natgillin/translations-raw huggingface dataset:
Thus, SACE calculated a profit of EUR 3,9 million following the acquisition of 100 % in Assedile:
Glej sodbo ENI/Lanerossi, točka 22.
EUR 40 million * 9,8 % ROE (and EUR 2,7 million for 70 % of Assedile).
predloženi dopis Italije z dne 8. junija 2010, Priloga 7, str. 28.
According to the Comments of SACE submitted on 5 May 2011 in reply to the opening decision (p. 21), the financial projections prepared by the external consultant for the acquisition of KUP provided for expected net profits of EUR 3,5 million in 2011 (in the fifth year after the acquisition).
Koeficient beta družbe, merilo tveganosti družbe v primerjavi s skupnim finančnim trgom, je v obdobju 2000–2004 znašal 0,8, pri čemer vrednost 1 pomeni skupno tveganje na finančnem trgu.
Thus, 33 % * 3,5 million = EUR 1,2 million.
Vir podatkov, uporabljenih za izračun:
Dividing the expected return by the initial investment, SACE BT would achieve a ROE of 8,7 %.
za knjižno vrednost lastniškega kapitala – http://www.eulerhermes.com/finance/financial-resources/Documents/Financial-results/2009/Q1/Q1-2009-Presentation-analysts.pdf, za ceno delnice:
This allegation of Italy is not supported by the initial business plan prepared by the external advisor.
Sodba Splošnega sodišča, Olympiaki Aeroporia Ypiresies AE proti Komisiji Evropskih skupnosti, T-68/03, ZOdl 2007, str.
According to Annex 1 to the plan — ‘La best practice del mercato.
II-2911, točke 312–319.
Benchmarking sui principali players’, dated February 2004 (see submission of Italy of 12 February 2008, Annex 1), both Viscontea Coface and Euler Hermes SIAC were active in surety business (see p. 17 and 34 thereof).
Zadeva T-442/03, SIC proti Komisiji, ZOdl.
For the remuneration paid by SACE BT to SACE see the Comments of SACE submitted on 5 May 2011 in reply to the opening decision, p. 30.
2008, str.
See SACE — Reply to the request for information, 15 September 2011, p. 7.
II-1161.
See SACE — Reply to the request for information, point 13, submitted on 5 March 2012, p. 3.
Točka 110.
See Comments of SACE submitted on 5 May 2011 in reply to the opening decision, p. 25.
Točka 105.
According to the Export-credit Communication, the escape clause is used in the case of temporarily non-marketable risks, i.e. marketable export-credit risks for which coverage may be temporarily unavailable from private export-credit insurers or from public or publicly supported export-credit insurers operating for their own account, owing to a lack of insurance or reinsurance capacity.
Glej točke 52, 54, 55 in 56 sodbe v zadevi Stardust Marine.
In such circumstances, those temporarily non-marketable risks may be taken on to the account of a public or publicly supported export-credit insurer for non-marketable risks insured for the account of or with the guarantee of the State.
Glej tudi člen 13(2) statutov družbe SACE, ki so dostopni na:
Any Member State intending to use that escape clause has to notify it immediately to the Commission.
Glej sodbo z dne 16. maja 2002 v zadevi Stardust Marine, C-482/99, Recueil, str.
See Comments of the Ministry of Economy and Finance submitted on 5 May 2011 in reply to the opening decision, p. 5.
I-4397, točka 55, ki citira zadevo C-303/88, Italijanska republika proti Komisiji, Recueil 1991, str.
See Comments of SACE submitted on 5 May 2011 in reply to the opening decision, p. 29.
I-1433, točki 11 in 12, ter zadevo C-305/89, Italijanska republika proti Komisiji, Recueil 1991, str.
Comments of SACE submitted on 5 May 2011 in reply to the opening decision, p. 33, 36 and 37.
I-1603, točki 13 in 14.
According to the Insurance Directives the purpose of the equalisation provisions is to equalise fluctuations in loss ratios in future years or to provide for special risks.
