natgillin/translations-raw huggingface dataset:
In the global approach, the net results for each year, cumulated year on year, are discounted by applying the reference rate for France on 1 January of each year [60].
V skladu s celostnim pristopom se neto poslovni izid vsakega leta, kumuliran leto za leto, diskontira na podlagi referenčne stopnje za Francijo na dan 1. januarja vsakega leta [60].
Advantages taken into account
Upoštevane prednosti
According to the first sentence of point 17 of the 2005 Community framework, ‘The revenue to be taken into account must include at least the entire revenue earned from the service of general economic interest’.
V skladu s prvim stavkom točke 17 okvira Skupnosti iz leta 2005 mora „prihodek, ki ga je treba upoštevati, […] vključevati vsaj celotni prihodek, ki ga je ustvarila storitev splošnega gospodarskega pomena“.
When checking for the absence of any overcompensation, it is necessary, therefore, to take account of the net result of general-interest uses and non-earmarked uses during the investigation period.
Pri preverjanju neobstoja morebitnega prekomernega nadomestila je torej treba upoštevati neto poslovni izid naložb splošnega pomena in prostih naložb v obdobju preiskave.
The Commission considers that these results are revenue introduced by France as from 27 September 1991 in favour of Crédit Mutuel for its performing the general-interest service of financing social housing through the CDC.
Komisija namreč meni, da je ta poslovni izid prihodek, ki ga je Francija uvedla 27. septembra 1991 za Crédit Mutuel v okviru storitve splošnega gospodarskega pomena financiranja socialnih stanovanj prek CDC, ki jo je ta banka opravljala.
These uses are, in cost accounting, backed by a specific resource, the deposits gathered thanks to the distribution of the Livret bleu.
Te naložbe so v analitičnih računovodskih evidencah naslonjene na posebna sredstva, to je hranilne vloge, zbrane z distribuiranjem sheme Livret bleu.
In competitive market conditions (without the special right to distribute a tax-free savings product), Crédit Mutuel might not have been able to procure that resource at the same cost, with the result that the corresponding uses and resources must be taken into account in the overall structure of the Livret bleu system.
Crédit Mutuel si v konkurenčnih tržnih razmerah (brez posebne pravice do distribuiranja varčevalnega produkta, oproščenega davkov) mogoče ne bi mogla zagotoviti teh sredstev po isti ceni, tako da je treba ustrezne naložbe in sredstva upoštevati v celotnih financah sistema Livret bleu.
Moreover, France has itself confirmed the existence of a link between these uses, the Livret bleu and the task of financing social housing by redirecting the amounts relating to these uses to the CDC as from 1991 [61].
Poleg tega je Francija sama potrdila obstoj povezave med temi naložbami, shemo Livret bleu in nalogo financiranja socialnih stanovanj, ko je od leta 1991 hranilne vloge v zvezi s temi naložbami prerazporedila na CDC [61].
In other words, when on 27 September 1991 it entrusted to Crédit Mutuel the general economic interest service consisting in gathering deposits centralised with the CDC and intended for financing social housing, France confirmed the entrustment to Crédit Mutuel of the distribution of the Livret bleu.
Povedano drugače, Francija je s tem, ko je 27. septembra 1991 banko Crédit Mutuel pooblastila za opravljanje storitve splošnega gospodarskega pomena, to je zbiranje hranilnih vlog, centraliziranih pri CDC in namenjenih financiranju socialnih stanovanj, potrdila dodelitev pravice do distribuiranja sheme Livret bleu banki Crédit Mutuel.
The profit resulting from the use of funds deposited on the latter must therefore be considered as from that date to be revenue granted to Crédit Mutuel for the provision of the service of general economic interest.
Dobiček od uporabe sredstev, vloženih v okviru sheme Livret bleu, je torej treba od tega datuma upoštevati kot prihodek, dodeljen banki Crédit Mutuel za opravljanje storitve splošnega gospodarskega pomena.
