natgillin/translations-raw huggingface dataset:
Finally, the complainant argues that the restructuring plans of ISB and Arion, implemented by the Icelandic government and which the Authority found compatible aid pursuant to Article 61(3)(b) of the EEA Agreement, were sufficient to remedy the disturbance in the Icelandic economy.
Naposljetku, podnositelj pritužbe tvrdi da su planovi restrukturiranja ISB-a i Ariona, koje je provela islandska vlada i za koje je Tijelo utvrdilo da su potpore spojive s unutarnjim tržištem u skladu s člankom 61. stavkom 3. točkom (b) Sporazuma o EGP-u, bili dostatni za uklanjanje poremećaja u islandskom gospodarstvu.
According to the complainant, the additional aid measures implemented by way of the abovementioned agreements were not necessary, appropriate or proportionate to restore the Icelandic banking system and therefore entail incompatible state aid.
Prema podnositelju pritužbe, dodatne mjere potpore koje su provedene prethodno navedenim ugovorima nisu bile potrebne, primjerene ni razmjerne za obnovu islandskog bankarskog sustava te stoga uključuju državne potpore koje nisu spojive s unutarnjim tržištem.
In Decision No 208/15/COL, the Authority preliminarily assessed whether the short-term credit facilities provided by the CBI to Glitnir and Kaupthing, as well as the loan agreements concluded between the CBI and both Arion and ISB, could constitute state aid within the meaning of Article 61(1) of the EEA Agreement; and, if so, whether the state aid could be considered compatible with the functioning of the EEA Agreement.
Tijelo je u Odluci br. 208/15/COL preliminarno ocijenilo bi li instrumenti kratkoročnog kreditiranja koje je CBI odobrio bankama Glitnir i Kaupthing te ugovori o kreditu sklopljeni između CBI-ja i banaka Arion i ISB mogli predstavljati državne potpore u smislu članka 61. stavka 1. Sporazuma o EGP-u i, ako bi, bi li se ta državna potpora mogla smatrati spojivom s funkcioniranjem Sporazuma o EGP-u.
With regard to CBI's short-term collateral lending to banks and other financial institutions, the Authority found that the conditions set out in the Banking Guidelines [19] concerning liquidity assistance and central bank facilities were fulfilled.
Tijelo je u pogledu CBI-jeva kratkoročnog kreditiranja banaka i drugih financijskih institucija kreditima osiguranim kolateralima utvrdilo da su ispunjeni uvjeti utvrđeni u Smjernicama o bankarstvu [19] koji se odnose na pomoć za likvidnost i instrumente središnje banke.
Accordingly, the Authority concluded that the short-term credit facilities provided by the CBI to Glitnir and Kaupthing did not involve state aid.
Stoga je Tijelo zaključilo da kratkoročni kreditni instrumenti koje je CBI osigurao bankama Glitnir i Kaupthing nisu uključivali državnu potporu.
However, with respect to the loan agreements between the CBI and both Arion and ISB on allegedly favourable terms, the Authority came to the preliminary conclusion that it could not be excluded that these constitute state aid within the meaning of Article 61(1) of the EEA Agreement.
Međutim, Tijelo je u pogledu ugovora o kreditu između CBI-ja te banaka Arion i ISB pod navodno povoljnim uvjetima došlo do preliminarnog zaključka da se ne bi moglo isključiti da ti krediti čine državnu potporu u smislu članka 61. stavka 1. Sporazuma o EGP-u.
The following aspects were identified in Decision No 208/15/COL:
U Odluci br. 208/15/COL utvrđeni su sljedeći aspekti:
The Authority noted that public support granted by a central bank could be regarded as attributable to the State and thus constitutes a transfer of state resources.
i. Tijelo je napomenulo da bi se javna potpora koju dodjeljuje središnja banka mogla pripisati državi i da stoga predstavlja prijenos državnih sredstava.
The Authority expressed doubts as to whether the measures under assessment were consistent with the conduct of a private creditor finding himself in a comparable legal and factual situation.
