natgillin/translations-raw huggingface dataset:
Moreover, the liquidity line provided by the CDC to DMA after its sale is, in the view of the Member States concerned, normal market practice and enables the CDC and La Banque Postale to enter the local authority financing market in an optimum way, i.e. benefiting, at market price, from access to a mortgage lending company providing refinancing under market conditions to the JV.
Poleg tega je likvidnostna linija, ki jo je hranilnica in posojilnica CDC zagotovila družbi DMA po njeni prodaji, po mnenju zadevnih držav članic običajna tržna praksa, ki hranilnici in posojilnici CDC ter banki LBP omogoča, da čim bolje vstopita na trg financiranja lokalne skupnosti, tj. da sta po tržni ceni upravičeni do dostopa do družbe za hipotekarno kreditiranje, ki skupnemu podjetju zagotavlja refinanciranje pod tržnimi pogoji.
Lastly, the Member States concerned contend that the disposals of viable assets benefited only Dexia and not the entity sold, as the price paid was a market price and the disposals took place under market conditions.
Zadevne države članice nazadnje še trdijo, da je prodaja donosnih sredstev koristila le skupini Dexia, ne pa prodanemu subjektu, saj je bila plačana tržna cena, prodaje pa so bile opravljene pod tržnimi pogoji.
On the revocation of the conditional authorisation decision
Glede preklica sklepa o pogojnem dovoljenju
The Member States concerned observe that the recapitalisation of Dexia by Arcofin cannot be imputed to the Belgian State as, at the time of the decision to take part in the recapitalisation, in 2008, Arcofin’s shareholders had no guarantee that their investment would be supported by the Belgian State.
Zadevne države članice ugotavljajo, da se dokapitalizacija skupine Dexia s strani družbe Arcofin, ne more pripisati Belgiji, saj delničarji družbe Arcofin leta 2008 ob sprejetju odločitve o dokapitalizaciji niso imeli nobenega jamstva, da bo njihovo naložbo podprla Belgija.
There was therefore no causal link between the decision and the political discussions to which the Commission refers, or the guarantee granted in October 2011 to the individual members of financial cooperatives.
Zato ni bilo nobene vzorčne povezave med odločitvijo in političnimi razpravami, na katere se sklicuje Komisija, ali jamstvom, odobrenim oktobra 2011 za posamezne člane finančnih zadrug.
The Member States concerned adduce economic and historic reasons to explain Arcofin’s decision to take part in the capital increase.
Odločitev družbe Arcofin, da se udeleži kapitalskega povečanja, so zadevne države članice pojasnile z gospodarskimi in zgodovinskimi razlogi.
Arcofin’s holding of 18 % of Dexia’s capital has always been its largest investment.
Največja naložba družbe Arcofin je bil vedno njen 18-odstotni delež v skupini Dexia.
Arcofin, which has always had close links with Dexia, wished to avoid any dilution of its holding.
Družba Arcofin, ki je vedno imela tesne zveze s skupino Dexia, se je želela izogniti kakršnemu koli zmanjšanju vrednosti svojega deleža.
The Member States concerned also stress that, even if the Commission were to conclude that Arcofin’s participation in the recapitalisation of Dexia represents State aid, under the proportionality principle the restructuring plan initially approved on 26 February 2010 should be only marginally amended.
Zadevne države članice tudi poudarjajo, da bi bilo treba načrt prestrukturiranja, prvotno odobren 26. februarja 2010, v skladu z načelom sorazmernosti le malo spremeniti, četudi bi Komisija ugotovila, da udeležba družbe Arcofin pri dokapitalizaciji skupine Dexia pomeni državno pomoč.
Moreover, the implementation of the restructuring plan according to a faster timetable than originally planned offsets any additional aid contained in this recapitalisation.
Poleg tega bi se s hitrejšim izvajanjem načrta za prestrukturiranje od prvotno načrtovanega izravnala kakršna koli dodatna pomoč iz te dokapitalizacije.
