natgillin/translations-raw huggingface dataset:
Derfor støttede den kinesiske regering sig til de normative rammer for at udøve betydelig kontrol over ledelsen af de fem samarbejdsvillige statsejede banker, når disse ydede lån til stålindustrien.
For the Commission, this formulation does not shield banks from their duty to apply public policy considerations as set out in Article 34 of the Bank law.
Kommissionen søgte også at få konkrete beviser for udøvelsen af kontrol i et betydeligt omfang gennem konkrete lån.
As set out in recitals (121) to (128) below, in view of the behaviour of the banks when providing loans to the sampled companies, this Article can therefore not be considered to contradict the interpretation of Article 34 established by the Commission.
Under kontrolbesøget pegede de fem samarbejdsvillige statsejede banker på artikel 4 og 5 i bankloven, i henhold til hvilke de er forpligtet til at foretage en uafhængig vurdering af en låneanmodning.
The industrial policy of the State is established through central planning, as explained in section 3.1 above.
De gjorde gældende, at de i praksis havde anvendt avancerede kreditrisikovurderingspolitikker og -modeller ved ydelsen af de omhandlede lån.
With regards to the steel industry, chapter 5 of the 12th Five Year Steel Plan specifically provides for strengthening the connection between financial policies and the steel industrial policy.
Der blev dog ikke fremlagt konkrete eksempler.
Furthermore, Chapter 5 of the 13th Five Year Steel Plan issues ‘guidance to financial institutions and private capital to support the priority tasks of the Plan’, and provides that ‘As regards enterprises having a market and being profitable, banks shall keep the demand for credit reasonable’.
De fem samarbejdende statsejede banker nægtede at give oplysninger, herunder deres særlige kreditrisikovurderinger i forbindelse med virksomhederne i stikprøven af lovgivnings- og kontraktmæssige årsager.
Similarly, Decision No. 40 instructs all financial institutions to provide credit support specifically to ‘encouraged’ projects.
Med hensyn til sidstnævnte påpegede de, at uden samtykke fra låntageren ville de handle i strid med kontrakten ved at give disse oplysninger.
As already explained in section 3.1, projects of the steel industry belong to the ‘encouraged’ category.
Alle fire grupper af eksporterende producenter i stikprøven nægtede at underskrive et skriftligt samtykke, der ville tillade en undersøgelse af deres finansielle oplysninger i bankens lokaler.
Following disclosure, the GOC indicated that the Commission did not explain how Decision No. 40 demonstrates that banks are required to undertake any preferential credit operations, and referred to Articles 17 and 18 of this Decision.
Da der ikke forelå konkrete beviser for vurderingerne af kreditværdighed, undersøgte Kommissionen derfor de overordnede retlige rammer, jf. betragtning 100-120, i kombination med de fem samarbejdsvillige statsejede bankers adfærd i forbindelse med de lån, der blev ydet til virksomhederne i stikprøven.
The Commission noted that the Decision incorporates the GOC's will to actively support the development of the steel industry.
Denne adfærd stod i modsætning til deres officielle holdning, da de ikke handlede som finansielle institutioner normalt ville gøre ud fra en omhyggelig markedsbaseret risikovurdering.
The Decision also instructs all financial institutions to provide credit support only to encouraged projects (the category in which the steel projects belong) and promises the implementation of ‘other preferential policies on the encouraged projects’.
Kontrolbesøgene viste, at med undtagelse af visse lån i fremmed valuta og ét lån til en eksporterende producent i stikprøven, blev lånene ydet til de fire grupper af eksporterende producenter i stikprøven til en rentesats tæt på referencerentesatserne fra People's Bank of China (»PBOC«) [18], uanset virksomhedernes finansielle og kreditrisikomæssige situation.
On the basis of the above, banks are required to provide credit support to the steel industry under Decision No. 40.
Lånene blev således ydet under markedssatsen sammenlignet med den sats, der svarer til risikoprofilen hos de fire eksporterende producenter i stikprøven.
While Articles 17 and 18 of the same Decision also ask the bank to respect credit principles the Commission could not establish during the investigation that this was done in practice.
Desuden havde alle virksomhederne i stikprøven fået revolverende lån, hvilket giver dem mulighed for øjeblikkeligt at erstatte den tilbagebetalte kapital på lån ved udløb med frisk kapital fra nye lån.
