natgillin/translations-raw huggingface dataset:
Kommissionen mener, at følgende bemærkninger fra andre interesserede parter vedrører de betænkeligheder og foreløbige konklusioner, der er indeholdt i åbningsafgørelsen fra 2018:
ASSESSMENT OF THE MEASURES
den første parts henvisning til andre statsstøttesager, for hvilke Kommissionen havde indrømmet en forlængelse af salgstilsagnet, og argumentet om, at en forlængelse af fristen indtil 2019 generelt er til fordel for Slovenien og de slovenske skatteydere
Existence of State aid
den første parts argument om, at yderligere tilsagn kun ville forværre udsigterne for NLB's langsigtede levedygtighed.
According to Article 107(1) TFEU, State aid is 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, in so far as it affects trade between Member States.
Med hensyn til sammenligningen med andre sager minder Kommissionen om, at den i alle tilfælde vurderer foreneligheden på grundlag af de meddelelser, der var gældende på tidspunktet for ydelsen af støtten.
The Commission already concluded in the 2013 Decision that the measures described in recital (18) amount to State aid.
Kommissionen minder også om, at salget af aktieandelen i NLB i dette tilfælde var nødvendig for at sikre NLB's rentabilitet og var en del af en samlet vurdering af omstruktureringsstøtten, mens salget af aktiver i andre tilfælde fandt sted i forbindelse med en vurdering af afviklingsstøtten.
That assessment remains unchanged.
Kommissionen bemærker, at der ikke er givet nogen særlig begrundelse eller eksempler på tilsagn vedrørende dem, der hævdes at have en negativ indvirkning på NLB's rentabilitet.
The Commission will assess in the recitals 58 to 62 whether the cumulative conditions for a measure to be considered State aid are met for the compensation mechanism described in recital 43 (‘compensation mechanism’).
Som nævnt i betragtning 55 i åbningsafgørelsen fra 2018 vil Kommissionen vurdere, om det nye sæt tilsagn opretholder den oprindelige balance i afgørelsen fra 2013 og ændringsafgørelsen fra 2017, og om de ændrede tilsagn har negativ indvirkning på bankens rentabilitet, samtidig med at de fortsat er ækvivalente med de oprindelige tilsagn med hensyn til byrdefordeling og kompensationsforanstaltninger.
As the State aid criteria are cumulative in nature, a measure shall not be considered to constitute State aid when at least one of the State aid criteria is not met.
En beslutning om omstrukturering kan i princippet ændres, hvis ændringen ikke medfører nogen supplerende støtte, og ændringen er baseret på nye tilsagn, der kan betragtes som ækvivalente med de oprindelige tilsagn.
The Commission will assess whether the compensation mechanism that Slovenia intends to put in place would confer an advantage on NLB.
I et sådant tilfælde er de eksisterende støtteforanstaltninger fortsat forenelige på grundlag af 107, stk. 3, litra b), i TEUF, hvis den samlede balance i den oprindelige afgørelse er intakt.
For that purpose, the Commission will apply the ‘market economy operator’ (MEO) test, which can be applied to different economic transactions.
For at bevare den oprindelige balance bør de ændrede tilsagn ikke påvirke støttemodtagerens rentabilitet negativt, idet tilsagnene samlet set skal være ækvivalente med hensyn til byrdefordeling og kompensationsforanstaltninger under hensyntagen til kravene i omstruktureringsmeddelelsen.
The Commission observes that the compensation mechanism is provided in the context of a sale of assets and therefore the Commission has to apply the ‘private vendor test’.
I indledningsafgørelsen fra 2018 mindes der om, at afsnittet om rentabilitet i afgørelsen fra 2013 i høj grad var baseret på en ændring af NLB's ejerforhold for at sikre NLB's langsigtede rentabilitet.
This involves a assessment by the Commission of whether also a hypothetical private vendor would have offered the same compensation mechanism, as part of the same sale process.
