natgillin/translations-raw huggingface dataset:
Sikkerhedsstillelsen for dette BCR-lån, der også tjente som sikkerhed for BRD-lånet på 14700000 EUR (dvs. 68369000 RON), jf. litra d) nedenfor, samt for et hertil knyttet EIB-lån på 32650000 EUR (dvs. 151855150 RON), der ikke er omhandlet i åbningsafgørelsen, havde form af pant i fast ejendom og løsøre tilhørende CE Hunedoara til en samlet værdi af 93323204 EUR (dvs. 417481353,09 RON).
Total revenues
I forbindelse med dette BCR-lån skulle CE Hunedoara kun betale ministeriet for offentlige finanser en risikoprovision på 2,5 %, dvs. 448750 EUR fordelt på otte lige store trancher, til »fonden til dækning af risiko for statsgælden«.
Operating Profit/Loss (EBITDA)
Lån fra Romanian Development Bank (»BRD«) optaget af finansministeriet og videregivet til CE Hunedoara — »BRD-lånet«
Net Earnings/Loss
Dette lån blev optaget for at finansiere »Centrala Electrică Paroșeni«-projektet.
Share capital
Gennem en finansieringsaftale, der blev indgået den 19. maj 2014 mellem BRD og ministeriet for offentlige finanser, ydede banken et lån til låntageren, der så efterfølgende ydede det til CE Hunedoara gennem en subsidiær låneaftale, der blev indgået den 5. juni 2014.
Equity
Ovennævnte finansieringsaftale og den subsidiære låneaftale vedrørte begge samme hovedstol på 68371170 RON (ca. 14700000 EUR), som banken oprindeligt ydede til ministeriet for offentlige finanser, og som sidstnævnte derefter ydede til CE Hunedoara.
Long term Debt
Rentesatsen var fastsat til 3,79 % årligt.
Other current debt including taxes
Sikkerhedsstillelsen for dette BRD-lån, der også tjente som sikkerhed for BCR-lånet på 17950000 EUR (ca. 83485450 RON), jf. litra c) ovenfor, samt for et hertil knyttet EIB-lån på 32650000 EUR (ca. 151855150 RON), der ikke er omhandlet i åbningsafgørelsen, havde form af pant i fast ejendom og løsøre til en samlet værdi af 93323204 EUR (ca. 417481353,09 RON).
By April 2015 at the latest, CE Hunedoara met the criteria for being subject to collective insolvency proceedings under Romanian law.
I forbindelse med dette BRD-lån skulle CE Hunedoara kun betale ministeriet for offentlige finanser en risikoprovision på 2,5 %, dvs. 367000 EUR fordelt på otte lige store trancher, til »fonden til dækning af risiko for statsgælden«.
In January 2016, CE Hunedoara was temporarily subject to an insolvency proceeding.
BRD-lånet og BCR-lånet finansierede investeringer med henblik på overholdelse af miljøkravene på Paroseni-kraftværket (EU-normer som fastsat i direktivet om industrielle emissioner).
In March 2016, the insolvency administrator of CE Hunedoara published a report (‘the report of the insolvency administrator’) containing information about the liabilities of the company, from which it transpired that CE Hunedoara owed around RON 2360 million (ca.
Disse investeringer var ikke i stand til at generere yderligere resultater eller reducere produktionsomkostningerne, så tilbagebetalingen af lånene kunne dækkes af yderligere driftsindtægter.
EUR 507,4 million) to various State bodies.
De var kun en forudsætning for, at anlægget kunne fortsætte driften.
This amount referred among others to the loans covered by the present decision as well as to fines charged by the Environment Agency for failure to acquire carbon allowances, green certificates and other debts to the State and to the Social Security budget.
Lån ydet til tilbagebetaling af den uforenelige støtte, der blev tilbagesøgt ved afgørelsen om den uforenelige støtte — hovedstol og renter – »lånet til tilbagebetaling af den uforenelige støtte«)
According to Romania, the Environment Agency also requested the payment of amounts owed to it by CE Hunedoara, similarly to other private creditors.
