natgillin/translations-raw huggingface dataset:
Endelig anfører de tre andre interesserede parter, at […]-rapporten i sin analyse af de laveste omkostninger valgte et vurderingsscenarie, der ikke var det mest pessimistiske.
They also contend that if Tercas had been put into compulsory winding up the prospects of recovering some part of the initial cost, estimated at EUR 1,9 billion, could have been further compromised by compensation claims brought by subordinated creditors.
Endvidere burde det antages, at FITD's indgreb ikke gav Tercas nogen fordel, fordi det faldt sammen med en kapitalindsprøjtning i Tercas fra BPB, som var sideløbende, betydelig og sammenlignelig med FITD's foranstaltninger.
The difference between it and the estimate in the report based on the situation at 31 December 2013 is due to the reclassification of accounting positions recorded as ‘performing’ at 31 December 2013 and ‘non-performing’ at 31 July 2014, and to the increased volume of deposits which the FITD would have been required to repay.
På baggrund af disse betragtninger bør de pågældende foranstaltninger betragtes som den billigste og mindst risikable løsning for FITD's medlemsbanker.
These other interested parties reject the Commission's argument that the purported cost of the support measures to the FITD could have been further reduced by writing down the subordinated debt.
Forenelighed
At the date on which the FITD decided to intervene, the option of bailing in the subordinated debt was not legally feasible.
Kommissionen modtog ingen bemærkninger fra Italien om foranstaltningernes forenelighed.
The Italian legislation provided for debt to be written down only in the case of compulsory administrative winding up.
Kommissionen modtog ingen bemærkninger fra Banca d'Italia om foranstaltningernes forenelighed.
Had such a bail-in been attempted, the FITD's members would have incurred huge expense immediately, with no certainty of recovery.
De tre andre interesserede parter gør gældende, at selv om foranstaltningerne udgjorde statsstøtte, ville de være forenelige med det indre marked.
Disputes with subordinated debt holders would have increased the cost of the liquidation proceedings and the costs for the FITD's members due to the decrease in the value of the assets being liquidated.
De mener, at Tercas' omstruktureringsplan vil give den mulighed for at genoprette sin rentabilitet på lang sigt, at FITD's foranstaltninger er begrænset til det nødvendige minimum, og at foranstaltningerne begrænser den eventuelle indvirkning på konkurrencestrukturen på markedet.
The subsequent spill-over effect would have a negative impact on customers' confidence, and on the reputation and stability of the banking system itself.
Med hensyn til genoprettelse af den langsigtede rentabilitet anfører de tre interesserede parter, at den særlige administrator søgte at afhjælpe mangler i Tercas' organisation og interne kontrolsystem.
Moreover, the three interested parties contend that the majority of Tercas's subordinated creditors was made up of individual savers and deposit holders, and that the special administrator had already adopted the only possible burden-sharing measure vis-à-vis subordinated creditors, which consisted in postponing coupon payments on the bonds held by Banco Popolare Sc.
Han fokuserede på ledelsesmæssige afvigelser (kredit, egenkapitalinvesteringer, tvister) samt på korrekt værdiansættelse af de dermed forbundne risici (tvivlsomme udfald, nedskrivninger, hensættelser).
Finally, these other interested parties argue that the […] report, in its analysis of the least cost, chose a valuation scenario which was not the most pessimistic.
Han gennemførte en gradvis nedgearing for at udligne den betydelige nedgang i bankens midler som følge af det faldende kundegrundlag.
The estimated cost of liquidation was based on (a) the possibility of finding a party willing to purchase some of the branches even in the event of a liquidation, and (b) the dismissal of staff not transferred elsewhere with a severance payment of 12 months' salary to each employee.
Han rationaliserede strukturer (gennemgang af forretningsmodellen med lukning af visse filialer, plan for personalenedskæringer, forenkling af organisationsstrukturer, reduktion af administrative udgifter) for at begrænse omkostningerne ved hjælp af strukturelle ændringer.
The […] report, used by the FITD as the basis for its decision to intervene, was based on an intermediate scenario, but other worse-case scenarios had also been considered.
FITD's og BPB's rekapitalisering af Tercas var den bedste måde at afhjælpe likviditetsmanglen hurtigt på.
Moreover, it should be presumed that the FITD's intervention did not confer any advantage on Tercas, as it occurred alongside the injection of capital into Tercas by BPB, which was concurrent, significant and comparable to the FITD's action.
