natgillin/translations-raw huggingface dataset:
For the purpose of evaluating the lowest cost, likewise, the amount of EUR 30 million accruing from the tax exemption should not be included in its entirety among the costs.
Isto tako, u svrhu ocjene najnižeg troška, iznos od 30 milijuna EUR obračunan na temelju oslobođenja od poreza ne bi trebao u cijelosti biti uključen u te troškove.
The FITD would incur that cost only if the Commission were not to authorise the tax measure.
Taj bi trošak za FITD nastao samo ako Komisija ne odobri poreznu mjeru.
The three interested parties refer to an estimated EUR 1,9 billion expense in the event of liquidation, only part of which could have been recovered (calculated in the […] report at EUR 1,5 billion).
Tri zainteresirane strane upućuju na procijenjeni trošak od 1,9 milijardi EUR u slučaju likvidacije, koji bi se mogao samo djelomično nadoknaditi (u izvješću […] izračunan je u iznosu od 1,5 milijardi EUR).
They argue that the EUR 1,9 billion in deposits that in the event of liquidation would not have been covered by the deposit repayment scheme would have created a risk of contagion of the member banks and the banking system in general.
Smatraju da bi iznos depozita od 1,9 milijardi EUR, koji u slučaju likvidacije ne bi bio pokriven sustavom isplate depozita, stvorio rizik širenja na banke članice i bankarski sustav u cjelini.
Such a risk might have had ‘potentially enormous’ legal and reputation implications.
Takav bi rizik mogao imati „potencijalno goleme” pravne posljedice i posljedice po ugled.
They also contend that if Tercas had been put into compulsory winding up the prospects of recovering some part of the initial cost, estimated at EUR 1,9 billion, could have been further compromised by compensation claims brought by subordinated creditors.
Smatraju i da su u slučaju obvezne likvidacije Tercasa izgledi za povrat dijela početnog troška, procijenjenog na 1,9 milijardi EUR, mogli biti dodatno ugroženi zahtjevima podređenih vjerovnika za nadoknadu.
The […] report on the basis of which the FITD calculated the lowest cost was based on the accounting situation at 31 December 2013; but the three interested parties say that BPB presented an updated assessment of the impact of the liquidation scenario on the FITD at 31 July 2014, i.e. the date on which the extraordinary shareholders' meeting for the recapitalisation of Tercas was held, which is the date when the support measures were defined formally.
Izvješće […], na temelju kojeg je FITD izračunao najniži trošak, temeljilo se na računovodstvenom stanju na dan 31. prosinca 2013., ali tri zainteresirane strane tvrde da je BPB prikazao ažuriranu procjenu učinka scenarija likvidacije na FITD na dan 31. srpnja 2014., odnosno na dan održavanja izvanredne skupštine dioničara radi rekapitalizacije Tercasa, a to je dan službenog utvrđenja mjera podrške.
These other interested parties reject the Commission's argument that the purported cost of the support measures to the FITD could have been further reduced by writing down the subordinated debt.
Te druge zainteresirane strane odbijaju argument Komisije da je FITD-ov navodni trošak mjera podrške mogao biti dodatno smanjen otpisom podređenog duga.
At the date on which the FITD decided to intervene, the option of bailing in the subordinated debt was not legally feasible.
Na dan donošenja FITD-ove odluke o intervenciji opcija sanacije podređenog duga vlastitim sredstvima nije bila zakonski moguća.
The Italian legislation provided for debt to be written down only in the case of compulsory administrative winding up.
Talijanskim zakonodavstvom otpis duga predviđen je samo u slučaju obvezne administrativne likvidacije.
Had such a bail-in been attempted, the FITD's members would have incurred huge expense immediately, with no certainty of recovery.
Da se i pokušalo provesti takvu sanaciju vlastitim sredstvima, za FITD-ove članice odmah bi nastali veliki rashodi čiji povrat ne bi bio siguran.
Disputes with subordinated debt holders would have increased the cost of the liquidation proceedings and the costs for the FITD's members due to the decrease in the value of the assets being liquidated.
Zbog sporova s vlasnicima podređenog duga povećali bi se troškovi postupka likvidacije, kao i troškovi za FITD-ove članice, zbog smanjenja vrijednosti likvidirane imovine.
The subsequent spill-over effect would have a negative impact on customers' confidence, and on the reputation and stability of the banking system itself.
Naknadni učinak prelijevanja negativno bi utjecao na povjerenje klijenata, kao i na ugled i stabilnost samog bankarskog sustava.