The complainants and other authorities or bodies (the Competition Council and reports by parliamentarians or research organisations [62] consider that the exclusive right to distribute the Livret bleu has had a ‘pull effect’ by enabling Crédit Mutuel to attract and retain customers to whom it has sold banking products other than the Livret bleu.
Pritožnik ter drugi organi ali organizacije (francoski svet za konkurenco in poročila poslancev ali raziskovalnih organizacij [62]) menijo, da je izključna pravica do distribuiranja sheme Livret bleu imela „učinek vabe“, ker je banki Crédit Mutuel omogočila, da je privabila in ohranila stranke, ki jim je prodala druge bančne produkte poleg sheme Livret bleu.
In its extension Decision the Commission did not rule out the possibility that the Livret bleu may have generated indirect revenue via the pull effect [63], but it pointed out that such revenue had so far not been quantified [64].
Komisija v odločitvi o razširitvi postopka ni izključila, da so bili lahko s shemo Livret bleu ustvarjeni posredni prihodki zaradi učinka vabe [63], vendar je opozorila, da teh prihodkov do takrat ni bilo mogoče kvantificirati [64].
Following its investigation into this case, the Commission would observe that, while the existence of a pull effect cannot be ruled out, the data it has collected do not enable it in this case to quantify the potential pull effect in a sufficiently precise manner.
Komisija ob koncu preučevanja te zadeve ugotavlja, da obstoja učinka vabe sicer ni mogoče izključiti, vendar pa na podlagi podatkov, ki jih je zbrala, v tej zadevi ne more dovolj zanesljivo kvantificirati morebitnega učinka vabe.
The documents submitted by the complainants presume the existence of pull effects but do not formally prove their existence and succeed even less in precisely determining the financial impact of such effects.
Dokumenti, ki so jih predložili pritožniki, vsebujejo domnevo o obstoju učinka vabe, vendar formalno ne dokazujejo njegovega obstoja, prav tako pa v njih ni natančno ocenjen finančni vpliv tega učinka.
As for the studies by the Glais consultancy (see recitals 52 and 53), the Commission would observe that Crédit Mutuel is right to assert that these statistical analyses provide no certain proof of a quantifiable pull effect.
Komisija v zvezi s študijami družbe Glais (glej uvodni izjavi 52 in 53) ugotavlja, da lahko Crédit Mutuel upravičeno trdi, da te statistične analize ne ponujajo nobenega zanesljivega dokaza o učinku vabe, ki bi ga bilo mogoče kvantificirati.
Three subjective evaluations have been proposed in the complainants’ comments.
V pripombah pritožnikov so bile predlagane tri subjektivne ocene.
First of all, in view of the fact that other banks had offered to distribute the Livret bleu in return for a 1 % commission, the complainants proposed an approximate order of magnitude for the pull effect by calculating the difference between the level of commission charged by Crédit Mutuel and this rate of 1 %, i.e. 0,3 %, which corresponds to approximately FRF 300 million a year.
Najprej, ob upoštevanju dejstva, da so druge banke ponudile, da bi shemo Livret bleu distribuirale v zameno za 1-odstotno provizijo, so pritožniki predlagali približno velikost učinka vabe, tako da so izračunali razliko med stopnjo provizije, ki jo je prejemala Crédit Mutuel, in to 1-odstotno stopnjo, to je 0,3 %, kar znaša približno 300 milijonov FRF na leto.
However, there is no evidence to suggest that, during the period considered, Crédit Mutuel’s competitors could have performed this task under the same conditions at this level of remuneration of 1 %.
Vendar ni mogoče z ničimer dokazati, da bi lahko konkurenti Crédit Mutuel v zadevnem obdobju izpolnili to nalogo pod enakimi pogoji po tej 1-odstotni stopnji plačila.
Moreover, this first argument does not demonstrate the pull effect but seems to amount to alleging that Crédit Mutuel was overcompensated, which, as will be shown, is not the case.
Poleg tega ta prva trditev ne dokazuje učinka vabe, temveč se zdi, da želijo pritožniki povedati, da je Crédit Mutuel prejela prekomerno nadomestilo, kar pa se ni zgodilo, kot bo dokazano.
