natgillin/translations-raw huggingface dataset:
The Commission established that the guarantee constituted aid in its decisions of 19 November 2008 (recitals 24 to 27) and 30 October 2009 (recital 13).
Komisija je ugotovila, da jamstvo pomeni pomoč, v odločitvah z dne 19. novembra 2008 (uvodne izjave od 24 do 27) in z dne 30. oktobra 2009 (uvodna izjava 13).
In this respect, the Commission considers that the reasoning set out in these decisions remains applicable and that the measure constitutes State aid within the meaning of Article 107(1) TFEU.
V zvezi s tem meni, da obrazložitev iz teh odločitev še naprej velja in da ukrep pomeni državno pomoč v smislu člena 107(1) PDEU.
With regard to the existence of aid associated with the LA operation, the Commission notes the observations made by the Belgian authorities regarding the LA operation put in place by the BNB in favour of Dexia.
Kar zadeva obstoj pomoči, povezane z ukrepom likvidnostne pomoči, se je Komisija seznanila s pripombami belgijskih organov glede ukrepa likvidnostne pomoči, ki ga je banka BNB izvedla v korist skupine Dexia.
The Commission considers, however, that these observations are not of a nature to modify its conclusions concerning the aid element associated with the LA operation, as set out in its decision of 19 November 2008.
Vendar te pripombe po mnenju Komisije ne morejo spremeniti njenih ugotovitev glede elementa pomoči, povezanega z ukrepom likvidnostne pomoči, v odločitvi z dne 19. novembra 2008.
In point 51 of 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 [37] (‘the Banking Communication’), the Commission indicated that it considered that the provision of funds by a central banks to a financial institution did not constitute aid when a number of conditions are met [38].
Komisija je namreč v točki 51 sporočila o uporabi pravil o državni pomoči za ukrepe v zvezi s finančnimi institucijami v okviru trenutne svetovne finančne krize [37] (v nadaljnjem besedilu: Sporočilo bančništvu) navedla, da dodelitve sredstev centralne banke finančni ustanovi ne pomeni državne pomoči, če so izpolnjeni določeni pogoji [38].
One of the conditions for the absence of aid defined by the Banking Communication is that ‘the measure […] is not backed by any counter-guarantee of the State’.
Eden od pogojev za neobstoj pomoči, opredeljen v Sporočilu o bančništvu, je, da „ukrepa […] ne podpira nobeno posredno jamstvo države“.
In this case, the Commission noted that the credits granted by the BNB benefit from a guarantee from the Belgian State (with retroactive effect) pursuant to the Act of 15 October 2008 on measures to promote financial stability and introducing in particular a State guarantee on credits granted and other operations conducted in the context of financial stability.
Komisija je v obravnavanem primeru navedla, da za posojila, ki jih je dodelila banka BNB, velja jamstvo države Belgije (z učinkom za nazaj) na podlagi zakona z dne 15. oktobra 2008 o ukrepih za spodbujanje finančne stabilnosti in zlasti o uvedbi državnega jamstva za dodeljena posojila in druge ukrepe v okviru finančne stabilnosti.
Since the LA operation granted by the BNB benefits from a guarantee from the Belgian State, the condition provided for in the Communication is therefore not met.
Ker je za ukrep likvidnostne pomoči, ki jo je dodelila banka BNB, veljalo jamstvo Belgije, pogoj iz Sporočila torej ni izpolnjen.
The conditions defined in the Banking Communication to exclude the presence of aid are therefore not met in full.
Pogoji, ki so v Sporočilu o bančništvu opredeljeni za izključitev obstoja državne pomoči, torej niso v celoti izpolnjeni.
Consequently, it is a matter of verifying whether the conditions constituting State aid are in fact met.
Zato je treba preveriti, ali so v resnici izpolnjeni pogoji za obstoj državne pomoči.
Since the BNB is a Belgian State body, its resources are public resources.
Ker je banka BNB belgijska državna ustanova, so njena sredstva javna sredstva.
This is all the more so in the present case as the counter-guarantee has the effect that any loss will be borne directly by the Belgian State.
