natgillin/translations-raw huggingface dataset:
It was, however, obliged to invest a proportion of the profits it generated each year in Government securities or National Loan Fund deposits.
Kljub temu pa je morala delež dobička, ki ga je ustvarila vsako leto, vložiti v državne vrednostne papirje ali depozite nacionalnega posojilnega sklada (National Loan Fund).
These investments, classed as current assets and often referred to as the ‘gilts’, remained with RM following the 2001 transfers and amounted to GBP 1800 million on 31 March 2002.
Te naložbe, razvrščene kot gibljiva sredstva in pogosto imenovane „gilt“, so po prenosih v letu 2001 ostale pri družbi RM in so 31. marca 2002 znašale 1800 milijonov GBP.
Following directions by the UK authorities on 30 January 2003 under section 72 of the Post Office Act 2000, RM placed these assets in a special reserve (‘the mails reserve’) to be used to finance specific measures as directed.
Družba RM je v skladu z navodili organov Združenega kraljestva 30. januarja 2003 v skladu z razdelkom 72 zakona o pošti iz leta 2000 (Post Office Act 2000) ta sredstva prenesla v poseben rezervni sklad (poštne rezerve), da bi se lahko uporabila za financiranje posebnih ukrepov v skladu z navodili.
The measures concerned by the investigation procedure
Ukrepi, obravnavani v postopku preiskave
The 2001 loan
Posojilo iz leta 2001
In February 2001, the UK authorities made a loan of GBP 500 million to RM to finance overseas acquisitions for the mail and parcels business.
Organi Združenega kraljestva so februarja 2001 družbi RM odobrili posojilo v višini 500 milijonov GBP za financiranje čezmorskih prevzemov za poštno dejavnost in dejavnost pošiljanja paketov.
The loan is repayable between 2021 and 2025 and carries an average interest rate of around 5,8 %.
Posojilo je treba vrniti med letoma 2021 in 2025, njegova povprečna obrestna mera pa je približno 5,8 %.
The UK authorities have stated in correspondence with the Commission that this loan was on commercial terms, and that they followed advice from consultants designed to ensure that this was the case.
Organi Združenega kraljestva so v dopisih Komisiji navedli, da je bilo to posojilo odobreno pod tržnimi pogoji in da so upoštevali nasvete svetovalcev, katerih namen je bil zagotoviti tako odobritev.
The loan was secured on RM’s shareholding in General Logistics Systems International Holdings BV and certain other RM assets.
Posojilo je bilo zavarovano z deležem, ki ga ima RM v družbi General Logistics Systems International Holdings BV, in nekaterimi drugimi sredstvi te družbe.
The loan was not notified to the Commission.
Posojilo Komisiji ni bilo priglašeno.
The loan facilities
Posojilna sredstva
In 2003, the UK authorities made various loan facilities available to RM to finance its ‘renewal plan’ (including the restructuring of Parcelforce).
Organi Združenega kraljestva so v letu 2003 dali družbi RM na voljo različna posojilna sredstva za financiranje njenega „načrta za obnovo“ (vključno s prestrukturiranjem družbe Parcelforce).
These facilities, described by the UK authorities as a commercial package were negotiated between RM and the UK authorities and consisted of a loan facility of GBP 544 million from the National Loans Fund (‘NLF’) secured on RM’s accumulated cash balances (in particular the funds allocated to the mails reserve) and the acquisition by the authorities of two bonds issued by RM (one of GBP 300 million and one of GBP 200 million).
Ta sredstva, ki so jih organi Združenega kraljestva opisali kot tržni paket, so bila rezultat pogajanj med družbo RM in organi Združenega kraljestva, sestavljena pa so bila iz posojilnih sredstev v višini 544 milijonov GBP iz nacionalnega posojilnega sklada (National Loans Fund, v nadaljnjem besedilu: NLF) in zavarovana z akumuliranimi denarnimi sredstvi družbe RM (zlasti sredstvi, dodeljenimi poštnim rezervam) ter s tem, da so organi pridobili dve obveznici, ki ju je izdala družba RM (eno v vrednosti 300 milijonov GBP in drugo v vrednosti 200 milijonov GBP).
