natgillin/translations-raw huggingface dataset:
It is also concluded that measures (iv)-(xii) in recital 30 are able to distort competition and affect trade between Member States.
Prav tako se ugotavlja, da lahko ukrepi (iv)–(xii) iz uvodne izjave 30 izkrivljajo konkurenco in vplivajo na trgovino med državami članicami.
The measures allow […] of certain assets of NR, placed in AssetCo, which is a condition necessary for the creation of BankCo and implementation of its business plan.
Ukrepi omogočajo […] nekaterih sredstev banke NR, vloženih v družbo AssetCo, kar je nujen pogoj za ustanovitev družbe BankCo in izvajanje njenega poslovnega načrta.
BankCo, as NR’s successor, will be able to continue NR’s activities unburdened by possible impairments on the lower quality assets, since the latter remain in AssetCo’s balance sheet.
Družba BankCo bo lahko kot naslednica banke NR nadaljevala izvajanje njenih dejavnosti, ne da bi jo pri tem bremenile morebitne oslabitve zaradi sredstev nizke kakovosti, ker se ta ohranijo v bilanci stanja družbe AssetCo.
As a result, BankCo has an advantage over its competitors that are faced with impairments on lower quality assets, which they have to absorb, limiting the capital available for new lending.
Zato ima družba BankCo prednost pred svojimi konkurenti, ki so obremenjeni z oslabitvami zaradi sredstev nizke kakovosti, katera morajo absorbirati, s čimer se omeji kapital, razpoložljiv za nova posojila.
BankCo, in contrast, will not have its capital base diminished by these impairments and the decreasing value of its mortgage portfolio.
Vendar te oslabitve in vedno manjša vrednost hipotekarnega portfelja ne bodo zmanjšale kapitalske osnove družbe BankCo.
This is an advantage considering the current high cost of borrowing on the financial markets.
Glede na sedanje visoke stroške najema posojila na finančnih trgih je to prednost.
In addition, BankCo will have a lot of cash to fund new lending.
Poleg tega bo imela družba BankCo veliko denarnih sredstev za financiranje novih posojil.
It is therefore concluded that measures (iv)-(xii) in recital 30 lead to a distortion of competition.
Zato se ugotavlja, da ukrepi (iv)–(xii) iz uvodne izjave 30 izkrivljajo konkurenco.
BankCo will also be a bank competing on, amongst others, the UK retail deposit market and the UK mortgage lending market.
Družba BankCo bo med drugim konkurirala tudi na trgu Združenega kraljestva za vloge na drobno in trgu hipotekarnih posojil.
In those two markets, some competitors are subsidiaries of foreign banks.
Nekateri konkurenti na navedenih dveh trgih so podružnice tujih bank.
The measures are therefore able to affect trade between Member States.
Zato lahko ukrepi vplivajo na trgovino med državami članicami.
IDENTIFICATION OF THE BENEFICIARY OF THE AID
OPREDELITEV UPRAVIČENCA DO POMOČI
The Commission notes that the United Kingdom intends to introduce new aid measures and to amend existing ones.
Komisija ugotavlja, da namerava Združeno kraljestvo uvesti nove ukrepe pomoči in spremeniti obstoječe.
Those measures will enable the split-up of NR into two legal entities, BankCo and AssetCo.
Ti ukrepi bodo omogočili delitev banke NR na dva pravna subjekta, tj. družbi BankCo in AssetCo.
Without the aid provided to AssetCo, it would not be possible to transfer the loan portfolio of NR to it.
Brez pomoči družbi AssetCo ji banka NR ne bi mogla prenesti portfelja posojil.
As a result of the aid to AssetCo, BankCo is able to continue the economic activity of NR, being freed from the burden of the majority of NR’s loan portfolio that will remain in AssetCo.
Zaradi pomoči družbi AssetCo lahko družba BankCo nadaljuje izvajanje gospodarske dejavnosti banke NR, saj ji je odvzeto breme večine portfelja posojil banke NR, ki se bo ohranil v družbi AssetCo.
