natgillin/translations-raw huggingface dataset:
However, the 5-point decrease compared to the State bond (Rendistato) interest rate shows that Finagra could have accepted rates lower than market rates when granting the loans.
Vendar kaže zmanjšanje za 5 točk v primerjavi z obrestno mero za državne obveznice, da bi lahko Finagra pri odobritvi posojil sprejela obrestne mere, ki so nižje od tržnih obrestnih mer.
In this respect, the Italian authorities pointed out that the choice of companies to which loans were granted was made very carefully to minimise the risk of insolvency.
V zvezi s tem so italijanski organi poudarili, da so bile družbe, ki so jim odobrili posojila, izbrane zelo previdno, da bi čim bolj zmanjšali tveganje plačilne nesposobnosti.
Indeed, in granting the loans, Finagra acted like any financial institution operating in market conditions, considering whether to grant the loans to the abovementioned beneficiaries.
Pri odobritvi posojil je Finagra dejansko delovala pod tržnimi pogoji in kot vsaka druga finančna ustanova, ki sprejema odločitve, ali navedenim upravičencem odobriti posojilo.
The loans were granted on the basis of investments submitted by the applicants and the contracts always provided for loan granting and repayment conditions compatible with the undertakings of the companies applying for the loans.
Posojila so bila odobrena na podlagi naložb, ki so jih predložili prosilci, pri čemer so pogodbe vedno zagotavljale odobritev posojil in določale pogoje odplačevanja v skladu z zavezami družbami, ki so zaprosila za posojilo.
Under the contracts, loans had always to be reimbursed within 48 months or immediately in the event of non-performance of the contract or delays in the repayment.
Pogodbe so vedno določale, da je treba posojilo vrniti v 48 mesecih ali takoj, če se krši pogodba ali prihaja do zamud pri odplačevanju.
The loans were always granted to support economically viable projects and to favour the aggregation of several entities for managing projects based on tangible industrial plans with realistic development prospects.
Posojila so bila vedno odobrena za podporo gospodarsko uspešnih projektov in združitev različnih družb pri upravljanju projektov, ki temeljijo na jasnih industrijskih načrtih z uresničljivimi razvojnimi možnostmi.
The repayment capacity was assessed by Finagra on the basis of the documents available (financial accounts, investment projects, three-year plans) followed by thorough analyses just like the enquiries carried out for the same purpose by credit institutions.
Zmožnost odplačevanja je Finagra ocenila na podlagi razpoložljivih dokumentov (finančni računi, naložbeni projekti, triletni načrti), potem pa je izvedla še natančno analizo, ki ustreza preiskavi kreditnih ustanov za isti namen.
Furthermore, all companies concerned have regularly paid back the amounts due in compliance with the deadlines set, which proves, according to the Italian authorities, that the companies had been selected on the basis of strictly economic criteria, to minimise the risk of insolvency.
Poleg tega so vse zadevne družbe redno odplačevale zapadle obroke v skladu z določenimi roki, kar po navedbah italijanskih organov dokazuje, da so bile družbe izbrane na podlagi izključno gospodarskih meril, zato da bi se zmanjšalo tveganje plačilne nesposobnosti.
The minimum interest rate levied by Finagra was 3 % until May 1999 and 2 % after that date (until June 2000, when Finagra merged into Sviluppo Italia).
Najnižja obrestna mera, ki jo je določila Finagra, je bila do maja 1999 3 %, medtem ko je bila pozneje 2 % (do junija 2000, ko se je Finagra združila s Sviluppo Italia).
This is clearly below the Commission reference rates applicable for the relevant period.
Očitno je, da je obrestna mera nižja od referenčnih obrestnih mer Komisije, veljavnih v zadevnem obdobju.
However, a distinction can be made between cooperatives and private companies receiving the loans.
Vendar je mogoče razlikovati med zadrugami in podjetji v zasebni lasti, ki prejemajo posojila.