Člen 6.12 Zakonodajnega odloka št. 269 z dne 30. septembra 2003, kot je bil s spremembami preoblikovan v Zakon št. 326 z dne 24. novembra 2003.
Equalisation provisions are part of the technical provisions on the balance sheet and the change in equalisation provisions is included in the technical account of the profit and loss account.
V tem okviru je treba omeniti, da je bilo ob obravnavanju prvega ukrepa ministrstvo za gospodarstvo in finance naprošeno za mnenje o znesku družbenega kapitala družbe SACE BT.
See CEIOPS — Summary of a survey on equalisation provisions, January 2009, p. 2, available online at:
Glej Prilogo 2 – Zapisnik sestanka upravnega odbora družbe SACE („Consiglio di Amministrazione“) z dne 28. aprila 2004 („Verbale della Riunione del Consiglio di Amministrazione di SACE S.p.A., 28 aprile 2004“) k Pripombam družbe SACE, predloženim 5. maja 2011 v Odgovoru na sklep o začetku preiskave, str. 74–75:
See Comments of SACE submitted on 5 May 2011 in reply to the opening decision, p. 45.
„… v zvezi z zneskom osnovnega kapitala družbe SACE 2 [začasno ime nove družbe, ki se bo ustanovila, v prihodnosti družba SACE BT] je bil ta po posvetovanju z ministrstvom za gospodarstvo in finance predhodno določen na 100 milijonov EUR“ ( „… riguardo all'ammontare del capitale sociale di Sace 2, sentito il Ministero dell'Economia e delle Finanze, esso e stato preliminarmente quantificato in 100 milioni di euro“).
SACE quotes the data of the company Dealogic which found that mergers and acquisitions in the European financial sector in 2009 (EUR 176 billion) have basically halved compared to 2008.
Leta 2004, ko je SACE postala delniška družba in je bil odobren prvi ukrep, je večina članov upravnega odbora („Consiglio di Amministrazione“) ohranila svoj položaj v italijanski upravi, tj. na ministrstvu za gospodarstvo in finance, ministrstvu za zunanje zadeve ali drugih javnih institucijah (Inštitutu za spodbujanje industrije – Istituto per la Promozione Industriale, Regulativnemu organu za komunikacijo – Autorità per le garanzie nelle comunicazioni in Italijanskem inštitutu za zunanjo trgovino – Istituto nazionale per il Commercio Estero).
Around 50 % of transactions in 2009 focused on distressed assets.
Tudi takratni predsednik upravnega odbora družbe SACE je ohranil svoj vodilni položaj na ministrstvu za gospodarstvo in finance.
See SACE — Reply to the request for information, point 14, submitted on 5 March 2012, p. 4.
Odgovoren je bil za področje mednarodnih finančnih odnosov.
Confidential information.
Glej Prilogo št. 8 – Zapisnik sestanka upravnega odbora družbe SACE z dne 1. aprila 2009 („Verbale della riunione del CdA di SACE S.p.A., 1 aprile 2009“), str. 8, predložena dokumentacija Italije, 5. marec 2012:„… (iii) sull'opportunità che, in tale ottica, non vi sia una diminuzione di volume tanto sul versante assicurativo ‚non a mercato‘ quanto sel versante dell'assicurazione dei rischi a mercato “.
See recital 25.
Glej str. 1 sporočila za javnost, ki je dostopno na:
See SACE — Reply to the request for information, point 19, submitted on 5 March 2012, p. 6.
http://www.sace.it/GruppoSACE/export/sites/default/download/comunicati/2009/20090401_-_Comunicato_Bilancio_2008_Gruppo_SACE_e_controllate_-_final__11_.pdf.
See Comments of SACE submitted on 5 May 2011 in reply to the opening decision, p. 33.
Družba SACE je bila javni organ, za katerega je veljalo javno pravo, ki je 1. januarja 2004 postal delniška družba, tj. tik pred ustanovitvijo SACE BT in odobritvijo prvega ukrepa.
includes also the life insurance (‘include il ramo vita’), which was divested in 2009.