In addition it will receive a large amount of cash from AssetCo (which it in turn has received from the State).
Poleg tega bo od družbe AssetCo prejela visok znesek denarnih sredstev (ki jih je ta prejela od države).
BankCo can therefore be considered as the beneficiary of all the State measures, including those in favour of AssetCo.
Družbo BankCo je zato mogoče obravnavati kot upravičenko do vseh državnih ukrepov, vključno z ukrepi v korist družbi AssetCo.
Under the amended restructuring plan, AssetCo will carry out only limited lending required by existing contractual obligations, thus limiting the situations where it is in competition with other banks to the minimum.
V skladu s spremenjenim načrtom za prestrukturiranje bo družba AssetCo izvajala le omejena posojila, ki jih določajo obstoječe pogodbene obveznosti, in s tem čim bolj omejila položaje, v katerih konkurira drugim bankam.
Its banking license will be withdrawn after the split-up, after which it will continue to operate under a mortgage lender’s license.
Dovoljenje za opravljanje bančnih storitev ji bo odvzeto po delitvi, po kateri bo še naprej poslovala z dovoljenjem za izvajanje hipotekarnih posojil.
This will enable it to operate under lower regulatory capital requirements (1 %) compared to banks.
To ji bo omogočilo poslovanje pod nižjimi predpisanimi kapitalskimi zahtevami (1 %) v primerjavi z bankami.
AssetCo will, according to the UK authorities, only realise its assets as they mature or by selling them on the market.
Po navedbah organov Združenega kraljestva bo družba AssetCo sredstva sprostila šele, ko bodo unovčljiva ali ko jih bo prodala na trgu.
AssetCo will use the proceeds of those sales to repay its debts as they become due and fund its ongoing operational costs as well as any retained historic liabilities.
Družba AssetCo bo s prihodki od te prodaje odplačala svoje dolgove, ko bodo zapadli, ter krila tekoče stroške poslovanja in kakršne koli neporavnane pretekle obveznosti.
In order to facilitate […], AssetCo will undertake economic activities, such as the sale of its assets and debt management on its portfolio.
Da se omogoči […], bo družba AssetCo začela izvajati gospodarske dejavnosti, na primer prodajo svojih sredstev in upravljanje dolgov v svojem portfelju.
Furthermore, […] will for a period of time (until the end of 2010 at the latest) provide services to […].
Nadalje, […] bo v določenem časovnem obdobju (največ do konca leta 2010) opravljala storitve za […].
This is necessary, since after the split-up […] will lack certain operational functions that remain with […] such as mortgage servicing (post completion), debt management and IT infrastructure and support.
To je nujno, ker po delitvi […] ne bo imela nekaterih operativnih funkcij, ki jih obdrži […], na primer upravljanje hipotek (po zaključku), upravljanje dolgov ter infrastruktura in podpora informacijske tehnologije.
Those services will be provided by […] to […] on a commercial basis (that is to say, […] will pay a fee to […]) and at arm’s length.
Navedene storitve bo […] opravljala za […] na trgovinski osnovi (tj. […] bo plačala provizijo […]) in po tržni ceni.
[…] It is therefore concluded that AssetCo will continue to carry out some limited economic activities after the split-up and thus is to be considered as a beneficiary of the aid measures.
[…] Zato se ugotavlja, da bo družba AssetCo po delitvi nadaljevala izvajanje nekaterih omejenih gospodarskih dejavnosti in jo je zato treba obravnavati kot upravičenko do ukrepov pomoči.
With regard to NR, prior to the intended split-up, NR has been able to continue to operate aided by guarantees on its retail and wholesale deposits, a government liquidity facility and the commitment by the UK authorities to the FSA that they would ensure that NR would operate above regulatory capital requirements.
Pred predvideno delitvijo je banka NR lahko še naprej poslovala s pomočjo jamstev za vloge na drobno in debelo, državnega likvidnostnega posojila in zaveze organov Združenega kraljestva organu za finančne storitve, da bodo zagotovili poslovanje banke NR nad predpisanimi kapitalskimi zahtevami.
