natgillin/translations-raw huggingface dataset:
Kaupthing, the Government and Arion reached an agreement on 3 September 2009 regarding the capitalisation of Arion and the basis for compensation from Kaupthing to Arion (the ‘Kaupthing capitalisation agreement’).
Prije odluke Kaupthinga o mogućem stjecanju većinskog udjela u banci Arion, trebalo je postići dogovor s CBI-jem o namirenju nepodmirenih potraživanja s obzirom na to da je dio imovine koja mu je bila potrebna za uplatu novog temeljnog kapitala bio upotrijebljen kao kolateral za kredite koje je CBI odobrio banci Kaupthing, uključujući portfelj stambenih kredita.
According to this agreement, Kaupthing had the option of acquiring control of Arion by subscribing to new share capital and was to pay for the new share capital with the old bank's own assets (i.e. the assets that had not been transferred pursuant to the FME decision as described above).
Stoga su Ministarstvo financija, CBI i Sanacijski odbor banke Kaupthing 30. studenoga 2009. sklopili ugovor o namirenju potraživanja CBI-ja od banke Kaupthing („ugovor o namiri”).
Before Kaupthing could decide whether it would acquire a majority stake in Arion, an agreement needed to be reached with the CBI on the settlement of the outstanding claims as some of the assets it would need to pay for the new share capital had been placed as collateral against loans provided by the CBI to Kaupthing, including the housing loan portfolio.
Namirenje prekonoćnih kredita uređeno je člankom 3. ugovora o namiri te su se stranke dogovorile da će banka Arion preuzeti dug banke Kaupthing prema CBI-ju izdavanjem obveznice u iznosu od oko […] [17] milijardi ISK, u posebnom obrascu priloženom ugovoru kao Dodatak II., a CBI je zauzvrat dodijelio banci Arion portfelj stambenih kredita.
Therefore, on 30 November 2009, the Ministry of Finance, the CBI and the Kaupthing Resolution Committee entered into an agreement on the settlement of the CBI's claims against Kaupthing (the ‘settlement agreement’).
Arion i CBI sklopili su 22. siječnja 2010. ugovor o kreditu, kojim su, prema CBI-ju i banci Arion, službeno dopunjeni članak 3. ugovora o namiri i ugovor o dokapitalizaciji, tj. nakon što su vjerovnici banke Kaupthing postali vlasnici banke Arion.
The settlement of overnight loans was the subject of Article 3 of the settlement agreement and there the parties agreed that Arion Bank would assume Kaupthing's debt towards the CBI by issuing a bond in the amount of approximately ISK […] [17] billion, in a specific form attached to the agreement as Appendix II, with the CBI in turn assigning the housing loan portfolio to Arion.
Prethodno navedena obveznica zamijenjena je ugovorom o kreditu.
On 22 January 2010, Arion and the CBI concluded a loan agreement, which, according to the CBI and Arion, represented the formal completion of Article 3 of the settlement agreement and the capitalisation agreement, i.e. when the creditors of Kaupthing became owners of Arion.
U suštini, u ugovoru o kreditu navedeni su uvjeti obveznice, osim što je glavnica izražena u EUR, USD i CHF umjesto u ISK.
The loan agreement replaced the aforementioned bond.
Ta promjena valute bila je u skladu s uvjetima ugovora o namiri kojim je bilo predviđeno da bi Arion, ako je moguće, bez obzira na valutu glavnice, kamate i rate kredita trebao plaćati u inozemnim valutama.
The loan agreement essentially reflected the terms of the bond, except that the principal amount of the loan agreement was denominated in EUR, USD and CHF instead of ISK.
U ugovoru o namiri utvrđeno je i da Arion treba podnijeti pisani obrazloženi zahtjev CBI-ju ako ne bude mogao plaćati u inozemnim valutama nego u ISK.
This change in currency denomination was in line with the terms of the settlement agreement which provided that, despite the denomination of the principal, Arion should pay interest and instalments in foreign currencies to the extent the bank was able to.