Poleg tega dejstvo, da je bila SACE BT ustanovljena s kapitalom v višini 105,8 milijona EUR nedolgo po spremembi pravnega statusa družbe SACE, kaže na to, da je odločitev države o reorganizaciji SACE leta 2004 vključevala ustanovitev družbe SACE BT.
Projections included in the Business Plan 2010-2011, p. 8, approved by the Board of Directors of SACE BT on 4 August 2009 (See Annex 4 — Minutes of the meeting of SACE BT's Board of Directors, 4 August 2009, submitted on 9 June 2010).
Glej Prilogo št. 1 – Zapisnik sestanka upravnega odbora družbe SACE z dne 26. maja 2009 („Verbale della riunione del CdA di SACE S.p.A., 26 maggio 2009“), str. 3–4, predložena dokumentacija Italije, 5. marec 2012:„[…]“.
Projections included in the Adjusted Business Plan 2011-2013 (‘Aggiornamento Piano Industriale’), p. 8 and 19, approved by SACE BT's Board of Directors on 24 November 2011.
Poleg tega se opaža, da je Italijanski organ za konkurenco („Autorità Garante della Concorrenza e del Mercato“) leta 2009 pri odobritvi prenosa življenjskega zavarovanja z družbe SACE BT na Vittoria Assicurazioni S.p.A družbo SACE BT predstavil kot „[…] podjetje pod posrednim nadzorom ministrstva za gospodarstvo in finance […]“.
(See Annex 8 — Minutes of the meeting of SACE BT's Board of Directors, 24 November 2011, submitted on 30 March 2012).
Glej Bollettino n.
Gross premiums as opposed to premiums net of reinsurance cost cover also the cover of part of risk ceded to reinsurers.
15 del 4 maggio 2009, str. 7, C10007 – „Vittoria Assicurazioni/Ramo di Azienda di SACE BT, Provvedimento n.
ROE calculated as income before taxes/net worth (‘patrimonio netto’), assuming undistributed profits and a capital endowment of EUR 108,7 million at 31 December 2011.
19768“, ki je dostopno na:
Commission's calculations on the basis of the financial statements and the projections for 2011-2013.
http://www.agcm.it/trasp-statistiche/doc_download/868-15-09.html.
OJ C 195, 19.8.2009, p. 9.
Glej Prilogo 16 – „Okrožnica oddelka za obvladovanje tveganja SACE S.p.a., 19. marec 2009“ k Pripombam družbe SACE, predloženim 5. maja 2011 v Odgovoru na sklep o začetku postopka.
See Comments of SACE submitted on 5 May 2011 in reply to the opening decision, p. 52.
Dopis je temeljil na poročilu, ki ga je pripravil zavarovalni posrednik […] 14. novembra 2008:
Comments of SACE submitted on 5 May 2011 in reply to the opening decision, p. 6-7.
Glej Prilogo št. 5 – Zapisnik sestanka upravnega odbora družbe SACE z dne 1. aprila 2009 („Verbale della riunione del CdA di SACE S.p.A., 1 aprile 2009“), str. 3, predložena dokumentacija Italije, 5. marec 2012:„… una dotazione riassicurativa da parte di SACE S.p.A. in favore della controllata SACE BT, al fine di consentirle un mantenimento della propria capacità di affidamento, in particolare nel segmento delle piccole medie imprese.Il Consiglio di Amministrazione approva la partecipazione della società al Tratatto Excess Loss a copertura delle quote non accettate da riassicuratori di mercato e fino ad una massima perdita potenziale di EUR 48 mln.
See recital 64 of the opening decision.
Le condizioni economiche praticate dovranno essere a mercato e pari a quelle accettate dai riassicuratori privati.“
See Comments of SACE submitted on 5 May 2011 in reply to the opening decision, p. 7.
