natgillin/translations-raw huggingface dataset:
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.
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.
COMPATIBILITY
PRIMJEDBE KOJE JE DOSTAVILA BANKA ARION
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.
I Arion tvrdi da se mjere koje su predmet istražnog postupka ne mogu razmatrati izvan konteksta niti ocjenjivati kao samostalan instrument.
COMMENTS BY ARION
Arion navodi da je Tijelo u svojoj odluci o potpori za restrukturiranje banke Arion već ispitalo i odobrilo njezino restrukturiranje i dokapitalizaciju.
Arion also argues that the measures under investigation in this case cannot be taken out of their context and assessed as stand-alone instruments.
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 suggests that the Authority has already investigated and approved the restructuring and capitalisation of Arion in its Arion restructuring aid decision.
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 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 ističe da je Tijelo odlukom o potpori za restrukturiranje banke Arion već preispitalo i odobrilo uvjete ugovora o namiri [23].
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.
Arion tvrdi da je netočan navod Tijela u Odluci br. 208/15/COL da bi Arion bez portfelja stambenih kredita bio u nezavidnom položaju.
The terms of the loan agreement are therefore fully in accordance with the terms of the settlement agreement.
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.
Arion highlights that the Authority already reviewed and approved the terms of the settlement agreement in its Arion restructuring aid decision [23].
U skladu s ugovorom o namiri (a ne odlukom FME-a) Kaupthing je portfelj stambenih kredita mogao prenijeti na Arion u okviru njegove dokapitalizacije.
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.
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 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 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].
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.
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.
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.
Prema tome, postupanje CBI-ja u skladu je s uvjetima testa privatnog vjerovnika.
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].
CBI stoga nije Arionu dao nikakvu prednost koja bi se na bilo koji način mogla smatrati državnom potporom.
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.
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:
Consequently, the conduct of the CBI meets the requirements of the private creditor test.
i.
The CBI therefore did not confer upon Arion any advantage that could in any way be considered state aid.
To je bila jedina ekonomski i funkcionalno razumna opcija za CBI.
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:
CBI bi namirenjem iz portfelja stambenih kredita u konačnici naplatio manji iznos kratkoročnog duga.
It was economically and functionally the only sensible option for the CBI.
CBI je kao razlučni vjerovnik u to vrijeme bio iscrpio sve druge raspoložive mogućnosti.
Appropriating the housing loan portfolio would have resulted in the CBI recovering a lower amount of the short-term debt in the end.
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 CBI as a secured creditor had exhausted all other available options at the time.
Mjere su bile u skladu s ciljem vlade da se domaći udjeli u starim bankama prenesu na nove banke.
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.
v. Restrukturiranje i dokapitalizacija Ariona provodili su se u okviru ukupnog restrukturiranja financijskog sektora.
The measures were in line with the goal of the government to move the domestic part of the old banks to the new banks.
Uvjeti ugovora o kreditu, odnosno kamatne stope i instrument osiguranja, bili su povoljni za CBI.
The restructuring and capitalisation of Arion was part of the overall restructuring of the financial sector.
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.
The terms of the loan agreement, i.e. interest rates and security, were favourable to the CBI.
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.
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.
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.
Prema Arionu, dostavljeni podaci [25] upućuju na to da se razlika između kamatnih stopa koje su europske banke plaćale i kamatnih stopa za međubankovne pozajmice kretala u rasponu od 0,1 % do 1,90 % te da je medijan te razlike iznosio 0,72 %.
According to Arion, the dataset it provided [25] demonstrates that funding spreads European banks were paying ranged between 0,1 % and 1,90 % over interbank rates, with a median spread of 0,72 %.
Prema Arionu, razlika u uvjetima ugovora o kreditu u odnosu na uvjete ugovora o namiri koja se odnosi na glavnicu u EUR, USD i CHF, a ne u ISK, bila je povoljna za CBI.
The highest rates for covered bonds were paid by the Bank of Ireland in September 2009 (1,9 % over interbank rates) and EBS Mortgage finance from Ireland (1,75 % overinterbank rates) in November 2009.
Arion napominje da su od urušavanja bankovnog sustava u jesen 2008.
According to Arion, the change made in the loan agreement from the terms of the settlement agreement relating to the denomination of the principal in EUR, USD and CHF, instead of ISK, was favourable to the CBI.
Primjenom testa privatnog vjerovnika u tim okolnostima može se jedino zaključiti da bi privatni vjerovnik bio naklonjeniji stranim valutama nego ISK.
Arion notes that stringent limitations on cross-border movement of capital and related foreign exchange transactions were imposed in Iceland since the banking system collapsed in the autumn of 2008.