To še toliko bolj velja v obravnavanem primeru, ker posredno jamstvo pomeni, da vse izgube neposredno pokrije Belgija.
What is more, the LA is a measure granted selectively to Dexia.
Poleg tega je likvidnostna pomoč ukrep, ki je bil selektivno dodeljen skupini Dexia.
Finally, the measure benefits Dexia selectively by granting it the funding that the bank can no longer obtain on the market.
Z ukrepom se selektivno daje prednost skupini Dexia, saj so ji dodeljena finančna sredstva, ki jih banka na trgu ne bi mogla pridobiti.
Since Dexia operates in several Member States and, in most of its activities, is in competition with other financial institutions, most of which did not receive comparable aid, this advantage distorts competition and affects trade between Member States.
Ker Dexia posluje v več državah članicah in je z večino svojih dejavnosti v konkurenci z drugimi finančnimi ustanovami, od katerih večina ni prejela podobne pomoči, tako dajanje prednosti izkrivlja konkurenco in vpliva na trgovino med državami članicami.
The Commission concludes that the LA operation put in place by the BNB on its own account does indeed constitute State aid within the meaning of Article 107(1) TFEU.
Komisija ugotavlja, da ukrep likvidnostne pomoči, ki ga je banka BNB uvedla za svoj račun dejansko pomeni državno pomo v smislu člena 107(1) PDEU.
The Commission established that the FSA measure constitutes aid in its decision of 13 March 2009 (recitals 53 to 56) and considers that the observations of the Member States concerned are not of a nature to call its conclusions into question.
Komisija, ki je v odločitvi z dne 13. marca 2009 (uvodne izjave od 53 do 56) ugotovila, da ukrep za družbo FSA pomeni državno pomoč, meni, da s pripombami zadevnih držav članic ni mogoče ovreči njenih ugotovitev.
The Commission concludes that the FSA measure constitutes State aid within the meaning of Article 107(1) TFEU.
Komisija ugotavlja, da ukrep za družbo FSA pomeni državno pomoč v smislu člena 107(1) PDEU.
QUANTIFICATION OF THE AID
DOLOČITEV ZNESKA POMOČI
In its decisions of 19 November 2008 and 13 March 2009, the Commission already carried out a first evaluation of the amount of aid associated with the measures in question.
Komisija je v odločitvah z dne 19. novembra 2008 in 13. marca 2009 že izvedla prvo oceno zneska pomoči, povezanega z zadevnim ukrepom.
On the basis of this first evaluation and additional information communicated by the Member States concerned since 13 March 2009, the Commission calculates an aid amount comprising the following elements:
Na podlagi te prve ocene in dodatnih informacij, ki so jih zadevne države članice poslale po 13. marcu 2009, je dobila znesek pomoči, ki vključuje naslednje elemente:
The capital injection announced on 30 September 2008 comes to a total amount of EUR 6,4 billion, from which should be deducted, for the reasons set out above, the capital injections by Ethias, Arcofin and CNP Assurance, amounting to EUR 150 million, EUR 350 million and EUR 288 million respectively.
Skupni znesek kapitalskega vložka, napovedanega 30. septembra 2008, znaša 6,4 milijarde EUR, od katerega je treba zaradi zgoraj navedenih razlogov odšteti kapitalske vložke družb Ethias, Arcofin in CNP Assurance, in sicer v zneskih 150 milijonov EUR, 350 milijonov EUR in 288 milijonov EUR.
The Commission also notes that, under its restructuring plan, Dexia waived the benefit of the EUR 376 million in the form of Dexia BIL convertible bonds, to which the Luxembourg State was to subscribe and which were never subscribed to.
Komisija še navaja, da se je Dexia v okviru svojega načrta prestrukturiranja odrekla dobičku v višini 376 milijonov EUR iz zamenljivih vrednostnih papirjev družbe Dexia BIL, ki bi jih moral vpisati Luksemburg, a se to ni nikoli zgodilo.
Consequently, this amount is also deducted from the amount to be taken into account in the aid elements relating to the capital increase.
