natgillin/translations-raw huggingface dataset:
SACE's første kapitaltildeling på 105,8 mio. EUR til etablering af SACE BT i 2004, som omfattede en aktiekapital på 100 mio. EUR, som alene blev indbetalt af SACE, og SACE's bidrag på 5,8 mio. EUR til SACE BT's reserver (»Fondo di Organizzazione«) udgør ikke statsstøtte som defineret i traktatens artikel 107, stk. 1.
COMPATIBILITY OF THE POTENTIAL AID WITH THE INTERNAL MARKET
Artikel 2
As it was found in the above section that the second, third and fourth measure constitute State aid within the meaning of Article 107(1) of the Treaty, their compatibility with the internal market should be assessed.
Skadesexcedent-genforsikringen på 74,15 %, som SACE tegnede den 5. juni 2009 til fordel for SACE BT, indeholder støtte, der er ydet i strid med traktatens artikel 108, stk. 3, og som er uforenelig med det indre marked.
Legal basis for the assessment of compatibility
Foranstaltningens støtteelement svarer til forskellen mellem den genforsikringsprovision, som et privat genforsikringsselskab ville have opkrævet for en så høj genforsikringsandel, og den provision, som SACE BT blev opkrævet.
As Italy and SACE considered the measures not to constitute aid, they did not provide reasoning and evidence on how the measures would meet compatibility conditions.
I overensstemmelse med dens sagspraksis [165] finder Kommissionen, at provisionen for en så høj genforsikringsandel og risiko burde have været mindst 10 % højere end den provision, som de private genforsikringsselskaber opkrævede for den mindre andel af genforsikringen og risikoen.
As stated in recital 81, SACE invoked the Recapitalisation Communication and the Restructuring Communication [157] as possible compatibility grounds for the third and fourth measures.
For et beløb på 1,56 mio. EUR betalt af SACE BT til SACE beløber den støtte, der skal tilbagesøges, sig til 156000 EUR.
However, neither Italy, nor SACE substantiated their arguments that the conditions of those Communications would be fulfilled.
Artikel 3
The Commission recalls that, according to points 3.2 and 4.1 of the Export-credit Communication, the exemptions provided for in Article 107(2) and (3) of the Treaty to the prohibition laid down in Article 107(1) do not apply to marketable risks (‘State aid […] enjoyed by public supported export-credit insurers for the marketable risks […] may distort competition and would therefore be ineligible for exemption under the State aid rules of the Treaty’).
Den rekapitalisering af SACE BT, der blev gennemført den 18. juni 2009via en overførsel af 29 mio. EUR til dækning af SACE BT's tab i løbet af 2008, udgør støtte, der er ydet i strid med traktatens artikel 108, stk. 3, og som er uforenelig med det indre marked.
Therefore no grounds for compatibility can normally be found for aid in support of credit insurers operating in the area of marketable risks.
Artikel 4
Nevertheless, the Commission will demonstrate that the three aid measures would in any event not meet any of the conditions to be found compatible under Article 107(3) of the Treaty.
Den rekapitalisering af SACE BT, der blev gennemført den 4. august 2009, da SACE BT's generalforsamling godkendte kapitaloverførslen af 41 mio. EUR fra SACE til SACE BT's kapitalkonto (»versamento in conto capitale«), udgør støtte, der er ydet i strid med traktatens artikel 108, stk. 3, og som er uforenelig med det indre marked.
Compatibility under the Community Guidelines on State aid for rescuing and restructuring undertakings in difficulty (‘the Rescue and Restructuring Guidelines’) [158]
Artikel 5
The Rescue and Restructuring Guidelines define rescue aid as a short-term aid, granted in principle for a period of no longer than six months to give the beneficiary the necessary breathing space to develop a detailed restructuring or liquidation plan.
Italien skal tilbagesøge den uforenelige støtte fra SACE BT, jf. artikel 2, 3 og 4.
By its nature, rescue aid is temporary and reversible.
Renten skal beregnes med renters rente i overensstemmelse med kapitel V i forordning (EF) nr. 794/2004 [166].
Rescue aid consists usually of loan guarantees or loans granted to an ailing firm while its future is being assessed.
Tilbagesøgningen af støtte skal være øjeblikkelig og effektiv.
As regards the possibility to find the second measure compatible as rescue aid, the Commission notes that the second measure does not present the characteristics of a liquidity support nor had as primary objective to keep SACE BT afloat.
Italien skal sikre, at denne afgørelse efterkommes inden for fire måneder efter meddelelsen herom.
Therefore, the second measure cannot be qualified as rescue aid.
