natgillin/translations-raw huggingface dataset:
I forbindelse med Hipo Fondi bemærker Kommissionen, at det ved salget til minoritetsaktionæren kun var et tomt selskab.
Finally, Latvia undertook to submit monitoring reports on MLB's restructuring, including the wind-down of unsold commercial activities and an ex post valuation of the liquidation.
Letland har bekræftet, at de resterende porteføljer og lukkede fonde, som blev forvaltet af Hipo Fondi, allerede er blevet lukket, er under afvikling eller vil blive afviklet.
ASSESSMENT OF THE MEASURES
Desuden har Letland lovet, at […].
Existence of aid within the meaning of Article 107(1) of the Treaty
I lyset af ovenstående kan man konkludere, at Hipo Fondi fortsat vil være et rent tomt selskab uden nogen aktiviteter at forvalte, i det mindste i et stykke tid fremover.
As set out in Article 107(1) of the Treaty 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, save as otherwise provided.
Eftersom det tomme selskab indstiller de aktiviteter, der tidligere blev udført af Hipo Fondi som datterselskab af MLB, og ikke varetager nye økonomiske aktiviteter lige med det samme, kan man konkludere, at der ikke er tale om kontinuitet mellem Hipo Fondi som en virksomhed, der er en del af MLB-koncernen og den nye enhed.
Beneficiaries of aid
Dvs. Hipo Fondi ejes af nye ejere, og eventuelle økonomiske aktiviteter vil være nye.
As set out in recital 145 of the opening decision, when assessing the measures in order to determine whether they constitute State aid, it is necessary to distinguish between the present and future development bank activities of MLB, on the one hand, and the residual commercial activities pursued by MLB during the transition (phasing-out) period, on the other hand.
Derfor kan det tomme selskab Hipo Fondi ikke anses for at have draget fordel af støtten, der tidligere er tildelt MLB.
Latvian authorities submitted the data demonstrating how the measures benefitted one segment or the other.
HipoNIA vil indeholde aktiver fra den tidligere kommercielle del af MLB i afviklingsfasen og vil kun være aktivt i en begrænset periode.
The scope of the present decision only covers measures granted to the commercial part of MLB.
Men i overensstemmelse med fast retspraksis kan foranstaltninger, der har til formål at afvikle kommercielle aktiviteter, stadig udgøre støtte [25].
The terms of operation of the development part of MLB, which is expected to be continued by an as yet still to be established development institution will be assessed in a separate final decision.
Med hensyn til de virksomheder, der er købere af pakkerne, bemærker Kommissionen, at salgsprocessen i henhold til oplysningerne fra Letland foregik på en åben og ikke-diskriminerende måde, på klart definerede betingelser og med henblik på at maksimere prisen på specifikke pakker.
As a result, the present decision will assess only the measures granted by Latvia benefitting the commercial part of MLB in so far as they are needed for the restructuring of the commercial segment of MLB.
Med hensyn til afhændelsen af HipoNIA til en pris, der lå under markedsprisen, bekræfter Kommissionen den foreløbige konklusion i indledningsbeslutningen om, at køberen, LPA, ikke kan anses for at være modtager af støtten, eftersom LPA ikke kan udøve økonomiske aktiviteter og kun er et agentur for den lettiske stat [26].
It is recalled that to assess the measures benefitting the commercial segment of the bank, it is important to ascertain whether and to what extent the economic activity is continued or dissolved after the sale of the commercial assets and liabilities [23].
På grundlag af dette mener Kommissionen ikke, at der blev ydet støtte til de virksomheder, som er købere af MLB's kommercielle aktiver og passiver.
In that respect, the Commission finds that, with the sale of bundles 3A (to a private investor), 3B and 4 (to the LPA for gradual work out) by 30 June 2013, those economic activities of the former commercial part of MLB have been dissolved.
