natgillin/translations-raw huggingface dataset:
Luxembourg points out that the planned sale of Dexia BIL was officially announced on 6 October 2011, i.e. before the announcement of the additional guarantees on new refinancing granted by the Member States concerned to Dexia SA and DCL.
Luksemburg ugotavlja, da je bil načrt odprodaje družbe Dexia BIL uradno objavljen 6. oktobra 2011, tj. pred datumom objave dodatnih jamstev zadevnih držav članic za novo refinanciranje za družbi Dexia SA in DCL.
Luxembourg stresses that Dexia BIL is one of the large banks with a branch network in Luxembourg and is an essential player in the local economy as both a depositary bank for resident individuals and businesses, and a provider of consumer credit, property loans and business lending.
Luksemburg poudarja, da je družba Dexia BIL ena od večjih bank v mreži poslovalnic v Luksemburgu in je bistvena udeleženka lokalnega gospodarstva, in sicer kot depozitna banka za fizične in pravne osebe ter kot ponudnica potrošniških posojil, posojil za nepremičnine in posojil podjetjem.
Dexia BIL plays a systemic role in the Luxembourg economy [22] and a failure of this bank (or even merely uncertainty as to its fate) would have extremely serious effects on the stability of Luxembourg’s financial system and economy in general, which could also be felt in neighbouring countries.
Družba Dexia BIL ima sistemsko vlogo v gospodarstvu Luksemburga [22], pri čemer bi njen neuspeh (ali že sama negotovost glede njenega položaja) zelo slabo vplival na stabilnost finančnega sistema in gospodarstvo v Luksemburgu na splošno, pri čemer bi posledice lahko občutile tudi sosednje države.
The Luxembourg authorities maintain that there is no advantage for Dexia SA or Dexia BIL arising from the acquisition by the Luxembourg State of a 10 % holding in Dexia BIL because the acquisition took place under market conditions, and the price paid and the terms were the same as for Precision Capital.
Po mnenju luksemburških organov družba Dexia SA ali Dexia BIL nimata nobene prednosti zaradi prevzema 10-odstotnega deleža družbe Dexia BIL s strani Luksemburga, saj je bil prevzem izveden pod tržnimi pogoji, pri čemer so bili plačana cena in pogoji enaki kot za družbo Precision Capital.
Luxembourg also points out that the sale of Dexia BIL had been envisaged for a long time by Dexia SA, which to that end had contacted a series of operators between 2009 and 2011, in particular […].
Luksemburg tudi ugotavlja, da je družba Dexia SA že dolgo načrtovala odprodajo družbe Dexia BIL, saj je med letoma 2009 in 2011 v ta namen stopila v stik z več subjekti, zlasti […].
The discussions undertaken had made some progress but none of the operators had expressed an interest in Dexia BIL.
Opravljeni pogovori so bile večinoma uspešni, vendar noben od subjektov ni izrazil zanimanja za družbo Dexia BIL.
Although the Luxembourg authorities acknowledge that the process did not constitute a formal call for tenders, they point out that it is unlikely that a formal invitation to tender would have produced a different result.
Če luksemburški organi priznajo, da postopek ni potekal na podlagi uradnega javnega razpisa, je po njihovih ugotovitvah malo verjetno, da bi bil rezultat v primeru objave uradnega javnega razpisa drugačen.
It was impossible to organise such an invitation to tender within the shortened deadline dictated by the accelerating erosion of Dexia BIL’s deposits at the end of September 2011 because of the rumours concerning the difficulties of the Dexia group and the downgrade of Dexia SA's rating by the rating agency Moody's on 3 October 2011, which added to the rumours swirling around the European banking system, the sovereign debt crisis and the difficulties in the euro area.
Takega javnega razpisa ni bilo mogoče organizirati v tako kratkem roku zaradi pospešenih odlivov vlog družbe Dexia BIL konec septembra 2011, ker so se poleg govoric glede evropskega bančnega sistema, krize državnega dolga in težav v euroobmočju pojavile tudi govorice o težavah skupine Dexia, bonitetna agencija Moody's pa je 3. oktobra 2011 znižala oceno družbi Dexia SA.
