natgillin/translations-raw huggingface dataset:
Banca d'Italias godkendelse af FITD's foranstaltninger er blot en efterfølgende kontrol af de beslutninger, som FITD selvstændigt har truffet, der skal sikre beskyttelsen af den almene interesse, som Banca d'Italia er ansvarlig for.
The three interested parties submit that the FITD is a body representing the interests of its member banks, and that the powers assigned to the Banca d'Italia in respect of the FITD's actions merely permit the Banca d'Italia to pursue its general supervisory aims, and specifically to monitor the sound and prudent management of the entities it supervises and to protect depositors' interests.
De tre interesserede parter henviser også til Kommissionens beslutning om støtten til Banco di Sicilia og Sicilcassa [44], hvor Kommissionen konkluderede, at FITD's indgriben til fordel for disse banker ikke udgjorde statsstøtte, uden at tage hensyn til Banca d'Italias rolle i FITD's aktiviteter.
Given the general nature of the Banca d'Italia's task of coordinating the activities of deposit guarantee schemes via the rules on banking crises and its own supervisory activities, that task cannot serve as evidence that the resources of the FITD are under the constant control of the State.
De tre interesserede parter gør gældende, i overensstemmelse med Doux Élevage-sagen, at det offentlige tilsyn med FITD ikke omfatter andet en formel kontrol af FITD's adfærds forskriftsmæssighed og overensstemmelse med loven.
The fact that the Banca d'Italia appoints a special administrator for a bank in crisis does not indicate a link with the public sphere, because the legal basis of that power (Article 70 et seq. of the Banking Act) is essentially technical in nature, and its rationale and foundation lie in the specific features of the sector.
Tilsynet omfatter ikke kontrol af, om foranstaltningerne er politisk hensigtsmæssige eller forenelige med de offentlige myndigheders politik.
Moreover, mere indications that a measure pursues objectives in the public interest are not enough to show that it constitutes State aid [43].
Som i Doux Élevage-sagen beslutter FITD selv, hvordan den skal bruge sine midler.
The Banca d'Italia's power to authorise individual measures under Article 96-ter(1)(d) of the Banking Act and Article 3(2) of the FITD's constitution does not strip the FITD of its independent judgment as to whether to take alternative measures and, if so, as to their timing, amount and form.
I Pearle-sagen [45] bekræftede den nederlandske regering, at de bekendtgørelser, der vedtages af organer som HBA, der pålagde de afgifter, sagen drejede sig om, krævede de offentlige myndigheders godkendelse.
The Banca d'Italia's authorisation of the FITD's actions is merely an ex post check on decisions taken independently by the FITD, carried out to ensure the safeguard of the general interest for which the Banca d'Italia is responsible.
FITD påpeger, at den særlige administrator godt nok blev udpeget af Banca d'Italia, men ikke er repræsentant for tilsynsmyndigheden.
The three interested parties also refer to the Commission decision on the aid to Banco di Sicilia and Sicilcassa [44], where the Commission concluded that the intervention of the FITD in favour of those banks did not constitute State aid, without considering the role of the Banca d'Italia in respect of the activities of the FITD.
Den særlige administrator har vide skønsbeføjelser og handler på eget initiativ.
The three interested parties submit that, as in Doux Élevage, public supervision of the FITD does not go beyond the exercise of a mere formal verification of the validity and the lawfulness of the FITD's behaviour; it does not extend to verification of political appropriateness or of compliance with policy pursued by the public authorities: as in Doux Élevage, the FITD itself decides how to use its resources.
Denne kan kun anmode FITD om at træffe foranstaltninger, og FITD er på ingen måde bundet af en sådan anmodning, men kan træffe alternative foranstaltninger for at varetage medlemsbankernes interesser.
Similarly, in the Pearle case [45], the Dutch government confirmed that the bye-laws adopted by bodies such as HBA, which imposed levies that were at issue in that case, required the approval of the public authorities.
I denne sag erstattede den særlige administrator ikke bankens generalforsamling, som var det eneste organ med beføjelse til at godkende ekstraordinære dispositioner.
The FITD points out that the special administrator, although appointed by the Banca d'Italia, is not a representative of the supervisory authority.
Endvidere giver Banca d'Italia først tilladelse, når FITD selv har truffet beslutning om at gribe ind.
The special administrator operates with broad discretion and on his or her own initiative.
Tilladelsen er en del af Banca d'Italias normale tilsynsopgaver.
