natgillin/translations-raw huggingface dataset:
The lower risk of the resulting portfolio will be retained by a combination of resources from the EIB Group up to agreed maximum amounts and potentially national promotional banks and national guarantee schemes.
Finančni posrednik (oziroma v primeru posrednih jamstev podrejeni finančni posrednik) obdrži neposredno posojilno razmerje do stranke z vsakim končnim prejemnikom.
Such unfunded risk transfer, allowing for the partial transfer of credit risk to third parties without actually removing the portfolio of assets from the balance sheet of the financial institution would provide the opportunity for the originating financial institution to obtain regulatory capital relief, where feasible.
Finančni posrednik EIS redno sporoča informacije o portfelju, EIS pa skladno s tem posreduje vse pomembne informacije prevzemnikom tveganja v skladu z ustreznimi sporazumi.
Such operation would have to take into consideration the relevant country's regulatory requirements.
Finančni posrednik MSP v celoti posreduje ugodnost državne pomoči, kot je opredeljeno v okvirnih pogojih in v skladu s formulo iz razdelkov 5 in 6 v nadaljevanju.
The origination, due diligence, documentation and servicing of the portfolio, made of eligible SME loans, leases or guarantees Transactions, shall be performed by the Financial Intermediaries in accordance with their usual origination and servicing procedures.
Poleg tega se šteje, da implicitni stroški (tveganje za ugled, finančno tveganje, upravno tveganje, tveganje v zvezi z izvajanjem oddelka [17]), povzročeni finančnemu posredniku, nevtralizirajo morebitne ugodnosti, povezane z državnimi sredstvi (tj. prispevek DČ), s čimer se zagotovi, da finančni posrednik nima koristi od neupravičene pomoči.
The Financial Intermediary (or Sub-financial Intermediary in the case of counter-guarantees) shall retain the direct client credit relationship with each Final Recipient.
Če pomen izrazov, opredeljenih v tej prilogi 1, ni izrecno določen, imajo isti pomen kot ustrezni opredeljeni izrazi v tem vzorcu sporazuma o financiranju.
The Financial Intermediary will provide information about the portfolio on a regular basis to the EIF and the EIF will accordingly pass on all relevant information to risk takers pursuant to the relevant agreements.
Okvirni pogoji neomejenih jamstev na podlagi možnosti 1
The Financial Intermediary will fully pass on to the SMEs the State Aid Benefit as defined in the indicative terms and according to the formula specified under sections 5 and 6 below.
Glavne značilnosti
Moreover, it is considered that the implicit costs (reputational risk, financial risk, administrative risk, risk related to implementation of the compartment [17]) incurred by the Financial Intermediary offset any advantage related to State resources (i.e. the MS contribution) thus ensuring that the Financial Intermediary does not benefit from undue aid.
Področje uporabe finančnega instrumenta
Unless expressly provided for, defined terms in this Annex 1 have the same meanings as the corresponding defined terms under this model Funding Agreement.
Finančni posrednik uredi portfelj novega dolžniškega financiranja (odvisno od minimalnega učinka finančnega vzvoda), za katerega prejme neomejeno portfeljsko jamstvo (v obliki neposrednih, posrednih ali skupnih jamstev) od EIS v zameno za plačilo provizije za jamstvo.
Indicative Terms of the Uncapped Guarantees under Option 1
EIS nastopa kot vsakodnevni upravljavec finančnega instrumenta, ki upravlja prispevek DČ, prispevek EU (tj. prispevke na podlagi [uredbe COSME] IN/ALI [uredbe Obzorje 2020], prispevek EIS in kreditno tveganje, ki ga prevzamejo EIB ter potencialno nacionalne promocijske banke.
Main characteristics
Jamstvo
Scope of the Financial Instrument
EIS zagotovi jamstvo finančnemu posredniku v zameno za provizijo za jamstvo.
