natgillin/translations-raw huggingface dataset:
As regards NR’s own contribution to the restructuring, the UK authorities point out that the caps on lending and the active redemption policy in the initial restructuring plan were intended as compensatory measures instead of own contribution.
V zvezi z lastnim prispevkom banke NR pri prestrukturiranju organi Združenega kraljestva poudarjajo, da sta bila omejevanje posojil in aktivna odkupna politika iz prvotnega načrta za prestrukturiranje načrtovana kot izravnalna ukrepa namesto lastnega prispevka.
With regard to the cap on mortgage lending, the United Kingdom argues that the UK mortgage market is capacity constrained due to the financial and economic crisis and that the proposed increase in lending by BankCo is limited and does not adversely affects its competitors.
Glede omejevanja hipotekarnih posojil Združeno kraljestvo trdi, da ima hipotekarni trg Združenega kraljestva omejene zmogljivosti zaradi finančne in gospodarske krize, pri čemer je predlagano povečanje posojil v družbi BankCo omejeno in nima negativnega vpliva na konkurenco.
As regards the active mortgage redemption programme, it was exacerbating the tightness in the supply of mortgages on the UK market (accounting for 40 % of the drop in new lending).
Program odkupa aktivnih hipotek je povečal omejenost pri ponudbi hipotek na trgu Združenega kraljestva (obračunano na 40 % na področju novih posojil).
The United Kingdom is of the opinion that NR has contributed to the restructuring by the sale of its Home Equity Release Mortgage (hereinafter ‘HERM’) portfolio for approximately GBP 2,2 billion, the restructuring losses it has borne and […].
Združeno kraljestvo meni, da je banka NR prispevala k prestrukturiranju s prodajo svojega portfelja s hipoteko na sprostitev domačega lastniškega kapitala (Home Equity Release Mortgage) (v nadaljnjem besedilu: HERM) za približno 2,2 milijarde GBP, z izgubami v zvezi s prestrukturiranjem, ki jih je utrpela, in […].
The United Kingdom indicates in its submission that it believes that the increased lending foreseen for BankCo is unlikely to have an effect on the mortgage market or BankCo’s competitors as capacity is constrained on the market.
Združeno kraljestvo v svoji pripombi navaja, da po njegovem mnenju predvideno povečanje posojil za družbo BankCo verjetno ne bo vplivalo na hipotekarni trg ali konkurente družbe BankCo, ker je zmogljivost na trgu omejena.
The increase in the lending capacity of BankCo would ease these concerns slightly, but will leave enough demand for others.
Povečanje sredstev za posojila družbe BankCo bi ublažilo te skrbi, hkrati pa bi za druge ostalo dovolj povpraševanja.
The United Kingdom also considers it unlikely that BankCo will rapidly increase lending, after the split-up and exit from TPO, as it will still need to obtain the necessary funding to finance the new lending.
Združeno kraljestvo prav tako meni, da družba BankCo po delitvi in prenehanju delovanja v okviru začasnega javnega lastništva verjetno ne bo hitro povečala posojil, ker bo kljub temu morala za financiranje novih posojil pridobiti potrebna sredstva.
Finally, the United Kingdom notes that BankCo will have no privileged access to the pool of customers remaining in AssetCo.
Nazadnje, Združeno kraljestvo ugotavlja, da družba BankCo ne bo imela privilegiranega dostopa do baze strank, ki so ostale pri družbi AssetCo.
As regards the amount of aid, the United Kingdom does not accept the Commission’s suggestion that this can be determined by deducting the market value of AssetCo’s assets from their book value.
Združeno kraljestvo se ne strinja s predlogom Komisije, da je mogoče znesek pomoči določiti z odbitkom tržne vrednosti sredstev družbe AssetCo od njihove knjigovodske vrednosti.
Such a methodology, in the opinion of the United Kingdom, would overestimate the amount of any aid granted to BankCo.
Po mnenju Združenega kraljestva bi se lahko s takšno metodologijo previsoko ocenil znesek vsake pomoči, ki je bila dodeljena družbi BankCo.