Only two cooperatives received loans from Finagra (MCLC and Unicarni) worth in total ITL 8,3 billion.
Le dve zadrugi sta prejeli posojilo od Finagre (MCLC in Unicarni) v skupni vrednosti 8,3 milijarde ITL.
In the case of cooperatives, loans were granted by Finagra under the conditions set for financing members, a particular kind of cooperatives' membership expressly provided for by Law No 59/92 (see description in point 120 above).
Finagra je zadrugam odobrila posojila pod pogoji, določenimi za financerje, ki so posebna vrsta članov zadrug, izrecno določena v Zakonu št. 59/92 (glej obrazložitev iz točke 120 zgoraj).
The decision to grant loans was taken by Finagra on the basis of the return on the loans, based on the rates established in the articles of association of cooperatives.
Odločitev o odobritvi posojil je Finagra sprejela na podlagi dobička od posojil, ki temelji na obrestnih merah iz statuta zadrug.
These decisions were accepted by Finagra's administrative board, representing all financing and other members (including, as explained before, several banks, credit institutes and private investors).
Te odločitve je sprejel upravni odbor Finagre, ki predstavlja vse financerje in druge člane (vključno z različnimi bankami, kreditnimi ustanovami in zasebnimi vlagatelji, kot je razloženo že zgoraj).
The interest rates applied were also part of the expected return on the equity investments, on which Finagra, as financing member, obtained a higher return than normal members and was therefore linked to the overall investment strategy of Finagra.
Veljavne obrestne mere so bile prav tako del pričakovanega dobička iz kapitalskih naložb, pri čemer je imela Finagra kot financerka večji dobiček kot običajni člani in je bila zato povezana s celostno naložbeno strategijo Finagre.
Not only could Finagra directly control the management of the companies receiving the loans and obtain higher profit rates, but it could also reduce the management costs, since it had large banks and credit institutions as partners.
Finagra je lahko neposredno nadzorovala upravljanje družb, ki so dobila posojila, in dosegla višje stopnje dobička, hkrati pa je lahko tudi zmanjšala stroške upravljanja, ker so bile velike banke in kreditne ustanove njeni partnerji.
The Italian authorities declared that the other private financing members, when lending money to the cooperatives of which they were members, applied the same interest rates, since those interest rates are laid down in the rules for the collection of members' loans, approved by the cooperatives.
Italijanski organi so navedli, da so drugi zasebni financerji pri posojanju denarja zadrugam, katerih člani so bili tudi sami, uporabljali enake obrestne mere, ker so te obrestne mere določene v pravilih za zbiranje posojil članov, ki so jih odobrile zadruge.
According to the Italian authorities, therefore, the interest rates on loans applied by Finagra should be assessed against the other conditions linked to the provision of these loans, i.e.
Po navedbah italijanskih organov je treba zato obrestne mere za posojila, ki jih je uporabljala Finagra, oceniti na podlagi drugih pogojev, povezanih z zagotavljanjem teh posojil, tj.
the link between the status of financing member of cooperatives and that of loan-supplier,
povezanosti statusa financerjev zadrug in statusa posojilodajalcev,
the fact that the loan rates applied were the same for all subsidising members,
dejstva, da so bile uporabljene obrestne mere za posojila enake za vse člane, ki izdajajo subvencije,
the direct participation of Finagra in the management of the cooperatives receiving the loans, through its participation to their boards,
neposredne udeležbe Finagre pri upravljanju zadrug, ki prejemajo posojila, v njihovih odborih,
the capital return 2 % higher than that of any other normal member of the cooperatives,
dobička iz kapitala, ki je za 2 % višji od dobička katerega koli drugega običajnega člana zadrug,
the fact that Finagra granted loans only to cooperatives giving sufficient guarantees of repayment, by applying stricter rules for the provision of loans,
dejstva, da je Finagra posojila odobrila le zadrugam, ki so predložile zadostne garancije za odplačevanje, z uporabo strožjih pravil za zagotavljanje posojil,
the low management costs of Finagra, due to the participation of banks in its holding, that allowed it to have lower rates,
nizkih stroškov upravljanja Finagre zaradi udeležbe bank v njenem holdingu, kar je omogočilo nižje obrestne mere,
the internal regulation for collection of capital, providing a minimum rate of 3 % until May 1999, even when the application of the government bond (Rendistato) rate minus 5 points would have led to values close to zero and even negative at some points.