The Financial Intermediary originates a portfolio of New Debt Finance (subject to a minimum Leverage Effect) for which it will receive an uncapped portfolio guarantee (in the form of direct, counter- or co-guarantees) from the EIF in exchange for the payment of a Guarantee Fee.
Jamstvo krije del (do stopnje jamstva) kreditnega tveganja, povezanega s portfeljem osnovnega novega dolžniškega financiranja (v nadaljnjem besedilu: portfelj).
The EIF acts as day-to-day manager of the Financial Instrument managing the MS contribution, the EU Contribution (i.e. contributions under [the COSME Regulation] AND/OR [the H2020 Regulation], the EIF Contribution and the credit risk taken by the EIB and possibly national promotional banks.
Stopnja jamstva
Guarantee
Do 80 % vsake transakcije v portfelju, tako da finančni posrednik zadrži materialni gospodarski interes v portfelju, ki znaša vsaj 20 % ekonomske izpostavljenosti v njem, da se zagotovi uskladitev interesa.
The Guarantee is provided by the EIF to the Financial Intermediary in exchange of a Guarantee Fee.
Struktura
The Guarantee shall cover a portion (up to the Guarantee Rate) of the credit risk associated with a portfolio of underlying New Debt Finance (the ‘Portfolio’).
Jamstvo do stopnje jamstva krije zneske neizpolnjenih obveznosti, povzročene finančnemu posredniku glede posamezne neizpolnjene upravičene transakcije, vključene v portfelj.
Guarantee Rate
Prispevek DČ se uporabi za kritje največjega tveganja portfelja do deleža, ki se določi ob upoštevanju multiplikacijskega učinka za prispevek DČ, dogovorjenega v sporazumu o financiranju.
Up to 80 % of each and every Transaction in the Portfolio, so that the Financial Intermediary shall retain a material economic interest in the Portfolio, equal at least to 20 % of the economic exposure on it, in order to ensure alignment of interest.
Običajno lahko to privede do 100-odstotne absorpcije tega zneska za kritje čistih izgub v okviru portfelja.
Structure
Drugi najbolj tvegani del portfelja se krije s kombinacijo sredstev iz EIS, proračuna EU in organa upravljanja.
The Guarantee shall cover, up to the Guarantee Rate, defaulted amounts incurred by the Financial Intermediary in respect of each defaulted eligible Transactions included in the Portfolio.
Preostalo tveganje portfelja se krije s kombinacijo sredstev skupine EIB ter potencialno nacionalnih promocijskih bank in nacionalnih jamstvenih shem.
The MS Contribution will be used to cover the highest risk of the Portfolio, up to a percentage that will be a determined having regard to the multiplier effect for the MS contribution agreed in the Funding agreement.
Sredstva, ki jih zagotovijo različni prevzemniki tveganja, se opredelijo na ravni, ki zagotavlja združljivost tveganja s toleranco tveganja skupine EIB in katerega koli drugega potencialnega prevzemnika tveganja.
This may typically result in 100 % of such amount being absorbed for the coverage of net losses under the Portfolio.
Vsak portfelj mora biti dovolj homogen in imeti zadostno razpršenost vložka, da mu EIS lahko dodeli bonitetno oceno v skladu s svojo metodologijo ocenjevanja tveganja.
The second riskiest part of the Portfolio will be covered by a combination of resources from the EIF, the EU budget and the Managing Authority.
Zneski neizpolnjenih obveznosti
The residual risk of the Portfolio shall be covered using a combination of resources from the EIB Group and potentially national promotional banks and national guarantee schemes.
Ti se nanašajo na neplačano glavnico in obresti, nastale finančnemu posredniku glede neizpolnjenih transakcij, vključenih v portfelj.
The resources provided by the different risk takers shall be defined at a level such that the risk shall be compatible with the risk tolerance of the EIB Group and any other potential risk taker.
Portfelj
Each Portfolio shall have sufficient homogeneity and sufficient pool diversification in order for the EIF to be able to assign a rating according to its risk assessment methodology.