Takva promjena valute bila bi stoga prednost samo za vjerovnika, a ne i za dužnika.
Applying the private creditor test in these circumstances can only result in the conclusion that a private creditor would have preferred a denomination in foreign currencies rather than in ISK.
Osim toga, početkom 2013. izdana je konvertibilna obveznica u vrijednosti 92 milijarde ISK u stranoj valuti.
Such a change in denomination would therefore be to the advantage of the creditor, not the debtor.
Te nadređene osigurane obveznice bile su naknada za imovinu i obveze koje su 9. listopada 2008. prenesene s LBI-ja, odlukom FME-a o prijenosu imovine i obveza LBI-ja na NBI.
Arion also draws a comparison with a settlement agreement (‘the LBI agreement’) that was concluded between the ‘new’ Landsbankinn (‘NBI’), and the ‘old’ Landsbankinn (‘LBI’) in December 2009.
Te nadređene osigurane obveznice dospijevaju u listopadu 2018. bez obročnih plaćanja tijekom prvih pet godina.
The LBI agreement entailed the issue of a senior secured bond, denominated in EUR, GBP and USD, in the amount of ISK 247 billion in foreign currency for a term of 10 years by NBI to LBI.
Kamatne su stope EURIBOR/LIBOR+175 baznih bodova za prvih pet godina te EURIBOR/LIBOR+290 baznih bodova za preostalih pet godina.
In addition, a contingent bond of ISK 92 billion in foreign currency was issued early in 2013.
Osigurane su skupovima kredita klijentima banke Landsbankinn [26].
These senior secured bonds were a consideration for the assets and liabilities transferred from LBI on 9 October 2008 with the decision of the FME on the disposal of assets and liabilities from LBI to NBI.
Prema Arionu, uvjeti ugovora LBI mogu se smatrati izravno usporedivima s uvjetima ugovora o kreditu.
These senior secured bonds mature in October 2018 and do not have instalment payments during the first five years.
Razlike se mogu sažeto iskazati na sljedeći način:
The interest rates are EURIBOR/LIBOR + 175 bps for the first five years and EURIBOR/LIBOR + 290 bps for the remaining five years.
i.
They are secured by pools of loans to customers of Landsbankinn [26].
Marža od 175/290 baznih bodova od privatnog zajmodavca u usporedbi s 300 baznih bodova od CBI-ja prema ugovoru o kreditu.
According to Arion, the terms of the LBI agreement can be viewed as directly comparable to the terms in the loan agreement.
Glavnica u iznosu od gotovo 350 milijardi ISK privatnog zajmodavca u usporedbi s […] milijardi ISK od CBI-ja prema ugovoru o kreditu.
The differences can be summarised as follows:
Skup kredita klijentima kao instrument osiguranja za privatnog zajmodavca u usporedbi s diversificiranim skupom domaćih izloženosti prema državi, općinama i hipotekama na stambene nekretnine za CBI prema ugovoru o kreditu.
A margin of 175 bps/290 bps from a private party lender compared to a 300 bps from the CBI under the loan agreement.
Prema Arionu, sve navedene razlike između tih dvaju slučajeva idu u prilog ugovoru o kreditu i CBI-ju, odnosno veća kamatna stopa, manji iznos glavnice te vrjedniji skup kolaterala, unatoč činjenici da je u ovom slučaju riječ o privatnom zajmodavcu.
A principal of close to the equivalent of ISK 350 billion from a private party lender compared to ISK […] billion from the CBI under the loan agreement.
Navedeno upućuje na to da su uvjeti financiranja za Arion prema ugovoru o kreditu bili u skladu s tada prevladavajućim tržišnim uvjetima.
A collateral pool of loans to customers to a private party lender compared to a diversified pool of domestic exposures on sovereign, municipalities and residential mortgages to the CBI under the loan agreement.
Ukratko, Arion stoga tvrdi da se sklapanje ugovora o kreditu između CBI-ja i Ariona ne može smatrati državnom potporom u smislu članka 61. stavka 1.
The above differences between these two cases are, according to Arion, all favourable to the loan agreement and the CBI, i.e. higher interest rate, lower principal amount and stronger collateral pool, in spite of the fact that the lender in this case is a private party.
Sporazuma o EGP-u.
This indicates that the terms of the funding provided to Arion under the loan agreement are in line with prevalent market terms at the time.
Ako Tijelo unatoč prethodno iznesenim argumentima smatra da mjere čine državnu potporu, Arion tvrdi da su te mjere spojive sa Sporazumom o EGP-u na temelju njegova članka 61. stavka 3. točke (b).
In summary, Arion thus argues that the conclusion of the loan agreement between the CBI and Arion cannot constitute state aid within the meaning of Article 61(1) of the EEA Agreement.