He or she can only request action on the part of the FITD, which is in no way bound by the request and remains free to take alternative measures in the best interest of its member banks.
Banca d'Italias repræsentant, som deltager i møderne i FITD's bestyrelse og forretningsudvalg, er kun observatør og har ikke stemmeret.
In the case at issue, the special administrator did not replace the general meeting of the bank, which was the only body empowered to approve operations of an exceptional nature.
Voldgiftsdommeren i tvisten mellem FITD og BPB vedrørende størrelsen på Tercas negative egenkapital blev ikke udpeget af Banca d'Italia, men af parterne selv (FITD og BPB) på Banca d'Italias forslag.
Furthermore, the authorisation of the Banca d'Italia is issued only after the FITD has taken its own independent decision to intervene.
Endvidere var det hensigten, at voldgiftsmanden skulle løse den pågældende tvist, og enhver beslutning om foranstaltningens omkostningseffektivitet fra medlemsbankernes perspektiv lå udelukkende hos FITD.
That authorisation is part of the normal supervisory role of the Banca d'Italia.
De sager, som Kommissionen henviser til vedrørende indskudsgarantiordninger, kan ikke sammenlignes med denne sag.
The Banca d'Italia representative attending the meetings of the FITD Board and Executive Committee sits only as an observer, without voting rights.
De tre interesserede parter fremsatte i denne henseende de samme argumenter som Italien og tilføjede, at sagerne om den danske afviklingsordning og den polske likvidationsordning for andelslånekasser omhandlede foranstaltninger truffet af garantiordninger i forbindelse med bankers likvidation, og ikke foranstaltninger truffet med henblik på forebyggelse, som sigtede mod bankernes langsigtede genopretning.
The arbitrator in the dispute between the FITD and BPB regarding the amount of Tercas's negative equity was appointed not by the Banca d'Italia, but by the parties themselves (the FITD and BPB), on the Banca d'Italia's recommendation.
Fordel
Moreover, the appointment of an arbitrator was intended to resolve the dispute at issue; any decision concerning the cost-effectiveness of the measures from the point of view of member banks remained entirely a matter for the FITD.
Bemærkninger fra Italien
The cases cited by the Commission concerning deposit guarantee schemes are not comparable to the case at issue.
Italien gør gældende, at Kommissionen anvender princippet om en markedsøkonomisk aktør, som blev udviklet i forbindelse med de seneste sager om omstrukturering af banker (»byrdefordelingstest«), men ignorerer den omstændighed, at denne test ikke er relevant for vurderingen af grundlaget for en privat virksomheds adfærd, fordi den primært har til formål at beskytte offentlighedens (alle skatteyderes) interesser og ikke de særlige interesser for dem, som direkte bliver ramt, hvis banken krakker (f.eks. FITD).
The three interested parties put forward the same arguments as Italy in that respect, adding that the cases of the Danish winding-up scheme and the Polish credit unions liquidation scheme concerned measures taken by guarantee schemes in connection with the liquidation of banks, and not measures taken for preventive purposes, aimed at the banks' long-term recovery.
Endvidere overholdt FITD princippet om »den billigste pris«.
Advantage
Da FITD skulle beslutte, om den skulle gribe ind til støtte for Tercas, forsøgte den at finde den løsning, der var mindst byrdefuld for medlemsbankerne, med udgangspunkt i en udtalelse fra et velrenommeret konsulentfirma og lange drøftelser i bestyrelsen og forretningsudvalget.
Observations from Italy
Italien gør gældende, at Kommissionen, da den sammenlignede Tercas' omstrukturering med det alternative scenarie, nemlig likvidation, ikke brugte de rigtige tal.
Italy submits that the Commission is applying the market economy operator principle as developed in the context of the most recent bank restructuring cases (the ‘burden-sharing test’), overlooking the fact that a burden-sharing test is irrelevant for assessing the rationality of the behaviour of a private entity, because it aims primarily at protecting the interests of the general public (all taxpayers) and not the specific interests of those directly exposed to the failing bank (such as the FITD).
Sammenligningen mellem genopretningsforanstaltningen og likvidationsscenariet skulle foretages efter fradrag af positionen […], hvor risikoen ikke blev vurderet i beregningen af omkostningerne ved likvidation.
Besides, the FITD complied with the principle of least cost.
Italien mener, at FITD's foranstaltning under alle omstændigheder er i overensstemmelse med princippet om en markedsøkonomisk aktør.
