natgillin/translations-raw huggingface dataset:
The rules governing MFB’s functioning have changed since the granting of the measures.
Predpisi o delovanju banke MFB so se po odobritvi ukrepov spremenili.
The present assessment refers to the legal situation at the time of the conclusion of the loan agreements under scrutiny.
Ta ocena se nanaša na pravni položaj ob sklenitvi sporazumov o posojilu, ki sta predmet preiskave.
MFB is a State-owned specialised financial institution, which was set up and whose functioning was, at the time of the granting of the measures, governed by a (special purpose) legal act (hereinafter ‘the MFB Act’) [13].
Banka MFB je državna specializirana finančna institucija, katere ustanovitev in delovanje je ob odobritvi ukrepov urejal (poseben) pravni akt (v nadaljnjem besedilu: akt MFB) [13].
Under the Act, the bank pursues certain public policy objectives; in particular, its core function is to promote economic development and to contribute effectively to the implementation of the State’s economic and development policy.
Banka v skladu s tem aktom izpolnjuje nekatere javnopolitične cilje; njena temeljna naloga je zlasti spodbujati gospodarski razvoj ter učinkovito prispevati k izvajanju gospodarske in razvojne politike države.
Part of the prudential rules pertaining to commercial banks is not applied to MFB, as it is subject to special prudential rules under the MFB Act.
Del bonitetnih pravil, ki veljajo za komercialne banke, ne velja za MFB, ker zanjo veljajo posebna bonitetna pravila v skladu z aktom MFB.
MFB’s share capital, amounting to HUF 60 billion, is 100 % owned by the Hungarian State, its shares are not subject to trading as stipulated by the MFB Act.
Osnovni kapital banke MFB, ki znaša 60 milijard HUF, je v 100-odstotni lasti madžarske države, pri čemer se z njenimi delnicami v skladu z aktom MFB ne trguje.
Some of MFB’s liabilities are covered by the State’s Central Budget; the budgetary law stipulates MFB’s maximum lending and the amounts it is allowed to guarantee.
Nekatere obveznosti banke MFB se krijejo iz osrednjega državnega proračuna; proračunsko pravo določa najvišji znesek posojil banke MFB in dovoljene zneske poroštev.
Moreover, any dividends paid out flow into the Central Budget.
Poleg tega se vse izplačane dividende stekajo v osrednji proračun.
Consequently, the Commission finds that measures granted by MFB involve state resources.
Zato Komisija ugotavlja, da ukrepi, ki jih je odobrila banka MFB, vključujejo državna sredstva.
The State’s ownership rights in MFB are exercised by the competent minister.
Za državne lastninske pravice v banki je odgovoren pristojni minister.
MFB reports annually to the competent minister about its operations; the auditor is also appointed by the competent minister.
Banka MFB vsako leto poroča pristojnemu ministru o svojem delovanju; pristojni minister imenuje tudi revizorja.
The members and the Chairperson of the management and supervisory boards, as well as the Chief Executive Officer, are appointed and revoked by the competent minister.
Člane in predsednika upravnega in nadzornega odbora ter izvršnega direktorja imenuje in razreši pristojni minister.
Although public control of an institution does not automatically render all the latter’s actions imputable to the State [14], in the case at hand the necessary conditions laid down by the ECJ obtain [15], suggesting that MFB’s behaviour is imputable to the State.
Čeprav javni nadzor nad institucijo ne pomeni, da je za vse ukrepe te institucije samodejno odgovorna država [14], so v zadevnem primeru izpolnjeni potrebni pogoji, ki jih določa Sodišče [15], kar pomeni, da je za ravnanje banke MFB odgovorna država.
MFB pursues public policy objectives, its legal status is governed by separate legislation, it is partially exempted from financial supervisory regulation and there is a high intensity of the supervision exercised by the public authorities over the management.
Banka MFB izpolnjuje javnopolitične cilje, njen pravni status ureja ločena zakonodaja, delno je izvzeta iz finančne nadzorne ureditve, poleg tega pa javni organi izvajajo zelo strog nadzor nad upravljanjem.
