natgillin/translations-raw huggingface dataset:
The Member States concerned do not share the doubts raised by the Commission concerning the capability of the initial restructuring plan notified to the Commission in February 2009 to restore the long-term viability of the bank, to prevent excessive distortions of competition and to ensure appropriate burden-sharing of the restructuring costs.
Zadevne države članice ne soglašajo s pomisleki Komisije glede zmožnosti, da bi se s prvotnim načrtom prestrukturiranja, ki je bil Komisiji priglašen februarja 2009, ponovno vzpostavilo dolgoročno uspešno poslovanje banke, preprečilo neupravičeno izkrivljanje konkurence in zagotovila ustrezna porazdelitev stroškov prestrukturiranja.
In fact, in their observations, the Member States concerned consider that the measures notified to the Commission allow Dexia’s long-term viability to be ensured in so far as:
Zadevne države članice namreč v pripombah menijo, da je z ukrepi, priglašenimi Komisiji, mogoče zagotoviti dolgoročno uspešno poslovanje skupine Dexia, ker
the planned reduction of Dexia’s bond portfolio for 2010 amounts to EUR [15-30] billion (of which EUR […] billion in sales), the same amount as for 2011, which seems credible and even rather conservative in the light of Dexia’s recent experience,
predvideno zmanjšanje portfelja obveznic skupine Dexia za leto 2010 znaša [15–30] milijard EUR (od tega […] milijard EUR iz odprodaj), enako kot znesek za leto 2011, kar se zdi verjetna in celo konservativna napoved glede na nedavne izkušnje skupine Dexia,
the liquidity recovery scenario, with the aim in particular of reducing Dexia’s short-term funding needs by EUR 100 billion at the end of 2010, is realistic, especially on account of the recovery in funding conditions on the bond market and the mortgage bond market,
je scenarij ponovne vzpostavitve likvidnosti, katerega namen je med drugim do konca leta 2010 zmanjšati potrebe skupine Dexia po kratkoročnem financiranju za 100 milijard EUR, realen, zlasti zaradi ponovne vzpostavitve pogojev financiranja na trgu obveznic in trgu hipotekarnih obveznic,
the macroeconomic assumptions underlying Dexia’s restructuring plan are very conservative,
so makroekonomske predpostavke, na katerih temelji načrt prestrukturiranja skupine Dexia, zelo konservativne,
the uncertainties referred to by the Commission concerning the future trend in the market for local authority financing have only a limited impact on Dexia’s activities, in so far as this market is not very sensitive to macroeconomic conditions and, moreover, a decline in the new turnover in loans to the local authorities has a marginal impact on Dexia’s income.
negotovosti, ki jih je Komisija navedla v zvezi s prihodnjim razvojem trga financiranja lokalnih skupnosti, le malo vplivajo na dejavnost skupine Dexia, saj ta trg ni občutljiv na makroekonomske pogoje, upad novih posojil lokalnim skupnostim pa tudi sicer neznatno vpliva na prihodke skupine Dexia.
In addition, the Member States concerned emphasise that all the restructuring measures notified in February 2009 concern profitable activities, whether PWB activities or the reduction of the scope of the RCB activities.
Zadevne države članice še poudarjajo, da vsi ukrepi prestrukturiranja, priglašeni februarja 2009, zadevajo dobičkonosne dejavnosti, tako pri dejavnostih PWB kot pri zmanjšanju obsega dejavnosti RCB.
Consequently, all the measures proposed must be taken into account in the evaluation of the measures designed to reduce excessive distortions of competition.
Posledično je treba vse predlagane ukrepe upoštevati pri oceni ukrepov za zmanjšanje neupravičenega izkrivljanja konkurence.
Finally, the Member States concerned consider that the Commission’s evaluation of the aid amount in its decision of 13 March 2009 is inaccurate as it adds together incorrect amounts of different types in order to arrive at total aid in the order of EUR [170-210] billion. This amount, on the basis of which the burden-sharing of the restructuring costs between Dexia and the Member States concerned is to be evaluated, would therefore be an overestimate.
Nazadnje, zadevne države članice menijo, da je ocenjeni znesek pomoči iz odločitve Komisije z dne 13. marca 2009 nepravilen, ker so sešteti napačni in neenakovredni zneski, na podlagi katerih je dobljen skupni znesek pomoči v višini [170–210] milijard EUR. Ta znesek, ki je podlaga za oceno porazdelitve stroškov prestrukturiranja med skupino Dexia in zadevne države članice, naj bi bil torej previsok.