Tijelo je izrazilo sumnju u to da su mjere koje se ocjenjuju bile u skladu s postupanjem privatnog vjerovnika u sličnom pravnom i činjeničnom položaju.
Hence, the preliminary assessment of the Authority showed that an economic advantage in favour of ISB and Arion could not be excluded.
Stoga je Tijelo u preliminarnoj ocjeni navelo da se gospodarska prednost u korist ISB-a i banke Arion ne može isključiti.
Since no evidence had been provided demonstrating that the allegedly favourable loan agreements were made available to all undertakings in a comparable factual and legal situation as ISB and Arion, it was the Authority's preliminary view that the measures appeared to be selective.
Budući da nisu dostavljeni dokazi o dostupnosti navodno povoljnih ugovora o kreditu svim poduzećima čiji je činjenični i pravni položaji bio usporediv s položajem banaka ISB i Arion, preliminarno stajalište Tijela bilo je da se mjere čine selektivnima.
Finally, the Authority noted that although ISB and Arion today operate mostly on the Icelandic market, they are nevertheless engaged in the provision of financial services, which are fully open to competition and trade within the EEA.
Naposljetku, Tijelo je napomenulo da iako ISB i Arion danas posluju uglavnom na islandskom tržištu, uključeni su u pružanje financijskih usluga koje su u potpunosti otvorene za tržišno natjecanje i trgovinu u EGP-u.
Therefore, in the preliminary view of the Authority, the measure was liable to distort competition and affect trade within the EEA.
Stoga bi prema preliminarnom stajalištu Tijela mjera mogla narušiti tržišno natjecanje i utjecati na trgovinu u EGP-u.
According to the Authority, further evidence needed to be provided in order to be able to determine whether the lending terms could be regarded as compatible with the functioning of the EEA Agreement.
Tijelo tvrdi da se moraju osigurati dodatni dokazi kako bi se utvrdilo mogu li se uvjeti kreditiranja smatrati spojivima s funkcioniranjem Sporazuma o EGP-u.
Consequently, following its preliminary assessment, the Authority had doubts whether the measures in question and the lending terms in particular constituted state aid, and if so, whether they could be found to be compatible with the functioning of the EEA Agreement.
Stoga Tijelo nakon preliminarne ocjene nije moglo sa sigurnošću utvrditi predstavljaju li predmetne mjere, a posebno uvjeti kreditiranja, državnu potporu i, ako predstavljaju, mogu li se smatrati spojivima s funkcioniranjem Sporazuma o EGP-u.
COMMENTS FROM THE CBI
PRIMJEDBE KOJE JE PODNIO CBI
The CBI notes that the restructuring of the Icelandic financial system, its legal foundation, and the government's execution of it, have been previously addressed by the Authority, inter alia, in the ISB and Arion restructuring aid decisions.
CBI navodi da se Tijelo prethodno već bavilo pitanjima restrukturiranja islandskog financijskog sustava, njegove pravne osnove i načina na koji ga država provodi, i to među ostalim u odlukama o potpori za restrukturiranje banaka ISB i Arion.
According to the CBI, it is not logical to take the measures under investigation in this case out of their context and to assess them as stand-alone instruments.
CBI smatra da u tom slučaju nije logično razmatrati mjere koje su predmet istražnog postupka izvan konteksta i ocjenjivati ih kao samostalan instrument.
According to the CBI, it is unrealistic for a central bank to enforce collateral like the one in question in the case of Kaupthing (Arion) and ISB.
CBI tvrdi da je nerealno očekivati da središnja banka aktivira instrumente osiguranja kao one u slučaju banaka Kaupthing (Arion) i ISB-a.
In appropriating such collateral, the CBI would have taken on the role of a commercial bank with one of the largest household loan portfolios in Iceland.
Aktiviranjem takvog kolaterala CBI bi preuzeo ulogu komercijalne banke s jednim od najvećih portfelja stambenih kredita na Islandu.
This would have been inconsistent with its role as a central bank.
To ne bi bilo u skladu s njegovom funkcijom središnje banke.