notranjih predpisov za zbiranje kapitala, ki so za najnižjo obrestno mero do maja 1999 določali 3 %, čeprav bi lahko uporaba obrestne mere državnih obveznic minus 5 točk omogočila vrednosti blizu nič in celo negativne vrednosti.
In order to prove that Finagra was one of the many financing members of these cooperatives, the Italian authorities provided the request (and acceptance) of many credit institutions to become financing members of MCLC and Unicarni, under the same terms and conditions as Finagra.
Da bi dokazali, da je bila Finagra ena od več financerk teh zadrug, so italijanski organi predložil zahtevo (in sprejetje) različnih kreditnih ustanov, da postanejo financerji zadrug MCLC in Unicarni pod enakimi pogoji kot Finagra.
The number of financing members in MCLC and Unicarni is shown in the table below.
Število financerjev zadrug MCLC in Unicarni je prikazano v spodnji tabeli.
Financing members of MCLC and Unicarni
Število financerjev zadrug MCLC in Unicarni
In 2004, Unicarni had ten financing members for a total value of financing shares of EUR 5918000 and MCLC had 64 financing members for a total value of financing shares of EUR 1559286.
Leta 2004 je imel Unicarni 10 financerjev za delež, ki je znašal skupaj 5918000 EUR, MCLC pa 64 financerjev za delež, ki je znašal skupaj 1559286 EUR.
All the financing members, when providing loans, were bound by the rules for the collection of loans approved by the boards of the cooperatives.
Vsi financerji so morali pri zagotavljanju posojil upoštevati pravila za zbiranje posojil, ki so jih odobrili odbori zadrug.
Those rules provided for an interest rate equivalent to that on government bonds (Rendistato) for operations lasting more than 18 months, minus five points.
Ta pravila so določala obrestno mero, ki ustreza obrestni meri državnih obveznic za postopke, ki trajajo več kot 18 mesecev, minus 5 točk.
The minimum interest rate to be paid was set at 3 % until May 1999.
Najnižja obrestna mera, ki jo je bilo treba plačati, je bila do maja 1999 določena v višini 3 %.
Finagra therefore acted as any other (private) financing member when providing the loans to the cooperatives.
Finagra je zato pri zagotavljanju posojil zadrugam delovala kot vsak drug (zasebni) financer.
The financing members provided a substantial part of the money borrowed by the two cooperatives.
Financerji so zagotovili znaten delež denarja, ki sta si ga sposodili zadevni zadrugi.
As shown in the table below, in the period between 1996 and 2003, MCLC and Unicarni received loans by Finagra and other private investors, as financing members.
Kot je prikazano v spodnji tabeli, so Finagra in drugi zasebni vlagatelji, ki so delovali kot financerji, zadrugama MCLC in Unicarni odobrili posojila v obdobju od leta 1996 do leta 2003.
Loans granted to MCLC and Unicarni by all financing members in the period 1996 to 2003
Posojila zadrugama MCLC in Unicarni, ki so jih v obdobju 1996-2003 odobrili vsi financerji
Total loans received by financing members(ITL)
Skupna posojila, ki so jih odobrili financerji (ITL)
No of financing members
Število financerjev
Value of the loans granted by Finagra (ITL)
Vrednost posojil, ki jih je odobrila Finagra (ITL)
The fact that these loans were granted under the same terms and conditions as any other private investor, investing considerably in the same cooperatives where Finagra entered as financing member, proves that the principle of equality was respected.