Ugovorom o kreditu odobren je kredit na sedam godina, uz mogućnost produljenja dva puta po tri godine, u iznosu od […] milijuna EUR, […] milijuna USD i […] milijuna CHF.
The settlement agreement also stipulated that if Arion was not able to pay in foreign currencies, and wished instead to pay in ISK, it had to submit a written reasoned application to the CBI.
Arion je mogao izmijeniti kombinaciju valuta u kojima će otplatiti kredit.
The loan agreement provided for a seven-year loan, extendable by two three-year terms, for an amount of EUR […] million, USD […] million and CHF […] million.
Ugovorena je kamata EURIBOR/LIBOR + 300 baznih bodova.
Arion was permitted to change the combination of the currencies in which the loan was to be repaid.
Portfelj stambenih kredita banke Arion CBI-ju je poslužio kao kolateral.
The interest payable was EURIBOR/LIBOR + 300 bps.
PRITUŽBA
The housing loan portfolio of Arion served as collateral to the CBI.
Prema podnositelju pritužbe, ugovori o kreditu između ISB-a, Ariona i CBI-ja nisu ocijenjeni u odluci Tijela o odobravanju potpore za restrukturiranje ISB-ju i Arionu [18].
THE COMPLAINT
S obzirom na to da u tim predmetima mjere nisu ocijenjene, podnositelj pritužbe smatra da je važno dobiti mišljenje Tijela o i. spojivosti tih dodatnih navodnih mjera potpore sa Sporazumom o EGP-u te ii. posljedicama činjenice da islandska tijela te mjere nisu prijavila.
According to the complainant, the loan agreements between ISB, Arion and the CBI were not assessed in the Authority's decisions approving restructuring aid to ISB and Arion [18].
Podnositelj pritužbe navodi da u vrijeme kad je CBI sklopio ugovore o kreditu s bankom Arion i ISB-om druge banke na Islandu nisu mogle dobiti takvo financiranje od CBI-ja ili druge državne agencije.
Since the measures were not addressed in these cases, the complainant considers it important to obtain the opinion of the Authority on (i) the compatibility of these additional alleged aid measures with the EEA Agreement, and (ii) the consequences of the failure by the Icelandic authorities to notify these measures.
Podnositelj pritužbe stoga tvrdi da je potpora bila selektivna jer je dodijeljena samo određenim financijskim institucijama koje su u tržišnoj utakmici na islandskom bankarskom tržištu.
The complainant alleges that, at the time the CBI entered into the loan agreements with Arion and ISB, other banks in Iceland were not given the opportunity to receive such financing from the CBI or other government agencies.
Prema podnositelju pritužbe, ISB-u je odobravanjem kredita dodijeljena potpora kako bi se izbjeglo da CBI naplati svoja potraživanja iz izdanja pokrivenih obveznica, a u slučaju banke Arion kredit je odobren kako bi se osigurala valutna uravnoteženost bilance banke.
The complainant therefore argues that the aid was selective as it was granted exclusively to certain financial institutions competing on the Icelandic banking market.
Podnositelj pritužbe tvrdi da su druge financijske institucije koje nisu primile takvu potporu bile prisiljene prodavati imovinu na tržištima koja su bila povoljna za kupce.
According to the complainant, by granting a loan to ISB, the bank was granted aid to avoid enforcement by the CBI on the covered bond issue; and in Arion's case, the loan was granted to secure an appropriate balance on the bank's currency risk.
Prema podnositelju pritužbe, ISB i Arion stekli su ugovorima o kreditu jasnu prednost u obliku dugoročnog financiranja s povoljnim kamatnim stopama nižima od tržišnih stopa koja nije bila dostupna drugim sudionicima na tržištu.
The complainant argues that other financial institutions, which did not receive such aid, were forced to sell off assets in markets that favoured buyers.
Prema podnositelju pritužbe, u tom turbulentnom razdoblju za financijska tržišta ni jedan privatni ulagač ne bi sklopio takav ugovor.
