natgillin/translations-raw huggingface dataset:
In order to constitute state aid within the meaning of Article 61(1) of the EEA Agreement, the measures must confer an advantage upon an undertaking.
PREDNOST
An advantage, within the meaning of Article 61(1) of the EEA Agreement, is any economic benefit which an undertaking would not have obtained under normal market conditions, thus placing it in a more favourable position than its competitors.
Da bi se mjera smatrala državnom potporom u smislu članka 61. stavka 1.
Only the effect of the measure on the undertaking is relevant, and not the cause or objective of the State intervention [35].
Sporazuma o EGP-u, njome se poduzetniku mora dodijeliti neka prednost.
For it to constitute aid, the measure can take the form of a positive economic advantage as well as a relief of economic burdens.
U smislu članka 61. stavka 1.
The latter is a broad category comprising any measure mitigating the charges that would normally be borne from the undertaking's budget.
Sporazuma o EGP-u, prednost je svaka gospodarska pogodnost koju poduzetnik ne bi ostvario u uobičajenim tržišnim uvjetima te se on njome dovodi u povoljniji položaj od konkurenata.
The question of whether the conclusion of the loan agreements could be regarded as granting ISB and Arion an advantage will ultimately depend on whether a private creditor of a comparable size to that of the public body, operating in the same market conditions, would have granted a similar loan on similar conditions.
Relevantan je samo učinak mjere na poduzetnika, a ne uzrok ili cilj intervencije države [35].
In order to determine whether a public body has acted like any market economy operator in a similar situation, only the benefits and obligations linked to the role of the State or public body as an economic operator — to theexclusion of those linked to its role as a public authority — are to be taken into account [36].
Mjera koja se smatra državnom potporom može biti u obliku pozitivne gospodarske prednosti ili smanjenja gospodarskog opterećenja.
Moreover, in order to determine whether a state intervention is in line with market conditions, it must be examined on an ex ante basis, only taking into account the information available at the time the intervention was decided upon.
Potonje je široka kategorija kojom su obuhvaćene sve mjere kojima se smanjuju naknade koje se obično podmiruju iz poduzetnikova proračuna.
In addition, in the absence of specific market information on a given debt transaction, the debt instrument's compliance with market conditions may be established on the basis of a comparison with comparable market transactions, that is to say through benchmarking.
Odgovor na pitanje može li se sklapanje ugovora o kreditu smatrati dodjelom prednosti ISB-u i Arionu u konačnici ovisi o tome bi li privatni vjerovnik, koji se veličinom može usporediti s tim tijelom javne vlasti i koji posluje u istim tržišnim uvjetima, mogao dobiti sličan kredit sličnih uvjeta.
The private creditor test, developed and refined by the courts of the European Union [37], serves to establish whether the conditions under which a public creditor's claim is to be repaid, possibly by rescheduling payments, constitutes state aid.
Da bi se utvrdilo je li tijelo javne vlasti postupilo kao što bi postupio svaki subjekt u tržišnom gospodarstvu u sličnoj situaciji, u obzir se uzimaju samo koristi i obveze povezane s ulogom države ili tijela javne vlasti kaogospodarskog subjekta i pritom se isključuju one koje su povezane s njegovom ulogom tijela javne vlasti [36].
When the State is in the position, not as an investor or a promoter of a project, but as a creditor trying to maximise the recovery of an outstanding debt, lenient treatment alone, in the form of deferral of payment, may not be sufficient to presume favourable treatment in the sense of state aid.
Štoviše, da bi se utvrdilo je li intervencija države u skladu s tržišnim uvjetima, nužno ju je prethodno provjeriti samo na temelju informacija koje su bile dostupne u vrijeme donošenja odluke o intervenciji.
In such circumstances the conduct of the public creditor is to be compared with that of a hypothetical private creditor in a comparable factual and legal situation.