I 2013 havde de slovenske myndigheder således givet tilsagn om at fjerne statens indflydelse på NLB's daglige drift.
Firstly, the Commission observes that the compensation mechanism relates to court cases which have been pending for a long time and for which investors do not necessarily have extensive valuation experience.
Slovenien foreslår nu at sælge en andel på 50 % + 1 af aktierne i NLB senest den 31. december 2018 og de resterende aktier ud over det, der kræves for et blokerende mindretal, senest den 31. december 2019.
Recently Croatian courts ruled against NLB which brought the issue fully in the spotlight of investors.
Kommissionen kan bekræfte NLB's langsigtede rentabilitet, hvis denne reviderede tidsplan for salget overholdes meget strengt.
The dispute dates back from before the break-up of Yugoslavia and it is not linked to NLB's recent operations and activities.
I denne forbindelse ser Kommissionen positivt på, at de ændrede tilsagn til en vis grad er knyttet til afhændelsesprocessen og dermed skaber de rette incitamenter til en hurtigere salgsproces.
The fact that the claims may give rise to the possibility that NLB is held jointly and severally liable with Ljubljanska banka d.d. further complicates the valuation of the claim, as it is more difficult to assess the impact of that claim on NLB only.
Kommissionen bemærker f.eks., at når aktiebeholdningen ud over det, der kræves for et blokerende mindretal, er blevet solgt før den 31. december 2019, vil visse tilsagn ophøre med at gælde fra en tidligere dato.
The Commission understands that these valuation difficulties can lead to problems of asymmetry of information.
Dette burde sikre, at Slovenien afhænder sin aktiebeholdning ud over det, der kræves for et blokerende mindretal, så hurtigt som muligt.
In view of these elements, it is understandable that – in the absence of such a mechanism – the investors will price in the issue in a maximalist manner.
Kommissionen konkluderer, at den reviderede tidsplan sammenholdt med det nye sæt slovenske tilsagn burde sikre, at både salget af NLB og afslutningen af omstruktureringsperioden ikke forsinkes unødigt.
As investors would price in the most negative scenario possible, the mechanism would allow Slovenian authorities to keep the upside of more favourable court rulings.
Kommissionen mener, at disse tilsagn vil bidrage positivt til NLB's rentabilitet.
In this context, the Commission also takes note that in […] the ECB, in its supervisory capacity, already imposed dividend restrictions because of the ongoing litigation.
Kommissionen bemærker også, at de misligholdte låns andel af de samlede lån er faldet yderligere i første kvartal 2018 til 8,8 % (sammenlignet med en andel på 9,2 % ved udgangen af december 2017).
As a result NLB has not been allowed to pay a dividend in […].
I åbningsafgørelsen fra 2018 havde Kommissionen også rejst tvivl om effektiviteten af Sloveniens oprindelige forslag om at udpege en uvildig administrator (»blind trustee«) som en kompenserende foranstaltning.
In conclusion, in a ‘no mechanism’ scenario, the report highlights that, for this reason, there will be a negative impact on the sale price of […] and the absence of a compensation mechanism would even endanger the completion of the IPO.
Da Slovenien har ikke medtaget dette tilsagn i sin seneste meddelelse, behøver Kommissionen ikke at drage nogen konklusion i denne afgørelse om effektiviteten af en sådan uvildig administrator.
The Commission notes that the report, based on reasonable assumptions verified by the Commission, indicates that the negative and maximalist view of investors on the Croatian litigation ([…]) in combination with the reduced interest from dividend investors ([…]) outweighs, by a meaningful margin, the estimated costs for the Slovenian State under the mechanism (maximum […], but lower in case of more favourable court rulings).
I åbningsafgørelsen fra 2018 konkluderede Kommissionen foreløbigt, at det forsinkede salg af NLB de facto havde forlænget omstruktureringsperiode.
Based on these elements, the Commission concludes that the mechanism will have a positive impact on the net proceeds from the sale of NLB.