This commitment from the United Kingdom has allowed NR to operate temporarily below regulatory requirements until the split-up.
Ta zaveza Združenega kraljestva je banki NR omogočila, da do delitve začasno posluje pod predpisanimi zahtevami.
NR is therefore the beneficiary of those measures.
Banka NR je torej upravičenka do navedenih ukrepov.
As indicated above in recital 92, the economic activities of NR will be continued by BankCo.
Kot je navedeno v uvodni izjavi 92, bo izvajanje gospodarskih dejavnosti banke NR nadaljevala družba BankCo.
On the basis of the foregoing, it is concluded that measures (iv)-(xii) in recital 30 constitute State aid.
Na podlagi navedenega se ugotavlja, da ukrepi (iv)–(xii) iz uvodne izjave 30 pomenijo državno pomoč.
As regards the amount of the aid, the UK authorities have made several submissions on how the aid amount should be calculated in their responses to the opening decision and the extension decision.
V zvezi z zneskom pomoči so organi Združenega kraljestva v svoje odzive na odločitev o sprožitvi postopka in odločitev o razširitvi postopka vključili več predlogov o možnih načinih izračuna zneska pomoči.
With regard to the suggestion forwarded by the United Kingdom regarding the aid amount in the opening decision, the Commission observes that those submissions are partly based on the aid measures contained in the initial restructuring plan.
V zvezi s predlogom Združenega kraljestva o znesku pomoči iz odločitve o sprožitvi postopka Komisija ugotavlja, da predlog delno temelji na ukrepih pomoči iz prvotnega načrta za prestrukturiranje.
With regard to the United Kingdom’s suggestions concerning how to calculate the amount of aid in its response to the extension decision, the Commission notes that those suggestions do not seem to take into account the current situation on the financial markets.
V zvezi s predlogi Združenega kraljestva glede izračuna zneska pomoči v njegovem odzivu na odločitev o razširitvi postopka Komisija ugotavlja, da ti predlogi verjetno ne upoštevajo sedanjih razmer na finančnih trgih.
In that context, none of the parties contest that NR and its successors have received and will receive a very considerable amount of aid, which reflects the need for a far-reaching restructuring and which warrants a very significant reduction of its market presence.
V tem smislu nobena stranka ne izpodbija, da so banka NR in njeni naslednici prejemale in bodo prejemale visok znesek pomoči, kar kaže na potrebo po daljnosežnem prestrukturiranju in utemeljuje znatno zmanjšanje njene prisotnosti na trgu.
LEGAL BASIS FOR THE COMPATIBILITY ASSESSMENT
PRAVNA PODLAGA ZA OCENO ZDRUŽLJIVOSTI
As indicated in the extension decision (section 4.2.1), the Commission did not apply Article 87(3)(b) of the Treaty in its decision of 5 December 2007 with regard to the rescue aid granted to NR [35] or in the opening decision.
Kot je navedeno v odločitvi o razširitvi postopka (oddelek 4.2.1), Komisija v svoji odločbi z dne 5. decembra 2007 v zvezi s pomočjo za reševanje, dodeljeno banki NR [35], ali v odločitvi o sprožitvi postopka ni uporabila člena 87(3)(b) Pogodbe ES.
Indeed, the aid granted at that time did not seem to tackle a disturbance in an entire Member State, but instead specifically aimed to address individual problems specific to the situation of NR [36].
Zdi se, da takrat dodeljena pomoč dejansko ni obravnavala motenj v celotni državi članici, ampak se je osredotočala zlasti na posamezne težave, povezane s položajem banke NR [36].
In such circumstances and in accordance with the case law [37], the Commission concluded that Article 87(3)(b) of the Treaty was not applicable.
Ob upoštevanju teh okoliščin in v skladu s sodno prakso [37] je Komisija ugotovila, da se člen 87(3)(b) Pogodbe ES ne uporablja.
