natgillin/translations-raw huggingface dataset:
See also Decree No 80-1025 of 19 December 1980 relating to the transfers of assets, rights and obligations from the Caisse nationale des marchés de l’Etat, des collectivités et établissements publics to the company known as CEPME.Article 1 of Law No 88-50 of 18 January 1988 relating to the mutualisation of the Caisse nationale de crédit agricole: ‘The assets of the Caisse nationale de crédit agricole and those of the Fonds commun de garantie shall be transferred to the company specified in paragraph 1, above — holder of all of the rights and obligations of the Caisse nationale and of the Fonds commun de garantie, together with the guarantees and sureties attached to them’.
A se vedea, de asemenea, Decretul nr. 80-1025 din 19 decembrie 1980 privind transferul de bunuri, drepturi și obligații ale Casei naționale pentru achiziții publice, colectivități și instituții publice către societatea CEPME.Legea nr. 88-50 din 18 ianuarie 1988 privind mutualizarea „Caisse nationale de crédit agricole” (Casa Națională de Credit Agricol), articolul 1: „Patrimoniul Casei naționale de credit agricol și cel al fondului comun de garantare se transferă societății menționate la alineatul (1) de mai sus, titulara tuturor drepturilor și obligațiilor Casei naționale și ale fondului comun de garantare, cu garanțiile aferente acestora.”Decretul din 19 aprilie 1989 de autorizare a transferului integral al bunurilor, drepturilor și obligațiilor „Centre d’études des systèmes d’information des administrations” (Centrul de studiere a sistemelor informatice ale administrațiilor) către societatea pe acțiuni Cesia și de dizolvare a acestui centru.
Decree of 19 April 1989, authorising the Centre d’études des systèmes d’information des administrations to transfer all of its assets, rights and obligations to the limited company Cesia and winding up this establishment.Law No 92-665 of 16 July 1992, adapting the legislation applicable to insurance and banking to the single European market: transfer to a limited company of all the assets, rights and obligations of the EPIC Caisse nationale de prévoyance.Decree No 2001-1213 of 19 December 2001, authorising the publicly owned State establishment Agence pour la diffusion de l’information technologique to transfer its assets to a limited company with the same name, winding up this public establishment and authorising the transfer of this company to the private sector.
Legea nr. 92-665 din 16 iulie 1992 privind adaptarea la piața unică europeană a legislației aplicabile în materie de asigurări și credite: transferul către o societate pe acțiuni a tuturor bunurilor, drepturilor și obligațiilor instituției publice industriale și comerciale „Caisse nationale de prévoyance” (Fondul Național de Rezervă). Decretul nr. 2001-1213 din 19 decembrie 2001 de aprobare a transferului patrimoniului instituției publice a statului „Agence pour la diffusion de l’information technologique” (Agenția pentru difuzarea informațiilor tehnologice) către o societate pe acțiuni omonime, de dizolvare a acestei instituții publice și de aprobare a transferului în sectorul privat al acestei societăți.
The example may be referred to of the abolition of the Caisse nationale des marchés de l’Etat, des collectivités et établissements publics: Decree No 80-1025 of 19 December 1980 provides that the assets, rights and obligations of the publicly owned establishment shall be transferred to a public limited company (CEPME) and that the publicly owned establishment shall receive shares in exchange.
Se poate face referire la exemplul operațiunii de desființare a „Caisse nationale des marchés de l’Etat, des collectivités et établissements publics” (Casa națională pentru achiziții publice, colectivități și instituții publice): Decretul nr. 80-1025 din 19 decembrie 1980 prevede că bunurile, drepturile și obligațiile instituției publice se transferă către o societate pe acțiuni (CEPME), iar instituția publică primește în schimb acțiuni.
Then, by Decree No 80-1076 of 23 December 1980, the publicly owned establishment shall be abolished and its assets transferred to the State.
Astfel, prin Decretul nr. 80-1076 din 23 decembrie 1980, instituția publică se desființează, iar patrimoniul său se transferă statului.
The same mechanism shall be put in place for abolishing the Agence pour la diffusion de l’information technologique (Decree No 2001-1213 of 19 December 2001).
Același mecanism se aplică și pentru desființarea instituției „Agence pour la diffusion de l’information technologique” (Decret nr. 2001-1213 din 19 decembrie 2001).
‘Publicly owned establishments’, J-cl. admi. fasc.
„Instituțiile publice”, J-cl. admi. fasc.
For example, Law No 80-495 of 2 July 1980 relating to the conversion of the Service d’exploitation des tabacs et allumettes into a national company; Article 1 of Law No 96-660 of 26 July 1996 relating to the national undertaking France Télécom: ‘The legal entity governed by ordinary law France Télécom, referred to in Article 1, shall be converted as from 31 December 1996 into a national undertaking to be known as France Télécom, more than half of whose share capital shall be held directly by the State’; ‘The assets, rights and obligations of the publicly owned legal entity France Télécom shall be transferred ipso jure, as per 31 December 1996, to the national undertaking France Télécom’.
De exemplu, Legea nr. 80-495 din 2 iulie 1980 privind transformarea „Service d’exploitation des tabacs et allumettes” în societate națională; Legea nr. 96-660 din 26 iulie 1996 privind întreprinderea națională France Télécom, articolul 1: „Persoana juridică de drept public France Télécom menționată la articolul 1 se transformă, începând cu 31 decembrie 1996, într-o întreprindere națională denumită France Télécom, în cadrul căreia statul deține peste jumătate din capitalul social.”; „Bunurile, drepturile și obligațiile persoanei juridice de drept public France Télécom se transferă de drept, la 31 decembrie 1996, întreprinderii naționale France Télécom.”
This procedure is obviously the only conceivable one when the service concerned is a state service that is supplied with an additional budget and that is ‘converted’ into a company governed by private law.
Această procedură este, în mod evident, singura posibilă, fiind vorba de un serviciu de stat cu un buget anexă care se „transformă” în societate de drept privat.
Article 1 of Law No 93-1419 of 31 December 1993 relating to the Imprimerie nationale: ‘All of the rights, assets and obligations of the State relating to the tasks of the departments concerned with the additional budget of the Imprimerie nationale shall be transferred to a national company to be known as Imprimerie nationale’; more recently, Article 78 of the amending Finance Law for 2001, No 2001-1276 of 28 December 2001, converting the DCN national service into a public limited company and transferring to it the rights, assets and obligations of the State that relate to the service.
Legea nr. 93-1419 din 31 decembrie 1993 privind Imprimeria națională, articolul 1: Totalitatea drepturilor, bunurilor și obligațiilor statului aferente misiunilor de servicii care rezultă din bugetul anexă al Imprimeriei naționale se transferă unei societăți naționale denumite Imprimeria națională; mai recent, articolul 78 din legea de rectificare a bugetului pentru anul 2001, nr. 2001-1276 din 28 decembrie 2001, care stabilește transformarea serviciului cu competențe la nivel național DCN în societate pe acțiuni și transferul bunurilor, drepturilor și obligațiilor statului legate de acest serviciu.
The same procedure was used for Aéroports de Paris (ADP) through Article 1 of Law No 2005-357 of 20 April 2005 relating to airports: ‘The publicly owned establishment Aéroports de Paris shall be converted into a public limited company.
S-a procedat în același mod pentru ADP prin Legea nr. 2005-357 din 20 aprilie 2005, privind aeroporturile, articolul 1: „Instituția publică Aéroports de Paris se transformă în societate pe acțiuni.
This conversion entails neither the creation of a new legal entity, nor consequences for the legal arrangements to which the staff are subject’.
Această transformare nu implică nici înființarea unei noi persoane juridice și nici consecințe în ceea ce privește regimul juridic căruia i se supune personalul angajat.”
Cornu, Vocabulaire juridique, PUF.
Cornu, Vocabular juridic, PUF.
See S. Carpi-Petit, Les successions en droit administratif, cited above, p. 207.
S. Carpi-Petit, Succesiunea în dreptul administrativ, menționată anterior, p. 207.
See footnote 61.
A se vedea nota de subsol 61.
Joined Cases T-204/97 and T-270/97 EPAC v Commission [2000] ECR II-2267, paragraphs 80 and 81.
Hotărârea Tribunalului, EPAC/Comisia, în Cauzele conexe T-204/97 și T-270/97, Culegere 2000, p. II-2267, punctele 80 și 81.
The financial rating is a required step for obtaining funding for undertakings on the capital markets; in addition, it is increasingly used as a benchmark for bank lending.
Evaluarea financiară reprezintă trecerea obligatorie a finanțării întreprinderilor prin piețele de capital; în plus, aceasta este tot mai des utilizată ca referință pentru împrumuturile bancare.
In this regard, see footnote 46 to the opening decision.
