natgillin/translations-raw huggingface dataset:
As set out in Article 107(1) of the Treaty 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 or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market, save as otherwise provided.
Mis puutub Hipolizingsit, siis müüdi see juriidilise isikuna aktsiate võõrandamise teel.
Beneficiaries of aid
Läti väitis, et Hipolizings ei saanud otsest kasu oma emaettevõtjale LHZB-le antud toetusest [24].
As set out in recital 145 of the opening decision, when assessing the measures in order to determine whether they constitute State aid, it is necessary to distinguish between the present and future development bank activities of MLB, on the one hand, and the residual commercial activities pursued by MLB during the transition (phasing-out) period, on the other hand.
Seoses menetluse algatamise otsuse põhjendustes 165–170 kirjeldatud võimalike varade suhtes kohaldatavate toetusmeetmetega tuletatakse meelde, et enne Hipolizingsi müüki kanti LHZB kõige probleemsemad varad kontsernisiseselt üle HipoNIA-le.
Latvian authorities submitted the data demonstrating how the measures benefitted one segment or the other.
Komisjon tegi menetluse algatamise otsuses järelduse, et selline varade kontsernisisene ülekandmine võib kujutada endast varadest vabastamise meedet Hipolizingsi ja Hipo Fondi kasuks ainult siis, kui nad said sellistest ülekannetest kasu, ja saadud kasu ulatuses.
The scope of the present decision only covers measures granted to the commercial part of MLB.
Arvestades Läti kinnitust, et varasid ei kantud üle Hipolizingsilt HipoNIA-le, võib järeldada, et Hipolizings ei saanud varade suhtes kohaldatavat toetust, mis oleks toonud tema tegevusele otsest kasu.
The terms of operation of the development part of MLB, which is expected to be continued by an as yet still to be established development institution will be assessed in a separate final decision.
Nagu aga tunnistas Läti, ei saa välistada, et Hipolizings kasutas piiratud ulatuses LHZB-le antud abi, kuivõrd Hipolizingsi olemasolevaid kokkuleppeid ei pidanud ootamatult lõpetama ja seda ei pidanud müüma raskustesse sattunud omanik.
As a result, the present decision will assess only the measures granted by Latvia benefitting the commercial part of MLB in so far as they are needed for the restructuring of the commercial segment of MLB.
Komisjon teeb seetõttu järelduse, et Hipolizings kasutas LHZB-le antud abi, olgugi et kaudselt ja seega väga vähesel määral.
It is recalled that to assess the measures benefitting the commercial segment of the bank, it is important to ascertain whether and to what extent the economic activity is continued or dissolved after the sale of the commercial assets and liabilities [23].
Hipo Fondi kohta märgib komisjon, et kui see müüdi selle vähemusaktsionärile, oli see lihtsalt mittetegutsev ettevõte.
In that respect, the Commission finds that, with the sale of bundles 3A (to a private investor), 3B and 4 (to the LPA for gradual work out) by 30 June 2013, those economic activities of the former commercial part of MLB have been dissolved.
Läti on kinnitanud, et allesjäänud eraportfellid ja kinnised fondid, mida haldas Hipo Fondi, on kas juba suletud, lõpetamisprotsessis või likvideeritakse.
It is also noteworthy that a large share of assets formerly managed by Hipo Fondi was sold separately from that company by means of an asset sale.
Peale selle on Läti kinnitanud, et […].
The Commission considers that the sale in bundles, which allowed different buyers to bid for separate parts of commercial assets and liabilities of MLB, effectively contributes to the liquidation of the commercial activities of MLB.
Arvestades eespool öeldut, võib järeldada, et Hipo Fondi jääb vähemalt mõneks ajaks pelgalt mittetegutsevaks ettevõtteks, millel ei ole tegelikku äritegevust.
It is noteworthy that the bank attempted more than once to sell the unsold assets which are ultimately to be transferred to the LPA, repackaging the bundles and renegotiating the offers with the potential investors.