Moreover, the three interested parties contend that the majority of Tercas's subordinated creditors was made up of individual savers and deposit holders, and that the special administrator had already adopted the only possible burden-sharing measure vis-à-vis subordinated creditors, which consisted in postponing coupon payments on the bonds held by Banco Popolare Sc.
Osim toga, tri zainteresirane strane navode da su većinu Tercasovih podređenih vjerovnika činili pojedinačni štediše i deponenti te da je posebni upravitelj već bio donio jedinu moguću mjeru podjele obveza u odnosu na podređene vjerovnike, koja se sastojala od odgađanja kuponskih isplata za obveznice koje je držala banka Banco Popolare Sc.
Finally, these other interested parties argue that the […] report, in its analysis of the least cost, chose a valuation scenario which was not the most pessimistic.
Naposljetku, te druge zainteresirane strane smatraju da je u izvješću […], u okviru analize najnižeg troška, izabran scenarij koji nije bio najpesimističniji.
The estimated cost of liquidation was based on (a) the possibility of finding a party willing to purchase some of the branches even in the event of a liquidation, and (b) the dismissal of staff not transferred elsewhere with a severance payment of 12 months' salary to each employee.
Procijenjeni trošak likvidacije temeljio se na (a) mogućnosti pronalaženja subjekta koji bi bio spreman kupiti neke podružnice čak i u slučaju likvidacije i (b) otpuštanju zaposlenika koji nisu bili premješteni drugdje, uz otpremninu svakom zaposleniku u iznosu od 12 mjesečnih plaća.
The […] report, used by the FITD as the basis for its decision to intervene, was based on an intermediate scenario, but other worse-case scenarios had also been considered.
Izvješće […], koje je FITD-u poslužilo kao osnova za njegovu odluku o intervenciji, temeljilo se na prijelaznom scenariju, ali su razmatrani i drugi nepovoljni scenariji.
Moreover, it should be presumed that the FITD's intervention did not confer any advantage on Tercas, as it occurred alongside the injection of capital into Tercas by BPB, which was concurrent, significant and comparable to the FITD's action.
Štoviše, trebalo bi pretpostaviti da FITD-ovom intervencijom Tercasu nije dodijeljena nikakva prednost jer se ona odvijala usporedno s BPB-ovim ulaganjem kapitala u Tercas, koje je bilo istodobno, znatno i usporedivo s FITD-ovim djelovanjem.
In light of those considerations, the action taken should be considered to be the less costly and risky solution for the FITD's member banks.
U svjetlu navedenih razmatranja, poduzetu mjeru trebalo bi smatrati povoljnijim i manje rizičnim rješenjem za FITD-ove banke članice.
The Commission received no comments from Italy on the compatibility of the measures.
Komisija nije zaprimila primjedbe od Italije o spojivosti mjera.
The Commission received no comments from the Banca d'Italia on the compatibility of the measures.
Komisija nije zaprimila primjedbe Banke Italije o spojivosti mjera.
The three other interested parties submit that even if the measures did constitute State aid, they would be compatible with the internal market.
Tri druge zainteresirane strane iznijele su primjedbu da bi mjere bile spojive s unutarnjim tržištem čak i kada bi se smatrale državnom potporom.
They take the view that Tercas's restructuring plan will allow it to restore its long-term viability, that the FITD's action is limited to the minimum necessary, and that the measures limit any potential impact on the competitive structure of the market.
Mišljenja su da će Tercas na temelju svojeg plana restrukturiranja moći ponovno uspostaviti svoju dugoročnu održivost, da je FITD-ovo djelovanje ograničeno na potrebni minimum te da se mjerama ograničuje mogući utjecaj na tržišno natjecanje.
As regards the restoration of long-term viability, these three interested parties submit that the special administrator acted to remedy deficiencies in Tercas's organisation and internal control system.
U pogledu ponovne uspostave dugoročne održivosti, te tri zainteresirane strane iznijele su primjedbu da je posebni upravitelj radio na otklanjanju nedostataka u Tercasovoj organizaciji i sustavu unutarnje kontrole.
He focused his attention on management anomalies (credit, equity investments, disputes) and on the correct valuation of the associated risks (doubtful outcomes, write-downs, provisions).
Svoju je pozornost usmjerio na nepravilnosti u upravljanju (krediti, ulaganja vlasničkog kapitala, sporovi) te na pravilno vrednovanje povezanih rizika (dvojbeni ishodi, otpisi, rezerviranja).
He carried out a gradual deleveraging in order to offset the substantial decrease in funding due to the reduction in the customer base.
Proveo je postupno razduživanje kako bi nadoknadio znatno smanjenje financiranja zbog smanjenja baze klijenata.
