natgillin/translations-raw huggingface dataset:
Payment appropriations for measure No 1 in programme No 732 amount to EUR 600 million.
Programmi nr 732 meetme nr 01 maksete assigneeringud ulatuvad 660 miljoni euroni.
Payment appropriations for programme No 823 amount to EUR 50 million.
Programmi nr 823 maksete assigneeringud ulatuvad 50 miljoni euroni.
That would be possible only by the annulment of the guarantee itself, either by France or the Commission on the basis of an act with binding legal effect. In conclusion, even though Fitch mistakenly believes that the Commission letter invalidates the guarantee, Fitch nonetheless continues to recognise the ‘exceptional level of support that La Poste can receive from its principal, and the high probability that it would be provided if necessary’.
Kokkuvõtteks, isegi kui Fitch leiab ekslikult, et komisjoni kiri põhjustab garantii tühistamise, tunnustab Fitch jätkuvalt „selle abi erakordset suurust, mida La Poste võib oma volituste alusel saada, samuti suurt tõenäosust, et seda talle vajaduse korral antakse”.
[…] The downgrade of AGF, the holding company, is not specific to any issues within the French franchise and generally reflects the Allianz group’s financial leverage and fixed-charge coverage, which are increasingly aggressive relative to the group’s ratings and are a result of the group’s weakened consolidated capital base and reduced earnings. ’
[…]The downgrade of AGF, the holding company, is not specific to any issues within the French franchise and generally reflects the Allianz group’s financial leverage and fixed-charge coverage, which are increasingly aggressive relative to the group’s ratings and are a result of the group’s weakened consolidated capital base and reduced earnings.
Extract from ‘International Postal Entities: Influence of government support on ratings’. Standard & Poor ' s, 22 November 2004: ‘Category 2: notching down with respect to the state owner's rating.
Väljavõte Standard & Poor’si 22. novembri 2004. aasta väljaandest „International Postal Entities: Influence of government support on ratings”: „Category 2: notching down with respect to the state owner’s ratings.
Extract from ‘International Postal Entities: Influence of government support on ratings’. Standard & Poor’s, 22 November 2004: ‘Unlike the credit quality of companies that operate in a commercial manner at arm’s length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste’s robust credit quality is its extremely strong state support.
Väljavõte Standard & Poor’si 22. novembri 2004. aasta väljaandest „International Postal Entities: Influence of government support on ratings”: „Unlike the credit quality of companies that operate in a commercial manner at arm’s length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste’s robust credit quality is its extremely strong State support.
‘Rating Government-Related Entities: A Primer’. Standard & Poor’s, 14 June 2006.
„Rating Government-Related Entities: A Primer”, Standard & Poor’s, 14. juuni 2006.
The Court also noted that a breach of Article 1 of Protocol No 1 to the European Convention on Human Rights had taken place: ‘The interested parties’ inability to have these judgments implemented constitutes interference with those parties’ property rights — interference such as is referred to in the first sentence of the first paragraph of Article 1 of Protocol No 1. The Government has provided no justification at all for such interference, and the Court considers that lack of resources cannot legitimise the omission concerned (ibid)’.
Samuti tegi kohus kindlaks Euroopa inimõiguste ja põhivabaduste kaitse konventsiooni esimese protokolli artikli 1 rikkumise: „Huvitatud isikute võimatus neid kohtuotsuseid täita kujutab endast esimese protokolli artikli 1 esimese lõigu esimeses lauses osutatud omandiõiguse rikkumist.
742; Court of Cassation, Soc. 6 November 1991, JCP E1992, pan.
742; kassatsioonikohtu 6. novembri 1991. aasta otsus, JCP E1992, pan.