There was also an important risk of destabilising the operations of Arion and ISB, which would have jeopardised financial stability.
Postojao je i znatan rizik od destabilizacije operacija banaka Arion i ISB, čime bi se ugrozila financijska stabilnost.
The Authority must bear in mind that the CBI has a legal obligation to promote financial stability.
Tijelo mora imati na umu da CBI ima zakonsku obvezu promicanja financijske stabilnosti.
If the CBI had collected the claim on ISB, ISB's liquidity would have been rendered too weak to operate as a healthy bank and consequently the CBI would not have been in a position to collect all of its claim.
Da je CBI naplatio potraživanje od ISB-a, likvidnost ISB-a bila bi preslaba za zdravo poslovanje banke, a CBI svoje potraživanje ne bi mogao naplatiti u cijelosti.
The CBI notes that the Banking Guidelines unfortunately do not address what happens when claims stemming from monetary policy operations fall into default and a central bank is forced to take steps to collect claims and appropriate collateral assets.
CBI napominje da se u bankarskim smjernicama nažalost ne navodi što se događa kada se potraživanja koja proizlaze iz operacija monetarne politike ne mogu naplatiti, a središnja banka mora poduzeti korake za naplatu potraživanja i preuzimanje imovine koja se drži kao kolateral.
The CBI argues that the conversion of the CBI's claims into loan agreements should be considered as a normal continuation of creditors' measures aiming to maximise recoveries of claims stemming from short-term credit facilities and not as new funding provided to Arion and ISB.
CBI tvrdi da bi konverziju potraživanja CBI-ja u ugovore o kreditu trebalo smatrati normalnim nastavkom provedbe vjerovničkih mjera za povećanje povrata potraživanja koji proizlazi iz instrumenata kratkoročnog kreditiranja, a ne dodjelom novih sredstava bankama Arion i ISB.
Concluding the loan agreements was the best rational economic decision under these circumstances.
U tim je okolnostima sklapanje ugovora o kreditu bila najbolja racionalna gospodarska odluka.
The CBI points out that not only would it have been inconsistent with the role as a central bank to appropriate the collateral, but it would also ultimately have resulted in the CBI recovering less of the short-term debt.
CBI ističe da ne samo da aktiviranje kolaterala ne bi bilo u skladu s funkcijom središnje banke, nego bi u konačnici CBI time osigurao povrat samo manjeg dijela kratkoročnog duga.
In addition, according to the CBI, the terms of the loan agreements, i.e. the interest rates and collateral, were favourable to the CBI.
Nadalje, CBI smatra da su uvjeti ugovora o kreditu, tj. kamatne stope i kolaterali, bili povoljni za CBI.
The CBI refers to available information on issued instruments worldwide and also to the terms of other instruments entered into by the parties at that time (Arion, ISB, the CBI, other domestic financial institutions, and the State) [20].
CBI upućuje na dostupne informacije o instrumentima izdanima u svijetu, ali i uvjete ugovora s drugim instrumentima koje su stranke sklopile u to vrijeme (Arion, ISB, CBI, druge nacionalne financijske institucije i država) [20].
Therefore, according to the CBI, the terms of the loan agreements were in both cases fully consistent with normal market terms at the time, and therefore fully in line with the market economy investor principle.
CBI stoga tvrdi da su uvjeti ugovorâ o kreditu u oba slučaja bili u potpunosti u skladu s tadašnjim tržišnim uvjetima, dakle i potpuno u skladu s načelom ulagača u tržišnom gospodarstvu.
With respect to whether these loan agreements were selective, the CBI argues that all undertakings in a comparable legal and factual situation were treated equally.
Kad je riječ o pitanju jesu li ti ugovori o kreditu bili selektivni, CBI tvrdi da su se sva poduzeća u sličnom pravnom i činjeničnom položaju tretirala jednako.
In this regard, the CBI notes that Straumur, a private Icelandic investment bank, also concluded an agreement with the CBI on the settlement of its short-term debt [21].