Arvestades, et kõnealune mittetegutsev ettevõte lõpetab varemalt Hipo Fondi kui LHZB tütarettevõtja hallatud tegevuse ega alusta kohe uut majandustegevust, võib järeldada, et puudub järjepidevus Hipo Fondi kui LHZB kontserni osaks olnud ettevõtja ja uue üksuse, st uue omaniku (uute omanike) omanduses oleva ja uue majandustegevusega tegeleva (kui seda on) Hipo Fondi vahel.
Hence, MLB seems to have exhausted all available opportunities in the market to sell those worst quality assets at a reasonable price, i.e. a price higher than their long-term economic value as estimated by an external reputable consultant.
Seega ei saa ettevõtjat Hipo Fondi pidada varem LHZB-le antud abist kasu saajaks.
As regards MLB's ancillary activities of a commercial nature, Latvia also provided sufficient information that they have already been or will be terminated in the near term.
Mis puutub HipoNIAsse, hõlmab see LHZB endise kommertsharu likvideeritavaid varasid ja töötab ainult piiratud aja jooksul.
The shell company Hipo Fondi, which will remain after the sale of the assets it managed, will be sold in the coming months, the securities business will be terminated, and RIS, which is a pure holding company currently holding shares in Hipo Fondi and two companies in insolvency, will be liquidated.
Kooskõlas väljakujunenud tavaga võivad kommertstegevuse lõpetamisele suunatud abimeetmed endast ikkagi abi kujutada [25].
It is planned that MLB's banking licence will be revoked by 31 December 2013.
Mis puutub ettevõtjatesse, kes on kogumite ostjad, märgib komisjon, et Läti esitatud andmete kohaselt viidi müügiprotsess läbi avatud ja mittediskrimineerival viisil turutingimustel ja eesmärgiga maksimeerida konkreetsete kogumite hinda.
As regards Hipolizings, it was sold as a legal entity by means of a share deal.
Mis puutub HipoNIA üleandmisse turuväärtusest madalama hinnaga, kinnitab komisjon menetluse algatamise otsuse esialgset järeldust, et selle ostjat, Läti erastamisagentuuri, ei saa pidada abisaajaks, kuna sellel puudub majandustegevus ja see on vaid Läti riigi agentuur [26].
Latvia submitted that Hipolizings did not directly benefit from any of the support granted to its parent company, MLB [24].
Sellele tuginedes leiab komisjon, et abi ei antud ettevõtjatele, kes on LHZB kommertsvarade ja kohustuste ostjad.
As regards the potential asset relief measure described in recitals 165 to 170 of the opening decision, it is recalled that before the sale of Hipolizings the worst assets of MLB were internally transferred to HipoNIA.
Kokkuvõttes on pärast LHZB endist kommertstegevust hõlmavate kõigi kogumite müüki, mis on nüüd lõppenud, abimeetmeid kohaldatud ainult selle LHZB kommertstegevuse suhtes, mis jätkus pärast HipoNIA ja Hipolizingsi müüki.
In the opening decision the Commission concluded that such an internal transfer of assets could only constitute an asset relief measure in favour of Hipolizings and Hipo Fondi, if and to the extent that they benefitted from such transfers.
Abimeetmed
Given Latvia's confirmation that no assets were transferred from Hipolizings to HipoNIA, it can be concluded that Hipolizings did not receive any asset relief directly benefitting its activities.
Nagu on märgitud põhjenduses 73, kasutas Hipolizings (kuigi vaid piiratud ulatuses) LHZB-le antud abi.
However, as acknowledged by Latvia, it cannot be excluded that Hipolizings profited to a limited extent from the aid granted to MLB insofar as the existing contractual arrangements of Hipolizings did not have to be terminated unexpectedly, and it did not have to be sold by a distressed owner.
Nagu eespool osutatud, ei tulnud Hipolizingsi lepingulisi suhteid ootamatult lõpetada ja ettevõtet ei pidanud müüma raskustesse sattunud omanik, mis oleks võinud kaasa tuua kiirmüügi.
Therefore, the Commission concludes that Hipolizings benefitted from the aid granted to MLB, albeit indirectly and hence to a very low degree.
Eelise piiratus või asjaolu, et seda ei saa mõõta, ei muuda komisjoni sellekohast otsust.