The United Kingdom considers that a difference should be made between aid granted to BankCo and to AssetCo and that aid to AssetCo does not necessarily benefit BankCo.
Združeno kraljestvo meni, da je treba razlikovati med pomočjo, dodeljeno družbi BankCo, in pomočjo, dodeljeno družbi AssetCo, pri čemer pomoč družbi AssetCo ne pomeni nujno koristi za družbo BankCo.
The aid amount for BankCo should reflect BankCo’s competitive impact on its competitors, something which is not reflected in the methodology proposed by the Commission.
Znesek pomoči za družbo BankCo mora pokazati konkurenčni vpliv družbe BankCo na njene konkurente, česar metodologija, ki jo je predlagala Komisija, ne izraža.
With regard to AssetCo, the methodology advanced by the Commission, according to the United Kingdom, is based on the assumption that the United Kingdom would cover the difference between the book value and the market value of the assets.
Združeno kraljestvo meni, da metodologija, ki jo priporoča Komisija v zvezi z družbo AssetCo, temelji na predpostavki, da bo Združeno kraljestvo pokrilo razliko med knjigovodsko vrednostjo in tržno vrednostjo sredstev.
This is incorrect as the guarantees of the United Kingdom cover the difference between the ultimate value of AssetCo’s assets and the book value of its liabilities (that is to say, if the assets do not yield enough to cover all the liabilities, the United Kingdom will cover the difference).
To je napačno, ker jamstva Združenega kraljestva pokrivajo razliko med končno vrednostjo sredstev družbe AssetCo in knjigovodsko vrednostjo njenih obveznosti (to pomeni, da bo Združeno kraljestvo krilo razliko, če sredstva ne bodo dovolj donosna za kritje vseh obveznosti).
According to the United Kingdom, the correct methodology for estimating the amount of aid granted to BankCo is the sum of the book value of any direct capital injections plus the value of any ongoing guarantees taking into account the fees paid for them plus the value of BankCo’s benefit from the high quality mortgage book plus the incremental value to BankCo of taking over NR’s retail deposit book.
Po navedbah Združenega kraljestva je prava metodologija za oceno zneska pomoči družbi BankCo vsota knjigovodske vrednosti kakršne koli neposredne dokapitalizacije plus vrednost kakršnih koli tekočih jamstev, ob upoštevanju zanje plačanih provizij, plus vrednost koristi družbe BankCo od visokokakovostnih hipotek plus povečanje vrednosti za družbo BankCo pri prevzemu vlog na drobno družbe BankCo.
The amount of aid to AssetCo, according to the United Kingdom, is the difference between the total value of the aid granted to NR, less the aid granted to BankCo through AssetCo.
Po navedbah Združenega kraljestva je znesek pomoči za družbo AssetCo razlika skupne vrednosti pomoči za banko NR minus pomoč za družbo BankCo prek družbe AssetCo.
UNITED KINGDOM’S COMMENTS ON THE INTERESTED PARTIES’ OBSERVATIONS IN THE OPENING DECISION
PRIPOMBE ZDRUŽENEGA KRALJESTVA GLEDE UGOTOVITEV ZAINTERESIRANIH STRANI V ODLOČITVI O SPROŽITVI POSTOPKA
With regard to the concerns of third parties concerning the increase in retail deposits, the United Kingdom has submitted the following comments.
Združeno kraljestvo je v zvezi s skrbmi tretjih oseb glede povečanja vlog na drobno predložilo naslednje pripombe.
The United Kingdom points out that a UK market share cap of 1,5 % on retail deposits is in place.
Združeno kraljestvo poudarja, da je vzpostavljena 1,5-odstotna omejitev tržnega deleža za vloge na drobno.
This cap will prevent NR from pricing too aggressively and will simultaneously limit the impact NR will have on the savings market.
Ta omejitev bo banki NR preprečila preveč agresivno oblikovanje cen in hkrati omejila vpliv banke na hranilniški trg.
The United Kingdom also submits that NR has not followed an aggressive pricing strategy in its retail deposit products, evidenced by the fact that NR has not ranked within the top 3 in the Moneyfacts savings tables since the Competitive Framework was introduced.