På grundlag af regeringens hasteanordning nr. 11 af 13. maj 2015 vedrørende ydelse af et lån til CE Hunedoara S.A. blev der den 9. juni 2015 indgået en låneaftale mellem ministeriet for offentlige finanser, CE Hunedoara og ministeriet for energi, små og mellemstore virksomheder og erhvervsklima.
As the equity position of CE Hunedoara shows, the company is technically bankrupt but continues to operate on the expense of not paying the majority of its debts and its fiscal liabilities.
Ved ovennævnte låneaftale blev der ydet CE Hunedoara et lån med en hovedstol på 34785015 RON (ca. 7478778 EUR).
According to the information provided by Romania, in line with applicable national rules, the process of liquidation of CE Hunedoara could last a minimum of three years if initiated by the Romanian State in its capacity as shareholder and main creditor of CE Hunedoara.
Dette lån blev anvendt til at tilbagebetale den uforenelige støtte, der er omhandlet i betragtning 5.
So far the insolvency requests filed at the national Company Court have not led to the declaration of permanent insolvency of CE Hunedoara.
I overensstemmelse med artikel 2, stk. 2, i ovennævnte hasteanordning nr. 11 af 13. maj 2015 blev sikkerhedsstillelsen fastsat til en værdi af 49380000 RON (ca. 10616700 EUR), dvs. 120 % af lånet.
The loans provided to CE Hunedoara
Lån, der udgør støtte ydet i overensstemmelse med afgørelsen om redningsstøtte og renter – »redningslånet«
In the opening decision, the Commission examined five publicly financed or supported loans granted to or benefitting CE Hunedoara for its current electricity generation business and which, by 30 June 2016 amounted to debt outstanding to the Romanian State for a total amount of RON 337107835 (approx.
Ifølge ovennævnte låneaftale skulle der ydes en hovedstol på 167000000 RON (ca. 35905000 EUR) til CE Hunedoara, fordelt på to trancher.
Table 3 below shows Romania's updated information regarding the outstanding capital of those loans, as of 31 March 2018.
Den første tranche, der beløb sig til 98476900 RON (ca. 21172533 EUR), blev ydet den 20. juli 2015, mens den anden tranche på 68523100 RON (ca. 14732466 EUR) ikke blev ydet alligevel, fordi CE Hunedoara ikke havde tilbagebetalt et andet lån, der blev ydet på grundlag af regeringens hasteanordning nr. 11/2015, og som vedrørte tilbagebetalingen af det beløb, der var genstand for afgørelsen om uforenelig støtte (se litra d) ovenfor).
Following the opening decision, the Romanian authorities provided the loan contracts according to which the main initial terms and conditions of the loans were as follows:
Løbetiden for redningslånet var på seks måneder, dvs. perioden april-september 2015.
International Bank for Reconstruction and Development (‘IBRD’) loan guaranteed by the Romanian State through the Ministry of Public Finances — ‘IBRD loan’
Men af de grunde, der er redegjort for ovenfor, modtog CE Hunedoara kun den første tranche af lånet.
This loan concerned the project of rehabilitation and modernisation of the energetic block No 3 at CET Mintia.
I overensstemmelse med artikel 3, stk. 3, i ovennævnte hasteanordning nr. 22 af 24. juni 2015 blev sikkerhedsstillelsen fastsat til en værdi af 123960000 RON (ca. 26651400 EUR), dvs. 120 % af lånet.
By 17 May 2001, when the agreement was suspended by IBRD, drawdowns had been made in a total amount of USD 10930016.
Begrundelse for at indlede proceduren
On 31 May 2002 IBRD resumed the loan agreement with Electrocentrale Deva.
I åbningsafgørelsen indtog Kommissionen den foreløbige holdning, at de fem offentligt finansierede eller støttede lån, der blevet ydet til eller var til fordel for CE Hunedoara, kunne udgøre statsstøtte som omhandlet i artikel 107, stk. 1, i TEUF, for så vidt angår det beløb på i alt 337 mio. RON (ca. 73 mio. EUR), der fortsat var udestående pr. 30. juni 2016.
This agreement was guaranteed by the Romanian Government and foresaw that Electrocentrale Deva could dispose of a maximum amount of USD 69908805 (out of which an amount of USD 1162752 was later cancelled, in February 2005).