Conversely, according to the Member States concerned, Dexia’s participation in the restructuring costs is underestimated in so far as it does not take account of the reduction in new turnover in loans foreseen by Dexia and the Member States concerned in the restructuring plan, which must be considered as an own contribution by Dexia to the restructuring costs.
Po drugi strani je ocenjena udeležba skupine Dexia pri stroških prestrukturiranja po mnenju zadevnih držav članic prenizka, ker ne upošteva zmanjšanja dejavnosti novih posojil, ki so ga Dexia in zadevne države članice predvidele v načrtu prestrukturiranja in ki ga je treba šteti za lasten prispevek skupine Dexia k stroškom prestrukturiranja.
In conclusion, the Member States concerned support the Commission’s decision to authorise the FSA measure definitively in order to allow the sale of FSA to Assured Guaranty, which is an essential component of restoring viability and reducing the risk profile of the group.
Skratka, zadevne države članice se strinjajo z odločitvijo Komisije, da dokončno odobri ukrep za družbo FSA in tako omogoči odprodajo družbe FSA družbi Assured Guaranty, ki je bistvena za ponovno vzpostavitev uspešnega poslovanja in zmanjšanje profila tveganja skupine.
On the other hand, they consider the Commission’s doubts concerning the other measures to be unfounded.
Po drugi strani menijo, da so dvomi Komisije glede drugih ukrepov neutemeljeni.
OBSERVATIONS OF THE MEMBER STATES ON THE RESTRUCTURING PLAN
PRIPOMBE DRŽAV ČLANIC GLEDE NAČRTA PRESTRUKTURIRANJA
As a supplement to the observations above, made on the basis of the initial restructuring plan notified to the Commission in February 2009, the Member States concerned informed the Commission of their observations on the complementary restructuring measures notified to the Commission on 9 February 2010.
Zadevne države članice so Komisiji v dopolnitev zgoraj navedenih pripomb v zvezi s prvotnim načrtom prestrukturiranja, ki je bil Komisiji priglašen februarja 2009, poslale pripombe glede dodatnih ukrepov prestrukturiranja, ki so bili Komisiji priglašeni 9. februarja 2010.
The Member States concerned also emphasise that, to assess the restructuring plan, the Commission will have to take account of the objective differences between Dexia’s situation and that of the other banking institutions for which the Commission has approved restructuring plans in recent months.
Zadevne države članice še poudarjajo, da mora Komisija pri presoji načrta prestrukturiranja upoštevati objektivne razlike med položajem skupine Dexia in položajem drugih bančnih ustanov, katerih načrt prestrukturiranja je Komisija odobrila v zadnjih mesecih.
In particular, unlike these other institutions:
Natančneje, za razliko od drugih ustanov:
Dexia has already returned to profitability, with a positive net result since the first quarter of 2009 and during the following quarters,
Dexia že zdaj znova posluje z dobičkom, saj je neto pozitivni poslovni izid imela že v prvem četrtletju leta 2009 in v naslednjih četrtletjih,
the execution of the plan ensuring Dexia’s return to long-term viability has already made good progress, especially with the sale of FSA and the reduction in the short-term funding need of EUR 100 billion, an objective already 75 % achieved in the third quarter of 2009,
se načrti za ponovno vzpostavitev dolgoročnega uspešnega poslovanja skupine Dexia že obširno izvajajo, zlasti z odprodajo družbe FSA in zmanjšanjem potrebe po kratkoročnem financiranju za 100 milijard EUR, cilj, ki je bil v 75 % dosežen v tretjem četrtletju 2009,
the risk profile of Dexia’s core business activities (PWB and RCB) is intrinsically weak.
profil tveganja glavnih dejavnosti skupine Dexia (PWB in RCB) je sam po sebi nizek.
The remuneration expected by a market investor takes account of this differentiation factor and allows a lower return on equity (ROE) than that of other higher risk institutions,
Ta razlikovalni dejavnik je upoštevan pri nadomestilu, ki ga pričakuje tržni vlagatelj in ki omogoča nižjo stopnjo donosa na lastniški kapital kot pri drugih bolj tveganih ustanovah,
Dexia has paid and will continue to pay the Member States concerned remuneration for the aid granted. This remuneration is significant, with the level in certain cases (notably the guarantee on FSA’s FP portfolio) exceeding the level laid down in the Commission guidelines.
je Dexia zadevnim državam članicam v zameno za dodeljeno pomoč izplačala precejšnje nadomestilo, ki je v nekaterih primerih (zlasti jamstvo za portfelj finančnih proizvodov (FP) družbe FSA) višje od nadomestila, določenega s smernicami Komisije.