U tom pogledu CBI navodi da je ugovor o namiri kratkoročnog duga s CBI-jem sklopila i privatna islandska investicijska banka Straumur [21].
Moreover, according to the CBI, MP Bank was not in a similar factual or legal situation as its short-term debts were not secured with assets comparable to the housing loan portfolio but with public securities such as Treasury instruments and similar secure instruments, i.e. easily tradable assets with a set value and no costs involved or associated with appropriation.
CBI nadalje tvrdi da MP Bank nije bio u sličnom činjeničnom i pravnom položaju jer njegovi kratkoročni dugovi nisu bili osigurani imovinom sličnom portfelju stambenih kredita nego vrijednosnim papirima kao što su instrumenti državne riznice i slični sigurni instrumenti, odnosno imovina kojom se lako trguje, koja ima utvrđenu vrijednost i koja ne uključuje troškove niti troškove preuzimanja.
Therefore, the CBI rejects the assertion that other banks in Iceland were not given the opportunity to receive such financing from the CBI or other government agencies.
Stoga CBI odbacuje tvrdnju da druge banke na Islandu nisu mogle dobiti takva sredstva od CBI-ja ili drugih državnih agencija.
Finally, the CBI notes that the Authority must consider that during the period when the loan agreements were concluded, there was de facto no competition between Icelandic financial undertakings and other financial undertakings in the EEA.
Naposljetku, CBI napominje da Tijelo mora uzeti u obzir činjenicu da u vrijeme sklapanja ugovorâ o kreditu de facto nije bilo tržišnog natjecanja između islandskih financijskih poduzeća i drugih financijskih poduzeća u EGP-u.
In November 2008, the Icelandic Parliament adopted Act No 134/2008, amending the Foreign Exchange Act No 87/1992, which imposed restrictions on cross-border capital movements and foreign exchange transactions related thereto, thus making it impossible for foreign financial entities to compete on the Icelandic market [22].
U studenome 2008. islandski je parlament donio Zakon br. 134/2008 o izmjeni Zakona br. 87/1992 o deviznom tečaju kojim su se uvela ograničenja prekograničnog kretanja kapitala i s time povezanih deviznih transakcija, čime je inozemnim financijskim subjektima onemogućeno tržišno natjecanje na islandskom tržištu [22].
Therefore, the CBI argues that the measures were not liable to distort competition and affect trade between the Contracting Parties to the EEA Agreement.
Stoga CBI tvrdi da se mjerama nije moglo narušiti tržišno natjecanje niti utjecati na trgovinu između ugovornih stranaka Sporazuma o EGP-u.
On the basis of the above, the CBI argues that the conclusion of the loan agreements cannot constitute state aid within the meaning of Article 61(1) of the EEA Agreement.
CBI na temelju prethodno navedenog tvrdi da sklapanje ugovorâ o kreditu ne predstavlja državnu potporu u smislu članka 61. stavka 1. Sporazuma o EGP-u.
Should the Authority nevertheless consider the measures to constitute state aid, the CBI argues that the measures must be considered compatible with the EEA Agreement on the basis of its Article 61(3)(b), as they formed an integral part of the measures that were necessary, proportionate and appropriate to remedy a serious disturbance in the Icelandic economy and thus were directly linked to the restructuring aid measures approved by the Authority in its Arion and ISB restructuring aid decisions.
Ako Tijelo ipak ustvrdi da mjere predstavljaju državnu potporu, CBI tvrdi da se mjere moraju smatrati spojivima sa Sporazumom o EGP-u na temelju njegova članka 61. stavka 3. točke (b) jer su bile sastavni dio mjera koje su bile potrebne, razmjerne i primjerene za otklanjanje ozbiljnog poremećaja u islandskom gospodarstvu te su stoga bile izravno povezane s mjerama potpore za restrukturiranje koje je Tijelo odobrilo u svojim odlukama o potpori za restrukturiranje banaka Arion i ISB.
COMMENTS BY ARION
PRIMJEDBE KOJE JE DOSTAVILA BANKA ARION
Arion also argues that the measures under investigation in this case cannot be taken out of their context and assessed as stand-alone instruments.