Decree No 81-1009 of 12 November 1981, abolishing the Institut Auguste Comte pour l’étude des sciences et de l’action: any surplus on the winding up is paid to the State.Decree No 83-1185 of 27 December 1983, winding up the Etablissement public chargé de l’aménagement de la ville nouvelle de Lille-Est: ‘the assets and liabilities of the Etablissement public d’aménagement de la ville nouvelle de Lille-Est shall be transferred on this date to the Communauté urbaine de Lille under the conditions established by the above-mentioned agreement of 5 December 1983, with the exception of the goods listed in the Annex to this decree, which shall be transferred to the Institut de recherche des transports’. Decree No 83-1263 of 30 December 1983 relating to the winding up of the Service national d’examen des permis de conduire: ‘the transactions are listed in the special “Winding up of publicly owned establishments” Treasury account ’.
novembri 1981. aasta määrus nr 81-1009, mis käsitleb Auguste Comte’ teadusuuringute instituudi sulgemist: võimalik likvideerimisest üle jääv vara kantakse üle riigile.27. detsembri 1983. aasta määrus nr 83-1185, milles käsitletakse uue linna Lille-Esti avalik-õigusliku linnaplaneerimise asutuse likvideerimist: „Uue linna Lille-Esti avalik-õigusliku linnaplaneerimise asutuse varad ja kohustused kantakse selleks kuupäevaks üle Lille’i linnavalitsusele eespool osutatud 5. detsembri 1983. aasta kokkuleppes kindlaksmääratud tingimustel, välja arvatud käesoleva määruse lisas loetletud varad, mis kantakse üle transpordi uurimisinstituudile.”30. detsembri 1983. aasta määrus nr 83-1263, milles käsitletakse riikliku sõidueksamite teenistuse likvideerimist: tehingud kantakse riigikassa erikontole „Riigiasutuste likvideerimine”.
of 26 February 2010
veebruar 2010,
on State aid C 9/09 (ex NN 49/08, NN 50/08 and NN 45/08) implemented by the Kingdom of Belgium, the French Republic and the Grand Duchy of Luxembourg for Dexia SA
riigiabi C 9/09 (ex NN 49/08; NN 50/08 ja NN 45/08) kohta, mida Belgia Kuningriik, Prantsuse Vabariik ja Luksemburgi Suurhertsogiriik andsid äriühingule Dexia SA
(notified under document C(2010) 1180)
(teatavaks tehtud numbri K(2010) 1180 all)
Having called on interested parties to submit their comments pursuant to the provisions cited above [1],
olles kutsunud huvitatud isikuid üles esitama märkusi vastavalt eespool osutatud sätetele [1]
EMERGENCY MEASURES FOR DEXIA
DEXIA KASUKS KOHALDATUD ERAKORRALISED MEETMED
On 30 September 2008, the authorities of Belgium, France and Luxembourg (‘the Member States concerned’) publicly announced the implementation of the capital increase described in section 3.1 of this decision (‘the capital increase’).
septembril 2008 teatasid Belgia, Prantsusmaa ja Luksemburgi (edaspidi ‘asjaomased liikmesriigid’) ametiasutused avalikult käesoleva otsuse jaotises 3.1 kirjeldatud kapitali suurendamisest (edaspidi „kapitali suurendamine”).
On 9 October 2008, the Member States concerned announced the implementation of the guarantee described in section 3.2 (‘the guarantee’).
oktoobril 2008 teatasid asjaomased liikmesriigid jaotises 3.2 kirjeldatud tagatise (edaspidi „tagatis”) andmisest.
By communications of 1 and 2 October 2008, recorded the same day at the Commission, the authorities of the Member States concerned informed the Commission of the measures they had taken in the context of the capital increase.
ja 2. oktoobril 2008 komisjonile saadetud ja samadel päevadel registreeritud kirjades teavitasid asjaomased liikmesriigid komisjoni meetmetest, mida nad olid kapitali suurendamiseks võtnud.
Reasoned letters, justifying the urgency of the measures taken by the Member States concerned in the context of the capital increase, were then addressed to the Commission:
Seejärel sai komisjon kirjad, milles põhjendati kapitali suurendamise raames võetud meetmete kiireloomulisust:
letter from the Banque nationale de Belgique (‘BNB’), received on 1 October 2008,
Belgia Riigipanga (Banque Nationale de Belgique, edaspidi „BNB”) 1. oktoobril 2008 laekunud kiri;
letter from the Banque de France, received on 2 October 2008,
Prantsusmaa keskpanga (Banque de France) 2. oktoobril 2008 laekunud kiri;
letter from the Commission luxembourgeoise de surveillance des services financiers (‘CSSF’), received on 10 October 2008.
Luksemburgi finantsteenuste järelevalve komisjoni (Commission luxembourgeoise de surveillance des services financiers, edaspidi „CSSF”) 10. oktoobril 2008 laekunud kiri.