The authorities concerned point out that the orderly resolution plan notified on 24 March 2012 makes any amendment of the restructuring plan unnecessary.
Zadevne države članice poudarjajo, da zaradi načrta nadzorovanega reševanja, priglašenega 24. marca 2012, ni treba spreminjati načrta prestrukturiranja.
Comments on the compatibility of the measures contained in the orderly resolution plan
Pripombe glede združljivosti ukrepov iz načrta nadzorovanega reševanja
The authorities of the Member States concerned consider that the aid measures contained in the orderly resolution plan are compatible with the Bank Restructuring Communication.
Organi zadevnih držav članic menijo, da so ukrepi iz načrta nadzorovanega reševanja skladni s sporočilom o prestrukturiranju bank.
First, the aid contained in the refinancing guarantee is appropriate as it enables a full resolution of Dexia.
Pomoč iz jamstva za refinanciranje je primerna, saj omogoča popolno reševanje skupina Dexia.
Second, the aid is limited to the minimum necessary.
Pomoč je omejena na najnižjo potrebno.
The guarantee in respect of Crediop’s EMTNs and EIB loans, which is a State guarantee covering the existing liabilities of a bank facing difficulties already accepted by the Commission in other cases, is essential in order to prevent any significant increase in liquidity needs and the risk of a disorderly resolution of the Dexia Group.
Da se prepreči kakršno koli povečanje potreb po likvidnih sredstvih in tveganje nenadzorovanega reševanja skupine Dexia, je bistveno jamstvo v zvezi s posojili družbe Crediop v obliki EMTN in posojili EIB, ki je državno jamstvo, s katerim se krijejo obstoječe obveznosti banke v težavah, in ki ga je Komisija v drugih zadevah že sprejela.
The final guarantee ceiling of EUR 90 billion meets the need to offset the risks of a significant impact on the envelope of amounts guaranteed in a stress scenario (which is not taken into account in the net financing need estimated in the baseline scenario of Dexia’s business plan) by providing a margin of security.
Z zgornjo mejo končnega jamstva v višini 90 milijard EUR se z zagotovitvijo varnostnega dejavnika zadosti potrebam po izravnavi tveganja bistvenega učinka na finančna sredstva v zneskih, zajamčenih po scenariju izjemnih situacij (ki se ne upošteva pri potrebi po neto financiranju, ocenjeni v osnovnem scenariju poslovnega načrta za skupino Dexia).
Dexia SA is contributing, moreover, to the orderly resolution effort via 1) the proceeds of disposals (all the Dexia Group’s assets can be disposed of or placed in run-off management and the proceeds are to be channelled back in full into Dexia’s orderly resolution), 2) the reduction of costs by introducing a simplified and more centralised business model and 3) the remuneration of the aid which is proportionate to the financial capacity of the entity in the light of the level of restructuring planned.
Družba Dexia SA prispeva k prizadevanjem nadzorovanega reševanja s 1) prihodki od prodaj (vsa sredstva skupine Dexia se lahko prodajo ali je zanje uveden likvidacijski postopek, prihodki pa se nato v celoti stekajo nazaj v nadzorovano reševanje te skupine), 2) zmanjšanjem stroškov z uvedbo poenostavljenega in bolj centraliziranega poslovnega modela ter 3) plačilom pomoči, ki je sorazmerna s finančno zmogljivostjo subjekta glede na načrtovano stopnjo prestrukturiranja.
The Member States concerned also point out that Dexia shareholders and security-holders are already contributing (and will continue to contribute in future) to the cost of the restructuring.
Zadevne države članice tudi poudarjajo, da delničarji in imetniki vrednostnih papirjev že prispevajo k stroškom prestrukturiranja (in bodo še naprej prispevali).
Lastly, they stress that the only exception to Dexia’s exit from the market is a strand of new production whose sole aim is to meet the regulatory requirements and ensure that certain entities can continue to be disposed of.