BPB påtog sig den forretningsmæssige risiko forbundet med genopretning af Tercas og bidrog med betydelige beløb og andre ressourcer for at sikre, at forretningsplanen blev gennemført.
In light of those considerations, the action taken should be considered to be the less costly and risky solution for the FITD's member banks.
BPB gør også gældende, at den udarbejdede en genopretningsstrategi baseret på forbedringer i udlåns- og indlånsmarginalerne [52], omkostningsrationalisering [53], udvikling af koncernsynergier, nøje overvågning af kreditkvaliteten, optimering af styringen af værdiforringede tilgodehavender ved at sælge misligholdte lån, styrkelse af likviditetsprofiler [54] og indsættelse af ledelsesressourcer.
Compatibility
Bestræbelserne på at holde omkostningerne på det nødvendige minimum kan også ses ved, at parterne for at nå til enighed om den faktiske størrelse af Tercas' negative egenkapital brugte voldgift, hvilket resulterede i, at det samlede beløb, som BPB krævede, blev nedsat fra [300-800] mio. EUR til 265 mio. EUR.
The Commission received no comments from Italy on the compatibility of the measures.
Omkostningerne ved støtteforanstaltningen blev også begrænset ved hjælp af byrdefordeling.
The Commission received no comments from the Banca d'Italia on the compatibility of the measures.
Aktiekapitalen blev nedbragt til nul, og aktionærerne mistede dermed hele deres investering.
The three other interested parties submit that even if the measures did constitute State aid, they would be compatible with the internal market.
Endvidere blev udbetalingen af kuponrenterne på efterstillede obligationer indstillet.
They take the view that Tercas's restructuring plan will allow it to restore its long-term viability, that the FITD's action is limited to the minimum necessary, and that the measures limit any potential impact on the competitive structure of the market.
Disse andre interesserede parter gør gældende, at det ikke var juridisk muligt at kræve andet af de efterstillede kreditorer, eftersom de i henhold til den gældende lovgivning kun kunne tvinges til at dele tab i tilfælde af tvungen administrativ likvidation.
As regards the restoration of long-term viability, these three interested parties submit that the special administrator acted to remedy deficiencies in Tercas's organisation and internal control system.
Men den omstændighed, at de efterstillede kreditorer ikke kunne pålægges yderligere byrder, medførte ikke højere omkostninger for statskassen, fordi støtteforanstaltningerne udelukkende blev finansieret af private parter.
He focused his attention on management anomalies (credit, equity investments, disputes) and on the correct valuation of the associated risks (doubtful outcomes, write-downs, provisions).
Endvidere kunne det have medført yderligere omkostninger og betydelige risici for FITD's medlemsbanker, hvis de efterstillede kreditorer var blevet afkrævet yderligere bidrag.
He carried out a gradual deleveraging in order to offset the substantial decrease in funding due to the reduction in the customer base.
Disse ulemper ville have været en konsekvens af Tercas' sammenbrud, risiciene ved sagsanlæg fra Tercas' kunder og den negative indvirkning på Tercas' omdømme og banksystemets generelle stabilitet.
He rationalised structures (review of the business model with closure of certain branches, staff downsizing plan, simplification of organisational structures, reduction of administrative expenses) to achieve significant cost containment on a structural basis.
Endelig medførte det, at de efterstillede kreditorer ikke pålægges en yderligere byrde, ikke nogen »moral hazard«, fordi omkostningerne til dækning af den negative egenkapital fuldt ud blev absorberet af banksystemet uden ekstra omkostninger for skatteyderne.
Tercas's recapitalisation by the FITD and BPB was the best way to remedy the liquidity shortage rapidly.
De tre interesserede parter gør gældende, at det, at den efterstillede gæld ikke var blevet konverteret eller nedskrevet, var i overensstemmelse med punkt 42 i bankmeddelelsen, hvori det præciseres, at bidrag fra indskydere ikke er en obligatorisk del af byrdefordelingen.
BPB took upon itself the business risk associated with the recovery of Tercas, injecting significant financial and other resources to ensure the success of its business plan.
Tercas var en lille bank, der kun dækkede et begrænset geografisk område
The intervention was limited to the minimum necessary (1) for the reasons set out in recitals 90 to 93 above; (2) because it was the only feasible option; and (3) because the FITD contributed only partly to resolving the negative equity and restoring minimum capital ratios.