Združeno kraljestvo tudi navaja, da banka NR pri svojih produktih vlog na drobno ni upoštevala agresivne strategije oblikovanja cen, dokaz za to pa je, da se banka od uvedbe konkurenčnega okvira ni uvrstila med prve tri na hranilniškem seznamu Moneyfacts.
Furthermore, the United Kingdom argues that setting any further limits on pricing of its savings products would prevent NR from obtaining the funding necessary to support planned new lending.
Poleg tega Združeno kraljestvo trdi, da bo določanje kakršnih koli dodatnih omejitev pri oblikovanju cen produktov varčevanja banki NR preprečilo pridobitev sredstev, potrebnih za podporo načrtovanih novih posojil.
It would also threaten NR’s ability to satisfy its obligations under TPO and would prevent NR from reacting to events that would negatively effect its funding position.
Prav tako bi ogrozilo sposobnost banke NR, da izpolni svoje obveznosti v okviru začasnega javnega lastništva, in ji preprečilo odzivanje na dogodke, ki bi negativno vplivali na stanje njenih sredstev.
As regards the Competitive Framework, in place since 31 March 2008, the UK authorities have indicated that the behavioural constraints in the Framework sufficiently limit NR in the way it competes on the UK markets.
Organi Združenega kraljestva so v zvezi s konkurenčnim okvirom, uvedenim 31. marca 2008, navedli, da omejitve okvira v zvezi z ravnanjem banko NR dovolj omejujejo pri konkuriranju na trgih Združenega kraljestva.
UNITED KINGDOM’S COMMENTS ON THE INTERESTED PARTIES’ OBSERVATIONS IN THE EXTENSION DECISION
PRIPOMBE ZDRUŽENEGA KRALJESTVA GLEDE UGOTOVITEV ZAINTERESIRANIH STRANI V ODLOČITVI O RAZŠIRITVI POSTOPKA
To address the concerns of the Commission set out in the extension decision and the comments provided by third parties, the UK authorities have altered the amended restructuring plan.
Da bi obravnavali skrbi Komisije, izražene v odločitvi o razširitvi postopka, in pripombe tretjih oseb, so organi Združenega kraljestva prilagodili spremenjeni načrt za prestrukturiranje.
Those changes have been set out in more detail in section 2.2 of this Decision (recitals 27, 28 and 29).
Navedene spremembe so natančneje opredeljene v oddelku 2.2 te odločbe (uvodne izjave 27, 28 in 29).
The Commission must assess whether the measures introduced or modified by the amended restructuring plan constitute State aid.
Komisija mora oceniti, ali ukrepi, ki jih uvaja ali spreminja spremenjeni načrt za prestrukturiranje, pomenijo državno pomoč.
Article 87(1) of the Treaty provides that any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods is, insofar as it affects trade between Member States, incompatible with the common market.
Člen 87(1) Pogodbe ES določa, da je vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva s skupnim trgom, če vpliva na trgovino med državami članicami.
With regard to the measures already approved by the Commission as rescue aid in its two previous decisions pertaining to this case (namely measures (i), (ii) and (iii) as mentioned in recital 30); the guarantees on retail and wholesale deposits and the BoE/HMT liquidity facility), the Commission has already concluded that those measures constitute State aid in favour of NR. The Commission also observes that BankCo is to have access to the schemes the United Kingdom has introduced for banks during the financial crisis and which have already been approved by the Commission to the extent that those schemes are still in force after the split-up [32].
Komisija je glede ukrepov, ki jih je v dveh prejšnjih odločbah v zvezi s to zadevo že odobrila kot pomoč za reševanje (in sicer ukrepi (i), (ii) in (iii), navedeni v uvodni izjavi 30; jamstva za vloge na drobno in debelo ter likvidnostno posojilo BoE/finančno ministrstvo), že ugotovila, da pomenijo državno pomoč v korist banki NR. Komisija tudi ugotavlja, da bo imela družba BankCo dostop do sistemov, ki jih je Združeno kraljestvo uvedlo za banke med finančno krizo in jih je Komisija že odobrila, če bodo ti sistemi po delitvi še v veljavi [32].