Poudarjajo tudi, da je edina izjema pri umiku skupine Dexia s trga področje novih proizvodov, ki je namenjeno izključno izpolnjevanju regulativnih zahtev in zagotavljanju, da se lahko nekateri subjekti še naprej prodajajo.
This strand’s market shares will be minimal and will not be likely to entail a significant distortion of competition.
Tržni deleži tega področja bodo minimalni in verjetno ne bodo znatno izkrivljali konkurence.
The Member States concerned consider that the remuneration of the temporary refinancing guarantee is above the threshold set out in the 2011 Prolongation Communication if account is taken of the commission of 0,5 % of EUR 45 billion, i.e. EUR 225 million, paid by Dexia.
Zadevne države članice menijo, da plačilo iz začasnega jamstva za refinanciranje presega prag iz sporočila o uporabi pravil o državni pomoči iz leta 2011, če se upošteva 0,5-odstotna provizija od 45 milijard EUR, tj. 225 milijonov EUR, ki jih plača skupina Dexia.
If, however, the Commission were to rule that the temporary refinancing guarantees, temporarily authorised by the temporary authorisation decision and the decision on the first prolongation of the guarantee, were incompatible, the Member States concerned ask the Commission to confirm, in order to respect the rights acquired by third parties and holders of guaranteed securities, that the bonds already issued prior to 30 September 2012 with a guarantee of State refinancing authorised by the above-mentioned decisions, may continue to benefit from that guarantee until they are fully reimbursed.
Če pa bi Komisija ugotovila, da začasna jamstva za refinanciranje, začasno dovoljena z sklepom o začasnem dovoljenju in sklepom o prvem podaljšanju jamstva, niso združljiva, jo zadevne države članice prosijo, naj zaradi spoštovanja pravic, ki jih imajo tretje strani in imetniki vrednostnih papirjev z zajamčenim donosom, potrdi, da so lahko obveznice, ki so bile izdane že pred 30. septembrom 2012 in imajo jamstvo državnega refinanciranja, dovoljeno z navedenima sklepoma, še naprej upravičene do tega jamstva, dokler niso v celoti povrnjene.
The aid resulting from the guarantee by the French State is limited to the minimum necessary and includes an own contribution by the beneficiary.
Pomoč, ki izhaja iz jamstva Francije, je omejena na najnižjo potrebno in vključuje lasten prispevek upravičenca.
The threshold and the user charge to be applied if there is a drawdown from the guarantee means that a significant proportion of the risk connected with the ‘sensitive loans’ lies with DCL and Dexia, providing an incentive for these two players to manage these loans properly and thus to minimise the risk of drawdown of the guarantee.
Zgornja meja in takse za uporabnike, ki naj bi se uporabljali v primeru črpanja sredstev jamstva, pomenijo, da znatni delež tveganja, povezanega z občutljivimi posojili, nosita banka DCL in skupina Dexia, kar ti dve udeleženki spodbuja k primernemu upravljanju teh posojil in k čim manjšemu tveganju glede črpanja jamstva.
The Member States concerned also point out that the risk lying with DCL and Dexia, and the obligation incumbent upon them to continue the desensitisation process, ensures that the State guarantee will not give rise to any moral hazard.
Zadevne države članice prav tako poudarjajo, da se, s tem ko tveganje nosita banka DCL in skupina Dexia, in z njuno obveznostjo, da nadaljujeta proces desenzibilizacije, zagotavlja, da državno jamstvo ne bo povzročilo kakršnega koli moralnega tveganja.
The authorities concerned lastly stress that the aid measure is subject to remuneration of EUR 10 million by DCL.
Poudarjajo tudi, da banka DCL za ukrep pomoči izplača 10 milijonov EUR.
The Member States concerned consider that the measures linked to the disposal of DMA are compatible with the State aid rules.
Ukrepi, povezani s prodajo družbe DMA, so po mnenju zadevnih držav članic združljivi s pravili o državni pomoči.
First, the disposal is appropriate.
Prvič, prodaja je primerna.