By communications of 9, 13 and 17 October 2008, the Member States concerned informed the Commission of the implementation of the guarantee.
9., 13. ja 17. oktoobril 2008 teavitasid asjaomased liikmesriigid komisjoni tagatise andmisest.
By communications of 2, 13 and 14 October 2008, the Member States concerned undertook to present to the Commission, within a period of six months from 3 October 2008, a restructuring plan for Dexia, taking into account the measures taken on 3 and 9 October 2008.
2., 13. ja 14. oktoobri 2008. aasta kirjades võtsid asjaomased liikmesriigid kohustuse esitada komisjonile kuue kuu jooksul alates 3. oktoobrist 2008 Dexia ümberkorralduskava, milles arvestataks 3. ja 9. oktoobril 2008 võetud meetmetega.
By letters of 8 and 13 October, in a concern for transparency, the BNB informed the Commission of a liquidity assistance operation (‘the LA operation’), put in place by the BNB, in cooperation with the Banque de France, on account of Dexia’s temporary liquidity problems.
ja 13. oktoobri 2008. aasta kirjades teavitas BNB komisjoni läbipaistvuse huvides likviidsusabist, mida BNB andis koos Prantsusmaa keskpangaga Dexia ajutiste likviidsusprobleemide tõttu.
It has kept the Commission informed of the amounts drawn on that operation.
BNB hoidis komisjoni kursis selleks eraldatud summadega.
On 14 November 2008, the Belgian and French States publicly announced the establishment of a guarantee relating to the financial products of Dexia’s subsidiary, Financial Security Assurance (FSA) (‘the FSA measure’).
novembril 2008 teatasid Belgia ja Prantsusmaa avalikult tagatise andmisest Dexia tütarettevõtja Financial Security Assurance (FSA) finantstoodetele (edaspidi „FSA meede”).
FIRST COMMISSION DECISION: NOT TO RAISE OBJECTIONS TO THE EMERGENCY MEASURES
KOMISJONI ESIMENE OTSUS: ERAKORRALISTE MEETMETE SUHTES EI ESITATA VASTUVÄITEID
By decision of 19 November 2008 [2], the Commission decided not to raise any objections to the LA operation and the guarantee by the Member States concerned in respect of certain of Dexia’s liabilities.
novembri 2008. aasta otsusega [2] otsustas komisjon mitte esitada vastuväiteid likviidsusabi suhtes ega asjaomaste liikmesriikide teatavatele Dexia kohustustele antud tagatise suhtes.
The Commission considered these measures to be rescue aid to an undertaking in difficulties and therefore compatible with the internal market on the basis of Article 107(3)(b) TFEU [3], and authorised these measures for a period of six months from 3 October 2008, specifying that after that time the Commission would have to re-evaluate the aid as a structural measure.
Komisjon leidis, et kõnealused meetmed on ELi toimimise lepingu artikli 107 lõike 3 punkti b [3] alusel siseturuga kokkusobivad kui abi raskustes oleva äriühingu päästmiseks, ning andis loa jätkata nende kohaldamist kuue kuu jooksul alates 3. oktoobrist 2008, täpsustades, et pärast selle ajavahemiku lõppemist peab komisjon hakkama abi hindama struktuurse meetmena.
The decision of 19 November 2008 also expressly provided that the other aid measures would be examined separately as part of a later decision.
novembri 2008. aasta otsuses sätestati ka selgesõnaliselt, et teisi meetmeid uuritakse eraldi ja nende suhtes langetatakse otsus hiljem.
COMPLAINT BY A THIRD PARTY AGAINST ALLEGED STATE AID RECEIVED BY DEXIA
KOLMANDA ISIKU KAEBUS VÄIDETAVA DEXIALE ANTUD RIIGIABI KOHTA
By letter received on 6 November 2008, a complaint was lodged with the Commission against allegedly illegal State aid received by Dexia.
novembril 2008 laekunud kirjas esitati komisjonile kaebus väidetava ebaseadusliku riigiabi kohta Dexiale.
This complaint was lodged by a competitor of Dexia Banque Belgique (‘DBB’) and refers in particular to the EUR 3 billion capital increase subscribed to by the authorities and Dexia’s Belgian shareholders and the guarantee issued by the Belgian State in respect of interbank and similar loans in favour of Dexia.