Zato se tudi ta znesek odšteje od zneska, ki ga je treba upoštevati pri elementih pomoči, povezanih z dokapitalizacijo.
In conclusion, the total amount of aid relating to the capital increase amounts to EUR 5,2 billion [39].
Skratka, skupni znesek pomoči, povezane z dokapitalizacijo, znaša 5,2 milijarde EUR. [39]
In accordance with the guarantee agreement signed between Dexia and the Member States concerned on 9 October 2008, the guarantee of the Member States concerned covers a maximum amount of EUR 150 billion. This amount was reduced to EUR 100 billion under the guarantee agreement which entered into force on 1 November 2009.
V skladu s pogodbo o jamstvu, ki so jo Dexia in zadevne države članice podpisale 9. oktobra 2008, jamstvo zadevnih držav članic velja za znesek do 150 milijard EUR. Ta znesek je bil v pogodbi o jamstvu, ki je začela veljati 1. novembra 2009, znižan na 100 milijard EUR.
In their observations relating to the decision to open the procedure, the Member States concerned contend that the amount of aid associated with the guarantee should be calculated in accordance with the Commission Communication on the revision of the method for setting the reference and discount rates (‘the Reference Rates Communication’) [40].
Zadevne države članice v pripombah glede odločitve o sprožitvi postopka navajajo, da bi bilo treba znesek pomoči, povezan z jamstvom, izračunati v skladu s Sporočilom Komisije o spremembi metode določanja referenčnih obrestnih mer in diskontnih stopenj (v nadaljnjem besedilu: Sporočilo o referenčnih obrestnih merah) [40].
According to this Communication, the aid elements related to the guarantee would be equal to the difference between the remuneration rate on the guarantee and a reference rate defined as the interbank market reference rate (IBOR) plus 75 basis points.
V skladu z določbami tega sporočila naj bi bili elementi pomoči, povezani z jamstvom, enaki razliki med stopnjo nadomestila za jamstvo in referenčno obrestno mero, ki je opredeljena kot medbančna obrestna mera (IBOR), povečana za 75 bazičnih točk.
In response to these observations, the Commission notes that in the case of undertakings in difficulties, the application of a reference rate based on market rates is not relevant as, without a guarantee, Dexia could not have raised any funding on the markets.
Komisija v odgovor na te pripombe navaja, da se za podjetja v težavah ne uporablja referenčna obrestna mera, temelječa na tržnih obrestnih merah, saj Dexia brez jamstva ne bi mogla pridobiti finančnih sredstev na trgu.
For this reason, in accordance with constant practice in the cases of restructuring submitted to it, the Commission considers that the aid element to be taken into account in the guarantee may extend up to the amounts in fact covered by the guarantee, i.e. EUR 100 billion, which corresponds to the maximum amount of Dexia’s liabilities which may in fact be covered by the guarantee since 1 November 2009 [41].
Komisija zato v skladu z ustaljeno prakso v primerih prestrukturiranja, ki so ji bili predloženi, meni, da lahko element pomoči, ki se upošteva pri jamstvu, doseže zneske, dejansko zavarovane z jamstvom, to je 100 milijard EUR, kar je enako najvišjemu znesku obveznosti skupine Dexia, ki se od 1. novembra 2009 dejansko lahko zavarujejo z jamstvom. [41]
By way of analogy with the reasoning applied to the guarantee above, the Commission considers that the aid element contained in the guarantee by the Belgian State for the LA operation put in place by the BNB may extend to the amounts in fact covered by the guarantee, i.e. EUR […] billion, which corresponds to the portion of the maximum amount of the LA, as approved by the Governing Council of the ECB, covered by the BNB and guaranteed by the Belgian State.
Komisija po analogiji s prejšnjim sklepanjem, povezanim z jamstvom, meni, da lahko element pomoči v okviru jamstva Belgije za ukrep likvidnostne pomoči, ki ga je sprejela banka BNB, sega do zneskov, ki so bili dejansko zavarovani z jamstvom, to je […] milijard EUR, kot znaša delež najvišjega zneska likvidnostne pomoči, ki ga je po odobritvi Sveta ECB zagotovila banka BNB in za katerega je veljalo jamstvo Belgije.
