natgillin/translations-raw huggingface dataset:
Commission decision of 5 December 2007, Northern Rock, case NN 70/07 (OJ C 43, 16.2.2008), and press release IP/08/1557 of 16 February 2008.
Odločitev Komisije z dne 5. decembra 2007, Northern Rock, zadeva NN 70/07 (UL C 43, 16.2.2008) in izjava za javnost IP/08/1557 z dne 16. februarja 2008.
OJ C 72, 26.3.2009 p. 1.
UL C 72, 26.3.2009, str. 1.
See, along these lines, the judgment of 16 May 2002 in case C-482/99 France v Commission (Stardust judgment) [2002] ECR I-4397, paragraphs 52 and 58.
Glej v tem smislu sodbo z dne 16. maja 2002 v zadevi Francija proti Komisiji (tako imenovana sodba Stardust), C-482/99, Recueil, str. I-4397, točki 52 in 58.
Case France v Commission, cited above, paragraphs 52, 55 and 56.
Francija proti Komisiji, kot je navedeno v prejšnji opombi, točke 52, 55 in 56.
Stardust judgment cited above, paragraphs 56 and 57:‘(56) Other indicators might, in certain circumstances, be relevant in concluding that an aid measure taken by a public undertaking is imputable to the State, such as, in particular, its integration into the structures of the public administration, the nature of its activities and the exercise of the latter on the market in normal conditions of competition with private operators, the legal status of the undertaking (in the sense of its being subject to public law or ordinary company law), the intensity of the supervision exercised by the public authorities over the management of the undertaking, or any other indicator showing, in the particular case, an involvement by the public authorities in the adoption of a measure or the unlikelihood of their not being involved, having regard also to the compass of the measure, its content or the conditions which it contains.(57) However, the mere fact that a public undertaking has been constituted in the form of a capital company under ordinary law cannot, having regard to the autonomy which that legal form is capable of conferring upon it, be regarded as sufficient to exclude the possibility of an aid measure taken by such a company being imputable to the State (Case C-305/89 Italy v Commission, cited above, paragraph 13).
Zgoraj navedena sodba Stardust, točki 56 in 57:„(56) Poleg tega bi lahko bili po potrebi za ugotovitev, da je državi mogoče pripisati ukrep pomoči, ki ga je sprejelo javno podjetje, upoštevani tudi drugi indici, kot je zlasti njegova integracija v strukturo javne uprave, narava njegovih dejavnosti in njihovo izvajanje na trgu v običajnih razmerah konkurence z drugimi zasebnimi gospodarskimi subjekti, pravni status podjetja, ali to spada v javno pravo ali pravo družb, intenzivnost vpliva javnih organov na upravljanje podjetja in drugi indici, ki v posameznem primeru kažejo na vpletenost javnih organov ali na težko verjetni neobstoj vpletenosti pri sprejetju ukrepa, tudi ob upoštevanju razsežnosti tega, njegove vsebine ali pogojev, ki jih vsebuje.(57) Če okoliščina, da je javno podjetje ustanovljeno v obliki kapitalske družbe splošnega prava, ob upoštevanju avtonomije, ki mu jo lahko daje taka pravna oblika, ni dovolj za izključitev dejstva, da se nek ukrep pomoči, ki ga je sprejela taka družba, pripiše državi (glej v tem smislu zgoraj navedeno sodbo z dne 21. marca 1991 v zadevi Italija proti Komisiji, C-305/89, točka 13).
The existence of a situation of control and the real possibilities of exercising a dominant influence which that situation involves in practice makes it impossible to exclude from the outset any imputability to the State of a measure taken by such a company, and hence the risk of an infringement of the Treaty rules on State aid, notwithstanding the relevance, as such, of the legal form of the public undertaking as one indicator, amongst others, enabling it to be determined in a given case whether or not the State is involved.’
Obstoj položaja nadzora in dejanske možnosti izvajanja prevladujočega vpliva v praksi preprečujejo takojšnjo izključitev vsakršne povezanosti države z ukrepom, ki ga je sprejela takšna družba, in posledično tveganje nespoštovanja pravil Pogodbe v zvezi z državnimi pomočmi, ne glede na samo upoštevnost pravne oblike javnega podjetja za indic, ki med drugim v posameznem primeru omogoča ugotovitev vpletenosti države.“
In the Air France judgment, these elements sufficed to justify CDC being considered as a public-sector body whose conduct is imputable to the State (see in particular paragraphs 58 to 61 of the judgment of 12 December 1996 in case T-358/94 Air France v Commission [1996] ECR II-2019).