Glej tudi točko 3 in točko 2.1 sporočila o izvoznih kreditih.
See Ministry of Economy and Finance — Reply to the request for information, 15 September 2011, p. 6.
Vrste obravnave, naštete v odstavku 3.1 [med drugim zagotavljanje kapitala], nudijo ali lahko nudijo zavarovateljem izvoznih kreditov, ki jih prejemajo, finančne ugodnosti pred drugimi zavarovatelji finančnih kreditov.
Case C-261/89 Italy v Commission [1991] ECR I-4437, paragraph 8;
Takšne finančne ugodnosti, dodeljene nekaterim podjetjem, izkrivljajo konkurenco in predstavljajo finančno pomoč v smislu člena 92(1) Pogodbe.[…]Finančne ugodnosti, naštete v odstavku 3.1 za tržna tveganja, […] povzročajo razlike v razpoložljivih zavarovalnih kritjih za tržna tveganja v različnih državah članicah in s tem izkrivljajo konkurenco med podjetji v državah članicah“ (poudarek Komisije).
Joined Cases C-278/92 to C-280/92 Spain v Commission, cited above, paragraph 21;
Informacije, ki so na voljo, se nanašajo le na poslovanja z jamstvi („i dati riportati sono relativi solo at ramo cauzioni“).
Case C-42/93 Spain v Commission [1994] ECR I-4175, paragraph 13.
UL L 379, 28.12.2006, str. 5.
See, points 3.1 and 3.2 of the Export-credit Communication, the Commission's notice regarding Application of Articles 92 and 93 of the EEC Treaty [now 107 and 108 of the TFEU] to public authorities' holdings, Bulletin EC 9-1984, and the Commission Communication to the Member States on the application of Articles 92 and 93 of the EC Treaty and of Article 5 of Commission Directive 80/723/EEC to public undertakings in the manufacturing sector (OJ C 307, 13.11.1993, p. 3).
Glej sklep o začetku postopka, uvodna izjava 137.
See judgment of 6.3.2003, T-228/99, T-233/99 WestLB and the Lando f Nordrhein-Westfalen vs Commission, paragraph 314.
Glej smernice za reševanje in prestrukturiranje, člen 3(1).
See judgment of 6.3.2003, Westdeutsche Landesbank Girozentrale/Commission (T-228/99 and T-233/99, ECR II-435, paragraphs 254-255, 270).
Smernice Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah (UL C 244, 1.10.2004, str. 2).
See Commission v Électricité de France (EDF) judgment of 5 June 2012 in case C-124/10 P [ECR I] p. 0000, paragraphs 82-84 and 105.
UL C 119, 22.5.2002, str. 22.
See Commission v Électricité de France (EDF) judgment of 5 June 2012 in case C-124/10 P [ECR I] p. 0000, paragraph 86.
UL C 307, 11.12.2004, str. 12.
As regards the comparison of the State intervention to the alternative scenario of winding up the respective business and the costs that would need to be taken into account in the latter scenario, see judgments of 28.2.2003, Gröditzer (ECR I-1139, C-334/99, paragraphs 133-141) and of 14.9.1994, Kingdom of Spain v Commission of the European Communities (ECR I-04103, joined cases C-278/92, C-279/92 and C-280/92, paragraphs 21-22).
UL C 325, 22.12.2005, str. 22.
See p. 41 of Annex 22 — Financial statements of SACE at 31.12.2004, submission of Italy of 12 February 2008:
Po ponovni spremembi leta 2010 (UL C 329, 7.12.2010, str. 6) je bilo po sprejetju zadevnih ukrepov to sporočilo o izvoznih kreditih nedavno nadomeščeno z novim sporočilom o kratkoročnem zavarovanju izvoznih kreditov (UL C 392, 19.12.2012, str. 1), ki velja le od 1. januarja 2013 (v nadaljnjem besedilu: novo sporočilo o izvoznih kreditih).