I åbningsafgørelsen satte Kommissionen også spørgsmålstegn ved, om betingelserne for forenelighed med det indre marked efter artikel 107, stk. 3, litra c), i TEUF var opfyldt, for så vidt angår omstruktureringsstøtte som omhandlet i rammebestemmelserne.
The maturity date of the loan was 1 November 2015 and the payment schedule foresaw a reimbursement in biannual instalments (payable in May and November) over 14 years, starting from 2002.
Kommissionen påpegede, at de rumænske myndigheder ikke havde indsendt en gyldig omstruktureringsplan eller en klar likvidationsplan med en rimelig tidsfrist for selskabet, og der kunne ikke konstateres noget identificerbart og gyldigt bidrag fra CE Hunedoara til omstruktureringsomkostningerne eller foranstaltninger til begrænsning af konkurrencefordrejning, som er betingelser for, at omstruktureringsstøtten kan være i overensstemmelse med rammebestemmelserne.
The interest rate equals the cost of the qualified loans and is determined on the basis of the previous semester plus a half of percentage point; additionally, for amounts in respect of which no drawdowns had been made, Electrocentrale Deva was also due to pay a commitment fee of 0,25 %.
Endelig havde CE Hunedoara ikke tilbagebetalt hverken redningsstøtten eller lånet, som gjorde det muligt at tilbagebetale tidligere uforenelig støtte.
Romanian Commercial Bank (‘BCR’) loan contracted by the Ministry of Finance for the benefit of CE Hunedoara — ‘BCR loan’
For at muliggøre en vurdering af, om de omtvistede lån ville have været tilgængelige for CE Hunedoara på de finansielle markeder og blev ydet på markedsvilkår, anmodede Kommissionen i åbningsskrivelsen Rumænien om at fremlægge følgende:
This loan was contracted for financing 25 % of a greater project named ‘Centrala Electrica Paroseni’ regarding the installation of waste gas desulphurisation and the changing of the technology for collecting, transporting and depositing slag and ash.
de overvejelser om kreditværdighed, markedsbenchmark og kreditvurderinger af CE Hunedoara, som de rumænske myndigheder tog hensyn til ved fastsættelsen af betingelserne for deres støtte, sådan som det fremgår af den dokumentation, der er samtidig med datoerne for ydelsen og videregivelsen af eller sikkerhedsstillelsen for hvert lån
The financing of the other parts was assured by a BRD loan (covering 25 % of the total costs — information on this loan is provided under letter (d) below) and a European Investment Bank (‘EIB’) loan (for 50 % of the total costs; this loan is not covered by the opening decision).
dokumentation for lånetilbud til CE Hunedoara fra finansielle institutioner eller banker mellem 2012 og 2016 med angivelse af, om der blev anmodet om statslig eller offentlig garanti
By way of a loan contract entered into on 3 December 2013 between BCR and the Ministry of Public Finances, an investment loan was granted by the bank to the borrower, which then subsequently granted it further to CE Hunedoara by way of a subsidiary loan agreement entered into on 5 December 2013.
alle oplysninger, som kan bidrage til at vurdere de fem lån.
The loan contract and the subsidiary loan agreement both concerned the same principal amount of RON 83485450 (i.e. EUR 17950000) which was initially granted by the bank to the Ministry of Public Finances and thereafter by the latter to CE Hunedoara.
BEMÆRKNINGER FRA RUMÆNIEN
The maturity of the loan was 15 years, with a grace period of 3 years.
Rumænien fremlægger i sine bemærkninger til Kommissionens åbningsafgørelse en række oplysninger og bemærkninger, som følger.
The payment schedule foresaw a reimbursement by way of 25 equal biannual instalments.
Bemærkninger vedrørende den udestående hovedstol og de beløb, der skyldes på de fem lån
The interest rate was set at 4,20 % per year.
IBRD-lånet
The collaterals related to this BCR loan, but serving as collaterals also for the BRD loan of EUR 14700000 (i.e. RON 68369000) dealt with under letter (d) below as well as for a related EIB loan of EUR 32650000 (i.e. RON 151855150) not dealt with in the opening decision, were established by way of a mortgage over the real estate and moveable assets of CE Hunedoara with a total value of EUR 93323204 (i.e. RON 417481353,09).