V sodbi, imenovani Air France, je bilo mogoče na podlagi tega upravičeno ugotoviti, da se družba CDC šteje za ustanovo javnega sektorja, katere ravnanje je mogoče pripisati državi (glej zlasti točke od 58 do 61 sodbe z dne 12. decembra 1996 v zadevi Air France proti Komisiji, T-358/94, Recueil, str. II-2019).
See, in particular, the judgment of the Court of Justice of 2 February 1988 in joined cases 67, 68 and 90/85, Van der Kooy and others v Commission [1988] ECR 219, paragraph 36.
Glej zlasti sodbo Sodišča z dne 2. februarja 1988 v združenih zadevah Van der Kooy in drugi proti Komisiji, 67, 68 in 90/85, Recueil, str. 219, točka 36.
Since its letter to the Member States of 17 September 1984 (SG(84) D/11853) on the application of Articles 92 and 93 of the EEC Treaty to public holdings in company capital, the Commission has specified that the principle of the private investor in a market economy applies only under normal market conditions.
Komisija je po dopisu državam članicam z dne 17. septembra 1984 (SG(84) D/11853) o uporabi členov 92 in 93 Pogodbe EGS za kapitalske deleže, ki jih imajo javni organi v podjetjih, pojasnila, da se načelo zasebnega vlagatelja v tržnem gospodarstvu uporablja samo v običajnih tržnih razmerah.
The Court confirmed this point in its WestLB judgment of 6 March 2003 in joined cases T-228/99 and T-233/99, Westdeutsche Landesbank Girozentrale v Commission [2003] ECR II-435, paragraph 267.
Sodišče je to potrdilo v sodbi WestLB z dne 6. marca 2003, T-228/99 in T-233/99, v združenih zadevah Westdeutsche Landesbank Girozentrale proti Komisiji, Recueil, str. II-435, točka 267.
See the Meura judgment of 10 July 1986Belgium v Commission [1986] ECR 2263, paragraph 14.
Glej sodbo Meura z dne 10. julija 1986 v zadevi Belgija proti Komisiji, Recueil, str. 2263, točka 14.
See the Commission decisions of 2005 relating to the recapitalisation of the German ‘Landesbanken’, such as NN 71/05, HSH Nordbank, and NN 72/05, Bayern LB, not published in the OJ.
Glej odločitve Komisije iz leta 2005 o dokapitalizaciji nemških „Landesbanken“, na primer NN 71/2005, HSH Nordbank, in NN 72/05, Bayern LB, neobjavljene v UL.
West LB judgement, cited above, paragraph 255.
Zgoraj navedena sodba West LB, točka 255.
See also Decision Northern Rock and press release IP/08/1557.
Glej tudi odločitev Northern Rock, zadeva NN 70/07 in izjavo za javnost IP/08/1557.
6,376 – (0,150 + 0,350 + 0,288 + 0,376) = EUR 5,212 billion.
6,376 – (0,150 + 0,350 + 0,288 + 0,376) = 5,212 milijarde EUR.
The maximum amount of Dexia’s liabilities covered by the guarantee has never exceeded EUR 100 billion, even between 9 October 2008 and 1 November 2009, the period during which the maximum amount under the guarantee agreement was EUR 150 billion. The maximum amount of guarantees used by Dexia is EUR 95,6 billion, an amount recorded on 27 May 2009.
Najvišji znesek obveznosti skupine Dexia, ki so bile zavarovane z jamstvom, ni nikoli presegel 100 milijard EUR, niti med 9. oktobrom 2008 in 1. novembrom 2009, v obdobju, ko je najvišji znesek iz naslova pogodbe o jamstvu znašal 150 milijard EUR. Najvišji znesek jamstev, ki jih je uporabila Dexia, znaša 95,6 milijarde EUR. Ta znesek je bil evidentiran 27. maja 2009.
See point 20.
Glej točko 20.
See in particular the Commission Decision of 15 December 2009, LBBW, case C 17/09 (not yet published), and press release IP/09/1927 of 15 December 2009.