In the opinion of the Luxembourg authorities, an informal tender process, organised to a tight deadline and using specific procedures dictated by the circumstances, could be regarded as an open, transparent and non-discriminatory procedure which ensures the formation of a market price.
Po mnenju luksemburških organov bi se lahko štelo, da je postopek neuradnega javnega razpisa, organiziran v skrajšanem roku in ob upoštevanju posebnih postopkov zaradi zadevnih okoliščin, odprt, pregleden in nediskriminatoren ter da zagotavlja oblikovanje tržne cene.
The Luxembourg authorities also point out that a fairness opinion dated 10 December 2011 and the update of 30 May 2012 conclude that the price is fair in the current market context and that the Commission had already accepted that the valuation of a company may be in line with a market price on the basis of a fairness opinion carried out by an independent expert.
Luksemburški organi tudi ugotavljajo, da nepristransko mnenje o ceni z dne 10. decembra 2011 in njegova dopolnitev z dne 30. maja 2012 kažeta, da naj bi bila cena v sedanjih tržnih razmerah ustrezna in da je Komisija že priznala, da je vrednotenje podjetja v skladu s tržno ceno na podlagi nepristranskega mnenja o ceni, ki ga je pripravil neodvisni izvedenec.
Since the end of 2008, Dexia BIL has constantly been a net provider of liquidity to the other companies in the group.
Družba Dexia BIL je od konca leta 2008 stalno izboljševala likvidnost drugih subjektov iz skupine.
As for the new temporary guarantee approved provisionally by the Commission on 21 December 2011, Dexia BIL was not a guaranteed company and does not benefit from this temporary guarantee.
Kar zadeva novo začasno jamstvo, ki ga je Komisija začasno odobrila 21. decembra 2011, družba Dexia BIL ni družba z jamstvom in ni upravičena do tega začasnega jamstva.
Furthermore, the Luxembourg authorities point out that Dexia BIL will have a strong liquidity position after the sale, will focus on retail banking and private banking, and will have cut its ties to the residual Dexia group by disposing of the legacy portfolio and Dexia LDG and selling its holdings in RBCD and DAM.
Poleg tega luksemburški organi ugotavljajo, da bo družba Dexia BIL po odprodaji zelo likvidna, osredotočila se bo na poslovanje s prebivalstvom in zasebno bančništvo ter prekinila preostale povezave s skupino Dexia na podlagi črpanja sredstev preostanka portfelja in družbe Dexia LDG ter prodaje deležev v družbah RBCD in DAM.
Likewise, the MoU is based on an absence of financing by Dexia BIL of Dexia SA or other companies in the residual group post-sale.
Memorandum o soglasju podobno temelji na tem, da družba Dexia BIL ne financira družbe Dexia SA ali drugih subjektov iz skupine, preostale po odprodaji.
Moreover, this point is evident in most of the commitments under the restructuring plan for Dexia, which apply to Dexia or Dexia SA and concern Dexia BIL only to the extent that it is a subsidiary of the group and forms a single economic unit with Dexia SA.
To stališče je sicer jasno v večini zavez iz načrta prestrukturiranja skupine Dexia, ki veljajo za skupino Dexia ali družbo Dexia SA in zadevajo družbo Dexia BIL le, če bi bila odvisna družba skupine in bi z družbo Dexia SA tvorila isto gospodarsko enoto.
In any event, the sale of Dexia BIL does not contain any state aid and is carried out at a market price.
V vsakem primeru pa odprodaja družbe Dexia BIL ne vsebuje nobenega elementa državne pomoči in je izvedena po tržni ceni.
(74 Luxembourg, in its observations on the opening decision, confirms that clause 3.3.5 has not been included in the final share purchase contracts that replaced the MoU, and that these concerns are groundless.