Decision No. 40 hence confirms the previous finding with respect to the Bank law that banks exercise governmental authority in the form of preferential credit operations.
I tilfælde af Shougang Group og Benxi Group blev betalingsplanerne omstruktureret, eller gælden blev eftergivet på grund af økonomiske vanskeligheder, og Kommissionen fandt et konkret eksempel på den kinesiske regerings indgriben, som førte til en gældsomlægning til trods for de finansielle institutioners bedre finansielle dom [19].
Furthermore, the Guidelines of the People's Bank of China, CBRC, CSRC, and CIRC, as well as the notice ‘Several Opinions on Resolving Overcapacity’, are specifically targeted at companies in the steel sector.
Kommissionen konstaterede også, at lån, som skulle have været indberettet af bankerne som ikke normale lån, ikke var blevet anført som sådan i det centrale nationale låneregister af de fem samarbejdsvillige statsejede banker.
They state that financial institutions must fully recognize the pillar role and strategic importance of steel and coal industries and continue to give credit support to the steel companies which comply with industrial policy and which adjust and regroup themselves without increasing their production capacity.
Forpligtelsen til at indberette foreligger navnlig, når lånene var blevet omstruktureret, når debitor har misligholdt sine betalinger, eller når der er udstedt revolverende lån.
This support shall extend to the setting of interest rates and the promotion of bonds and loans for mergers and acquisitions.
Sådanne tilfælde blev konstateret for alle fire grupper af eksporterende producenter i stikprøven.
Furthermore, debt restructuring and debt forgiveness is promoted.
I henhold til CBRC's retningslinjer om risikobaseret låneklassificering burde alle disse tilfælde have været medtaget i det centrale låneregister.
Following disclosure, the GOC stated that the Commission failed to mention any specific provisions in the above-mentioned documents which support its conclusions.
De finansielle institutioners manglende indberetning giver et forvrænget billede af virksomhedens lån i det centrale låneregister, da registeret ikke viser virksomhedens reelle kreditværdighed.
The Commission highlighted that it had based its statements in the previous recital inter alia on the following passages of the notice ‘Several Opinions on Resolving Overcapacity’:
Det betyder, at selv hvis en finansiel institution ville anvende en markedsbaseret risikovurdering, ville den have været baseret på ukorrekte oplysninger.
‘Banking financial institutions shall raise their appreciation of the pillar and strategic role of the iron and steel industry and the coal industry in the national economy, and earnestly implement credit extension policies of differentiated treatment that are both accommodative and controlling.’
Efter fremlæggelsen af oplysninger påstod GOC, at den manglende rapportering af visse lån i det centrale låneregister har vist, at de lovgivningsmæssige rammer for udlånspraksis ikke var bindende.
‘Financial support shall be stepped up for iron and steel enterprises and coal enterprises that engage in merger and reorganization.’
Visse aktørers delvise manglende overholdelse af forpligtelsen til at indberette bestemte lån, betyder dog ikke, at retningslinjerne som sådan ikke har nogen retsvirkning.
‘Banking financial institutions are encouraged to reorganize the loans disbursed to iron and steel enterprises and coal enterprises that are in difficult conditions but take the initiative to reduce capacity.’
Den kinesiske regering henviste desuden til, at årsrapporterne fra en række kinesiske banker indeholdt adskillige omfattende kapitler om risikostyring og kreditanalyse, og at det klart fremgik, at lån til stålindustrien for nylig var blevet begrænset i stedet for at blive tilskyndet.
‘As regards iron and steel enterprises and coal enterprises with marketable products or services and promising development potentials that are in line with national industrial policies and take the initiative to reduce capacity, adjust structures and transform development models, banking financial institutions shall set up creditor committees, adjust the maturity, interest rates and repayment methods of loans and take other measures.’
Kommissionen var af den opfattelse, at de forelagte oplysninger om kreditrisikovurdering i årsrapporterne ikke indeholdt nogen af de nye aspekter, der blev fremført af den kinesiske regering.
As far as the Guidelines of the People's Bank of China, CBRC, CSRC, and CIRC are concerned, the following passages are inter alia relevant:
Under alle omstændigheder var de teoretiske og tillod ikke en vurdering af de enkelte tilfælde, ligesom de heller ikke er bevis for, at en sådan vurdering rent faktisk finder sted.