As regards Hipo Fondi, the Commission notes that when it was sold to its minority shareholder it was merely a shell company.
Arvestades, et Hipolizings on aktiivne finantssektoris, võib tema tegevust edendav riigi vahenditest saadud mis tahes soodustus mõjutada liidusisest kaubandust ja moonutada konkurentsi.
Latvia has confirmed that the remaining private portfolios and closed-end funds managed by Hipo Fondi have already been closed, are in the process of termination or will be wound up.
Seetõttu tuleb tema tegevust soodustavaid meetmeid pidada võimalikuks konkurentsi moonutajaks ja liikmesriikidevahelise kaubanduse mõjutajaks.
Furthermore, Latvia has committed that […].
Soodustust anti riigi vahendite kaudu ja see on valikuline, sest sellest saab kasu ainult üks finantskontsern.
In light of the foregoing, it can be concluded that Hipo Fondi will remain purely as a shell company with no actual business to manage at least for some time.
Eespool öeldut arvesse võttes järeldab komisjon, et LHZB-le võimaldatud abimeetmete kaudu Hipolizingsile antud kaudne eelis kujutab endast riigiabi aluslepingu artikli 107 lõike 1 tähenduses.
Given that the shell company ends the activities formerly carried out by Hipo Fondi as MLB's subsidiary and does not undertake any new economic activities immediately, it can be concluded that there is no continuity between Hipo Fondi as an undertaking which was part of MLB group and the new entity, i.e. Hipo Fondi owned by new owner(s) and carrying out new economic activities, if any.
Seoses HipoNIA suhtes kohaldatud likviidsusmeetmega, mida säilitatakse ümberkujundamise etapis, kuigi suuremas summas, on juba menetluse algatamise otsuses kindlaks tehtud, et meede kujutab endast riigiabi.
Therefore, the shell Hipo Fondi company cannot be considered as benefitting from the aid previously granted to MLB.
Komisjonil ei ole põhjust muuta oma varasemat hinnangut, võttes arvesse likviidsustoetuse suurenenud summat.
As regards HipoNIA, it will contain assets of the former commercial segment of MLB in run-down mode and will operate only for a limited time.
Meetme muutunud summa ei mõjuta selle kvalifitseerimist abina.
However, in line with the established case practice, measures aimed at winding down commercial activities may still constitute aid [25].
Seetõttu teeb komisjon järelduse, et 71 miljoni lati suurune likviidsustoetus HipoNIA-le kujutab endast riigiabi.
As regards the undertakings which are buyers of the bundles, the Commission notes that, based on information submitted by Latvia, the sale process was carried out in an open and non-discriminatory manner, on market terms and with the aim to maximize the price for specific bundles.
Mis puutub HipoNIA emaettevõtja LHZB suhtes kohaldatud teistesse abimeetmetesse, ei saa HipoNIA nendest tulenevatest soodustustest kasu.
As regards HipoNIA transfer at below market value, the Commission confirms the preliminary conclusion of the opening decision that its buyer, the LPA, cannot be considered as a beneficiary of the aid, since it does not carry out economic activities and is merely an agency of the Latvian State [26].
Kõigi kõnealuste teiste LHZB suhtes kohaldatud abimeetmete eesmärk oli säilitada LHZB tegevus pikemaks ajaks, kui see oleks võimalik kohese maksejõuetuse ja likvideerimise korral, ja selline oli nende mõju.
On that basis, the Commission considers that no aid was granted to the undertakings which are buyers of MLB's commercial assets and liabilities.
Seetõttu võib LHZB kommertsharu suhtes kohaldatud abimeetmetest saadud kaudse abi HipoNIA puhul välistada.
In conclusion, after the sale of all the bundles consisting of the former commercial activities of MLB, which has been concluded by now, the aid measures only benefit those commercial activities of MLB continued after the sale by HipoNIA and Hipolizings.
Abi kokkusobivus siseturuga
Aid measures
Kuna punktis 5.1 leiti, et HipoNIA suhtes kohaldatud likviidsusmeede ja LHZB suhtes kohaldatud abimeetmetest saadud kaudne eelis Hipolizingsile kujutab endast riigiabi aluslepingu artikli 107 lõike 1 tähenduses, tuleks hinnata nende kokkusobivust siseturuga.