Osim toga, u nedostatku specifičnih tržišnih informacija o određenoj transakciji s dužničkim instrumentom, usklađenost dužničkog instrumenta s tržišnim uvjetima može se utvrditi usporedbom s usporedivim tržišnim transakcijama, odnosno usporednom analizom.
The crucial question is whether a private creditor would have granted similar treatment to a debtor in similar circumstances.
Test privatnog vjerovnika, koji su izradili i usavršili sudovi Europske unije [37], služi da se utvrdi mogu li se uvjeti podmirenja potraživanja javnog vjerovnika s mogućim drugačijim rokovima otplate, smatrati državnom potporom.
Prior to assessing the loan agreements, the question arises as to whether the initial delay in settling payments, which is understood to have lasted from around October 2008 until late 2009, may involve state aid.
Kada je država u položaju u kojem kao vjerovnik, a ne kao ulagatelj ili nositelj projekta, pokušava u što većoj mjeri naplatiti nepodmireno dugovanje, samo ublaženo postupanje koje se ogleda u odgodi plaćanja nije dovoljna pretpostavka povoljnog postupanja u smislu državne potpore.
In general, decisions by public bodies to tolerate late payments on a loan may entail an advantage to the debtor and involve state aid.
U tim okolnostima, postupanje javnog vjerovnika uspoređuje se s postupanjem hipotetskog privatnog vjerovnika u usporedivoj činjeničnoj i pravnoj situaciji.
While a temporary deferral of payment would probably correspond to the conduct of a private creditor and thus not involve state aid, such conduct, initially consistent with market conditions, could turn into state aid in cases of protracted delays in payment [38].
Ključno je pitanje bi li privatni vjerovnik u sličnim okolnostima na sličan način postupio prema dužniku.
From the point of view of a private creditor, enforcement of a claim that has become due is the self-evident norm.
Prije ocjenjivanja ugovora o kreditu postavlja se pitanje ima li početno kašnjenje plaćanja, koje je po svemu sudeći trajalo otprilike od listopada 2008. do kraja 2009., karakter državne potpore.
This also applies if the debtor undertaking is in financial difficulties, as well as in the case of insolvency.
Odluke tijela javne vlasti o dopuštanju zakašnjelih otplata kredita obično predstavljaju pogodnost za dužnika i imaju karakter državne potpore.
Private creditors will not normally be willing in such circumstances to accept further deferral of payment if this does not bring them any clear advantage.
Iako bi privremena odgoda plaćanja vjerojatno odgovarala postupanju privatnog vjerovnika i stoga ne bi imala karakter državne potpore, takvo postupanje koje je u početku u skladu s tržišnim uvjetima može u slučajevima dugotrajnih kašnjenja plaćanja postati državna potpora [38].
On the contrary, once a debtor runs into financial difficulty, further loans would only be granted to the debtor under stricter terms, e.g. at a higher interest rate or with more comprehensive securities, as repayment is endangered.
Sa stajališta privatnog vjerovnika, pokretanje postupka naplate dospjelog potraživanja razumljivo je samo po sebi.
Exceptions may be justifiable in individual cases where non-enforcement seems to be the economically more sensible alternative.
Isto vrijedi i ako je poduzetnik koji je dužnik u financijskim poteškoćama te u slučaju insolventnosti.
This would be the case when non-enforcement offers clearly improved prospects of collecting a substantially higher proportion of the claims in comparison with other possible alternatives or if even greater consequential losses can be averted in this way.
Privatni vjerovnici u takvim okolnostima obično nevoljko pristaju na dodatnu odgodu plaćanja, osim ako ona nije u njihovu interesu.
It can be in the interest of a private creditor to keep the business of the debtor company running instead of liquidating its assets and thus, under certain circumstances, only collecting a part of the debt.
S druge strane, dužniku u financijskim poteškoćama novi se krediti odobravaju samo pod strožim uvjetima, npr. s višom kamatnom stopom ili uz više instrumenata osiguranja jer je otplata dovedena u pitanje.
