natgillin/translations-raw huggingface dataset:
Concerning the second point, the Commission disagreed with the GOC's interpretation of the legal standard to be applied.
Komisija je tijekom ispitnog postupka utvrdila da kineske prakse financiranja na tržištu čelika, kako je utvrđeno na temelju uzorka od četiriju grupacija proizvođača, karakteriziraju revolving zajmovi, odnosno zajmovi zahvaljujući kojima društva na datum dospijeća mogu otplaćeni kapital zamijeniti svježim kapitalom iz novih zajmova.
As already described in recital (142) above, the Commission based itself on subsequent WTO case law, in which the Appellate Body held that the replacement of the words ‘entrusts’ and ‘directs’ by ‘delegation’ and ‘command’ was too rigid as a standard [25] It follows that the standard of proof established by the Appellate Body in this case was less strict than the original Panel's interpretation in the US — Export Restraints case.
U skladu sa kineskim Smjernicama o razvrstavanju zajmova na temelju rizika trebalo bi ih razvrstati u takozvane „zajmove koji izazivaju zabrinutost” jer iako primatelj zajma trenutačno može otplaćivati glavnicu i kamate zajma, postoje čimbenici koji mogu negativno utjecati na njegovu sposobnost otplate.
In any event, the GOC failed to put forward any evidence or argument to rebut the Commission's findings about entrustment or direction in the sense of Article 3(1)(a)(iv) of the basic Regulation in the present investigation.
To međutim u praksi nije učinjeno kako je prethodno objašnjeno u uvodnoj izjavi (125).
Specificity
Komisija je ocijenila financijsko stanje svake grupacije proizvođača izvoznika u uzorku kako bi te posebnosti uzela u obzir.
As demonstrated in recitals (100) to (120), several legal documents which are specifically targeted at companies in the steel sector, direct the financial institutions to provide loans at preferential rates to the steel industry.
Komisija je prvo analizirala opće financijsko stanje i postojanje revolving zajmova na razini grupacije.
The Commission therefore concluded that subsidies in the form of preferential lending are not generally available but are specific within the meaning of Article 4(2)(a) of the basic Regulation.
Na temelju toga je za svaku grupaciju u uzorku pojedinačno izračunala korist koju je ostvarila od prakse povlaštenih zajmova i tu korist pripisala predmetnom proizvodu.
Moreover there was no evidence submitted by any of the interested parties suggesting that the preferential lending is based on objective criteria or conditions in the sense of Article 4(2)(b) of the basic Regulation.
Društvo Jiangsu Shagang Group je na temelju vlastitih financijskih izvještaja tijekom RIP-a općenito ostvarivalo dobit.
Following disclosure, the GOC indicated that, based on the AB report in US-Aircraft (Second Complaint), the specificity analysis should focus not only on ‘the particular recipients identified in the complaint, but … also on all enterprises or industries eligible to receive that same subsidy’ [26] and that, according to the Panel report in EC — Aircraft [27], in order to be specific, a subsidy must be provided to a sufficiently limited ‘group’ of enterprises or industries.
Međutim, profitabilnost grupacije u razdoblju 2012. – 2015. bila je stalno niska, što upućuje na to da bi manje promjene unutarnjeg ili vanjskog poslovnog okruženja mogle skupinu izložiti gubitku.
The GOC also submitted that the Commission failed to specify which part of the documents referred to by the Commission concerns the explicit granting of preferential loans to the steel industry.
Njezin je omjer duga u odnosu na imovinu visok, ali održiv u kapitalno intenzivnoj industriji poput industrije čelika.
In this respect, the Commission referred to the documents that were listed in recital (100) above.
Taj je opći dojam potvrđen na licu mjesta.
It considered that references to the steel industry are sufficiently clear as this industry is identified either by its name or by a clear reference to the product that it manufactures or the industry group that it belongs to.