For at begynde med den rate, der forfaldt til betaling i november 2014, var CE Hunedoara på grund af sine finansielle vanskeligheder ikke længere i stand til at foretage betalinger og anmodede sin kautionist, ministeriet for offentlige finanser, om at betale de resterende rater i stedet.
In relation to this BCR loan, CE Hunedoara was also due to pay the Ministry of Public Finances a 2,5 % risk commission, i.e. EUR 448750 divided in 8 equal tranches, for the ‘Fund of risk for public government debt’.
I sin egenskab af kautionist for CE Hunedoara udbetalte ministeriet for offentlige finanser de tre resterende rater (dvs. i november 2014, maj 2015 og november 2015) og beregnede de bøder og morarenter, som CE Hunedoara skulle betale.
Romanian Development Bank (‘BRD’) loan contracted by the Ministry of Finance and subordinated to CE Hunedoara — ‘BRD loan’
CE Hunedoaras udestående gæld til ministeriet for offentlige finanser (bestående af de tre rater og de tilsvarende sanktioner og renter) beløb sig til 60711568 RON (ca. 13052987 EUR) pr. 31. marts 2018.
This loan was contracted for financing the ‘Centrala Electrică Paroșeni’ project.
BCR-lånet
By way of a financing contract entered into on 19 May 2014 between BRD and the Ministry of Public Finances, a loan was granted by the bank to the borrower, which then subsequently granted it further to CE Hunedoara by way of a subsidiary loan agreement entered into on 5 June 2014.
Pr. 31. marts 2018 var der blevet tilbagebetalt et beløb på 2154000 EUR (ca. 10018254 RON) ud af hovedstolen på 17950000 EUR (ca. 83485450 RON), og der var stadig et udestående på 15796000 EUR (ca. 73467196 RON).
The above-mentioned financing contract and the subsidiary loan agreement both concerned the same principal amount of RON 68371170 (approx.
BRD-lånet
EUR 14700000) which was initially granted by the bank to the Ministry of Public Finances and thereafter by the latter to CE Hunedoara.
Pr. 31. marts 2018 var der blevet tilbagebetalt et beløb på 1764000 EUR (ca. 8204364 RON) ud af hovedstolen på 14700000 EUR (ca. 68371170 RON), og der var stadig et udestående på 12936000 EUR (ca. 60166806 RON).
The interest rate was set at 3,79 % per year.
Lånet til tilbagebetaling af den uforenelige støtte
The collaterals related to this BRD loan, but serving as collaterals also for the BCR loan of EUR 17950000 (approx.
Den 8. september 2015, da lånet forfaldt og ikke blev betalt, beregnede ministeriet for offentlige finanser morarenter, som påløb for hver dags forsinkelse.
RON 83485450) dealt with under letter (c) above as well as for a related EIB loan of EUR 32650000 (approx.
Pr. 31. marts 2018 beløb CE Hunedoaras udestående gæld vedrørende dette lån sig til 42339794,26 RON (ca. 9103055 EUR) bestående af hovedstolen på 34785015 RON (ca. 7478778 EUR), renterne af lånet på 545255,11 RON (ca. 117229 EUR) og morarenter på 7009525,58 RON (ca. 1507048 EUR).
RON 151855150) not dealt with in the opening decision, were established by way of mortgage over real estate and moveable assets with a total value of EUR 93323204 (approx.
Ud af det beløb på 98476900 RON (ca. 21172533 EUR), der udgjorde den første tranche, udnyttede CE Hunedoara kun 93450841,17 RON (ca. 20091930 EUR) og tilbagebetalte differencen på 5026058,86 RON (ca. 1080602 EUR) til ministeriet for offentlige finanser.
In relation to this BRD loan, CE Hunedoara was also due to pay the Ministry of Public Finances a 2,5 % risk commission, i.e. EUR 367000 divided in 8 equal tranches, for the ‘Fund of risk for public government debt’.