BPB var den eneste aktør, der udtrykte en reel interesse i at indskyde kapital i Tercas, og Kommissionen har fastslået, at salg af en nødlidende bank, hvis virksomhed den påståede støtte er rettet mod, til en privat markedsaktør inden for rammerne af en åben salgsproces udgør en form for afbødning potentielle konkurrencefordrejninger [57]
The three interested parties submit that given the size of Tercas's losses, there were no less costly alternatives to the takeover of Tercas by BPB, despite the special administrator's efforts to find other purchasers [56].
Tercas' omstruktureringsplan var tilstrækkeligt omfattende, og ifølge den skulle Tercas integreres i BPB.
The effort to keep the cost to the minimum necessary is also confirmed by the fact that in order to reach an agreement as to the actual amount of Tercas's negative equity the parties resorted to arbitration, which resulted in a reduction of the total sum demanded by BPB from EUR [300-800] million to EUR 265 million.
Overdragelsen af Tercas til BPB var den eneste mulige løsning på de problemer, som den italienske tilsynsmyndighed havde påpeget, og forhindrede mulige konkurrencefordrejninger.
The costs of intervention were further limited by means of burden-sharing measures.
Endvidere krævede omstruktureringen en fuld rekapitalisering af Tercas samt en betydelig stigning i BPB's kapital.
The share capital was reduced to zero, and as a result the shareholders lost the entirety of their investment.
Endelig gør de tre interesserede parter med henvisning til Kommissionens tidligere afgørelser [58] gældende, at rekapitaliseringen af Tercas og indlemmelsen i BPB efter FITD's vederlagsfri dækning af den negative egenkapital, kan anses for at være berettiget, fordi det var nødvendigt for at sikre overdragelsen af virksomhedens aktiver og gennemføre en dyb og omfattende omstrukturering af banken.
In addition, where possible, the payment of the coupons of subordinated bonds was suspended.
I denne sag var der ingen andre muligheder, der kunne løse Tercas alvorlige krise, og som ville have sikret et afkast.
These other interested parties argue that no other forms of sacrifice on the part of subordinated debt holders were legally feasible, since under the current law the subordinated debt holders could be forced to share losses only in the event of compulsory administrative winding up.
Hvis FITD havde krævet et afkast, ville Tercas' egenkapital være blevet reduceret yderligere, hvilket ville have øget omkostningerne for køberen.
But the fact that no further burdens could be imposed on the subordinated debt holders did not result in higher costs for the public finances, since the resources for the intervention came entirely from private parties.
VURDERING AF STØTTEFORANSTALTNINGERNE
Furthermore, sacrificing subordinated debt holders could have generated additional costs and significant risks for the FITD's member banks.
Forekomsten af statsstøtte
Those downsides would have been a consequence of a break-up of Tercas, the risks of legal action brought by Tercas's customers, and the negative impact on Tercas's reputation and the overall stability of the banking system.
Efter artikel 107, stk. 1, i traktaten er statsstøtte eller støtte, som ydes ved hjælp af statsmidler under enhver tænkelig form, og som fordrejer eller truer med at fordreje konkurrencevilkårene ved at begunstige visse virksomheder eller visse produktioner, uforenelig med det indre marked, i det omfang den påvirker samhandelen mellem medlemsstaterne.
Finally, the absence of further burdens on subordinated debt holders did not carry any moral hazard, since the costs of covering the negative equity were absorbed entirely by the banking system without any added cost to taxpayers.
Alle disse betingelser skal opfyldes.
The three interested parties submit that the absence of a conversion or writing down of subordinated debt was in line with point 42 of the Banking Communication, which makes clear that contributions from depositors are not a mandatory component of burden-sharing.
Kommissionen vil i det følgende vurdere, hvorvidt de er blevet opfyldt i de foranstaltninger, FITD har truffet.
It was also in line with point 45 of the Communication, which allows an exception to the principle of conversion or writing-down of subordinated debts where ‘implementing such measures would endanger financial stability or lead to disproportionate results’.
Italien anmeldte ikke den skattefritagelsesordning, der er omhandlet i betragtning 4 til åbningsafgørelsen.
Moreover, the three interested parties submit that the absence or inadequacy of a return is acceptable where, as here, it is offset by an in-depth and broad restructuring and is justified by the search for a purchaser for the bank in crisis.