Da en række tilsagn var logisk knyttet til omstruktureringsperioden (se betragtning 25 i indledningsafgørelsen fra 2018), anførte Kommissionen, at en forlængelse af fristen for salgsprocessen også burde gå hånd i hånd med en forlængelse af andre omstruktureringstilsagn.
Based on the assessment set out developed in recitals 58 to 61, the Commission accepts that a private vendor, in the very specific circumstances of the Croatian litigation, would also grant such a compensation mechanism in the context of a sale process and that therefore Slovenia does not confer NLB with an advantage.
Kommissionen bemærker, at Slovenien nu foreslår at forlænge næsten alle de relevante eksisterende tilsagn, indtil salget er afsluttet.
As the criteria set out in Article 107(1) TFEU are cumulative, and given that the condition of conferring an advantage is not fulfilled, the presence of additional State aid through the putting in place of a compensation mechanism is excluded.
Kommissionen rejste også tvivl om, hvorvidt fjernelsen af det alternative tilsagn om at afhænde datterselskaberne i Balkanlandene ville svække de eksisterende tilsagn.
With respect to the comments by Slovenia and by the other parties in sections 3 and 4 of this Decision, the Commission notes that a number of those comments relate rather to the 2013 Decision.
Kommissionen bemærker, at Slovenien har nu foreslået at give afhændelsesadministratoren et eksklusivt mandat til at sælge Sloveniens aktiebeholdning i NLB ud over det, der kræves for et blokerende mindretal, hvis Slovenien ikke overholder salgstilsagnet.
The Commission recalls that it will only assess the issues that were raised in the 2018 opening Decision and will not carry out any re-assessment of the 2013 Decision, neither as regards the assessment of the existence of aid assessment carried out at the time, nor the compatibility of that aid based on the commitments provided by the Slovenia in 2013.
Kommissionen mener, at tilføjelsen af afhændelsesadministratoren tager hensyn til de bekymringer, der er blevet udtrykt med hensyn til gennemførelsen af salget af 75 % – 1 af aktierne i NLB, og dermed styrker troværdigheden af salgstilsagnet og forbedrer af NLB's levedygtighed.
More specifically, the Commission will not re-assess its conclusion that NLB's long-term viability was crucially based on the commitment to sell its shareholding up to the Blocking Minority.
I betragtning 63 i åbningsafgørelsen fra 2018 udtrykte Kommissionen også tvivl om, hvorvidt Slovenien burde overveje yderligere strukturelle foranstaltninger vedrørende NLB såsom afhændelser af visse datterselskaber og/eller adfærdsmæssige foranstaltninger med henblik på at kompensere for forsinkelsen i salget af aktieandelen i NLB og i omstruktureringsprocessen.
The requirement for the change to NLB's ownership indeed ensured that NLB, at all its levels, would be managed in order to maximise value and would not pursue other short-term or long-term political objectives.
Da NLB vil være aktiv på markedet i en længere periode uden fuldt ud at have sikret sin langsigtede rentabilitet, kunne dette være en kilde til konkurrencedrejninger.
The Commission considers that the following comments of the other interested parties relate to the concerns and to the preliminary findings included in the 2018 opening Decision:
Kommissionen bemærker nu, at Slovenien har foreslået tre yderligere tilsagn, der indebærer udstedelse af et tier 2-kapitalinstrument senest den […], lukningen af [10-20] yderligere filialer og afhændelsen af NLB's kapitalinteresser i NLB Vita (sidstnævnte kun, hvis Slovenien ikke har reduceret sin aktiebeholdning i NLB ud over det, der kræves for et blokerende mindretal, senest ved udgangen af 2018).
the reference by the first party to other State aid cases for which the Commission had granted an extension of sale commitments and the argument that an extension of the deadline until 2019 is of overall beneficial to Slovenia and the Slovenian taxpayers.
