natgillin/translations-raw huggingface dataset:
Among the prohibited measures mentioned in point 4(2)(d) of the Export-credit Communication is ‘award of aid or provisions of capital or other forms of finance in circumstances in which a private investor acting under normal market conditions would not invest in the company or on terms a private investor would not accept’.
Abi nõutakse tagasi viivitamata ja tulemuslikult.
Therefore, the third and the fourth measures, consisting in recapitalisation, are not compatible under the Export-credit Communication.
Itaalia tagab, et käesolev otsus rakendatakse nelja kuu jooksul pärast käesoleva otsuse teatavakstegemise kuupäeva.
As regards the second measure, in recital 142 of the opening decision, the Commission expressed its doubts on the compatibility of that measure with the Export-credit Communication and the Temporary Framework.
Kahe kuu jooksul pärast käesoleva otsuse teatavaks tegemist esitab Itaalia järgmise teabe:
The escape clause provided in the Export-credit Communication (reiterated in the Temporary Framework) aims at addressing temporary lack of insurance coverage available to exporters.
ettevõtjalt SACE BT tagasinõutav summa (põhisumma ja intressid);
It thus allows for the State supported insurance or reinsurance to be provided in line with the State aid rules during the crisis subject to the following:
täpne kirjeldus meetmetest, mis on selle otsuse täitmiseks võetud või kavatsetakse võtta;
a Member State should demonstrate the lack of coverage in the market for the provision of short-term export-credit insurance to the exporters by providing sufficient evidence of the unavailability of cover for the risk in the private insurance market, the scheme is open to all operators and the State charges a price in line with the one that would be charged by private operators for the risks covered (in case practice this provision was interpreted that the State by covering residual risk should apply a higher fee).
dokumendid, millest selgub, et ettevõtjale SACE BT on ametlikult edastatud abi tagasimaksmise nõue.
First, in order for Italy to comply with the escape clause, the Commission provided that Italy should submit the respective evidence.
Itaalia teavitab komisjoni käesoleva otsuse rakendamiseks võetud riiklikest meetmetest, kuni artiklites 2, 3 ja 4 osutatud abi tagasinõudmine on lõpule viidud.
However, Italy decided not to make use of the escape clause.
Komisjoni taotlusel esitab Itaalia viivitamata teabe meetmete kohta, mis on selle otsuse täitmiseks võetud või mida kavatsetakse võtta.
SACE replied that it did not find relevant the request of the Commission to submit information that might prove lack of coverage on the market for exporters.
Lisaks edastab Itaalia üksikasjalikud andmed abisummade ja intresside kohta, mille SACE BT on juba tagasi maksnud.
Second, Italy and SACE repeated their position that the provision of reinsurance by SACE was open to all market operators, as stipulated in the by-laws of SACE.
Artikkel 7
In this case, SACE intervened by providing reinsurance coverage in favour of SACE BT, an insurer, and allegedly available to other private insurers.
Käesolev otsus on adresseeritud Itaalia Vabariigile.
However, we have no evidence that there was lack of coverage in the market for the provision of short-term export-credit insurance to the exporters.
Brüssel, 20. märts 2013
As the limited availability of cover would seem to have affected also other operators in the market, the Commission does not have evidence whether other operators than SACE BT had also difficulties to obtain reinsurance cover on the market and, if so, whether they could obtain reinsurance cover from SACE under the same conditions as well.
Komisjoni nimel
In practice, none of the operators requested this.
Joaquín Almunia
Without this information, the Commission cannot conclude that the measure is proportional to the objective, i.e. to remedy the serious disturbance in the economy of Italy.
ELT C 177, 17.6.2011, lk 6.
It has to be therefore concluded that, instead of applying a measure opened to all operators, Italy implemented a selective measure in favour of one operator, SACE BT.
Vt joonealune märkus 1.
Third, as regards the premium charged, as indicated previously, SACE did not charge a higher price but a price equal to the private reinsurers, whilst it assumed a higher risk (because residual and much larger) that the market participants were not ready to insure, given the situation on the market and SACE BT's financial situation.
Kirja esialgne, ingliskeelne koopia saadeti 4. jaanuaril 2012.