I Arion tvrdi da se mjere koje su predmet istražnog postupka ne mogu razmatrati izvan konteksta niti ocjenjivati kao samostalan instrument.
Arion suggests that the Authority has already investigated and approved the restructuring and capitalisation of Arion in its Arion restructuring aid decision.
Arion navodi da je Tijelo u svojoj odluci o potpori za restrukturiranje banke Arion već ispitalo i odobrilo njezino restrukturiranje i dokapitalizaciju.
Arion notes that denominating the loan in foreign currencies instead of ISK was in line with the terms of the settlement agreement, which provided that Arion should pay interest and instalments in foreign currencies to the extent the bank was able to and that it was only allowed to pay in ISK in exceptional circumstances.
Arion napominje da je kredit u inozemnoj valuti umjesto u ISK bio u skladu s uvjetima ugovora o namiri kojim je predviđeno da bi Arion, ako je moguće, kamate i rate kredita trebao plaćati u inozemnim valutama i da je plaćanje u ISK bilo dopušteno samo u iznimnim okolnostima.
Arion also notes that Article 4 of the settlement agreement provided that the borrower may, with the permission of thelender, change the denomination of the debt in part or full. The terms of the loan agreement are therefore fully in accordance with the terms of the settlement agreement.
Arion napominje i da je člankom 4. ugovora o namiri predviđeno da dužnik uz dopuštenje zajmodavca može izmijeniti valutu dijela ili cijelog iznosa duga.Stoga su uvjeti ugovora o kreditu u potpunosti u skladu s uvjetima ugovora o namiri.
Arion highlights that the Authority already reviewed and approved the terms of the settlement agreement in its Arion restructuring aid decision [23].
Arion ističe da je Tijelo odlukom o potpori za restrukturiranje banke Arion već preispitalo i odobrilo uvjete ugovora o namiri [23].
According to Arion, the Authority's description in Decision No 208/15/COL that without the housing loan portfolio Arion's position would have been ‘slim’, is incorrect.
Arion tvrdi da je netočan navod Tijela u Odluci br. 208/15/COL da bi Arion bez portfelja stambenih kredita bio u nezavidnom položaju.
According to Arion, the housing loan portfolio was indeed a valued asset as it included loans of some of Arion's core clientele and had also been serviced by Arion.
Arion smatra da je portfelj stambenih kredita uistinu bio vrijedna imovina jer je uključivao kredite nekih ključnih Arionovih klijenata te da ga je Arion i servisirao.
Pursuant to the settlement agreement (and not the FME's decision), Kaupthing was able to transfer the housing loan portfolio to Arion as part of Arion's capitalisation.
U skladu s ugovorom o namiri (a ne odlukom FME-a) Kaupthing je portfelj stambenih kredita mogao prenijeti na Arion u okviru njegove dokapitalizacije.
In the absence of Article 3 of the settlement agreement (and thus in the absence of the transfer of the housing loan portfolio), however, other assets would have replaced the housing loan portfolio in order to fulfil the requirements of capitalisation and restructuring of Arion.
Međutim, da ne postoji članak 3. ugovora o namiri (dakle i da nije došlo do prijenosa portfelja stambenih kredita), portfelj stambenih kredita nadomjestio bi se drugom imovinom kako bi se ispunile obveze u pogledu dokapitalizacije i restrukturiranja banke Arion.
According to Arion, the position of the CBI could be qualified as that of a private creditor enforcing claims against Kaupthing, as detailed in the settlement agreement, in accordance with the applicable rules governing winding-up procedures [24].
Arion smatra da se položaj CBI-ja može ocijeniti kao položaj vjerovnika iz privatnog sektora koji prisilno naplaćuje potraživanja od banke Kaupthing, kako je detaljno navedeno u ugovoru o namiri, u skladu s primjenjivim propisima o postupcima likvidacije [24].
The assignment of the housing portfolio pursuant to the settlement agreement and the conclusion of the loan agreement were carried out on terms fully consistent with normal market terms at the time.