Again, the UK authorities have stated in correspondence with the Commission that these loan facilities were on commercial terms, and that they followed advice from consultants designed to ensure that this was the case.
Organi Združenega kraljestva so v dopisih Komisiji znova navedli, da so bila ta posojilna sredstva odobrena pod tržnimi pogoji in da so upoštevali nasvete svetovalcev, katerih namen je bil zagotoviti tako odobritev.
They also informed the Commission that as of October 2006 these loan facilities had not been drawn down, apart from a GBP 50 million testing of the draw down process which was repaid in 7 days, and that the GBP 200 million facility had by then expired.
Komisijo so obvestili tudi, da se ta posojilna sredstva od oktobra 2006 niso črpala, razen sredstev v višini 50 milijonov GBP, ki so bila črpana samo zaradi preskusa postopka črpanja in so bila vrnjena v 7 dneh, ter da so sredstva v višini 200 milijonov GBP do takrat že zapadla.
Commitment fees of some GBP 2,5 million had nonetheless been paid by RM.
RM je kljub temu plačala provizije za neizkoriščeni del odobrenega posojila v znesku približno 2,5 milijona GBP.
These loan facilities were not notified to the Commission.
Ta posojilna sredstva Komisiji niso bila priglašena.
In May 2006, the UK authorities announced their intention to extend the remaining loan facilities and to increase their level from GBP 844 million to GBP 900 million.
Organi Združenega kraljestva so maja 2006 naznanili namero, da podaljšajo dostopnost preostalih posojilnih sredstev in jih povečajo z 844 milijonov GBP na 900 milijonov GBP.
The UK authorities indicated on 31 October 2006 that the precise terms of this extension were still being finalised but the intention was that it would be on commercial terms and that the lending would not constitute State aid.
Organi Združenega kraljestva so 31. oktobra 2006 navedli, da se natančni pogoji tega podaljšanja še določajo, a da naj bi se sredstva odobrila pod tržnimi pogoji in da posojilo ne bi pomenilo državne pomoči.
The pensions escrow account
Pokojninski depozitni račun
In 2006, the UK authorities decided to release GBP 850 million of the cash balance remaining in the mails reserve within RM to set up an ‘escrow account’, which could be drawn on by the Royal Mail Pension Plan (‘RMPP’) in certain circumstances if RM were to fail as a business.
Organi Združenega kraljestva so se v letu 2006 odločili sprostiti 850 milijonov GBP denarnih sredstev, ki so ostala v poštnih rezervah znotraj družbe RM, da bi se ustanovil „depozitni račun“, s katerega bi lahko pokojninski načrt družbe Royal Mail (Royal Mail Pension Plan, v nadaljnjem besedilu: RMPP) pod posebnimi okoliščinami črpal sredstva, če bi družba RM kot podjetje propadla.
The background to this measure was that the various RM pension schemes, of which the RMPP is by far the largest, showed a total deficit (excess of projected liabilities over assets, on certain prudential assumptions) of GBP 5600 million in its 2005/2006 accounts, where for the first time this deficit was included in RM’s balance sheet.
V ozadju tega ukrepa je bilo, da so različne pokojninske sheme družbe RM, od katerih je RMPP daleč največja, v računovodskih izkazih 2005/2006 kazale skupni primanjkljaj (presežek načrtovanih obveznosti nad sredstvi pod nekaterimi razumnimi predpostavkami) v višini 5600 milijonov GBP, v katerih je bil ta primanjkljaj prvič vključen v bilančno stanje družbe RM.
The RMPP, like other UK occupational pension schemes, is a funded scheme which is required to hold assets in respect of its liabilities.
RMPP je podobno kot druge poklicne pokojninske sheme financirana shema, ki mora vzdrževati sredstva za svoje obveznosti.
According to the UK authorities, RM would not be able to pay off this deficit quickly and modernise the business at the same time, given projected cash flows.
