natgillin/translations-raw huggingface dataset:
They argue that, in its decision on the rescue of the Danish bank Roskilde [41], the Commission found that a body that had provided a guarantee took its decisions independently, before concluding that no State resources were involved where a guarantee was granted to a bank in crisis by an association made up of domestic banks, and funded solely by them, for the purpose of supporting financial institutions.
Navode da je Komisija u svojoj odluci o sanaciji danske banke Roskilde [41] utvrdila da je tijelo koje je osiguralo jamstvo odlučivalo neovisno, prije nego je zaključila da jamstvo koje je dobila banka u krizi od udruženja domaćih banaka, koje su ga jedine financirale, nije uključivalo državna sredstva u svrhu pružanja podrške financijskim institucijama.
Referring to EARL Salvat père et fils [42], the three interested parties take the view that there can be State aid only if the State is present in the decision-making bodies of the organisation and is in a position to impose its own decisions.
Pozivajući se na predmet EARL Salvat père et fils [42], tri su zainteresirane strane mišljenja da državna potpora može postojati samo ako je država prisutna u tijelima organizacije koja donose odluke i ako je u položaju da nameće vlastite odluke.
The three interested parties submit that the FITD is a body representing the interests of its member banks, and that the powers assigned to the Banca d'Italia in respect of the FITD's actions merely permit the Banca d'Italia to pursue its general supervisory aims, and specifically to monitor the sound and prudent management of the entities it supervises and to protect depositors' interests.
Tri zainteresirane strane iznijele su primjedbu da je FITD tijelo koje zastupa interese svojih banaka članica te da je Banci Italije ovlastima koje su joj dodijeljene u odnosu na FITD-ovo djelovanje samo omogućeno ostvarenje njezinih općih nadzornih ciljeva, a posebno praćenje stabilnog i razboritog upravljanja subjektima koje nadzire i zaštita interesa deponenata.
Given the general nature of the Banca d'Italia's task of coordinating the activities of deposit guarantee schemes via the rules on banking crises and its own supervisory activities, that task cannot serve as evidence that the resources of the FITD are under the constant control of the State.
S obzirom na opću narav zadaće Banke Italije u pogledu koordinacije aktivnosti sustava osiguranja depozita na temelju pravila o krizama banaka i vlastitih nadzornih aktivnosti banke, ta zadaća ne može poslužiti kao dokaz stalnog nadzora države nad FITD-ovim sredstvima.
The fact that the Banca d'Italia appoints a special administrator for a bank in crisis does not indicate a link with the public sphere, because the legal basis of that power (Article 70 et seq. of the Banking Act) is essentially technical in nature, and its rationale and foundation lie in the specific features of the sector.
Činjenica da Banka Italije imenuje posebnog upravitelja banke u krizi ne upućuje na povezanost s javnom sferom jer je pravna osnova za tu ovlast (članak 70. i dalje Zakona o bankama) u biti tehničke naravi, a razlog njezina postojanja i utemeljenje povezani su s posebnim obilježjima sektora.
Moreover, mere indications that a measure pursues objectives in the public interest are not enough to show that it constitutes State aid [43].
Štoviše, puke naznake da se mjerom ostvaruju ciljevi u javnom interesu nisu dovoljan dokaz da mjera predstavlja državnu potporu [43].
The Banca d'Italia's power to authorise individual measures under Article 96-ter(1)(d) of the Banking Act and Article 3(2) of the FITD's constitution does not strip the FITD of its independent judgment as to whether to take alternative measures and, if so, as to their timing, amount and form.
Banka Italije ima ovlast za odobravanje pojedinačnih mjera u skladu s člankom 96.-ter stavkom 1. točkom (d) Zakona o bankama i člankom 3. stavkom 2. FITD-ova statuta, no time se ne onemogućuje FITD-ova neovisna prosudba o tome hoće li poduzeti alternativne mjere te, ako hoće, o vremenu njihove provedbe, njihovu iznosu i obliku.
The Banca d'Italia's authorisation of the FITD's actions is merely an ex post check on decisions taken independently by the FITD, carried out to ensure the safeguard of the general interest for which the Banca d'Italia is responsible.
Odobrenje Banke Italije u pogledu FITD-ova djelovanja samo je ex post provjera samostalnih FITD-ovih odluka, provedena kako bi se osigurala zaštita općih interesa koja je u nadležnosti Banke Italije.
The three interested parties also refer to the Commission decision on the aid to Banco di Sicilia and Sicilcassa [44], where the Commission concluded that the intervention of the FITD in favour of those banks did not constitute State aid, without considering the role of the Banca d'Italia in respect of the activities of the FITD.