‘Detta “gestione” si è conclusa nel corso dell'anno, sia in seguito alla naturale scadenza dei contratti assicurativi che prevedevano la copertura dei rischi di mercato, sia mediante disdetta dei contratti in essere.
V vsakem primeru Komisija za namen popolnosti opominja, da se njena ocena, kot je obrazložena v spodnjih odstavkih, ne bi spremenila glede na določbe novega sporočila o izvoznih kreditih.
I rischi in argomento sono stati progressivamente assunti con nuovi contratti dalla società partecipata SACE BT S.pA., costituita in data 27 maggio 2004.’
UL C 16, 22.1.2009, str. 1.
At that time the Institute for external trade insurance services — SACE (Instituto per i Servizi Assicurativi del Commercio Estero — SACE).
Glej Sklep Komisije C(2011) 7756 final z dne 23. novembra 2011 v zadevi SA.27386 (C 28/2010) – Shema kratkoročnega zavarovanja izvoznih kreditov – Portugalska (še ni objavljeno).
See Annexes No 10 and 11, SACE — Reply to the request for information, submitted on 5 March 2012.
UL L 140, 30.4.2004, str. 1.
See Annex No 10 — Minutes of the meeting of the Board of Directors of the Institute for external trade insurance services — SACE of 21 November 2003 (Verbale della riunione del Consiglio di Amministrazione dell'Instituto per i Servizi Assicurativi del Commercio Estero, 21 novembre 2003), p. 5-7, submission of Italy, 5 March 2012.
PRILOGA
See Annex No 10 — Presentation to the Board of Directors:
INFORMACIJE O PREJETIH VIŠINAH POMOČI IN ZNESKIH, KI JIH JE ŠE TREBA IZTERJATI OZIROMA SO ŽE BILI IZTERJANI
Evaluation of the potential market for SACE for possible development, 21 November 2003 (Presentazione al Consiglio di Amministrazione: Valutare il mercato potenziale di SACE per definirne gli spazi di crescita possibili, 21 novembre 2003), p. 43, submission of Italy, 5 March 2012.
Identiteta upravičenca
See Annex 1 to SACE's reply to the request for information, 15 September 2011, p. 7.
Skupni znesek pomoči, prejete v okviru sheme [1]
Evaluating or checking by comparison with a benchmark (a standard or point of reference against which things may be compared or assessed).
Skupni znesek pomoči, ki jo je treba izterjati [1](Glavnica)
The total price paid for 100 % of Assedile was EUR 41,8 million, with the consultant providing a range between EUR 41,2-44,7 million (see Comments of SACE S.P.A. submitted on 5 May 2011 in reply to the opening decision, p. 20, and Annex 11 thereto).
Skupni že povrnjeni znesek [1]
As for the initial acquisition of 70 % of Assedile, the price was even below the valuation range, EUR 27 million for 70 %, corresponding to EUR 38,5 million for the entire company.
Glavnica
The price for the acquisition of 30 % of Assedile on 6 March 2008 was determined on the basis of a re-evaluation of Assedile, as envisaged in the shareholders' agreement at the date of buying the 70 % (30 September 2005).
Obresti na terjatev
The price corresponded to a value of around EUR 41,8 million for 100 %, thus SACE BT paid in 2008 the remaining part of EUR 14,8 million (See SACE — Reply to the request for information, 15 September 2011, p. 10-11).
V milijonih nacionalne valute.
According to SACE BT Annual Report 2008 (see p. 22-23), due to the global crisis the strategy of international expansion has been rethought and the emphasis was increased on the domestic market.
(v nadaljnjem besedilu: SACE BT) dodelila začetni kapital v višini 100 milijonov EUR (v nadaljnjem besedilu: prvi ukrep).
Since KUP was attaining worse financial results than expected and in the light of the economic situation in the Eastern Europe the Board considered that the amounts invested would not be recovered.
Komisiji je pripombe 5. maja 2011 predložila le SACE.
SACE BT registered a loss of EUR 2,2 million as compared to the acquisition value of EUR 13,3 million.
