natgillin/translations-raw huggingface dataset:
The investigation showed that Articles 4 and 7 of the Bank law are applied subject to Article 34 of the Bank law, i.e. where the State establishes a public policy the banks implement it and follow State instructions.
„Tuleb jõuliselt edendada roheliste võlakirjade ja kõrge tootlusega võlakirjade innovatsiooni.
The findings of this investigation did not support the claim that banks do not take government policy and plans into account while making lending decisions.
Edendada roheliste võlakirjade emiteerimist, rohelise vara suunamist võlakirjadesse ja muid finantsinstrumente, et juhtida terase- ning söetööstuse rohelist arengut.“
It rather confirmed the contrary, as has been clearly described in recitals (121) to (128) below.
„Tuleb jõuliselt ja püsivalt edendada võlgade restruktureerimist ettevõtja tasandil.
Therefore, the Commission found that Article 4 of the Bank law did not prevent commercial banks from taking government industrial policy and plans into account.
Tuleb aidata ettevõtjaid, kes järgivad riigi tööstuspoliitikat, kes viivad jõuliselt ellu tootmisvõimsuse vähendamise meetmeid, kes uuendavad oma struktuuri ja teevad ümberkorraldusi oma arengus ning kellel on teatav maksevõime, et nad pääseksid raskustest, kohandades laenu kestust, tagasimaksete aegasid ja makseviise ning võttes muid võlgade restruktureerimise meetmeid.“
The GOC also referred to Article 5 of the Bank law, deriving from it that there would be ‘no interference by local governments and government departments at various levels, public organizations or individuals in the business operations of the banks.’
„Tuleb parandada ettevõtete ühinemise ja ostu-müügitegevusega seotud laenutegevust ning laiendada selliste laenude skaalat, määrata mõistlikud laenutähtajad ja intressimäärad, et toetada ettevõtjaid ja piirkondi, millel suhtelised eelised tööstusvõimsuse lõimimiseks“.
However, the actual text of Article 5 of the Bank law reads as follows: ‘Commercial banks shall adhere to the principles of equality, voluntariness, fairness and good faith in business dealings with their clients’.
Rohelise krediidi suunised innustavad rahandusasutusi kasutama erinevaid krediidilaiendamise ja riskijuhtimise meetmeid kooskõlas majandusharu poliitikasuundadega ning vastavalt laenusaaja keskkonnaseisundile.
For the Commission, this formulation does not shield banks from their duty to apply public policy considerations as set out in Article 34 of the Bank law.
Terasetööstust nähakse peamise sihtrühmana keskkonnaprojektidega seotud laenude osas.
As set out in recitals (121) to (128) below, in view of the behaviour of the banks when providing loans to the sampled companies, this Article can therefore not be considered to contradict the interpretation of Article 34 established by the Commission.
Selles kontekstis on majandusharu poliitikat selgitatud „Arvamustes raua- ja terasesektori energiasäästmise ja heidete vähendamise ning struktuurilise kohandamise kiirendamise kohta“.
The industrial policy of the State is established through central planning, as explained in section 3.1 above.
Hiina RV valitsus teatas oma kommentaarides, et rohelise krediidi suunist ning dokumendi „Arvamused raua- ja terasesektori energiasäästmise ja heidete vähendamise ning struktuurilise kohandamise kiirendamise kohta“ olemasolu ei tõenda samuti siduva normatiivse laenuraamistiku olemasolu.
With regards to the steel industry, chapter 5 of the 12th Five Year Steel Plan specifically provides for strengthening the connection between financial policies and the steel industrial policy.
Hiina valitsus viitas eelkõige rohelise krediidi suuniste artiklile 15, milles on märgitud, et „pangandusasutused peavad tugevdama hoolsuskohustust laenuandmisega seoses“.
Furthermore, Chapter 5 of the 13th Five Year Steel Plan issues ‘guidance to financial institutions and private capital to support the priority tasks of the Plan’, and provides that ‘As regards enterprises having a market and being profitable, banks shall keep the demand for credit reasonable’.