In deciding to intervene in order to support Tercas, the FITD sought the solution which was least onerous financially for its member banks on the basis of the opinion of a reputable consultancy firm and long discussions on the Board and the Executive Committee.
For det første kunne FITD ikke stille krav om, at Tercas skulle anvende byrdefordeling over for de efterstillede kreditorer, fordi det ikke indgik i betingelserne for de enkelte lån, som kun åbner mulighed for afskrivning i tilfælde af likvidation.
Italy submits that when the Commission compared the reorganisation of Tercas with the alternative scenario of liquidation, it did not refer to the correct figures.
På grundlag af dokumentationen i form af referater fra møderne i FITD's bestyrelse og forretningsudvalg anfører Italien, at de foranstaltninger, FITD endte med at træffe, forhindrede mulige sagsanlæg som følge af de tab, som efterstillede kreditorer ville have lidt.
Italy concludes that the actual difference between the two scenarios was almost EUR 40 million, and not EUR 3 million, as stated in the preliminary view put forward by the Commission in the opening decision.
Italien bemærker, at FITD's foranstaltninger også forhindrede, at banksystemets omdømme led skade, hvilket ville være sket, hvis det ikke var muligt at tilbagebetale efterstillede lån i tilfælde af tvungen administrativ likvidation af Tercas.
Italy considers that the FITD's action is in any event in line with the market economy operator principle.
Derfor var FITD's beslutning om ikke at inddrage de efterstillede obligationsejere efter Italiens mening rimelig, i overensstemmelse med princippet om en markedsøkonomisk aktør og forhindrede, at FITD og dens medlemsbanker fik flere omkostninger.
First, the FITD could not have required Tercas to impose burden-sharing on subordinated creditors beyond the contractual terms of individual loans, which provide for write-off only in the event of liquidation.
Bemærkninger fra Banca d'Italia
Second, imposing burden-sharing on subordinated creditors would not have reduced the costs to the FITD's member banks in any way.
Kommissionen modtog ingen bemærkninger fra Banca d'Italia om den selektive fordel ved de pågældende foranstaltninger.
The Commission was wrong to take the view that in the event of a compulsory administrative winding up (liquidazione coatta amministrativa) of Tercas the costs to the member banks, and consequently to the FITD, would have been minimised if subordinated creditors had been made to bear some of the losses.
De tre andre interesserede parter anfører i spørgsmålet om, hvorvidt foranstaltningerne var økonomisk fornuftige i forhold til princippet om en markedsøkonomisk aktør, at foranstaltningerne udgjorde et rationelt og fornuftigt valg for private virksomheder som FITD og dens medlemsbanker.
On the basis of the evidence in the minutes of the meetings of the FITD Board and Executive Committee, Italy contends that the measures ultimately taken by the FITD avoided the risk of possible legal actions arising out of losses suffered by subordinated creditors.
Ifølge disse parter har denne sag tydelige fællestræk med Sicilcassa-sagen, hvor Kommissionen konkluderede, at de pågældende foranstaltninger ikke udgjorde statsstøtte som følge af private virksomheders betydelige medvirken.
Italy observes that the FITD's action also avoided the negative impact on the reputation of the banking system which would have resulted from a failure to pay back subordinated loans in the event of a compulsory administrative winding up of Tercas.
Ligesom i Sicilcassa-sagen handlede FITD her som garant for godtgørelsen til indskyderne i overensstemmelse med lovgivningen om indskudsgarantiordninger.
Therefore, in Italy's view, the FITD's decision not to involve subordinated bondholders was reasonable, was in line with the market economy operator principle, and was such as to prevent the FITD and its member banks from being exposed to further costs.
FITD's dispositioner blev vedtaget af de samme styrende organer ud fra de samme kriterier, og Banca d'Italia udførte samme funktioner.
Observations from the Banca d'Italia
De observerer, at der ikke længere er nogen banker, der er under offentlig kontrol i Italien, så alle FITD's medlemmer er private banker.
The Commission received no comments from Banca d'Italia on the selective advantage of the measures taken.
FITD kan derfor kun drives som en privat virksomhed.
With regard to the economic soundness of the measures in terms of the market economy operator principle, the three other interested parties submit that the action taken was a rational and sound choice for private undertakings such as the FITD and its member banks.
De tre interesserede parter har gennemgået tidligere tilfælde, hvor FITD har truffet alternative foranstaltninger [46], og de økonomiske betragtninger bag, herunder i den periode, hvor det var helt frivilligt at deltage i en indskudsgarantiordning.