Sammenfattende kan man sige, at efter salget af alle pakkerne, der består af MLB's tidligere kommercielle aktiviteter, som nu er afsluttet, begunstigede støtteforanstaltningerne kun de af MLB's kommercielle aktiviteter, der fortsatte efter salget af HipoNIA og Hipolizings.
It is also noteworthy that a large share of assets formerly managed by Hipo Fondi was sold separately from that company by means of an asset sale.
Støtteforanstaltninger
The Commission considers that the sale in bundles, which allowed different buyers to bid for separate parts of commercial assets and liabilities of MLB, effectively contributes to the liquidation of the commercial activities of MLB.
Som nævnt i betragtning 73 har Hipolizings draget fordel (om end kun i begrænset omfang) af støtten til MLB.
It is noteworthy that the bank attempted more than once to sell the unsold assets which are ultimately to be transferred to the LPA, repackaging the bundles and renegotiating the offers with the potential investors.
Som nævnt ovenfor skulle virksomhedens aftaler ikke ophæves i utide, og virksomheden skulle ikke sælges af en nødlidende ejer, hvilket muligvis kunne have ført til et brandudsalg.
Hence, MLB seems to have exhausted all available opportunities in the market to sell those worst quality assets at a reasonable price, i.e. a price higher than their long-term economic value as estimated by an external reputable consultant.
Fordelens begrænsede omfang eller det forhold, at den ikke kan kvantificeres, ændrer ikke ved Kommissionens vurdering i den henseende.
As regards MLB's ancillary activities of a commercial nature, Latvia also provided sufficient information that they have already been or will be terminated in the near term.
Eftersom Hipolizings er aktiv inden for den finansielle sektor, kunne enhver fordel, for virksomhedens aktiviteter som ydes med statsmidler, påvirke samhandelen i EU og fordreje konkurrencevilkårene.
The shell company Hipo Fondi, which will remain after the sale of the assets it managed, will be sold in the coming months, the securities business will be terminated, and RIS, which is a pure holding company currently holding shares in Hipo Fondi and two companies in insolvency, will be liquidated.
Derfor skal foranstaltninger, der gavner virksomhedens aktiviteter, anses for med en vis sandsynlighed at kunne fordreje konkurrencevilkårene og påvirke samhandelen mellem medlemsstaterne.
It is planned that MLB's banking licence will be revoked by 31 December 2013.
Fordelene blev opnået ved hjælp af statslige midler, og der er tale om selektiv støtte, da den kun begunstiger en enkelt finanskoncern.
As regards Hipolizings, it was sold as a legal entity by means of a share deal.
I lyset af ovenstående konkluderer Kommissionen, at den indirekte fordel for Hipolizings, som skyldes støtteforanstaltningerne til MLB, udgør statsstøtte i henhold til artikel 107, stk. 1, i traktaten.
Latvia submitted that Hipolizings did not directly benefit from any of the support granted to its parent company, MLB [24].
Hvad angår likviditetsforanstaltningen til HipoNIA, der blev opretholdt i løbet af omstruktureringsfasen, om end med et større beløb, fastslås det allerede i indledningsbeslutningen, at denne foranstaltning udgør statsstøtte.
As regards the potential asset relief measure described in recitals 165 to 170 of the opening decision, it is recalled that before the sale of Hipolizings the worst assets of MLB were internally transferred to HipoNIA.
Kommissionen har ikke nogen grund til at ændre sin tidligere vurdering i lyset af det forhøjede beløb i likviditetsstøtte.
In the opening decision the Commission concluded that such an internal transfer of assets could only constitute an asset relief measure in favour of Hipolizings and Hipo Fondi, if and to the extent that they benefitted from such transfers.
Det ændrede beløb påvirker ikke foranstaltningens karakter af statsstøtte.
Given Latvia's confirmation that no assets were transferred from Hipolizings to HipoNIA, it can be concluded that Hipolizings did not receive any asset relief directly benefitting its activities.