There is no evidence to suggest that the pull effect corresponds to the difference between the brokerage commission and a hypothetical lower commission which Crédit Mutuel’s competitors proposed to charge in return for their distributing the Livret bleu.
Z ničimer ni mogoče dokazati, da učinek vabe ustreza razliki med posredniško provizijo in nižjo hipotetično provizijo, ki so jo konkurenti Crédit Mutuel predlagali v zameno za distribucijo sheme Livret bleu.
According to the second method proposed by the complainants, the pull effect would be measured by reference to the growth in Crédit Mutuel’s market share.
Po drugi metodi, ki so jo predlagali pritožniki, bi se učinek vabe izmeril glede na rast tržnih deležev Crédit Mutuel.
Such an evaluation method cannot be adopted as it is based on the assumption that the gains in market share are due solely to the Livret bleu, whereas there is no objective basis for this assumption.
Take metode ocenjevanja ni mogoče uporabiti, saj temelji na predpostavki, da so se tržni deleži povečali izključno zaradi sheme Livret bleu, kar pa ni podprto z nobenim objektivnim dokazom.
The third evaluation of the exclusive distribution right is based on the tax revenue loss due to the tax exemption allowed under the Livret bleu.
Tretja ocena izključne pravice do distribuiranja temelji na izpadu davčnih prihodkov, ker je bila shema Livret bleu oproščena davkov.
If Crédit Mutuel had wished to distribute a savings account without any tax exemption by offering, irrespective of the saver’s tax position, the same net yield as the Livret bleu, it would in fact have incurred an opportunity cost equal to the amount of the notional tax (potentially) payable by the saver.
Če bi Crédit Mutuel želela hranilni račun distribuirati brez oprostitve davkov, tako da bi ne glede na davčni položaj varčevalcev ponujala enak neto donos kot shema Livret bleu, bi dejansko nosila oportunitetne stroške, ki bi bili enaki znesku domnevnega davka, ki bi ga (morda) plačali varčevalci.
According to the complainants, the cumulated tax advantage of the order of FRF 4,5 billion over the period 1991-97 must be considered as having accrued to Crédit Mutuel advantages worth the same amount.
Po mnenju pritožnikov je treba za skupno davčno ugodnost v višini 4,5 milijarde FRF v obdobju 1991–1997 šteti, da je banki Crédit Mutuel zagotovila ugodnosti v navedenem znesku.
This reasoning cannot be accepted as Crédit Mutuel would probably not have distributed the Livret bleu under the same conditions if it had had to bear the full cost of the tax exemption, which, besides, benefits members directly.
Tega sklepanja ni mogoče upoštevati, saj Crédit Mutuel zelo verjetno ne bi distribuirala sheme Livret bleu pod enakimi pogoji, če bi morala nositi celotne stroške davčne oprostitve, ki sicer neposredno koristi članom družbe.
The advantages in question, if any, are difficult to prove and to quantify.
Zadevne morebitne ugodnosti je težko dokazati in kvantificirati.
The direct financial advantage deriving from the operation of the Livret bleu is directly measurable from the Livret bleu’s accounts.
Neposredno gospodarsko prednost izkoriščanja sheme Livret bleu je mogoče neposredno oceniti na podlagi računovodskih evidenc sheme Livret bleu.
However, the financial advantage arising from the sale of other products or services to customers who remained loyal because of the Livret bleu would be observable in the cost accounts of these other products if it were possible to distinguish immediately between what was sold to customers who remained because of, or were attracted by, the Livret bleu, and what was sold to customers who came to Crédit Mutuel for other reasons, which is not the case.
Nasprotno pa bi bilo gospodarsko prednost, nastalo zaradi prodaje drugih produktov ali storitev strankam, privabljenim s shemo Livret bleu, mogoče ugotoviti v analitičnih računovodskih evidencah teh drugih produktov, če bi bilo mogoče takoj razlikovati, kaj je bilo prodano strankam, ki jih je Crédit Mutuel privabila s shemo Livret bleu, in kaj je bilo prodano strankam, ki so k Crédit Mutuel prišle iz drugih razlogov, kar pa v tem primeru ni mogoče.