Kaebuse esitas Dexia Banque Belgique’i (edaspidi „DBB”) konkurent ning selles käsitletakse täpsemalt kolme miljardi euro suurust kapitali suurendamist riigiasutuste ja Dexia Belgia aktsionäride poolt, samuti Belgia riigi tagatist Dexia pankadevahelistele ja muudele sarnastele laenudele.
EXTENSION OF THE MEASURES AND DEXIA’S RESTRUCTURING PLAN
MEETMETE RAKENDAMISE JÄTKAMINE JA DEXIA ÜMBERKORRALDUSKAVA
Furthermore, under this initial restructuring plan, the authorities of the Member States concerned asked the Commission to authorise the extension of the guarantee mechanism until the deadline provided for in the guarantee agreement, that is to say 31 October 2009, and the continuation of the preferential remuneration rate of 25 basis points for the guarantee covering bonds with a maturity of less than one month.
Ühtlasi küsisid asjaomased liikmesriigid esialgse ümberkorralduskava raames komisjonilt luba jätkata tagatismehhanismi rakendamist tagatislepingus ettenähtud tähtpäevani ehk 31. oktoobrini 2009 ning säilitada tagatise tasu 25-baaspunktiline soodusmäär alla kuuajalise tähtajaga võlakirjadele.
In addition, the Commission was also asked to confirm that, if the guarantee were to be extended beyond October 2009 (to October 2010), that extension would be compatible with the common market.
Samuti paluti komisjonilt kinnitust, et juhul, kui tagatist pikendatakse kauemaks kui 2009. aasta oktoober (2010. aasta oktoobrini), on see ühisturuga kokkusobiv.
As a precautionary measure, the Belgian Government also requested the extension until 31 October 2009 of the possibility of Dexia using LA operations provided by the BNB.
Samuti taotles Belgia valitsus ennetavalt, et Dexial säiliks võimalus kasutada BNB likviidsusabi kuni 31. oktoobrini 2009.
Finally, the Belgian and French Governments notified the Commission of the implementation of the FSA measure, publicly announced on 14 November 2008.
Ka teavitasid Belgia ja Prantsusmaa valitsused komisjoni FSA meetmest, mis avalikustati 14. novembril 2008.
SECOND COMMISSION DECISION: INITIATION OF THE FORMAL PROCEDURE
KOMISJONI TEINE OTSUS: AMETLIKU MENETLUSE ALGATAMINE
By letter of 13 March 2009, the Commission notified the Belgian, French and Luxembourg authorities of its decision to initiate the procedure laid down in Article 108(2) TFEU concerning all the aid granted to Dexia [4].
märtsi 2009. aasta kirjas teatas komisjon Belgia, Prantsusmaa ja Luksemburgi ametiasutustele oma otsusest algatada ELi toimimise lepingu artikli 108 lõikega 2 ette nähtud menetlus kogu Dexiale antud abi suhtes [4].
However, the letter specifies that, in order to allow the rapid sale of FSA, the Commission did not raise any objection to certain aspects of the FSA measure which were considered to be compatible with the internal market, on the basis of Article 107(3)(b) TFEU.
Kirjas täpsustatakse siiski, et FSA kiire müügi huvides ei esita komisjon vastuväiteid FSA meetme teatavate aspektide suhtes, mis tunnistati ELi toimimise lepingu artikli 107 lõike 3 punkti b alusel siseturuga kokkusobivaks.
Finally, the letter specifies that the guarantee by the Member States concerned in favour of Dexia, valid until 30 October 2009, could be considered to be compatible with the internal market, on the basis of Article 107(3)(b) TFEU, pending the Commission’s final decision closing the formal procedure.
Samuti selgitatakse kirjas, et asjaomaste liikmesriikide tagatist Dexiale, mis kehtib 30. oktoobrini 2009, võib lugeda ELi toimimise lepingu artikli 107 lõike 3 punkti b alusel ühtse turuga kokkusobivaks kuni komisjoni lõpliku otsuseni, mis lõpetab ametliku menetluse.
The Commission’s decision to initiate the procedure was published in the Official Journal of the European Union.
Komisjoni otsus menetluse algatamise kohta avaldati Euroopa Liidu Teatajas.
The Commission received no comments on this subject from interested parties.
Komisjon ei saanud huvitatud isikutelt märkusi.
