natgillin/translations-raw huggingface dataset:
Ifølge retningslinjerne for banker fra 2013 indebærer midler, der ydes af en centralbank til specifikke kreditinstitutter, generelt overførsel af statsmidler [34].
In the following chapters, the Authority will assess whether the loan agreements concluded between the CBI and both ISB and Arion involve state aid within the meaning of Article 61(1) of the EEA Agreement.
Ud over disse bemærkninger kan spørgsmålet om, hvorvidt de omhandlede låneaftaler blev ydet af staten eller med statsmidler, forblive åbent som følge af ovenstående konklusion om, at foranstaltningerne ikke gav bankerne en økonomisk fordel.
A measure constitutes state aid within the meaning of Article 61(1) of the EEA Agreement if the following conditions are cumulatively fulfilled: the measure (i) is granted by the State or through State resources; (ii) confers an economic advantage on an undertaking; (iii) is selective; and (iv) is liable to distort competition and affect trade between Contracting Parties.
FORDEL
As a preliminary point, it should be reminded that there is no blanket exemption of monetary policy from the application of the state aid rules [28].
For at foranstaltningen udgør statsstøtte efter EØS-aftalens artikel 61, stk. 1, skal den give en virksomhed en økonomisk fordel.
Indeed, the exclusion of liquidity assistance from the application of state aid law, as mentioned in paragraph 21 above, is limited to measures fulfilling the conditions enumerated in paragraph 51 of the Authority's 2008 Banking Guidelines and paragraph 62 of the Authority's 2013 Banking Guidelines [29].
En fordel i henhold til EØS-aftalens artikel 61, stk. 1, er en økonomisk fordel, som en virksomhed ikke ville have opnået på normale markedsbetingelser, og som derfor sætter selskabet i en gunstigere situation end dets konkurrenter.
This does not imply that all actions by central banks are excluded from the application of the stateaid rules.
Det er kun foranstaltningens indvirkning på virksomheden, der er relevant, ikke årsagen til ellerformålet med statens indgriben [35].
In the present case, the Authority considers that the provision of long-term loans by the CBI does not comply with the conditions set out in the aforementioned paragraphs of the 2008 and 2013 Banking Guidelines, since the measures were connected to the restructuring measures provided to the two banks.
For at en foranstaltning kan udgøre statsstøtte, skal den give virksomheden en fordel, f.eks. en positiv økonomisk fordel eller fritagelse for økonomiske byrder.
Therefore, the Authority must assess the measures on the basis of the conditions set out in Article 61(1) of the EEA Agreement.
Sidstnævnte er en bred kategori, der omfatter enhver foranstaltning, der reducerer udgifter, der normalt skal afholdes af virksomhedens budget.
PRESENCE OF STATE RESOURCES
Hvorvidt indgåelsen af låneaftalerne kan anses for at give ISB og Arion en fordel, afhænger i sidste ende af, om en privat kreditor af tilsvarende størrelse som det offentlige organ, der driver virksomhed på de samme markedsbetingelser, ville have ydet et lån på de samme betingelser.
According to Article 61(1) of the EEA Agreement, a measure must be granted by the State or through State resources in order to constitute state aid.
Med henblik på vurderingen af, om et offentligt organ har handlet som en markedsøkonomisk aktør i en lignende situation, skal der kun tages hensyn til de fordele og forpligtelser, som er forbundet med statens eller det offentlige organs rolle som markedsøkonomisk aktør, og ikke dem, som er forbundet med sidstnævntes egenskab af offentlig myndighed [36].
The State, for the purpose of Article 61(1) of the EEA Agreement, covers all bodies of the public administration, from the central government to the city level or the lowest administrative level as well as public undertakings and bodies [30].
For at afgøre, om statens indgriben er i overensstemmelse med markedsbetingelserne, skal den desuden undersøges på forhånd alene under hensyntagen til de oplysninger, der foreligger på det tidspunkt, hvor der træffes beslutning om denne indgriben.
The measures under examination take the form of loan agreements between the CBI and Arion and ISB on allegedly favourable terms.
I mangel af specifikke markedsoplysninger om en given lånetransaktion kan det desuden fastslås, om lånet er ydet på markedsbetingelser, på grundlag af en sammenligning med sammenlignelige markedstransaktioner (dvs. gennem benchmarking).
In order to determine whether the provision of long-term loans by the CBI involves state resources, it needs to be assessed whether measures taken by a central bank can be regarded as imputable to the State.