When a private creditor accepts to refrain from enforcing his claim in full, he will normally require the debtor to provide additional securities.
Iznimke mogu biti opravdane u pojedinačnim slučajevima u kojima se nepokretanje postupka naplate čini gospodarski primjerenijom alternativom.
When this is not possible, for instance in cases of debtors in financial difficulty, the private creditor will seek assurances of maximum compensation should the financial condition of the debtor later improve.
Tako bi bilo u slučaju nepokretanja postupka naplate zbog znatno boljih izgleda za naplatu znatno većeg dijela potraživanja u usporedbi s drugim mogućim rješenjima ili ako bi se na taj način izbjegli veći gubici.
If insufficient securities or commitments are made by the debtor, a private creditor would generally not accept to conclude debt rescheduling agreements or provide the debtor with additional loans.
Održanje poslovanja dužnikova poduzeća može biti u interesu privatnog vjerovnika, umjesto likvidacije njegove imovine kojom se, u određenim okolnostima, naplati samo dio duga.
With respect to the initial delay in settling payments, the CBI argues that settling payments with ISB in September 2009 and with Kaupthing in November 2009 cannot be considered a delay given the exceptional circumstances prevailing in Iceland after the collapse of the banking system in October 2008.
Privatni vjerovnik koji pristane odustati od pokretanja postupka naplate svojeg potraživanja u cijelosti obično od dužnika zahtijeva dodatne instrumente osiguranja.
During the period from the collapse until the settlement of the claims, Iceland was undergoing a comprehensive bank restructuring with the assistance of the IMF and there was considerable uncertainty about the fair valuation of the banks' assets.Therefore, the CBI as the creditor of the banks needed time to properly evaluate the assets that served as collateral.
Kada to nije moguće, na primjer u slučajevima dužnika u financijskim poteškoćama, privatni vjerovnik tražit će jamstva za naknadu u najvećem mogućem iznosu nakon poboljšanja financijskog stanja dužnika.
The Authority has assessed these arguments and considers that the CBI acted in line with the private creditor test concerning the initial delay.
S dužnikom koji ne dostavi dovoljne instrumente osiguranja ili ne preuzme odgovarajuće obveze, privatni vjerovnik obično ne bi pristao na sklapanje sporazuma o reprogramiranju duga niti bi dužniku odobrio dodatne kredite.
Further, the Authority needs to assess whether a private creditor holding similar short-term claims on the defaulting banks would have agreed to the transfer of the housing loan portfolios under the conditions set out above and to the subsequent conclusion of loan agreements with the new banks according to the same conditions.
Kad je riječ o početnom kašnjenju plaćanja, CBI tvrdi da se dogovor o plaćanju s ISB-om iz rujna 2009. i s Kaupthingom iz studenoga 2009. ne može smatrati kašnjenjem i to zbog iznimnih okolnosti koje su na Islandu prevladavale nakon urušavanja bankovnog sustava u listopadu 2008.
The Authority notes that in the wake of Glitnir's and Kaupthing's collapse in the autumn of 2008, the CBI found itself in a position where it was unrealistic to expect to enforce collateral like the ones in question in the case of Arion and ISB.
Tijekom razdoblja od urušavanja do namirenja potraživanja na Islandu se provodilo sveobuhvatno restrukturiranje banaka uz pomoć MMF-a, uz veliku nesigurnost u pogledu fer vrednovanja imovine banaka.
Taking into account that the loan portfolios constituted a large share of Arion's and ISB's customer base, appropriating such collateral could have jeopardised the financial stability of Arion and ISB and driven these financial undertakings into bankruptcy.
Stoga je CBI-ju kao vjerovniku banaka trebalovremena za odgovarajuću ocjenu imovine koja je poslužila kao kolateral.
Enforcing the collateral would have also entailed additional administrative expenses for the CBI.
Nadzorno je tijelo ocijenilo te argumente i smatra da je postupanje CBI-ja u pogledu početnog kašnjenja u skladu s testom privatnog vjerovnika.