Glej zlasti odločitev Komisije z dne 15. decembra 2009, LBBW, v zadevi C17/09, še neobjavljena, in izjavo za javnost IP/09/1927 z dne 15. decembra 2009.
At the exchange rate of EUR 1 for USD 1.2816 applicable on 30 January 2009.
Po menjalnem tečaju 1 EUR za 1,2816 USD, ki se je uporabljal 30. januarja 2009.
See in particular the Commission decisions in State aid cases N 574/08, State guarantee for Fortis (OJ C 38, 17.2.2009, p. 2); NN 42/08, Fortis (OJ C 80, 3.4.2009, p. 7); NN 57/09, Emergency aid for Ethias (OJ C 176, 29.7.2009, p. 1); C 18/09 KBC (OJ C 216, 10.9.2009, p. 10); decision of 18 November 2009, C 18/09, KBC (not yet published); N 548/08, Scheme for refinancing financial institutions – France (OJ C 123, 3.6.2009, p. 1); N 251/09, Extension of the refinancing scheme for financial institutions – France (OJ C 174, 28.7.2009, p. 2); N 613/08, Capital-injection scheme – France (OJ C 106, 8.5.2009, p. 15); N 29/09, Amendment to the capital-injection scheme – France (OJ C 116, 21.5.2009, p. 5); C 123/09, Amendment to the capital-injection scheme – France (OJ C 123, 3.6.2009, p. 3); N 23/09, Temporary scheme for aid in the form of guarantees – France (OJ C 62, 17.3.2009, p. 11); N 128/09, Temporary guarantee scheme with a view to economic recovery – Luxembourg (OJ C 106, 8.5.2009, p. 9).
Glej zlasti odločitve Komisije v zadevah v zvezi z državnimi pomočmi N 574/08, Garantie Fortis (UL C 38, 17.2.2009, str. 2); NN 42/08, Fortis (UL C 80, 3.4.2009, str. 7); NN 57/09, nujna pomoč za Ethias (UL C 176, 29.7.2009, str. 1); C 18/09 KBC (UL C 216, 10.9.2009, str. 10); odločitev z dne 18. novembra 2009, C 18/09 KBC, še neobjavljena; N 548/08, Ukrepi refinanciranja v korist finančnih institucij – Francija (UL C 123, 3.6.2009, str. 1); N 251/09, Podaljšanje instrumenta refinanciranja v korist finančnih institucij – Francija (UL C 174, 28.7.2009, str. 2); N 613/08, Instrument dokapitalizacije – Francija (UL C 06, 8.5.2009, str. 15); N 29/09, Sprememba sheme za dokapitalizacijo – Francija (UL C 116, 21.5.2009, str. 5); C 123/09, Sprememba instrumenta dokapitalizacije – Francija (UL C 123, 3.6.2009, str. 3); N 23/09, Začasna shema pomoči v obliki jamstev – Francija (UL C 62, 17.3.2009, str. 11); N 128/09, Začasna jamstvena shema za oživitev gospodarstva – Luksemburg (UL C 106, 8.5.2009, str. 9).
See in particular point 31 of the Restructuring Communication.
Glej zlasti točko 31 Sporočila o prestrukturiranju.
See recital 64.
Glej uvodno izjavo 64.
For example, for the EUR 161,7 billion of assets comprising the LPMD division at 31 December 2009, 97 % have an ‘investment grade’ rating (AAA 32 %, AA 28 %, A 25 %, BBB 12 %).
Na primer, od 161,7 milijarde EUR sredstev, ki so sestavljala sektor LPMD na dan 31. decembra 2009, jih ima 97 % višjo bonitetno oceno („investment grade“) (AAA 32 %, AA 28 %, A 25 %, BBB 12 %).
At 30 September 2009.
Na dan 30. septembra 2009.
See in particular Basel Committee on Banking Supervision, International framework for liquidity risk measurement, standards and monitoring (Consultative Document), December 2009.
Glej zlasti Baselski odbor za bančni nadzor, International framework for liquidity risk measurement, standards and monitoring (Consultative Document), december 2009.
See point 9 of Annex I to this decision.
Glej točko 9 Priloge I k temu sklepu.