Finally, the Commission observes that the aid amount calculated for the second measure, i.e. EUR 156000, cannot be declared compatible with the internal market on the basis of the conditions provided in point 4.2.2 of the Temporary Framework because the second measure was not granted in the form of a scheme and because there was no declaration on de minimis aid.
Kirja esialgne, ingliskeelne koopia saadeti 2. veebruaril 2012.
In conclusion, the aid as it was granted under the second measure is not in line with the provisions of the Export-credit Communication and the Temporary Framework.
Turukõlblikud riskid määratletakse kahe kriteeriumi põhjal:
Compatibility under the Recapitalisation Communication and the Restructuring Communication
geograafiline asukoht (võlgniku asukoht ELis ja/või OECD alal) ja ii) kestus (riskiperiood on alla kahe aasta).
In recital 144 of the opening decision, the Commission raised doubts on the compatibility of the third and fourth measures with the Recapitalisation Communication and the Restructuring Communication for the financial sector during the crisis.
EÜT C 281, 17.9.1997, lk 4.
As the second measure was also granted during the financial crisis, the Commission will also assess its compatibility under this legal framework.
Alates 1. jaanuarist 2013 kohaldab komisjon uut lühiajalist ekspordikrediidikindlustust käsitlevat teatist, mis avaldati 19. detsembril 2012 (ELT C 392, 19.12.2012, lk 1).
As following Italy's and SACE's comments to the opening decision the Commission found the submitted information still insufficient to allow for a complete assessment of the measures as potential restructuring aid, in February 2012 the Commission offered Italy the possibility to provide additional elements on potential compatibility ground, by submitting a fully-fledged restructuring plan, in line with the Restructuring Communication.
See võimaldas moodustada väliskaubanduse kindlustusteenuste instituudi SACE.
The Commission's letter set out the main elements that the restructuring plan should include with references to the relevant points of the Restructuring Communication.
EÜT C 217, 2.8.2001, lk 2.
The Commission found that the documents submitted by Italy included only a compilation of internal documents of SACE which aimed at reiterating Italy's position that the three measures implemented in 2009 are not imputable to the State and comply with the MEIP.
SACE nägi eraldi raamatupidamisarvestuse kasutamise kuni SACE turukõlblike riskide kindlustamise kehtestamiseni ette juba 3. detsembril 2003 esialgse äriplaani koostamisega seotud arutelude käigus.
The Commission notes that, at the time the three measures were granted, Italy did not envisage the possibility to submit a restructuring plan to the Commission according to the requirements of the Restructuring Communication.
Vt Itaalia 5. märtsil 2012 esitatud dokumentide 11. lisa, lk 13.
Italy argues that such restructuring measures were not either requested by the national supervisory authority, ISVAP.
SACE 2004. aasta aruanne.
According to point 10 of the Restructuring Communication, the restructuring plan should identify the difficulties and weaknesses of the aid recipient and outline how the proposed restructuring measures remedy the beneficiary's problems.
Vt SACE 2004. aasta raamatupidamisaruannete märkuste („Nota Integrativa”) 5. ja 6. lisa, milles on kirjeldatud SACE ja tema kontrollitavate üksuste vahelisi finantssuhteid.
In this respect, Italy argues that SACE BT's crisis was not caused by internal processes, changes in demand or other factors that would impose a deep rethinking of the business model and a subsequent restructuring, but rather by the significant increase of claims triggered by the crisis.
Kõnealused raamatupidamisaruanded näitavad SACE BT kapitali täiendavat suurendamist 2004. aastal SACE antud vahendite kaudu (aktsiakapitali suurenemine 100 miljoni euro ulatuses ja muude vahendite suurenemine 5,8 miljoni euro ulatuses).
The Commission does not find this information sufficient, in particular because SACE BT suffered severe losses in 2008 and 2009.
SACE BT 152087 euro suurune kahjum (2004. aasta lõpus) ja 1573090 euro suurune kahjum (2005. aasta lõpus) kaeti organisatsiooni fondist (Fondo di organizzazione).
Also, private reinsurers have raised concerns regarding the situation of the company when refusing to participate in the reinsurance coverage of SACE BT for 2009.