Moreover, if the loan portfolios had been offered for sale, the CBI would also have had no assurance of acceptable recovery, and it was highly unlikely that investors with sufficient capital strength would have been available to buy the portfolios, given the market situation in Iceland at the time.
Nadalje, Nadzorno tijelo treba ocijeniti bi li privatni vjerovnik sa sličnim kratkoročnim potraživanjima od banaka koje su u statusu neispunjavanja obveza pristao na prijenos portfelja stambenih kredita u prethodno utvrđenim uvjetima i bi li nakon toga s novim bankama sklopio ugovore o kreditu s istim uvjetima.
Therefore, appropriating the housing loan portfolios — either by enforcing the collateral or following bankruptcy — would have resulted in the CBI recovering a lower amount of the short-term debt in the end.
Nadzorno tijelo smatra da u situaciji u kojoj se CBI našao ujesen 2008., nakon propasti banaka Glitnir i Kaupthing, nije bilo realno očekivati naplatu kolaterala poput predmetnih u slučaju Ariona i ISB-a.
Faced with this situation, the CBI therefore chose to enter into the loan agreements to ensure full payment of its claims, with interest and without having to incur administrative expenses.
Uzimajući u obzir da se poslovanje Ariona i ISB-a velikim dijelom odnosilo na kreditiranje klijenata, namirenje iz tih kolaterala ugrozilo bi financijsku stabilnost Ariona i ISB-a i odvelo ih u stečaj.
The loan agreements were thus entered into to achieve maximum possible recovery at that time.
Postupak naplate kolaterala uzrokovao bi i dodatne administrativne troškove za CBI.
Based on these elements, the Authority considers that the CBI endeavoured to maximise the recovery of its claims when entering into the loan agreements.
Štoviše, da su kreditni portfelji ponuđeni na prodaju, ni CBI ne bi mogao ponuditi jamstvo za prihvatljivu naplatu i vrlo je vjerojatno da ulagatelji s dovoljno kapitala ne bi ni bili spremni kupiti te portfelje s obzirom na tadašnje stanje islandskog tržišta.
The Authority also must assess whether the conditions attached to the loan agreements, and in particular the applicable interest rates, would have been sufficiently valuable to a private creditor to meet the requirement of the private creditor test.
Stoga bi CBI namirenjem iz portfelja stambenih kredita, bilo pokretanjem postupka naplate kolaterala bilo u postupku stečaja, u konačnici naplatio manji iznos kratkoročnog duga.
In Decision No 208/15/COL, the Authority noted that it was difficult to determine the appropriate benchmarks for interest rates during the financial crisis.
CBI je stoga u toj situaciji odlučio sklopiti ugovore o kreditiranju kako bi osigurao naplatu svojih potraživanja u cijelosti, s kamatama i bez administrativnih troškova.
In response to this, ISB, Arion and the CBI have submitted additional information and comments.
Ugovori o kreditu sklopljeni su da bi se naplatio što veći iznos potraživanja.
ISB argues that the interest rates are in line with the interest rates of similar asset-backed bonds at the time.
Nadzorno tijelo na temelju tih elemenata smatra da je CBI sklapanjem ugovora o kreditu pokušao naplatiti što veći iznos svojih potraživanja.
The ISB bond's maturity is 10 years, with an interest rate of 4,5 %, CPI linked (consumer price-indexed), and is over-collateralised with a LTV ratio of 70 %.
Nadzorno tijelo mora ocijeniti bi li uvjeti ugovora o kreditu, a posebno primijenjene kamatne stope, bili dovoljno dobri za privatnog vjerovnika kako bi se ispunili zahtjevi testa privatnog vjerovnika.
The interest rate was set at about 50 bps on top of the state-guaranteed HFF bonds on the date of issue.
Nadzorno tijelo navelo je u Odluci br. 208/15/COL da je bilo teško utvrditi odgovarajuće referentne vrijednosti za kamatne stope tijekom financijske krize.