See State aid: Commission recalls rules concerning Tier 1 and Tier 2 capital transactions for banks subject to a restructuring aid investigation, MEMO/09/441 of 8 October 2009, available at the Commission Internet site at: http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/441&format=HTML&aged=0&language=FR&guiLanguage=fr
Glej „State aid: Commission recalls rules concerning Tier 1 and Tier 2 capital transactions for banks subject to a restructuring aid investigation“, MEMO/09/441 z dne 8. oktobra 2009, ki je na voljo na spletni strani Komisije na naslovu: http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/09/441
See in particular the Commission Decision regarding concentrations in case M. 2400 (Dexia/Artesia).
Glej zlasti odločitev Komisije v zvezi s koncentracijami v zadevi M. 2400 (Dexia/Artesia).
In this decision, the Commission points out that Dexia is a heavily dominant player in the Belgian market with a market share of 80 % to 85 % of the national ‘local authorities’ financing market and of 65 % to 70 % if non-local authorities, like regions or communities, are also taken into account.
Komisija v tej odločitvi navaja, da je Dexia skrajno prevladujoč akter na belgijskem trgu, z več kot 80- do 85-odstotnim tržnim deležem na nacionalnem trgu financiranja lokalnih organov in s 65- do 70-odstotnim tržnim deležem, če se upoštevajo tudi nelokalni organi, kot so regije in skupnosti.
In France, according to the information available to the Commission, Dexia Crédit Local accounts for the lion’s share, i.e. [40-45] %, of the stock of long-term loans to the local authorities, its main competitors being the savings banks (about 20 %), Crédit Agricole (about 15 %), Société Générale and BNP Paribas.
V Franciji ima po informacijah, ki jih ima na voljo Komisija, Dexia Crédit Local največji, to je [40–45] %, delež stanja dolgoročnih posojil lokalnim skupnostim, pri čemer so njeni največji konkurenti Caisses d’épargne (približno 20 %), Crédit Agricole (približno 15 %), Société Générale in BNP Paribas.
In Italy, according to the information available to the Commission, four banking groups share 80 % of the market, with Dexia in second place (about [20-30] %) after Cassa Depositi et Prestiti (‘CDP’).
V Italiji si po informacijah, ki jih ima na voljo Komisija, štiri bančne skupine delijo 80 % trga, pri čemer je Dexia na drugem mestu (približno [20–30] %) za skupino Cassa Depositi e Prestiti (CDP).
The other two players are Intesa SanPaolo (14 %) and BNL (10 %).
Druga dva akterja sta Intesa SanPaolo (14 %) in BNL (10 %).
A certain number of factors tend to indicate, inter alia, that the tendering procedures are not always organised transparently and openly and that the costs of transfers are quite high for the local authorities (especially as the historical operating banks offer a whole range of services to the authorities, such as treasury management services, financing being only one aspect).
Številni elementi med drugim kažejo, da javni razpisi niso vedno pregledni in odprti ter da so transferni stroški lokalnih skupnosti precej visoki (zlasti zato, ker banke kot tradicionalni ponudniki skupnostim ponujajo vrsto storitev, kot so storitve upravljanja denarnih sredstev, katerih financiranje je le eden od elementov).
See point 2 of Annex I to this Decision.
Glej točko 2 Priloge I k temu sklepu.
COMMITMENTS OF THE MEMBER STATES CONCERNED NOTIFIED TO THE COMMISSION ON 9 FEBRUARY 2010
ZAVEZE ZADEVNIH DRŽAV ČLANIC, KI SO BILE KOMISIJI PRIGLAŠENE 9. FEBRUARJA 2010
Behavioural commitments
Vedenjske zaveze
Unless otherwise specified, the commitments below, with the exclusion of the commitment under point 7 below, shall apply until 31 December 2014.
Razen če ni drugače določeno, spodnje zaveze, razen zaveze iz točke 7, veljajo do 31. decembra 2014.
Until 31 December 2011, Dexia SA and the subsidiaries over which it exercises exclusive or joint control (‘Dexia’) shall not make any acquisition of more than 5 % of the share capital of other credit institutions or investment firms (within the meaning of Directive 2004/39/EC of 21 April 2004 on markets in financial instruments) or insurance companies, unless authorised to do so by the Commission.
Dexia SA in odvisne družbe, nad katerimi ima izključni ali deljeni nadzor (v nadaljnjem besedilu: Dexia), do 31. decembra 2011 ne bodo pridobile več kot 5 % lastniškega kapitala drugih kreditnih institucij ali naložbenih podjetij (v smislu Direktive 2004/39/ES z dne 21. aprila 2004 o trgih finančnih instrumentov) ali zavarovalnic, razen če jim bo to dovolila Komisija.