Käesoleva uurimise järeldused ei toetanud väidet, nagu rohelise krediidi suuniste artikkel 15 välistaks võimaluse, et rahandusasutused järgivad valitsuse tööstuspoliitikat ja valitsuse kavasid laenude andmisel.
Similarly, Decision No. 40 instructs all financial institutions to provide credit support specifically to ‘encouraged’ projects.
Pigem leidis kinnitust vastupidine, nagu on selgelt kirjeldatud põhjendustes 121–128.
As already explained in section 3.1, projects of the steel industry belong to the ‘encouraged’ category.
Pangandusseadus on seadusena õiguslikult siduv.
Following disclosure, the GOC indicated that the Commission did not explain how Decision No. 40 demonstrates that banks are required to undertake any preferential credit operations, and referred to Articles 17 and 18 of this Decision.
Viisaastakukavade kohustuslikkus on tõestatud põhjenduses 55.
The Commission noted that the Decision incorporates the GOC's will to actively support the development of the steel industry.
Otsuse nr 40 kohustuslikkus on tõestatud põhjenduses 55.
While Articles 17 and 18 of the same Decision also ask the bank to respect credit principles the Commission could not establish during the investigation that this was done in practice.
Seega tugines Hiina valitsus normatiivsele raamistikule, et teostada mõtestatud kontrolli viie koostööd tegeva riigiosalusega panga üle alati, kui need andsid laene terasetööstusele.
Decision No. 40 hence confirms the previous finding with respect to the Bank law that banks exercise governmental authority in the form of preferential credit operations.
Komisjon taotles ka konkreetseid tõendeid mõtestatud kontrolli teostamise kohta konkreetsete laenude alusel.
Furthermore, the Guidelines of the People's Bank of China, CBRC, CSRC, and CIRC, as well as the notice ‘Several Opinions on Resolving Overcapacity’, are specifically targeted at companies in the steel sector.
Kontrollimise ajal osundasid viis koostööd tegevat riigiosalusega panka pangandusseaduse artiklitele 4 ja 5, mille kohaselt nad on kohustatud laenutaotlustele sõltumatu hinnangu andma.
They state that financial institutions must fully recognize the pillar role and strategic importance of steel and coal industries and continue to give credit support to the steel companies which comply with industrial policy and which adjust and regroup themselves without increasing their production capacity.
Nad väitsid, et tegelikkuses pidid nad kõnealuste laenude andmisel kasutama keerukaid laenude riski hindamise eeskirju ja mudeleid.
This support shall extend to the setting of interest rates and the promotion of bonds and loans for mergers and acquisitions.
Kuid nad ei esitanud konkreetseid näiteid.
Furthermore, debt restructuring and debt forgiveness is promoted.
Viis koostööd tegevat riigiosalusega panka keeldusid esitamast teavet, kaasa arvatud konkreetseid krediidiriski hinnanguid, seoses valimisse kuuluvate äriühingutega ning seda nii reguleerivatel kui ka lepingulistel põhjustel.
Following disclosure, the GOC stated that the Commission failed to mention any specific provisions in the above-mentioned documents which support its conclusions.
Seoses viimasega juhtisid nad tähelepanu, et laenajate nõusolekuta rikuksid nad teabe esitamisega lepingut.
The Commission highlighted that it had based its statements in the previous recital inter alia on the following passages of the notice ‘Several Opinions on Resolving Overcapacity’:
Kõigi nelja valimisse kaasatud eksportivate tootjate kontsernid keeldusid allkirjastamast kirjalikku nõusolekut, lubamaks uurida oma finantsandmeid panga ruumides.
‘Banking financial institutions are encouraged to reorganize the loans disbursed to iron and steel enterprises and coal enterprises that are in difficult conditions but take the initiative to reduce capacity.’