‘Banking financial institutions should fully recognize the pillar role and strategic position of steel and coal industries, accurately grasp the law of their development, continue to give credit support, in accordance with the principles of risk controllability and business sustainability, to high-quality backbone enterprises, which have advanced technology and equipment, competitive products, markets, and may restore their competitiveness and get rid of temporary difficulties after deepening reform and strengthening internal management; actively offer comprehensive financial services to the enterprise which adjusts and regroups itself but doesn't increase its production capacity.’
Ydermere er de anførte eksempler fra den kinesiske regering for EXIM og CCB blot relateret til en nedgang i procentdelen af lån til stålindustrien.
‘Improve interest rate pricing management, and reduce enterprise's financing costs.’
Disse opgørelser indeholdt ingen oplysninger om, på hvilke betingelser disse lån blev ydet.
‘Actively promote the innovation of green of bonds and high yield bonds.
Under alle omstændigheder og i mangel af oplysninger om det samlede udlån til stålindustrien fra alle statsejede banker og private banker, som har fået overdraget eller er blevet pålagt at gennemføre regeringens politik, giver det ikke mening, at to af dem har reduceret deres eksponering.
Expand the issuance of green financial bonds, green asset securitization and other innovative financial instruments to guide the green development of the steel and coal industries.’
Med hensyn til årsrapporten fra China Merchants Bank henviste den kinesiske regerings erklæring kun til det forhold, at banken tilpassede sin kreditpolitik uden yderligere oplysninger.
‘Actively and steadily promote debt restructuring at the enterprise.
Selv om China Merchants Bank »hævede sine kriterier for accept«, anførtes det i henvisningen også, at banken »støttede sine kvalitetskunder«.
For the enterprise which comply with national industrial policies, and actively take the initiative to reduce production capacity, adjust structure and transform for development, and has certain solvency, under the premise of loan quality monitoring and precise classification, help them weather the storm by adjusting the loan period, ways of repayment, and other debt restructuring measures.’
Kommissionen konkluderede derfor, at der ikke var grund til at ændre undersøgelsesresultaterne og konkluderede, at den kinesiske regering har udøvet betydelig kontrol over de fem samarbejdsvillige statsejede bankers virksomhed med hensyn til deres udlånspolitik og risikovurdering i de tilfælde, hvor de ydede lån til stålindustrien.
‘Improve the M & A loan business, and expand the scale of M & A loans, reasonably determine the loan term and interest rate, so as to support enterprises and regions with comparative advantage to integrate the industrial capacity’.
Konklusion om samarbejdsvillige finansielle institutioner
The Green Credit Guidelines encourage financial institutions to use different credit extension and risk management policies in accordance with industry policies and depending on the environmental status of the borrower.
Kommissionen fandt, at ovenfor beskrevne retlige ramme implementeres af de fem samarbejdsvillige statsejede finansielle institutioner i forbindelse med udøvelsen af statslige funktioner med hensyn til stålindustrien, idet de handler som offentlige organer, jf. grundforordningens artikel 2, litra b), sammenholdt med grundforordningens artikel 3, stk. 1, litra a), nr. i), og i overensstemmelse med WTO's relevante retspraksis.
The steel industry is seen as a primary target for the provision of loans related to environmental projects.
Efter fremlæggelsen af oplysninger hævdede den kinesiske regering, at Kommissionen ikke opfyldte de bevismæssige standarder for fastsættelse af, at de statsejede banker var offentlige organer, da den angiveligt udelukkende støttede sig til formelle indicier for kontrol, som f.eks. den kinesiske regerings ejerskab eller beføjelsen til at udnævne eller udpege ledende ansatte, da den drog sine konklusioner.
The industry policy in this context is explained in the ‘Opinions on Strengthening Energy Saving and Emission Reduction and Accelerating Structural Adjustment in the Iron and Steel Sector’.
Kommissionen afviste denne påstand som ubegrundet, da den også nøje havde undersøgt udøvelsen af betydelig kontrol i betragtning 100 til 128.
These Opinions highlight that ‘the iron and steel industry, being the one with the biggest potential in energy conservation and emission reduction, occupies a vital position in the work of energy conservation and emission reduction.
Ikke samarbejdsvillige statsejede banker
To strengthen energy conservation and emission reduction and structural adjustment is an important and major measure in transforming the development model of the iron and steel industry’.