Obdobje razpoložljivosti
Defaulted Amounts
EIS in finančni posrednik se dogovorita o obdobju razpoložljivosti (običajno največ 3 leta), v katerem se lahko transakcije vključijo v portfelj.
Relate to unpaid principal and interest incurred by the Financial Intermediary in respect of defaulted Transactions included in the Portfolio.
Upravičeni končni prejemniki
Portfolio
Končni prejemniki morajo izpolnjevati zahteve za upravičenost v skladu s členoma 37(4) in 39 uredbe o skupnih določbah ter posebne zahteve za upravičenost, določene v uredbah o ESRR in EKSRP.
Availability Period
Merila za upravičenost v okviru programa COSME
The EIF and the Financial Intermediary will agree on an availability period (typically up to 3 years) during which Transactions may be included in the Portfolio.
Glej Prilogo 2.
Eligible Final Recipients
Merila za upravičenost v okviru programa Obzorje 2020
The Final Recipients have to fulfil the eligibility requirements as per CPR Articles 37(4) and 39 as well as the specific eligibility requirements set out in ERDF and EAFRD Regulations.
Postopek izključitve
COSME Eligibility Criteria
Če transakcija ne izpolnjuje meril za upravičenost, se izključi iz portfelja (in ni krita z jamstvom).
See Annex 2.
V nekaterih omejenih okoliščinah in ob uporabi zahtev iz člena 39(2)(a) uredbe o skupnih določbah lahko ugotovitev, ali je bilo to neizpolnjevanje skladnosti pod nadzorom finančnega posrednika, privede do nadaljnjega jamstvenega kritja.
Horizon 2020 Eligibility Criteria
Zahteva glede učinka finančnega vzvoda za prispevek DČ
Exclusion Process
Učinek finančnega vzvoda se izračuna kot skupno novo dolžniško financiranje za upravičene končne prejemnike, deljeno s prispevkom DČ.
If a Transaction does not comply with Eligibility Criteria it shall be excluded from the Portfolio (and shall not be covered by the Guarantee).
Učinek finančnega vzvoda mora biti vsaj [X]-kratnik skupnega prispevka DČ.
In certain limited circumstances and in implementation of the requirements of Article 39(2)(a) of the CPR, the determination of whether such non-compliance was within the control of the Financial Intermediary may result in continued guarantee cover.
Zahteva glede minimalnega finančnega vzvoda za prispevek v okviru programa COSME
Leverage Effect requirement for MS Contribution
V primeru prispevka na podlagi uredbe COSME, če se uporablja, mora obseg novega dolžniškega financiranja za upravičene končne prejemnike v skladu z zahtevami glede vzvoda iz pravne podlage za program COSME in sporazuma o prenosu pooblastil izpolnjevati tudi merila za upravičenost v okviru programa COSME.
The Leverage Effect is calculated as the total New Debt Finance to eligible Final Recipients divided by the MS Contribution.
Zahteva glede minimalnega finančnega vzvoda za prispevek v okviru programa Obzorje 2020
The minimum Leverage Effect has to be at least [X] times the total MS Contribution.
V primeru prispevka na podlagi uredbe Obzorje 2020, če se uporablja, mora obseg novega dolžniškega financiranja za upravičene končne prejemnike v skladu z zahtevami glede vzvoda iz pravne podlage za program Obzorje 2020 in sporazuma o prenosu pooblastil izpolnjevati tudi merila za upravičenost v okviru Obzorje 2020.
Minimum leverage requirement for COSME contribution
Oblikovanje cen
Given the contribution under the COSME Regulation, if applicable, a volume of New Debt Finance to eligible Final Recipients in line with the leverage requirements as set out in the COSME legal basis and Delegation Agreement has to fulfil also the COSME eligibility criteria.
Provizija za jamstvo
Minimum leverage requirement for Horizon 2020 contribution
EIS finančnemu posredniku zaračuna provizijo za jamstvo v zvezi s transakcijami, vključenimi v portfelj.