Budući da su predmetne mjere neodvojive od konačne dokapitalizacije Ariona i plana restrukturiranja koji je Arion dostavio Nadzornom tijelu, Arion tvrdi da se te mjere ne mogu izdvojiti iz ukupne ocjene Nadzornog tijela u tom predmetu.
Should the Authority, despite the arguments presented above, consider that the measures constitute state aid, Arion argues that these measures are compatible with the EEA Agreement on the basis of its Article 61(3)(b).
One su stoga obuhvaćene odlukom Nadzornog tijela o potpori za restrukturiranje Ariona.
As the measures in question formed an inseparable part of the final capitalisation of Arion and the restructuring plan of Arion submitted to the Authority, Arion argues that these measures cannot be separated from the overall assessment made by the Authority in that case.
Arionovo je mišljenje da bi Nadzorno tijelo, ako smatra da je moguće ponovno razmatrati određeni dio transakcije koja je već bila predmet revizije i koju je Nadzorno tijelo odobrilo u odluci o potpori za restrukturiranje Ariona, trebalo razmotriti ukupno činjenično i pravno stanje.
They are therefore covered by the Authority's Arion restructuring aid decision.
Ocjena Nadzornog tijela o spojivosti predmetnih mjera, a posebno o tome jesu li ispunjeni kriteriji iz primjenjivih smjernica o državnim potporama, trebala bi stoga biti usklađena s procjenom iz odluke o potpori za restrukturiranje Ariona.
Arion is also of the opinion that, if the Authority considers it possible to revisit a specific part of a transaction that has already been reviewed and approved by the Authority in the Arion restructuring aid decision, then the Authority should take into consideration the full factual and legal situation.
PRIMJEDBE ISB-A
The Authority's assessment on the compatibility of the measures in question should thus be in line with the assessment in the Arion restructuring aid decision, and in particular on whether the criteria of the applicable state aid guidelines were met.
ISB je dostavio informacije o uvjetima sličnih obveznica osiguranih imovinom u Europi u vrijeme sklapanja ugovora s CBI-jem.
COMMENTS BY ISB
Prema ISB-u, sličnim obveznicama osiguranima imovinom u Europi se u to vrijeme trgovalo uz premiju od 40 – 80 baznih bodova na vrijednosne papire uz državno jamstvo.
ISB provided information concerning the conditions of similar asset-backed bonds in Europe at the time of the conclusion of the agreement with the CBI.
ISB je dostavio grafički prikaz podataka iz 2009. iz triju zemalja, Francuske, Njemačke i Španjolske, o razlici u prinosima na pokrivene obveznice i državne obveznice.
According to ISB, similar asset-backed bonds in Europe were trading at a 40–80 bps premium to state guaranteed papers at the time.
Prema indeksima iBoxx [27], razlike između kamata za pokrivene obveznice ponderirani su prosjek svih nepodmirenih obveza koje proizlaze iz pokrivenih obveznica iz tih predmetnih država, s prosječnim trajanjem indeksa u rasponu od pet do sedam godina.
ISB provided a graph which shows data from 2009 for three countries, i.e. France, Germany and Spain, on the spread difference between covered bond spreads and sovereign spreads.
Kao što je vidljivo iz grafikona, razlika u kamatama bila je vrlo promjenjiva tijekom tog razdoblja i u Španjolskoj je trenutačno negativna.
The iBoxx [27] covered spreads are a weighted average of all outstanding covered bonds from those respective countries with an average duration of the indices in the range of five to seven years.
U 2009. ta se razlika u tim trima državama kretala u rasponu od 40 do 160 baznih bodova.
In 2009, the spread difference for these three countries was in the range of 40–160 bps.
U poglavljima u nastavku Nadležno tijelo ocjenjuje uključuju li ugovori o kreditu koje je CBI sklopio s ISB-om i Arionom državnu potporu u smislu članka 61. stavka 1.
ASSESSMENT
Sporazuma o EGP-u.
In the following chapters, the Authority will assess whether the loan agreements concluded between the CBI and both ISB and Arion involve state aid within the meaning of Article 61(1) of the EEA Agreement.
U smislu članka 61. stavka 1.
A measure constitutes state aid within the meaning of Article 61(1) of the EEA Agreement if the following conditions are cumulatively fulfilled: the measure (i) is granted by the State or through State resources; (ii) confers an economic advantage on an undertaking; (iii) is selective; and (iv) is liable to distort competition and affect trade between Contracting Parties.