In accordance with the Impaired Assets Communication [42], the Commission considers that the amount to be taken into account to assess the amount of aid linked to an impaired assets measure is the difference between the transfer value and the market price of the portfolio considered.
Komisija v skladu s Sporočilom o oslabljenih sredstvih [42] meni, da je znesek, ki ga je treba upoštevati pri presoji zneska pomoči, povezanega z ukrepom obravnavanja oslabljenih sredstev, razlika med transferno ceno in tržno ceno zadevnega portfelja.
According to Commission practice [43], the transfer value is defined as the residual nominal value less the first tranche which is payable in full by the bank benefiting from the measure.
V skladu s prakso Komisije [43] je transferna cena opredeljena kot odplačna nominalna vrednost, zmanjšana za znesek prve tranše, ki ga v celoti krije banka, ki ji je ukrep namenjen.
The FSA measure presents certain specific characteristics in relation to other measures for the treatment of impaired assets on which the Commission has had to decide:
Ukrep za družbo FSA se nekoliko razlikuje od drugih ukrepov obravnavanja oslabljenih sredstev, o katerih se je morala izreči Komisija:
the FSAM portfolio (residual nominal value of USD 16,98 billion at 30 September 2008) comprises two sub-portfolios: (i) excluded assets (residual nominal value of USD 4,5 billion), which are the subject of an unguaranteed put contract and (ii) covered assets (residual nominal value of USD 12,48 billion) which are covered by a guaranteed put, in the sense that a guarantee agreement provides that the Belgian and French States undertake to guarantee Dexia’s obligations under the put agreement for these covered assets.
portfelj družbe FSAM (odplačna nominalna vrednost v višini 16,98 milijarde USD na dan 30. septembra 2008) obsega dva podportfelja: (i) nezavarovana sredstva (odplačna nominalna vrednost v višini 4,5 milijarde USD), zajeta z nezavarovano opcijsko pogodbo, in (ii) zavarovana sredstva (odplačna nominalna vrednost v višini 12,48 milijarde USD), zajeta z zavarovano opcijsko pogodbo, tako da je s pogodbo o jamstvu določeno, da se Belgija in Francija zavezujeta, da bosta v višini teh zavarovanih sredstev jamčili za obveznosti skupine Dexia iz naslova opcijske pogodbe.
Nevertheless, the Commission notes that all the calls under the put contract (on both covered assets and excluded assets) are taken into account for the amortisation of the first tranche of USD 4,5 billion retained by Dexia.
Komisija kljub temu ugotavlja, da se vsa vpoklicana sredstva iz naslova opcijske pogodbe (tako zavarovana kot tudi nezavarovana sredstva) upoštevajo pri odplačevanju prve tranše v višini 4,5 milijarde USD, ki jo je obdržala Dexia.
This first tranche of USD 4,5 billion does not therefore cover only the portfolio of assets covered by the measure, but the entire FSAM portfolio,
Ta prva tranša v višini 4,5 milijarde USD se torej ne nanaša samo na portfelj sredstev, zavarovanih z ukrepom, ampak na celoten portfelj FSAM,
in addition, the measure provides for intervention if necessary by the Belgian and French States upon first demand even in respect of the first tranche of EUR 4,5 billion, with the Belgian and French States then having recourse against Dexia which must then reimburse this intervention in cash.
poleg tega je z ukrepom predvideno posredovanje Belgije in Francije na prvi poziv po potrebi tudi za prvo tranšo v višini 4,5 milijarde USD, pri čemer nato Belgija in Francija od skupine Dexia zahtevata nadomestilo za to pomoč v gotovini.
This mechanism therefore exposes the Belgian and French States to a risk of losses on the covered assets and a risk of default by Dexia, even with regard to the first tranche of USD 4,5 billion.
S tem mehanizmom sta torej Belgija in Francija izpostavljeni tveganju izgub zavarovanih sredstev in tveganju neizpolnitve obveznosti skupine Dexia, in to že v okviru prve tranše v višini 4,5 milijarde USD.