Pr. 31. marts 2018 beløb CE Hunedoaras udestående gæld vedrørende dette lån sig til 112579946,05 RON (ca. 24204688 EUR) bestående af hovedstolen på 93450841,17 RON (ca. 20091930 EUR), renterne af lånet på 3306854,30 RON (ca. 710973 EUR) og morarenter på 15822250,68 RON (ca. 3401783 EUR).
The BRD loan and the BCR loan financed investments for environmental compliance in the Paroseni plant (EU standards set in the Industrial Emissions Directive).
Rumæniens oplysninger om den udestående hovedstol og de skyldige beløb vedrørende de fem lån pr. 31. marts 2018
They were only a pre-condition for the plant to continue operating.
IBRD-lånet
Actually, the recourse to private loans granted to and subsequently by the Romanian State in order to finance environmental compliance in 2013-2014 followed a case in which Romania had provided grants for the same type of installation (flue gas desulphurisation) for other thermal power plants in 2010 (CE Turceni) and in 2011 (CE Craiova II) and in which exchanges took place with the Romanian authorities in 2012.
BRC-lånet
It seems therefore appropriate to consider that the BRD loan and the BCR loan transferred by the State and financing environmental compliance were de facto grants, like the predecessors for other power plants in 2011 and 2012.
BRD-lånet
Loan provided for the payment of the incompatible aid requested to be recovered by the Decision regarding the incompatible aid; capital and interest — ‘the loan to repay the incompatible aid’
Lånet til tilbagebetaling af uforenelig støtte
On the basis of the Government Emergency Ordinance No 11 of 13 May 2015 regarding the granting of a loan to CE Hunedoara S.A., a loan convention was entered into on 9 June 2015 between the Ministry of Public Finances, CE Hunedoara and the Ministry of Energy, SMEs and Business Environment.
Redningslånet
The above-mentioned loan convention granted CE Hunedoara a loan in the principal amount of RON 34785015 (approx.
Dato for ydelse
EUR 7478778).
Oprindelig hovedstol
This loan was used to repay the incompatible aid referred to in recital 5.
68,75 mio. USD
The maturity of the loan was 90 days and was hence due on 8 September 2015.
17,95 mio. EUR
The agreed interest rate of the loan was set at the value of ROBOR at 3 months plus 5 % i.e. 6,27 % per year and was set to remain fixed throughout the loan period.
14 mio. EUR
In accordance with art.
34,8.
2(2) of the above-mentioned Government Emergency Ordinance No 11 of 13 May 2015, collaterals were established at the value of RON 49380000 (approx.
Mio. RON
EUR 10616700), i.e. 120 % of the loan.
98,5 mio. RON
Loan representing aid granted in accordance with the rescue aid decision and interest — ‘the rescue aid loan’
Udestående hovedstol pr. 31.3.2018
On the basis of Government Emergency Ordinance No 22 of 24 June 2015 regarding the granting of a loan to CE Hunedoara S.A., a loan convention was entered into on 14 July 2015 between the Ministry of Public Finances, CE Hunedoara and the Ministry of Energy, SMEs and Business Environment.
15,79 mio. EUR
The above mentioned loan convention foresaw the granting of a principal amount of RON 167000000 (approx.
(73,5 mio. RON)
EUR 35905000) to CE Hunedoara, divided into two tranches; the first tranche amounting to RON 98476900 (approx.
12,9 mio. EUR
EUR 21172533) was granted on 20 July 2015, while the second tranche of RON 68523100 (approx.
(60,1 mio. RON)
EUR 14732466) was no longer granted as CE Hunedoara failed to reimburse another loan, which was granted on the basis of Government Emergency Ordinance No 11/2015 and which related to the repayment of the Decision regarding the incompatible aid (see point (d) above).
93,4 mio. RON
The maturity of the rescue aid loan was 6 months i.e. for the period April — September 2015; however, due to the reasons explained above, CE Hunedoara only received the first tranche of the loan.
Finans-ministeriets tilgodehavende pr. 31.3.2018 som hovedstol, bøder og renter
The agreed interest rate of the loan was set at the value of ROBOR 6 months plus 5 %, i.e. 6,57 % per year and was set to remain fixed throughout the loan period.