However, since then, the Commission has acknowledged that the global financial crisis can create a serious disturbance in the economy of Member States and that measures supporting banks are apt to remedy this disturbance in its Communication on the application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis [38] (hereinafter ‘Banking Communication’), its Communication on the recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition [39] (hereinafter ‘Recapitalisation Communication’), the IAC and its Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules (hereinafter ‘Restructuring Communication’) [40].
Vendar od takrat Komisija priznava, da lahko svetovna finančna kriza povzroči resne motnje v gospodarstvu držav članic in da so ukrepi v podporo bankam ustrezni za odpravo teh motenj, in sicer v svojem sporočilu o uporabi pravil o državni pomoči za ukrepe v zvezi s finančnimi institucijami v okviru trenutne svetovne finančne krize [38] (v nadaljnjem besedilu: sporočilo o bančništvu), sporočilu o dokapitalizaciji finančnih institucij v trenutni finančni krizi: omejitev pomoči na najmanjšo potrebno in zaščitni ukrepi za preprečevanje neupravičenega izkrivljanja konkurence [39] (v nadaljnjem besedilu: sporočilo o dokapitalizaciji), v IAC in sporočilu o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči (v nadaljnjem besedilu: sporočilo o prestrukturiranju) [40].
For the United Kingdom this was confirmed in the Commission’s various approvals of the measures undertaken by the United Kingdom to combat the financial crisis [41].
Potrditev o tem je Združeno kraljestvo prejelo v obliki različnih odobritev Komisije glede ukrepov, ki jih je Združeno kraljestvo sprejelo za boj proti finančni krizi [41].
Therefore, as indicated in the extension decision, the legal basis for the assessment of the aid measures should be Article 87(3)(b) of the Treaty.
Kot je navedeno v odločitvi o razširitvi postopka, mora biti torej pravna podlaga za oceno ukrepov pomoči člen 87(3)(b) Pogodbe ES.
The Commission has established that NR, BankCo and AssetCo will benefit from several State aid measures.
Komisija je ugotovila, da bodo banka NR ter družbi BankCo in AssetCo imele koristi od več ukrepov državne pomoči.
Those measures are of different types.
Ti ukrepi so različni.
The split-up of NR is comparable to an impaired asset measure, while the capital injections are recapitalisations.
Delitev banke NR je primerljiva z ukrepom za oslabljena sredstva, medtem ko kapitalski vložki pomenijo dokapitalizacije.
Before assessing the final restructuring plan submitted by the United Kingdom which includes those measures, the Commission will first assess the split-up of NR in the context of the IAC and the recapitalisations in light of the Recapitalisation Communication with a view of verifying whether they are in line with those Communications.
Pred oceno končnega načrta za prestrukturiranje, ki ga je predložilo Združeno kraljestvo in ki vključuje navedene ukrepe, bo Komisija delitev banke NR ocenila v okviru IAC, dokapitalizacije pa v okviru sporočila o dokapitalizaciji, da bi preverila, ali so v skladu z navedenimi sporočili.
The application of the IAC
Uporaba IAC
In the extension decision the Commission indicated that the split-up of NR could be seen as a kind of asset relief measure benefitting the economic activities of NR that remain on the market through BankCo.
Komisija je v odločitvi o razširitvi postopka navedla, da je delitev banke NR mogoče obravnavati kot nekakšen ukrep finančne pomoči v korist gospodarskim dejavnostim banke NR, ki se bodo na trgu ohranile prek družbe BankCo.
The United Kingdom submitted a number of observations in that respect in its comments on the extension decision.
Združeno kraljestvo je v več svojih pripombah o odločitvi o razširitvi postopka predstavilo več ugotovitev.
In particular it pointed out that NR has been 100 % nationalised, that the plan of the split-up was only conceived at a later stage and that prior to the split-up the assets are government-owned.
Izpostavilo je zlasti, da je bila banka NR 100-odstotno nacionalizirana, da je bil načrt delitve pozno zasnovan in da so sredstva do delitve v državni lasti.