Ud fra de oplysninger, Kommissionen i øjeblikket har til rådighed, blev den ikke anvendt i den foreliggende sag.
Furthermore, the intervention does not distort the internal market, given that:
Derfor falder skattefritagelsesordningen uden for denne afgørelse.
Tercas's operations were small in size and limited in their geographical reach;
Domstolen har gentagne gange bekræftet, at alle finansielle midler, som de offentlige myndigheder faktisk kan anvende til at støtte virksomheder, falder ind under statsstøttekontrol, uanset om disse midler permanent er en del af den offentlige sektor.
BPB was the only operator to express a real interest in injecting capital into Tercas, and the Commission has held that the sale of a failing bank, whose activity is the beneficiary of the alleged aid, to a private market player in the framework of an open sale process constitutes a form of mitigation of potential distortions of competition [57];
Obligatoriske bidrag, som lovgivningen eller andre offentlige regler foreskriver, og som bestyres og fordeles i henhold dertil, antyder, at der er tale om statsmidler, selv om de ikke administreres af de offentlige myndigheder [59].
Tercas's restructuring plan was sufficiently far-reaching, and provided for the integration of Tercas into BPB.
Den omstændighed, at midlerne finansieres af private bidrag, betyder ikke, at de ikke kan være af offentlig karakter.
The transfer of Tercas to BPB was the only feasible option to overcome the issues addressed by the Italian supervisory authority and prevent possible distortion of competition.
Det relevante er ikke, hvor midlerne kommer fra, men i hvilket omfang den offentlige myndighed har indflydelse på fastlæggelsen af de omhandlede foranstaltninger og deres finansieringsordning [60].
Furthermore, the restructuring transaction required a complete recapitalisation of Tercas and a significant increase in BPB's capital.
Som Domstolen påpegede i sagerne Ladbroke [61], Stardust Marine og Doux Élevage, udgør midler, der hele tiden kan kontrolleres af det offentlige og således står til rådighed for de offentlige myndigheder, statsstøtte.
Finally, relying on the Commission's earlier decisions [58], these other interested parties claim that the recapitalisation of Tercas, and its incorporation into BPB following the unremunerated coverage of its negative equity by the FITD, can be considered to be justified on the ground that they were necessary in order to ensure the transfer of the company's assets and to implement deep and extensive restructuring of the bank.
I Doux Élevage-sagen blev en brancheorganisations foranstaltninger finansieret med offentlige midler stammende fra bidrag, som staten havde gjort obligatoriske: Domstolen fastslog, at det ikke kunne konkluderes, at organisationens foranstaltninger kunne tilregnes staten.
In the case at hand, no option that was capable of overcoming Tercas's deep crisis would have ensured a return.
Domstolen bemærkede, at de formål, som midlerne blev anvendt til, alene var blevet afgjort af organisationen, og at de obligatoriske bidrag i sagen ikke var betinget af, »at den forfølger konkrete politiske mål, som de offentlige myndigheder har fastsat«.
Had the FITD demanded a return Tercas's equity position would have worsened, thus increasing the cost to the purchasing bank.
Staten kontrollerede blot de pågældende brancheorganisationers forskriftsmæssighed og overensstemmelse med loven, dvs. de proceduremæssige rammer, og havde ingen beføjelse til at udøve indflydelse på forvaltningen af kapitalen.
ASSESSMENT OF THE MEASURES
Det er derfor fast EU-praksis, at en foranstaltning kan tilregnes staten og finansieres ved hjælp af statsmidler, hvis en række omstændigheder indikerer, at staten i henhold til den nationale lovgivning udøver kontrol og indflydelse for at sikre, at en privat virksomheds midler anvendes til at forfølge et samfundspolitisk mål, som virksomheden har fået pålagt.
Existence of State aid
I Stardust Marine-dommen fastslog Domstolen også, at tilregnelse til staten af en støtteforanstaltning truffet af en virksomhed, som umiddelbart var uafhængig og ikke i sig udgjorde en del af staten, kan antages på grundlag af en bedømmelse af sagens omstændigheder som helhed.
Article 107(1) of the Treaty states that ‘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.’
Dette kunne bl.a. omfatte, at den pågældende virksomhed ikke kunne træffe den beslutning, der angiveligt omfattede statsstøtte, uden at tage hensyn til anvisninger eller direktiver fra de offentlige myndigheder.