Dejstvo, da so bila ta posojila odobrena pod enakimi pogoji, kot veljajo za vsakega drugega zasebnega vlagatelja, ki veliko vlaga v zadruge, v katerih je Finagra financer, dokazuje, da je bilo načelo enakosti upoštevano.
On the basis of the foregoing considerations, the Commission can conclude that in granting the loans to cooperatives Finagra behaved as a private investor operating on the market under the same conditions.
Na podlagi navedenih dejstev je Komisija ugotovila, da je Finagra pri odobritvi posojil zadrugam delovala kot zasebni vlagatelj, ki na trgu sodeluje pod enakimi pogoji.
The preference given by Finagra to the specific borrowers in the agricultural sector stems from Finagra's will and statutory duty to intervene in agricultural undertakings.
Razlog za prednost, ki jo je Finagra dala nekaterim posojilojemalcem v kmetijskem sektorju, izhaja iz želje in zakonsko določene dolžnosti, da ukrepa v kmetijskih gospodarstvih.
In this respect, the loans granted by Finagra to the cooperatives do not constitute State aid within the meaning of Article 87(1) of the Treaty.
Zatoq posojila, ki jih je zadrugam odobrila Finagra, niso državna pomoč v smislu člena 87(1) Pogodbe.
In the case of other private companies, the difference between the aid rates at which the loans were granted and the Commission reference rates may well constitute State aid within the meaning of Article 87(1) of the Treaty, even if all the conditions referred to above in points 125 to 129 are fulfilled also in the case of private companies.
V primeru drugih podjetij v zasebni lasti razlika med stopnjami pomoči, na podlagi katerih so bila odobrena posojila, in referenčnimi obrestnimi merami Komisije lahko pomeni državno pomoč v smislu člena 87(1) Pogodbe, čeprav so izpolnjeni vsi pogoji iz točk 125–129.
The difference between the return on loans granted to private companies and loans granted to cooperatives in which Finagra was a financing member is undeniable and has been summarised in points 131 to 133 above.
Razlika med dobičkom iz posojil, ki so bila odobrena podjetjem v zasebni lasti, in posojili, odobrenimi zadrugam, v katerih je bila Finagra financerka, je nesporna ter je opisana v točkah 131–133.
In the case of cooperatives, Finagra, even when applying rates that were lower than the Commission reference rates, acted as any other private investor in the same situation and expected a higher return of the equity operations to which the loans were linked.
V primeru zadrug je Finagra, tudi kadar je uporabljala obrestne mere, ki so bile nižje od referenčnih obrestnih mer Komisije, delovala kot kateri koli drug zasebni vlagatelj v istem položaju in pričakovala večji dobiček iz kapitalskih postopkov, s katerimi so bila povezana posojila.
This additional return, together with the Finagra's market behaviour, which is comparable to that of any other private operator in the same situation, is clearly not applicable in case of loans to private companies.
Jasno je, da tak dodatni dobiček, skupaj z delovanjem Finagre na trgu, ki je primerljivo z delovanjem vsakega drugega podjetja v zasebni lasti v istem položaju, ni bil mogoč v primeru posojil podjetjem v zasebni lasti.
The Italian authorities stated that Finagra had granted loans only to two private companies (Guardamiglio and Ultrocchi) and that the difference between the applied rates for these loans and the Commission reference rate applicable at the time ranged from —3,18 to —5,20 percentage points.
Italijanski organi so navedli, da je Finagra posojilo odobrila le dvema podjetjema v zasebni lasti (Guardamiglio in Ultrocchi) in da so se uporabljene obrestne mere za ta posojila ter takrat veljavne referenčne obrestne mere Komisije razlikovale za –3,18 do –5,20 odstotnih točk.
According to the Italian authorities, this difference can be considered as aid towards the completion of investments belonging to the integrated projects provided for by Law No 252/91, but clearly distinguished from those financed by that Law.