Kontrollkäigud näitasid, et välja arvatud teatavad välisvaluutas laenud ja veel üks laen ühele valimisse kuuluvale eksportivale tootjale, anti laene neljale valimisse kaasatud eksportivate tootjate kontsernile intressimääradega, mis on Hiina Rahvavabariigi Panga (PBOC) võrdlusintressimäärade [18] sarnased, olenemata äriühingute rahalisest olukorrast ja krediidiriskist.
‘As regards iron and steel enterprises and coal enterprises with marketable products or services and promising development potentials that are in line with national industrial policies and take the initiative to reduce capacity, adjust structures and transform development models, banking financial institutions shall set up creditor committees, adjust the maturity, interest rates and repayment methods of loans and take other measures.’
Seega anti laene turuhinnast odavamalt, kui võtta arvesse nelja valimisse kuuluva eksportiva tootja riskiprofiili.
As far as the Guidelines of the People's Bank of China, CBRC, CSRC, and CIRC are concerned, the following passages are inter alia relevant:
Lisaks olid kõik valimisse kuuluvad ettevõtted saanud vaba tagasimaksega laene, mis võimaldasid neil viivitamata asendada laenude tagasimakse tähtajal tehtud tagasimaksetele kulunud kapital uue kapitaliga uutest laenudest.
‘Banking financial institutions should fully recognize the pillar role and strategic position of steel and coal industries, accurately grasp the law of their development, continue to give credit support, in accordance with the principles of risk controllability and business sustainability, to high-quality backbone enterprises, which have advanced technology and equipment, competitive products, markets, and may restore their competitiveness and get rid of temporary difficulties after deepening reform and strengthening internal management; actively offer comprehensive financial services to the enterprise which adjusts and regroups itself but doesn't increase its production capacity.’
Shougang Groupi ja Benxi Groupi korral restruktureeriti maksegraafikuid või kustutati võlg rahaliste raskuste tõttu, ka leidis komisjon ühe konkreetse näite Hiina valitsuse poolsest sekkumisest, mis tõi kaasa võlgade restruktureerimise hoolimata panga finantshinnangust [19].
‘Improve interest rate pricing management, and reduce enterprise's financing costs.’
Ka leidis komisjon, et laene, mida pangad oleksid pidanud esitama ebatavaliste laenudena, ei näidatud viie koostööd teinud riigiosalusega panga poolt sellistena riiklikus laenude keskregistris.
‘Actively promote the innovation of green of bonds and high yield bonds.
Sellisena näitamise kohustus kehtib eelkõige siis, kui laenud on restruktureeritud, kui võlgnik on oma makseid tasumata jätnud või kui on antud vaba tagasimaksega laene.
Expand the issuance of green financial bonds, green asset securitization and other innovative financial instruments to guide the green development of the steel and coal industries.’
Selliseid juhtumeid leiti kõikide nelja valimisse kuuluva kategooria eksportivate tootjate puhul.
‘Actively and steadily promote debt restructuring at the enterprise.
CBRC „Riskipõhise laenude klassifikatsiooni suuniste“ kohaselt oleksid kõik need juhtumid pidanud olema laenude keskregistrisse kantud.
For the enterprise which comply with national industrial policies, and actively take the initiative to reduce production capacity, adjust structure and transform for development, and has certain solvency, under the premise of loan quality monitoring and precise classification, help them weather the storm by adjusting the loan period, ways of repayment, and other debt restructuring measures.’
Rahandusasutuste poolne selline teatamata jätmine loob laenude keskregistris moonutatud pildi ettevõtte krediidiseisundist, sest register ei näita kajasta enam ettevõtte tegelikku krediidivõimet.
‘Improve the M & A loan business, and expand the scale of M & A loans, reasonably determine the loan term and interest rate, so as to support enterprises and regions with comparative advantage to integrate the industrial capacity’.
Seega, isegi kui rahandusasutus rakendaks turutingimustel riskianalüüsi, teeks ta seda ebatäpse teabe põhjal.