The measures that have to be assessed in this Decision in order to determine whether they constitute State aid have already been described in recital 30 of this Decision.
Ukrepi, ki jih je treba v tej odločbi oceniti, da se ugotovi, ali pomenijo državno pomoč, so že opisani v uvodni izjavi 30 te odločbe.
The relevant measures are for NR measures (iv) and (v), for BankCo measures (vi), (vii) and (viii) and, for AssetCo, measures (ix)-(xii).
Zadevni ukrepi zajemajo ukrepa (iv) in (v) za banko NR, ukrepe (vi), (vii) in (viii) za družbo BankCo ter ukrepe (ix)–(xii) za družbo AssetCo.
All those measures are financed through State resources as the measures consist of government loans, grants and guarantees financed by the State [33].
Vsi navedeni ukrepi se financirajo iz državnih sredstev, saj jih sestavljajo državna posojila ter nepovratna sredstva in jamstva, ki jih financira država [33].
The Commission also has to assess whether the measures confer a selective advantage on the beneficiary or beneficiaries of the aid.
Komisija mora tudi oceniti, ali dajejo ukrepi selektivno prednost enemu ali več upravičencem do pomoči.
The measures concerned are selective as they solely benefit NR, BankCo and AssetCo.
Ukrepi so selektivni, ker koristijo le banki NR ter družbama BankCo in AssetCo.
The measures confer an advantage on the economic activity of NR as carried on by it until the split-up and its successors BankCo and AssetCo thereafter.
Ukrepi dajejo prednost gospodarski dejavnosti banke NR, ki jo bo izvajala do delitve, potem pa njenima naslednicama, tj. družbama BankCo in AssetCo.
NR will profit from the retroactive application of the lower fees for the BoE/HMT liquidity facility and the subsequent reimbursement of GBP 156,4 million to NR after Commission approval (measure (iv)).
Banka NR bo imela koristi od retroaktivne uporabe nižjih provizij za likvidnostno posojilo BoE/finančno ministrstvo in poznejšega povračila v višini 156,4 milijona GBP po odobritvi s strani Komisije (ukrep (iv)).
This confers an advantage on NR as those fees are below the market price.
Banka NR ima tako prednost, ker so navedene provizije pod tržno ceno.
NR also draws significant advantages from the commitment of HMT to FSA that it will operate above capital requirements (measure (v)) since, as a result, the FSA: (1) did not require NR to be recapitalised after nationalisation, (2) allowed NR to include Tier-2 capital in its regulatory capital position in June 2008 and (3) has subsequently allowed it to operate below regulatory capital requirements from July 2009 onwards until the split-up.
Banka NR ima velike koristi tudi od zaveze finančnega ministrstva organu za finančne storitve, da bo poslovala nad kapitalskimi zahtevami (ukrep (v)), ker organ za finančne storitve na podlagi tega: (1) ni zahteval dokapitalizacije banke NR po nacionalizaciji, (2) je omogočil banki NR vključitev kapitala drugega reda v njen predpisan kapitalski položaj junija 2008 in (3) ji je pozneje omogočil poslovanje pod predpisanimi kapitalskimi zahtevami od julija 2009 do delitve.
As regards the measures in favour of BankCo, the Commission has already concluded that the retail deposit guarantee (measure (vi)) confers an advantage on its beneficiary, in this case BankCo, when approving it as rescue aid to NR. Although the guarantee will be lifted […], the advantage for BankCo still remains for the time the guarantee continues to be effective.
V zvezi z ukrepi v korist družbi BankCo je Komisija že ugotovila, da daje jamstvo za vloge na drobno (ukrep (vi)) prednost upravičencu, ki je v tem primeru družba BankCo, če je banki NR odobreno kot pomoč za reševanje. Čeprav bo jamstvo odpravljeno […], ima družba BankCo še vedno prednost, dokler je jamstvo veljavno.
The change in the fee which will be paid by BankCo is not in line with market conditions.
Sprememba provizije, ki jo bo plačala družba BankCo, ni v skladu s tržnimi pogoji.
In this respect, the CDS spread of NR is significantly above 50 bps.