Princippet om den private kreditor, som er udviklet og videreudviklet af Den Europæiske Unions retsinstanser [37], har til formål at fastlægge, om de betingelser, hvorunder en offentlig kreditors fordring tilbagebetales, eventuelt ved omlægning af betalinger, udgør statsstøtte.
Central banks are in general independent from the central government.
Når staten optræder, ikke som investor eller igangsætter af et projekt, men som kreditor, der forsøger at maksimere inddrivelsen af udestående gæld, er lempelig behandling alene i form af betalingshenstand muligvis ikke nok til, at der kan være tale om gunstig behandling for så vidt angår statsstøtte.
However, it is irrelevant whether or not an institution within the public sector is autonomous [31].
Under sådanne omstændigheder skal den offentlige kreditors adfærd sammenlignes med en hypotetisk privat kreditors adfærd i en tilsvarende faktisk og retlig situation.
Moreover, it is generally accepted that central banks do perform a public task.
Det afgørende spørgsmål er, om en privat kreditor ville have ydet en lignende behandling til en debitor under lignende omstændigheder.
The Authority notes that there is well-established case law that financial support provided by an institution serving a public purpose can result in the granting of state aid [32].
Inden vurderingen af låneaftalerne skal det afgøres, om den indledende forsinkelse i afviklingen af betalinger, som angiveligt varede fra oktober 2008 til udgangen af 2009, kan udgøre statsstøtte.
The public support granted by a central bank can thus also be regarded as being imputable to the State and thus qualify as state aid [33].
Generelt kan offentlige organers indrømmelse af henstand give debitoren en fordel og udgøre statsstøtte.
Indeed, according to the 2013 Banking Guidelines, funds provided by a central bank to specific credit institutions generally imply the transfer of State resources [34].
Mens midlertidig henstand med sandsynlighed ville svare til de betingelser, en privat kreditor ville fastsætte, og dermed ikke udgør statsstøtte, kan sådanne betingelser, som indledningsvis er i overensstemmelse med markedsbetingelserne, udgøre statsstøtte, hvis der er tale om langvarig betalingshenstand [38].
However, beyond these remarks, the question of whether the loan agreements in question were granted by the State or through state resources can be left open, given the conclusion reached in the following section that the measures did not confer an economic advantage on the banks.
Fra en privat kreditors synspunkt er håndhævelsen af en skyldig fordring en selvfølgelighed.
ADVANTAGE
Dette gælder også, hvis debitoren er i finansielle vanskeligheder og i tilfælde af insolvens.
In order to constitute state aid within the meaning of Article 61(1) of the EEA Agreement, the measures must confer an advantage upon an undertaking.
Private kreditorer er under sådanne omstændigheder sædvanligvis ikke villige til at acceptere yderligere henstand, hvis dette ikke giver dem en klar fordel.
An advantage, within the meaning of Article 61(1) of the EEA Agreement, is any economic benefit which an undertaking would not have obtained under normal market conditions, thus placing it in a more favourable position than its competitors.
Når en debitor kommer i finansielle vanskeligheder, ville yderligere lån tværtimod kun blive ydet til debitoren på strengere vilkår, f.eks. til en højere rente eller med mere omfattende sikkerhed, da tilbagebetalingen er i fare.
Only the effect of the measure on the undertaking is relevant, and not the cause or objective of the State intervention [35].
Undtagelser kan desuden være begrundet i individuelle tilfælde, hvis manglende håndhævelse er et økonomisk mere fornuftigt alternativ.
For it to constitute aid, the measure can take the form of a positive economic advantage as well as a relief of economic burdens.
Dette er f.eks. tilfældet, hvis manglende håndhævelse indebærer klart bedre udsigter til at inddrive en betydeligt større del af fordringerne sammenlignet med andre alternativer, eller hvis endnu større driftstab kan undgås på denne måde.
The latter is a broad category comprising any measure mitigating the charges that would normally be borne from the undertaking's budget.
Det kan være i en privat kreditors interesse at holde debitorens virksomhed i gang i stedet for at afvikle dens aktiver og dermed under visse omstændigheder kun inddrive en del af gælden.
The question of whether the conclusion of the loan agreements could be regarded as granting ISB and Arion an advantage will ultimately depend on whether a private creditor of a comparable size to that of the public body, operating in the same market conditions, would have granted a similar loan on similar conditions.
Når privat kreditor accepterer at undlade at håndhæve sin fordring fuldt ud, vil han sædvanligvis kræve, at debitoren stiller yderligere sikkerhed.