SACE je predložila različne podporne dokumente in ponovno predložila poslovni načrt za obdobje 2005–2008 za poslovanje s kratkoročnim zavarovanjem kreditov, ki ga je pripravila SACE s pomočjo zunanjega svetovalca KPGM in ki ga je uprava odobrila 18. maja 2004 (v nadaljnjem besedilu: začetni poslovni načrt), dopis zunanjega svetovalca z dne 7. julija 2004, ki podrobno opisuje dodatne zagotovljene storitve (v nadaljnjem besedilu: dopis svetovalca), dodatne analize, priložene poslovnemu načrtu, v zvezi z italijanskim trgom poslovnih informacij, italijanskim trgom izterjave kreditov in njegovimi glavnimi udeleženci ter trgom zavarovanja kreditov v Srednji in Vzhodni Evropi marca 2004 (v nadaljnjem besedilu: priloge k poslovnemu načrtu), prilagojen poslovni načrt za obdobje 2005–2009, odobren 19. novembra 2004 (v nadaljnjem besedilu: prilagojeni poslovni načrt), povzetke zapisnika uprave z dne 28. aprila 2004 in 18. maja 2004, poslovni načrt o morebitnem prevzemu družbe Assicuratrice Edile S.p.A. maja 2005 (v nadaljnjem besedilu: poslovni načrt za prevzem družbe Assedile), revidirani proračun za SACE BT z dne 31. marca 2009 ter poslovni načrt SACE BT za obdobje 2010–2011 z dne 4. avgusta 2009 (v nadaljnjem besedilu: poslovni načrt za obdobje 2010–2011).
At the end of 2009, Ducroire booked a EUR 12,3 million downward adjustment for the valuation of its 66 % share in KUP (for which it paid EUR 13,3 million for 33 % and further EUR 11,1 million to SACE BT = EUR 24,4 million), see observations of SACE of 5 May 2011 at p. 22 and Annual Report 2009 of Ducroire, p. 28.
Dopolnjen zahtevek po informacijah je bil poslan 4. avgusta 2011.
As per submission of Italy of 8 April 2010 (p. 5, paragraph 2), the cover relates solely to the marketable risks.
Italija je z dopisom z dne 15. septembra 2011 predložila odgovor na zahtevek po informacijah.
Minutes of the inspection findings at SACE BT, 11 October 2010 (Verbale degli accertamenti ispettivi effettuati presso SACE BT, 11.10.2010), p. 56, submission of Italy, 5 March 2012.
Italija je odgovor predložila 5. marca 2012.
See recital 93 of the Commission Decision C(2011) 7756 final of 23 November 2011 in case SA.27386 (C 28/2010) — Short-term export-credit insurance scheme — Portugal, not yet published.
Poleg tega je priložila tudi zapisnike s sestankov uprave družbe SACE in njenega predhodnika Inštituta storitev zavarovanja na področju zunanje trgovine – SACE z dne 21. novembra 2003, 3. decembra 2003, 10. novembra 2004, 1. aprila 2008, 1. oktobra 2008, 28. novembra 2008, 11. februarja 2009, 1. aprila 2009, 26. maja 2009, 1. julija 2009 in 9. septembra 2009, dodatne dokumente o prevzemu družbe Assedile ter primerjavo med načrtovanimi finančnimi kazalniki v začetnem poslovnem načrtu in dejanskimi vrednostmi.
See recital 68 of the Commission Decision C(2011) 7756 final of 23 November 2011 in case SA.27386 (C 28/2010) — Short-term export-credit insurance scheme — Portugal, not yet published.
Zlasti člen 6.12 določa:
In the case of the Short-term export-credit insurance scheme — Portugal (Commission Decision C(2011) 7756 final of 23 November 2011 in case SA.27386 (C 28/2010), recital 93, not yet published), the Commission has developed a method for the calculation of the amount to be recovered (explained in the Annex to that decision) based on reasonable assumptions and on common market practice.