S tega vidika je razmik kreditnih zamenjav banke NR bistveno višji od 50 bazičnih točk.
It must therefore be concluded that the measure confers an advantage on BankCo.
Zato je treba ugotoviti, da daje ukrep prednost družbi BankCo.
As regards the continuation of the wholesale guarantees for BankCo after the split-up until 31 December 2010 (measure (vi)), the Commission has already concluded that it constituted an advantage when approving it as rescue aid to NR. As regards the changes in the fee, upon the split-up, BankCo will pay a remuneration which is in line with the remuneration paid by other banks in the context of the UK CGS.
V zvezi s podaljšanjem jamstev za vloge na debelo za družbo BankCo od delitve do 31. decembra 2010 (ukrep (vi)) je Komisija že ugotovila, da pomenijo prednost, če so banki NR odobrena kot pomoč za reševanje. V zvezi s spremembami provizije po delitvi bo družba BankCo poravnala povračilo v skladu s povračilom drugih bank ob upoštevanju sheme kreditnih jamstev Združenega kraljestva.
As the remuneration accepted by the Commission in the CGS is below market price (but in line with the European Central Bank recommendations) this confers an advantage on BankCo.
Ker je povračilo, ki ga je Komisija sprejela v okviru sheme kreditnih jamstev, pod tržno ceno (vendar v skladu s priporočili Evropske centralne banke), to pomeni prednost za družbo BankCo.
Furthermore, the capital injection of GBP 1,4 billion in the form of ordinary shares into BankCo (measure (vii)) confers an advantage on it, since, without that capital, BankCo could not start its activities.
Poleg tega daje kapitalski vložek družbe BankCo v višini 1,4 milijarde GBP v obliki navadnih delnic (ukrep (vii)) prednost tej družbi, saj brez tega kapitala ne bi mogla začeti izvajati svojih dejavnosti.
The contingent liquidity facility of GBP 1,5 billion provided to BankCo (measure (viii)) confers an advantage as it will give BankCo another source of liquidity which is not available to other banks.
Pogojno likvidnostno posojilo v višini 1,5 milijarde GBP družbi BankCo (ukrep (viii)) daje prednost, saj družbi zagotavlja še en vir likvidnosti, ki drugim bankam ni na voljo.
The contingent liquidity facility is intended to provide BankCo with sufficient sources of funding until it is sold by the United Kingdom or other lines of funding are identified.
Namen pogojnega likvidnostnega posojila je družbi BankCo zagotoviti zadostna sredstva financiranja, dokler je Združeno kraljestvo ne proda ali niso opredeljeni drugi načini financiranja.
With regard to AssetCo, the Commission concluded in the opening and extension decisions that the wholesale guarantees (measure (ix)) constitute State aid.
V zvezi z družbo AssetCo je Komisija v odločitvi o sprožitvi postopka in odločitvi o razširitvi postopka ugotovila, da jamstva za vloge na debelo (ukrep (ix)) pomenijo državno pomoč.
The extension of the wholesale guarantee […] therefore entails a further advantage on AssetCo.
Podaljšanje jamstva za vloge na debelo […] zato pomeni nadaljnjo prednost za družbo AssetCo.
The Commission has already concluded in its previous decisions [34] that the BoE/HMT liquidity facility constituted State aid.
Komisija je v svojih prejšnjih odločbah že ugotovila [34], da likvidnostno posojilo BoE/finančno ministrstvo pomeni državno pomoč.
That conclusion also applies in the new circumstances of an increase in the amount of State lending to AssetCo by up to GBP 10 billion and the increase of its tenor to beyond 2020 (measure (x)).
Ta ugotovitev velja tudi v novih razmerah, ko se bo državno posojilo družbi AssetCo povečalo za do 10 milijard GBP in njegova veljavnost podaljšala v obdobje po letu 2020 (ukrep (x)).
As regards the remuneration paid for the facility, AssetCo will pay a lower remuneration for it (LIBOR + [10-60] bps, compared to BoE base rate + 150 bps + 10 bps facility fee previously), which is below the market price and therefore confers an advantage on AssetCo.
