natgillin/translations-raw huggingface dataset:
As the State aid criteria are cumulative in nature, a measure shall not be considered to constitute State aid when at least one of the State aid criteria is not met.
Komisija u tom kontekstu ujedno primjećuje da je […] ESB u svojoj nadzornoj ulozi već uveo ograničenja po dividendi u […] zbog sudskih sporova koji su u tijeku.
The Commission will assess whether the compensation mechanism that Slovenia intends to put in place would confer an advantage on NLB.
Kao rezultat toga, NLB nije smio isplatiti dividendu […].
For that purpose, the Commission will apply the ‘market economy operator’ (MEO) test, which can be applied to different economic transactions.
Zaključno, u izvješću se naglašava da bi u scenariju u kojem mehanizam ne postoji upravo iz tog razloga došlo do negativnog učinka na prodajnu cijenu […] i taj bi nedostatak mehanizma naknade čak ugrozio dovršenje IPO-a.
The Commission observes that the compensation mechanism is provided in the context of a sale of assets and therefore the Commission has to apply the ‘private vendor test’.
Komisija primjećuje da se u izvješću, na temelju razumnih pretpostavki koje je Komisija provjerila, ukazuje na to da negativan i maksimalistički stav ulagatelja u pogledu hrvatskih sudskih sporova ([…]) u kombinaciji sa smanjenim interesom ulagatelja kojima se isplaćuju dividende ([…]) premašuje, uz značajnu maržu, procijenjene troškove za Sloveniju u okviru mehanizma (najviše […], no manje u slučaju povoljnijih sudskih presuda).
This involves a assessment by the Commission of whether also a hypothetical private vendor would have offered the same compensation mechanism, as part of the same sale process.
Komisija na temelju tih elemenata zaključuje da će taj mehanizam imati pozitivan učinak na neto prihod od prodaje NLB-a.
Firstly, the Commission observes that the compensation mechanism relates to court cases which have been pending for a long time and for which investors do not necessarily have extensive valuation experience.
Na temelju procjene navedene u uvodnim izjavama od 58. do 61., Komisija prihvaća da bi i privatni prodavatelj, u veoma specifičnim okolnostima hrvatskih pravnih sporova, omogućio takav mehanizam naknade u kontekstu postupka prodaje i da Slovenija prema tome ne dodjeljuje prednost NLB-u.
Recently Croatian courts ruled against NLB which brought the issue fully in the spotlight of investors.
Budući da su kriteriji utvrđeni u članku 107. stavku 1.
The dispute dates back from before the break-up of Yugoslavia and it is not linked to NLB's recent operations and activities.
UFEU-a kumulativni i s obzirom na to da nije ispunjen uvjet dodjeljivanja prednosti, isključuje se prisutnost dodatne državne potpore uspostavom mehanizma naknade.
The fact that the claims may give rise to the possibility that NLB is held jointly and severally liable with Ljubljanska banka d.d. further complicates the valuation of the claim, as it is more difficult to assess the impact of that claim on NLB only.
Ocjena spojivosti
The Commission understands that these valuation difficulties can lead to problems of asymmetry of information.
Komisija smatra da se sljedeće primjedbe drugih zainteresiranih strana odnose na zabrinutosti i privremene nalaze uključene u Odluku o otvaranju postupka iz 2018.:
In view of these elements, it is understandable that – in the absence of such a mechanism – the investors will price in the issue in a maximalist manner.
upućivanje prve strane na druge predmete državne potpore u kojima je Komisija odobrila produljenje obveza prodaje i argument da je produljenje roka do 2019. općenito korisno za Sloveniju i slovenske porezne obveznike;
As investors would price in the most negative scenario possible, the mechanism would allow Slovenian authorities to keep the upside of more favourable court rulings.
argument prve strane da bi se dodatnim obvezama samo pogoršali izgledi NLB-a za dugoročnu održivost.
In this context, the Commission also takes note that in […] the ECB, in its supervisory capacity, already imposed dividend restrictions because of the ongoing litigation.
