natgillin/translations-raw huggingface dataset:
Den fordel, ARCO opnåede, var en beskyttelse mod kapitaludstrømninger, som ARCO ellers kun kunne have standset ved at anvende sine vedtægtsbestemmelser, når virksomheden først havde mistet enten 10 % [93] af sin kapital eller 10 % af sine andelshavere.
The positive effects of the measure must be properly balanced against the distortions of competition, in order for the distortions to be limited to the minimum necessary to reach the measure's objectives.
Således bør resultatet afspejle garantiordningen for kooperativers minimumsvirkning, selv om garantien i virkeligheden kan have forhindret, at ARCO flere gange ville have være udsat for den maksimale udstrømning af andelshavere og kapital.
Financial cooperatives however do not lend to the real economy.
Vedtægterne gav ARCO mulighed for at standse en udstrømning af kapital, hvis enten 10 % af kapitalen eller 10 % af andelshaverne var trukket ud.
They also have a statutory right to limit exits [86] so that any unorderly divestment of assets can in principle be avoided.
Med hensyn til muligheden for, at andelshaverne trak sig ud, tager Kommissionen udgangspunkt i det laveste antal individuelle andelshavere i den periode, hvor fordelen blev skabt (begyndende fra den 10. oktober 2008), hvilket er endnu en konservativ antagelse, og tillægger disse andelshavere den gennemsnitlige andel af kapitalen i det pågældende år.
It is also clear that from a legal standpoint shareholders of financial cooperatives are shareholders of a limited liability company.
Med hensyn til den mulighed, der er forbundet med udstrømning af kapital, vil Kommissionen også tage udgangspunkt i året med den ringeste kapitalmængde.
As a consequence of that status individual shareholders of financial cooperatives are legally exposed to the possibility of losing part or all of their initial capital outlay.
Kommissionen har også taget hensyn til, at den fordel, der var forbundet med foranstaltningen, delvis blev formindsket ved at ARCO, som bestod af de tre juridiske enheder ARCOPAR, ARCOFIN og ARCOPLUS, skulle betale et engangsbeløb som adgangsgebyr og et garantigebyr for et år, selv om disse betalinger først fandt sted i efteråret 2011, lige før ARCO trådte i likvidation.
In that regard, the Commission also takes note of the fact that the Governor of the NBB did not confirm that shares of financial cooperatives were similar to savings deposits in a credit institution [87].
Den fordel, der blev opnået som følge af foranstaltningen, er således det laveste beløb, der følger af følgende to beregninger:
The Commission also observes that individual shareholders of financial cooperatives have a very different position in the ‘waterfall structure’ [88] in the event of liquidation or bankruptcy of those entities than is occupied by a holder of a savings deposit in a credit institution.
I absolutte størrelser stiger sandsynligheden for, at investorerne trækker kapital ud, med tiden, hvilket gør det vanskeligere at beregne den rente, der skal betales for den modtagne støtte.
Credit institutions are regulated entities for which the regulator ensures that there is a certain amount of capital available.
For at udviske hele den fordel, som ARCO opnåede, og samtidig give medlemsstaten en brugbar metode til renteberegning i forbindelse med tilbagesøgningen [96], finder Kommissionen, at fordelen i sin helhed fuldt ud var opnået i det mindste fra den 8. december 2011, og anmoder om, at de beløb, der skal søges tilbage, pålægges renter fra den 8. december 2011, indtil beløbene faktisk tilbagesøges.
That capital constitutes a first cushion in case of liquidation or bankruptcy.
Med henblik på at kunne verificere støtteberegningerne anmoder Kommissionen Belgien om at indsende en liste over antallet af andelshavere i henholdsvis ARCOPAR, ARCOFIN og ARCOPLUS i perioden fra den 10. oktober 2008 til den 8. december 2011, således som de var registreret ved afslutningen af hvert enkelt år.
Shareholders of financial cooperatives however enjoy no such protection.
I deres supplerende bemærkninger, der blev fremsat mere end halvandet år efter fristen for indgivelse af bemærkninger til afgørelsen om at indlede proceduren, fremkom de belgiske myndigheder ikke med nogen nye oplysninger om sagens indhold.
In case of a liquidation or bankruptcy they are first in line to take a hit.
De anfører, at Kommissionen ikke kan forbyde udbetalingen af garantier til individuelle andelshavere, og at den ikke kan kræve, at staten suspenderer alle betalinger i henhold til garantiordningen for kooperativer, og ikke kan tilbagesøge udbetalinger vedrørende garantien til individuelle andelshavere.
Based on the arguments developed in recitals 121 to 123 the Commission concludes that the cooperative guarantee scheme merely protects financial cooperatives and their individual shareholders from the consequences of their past investments.
Til støtte for sine bemærkninger minder Belgien om, at de individuelle andelshavere ikke var virksomheder i henhold til traktatens artikel 107, stk. 1, og mente derfor, at udbetalingen af garantien til de individuelle andelshavere ikke ville have nogen indvirkning på ARCO eller statens mulighed for at få støtten tilbagebetalt.
However, it is not an appropriate measure to avoid a serious disturbance of the Belgian economy.
Som svar herpå påpeger Kommissionen, at de beløb, der skal tilbagesøges i henhold til denne afgørelse, faktisk udgjorde støtte til ARCO.
As to whether the measure is necessary, the Commission recalls that the Belgian State had already taken significant measures to prevent a disturbance in its economy.
De var derfor forpligtet til at overholde den anvisning, der var indeholdt i beslutningen om at indlede proceduren, om at udsætte gennemførelsen af den pågældende foranstaltning, og derfor ikke foretage nogen udbetalinger.
It had already put in place other measures to stabilise the Belgian financial system and in particular the banks and other financial institutions in which financial cooperatives were investing.
Det er derfor også velbegrundet, at Belgien fortsat skal afholde sig fra at foretage nogen udbetalinger under til støtteforanstaltningen.
The Belgian Deposit Guarantee Scheme protected deposits up to a limit of EUR 100000 and the Belgian State helped Fortis, KBC, Dexia and Ethias with recapitalisation, liquidity measures, impaired asset measures and ad hoc measures.
Kommissionen finder, at garantiordningen for kooperativer udgør statsstøtte til fordel for ARCOPAR, ARCOFIN og ARCOPLUS, som Belgien ulovligt har ydet i strid med artikel 108, stk. 3, i traktaten om Den Europæiske Unions funktionsmåde.
The Commission concludes that it was not necessary to protect some individual shareholders in the case of financial cooperatives, which ultimately are limited liability companies.
Belgien skal derfor ophæve den lovgivning, der ligger til grund for garantiordningen for kooperativer (navnlig loven af 14. april 2009 og det kongelige dekret af 10. oktober 2011) og skal søge fordelen tilbage hos ARCOPAR, ARCOFIN og ARCOPLUS —
As regards the letter of the Governor of the NBB to which the Belgian State referred, the Commission notes that it dates back to October 2011, long after 10 October 2008 when the measure was announced.
VEDTAGET DENNE AFGØRELSE:
Moreover the language of the letter does not say that the measure is necessary to avoid a serious disturbance of the Belgian economy.
Artikel 1
It merely says that the measure would allow [89] the negative effects of the (systemic) crisis to be limited.
Den garantiordning, som Belgien ulovligt har ydet de finansielle kooperativer i ARCO, og navnlig ARCOFIN, ARCOPLUS og ARCOPAR, i strid med artikel 108, stk. 3, i traktaten om Den Europæiske Unions funktionsmåde, er uforenelig med det indre marked.
As regards the letter of the Financial Stability Board, the Commission observes that it merely discusses the increased coverage of the deposit guarantee scheme and the introduction of the guarantee scheme of ‘branch 21’ insurance products.
Artikel 2
As to whether the measure is proportionate, the Commission observes that the design of the measure does not sufficiently guard against adverse selection [90].
Belgien skal tilbagesøge den uforenelige støtte, der henvises til i artikel 1, fra modtagerne, og som er det laveste beløb, der følger af følgende to beregninger:
The voluntary nature of the cooperative guarantee scheme in combination with the apparent lack of a viability test creates an incentive to enter only once it is clear that the guarantee will be triggered.
10 % af det laveste antal andelshavere i perioden fra den 10. oktober 2008 til den 8. december 2011 ganget med den gennemsnitlige kapitalandel pr. andelshaver i samme år minus det samlede beløb af allerede betalte gebyrer.
In such a scenario, the beneficiary can use the guarantee while avoiding to a large extent a payment of guarantee fees until the very last moment before liquidation.
De beløb, der skal tilbagesøges, skal pålægges renter fra den 8. december 2011, indtil beløbene faktisk tilbagebetales.
The Commission also believes that the cooperative guarantee scheme creates undue distortions of the normal functioning of the market.
Renten tilskrives med renters rente i overensstemmelse med kapitel V i Kommissionens forordning (EF) nr. 794/2004 af 21. april 2004 om gennemførelse af Rådets forordning (EF) nr. 659/1999 om fastlæggelse af regler for anvendelsen af EF-traktatens artikel 93 [98].
The measure has allowed ARCO to protect its market position on the market for retail financial products and as a result competitors which could not rely on the cooperative guarantee scheme have or could have experienced a negative impact on their market share and profitability.
Belgien skal fortsat afholde sig fra at foretage nogen udbetalinger under den ordning, der henvises til i artikel 1, med virkning fra datoen for offentliggørelsen af denne afgørelse.
In conclusion, the measure cannot be considered compatible with the internal market because it is neither appropriate nor necessary nor proportionate for the purposes of Article 107(3)(b) of the Treaty and it does not come within the scope of any other provision governing compatibility of State aid.
Tilbagesøgningen af den støtte, der henvises til i artikel 1, iværksættes omgående og effektivt.
the maximum amount of capital outflow as per ARCO's articles of association, which is limited to 10 % of the total capital or to 10 % of its shareholders' base [92],
Belgien sikrer, at denne afgørelse efterkommes senest fire måneder efter offentliggørelsen.
the fact that only individual shareholders are covered by the cooperative guarantee scheme,
Artikel 4
the specific design of the cooperative guarantee scheme, which on the one hand was voluntary, leaving to the financial cooperatives the choice to participate or not, while on the other hand allowing even financial cooperatives in high risk of bankruptcy or liquidation to apply for the scheme (as happened when, on 8 December 2011, shortly after they were admitted to the scheme, the General Meetings of ARCOFIN, ARCOPAR and ARCOPLUS approved the proposals of their executive boards to go into voluntary liquidation,
Senest to måneder efter offentliggørelsen af denne afgørelse sender Belgien Kommissionen følgende oplysninger:
the fact that, long before it went into liquidation, ARCO was already in an unsound financial situation, as it had — as described in recitals 38, 44 and 82 — heavily invested in shares of Dexia, a bank that in the autumn of 2008 had to be rescued from bankruptcy by the Belgian, French and Luxembourg governments, with the result that any significant drop in the value of Dexia shares was still detrimental to the financial position of ARCO, in particular because ARCO had leveraged its participation in the rescue of Dexia by taking on debt,
en detaljeret beskrivelse af, hvilke foranstaltninger der allerede er truffet eller er planlagt for at efterkomme beslutningen og
and the fact that in 2011 ARCO paid the entry fee and the annual guarantee premium.
dokumentation for, at støttemodtagerne har fået påbud om at tilbagebetale støtten.
The advantage that ARCO obtained was a protection from capital outflows which ARCO could otherwise only have stopped by applying the provisions of its Articles of Association once it had either lost 10 % [93] of its capital or 10 % of its shareholder base.
Belgien holder Kommissionen underrettet om udviklingen i de foranstaltninger, der træffes på nationalt plan for at efterkomme denne afgørelse, indtil den støtte, der henvises til i artikel 1, er fuldt tilbagebetalt.
Outflows of such magnitude were likely to happen as soon as ARCO would have either objectively entered into a situation of over-indebtedness, bankruptcy proceedings, or liquidation proceedings, or — more subjectively as in some other cases of bank-runs [94] — as soon as its shareholders would have perceived ARCO to be no longer a safe investment, for example because of its heavy exposure to the financial situation and market value of Dexia.
Artikel 5
The Articles of Association allowed ARCO to stop an outflow of capital if either 10 % of capital or 10 % of the shareholder base had gone.
Denne afgørelse er rettet til Kongeriget Belgien.
For the purpose of calculating the aid amount, the Commission assumes that ARCO would have chosen the more effective alternative among those two options, namely the alternative which would have preserved the higher level of capital.
Udfærdiget i Bruxelles, den 3. juli 2014.
With regard to the option that is linked to an outflow of the shareholder base, the Commission will refer to the lowest number of individual shareholders during the period when an advantage was created (starting from 10 October 2008) which is another conservative assumption, and attribute to those shareholders the average share of capital of that year.
På Kommissionens vegne
With regard to the option linked to the outflow of capital the Commission will also refer to the year with the lowest amount of capital.
Næstformand
The Commission also takes into account that the advantage of the measure was partially diminished by the fact that ARCO, as constituted by the three legal entities ARCOPAR, ARCOFIN and ARCOPLUS, had to pay a one-off entry fee and a guarantee fee for one year, even though those payments only took place in the autumn of 2011, just before ARCO filed for liquidation.
EUT C 213 af 19.7.2012, s. 64.
The advantage obtained by the measure is hence the lower amount resulting from the following two calculations:
Det belgiske statsråd har også bemærket, at foranstaltningen kunne have karakter af statsstøtte.
10 % of the capital of the year with the lowest capital in the period from 10 October 2008 until 8 December 2011 minus the total amount of fees already paid;
Se Avis du Conseil d'Etat No 46.131/2 af 4. marts 2009.
and (b) 10 % of the lowest number of shareholders in the period of 10 October 2008 until 8 December 2011 multiplied by the average share of capital per shareholder of the same year minus the total amount of fees already paid.
Rådets forordning (EF) nr. 659/1999 af 22. marts 1999 om fastlæggelse af regler for anvendelsen af artikel 108 i traktaten om Den Europæiske Unions funktionsmåde (EFT L 83 af 27.3.1999, s. 1).
In absolute terms, the likelihood of investors withdrawing capital grows over time, making it more difficult to calculate the interest that has to be paid for the advantage received.
Se fodnote 1.
In order to allow the entirety of the advantage obtained by ARCO to be eliminated while at the same time allowing the Member State to have a workable method by which the recovery interest can be calculated [96], the Commission considers that the entirety of the advantage was fully available at least as of 8 December 2011, and requests that the sums to be recovered bear interest from 8 December 2011 until their actual recovery.
ARCO bliver nøjere beskrevet i betragtning 38 til 44.
In order to be able to verify the aid calculations, the Commission requests Belgium to provide the Commission with a list of the numbers of shareholders of ARCOPAR, ARCOFIN and ARCOPLUS respectively for the period from 10 October 2008 until 8 December 2011, as registered at the end of each year.
Se http://www.dekamer.be/kvvcr/pdf_sections/comm/dexia/N031_20120125reynders.pdf, Udskrifter fra Dexia-kommissionen — høring af minister Didier Reynders den 25. januar 2012, s. 7 og 32;
In their additional comments submitted more than a year and a half after the deadline for submitting comments on the decision to open the procedure, the Belgian authorities did not provide any new information on the substance of the case.
I en artikel offentliggjort i tidsskriftet Trends den 15. maj 2014 (s. 20), som også er tilgængelig på dets websted, udtaler den daværende ministeren, at regeringen i slutningen af september 2008 under den første Dexia-krise bad Holding Communal, ARCO og Ethias om at deltage i en kapitalforøgelse, som de ikke havde midler til.
They claim that the Commission may not prohibit the payment of guarantees granted to individual shareholders, may not require the State to suspend any payment under the cooperative guarantee scheme and may not recover payments made under that scheme to individual shareholders
Personerne bag ARCO og Ethias skulle have en garanti, ellers ville de have trukket deres indskud ud.
(1 38) In support of their arguments the Belgian authorities noted that the individual shareholders were not undertakings within the meaning of Article 107(1) of the Treaty and considered that the payment of the guarantee to individual shareholders would have no impact on ARCO or the likelihood of the Belgian State recovering the aid.
Det ville have fået ARCO til at gå konkurs.
In reply the Commission pointed out that the sums to be recovered under this Decision were indeed aid to ARCO.
Garantien skal ses i forhold til de daværende omstændigheder.
The Commission further stated that the fact of finding that aid granted by a State was incompatible with the single market under Article 108(2) of the Treaty was sufficient to justify ordering the State to abolish that aid [97].
Det var nødvendigt, at ARCO, Ethias og Holding Communal deltog i Dexias kapitalforøgelse, fordi der ikke fandtes andre løsninger.
The Belgian authorities therefore could not claim that the prohibition on paying a guarantee deemed to be incompatible aid was contrary to Union law.
Det var i 2008, hvor den føderale regering med fem politiske partier ydede en statsgaranti.
They were therefore obliged to comply with the order contained in the decision to open the procedure to suspend implementation of the measure in question, and therefore not make any payment.
ARCO's indskydere trak derefter ikke deres indskud ud, idet de tænkte, at de var nødt til fortsat at støtte selskabet, og at der fandtes et sikkerhedsnet, hvis det skulle gå galt.
It is therefore also justified that Belgium should continue to abstain from making any payment under the aid measure.
Pressemeddelelsen indeholder et afsnit om, at regeringen havde besluttet at udvide garantiordningen til at dække andre finansielle institutioner (godkendte forsikringsselskaber og finansielle kooperativer), som anmodede herom, for så vist angår produkter, der svarer til bankindskud, f.eks. visse »branche 21«-produkter, og at flere institutioner allerede havde udvist interesse heri ( »Le gouvernement a décidé d'étendre la protection donnée par ce fonds à d'autres institutions du secteur financier (notamment des compagnies d'assurances ou des coopératives agréées) qui en feraient la demande pour des produits assimilables à des dépôts bancaires comme par exemple certains produits faisant partie de la branche 21.