2005., 2006. ja 2007. aasta puhul käsitati riske OECD riikides täielikult turukõlblikena, samal ajal käsitati riske väljaspool OECD riike turukõlbmatutena.
Moreover, SACE BT had not succeeded to become profitable in its first years of operation (2005-2007) contrary to the forecasts of the business plan.
14. jaanuaril 2009 teatas SACE ettevõtja SACE Surety ühendamisest ettevõtjaga SACE BT.
This demonstrates that the difficulties encountered by SACE BT were not only triggered by the financial crisis, but also by its own weaknesses.
Vt 14. lisa — ISVAP:
As regards the restoration of long-term viability, the Commission notes that starting with 2009 SACE BT was subject to some transformations in the organisation, management and business processes.
ettevõtjas SACE BT teostatud kontrolli tulemuste protokoll, 11. oktoober 2010 (Verbale degli accertamenti ispettivi effettuati presso SACE BT, 11.10.2010), lk 11, Itaalia poolt 5. märtsil 2012 esitatud teave.
Among the measures taken to improve its situation, SACE BT increased premiums, reduced costs, changed its management.
Teave on kättesaadav SACE veebisaidil.
Moreover, SACE BT sold its participation in KUP on 25 February 2009.
Kindlustusandja kindlustustehnilist tulemust mõõdetakse tema kombineeritud suhtena, mis on kahjumi ja kulude suhe kindlustusmaksetesse.
However, the Commission considers that these measures were insufficient to expect a restoration of SACE BT's long-term viability.
Väiksem kui 100 % kombineeritud suhe osutab kindlustustegevuse kasumlikkusele, samal ajal näitab suurem kui 100 % suhe kindlustustegevuse kahjumlikkust.
The projections done at the time in the business plan for 2010-2011, approved on 4 August 2009 (when the fourth measure was implemented), for solely two years ahead showed break-even in the second projected year 2011, but not a return to profitability.
Ettevõtja, kelle kombineeritud suhe on üle 100 %, võib sellele vaatamata olla kasumlik tänu investeeringutelt saadavale tulule.
There was therefore no evidence of possibility to achieve appropriate profitability within a reasonably short period, in principle, not exceeding five years, i.e. not later than by the end of 2014.
Kahjukindlustuse valdkonnas ja eelkõige krediidikindlustuse puhul eeldatakse, et kombineeritud suhe on alla 100 %.
Moreover, the underlying assumptions should have been explained and stress-tested.
105,8 miljoni euro suurune kapitaliinvesteering ettevõtjasse SACE BT registreeriti SACE 2004. aasta raamatupidamisaruannetes (investeeringuna kontrollitavatesse üksustesse).
Italy did not submit information in this respect.
SACE BT turukõlblike riskide edasikindlustamise struktuur, mille ettevõtja juhatus kiitis heaks 22. aprillil 2008, hõlmab kvoodipõhist edasikindlustust ja kahju ülemmäära edasikindlustust (vt 14. lisa — ISVAP: ettevõtjas SACE BT teostatud kontrolli tulemuste protokoll, 11. oktoober 2010 (Verbale degli accertamenti ispettivi effettuati presso SACE BT, 11.10.2010), lk 55, Itaalia poolt 5. märtsil 2012 esitatud teave).
Italy submitted an update of the business plan for 2011-2013, approved on 24 November 2011, i.e. two years after the measures had been granted.
Kvoodipõhine edasikindlustus on edasikindlustuse vorm, mille puhul edasikindlustusvõtja loovutab teatava protsendi igast tema kindlustatavast riskist, mis jääb edasikindlustuslepinguga hõlmatud kindlustusliigi või -liikide alla.
SACE BT's objective of gradually improving profitability (ROE) so as to reach […], as stated by the company's Board of Directors of 24 November 2011, was not supported by sufficiently detailed and robust financial projections as required in the Restructuring Communication.
Kahju ülemmäära edasikindlustusleping on leping, mille puhul edasikindlustus toimib üksnes siis, kui teatav kahjum (või kahjumirühm) ületab kokkulepitud taset (omavastutus), ja tavaliselt toimib see üksnes kokkulepitud piirini.