He rationalised structures (review of the business model with closure of certain branches, staff downsizing plan, simplification of organisational structures, reduction of administrative expenses) to achieve significant cost containment on a structural basis.
Racionalizirao je strukture (revizija poslovnog modela uz zatvaranje određenih podružnica, plan smanjenja broja zaposlenih, pojednostavnjenje organizacijskih struktura, smanjenje administrativnih rashoda) u cilju znatnog ograničenja troškova na strukturnoj osnovi.
Tercas's recapitalisation by the FITD and BPB was the best way to remedy the liquidity shortage rapidly.
Rekapitalizacija Tercasa koju su proveli FITD i BPB bila je najbolji način za brzo rješavanje manjka likvidnosti.
BPB took upon itself the business risk associated with the recovery of Tercas, injecting significant financial and other resources to ensure the success of its business plan.
BPB je preuzeo poslovni rizik povezan s Tercasovim oporavkom i to ulaganjem znatnih financijskih i drugih sredstava kako bi osigurao uspješnost svojeg poslovnog plana.
BPB also argues that it developed an intervention strategy based on improvements in lending and deposit margins [52], cost rationalisation [53], development of group synergies, careful monitoring of credit quality, optimisation of the management of impaired receivables by selling non-performing loans, strengthening of liquidity profiles [54] and deployment of management resources.
BPB navodi i da je izradio strategiju intervencije na temelju poboljšanih kreditnih i depozitnih marži [52], racionalizacije troškova [53], razvoja sinergija unutar grupe, pažljivog praćenja kvalitete kredita, optimizacije upravljanja potraživanjima umanjene vrijednosti prodajom loših kredita, jačanja profilâ likvidnosti [54] te pokretanja upravljačkih resursa.
The intervention was limited to the minimum necessary (1) for the reasons set out in recitals 90 to 93 above; (2) because it was the only feasible option; and (3) because the FITD contributed only partly to resolving the negative equity and restoring minimum capital ratios.
Intervencija je bila ograničena na potrebni minimum 1. zbog razloga navedenih u prethodnim uvodnim izjavama 90. do 93.; 2. jer je to bila jedina održiva opcija te 3. jer je FITD samo djelomično pridonio rješavanju negativnog kapitala i ponovnom uspostavljanju minimalnih stopa kapitala.
The three interested parties submit that given the size of Tercas's losses, there were no less costly alternatives to the takeover of Tercas by BPB, despite the special administrator's efforts to find other purchasers [56].
Tri zainteresirane strane iznijele su primjedbu da zbog razmjera Tercasovih gubitaka nije bilo isplativijih alternativnih rješenja od BPB-ova preuzimanja Tercasa, unatoč nastojanjima posebnog upravitelja da pronađe druge kupce [56].
The effort to keep the cost to the minimum necessary is also confirmed by the fact that in order to reach an agreement as to the actual amount of Tercas's negative equity the parties resorted to arbitration, which resulted in a reduction of the total sum demanded by BPB from EUR [300-800] million to EUR 265 million.
Pokušaj ograničavanja troškova na potrebni minimum potvrđuje i činjenica da su strane u cilju postizanja sporazuma o stvarnom iznosu Tercasova negativnog kapitala pribjegle arbitraži koja je dovela do smanjenja ukupnog iznosa koji je BPB tražio s [300–800] milijuna EUR na 265 milijuna EUR.
The costs of intervention were further limited by means of burden-sharing measures.
Troškovi intervencije dodatno su ograničeni mjerama podjele obveza.
The share capital was reduced to zero, and as a result the shareholders lost the entirety of their investment.
Dionički kapital sveden je na nulu i zbog toga su dioničari u cijelosti izgubili svoje ulaganje.
In addition, where possible, the payment of the coupons of subordinated bonds was suspended.
Osim toga, obustavljena je isplata kupona za podređene obveznice, kada je to bilo moguće.
These other interested parties argue that no other forms of sacrifice on the part of subordinated debt holders were legally feasible, since under the current law the subordinated debt holders could be forced to share losses only in the event of compulsory administrative winding up.
Te druge zainteresirane strane navode da drugi oblici gubitaka za vlasnike podređenog duga nisu bili zakonski mogući jer je prema postojećem pravu vlasnike podređenog duga moguće prisiliti na raspodjelu gubitaka samo u slučaju obvezne administrativne likvidacije.
But the fact that no further burdens could be imposed on the subordinated debt holders did not result in higher costs for the public finances, since the resources for the intervention came entirely from private parties.