With regard to the questions relating to the FSA measure (valuation of the assets covered by the measure and remuneration of the measure), the Commission relied on the technical analysis of external experts under contract with the Commission (Oliver Wyman).
Teatavates FSA meetmega seotud küsimustes (meetmega hõlmatud varade väärtuse hindamine ja meetme tasu) toetus komisjon oma lepinguliste välisekspertide (Oliver Wyman) tehnilisele analüüsile.
THIRD COMMISSION DECISION: EXTENSION OF THE GUARANTEE
KOMISJONI KOLMAS OTSUS: TAGATISE PIKENDAMINE
Since the guarantee agreement concluded between Dexia and the Member States concerned was due to expire on 31 October 2009, the Member States concerned notified the Commission on 27 October 2009 of the renewal of the guarantee agreement until 28 February 2010, subject to certain adjustments.
Dexia ja asjaomaste liikmesriikide vahel sõlmitud tagatislepingu tähtpäev pidi olema 31. oktoober 2009 ning 27. oktoobril 2009 teatasid asjaomased liikmesriigid komisjonile tagatislepingu pikendamisest teatavate kohandustega kuni 28. veebruarini 2010.
Information on the changes made to the guarantee agreement was communicated to the Commission on 10 September, 8 October and 27 October 2009.
Komisjoni teavitati tagatislepingus tehtud muudatustest 10. septembril, 8. oktoobril ja 27. oktoobril 2009.
ADDITIONAL MEASURES TO DEXIA’S RESTRUCTURING PLAN
DEXIA ÜMBERKORRALDUSKAVA LISAMEETMED
By communication of 10 February 2010, the Belgian authorities informed the Commission that, in the interests of this decision being adopted as soon as possible, they agree to this decision being adopted in the French language.
veebruari 2010. aasta kirjas teatasid Belgia ametiasutused komisjonile, et käesoleva otsuse võimalikult kiire vastuvõtmise huvides on nad nõus, et otsus võetakse vastu prantsuse keeles.
Dexia is a financial group active in the banking and insurance sectors.
Dexia on pangandus- ja kindlustussektoris tegutsev finantskontsern.
The parent company, Dexia SA, is incorporated as a limited company under Belgian law and listed on the Euronext Paris and Euronext Brussels stock exchanges.
Emaettevõtja Dexia SA on Belgias registreeritud aktsiaselts, mis on noteeritud börsidel Euronext Paris ja Euronext Bruxelles.
Following the capital increase, which took place on 3 October 2008, the stakes of the principle shareholders of Dexia SA are as follows:
Pärast 3. oktoobril 2008 toimunud kapitali suurendamist on Dexia SA peamiste aktsionäride osalused järgmised:
Subscribed by
Märkija nimi
% held before the operation
Osalus enne kapitali suurendamist (%)
Amount of subscription (million EUR)
Märkimissumma (miljonites eurodes)
% held at 31 December 2008
Osalus 31. detsembri 2008. aasta seisuga (%)
Belgian Federal Government
Belgia föderaalvalitsus
Flemish Region
Flaami piirkond
Walloon Region
Vallooni piirkond
Brussels Capital Region
Pealinna Brüsseli piirkond
French Government
Prantsuse valitsus
Free float
Vabalt kaubeldavad aktsiad
Dexia is organised around a parent holding company (Dexia SA) and three operational entities located in France (Dexia Crédit Local, ‘DCL’), Belgium (‘DBB’) and Luxembourg (Dexia Banque Internationale à Luxembourg, ‘Dexia BIL’).
Dexia on koondunud ühe valdusettevõtja (Dexia SA) ja kolme tegevusüksuse ümber, mis asuvad Prantsusmaal (Dexia Crédit Local, edaspidi „DCL”), Belgias (edaspidi „DBB”) ja Luksemburgis (Dexia Banque Internationale à Luxembourg, edaspidi „Dexia BIL”).
Whereas the total balance sheet of the group was EUR 651 billion at 31 December 2008, that of the three operational entities was:
Kontserni bilansimaht oli 31. detsembri 2008. aasta seisuga 651 miljardit eurot ning kolme tegevusüksuse bilansimaht oli järgmine:
EUR 414 billion for DCL,
DCL: 414 miljardit eurot;
EUR 263 billion for DBB,
DBB: 263 miljardit eurot;
EUR 67 billion for Dexia BIL.