In particular, the context in which the measures have been decided (i.e. a government decision issuing the guarantee explicitly for loans granted by the MFB and stipulating that the MFB can, in exchange, delegate two members to Nitrogénművek’s board and preceded by public statements by the Government’s spokesperson announcing that the measures would be granted) shows that the Hungarian authorities must be regarded as having been involved in the adoption.
Zlasti je treba zaradi okoliščin, v katerih se je odločalo o ukrepih (tj. sklep vlade, s katerim je bilo poroštvo izdano izrecno za posojili, ki ju je odobrila banka MFB, in ki določa, da lahko banka MFB v zameno imenuje dva člana odbora družbe Nitrogénművek, pri čemer je uradna govorka pred sprejetjem tega sklepa javno napovedala, da bodo ukrepi odobreni), ugotoviti, da so madžarski organi sodelovali pri sprejetju teh odločitev.
On the basis of the foregoing, the Commission considers that the MFB’s actions are imputable to the State.
Na podlagi navedenega Komisija meni, da je za ukrepe banke MFB odgovorna država.
The measures should be assessed as straightforward state loans
Ukrepe je treba oceniti kot neposredna državna posojila
As the loans themselves are directly imputable to the State, the additional state guarantees do not increase the financial burden borne by the State or the advantage to Nitrogénművek.
Ker je za posojila neposredno odgovorna država, dodatna državna poroštva ne pomenijo večje finančne obremenitve za državo ali prednosti za družbo Nitrogénművek.
It therefore appears appropriate to subsume the loans and the guarantees at issue under two measures to be assessed as straightforward loans from the State (for which the cost to Nitrogénművek will be the interest on the loan plus the premium for the guarantee).
Zato se zdi primerno, da se zadevni posojili in poroštvi zajamejo v dva ukrepa, ki se ocenita kot neposredni posojili države (pri čemer bo strošek za družbo Nitrogénművek zajemal obresti za posojilo in premijo za poroštvo).
Consequently, the State aid assessment will be made in the light of the Reference rate communication which applies to loans.
Zato je treba pri oceni državne pomoči upoštevati sporočilo o referenčnih obrestnih merah, ki velja za posojila.
Advantage: Market conformity of the measures
Prednost: skladnost ukrepov s trgom
Financial health of the company at time of granting of the measures
Finančno stanje družbe ob odobritvi ukrepov
Hungary maintains that Nitrogénművek did not qualify as a company in difficulty within the meaning of the Rescue and restructuring guidelines at the time of the granting of the measures.
Madžarska trdi, da družbe Nitrogénművek ob odobritvi ukrepov ni bilo mogoče opredeliti kot podjetje v težavah v smislu smernic za reševanje in prestrukturiranje.
The Commission notes that despite the company’s apparent liquidity problems, and as the evidence submitted by Hungary suggests, the company’s total equity exceeded its registered capital, it did not fulfil the criteria under domestic law for being the subject of collective insolvency proceedings, and it had positive operating as well as net results for the entire year 2008.
Komisija ugotavlja, da družba kljub očitnim likvidnostnim težavam glede na to, da so dokazi, ki jih je predložila Madžarska, pokazali, da je skupni lastniški kapital družbe presegel njen delniški kapital, v skladu z domačim pravom ni izpolnjevala meril za uvedbo kolektivnih postopkov insolventnosti, njeno poslovanje in neto rezultat za celotno leto 2008 pa sta bila pozitivna.
Therefore, points 9-11 of the Rescue and restructuring guidelines do not seem to be fulfilled.
Zato se zdi, da pogoji iz točk 9–11 smernic za reševanje in prestrukturiranje niso izpolnjeni.
It is clear, however, from the investigation, notably from the company’s 2008 financial statements, that Nitrogénművek needed the public money to resume operations.
Vendar je na podlagi preiskave, zlasti na podlagi računovodskih izkazov družbe iz leta 2008, jasno, da je družba Nitrogénművek potrebovala javna sredstva za ponovni zagon dejavnosti.