„SACE S.p.A. lahko izvaja dejavnosti zavarovanja in jamstva tržnih tveganj, kot to opredeljujejo pravila EU.
Under that method, a theoretical market price of the cover granted by the State is equal to 110 % of the price (in terms of premium rate) charged by the private insurer in the case of each individual client.
Taka dejavnost mora imeti ločeno računovodstvo v zvezi z dejavnostjo, ki ji koristi jamstvo države, ali pa mora biti za ta namen ustanovljena delniška družba.
See Annex No 1 — Minutes of the meeting of SACE's Board of Directors of 26 May 2009 (Verbale della riunione del CdA di SACE S.p.A., 26 maggio 2009), p. 4, submission of Italy, 5 March 2012.
[Dejavnost zavarovanja tržnih tveganj] nima ugodnosti, ki ga pomeni jamstvo države.“
See submission of Italy by letter dated 8 June 2010, p. 2.
Dne 27. maja 2004 [11] je bila ustanovljena SACE BT z osnovnim kapitalom v višini 100 milijonov EUR, ki ga je v celoti plačala SACE, ko je upravni odbor družbe SACE („Consiglio di Amministrazione“) 18. maja 2004 odobril začetni poslovni načrt.
See submission of Italy by letter dated 8 June 2010, Annex 7, p. 29.
Poleg tega je SACE zagotovila kapitalski prispevek za rezerve (ti. „Fondo di organizzazione“) družbe SACE BT v višini 5,8 milijona EUR [12], ki je bil nato uporabljen za kritje izgub, tj. v letih 2004 in 2005 [13].
See CFI, T-129/95, T-2/96 and T-97/96, [1999] ECR II-00017 Neue Maxhütte Stahlwerke GmbH and Lech-Stahlwerke GmbH v Commission, paragraph 116.
Poslovanje z jamstvi družbe SACE BT se je razvilo zaradi prevzema družbe Assicuratrice Edile S.p.A.
See Commission Decision 96/278/EC (OJ L 104, 27.4.1996, p.
(v nadaljnjem besedilu: Assedile).
25) — Iberia, paragraph 15 of Part VII.
Donos iz lastniških instrumentov
See ECJ, C-305/89, ECR 1991, I-1601, paragraph 22 — Italy/Commission (‘ALFA Romeo’);
Leta 2009 so zavarovalni zahtevki, ki jih je SACE BT izplačala, znašali 66,4 milijona EUR, kar je 42,6 % več kot leta 2008 [17].
Commission Decision 94/662/EC ( OJ L 258, 6.10.1994, p.
Medtem ko so glavne družbe za zavarovanje kreditov in jamstva leta 2009 zmanjšale obseg zavarovanj, je SACE BT zavarovala transakcije v skupni višini 20,4 milijarde EUR, kar je 34,2 % več v primerjavi s 15,2 milijarde EUR leta 2008.
and Commission Decision 97/789/EC (OJ L 322, 25.1.1997, p. 44) — Alitalia, paragraph 6 of Part VII.
Drugi ukrep je SACE odobrila, ko SACE BT ni pridobila 100-odstotnega pozavarovalnega kritja od zasebnih udeležencev na trgu.
As per SACE 2009 Financial Accounts and Annexes 5-7 to notes to the Accounts, the increases in the controlled entity SACE BT amounted to EUR 70 million.
Zlasti se zdi, da je SACE BT pred letom 2009 svoje pozavarovanje pridobila predvsem od zasebnih subjektov.
Commission communication to the Member States on the application of Articles 92 and 93 of the EEC Treaty and of Article 5 of Directive 80/723/EEC to public undertakings in the manufacturing sector, OJ C 307/3 of 13 November 1993.
Čeprav je SACE BT vzpostavila stik s številnimi udeleženci na trgu, je zbrala kritje le od petih zasebnih pozavarovateljev za 25,85 % škodnega presežkovnega pozavarovanja za tržna kreditna tveganja za leto 2009.