Po izjavah organov Združenega kraljestva družba RM glede na predvidene denarne tokove ne bi mogla hitro odplačati tega primanjkljaja in hkrati posodobiti poslovanja.
The account therefore allows RM to agree with the trustees of the RMPP a longer period for addressing the deficit thereby reducing its pension contributions in the initial years.
Račun tako družbi RM omogoča, da se s skrbniki načrta RMPP dogovori za daljše obdobje za odpravo primanjkljaja ter tako zmanjša pokojninske prispevke, ki jih plačuje v prvih letih.
The UK authorities have stated that they believe the use of the mails reserve for this purpose is in RM’s best commercial interests, and that by enabling RM to complete its strategic plan they will bring about an increase in the value of the UK authorities’ shareholding.
Organi Združenega kraljestva po lastnih besedah menijo, da je uporaba poštne rezerve za ta namen v najboljšem tržnem interesu družbe RM in da bodo s tem, da družbi RM omogočijo izpolnitev strateškega načrta, povečali vrednost svojega delniškega deleža.
Without the escrow account and the extended loan facilities, the UK authorities claim there is a possibility that shareholder value would be destroyed and not enhanced, and that they are therefore acting in a commercial manner.
Organi Združenega kraljestva trdijo, da obstaja možnost, da bi se vrednost brez depozitnega računa in podaljšanja posojilnih sredstev za delničarje izničila, in ne povečala, ter da tako delujejo tržno.
The new GBP 300 million shareholder loan
Novo posojilo delničarja v višini 300 milijonov GBP
On 8 February 2007, the UK authorities announced their agreement to provide RM with a GBP 300 million shareholder loan.
Organi Združenega kraljestva so 8. februarja 2007 naznanili dogovor, da bodo družbi RM zagotovili posojilo delničarja v višini 300 milijonov GBP.
This loan was not notified to the Commission.
To posojilo Komisiji ni bilo priglašeno.
It was clear from the terms of the announcement that this loan is part of a package of measures with the pensions escrow account and loan facility.
Iz pogojev objave je bilo jasno, da je to posojilo skupaj s pokojninskim depozitnim računom in posojilnimi sredstvi del svežnja ukrepov.
In its decision opening the investigation procedure, the Commission expressed doubts over the claims by the UK authorities that the measures did not constitute State aid because they were provided on commercial terms and therefore provided no advantage to Royal Mail.
Komisija je v odločbi o začetku postopka preiskave izrazila dvom o trditvah organov Združenega kraljestva, da ukrepi ne pomenijo državne pomoči, ker so bili izvedeni pod tržnimi pogoji in tako družbi Royal Mail ne dajejo prednosti.
The letters and parcels delivery business is international and the Commission believes that a selective advantage in favour of RM or Parcelforce would distort competition and affect trade between Member States.
Dejavnost dostave pisem in paketov je mednarodna dejavnost, in Komisija meni, da bi lahko selektivna prednost družbi RM ali družbi Parcelforce izkrivila konkurenco in vplivala na trgovino med državami članicami.
The measures were all granted from funds under the direct control of the State and therefore constituted State resources within the meaning of Article 87(1) of the Treaty.
Vsi ukrepi so bili odobreni s financiranjem iz sredstev, ki so pod neposrednim nadzorom države in so tako v skladu s členom 87(1) Pogodbe pomenila državna sredstva.
The measures were all imputable to the State and were selective in that they were granted only to RM.
Vse ukrepe je mogoče pripisati državi, hkrati pa so bili selektivni, saj so bili odobreni samo družbi RM.
If they provided an advantage to Royal Mail they would therefore fulfil the criteria to be considered State aid.
Če so družbi Royal Mail zagotovili prednost, bi tako izpolnjevali merila, da se štejejo za državno pomoč.
The Commission assessed the question of advantage in respect of the measures on which it opened the procedure.
Komisija je ocenila vprašanje prednosti v zvezi z ukrepi in je na podlagi ocene začela postopek.