This specific characteristic is not usually to be found in measures relating to impaired assets.
To pri ukrepih obravnavanja oslabljenih sredstev ni običajno.
On account of these specific characteristics, the portfolio considered for which the transfer price is calculated is the total FSAM portfolio and not only the portfolio of covered assets.
Zaradi teh posebnosti se transferna cena izračuna za celotni portfelj FSAM in ne samo za portfelj zavarovanih sredstev.
At 31 January 2009, the nominal residual value amounted to USD 16,6 billion.
Odplačna nominalna vrednost je na dan 31. januarja 2009 znašala 16,6 milijarde USD.
The transfer value is therefore USD 12,1 billion (this being the difference between USD 16,6 billion and 4,5 billion).
Transferna cena torej znaša 12,1 milijarde USD (in sicer je enaka razliki med 16,6 in 4,5 milijarde USD).
The market price was USD [7-9] billion, so the amount of aid comes to USD [3,1-5,1] billion or EUR [2,4-4,0] billion [44].
Tržna cena je znašala [7–9] milijard USD, tako da znesek pomoči znaša [3,1–5,1] milijarde USD ali [2,4–4,0] milijarde EUR. [44]
TOTAL AMOUNT OF THE VARIOUS AID MEASURES
SKUPNI ZNESEK RAZLIČNIH UKREPOV POMOČI
As emphasised by the Member States concerned in their observations on the decision to open the procedure, the Commission recognises that it is not relevant to add together the amounts of aid corresponding to recapitalisation with guarantees of liabilities as the two types of measures do not have the same effects of distortion of competition.
Kot poudarjajo zadevne države članice v pripombah glede odločitve o sprožitvi postopka, je Komisija priznala, da ni primerno, da se zneski pomoči za dokapitalizacijo prištejejo k jamstvom za obveznosti, saj obe vrsti ukrepov ne povzročata enakega izkrivljanja konkurence.
Consequently, the Commission notes that the aid received by Dexia in the form of a capital increase and of aid for the treatment of impaired assets (FSA measure) comes to a total of EUR 8,4 billion and the aid in the form of a guarantee and LA operation may amount to up to EUR [95-135] billion.
Posledično Komisija ugotavlja, da pomoč, ki jo je Dexia prejela v obliki dokapitalizacije in pomoči za obravnavanje oslabljenih sredstev (ukrep za družbo FSA), skupaj znaša 8,4 milijarde EUR ter da lahko pomoč v obliki jamstva in ukrepa likvidnostne pomoči znaša največ [95–135] milijard EUR.
Under Article 107(3)(b) TFEU, ‘The following may be considered to be compatible with the internal market: […] aid […] to remedy a serious disturbance in the economy of a Member State’.
V skladu s členom 107(3)(b) PDEU se „kot združljivo z notranjim trgom […] lahko šteje […] pomoč za […] odpravljanje resne motnje v gospodarstvu države članice“.
In view of the situation on the financial markets since the measures in question were granted, the Commission considers that the measures in question can be assessed on the basis of Article 107(3)(b) TFEU.
Ob upoštevanju razmer na finančnih trgih po sprejetju zadevnih ukrepov Komisija meni, da je zadevne ukrepe mogoče presojati na podlagi člena 107(3)(b) PDEU.
As regards the Belgian, French and Luxembourg economies, this was confirmed by the various Commission decisions approving the measures taken by the authorities of these Member States to overcome the financial crisis [45].
V zvezi z belgijskim, francoskim in luksemburškim gospodarstvom je bilo to potrjeno z različnimi odločitvami Komisije o odobritvi ukrepov, ki so jih te države članice sprejele za boj proti finančni krizi [45].
Consequently, following the example of the decisions of 19 November 2008, 13 March 2009 and 30 October 2009 relating to Dexia, the legal basis for the assessment of the aid measures in question is still Article 107(3)(b) TFEU.
Po zgledu odločitev z dne 19. novembra 2008, 13. marca 2009 in 30. oktobra 2009, ki so se nanašale na skupino Dexia, je pravna podlaga za presojo zadevnih ukrepov pomoči še vedno člen 107(3)(b) PDEU.