Tri zainteresirane strane upućuju i na odluku Komisije o potpori dodijeljenoj bankama Banco di Sicilia i Sicilcassa [44], u kojoj je Komisija zaključila da FITD-ova intervencija u korist tih banaka ne predstavlja državnu potporu a da nije uzela u obzir ulogu Banke Italije u pogledu FITD-ovih aktivnosti.
The three interested parties submit that, as in Doux Élevage, public supervision of the FITD does not go beyond the exercise of a mere formal verification of the validity and the lawfulness of the FITD's behaviour; it does not extend to verification of political appropriateness or of compliance with policy pursued by the public authorities: as in Doux Élevage, the FITD itself decides how to use its resources.
Tri zainteresirane strane iznijele su primjedbu da, kao u predmetu Doux Élevage, državni nadzor nad FITD-om ne premašuje provedbu isključivo formalne provjere valjanosti i zakonitosti FITD-ova postupanja. Ne obuhvaća provjeru političke primjerenosti ili usklađenosti s politikom tijela javne vlasti; kao i u predmetu Doux Élevage, FITD sam odlučuje o načinu upotrebe svojih sredstava.
Similarly, in the Pearle case [45], the Dutch government confirmed that the bye-laws adopted by bodies such as HBA, which imposed levies that were at issue in that case, required the approval of the public authorities.
Slično tomu, nizozemska je vlada u predmetu Pearle [45] potvrdila da je za podzakonske akte koje donose tijela kao što je HBA i kojima su utvrđene naknade iz tog predmeta bilo potrebno odobrenje tijela javne vlasti.
The FITD points out that the special administrator, although appointed by the Banca d'Italia, is not a representative of the supervisory authority.
FITD ističe da posebni upravitelj nije predstavnik nadzornog tijela iako ga je imenovala Banka Italije.
The special administrator operates with broad discretion and on his or her own initiative.
Posebni upravitelj ima široko diskrecijsko pravo i djeluje na vlastitu inicijativu.
He or she can only request action on the part of the FITD, which is in no way bound by the request and remains free to take alternative measures in the best interest of its member banks.
Posebni upravitelj može samo zatražiti djelovanje FITD-a, koji ni na koji način nije obvezan tim zahtjevom i slobodan je poduzeti alternativne mjere u najboljem interesu svojih banaka članica.
In the case at issue, the special administrator did not replace the general meeting of the bank, which was the only body empowered to approve operations of an exceptional nature.
U ovom predmetu posebni upravitelj nije bio zamjena za glavnu skupštinu banke, koja je jedino tijelo ovlašteno za odobravanje izvanrednih operacija.
Furthermore, the authorisation of the Banca d'Italia is issued only after the FITD has taken its own independent decision to intervene.
Nadalje, Banka Italije dala je odobrenje tek nakon što je FITD samostalno odlučio o intervenciji.
That authorisation is part of the normal supervisory role of the Banca d'Italia.
Odobrenje je dio uobičajene nadzorne uloge Banke Italije.
The Banca d'Italia representative attending the meetings of the FITD Board and Executive Committee sits only as an observer, without voting rights.
Predstavnik Banke Italije koji prisustvuje sastancima Upravnog i Izvršnog odbora FITD-a samo je promatrač bez prava glasa.
The arbitrator in the dispute between the FITD and BPB regarding the amount of Tercas's negative equity was appointed not by the Banca d'Italia, but by the parties themselves (the FITD and BPB), on the Banca d'Italia's recommendation.
Arbitra u sporu između FITD-a i BPB-a koji se odnosi na iznos Tercasova negativnog kapitala nije imenovala Banka Italije, nego same strane (FITD i BPB), na preporuku Banke Italije.
Moreover, the appointment of an arbitrator was intended to resolve the dispute at issue; any decision concerning the cost-effectiveness of the measures from the point of view of member banks remained entirely a matter for the FITD.
Štoviše, arbitar je imenovan radi rješavanja predmetnog spora, a sve odluke o troškovnoj učinkovitosti mjera sa stajališta banaka članica bile su u potpunosti u nadležnosti FITD-a.
The cases cited by the Commission concerning deposit guarantee schemes are not comparable to the case at issue.
Predmeti koje je navela Komisija i koji se odnose na sustave osiguranja depozita nisu usporedivi s ovim predmetom.
The three interested parties put forward the same arguments as Italy in that respect, adding that the cases of the Danish winding-up scheme and the Polish credit unions liquidation scheme concerned measures taken by guarantee schemes in connection with the liquidation of banks, and not measures taken for preventive purposes, aimed at the banks' long-term recovery.