Artikel 6
As regards the third and fourth measures, they cannot be qualified as rescue aid since they are a permanent and irreversible capital injection.
Inden for to måneder efter meddelelsen af denne afgørelse skal Italien fremsende følgende oplysninger:
Under the Rescue and Restructuring Guidelines, the beneficiaries of restructuring aid:
det samlede beløb (hovedstol og renter), der skal tilbagesøges fra SACE BT
have to show that they can achieve long-term viability without State aid within a reasonable period of time;
en detaljeret beskrivelse af allerede trufne og planlagte foranstaltninger med henblik på at efterkomme denne afgørelse
need to demonstrate that they would contribute at least 50 % of the costs of restructuring for large firms (or less in the case of small or medium-sized enterprises) from their own resources.
dokumenter, der viser, at SACE BT har fået påkrav om tilbagebetaling af støtten.
have to provide measures to address the distortions of competition caused by the aid, in particular through capacity reductions and through divestments going beyond those required to restore viability.
Italien holder Kommissionen underrettet om udviklingen i de foranstaltninger, der på nationalt plan træffes for at efterkomme denne afgørelse, indtil den i artikel 2, 3 og 4 omhandlede støtte er fuldt tilbagebetalt.
However, the Commission notes that the second, third and fourth aid measures do not fulfil such conditions to be found compatible as restructuring aid under the Rescue and Restructuring Guidelines.
Italien indsender på Kommissionens anmodning straks oplysninger om, hvilke foranstaltninger der allerede er truffet eller planlagt for at efterkomme afgørelsen.
It observes for instance the following problems:
Der gives også detaljerede oplysninger om de støttebeløb og tilbagebetalingsrenter, som allerede er blevet tilbagebetalt af SACE BT.
Firstly, the business plan of 2009 for 2010-2011 does not demonstrate that it would lead to long-term market-conform profitability of SACE BT (see sections V.1.1.3, V.1.1.4 and V.3.4 assessment);
På Kommissionens vegne
Compatibility under the Export-credit Communication and the Temporary Framework
Næstformand
As the second, third and fourth measures have been unlawfully granted in 2009, in accordance with the Commission notice on the determination of the applicable rules for the assessment of unlawful State aid [159], the Commission is assessing their compatibility according to the provisions of the Export-credit Communication applicable at that time (i.e. the 1997 Export-credit Communication, subsequently amended and prolonged in 2001 [160], 2004 [161] and 2005 [162]) [163].
EUT C 177 af 17.6.2011, s. 6.
Under point 4(2) of the Export-credit Communication, the Member States were requested to amend their export-credit insurance systems for marketable risks in such a way that the granting of certain types of State aid to public or publicly supported export-credit insurers in respect of such risks is ended within one year of the publication of this Communication.
Se fodnote 1.
Among the prohibited measures mentioned in point 4(2)(d) of the Export-credit Communication is ‘award of aid or provisions of capital or other forms of finance in circumstances in which a private investor acting under normal market conditions would not invest in the company or on terms a private investor would not accept’.
En foreløbig kopi på engelsk blev fremsendt den 4. januar 2012.
Therefore, the third and the fourth measures, consisting in recapitalisation, are not compatible under the Export-credit Communication.
Markedsmæssige risici defineres ved hjælp af to kriterier:
As regards the second measure, in recital 142 of the opening decision, the Commission expressed its doubts on the compatibility of that measure with the Export-credit Communication and the Temporary Framework.
geografi (låntagerens adresse i EU og/eller OECD-området) og ii) varighed (risikoperiode på mindre end to år).
The escape clause provided in the Export-credit Communication (reiterated in the Temporary Framework) aims at addressing temporary lack of insurance coverage available to exporters.
EFT C 281 af 17.9.1997, s. 4.
It thus allows for the State supported insurance or reinsurance to be provided in line with the State aid rules during the crisis subject to the following:
Fra og med den 1. januar 2013 anvender Kommissionen den nye meddelelse om kortsigtet eksportkreditforsikring offentliggjort den 19. december 2012 (EUT C 392 af 19.12.2012, s. 1).
a Member State should demonstrate the lack of coverage in the market for the provision of short-term export-credit insurance to the exporters by providing sufficient evidence of the unavailability of cover for the risk in the private insurance market, the scheme is open to all operators and the State charges a price in line with the one that would be charged by private operators for the risks covered (in case practice this provision was interpreted that the State by covering residual risk should apply a higher fee).
Det gjorde det muligt at oprette SACE (instituttet for eksportforsikringstjenester).