Komisija napominje da nisu izloženi određeni razlozi ili primjeri obveza u vezi s onima za koje se tvrdi da imaju negativan učinak na održivost NLB-a.
As a result NLB has not been allowed to pay a dividend in […].
Kako je navedeno u uvodnoj izjavi 55.
In conclusion, in a ‘no mechanism’ scenario, the report highlights that, for this reason, there will be a negative impact on the sale price of […] and the absence of a compensation mechanism would even endanger the completion of the IPO.
Odluke o otvaranju postupka iz 2018., Komisija će procijeniti zadržava li se novim skupom obveza izvorna ravnoteže iz Odluke iz 2013. i Odluke o izmjeni iz 2017. i imaju li izmijenjene obveze, koje istodobno ostaju istovjetne u pogledu raspodjele tereta i kompenzacijskih mjera, negativan utjecaj na održivost NLB-a.
The Commission notes that the report, based on reasonable assumptions verified by the Commission, indicates that the negative and maximalist view of investors on the Croatian litigation ([…]) in combination with the reduced interest from dividend investors ([…]) outweighs, by a meaningful margin, the estimated costs for the Slovenian State under the mechanism (maximum […], but lower in case of more favourable court rulings).
Odluka o restrukturiranju može se u načelu izmijeniti ako ta izmjena ne uključuje dodatnu potporu i ako se izmjena temelji na novim obvezama koje se mogu smatrati istovjetnima onima koje su izvorno preuzete.
Based on these elements, the Commission concludes that the mechanism will have a positive impact on the net proceeds from the sale of NLB.
U tom slučaju postojeće mjere potpore bile bi spojive na temelju članka 107. stavka 3. točke (b) UFEU-a ako bi opća ravnoteža izvorne odluke ostala netaknuta.
Based on the assessment set out developed in recitals 58 to 61, the Commission accepts that a private vendor, in the very specific circumstances of the Croatian litigation, would also grant such a compensation mechanism in the context of a sale process and that therefore Slovenia does not confer NLB with an advantage.
U cilju očuvanja izvorne ravnoteže, izmijenjene obveze ne bi trebale negativno utjecati na održivost korisnika potpore, a opći skup obveza trebao bi ostati istovjetan u pogledu raspodjele tereta i kompenzacijskih mjera kojima se uzimaju u obzir zahtjevi iz Komunikacije o restrukturiranju.
As the criteria set out in Article 107(1) TFEU are cumulative, and given that the condition of conferring an advantage is not fulfilled, the presence of additional State aid through the putting in place of a compensation mechanism is excluded.
U Odluci o otvaranju postupka iz 2018. podsjeća se da se odjeljak o održivosti iz Odluke iz 2013. uvelike temelji na promjeni vlasničke strukture NLB-a radi osiguravanja dugoročne održivosti NLB-a.
With respect to the comments by Slovenia and by the other parties in sections 3 and 4 of this Decision, the Commission notes that a number of those comments relate rather to the 2013 Decision.
Slovenija sada predlaže prodaju najmanje 50 % + 1 udjela u NLB-u do 31. prosinca 2018., a preostale dionice do smanjenja na blokirajuću manjinu do 31. prosinca 2019.
The Commission recalls that it will only assess the issues that were raised in the 2018 opening Decision and will not carry out any re-assessment of the 2013 Decision, neither as regards the assessment of the existence of aid assessment carried out at the time, nor the compatibility of that aid based on the commitments provided by the Slovenia in 2013.
Komisija može ponovno potvrditi dugoročnu održivost NLB-a ako se izmijenjeni vremenski okvir za prodaju bude strogo poštovao.
More specifically, the Commission will not re-assess its conclusion that NLB's long-term viability was crucially based on the commitment to sell its shareholding up to the Blocking Minority.
Komisija u tom kontekstu pozitivno ocjenjuje činjenicu da su izmijenjene obveze u određenoj mjeri povezane s postupkom otuđenja, čime se pritom utvrđuju odgovarajući poticaji za brži postupak prodaje.