Som anført i afsnit 3.2 ovenfor anmodede den kinesiske regering ingen af de andre statsejede banker, der ydede lån til virksomhederne i stikprøven, om at returnere det særlige spørgeskema.
Projects related to new technologies and techniques of circular economy and energy conservation and emission reduction, such as coke dry quenching under high temperature and pressure, dry dust removal, recovery and utilization of residual heat and pressure of coal gas, and sintering flue gas desulfurization, and the ensuing ‘green’ financing are thus ‘vigorously promoted’.
I overensstemmelse med konklusionerne i betragtning 61 til 75 besluttede Kommissionen at anvende de bedste foreliggende faktiske oplysninger til at afgøre, om disse statsejede banker kan betragtes som offentlige organer.
The GOC submitted in its disclosure comments that the Green Credit Guidelines and the ‘Opinions on Strengthening Energy Saving and Emission Reduction and Accelerating Structural Adjustment in the Iron and Steel Sector’ similarly fail to show the existence of a binding normative framework for lending practices.
Ved at anvende offentligt tilgængelige oplysninger, som f.eks. bankens websted, årsrapporter, oplysninger, der findes i bankoversigter eller på internettet, fastslog Kommissionen, at følgende 30 banker, som havde ydet lån til de fire grupper af eksporterende producenter i stikprøven, var delvist eller helt ejet af staten selv eller af statens juridiske personer: China Development Bank, Bank of Communications, China Everbright Bank, Postal Savings Bank, China Merchants Bank, Shanghai Pudong Development Bank, China Industrial Bank, Shenyang Rural Commercial Bank, Benxi City Commercial Bank, Benxi Commercial Bank, Kailuan Group Financial Co., Liaoning Hengyi Financing Lease Co., Ltd., Bank of Chengde, Bank of Hebei, Bank of Shanghai, Ningbo Bank, China CITIC Bank, China Guangfa Bank, China Bohai Bank, Huaxia Bank, China Resources Bank, China Zheshang Bank, China Credit Trust, Huarong International Trust Co. Ltd., Northern International Trust Co., Ltd., Zhangjiakou Bank, Hebei Iron and Steel Group Financial Co., Ltd, Shougang Group Finance, Finance Bureau of Benxi City og Zunhua Rural Credit Union.
In particular, the GOC referred to Article 15 of the Green Credit Guidelines, which state that ‘banking institutions shall strengthen due diligence in credit granting’.
Oplysninger om ejerforholdet for disse banker fremgår af tabellen nedenfor.
The findings of this investigation did not support the claim that Article 15 of the Green Credit Guidelines precluded financial institutions from following government industrial policy and plans when granting loans.
Bankens navn
It rather confirmed the contrary, as has been clearly described in recitals (121) to (128) below.
Oplysninger om ejerforhold
The Bank law is legally binding.
100 % statsejet og politisk styret bank
The mandatory nature of the Five Year Plans has been established above at recital (55).
Finansministeriet og Central Huijin Investments har 26,53 % af aktierne i banken.
The mandatory nature of Decision No. 40 has been established above at recital (55).
Finansministeriet og Central Huijin Investments har 41,24 % af aktierne i banken.
The mandatory nature of the other regulatory documents is demonstrated by the supervision and evaluation clauses which they contain.
Oprindeligt oprettet i 2007 af State Post Bureau, som er en tjeneste under transportministeriet.
The notice ‘Several Opinions on Resolving Overcapacity’ states that ‘The CBRC, the National Development and Reform Commission and the Ministry of Industry and Information Technology shall organize inspection and supervision of the implementation hereof in due course.’
På nuværende tidspunkt ejes 64 % af aktierne af China Post Corp., som er helt statsejet.
Article 28 of the Green Credit Guidelines states that ‘Regulatory authorities in the banking industry shall … evaluate the effect of green credit extended by financial institutions in the banking industry in a comprehensive manner based on the status of off-site regulation and on-site inspection.
Denne bank er en del af China Merchants Group, som er en statsejet virksomhed.
The evaluation results shall be used as the important bases for the regulatory ratings, institution access, business access and performance appraisals of the senior management staff of financial institutions in the banking industry in accordance with the relevant laws and regulations’.
China Mobile Communication Group Guangdong Limited (statsejet virksomhed): 20 %
The Guidelines of the People's Bank of China, CBRC, CSRC, and CIRC on supporting the steel and coal industries to resolve overcapacity and achieve turnaround in development state that financial institutions should strengthen communication with local government departments.