The Green Credit Guidelines encourage financial institutions to use different credit extension and risk management policies in accordance with industry policies and depending on the environmental status of the borrower.
Pärast järelduste avalikustamist väitis Hiina valitsus, et puudulik aruandlus mõne laenu kohta keskses krediidiregistris näitab, et laenuandmist käsitlev õigusraamistik ei ole siduv.
The steel industry is seen as a primary target for the provision of loans related to environmental projects.
See, et mõni osaline jättis esitamata aruandluse teatavate laenude kohta, ei näita aga seda, et suunised ei oleks õiguslikult siduvad.
The industry policy in this context is explained in the ‘Opinions on Strengthening Energy Saving and Emission Reduction and Accelerating Structural Adjustment in the Iron and Steel Sector’.
Hiina valitsus teatas, et mitme Hiina panga aastaaruandes on peatükid põhjaliku riskijuhtimise käsitluse ja krediidianalüüsiga, millest nähtub selgelt, et viimasel ajal on terasetööstuse laene pigem piiratud, mitte edendatud.
These Opinions highlight that ‘the iron and steel industry, being the one with the biggest potential in energy conservation and emission reduction, occupies a vital position in the work of energy conservation and emission reduction.
Komisjon leidis, et krediidiriski hindamise alane teave aastaaruannetes ei sisalda midagi, mida võib käsitleda kui uusi asjaolusid, mida Hiina valitsus esitas.
To strengthen energy conservation and emission reduction and structural adjustment is an important and major measure in transforming the development model of the iron and steel industry’.
Need on igal juhul abstraktsed ega võimalda eri juhtumeid hinnata, samuti ei tõenda need seda, et see hindamine tegelikult toimub.
Projects related to new technologies and techniques of circular economy and energy conservation and emission reduction, such as coke dry quenching under high temperature and pressure, dry dust removal, recovery and utilization of residual heat and pressure of coal gas, and sintering flue gas desulfurization, and the ensuing ‘green’ financing are thus ‘vigorously promoted’.
Lisaks on Hiina RV valitsuse esitatud näited EXIMi ja CCB kohta vaevalt seotud terasetööstusele antud laenude osakaalu vähenemisega.
The GOC submitted in its disclosure comments that the Green Credit Guidelines and the ‘Opinions on Strengthening Energy Saving and Emission Reduction and Accelerating Structural Adjustment in the Iron and Steel Sector’ similarly fail to show the existence of a binding normative framework for lending practices.
Need avaldused ei sisaldanud üldse teavet selle kohta, mis tingimustel need laenud anti.
In particular, the GOC referred to Article 15 of the Green Credit Guidelines, which state that ‘banking institutions shall strengthen due diligence in credit granting’.
Kuid see tõsiasi, et puudub üldine teave terasetööstusele antud laenude kohta kõikidest riigiosalusega ja eraomanduses pankadest, mida riik volitab ja suunab, ning see, et neist kaks on vähendanud avalikustamist, ei ole tähtsusetu.
The findings of this investigation did not support the claim that Article 15 of the Green Credit Guidelines precluded financial institutions from following government industrial policy and plans when granting loans.
Panga China Merchants Bank aastaaruande kohta osutati Hiina valitsuse avalduses ainult sellele tõsiasjale, et pank on oma laenupoliitikas teinud kohandusi, lisamata selgitusi.
It rather confirmed the contrary, as has been clearly described in recitals (121) to (128) below.
Kuigi China Merchants Pank on „tingimusi karmistanud“, väideti avalduses veel, et „pank toetab oma kliente“.
The Bank law is legally binding.
Seetõttu ei leia komisjon põhjust oma järelduste muutmiseks ja järeldas, et Hiina valitsus on teostanud mõtestatud kontrolli viie koostööd tegeva riigiosalusega panga üle seoses nende laenupoliitika ja riskihindamisega terasetööstusele laenude andmisel.
The mandatory nature of the Five Year Plans has been established above at recital (55).