According to those parties the present case has obvious similarities to the Sicilcassa case, where the Commission concluded that the measures at issue did not constitute State aid in view of the decisive participation of private entities.
Private virksomheder har valgt at deltage i indskudsgarantiordningen, selv om de ikke er forpligtet til det.
As in the Sicilcassa case, the FITD here acted as guarantor for the reimbursement of depositors in accordance with the legislation on deposit guarantee schemes; the FITD's actions were decided by the same governing bodies on the basis of the same criteria, and the Banca d'Italia performed the same functions.
De interesserede parter afviser tesen om, at en markedsøkonomisk aktør ikke ville have haft omkostningerne forbundet med tilbagebetalingen af indskyderne og ikke ville yde ikketilbagebetalingspligtige tilskud eller garantier uden at opkræve et gebyr, som Kommissionen anførte i åbningsafgørelsen.
They observe that there are no longer any banks under public control in Italy, so that all of the FITD's members are private banks.
Endvidere fremhæver de tre interesserede parter, at FITD's og dens medlemsbankers adfærd ikke skulle vurderes på et abstrakt grundlag ved at henvise til et hypotetisk ikkereguleret scenarie, men snarere på grundlag af det retsgrundlag, der gælder for deres virksomhed.
The FITD can consequently operate only as a private entity.
Hvis forpligtelsen i henhold til lovgivningen til at tilbagebetale indskud op til en vis grænse som i denne sag betyder, at den billigste foranstaltning for medlemsbankerne er at dække den negative egenkapital, så er dækning af den negative egenkapital det mest rationelle valg for en markedsøkonomisk aktør.
The three interested parties have reviewed earlier cases of alternative measures taken by the FITD [46] and their economic rationale, including cases during the period when participation in a deposit guarantee scheme was purely voluntary.
De tre interesserede parter bestrider Kommissionens argument om, at omkostningerne ved at skulle tilbagebetale indskyderne under den tvungne administrative likvidation af Tercas ikke kan tages i betragtning ved vurderingen af, om foranstaltningerne var i overensstemmelse med en markedsøkonomisk aktørs adfærd, eftersom de er forbundet med forpligtelser, FITD har fået pålagt som en indskudsgarantiordning, der skal beskytte indskyderne i offentlighedens interesse.
Private undertakings have chosen to join the deposit guarantee scheme even when they were not legally bound to do so.
De gør gældende, at Kommissionen i sagen om afvikling af Banco Espírito Santo i Portugal [47] gjorde gældende, at omkostningerne ved at godtgøre indskyderne i tilfælde af likvidation skulle medregnes ved anvendelsen af princippet om en markedsøkonomisk aktør.
The interested parties reject the thesis that a market economy operator would not be exposed to the costs of reimbursing depositors, and would not issue non-repayable contributions or guarantees not subject to a premium, as the Commission stated in the opening decision.
Endvidere kunne Kommissionen ikke sammenligne denne sag med Domstolens dom i Land Burgenland-sagen [48], idet Domstolen i den sag skelnede mellem foranstaltninger, der kan tilregnes staten i dens egenskab af aktionær eller dens egenskab af offentlig myndighed.
Furthermore, the three interested parties stress that the behaviour of the FITD and its member banks should be assessed not in abstract terms, by referring to a hypothetical non-regulated scenario, but rather on the basis of the regulatory framework in which they operate.
De tre interesserede parter bemærker, at foranstaltningerne blev udformet på grundlag af kriteriet om »den billigste pris«, og at et velrenommeret revisions- og rådgivningsfirma blev antaget til at hjælpe med at finde den billigste og mindst risikable løsning for medlemsbankerne.
If, as in the present case, the obligation under the regulatory framework to repay deposits up to a certain threshold means that the least costly measure for member banks is to cover the negative equity, then covering the negative equity is the most rational choice from the point of view of a private operator in a market economy.
På det grundlag sammensatte FITD en række foranstaltninger, hvormed den kunne reducere omkostningerne for medlemsbankerne betydeligt, forhindre risiciene ved en likvidation og forhindre de mulige negative eksterne virkninger af en tvungen administrativ likvidation af Tercas.
These three interested parties dispute the Commission's argument that the costs of reimbursing depositors in the event of a compulsory administrative winding up of Tercas are not to be taken into account in the application of the market economy operator principle, since they arise from obligations imposed on the FITD as a deposit guarantee scheme required to protect depositors in the public interest.