Luksemburg v svojih pripombah v zvezi s sklepom o začetku postopka potrjuje, da klavzula 3.3.5 ni bila vključena v končne pogodbe o prodaji delnic, ki so bile nadomeščene z memorandumom o soglasju, in da pomisleki v zvezi stem niso utemeljeni.
The Luxembourg authorities also confirm that the scope of the fairness opinion coincides exactly with the scope of the sold businesses.
Luksemburški organi tudi potrjujejo, da se pri nepristranskem mnenju natančno upošteva obseg prodanega dela.
In addition, the adjustment mechanism in relation to the exact level of 9 % Common Equity Tier 1 under Basel III ensures that the value of the businesses excluded from the transaction (recital (36)) does not have any positive or negative financial impact for the buyer.
Poleg tega mehanizem prilagajanja glede na natančno 9-odstotni delež navadnega lastniškega temeljnega kapitala v okviru sporazuma Basel III zagotavlja, da vrednost dejavnosti, ki so izključene iz transakcije (uvodna izjava 44), na kupca nima niti pozitivnega niti negativnega finančnega vpliva.
The Luxembourg authorities also refer to the fairness opinion updated at the end of May 2012, which reached the same conclusions.
Luksemburški organi se sklicujejo tudi na nepristransko mnenje, dopolnjeno [konec] maja 2012, ki kaže na enake ugotovitve.
The sale price for Dexia BIL may therefore be regarded as a market price, which excludes any transfer of aid.
Tako se lahko cena odprodaje družbe Dexia BIL obravnava kot tržna cena, kar izključuje kakršno koli pomoč v tem smislu.
Finally, the Luxembourg authorities agree with the comments by Dexia SA.
Nazadnje, luksemburški organi se strinjajo s pripombami družbe Dexia SA.
(section 4 above).
(del 4 zgoraj).
Observations by the Luxembourg authorities on the comments by third parties
Pripombe luksemburških organov v zvezi s pripombami zainteresiranih tretjih oseb
The Luxembourg authorities take the view that the statements in comment A are based on limited data and do not fully analyse the situation.
Luksemburški organi ocenjujejo, da trditve iz pripombe A temeljijo na razpršenih podatkih in niso predmet celotne analize položaja.
In particular, they do not take account of the exact terms of the transaction.
Pri tem ni treba upoštevati natančnih pogojev transakcije.
In this regard, the Luxembourg authorities would refer to the various documents submitted to the Commission by themselves and Dexia SA, in particular the fairness opinions by third parties, which conclude that the price paid is a fair price in the light of the terms of the transaction.
V zvezi s tem se luksemburški organi sklicujejo na različne dokumente, ki so jih Komisiji predložili sami in družba Dexia SA, zlasti nepristranska mnenja tretjih oseb o ceni, ki kažejo, da je ob upoštevanju pogojev transakcije plačana cena pravična.
This is clear from the evaluation by a third party dated 10 December 2011 and was confirmed on 30 May 2012 by the same consultant, namely […].
To je razvidno iz mnenja tretjih oseb z dne 10. decembra 2011 in je bilo 30. maja 2012 potrjeno v istem okviru, in sicer […].
Moreover, it is clear from the file in the Commission’s possession that the Luxembourg State neither offered nor granted guarantees to the buyer.
Poleg tega je iz dokumentacije, ki je na voljo Komisiji, jasno razvidno, da Luksemburg kupcu jamstev ni niti ponudil niti zagotovil.
The Luxembourg authorities therefore note that comment A appears to be based on incomplete information and contains mistaken assertions, without the slightest piece of evidence, with the result that they would ask the Commission not to take it into account in its final decision but rather to refer to the explanations by the Luxembourg authorities and Dexia SA in their exchanges with the Commission, which fully answer the questions raised and dispel the criticisms levelled.