ISB also provided a graph which shows that the spread differences for France, Germany and Spain were in the range of 40–160 bps in 2009.
ISB tvrdi da su kamatne stope u skladu s ondašnjim kamatnim stopama za slične obveznice osigurane imovinom.
Similarly, Arion argues that its loan agreement with the CBI was concluded on market terms.
Obveznica ISB-a izdana je s rokom dospijeća od deset godina, kamatnom stopom od 4,5 % povezanom s indeksom potrošačkih cijena, vrlo visokog stupnja kolateralizacije s koeficijentom LTV od 70 %.
Arion compares it, inter alia, to a comparable agreement concluded between NBI and LBI.
Kamatna stopa utvrđena je na dan izdanja na razini od oko 50 baznih bodova uz obveznice Fonda za financiranje stanogradnje osigurane državnim jamstvom.
Both agreements were concluded around the same time, i.e. end of 2009 and the beginning of 2010, and involved similar settlements of claims.
Usporedbe radi, u to su vrijeme u Europi uobičajene stope za slične vrijednosne papire osigurane imovinom bile na razini 40 – 80 baznih bodova više od vrijednosnica osiguranih državnim jamstvom.
The comparison shows that the terms of Arion's loan agreement were more stringent than those in the LBI agreement, involving a private lender.
ISB je dostavio i grafički prikaz razlika u kamatama u Francuskoj, Njemačkoj i Španjolskoj, koje su se u 2009. kretale u rasponu od 40 do 160 baznih bodova.
Indeed, it appears that the LBI agreement required lower interest rates, involved a higher principal amount and had weaker and less diversified collateral than the Arion loan agreement.
Slično i Arion tvrdi da je njegov ugovor o kreditu s CBI-jem sklopljen pod tržišnim uvjetima.
In its letter of 31 March 2015 [39], Arion provided additional information on covered bond and senior unsecured bond issuances by banks in Europe during the period of 1 January 2009 until 31 December 2010.
Arion ga među ostalim uspoređuje s ugovorom koji su sklopili NBI i LBI.
Taking into account that the loan provided by the CBI is primarily secured with mortgages, Arion argues that it is comparable to covered bonds issued by European banks during 2009 using residential mortgages as security.
Oba su ugovora sklopljena otprilike u isto vrijeme, odnosno krajem 2009. i početkom 2010., i odnose se na sličan postupak naplate potraživanja.
Asmentioned above, according to the dataset provided by Arion, funding spreads European banks were paying ranged from 0,1 % to 1,90 % over interbank rates, with a median spread of 0,72 %.
Usporedba upućuje na to da su uvjeti Arionova ugovora o kreditu bili stroži od uvjeta LBI-jeva ugovora, u kojem je sudjelovao privatni vjerovnik.
The highest rates for covered bonds were paid by Bank of Ireland in September 2009 (1,9 % over interbank rates) and EBS Mortgage from Ireland (1,75 % over interbank rates) in November 2009.
Sve upućuje na to da su u LBI-jevu ugovoru kamatne stope bile niže, da je glavnica bila veća, da je vrijednost kolaterala bila manja i da su ti instrumenti bili u manjoj mjeri diversificirani nego u Arionovu ugovoru u kreditu.
The CBI also argues that the terms of the loan agreements, i.e. the interest rates and collateral, were favourable to the CBI.
Kako je prethodno navedeno, prema podacima koje je Arion dostavio, razlikai zmeđu kamatnih stopa koje su europske banke plaćale i kamatnih stopa za međubankovne pozajmice kretala se u rasponu od 0,1 % do 1,90 % i pritom je medijan te razlike iznosio 0,72 %.
According to the CBI, this is evident from the available information on issued instruments worldwide (as documented by Arion, see above) and also from the terms of other instruments entered into at the time, including the LBI agreement.
Najvišu kamatnu stopu za pokrivene obveznice platili su Bank of Ireland u rujnu 2009.