It makes it possible to preserve the orderly nature of Dexia’s resolution over time, while entailing a loss of control by DCL over DMA when DMA, the NEC and the JV are not pursuing Dexia’s economic activity.
Tako je mogoče ohraniti nadzorovano naravo postopnega reševanja skupine Dexia, obenem pa banka DCL izgublja nadzor nad družbo DMA, s tem ko družba DMA, nova kreditna institucija in skupno podjetje ne opravljajo več gospodarske dejavnosti skupine Dexia.
The remaining contractual service provision links will contribute to the orderly nature of Dexia’s resolution.
Preostale povezave pri pogodbenem zagotavljanju storitev bodo prispevale k nadzorovani naravi reševanja skupine Dexia.
The disposal of DMA will enable its activity to return to viability in the long term.
Zaradi prodaje družbe DMA se bo lahko za njeno dejavnost ponovno vzpostavilo dolgoročno uspešno poslovanje.
Second, the measures concerning DMA or the ‘new mortgage lending structure’ will be limited to the minimum necessary.
Drugič, ukrepi, ki zadevajo družbo DMA ali „novo strukturo hipotekarnega kreditiranja“ bodo omejeni na najmanjše potrebne.
They will enable a new player to emerge in the local authority financing market and in the covered bond issue market where competition has been weakened by the withdrawal of the leading players.
Omogočili bodo, da se na trgu financiranja lokalne skupnosti in trgu izdaje kritih obveznic pojavi nov udeleženec, kjer je konkurenca zaradi umika vodilnih udeležencev oslabljena.
Third, the CDC and La Banque Postale will play a significant part in the restructuring of DMA, especially by providing it with the liquidity needed for this affiliation.
Tretjič, pri prestrukturiranju družbe DMA bosta imeli pomembno vlogo hranilnica in posojilnica CDC ter banka LBP, zlasti z zagotavljanjem likvidnih sredstev, potrebnih za to pridružitev.
Any moral hazard will also be prevented by the fact that Dexia and DCL are taking on the whole risk, however small it may be, arising from their former market activities, both through the ‘stop-loss’ guarantee and the vendor guarantee in respect of the ‘sensitive loans’.
Zaradi dejstva, da celotno tveganje, četudi majhno, nosita skupina Dexia in banka DCL, se bo preprečilo kakršno koli moralno tveganje, ki bi izhajalo iz njunih nekdanjih tržnih dejavnosti prek jamstva za omejitev izgube ter jamstva prodajalca glede občutljivih posojil.
Fourth, the authorities concerned add that DMA’s continued presence in the market will not entail any distortion of competition, as the main feature of the market in which the hypothetical aid is provided is a diminution of the supply.
Četrtič, zadevni organi poudarjajo, da stalna prisotnost družbe DMA na trgu ne bo povzročila izkrivljanja konkurence, saj je glavna značilnost trga, na katerem se zagotavlja domnevna pomoč, zmanjšanje ponudbe.
The Member States concerned also contend that, while the lack of any distortion of competition makes it unnecessary to impose compensatory measures, such measures are in practice already part and parcel of the disposal of DMA and the creation of the NEC and the JV.
Čeprav zaradi neobstoja izkrivljanja konkurence ni treba nalagati izravnalnih ukrepov, so po trditvah zadevnih držav članic taki ukrepi v praksi že bistveni del prodaje družbe DMA ter ustanovitve nove kreditne institucije in skupnega podjetja.
Comment on monitoring
Pripomba glede spremljanja
Bearing in mind the large number of disposals planned, the Member States concerned point out that systematically notifying each operation, and producing a fairness opinion drawn up by an independent expert, could be overly costly and onerous for Dexia.
Zadevne države članice so ob upoštevanju velikega števila načrtovanih prodaj poudarile, da bi lahko bilo za skupino Dexia predrago in preveč zahtevno sistematično priglasiti vsako transakcijo in izdelovati nepristransko mnenje, ki bi ga pripravil neodvisni strokovnjak.