The commitment above shall not impede the acquisition by Dexia, subject to the prior agreement of the Commission, of a holding, as remuneration for a contribution of holdings or business activities carried out as part of a divestment or pooling (by merger or contribution) of assets or business activities, provided that, in such a case, this holding does not confer on Dexia the exclusive or joint control of the entity receiving the contribution or resulting from the merger.
Zgornja zaveza pa skupini Dexia ne preprečuje, da ob predhodnem soglasju Komisije pridobi delež kot nadomestilo za naložbo v delnice ali dejavnosti, izvedeno v okviru odprodaje ali združevanja (z združitvijo ali vložkom) sredstev ali dejavnosti, če v takem primeru Dexia z navedenim deležem ne pridobi izključnega ali deljenega nadzora nad subjektom, ki vložek prejme, ali če izhaja iz združitve.
Dexia shall inform the Commission in advance of any acquisition plans, including any plans considered by undertakings over which Dexia exercises joint control.
Skupina Dexia Komisijo predhodno obvesti o vseh načrtovanih prevzemih, vključno s tistimi, ki jih načrtujejo podjetja, nad katerimi ima Dexia deljeni nadzor.
Dexia shall refrain from lending to its PWB customers at a level of risk-adjusted return on capital (‘RAROC’) below 10 %.
Skupina Dexia svojim strankam PWB posojil ne daje po stopnji tveganju prilagojene donosnosti kapitala (RAROC), nižji od 10 %.
The RAROC shall be calculated as the ratio between the net margin after tax and the economic capital.
Pri izračunu stopnje RAROC se neto marža po obdavčitvi navezuje na ekonomski kapital.
Within the meaning of this commitment letter:
V smislu tega dopisa o zavezah,
the gross margin is the difference between the margin invoiced to the customer (expressed in basis points above the IBOR reference rate) and Dexia’s funding cost (expressed in basis points above the IBOR reference rate) represented by the internal transfer price;
je bruto marža razlika med maržo, ki se zaračuna stranki (izraženo z bazičnimi točkami nad referenčno obrestno mero IBOR), in stroški financiranja skupine Dexia (izraženimi z bazičnimi točkami nad referenčno obrestno mero IBOR), ki jih pomeni notranja prenosna cena;
the internal transfer price will reflect the estimated cost of Dexia’s new funding, taking account of the characteristics (maturity, eligibility for funding by covered bonds, etc.) of the loans to PWB customers;
notranja prenosna cena izraža ocenjeni strošek novega financiranja skupine Dexia ob upoštevanju značilnosti posojil (ročnost, primernost za refinanciranje z zavarovanimi obveznicami itd.), dodeljenih strankam PWB;
the net margin is equal to the gross margin less (i) costs of all kinds (overheads, salary costs, operating costs, amortisation and depreciation, etc.) estimated on the basis of the observation of the costs of lending to PWB customers, (ii) cost of average risk calculated for each transaction in accordance with the Basel II methodology (cost of average risk over a long period) and (iii) a tax charge.
neto marža je enaka bruto marži, zmanjšani za (i) vse vrste stroškov (splošni stroški, stroški plač, stroški poslovanja, amortizacije itd.), ocenjenih na podlagi spremljanja stroškov dejavnosti posojil strankam PWB, (ii) stroške srednjeročnega tveganja, ki se za vsako transakcijo izračunajo ob upoštevanju metodologije Basel II (stroški srednjeročnega tveganja v daljšem obdobju) in (iii) davčno breme.
The economic capital is calculated in accordance with the Basel II methodology.
Ekonomski kapital se izračuna po metodologiji Basel II.
An independent expert shall be appointed, in accordance with the terms and conditions set out under point 17 below, to verify every six months that:
V skladu s podrobnimi pravili iz spodnje točke 17 je pooblaščen neodvisen strokovnjak, ki vsakih šest mesecev preveri, ali
the RAROC within the meaning of this commitments letter and its components (costs of new funding, overheads, wage costs, operating expenses, amortisation and depreciation, cost of risk, tax charge, etc.) reflects the contribution of the activity of lending to PWB customers to the profitability of the group;
stopnja RAROC v smislu tega dopisa in njene sestavine (stroški novega financiranja, splošni stroški, stroški plač, stroški poslovanja, amortizacije, stroški tveganja, davčno breme itd.) izražajo prispevek dejavnosti dodeljevanja posojil strankam PWB k dobičkonosnosti skupine;
The calculation of the RAROC is correct; and
je izračun stopnje RAROC pravilen, ter
The methodology is respected.
je upoštevana metodologija.