In order to determine whether a public body has acted like any market economy operator in a similar situation, only the benefits and obligations linked to the role of the State or public body as an economic operator — to theexclusion of those linked to its role as a public authority — are to be taken into account [36].
Hvis dette ikke er muligt, f.eks. for kriseramte debitorer, vil den private kreditor forsøge at få sikkerhed for maksimal kompensation, hvis debitorens finansielle situation senere forbedres.
Moreover, in order to determine whether a state intervention is in line with market conditions, it must be examined on an ex ante basis, only taking into account the information available at the time the intervention was decided upon.
Hvis debitoren stiller utilstrækkelig sikkerhed eller garanti, ville en privat kreditor generelt ikke være villig til at indgå aftaler om gældsomlægning eller yde debitoren yderligere lån.
In addition, in the absence of specific market information on a given debt transaction, the debt instrument's compliance with market conditions may be established on the basis of a comparison with comparable market transactions, that is to say through benchmarking.
Med hensyn til den indledende forsinkelse i afviklingen af betalinger hævder den islandske centralbank, at afviklingen af ISB's betalinger i september 2009 og Kaupthings betalinger i november 2009 ikke kan anses for en forsinkelse i lyset af de ekstraordinære omstændigheder, der gjorde sig gældende i Island efter banksystemets kollaps i oktober 2008.
The private creditor test, developed and refined by the courts of the European Union [37], serves to establish whether the conditions under which a public creditor's claim is to be repaid, possibly by rescheduling payments, constitutes state aid.
I perioden efter kollapset og indtil afviklingen af fordringerne gennemførte Island en omfattende omstrukturering af banksystemet med bistand fra IMF, og der herskede betydelig usikkerhed medhensyn til værdiansættelsen af bankernes aktiver.
When the State is in the position, not as an investor or a promoter of a project, but as a creditor trying to maximise the recovery of an outstanding debt, lenient treatment alone, in the form of deferral of payment, may not be sufficient to presume favourable treatment in the sense of state aid.
Den islandske centralbank havde som bankernes kreditor derfor brug for tid til at foretage en grundig vurdering af de aktiver, der blev anvendt som sikkerhed.
In such circumstances the conduct of the public creditor is to be compared with that of a hypothetical private creditor in a comparable factual and legal situation.
Tilsynsmyndigheden har vurderet disse argumenter og finder, at den islandske centralbank handlede i overensstemmelse med princippet om den private kreditor for så vidt angår den indledende forsinkelse.
The crucial question is whether a private creditor would have granted similar treatment to a debtor in similar circumstances.
Tilsynsmyndigheden skal desuden vurdere, om en privat kreditor med tilsvarende kortfristede fordringer mod de misligholdende banker ville have accepteret overførslen af boliglåneporteføljerne på de fastsatte betingelser og den efterfølgende indgåelse af låneaftaler med de nye banker på de samme betingelser.
Prior to assessing the loan agreements, the question arises as to whether the initial delay in settling payments, which is understood to have lasted from around October 2008 until late 2009, may involve state aid.
Tilsynsmyndigheden bemærker, at den islandske centralbank i kølvandet på Glitnirs og Kaupthings kollaps i efteråret 2008 befandt sig i en position, hvor håndhævelse af sikkerhed som i forbindelse med Arion og ISB ville være urealistisk.
In general, decisions by public bodies to tolerate late payments on a loan may entail an advantage to the debtor and involve state aid.
Eftersom låneporteføljerne udgjorde en stor del af Arions og ISB's kundebase, kunne overførsel af sådan sikkerhed have bragt Arions og ISB's finansielle stabilitet i fare og have fået disse finansielle virksomheder til at gå konkurs.
While a temporary deferral of payment would probably correspond to the conduct of a private creditor and thus not involve state aid, such conduct, initially consistent with market conditions, could turn into state aid in cases of protracted delays in payment [38].
Håndhævelse af sikkerheden ville også have medført yderligere administrative udgifter for den islandske centralbank.
From the point of view of a private creditor, enforcement of a claim that has become due is the self-evident norm.
Hvis låneporteføljerne var blevet udbudt til salg, ville den islandske centralbank desuden ikke have haft vished for rimelig inddrivelse, og det var i lyset af markedssituationen i Island på daværende tidspunkt højst usandsynligt, at investorer med tilstrækkelig kapitalstyrke ville have været i stand til at købe porteføljerne.