As per the financial projections as of end-2011, SACE BT expects to achieve a pre-tax ROE of only […] % in 2013, which correspond to a (post tax) ROE of […] %.
Vt SACE — vastus teabepäringule, 15. september 2011, lk 11.
The latter is manifestly below the cost of capital previously estimated by Italy to be of around [5-10] %.
Keskmise omakapitali investeeringute tulususe arvutamisel on puhaskasumi kindlaksmääramisel võetud arvesse maksude tinglikku mõju (effetto fiscale figurativo) (vt esialgne äriplaan, lk 163).
In line with points 22-23 of the Restructuring Communication, the restructuring plan should have demonstrated that the aid granted is limited to the minimum necessary, i.e. the aid restores viability of SACE BT, but does not allow it to expand in the new markets or market segments.
16. mai 2002. aasta otsus kohtuasjas C-482/99: Stardust Marine, EKL 2002, lk I-4397.
On the contrary, according to the submitted data, during the crisis, SACE BT slightly increased its market presence in the credit and surety (‘cauzioni’) market in Italy, moving from sixth position in 2008 to fifth in 2010 (at the same time, for instance, Atradius reduced its market presence from third position to sixth) (see Table 6).
Esimese Astme Kohtu otsus kohtuasjas T-68/03: Olympic Airways vs. komisjon, EKL 2007, lk II-2911.
In short, the basic elements of a restructuring plan, such as identification of the difficulties, viability under base case and stressed scenario, limitation of the aid to the minimum necessary and compensatory measures are entirely missing.
Esimese Astme Kohtu otsus kohtuasjas T-422/03: SIC vs. komisjon, EKL 2008, lk II-1161.
In conclusion, even if the measures submitted by Italy and the adjusted business plan for 2011-2013 were to be accepted as a restructuring plan, they do not fulfil the restructuring plan requirements of the Restructuring Communication.
Vt majandus- ja rahandusministeeriumi 15. septembri 2011. aasta vastuse 1. lisa.
As regards the Recapitalisation Communication, it defines the terms which a recapitalisation instrument has to comply with.
majandus- ja rahandusministeerium — vastus teabepäringule, esitatud 5. märtsil 2012, lk 2.
If these terms are complied with, the aid can be temporarily approved.
SACE — vastus teabepäringule, punkt 9, esitatud 5. märtsil 2012, lk 2.
In order to be definitively approved, such recapitalisation aid has to be accompanied by a restructuring plan complying with the Restructuring Communication.
SACE juhatuse 28. aprilli 2004. aasta koosolekuks koostatud materjali konkreetne eesmärk oli esitada hinnang SACE n-ö vaba kapitali kohta, pidades silmas SACE 2 (tulevane SACE BT) kapitalitoetust.
However, no plan complying with the Restructuring Communication existed.
Vt SACE märkused, mille ta esitas 5. mail 2011 vastusena algatamisotsusele, 1. lisa — „Comunicazione dell'AD al CdA di SACE S.p.A. in vista della riunione del CdA del 28 aprile 2004”.
Consequently, it is not necessary to assess whether the terms of the third and fourth measures comply with the Recapitalisation Communication since in any event they could not be found definitively compatible.
Andmed on kättesaadavad SACE märkustes, mille ta esitas 5. mail 2011 vastusena algatamisotsusele, lk 4.
Conclusion on compatibility
majandus- ja rahandusministeerium — vastus teabepäringule, esitatud 5. märtsil 2012, lk 2.
The Commission did not find any grounds for the compatibility of the second, third and fourth measures.
SACE märkused, mille ta esitas 5. mail 2011 vastusena algatamisotsusele, lk 8, ning SACE BT, SACE, Itaalia ametiasutuste ja komisjoni talituste esindajate 13. juuli 2011. aasta koosoleku protokoll.
The Commission concludes that Italy did not use the opportunity to provide the needed elements to claim the aid granted under the second, third and fourth measures as compatible restructuring aid.
Vt nt esialgse äriplaani II peatükk, lk 7.
The submitted documents do not meet the requirements of the Restructuring Communication as the cumulative requirements for compatibility of restructuring aid, i.e. establishment of long-term viability, limitation of the aid to the minimum necessary and measures to limit distortions of competition, are not met.