Jo længere perioden er, uden at NLB's langsigtede levedygtighed er blevet sikret, desto flere kompenserende foranstaltninger kræves der således for at sikre, at hele sættet af tilsagn fortsat er ækvivalente med hensyn til kompenserende foranstaltninger.
the argument made by the first party that additional commitments would only worsen NLB's long-term viability prospects.
Kommissionen mener, at antallet af filialer, som Slovenien foreslår at lukke, er betydeligt (i forhold til det antal filialer, NLB har i Slovenien), og vil gøre NLB's kommercielle tilstedeværelse i Slovenien mindre fremtrædende.
As regards the comparison with other cases, the Commission recalls that in all cases it assesses compatibility on the basis of the Commission's Communications applicable at the time of the granting of the aid.
Kommissionen ser også positivt på virkningen af afhændelsen af NLB Vita både med hensyn til konkurrence og byrdefordeling, uden at det skader bankens rentabilitet unødigt.
The Commission also recalls that in this case, the sale of the stake in NLB was required in order to ensure NLB's viability and was part of an overall restructuring aid assessment, while in other cases the sale of assets took place in the context of a liquidation aid assessment.
Overordnet konkluderer Kommissionen, at de kompenserende foranstaltninger er tilstrækkelige til at kompensere for forsinkelsen i salget af 75 % – 1 af aktierne i NLB og den forlængede omstruktureringsproces.
The Commission notes that no specific reasons or examples of commitments are provided with regard to those claimed to have a negative impact on the viability of NLB.
I betragtning 63 i åbningsafgørelsen fra 2018 udtrykte Kommissionen også tvivl om, hvorvidt oprettelsen af et nyt leasingselskab så hurtigt efter afviklingen af det tidligere leasingselskab som følge af de tilsagn om statsstøtte, der lå til grund for afgørelsen fra 2013, måske ville være i strid med ånden i tilsagnet om at afhænde NLB's datterselskaber uden for bankens kerneområder.
As noted in recital 55 of the 2018 opening Decision, the Commission will assess whether the new set of commitments preserve the original balance of the 2013 Decision and the 2017 amendment Decision and whether the amended commitments do not negatively affect the viability of NLB, whilst at the same time also remain equivalent in terms of burden-sharing and compensatory measures.
Kommissionen bemærker, at NLB i mellemtiden har fjernet alle opstartsprocedurer, hvilket fjerner denne tvivl.
As Slovenia has notified amended commitments on 13 July 2018, the Commission will assess whether those new commitments could be considered as equivalent to those originally provided in the context of the 2013 Decision and the 2017 amendment Decision.
I åbningsafgørelsen fra 2018 blev Slovenien også opfordret til at præcisere, at de seneste tilsagn ikke ændrede eventuelle andre tilsagn, der lå til grund for ændringsafgørelsen fra 2017 (navnlig med hensyn til forbuddet mod opkøb).
The Commission will not re-assess the commitments that were provided on 21 December 2017 which have been assessed in the context of the 2018 opening Decision.
Kommissionen bemærker, at Slovenien nu har præciseret i sin nylige meddelelse, at forbuddet mod overtagelser fortsat gælder indtil den 31. december 2019.
A restructuring decision can in principle be amended where the amendment does not entail any additional aid and the amendment is based on new commitments which can be considered as equivalent to those originally provided.
KONKLUSION
In that situation, the existing aid measures would remain compatible on the basis of Article 107(3)(b) TFEU if the overall balance of the original decision remains intact.
På grundlag af ovenstående vurdering af det nye sæt tilsagn, der blev meddelt den 13. juli 2018, er Kommissionens tvivl om ækvivalensen af tilsagnene i åbningsafgørelsen fra 2018 blevet fjernet, og de konklusioner, der blev draget i afgørelsen fra 2013 og ændringsafgørelsen fra 2017, er ikke berørt.
In order to preserve the original balance, the amended commitments should not negatively affect the viability of the aid beneficiary, with the overall set of commitments remaining equivalent in terms of burden-sharing and compensatory measures, taking into account the requirements of the Restructuring Communication.