As stated in recital 73, Hipolizings has benefitted (albeit only to a limited extent) from the aid granted to MLB.
Kokkusobivuse hindamise õiguslik alus
As mentioned above, its contractual arrangements did not have to be terminated unexpectedly and the company did not have to be sold by a distressed owner, which could have possibly led to a fire sale.
Menetluse algatamise otsuse põhjendustes 177–180 on juba sätestatud, et LHZB kommertstegevust edendavaid abimeetmeid hinnatakse aluslepingu artikli 107 lõike 3 punkti b ja eelkõige ümberkorraldamist käsitleva komisjoni teatise alusel.
The limited character of the advantage or the fact that it cannot be quantified does not alter the Commission's assessment in that respect.
Abimeetme kokkusobivus ümberkorraldamist käsitleva teatise kohaselt
Given that Hipolizings is active in the financial sector, any advantage from State resources benefitting its activities could affect intra-Union trade and distort competition.
LHZB majandustegevuse pikaajalise elujõulisuse taastamist jätkas pärast selle müüki Hipolizings
Therefore, the measures benefitting its activities must be regarded as liable to distort competition and affect trade between Member States.
Ümberkorraldamist käsitleva teatise punktis 17 kinnitatakse, et finantsasutuse (osa) müümine kolmandale isikule võib aidata taastada selle pikaajalist elujõulisust.
In the light of the foregoing, the Commission concludes that the indirect advantage conferred on Hipolizings from the aid measures granted to MLB constitutes State aid within the meaning of Article 107(1) of the Treaty.
See on tihedalt seotud Swedbanki üldise pangandustegevusega.
With regard to the liquidity measure granted to HipoNIA, which is maintained during the restructuring phase, albeit for a higher amount, it has already been established in the opening decision that the measure constitutes State aid.
31. mai 2013. aasta seisuga on Moody tõstnud Swedbanki reitingu tasemele A1.
The Commission has no reason to change its previous assessment in light of the increased amount of liquidity support.
Kontserni äritegevuse kasumlikkus on piisav (omakapitali investeeringute tulusus oli 2012. aasta lõpus 16,9 % ja 2013. aasta 1. kvartalis 13,8 %) [27], kusjuures esimese taseme omavahendite suhtarv ületab 15 %.
The changed amount of the measure does not affect its qualification as aid.
Hipolizingsi tegevus moodustab väga väikese osa Swedbanki kontserni varadest (umbes 0,05 %).
The Commission, therefore, concludes that the liquidity support of LVL 71 million to HipoNIA constitutes State aid.
Eespool öeldut arvesse võttes järeldab komisjon, et LHZB majandustegevus, mida jätkas Hipolizings pärast selle müüki ettevõtjale Swedbank Lizings, on Swedbanki kontserni integreerituna elujõuline.
As regards other aid measures granted to HipoNIA's parent company, MLB, the advantage stemming from them does not benefit HipoNIA.
Müümata kommertstegevuse nõuetekohane lõpetamine
All those other aid measures granted to MLB had the aim and the effect of sustaining the activities of MLB for a longer period of time than would have been possible in the event of immediate insolvency and liquidation.
Läti kinnitas, et HipoNIA, kes sai LHZB-lt laenuportfellid, ei paku täiendavat rahastamist ühelegi selle kliendile.
When they were granted to MLB, HipoNIA was performing as the bad asset management company within the MLB group.
Ettevõtja lubas esitada seirearuanded müümata kommertstegevuse lõpetamise ja likvideerimise järelhindamise kohta.
Given that HipoNIA's activities were limited to the liquidation of assets without delay without any advances granted to the clients, it was an integral part of the liquidation process.
Komisjon märgib positiivsena Läti ja LHZB tehtud jõupingutusi müüa kogu müüdav tegevus, välja arvatud juhul, kui see oli majanduslikult ebasoodsam kui tegevuse aja jooksul likvideerimine, nagu hindas mainekas väliskonsultant.