As noted in recital 19, the 2001 loan is repayable between 2021 and 2025 and carries an average interest rate of around 5,8 %.
Kot je bilo ugotovljeno v uvodni izjavi 19, je treba posojilo vrniti med letoma 2021 in 2025, njegova povprečna obrestna mera pa je približno 5,8 %.
This is significantly below the reference rate applicable to the UK in 2001 (7,06 %), when the UK previously informed the Commission that the loan was granted.
Ta obrestna mera je znatno nižja od referenčne obrestne mere za Združeno kraljestvo v letu 2001 (7,06 %), ko je Združeno kraljestvo prejšnjikrat Komisijo obvestilo, da je bilo posojilo odobreno.
The UK authorities provided certain evidence that at that time, the yield curve in the UK was downward sloping and that therefore the interest rates for such a long-term loan could be below the reference rate (which at the time was based on five year rates) without contravening the market economy investor principle.
Organi Združenega kraljestva so predložili nekatere dokaze, da je takrat krivulja donosa v Združenem kraljestvu padala in da so bile obrestne mere za dolgoročno posojilo lahko nižje od referenčne obrestne mere (ki je takrat temeljila na petletnih obrestnih merah), ne da bi bilo to v nasprotju z načelom vlagatelja v tržnem gospodarstvu.
The Commission also noted that, at least in 2001, Royal Mail’s financial performance was beginning to decline.
Komisija opaža tudi, da se je vsaj v letu 2001 finančna uspešnost družbe Royal Mail začela slabšati.
This would normally be reflected in the terms of any loan.
To bi se običajno vedno pokazalo v pogojih za posojilo.
For this reason, when assessing a loan to a company in financial difficulties, the Commission may use a rate higher than the reference rate as a point of comparison.
Komisija lahko zato pri ocenjevanju posojila podjetju v finančnih težavah za primerjavo uporabi obrestno mero, ki je višja od referenčne obrestne mere.
The UK authorities had informed the Commission that as of October 2006 the loan facilities granted in 2003 had not been drawn down.
Organi Združenega kraljestva so obvestili Komisijo, da se posojilna sredstva, ki so bila dodeljena v letu 2003, od oktobra 2006 niso črpala.
However, it could not be concluded from this point alone that the loan facilities provided no advantage, since the availability of the loan facilities had an ‘option value’ to the company.
Vendar samo iz tega razloga ni mogoče zaključiti, da posojila niso pomenila prednosti, saj ima za družbo razpoložljivost posojilnih sredstev „vrednost opcije“.
It could not have been known in 2003 that they would not be drawn down.
Leta 2003 ni bilo mogoče predvideti, da ta posojila ne bodo v celoti porabljena.
The GBP 544 million NLF loan was granted at ‘25 basis points above LIBOR or relevant gilt’ [6].
Posojilo NLF v višini 544 milijonov GBP je bilo odobreno pod pogojem „25 osnovnih točk nad obrestno mero Libor ali ustreznim giltom“ [6].
It should be noted that the reference rate is set at 75 points above an interbank swap rate.
Spomniti je treba, da je referenčna obrestna mera določena 75 točk nad medbančno menjalno obrestno mero.
The UK authorities justified the low margin by reference to the security provided, namely the cash reserves of RM.
Organi Združenega kraljestva so nizko maržo upravičili s sklicevanjem na zagotovljeno varščino, tj. denarne rezerve družbe RM.
However, the Commission noted that these reserves constitute State resources over which the UK authorities had control through specific legislation.
Komisija pa je ugotovila, da so te rezerve državna sredstva, nad katerimi imajo organi Združenega kraljestva nadzor s posebno zakonodajo.
The Commission therefore questioned whether their use as security could necessarily dispel its doubts as to the aid character of the measure.
Komisija je zato dvomila, ali lahko dejstvo, da so bila sredstva uporabljena za varščino,, razprši njene dvome v zvezi s tem, ali imajo značaj pomoči ali ne.
It noted that if the loan had been drawn down, a saving of 50 basis points would outweigh the value of the commitment fees which have been paid by RM.