Luksemburški organi torej ugotavljajo, da naj bi pripombe A temeljile na nepopolnih informacijah in vsebovale napačne trditve brez kakršnega koli dokaza, zato Komisijo prosijo, naj jih ne upošteva pri sprejemanju končne odločitve, ampak naj se opira na pojasnila luksemburških organov in družbe Dexia SA iz dopisov s Komisijo, ki vsebujejo izčrpne odgovore na zastavljena vprašanja in omogočajo zavrnitev izraženih pripomb.
The Luxembourg authorities note that comment B consists of a series of exchanges of correspondence by the third party in question with the management of Dexia SA and Dexia BIL, and with the supervisory authorities, between 2005 and the end of 2011, with no direct bearing on the sale of Dexia BIL.
Luksemburški organi ugotavljajo, da pripomba B zajema več izmenjav dopisov med zadevno tretjo osebo in vodstvom družb Dexia SA in Dexia BIL ali nadzornimi organi med letom 2005 in koncem leta 2011, kar ni neposredno povezano z odprodajo družbe Dexia BIL.
The correspondence relates to different requests to and criticisms of Dexia SA concerning the failure to take into account certain questions about events well before the sale of Dexia BIL, which is the only subject of this Decision on the sale of Dexia BIL.
To zadeva različne zahteve in pripombe glede družbe Dexia SA v zvezi z neupoštevanjem nekaterih vprašanj o dogodkih, ki so se zgodili veliko pred odprodajo družbe Dexia BIL, ki je edina, ki jo odločitev o prodaji družbe Dexia BIL zadeva.
The Luxembourg authorities therefore call on the Commission to set aside the documents as irrelevant.
Luksemburški organi Komisijo torej pozivajo, da te dokumente izključi zaradi njihove nepomembnosti.
The Luxembourg authorities note that Dexia SA concludes (see section 4 above) that the Dexia BIL transaction is being carried out at a market price without any aid.
Luksemburški organi ugotavljajo, da je bila po mnenju družbe Dexia SA (glej točko 4 zgoraj) transakcija družbe Dexia BIL izvedena po tržni ceni in da ne vključuje nobenega elementa pomoči.
This conclusion is consistent with the conclusions of the Luxembourg authorities, and so does not require further comment by them.
Ker je ta ugotovitev skladna z ugotovitvami luksemburških organov, dodatne pripombe z njihove strani torej niso potrebne.
In conclusion, the Luxembourg authorities note that none of the comments received from third parties is such as to call into question the developments set out in their notification and in their comments.
Luksemburški organi tako ugotavljajo, da ni bila predložena nobena pripomba tretjih oseb, ki bi lahko ogrozila razvoj, opisan v njihovem obvestilu in pripombah.
The Luxembourg authorities further note that none of the comments by third parties is likely to call into question the argument that the process of the sale of Dexia BIL must be regarded, in accordance with the Commission’s decision-making practice, as an open, transparent and non-discriminatory process capable of guaranteeing that the transaction took place at the market price.
Poleg tega ugotavljajo, da tretje osebe niso navedle nobene pripombe, s katero bi bilo mogoče izpodbijati trditev, da je mogoče postopek odprodaje družbe Dexia BIL v skladu s prakso odločanja Komisije šteti za odprt, pregleden in nediskriminatoren postopek, s katerim se zagotovi izvedba transakcije po tržni ceni.
The Luxembourg authorities therefore maintain that the transaction took place without any aid.
Luksemburški organi torej trdijo, da transakcija ne vključuje nobenega elementa pomoči.
Article 107(1) TFEU lays down that ‘Save as otherwise provided in this Treaty, 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 enterprises or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market’.
Člen 107(1) PDEU 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.
Dexia BIL is active at European level and therefore clearly competes with other foreign market operators.
Družba Dexia BIL je dejavna na evropski ravni in je torej jasno konkurenčna drugim akterjem na tujih trgih.
The Commission therefore takes the view that any potential aid contained in the sale of Dexia BIL would affect trade between Member States and distort or threaten to distort competition.