The requirement for the change to NLB's ownership indeed ensured that NLB, at all its levels, would be managed in order to maximise value and would not pursue other short-term or long-term political objectives.
Komisija primjerice napominje da, ako se prodaja udjela do smanjenja na blokirajuću manjinu provede do 31. prosinca 2019., određene obveze prestat će se primjenjivati od ranijeg datuma.
The Commission considers that the following comments of the other interested parties relate to the concerns and to the preliminary findings included in the 2018 opening Decision:
Time će se osigurati da Slovenija što prije proda svoj udio do smanjenja na blokirajuću manjinu.
the reference by the first party to other State aid cases for which the Commission had granted an extension of sale commitments and the argument that an extension of the deadline until 2019 is of overall beneficial to Slovenia and the Slovenian taxpayers.
Komisija zaključuje da bi se izmijenjenim vremenskim okvirom i novim skupom slovenskih obveza trebalo osigurati da ne dođe do nepotrebne odgode prodaje NLB-a i odgode kraja razdoblja restrukturiranja.
the argument made by the first party that additional commitments would only worsen NLB's long-term viability prospects.
Komisija je u Odluci o otvaranju postupka iz 2018. ujedno iznijela i druge primjedbe kojima je ukazala na nedovoljan napredak u ponovnoj uspostavi održivosti, što uključuje nedostatak novog izdavanja podređenog dužničkog kapitala, visoku razinu loših kredita i probleme u pogledu korporativnog upravljanja koji se odnose na imenovanje članova nadzornog odbora.
As regards the comparison with other cases, the Commission recalls that in all cases it assesses compatibility on the basis of the Commission's Communications applicable at the time of the granting of the aid.
Komisija napominje da se Slovenija u svojem priopćenju od 13. srpnja 2018. obvezala da će NLB izdati instrument dopunskog kapitala do […] i da će članovi nadzornog odbora biti isključivo neovisni stručnjaci.
The Commission also recalls that in this case, the sale of the stake in NLB was required in order to ensure NLB's viability and was part of an overall restructuring aid assessment, while in other cases the sale of assets took place in the context of a liquidation aid assessment.
Komisija smatra da će te obveze pozitivno pridonijeti održivosti NLB-a.
The Commission notes that no specific reasons or examples of commitments are provided with regard to those claimed to have a negative impact on the viability of NLB.
Komisija primjećuje i činjenicu da se udio loših kredita u ukupnom broju kredita dodatno smanjio u prvom tromjesečju 2018. na 8,8 % (u usporedbi s 9,2 % krajem prosinca 2017.).
As noted in recital 55 of the 2018 opening Decision, the Commission will assess whether the new set of commitments preserve the original balance of the 2013 Decision and the 2017 amendment Decision and whether the amended commitments do not negatively affect the viability of NLB, whilst at the same time also remain equivalent in terms of burden-sharing and compensatory measures.
Komisija je u Odluci o otvaranju postupka iz 2018. izrazila sumnje u pogledu djelotvornosti početnog prijedloga Slovenije da, kao kompenzacijsku mjeru, imenuje slijepog povjerenika.
As Slovenia has notified amended commitments on 13 July 2018, the Commission will assess whether those new commitments could be considered as equivalent to those originally provided in the context of the 2013 Decision and the 2017 amendment Decision.
Budući da Slovenija u najnovijim priopćenjima više nije navodila tu obvezu, nema potrebe da Komisija u ovoj Odluci donosi zaključke o djelotvornosti slijepog povjerenika.
The Commission will not re-assess the commitments that were provided on 21 December 2017 which have been assessed in the context of the 2018 opening Decision.
Komisija je u svojoj odluci o otvaranju postupka iz 2018. preliminarno zaključila da je odgođena prodaja NLB-a de facto produljila razdoblje restrukturiranja.
A restructuring decision can in principle be amended where the amendment does not entail any additional aid and the amendment is based on new commitments which can be considered as equivalent to those originally provided.