Therefore, the indirect aid from other aid measures granted to MLB's commercial segment can be excluded in the case of HipoNIA.
Eespool öeldut arvestades teeb komisjon järelduse, et menetluse algatamise otsuses esitatud kahtlused on hajutatud ja ümberkorraldamist käsitlevas teatises sätestatud nõuetekohast lõpetamist käsitlevad nõuded on käesoleval juhul täidetud.
Compatibility of the aid with the internal market
Abi piirdumine minimaalselt vajalikuga/omaosalusega
As it was found in section 5.1 that the liquidity measure to HipoNIA and the indirect advantage conferred on Hipolizings from the aid measures granted to MLB constitute State aid within the meaning of Article 107(1) of the Treaty, their compatibility with the internal market should be assessed.
Menetlemise algatamise otsuses on juba kindlaks tehtud, et müügistrateegia põhistsenaarium tagab LHZB kommertstegevuse järkjärguliseks lõpetamiseks vajaliku abi piiramise miinimumini [28].
Legal basis for the assessment of compatibility
Kõnealuse kava tegelik rakendamine ei muuda seda hinnangut.
It has already been established in recitals 177 to 180 of the opening decision that the aid measures benefiting the commercial activities of MLB are to be assessed under Article 107(3)(b) of the Treaty and in particular Commission's Restructuring Communication.
Samuti on menetluse algatamise otsuses järeldatud, et müügi tulemusena lõppes LHZB kommertstegevus, mis tagab, et pank jätkab ümberkorraldamist nii palju kui võimalik omavahenditega [29].
Compatibility of the aid measure under the Restructuring Communication
Põhjendamatute konkurentsimoonutuste vältimine
Restoration of long-term viability of economic activities of MLB continued by Hipolizings after its sale
Nagu on juba märgitud menetluse algatamise otsuses, leevendavad LHZB tütarettevõtjate õigeaegne loovutamine pangast eraldi ning panga müügieelne mitmesse kogumisse jagamine abist põhjustatud põhjendamatuid konkurentsimoonutusi.
Point 17 of the Restructuring Communication confirms that a sale of (part of) the financial institution to a third party can help to restore its long-term viability.
Seetõttu peetakse neid toiminguid positiivseks [30].
Hipolizings has been sold to Swedbank Lizings, which is the largest leasing company in Latvia (22 % market share).
Et müük on tehtud, on hajutatud menetluse algatamise otsuses seoses müügi tempoga esitatud kahtlused.
It is closely integrated with general banking operations of Swedbank.
Kuna Läti kinnitas, et HipoNIA ei tee ettemakseid seoses olemasolevate laenudega, on samuti hajutatud menetluse algatamise otsuses selles suhtes väljendatud kahtlused.
As of 31 May 2013, Swedbank has its rating upgraded by Moody's to A1.
Mis puutub ettevõttesse Hipolizings, leidis komisjon menetluse algatamise otsuses esialgu, et meetmed ettevõttele antud abist tingitud konkurentsimoonutuste piiramiseks olid piisavad.
The group's operations have a track record of adequate profitability (with return on equity ratio of 16,9 % at YE2012 and of 13,8 % at 1Q2013 [27]) with a core Tier 1 capital ratio exceeding 15 %.
Arvestades Läti kinnitust, et Hipolizings ei ole saanud otsest abi, võib komisjoni nimetatud järeldused nüüd kinnitada.
Hipolizings' activities make up a very small share of the assets of the Swedbank group (ca.
Lisaks, Hipolizings […].
0,05 %).
Arvestades Hipolizingsi piiratud kohalolekut turul (turuosa 5 %) ja talle antud piiratud abi, mis oli ainult kaudne, on konkurentsimoonutuste piiramiseks võetud meetmed, mis seisnesid peamiselt tema LHZB-poolses õigeaegses müügis, piisavad.
In light of the foregoing, the Commission concludes that the economic activities of MLB continued by Hipolizings after its sale to Swedbank Lizings, as integrated into the Swedbank group, are viable.