The Commission must assess whether the measures in question are State aid within the meaning of Article 107(1) TFEU.
Komisija mora presoditi, ali zadevni ukrepi pomenijo državno pomoč v smislu člena 107(1) PDEU.
This Article stipulates that: ‘Save as otherwise provided in the Treaties, 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 shall, in so far as it affects trade between Member States, be incompatible with the internal market.’
Navedeni člen namreč določa, da je, „razen če Pogodbi ne določata drugače, 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 z notranjim trgom, kolikor prizadene trgovino med državami članicami“.
The Commission must therefore examine, for each measure, whether the cumulative criteria set out in Article 107(1) TFEU are met.
Komisija mora torej za vsak ukrep proučiti, ali so izpolnjena kumulativna merila iz člena 107(1) PDEU.
Regarding the existence of aid relating to the capital increase, the Commission refers to its decision of 13 March 2009, in which it established that the interventions of the Belgian State and regions and of the French and Luxembourg States constitute State aid within the meaning of Article 107(1) TFEU.
Kar zadeva obstoj pomoči, povezane z dokapitalizacijo, se Komisija sklicuje na odločitev z dne 13. marca 2009, v kateri je ugotovila, da pomoč Belgije in belgijskih regij ter Francije in Luksemburga pomeni državno pomoč v smislu člena 107(1) PDEU.
The Commission considers, moreover, that in the specific circumstances of the case, the behaviour of CDC and Holding Communal can also be attributed to the State.
Poleg tega Komisija glede na posebne okoliščine tega primera meni, da je tudi ravnanje družb CDC in Holding Communal mogoče pripisati državi.
According to the case-law, the mere fact that an economic operator is under State control is not sufficient for measures taken by that operator to be attributed to the State [28].
V skladu s sodno prakso zgolj dejstvo, da je gospodarski subjekt pod državnim nadzorom, ne zadostuje za to, da bi se ukrepi, ki jih sprejme ta subjekt, pripisali državi. [28] Ker pa bi Komisija zaradi privilegiranih odnosov med družbama CDC in Holding Communal po eni strani in zadevno državo po drugi zelo težko dokazala, da so bile v obravnavanem primeru odločitve za kapitalske vložke v skupino Dexia dejansko sprejete po navodilih javnih organov, iz sodne prakse Sodišča tudi izhaja, da je mogoče te ukrepe pripisati državi na podlagi več indicev, značilnih za okoliščine, v katerih so bili ti ukrepi sprejeti.
Indicators such as, in particular, ‘integration [of the undertaking] 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’ may be relevant to conclude that an aid measure taken by a public undertaking is imputable to the State [30].
Indici, kot na primer „integracija podjetja 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 ali 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“, so lahko upoštevni za to, da se državi pripiše ukrep pomoči, ki ga je sprejelo javno podjetje. [30]
In this case, it should be noted on the one hand that:
V obravnavanem primeru je treba po eni strani ugotoviti, da:
CDC is a public undertaking, placed by the French Finance Act of 28 April 1816 under the supervision and guarantee of the legislature, which carries out general interest missions (financing of public services bodies, in particular), is governed by statutory and regulatory rules and its director-general and senior directors are appointed by the President of the French Republic and the French Government [31]; at the time the events took place and by way of derogation from ordinary law, CDC was not subject to the supervision of the Commission bancaire or the Agence des Participations de l’Etat, or to the company tax law granting a ‘voluntary contribution’ to the Treasury,
je CDC javna ustanova, ki jo na podlagi francoskega finančnega zakona z dne 28. aprila 1816 nadzoruje in zanjo jamči zakonodajni organ, ki izvaja naloge splošnega interesa (med drugim financiranje ustanov javne službe), ki je urejena z zakoni in drugimi predpisi, njenega generalnega direktorja in vodstvo pa imenujeta predsednik Francoske republike in francoska vlada [31]; CDC ob nastanku dejanskega stanja z odstopanjem od splošnega prava ni bila pod nadzorom francoske komisije za bančništvo ali agencije za državne naložbe, niti ni zanjo veljal zakon o davku od dobička pravnih oseb, saj je v državno blagajno namenjala „prostovoljni prispevek“,
Holding Communal has as its shareholders 599 Belgian municipalities and provinces and is the local authorities’ primary financing vehicle; all the members of its board are municipal councillors, mayors or aldermen; the statutes of Holding Communal stipulate that it is subject to the supervision of the Ministry of Finance and the Ministry of the Interior according to the arrangements laid down by law; in this respect, it should be pointed out that the two Government Commissioners (representing the Minister for Finance and the Minister for the Interior respectively) have the power to oppose decisions of the Holding Communal board; according to case-law [32], the existence of a right of veto or power of approval of the State indicates that the conduct of a legal entity is imputable to the State, which applies in the present case to Holding Communal.On the other hand, it has to be noted that, in the present case, the capital injection by CDC and Holding Communal occurred concomitantly with the other measures taken by the States (direct capital injection by the States and regions, guarantee by the States, FSA measure, LA operation guaranteed by the Belgian State).