Indeed, the 2008 financial statements emphasised that: ‘In the second half of [2008] the financial and economic crisis reached the company.
V računovodskih izkazih iz leta 2008 je bilo dejansko poudarjeno naslednje: „V drugi polovici [leta 2008] je finančna in gospodarska kriza prizadela družbo.
Its customers experienced financial difficulties and hence marketing of Nitrogénművek’s products fell to a minimal level.
Njene stranke so bile v finančnih težavah, zato je promet z izdelki družbe Nitrogénművek dosegel najnižjo raven.
The financial accounts also suggest that the current facilities loan was necessary to restart operations and that part of the amount was used to pay supplier credits due on 31 December 2008 [17].
Zato je vlada izdala poroštvo, da bi zagotovila oskrbo z gnojili na Madžarskem.“ [16] Finančna poročila kažejo tudi, da je bilo posojilo za tekoče poslovanje potrebno za ponovni zagon dejavnosti in da se je del zneska porabil za plačilo dobaviteljskih kreditov, ki bi zapadli 31. decembra 2008 [17].
The Commission considers that a company which, having stopped its production, is unable to resume operations without public help – regardless of the reasons which led to its stoppage – cannot be regarded as a healthy and viable company.
Komisija meni, da se družba, ki po ustavitvi proizvodnje brez državne pomoči ne more ponovno zagnati dejavnosti, ne glede na to, kakšni so razlogi za ustavitev proizvodnje, ne more šteti za zdravo in uspešno družbo.
It is clear from the financial accounts that the company had a serious liquidity shortage and that the State’s intervention was essential in raising funds.
Na podlagi finančnih poročil je jasno, da je imela družba resne likvidnostne težave in da je bilo posredovanje države bistveno za zbiranje sredstev.
As regards the creditworthiness of the company, the Commission doubts that the alleged BB rating reflects the real financial situation of Nitrogénművek at the time of the granting of the measures.
Kar zadeva kreditno sposobnost družbe, Komisija dvomi, da domnevna ocena BB izraža dejansko finančno stanje družbe Nitrogénművek ob odobritvi ukrepov.
Firstly, the Commission notes that Hungary did not provide a credit assessment by an independent rating agency or financial institution.
Prvič, Komisija ugotavlja, da Madžarska ni zagotovila bonitetne ocene, ki bi jo pripravila neodvisna bonitetna agencija ali finančna institucija.
The alleged BB rating is attributed to MFB which, for the purposes of the measures at issue, acted as an instrument of the State (indeed in line with the express decision of the Government) and not as an independent financial institution seeking to make sound commercial assessment.
Domnevna ocena BB je pripisana banki MFB, ki je za namene zadevnih ukrepov delovala v imenu države (dejansko v skladu z izrecnim sklepom vlade) in ne kot neodvisna finančna institucija, ki bi poskušala izvesti razumno tržno oceno.
This is in itself liable to call into question the value of the ‘rating’.
Že to lahko povzroči dvome v verodostojnost „ocene“.
Secondly, Hungary provides no information whatsoever on the methodology and underlying information used by MFB to establish the financial health of the company.
Drugič, Madžarska ni zagotovila popolnoma nobenih informacij o metodologiji in osnovnih informacijah, ki jih je banka MFB uporabila pri določanju finančnega stanja družbe.
Thirdly, in the light of the fact that Nitrogénművek was, at the time of the granting of the measure, a company with no production activity and apparently in urgent need of financing in the absence of which it would be unable to resume production (see in detail recitals 34 and 35 above), it is not credible that its financial situation could be considered as ‘satisfactory’.
Tretjič, glede na dejstvo, da družba Nitrogénművek ob odobritvi ukrepa ni imela proizvodne dejavnosti in da je očitno nujno potrebovala finančna sredstva, brez katerih ne bi mogla ponovno zagnati proizvodnje (za podrobnosti glej uvodni izjavi 34 in 35 zgoraj), ni mogoče trditi, da bi se lahko finančni položaj štel za „zadovoljivega“.