Komisija je istaknula da je kineska agencija za kreditni rejting China Lianhe Credit Rating Co., Ltd. društvu Jiangsu Shagang Group dodijelila rejting AAA za izdavanje obveznica na kineskom tržištu.
Moreover, the fact that the GOC supports a limited group of encouraged industries, including the steel industry, makes this subsidy specific.
Međutim Komisija je napomenula i da studija koju je nedavno objavio Međunarodni monetarni fond [28] upućuje na velike razlike između lokalnih i međunarodnih ocjena kreditnog rejtinga.
Benefit and calculation of the subsidy amount
Primjerice, više od 90 % kineskih obveznica ima rejting AA do AAA koji su dodijelile lokalne agencije za kreditni rejting, dok na tržištu SAD-a tako visoki rejting ima samo 2 % poduzeća.
The Commission calculated the amount of the countervailable subsidy.
To je dodatno prikazano grafikonom u nastavku koji je preuzet iz studije:
For this calculation it assessed the benefit conferred on the recipients during the IP.
Napuhani kreditni rejting obveznica
According to Article 6(b) of the basic Regulation, the benefit conferred on the recipients is the difference between the amount of interest that the company pays on the government loan and the amount that the company would pay for a comparable commercial loan obtainable on the market.
(U postocima, udio lokalnog kreditnog rejtinga u tržištu obveznica u zemlji (onshore) do 2015.)
In this regard, the Commission noted a number of specificities on the Chinese steel market.
Kreditni rejting države
The sampled groups of companies differ in terms of their general financial situation.
Nesklad lokalnog i međunarodnog kreditnog rejtinga
Each of them benefitted from different types of loans during the investigation period with variances in respect of e.g. maturity, collateral, guarantees and other attached conditions.
Iako je kineska agencija za kreditni rejting društvu Jiangsu Shagang Group dodijelila dobar rejting, Komisija je na temelju prethodno navedenog zaključila da taj rejting nije pouzdan.
For those two reasons, each company had a different average interest rate based on its own set of loans received.
U financijskim izvještajima na razini pojedinačnih društava uključenih u proizvodnju toplovaljanih plosnatih proizvoda tijekom RIP-a zabilježeni su gubici, ali to se nije ponavljalo, a ostali financijski pokazatelji, primjerice omjer duga u odnosu na imovinu ili omjer pokrivenosti kamata nisu upućivali na znatne strukturne probleme povezane sa sposobnošću društva da otplati dug.
The Commission found during the investigation that the Chinese financing practices in the steel market, as shown by the four sampled groups of producers, are characterised by ‘revolving loans’, i.e. loans which allow a company to replace the capital repaid on loans at the maturity date by fresh capital from new loans.
Međutim, Komisija je na terenu među ostalim utvrdila da je tom društvu dodijeljen jedan revolving zajam iz uzroka zajmova.
According to the Chinese guidelines on risk-based loan classification, they should be classified as so called ‘concerned’ loans, indicating that even though a borrower is currently able to repay the principal and interest of the loan, there are some factors which may negatively affect its repayment ability.
Nadalje, u tablicama zajmova velik broj kratkoročnih zajmova na dan isteka zamijenjen je novim zajmovima s istim iznosom.
However, this was not done in practice as explained above in recital (125).
Jedno društvo iz grupacije društava u uzorku primilo je kratkoročni zajam od financijske institucije specijalizirane za loše zajmove s vrlo visokom kamatnom stopom između 14 % i 16 % iz čega se može zaključiti da je tijekom RIP-a to društvo imalo problema s likvidnošću.
The Commission assessed individually the financial situation of each sampled group of exporting producers in order to reflect these particularities.
Tim je primjerom dodatno potvrđena Komisijina odluke da kineski rejting AAA dodijeljen društvu Jiangsu Shagang Group ne smatra pouzdanim.
The Commission first analysed the general financial situation and the existence of revolving loans at group level.