No činjenica da se na vlasnike podređenog duga nisu mogle prevaliti dodatne obveze nije prouzročila veće troškove za javne financije jer su sredstva za intervenciju u cijelosti prikupljena od privatnih subjekata.
Furthermore, sacrificing subordinated debt holders could have generated additional costs and significant risks for the FITD's member banks.
Nadalje, gubici koje su pretrpjeli vlasnici podređenog duga mogli su stvoriti dodatne troškove i znatne rizike za FITD-ove banke članice.
Those downsides would have been a consequence of a break-up of Tercas, the risks of legal action brought by Tercas's customers, and the negative impact on Tercas's reputation and the overall stability of the banking system.
Te bi negativne strane bile posljedica Tercasova sloma, rizika od tužbi koje bi pokrenuli Tercasovi klijenti te negativnog utjecaja na Tercasov ugled i ukupnu stabilnost bankarskog sustava.
Finally, the absence of further burdens on subordinated debt holders did not carry any moral hazard, since the costs of covering the negative equity were absorbed entirely by the banking system without any added cost to taxpayers.
Naposljetku, izostankom dodatnih opterećenja za vlasnike podređenog duga nije stvoren nikakav moralni hazard jer je bankarski sustav u cijelosti apsorbirao troškove pokrića negativnog kapitala bez dodatnih troškova za porezne obveznike.
The three interested parties submit that the absence of a conversion or writing down of subordinated debt was in line with point 42 of the Banking Communication, which makes clear that contributions from depositors are not a mandatory component of burden-sharing.
Tri zainteresirane strane iznijele su primjedbu da je izostanak pretvorbe ili otpisa podređenog duga bio u skladu s točkom 42. Komunikacije o bankarstvu, u kojoj je jasno navedeno da doprinosi deponenata nisu obvezni element podjele obveza.
It was also in line with point 45 of the Communication, which allows an exception to the principle of conversion or writing-down of subordinated debts where ‘implementing such measures would endanger financial stability or lead to disproportionate results’.
To je bilo u skladu i s točkom 45. Komunikacije, kojom se dopušta iznimka od načela pretvorbe ili otpisa podređenog duga kada bi „provedba takvih mjera ugrozila financijsku stabilnost ili dovela do nerazmjernih rezultata”.
Moreover, the three interested parties submit that the absence or inadequacy of a return is acceptable where, as here, it is offset by an in-depth and broad restructuring and is justified by the search for a purchaser for the bank in crisis.
Štoviše, tri zainteresirane strane iznijele su primjedbu da su izostanak ili neadekvatnost povrata prihvatljivi ako su, kao u ovom slučaju, nadoknađeni dubinskim i opsežnim restrukturiranjem i opravdani potragom za kupcem banke u krizi.
Furthermore, the intervention does not distort the internal market, given that:
Nadalje, intervencijom se ne narušava unutarnje tržište, i to zbog sljedećeg:
Tercas's operations were small in size and limited in their geographical reach;
Tercasove operacije bile su malih razmjera i zemljopisno ograničene;
BPB was the only operator to express a real interest in injecting capital into Tercas, and the Commission has held that the sale of a failing bank, whose activity is the beneficiary of the alleged aid, to a private market player in the framework of an open sale process constitutes a form of mitigation of potential distortions of competition [57];
BPB je bio jedini subjekt koji je iskazao stvarni interes za ulaganje kapitala u Tercas, a Komisija je zauzela stav da prodaja posrnule banke, čije je poslovanje korisnik navodne potpore, privatnom sudioniku na tržištu u okviru otvorenog postupka prodaje predstavlja oblik ublažavanja potencijalnih narušavanja tržišnog natjecanja [57];
Tercas's restructuring plan was sufficiently far-reaching, and provided for the integration of Tercas into BPB.
Tercasov plan restrukturiranja bio je dovoljno opsežan i omogućio je integraciju Tercasa u BPB.
The transfer of Tercas to BPB was the only feasible option to overcome the issues addressed by the Italian supervisory authority and prevent possible distortion of competition.
Prijenos Tercasa BPB-u bio je jedina mogućnost za rješavanje pitanja koja je navelo talijansko nadzorno tijelo te za sprječavanje mogućeg narušavanja tržišnog natjecanja.
Furthermore, the restructuring transaction required a complete recapitalisation of Tercas and a significant increase in BPB's capital.
Nadalje, transakcija restrukturiranja zahtijevala je potpunu rekapitalizaciju Tercasa i znatno povećanje BPB-ova kapitala.
Finally, relying on the Commission's earlier decisions [58], these other interested parties claim that the recapitalisation of Tercas, and its incorporation into BPB following the unremunerated coverage of its negative equity by the FITD, can be considered to be justified on the ground that they were necessary in order to ensure the transfer of the company's assets and to implement deep and extensive restructuring of the bank.