In order therefore to lighten the administrative burden, Dexia has proposed to introduce a method which, it its opinion, will make it possible to ensure that the procedure used is in keeping with the scale of each planned disposal.
Skupina Dexia je zato za zmanjšanje upravnega bremena predlagala, naj se uvede metoda, ki bo po njenem mnenju omogočila, da bo uporabljeni postopek skladen z obsegom vsake načrtovane prodaje.
EXISTENCE OF AID AND BENEFICIARIES
OBSTOJ POMOČI IN UPRAVIČENCI
Article 107(1) TFEU lays down that, save as otherwise provided in the Treaties, 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 undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market.
V členu 107(1) PDEU je navedeno: „Razen če Pogodbi ne določata drugače, je 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“.
The Commission already established in its conditional authorisation decision 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) constituted State aid.
Komisija je v sklepu o pogojnem dovoljenju že ugotovila, da je pomoč, ki jo je prejela skupina Dexia v obliki kapitala, jamstev za financiranje in izredne likvidnostne pomoči, podprte z državnim jamstvom, ter podpore za oslabljena sredstva (ukrep Urada za finančne storitve), državna pomoč.
Apart from the investment made by Arcofin, the Commission is not aware of any evidence to suggest that its assessment of the existence of State aid in the measures considered in recitals 122-129 of the conditional authorisation decision was flawed.
Komisija razen naložbe družbe Arcofin ni seznanjena z nobenim dokazom, ki bi namigoval, da je bila njena ocena obstoja državne pomoči v ukrepih iz uvodnih izjav 122 do 149 sklepa o pogojnem dovoljenju napačna.
The Group’s subsidiaries, particularly DBB/Belfius and DMA, and not just the holding company Dexia SA, benefited from all of these measures, without which the Group would not have been able to pursue its activities.
Vsi ti ukrepi, brez katerih skupina Dexia ne bi mogla nadaljevati svojih dejavnosti, so koristili odvisnim družbam skupine Dexia, zlasti banki DBB/Belfius in družbi DMA in ne le holdinški družbi Dexia SA.
At present the Commission is not examining the question of how to recover the State aid contained in the aid measures identified in the conditional authorisation decision, which would involve identifying the companies that should repay the incompatible aid.
Komisija za zdaj ne proučuje vprašanja, kako bi izterjala državno pomoč iz ukrepov pomoči, opredeljenih v sklepu o pogojnem dovoljenju, kar bi vključevalo opredelitev družb, ki bi morale povrniti nezdružljivo pomoč.
Instead, the Commission is ascertaining whether those measures constituted aid for the activities carried out by DBB/Belfius or DMA, among others.
Namesto tega Komisija preverja, ali so ti ukrepi pomenili pomoč za dejavnosti, ki sta jih med drugimi izvajali banka DBB/Belfius ali družba DMA.
Other measures were granted subsequently: a refinancing guarantee for Dexia SA and DCL, new ELA from the BNB (and ELA from the BdF backed by a guarantee from the BNB), and the sale and restructuring of DBB/Belfius.
Postopoma so bili odobreni še drugi ukrepi: jamstva za refinanciranje družbe Dexia SA in banke DCL, nova izredna likvidnostna pomoč banke BNB (in izredna likvidnostna pomoč, podprta z jamstvom banke BNB) ter prodaja in prestrukturiranje banke DBB/Belfius.
New measures are to be taken, particularly in connection with the orderly resolution of Dexia and the sale of DMA resulting in the creation of a development bank to finance local authorities in France and French public health establishments.
Sprejeti bodo še novi ukrepi, zlasti v zvezi z nadzorovanim reševanjem skupine Dexia in prodajo družbe DMA, kar bi povzročilo ustanovitev razvojne banke za financiranje lokalnih skupnosti v Franciji in francoskih ustanov javnega zdravstva.