Derfor konkluderer Kommissionen, at likviditetsstøtten på 71 mio. LVL til HipoNIA udgør statsstøtte.
However, as acknowledged by Latvia, it cannot be excluded that Hipolizings profited to a limited extent from the aid granted to MLB insofar as the existing contractual arrangements of Hipolizings did not have to be terminated unexpectedly, and it did not have to be sold by a distressed owner.
Fordelene ved de øvrige støtteforanstaltninger til HipoNIA's moderselskab, MLB, begunstiger ikke HipoNIA.
Therefore, the Commission concludes that Hipolizings benefitted from the aid granted to MLB, albeit indirectly and hence to a very low degree.
Alle disse andre støtteforanstaltninger til MLB havde til formål og havde den virkning, at man kunne videreføre MLB's aktiviteter i en længere periode, end det ellers ville have været muligt i tilfælde af umiddelbar insolvens og afvikling.
As regards Hipo Fondi, the Commission notes that when it was sold to its minority shareholder it was merely a shell company.
Derfor kan den indirekte støtte fra andre støtteforanstaltninger til MLB's kommercielle del holdes uden for sagen om HipoNIA.
Latvia has confirmed that the remaining private portfolios and closed-end funds managed by Hipo Fondi have already been closed, are in the process of termination or will be wound up.
Støttens forenelighed med det indre marked
Furthermore, Latvia has committed that […].
Eftersom det i afsnit 5.1 fastslås, at afviklingsforanstaltningen over for HipoNIA og den indirekte fordel, som Hipolizings opnåede ved støtteforanstaltningerne over for MLB, udgør statsstøtte efter artikel 107, stk. 1, i traktaten, skal deres forenelighed med det indre marked vurderes.
In light of the foregoing, it can be concluded that Hipo Fondi will remain purely as a shell company with no actual business to manage at least for some time.
Juridisk grundlag for vurderingen af forenelighed
Given that the shell company ends the activities formerly carried out by Hipo Fondi as MLB's subsidiary and does not undertake any new economic activities immediately, it can be concluded that there is no continuity between Hipo Fondi as an undertaking which was part of MLB group and the new entity, i.e. Hipo Fondi owned by new owner(s) and carrying out new economic activities, if any.
Det er allerede blevet fastslået i betragtning 177-180 i indledningsbeslutningen, at støtteforanstaltningerne til fordel for MLB's kommercielle aktiviteter skal vurderes i henhold til artikel 107, stk. 3, litra b), i traktaten, og navnlig Kommissionens omstruktureringsmeddelelse.
Therefore, the shell Hipo Fondi company cannot be considered as benefitting from the aid previously granted to MLB.
Støtteforanstaltningens forenelighed med omstruktureringsmeddelelsen
As regards HipoNIA, it will contain assets of the former commercial segment of MLB in run-down mode and will operate only for a limited time.
Genoprettelse af den langsigtede bæredygtighed af MLB's økonomiske aktiviteter, som Hipolizings videreførte efter salget
However, in line with the established case practice, measures aimed at winding down commercial activities may still constitute aid [25].
Omstruktureringsmeddelelsen bekræfter i punkt 17, at salg af en finansiel institution (eller en del heraf) til en tredjepart kan bidrage til at genskabe rentabiliteten på lang sigt.
As regards the undertakings which are buyers of the bundles, the Commission notes that, based on information submitted by Latvia, the sale process was carried out in an open and non-discriminatory manner, on market terms and with the aim to maximize the price for specific bundles.
Hipolizings er blevet solgt til Swedbank Lizings, som er det største leasingselskab i Letland (en markedsandel på 22 %).
As regards HipoNIA transfer at below market value, the Commission confirms the preliminary conclusion of the opening decision that its buyer, the LPA, cannot be considered as a beneficiary of the aid, since it does not carry out economic activities and is merely an agency of the Latvian State [26].
Selskabet er nært integreret med Swedbanks generelle bankdrift.