U tom pogledu tri zainteresirane strane iznijele su iste argumente kao Italija, dodavši da se predmeti danskog programa likvidacije i poljskog programa likvidacije kreditnih unija odnose na mjere koje su sustavi osiguranja depozita poduzeli u vezi s likvidacijom banaka, a ne na mjere poduzete u preventivne svrhe s ciljem dugoročnog oporavka banaka.
Observations from Italy
Primjedbe Italije
Italy submits that the Commission is applying the market economy operator principle as developed in the context of the most recent bank restructuring cases (the ‘burden-sharing test’), overlooking the fact that a burden-sharing test is irrelevant for assessing the rationality of the behaviour of a private entity, because it aims primarily at protecting the interests of the general public (all taxpayers) and not the specific interests of those directly exposed to the failing bank (such as the FITD).
Italija je iznijela primjedbu da Komisija primjenjuje načelo subjekta u tržišnom gospodarstvu razvijeno u kontekstu najnovijih slučajeva restrukturiranja banaka („provjera podjele obveza”) previđajući činjenicu da provjera podjele obveza nije relevantna za ocjenu racionalnosti postupanja privatnog subjekta jer je njezin primarni cilj zaštita interesa javnosti (svih poreznih obveznika), a ne posebnih interesa onih koji su izravno izloženi propasti banke (kao što je FITD).
Besides, the FITD complied with the principle of least cost.
Osim toga, FITD je poštivao načelo najnižeg troška.
In deciding to intervene in order to support Tercas, the FITD sought the solution which was least onerous financially for its member banks on the basis of the opinion of a reputable consultancy firm and long discussions on the Board and the Executive Committee.
Odlučujući o intervenciji radi pružanja podrške Tercasu, FITD je tražio rješenje koje je financijski najmanje opterećujuće za njegove banke članice i to na temelju mišljenja uglednog konzultantskog društva i dugotrajnih rasprava Upravnog i Izvršnog odbora.
Italy submits that when the Commission compared the reorganisation of Tercas with the alternative scenario of liquidation, it did not refer to the correct figures.
Italija je iznijela primjedbu da Komisija pri usporedbi reorganizacije Tercasa s alternativnim scenarijem likvidacije nije uputila na točne podatke.
The comparison between the recovery measure and the liquidation scenario should be made after deducting the […] position, the risk of which was not evaluated in the estimate of the cost of liquidation.
Usporedbu mjere oporavka i scenarija likvidacije trebalo bi napraviti nakon što se oduzme pozicija […], čiji rizik nije ocijenjen pri procjeni troška likvidacije.
Italy considers that the FITD's action is in any event in line with the market economy operator principle.
Italija smatra da je FITD-ovo djelovanje u svakom slučaju u skladu s načelom subjekta u tržišnom gospodarstvu.
First, the FITD could not have required Tercas to impose burden-sharing on subordinated creditors beyond the contractual terms of individual loans, which provide for write-off only in the event of liquidation.
Prvo, FITD nije mogao od Tercasa zahtijevati da podređenim vjerovnicima nametne podjelu obveza koja premašuje ugovorne uvjete pojedinačnih kredita, kojima je otpis predviđen samo u slučaju likvidacije.
Second, imposing burden-sharing on subordinated creditors would not have reduced the costs to the FITD's member banks in any way.
Drugo, nametanjem podjele obveza podređenim vjerovnicima ne bi se ni na koji način smanjili troškovi FITD-ovih banaka članica.
The Commission was wrong to take the view that in the event of a compulsory administrative winding up (liquidazione coatta amministrativa) of Tercas the costs to the member banks, and consequently to the FITD, would have been minimised if subordinated creditors had been made to bear some of the losses.
Komisija je pogriješila zauzevši stajalište da bi u slučaju obvezne administrativne likvidacije (liquidazione coatta amministrativa) Tercasa troškovi za banke članice, a posljedično i za FITD, bili svedeni na najmanju mjeru da su se neki gubici prenijeli na podređene vjerovnike.
On the basis of the evidence in the minutes of the meetings of the FITD Board and Executive Committee, Italy contends that the measures ultimately taken by the FITD avoided the risk of possible legal actions arising out of losses suffered by subordinated creditors.
Italija na temelju dokaza iz zapisnika sa sastanaka FITD-ova Upravnog i Izvršnog odbora zaključuje da je mjerama koje je u konačnici poduzeo FITD izbjegnut rizik mogućih tužbi zbog gubitaka koje bi pretrpjeli podređeni vjerovnici.
Italy observes that the FITD's action also avoided the negative impact on the reputation of the banking system which would have resulted from a failure to pay back subordinated loans in the event of a compulsory administrative winding up of Tercas.