Measures covered by the conditional authorisation decision
Ukrepi, zajeti v sklep o pogojnem dovoljenju
Implementation of the commitments and conditions to which approval of the aid covered by the conditional authorisation decision was subject
Uresničevanje zavez in pogojev, za katere je bila dodeljena pomoč, zajeta v sklep o pogojnem dovoljenju
As described in recital 7, the Commission authorised the following measures in its conditional authorisation decision, subject to compliance with all the commitments and conditions laid down in that decision:
Kot je opisano v uvodni izjavi 7, je Komisija s sklepom o pogojnem dovoljenju dovolila naslednje ukrepe, če so izpolnjene vse zaveze in pogoji iz tega sklepa, in sicer:
a recapitalisation of EUR 6 billion, EUR 5,2 billion of which was State aid;
dokapitalizacijo v višini 6 milijard EUR, od tega je bilo 5,2 milijarde EUR državne pomoči;
a guarantee from the Belgian and French States in respect of an impaired asset portfolio, including EUR 3,2 billion in State aid;
jamstvo Belgije in Francije glede portfelja oslabljenih sredstev, vključno s 3,2 milijarde EUR državne pomoči;
ELA from the BNB guaranteed by the Belgian State, largely drawn down between October and November 2008; and
izredno likvidnostno pomoč banke BNB, za katero je jamčila Belgija, iz katere se je največ črpalo med oktobrom in novembrom 2008;
a guarantee by the Belgian, French and Luxembourg States in respect of the refinancing of the Group of a maximum amount of EUR 135 billion (this amount also includes a guarantee by the Belgian State in respect of ELA operations granted to Dexia by the BNB).
jamstvo Belgije, Francije in Luksemburga glede refinanciranja skupine Dexia, ki bi znašalo največ 135 milijard EUR (v ta znesek je vključeno tudi jamstvo Belgije glede ukrepov izredne likvidnostne pomoči, ki jih je skupini Dexia dodelila banka BNB).
Throughout the period following the adoption of the conditional authorisation decision, many of the commitments on which the authorisation of the aid was contingent were not complied with, in particular the prohibition on lending to PWB customers at a RAROC level of less than 10 %, observance of a minimum stable funding ratio, the prohibition on exercising a discretionary early repayment option on Tier 2 instruments, the requirement to notify the Commission in advance of any payment of coupons on Tier 1 or Upper Tier 2 hybrid instruments, and the rate of the Group’s deleveraging [87].
Mnoge od zavez, s katerimi se je pogojevala dodelitev pomoči, v celotnem obdobju po sprejetju sklepa o pogojnem dovoljenju niso bile izpolnjene, to so zlasti prepoved zagotavljanja posojil strankam pri bančnih poslih za javnost in podjetja po stopnji tveganju prilagojene donosnosti kapitala, nižji od 10 %, upoštevanje najmanjšega količnika stabilnih virov financiranja, prepoved izvajanja diskrecijske možnosti predčasnega izplačila za instrumente drugega reda, zahteve, da se Komisiji vnaprej priglasi vsako izplačilo kuponov na hibridne instrumente temeljnega kapitala ali kapitala višjega drugega reda, ter stopnja zmanjšanja finančnega vzvoda skupine Dexia [87].
According to the Commission, the fact that the bond portfolio was deleveraged by more than the minimum planned, that new loan production was less than the maximum set, and that most of the entities were sold before the deadline authorised by the commitments in the conditional authorisation decision is nothing more than the normal execution of that decision and cannot make up for or excuse, as the Member States concerned and Dexia suggest in their comments, the significant failings identified.
Po trditvah Komisije so dejstva, da je zmanjšanje finančnega vzvoda portfelja obveznic preseglo najnižjo načrtovano stopnjo, ustvarjanje novih posojil ni preseglo najvišje določene stopnje, večina subjektov pa je bila prodanih pred rokom, odobrenim z zavezami v sklepu o pogojnem dovoljenju, zgolj običajno izvajanje tega sklepa ter ne morejo odtehtati ugotovljenih znatnih pomanjkljivosti ali biti izgovor zanje, kot v svojih pripombah trdijo zadevne države članice in skupina Dexia.