Po navedbah italijanskih organov se ta razlika lahko šteje kot pomoč za dokončanje naložb v integrirane projekte iz Zakona št. 252/91, vendar se jasno razlikuje od projektov, ki se financirajo na podlagi navedenega zakona.
The investments, therefore, despite observing all the criteria for obtaining funding under Law No 252/91, did not benefit from any funds under this Law or any other public funds.
Zato niso imele naložbe kljub upoštevanju vseh meril za pridobitev financiranja v skladu z Zakonom št. 525/91 nobenih koristi od sredstev iz tega zakona ali katerih koli drugih javnih sredstev.
These projects came within the integrated projects, but were functionally independent of them.
Ti projekti so bili del integriranih projektov, vendar so bili od njih funkcionalno neodvisni.
The loans were part, therefore, of a strategy aiming at finalising integrated projects, by using different means of financing (though not cumulated, as in this case).
Zato so bila posojila del strategije za dokončanje integriranih projektov z uporabo različnih vrst financiranja (čeprav niso bile kumulirane kot v tem primeru).
The gross grant equivalent aid rate of the two loans granted for completing investments in the processing and marketing sector is 0,96 % and 4,51 %, as shown in the following table.
Bruto ekvivalent dotacije za stopnjo pomoči teh dveh posojil, odobrenih za dokončanje naložb v sektorju predelave in trženja, znaša 0,96 % ter 4,51 %, kot prikazuje spodnja tabela.
Finagra's loans to private companies
Posojila Finagre podjetjem v zasebni lasti
Eligible costs (not covered by Law No 252/91)(ITL)
Upravičeni stroški (ki jih Zakon št. 252/91 ne zajema) (ITL)
Difference of interests (ITL)
Razlika v obrestih (ITL)
% of aid
% pomoči
Since it considers that all the subsidised investments comply with the rules applicable to the investments in the processing and marketing sector as listed in Section VI.1 (a) 1 and that the aid rate (calculated as the gross grant equivalent of the difference between the applied rate for these loans and the Commission reference rate applicable at the time) are within the maximum aid rates applicable for this kind of investments, the Commission can conclude that the loans granted by Finagra to private companies constitute State aid within the meaning of Article 87(1) of the Treaty.
Ker so vse subvencionirane naložbe v skladu s pravili, veljavnimi za naložbe v sektor predelave in trženja, kot je navedeno v oddelku VI.1(a)1 in se stopnja pomoči (izračunana kot bruto ekvivalent dotacije razlike med uporabljeno obrestno mero za ta posojila in takrat veljavno referenčno obrestno mero Komisije) giblje v okviru največjih stopenj pomoči, veljavnih za takšne naložbe, Komisija zaključuje, da so posojila, ki jih je Finagra odobrila podjetjem v zasebni lasti, državna pomoč v smislu člena 87(1) Pogodbe.
This aid is compatible with the common market according to Article 87(3)(c) of the EC Treaty.
Ta pomoč je v skladu s členom 87(3)(c) Pogodbe ES združljiva s skupnim trgom.
VI.3.1.(c) The provision of guarantees
Zagotavljanje garancij
In their letters of 29 October 2004, registered on 3 November 2004, and of 23 November 2004 the Italian authorities stated that Finagra only provided one guarantee with respect to bank loans, in favour of Guardamiglio.
V dopisu z dne 29. oktobra 2004, vpisanim v evidenco 3. novembra 2004, in dopisu z dne 23. novembra 2004 so italijanski organi navedli, da je Finagra predložila le eno garancijo glede bančnih posojil, v korist podjetja v zasebni lasti Guardamiglio.
The bank guarantee for Guardamiglio, worth ITL 2 billion, was granted on a loan of ITL 17 billion, which Guardamiglio fully repaid without calling in the guarantee.
Bančna garancija za Guardamiglio v vrednosti 2 milijard ITL je bila odobrena za posojilo 17 milijard ITL, ki ga je Guardamiglio v celoti vrnil brez uporabe garancije.