Sporazuma o EGP-u mjera se smatra državnom potporom ako su kumulativno ispunjeni sljedeći uvjeti: i. mjeru dodjeljuje država ili se mjera dodjeljuje putem državnih sredstava; ii. mjerom se poduzetniku dodjeljuje gospodarska prednost; iii. mjera je selektivna te iv. mjerom se narušava tržišno natjecanje i ona utječe na trgovinsku razmjenu između ugovornih stranaka.
Indeed, the exclusion of liquidity assistance from the application of state aid law, as mentioned in paragraph 21 above, is limited to measures fulfilling the conditions enumerated in paragraph 51 of the Authority's 2008 Banking Guidelines and paragraph 62 of the Authority's 2013 Banking Guidelines [29].
Nadzorno tijelo u ovom predmetu smatra da dugoročni krediti CBI-ja ne ispunjavaju uvjete iz prethodno navedenih točaka iz Smjernica o bankarstvu iz 2008. i 2013. jer su bili povezani s mjerama restrukturiranja tih dviju banaka.
This does not imply that all actions by central banks are excluded from the application of the stateaid rules.
Nadzorno tijelo stoga te mjere mora ocijeniti na temelju uvjeta iz članka 61. stavka 1.
In the present case, the Authority considers that the provision of long-term loans by the CBI does not comply with the conditions set out in the aforementioned paragraphs of the 2008 and 2013 Banking Guidelines, since the measures were connected to the restructuring measures provided to the two banks.
Sporazuma o EGP-u.
Therefore, the Authority must assess the measures on the basis of the conditions set out in Article 61(1) of the EEA Agreement.
POSTOJANJE DRŽAVNIH SREDSTAVA
PRESENCE OF STATE RESOURCES
U skladu s člankom 61. stavkom 1.
According to Article 61(1) of the EEA Agreement, a measure must be granted by the State or through State resources in order to constitute state aid.
Sporazuma o EGP-u mjera koju dodjeljuje država ili mjera koja se dodjeljuje putem državnih sredstava smatra se državnom potporom.
The State, for the purpose of Article 61(1) of the EEA Agreement, covers all bodies of the public administration, from the central government to the city level or the lowest administrative level as well as public undertakings and bodies [30].
Za potrebe članka 61. stavka 1.
The measures under examination take the form of loan agreements between the CBI and Arion and ISB on allegedly favourable terms.
Sporazuma o EGP-u država znači sva tijela državne uprave, od tijela središnje vlasti do gradske ili najniže upravne razine te javna poduzeća i tijela [30].
In order to determine whether the provision of long-term loans by the CBI involves state resources, it needs to be assessed whether measures taken by a central bank can be regarded as imputable to the State.
Mjere koje su predmet provjere dodijeljene su u obliku ugovora o kreditu između CBI-ja, Ariona i ISB-a pod navodno povoljnim uvjetima.
Central banks are in general independent from the central government.
Da bi se utvrdilo obuhvaćaju li dugoročni krediti CBI-ja državna sredstva, potrebno je ocijeniti mogu li se mjere središnje banke pripisati državi.
However, it is irrelevant whether or not an institution within the public sector is autonomous [31].
Središnje su banke obično neovisne o središnjoj državi.
Moreover, it is generally accepted that central banks do perform a public task.
No neovisnost neke institucije javnog sektora nije relevantna [31].
The Authority notes that there is well-established case law that financial support provided by an institution serving a public purpose can result in the granting of state aid [32].
Štoviše, općenito se smatra da je središnjim bankama povjerena javna zadaća.
The public support granted by a central bank can thus also be regarded as being imputable to the State and thus qualify as state aid [33].
Nadzorno tijelo napominje da u skladu s dobro utvrđenom sudskom praksom financijska potpora institucije koja obavlja poslove od javnog interesa može dovesti do dodjele državne potpore [32].
Indeed, according to the 2013 Banking Guidelines, funds provided by a central bank to specific credit institutions generally imply the transfer of State resources [34].
Stoga se i potpora središnje banke može pripisati državi i stoga može biti državna potpora [33].
However, beyond these remarks, the question of whether the loan agreements in question were granted by the State or through state resources can be left open, given the conclusion reached in the following section that the measures did not confer an economic advantage on the banks.
U skladu sa Smjernicama o bankarstvu iz 2013. sredstva koja središnja banka odobri određenim kreditnim institucijama obično podrazumijevaju prijenos državnih sredstava [34].
ADVANTAGE
Međutim, izuzmu li se te napomene, ostaje otvoreno pitanje je li predmetne ugovore o kreditu dodijelila država ili su oni dodijeljeni putem državnih sredstava s obzirom na to da se u sljedećem odjeljku zaključuje da se tim mjerama bankama ne dodjeljuje gospodarska prednost.