Given the contribution under the H2020 Regulation, if applicable, a volume of New Debt Finance to eligible Final Recipients in line with the leverage requirements as set out in the H2020 legal basis and Delegation Agreement has to fulfil also the Horizon 2020 eligibility criteria.
Provizija za jamstvo, izražena v [X] % na leto, se izračuna vsako četrtletje za neporavnani znesek portfelja.
Pricing
Oblikovanje cene prispevka DČ
Guarantee Fee
Cena prispevka DČ se določi na ravni, ki je sorazmerna z ustreznim prevzetim tveganjem, razen za kritje najbolj tveganega dela portfelja, za katerega se določi cena nič (to pomeni, da se prispevek DČ zagotovi brezplačno).
The EIF shall charge to the Financial Intermediary the Guarantee Fee in relation to the Transactions included in the Portfolio.
Razno
The Guarantee Fee, expressed as [X] % per annum, will be calculated quarterly on the outstanding amount of the Portfolio
Kazni
Pricing of the MS Contribution
Glej člen 7.
The MS Contribution shall be priced at a level which is commensurate with the relevant risk taken with the exception of the cover of the riskiest part of the Portfolio that shall be priced at zero (i.e. the MS Contribution will be provided free of charge).
Poročanje
Miscellaneous
Glej Prilogo 5.
Penalties
Nadzor in revizije
See Article 7.
Glej člen 17.
Reporting
Prenos ugodnosti
See Annex 5.
EIS oceni mehanizem za prenos ugodnosti na končne prejemnike.
Monitoring and Audit
Ta mehanizem se vključi v postopek izbire finančnih posrednikov in je del končne odločitve EIS o tem, ali naj sklene jamstveni sporazum ali ne in pod kakšnimi pogoji.
See Article 17.
Prenos ugodnosti se uporabi za del novega dolžniškega financiranja, kritega z jamstvom po standardni obrestni meri, zaračunani končnim prejemnikom, z zmanjšanjem premije za kreditno tveganje/jamstvo.
Transfer of benefit
Prenos se ustrezno dokumentira.
The EIF shall assess the mechanism of transfer of benefit to the Final Recipients.
Skupna ugodnost
That mechanism shall be included in the process for the selection of Financial Intermediaries and it shall form part of the EIF final decision on whether or not entering into a guarantee agreement and at what conditions.
Skupna ugodnost se opredeli za del posojila, kritega z jamstvom, kot zmanjšanje obrestne mere ali provizije za jamstvo, ki jo zaračuna finančni posrednik končnim prejemnikom, ob upoštevanju osnovnega prevzetega kreditnega tveganja in učinka ter stroškov jamstva.
The transfer of benefit shall be applied for the part of the New Debt Finance covered by the Guarantee to the standard interest rate charged to the Final Recipients through a reduction of the credit risk/guarantee premium.
Ker finančni posrednik ne prejme nobenega nadomestila/financiranja od EIS, je ocena skupne ugodnosti osredotočena zgolj na premijo za kreditno tveganje.
It shall be documented accordingly.
Finančni posrednik pri izračunu nove premije za kreditno tveganje/jamstvo za posamezno posojilo ali jamstvo upošteva stroške jamstva (provizijo za jamstvo).
Total Benefit
Skupna ugodnost se izračuna po naslednji formuli:
The Total Benefit shall be defined for the part of the loan covered by the Guarantee as the reduction in the interest rate or the guarantee fee as the case may be as charged by the Financial Intermediary to the Final Recipients, taking into account the underlying credit risk undertaken and the effect and the cost of the Guarantee.
skupna ugodnost = standardna premija za kreditno tveganje/jamstvo – provizija za jamstvo.
As the Financial Intermediary receives no remuneration/funding from the EIF, the assessment of the Total Benefit shall focus only on the credit risk premium.