In the context of the present crisis, the Commission specified the conditions on which the aid for the treatment of impaired assets and the aid for restructuring of firms in difficulty should be applied.
Komisija je v okviru sedanje krize pojasnila pogoje, pod katerimi je treba uporabiti pomoči za obravnavanje oslabljenih sredstev in pomoči za prestrukturiranje podjetij v težavah.
These principles are set out in the Impaired Assets Communication and in the Restructuring Communication.
Ta načela so navedena v Sporočilu o oslabljenih sredstvih in v Sporočilu o prestrukturiranju.
COMPATIBILITY OF THE FSA MEASURE
ZDRUŽLJIVOST UKREPA ZA DRUŽBO FSA
As mentioned in the decision of 13 March 2009, the FSA measure falls within the scope of the Impaired Assets Communication, even though its primary objective was to allow the operation consisting in the sale of FSA.
Kot je bilo navedeno v odločitvi z dne 13. marca 2009, spada ukrep za družbo FSA na področje uporabe Sporočila o oslabljenih sredstvih, čeprav je bil njegov glavni cilj omogočiti prodajo družbe FSA.
This measure must therefore be analysed on the basis of the conditions provided for in the Impaired Assets Communication.
Ta ukrep je torej treba proučiti na podlagi pogojev iz Sporočila o oslabljenih sredstvih.
In this respect, the Commission concluded in its decision of 13 March 2009 that the guarantee as such and its coverage in terms of assets and the burden-sharing of the costs between Dexia and the Belgian and French States were compatible with the internal market.
Komisija je v zvezi s tem v odločitvi z dne 13. marca 2009 ugotovila, da so jamstvo kot tako, njegova uporaba za zavarovanje sredstev in porazdelitev stroškov med skupino Dexia ter Belgijo in Francijo združljivi z notranjim trgom.
The valuation of the assets, the remuneration for the measure and the remuneration for the securities to be issued by Dexia beyond the first tranche of USD 4,5 billion still had to be ascertained.
Preveriti je bilo treba še oceno sredstev, nadomestilo za ukrep in nadomestilo za vrednostne papirje, ki jih je morala Dexia izdati nad prvo tranšo v višini 4,5 milijarde USD.
Valuation of the assets
Ocena sredstev
The Commission analysed whether the valuation method applied for the REV corresponded to the requirements laid down in the Impaired Assets Communication, and in particular whether (i) it was based as far as possible on observable inputs, (ii) it made realistic and prudent assumptions about future cash flows, and (iii) it was based on prudent stress-testing at the time that the valuation was carried out.
Komisija je proučila, ali je uporabljena metodologija za ocenjevanje REV izpolnjevala zahteve iz Sporočila o oslabljenih sredstvih, še zlasti, ali (i) je kar najbolj temeljila na ugotovljivih podatkih, ali (ii) je izhajala iz realnih in previdnih predpostavk v zvezi s prihodnjimi denarnimi tokovi ter ali (iii) je ob ocenjevanju temeljila na previdnih stresnih simulacijah.
This analysis of the methods used for the valuation of the assets was carried out with the technical assistance of experts contracted by the Commission.
Ta proučitev metodologije ocenjevanja uporabljenih sredstev je bila izvedena ob strokovni pomoči izvedencev, ki pogodbeno sodelujejo s Komisijo.
It was carried out for each of the main classes of assets in the FSAM portfolio under review and under a baseline scenario and a stress scenario.
Nanašala se je na vsakega od glavnih razredov sredstev iz proučenega portfelja FSAM, izvedena pa je bila po osnovnem in stresnem scenariju.
Following examination, the Commission assessed the methodology and the assumptions made for the valuation of the REV positively.
Komisija je na podlagi proučitve metodologije in predpostavk, na katerih je temeljila ocena REV, o njih sprejela pozitivno mnenje.
The Commission therefore finds that the assumptions made are conservative on the whole:
Komisija tako navaja, da so upoštevane predpostavke na splošno konservativne: