natgillin/translations-raw huggingface dataset:
In a case involving the encouragement by a State of actions presented in an official speech by a representative of the Government but carried out by (legally) independent (but State-controlled) bodies and having effects contrary to the Treaty, the Court of Justice held: ‘[that] such a practice cannot escape the prohibition laid down by Article 30 of the Treaty solely because it is not based on decisions which are binding upon undertakings.
Treba je spomniti, ker gre za spodbudo države z dejavnostmi, predstavljenimi v uradnem pogovoru s predstavnikom vlade, vendar vodenim z (pravno) neodvisnimi organi (pod nadzorom države) in ki kažejo učinke v nasprotju s Pogodbo, je sodišče Evropskih skupnosti lahko sodilo: „[da] se takšna dejanja ne izognejo prepovedim iz člena 30 pogodbe, samo zato, ker ne temelji odločitvah, ki so za podjetja obvezne.
Even measures adopted by the Government of a Member State which do not have binding effect may be capable of influencing the conduct of traders and consumers in that State and thus of frustrating the aims of the Community as set out in Article 2 and enlarged upon in Article 3 of the Treaty’ (Case 249/81 Commission v Ireland [1982] ECR 4005, paragraph 28).
Tudi dejanja vlade neke države članice brez prisilne moči lahko vplivajo na ravnanje trgovcev in potrošnikov na območju te države in lahko izničijo namen Skupnosti, ki je objavljen v členu 2 in določen s členom 3 pogodbe“ (Sodba sodišča z dne 24. novembra 1982, zadeva 249/81, Komisija proti Republiki Irski, PSES str. 4005, točka 28).
Mention may also be made of the recent judgment of the Court of Justice in Case C-1/00 Commission v France [2001] ECR I-9989, in which the Court punished an infringement (consisting in failing to comply with a decision) evidenced by a refusal mentioned in a press release.
Navaja se tudi sodba sodišča z dne 13. decembra 2001, zadeva C-1/00, Komisija proti Franciji, PSES I-9989, v katerem je sodišče kaznovalo kršitev (ki se ne ravna v skladu z odločitvijo) z zavrnitvijo, napisano v sporočilu za javnost.
More particularly as regards aid, the Court of First Instance has held, for example, that promises made by public authorities are relevant as regards the criterion concerning inducement (Case T-126/99 Graphischer Maschinenbau GmbH v Commission [2002] ECR II-2427).
Še posebej glede pomoči je Sodišče odločilo, da so obljube javnih organov ustrezne glede na kriterij o spodbujanju (Sodba sodišča z dne 14. maja 2002, zadeva T-126/99, Graphischer Maschinenbau GmbH proti Komisiji, PSES II-2427).
Les Échos No 18695, France, Friday 12 July 2002, p. 2, France Télécom interview: ‘We shall take appropriate measures when the time comes’.
Les Echos št. 18695, Francija, petek 12. julij 2002, str. 2, intervju France Télécom: „Ustrezno bomo ukrepali ob pravem času“.
See in this connection the Financial Times article dated 12 May 2004.
Glej članek časopisa Financial Times z dne 12. maja 2004.
The link between the declarations is shown, for example, by the phrase ‘as has already been indicated’ in the October 2002 press release, which refers back to the July and September 2002 declarations.
Povezava med izjavami se je pokazala z izrazom „kot je bilo že omenjeno“ iz sporočila za javnost oktobra 2002, ki se ponovno pojavi v izjavah julija in septembra 2002.
‘3/In the light of the management's action plan and the investment return prospects, the State will participate in the EUR 15 billion strengthening of the company's capital base in proportion to its share in the capital, giving an investment of EUR 9 billion. The State shareholder intends to act like a prudent investor.It will be for France Télécom to work out the detailed arrangements and precise timetable for the strengthening of its capital base.
„3/Ob upoštevanju poslovnega načrta, ki ga je zasnovalo vodstvo, in perspektiv o vračilu za vlaganja bo država sodelovala pri krepitvi lastnih sredstev 15 milijard EUR, sorazmerno s svojim delom v kapitalu, kar pomeni vložek v višini 9 milijard EUR. Država v vlogi delničarja namerava delovati tudi kot dobro poučen vlagatelj.Dolžnost podjetja France Télécom bo določiti načine in natančen koledar krepitve lastnih sredstev.
The Government wants the greatest account to be taken during the operation of the situation of individual shareholders and of employees with shares in the company.To enable the company to launch a market operation at the most opportune moment, the State is prepared to make an upfront prepayment towards the strengthening of the capital base in the form of a temporary shareholder loan, remunerated at market rates, placed at France Télécom's disposal’.
Vlada želi, da se postopek odvija z največjim upoštevanjem stanja posameznih delničarjev in delničarjev, ki so zaposleni v podjetju.Država je za možnost podjetja, da s postopkom prične ob najbolj ugodnem trenutku, pripravljena pospešiti svoje sodelovanje pri krepitvi lastnih sredstev, prek začasnega delničarskega posojila, plačanega v skladu s pogoji na trgu, ki jih dodeli podjetju France Télécom“.
See Moody's 24 June press release, referred to above.
Glej zgornje sporočilo za javnost podjetja Moody's z dne 24. junija.
See Article 1181 of the French Civil Code, which provides that ‘An obligation contracted under a condition precedent is one which depends either on a future and uncertain event, or on an event having presently happened, but still unknown to the parties’.
Glej člen 1181 francoskega civilnega prava, ki predvideva: „Obveznost, sklenjena pod odložnim pogojem je tista, ki je odvisna od nedoločenega dogodka v prihodnosti ali od dogodka, ki se je pojavil pravkar, vendar še vedno ni znan vsem stranem“.
The second definition is clearly not relevant in the present case.
Druga definicija v tem primeru očitno ni ustrezna.
‘Nevertheless the state's indication underpins FT's investment grade credit quality’.
‘nevertheless the state’s indication underpins FT’s investment grade credit quality’.
Moreover: ‘F.
Poleg tega: „F.
Mer has ruled out any privatisation of the group but has clearly pledged the unfailing support of the State, which owns 54,5 %, in the event of any financing problems.
Mer je izključil kakršno koli privatizacijo družbe, vendar je jasno potrdil podporo (brez prekinitev) države, ki poseduje 54,5 % v primeru težav s financiranjem.
… One trader has said that this is the first time the Minister for Finance has expressed himself so clearly on the France Télécom case.
[…] Trgovec je ocenil da se je minister za finance prvič izrazil na tako jasen način o primeru France Téĺécom.
… Everything now turns on the form the State's support takes’.
[…] Sedaj je treba samo izvedeti v kakšni obliki bo podpora države“.
Factiva, Reuters — 12.7.2002, ‘Stock exchange — FT takes off after Mer's remarks.’
Factiva, Reuters – 12. julij 2002, „Borza – FT izginja po trditvah Mera.“ In še: „‚Kratkoročno tveganje podjetja FT je znižala francoska vlada,‘ je rekel Guy Deslondes, analitik pri agenciji S & P, med telefonsko konferenco.
And: ‘FT's short term risk has been mitigated by the French government said S & P analyst Guy Deslondes in a conference call.
[…] Petkovo obvestilo upošteva zaupanje agencije S & P, da je francoska vlada pomagala podjetju FT pri ponovnem financiranju in najmanj kar se tiče dolga, ki poteče v letu 2003. ‚Stabilnost perspektive kaže, da je obvestilo doseglo najnižjo raven,‘ je dodal Deslondes “.
[…] Friday's rating action took into account S & P's confidence that the French government will help FT refinance itself, at least for its 2003 obligations.
‘FT’s short term risk has been mitigated by the French government said S & P analyst Guy Deslondes in a conference call. […] Friday’s rating action took into account S & P’s confidence that the French government will help FT refinance itself, at least for its 2003 obligations.
The stable outlook shows that the rating has bottomed out, added Deslondes’.
The stable outlook shows that the rating has bottomed out, added Deslondes’.)
Cited above.
Prej omenjena sodba sodišča Compagnie nationale Air France.
See also Decision 94/662/EC, referred to above.
Glej tudi zgoraj omenjeno Odločbo 94/662/ES.
The State's direct approaching of the rating agencies shows clearly that the declarations were the expression of a clearly defined, well thought-out will.
Pravzaprav neposreden poseg države v agencije za ocenjevanje kaže, da so bile te izjave izraz dobro določene in premišljene volje.
The Standard & Poor's agency states that: ‘The French State – which owns 55 % of France Telecom — has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Telecom were to face any difficulties’.)
Agencija Standard & Poor navaja da je: „francoska država – ki ima v lasti 55 % podjetja France Télécom, jasno oznanila agenciji Standard & Poor, da je dobro poučen vlagatelj in da bo ustrezno ukrepala, če bo imelo podjetje FT težave“. ( „the French State –which owns 55 % of France Télécom – has clearly indicated to Standard & Poor’s that it twill behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties“.)
France Télécom LT Rating cut to ‘BBB-’; Off Watch; Outlook Stable; Teleconf 3:30PM BST Today, Standard & Poor ' s Ratings Direct, ( 12.7.2002).
France Télécom LT Rating cut to „BBB-“; Off Watch; Outlook Stable; Teleconf 3:30PM BST Today, Standard & Poor’s Ratings direct, ( 12. julij 2002).
See statements by France Télécom's previous CEO, Michel Bon, appearing in the press: article in La Tribune dated 16.9.2002‘… the downgrading is preventing the planned refinancing’; article in Le Monde dated 16.9.2002‘the downgrading at the end of June of the rating attributed to FT's debt by the Moody's rating agency … has denied us access to the market’; article in the Financial Times dated 16.9.2002‘FT cannot continue to survive when no one wants to lend us money and, on the contrary, when everyone wants to be paid on the nail.
Glej prejšnje izjave predsednika podjetja FT, Michela Bona, ki so bile objavljene v medijih: članek iz časopisa Tribune z dne 16. septembra 2002„ … znižanje ocene povzroča predvidena ponovna financiranja“; članek iz časopisa Monde z dne 16. septembra 2002„znižanje ocene dolga podjetja FT agencije za ocenjevanje Moody's konec junija […] nam je zaprlo dostop na trg“; članek iz časopisa Financial Times z dne 16. septembra 2002‘FT cannot continue to survive when no one wants to lend us money and, on the contrary, when everyone wants to be paid on the nail.
Some even take the view that the Company would not have been able to find the necessary liquidity on the market in the event of a downgrading of its credit rating.
Nekateri so mnenja, da podjetje ne bi smelo poiskati potrebnih likvidnih sredstev na trgu v primeru znižanja ocene.
See, for example, p. 9 of the above-mentioned report by Goldman Sachs of 22.7.2002: ‘If these bonds moved from the investment grade segment of the fixed income market, to “junk”, i.e. high yield, they would swamp the current European high yield market … we believe it would be difficult for the existing European investor base alone to absorb all France Telecom bonds ’.
Prim., str. 9 omenjenega poročila podjetja Goldman Sach z dne 22. julija 2002: „Če so te obveznice prešle z ravni vlaganja na trgu s stalnim prihodkom na špekulativno raven, torej na visok donos, bodo preplavile dejanski evropski trg obveznic z visokim donosom (…) [in] menimo, da bo težko za evropske vlagatelje prevzeti vse obveznice podjetja France Télécom“. ( ‘If these bonds moved from the investment grade segment of the fixed income market, to ‚junk‘, i.e. high yield, they would swamp the current European high yield market(…) we believe it would be difficult for the existing European investor base alone to absorb all France Telecom bonds ’.)
According to a French writer on the subject, ‘There are a multiplicity of public mechanisms which make it possible to confer on borrowings a level of guarantee equivalent to that of a formal loan guarantee: the feature they have in common is that they increase the risks of uncertainty as to the amount of the State's commitments to a point where they become indefinite, without Parliament having performed in their regard its role of fixing public expenditure in advance’ ( A delion, Les Garanties D'emprunt des Collectivités Locales et de L'État, Petites Affiches, 17.6.1998 No 72, p. 19).
Po mnenju francoskega avtorja: „Obstaja veliko število javnih mehanizmov, ki omogočajo zagotovilo posojilom na ravni jamstva, ki je enaka ravni jamstva za uradno posojilo: njihove skupne poteze so poostriti tveganja negotovosti o obsegu obveznosti države dokler ne postanejo nedoločena in ne da bi zato Parlament izvajal svojo vlogo za predvideno določanje javnih stroškov“ (A DELION, Les Garanties D'emprunt des Collectivites Locales et de L'Etat, Petites Affiches, 17. junij 1998 št. 72, str. 19).
See Com, 28.3.2000, D. 2000, cah.dr. aff., p. 210.
Glej Com, 28. marec 2000, D. 2000, cah. dr. aff., str. 210.
Through the concept of opposability erga omnes, derived from a 1985 Act.
Prek pomena nasprotnosti erga omnes, ki temelji na virih iz zakona iz leta 1985.
But the question is, firstly, different from that of the binding nature of the commitment and, secondly, scarcely exceptional since any opposability depends ultimately on a legislative provision.
Vendar vprašanje ostaja, prvič, različno od nujnosti obveze, in drugič, se pojavlja samo ker je vsaka nasprotnost odvisna od skrajnega primera pravnega predpisa.
A bond may be defined as a fixed-interest security by which the issuer undertakes to pay the lender a fixed capital sum at a specific time in the future and a series of interest payments; in other words, it is a promise to pay the capital plus interest on predetermined dates.
Obveznost se lahko določi kot naziv vlaganja za določene obresti, na podlagi katerih se izdajatelj obveže plačati posojilodajalcu določen kapital, na končni datum, ter tudi vrsto plačil obresti; gre za obljubo o plačilu kapitala in obresti ob prej določenih datumih.
As indicated by NERA: ‘economists and game theorists have studied extensively the importance and value of reputation.
Kot je izjavila NERA:„ekonomisti in teoretiki so natančno preučili pomen in vrednost ugleda. V skoraj vseh ekonomskih odnosih obstaja stopnja negotovosti v zvezi z značajem nasprotne strani. Zato v večini primerov ena stran ni vpletena zgolj v samo eno ampak v vse vrste podobnih prenosov v danem obdobju. Običajno je, da ena ali obe strani želi ali želita vzpostaviti svoj ugled, ker bi jima to koristilo v nadaljnjem obdobju.
In almost any economic relationship there is some degree of uncertainty regarding the nature of the counter party.
[…] Ekonomisti so natančno preučili pojav pridobivanja ugleda v zadnjih 25-ih letih in število objav v strokovnih in pomembnih revijah. Uporab tega temeljnega pomena na različnih področjih je ogromno, vendar smo se omejili na tri primere: dejavnosti centralnih bank, industrijske organizacije in trgi z državnim dolgom.
However, very often a party is involved in not a single but a whole series of similar transactions over a period of time.
(…) Uveljavljanje ugleda je prav tako pomembno na področju posojil (na mednarodni ravni). Državni organ bo imel kot vsak zasebni dolžnik, ki ne izpolnjuje svoje obveznosti plačila posojila, težave pri pridobivanju novih kreditnih sredstev v prihodnosti.
It is a common observation that one or both parties may seek to establish a reputation for themselves, as this may be beneficial later on’.