Järeldus kokkusobivuse kohta
Orderly wind-down of unsold commercial activities
Arvestades eespool öeldut, leiab komisjon, et LHZB ümberkorralduskava ja selle rakendamine seoses LHZB kommertstegevusega vastavad praeguseni kõigile ümberkorraldamist käsitlevas teatises sätestatud tingimustele.
Latvia confirmed that HipoNIA, which has acquired loan portfolios from MLB, does not provide additional financing to any of its clients.
JÄRELDUSED
It further undertook to submit monitoring reports on the wind-down of unsold commercial activities and an ex post valuation of the liquidation.
Komisjon leiab, et likviidsustoetus summas 71 miljonit latti, mille Läti andis 2013. aasta juunis LHZB-le (juriidilise isiku HipoNIA isikus), ja LHZB suhtes kohaldatud ümberkorraldusmeetmetest Hipolizingsile tekkinud kaudne eelis kujutab endast riigiabi aluslepingu artikli 107 lõike 1 tähenduses.
The Commission notes positively the efforts undertaken by Latvia and MLB to sell all sellable commercial activities, unless to do so was less economically advantageous than running them down over time, as evaluated by a reputable external advisor.
Komisjon leiab, et Läti on ebaseaduslikult rakendanud 11 miljoni lati suurust täiendavat likviidsustoetust, mis on vastuolus aluslepingu artikli 108 lõikega 3.
In light of the foregoing, the Commission concludes that doubts raised in the opening decision have been allayed and the requirements of the Restructuring Communication in respect of orderly wind-down of business are met in the present case.
Komisjon leiab siiski, et meede koos 60 miljoni lati suuruse esialgse likviidsustoetusega HipoNIA-le on aluslepingu artikli 107 lõike 3 punkti b kohaselt kokkusobiv siseturuga.
Aid limited to the minimum necessary/own contribution
Komisjon leiab samuti, et LHZB suhtes rakendatud ümberkorraldusmeetmetest Hipolizingsile tekkinud kaudne eelis on aluslepingu artikli 107 lõike 3 punkti b kohaselt kokkusobiv siseturuga,
It has already been concluded in the opening decision that the base case scenario contained in the sales strategy ensures the limitation of the aid needed for the phasing-out of the commercial activities of MLB to the minimum [28].
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
The actual execution of that plan does not change that assessment.
Artikkel 1
Further, it has also been concluded in the opening decision that, by means of a sale, the commercial activities of MLB are discontinued, which ensures that the bank contributes to the restructuring as much as possible with its own resources [29].
Riigiabi, mida Läti andis LHZB-le 71 miljoni lati suuruse likviidsustoetuse vormis HipoNIA-le, ja LHZB suhtes rakendatud ümberkorraldusmeetmetest Hipolizingsile tekkinud kaudne eelis on siseturuga kokkusobivad.
Avoidance of undue distortions of competition
Artikkel 2
As already set out in the opening decision, timely divestitures of MLB's subsidiaries separately from the bank as well as the splitting of the bank in several bundles prior to their sale mitigate undue distortions of competition caused by the aid.
Käesolev otsus on adresseeritud Läti Vabariigile.
Therefore, they are viewed positively [30].
Brüssel, 17. juuli 2013
As the sale has been concluded, the doubts raised in the opening decision as regards the pace of the sale have been allayed.
Komisjoni nimel
Since Latvia confirmed that no advances will be granted on the existing loans by HipoNIA, the doubts raised in the opening decision in that respect have also been allayed.
Joaquín Almunia
As regards Hipolizings, the Commission had preliminarily concluded in the opening decision that the measures to limit distortions of competition caused by the aid granted to it were adequate.
ELT C 130, 4.5.2012, lk 42.
Given Latvia's confirmation that Hipolizings has not benefitted from any direct aid, those preliminary finding of the Commission can now be confirmed.
Läti hüpoteegi- ja maapank.
Moreover, Hipolizings […].
Komisjoni 19. novembri 2009. aasta otsus riigiabi NN 60/09 kohta, „Recapitalisation of” Mortgage and Land Bank of Latvia ( „Läti hüpoteegi- ja maapanga rekapitaliseerimine”, ELT C 323, 31.12.2009, lk 5).