First, in order for Italy to comply with the escape clause, the Commission provided that Italy should submit the respective evidence.
EFT C 217 af 2.8.2001, s. 2.
However, Italy decided not to make use of the escape clause.
Allerede den 3. december 2003 fremgik det af drøftelserne i SACE i forbindelse med udarbejdelsen af den indledende forretningsplan, at man ville anvende særskilte regnskaber, indtil SACE begyndte at forsikre markedsmæssige risici.
SACE replied that it did not find relevant the request of the Commission to submit information that might prove lack of coverage on the market for exporters.
Se s. 13 i bilag 11 til Italiens indgivelse af 5. marts 2012.
Second, Italy and SACE repeated their position that the provision of reinsurance by SACE was open to all market operators, as stipulated in the by-laws of SACE.
Se s. 68-69 i årsberetningen for 2004, som findes på internettet på:
In this case, SACE intervened by providing reinsurance coverage in favour of SACE BT, an insurer, and allegedly available to other private insurers.
SACE's årsberetning 2004.
However, we have no evidence that there was lack of coverage in the market for the provision of short-term export-credit insurance to the exporters.
Se bilag 5 og 6 til noterne (»Nota Integrativa«) til SACE's årsregnskab 2004, som illustrerer de finansielle forbindelser mellem SACE og dets kontrollerede enheder.
As the limited availability of cover would seem to have affected also other operators in the market, the Commission does not have evidence whether other operators than SACE BT had also difficulties to obtain reinsurance cover on the market and, if so, whether they could obtain reinsurance cover from SACE under the same conditions as well.
Disse regnskaber illustrerer den trinvise forøgelse af SACE BT's kapital med midler tildelt af SACE i 2004 (en forøgelse af aktiekapitalen på 100 mio. EUR og en forøgelse af den øvrige kapital på 5,8 mio. EUR).
In practice, none of the operators requested this.
SACE BT's tab på 152087 EUR ved udgangen af 2004 og 1573090 EUR ved udgangen af 2005 blev dækket af reserverne (Fondo di organizzazione).
Without this information, the Commission cannot conclude that the measure is proportional to the objective, i.e. to remedy the serious disturbance in the economy of Italy.
For 2005, 2006 og 2007 blev alle risici i OECD-landene betragtet som markedsmæssige, mens risici i lande uden for OECD blev betragtet som ikke-markedsmæssige.
It has to be therefore concluded that, instead of applying a measure opened to all operators, Italy implemented a selective measure in favour of one operator, SACE BT.
Den 14. januar 2009 bekendtgjorde SACE fusionen af SACE Surety med SACE BT.
Third, as regards the premium charged, as indicated previously, SACE did not charge a higher price but a price equal to the private reinsurers, whilst it assumed a higher risk (because residual and much larger) that the market participants were not ready to insure, given the situation on the market and SACE BT's financial situation.
Se bilag 14 — ISVAP:
Finally, the Commission observes that the aid amount calculated for the second measure, i.e. EUR 156000, cannot be declared compatible with the internal market on the basis of the conditions provided in point 4.2.2 of the Temporary Framework because the second measure was not granted in the form of a scheme and because there was no declaration on de minimis aid.
protokol over resultatet af inspektion hos SACE BT, 11. oktober 2010 (Verbale degli accertamenti ispettivi effettuati presso SACE BT, 11.10.2010), s. 11, indgivet af Italien den 5. marts 2012.
In conclusion, the aid as it was granted under the second measure is not in line with the provisions of the Export-credit Communication and the Temporary Framework.
Information findes på SACE's websted.
Compatibility under the Recapitalisation Communication and the Restructuring Communication
Et forsikringsselskabs forsikringsmæssige resultat måles ud fra dets »combined ratio«, som er forholdet mellem summen af erstatnings- og omkostningsprocenten og forsikringspræmierne.
In recital 144 of the opening decision, the Commission raised doubts on the compatibility of the third and fourth measures with the Recapitalisation Communication and the Restructuring Communication for the financial sector during the crisis.
Et combined ratio på mindre end 100 % angiver forsikringsmæssigt overskud, mens alt over 100 % angiver forsikringsmæssigt underskud.
As the second measure was also granted during the financial crisis, the Commission will also assess its compatibility under this legal framework.
Et selskab med et combined ratio på over 100 % kan dog være rentabelt i kraft af investeringsoverskud.
As following Italy's and SACE's comments to the opening decision the Commission found the submitted information still insufficient to allow for a complete assessment of the measures as potential restructuring aid, in February 2012 the Commission offered Italy the possibility to provide additional elements on potential compatibility ground, by submitting a fully-fledged restructuring plan, in line with the Restructuring Communication.