Zaradi tega imajo včasih države raje padec gospodarstva z vsemi poskusi, da bi povzročili neizpolnjevanje obveznosti. Hkrati je francoska vlada znana, da poravna obveznosti v zvezi z upravljanjem številnih trgovskih podjetij in z zadevami, ki se dotikajo njenega davčnega položaja. To jo lahko zelo drago stane, če se ji ne more verjeti na besedo“. (‘economists and game theorists have studied extensively the importance and value of reputation. In almost any economic relationship there is some degree of uncertainty regarding the nature of the counter party. However, very often a party is involved in not a single but a whole series of similar transactions over a period of time. It is a common observation that one or both parties may seek to establish a reputation for themselves, as this may be beneficial later on’.
(Jeremy Bulow and Kenneth Rogoff, S overeign Debt: Is to Forgive to Forget?, 79 American EConomic review 43-50 (1989)).‘In the same vein, the French government benefits from a reputation for honouring the commitment it makes regarding its management of many commercial enterprises, and matters affecting the fiscal position of the government.
(Jeremy Bulow and Kenneth Rogoff, Sovereign Debt: Is to Forgive to Forget?, 79 AMERICAN ECONOMIC REVIEW 43-50 (1989).„In the same vein, the French government benefits from a reputation for honouring the commitment it makes regarding its management of many commercial enterprises, and matters affecting the fiscal position of the government.
See the report by the Minister for Economic Affairs, Finance and Industry entitled L'État actionnaire 2003: ‘On 31 December 2002, according to the latest available statistics, the State controlled, directly or indirectly, 1616 undertakings, including 97 blue chip companies.
Glej poročilo Ministrstva za gospodarstvo, finance in industrijo L’Etat actionnaire 2003: „31. decembra 2002, glede na zadnjo razpoložljivo statistiko, je država nadzorovala, neposredno ali posredno, 1616 podjetij, od katerih jih je 97 prvega razreda.
These are undertakings with a registered office in France’ http://www.paris-europlace.net/links/doc062197.htm.
Ta podjetja imajo sedež v Franciji“ http://www.paris-europlace.net/links/doc062197.htm .
For more information on this point see La gestion de la dette publique en France: les objectifs, les instruments et la gestion des risques by Christian Esters, École Nationale d'Administration 2000: ‘The French bond market grew during the 1990s.
Za več podatkov o tem glej Upravljanje z javnim dolgom v Franciji: cilji, instrumenti in upravljanje s tveganji avtorice Christian Esters, Ecole Nationale d'Administration 2000: „Ugotavljamo, da se je francoski trg obveznic povečal v 90-ih letih.
The share of the bond market accounted for by treasury bills increased considerably between 1989 and 1993, remaining thereafter at a level of about 50 %, except in 1995, when the other bond issues on the French market suffered their second consecutive fall with the result that, despite their numbers remaining stable in absolute terms, the share accounted for by treasury bills increased sharply that year … The long-term increase in the State's share of the bond markets is a consequence of the reform of public debt management in France starting in 1986.
Del izdaj iz blagajne na trgu obveznic se je precej povečal med leti 1989 in 1993 in od takrat ostaja na ravni okrog 50 %, razen v letu 1995, ko so druge izdaje obveznic na francoskem trgu utrpele dva zaporedna padca, tako da se je od takrat naprej del izdaj iz blagajne kljub stabilnosti končnega stanja močno povišal … Dolgoročno povišanje dela države na trgu obveznic je posledica spremembe upravljanja z javnim dolgom v Franciji od leta 1986.
One of the reforms consisted in changing the debt's structure: negotiable state securities replaced non-negotiable debt, leading to the strong increase in the State's share of the bond market’. http://www.ena.fr/tele/mcil99/master99esters.pdf
Ena izmed sprememb je bila v spremembi strukture dolga: prenosne obveznice države so nadomeščale neprenosni dolg, kar se kaže v močnem povišanju deleža države na trgu obveznic“. http://www.ena.fr/tele/mcil99/master99esters.pdf
Deutsche Bank report dated 22.7.2002 entitled France Télécom/Deutsche Telekom Debt Liquidity and possible solution: ‘… on July 12, 2002, S & P … downgraded France Télécom's ratings to BBB- ... The agency no longer expects France Télécom to hit the 3,5× net debt/EBITDA target by 2003, but did assign a “stable” outlook to the low triple B ratings.