Agencija za kreditni rejting Moody's je 2013. komercijalnom zapisu koji je izdalo društvo Jiangsu Shagang Group dodijelila rejting Prime-1.
This analysis was then further extended to the individual companies in the group operating at the level of the HRF production.
Taj se rejting međutim temeljio na rejtingu banke Bank of China (podružnica New York Mellon) koja je osigurala jamstvo upravo zato jer društvo Jiangsu Shagang Group sâmo nije imalo pouzdanu i neovisnu ocjenu.
As a result, the Commission calculated the benefit from the preferential lending practices for each sampled group of exporting producers on an individual basis, and allocated such benefit to the product concerned.
Financijske institucije pozajmitelji nisu provele procjenu kreditne sposobnosti.
The Jiangsu Shagang Group presented itself in a generally profitable situation during the IP, according to its own financial accounts.
Kako bi utvrdila korist, Komisija je stoga morala procijeniti jesu li kamatne stope za zajmove dodijeljene društvu Jiangsu Shagang Group na tržišnoj razini.
However, the profitability of the group was continuously weak over the period 2012-2015, indicating that minor changes in the internal or external business environment could expose the group to a loss-making situation.
Obveznice neinvesticijskog rejtinga smatraju se špekulativnima.
Its debt to assets ratio is high, but sustainable in a capital intensive industry such as the steel industry.
Dužnik s tom ocjenom vjerojatno će imati određene kvalitete i osiguravati određenu zaštitu, ali to možda neće biti dovoljno za prevladavanje velike neizvjesnosti ili izloženosti nepovoljnim uvjetima.
This general perception was confirmed on-spot.
Rejting BB najviši je u toj kategoriji i znači da je dužnik kratkoročno manje ranjiv od ostalih dužnika s nižim rejtingom.
The Commission noted that the Jiangsu Shagang Group has been awarded an AAA rating by the Chinese credit rating agency China Lianhe Credit Rating Co., Ltd., for the issuance of bonds in the Chinese market.
Međutim, suočen je s velikom trajnom nesigurnošću i nepovoljnim poslovnim, financijskim ili gospodarskim uvjetima zbog čega možda neće moći ispuniti svoje financijske obveze u skladu s definicijama kreditnog rejtinga agencije Standard and Poor's.
However, the Commission also noted that a recent study published by the International Monetary Fund [28] showed significant divergences between local Chinese rating grades and international rating grades.
Premija koja se može očekivati na obveznice koje izdaju društva s tim rejtingom (BB) zatim je primijenjena na standardnu stopu na zajmove Narodne banke Kine radi utvrđivanja tržišne cijene.
For example, over 90 % of Chinese bonds are rated AA to AAA by local rating agencies, whereas less than 2 % of firms enjoy such top-notch ratings in the U.S. market.
Taj je uvećani iznos utvrđen izračunom relativnog raspona između indeksa korporativnih obveznica s rejtingom A i korporativnih obveznica s rejtingom B u SAD-u na temelju podataka društva Bloomberg za industrijske segmente.
This is further illustrated in the graph below taken from the study:
Tako izračunan relativni raspon zatim je dodan referentnoj kamatnoj stopi, kako ju je objavila Narodna banka Kine na dan dodjele zajma, i za isto razdoblje kao predmetni zajam.
Inflated Bond Ratings
To je učinjeno za svaki zajam odobren društvu.
(In percent, share of local rating in onshore bond market by 2015)
Kada je riječ o zajmovima u stranim valutama u NRK-u, situacija u pogledu poremećaja na tržištu i izostanka valjanih kreditnih rejtinga slična je jer i te zajmove odobravaju kineske financijske institucije.
International Rating (S&P)
Stoga su za određivanje uvećanog iznosa, kako je prethodno utvrđeno, korištene korporativne obveznice s rejtingom BB izražene u odgovarajućim valutama i izdane tijekom RIP-a, a taj je iznos zatim pribrojen stopi na zajmove USD LIBOR radi utvrđivanja odgovarajuće referentne vrijednosti.