According to the complainant, the loan agreements gave ISB and Arion a clear advantage in the form of long-term funding with favourable interest rates below market rates and which were not available to other market participants.
Kako bi potkrijepio svoju tvrdnju da su kamatne stope u tom trenutku bile niže od tržišnih stopa, podnositelj pritužbe dostavio je razlike između kamatnih stopa iz ugovora o razmjeni na osnovi nastanka statusa neispunjavanja obveza („CDS”) islandske vlade iz 2009. i kamatnih stopa iz 2009. na izdanje obveznica HFF150224 i HFF150434 islandskog fonda za financiranje stanogradnje („HFF”).
According to the complainant, no private investor would have entered into such agreements at this turbulent time on the financial markets.
Podnositelj pritužbe smatra da su mjere ojačale položaj ISB-a i Ariona na bankarskom tržištu te da su stoga utjecale na položaj drugih sudionika na tržištu.
In order to substantiate its claim that the interest rates were below market rates at the time, the complainant submitted credit default swap (‘CDS’) spreads of the Icelandic government in 2009 and interest rates in 2009 on bond issues HFF150224 and HFF150434 by the Icelandic Housing Financing Fund (‘HFF’).
Naposljetku, podnositelj pritužbe tvrdi da su planovi restrukturiranja ISB-a i Ariona, koje je provela islandska vlada i za koje je Tijelo utvrdilo da su potpore spojive s unutarnjim tržištem u skladu s člankom 61. stavkom 3. točkom (b) Sporazuma o EGP-u, bili dostatni za uklanjanje poremećaja u islandskom gospodarstvu.
The complaint maintains that the measures strengthened ISB and Arion on the banking market and therefore affected the position of other market participants.
Prema podnositelju pritužbe, dodatne mjere potpore koje su provedene prethodno navedenim ugovorima nisu bile potrebne, primjerene ni razmjerne za obnovu islandskog bankarskog sustava te stoga uključuju državne potpore koje nisu spojive s unutarnjim tržištem.
Finally, the complainant argues that the restructuring plans of ISB and Arion, implemented by the Icelandic government and which the Authority found compatible aid pursuant to Article 61(3)(b) of the EEA Agreement, were sufficient to remedy the disturbance in the Icelandic economy.
RAZLOZI ZA POKRETANJE FORMALNOG ISTRAŽNOG POSTUPKA
According to the complainant, the additional aid measures implemented by way of the abovementioned agreements were not necessary, appropriate or proportionate to restore the Icelandic banking system and therefore entail incompatible state aid.
Tijelo je u Odluci br. 208/15/COL preliminarno ocijenilo bi li instrumenti kratkoročnog kreditiranja koje je CBI odobrio bankama Glitnir i Kaupthing te ugovori o kreditu sklopljeni između CBI-ja i banaka Arion i ISB mogli predstavljati državne potpore u smislu članka 61. stavka 1.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE
Sporazuma o EGP-u i, ako bi, bi li se ta državna potpora mogla smatrati spojivom s funkcioniranjem Sporazuma o EGP-u.
In Decision No 208/15/COL, the Authority preliminarily assessed whether the short-term credit facilities provided by the CBI to Glitnir and Kaupthing, as well as the loan agreements concluded between the CBI and both Arion and ISB, could constitute state aid within the meaning of Article 61(1) of the EEA Agreement; and, if so, whether the state aid could be considered compatible with the functioning of the EEA Agreement.
Tijelo je u pogledu CBI-jeva kratkoročnog kreditiranja banaka i drugih financijskih institucija kreditima osiguranim kolateralima utvrdilo da su ispunjeni uvjeti utvrđeni u Smjernicama o bankarstvu [19] koji se odnose na pomoć za likvidnost i instrumente središnje banke.
With regard to CBI's short-term collateral lending to banks and other financial institutions, the Authority found that the conditions set out in the Banking Guidelines [19] concerning liquidity assistance and central bank facilities were fulfilled.
Stoga je Tijelo zaključilo da kratkoročni kreditni instrumenti koje je CBI osigurao bankama Glitnir i Kaupthing nisu uključivali državnu potporu.
Accordingly, the Authority concluded that the short-term credit facilities provided by the CBI to Glitnir and Kaupthing did not involve state aid.
Međutim, Tijelo je u pogledu ugovora o kreditu između CBI-ja te banaka Arion i ISB pod navodno povoljnim uvjetima došlo do preliminarnog zaključka da se ne bi moglo isključiti da ti krediti čine državnu potporu u smislu članka 61. stavka 1.
However, with respect to the loan agreements between the CBI and both Arion and ISB on allegedly favourable terms, the Authority came to the preliminary conclusion that it could not be excluded that these constitute state aid within the meaning of Article 61(1) of the EEA Agreement.
Sporazuma o EGP-u.
The following aspects were identified in Decision No 208/15/COL:
U Odluci br. 208/15/COL utvrđeni su sljedeći aspekti:
The Authority noted that public support granted by a central bank could be regarded as attributable to the State and thus constitutes a transfer of state resources.
i.
The Authority expressed doubts as to whether the measures under assessment were consistent with the conduct of a private creditor finding himself in a comparable legal and factual situation.
Tijelo je napomenulo da bi se javna potpora koju dodjeljuje središnja banka mogla pripisati državi i da stoga predstavlja prijenos državnih sredstava.
Hence, the preliminary assessment of the Authority showed that an economic advantage in favour of ISB and Arion could not be excluded.
Tijelo je izrazilo sumnju u to da su mjere koje se ocjenjuju bile u skladu s postupanjem privatnog vjerovnika u sličnom pravnom i činjeničnom položaju.
Since no evidence had been provided demonstrating that the allegedly favourable loan agreements were made available to all undertakings in a comparable factual and legal situation as ISB and Arion, it was the Authority's preliminary view that the measures appeared to be selective.
Stoga je Tijelo u preliminarnoj ocjeni navelo da se gospodarska prednost u korist ISB-a i banke Arion ne može isključiti.
Finally, the Authority noted that although ISB and Arion today operate mostly on the Icelandic market, they are nevertheless engaged in the provision of financial services, which are fully open to competition and trade within the EEA.
Budući da nisu dostavljeni dokazi o dostupnosti navodno povoljnih ugovora o kreditu svim poduzećima čiji je činjenični i pravni položaji bio usporediv s položajem banaka ISB i Arion, preliminarno stajalište Tijela bilo je da se mjere čine selektivnima.
Therefore, in the preliminary view of the Authority, the measure was liable to distort competition and affect trade within the EEA.
Naposljetku, Tijelo je napomenulo da iako ISB i Arion danas posluju uglavnom na islandskom tržištu, uključeni su u pružanje financijskih usluga koje su u potpunosti otvorene za tržišno natjecanje i trgovinu u EGP-u.
According to the Authority, further evidence needed to be provided in order to be able to determine whether the lending terms could be regarded as compatible with the functioning of the EEA Agreement.
Stoga bi prema preliminarnom stajalištu Tijela mjera mogla narušiti tržišno natjecanje i utjecati na trgovinu u EGP-u.
Consequently, following its preliminary assessment, the Authority had doubts whether the measures in question and the lending terms in particular constituted state aid, and if so, whether they could be found to be compatible with the functioning of the EEA Agreement.
Tijelo tvrdi da se moraju osigurati dodatni dokazi kako bi se utvrdilo mogu li se uvjeti kreditiranja smatrati spojivima s funkcioniranjem Sporazuma o EGP-u.
COMMENTS FROM THE CBI
Stoga Tijelo nakon preliminarne ocjene nije moglo sa sigurnošću utvrditi predstavljaju li predmetne mjere, a posebno uvjeti kreditiranja, državnu potporu i, ako predstavljaju, mogu li se smatrati spojivima s funkcioniranjem Sporazuma o EGP-u.