All these conditions must be fulfilled; in what follows the Commission will assess whether they are met in the case of the measures taken by the FITD.
Andre indicier kan under visse omstændigheder være relevante i vurderingen af, om en støtteforanstaltning truffet af en virksomhed kunne tilregnes staten.
The tax exemption scheme mentioned in recital 4 to the opening decision was not notified by Italy.
Med hensyn til de foranstaltninger, hvor Kommissionen har indledt den formelle undersøgelsesprocedure i denne sag, bør det bemærkes, at EU's lovgivere i direktiv 94/19/EF indførte indskudsgarantiordninger med det politiske formål at opretholde og styrke »stabiliteten i banksystemet« [62] og gav dem mandat til at beskytte indskyderne [63].
On the basis of the information currently available to the Commission, it was not applied in the case at issue.
Ifølge direktiv 94/19/EF skal medlemsstaterne indføre en eller flere indskudsgarantiordninger, som skal tilbagebetale til indskyderne, hvis et kreditinstitut krakker.
Hence the tax exemption scheme falls outside the scope of the present Decision.
Direktiv 94/19/EF forholder sig ikke til andre former for foranstaltninger, så det er op til medlemsstaterne, hvorvidt de vil tillade, at indskudsgarantiordninger har andre funktioner end blot tilbagebetaling og bruger de disponible finansielle midler på andre måder.
The Court of Justice has repeatedly confirmed that all financial means by which the public authorities may actually support undertakings fall under State aid control, irrespective of whether or not those means are permanent assets of the public sector.
Situationen er stadig den samme med direktiv 2014/49/EU, som imidlertid går mere i dybden med hensyn til arten af sådanne alternative foranstaltninger.
Compulsory contributions that are imposed, managed and apportioned in accordance with the law or other public rules imply the presence of State resources, even if they are not administered by the public authorities [59].
De skal have til formål at hindre et kreditinstituts sammenbrud for at undgå »omkostningerne til tilbagebetaling af indskyderne og andre negative følger« samt »omkostningerne for hele økonomien ved, at et kreditinstitut ikke kan indfri sine forpligtelser« og »andre negative følger«, såsom den »negative indvirkning […] på den finansielle stabilitet og indskydernes tillid« [64].
The mere fact that resources are financed by private contributions does not prevent them from being of a public character.
I henhold til direktiv 2014/49/EU kan medlemsstaterne give tilladelse til anvendelse af en indskudsgarantiordning for at bevare indskydernes adgang til dækkede indskud, både i den indledende, going concern-fase og i forbindelse med indenlandsk insolvensbehandling [65].
The relevant factor is not the immediate origin of the resources but the degree of intervention of the public authority in defining those measures and their methods of financing [60].
Kommissionen gør opmærksom på, at i modsætning til de andre interesserede parters holdning som anført i betragtning 79 kan alternative foranstaltninger truffet af en indskudsgarantiordning udgøre statsstøtte, uanset om de har til formål at hindre et kreditinstituts sammenbrud, eller om de træffes i forbindelse med likvidation.
Moreover, as the Court of Justice pointed out in Ladbroke [61], Stardust Marine and Doux Élevage, resources that remain under public control and are therefore available to the public authorities constitute State resources.
Beskyttelsen af opsparinger og indskydere har en særlig stilling i Italiens nationale lovgivning: I henhold til § 47 i den italienske forfatning skal »Republikken […] beskytte opsparinger i alle former« [66].
In Doux Élevage, the activities of an inter-trade organisation were financed out of resources raised by levies made mandatory by the State: the Court of Justice held that it could not be concluded that the organisation's activities were imputable to the State.
Banca d'Italia er et organ, der er oprettet i henhold til offentlig ret, og alene af den grund kan dens adfærd tilregnes medlemsstaten og falder ikke uden for anvendelsesområdet for artikel 107 i traktaten, fordi det er uafhængigt i henhold til forfatningen [67].
The Court observed that the objectives pursued in the use of the resources had been determined entirely by the organisation, and that the mandatory nature of the levies in that case was not ‘dependent upon the pursuit of political objectives which are specific, fixed and defined by the public authorities’.
Den har til opgave at sikre stabiliteten i det italienske banksystem [68] og beskytte indskydere [69].
The State merely checked the validity and lawfulness of the inter-trade organisations levying of contributions, i.e. the procedural framework, and had no power to influence the administration of the funds.