On that basis, the Commission considers that no aid was granted to the undertakings which are buyers of MLB's commercial assets and liabilities.
Pr. 31. maj 2013 har Swedbank fået sin rating opgraderet af Moody's til A1.
In conclusion, after the sale of all the bundles consisting of the former commercial activities of MLB, which has been concluded by now, the aid measures only benefit those commercial activities of MLB continued after the sale by HipoNIA and Hipolizings.
Koncernens drift har historisk set været tilstrækkeligt rentabel (med en egenkapitalforrentning på 16,9 % ved årsafslutningen 2012 og på 13,8 % i 1. kvartal af 2013 [27]) med en Tier 1-kernekapitalprocent på over 15 %.
Aid measures
Hipolizings' aktiviteter udgør en meget lille del af Swedbank-koncernens aktiver (ca. 0,05 %).
As stated in recital 73, Hipolizings has benefitted (albeit only to a limited extent) from the aid granted to MLB.
I lyset af ovenstående konkluderer Kommissionen, at de af MLB's økonomiske aktiviteter, som Hipolizings viderefører efter salget til Swedbank Lizings, der er integreret i Swedbank-koncernen, er levedygtige.
As mentioned above, its contractual arrangements did not have to be terminated unexpectedly and the company did not have to be sold by a distressed owner, which could have possibly led to a fire sale.
Velordnet afvikling af usolgte kommercielle aktiviteter
The limited character of the advantage or the fact that it cannot be quantified does not alter the Commission's assessment in that respect.
Letland bekræftede, at HipoNIA, som har købt MLB's låneporteføljer, ikke yder supplerende finansiering til nogen af sine kunder.
Given that Hipolizings is active in the financial sector, any advantage from State resources benefitting its activities could affect intra-Union trade and distort competition.
Letland lovede desuden at indsende tilsynsrapporter om afviklingen af usolgte kommercielle aktiviteter og en efterfølgende evaluering af likvidationen.
Therefore, the measures benefitting its activities must be regarded as liable to distort competition and affect trade between Member States.
I lyset af ovenstående konkluderer Kommissionen, at den tvivl, der rejses i indledningsbeslutningen, er blevet fjernet, og at alle krav i omstruktureringsmeddelelsen vedrørende en velordnet afvikling af aktiviteterne er opfyldt i det foreliggende tilfælde.
In the light of the foregoing, the Commission concludes that the indirect advantage conferred on Hipolizings from the aid measures granted to MLB constitutes State aid within the meaning of Article 107(1) of the Treaty.
Støtte begrænset til det nødvendige minimum/egetbidrag
With regard to the liquidity measure granted to HipoNIA, which is maintained during the restructuring phase, albeit for a higher amount, it has already been established in the opening decision that the measure constitutes State aid.
Allerede i indledningsbeslutningen konkluderes det, at basisscenariet i salgsstrategien sikrer, at den nødvendige støtte til afvikling af MLB's kommercielle aktiviteter begrænses til et minimum [28].
The Commission has no reason to change its previous assessment in light of the increased amount of liquidity support.
Den praktiske gennemførelse af denne plan ændrer ikke ved denne vurdering.
The changed amount of the measure does not affect its qualification as aid.
Det konkluderes ligeledes i indledningsbeslutningen, at MLB's kommercielle aktiviteter bringes til ophør igennem et salg, hvilket sikrer, at banken bidrager mest muligt til omstruktureringen med sine egne ressourcer [29].
The Commission, therefore, concludes that the liquidity support of LVL 71 million to HipoNIA constitutes State aid.
Forhindring af urimelige konkurrencefordrejninger
As regards other aid measures granted to HipoNIA's parent company, MLB, the advantage stemming from them does not benefit HipoNIA.
Som det allerede fremgår af indledningsbeslutningen, afbøder de hurtige afhændelser af MLB's datterselskaber separat fra banken samt opdelingen af banken i flere pakker forud for salget urimelige fordrejninger af konkurrencevilkårene som følge af støtten.