Italija smatra da je FITD-ovim djelovanjem izbjegnut i negativan učinak na ugled bankarskog sustava koji je mogao nastati zbog neplaćanja podređenih kredita u slučaju obvezne administrativne likvidacije Tercasa.
Therefore, in Italy's view, the FITD's decision not to involve subordinated bondholders was reasonable, was in line with the market economy operator principle, and was such as to prevent the FITD and its member banks from being exposed to further costs.
Stoga je Italija mišljenja da je FITD-ova odluka o neuključivanju podređenih vlasnika obveznica bila razumna, u skladu s načelom subjekta u tržišnom gospodarstvu te da je njome izbjegnuto izlaganje FITD-a i njegovih banaka članica dodatnim troškovima.
Observations from the Banca d'Italia
Primjedbe Banke Italije
The Commission received no comments from Banca d'Italia on the selective advantage of the measures taken.
Komisija nije zaprimila primjedbe Banke Italije o selektivnoj prednosti zbog poduzetih mjera.
With regard to the economic soundness of the measures in terms of the market economy operator principle, the three other interested parties submit that the action taken was a rational and sound choice for private undertakings such as the FITD and its member banks.
U pogledu gospodarske utemeljenosti mjera u smislu načela subjekta u tržišnom gospodarstvu, tri druge zainteresirane strane iznijele su primjedbu da je poduzeta mjera bila racionalan i dobar odabir za privatna poduzeća, kao što su FITD i njegove banke članice.
According to those parties the present case has obvious similarities to the Sicilcassa case, where the Commission concluded that the measures at issue did not constitute State aid in view of the decisive participation of private entities.
Te strane smatraju da ovaj predmet ima očiglednih sličnosti s predmetom Sicilcassa, u kojem je Komisija zaključila da se predmetne mjere ne smatraju državnom potporom imajući u vidu presudno sudjelovanje privatnih subjekata.
As in the Sicilcassa case, the FITD here acted as guarantor for the reimbursement of depositors in accordance with the legislation on deposit guarantee schemes; the FITD's actions were decided by the same governing bodies on the basis of the same criteria, and the Banca d'Italia performed the same functions.
Kao i u predmetu Sicilcassa, FITD je djelovao kao jamac za isplatu naknade deponentima u skladu sa zakonodavstvom o sustavima osiguranja depozita; ista upravljačka tijela odlučila su o FITD-ovu djelovanju na temelju istih kriterija, a Banka Italije izvršavala je iste funkcije.
They observe that there are no longer any banks under public control in Italy, so that all of the FITD's members are private banks.
Smatraju da u Italiji više nijedna banka nije pod javnim nadzorom, tako da su sve članice FITD-a privatne banke.
The FITD can consequently operate only as a private entity.
Prema tome, FITD može poslovati samo kao privatni subjekt.
The three interested parties have reviewed earlier cases of alternative measures taken by the FITD [46] and their economic rationale, including cases during the period when participation in a deposit guarantee scheme was purely voluntary.
Tri zainteresirane strane pregledale su ranije slučajeve alternativnih FITD-ovih mjera [46] te njihovu gospodarsku opravdanost, uključujući slučajeve tijekom razdoblja u kojem je sudjelovanje u sustavu osiguranja depozita bilo isključivo dobrovoljno.
Private undertakings have chosen to join the deposit guarantee scheme even when they were not legally bound to do so.
Privatna poduzeća pridruživala su se sustavu osiguranja depozita čak i kada na to nisu bila zakonom obvezana.
The interested parties reject the thesis that a market economy operator would not be exposed to the costs of reimbursing depositors, and would not issue non-repayable contributions or guarantees not subject to a premium, as the Commission stated in the opening decision.
Zainteresirane strane odbijaju tezu da subjekt u tržišnom gospodarstvu ne bi bio izložen troškovima plaćanja naknade deponentima, te da ne bi dao bespovratne doprinose ili izdao jamstva bez premije, kako je Komisija navela u odluci o pokretanju postupka.
Furthermore, the three interested parties stress that the behaviour of the FITD and its member banks should be assessed not in abstract terms, by referring to a hypothetical non-regulated scenario, but rather on the basis of the regulatory framework in which they operate.
Nadalje, tri zainteresirane strane naglašavaju da postupanje FITD-a i njegovih banaka članica ne bi trebalo ocjenjivati apstraktnim pojmovima, upućivanjem na pretpostavljeni neuređeni scenarij, nego na temelju regulatornog okvira u kojem posluju.