The independent expert shall verify every six months that the commitment entered into under point 3(a) is respected.
Neodvisni strokovnjak vsakih šest mesecev preveri, ali je upoštevana zaveza iz točke 3(a).
The independent expert shall have access to Dexia’s internal rules of procedure, specifying and generalising the use of the RAROC (within the meaning of this commitments letter) and to the list and conditions of each loan granted by Dexia to its PWB customers.
Neodvisni strokovnjak ima dostop do poslovnika skupine Dexia, v katerem je pojasnjena in določena splošna uporaba stopnje RAROC (v smislu tega dopisa o zavezah), ter do seznama in pogojev za vsa posojila, ki jih je Dexia dodelila svojim strankam PWB.
Dexia shall end the intra-group finance currently made available to its Turkish subsidiary DenizBank by 30 June 2011 at the latest and shall not grant it any new financing until 31 December 2014.
Dexia najpozneje do 30. junija 2011 v celoti ukine financiranje, ki ga zdaj namenja svoji turški odvisni družbi DenizBank, pri čemer se zavezuje, da ji do 31. decembra 2014 ne bo zagotovila novega financiranja znotraj skupine.
Dexia shall reduce the proportion of short-term funding in its balance sheet and shall lengthen the average maturity of its long-term funding.
Dexia zmanjša delež kratkoročnih oblik financiranja v svoji bilanci stanja in podaljša povprečno ročnost svojih dolgoročnih oblik financiranja.
Compliance with this commitment shall be assessed overall by means of three quantitative indicators.
Upoštevanje te zaveze se presoja na splošno z uporabo treh količinskih kazalnikov.
In this context:
V okviru tega:
Dexia shall lengthen the maturity of its funding and shall reduce its duration gap by maintaining the average term of the liabilities of the group as defined in Annex II to this decision, at a level above or equal to the levels below:
Dexia bo podaljšala ročnost svojega financiranja in zmanjšala vrzel v dospelosti, tako da bo povprečno ročnost obveznosti skupine, kot so opredeljene v Prilogi II k temu sklepu, obdržala na ravni, ki bo najmanj enaka spodnjim ravnem:
(years)
(leta)
Dexia shall increase its stable sources of funding.
Dexia okrepi svoje stabilne vire financiranja.
A ratio shall be calculated, with the numerator equal to the sum of the funding in the form of covered bonds and the funding in the form of RCB and PWB commercial deposits and with the denominator equal to the sum of all the assets of the Dexia group.
Izračuna se razmerje, katerega števec je enak vsoti financiranja z zavarovanimi obveznicami, financiranja z depoziti podjetij v okviru dejavnosti RCB in PWB, njegov imenovalec pa je enak vsoti vseh sredstev skupine Dexia.
This ratio, equal to 36 % at 31 December 2009, must be above or equal to 40 % at 31 December 2010, above or equal to 45 % at 31 December 2011, above or equal to 53 % at 31 December 2012, above or equal to 55 % at 31 December 2013 and above or equal to 58 % at 31 December 2014.
To razmerje, ki je na dan 31. decembra 2009 znašalo 36 %, bo moralo na dan 31. decembra 2010 znašati najmanj 40 %, na dan 31. decembra 2011 najmanj 45 %, na dan 31. decembra 2012 najmanj 53 %, na dan 31. decembra 2013 najmanj 55 % in na dan 31. decembra 2014 najmanj 58 %.
Until 31 October 2014, Dexia:
Dexia do 31. oktobra 2014:
shall not use its status as a bank with a guarantee by the States for some of its commitments for commercial advertising purposes in relation to third parties other than third party beneficiaries; and
svojega statusa banke, ki ima nekatere obveznosti zavarovane z jamstvom držav, ne uporabi za namene komercialnega oglaševanja pri tretjih osebah, ki niso upravičene tretje osebe, ter
shall not use the guarantee for purely arbitrage transactions.
jamstva ne uporabi za posle, ki so zgolj in samo arbitraža.