Komisija zato meni, da bi morebitna pomoč pri prodaji družbe Dexia BIL vplivala na trgovino med državami članicami in bi lahko izkrivljala konkurenco.
The Commission, in its Decision of 26 February 2010, has already established that the aid received by Dexia in the form of capital, financing guarantees, ELA backed by a sovereign guarantee and support for impaired assets (FSA measure) did constitute state aid (granted by Belgium, Luxembourg and France).
Komisija je v sklepu z dne 26. februarja 2010 že ugotovila, da je pomoč, ki jo je skupina Dexia prejela v obliki kapitala, jamstev za financiranje, izredne likvidnostne pomoči z državnim jamstvom in podpore za oslabljena sredstva (ukrep FSA), predstavljala državno pomoč (ki so jo odobrile Belgija, Luksemburg in Francija).
It is therefore necessary to verify that the sold business does not retain the benefit of the aid previously received by Dexia.
Zato je treba zagotoviti, da se v zvezi s prodanim delom ne ohrani upravičenost do pomoči, ki jo je pred tem prejela skupina Dexia.
According to the judgment of the Court of Justice in Italie et SIM 2 v Commission [25], which the Commission relied on for its decisions in Olympic Airlines [26] and Alitalia [27], examination of the economic continuity between the old firm and the new structures is based on a number of factors.
V skladu s sodbo Sodišča z dne 8. maja 2003 v združenih zadevah Italijanska republika in SIM 2 proti Komisiji [25], na podlagi katere temeljita odločbi Komisije o družbah Olympic Airlines [26] in Alitalia [27], se pregled gospodarske kontinuitete med nekdanjo družbo in novimi strukturami opravi na podlagi dokazil.
These factors include, in particular, the subject of the transfer, the transfer price, and the identity of the shareholders or owners of the acquiring firm or the acquired firm.
Med ta dokazila spadajo predvsem predmet prodaje, cena prenosa, identiteta delničarjev ali lastnikov prevzemne ali prevzete družbe.
This was reiterated by the Court of First Instance in its judgment in Ryanair v Commission [28], which confirmed the Alitalia decision.
To je Splošno sodišče potrdilo v sodbi z dne 28. marca 2012 v zadevi Ryanair proti Komisiji [28], s katero je bila potrjena odločba o družbi Alitalia.
With regard to the subject of the sale, the scope of the sold businesses is limited to the retail and private banking businesses, which do not appear to have been the cause of the Dexia group’s problems requiring state aid to be granted.
Kar zadeva predmet prodaje, je obseg prodanega dela omejen na maloprodajne dejavnosti in zasebno bančništvo, ki naj ne bi bili vzrok za težave skupine Dexia, v zvezi s katerimi je bilo treba dodeliti državno pomoč.
The Commission also notes that the part of the portfolio of legacy securities held by Dexia BIL, which was linked to the group’s refinancing problems that contributed to the need for state aid authorised by the Decision of 26 February 2010, is not included in the sold businesses.
Komisija tudi ugotavlja, da del preostanka portfelja skupine v lasti družbe Dexia BIL, povezan s težavami glede refinanciranja skupine, ki je prispevala k potrebi po državni pomoči, že odobreni s sklepom z dne 26. februarja 2010, ne spada med prodani del.
From a quantitative perspective, the scope of the sold businesses accounts for approximately 60 % of Dexia BIL’s balance-sheet total and [0-10] % of the Dexia group’s balance-sheet total.
V količinskem smislu predstavlja obseg prodanega dela približno 60 % bilančne vsote družbe Dexia BIL in [0–10] % bilančne vsote skupine Dexia.
There is no link between the private buyer Precision Capital and the current shareholders in Dexia SA, which therefore means that the private buyer is independent in relation to Dexia SA when it takes decisions and implements its strategy in relation to the sold businesses of Dexia BIL.
Zasebni kupec Precision Capital in dejanski delničarji družbe Dexia SA med seboj niso povezani, s čimer je izpolnjen pogoj neodvisnosti zasebnega kupca od družbe Dexia SA pri sprejemanju odločitev in strategij za prodani del družbe Dexia BIL.