Budući da je veći broj obveza logički povezan s razdobljem restrukturiranja (vidjeti uvodnu izjavu 25.
In that situation, the existing aid measures would remain compatible on the basis of Article 107(3)(b) TFEU if the overall balance of the original decision remains intact.
Odluke o otvaranju postupka iz 2018.), Komisija je navela da bi do produljenja roka za postupak prodaje trebalo doći usporedno s produljenjem ostalih obveza u pogledu restrukturiranja.
In order to preserve the original balance, the amended commitments should not negatively affect the viability of the aid beneficiary, with the overall set of commitments remaining equivalent in terms of burden-sharing and compensatory measures, taking into account the requirements of the Restructuring Communication.
Komisija napominje da Slovenija sada predlaže produljenje gotovo svih relevantnih postojećih obveza do dovršetka postupka prodaje.
The 2018 opening Decision recalls that the viability section of the 2013 Decision was crucially based on a change in NLB's ownership structure to ensure the long-term viability of NLB.
Komisija se u Odluci o otvaranju postupka iz 2018. pitala ne bi li Slovenija mogla dodatno poboljšati održivost NLB-a zamjenom slijepog povjerenika potpuno ovlaštenim povjerenikom za smanjenje investicija.
In 2013, the Slovenian authorities had indeed committed to eliminate the State's influence on NLB's day-to-day operations.
Komisija se isto tako pitala hoće li uklanjanje alternativne obveze prodaje balkanskih društava kćeri oslabiti postojeće obveze.
Slovenia is now proposing to sell at least a 50 % + 1 stake in NLB by 31 December 2018 and the remaining shares up to the Blocking Minority by 31 December 2019.
Komisija napominje da je Slovenija sada predložila da će povjereniku za smanjenje investicija dodijeliti isključivi mandat za prodaju udjela Slovenije u NLB-u do smanjenja na blokirajuću manjinu ako Slovenija ne bude poštovala obvezu prodaje.
The Commission can reaffirm NLB's long-term viability if this revised timeline for the sale is very strictly complied with.
Komisija smatra da se uključivanjem povjerenika za smanjenje investicija rješavaju zabrinutosti koje su izražene u pogledu provedbe prodaje 75 % – 1 udjela u NLB-u, čime se jača vjerodostojnost obveze prodaje i poboljšavaju izgledi za održivost NLB-a.
The Commission notes for instance that when the shareholding up to the Blocking Minority is sold before 31 December 2019, certain commitments will cease to apply from an earlier date.
Odluke o otvaranju postupka iz 2018. pitala i ne bi li Slovenija trebala razmotriti daljnje strukturne mjere za NLB, kao što je prodaja određenih društava kćeri i/ili mjere praćenja poslovanja kako bi se kompenzirala odgoda prodaje udjela u NLB-u i odgoda postupka restrukturiranja.
This should ensure that Slovenia will sell its shareholding up to the Blocking Minority as soon as possible.
Budući da će NLB biti aktivan na tržištu tijekom duljeg razdoblja, a da se pritom nije u potpunosti osigurala njegova dugoročna održivost, to bi mogao biti izvor narušavanja tržišnog natjecanja.
The Commission concludes that the revised timeline in conjunction with the new set of Slovenian commitments should ensure that both the sale of NLB and the end of the restructuring period are not unduly delayed.
Komisija sada primjećuje da je Slovenija predložila tri dodatne mjere koje uključuju izdavanje instrumenta dopunskog kapitala do […], zatvaranje [10–20] dodatnih poslovnica i otuđenje udjela NLB-a u društvu NLB Vita (potonje će se provesti samo ako Slovenija ne smanji svoj udio u NLB-u na blokirajuću manjinu do kraja 2018.).
In the 2018 opening Decision, the Commission also made other observations pointing at sub-optimal progress on the restoration of viability, such as the lack of new issue of subordinated debt capital, the high level of non-performing loans and the corporate governance issues related to nominations to the Supervisory Board.