China Local Rating Sovereign rating
Kako bi uzela u obzir rizik koji je dodatno povećan praksama dodjele revolving zajmova na razini pojedinačnih društava uključenih u proizvodnju toplovaljanih plosnatih proizvoda, Komisija je pokušala utvrditi još jednu odgovarajuću referentnu vrijednost na kineskom tržištu.
Source: HSBC.
Komisija je u tom pogledu upozorila da je banka u državnom vlasništvu jednom društvu iz grupacije Jiangsu Shagang Group odobrila zajam od 16 mjeseci s kamatnom stopom između 14 % i 16 %.
Inconsistent Local and International Ratings
Prema navodima društva Jiangsu Shagang Group relativno visoka kamatna stopa posljedica je činjenice da je ta financijska institucija specijalizirana za davanje zajmova društvima u financijskim poteškoćama, a društvo je njezine usluge zatražilo radi rješavanja privremenih problema s likvidnošću.
On this basis, even if the Jiangsu Shagang group is awarded a good credit rating by a Chinese rating agency, the Commission concluded that this rating is not reliable.
Budući da su revolving zajmovi uglavnom znak kratkoročnih problema s likvidnošću, smatra se da uvjeti i dospijeće tog zajma na odgovarajući način odražavaju dodatnu korist koja proizlazi iz upotrebe revolving zajmova.
At the level of the individual companies involved in the production of HRF, losses were recorded in the accounts during the IP, but this was not a recurring situation, and other financial indicators, such as the debt to assets ratio or the interest coverage ratio did not indicate any significant structural problems regarding the companies' debt repayment abilities.
Zato je Komisija smatrala da je prikladno upotrijebiti taj iznos kao odgovarajuću referentnu vrijednost za sve zajmove s dospijećem od najviše dvije godine na razini proizvođača koji su koristili revolving zajmove.
However, on-spot, the Commission also found that this company received one revolving loan among the sampled loans.
Revolving zajmovi obično su kratkog trajanja.
Moreover, in the loan tables, a significant number of short term loans was replaced with new loans for the same amount at expiry.
Revolving zajam s dospijećem dužim od dvije godine malo je vjerojatan, a tu činjenicu potvrđuju konkretni dokazi o zajmovima koji su provjereni u društvima u uzorku.
Furthermore, one of the sampled companies in the group received a short term loan from a financial institution specialised in bad loans at a very high interest rate between 14 % and 16 %, which also indicates that it experienced liquidity issues in the IP.
U svojim primjedbama nakon objave kineska vlada i društva u uzorku koja surađuju izrazila su neslaganje s metodologijom za izračun relativnog raspona, kako je opisano u uvodnoj izjavi (169).
This situation further confirmed the Commission's assessment to disregard the Chinese AAA rating of the Jiangsu Shagang Group as trustworthy.
Komisija je na te primjedbe odgovorila tako da je svim zainteresiranim stranama dostavila dodatni dokument u kojem je detaljnije objasnila upotrijebljenu metodologiju.
Finally, a commercial paper issued by the Jiangsu Shagang Group had received a Prime-1 rating from Moody's in 2013.
Ukratko, primljene su sljedeće primjedbe:
However, that rating was based on the rating of the Bank of China, New York Mellon branch, which had provided a guarantee, precisely because Jiangsu Shagang Group did not have a reliable and independent rating on its own.
Međunarodna bankarska praksa temelji se na referentnoj vrijednosti kojoj se pribraja dodatna premija, što je izraženo kao apsolutno uvećanje, a ne relativno.
The lending financial institutions had not carried out a creditworthiness assessment.
Primjerice, riječ može biti o IBOR-u, LIBOR-u ili EURIBOR-u plus 1 %.