For these reasons, the Commission’s consultant was unable to evaluate the potential pull effect using the accounting method applied to assess all the direct financial advantages deriving from the Livret bleu.
Svetovalec Komisije iz teh razlogov ni mogel oceniti morebitnega učinka vabe na podlagi računovodske metode, uporabljene za ovrednotenje vseh neposrednih gospodarskih prednosti, nastalih zaradi sheme Livret bleu.
The more sophisticated attempts by the Commission’s consultant at evaluating the pull effect were unsuccessful.
Bolj domišljeni poskusi svetovalca Komisije, da ovrednoti učinek vabe, niso bili uspešni.
Consequently, the Commission considers that it cannot take into account the advantage, if any, due to the pull effect in the calculation of whether or not there is any overcompensation.
Komisija zato meni, da morebitne prednosti zaradi učinka vabe ne more upoštevati pri izračunu za preverjanje neobstoja morebitnega prekomernega nadomestila.
Calculation of a reasonable profit
Izračun zmernega dobička
When checking for the absence of overcompensation of an undertaking entrusted with a service of general economic interest, account must be taken of a reasonable profit [65].
Pri preverjanju neobstoja prekomernega nadomestila za podjetje, pooblaščeno za opravljanje storitve splošnega gospodarskega pomena, je treba upoštevati zmerni dobiček [65].
The 2005 Community framework states that ‘ “reasonable profit” should be taken to mean a rate of return on own capital that takes account of the risk, or absence of risk, incurred by the undertaking […] This rate must normally not exceed the average rate for the sector concerned in recent years’ [66].
Okvir Skupnosti iz leta 2005 določa, da je treba „ ‚zmerni dobiček‘ šteti kot stopnjo donosa lastnega kapitala, ki mora upoštevati tveganje ali odsotnost tveganja, ki ga je podjetje imelo […]. Ta stopnja običajno ne sme presegati povprečne stopnje za zadevni sektor v zadnjih letih“ [66].
The Commission considered in the extension Decision [67] that there should be applied to general-interest uses and non-earmarked uses a reasonable profit amounting to on average 6 % of the capital devoted to those uses.
Komisija je v odločitvi o razširitvi postopka [67] menila, da je treba za naložbe splošnega pomena in proste naložbe uporabiti zmerni dobiček, ki povprečno znaša 6 % lastnega kapitala za te naložbe.
This rate, which varies from year to year and averages 6 %, corresponds to the rate of return originally advocated by Crédit Mutuel: Crédit Mutuel had taken as the cost of capital the amount of the dividends actually distributed during the year in question.
Ta stopnja, ki se spreminja vsako leto in znaša povprečno 6 %, ustreza stopnji donosa, ki jo je prvotno zagovarjala Crédit Mutuel: Crédit Mutuel je kot stroške lastnega kapitala uporabila znesek dividend, ki so bile dejansko izplačane v obravnavanem letu.
In this Decision, as regards the taking into account of a reasonable profit when checking for the absence of any overcompensation, the Commission does not deviate, in the case of non-earmarked uses and general-interest uses, from the approach already followed in the extension Decision, described in Section 7.2.5.
Komisija v tem sklepu v zvezi z upoštevanjem zmernega dobička pri preverjanju neobstoja morebitnega prekomernega nadomestila glede prostih naložb in naložb splošnega pomena ne odstopa od pristopa, ki ga je že uporabila v odločitvi o razširitvi postopka in je opisan v oddelku 7.2.5.
In its extension Decision [68], the Commission considered, however, that it did not have to apply this reasonable profit to deposits centralised with the CDC in so far as they have no cost of capital from the point of view of the prudential rules, such deposits being not so much invested by Crédit Mutuel as simply assigned to the CDC.