Naime, što razdoblje u kojem dugoročna održivost nije u potpunosti osigurana bude dulje trajalo, to će veća biti potreba da se kompenzacijskim mjerama osigura da općeniti skup obveza ostane istovjetan u pogledu kompenzacijskih mjera.
The Commission notes that Slovenia, in its notification of 13 July 2018, commits that NLB will issue a Tier 2 instrument by […] and to only have independent experts as members of the Supervisory Board.
Komisija smatra da Slovenija predlaže zatvaranje znatnog broja poslovnica (u odnosu na broj poslovnica koje NLB ima u Sloveniji) i da će se time smanjiti komercijalna prisutnost NLB-a u Sloveniji.
The Commission considers that those commitments will positively contribute to the viability of NLB.
Komisija ujedno pozitivno ocjenjuje utjecaj otuđivanja društva NLB Vita u pogledu tržišnog natjecanja, ali i u pogledu raspodjele tereta bez neopravdanog narušavanja održivosti NLB-a.
The Commission also takes note of the fact that the non-performing loans share in total loans has further decreased in the first quarter of 2018 to 8,8 % (as compared to the 9,2 % ratio at the end of December 2017).
Komisija općenito zaključuje da će se kompenzacijskim mjerama dostatno kompenzirati odgoda prodaje 75 % – 1 udjela u NLB-u i produljeni postupak restrukturiranja.
In the 2018 opening Decision, the Commission had also raised doubts with regard to the effectiveness of the initial proposal of Slovenia to appoint a blind trustee as a compensatory measure.
Komisija se u uvodnoj izjavi 63.
Since Slovenia has no longer included this commitment its most recent notification, there is no need for the Commission to reach any conclusion in this Decision on the effectiveness of such a blind trustee.
Odluke o otvaranju postupka iz 2018. ujedno pitala hoće li osnivanje novog društva za usluge leasinga ubrzo nakon likvidacije prethodnog društva za usluge leasinga, kao rezultat obveza u pogledu državne potpore na temelju Odluke iz 2013., narušiti bit obveze otuđenja sporednih društava kćeri NLB-a.
In the 2018 opening Decision, the Commission preliminary concluded that the delay of the sale of NLB de facto prolonged the restructuring period.
Komisija napominje da je NLB u međuvremenu opozvao sve postupke osnivanja, čime se uklanja ta dvojba.
As a number of commitments were logically linked to the restructuring period (see recital (25) of the 2018 opening Decision), the Commission indicated that an extension of the deadline for the sale process should go hand in hand with an extension of other restructuring commitments as well.
U odluci o otvaranju postupka iz 2018.
The Commission notes that Slovenia now proposes to extend almost all of the relevant existing commitments until the sale process is completed.
Slovenija je pozvana da pojasni da najnovije obveze ne mijenjaju sve druge obveze koje se temelje na Odluci o izmjeni iz 2017. (posebno u pogledu zabrane stjecanja).
The most relevant existing commitment of the 2013 Decision which is not fully extended until the shareholding is reduced to the Blocking Minority is the […] commitment.
Komisija napominje da je Slovenija u svojem nedavnom priopćenju pojasnila da će se zabrana stjecanja primjenjivati do 31. prosinca 2019.
However, the Commission notes that, in addition to the extension of existing commitments, additional compensatory commitments are provided.
ZAKLJUČAK
In the 2018 opening Decision, the Commission also expressed doubts whether Slovenia could not further improve NLB's viability by, inter alia, converting the blind trustee to a fully empowered divestiture trustee.
Na temelju prethodno navedene procjene novog skupa obveza prijavljenog 13. srpnja 2018. otklonjene su sumnje Komisije u pogledu istovjetnosti obveza izloženih u Odluci o otvaranju postupka iz 2018. i njime se ne utječe na zaključke donesene u Odluci iz 2013. i Odluci o izmjeni iz 2017.
The Commission also raised doubts whether the removal of the alternative commitment to divest the Balkan subsidiaries would not weaken the existing commitments.