Against this specific background, and regardless of the past performance of the company, the Commission is of the view that in the present case the alleged BB rating cannot be applied for the State aid assessment of the measures under the Reference rate communication.
Komisija na podlagi teh posebnih okoliščin in ne glede na preteklo uspešnost družbe meni, da se v tem primeru domnevna ocena BB ne more uporabiti za oceno državne pomoči v zvezi z ukrepi v skladu s sporočilom o referenčnih obrestnih merah.
In conclusion, the Commission is of the opinion that the company cannot be regarded as a company with sound financial strength.
Na koncu Komisija meni, da se družba ne more obravnavati kot finančno močna družba.
It is clear from the submissions that it suffered severe liquidity problems and was unable to resume operations (see recitals 34 and 35 above).
Na podlagi predloženih pripomb je jasno, da je imela družba resne likvidnostne težave in da ni mogla ponovno zagnati dejavnosti (glej uvodni izjavi 34 in 35 zgoraj).
Thus it can be considered to be in bad financial shape, which corresponds to the lowest category of the Reference rate communication (CCC category).
Zato se lahko obravnava, da je bilo njeno finančno stanje slabo, kar ustreza najnižji oceni iz sporočila o referenčnih obrestnih merah (ocena CCC).
Collaterals
Zavarovanja
The assets offered as collaterals include land, buildings and machines on several different production plants [18] of Nitrogénművek.
Sredstva, zagotovljena kot zavarovanja, vključujejo zemljišča, zgradbe in stroje več različnih proizvodnih obratov [18] družbe Nitrogénművek.
Given that the total combined value of the two loans under scrutiny is EUR 88 million (i.e. collaterals have a value of [over 70] % of the loans according to the most prudent estimate), the Commission considers that the transactions are highly collateralised.
Glede na to, da je skupna vrednost obeh posojil, ki sta predmet preiskave, 88 milijonov EUR (kar pomeni, da vrednost zavarovanj po najprevidnejši oceni znaša [več kot 70] % posojil), Komisija meni, da so transakcije dobro zavarovane.
Even if the pledges for loan A are in second rank, any claims resulting from this transaction can be satisfied after those from loan B.
Čeprav so zastavne pravice za posojilo A drugovrstne, se lahko vse terjatve na podlagi te transakcije poravnajo po poplačilu terjatev na podlagi posojila B.
The fact that the collateral is pledged to MFB and not to the State directly is not material.
Dejstvo, da ima zastavno pravico za zavarovanje banka MFB in ne neposredno država, ni bistveno.
According to Hungarian law [20], if a guarantor has to satisfy claims from a guarantee, all the rights pertaining to the underlying loan are transferred to him.
Če mora porok poravnati terjatve na podlagi poroštva, se v skladu z madžarsko zakonodajo [20] vse pravice v zvezi z zadevnim posojilom prenesejo nanj.
Thus, if Nitrogénművek fails to repay the loans and MFB calls the guarantee, the State can satisfy its claims from the pledges under the loan agreement.
Če torej družba Nitrogénművek ne odplača posojil in banka MFB unovči poroštvo, se lahko terjatve države poravnajo na podlagi zastavnih pravic v skladu s sporazumom o posojilu.
Moreover, with regard to loan B, the State had the right to appoint two members to the company’s executive board, having a veto right on any decision to pay out dividends, to grant further pledges to third parties or to take out further loans exceeding HUF 100 million.
Poleg tega je imela država, kar zadeva posojilo B, pravico do imenovanja dveh članov izvršilnega odbora družbe s pravico veta v zvezi s katero koli odločitvijo o izplačilu dividend, odobritvi dodatnih zavarovanj tretjim osebam, ali najemu dodatnih posojil, ki presegajo 100 milijonov HUF.
In the light of these elements, the Commission considers that both transactions, loan A and loan B, were highly collateralised for the purposes of the Reference rate communication.