På grundlag af artikel 9, stk. 3, i Rådets forordning (EU) 2015/1589 konkluderer Kommissionen derfor, at den statsstøtte, der ydes til NLB, er forenelig med det indre marked i henhold til artikel 107, stk. 3, litra b), i TEUF.
The 2018 opening Decision recalls that the viability section of the 2013 Decision was crucially based on a change in NLB's ownership structure to ensure the long-term viability of NLB.
På grundlag af artikel 4, stk. 2, i forordning (EU) 2015/1589 konkluderer Kommissionen endvidere, at den mekanisme, der yder kompensation til NLB for de retlige følger af den verserende retstvist i Kroatien, ikke indebærer statsstøtte som omhandlet i artikel 107, stk. 1, i TEUF.
In 2013, the Slovenian authorities had indeed committed to eliminate the State's influence on NLB's day-to-day operations.
Kommissionen bemærker, at Slovenien undtagelsesvist har accepteret at modtage denne afgørelse udelukkende på engelsk —
Slovenia is now proposing to sell at least a 50 % + 1 stake in NLB by 31 December 2018 and the remaining shares up to the Blocking Minority by 31 December 2019.
VEDTAGET DENNE AFGØRELSE:
The Commission can reaffirm NLB's long-term viability if this revised timeline for the sale is very strictly complied with.
Erstatningen af de tilsagn, som Slovenien har givet i henhold til afgørelse SA.33229 (2012/C) (ex 2011/N) og SA.33229 (2017/N-2), med Sloveniens tilsagn som omhandlet i bilaget til denne afgørelse, er forenelig med det indre marked i henhold til artikel 107, stk. 3, litra b), i TEUF.
The Commission notes for instance that when the shareholding up to the Blocking Minority is sold before 31 December 2019, certain commitments will cease to apply from an earlier date.
Artikel 2
This should ensure that Slovenia will sell its shareholding up to the Blocking Minority as soon as possible.
Den kompensationsmekanisme, der skal kompensere NLB for de retlige følger af den igangværende retstvist i Kroatien, indebærer ikke statsstøtte som omhandlet i artikel 107, stk. 1, i TEUF.
The Commission concludes that the revised timeline in conjunction with the new set of Slovenian commitments should ensure that both the sale of NLB and the end of the restructuring period are not unduly delayed.
Artikel 3
In the 2018 opening Decision, the Commission also made other observations pointing at sub-optimal progress on the restoration of viability, such as the lack of new issue of subordinated debt capital, the high level of non-performing loans and the corporate governance issues related to nominations to the Supervisory Board.
Denne afgørelse er rettet til Republikken Slovenien.
The Commission notes that Slovenia, in its notification of 13 July 2018, commits that NLB will issue a Tier 2 instrument by […] and to only have independent experts as members of the Supervisory Board.
Udfærdiget i Bruxelles, den 10. august 2018.
The Commission considers that those commitments will positively contribute to the viability of NLB.
På Kommissionens vegne
The Commission also takes note of the fact that the non-performing loans share in total loans has further decreased in the first quarter of 2018 to 8,8 % (as compared to the 9,2 % ratio at the end of December 2017).
Medlem af Kommissionen
In the 2018 opening Decision, the Commission had also raised doubts with regard to the effectiveness of the initial proposal of Slovenia to appoint a blind trustee as a compensatory measure.
Kommissionens afgørelse i sag SA.33229 (»indledningsafgørelsen fra 2018«) (2018/C) (ex 2017/N-3) — Slovenien — Ændringer af omstruktureringstilsagn fra Nova Ljubljanska Banka d.d.
Since Slovenia has no longer included this commitment its most recent notification, there is no need for the Commission to reach any conclusion in this Decision on the effectiveness of such a blind trustee.
( EUT C 121 af 6.4.2018, s. 15).