Komisija je opozorila, da če bi bilo posojilo izčrpano, bi prihranek 50 osnovnih točk odtehtal vrednost provizij za neizkoriščeni del posojila, ki jih je plačala družba RM.
The bonds of GBP 300 million and of GBP 200 million were issued at rates of 50 and 200 basis points above the ‘relevant gilt’.
Obveznici v vrednosti 300 milijonov GBP in 200 milijonov GBP sta bili izdani po obrestnih merah 50 in 200 osnovnih točk nad „ustreznim giltom“.
The larger bond was secured by a floating charge over all assets of RM while the smaller one had lower security.
Večja obveznica je bila zavarovana z obremenitvijo vseh sredstev („floating charge“) družbe RM, manjša pa je imela manjše zavarovanje.
The margin of 50 basis points above a rate based on Government securities (which are typically below interbank rates) implies the GBP 300 million loan may have been at a rate below the Commission’s reference rate.
Mejna vrednost 50 osnovnih točk nad obrestno mero, ki temelji na državnih vrednostnih papirjih (ki je običajno nižja od medbančnih obrestnih mer), nakazuje, da je bilo posojilo v višini 300 milijonov GBP morda odobreno po nižji obrestni meri od referenčne obrestne mere Komisije.
The UK authorities informed the Commission on 31 October 2006 that the terms on which the 2003 loan facilities, still in existence in October 2006 (namely the GBP 544 million National Loan Fund loan and the GBP 300 million bond), were to be extended were still being negotiated but that they were seeking advice from consultants to ensure that the terms were commercial.
Organi Združenega kraljestva so 31. oktobra 2006 Komisijo obvestili, da se glede pogojev, pod katerimi naj bi se podaljšala posojilna sredstva iz leta 2003, ki so oktobra 2006 še obstajala (in sicer posojilo nacionalnega posojilnega sklada v višini 544 milijonov GBP in obveznica v višini 300 milijonov GBP), še vedno pogajajo, a da iščejo nasvete svetovalcev, da bi zagotovili tržne pogoje.
According to information provided by the UK authorities, one effect of the escrow account was to reduce the pensions contributions that RM has to make to the RMPP in order to address its deficit in the initial years.
V skladu z informacijami, ki so jih predložili organi Združenega kraljestva, je bil eden od učinkov depozitnega računa zmanjšanje pokojninskih prispevkov, ki jih je morala družba RM plačevati RMPP, da bi lahko v prvih letih odpravila primanjkljaj.
The Commission noted that this was an indication that the measure may provide an advantage to RM and therefore constitute State aid.
Komisija je ugotovila, da to kaže na to, da bi ukrep lahko zagotovil prednost družbi RM, in zato pomeni državno pomoč.
The Commission had doubts about the argument that the measure can be justified as the intervention of a market economy investor, which had not been supported by projections or by financial analysis.
Komisija je dvomila o utemeljitvi, da je ukrep mogoče upravičiti kot posredovanje vlagatelja v tržnem gospodarstvu, saj ga projekcije in finančne analize niso podprle.
The Commission identified three issues it would be considering.
Komisija je opredelila tri vprašanja, ki jih bo obravnavala.
Given that the reserve funds within the reserve were already held within Royal Mail and on its balance sheet, one issue was whether the creation of the escrow account could be regarded as a commercial decision by RM in spite of the involvement of the UK authorities, which arose through the particular applicable legal regime.
Glede na to, da so se rezervna sredstva iz rezerve že hranila v družbi Royal Mail in so bila vključena v njeno bilančno stanje, je prvo vprašanje bilo, ali je ustanovitev depozitnega računa mogoče šteti za tržno odločitev družbe RM kljub vključenosti organov Združenega kraljestva prek posebnega veljavnega pravnega sistema.
A second issue, given the particular powers taken by the UK authorities over these reserves, was whether a shareholder acting commercially would agree to this use of shareholders’ equity.