Komisija je v odločitvi o razširitvi postopka [68] vseeno menila, da tega zmernega dobička ni treba uporabiti za hranilne vloge, centralizirane pri CDC, ker te ne predstavljajo nobenih stroškov lastnega kapitala z vidika pravil varnega in skrbnega poslovanja, saj Crédit Mutuel teh vlog ni vložila, temveč jih je le dodelila CDC.
From a prudential point of view, the credit risk connected with deposits centralised with the CDC is considered equal to the exposure vis-à-vis the State (the French Republic), i.e. a risk weighting equal to zero and hence requiring no capital.
Vendar se z vidika varnega in skrbnega poslovanja za kreditno tveganje, povezano s hranilnimi vlogami, centraliziranimi pri CDC, šteje, da je enako izpostavljenosti države (Francoske republike) oziroma ponderiranju tveganja, enakemu nič, in da torej ne zahteva lastnega kapitala.
If it were to be assumed that no reasonable profit is to be derived from deposits centralised with the CDC, this would mean that the total reasonable profit (that relating to general-interest uses and non-earmarked uses and that relating to deposits centralised with the CDC) decreased from 1991 to 1999, disappearing altogether from 2000 following the centralisation with the CDC of the entire stock of deposits in 1999 [69].
Neupoštevanje zmernega dobička v zvezi s hranilnimi vlogami, centraliziranimi pri CDC, bi pomenilo, da se je skupni zmerni dobiček (po eni strani povezan z naložbami splošnega pomena in prostimi naložbami ter po drugi strani povezan s hranilnimi vlogami, centraliziranimi pri CDC) zmanjševal od leta 1991 do leta 1999 in nato leta 2000 popolnoma izginil, potem ko so bila leta 1999 pri CDC centralizirane vse hranilne vloge [69].
In their letter of 1 September 2006 presenting their comments in reply to the extension Decision, the French authorities confirmed that the funds centralised with the CDC consumed no regulatory capital.
Francoski organi so v dopisu z dne 1. septembra 2006, v katerem so predstavili pripombe k odločitvi o razširitvi postopka, potrdili, da se za hranilne vloge, centralizirane pri CDC, ne uporablja regulatorni lastni kapital.
Nevertheless, according to the French authorities, ‘in view of the lack of relevance of the application of the European solvency ratio from the time of full centralisation with the CDC in 1999, Crédit Mutuel [proposes to] include, in order to calculate the reasonable profit in the Livret bleu, a cost of capital obtained by reference to that of the other savings products and other resources’.
Vendar po mnenju francoskih organov „Crédit Mutuel ob upoštevanju, da uporaba evropske stopnje solventnosti od popolne centralizacije hranilnih vlog pri CDC leta 1999 ni pomembna, za izračun zmernega dobička od sheme Livret bleu [predlaga] vključi[-tev] stroške[-ov] lastnega kapitala, dosežene[-ih] glede na stroške drugih varčevalnih produktov in drugih sredstev“.
The Commission does not consider such an approach to be satisfactory as it results in applying artificially to the resources centralised with the CDC a regulatory capital need dependent on the average capital need of Crédit Mutuel’s other assets, which are completely independent of the Livret bleu.
Komisiji se tak pristop ne zdi zadovoljiv, ker pomeni, da se za sredstva, centralizirana pri CDC, umetno uporablja potreba po regulatornem kapitalu, odvisna od povprečne potrebe po kapitalu drugih sredstev Crédit Mutuel, ki so popolnoma neodvisna od sheme Livret bleu.
The absence of a regulatory capital need illustrates the absence of a credit loss risk, which is the case with the deposits centralised with the CDC.
Neobstoj potrebe po regulatornem lastnem kapitalu namreč ponazarja neobstoj tveganja kreditne izgube, kar velja za hranilne vloge, centralizirane pri CDC.
The activity of gathering deposits on behalf of the CDC likewise does not present a liquidity risk (apart from the intra-month risk) or a risk of maturity transformation, since the amount made over to the CDC is adjusted each month in the light of the trend in deposits and the interest paid by the CDC is immediately transferred to depositors.