This also applies if the debtor undertaking is in financial difficulties, as well as in the case of insolvency.
Hvis boliglåneporteføljen var blevet overført — enten ved at håndhæve sikkerheden eller efter en konkurs — ville den islandske centralbank derfor i sidste ende have været i stand til at inddrive en mindre del af den kortfristede gæld.
Private creditors will not normally be willing in such circumstances to accept further deferral of payment if this does not bring them any clear advantage.
På denne baggrund valgte den islandske centralbank derfor at indgå låneaftalerne for at sikre fuld betaling af sine fordringer med rente og uden yderligere administrative udgifter.
On the contrary, once a debtor runs into financial difficulty, further loans would only be granted to the debtor under stricter terms, e.g. at a higher interest rate or with more comprehensive securities, as repayment is endangered.
Låneaftalerne blev derfor indgået for at sikre maksimal inddrivelse på daværende tidspunkt.
Exceptions may be justifiable in individual cases where non-enforcement seems to be the economically more sensible alternative.
På grundlag af disse elementer finder Tilsynsmyndigheden, at den islandske centralbank forsøgte at maksimere inddrivelsen af dens fordringer, da den indgik låneaftalerne.
This would be the case when non-enforcement offers clearly improved prospects of collecting a substantially higher proportion of the claims in comparison with other possible alternatives or if even greater consequential losses can be averted in this way.
Tilsynsmyndigheden skal også vurdere, om de betingelser, der er tilknyttet låneaftalerne, og navnlig de gældende renter ville være af tilstrækkelig værdi for en privat kreditor til at opfylde princippet om den private kreditor.
It can be in the interest of a private creditor to keep the business of the debtor company running instead of liquidating its assets and thus, under certain circumstances, only collecting a part of the debt.
I afgørelse nr. 208/15/KOL bemærkede Tilsynsmyndigheden, at det var vanskeligt at fastsætte hensigtsmæssige benchmarks for renter under finanskrisen.
When a private creditor accepts to refrain from enforcing his claim in full, he will normally require the debtor to provide additional securities.
Som svar på dette har ISB, Arion og den islandske centralbank indgivet yderligere oplysninger og bemærkninger.
When this is not possible, for instance in cases of debtors in financial difficulty, the private creditor will seek assurances of maximum compensation should the financial condition of the debtor later improve.
ISB hævder, at renterne er i overensstemmelse med renterne på lignende obligationer med sikkerhed i aktiver på daværende tidspunkt.
If insufficient securities or commitments are made by the debtor, a private creditor would generally not accept to conclude debt rescheduling agreements or provide the debtor with additional loans.
Løbetiden for ISB's obligation er ti år med en rentesats på 4,5 %, og den er koblet til forbrugerprisindekset.
With respect to the initial delay in settling payments, the CBI argues that settling payments with ISB in September 2009 and with Kaupthing in November 2009 cannot be considered a delay given the exceptional circumstances prevailing in Iceland after the collapse of the banking system in October 2008.
Den er desuden oversikret med et lån til værdi-forhold på 70 %.
During the period from the collapse until the settlement of the claims, Iceland was undergoing a comprehensive bank restructuring with the assistance of the IMF and there was considerable uncertainty about the fair valuation of the banks' assets.Therefore, the CBI as the creditor of the banks needed time to properly evaluate the assets that served as collateral.
Renten var fastsat til ca. 50 basispoint over de statsgaranterede HFF-obligationer på udstedelsesdatoen.
The Authority has assessed these arguments and considers that the CBI acted in line with the private creditor test concerning the initial delay.
Til sammenligning lå satserne i Europa for lignende værdipapirer med sikkerhed i aktiver generelt 40-80 basispoint over statsgaranterede værdipapirer.
Further, the Authority needs to assess whether a private creditor holding similar short-term claims on the defaulting banks would have agreed to the transfer of the housing loan portfolios under the conditions set out above and to the subsequent conclusion of loan agreements with the new banks according to the same conditions.
ISB fremlagde også et diagram, der viser, at rentespændene for Frankrig, Tyskland og Spanien lå i intervallet 40-160 basispoint i 2009.
The Authority notes that in the wake of Glitnir's and Kaupthing's collapse in the autumn of 2008, the CBI found itself in a position where it was unrealistic to expect to enforce collateral like the ones in question in the case of Arion and ISB.
Arion anfører ligeledes, at dens låneaftale med den islandske centralbank blev indgået på markedsvilkår.
