede det årlige mål om reduktion af balancesummen, skyldes det, at denne balance ikke længere indeholder DBB/Belfius' aktiver og passiver, da DBB/Belfius blev solgt i oktober 2011, mens målet var fastlagt på formodning om, at dette store datterselskab tilhørte Dexia-koncernen.
If Dexia met its annual deleveraging target at the end of 2011, it was because the balance sheet no longer included the assets and liabilities of DBB/Belfius, which was sold in October 2011, whereas the target was set on the assumption that this major subsidiary of the Group would still belong to Dexia.
Kommissionen noterer sig, at målet for 2011 formelt blev nået, men mener også, at reduktionen af balancesummen ultimo 2011 for en Dexia-koncern uden DBB/Belfius ligger langt fra reduktionstidsplanen i henhold til den betingede godkendelsesafgørelse for en Dexia-koncern inklusive DBB/Belfius.
While noting that the target for 2011 was officially met, the Commission considers that the deleveraging achieved at the end of 2011 by a Dexia Group without DBB/Belfius was well below the rate required by the conditional authorisation decision for a Dexia Group with DBB/Belfius.