Shanghai International Group Co., Ltd (statsejet finansielt holdingselskab): 16,93 %
On that basis, the Commission concludes that the GOC has created a normative framework that had to be adhered to by the managers and supervisors appointed by the GOC and accountable to the GOC.
Shanghai Sitico Assets Management Co., Ltd. (en del af Shanghai International Group): 5,23 %
Therefore, the GOC relied on the normative framework in order to exercise control in a meaningful way over the conduct of the five cooperating state-owned banks whenever those were providing loans to the steel industry.
Finance Bureau of Fujian 17,86 % (statslig myndighed)
The Commission also sought concrete proof of the exercise of control in a meaningful way on the basis of concrete loans.
Statsejede juridiske personer:
During the verification, the five cooperating state-owned banks pointed to Articles 4 and 5 of the Bank law, according to which they are required to make an independent assessment of a loan request.
PICC Property and Casualty Company Limited: 4,98 %
They maintained that in practice they had used sophisticated credit risk assessment policies and models when granting the loans at issue.
China National Tobacco Corporation: 3,22 %
However, no concrete examples were provided.
China Securities Finance Corporation Limited: 2,87 %
The five cooperating state-owned banks refused to provide information, including their specific credit risk assessments, related to the sampled companies for regulatory and contractual reasons.
PICC Life Insurance Company Limited-universal: 2,49 %
With regard to the latter, they pointed out that without the consent of the borrower, they would breach contract by providing the information.
Indenlandske ikke statsejede juridiske personer:
All four groups of sampled exporting producers refused to sign a letter of consent allowing for an examination of their financial data at the bank's premises.
Tianan Property Insurance Co., Ltd.: 1,71 %
In the absence of concrete evidence of creditworthiness assessments, the Commission therefore examined the overall legal environment as set out above in recitals (100) to (120), in combination with the behaviour of the five cooperating state-owned banks with regard to the loans provided to the sampled companies.
Aktiebesiddelse (ved udgangen af 2014)
This behaviour contrasted with their official stance, as they were not acting like financial institutions would normally do based on a thorough market-based risk assessment.
Aktiebesiddelse (ved udgangen af 2015):
The verification visits revealed that with the sole exception of certain loans in foreign currency and one single loan to one sampled exporting producer, loans were provided to the four groups of sampled exporting producers at interest rates close to the People's Bank of China (‘PBOC’) benchmark interest rates [18], regardless of the companies' financial and credit risk situation.
Lokale offentlige finanser: (1 aktionær) 12,08 %
Hence, the loans were provided below market rates when compared to the rate corresponding to the risk profile of the four sampled exporting producers.
Statsejede virksomheder (8 aktionærer): 59,35 %
In addition, all of the sampled companies had received revolving loans, which allow them to immediately replace the capital repaid on loans at the maturity date by fresh capital from new loans.
Private virksomheder (6 aktionærer): 23,17 %
In the cases of the Shougang Group and the Benxi Group, payment schedules were restructured or debt was forgiven because of financial difficulties, and the Commission found one specific example of an intervention by the GOC which led to a debt restructuring against the financial institutions' better financial judgment [19].
Hovedaktionærer:
The obligation to report exists in particular when loans had been restructured, when the debtor defaulted on its payments, or when revolving loans had been issued.
Shenjing Bank (statsejet virksomhed): 11,88 %
According to the CBRC's ‘Guidelines on risk-based loan classification’, all of these instances should have been included in the central credit register.
Liaoning Rongda investment enterprise (statsejet virksomhed): 9,99 %
As a result, even if a financial institution were to apply a market-based risk assessment, it would have done so based on inaccurate information.
Liaoning Liaoan Engineering and Machinery Group (privat virksomhed): 9,99 %
However, a partial non-compliance with the obligation to report certain loans by some actors does not mean that the Guidelines as such had no legal force.
Som ovenfor
Furthermore, the GOC noted that the annual reports of various Chinese banks contained extensive chapters on risk management and credit analysis, and clearly showed that loans to the steel industry had recently been restricted rather than promoted.
Ejet af Benxi Group (statsejet virksomhed)
In any event, those were abstract, and did not allow the assessment of individual cases, nor do they constitute proof that such assessment actually takes place.
Hebei Beifang Road engineering construction group: 7,359 %
These statements did not provide any information about the conditions at which these loans were granted.