Naposljetku, oslanjajući se na prijašnje odluke Komisije [58], te druge zainteresirane strane tvrde da se rekapitalizacija Tercasa i njegovo spajanje s BPB-om, nakon što je FITD bez naknade pokrio njegov negativni kapital, mogu smatrati opravdanima jer su bili potrebni kako bi se osigurao prijenos imovine društva i provelo sveobuhvatno restrukturiranje banke.
In the case at hand, no option that was capable of overcoming Tercas's deep crisis would have ensured a return.
U ovom se predmetu povrat ne bi mogao osigurati nijednom opcijom kojom bi se Tercasu omogućio izlaz iz duboke krize.
Had the FITD demanded a return Tercas's equity position would have worsened, thus increasing the cost to the purchasing bank.
Da je FITD zahtijevao povrat, Tercasova pozicija kapitala bila bi još lošija, što bi povećalo trošak za banku kupca.
Article 107(1) of the Treaty states that ‘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.’ All these conditions must be fulfilled; in what follows the Commission will assess whether they are met in the case of the measures taken by the FITD.
Člankom 107. stavkom 1. Ugovora propisuje se da je „svaka potpora koju dodijeli država članica ili koja se dodjeljuje državnim sredstvima u bilo kojem obliku kojim se narušava ili prijeti da će narušiti tržišno natjecanje stavljanjem određenih poduzeća ili proizvodnje određene robe u povoljniji položaj, nespojiva s unutarnjim tržištem u mjeri u kojoj utječe na trgovinu među državama članicama.” Svi navedeni uvjeti moraju biti ispunjeni; u nastavku će Komisija procijeniti jesu li ispunjeni u slučaju mjera koje je poduzeo FITD.
The tax exemption scheme mentioned in recital 4 to the opening decision was not notified by Italy.
Italija nije prijavila program oslobođenja od poreza naveden u uvodnoj izjavi 4. odluke o pokretanju postupka.
On the basis of the information currently available to the Commission, it was not applied in the case at issue.
Na temelju informacija trenutačno dostupnih Komisiji, taj program u ovom predmetu nije primijenjen.
Hence the tax exemption scheme falls outside the scope of the present Decision.
Stoga program oslobođenja od poreza ne spada u područje primjene ove odluke.
The Court of Justice has repeatedly confirmed that all financial means by which the public authorities may actually support undertakings fall under State aid control, irrespective of whether or not those means are permanent assets of the public sector.
Sud je u više navrata potvrdio da su sva financijska sredstva kojima tijela javne vlasti mogu poduprijeti poduzeća obuhvaćena nadzorom državnih potpora bez obzira na to jesu li ta sredstva trajna imovina javnog sektora.
Compulsory contributions that are imposed, managed and apportioned in accordance with the law or other public rules imply the presence of State resources, even if they are not administered by the public authorities [59].
Nametnuti obvezni doprinosi kojima se upravlja i koje se raspoređuje u skladu s pravom ili drugim javnim pravilima ukazuju na prisutnost državnih sredstava, čak i ako njima ne upravljaju tijela javne vlasti [59].
The mere fact that resources are financed by private contributions does not prevent them from being of a public character.
Sredstva ne gube javni karakter samom činjenicom da su financirana privatnim doprinosima.
The relevant factor is not the immediate origin of the resources but the degree of intervention of the public authority in defining those measures and their methods of financing [60].
Relevantan čimbenik nije neposredno podrijetlo sredstava, nego stupanj intervencije tijela javne vlasti pri utvrđivanju tih mjera i načina njihova financiranja [60].
Moreover, as the Court of Justice pointed out in Ladbroke [61], Stardust Marine and Doux Élevage, resources that remain under public control and are therefore available to the public authorities constitute State resources.
Štoviše, Sud je u predmetima Ladbroke [61], Stardust Marine i Doux Élevage istaknuo da se sredstva koja ostaju pod javnim nadzorom i stoga su na raspolaganju tijelima javne vlasti smatraju državnim sredstvima.
In Doux Élevage, the activities of an inter-trade organisation were financed out of resources raised by levies made mandatory by the State: the Court of Justice held that it could not be concluded that the organisation's activities were imputable to the State.
U predmetu Doux Élevage, poslovanje međutrgovinske organizacije financirano je sredstvima prikupljenima od doprinosa koje je država proglasila obveznima; Sud je presudio da se ne može zaključiti da je poslovanje organizacije pripisivo državi.