In the 2018 opening Decision, the Commission preliminary concluded that the delay of the sale of NLB de facto prolonged the restructuring period.
Kommissionens afgørelse i sag SA.32261 (2011/N) — Slovenien — Rekapitaliseringsstøtte til NLB (EUT C 189 af 29.6.2011, s. 2).
As a number of commitments were logically linked to the restructuring period (see recital (25) of the 2018 opening Decision), the Commission indicated that an extension of the deadline for the sale process should go hand in hand with an extension of other restructuring commitments as well.
Kommissionens afgørelse i sag SA.34937 (2012/C) (ex 2012/N) og SA.33229 (2012/C) (ex 2011/N) — Anden kapitaltilførsel til NLB og omstrukturering af NLB (EUT C 361 af 22.11.2012, s. 18).
The Commission notes that Slovenia now proposes to extend almost all of the relevant existing commitments until the sale process is completed.
Kommissionens afgørelse i sag om statsstøtte nr. SA.34937 (2012/C) (ex 2012/N) anden kapitaltilførsel til NLB og SA.33229 (2012/C) (ex 2011/N) omstrukturering af NLB (EUT L 361 af 22.11.2014, s. 18).
The most relevant existing commitment of the 2013 Decision which is not fully extended until the shareholding is reduced to the Blocking Minority is the […] commitment.
Kommissionens afgørelse 2014/535/EU af 18. december 2013 om statsstøtte SA.33229 (2012/C) — (ex 2011/N) — Omstrukturering af NLB — Slovenien som Slovenien agter at yde til Nova Ljubljanska banka d.d.
However, the Commission notes that, in addition to the extension of existing commitments, additional compensatory commitments are provided.
(EUT L 246 af 11.7.2014, s. 28).
In the 2018 opening Decision, the Commission also expressed doubts whether Slovenia could not further improve NLB's viability by, inter alia, converting the blind trustee to a fully empowered divestiture trustee.
Se følgende pressemeddelelse: http://www.vlada.si/en/media_room/government_press_releases/_release/article/138_regular_government_session_government_rejects_minimum_offer_price_for_nlb_59951/.
The Commission also raised doubts whether the removal of the alternative commitment to divest the Balkan subsidiaries would not weaken the existing commitments.
Som der er redegjort nærmere for i betragtning 5, 6 og 7 i åbningsafgørelsen fra 2018.
The Commission notes that Slovenia has now proposed to grant the Divestiture Trustee an exclusive mandate to sell Slovenia's stake in NLB up the Blocking Minority if Slovenia does not comply with the sale commitment.
Konsolideret udgave af traktaten om Den Europæiske Unions funktionsmåde (EUT C 202 af 7.6.2016, s. 47).
The Commission considers that the addition of the divestiture trustee addresses the concerns expressed on the implementation of the sale of the 75 % - 1 stake in NLB, thereby strengthening the credibility of the sale commitment and improving NLB's viability prospects.
EØF-Rådets forordning nr. 1 om den ordning, der skal gælde for Det Europæiske Økonomiske Fællesskab på det sproglige område (EFT 17 af 6.10.1958, s. 385/58).
In recital (63) of the 2018 opening Decision, the Commission also expressed doubts whether Slovenia should not consider further structural measures for NLB such as divestments of certain subsidiaries and/or behavioural measures to compensate for the delay to the sale of the stake in NLB and to the restructuring process.
Præsentation af NLB-koncernen, resultater for 1. kvartal 2018, side 4.
As NLB will be active in the market for a longer period without having fully ensured its long-term viability, this could be a source of distortions of competition.
I de seneste år har NLB's ejerforhold undergået flere ændringer.
The Commission now observes that Slovenia has proposed three additional commitments involving the issue of a Tier 2 instrument by […], the closure of [10-20] additional outlets and the divestment of NLB's participation in NLB Vita (the latter only if Slovenia has not reduced its shareholding in NLB up to the Blocking Minority by the end of 2018).