Kokkuvõttev järeldus koostööd tegevate rahandusasutuste kohta
The mandatory nature of Decision No. 40 has been established above at recital (55).
Komisjon leidis, et viis koostööd tegevat riigiosalusega rahandusasutust on rakendanud eespool esitatud õiguslikku raamistikku terasesektori osas valitsuse volituste teostamisel, tegutsedes nii riigiasutustena alusmääruse koostoimes kohaldatava artikli 2 punkti b ja artikli 3 lõike 1 punkti a alapunkti i mõistes ning kooskõlas WTO asjakohase kohtupraktikaga.
The mandatory nature of the other regulatory documents is demonstrated by the supervision and evaluation clauses which they contain.
Pärast järelduste avalikustamist väitis Hiina valitsus, et komisjon ei järgi tõendamiskohustuse nõudeid, kui määratles, et riigiosalusega pangad on avaliku sektori asutused, ning väidetavalt tugines oma järelduste tegemisel üksnes ametlikele kontrollnäitajatele, nagu Hiina valitsuse omandusse kuuluvus või volitus nimetada või määrata ametisse ametnikke.
The notice ‘Several Opinions on Resolving Overcapacity’ states that ‘The CBRC, the National Development and Reform Commission and the Ministry of Industry and Information Technology shall organize inspection and supervision of the implementation hereof in due course.’
Komisjon lükkas selle väite tagasi põhjendamatuse tõttu, kuna komisjon oli sellist juhtimist uurinud mõtestatult ja üksikasjalikult põhjendustes 100–128.
Article 28 of the Green Credit Guidelines states that ‘Regulatory authorities in the banking industry shall … evaluate the effect of green credit extended by financial institutions in the banking industry in a comprehensive manner based on the status of off-site regulation and on-site inspection.
Koostööst hoidunud riigiosalusega pangad
The evaluation results shall be used as the important bases for the regulatory ratings, institution access, business access and performance appraisals of the senior management staff of financial institutions in the banking industry in accordance with the relevant laws and regulations’.
Nagu märgitud eespool punktis 3.2, ei nõudnud Hiina valitsus üheltki muult valimisse kuuluvale ettevõttele laenu andnud riigiosalusega pangalt eriküsimustikule vastamist.
The Guidelines of the People's Bank of China, CBRC, CSRC, and CIRC on supporting the steel and coal industries to resolve overcapacity and achieve turnaround in development state that financial institutions should strengthen communication with local government departments.
Seetõttu otsustas komisjon kooskõlas põhjendustes 61 kuni 75 toodud järeldustega kasutada parimaid kättesaadavaid fakte määratlemaks, kas need riigiosalusega pangad kvalifitseeruvad avalik-õiguslikeks asutusteks.
On that basis, the Commission concludes that the GOC has created a normative framework that had to be adhered to by the managers and supervisors appointed by the GOC and accountable to the GOC.
Kasutades avalikult kättesaadavat teavet, nagu panga kodulehekülg, aastaaruanded, kättesaadav teave pangandusregistrites või Internetis, tuvastas komisjon, et järgmised 30 panka, mis olid andnud laenu nelja valimisse kuuluva kategooria eksportivatele tootjate kontsernidele, kuulusid osaliselt või täielikult riigile endale või olid riigiosalusega juriidilised isikud: Hiina Arengupank, Sidepank, Hiina Everbright Bank, Postiteenuste Säästupank, Hiina Kaupmeeste Pank, Shanghai Pudongi Arengupank, Hiina Tööstuspank, Shenyangi Maaelu Kommertspank, Benxi Linna Kommertspank, Benxi Kommertspank, Kailuan Group Financial Co., Liaoning Hengyi Financing Lease Co., Ltd., Chengde Pank, Hebei Pank, Shanghai Pank, Ningbo Pank, Hiina CITIC Pank, Hiina Guangfa Pank, Hiina Bohai Pank, Huaxia Pank, Hiina Ressursipank, Hiina Zheshangi Pank, Hiina Krediiditrust, Huarong International Trust Co.