med delničarji družbe Holding communal, ki predstavlja glavni vir financiranja lokalnih skupnosti, je 599 belgijskih občin in dežel; vsi člani njenega upravnega odbora so občinski svetniki, župani in ali njihovi namestniki; v statutu družbe Holding Communal je določeno, da jo nadzorujeta ministrstvi za finance in notranje zadeve, in sicer v skladu s podrobnimi pravili, določenimi z zakonom; v zvezi s tem je treba navesti, da imata dva vladna komisarja (predstavnika ministrstva za finance in ministrstva za notranje zadeve) pravico nasprotovati odločitvi upravnega odbora družbe Holding Communal; v skladu s sodno prakso [32] pa obstoj pravice do veta ali pristojnosti države za odobritev pomeni, da se ravnanje pravnega subjekta pripiše državi, kar v obravnavanem primeru velja za družbo Holding Communal.Po drugi strani je treba ugotoviti, da je bil v tej zadevi kapitalski vložek družb CDC in Holding Communal izveden hkrati z drugimi ukrepi, ki so jih sprejele države (neposredni kapitalski vložek držav in dežel, jamstvo držav, ukrep za družbo FSA, ukrep likvidnostne pomoči, za katerega je jamčila Belgija).
These injections with the other measures form a consistent whole designed to rescue Dexia at the end of September 2009.
Ti vložki skupaj z drugimi ukrepi sestavljajo skladno celoto ukrepov za rešitev družbe Dexia konec septembra 2009.
The concomitance of these interventions in combination with the elements referred to above make it unlikely that the public authorities were not involved in the decisions of CDC and Holding Communal to participate in the Dexia capital increase.
Vendar je glede na istočasnost teh posredovanj v povezavi z zgoraj navedenimi dejstvi malo verjetno, da javni organi niso bili vpleteni v odločitvi družb CDC in Holding Communal, da sodelujeta pri dokapitalizaciji družbe Dexia.
There is therefore reason to consider that the capital injections granted by CDC and Holding Communal are imputable to their respective Member States.
Treba je torej ugotoviti, da je mogoče kapitalske vložke, v katere sta privolili družbi CDC in Holding Communal, pripisati zadevnima državama članicama.
The Commission considers that the recapitalisation carried out by the ‘historic’ shareholders does not satisfy the case-law criterion of the private investor in a market economy.
Komisija meni, da pri dokapitalizaciji, ki so jo izvedli tako imenovani „glavni“ delničarji, ni bilo izpolnjeno merilo iz sodne prakse, to je merilo zasebnega vlagatelja v tržnem gospodarstvu.
In fact, the participation in the recapitalisation of Dexia by shareholders whose behaviour is not imputable to the State, limited to 12,4 % of the total capital increase, is insufficient to conclude that the historic shareholders acted as private investors in a market economy.
Samo na podlagi dejstva, da so pri dokapitalizaciji skupine Dexia sodelovali delničarji, katerih ravnanja ni mogoče pripisati državi, in sicer samo v višini 12,4 % celotnega povečanja kapitala, ni mogoče ugotoviti, da so glavni delničarji delovali kot zasebni vlagatelji v tržnem gospodarstvu.
The principle of the private investor in a market economy applies only under normal market conditions [33].
Načelo zasebnega vlagatelja v tržnem gospodarstvu se uporablja samo v običajnih tržnih razmerah.
The historic shareholders intervened to rescue Dexia at the height of the financial crisis under entirely abnormal market conditions.
Glavni delničarji so za rešitev skupine Dexia posredovali na vrhuncu finančne krize v običajnih tržnih razmerah, ki pa so bile popolnoma neobičajne.