If, as in the present case, the obligation under the regulatory framework to repay deposits up to a certain threshold means that the least costly measure for member banks is to cover the negative equity, then covering the negative equity is the most rational choice from the point of view of a private operator in a market economy.
Ako, kao u ovom predmetu, u skladu s regulatornim okvirom obveza isplate depozita do određenog praga znači da je pokrivanje negativnog kapitala za banke članice najisplativija mjera, tada je, sa stajališta privatnog subjekta u tržišnom gospodarstvu, pokrivanje negativnog kapitala najracionalnija odluka.
These three interested parties dispute the Commission's argument that the costs of reimbursing depositors in the event of a compulsory administrative winding up of Tercas are not to be taken into account in the application of the market economy operator principle, since they arise from obligations imposed on the FITD as a deposit guarantee scheme required to protect depositors in the public interest.
Te tri zainteresirane strane osporavaju Komisijin argument da troškovi plaćanja naknade deponentima u slučaju obvezne administrativne likvidacije Tercasa nisu uzeti u obzir pri primjeni načela subjekta u tržišnom gospodarstvu jer oni nastaju na temelju obveza nametnutih FITD-u kao sustav osiguranja depozita koji je dužan zaštititi deponente u javnom interesu.
They argue that in the case of the resolution of Banco Espírito Santo in Portugal [47] the Commission considered that for the purpose of applying the market economy operator principle the costs of reimbursing depositors in the event of liquidation should be included.
Tvrde da je Komisija u predmetu sanacije banke Banco Espírito Santo u Portugalu [47] zauzela stav da je za potrebe primjene načela subjekta u tržišnom gospodarstvu potrebno uključiti troškove plaćanja naknade deponentima u slučaju likvidacije.
Moreover, the Commission could not compare the case at issue with the Court of Justice's ruling in Land Burgenland [48], as the Court there distinguished between measures imputable to the State acting in its capacity as a shareholder and those where the State acted as a public authority.
Štoviše, Komisija nije mogla uspoređivati predmetni slučaj s presudom Suda u predmetu Land Burgenland [48] jer je Sud u tom predmetu razlikovao mjere koje su pripisive državi koja djeluje u svojstvu dioničara i mjere u kojima je država djelovala kao tijelo javne vlasti.
The three interested parties observe that the measures were designed on the basis of the least-cost criterion, and that a reputable auditing and advisory firm was engaged to help to identify the least costly and risky solution for the member banks.
Tri zainteresirane strane smatraju da su mjere osmišljene na temelju kriterija najnižeg troška te da je angažirano ugledno revizorsko i savjetodavno društvo kako bi pomoglo pri utvrđivanju najisplativijeg i najmanje rizičnog rješenja za banke članice.
On that basis, the FITD designed a set of measures which enabled it to reduce costs for member banks significantly, to avoid the risks of a liquidation, and to prevent the possible negative externalities that would be generated by a compulsory administrative winding up of Tercas.
FITD je na toj osnovi osmislio paket mjera koji mu je omogućio da znatno smanji troškove za banke članice, izbjegne rizike likvidacije i spriječi moguće negativne vanjske učinke koji su mogli nastati zbog obvezne administrativne likvidacije Tercasa.
As to the estimation of whether the total cost of the support measures for the FITD was lower than in the case of a liquidation of Tercas, these three interested parties submit that the cost of the guarantee to cover the credit risk of the bullet loans to […] should not have been included in the Commission's cost assessment for the support measure.
U pogledu procjene je li ukupni trošak mjera podrške za FITD bio niži od troška u slučaju likvidacije Tercasa, te tri zainteresirane strane iznijele su primjedbu da trošak jamstva za pokriće kreditnog rizika kredita s jednokratnom otplatom glavnice po dospijeću za […] nije trebao biti uključen u Komisijinu procjenu troškova mjere podrške.
It was not included in the estimated cost to be borne by the FITD in the event of a liquidation of Tercas.
Nije bio uključen u procijenjeni trošak koji bi FITD snosio u slučaju likvidacije Tercasa.
The resulting comparison is between a commitment ‘not exceeding EUR 295 million for the rescue operation and an estimated cost of EUR 333 million in case of liquidation’ [50].
Tako se dobije usporedba obveze „koja ne premašuje 295 milijuna EUR za operaciju sanacije i procijenjenog troška od 333 milijuna EUR u slučaju likvidacije” [50].
The FITD made no payment in respect of the EUR 35 million guarantee, which the Commission was wrong to include in its calculation of the cost of the intervention.
FITD nije izvršio plaćanje u vezi s jamstvom od 35 milijuna EUR, koje Komisija nije trebala uključiti u svoj izračun troška intervencije.