Državna pomoč
The Financial Intermediary shall take into account the cost of the guarantee (the Guarantee Fee) in the calculation of the new credit risk/guarantee premium for each loan or guarantee.
Ugodnost državne pomoči
The Total Benefit is given by the following formula:
Ugodnost državne pomoči za del posojila, ki ga krije jamstvo, je delež skupne ugodnosti, sorazmeren s prispevkom DČ [18]v portfelju novega dolžniškega financiranja, ki se izračuna po naslednji formuli:
Total Benefit = standard credit/guarantee risk premium — Guarantee Fee
ugodnost državne pomoči = skupna ugodnost × % prispevka DČ v jamstvu (zajamčeni del portfelja novega dolžniškega financiranja).
State Aid
Finančni posrednik ugodnost državne pomoči v celoti prenese na končnega prejemnika.
State Aid Benefit
Izračun bruto ekvivalenta nepovratnih sredstev
The State Aid Benefit for the part of the loan covered by the Guarantee is a portion of the Total Benefit, proportional to the MS Contribution [18]in the New Debt Finance portfolio, given by the following formula:
Na ravni končnega prejemnika se za ugodnost državne pomoči šteje subvencionirana obrestna mera v smislu člena 4(2) uredbe de minimis.
State Aid Benefit = Total Benefit * % of the MS Contribution in the Guarantee (the guaranteed part of the New Debt Finance portfolio).
Bruto ekvivalent nepovratnih sredstev se izračuna po naslednji formuli:
The State Aid Benefit shall be fully transferred by the Financial Intermediary to the Final Recipient.
bruto ekvivalent nepovratnih sredstev = znesek zajamčenega posojila [19]× zapadlost (tehtano povprečno trajanje) posojila (jamstva) [20]× ugodnost državne pomoči.
Calculation of the GGE
Finančni posrednik izračuna bruto ekvivalent nepovratnih sredstev za vsako posojilo (jamstvo) [20]v portfelju novega dolžniškega financiranja in ga sporoči EIS.
At Final Recipient level, the State Aid Benefit shall be considered as an interest rate subsidy within the meaning of Article 4(2) of the de minimis Regulation.
Bruto ekvivalent nepovratnih sredstev v nobenem primeru ne sme biti nad pragom, določenim v uredbi de minimis.
The Gross Grant Equivalent (GGE) shall be calculated according to the following formula:
Kazni iz naslova državne pomoči
GGE = Guaranteed loan amount [19]* maturity (weighted average life) of the loan (guarantee) [20]* State Aid Benefit
EIS finančnemu posredniku zaračuna kazen iz naslova državne pomoči, če ugodnost državne pomoči ni bila v celoti prenesena na končnega upravičenca.
The Financial Intermediary shall calculate the GGE for each and every loan (guarantee) [20]in the New Debt Finance portfolio and shall communicate it to the EIF.
INSTRUMENT LISTINJENJA
In all cases the GGE cannot be above the threshold set out in the de minimis Regulation.
Pobuda za MSP – možnost 2
State Aid Penalties
INSTRUMENT LISTINJENJA POBUDE ZA MSP
The EIF shall charge to the Financial Intermediary a State Aid Penalty in case the State Aid Benefit is not fully transferred to the final beneficiary.
Instrument predvideva uporabo transakcij listinjenja, podprtih s posojili, zakupi ali jamstvi za MSP, pri čemer bi sredstva EU (COSME in/ali Obzorje 2020) in ESRR/EKSRP skupaj s sredstvi skupine EIB in potencialno nacionalnih promocijskih bank, nacionalnih jamstvenih shem in drugih institucionalnih vlagateljev, vpisali določene zneske ali jamčili zanje na različnih ravneh tveganja.
SECURITISATION INSTRUMENT
V okviru instrumenta listinjenja se portfelj finančnih instrumentov, upravičenih za MSP, uporabi kot zavarovanje za zamenljive vrednostne papirje (tranše), razpršene glede na stopnjo tveganja.