In addition, this intervention by the ‘historic’ shareholders was part of a group of measures designed to rescue Dexia, an undertaking in serious difficulties, of systemic importance for the economies of the three Member States concerned.
Poleg tega je bilo to posredovanje „glavnih“ delničarjev del svežnja ukrepov za rešitev skupine Dexia, podjetja v resnih težavah, ki je sistemsko pomembno za gospodarstvo vseh treh zadevnih držav članic. Vendar je treba navesti, da se javnopolitična, gospodarska in družbena stališča ne smejo upoštevati pri presoji načela zasebnega vlagatelja v tržnem gospodarstvu.
It should be pointed out that public, economic and social policy considerations must be disregarded in the assessment of the principle of the private investor in a market economy [34].
Dalje, da je izpolnjeno merilo zasebnega vlagatelja v tržnem gospodarstvu, mora biti kredibilnost naložbe potrjena s predhodnim poslovnim načrtom, po možnosti s predhodnim poslovnim načrtom, ki ga potrdijo neodvisni revizorji in ki je potrjen s simulacijami kriznih scenarijev (v nadaljnjem besedilu: stresni test).
Finally, even where the public investor has owner status (which is the case of the ‘historic’ shareholders whose conduct is imputable to the State, i.e. CDC and Holding Communal), it is appropriate, when comparing it to a private investor in a market economy, to check that the investor behaves as a well-informed investor who does not take more risks than a private investor in a market economy would take [36].
Nazadnje, tudi če ima zasebni vlagatelj status lastnika (kar velja za glavna delničarja, katerih ravnanje je mogoče pripisati državi, in sicer družbi CDC in Holding Communal), je treba pri primerjavi z zasebnim vlagateljem v tržnem gospodarstvu preveriti, ali vlagatelj ravna kot preudaren vlagatelj, ki ne sprejme večjega tveganja, kot bi ga sprejel zasebni vlagatelj v tržnem gospodarstvu.
The historic characteristic of the investor could not therefore justify ‘more flexible’ application of the principle of the private investor in a market economy.
Dejstvo, da gre za glavnega vlagatelja, torej ni upravičen razlog za „prožnejšo“ uporabo načela zasebnega vlagatelja v tržnem gospodarstvu.
Moreover, the Commission considers that the capital increase imputable to the Member States concerned is selective, since it only relates to a single undertaking, the Dexia group.
Komisija tudi meni, da je dokapitalizacija, ki jo je mogoče pripisati zadevnim državam članicam, selektivna, saj se nanaša na eno samo podjetje, skupino Dexia.
Given the size of Dexia and its importance on the Belgian, French and Luxembourg markets, and the fact that, without the interventions, the group could have found itself insolvent, which would have changed the structure of the banking market significantly in the three territories, the Commission considers that the measures in question affect trade between Member States.
Komisija glede na velikost skupine Dexia ter njen pomen na belgijskem, francoskem in luksemburškem trgu in dejstvo, da bi lahko skupina brez pomoči postala plačilno nesposobna, zaradi česar bi se struktura bančnega trga na vseh treh ozemljih bistveno spremenila, meni, da zadevni ukrepi vplivajo na trgovino med državami članicami.
In conclusion, the Commission considers that the capital injection by CDC and Holding Communal therefore constitutes an element of the aid received by Dexia, within the meaning of Article 107(1) TFEU.
Skratka, Komisija meni, da kapitalska vložka družb CDC in Holding Communal pomenita pomoč za skupino Dexia v smislu člena 107(1) PDEU.
On the other hand, the Commission considers that the resources made available to Dexia by virtue of the conduct of Ethias (which was not nationalised at the time of the capital increase), Arcofin (the majority of whose capital is held by private shareholders) and CNP Assurance (the majority of whose capital belongs to private shareholders, i.e. the Banque Populaire Caisses d’Épargne group and the holders of floating capital) are not State resources.
Po drugi strani Komisija meni, da sredstva, ki so bila skupini Dexia dodeljena na podlagi ravnanj družb Ethias (ki ob dokapitalizaciji ni bila v državni lasti), Arcofin (ki je v večinski lasti zasebnih delničarjev) in CNP Assurance (ki je v večinski lasti zasebnih delničarjev, in sicer Banque Populaire Caisses d’Épargne in imetnikov spremenljivega kapitala), niso državna sredstva.
THE GUARANTEE BY THE STATES
JAMSTVO DRŽAV