All those other aid measures granted to MLB had the aim and the effect of sustaining the activities of MLB for a longer period of time than would have been possible in the event of immediate insolvency and liquidation.
Derfor ses der positivt på disse foranstaltninger [30].
When they were granted to MLB, HipoNIA was performing as the bad asset management company within the MLB group.
Eftersom salget er afsluttet, er den tvivl, der kommer til udtryk i indledningsbeslutningen vedrørende tidsplanen for salget, blevet fjernet.
Given that HipoNIA's activities were limited to the liquidation of assets without delay without any advances granted to the clients, it was an integral part of the liquidation process.
Eftersom Letland har bekræftet, at HipoNIA ikke vil udbetale forskud på de eksisterende lån, er den tvivl, der gives udtryk for i indledningsbeslutningen på dette punkt, også blevet fjernet.
Therefore, the indirect aid from other aid measures granted to MLB's commercial segment can be excluded in the case of HipoNIA.
Med hensyn til Hipolizings konkluderede Kommissionen foreløbigt i indledningsbeslutningen, at foranstaltningerne til begrænsning af fordrejningen af konkurrencevilkårene som følge af støtten var tilstrækkelige.
Compatibility of the aid with the internal market
Som følge af Letlands bekræftelse af, at Hipolizings ikke har modtaget direkte støtte, kan Kommissionens foreløbige konklusion på dette punkt nu bekræftes.
As it was found in section 5.1 that the liquidity measure to HipoNIA and the indirect advantage conferred on Hipolizings from the aid measures granted to MLB constitute State aid within the meaning of Article 107(1) of the Treaty, their compatibility with the internal market should be assessed.
Desuden er Hipolizings […].
Legal basis for the assessment of compatibility
I lyset af Hipolizings begrænsede tilstedeværelse på markedet (en markedsandel på 5 %) og den begrænsede støtte til dette selskab, som kun er indirekte, er foranstaltningerne til begrænsning af fordrejning af konkurrencevilkårene, som hovedsagelig består af MLB's rettidige salg af virksomheden, tilstrækkelige.
It has already been established in recitals 177 to 180 of the opening decision that the aid measures benefiting the commercial activities of MLB are to be assessed under Article 107(3)(b) of the Treaty and in particular Commission's Restructuring Communication.
Konklusion om forenelighed
Compatibility of the aid measure under the Restructuring Communication
I lyset af ovenstående fastslår Kommissionen, at MLB's omstruktureringsplan og den hidtidige gennemførelse, for så vidt angår MLB's kommercielle aktiviteter, opfylder alle betingelser i omstruktureringsmeddelelsen.
Restoration of long-term viability of economic activities of MLB continued by Hipolizings after its sale
KONKLUSION
Point 17 of the Restructuring Communication confirms that a sale of (part of) the financial institution to a third party can help to restore its long-term viability.
Kommissionen finder, at likviditetsstøtten på 71 mio. LVL, som Letland tildelte MLB (i form af den juridiske person HipoNIA) i juni 2013, og den indirekte fordel for Hipolizings i kraft af omstruktureringsforanstaltningerne over for MLB udgør statsstøtte efter artikel 107, stk. 1, i traktaten.
Hipolizings has been sold to Swedbank Lizings, which is the largest leasing company in Latvia (22 % market share).
Kommissionen finder, at Letland har ydet den supplerende likviditetsstøtte på 11 mio. LVL ulovligt i strid med artikel 108, stk. 3, i traktaten.
It is closely integrated with general banking operations of Swedbank.
Kommissionen finder imidlertid, at foranstaltningen sammen med den oprindelige likviditetsstøtte til HipoNIA på 60 mio. LVL er forenelig med det indre marked, jf. artikel 107, stk. 3, litra b), i traktaten.
As of 31 May 2013, Swedbank has its rating upgraded by Moody's to A1.