Vt SACE märkused, mille ta esitas 5. mail 2011 vastusena algatamisotsusele, lk 9.
CONCLUSION
SACE kordas seisukohta, mida Itaalia oli juba väljendanud enne algatamisotsust.
The Commission finds that the initial capital allocation of EUR 100 million in the form of share capital and the capital contribution into reserves (so-called ‘Fondo di organizzazione’) in the amount of EUR 5,8 million by SACE for the establishment of SACE BT in 2004 (first measure) did not confer an advantage to SACE BT and thus do not constitute State aid within the meaning of Article 107(1) of the Treaty.
Vt Itaalia 12. veebruaril 2008 esitatud teave, lk 15, lõige 1.
The Commission finds that Italy has unlawfully implemented the aid granted under the second, third and fourth measure in breach of Article 108(3) of the Treaty and concludes that the aid has to be recovered,
Esialgses äriplaanis prognoositi, et SACE BT osa Itaalia turul on 2008. aastal 12,6 % ja kindlustusmaksete maht on 67,2 miljonit eurot.
HAS ADOPTED THIS DECISION:
Vt SACE — vastus teabepäringule, 15. september 2011, lk 17.
Article 1
Vt SACE vastus, 15. september 2011, 1. lisa, lk 8.
The initial capital allocation of EUR 105,8 million from SACE for the establishment of SACE BT in 2004 which included the share capital paid up in full by SACE amounting to EUR 100 million and SACE's contribution of EUR 5,8 million to SACE BT's reserves (‘Fondo di Organizzazione’) does not constitute aid within the meaning of Article 107(1) of the Treaty.
SACE märkused, mille ta esitas 5. mail 2011 vastusena algatamisotsusele, 8. lisa.
Article 2
Vt SACE märkused, mille ta esitas 5. mail 2011 vastusena algatamisotsusele, 5.–7. lisa.
The 74,15 % Excess of loss reinsurance provided by SACE on 5 June 2009 in favour of SACE BT contains aid, which has been put into effect in breach of Article 108(3) of the Treaty and which is incompatible with the internal market.
Vt SACE märkused, mille ta esitas 15. septembril 2011, 2. lisa, milles on nimetatud mitme äriühingu omandamise algatamine kas koostöös teiste ettevõtjatega, st KUP (koos ettevõtjaga SA Ducroire) 19. juuli 2006. aasta teates, TINUBU SQUARE (koos ettevõtjatega ONDD ja CESCE) 19. juuli ja 8. septembri 2006. aasta teadetes ning MEHIB (koos ettevõtjaga SA Ducroire) 8. veebruari ja 18. juuni 2007. aasta teadetes, või eraldiseisvalt, st CGIC (see hõlmas võimalust, et emaettevõtja SACE võib otsustada SACE BT asemel ise pakkujana osaleda) 15. septembri 2008. aasta teates.
The aid element within the measure corresponds to the difference between the reinsurance fee that a private reinsurer would have charged for such a high portion of reinsurance and the one that was charged from SACE BT.
Vt SACE 15. septembri 2011. aasta vastuse 1. lisa, lk 8.
Article 3
1,5 miljonit eurot (plaanis: – 2,4 miljonit eurot);
The recapitalisation of SACE BT carried out on 18 June 2009 in the form of a transfer of EUR 29 million to cover SACE BT's losses registered in 2008 constitutes aid, which has been put into effect in breach of Article 108(3) of the Treaty and which is incompatible with the internal market.
2006. aasta:
Article 4
+ 0,1 miljonit eurot (plaanis: – 0,4 miljonit eurot);
The recapitalisation of SACE BT carried out on 4 August 2009 when the Ordinary Assembly of SACE BT's Shareholders approved the transfer of the amount of EUR 41 million from SACE into the capital account of SACE BT (‘versamento in conto capitale’) constitutes aid, which has been put into effect in breach of Article 108(3) of the Treaty and which is incompatible with the internal market.
2007. aasta:
Article 5
1 miljonit eurot (plaanis: + 3,1 miljonit eurot);
Italyshall recover from SACE BT the incompatible aid such as defined in Articles 2, 3 and 4.