Ob upoštevanju teh elementov Komisija meni, da sta bili obe transakciji, tj. posojilo A in posojilo B, dobro zavarovani za namene sporočila o referenčnih obrestnih merah.
Comparable market rates
Primerljive tržne obrestne mere
In its submission Hungary presented several allegedly ‘comparable’ loans concluded between private banks and Nitrogénművek, with the aim of demonstrating that the financial charges under the public measures were market-conform.
Madžarska je v svojih predloženih pripombah predstavila več domnevno „primerljivih“ posojil, sklenjenih med zasebnimi bankami in družbo Nitrogénművek, pri čemer je bil njen cilj dokazati, da so finančni stroški na podlagi javnih ukrepov v skladu s tržnimi pravili.
However, these examples are not comparable and thus irrelevant for the sake of the current assessment.
Vendar ti primeri niso primerljivi in zato niso bistveni za to oceno.
Firstly, they mostly concern lower amounts and current account credit lines [21].
Prvič, večinoma so povezani z nižjimi zneski in kreditnimi linijami na tekočem računu [21].
Secondly, the rates charged by the banks are higher that those under assessment [22].
Drugič, obrestne mere, ki so jih zaračunale banke, so višje od obrestnih mer, ki so predmet ocene [22].
Benchmark rates under the Reference rate communication
Standardne obrestne mere v skladu s sporočilom o referenčnih obrestnih merah
In order to determine whether a loan entails State aid and, if so, how much, the Commission applies a proxy for market interest rates in its Reference rate communication.
Da se ugotovi, ali posojilo vključuje državno pomoč, in če jo, kolikšna je, Komisija uporabi približek za tržne obrestne mere v skladu s sporočilom o referenčnih obrestnih merah.
According to the Reference rate communication, differentiated margins are to be applied on the base rate, depending on the creditor’s rating and the available collaterals.
V skladu s tem sporočilom je treba izhodiščni obrestni meri dodati ustrezne diferencirane razlike, odvisno od ocene kreditne sposobnosti posojilodajalca in zavarovanja, ki je na voljo.
With regard to the relevant date of assessment, given that the final binding ‘granting’ acts (i.e. the loan agreements) were concluded on 26 January 2009, the reference rate (base rate plus the relevant margin) of that day has to be compared with the corresponding effective remuneration of the financing package.
Glede na upoštevani datum ocene in glede na to, da sta bila končna zavezujoča akta o „odobritvi“ (tj. sporazuma o posojilu) sprejeta 26. januarja 2009, je treba referenčno obrestno mero (izhodiščna obrestna mera in ustrezna razlika) na ta dan primerjati z ustreznimi dejanskimi obrestmi za finančni paket.
Concerning the margin to be applied, as set out in detail above, the Commission considers that Nitrogénművek fell into the lowest category of the reference rate ‘grid’ and that the transactions were highly collateralised.
V zvezi z razliko, ki jo je treba uporabiti, kot je podrobno določeno zgoraj, Komisija meni, da je družba Nitrogénművek spadala v najnižjo kategorijo iz preglednice referenčnih obrestnih mer in da so bile transakcije dobro zavarovane.
Consequently, a margin of 400 basis points added on the top of the relevant base rate can be considered as a market benchmark rate.
Zato se lahko povečanje izhodiščne obrestne mere za 400 bazičnih točk šteje za standardno tržno obrestno mero.
As regards loan A (EUR), its total effective financing cost amounted to 4,362 % on 26 January 2009 [23].
Skupni dejanski stroški financiranja posojila A (EUR) so 26. januarja 2009 znašali 4,362 % [23].
By comparison, the relevant benchmark reference rate on that date was 8,99 % [24].
V primerjavi s tem je ustrezna standardna referenčna obrestna mera na ta dan znašala 8,99 % [24].
The total financing cost of loan A is thus below the benchmark rate, and consequently the measure confers an advantage on the company.
Skupni stroški financiranja posojila A so tako nižji od standardne obrestne mere, zato ima družba zaradi ukrepa prednost.