Taking into account that the loan portfolios constituted a large share of Arion's and ISB's customer base, appropriating such collateral could have jeopardised the financial stability of Arion and ISB and driven these financial undertakings into bankruptcy.
Arion sammenligner den bl.a. med en lignende aftale indgået mellem NBI og LBI.
Enforcing the collateral would have also entailed additional administrative expenses for the CBI.
Begge aftaler blev indgået næsten samtidig, dvs. slutningen af 2009 og begyndelsen af 2010, og omfattede lignende afvikling af fordringer.
Moreover, if the loan portfolios had been offered for sale, the CBI would also have had no assurance of acceptable recovery, and it was highly unlikely that investors with sufficient capital strength would have been available to buy the portfolios, given the market situation in Iceland at the time.
Ifølge denne sammenligning var vilkårene i Arions låneaftale strengere end vilkårene i LBI's aftale, der involverede en privat långiver.
Therefore, appropriating the housing loan portfolios — either by enforcing the collateral or following bankruptcy — would have resulted in the CBI recovering a lower amount of the short-term debt in the end.
LBI's aftale krævede tilsyneladende lavere renter, omfattede en højere hovedstol og havde svagere og mindre diversificeret sikkerhed end Arions låneaftale.
Faced with this situation, the CBI therefore chose to enter into the loan agreements to ensure full payment of its claims, with interest and without having to incur administrative expenses.
Som nævnt ovenfor viser de data, som Arion har fremlagt, at de europæiske bankers finansieringsspænd varieredemellem 0,1 % og 1,90 % over interbanksatsen med et medianspænd på 0,72 %.
The loan agreements were thus entered into to achieve maximum possible recovery at that time.
De højeste satser for dækkede obligationer blev betalt af Bank of Ireland i september 2009 (1,9 % over interbanksatsen) og EBS Mortgage Finance fra Irland (1,75 % over interbanksatsen) i november 2009.
Based on these elements, the Authority considers that the CBI endeavoured to maximise the recovery of its claims when entering into the loan agreements.
Den islandske centralbank anfører videre, at vilkårene i låneaftalerne, dvs. renterne og sikkerheden, var gunstige for centralbanken.
The Authority also must assess whether the conditions attached to the loan agreements, and in particular the applicable interest rates, would have been sufficiently valuable to a private creditor to meet the requirement of the private creditor test.
Dette fremgår ifølge den islandske centralbank af de foreliggende oplysninger om udstedte instrumenter på globalt plan (som dokumenteret af Arion, jf. ovenfor) og af vilkårene for andre instrumenter, der blev indgået på daværende tidspunkt, herunder LBI-aftalen.
In Decision No 208/15/COL, the Authority noted that it was difficult to determine the appropriate benchmarks for interest rates during the financial crisis.
Tilsynsmyndigheden bemærker, at låneaftalerne indgået mellem den islandske centralbank og bankerne forrentes med en rente svarende til LIBOR + 3,00 % og er sikret med pantebreve og andre aktiver.
In response to this, ISB, Arion and the CBI have submitted additional information and comments.
Som det fremgår af de oplysninger, som ISB og Arion har fremlagt, ligger denne rente et godt stykke over gennemsnitsrenterne for tilsvarende gældsinstrumenter, der blev indgået på daværende tidspunkt, og overstiger endda de maksimale finansieringsomkostninger for andre europæiske banker, som daværende tidspunkt anvendte pantebreve som sikkerhed (dvs. Bank of Ireland, interbanksatsen + 1,9 %).
ISB argues that the interest rates are in line with the interest rates of similar asset-backed bonds at the time.
Tilsynsmyndigheden finder, at de oplysninger om sammenlignelige gældsinstrumenter, som bankerne har fremlagt, er pålidelige og giver et nøjagtigt billede af markedsbetingelserne på det tidspunkt, hvor låneaftalerne blev indgået.
The ISB bond's maturity is 10 years, with an interest rate of 4,5 %, CPI linked (consumer price-indexed), and is over-collateralised with a LTV ratio of 70 %.
Eftersom private parter accepterede disse renter, finder Tilsynsmyndigheden endvidere, at de er et mere hensigtsmæssigt benchmark for fastsættelsen af markedssatser på daværende tidspunkt end de CDS-spænd og HFF-obligationsrenter, som klageren henviser til.
The interest rate was set at about 50 bps on top of the state-guaranteed HFF bonds on the date of issue.