Dejavnost zbiranja hranilnih vlog za CDC prav tako ne pomeni niti likvidnostnega tveganja (razen tveganja znotraj meseca) niti tveganja spremembe zapadlosti, ker se znesek, dodeljen CDC, prilagaja vsak mesec glede na gibanje hranilnih vlog in se obrestna mera, ki jo plačuje CDC, takoj prenese na račune deponentov.
It is therefore certain that this general economic interest service presents a low level of risk to Crédit Mutuel.
Torej ta storitev splošnega gospodarskega pomena zanesljivo pomeni nizko stopnjo tveganja za Crédit Mutuel.
However, some other types of risk, such as the operational risk, the economic risk (the risk that the level of remuneration will not cover the costs incurred), the legal risk and the risk to reputation, do exist.
Vendar nekatere druge vrste tveganja, kot so operativno, ekonomsko (tveganje, da raven nadomestila ne pokrije nastalih stroškov) in pravno tveganje ter tveganje izgube ugleda, obstajajo.
Moreover, other banking activities such as the distribution of mutualised funds, asset management or the selling of financial products (such as shares and bonds) do not consume any regulatory capital but are nonetheless highly profitable.
Poleg tega se za druge bančne dejavnosti, kot so razdelitev razpršenih sredstev, upravljanje premoženja ali prodaja finančnih produktov (kot so delnice in obveznice), ne uporablja regulatorni lastni kapital, kar pa en vpliva negativno na njihovo veliko donosnost.
There is therefore no direct link between the consumption of regulatory capital — calculated on the basis of prudential rules the specific aim of which is in no way to evaluate the profitability of an activity — and the profit expected from an activity.
Torej ne obstaja neposredna povezava med uporabo regulatornega lastnega kapitala – izračunano na podlagi pravil varnega in skrbnega poslovanja, katerih posebni cilj nikakor ni oceniti donosnost dejavnosti – in pričakovanim dobičkom od dejavnosti.
In the present case, while the Commission authorises Crédit mutuel to earn a reasonable profit in respect of that part of deposits which is centralised with the CDC, it acknowledges that determining the appropriate level of that profit is an exercise which involves a complex economic assessment.
Vseeno je treba ugotoviti, da Komisija, če v tem primeru banki Crédit Mutuel dovoli, da ima zmerni dobiček od dela hranilnih vlog, centraliziranih pri CDC, priznava, da je določitev ustrezne ravni tega dobička postopek, ki vključuje zapleteno ekonomsko oceno.
The Livret bleu is an atypical banking product with the mixed characteristics of a savings product and a current account, the gathered deposits of which are centralised with a public authority.
Shema Livret bleu je namreč neznačilen bančni produkt, ki ima mešane značilnosti varčevalnega produkta in tekočega računa ter katerega zbrane hranilne vloge se centralizirajo pri javnem organu.
There are therefore no directly comparable products as such which might give an indication of a reasonable profit for a similar activity.
Torej ne obstajajo kot taki produkti, ki jih je mogoče neposredno primerjati in ki bi lahko bili kazalnik zmernega dobička za podobno dejavnost.
For want of a product sufficiently comparable to the Livret bleu, the Commission considers that it can in the present case use two indicators making it possible to evaluate whether, with respect to deposits centralised with the CDC, a given profit may be considered reasonable.
Ker ne obstaja produkt, ki bi bil dovolj primerljiv s shemo Livret bleu, Komisija meni, da lahko v tem primeru uporabi dva kazalnika, na podlagi katerih je mogoče oceniti, ali je dani dobiček v zvezi s hranilnimi vlogami, centraliziranimi pri CDC, mogoče šteti za zmernega.
The two indicators are:
Ta kazalnika sta:
the profit margin of the French banking sector, that is, the profit before tax divided by turnover (in the present case, the banks’ turnover is represented by their operating results).
stopnja dobička francoskega bančnega sektorja, to je poslovni izid pred obdavčitvijo, deljen s prometom (v tej zadevi je promet bank njihov poslovni izid iz poslovanja).