A se vedea, în acest sens, nota de subsol 46 din decizia de inițiere a procedurii.
Standard & Poor's and Fitch, two of the leading global rating agencies.
Este vorba de Standard & Poor’s și Fitch, două dintre cele mai importante agenții de rating la nivel internațional.
Extract from ‘Ratings direct’ on La Poste, S & P, 3 April 2007. Original in English.
Fragment din „Ratings direct” privind La Poste, S & P, 3 aprilie 2007: „In 1991, LP – previously part of the government bureaucracy- became an independent publicly owned entity with EP status, which ensures LP an ultimate state guarantee on its obligations, but not a timely and explicit guarantee as reflected by the rating differentiation between LP and the Republic of France.”
Second and fourth indents of Point 1.2 of the 2008 Guarantees Notice.
A se vedea punctul 1.2, a doua și a patra liniuță, din Comunicarea privind garanțiile.
See article ‘Fitch confirme la note “AA” attribuée à La Poste ’, Fitch Ratings, Paris/London, 4 September 2009.
Cf. articolul „Fitch confirme la note „AA” attribuée à La Poste ” ( „Fitch confirmă ratingul „AA” atribuit La Poste ”), Fitch Ratings, Paris/Londra, 4 septembrie 2009.
See recital 2 of this Decision.
A se vedea considerentul 2 din prezenta decizie.
Extract from ‘International Postal Entities: Influence of government support on ratings’.
Fragment din „International Postal Entities: Influence of government support on ratings”.
Standard & Poor ' s, 22 November 2004: ‘Category 2: notching down with respect to the state owner's rating.
Standard & Poor’s, 22 noiembrie 2004: „Category 2: notching down with respect to the state owner’s ratings.
Standard & Poor’s, 22 November 2004: ‘Unlike the credit quality of companies that operate in a commercial manner at arm’s length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste’s robust credit quality is its extremely strong state support.
Standard & Poor’s, 22 noiembrie 2004: „Unlike the credit quality of companies that operate in a commercial manner at arm’s length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste’s robust credit quality is its extremely strong state support.
La Poste’s legal status confers the ultimate statutory guarantee of the Republic of France (AAAA/Stable/A–1+) on its obligations’.
La Poste’s legal status confers the ultimate statutory guarantee of the Republic of France (AAAA/Stable/A – 1 +) on its obligations.”
The most recent downgrade of La Poste’s rating took place on 21 January 2009, shortly after the President of the French Republic had announced the conversion of La Poste into a public limited company: La Poste’s rating was downgraded to A+, which once again confirms that La Poste’s status as a public entity does indeed have an important influence on the rating, ceteris paribus.
Ultima reducere a ratingului La Poste a fost operată la 21 ianuarie 2009, la puțin timp după ce președintele Republicii Franceze a anunțat transformarea întreprinderii La Poste în societate pe acțiuni: ratingul La Poste a fost redus la A +, ceea ce confirmă încă o dată că, judecând toate lucrurile în condiții egale, statutul de entitate publică al întreprinderii La Poste are o influență importantă asupra ratingului.
Extract from ‘Ratings direct’ on La Poste, S & P, 3 April 2007: ‘S & P continues to follow a top-down rating methodology for La Poste — which allows for a governement supported entity to be rated by up to two categories below the sovereign — as we expect the French state to remain La Poste’s 100 % shareholder in the medium term.
Fragment din „Ratings direct” privind La Poste, S & P, 3 aprilie 2007: „S & P continues to follow a top-down rating methodology for La Poste – which allows for a governement supported entity to be rated by up to two categories below the sovereign – as we expect the French state to remain La Poste’s 100 % shareholder in the medium term.
The ratings nevertheless already factor in the long-term likelihood of a change in the group’s capital structure, which would require a change in its current ‘établissement public’ legal status and result in the loss of the state’s ultimate guarantee on LP’s financial obligations, the elimination of which was recently recommended by the European Commission ’.
The ratings nevertheless already factor in the long-term likelihood of a change in the group’s capital structure, which would require a change in its current «établissement public» legal status and result in the loss of the state’s ultimate guarantee on LP’s financial obligations, the elimination of which was recently recommended by the European Commission. ”
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: ‘The EC recently recommended that the French government end this guarantee by year-end 2008, which they believe provides LP with more favorable financing conditions than its competitors in a market in the process of being liberalized.
Fragment din „Ratings direct” privind La Poste, S & P, 3 aprilie 2007: „The EC recently recommended that the French government end this guarantee by year-end 2008, which they believe provides La Poste with more favorable financing conditions than its competitors in a market in the process of being liberalized.
Extract from ADP news dated 21 January 2009: ‘S & P lowers ratings on La Poste with negative outlook’ […] ‘The announced legal status and ownership change will give the company a greater autonomy from the government, which is why its rating has a four-notch differential with the rating on the Republic of France, rated AAA/A–1+ with a “stable” outlook.
Fragment din „ADP news” din 21 ianuarie 2009: „S & P lowers ratings on La Poste with negative outlook” […] ( „S & P coboară ratingul La Poste cu o perspectivă negativă”) „The announced legal status and ownership change will give the company a greater autonomy from the government, which is why its rating has a four-notch differential with the rating on the Republic of France, rated AAA/A – 1 + with a „stable” outlook.
See point 197 of the observations submitted by France on 23 January 2008.
Cf. punctul 197 din observațiile transmise de Franța la 23 ianuarie 2008.
‘Rating Government-Related Entities: A Primer’.
„Rating Government-Related Entities: A Primer”. Standard and Poor’s.
Standard & Poor’s, 14 June 2006.
14 iunie 2006.
See also ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: ‘The entities’ credit standing is linked to that of the government, but ratings can be notched down from those on the State by up to two categories as the financial links between these companies and the state may be increasingly subject to change in the medium or long term’.
A se vedea, de asemenea, „Ratings direct” privind La Poste, S & P, 3 aprilie 2007: „The entities’ credit standing is linked to that of the government, but ratings can be notched down from those on the State by up to two categories as the financial links between these companies and the state may be increasingly subject to change in the medium or long term.”
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: Original in English.
Fragment din „Ratings direct” privind întreprinderea La Poste, S & P, 3 aprilie 2007: „In 1991, La Poste became an independent publicly owned entity with Etablissement Public status, which ensures La Poste an ultimate State guarantee on its obligations, but not a timely and explicit guarantee as reflected by the rating differentiation between La Poste and the Republic of France.”
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007. ‘The EC recently recommended that the French government end this guarantee by year-end 2008, which they believe provides LP with more favorable financing conditions than its competitors in a market in the process of being liberalized.
Fragment din „Ratings direct” privind întreprinderea La Poste, S & P, 3 aprilie 2007: „The EC recently recommended that the French government end this guarantee by year-end 2008, which they believe provides La Poste with more favorable financing conditions than its competitors in a market in the process of being liberalized.
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: ‘A change in the group’s ownership structure would lead Standard & Poor’s to shift to a bottom-up rating approach, focusing more on LP’s stand-alone business and financial profiles.
Fragment din „Ratings direct” privind întreprinderea La Poste, S & P, 3 aprilie 2007: „A change in the group’s ownership structure would lead Standard & Poor’s to shift to a bottom-up rating approach, focusing more on La Poste’s stand-alone business and financial profiles.
This rating approach may not necessarily translate into rating changes given the expected improvement in La Poste’s stand-alone situation in the coming years’.
This rating approach may not necessarily translate into rating changes given the expected improvement in La Poste’s stand-alone situation in the coming years.”
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: ‘The ratings on La Poste could be downgraded, however, if state backing for the company were to weaken’.
Fragment din „Ratings direct” privind La Poste, S & P, 3 aprilie 2007: „The ratings on La Poste could be downgraded, however, if state backing for the company were to weaken.”
See section 3.2.1.D of this Decision and part V.4 of the observations submitted by the French authorities on 23 January 2008.
A se vedea secțiunea 3.2.1.D din prezenta decizie și partea V.4 din observațiile transmise de autoritățile franceze la 23 ianuarie 2008.
Part V.4(a) of the observations submitted by France on 23 January 2008.
Partea V.4.a din observațiile transmise de Franța la 23 ianuarie 2008.
See point 186 of the observations submitted by France on 23 January 2008.
Cf. punctul 186 din observațiile transmise de Franța la 23 ianuarie 2003.
See Table 1 in ‘Ratings Direct’ on La Poste, S & P, 3 April 2007.
Cf. tabelul 1 din „Ratings direct” privind La Poste, S & P, 3 aprilie 2007.
Extract from ‘International Postal Entities: Influence of government support on ratings’, Standard & Poor’s, 22 November 2004: ‘Unlike the credit quality of companies that operate in a commercial manner at arm’s length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste’s robust credit quality is its extremely strong state support.
Fragment din „International Postal Entities: Influence of government support on ratings”, Standard & Poor’s, 22 noiembrie 2004: „Unlike the credit quality of companies that operate in a commercial manner at arm’s length from the government, like SingPost, Deutsche Post or TPG, a major factor underpinning La Poste’s robust credit quality is its extremely strong state support.
See point 196 of the observations submitted by France on 23 January 2008.
Cf. punctul 196 din observațiile transmise de Franța la 23 ianuarie 2008.
See points 198-200 of the observations submitted by France on 23 January 2008.
Cf. punctele 198-200 din observațiile transmise de Franța la 23 ianuarie 2008.
‘International Postal Entities: Influence of government support on ratings’, Standard & Poor’s, 22 November 2004.
„International Postal Entities: Influence of government support on ratings”, Standard & Poor’s, 22 noiembrie 2004.
Extract from ‘Ratings Direct’ on La Poste, S & P, 3 April 2007: The ratings nevertheless already factor in the long-term likelihood of a change in the group’s capital structure, which would require a change in its current ‘établissement public’ legal status and result in the loss of the state’s ultimate guarantee on LP’s financial obligations, the elimination of which was recently recommended by the European Commission’.
Fragment din „Ratings direct” privind La Poste, S & P, 3 aprilie 2007: „The ratings nevertheless already factor in the long-term likelihood of a change in the group’s capital structure, which would require a change in its current «établissement public» legal status and result in the loss of the state’s ultimate guarantee on LP’s financial obligations, the elimination of which was recently recommended by the European Commission.
Moreover, La Poste’s identified weaknesses include: ‘Likely capital structure change at company or bank level in the long term’.
” De altfel, deficiențele identificate ale întreprinderii La Poste includ: „Likely capital structure change at company or bank level in the long term”.
The mid swap is the median between the rate offered and the rate proposed by the banks at a particular moment for their interbank dealings by maturity, i.e. it is the fixed rate that a bank is willing to exchange for a 6-month Euribor as a general rule.
Mid swap este media dintre dobânda oferită și dobânda propusă de bănci la un moment dat pentru schimburile interbancare la scadență, respectiv rata fixă pe care, de regulă, o bancă este pregătită să o schimbe pentru un euribor la 6 luni.
Judgment of the Court of Justice in Case C-301/87 France v Commission, ‘Boussac’, [1990] ECR I-307, paragraph 33.
Hotărârea Curții din 14 februarie 1990, „Boussac”, Franța/Comisia, C-301/87, Rec. p. I-307, punctul 33.
Judgment of the Court of First Instance in Case T-354/05 TF1 v Commission [2009] ECR II-471, paragraphs 166 and 167.
Hotărârea Tribunalului din 11 martie 2009, TF1/Comisia, T-354/05, Rec., p. II-471, punctele 166 și 167.
In particular, in its decision on EDF (paragraph 57 of the Commission Decision 2005/145/EC of 16 December 2003 on the State aid granted by France to EDF and the electricity and gas industries, OJ L 49, 22.2.2005, p. 9), the Commission took the view that ‘EDF cannot be subject to administration or compulsory liquidation proceedings, and therefore cannot be declared bankrupt, is equivalent to a general guarantee covering all its liabilities.
În mod special, în decizia EDF [alineatul (57) din Decizia 2005/145/CE a Comisiei din 16 decembrie 2003 privind ajutoarele de stat acordate de Franța întreprinderii EDF și sectorului industriei energiei electrice și a gazelor (JO L 49, 22.2.2005, p. 9)], Comisia a considerat că „imposibilitatea ca EDF să fie supusă unei proceduri de redresare și de lichidare judiciară și, prin urmare, imposibilitatea ca aceasta să fie declarată falimentară, este echivalentă cu o garanție generală asupra tuturor angajamentelor întreprinderii.
Such a guarantee cannot be the subject of any remuneration according to the rules of the market.
O astfel de garanție nu poate face obiectul niciunei compensații în conformitate cu normele pieței.
Such a guarantee, which is unlimited in scope, time and amount, constitutes State aid’.
Această garanție, nelimitată ca dimensiune, durată și valoare, constituie ajutor de stat”.
See the third paragraph of point 2.1 of the 2008 Guarantees Notice.
A se vedea Comunicarea privind garanțiile, punctul 2.1 paragraful al treilea.
See, for example, Decision 2005/145/EC.
A se vedea, de exemplu, Decizia 2005/145/CE.