Those facts however, do not prevent the application of the IAC, as the effect of the aid measures undertaken by the United Kingdom have resulted in the creation of a bank (BankCo) that is relieved from the impaired assets of its predecessor (NR).
Vendar navedena dejstva ne preprečujejo uporabe IAC, ker je bila na podlagi ukrepov pomoči, ki jih je sprejelo Združeno kraljestvo, vzpostavljena banka (BankCo), ki je razbremenjena oslabljenih sredstev svoje predhodnice (banke NR).
The specific conditions applying to asset relief measures are laid down in the IAC [42].
Posebni pogoji, ki se uporabljajo za ukrepe finančne pomoči, so določeni v IAC [42].
Pursuant to section 5.2 of the IAC, an asset relief measure requires ex-ante transparency and should provide for adequate burden-sharing followed by the correct valuation of the eligible assets and the correct remuneration of the State for the asset relief measure to ensure shareholders’ responsibility.
V skladu z oddelkom 5.2 IAC zahteva ukrep finančne pomoči vnaprejšnjo preglednost in mora zagotoviti ustrezno porazdelitev bremena, ki ji sledi pravilno vrednotenje upravičenih sredstev in ustrezno plačilo državi za ukrep finančne pomoči, da se zagotovi odgovornost delničarjev.
Ex-ante transparency implies a clear identification of the assets and exposure.
Vnaprejšnja preglednost pomeni jasno opredelitev sredstev in izpostavljenosti.
This is necessary to identify the amount of aid in the asset relief measure and to ascertain whether the aid is needed to address a temporary problem or whether the bank in question is technically insolvent.
To je potrebno za določitev zneska pomoči v ukrepu finančne pomoči in za ugotovitev, ali je pomoč potrebna za obravnavanje začasne težave oziroma ali je zadevna banka tehnično plačilno nesposobna.
Concerning the valuation of the impaired assets, point 38 of the IAC provides that where the valuation of assets appears particularly complex, alternative approaches may be considered such as the creation of a ‘good bank’ or public ownership of a bank (including nationalisation).
Glede vrednotenja oslabljenih sredstev točka 38 IAC določa, da se v primeru še zlasti kompleksnega vrednotenja sredstev lahko proučijo drugi pristopi, na primer ustanovitev „dobre banke“ ali javno lastništvo banke (vključno z nacionalizacijo).
In the latter scenario no ex-ante valuation of assets is needed insofar as the valuation is carried out over time in the context of restructuring or liquidation.
V slednjem primeru ni potrebno vnaprejšnje vrednotenje sredstev, če se vrednotenje sčasoma izvede v okviru prestrukturiranja ali likvidacije.
NR was indeed nationalised giving the United Kingdom, as NR’s owner, the opportunity to review and investigate all assets of NR.
Banka NR je bila nacionalizirana, kar je Združenemu kraljestvu kot njenemu lastniku omogočilo pregled in preiskavo vseh njenih sredstev.
According to the IAC, the objective of valuation is to calculate the amount of aid and thus the level of competition distortion for the purposes of determining how far-reaching the restructuring should be.
V skladu z IAC je namen vrednotenja izračun zneska pomoči in s tem raven izkrivljanja konkurence, da bi se ugotovilo, kako daljnosežno prestrukturiranje je potrebno.
In this case, the restructuring can be considered as ‘very’ far-reaching.
V tem primeru se prestrukturiranje lahko obravnava kot zelo daljnosežno.
An ex-ante valuation of assets would, in this case, not lead to the imposition of additional requirements by the Commission concerning the depth of the restructuring.
Predhodno vrednotenje sredstev v tem primeru ne bi povzročilo uvedbe dodatnih zahtev s strani Komisije v zvezi z globino prestrukturiranja.
In view of those two elements, valuation prior to the split up is not necessary.
Ob upoštevanju teh dveh dejstev vrednotenje pred delitvijo ni potrebno.
As regards the valuation of the assets over time, the […] will lead to a valuation of those assets by the market over time.
V zvezi s poznejšim vrednotenjem sredstev bo […] sčasoma privedlo do vrednotenja teh sredstev s strani trga.