Kommissionen finder ligeledes, at den indirekte fordel for Hipolizings ved omstruktureringsforanstaltningerne for MLB er forenelig med det indre marked, jf. artikel 107, stk. 3, litra b), i traktaten —
The group's operations have a track record of adequate profitability (with return on equity ratio of 16,9 % at YE2012 and of 13,8 % at 1Q2013 [27]) with a core Tier 1 capital ratio exceeding 15 %.
VEDTAGET DENNE AFGØRELSE:
Hipolizings' activities make up a very small share of the assets of the Swedbank group (ca.
Artikel 1
0,05 %).
Letlands statsstøtte til MLB i form af likviditetsstøtte til HipoNIA på 71 mio. LVL og den indirekte fordel, som Hipolizings opnåede som følge af omstruktureringsforanstaltningerne for MLB, er forenelige med det indre marked.
In light of the foregoing, the Commission concludes that the economic activities of MLB continued by Hipolizings after its sale to Swedbank Lizings, as integrated into the Swedbank group, are viable.
Artikel 2
Orderly wind-down of unsold commercial activities
Denne afgørelse er rettet til Republikken Letland.
Latvia confirmed that HipoNIA, which has acquired loan portfolios from MLB, does not provide additional financing to any of its clients.
Udfærdiget i Bruxelles, den 17. juli 2013.
It further undertook to submit monitoring reports on the wind-down of unsold commercial activities and an ex post valuation of the liquidation.
På Kommissionens vegne
The Commission notes positively the efforts undertaken by Latvia and MLB to sell all sellable commercial activities, unless to do so was less economically advantageous than running them down over time, as evaluated by a reputable external advisor.
Næstformand
In light of the foregoing, the Commission concludes that doubts raised in the opening decision have been allayed and the requirements of the Restructuring Communication in respect of orderly wind-down of business are met in the present case.
EUT C 130 af 4.5.2012, s. 42.
Aid limited to the minimum necessary/own contribution
På lettisk: Latvijas Hipoteku un zemes bankas.
It has already been concluded in the opening decision that the base case scenario contained in the sales strategy ensures the limitation of the aid needed for the phasing-out of the commercial activities of MLB to the minimum [28].
Kommissionens beslutning i statsstøttesag NN 60/09, Rekapitalisering af Latvijas Hipoteku un zemes bankas af 19.11.2009 (EUT C 323 af 31.12.2009, s. 5).
The actual execution of that plan does not change that assessment.
For nærmere oplysninger henvises til betragtning 3-21 i indledningsbeslutningen.
Further, it has also been concluded in the opening decision that, by means of a sale, the commercial activities of MLB are discontinued, which ensures that the bank contributes to the restructuring as much as possible with its own resources [29].
Kommissionens beslutning i statsstøttesag SA.30704 (12/C) (ex NN53/10) — Yderligere foranstaltninger for den lettiske realkreditbank Hipotēku un zemes bankas af 26.1.2012 (EUT C 130 af 4.5.2012, s. 42).
Avoidance of undue distortions of competition
Kommissionen udtrykte navnlig tvivl med hensyn til vederlaget for støtteinstrumenterne, afviklingen af MLB's kommercielle aktiviteter, genopbygningen af MLB-koncernens økonomiske levedygtighed på lang sigt samt den korrekte afvikling af usolgte kommercielle aktiviteter og kompensationsforanstaltninger.
As already set out in the opening decision, timely divestitures of MLB's subsidiaries separately from the bank as well as the splitting of the bank in several bundles prior to their sale mitigate undue distortions of competition caused by the aid.
EUT C 195 af 19.8.2009, s. 9.
Therefore, they are viewed positively [30].
Yderligere oplysninger om MLB findes i betragtning 22-42 i indledningsbeslutningen.
As the sale has been concluded, the doubts raised in the opening decision as regards the pace of the sale have been allayed.