The Authority notes that the loan agreements concluded between the CBI and the banks bear an interest rate of LIBOR + 3,00 % and are collateralised with mortgages and other assets.
(1,9 % veća od kamatne stope za međubankovne pozajmice) te EBS Mortgage Finance iz Irske u studenome 2009.
As the information provided by ISB and Arion shows, this interest rate is well above the average interest rates for comparable debt instruments concluded at the time, and even exceed the highest funding cost of any other European banks at the time that had mortgages as collateral (i.e. Bank of Ireland, interbank rates + 1,9 %).
(1,75 % veća od kamatne stope za međubankovne pozajmice).
The Authority considers that the information concerning comparable debt instruments provided by the banks is reliable and that it presents and accurate picture of market conditions at the time the loan agreements were concluded.
(75) CBI tvrdi i da su uvjeti ugovora o kreditu, odnosno kamatne stope i instrumenti osiguranja, bili povoljni za CBI.
Moreover, since these interest rates were agreed to by private parties, the Authority considers that they represent a more appropriate benchmark for determining market rates at the time than the CDS spreads and interest rates on HFF bonds cited by the complainant.
CBI smatra da na to upućuju dostupne informacije o instrumentima izdanima u svijetu (prema prethodno navedenoj dokumentaciji koju je dostavio Arion), ali i uvjeti ugovora o drugim instrumentima koji su sklopljeni u to vrijeme, uključujući i LBI-jev ugovor.
Concerning the loan agreement concluded with Arion, the Authority notes that the loan was denominated in foreign currencies instead of ISK.
Nadzorno tijelo napominje da su CBI i banke sklopili ugovore o kreditu s kamatnom stopom LIBOR + 3,00 % te da su oni bili osigurani hipotekom na nekretnine i drugom imovinom.
However, as noted by Arion, this change of denomination 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 Arion could, with the permission of the lender, change the denomination of the debt in part or full.
Informacije koje su dostavili ISB i Arion upućuju na to da je ta kamatna stopa znatno viša od prosječnih kamatnih stopa za ugovore o usporedivim dužničkim instrumentima koji su sklopljeni u to vrijeme te da čak premašuje tadašnje najveće troškove financiranja u svim drugim europskim bankama s hipotekom kao instrumentom osiguranja (npr.
As previously noted, the Authority has already reviewed and approved the terms of the settlement agreement in the Arion restructuring aid decision.
Bank of Ireland, stope za međubankovne pozajmice +1,9 %).
Moreover, as noted by Arion, due to the stringent limitations in Iceland on cross-border movement of capital and related foreign exchange transactions, a private creditor would in all likelihood have preferred a denomination in foreign currencies rather than in ISK.
Nadzorno tijelo smatra da su informacije o usporedivim dužničkim instrumentima koje su dostavile banke pouzdane te da vjerno oslikavaju tržišne uvjete koji su postojali u vrijeme sklapanja ugovora o kreditu.
Considering the market parameters at the time and the evidence presented, the Authority concludes that the lending terms in general, and the interest rates in particular, of the loan agreements would have been equally acceptable to a private creditor finding himself in a comparable factual and legal situation.
Štoviše, budući da su te kamatne stope dogovorile privatne stranke, Nadzorno tijelo smatra da su primjerenije referentne vrijednosti za utvrđivanje tržišnih kamatnih stopa u to vrijeme nego što su to kreditne marže na osnovi nastanka statusa neispunjavanja obveza na ugovore o razmjeni i kamatne stope na obveznice Fonda za financiranje stanogradnje koje je naveo podnositelj pritužbe.
In light of the above, the Authority concludes that the loan agreements between the CBI and, respectively, ISB and Arion did not confer an economic advantage upon ISB and Arion.
Kad je riječ o ugovoru o kreditu sklopljenom s Arionom, Nadzorno tijelo napominje da je kredit bio u inozemnim valutama, a ne u ISK.