Hence, in order to establish the benefit, the Commission had to assess whether the interest rates for the loans accorded to the Jiangsu Shagang Group were at market level.
Dvije sastavnice kamatne stope odražavaju rizik povezan sa zemljom ili valutom (dio kamata koji odgovara kamatnoj stopi središnje banke ili nerizična kamatna stopa društva) i rizik povezan s pojedinačnim društvima (odnosno uvećanje izraženo u apsolutnom smislu za poduzeća s rejtingom BB).
The Commission considered that the financial situation of the group corresponds to a BB rating, which is the highest rating that does no longer qualify as ‘investment grade’.
Relativni rasponi povećavaju se sa smanjenjem nerizične kamatne stope iako apsolutni raspon ostaje isti.
‘Investment grade’ means that bonds issued by the company are judged by the rating agency as likely enough to meet payment obligations that banks are allowed to invest in them.
Osim toga primjenom te metodologije dobivaju se izrazito visoki relativni rasponi za negativne kamatne stope.
Non-investment grade bonds are regarded as having speculative characteristics.
Na temelju povijesnih podataka koje je dostavila kineska vlada („povijesni podaci o relativnom rasponu”) apsolutni raspon uglavnom je bio stabilan, ali mogu se uočiti velike promjene relativnog raspona.
Obligors rated at non-investment grade will likely have some quality and protective characteristics, but these may be outweighed by large uncertainties or major exposure to adverse conditions.
Nadalje, prosječni apsolutni raspon sličan je apsolutnom rasponu tijekom RIP-a.
The BB rating is the highest grade in this category, which reflects the fact that an obligor is less vulnerable in the near-term than other lower-rated obligors.
Komisija je upotrijebila prosječni relativni raspon tijekom RIP-a za zajmove s različitim dospijećima (od 1 do 10 godina).
However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments according to Standard and Poor's credit rating definitions.
Upotreba relativnog raspona za obveznice s različitim dospijećima upućuje na velike razlike ovisno o trajanju zajmova i na činjenicu da se apsolutni i relativni raspon za različita dospijeća kreću u različitim smjerovima.
The premium expected on bonds issued by firms with this rating (BB) was then applied to the standard lending rate of the People's Bank of China (‘PBoC’) in order to determine the market rate.
Upotrebom jedinstvenog prosječnog relativnog raspona za obveznice s različitim dospijećima umjesto ponderiranog prosjeka prevelika se važnost pridaje kratkoročnim dospijećima jer se obveznice obično izdaju s dugoročnim dospijećima.
That mark-up was determined by calculating the relative spread between the indexes of US A rated corporate bonds to US BB rated corporate bonds based on Bloomberg data for industrial segments.
To je bilo osobito relevantno jer je Komisija relativni raspon upotrebljavala samo za dugoročne zajmove.
The relative spread thus calculated was then added to the benchmark interest rates as published by the PBoC at the date when the loan was granted, and for the same duration as the loan in question.
Relativni raspon upotrijebljen je za pogrešnu referentnu kamatnu stopu Narodne banke Kine za zajmove odobrene prije 2015. koji su tijekom (dijela) 2015. još bili nepodmireni jer je Komisija uzela u obzir stopu Narodne banke Kine u trenutku dodjele zajma.
This was done individually for each loan provided to the company.
Komisija je umjesto toga trebala upotrijebiti kamatne stope Narodne banke Kine iz 2015.
As for loans denominated in foreign currencies in the PRC, a similar situation in respect of market distortions and the absence of valid credit ratings applies, because these loans are granted by the same Chinese financial institutions.
Izvori iz dodatnog dokumenta o objavi upućivali su na upotrebu relativnog raspona u vezi s prinosima, a ne u vezi s razlikom među kamatnim stopama na zajmove dobivenim od banaka.
Therefore, as found before, BB rated corporate bonds with relevant denominations issued during the IP were used to determine a mark-up, which was applied to the USD LIBOR lending rate in order to determine an appropriate benchmark.