GENERAL
PRIMJEDBE KOJE JE PODNIO CBI
The CBI notes that the restructuring of the Icelandic financial system, its legal foundation, and the government's execution of it, have been previously addressed by the Authority, inter alia, in the ISB and Arion restructuring aid decisions.
OPĆENITO
According to the CBI, it is not logical to take the measures under investigation in this case out of their context and to assess them as stand-alone instruments.
CBI navodi da se Tijelo prethodno već bavilo pitanjima restrukturiranja islandskog financijskog sustava, njegove pravne osnove i načina na koji ga država provodi, i to među ostalim u odlukama o potpori za restrukturiranje banaka ISB i Arion.
According to the CBI, it is unrealistic for a central bank to enforce collateral like the one in question in the case of Kaupthing (Arion) and ISB.
CBI smatra da u tom slučaju nije logično razmatrati mjere koje su predmet istražnog postupka izvan konteksta i ocjenjivati ih kao samostalan instrument.
In appropriating such collateral, the CBI would have taken on the role of a commercial bank with one of the largest household loan portfolios in Iceland.
CBI tvrdi da je nerealno očekivati da središnja banka aktivira instrumente osiguranja kao one u slučaju banaka Kaupthing (Arion) i ISB-a.
This would have been inconsistent with its role as a central bank.
Aktiviranjem takvog kolaterala CBI bi preuzeo ulogu komercijalne banke s jednim od najvećih portfelja stambenih kredita na Islandu.
There was also an important risk of destabilising the operations of Arion and ISB, which would have jeopardised financial stability.
To ne bi bilo u skladu s njegovom funkcijom središnje banke.
The Authority must bear in mind that the CBI has a legal obligation to promote financial stability.
Postojao je i znatan rizik od destabilizacije operacija banaka Arion i ISB, čime bi se ugrozila financijska stabilnost.
If the CBI had collected the claim on ISB, ISB's liquidity would have been rendered too weak to operate as a healthy bank and consequently the CBI would not have been in a position to collect all of its claim.
Tijelo mora imati na umu da CBI ima zakonsku obvezu promicanja financijske stabilnosti.
The CBI notes that the Banking Guidelines unfortunately do not address what happens when claims stemming from monetary policy operations fall into default and a central bank is forced to take steps to collect claims and appropriate collateral assets.
Da je CBI naplatio potraživanje od ISB-a, likvidnost ISB-a bila bi preslaba za zdravo poslovanje banke, a CBI svoje potraživanje ne bi mogao naplatiti u cijelosti.
The settlement of payments with ISB in September 2009 and with Kaupthing in November 2009 cannot be considered a delay, according to the CBI, as Iceland was undergoing a comprehensive bank restructuring with the assistance of the IMF and there was a high degree of uncertainty about the valuation of the banks' assets.
U tim je okolnostima sklapanje ugovora o kreditu bila najbolja racionalna gospodarska odluka.
The CBI highlights that is has the legal obligation to preserve financial stability and to supervise credit institutions' foreign exchange balances.
CBI ističe da ne samo da aktiviranje kolaterala ne bi bilo u skladu s funkcijom središnje banke, nego bi u konačnici CBI time osigurao povrat samo manjeg dijela kratkoročnog duga.
Therefore, the CBI had a legal obligation to address the severe situation prevailing at the time.
Nadalje, CBI smatra da su uvjeti ugovora o kreditu, tj. kamatne stope i kolaterali, bili povoljni za CBI.
Concluding the loan agreements was the best rational economic decision under these circumstances.
CBI upućuje na dostupne informacije o instrumentima izdanima u svijetu, ali i uvjete ugovora s drugim instrumentima koje su stranke sklopile u to vrijeme (Arion, ISB, CBI, druge nacionalne financijske institucije i država) [20].
The CBI points out that not only would it have been inconsistent with the role as a central bank to appropriate the collateral, but it would also ultimately have resulted in the CBI recovering less of the short-term debt.