Komisija stoga na temelju članka 9. stavka 3.
The Commission notes that Slovenia has now proposed to grant the Divestiture Trustee an exclusive mandate to sell Slovenia's stake in NLB up the Blocking Minority if Slovenia does not comply with the sale commitment.
Uredbe Vijeća (EU) 2015/1589 zaključuje da je državna potpora dodijeljena NLB-u spojiva s unutarnjim tržištem na temelju članka 107. stavka 3. točke (b) UFEU-a.
The Commission considers that the addition of the divestiture trustee addresses the concerns expressed on the implementation of the sale of the 75 % - 1 stake in NLB, thereby strengthening the credibility of the sale commitment and improving NLB's viability prospects.
Nadalje, Komisija na temelju članka 4. stavka 2.
In recital (63) of the 2018 opening Decision, the Commission also expressed doubts whether Slovenia should not consider further structural measures for NLB such as divestments of certain subsidiaries and/or behavioural measures to compensate for the delay to the sale of the stake in NLB and to the restructuring process.
Uredbe (EU) 2015/1589 zaključuje da mehanizam kojim se NLB-u nadoknađuje šteta u slučaju pravnih posljedica povezanih sa sudskim sporovima koji se vode Hrvatskoj ne podrazumijeva državnu potporu u smislu članka 107. stavka 1.
As NLB will be active in the market for a longer period without having fully ensured its long-term viability, this could be a source of distortions of competition.
UFEU-a.
The Commission now observes that Slovenia has proposed three additional commitments involving the issue of a Tier 2 instrument by […], the closure of [10-20] additional outlets and the divestment of NLB's participation in NLB Vita (the latter only if Slovenia has not reduced its shareholding in NLB up to the Blocking Minority by the end of 2018).
Komisija napominje da je Slovenija iznimno pristala primiti tekst ove Odluke samo na engleskom jeziku.
Indeed, the longer the period without having fully ensured its long-term viability, the more compensatory measures are required to ensure that the overall set of commitments remain equivalent in terms of compensatory measures.
DONIJELA JE OVU ODLUKU:
The Commission considers that the number of outlets Slovenia is proposing to close are significant (relative to the number of outlets NLB has in Slovenia) and will make NLB's commercial presence in Slovenia less prominent.The Commission also takes a positive view on the impact of the divestment of NLB Vita both in terms of competition and burden sharing without unduly harming the viability of NLB.
Članak 1.
Overall, the Commission concludes that the compensatory measures are sufficient to compensate for the delay in the sale of the 75 % - 1 stake in NLB and the extended restructuring process.
Zamjena obveza koje je Slovenija preuzela u okviru odluka SA.33229 (2012/C) (ex 2011/N) i SA.33229 (2017/N-2) obvezama o kojima je Slovenija izvijestila i koje su navedene u Prilogu ovoj Odluci spojiva je s unutarnjim tržištem u smislu članka 107. stavka 3. točke (b) UFEU-a.
In recital 63 of the 2018 opening Decision, the Commission also raised doubts whether the establishment of a new leasing company, following quickly after the liquidation of the previous leasing company as a result of State aid commitments underlying the 2013 Decision, would not infringe the spirit of the commitment to divest NLB's non-core subsidiaries.
Članak 2.
The Commission notes that NLB meanwhile has withdrawn all start-up procedures, which removes that doubt.
Mehanizam naknade čija je svrha nadoknaditi štetu NLB-u u slučaju pravnih posljedica povezanih sa sudskim sporovima koji se vode u Hrvatskoj ne podrazumijeva državnu potporu u smislu članka 107. stavka 1.
The 2018 opening Decision also invited Slovenia to clarify that the most recent commitments did not change any other commitments underlying the 2017 amendment Decision (in particular with regard to the acquisition ban).
UFEU-a.
The Commission notes that Slovenia has now clarified in its recent notification that the acquisition ban continues to be applicable until 31 December 2019.
Članak 3.