Hvad angår vurderingen af, om de samlede omkostninger for FITD ved støtteforanstaltningerne var lavere end i tilfælde af Tercas' likvidation, gør de tre interesserede parter gældende, at omkostningerne ved en garanti til dækning af kreditrisikoen ved de stående lån til […] ikke skulle have været medtaget i Kommissionens vurdering af omkostningerne ved støtteforanstaltningen.
They argue that in the case of the resolution of Banco Espírito Santo in Portugal [47] the Commission considered that for the purpose of applying the market economy operator principle the costs of reimbursing depositors in the event of liquidation should be included.
De indgik ikke i de anslåede omkostninger, som FITD skulle afholde i tilfælde af Tercas' likvidation.
Moreover, the Commission could not compare the case at issue with the Court of Justice's ruling in Land Burgenland [48], as the Court there distinguished between measures imputable to the State acting in its capacity as a shareholder and those where the State acted as a public authority.
Kommissionens beregning, som viser, at besparelserne ved de foranstaltninger, der blev truffet, kun udgjorde 3 mio. EUR, er derfor forkert.
The three interested parties observe that the measures were designed on the basis of the least-cost criterion, and that a reputable auditing and advisory firm was engaged to help to identify the least costly and risky solution for the member banks.
FITD foretog ingen udbetalinger i forbindelse med garantien på 35 mio. EUR, som Kommissionen fejlagtigt medtog i sin beregning af omkostningerne ved foranstaltningerne.
On that basis, the FITD designed a set of measures which enabled it to reduce costs for member banks significantly, to avoid the risks of a liquidation, and to prevent the possible negative externalities that would be generated by a compulsory administrative winding up of Tercas.
I forbindelse med vurderingen af de laveste omkostninger burde alle de 30 mio. EUR fra skattefritagelsen ikke være blevet indregnet som en del af omkostningerne.
As to the estimation of whether the total cost of the support measures for the FITD was lower than in the case of a liquidation of Tercas, these three interested parties submit that the cost of the guarantee to cover the credit risk of the bullet loans to […] should not have been included in the Commission's cost assessment for the support measure.
FITD ville kun skulle afholde disse omkostninger, hvis Kommissionen ikke godkendte foranstaltningen.
It was not included in the estimated cost to be borne by the FITD in the event of a liquidation of Tercas.
De andre interesserede parter afviser Kommissionens argument om, at FITD's påståede omkostninger til støtteforanstaltningerne kunne være blevet reduceret yderligere ved at nedskrive den efterstillede gæld.
That position is confirmed in their view by the fact that the loans covered by the FITD guarantee were indeed repaid to Tercas [51].
På den dato, hvor FITD besluttede at gribe ind, var det ikke juridisk muligt at nedskrive den efterstillede gæld.
The FITD made no payment in respect of the EUR 35 million guarantee, which the Commission was wrong to include in its calculation of the cost of the intervention.
Ifølge den italienske lovgivning var det kun muligt at nedskrive gæld i tilfælde af tvungen administrativ likvidation.
For the purpose of evaluating the lowest cost, likewise, the amount of EUR 30 million accruing from the tax exemption should not be included in its entirety among the costs.
Hvis det var blevet forsøgt at foretage en sådan nedskrivning, ville FITD's medlemmer straks have pådraget sig store udgifter, uden at der var sikkerhed for, at genopretningen ville lykkes.
The FITD would incur that cost only if the Commission were not to authorise the tax measure.
Tvister med efterstillede kreditorer ville have øget omkostningerne ved likvidationen samt omkostningerne for FITD's medlemmer som følge af faldet i værdien af de aktiver, der blev likvideret.
The three interested parties refer to an estimated EUR 1,9 billion expense in the event of liquidation, only part of which could have been recovered (calculated in the […] report at EUR 1,5 billion).
Den efterfølgende afsmittende virkning ville have påvirket kundernes tillid samt selve banksystemets omdømme og stabilitet.
They argue that the EUR 1,9 billion in deposits that in the event of liquidation would not have been covered by the deposit repayment scheme would have created a risk of contagion of the member banks and the banking system in general.
Endvidere gør de tre interesserede parter gældende, at de fleste af Tercas' efterstillede kreditorer var enkelte opsparere og indskydere, og at den særlige administrator allerede havde truffet den eneste mulige foranstaltning, som omfattede byrdefordeling i forhold til de efterstillede kreditorer, nemlig at udskyde udbetalinger af kuponrenter på Banco Popolare Sc's obligationer.
Such a risk might have had ‘potentially enormous’ legal and reputation implications.