Družba AssetCo bo poravnala nižje povračilo za pomoč (LIBOR + [10–60] bazičnih točk v primerjavi z osnovno stopnjo BoE + 150 bazičnih točk + 10 bazičnih točk prejšnje provizije za pomoč), kar je pod tržno ceno in zato družbi AssetCo daje prednost.
Furthermore, BankCo will benefit from the increase of the BoE/HMT liquidity facility as a significant amount of the increase will be transferred from AssetCo to BankCo as cash.
Družba BankCo bo poleg tega imela koristi od povečanja likvidnostnega posojila BoE/finančno ministrstvo, ker bo bistven del povečanja družba AssetCo prenesla na družbo BankCo v obliki denarnih sredstev.
The proposed capital injection into AssetCo of GBP 1,6 billion (measure (xi)) in the form of a debt for equity conversion confers an advantage on AssetCo.
Predlagani kapitalski vložek družbe AssetCo v višini 1,6 milijarde GBP (ukrep (xi)) v obliki zamenjave dolga za kapital daje družbi AssetCo prednost.
Furthermore, the working capital facility of GBP 2,5 billion (measure (xii)) will benefit AssetCo as it will have adequate liquidity […] to fulfil its obligations as they become due.
Družbi AssetCo bo koristila tudi pomoč v obliki obratnih sredstev v višini 2,5 milijarde GBP (ukrep (xii)), saj ji bo zagotovila zadostno likvidnost […] za izpolnjevanje svojih obveznosti, ko bodo zapadle.
AssetCo will pay 1 month LIBOR + [10-60] bps for the facility, which is well below the market rate since AssetCo is a bank with nearly no capital.
Družba AssetCo bo za posojilo plačala 1-mesečni LIBOR +[10–60] bazičnih točk, kar je precej pod tržno ceno, saj je družba AssetCo skoraj brez kapitala.
Finally, the market economy investor principle does not apply to these measures since they follow several rescue aid measures in favour of NR. In addition, if it were applicable, that test would not be fulfilled as no market economy investor would take all those measures in order to facilitate the split-up of BankCo and […] AssetCo.
Načelo vlagatelja pod tržnimi pogoji ne velja za te ukrepe, ker upoštevajo več ukrepov pomoči za reševanje v korist banki NR. Poleg tega ta preskus v primeru uporabe ne bi bil uspešen, ker ne bi noben vlagatelj pod tržnimi pogoji sprejel vseh navedenih ukrepov, da bi pospešil delitev na družbi BankCo in […] AssetCo.
No market economy operator placed in a similar situation as the State would have been able to maintain the economic activity (of NR) without realizing a significant capital increase (the FSA relaxed its normal capital requirements only because the State committed to provide capital).
Noben vlagatelj pod tržnimi pogoji, ki bi bil v enakem položaju kot država, ne bi mogel ohranjati gospodarske dejavnosti (banke NR) brez bistvenega povečanja kapitala (organ za finančne storitve je omilil svoje običajne kapitalske zahteve le, ker se je država zavezala, da bo zagotovila kapital).
Taking into consideration the situation on the markets, it would not be possible for a market operator to obtain such financing.
Glede na razmere na trgih akter na trgu ne bi mogel pridobiti takšnih finančnih sredstev.
This is confirmed by the proposals offering to buy NR submitted by both Virgin and the management of NR in February 2008 and which were described in more detail in the opening decision.
To potrjujeta ponudbi za nakup banke NR, ki sta ju februarja 2008 predložili družba Virgin in uprava banke NR ter ki sta podrobneje opisani v odločitvi o sprožitvi postopka.
Both offers relied on the continuance of State aid measures, indicating that without State aid no private investor would have been ready to purchase NR.
Obe ponudbi sta se zanašali na ohranitev ukrepov državne pomoči, kar pomeni, da brez državne pomoči noben zasebni vlagatelj ne bi bil pripravljen kupiti banke NR.
DISTORTION OF COMPETITION AND EFFECT ON TRADE BETWEEN MEMBER STATE
IZKRIVLJANJE KONKURENCE IN VPLIV NA TRGOVINO MED DRŽAVAMI ČLANICAMI