When the guarantee was set up, the provision of State guarantees was examined according to the principles laid down in the Commission letter SG(89) D/4328 of 5 April 1989, in the Commission letter to Member States SG(89) D/12772 of 12 October 1989 and in the Commission communication to the Member States on the application of Articles 92 and 93 of the EC Treaty and of Article 5 of Commission Directive 80/723/EEC to public undertakings in the manufacturing sector.
Ko je bila garancija določena, je bilo zagotavljanje državnih garancij pregledano v skladu z načeli iz dopisa Komisije SG(89) D/4328 z dne 5. aprila 1989, iz dopisa Komisije SG(89) D/12772 državam članicam z dne 12. oktobra 1989 ter iz sporočila Komisije državam članicam o uporabi členov 92 in 93 Pogodbe ES in člena 5 Direktive Komisije 80/723/EGS za javna podjetja v proizvodnem sektorju.
On the basis of these documents, the Commission accepted the guarantees only if their realisation was contractually linked to specific conditions which may go as far as the compulsory declaration of insolvency of the beneficiary or any similar procedure.
Na podlagi teh dokumentov je Komisija garancije sprejela le, če je bila njihova realizacija pogodbeno povezana s posebnimi pogoji, zaradi katerih lahko v skrajnem primeru pride do prisilne razglasitve plačilne nesposobnosti upravičenca ali katerega koli podobnega postopka.
An assessment of the aid element of guarantees entailed an analysis of the borrower's financial situation.
Ocena dejavnika pomoči garancij je vključevala analizo finančnega stanja posojilojemalca.
The aid element of these guarantees would be the difference between the rate which the borrower would pay in a free market and that actually obtained with the benefit of the guarantee, net of any premium paid for the guarantee.
Dejavnik pomoči teh garancij bi bila razlika med obrestno mero, ki bi jo posojilojemalec plačal na prostem trgu, in obrestno mero, ki je dejansko dosežena z garancijo, brez kakršne koli premije, plačane za garancijo.
In this case, according to the Italian authorities, the guarantee does not constitute State aid within the meaning of Article 87(1) of the Treaty for the following reasons:
V tem primeru garancija po navedbah italijanskih organov ni državna pomoč v smislu člena 87(1) Pogodbe, ker
the beneficiary was not in financial difficulty,
upravičenec ni imel finančnih težav,
the borrower had obtained a loan for ITL 17 billion on the financial market, which proves that the company was considered trustworthy and the investment viable,
je posojilojemalec na finančnem trgu dobil posojilo za 17 milijard ITL, kar dokazuje, da je bila družba vredna zaupanja in naložba donosna,
the guarantee was linked to a specific financial transaction, it was for a fixed maximum amount and for a limited amount of time; the guarantee only covered around 11 % of the total loan,
je bila garancija povezana s posebno finančno transakcijo, pri čemer je bil določen največji znesek, čas pa je bil omejen; garancija je zajemala le okoli 11 % celotnega posojila,
the premium requested by Finagra was an annual rate of 0,40 % and represented, according to the Italian authorities, the market price for additional guarantees at the time, considering the sound financial situation of the beneficiary, its economic prospects and the investments about to be undertaken.
je premija, ki jo je zahtevala Finagra, imela letno stopnjo 0,40 % in je po navedbah italijanskih organov takrat predstavljala tržno ceno za dodatne garancije ob upoštevanju dobrega finančnega položaja upravičenca, njegovih gospodarskih možnosti in predvidenih naložb.
The market price of a primary guarantee at the time was 0,70 %, according to the Italian authorities.
Po navedbah italijanskih organov je bila takrat tržna cena prvotne garancije 0,70 %.
In case of an additional guarantee, the market rate was between 0,40 % and 0,70 %, according to the beneficiary's financial situation.
V primeru dodatne garancije je bila glede na finančni položaj upravičenca tržna stopnja od 0,40 % do 0,70 %.