2008. aasta:
EUR 156000 as of 5 June 2009 (Article 2), EUR 29 million as of 18 June 2009 (Article 3) and EUR 41 million as of 4 August 2009 (Article 4).
Vt SACE märkused, mille ta esitas 5. mail 2011 vastusena algatamisotsusele, lk 6, joonealune märkus 2.
The interest shall be calculated on a compound basis in accordance with Chapter V of Regulation (EC) No 794/2004 [166].
Seega laiendati prognoose, hõlmates neisse ka 2009. aasta.
Recovery of the aid shall be immediate and effective.
Vt SACE märkused, mille ta esitas 5. mail 2011 vastusena algatamisotsusele, 9. lisa.
Italy shall ensure that this Decision is implemented within four months following the date of notification of this Decision.
Vt kohandatud äriplaan, lk 8 ja lk 10.
Article 6
Juhul kui võrdlusaasta on 2009. aasta (nagu on ette nähtud kohandatud plaanis), mitte 2008. aasta, ja kui seetõttu on arvesse võetud 4,8 miljoni euro suurust kasumit, moodustab eelnevalt eeldatav omakapitali investeeringute tulusus pärast omandamisi ja sünergiat 11,8 %.
Within two months following notification of this Decision, Italy shall submit the following information:
Itaalia 5. märtsil 2012 esitatud teabe ja SACE vastuse (punkt 16, lk 5) kohaselt prognoosis välisnõustaja 2009. aasta (viies aasta pärast omandamist) omakapitali investeeringute tulususeks 9,8 %, omandades ettevõtjast Assedile 100 %, mille väärtuseks hinnati ligikaudu 40 miljonit eurot (vt Progetto Zorro, 30. mai 2005, lk 30).
the total amount (principal and recovery interests) to be recovered from SACE BT;
Seega arvestas SACE pärast ettevõtjast Assedile 100 % omandamist kasumiks 3,9 miljonit eurot:
a detailed description of the measures already taken and planned to comply with this Decision;
40 miljonit eurot × omakapitali investeeringute tulusus 9,8 % (ja 2,7 miljonit eurot ettevõtja Assedile 70 % eest).
documents demonstrating that SACE BT has been ordered to repay the aid.
Vastavalt SACE märkustele, mille ta esitas 5. mail 2011 vastusena algatamisotsusele (lk 21), nähti välisnõustaja koostatud finantsprognoosis seoses ettevõtja KUP omandamisega ette eeldatav netokasum 3,5 miljonit eurot 2011. aastal (viiendal aastal pärast omandamist).
Italy shall keep the Commission informed of the progress of the national measures taken to implement this Decision until recovery of the aid referred to in Articles 2, 3 and 4 has been completed.
Seega:
It shall immediately submit, on simple request by the Commission, information on the measures already taken and planned to comply with this Decision.
33 % × 3,5 miljonit eurot = 1,2 miljonit eurot.
This Decision is addressed to the Italian Republic.
Vt SACE — vastus teabepäringule (punkt 12), esitatud 5. märtsil 2012, lk 2–3.
Done at Brussels, 20 March 2013.
Vastavalt kohandatud äriplaanile oli ettevõtja Euler Hermes SIAC turuosa Itaalias 2003. aastal 47,5 %, ettevõtja Atradius-SIC (Itaalia) turuosa 20,1 % ja ettevõtja Coface Itaalia (Viscontea Coface) turuosa 17,9 %.
For the Commission
Välisnõustaja koostatud esialgne äriplaan Itaalia kõnealust väidet ei toeta.
Vice-President
Plaani 2004. aasta veebruaris koostatud 1. lisa „La best practice del mercato.
OJ C 177, 17.6.2011, p. 6.
Benchmarking sui principali players” kohaselt (vt Itaalia poolt 12. veebruaril 2008 esitatud teave, 1. lisa) tegutsesid nii Viscontea Coface kui ka Euler Hermes SIAC garantiide valdkonnas (vt lisa lk 17 ja 34).
Cf. footnote 1.
Seoses tasuga, mida SACE BT maksis ettevõtjale SACE, vt SACE märkused, mille ta esitas 5. mail 2011 vastusena algatamisotsusele, lk 30.