60,7 mio. RON
In accordance with Article 3(3) of the above mentioned Government Emergency Ordinance No 22 of 24 June 2015, collaterals were established at the value of RON 123960000, (approx.
(13,1 mio. EUR)
EUR 26651400) i.e. 120 % of the loan.
5,3 mio. EUR
Grounds for initiating the procedure
(24,9 mio. EUR)
In the opening decision the Commission preliminarily found that the five publicly financed or supported loans granted to or benefitting CE Hunedoara could constitute State aid within the meaning of Article 107(1) TFEU still outstanding for an amount of 337 million RON (approx.
3,0 mio. EUR
EUR 73 million) in total as of 30 June 2016.
(13,9 mio. RON)
In the opening decision the Commission also raised doubts if the conditions for compatibility with the internal market under Article 107(3)(c) TFEU for restructuring aid set out in the R&R aid Guidelines were met.
42,3 mio. RON
The Commission pointed out that the Romanian authorities had not submitted a valid restructuring plan or a clear liquidation plan under a reasonable timeline for the company, and no identifiable and valid contribution by CE Hunedoara to the restructuring costs, nor measures limiting distortions of competition could be identified, which are conditions for compliance of the restructuring aid with the R&R aid Guidelines.
112,6 mio. RON
Finally, CE Hunedoara had not repaid neither the rescue aid nor the loan, which allowed it to repay past incompatible aid.
Øvrige bemærkninger
In the opening decision, in order to allow an assessment of whether the loans at issue would have been available to CE Hunedoara on the financial markets and were granted at market conditions, the Commission requested Romania to submit
I den forbindelse bekræftede Rumænien, at det havde valgt at omstrukturere CE Hunedoara.
the considerations as to creditworthiness, market benchmarks and ratings of CE Hunedoara which the Romanian authorities took into account in order to set and establish the conditions of their support, as documented by evidence contemporary with the dates of granting, subordinating or guaranteeing each loan;
For det andet gjorde Rumænien med hensyn til åbningsafgørelsen i sin udtalelse gældende, at det redningslån, der blev godkendt ved afgørelsen om redningsstøtte, ikke indebar nogen reel økonomisk fordel for modtageren (dvs. CE Hunedoara).
evidence of offers of loans to CE Hunedoara made by market financial institutions or banks between 2012 and 2016, specifying whether a State or public guarantee was requested, and
Rumænien hævdede, at lånet blev ydet på de gældende vilkår på bankmarkedet, dvs. på grundlag af en økonomisk-finansiel analyse udført af EximBank.
all information which may help to assess the five loans.
Endvidere tog de garantier, der blev pålagt af den nationale skattemyndighed, højde for markedsværdien af sikkerhedsstillelsen, som dækkede mindst 120 % af lånets værdi.
COMMENTS FROM ROMANIA
For det tredje forklarede Rumænien med hensyn til likvidationen af CE Hunedoara og den retlige adskillelse mellem kulminedrift og elproduktion, at: i) manglen på finansielle ressourcer, ii) den omstændighed, at CE Hunedoara midlertidigt kom under konkursbehandling på begæring af selskabet to gange i 2016, og at konkursbehandlingen hver gang efterfølgende blev indstillet, samt iii) den omstændighed, at de nationale retter på tidspunktet for Rumæniens anmodning stadig ikke havde truffet afgørelse om en anden begæring om indledning af konkursbehandling, alle udgjorde grunde, der forhindrede den retlige adskillelse af kulminedriften fra elproduktionen.
In its comments on the Commission's opening decision, Romania submits information and a number of observations, as follows.
Rumænien forklarede, at den retlige adskillelse kræver overholdelse af visse ved lov fastsatte proceduremæssige skridt, og at proceduren normalt varer mellem seks og ni måneder, medmindre interesserede tredjeparter kommer med indlæg.
Comments concerning the outstanding capital and amounts due on the five loans
Rumænien understregede endvidere, at der ikke desto mindre føres særskilte regnskaber for kulminedriften og elproduktionen, og at redningsstøtten udelukkende ville blive anvendt til energiaktiviteter, sådan som det også var anført i anmeldelsen af redningsstøtten.
The IBRD loan