Dexia BIL: 67 miljardit eurot.
Since it was formed, Dexia’s activities have been divided among four main business lines:
Asutamisest peale on Dexial olnud neli peamist tegevussuunda:
financial services to the public and semi-public sector (‘Public and Wholesale Banking’ or ‘PWB’): this business line covers loans to local authorities, project finance, the credit enhancement activities carried out by DCL’s subsidiary FSA, sold to Assured Guaranty in July 2009, and holding and active management of a portfolio of bonds and asset-backed securities (‘ABS’); a significant proportion of these activities are directed by DCL and its international subsidiaries, with the exception of PWB activities in Belgium, which come under DBB,
finantsteenused avalikule sektorile ja avaliku sektori osalusega asutustele (edaspidi „Public and Wholesale Banking” ehk „PWB”, „kohalike omavalitsuste ja ettevõtjate rahastamine”): see tegevussuund hõlmab laene kohalikele omavalitsustele, projektide rahastamist, krediidikvaliteedi parandamist, millega tegeles DCLi tütarettevõtja FSA, mis müüdi 2009. aasta juulis äriühingule Assured Guaranty, samuti võlakirjade ja varaga tagatud väärtpaberite (asset-backed securities, ABS) portfelli hoidmine ja aktiivne haldamine; olulist osa sellest tegevusest juhib DCL ja selle rahvusvahelised tütarettevõtjad, välja arvatud PWB Belgias, millega tegeleb DBB;
financial services to private individuals (‘Retail and Commercial Banking’ or ‘RCB’): this business line covers deposit-taking and lending to private individuals and businesses in Belgium, Turkey, Slovakia and Luxembourg, as well as private banking in Luxembourg and Belgium; these activities are directed by DBB and Dexia BIL, and, as far as the activities in Turkey are concerned, DenizBank, a direct subsidiary of Dexia SA,
finantsteenused eraisikutele (edaspidi „Retail and Commercial Banking” ehk „RCB”, „jae- ja kommertspangandus”): see tegevussuund hõlmab hoiuste kogumist eraisikutelt ja ettevõtjatelt ning neile laenude väljastamist Belgias, Türgis, Slovakkias ja Luksemburgis, samuti erapangandust Luksemburgis ja Belgias; seda tegevust juhivad DBB ja Dexia BIL ning Türgis DenizBank, mis on Dexia SA otsene tütarettevõtja;
treasury and financial markets (‘Treasury, Funding and Markets’ or ‘TFM’) which covers all the treasury, asset-liability management (‘ALM’) and proprietary trading activities of Dexia,
kassahalduse ja finantsturgudega seotud tegevus (edaspidi „Treasury, Funding and Markets” ehk „TFM”), mis hõlmab kassahaldust, varade ja kohustuste haldamist (asset-liability management, ALM) ja Dexia enda nimel kauplemist;
the other activities which cover the asset management activities (grouped under Dexia asset management, ‘Dexia AM’), investor services (offered by the joint subsidiary of Dexia and the Royal Bank of Canada, RBC Dexia Investor Services, ‘RBC Dexia IS’) and the insurance activities of the group, carried out in Belgium, France (Dexia Epargne Pension, ‘DEP’), Turkey and Ireland.
muu tegevus, mis hõlmab varahaldust (millega tegeleb Dexia Asset Management, edaspidi „Dexia AM”), teenuseid investoritele (mida pakub Dexia ja Banque royale du Kanada ühine tütarettevõtja RBC Dexia Investor Services, edaspidi „RBC Dexia IS”) ja kontserni kindlustustegevust Belgias, Prantsusmaal (Dexia Epargne Pension, edaspidi „DEP”), Türgis ja Iirimaal.
From the time it was formed until the crisis in autumn 2008, the salient characteristics of Dexia’s business activity, differentiating it from other European commercial banks, were as follows:
Kontserni loomisest 2008. aasta sügise kriisini erines Dexia tegevus teistest Euroopa kommertspankadest järgmiste tunnuste poolest:
a core clientele, the local authorities, characterised by low credit margins and outstanding loans with relatively long maturities,
kohalikest omavalitsustest koosnev tuumikklientuur, mida iseloomustavad madalad laenumarginaalid ja võrdlemisi pikad tagasimaksetähtajad;