As regards loan B (HUF), its total effective financing cost amounts to 12,44 % [25].
Skupni dejanski stroški financiranja posojila B (HUF) znašajo 12,44 % [25].
By contrast, the relevant reference rate on that date was 14,01 % [26].
V primerjavi s tem je ustrezna referenčna obrestna mera na ta dan znašala 14,01 % [26].
The total financing cost of loan B is thus below the benchmark rate, and consequently the measure confers an advantage on the company.
Skupni stroški financiranja posojila B so tako nižji od standardne obrestne mere, zato ima družba zaradi ukrepa prednost.
Conclusion on the presence of aid
Sklepne ugotovitve o prisotnosti pomoči
As shown above, the measures are financed by state resources and imputable to the State.
Kot je navedeno zgoraj, so ukrepi financirani iz državnih sredstev in je zanje odgovorna država.
Nitrogénművek obtained financing on better terms than on which it would have raised funds on the markets.
Družba Nitrogénművek je finančna sredstva prejela pod ugodnejšimi pogoji, kot bi jih zbrala na trgih.
The measures thus confer an advantage on the company.
Zato ima družba zaradi ukrepov prednost.
Furthermore, the advantage is selective as the measures are limited to Nitrogénművek.
Poleg tega je prednost selektivna, saj so ukrepi omejeni na družbo Nitrogénművek.
These selective measures are likely to distort competition, by providing the company with an advantage in relation to competitors, and there is extensive trade between Member States in fertilisers.
Ti selektivni ukrepi verjetno izkrivljajo konkurenco, ker družbi zagotavljajo prednost glede na konkurenčne družbe, trgovina z gnojili med državami članicami pa je obsežna.
Consequently, loans A and B constitute State aid within the meaning of Article 107(1) TFEU.
Zato pomenita posojili A in B državno pomoč v smislu člena 107(1) PDEU.
POSSIBLE AID TO MFB
MOREBITNA POMOČ BANKI MFB
In the opening decision the Commission raised the possibility that the 100 % guarantee on loan A could be State aid to the benefit of MFB in view of the fact that contradictory information had suggested that the investment loan was an existing one (in which case the later guarantee could be considered aid to the bank inasmuch as it improved its likelihood of repayment).
Komisija je v odločitvi o začetku postopka navedla možnost, da bi lahko bilo 100-odstotno poroštvo za posojilo A državna pomoč v korist banke MFB glede na dejstvo, da se je na podlagi nasprotnih informacij sklepalo, da je investicijsko posojilo obstoječe posojilo (v tem primeru bi se lahko poznejše poroštvo štelo za pomoč banki, ker se je s tem povečala verjetnost vračila).
However, the investigation has shown that loan A is a new loan which was signed on 26 January 2009, thus the 100 % guarantee on loan A did not contain State aid to MFB.
Vendar je preiskava pokazala, da je posojilo A novo posojilo, ki je bilo sklenjeno 26. januarja 2009, zato 100-odstotno poroštvo za posojilo A ni vključevalo državne pomoči banki MFB.
Article 107(2) and 107(3) TFEU provide for exemptions to the general rule that State aid is incompatible with the internal market as stated in Article 107(1).
Člen 107(2) in (3) PDEU določa izjeme od splošnega pravila, da državna pomoč ni združljiva z notranjim trgom, kot je navedeno v členu 107(1).
In the following the Commission will assess the compatibility of the measures under those exceptions.
V nadaljevanju bo Komisija ocenila združljivost ukrepov v skladu s temi izjemami.
However, it should be noted at the outset that Hungary did not put forward any arguments as regards their compatibility with the internal market.
Vendar je treba na začetku opozoriti, da Madžarska ni predložila nobenih argumentov glede združljivosti ukrepov z notranjim trgom.
Exemptions under Article 107(2) TFEU
Izjeme iz člena 107(2) PDEU
Exemptions under Article 107(3) TFEU
Izjeme iz člena 107(3) PDEU