Drugo vprašanje je glede na posebne pristojnosti, ki so jih organi Združenega kraljestva prevzeli nad temi rezervami, bilo, ali bi se delničar, ki deluje tržno, strinjal s tako uporabo svojega kapitala.
A third issue, given that the use of the reserves for the pensions measure requires the authorities to fund the POL measures from the State budget, was whether a shareholder would agree to bring new equity to fund an escrow account of this type.
Tretje vprašanje je glede na to, da morajo za uporabo rezerv za pokojninske ukrepe organi financirati ukrepe družbe POL iz državnega proračuna, bilo, ali bi se delničar strinjal, da zagotovi nov kapital za financiranje tovrstnega depozitnega računa.
The terms of the loan had not been communicated to the Commission at the time of opening the investigation.
Pogoji posojila do začetka preiskave Komisiji še niso bili sporočeni.
The Commission was therefore unable to assess whether its terms included aid.
Komisija tako ni mogla oceniti, ali so vključevali pomoč.
Given the fact that the loan was part of package of measures where the Commission had not allayed its doubts that State aid may be involved, the terms of the loan could not, in any case, be assessed independently.
Glede na dejstvo, da je bilo posojilo del paketa ukrepov, v zvezi s katerim dvomi Komisije o državni pomoči niso bili odpravljeni, pogojev posojila nikakor ni bilo mogoče oceniti neodvisno.
Compatibility of any State aid
Združljivost morebitne državne pomoči
The Commission further expressed doubts whether, if they did constitute State aid, the measures could be found compatible with the common market.
Komisija je nato izrazila dvome, ali je mogoče ukrepe, če pomenijo državno pomoč, šteti za združljive s skupnim trgom.
It noted that the legal basis of Article 86(2) of the Treaty did not seem to be available even though RM is entrusted with services of general economic interest.
Poudarila je tudi, da pravna podlaga člena 86(2) Pogodbe v tem primeru očitno ne velja, čeprav družba RM opravlja storitve splošnega gospodarskega pomena.
The only basis for compatibility for these measures, if they contain State aid, appeared to be Article 87(3)(c) of the Treaty.
Zdelo se je, da je člen 87(3)(c) Pogodbe edina podlaga za združljivost teh ukrepov, če vsebujejo državno pomoč.
However, the measures did not appear to conform with any of the rules concerning the application of that subparagraph that the Commission had promulgated to date.
Vendar pa se zdi, da ukrepi niso bili skladni z nobenim od pravil v zvezi z uporabo zadevnega pododstavka, ki jih je do zdaj razglasila Komisija.
If State aid were involved, the Commission therefore doubted whether these measures would be compatible with the common market.
Komisije je tako dvomila, da bi bili ti ukrepi združljivi s skupnim trgom, če bi bila vključena državna pomoč.
Deutsche Post commented that the investigation covered only part of the aid granted to Royal Mail in recent years.
Družba Deutsche Post je pripomnila, da je preiskava zajela samo del pomoči, ki je bila družbi Royal Mail odobrena v zadnjih letih.
The Commission had approved a whole series of UK aid measures resulting in Royal Mail being the largest aid recipient in the postal sector (after Poste Italiane) in recent years.
Komisija je odobrila celo vrsto ukrepov Združenega kraljestva za pomoč, zaradi česar je družba Royal Mail največja prejemnica pomoči v poštnem sektorju v zadnjih letih (za družbo Poste Italiane).
DPAG pointed out that, despite all these measures, Royal Mail’s liberalised parcel delivery service provider, Parcelforce, was for many years heavily loss-making.
DPAG je opozoril, da je kljub vsem tem ukrepom liberalizirani ponudnik dostave paketov družbe Royal Mail, Parcelforce, veliko let delal z veliko izgubo.
Since Royal Mail had at the same time not earned sufficient revenue from its other businesses to offset these losses, they must necessarily be covered out of State resources.
Ker družba Royal Mail v tistem času v drugih svojih podjetjih ni poslovala z dovolj velikim dobičkom, da bi nadomestila te izgube, morajo biti nujno pokriti iz državnih sredstev.