CBI stoga tvrdi da su uvjeti ugovorâ o kreditu u oba slučaja bili u potpunosti u skladu s tadašnjim tržišnim uvjetima, dakle i potpuno u skladu s načelom ulagača u tržišnom gospodarstvu.
In addition, according to the CBI, the terms of the loan agreements, i.e. the interest rates and collateral, were favourable to the CBI.
Kad je riječ o pitanju jesu li ti ugovori o kreditu bili selektivni, CBI tvrdi da su se sva poduzeća u sličnom pravnom i činjeničnom položaju tretirala jednako.
The CBI refers to available information on issued instruments worldwide and also to the terms of other instruments entered into by the parties at that time (Arion, ISB, the CBI, other domestic financial institutions, and the State) [20].
U tom pogledu CBI navodi da je ugovor o namiri kratkoročnog duga s CBI-jem sklopila i privatna islandska investicijska banka Straumur [21].
Therefore, according to the CBI, the terms of the loan agreements were in both cases fully consistent with normal market terms at the time, and therefore fully in line with the market economy investor principle.
CBI nadalje tvrdi da MP Bank nije bio u sličnom činjeničnom i pravnom položaju jer njegovi kratkoročni dugovi nisu bili osigurani imovinom sličnom portfelju stambenih kredita nego vrijednosnim papirima kao što su instrumenti državne riznice i slični sigurni instrumenti, odnosno imovina kojom se lako trguje, koja ima utvrđenu vrijednost i koja ne uključuje troškove niti troškove preuzimanja.
With respect to whether these loan agreements were selective, the CBI argues that all undertakings in a comparable legal and factual situation were treated equally.
Stoga CBI odbacuje tvrdnju da druge banke na Islandu nisu mogle dobiti takva sredstva od CBI-ja ili drugih državnih agencija.
In this regard, the CBI notes that Straumur, a private Icelandic investment bank, also concluded an agreement with the CBI on the settlement of its short-term debt [21].
Naposljetku, CBI napominje da Tijelo mora uzeti u obzir činjenicu da u vrijeme sklapanja ugovorâ o kreditu de facto nije bilo tržišnog natjecanja između islandskih financijskih poduzeća i drugih financijskih poduzeća u EGP-u.
Moreover, according to the CBI, MP Bank was not in a similar factual or legal situation as its short-term debts were not secured with assets comparable to the housing loan portfolio but with public securities such as Treasury instruments and similar secure instruments, i.e. easily tradable assets with a set value and no costs involved or associated with appropriation.
U studenome 2008. islandski je parlament donio Zakon br. 134/2008 o izmjeni Zakona br. 87/1992 o deviznom tečaju kojim su se uvela ograničenja prekograničnog kretanja kapitala i s time povezanih deviznih transakcija, čime je inozemnim financijskim subjektima onemogućeno tržišno natjecanje na islandskom tržištu [22].
Therefore, the CBI rejects the assertion that other banks in Iceland were not given the opportunity to receive such financing from the CBI or other government agencies.
Stoga CBI tvrdi da se mjerama nije moglo narušiti tržišno natjecanje niti utjecati na trgovinu između ugovornih stranaka Sporazuma o EGP-u.
Finally, the CBI notes that the Authority must consider that during the period when the loan agreements were concluded, there was de facto no competition between Icelandic financial undertakings and other financial undertakings in the EEA.
CBI na temelju prethodno navedenog tvrdi da sklapanje ugovorâ o kreditu ne predstavlja državnu potporu u smislu članka 61. stavka 1.
In November 2008, the Icelandic Parliament adopted Act No 134/2008, amending the Foreign Exchange Act No 87/1992, which imposed restrictions on cross-border capital movements and foreign exchange transactions related thereto, thus making it impossible for foreign financial entities to compete on the Icelandic market [22].
Sporazuma o EGP-u.
Therefore, the CBI argues that the measures were not liable to distort competition and affect trade between the Contracting Parties to the EEA Agreement.
SPOJIVOST