Moreover, an acquisition at the market price for the sold businesses would ensure that the buyer pays an adequate price for the aid which this part of Dexia BIL could have benefited from as a company in the Dexia group and that the transaction price for the sale of Dexia BIL does not, therefore, contain any aid.
Poleg tega bi se z nakupom prodanega dela po tržni ceni zagotovilo, da bi kupec ustrezno plačal za pomoč, do katere bi bil lahko ta del družbe Dexia BIL upravičen kot subjekt skupine Dexia, in da cena transakcije odprodaje družbe Dexia BIL ne vključuje nobenega elementa pomoči.
Following the opening decision, the Commission received additional information about the evaluation of the market price.
Komisija je na podlagi sklepa o začetku postopka prejela dodatne informacije o oceni tržne cene.
The first fairness opinion by a third party, dated 10 December 2011, resulted in a price in a band between EUR [600-700] and [800-900] million. The updated assessment, dated 30 May 2012, confirms that the assessment took into account exactly the scope of the sold businesses and comes to the same conclusions, namely that the fair price lies within a range of between EUR [600-700] and [800-900] million.
Prvo nepristransko mnenje tretje osebe o ceni z dne 10. decembra 2011 kaže na vrednost cene v razponu med [600–700] in [800–900] milijonov EUR. Dopolnjeno mnenje z dne 30. maja 2012 potrjuje, da se je pri pripravi mnenja natančno upošteval obseg prodanega dela, pri čemer prav tako ugotavlja, da je ustrezna cena v razponu med [600–700] in [800–900] milijoni EUR. Komisija je proučila ti dve nepristranski mnenji.
The Commission has examined these fairness opinions. It notes that the evaluations are based on standard methods generally applicable in this field and take into account the precise conditions and scope of the transaction.
Pri tem je ugotovila, da temeljita na splošno veljavnih standardnih metodah na tem področju ter da sta bili pripravljeni ob upoštevanju pogojev in točnega obsega transakcije.
The price of the transaction, EUR 730 million, lies within the range of the fairness opinions.
Cena transakcije v višini 730 milijonov EUR je zajeta v razpon nepristranskih mnenj.
There is therefore no indication that the price paid is below or above the market price.
Nobenega dokaza torej ni, da bi bila plačana cena višja ali nižja od tržne cene.
The sale price for Dexia BIL may therefore be regarded as a market price, which also excludes any transfer on the sale of any potential aid previously granted to Dexia.
Zato se lahko cena odprodaje družbe Dexia BIL obravnava kot tržna cena, kar izključuje vsakršen prenos pomoči, ki je bila morda med odprodajo predhodno dodeljena skupini Dexia.
Certain of Dexia BIL’s activities are excluded from the scope of the sale (recital (36)).
Nekatere dejavnosti družbe Dexia BIL so izključene iz obsega te prodaje (uvodna izjava 44).
These activities will be transferred to Dexia before the transaction is completed, with a clause for the recovery of the net proceeds from the transfers by Dexia BIL.
Te dejavnosti se prenesejo na družbo Dexia SA pred zaključkom transakcije, in sicer s klavzulo o izterjavi neto prihodka iz odprodaje s strani družbe Dexia BIL.
The Commission notes that the additional information received subsequent to the opening decision confirms that the valuation of the activities excluded from the transaction has no bearing on establishing the market price.
Komisija ugotavlja, da dodatne informacije, prejete po sklepu o začetku postopka, potrjujejo, da se vrednotenje dejavnosti, izključenih iz prenosa, pri določitvi tržne cene ne upošteva.
The sale price is based on a Common Equity Tier 1 capital ratio under Basel III of exactly 9 % at the time the sale is completed.
Prodajna cena ob zaključku prodaje temelji na natančno 9-odstotnem deležu navadnega lastniškega temeljnega kapitala v okviru sporazuma Basel III.