Inden for livsforsikring og navnlig i forbindelse med kreditforsikring forventes der et combined ratio på mindre end 100 %.
The Commission's letter set out the main elements that the restructuring plan should include with references to the relevant points of the Restructuring Communication.
Investeringen i SACE BT på 105,8 mio. EUR blev registreret i SACE's årsregnskab for 2004 (som investeringer i kontrollerede enheder).
The Commission found that the documents submitted by Italy included only a compilation of internal documents of SACE which aimed at reiterating Italy's position that the three measures implemented in 2009 are not imputable to the State and comply with the MEIP.
Se SACE — Svar på anmodning om oplysninger, 15. september 2011, s. 11.
The Commission notes that, at the time the three measures were granted, Italy did not envisage the possibility to submit a restructuring plan to the Commission according to the requirements of the Restructuring Communication.
Ved beregningen af den gennemsnitlige egenkapitalforrentning er nettooverskuddet fastsat ved hjælp af en figurativ skattemæssig virkning (»effetto fiscale figurativo«) (se s. 163 i den indledende forretningsplan).
Italy argues that such restructuring measures were not either requested by the national supervisory authority, ISVAP.
Dom i sagen mod Stardust Marine af 16. maj 2002 (C-482/99 [Sml. I] s. 4397).
According to point 10 of the Restructuring Communication, the restructuring plan should identify the difficulties and weaknesses of the aid recipient and outline how the proposed restructuring measures remedy the beneficiary's problems.
CFI, T-68/03, Sml. 2007, II-2911 — Olympic Airways mod Kommissionen.
In this respect, Italy argues that SACE BT's crisis was not caused by internal processes, changes in demand or other factors that would impose a deep rethinking of the business model and a subsequent restructuring, but rather by the significant increase of claims triggered by the crisis.
CFI, T-422/03, Sml. 2008, II-1161 — SIC mod Kommissionen.
The Commission does not find this information sufficient, in particular because SACE BT suffered severe losses in 2008 and 2009.
Se bilag 1 til svar fra det italienske økonomi- og finansministerium, 15. september 2011.
Also, private reinsurers have raised concerns regarding the situation of the company when refusing to participate in the reinsurance coverage of SACE BT for 2009.
Det italienske økonomi- og finansministerium, svar på anmodning om oplysninger indgivet den 5. marts 2012, s. 2.
Moreover, SACE BT had not succeeded to become profitable in its first years of operation (2005-2007) contrary to the forecasts of the business plan.
SACE — Svar på anmodning om oplysninger, punkt 9, indgivet den 5. marts 2012, s. 2.
This demonstrates that the difficulties encountered by SACE BT were not only triggered by the financial crisis, but also by its own weaknesses.
Det materiale, der blev udarbejdet til mødet i SACE's bestyrelse den 28. april 2004, havde netop til formål at give et overslag over SACE's »ledige kapital« med henblik på tildelingen af kapital til SACE 2 — det senere SACE BT.
As regards the restoration of long-term viability, the Commission notes that starting with 2009 SACE BT was subject to some transformations in the organisation, management and business processes.
Se bilag 1 — Comunicazione dell'AD al CdA di SACE S.p.A. in vista della riunione del CdA del 28 aprile 2004, til bemærkningerne fra SACE indgivet den 5. maj 2011 som svar på indledningsafgørelsen.
Among the measures taken to improve its situation, SACE BT increased premiums, reduced costs, changed its management.
Dataene findes på s. 4 i bemærkningerne fra SACE indgivet den 5. maj 2011 som svar på indledningsafgørelsen.
Moreover, SACE BT sold its participation in KUP on 25 February 2009.
Det italienske økonomi- og finansministerium, svar på anmodning om oplysninger indgivet den 5. marts 2012, s. 2.
However, the Commission considers that these measures were insufficient to expect a restoration of SACE BT's long-term viability.
Bemærkninger fra SACE indgivet den 5. maj 2011 som svar på indledningsafgørelsen, s. 9.
Moreover, the underlying assumptions should have been explained and stress-tested.
SACE gentog det synspunkt, Italien allerede havde givet udtryk for inden indledningsafgørelsen.
Italy did not submit information in this respect.
Se s. 15, første afsnit, i Italiens indgivelse af 12. februar 2008.
Italy submitted an update of the business plan for 2011-2013, approved on 24 November 2011, i.e. two years after the measures had been granted.
I den indledende forretningsplan forudses det, at SACE BT vil opnå en markedsandel i Italien på 12,6 % i 2008 med præmier til en værdi af 67,2 mio. EUR.
SACE BT's objective of gradually improving profitability (ROE) so as to reach […], as stated by the company's Board of Directors of 24 November 2011, was not supported by sufficiently detailed and robust financial projections as required in the Restructuring Communication.
Se SACE — Svar på anmodning om oplysninger, 15. september 2011, s. 17.
As per the financial projections as of end-2011, SACE BT expects to achieve a pre-tax ROE of only […] % in 2013, which correspond to a (post tax) ROE of […] %.
Se bilag 1 til SACE's svar, 15. september 2011, s. 8.
The latter is manifestly below the cost of capital previously estimated by Italy to be of around [5-10] %.
Bilag 8 til bemærkninger fra SACE indgivet den 5. maj 2011 som svar på indledningsafgørelsen.
In line with points 22-23 of the Restructuring Communication, the restructuring plan should have demonstrated that the aid granted is limited to the minimum necessary, i.e. the aid restores viability of SACE BT, but does not allow it to expand in the new markets or market segments.
Bilag 5-7 til bemærkninger fra SACE indgivet den 5. maj 2011 som svar på indledningsafgørelsen.
On the contrary, according to the submitted data, during the crisis, SACE BT slightly increased its market presence in the credit and surety (‘cauzioni’) market in Italy, moving from sixth position in 2008 to fifth in 2010 (at the same time, for instance, Atradius reduced its market presence from third position to sixth) (see Table 6).
Se bilag 2 til svar fra SACE indgivet den 15. september 2011, hvor flere opkøbsinitiativer nævnes, enten i samarbejde med andre operatører, dvs. KUP (med SA Ducroire) i meddelelse af 19. juli 2006, TINUBU SQUARE (med ONDD og CESCE) i meddelelser af 19. juli og 8. september 2006 og MEHIB (med SA Ducroire) i meddelelse af 8. februar og 18. juni 2007, eller alene, dvs. CGIC (med mulighed for, at moderselskabet, SACE, selv kunne vælge at deltage som tilbudsgiver i stedet for SACE BT) i meddelelse af 15. september 2008.
In short, the basic elements of a restructuring plan, such as identification of the difficulties, viability under base case and stressed scenario, limitation of the aid to the minimum necessary and compensatory measures are entirely missing.
Se bilag 1 til SACE's svar af 15. september 2011, s. 8.
In conclusion, even if the measures submitted by Italy and the adjusted business plan for 2011-2013 were to be accepted as a restructuring plan, they do not fulfil the restructuring plan requirements of the Restructuring Communication.
SACE oplyste også, at SACE BT forud for planen allerede opnåede et overskud i 2006, og fremlagde følgende sammenligning mellem det faktiske regnskabsresultat og det forventede.
As regards the Recapitalisation Communication, it defines the terms which a recapitalisation instrument has to comply with.
I 2005:
If these terms are complied with, the aid can be temporarily approved.
i 2006:
However, no plan complying with the Restructuring Communication existed.
+ 0,1 mio. EUR (i planen: – 0,4 mio. EUR);
Consequently, it is not necessary to assess whether the terms of the third and fourth measures comply with the Recapitalisation Communication since in any event they could not be found definitively compatible.
i 2007:
Conclusion on compatibility
1 mio. EUR (i planen: + 3,1 mio. EUR);
The Commission did not find any grounds for the compatibility of the second, third and fourth measures.
i 2008:
The Commission concludes that Italy did not use the opportunity to provide the needed elements to claim the aid granted under the second, third and fourth measures as compatible restructuring aid.
29,4 mio. EUR (i planen: + 3,7 mio. EUR).
The submitted documents do not meet the requirements of the Restructuring Communication as the cumulative requirements for compatibility of restructuring aid, i.e. establishment of long-term viability, limitation of the aid to the minimum necessary and measures to limit distortions of competition, are not met.
Se bemærkninger fra SACE indgivet den 5. maj 2011 som svar på indledningsafgørelsen, s. 6, fodnote 2.
CONCLUSION
Se bilag 9 til bemærkninger fra SACE indgivet den 5. maj 2011 som svar på indledningsafgørelsen.
The Commission finds that the initial capital allocation of EUR 100 million in the form of share capital and the capital contribution into reserves (so-called ‘Fondo di organizzazione’) in the amount of EUR 5,8 million by SACE for the establishment of SACE BT in 2004 (first measure) did not confer an advantage to SACE BT and thus do not constitute State aid within the meaning of Article 107(1) of the Treaty.