Uvjeti dodjele portfelja stambenih kredita u skladu s ugovorom o namiri i uvjeti sklapanja ugovora o kreditu bili su potpuno u skladu s tada prevladavajućim tržišnim uvjetima.
Consequently, the conduct of the CBI meets the requirements of the private creditor test.
Prema tome, postupanje CBI-ja u skladu je s uvjetima testa privatnog vjerovnika.
The CBI therefore did not confer upon Arion any advantage that could in any way be considered state aid.
CBI stoga nije Arionu dao nikakvu prednost koja bi se na bilo koji način mogla smatrati državnom potporom.
According to Arion, the main points that should be taken into consideration when assessing whether a hypothetical private creditor would have entered into the settlement agreement and the loan agreement can be summarised as follows:
Prema Arionu, kada se procjenjuje bi li hipotetski privatni vjerovnik sklopio takav ugovor o namiri i ugovor o kreditu, u obzir treba uzeti glavne točke koje se mogu sažeto iskazati na sljedeći način:
It was economically and functionally the only sensible option for the CBI.
i. To je bila jedina ekonomski i funkcionalno razumna opcija za CBI.
Appropriating the housing loan portfolio would have resulted in the CBI recovering a lower amount of the short-term debt in the end.
CBI bi namirenjem iz portfelja stambenih kredita u konačnici naplatio manji iznos kratkoročnog duga.
The CBI as a secured creditor had exhausted all other available options at the time.
CBI je kao razlučni vjerovnik u to vrijeme bio iscrpio sve druge raspoložive mogućnosti.
The debtor, Kaupthing, had been put in winding-up proceedings and the short-term debt therefore had to be concluded in accordance with Act No 21/1991 on Bankruptcy Proceedings.
Nad dužnikom, bankom Kaupthing, bio je pokrenut postupak likvidacije te je stoga kratkoročno dugovanje trebalo biti riješeno u skladu sa Zakonom o stečaju br. 21/1991.
The measures were in line with the goal of the government to move the domestic part of the old banks to the new banks.
Mjere su bile u skladu s ciljem vlade da se domaći udjeli u starim bankama prenesu na nove banke.
The restructuring and capitalisation of Arion was part of the overall restructuring of the financial sector.
v. Restrukturiranje i dokapitalizacija Ariona provodili su se u okviru ukupnog restrukturiranja financijskog sektora.
The terms of the loan agreement, i.e. interest rates and security, were favourable to the CBI.
Uvjeti ugovora o kreditu, odnosno kamatne stope i instrument osiguranja, bili su povoljni za CBI.
This is evident from the available information on issued instruments worldwide but also from the terms of other instruments entered into by the parties at that time (i.e. by Arion, the CBI and other domestic financial institution and the State).
Na to upućuju dostupne informacije o instrumentima izdanima u svijetu, ali i uvjeti ugovora o drugim instrumentima koje su stranke sklopile u to vrijeme (npr. Arion, CBI i druge tuzemne financijske institucije i država).
Since the Authority, in Decision No 208/15/COL, considered it difficult to determine the appropriate benchmarks for interest rates during the financial crisis, Arion has provided information on covered bond and senior unsecured bond issuances by banks in Europe during the period in question.
Budući da je Tijelo u odluci br. 208/15/COL navelo da je bilo teško utvrditi odgovarajuće referentne vrijednosti za kamatne stope tijekom financijske krize, Arion je dostavio informacije o pokrivenim obveznicama i nadređenim neosiguranim obveznicama koje su banke u Europi izdale tijekom predmetnog razdoblja.
Since the loan provided by the CBI is secured primarily with mortgages, Arion argues that it is comparable to covered bonds that were issued by European banks during 2009 using residential mortgages as security.
S obzirom na to da je kredit CBI-ja osiguran prije svega hipotekom, Arion tvrdi da se to može usporediti s pokrivenim obveznicama osiguranima hipotekom na stambene nekretnine koje su europske banke izdale tijekom 2009.