Therefore, the GOC relied on the normative framework in order to exercise control in a meaningful way over the conduct of the five cooperating state-owned banks whenever those were providing loans to the steel industry.
Ltd., Northern International Trust Co., Ltd., Zhangjiakou Pank, Hebei Iron and Steel Group Financial Co., Ltd, Shougang Group Finance, Benxi Linna Finantsamet, Zunhua Maaelu Krediidiühing.
The Commission also sought concrete proof of the exercise of control in a meaningful way on the basis of concrete loans.
Järgmises tabelis leiate teavet nende pankade omanike struktuuri kohta.
During the verification, the five cooperating state-owned banks pointed to Articles 4 and 5 of the Bank law, according to which they are required to make an independent assessment of a loan request.
Panga nimi
They maintained that in practice they had used sophisticated credit risk assessment policies and models when granting the loans at issue.
Teave omanike struktuuri kohta
However, no concrete examples were provided.
Hiina arengupank
The five cooperating state-owned banks refused to provide information, including their specific credit risk assessments, related to the sampled companies for regulatory and contractual reasons.
100 % riigile kuuluv poliitikapank
With regard to the latter, they pointed out that without the consent of the borrower, they would breach contract by providing the information.
Sidepank
All four groups of sampled exporting producers refused to sign a letter of consent allowing for an examination of their financial data at the bank's premises.
Rahandusministeerium ja Central Huijin Investments omavad 26,53 % panga aktsiatest.
In the absence of concrete evidence of creditworthiness assessments, the Commission therefore examined the overall legal environment as set out above in recitals (100) to (120), in combination with the behaviour of the five cooperating state-owned banks with regard to the loans provided to the sampled companies.
Rahandusministeerium ja Central Huijin Investments omavad 41,24 % panga aktsiatest.
This behaviour contrasted with their official stance, as they were not acting like financial institutions would normally do based on a thorough market-based risk assessment.
Postiteenuste säästupank
The verification visits revealed that with the sole exception of certain loans in foreign currency and one single loan to one sampled exporting producer, loans were provided to the four groups of sampled exporting producers at interest rates close to the People's Bank of China (‘PBOC’) benchmark interest rates [18], regardless of the companies' financial and credit risk situation.
Algselt asutatud 2007. aastal riikliku postiteenistuse poolt, mis praegu on transpordiministeeriumi osakond.
Hence, the loans were provided below market rates when compared to the rate corresponding to the risk profile of the four sampled exporting producers.
Praegu kuuluvad 64 % aktsiatest ettevõttele China Post Corp., mis on sajaprotsendiliselt riigi omanduses.
In addition, all of the sampled companies had received revolving loans, which allow them to immediately replace the capital repaid on loans at the maturity date by fresh capital from new loans.
Hiina kaupmeeste pank
In the cases of the Shougang Group and the Benxi Group, payment schedules were restructured or debt was forgiven because of financial difficulties, and the Commission found one specific example of an intervention by the GOC which led to a debt restructuring against the financial institutions' better financial judgment [19].
See pank on osa korporatsioonist China Merchants Group, mis on riigiosalusega ettevõte.
The Commission also found that loans which should have been reported by the banks as not normal loans had not been indicated as such in the national central credit register by the five cooperating state-owned banks.
Shanghai Pudongi arengupank
The obligation to report exists in particular when loans had been restructured, when the debtor defaulted on its payments, or when revolving loans had been issued.
China Mobile Communication Group Guangdong Limited (riigiosalusega ettevõte): 20 %
Such occurrences were found for all four groups of sampled exporting producers.
Shanghai International Group Co., Ltd (riigile kuuluv finantsvaldusettevõtja kontsern): 16,93 %
According to the CBRC's ‘Guidelines on risk-based loan classification’, all of these instances should have been included in the central credit register.
Shanghai Sitico Assets Management Co., Ltd. (osa korporatsioonist Shanghai International Group): 5,23 %