Ni u jednom izvoru nije navedeno da se ta razlika treba izraziti u relativnom obliku, a neki od njih nisu bili vjerodostojni.
Furthermore, in order to take into account the increased risk highlighted by the revolving loan practices at the level of the individual companies involved in the HRF production, the Commission tried to identify another appropriate benchmark on the Chinese market.
U pogledu prve točke Komisija je priznala da poslovne banke obično upotrebljavaju uvećanje izraženo u apsolutnom smislu.
In this respect, the Commission noted that one state-owned bank had provided a loan with a maturity of 16 months to one of the companies of the Jiangsu Shagang Group for an interest rate between 14 % and 16 %.
Utvrdila je da se čini da se ta praksa uglavnom temelji na praktičnim razlozima jer je kamatna stopa u konačnici apsolutni broj.
According to the Jiangsu Shagang Group, the comparatively high interest rate was due to the fact that this specific financial institution specializes in loans to companies in financial distress, and the company called upon its services to alleviate a temporary liquidity problem.
Taj je apsolutni broj međutim prikaz procjene rizika koja se temelji na relativnoj ocjeni.
Given that revolving loans are usually a sign of short term liquidity problems, the conditions and the maturity of that loan are considered to be appropriate to reflect the additional benefit derived from the use of revolving loans.
Rizik neplaćanja za društva s rejtingom BB X % je veći od rizika neplaćanja za vladu ili društvo bez rizika.
The Commission thus found it appropriate to use this figure as the relevant benchmark for all loans with a maturity of 2 years or less provided at the level of the production companies which were making use of revolving loans.
To je relativna ocjena o čemu svjedoče podaci o povijesnom kretanju raspona koje je dostavila kineska vlada (vidjeti analizu u nastavku).
It is highly unlikely that a revolving loan would be found for a maturity of more than two years, and the concrete evidence of the loans verified in the sampled companies supports this conclusion.
U pogledu druge i treće točke Komisija se složila s početnom tvrdnjom da kamatne stope ne održavaju samo profil rizičnosti društava nego i rizike povezane sa zemljom i valutom.
In its disclosure comments, the GOC and the sampled cooperating companies took issue with the methodology related to the relative spread, as described in recital (169) above.
Rizik povezan sa zemljom i valutom često se, kao u ovom slučaju, mijenja s vremenom, a promjene se razlikuju od zemlje do zemlje.
In view of these comments, the Commission sent subsequently an additional document to all interested parties, in which it further explained the methodology used.
Stoga se nerizične kamatne stope s vremenom znatno mijenjaju i nekad su niže u SAD-u, a nekad u Kini.
International banking practice works by a reference to a benchmark plus an additional premium, which is expressed as an absolute mark-up and not as a relative mark-up.
Budući da se nerizična kamatna stopa mijenja s vremenom, isti nominalni apsolutni raspon može značiti vrlo različitu procjenu rizika.
As example, it could be IBOR or LIBOR or EURIBOR plus 1 %.
Primjerice, ako banka procjeni da je rizik od neplaćanja povezan s društvom viši od nerizične kamatne stope za 10 % (relativna procjena), posljedični apsolutni raspon može biti između 0,1 % i (pri nerizičnoj kamatnoj stopi od 1 %) i 1 % (pri nerizičnoj stopi od 10 %).
The two elements of the interest rate reflect the country or currency risk (that is the part of the interest that corresponds to the central bank or risk-free company rate) and the company specific risk (that is the mark-up, expressed in absolute terms, for the BB-rated company).
Stoga je iz perspektive ulagatelja relativni raspon bolji mjerni instrument jer odražava opseg raspona prihoda i način na koji na njega utječe osnovna kamatna stopa.
The relative spreads get larger when the risk free rate gets lower, even though the absolute spread stays the same.
Ta metoda neutralna je prema svim zemljama.