Poročilo Deutsche Bank z dne 22. julija 2002, z naslovom „France Télécom/Deutsche Telekom Debt Liquidity and possible solution“12. julija 2002 je agencija S & P znižala oceno podjetja France Télécom na BBB- … Agencija ne pričakuje več, da bo podjetje France Télécom doseglo svoj cilj 3,5 x čisti dolg/EBITDA v letu 2003, vendar je določila stabilno perspektivo na znižano oceno s trojnim B. Zdi se, da bo stabilno perspektivo podprla „Francija – v lasti ima 55 % podjetja France Télécoma, ki je jasno naznanila agenciji Standard & Poor, da gre za dobro poučenega vlagatelja in da bo ustrezno ukrepala, če bo imelo podjetje FT težave“.
It seems that the stable outlook is anchored by “the French state … [which] has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties.”
Poudarimo, da je agencija S & P najprej izjavila, da pri svoji oceni ne bo vključila posebne pomoči dela francoske vlade, ker je junija znižala oceno podjetja France Télécom na BBB. Od takrat je agencija spremenila mnenje, ko je objavila zaključke creditwatch status „po analizi likvidnosti družbe ob koncu leta 2003 in po poročilu o možnem sodelovanju Francije na francoskem trgu telekomunikacij“ (str. 19). „Podjetje France Télécom je pridobilo naraščajoče zaupanje trga, ki ga bo vlada s kreditom podprla na en ali drug način“ (str. 20). „Moramo vedeti, da bo podjetje FT v večinski lasti Francije in da so nedavne pripombe francoskega Ministrstva za finance pomirile vlagatelje s tem, da bo likvidnost zagotovljena.“ (str. 54). „Zato, kot smo v nadaljevanju omenili, menimo, da bo družba končno našla sredstva, ki jih potrebuje, prek imenovane ‚obsežna državna pomoč‘‘. Ta je lahko v obliki posojila, pod pogoji trga, ki ga zagotovijo banke ali vlada (str. 21). Zato kakšna je cena na trgu za recimo nov dolg 10 milijard za kredit z oceno BBB-? Kakšen je dejanski strošek za dolg 10 milijard EUR za družbo, ki pravzaprav nima oznake BBB- in ki je enostavno ocenjena tako zaradi podpore vlade? … Menimo, da ne obstaja pravilen odgovor na ta vprašanja, ker če bi podjetje FT delovalo v resničnem svetu, ne bi bilo v položaju ponovnega financiranja brez spreminjanja dolga v kapital. (str. 33, v enakem primeru glej str. 54).
… Interestingly, S & P had initially said it was not incorporating any extraordinary support from the French government into its rating when it downgraded France Télécom ' s ratings to BBB in June.
In tudi, „V medijih se je pojavila omemba o podpori francoske vlade podjetju France Télécom, o sprejetju vlade, da bo postala ‚posojilodajalec v skrajnem primeru‘ te družbe. Ta omemba je pomembno izboljšala ceno obveznic in delnic, v dveh tednih so delnice pridobile 90 %, obveznice pa 137 pb, zlasti ker so špekulanti nadzorovali njihov položaj. “ (str. 28). Poudarjamo, da je agencija S & P ob nedavni telefonski konferenci izjavilo o znižanju kredita podjetju FT, da se podjetje, ki upravlja denarni tok z razmerjem med dolgom in EBITDA, ki je enak štiri, ocenjuje, kot da ima kredit z oceno BBB-, kar je zadnja raven vlaganja. Trenutna ocena podjetja FT, BBB-, za katero se zdi, da večinoma temelji na obljubi podpore vlade o zagotavljanju sredstev in ne na temeljih.