Point 41 of the IAC states with regard to the transfer value of the impaired assets that the transfer value for asset purchase or asset insurance measures should be based on their real economic value.
Točka 41 IAC v zvezi z vrednostjo oslabljenih sredstev ob prenosu navaja, da mora ta vrednost pri ukrepih za odkup sredstev ali zavarovanje sredstev temeljiti na njihovi realni ekonomski vrednosti.
Moreover, adequate remuneration for the State must be secured.
Poleg tega mora država prejeti ustrezno povračilo.
Where Member States deem it necessary — notably to avoid technical insolvency — to use a transfer value of the assets that exceeds their real economic value, the aid element contained in the measure is correspondingly larger.
Če države članice menijo, da mora vrednost sredstev ob prenosu presegati njihovo realno ekonomsko vrednost, zlasti zato, da se izogne tehnični plačilni nesposobnosti, je element pomoči iz ukrepa ustrezno večji.
It can only be accepted if it is accompanied by far-reaching restructuring and the introduction of conditions allowing the recovery of this additional aid at a later stage, for example through claw-back mechanisms.
To je sprejemljivo le, če poteka hkrati obsežno prestrukturiranje in se uvajajo pogoji, ki omogočajo črpanje te dodatne pomoči na poznejši stopnji, na primer prek mehanizmov za vračilo sredstev.
The transfer of the assets from NR to AssetCo will occur at book value.
Prenos sredstev z banke NR na družbo AssetCo bo izveden po knjigovodski vrednosti.
The real economic value of the assets as a result of impairments is lower than the transfer value.
Realna ekonomska vrednost sredstev je zaradi oslabitev nižja od vrednosti ob prenosu.
Therefore the asset relief effect is considerable as BankCo is not burdened by those losses.
Zato je učinek finančne pomoči precejšen, saj družbe BankCo ne obremenjujejo navedene izgube.
In accordance with point 41 of the IAC, a far-reaching restructuring of the bank is consequently required.
Zato je v skladu s točko 41 IAC potrebno daljnosežno prestrukturiranje banke.
In this context, it is undisputable that without the aid NR would have been technically insolvent.
V tem kontekstu bi bila banka NR brez pomoči nedvomno tehnično plačilno nesposobna.
NR was nationalised when the United Kingdom’s attempt to sell NR to third parties failed.
Banka NR je bila nacionalizirana, ko je Združenemu kraljestvu ni uspelo prodati tretjim osebam.
This is furthermore evidenced by the waivers obtained by NR from the FSA, firstly to include all its Tier-2 capital to its regulatory capital position and subsequently to operate below regulatory capital requirements.
To dodatno dokazujejo odpusti, ki jih je banka NR prejela od organa za finančne storitve, najprej glede vključitve kapitala drugega reda v njen predpisan kapitalski položaj in pozneje glede poslovanja pod predpisanimi kapitalskimi zahtevami.
From the submission of the UK authorities it appears that if the bank was not split-up, a capital injection of at least GBP 6 billion (for comparison, before the crisis, the bank’s capital was less than GBP 2 billion) would be necessary for the bank to be viable.
Glede na pripombe Združenega kraljestva je mogoče sklepati, da bi bil v primeru nedelitve banke za njeno preživetje potreben kapitalski vložek v višini vsaj 6 milijard GBP (za primerjavo, pred krizo je kapital banke znašal manj kot 2 milijardi GBP).
Without the State intervention, the split-up of NR and the subsequent continuation of its economic activities by BankCo would not have been possible.
Brez državne intervencije ne bi bila mogoča delitev banke NR in družba BankCo pozneje ne bi mogla nadaljevati izvajanje njenih gospodarskih dejavnosti.
The fact that the majority of NR’s assets remain in AssetCo allows BankCo to avoid the losses on those assets and the subsequent depletion of its capital.
Ker večina sredstev banke NR ostaja v družbi AssetCo, se lahko ta družba izogne izgubam teh sredstev in poznejšemu izčrpanju kapitala.