The Commission finds that the cooperative guarantee scheme constitutes State aid in favour of ARCOPAR, ARCOFIN and ARCOPLUS that Belgium has unlawfully implemented in breach of Article 108(3) of the Treaty on the Functioning of the European Union.
Certains organismes ont déjà fait part de leur intérêt«).
The Belgian State should withdraw the legislation underlying the cooperative guarantee scheme (in particular the Law of 14 April 2009 and the Royal Decree of 10 October 2011) and should recover the advantage from ARCOPAR, ARCOFIN and ARCOPLUS,
Den 18. december 2008 trådte den tidligere regering tilbage, og den 30. december 2008 trådte en ny regering til.
HAS ADOPTED THIS DECISION:
Pressemeddelelsen indeholder også tekniske detaljer om garantiordningen for kooperativer.
Article 1
ArgenCo forklarede i sit aktieprospekt af 5. oktober 2010 (side 4), at andele i kooperativer hverken kan betegnes som gældsinstrumenter, der er udstedt af et kreditinstitut, eller som indskud, og at andelene derfor ikke er dækket af en indskudsgarantiordning.
The guarantee scheme unlawfully adopted by Belgium for the financial cooperatives of ARCO, and in particular ARCOFIN, ARCOPLUS and ARCOPAR, in breach of Article 108(3) of the Treaty on the Functioning of the European Union is incompatible with the internal market.
Lanbokas/Agricaisse anførte et lignende synspunkt på side 6 i sit prospekt af 15. maj 2009, idet købere af andele i kooperativer skal tage højde for, at andelene ikke er dækket af indskudsgarantiordningen.
Article 2
Moniteur Belge af 17.10.2008, Ed.2, N.2008 — 3690 [2008/03425].
Belgium shall recover the incompatible aid referred to in Article 1 from the beneficiaries at the lower amount resulting from the following two calculations:
Moniteur Belge af 17.11.2008, Ed.2, N.2008 — 4088 [2008/03450].
10 % of the lowest number of shareholders in the period from 10 October 2008 until 8 December 2011 multiplied by the average share of capital per shareholder of the same year minus the total amount of fees already paid.
Det belgiske råd for finansiel stabilitet konkluderede, at udvidelsen af indskudsgarantiordningen var nødvendig for det finansielle systems stabilitet (Rådet for finansiel stabilitet »estime que les mesures proposées sont effectivement indispensables afin de préserver la stabilité du système financier belge et doivent pouvoir entrer en vigueur dans les plus brefs délais«).
The sums to be recovered shall bear interest from 8 December 2011 until their actual recovery.
Moniteur Belge af 21.4.2009, Ed.1, N.2009 1426 [2009/03147].
The interest shall be calculated on a compound basis in accordance with Chapter V of Commission Regulation (EC) No 794/2004 of 21 April 2004 implementing Council Regulation (EC) No 659/1999 laying down detailed rules for the application of Article 93 of the EC Treaty [98].
Moniteur Belge af 12.10.2011, Ed.2, N.2011 2682 [2011/205241].
Belgium shall continue to refrain from making any payments under the scheme referred to in Article 1 with effect from the date of notification of this decision.
Efter indførelsen af garantiordningen for kooperativer blev BNB's vedtægter ændret i overensstemmelse hermed ved indførelsen af artikel 36/24 (http://www.nbb.be/doc/ts/Enterprise/juridisch/F/loi_organique.pdf).
Article 3
Direktøren skriver, at de daværende omstændigheder syntes at leve op til disse omstændigheder, idet gældskrisen, forstyrrelserne på de finansielle markeder og interbankmarkedets nedbrud, som udgør en væsentlig risiko for den belgiske økonomi som følge af den systemiske krise.
Belgium shall terminate the aid measure referred to in Article 1 as the measure is incompatible with the internal market.
En statsgaranti, der dækker andelshavernes andele i visse godkendte finansielle kooperativer ville kunne begrænse konsekvenserne af denne krise. (»Les circonstances actuelles nous semblent répondre à ces conditions, en ce que la crise des dettes souveraines, les perturbations actuelles sur les marchés financiers et le dysfonctionnement des marchés interbancaires font peser sur notre économie un risque grave de crise systémique.
Recovery of the aid referred to in Article 1 shall be immediate and effective.
À cet effet, une garantie d'État couvrant les parts des coopérateurs de certaines sociétés coopératives agréées permettrait de limiter les effets de cette crise«).
Belgium shall ensure that this decision is implemented within four months following the date of notification of this Decision.