SME initiative — option 2
Možne bi bile tudi ureditve nekrite oblike prenosa tveganja (sintetično listinjenje), ki omogočajo prenos kreditnega tveganja na tretje osebe, ne da bi se dejansko odstranil portfelj sredstev iz bilance stanja banke, s čimer se banki izvora omogoči pridobitev regulatorne kapitalske olajšave.
SME INITIATIVE SECURITISATION INSTRUMENT
Take operacije bi morale upoštevati regulativne zadevne ustrezne države.
This instrument foresees the utilisation of securitisation transactions backed by SME loans, leases or guarantees where EU resources (COSME and/or Horizon 2020), ERDF/EAFRD, together with resources from the EIB Group and potentially alongside national promotional banks, national guarantee schemes and other institutional investors, would subscribe or guarantee certain amounts at different levels of risks.
Instrument listinjenja bo jamčil za znaten del osnovnega upravičenega portfelja dolžniškega financiranja, potem ko se ustrezni finančni posrednik zaveže, da bo oblikoval dodatni portfelj, tudi z uporabo sredstev, sproščenih zaradi transakcije listinjenja za financiranje novih MSP.
Under a securitisation instrument, a portfolio of SME eligible financing instruments is used as collateral for tradable securities (tranches), diversified by level of risk.
V okviru instrumenta listinjenja pobude za MSP bi EIS in EIB (potencialno skupaj z nacionalnimi promocijskimi bankami, nacionalnimi jamstvenimi shemami in drugimi institucionalnimi vlagatelji) vpisala določene tranše ali jamčila zanje do dogovorjenih najvišjih zneskov.
Unfunded risk transfer arrangements (synthetic securitisation) would also be possible, allowing for the transfer of credit risk to third parties without actually removing the portfolio of assets from the balance sheet of the bank and therefore providing the opportunity for the originating bank to obtain regulatory capital relief.
Finančne institucije izvora zadržijo materialni interes na transakcijah, kot sta na primer ustrezni delež (najmanj 50 %) podrejene tranše in ustrezna izpostavljenost v vsaki tranši, dani vlagateljem, oziroma podobne ureditve, da se zagotovi potrebna uskladitev interesa (lasten interes) in izpolnijo zahteve za zadržanje tveganja iz Direktive 2013/36/EU in Uredbe (EU) št. 575/2013.
Such operations would have to take into consideration the relevant country's regulatory requirements.
Bonitetna ocena nadrejenih in srednjih tranš mora biti združljiva s toleranco tveganja skupine EIB in potencialno nacionalnih promocijskih bank, nacionalnih jamstvenih shem in tretjih institucionalnih vlagateljev, ki bi lahko prav tako investirali v nadrejene tranše takih listinjenj in s tem povečali finančni vzvod dodeljenih proračunskih sredstev.
The securitisation instrument will guarantee a significant part of the underlying eligible debt financing portfolio upon an undertaking by the relevant Financial Intermediary to create an additional portfolio also by using resources mobilised as a result of the securitisation transaction for new SME financing.
Podrejene in srednje tranše, ki jih originator ne zadrži, se vpišejo kot kombinacija sredstev ESRR/EKSRP, COSME/Obzorje 2020 in lastnih sredstev EIS.
Under the SME Initiative Securitisation Instrument, the EIF and the EIB (potentially alongside national promotional banks, national guarantee schemes and other institutional investors) would subscribe or guarantee certain tranches up to agreed maximum amounts.
Organi upravljanja, ki so pripravljeni sodelovati v jamstveni shemi (prek EIS, vendar na tveganje prispevka skladov ESI), jamčijo za/vložijo do 50 % podrejene tranše.
The originating financial institutions shall retain a material interest in the transaction, such as an adequate portion (minimum 50 %) of the junior tranche and an adequate exposure to each tranche placed with investors, or similar arrangements, in order to ensure the necessary alignment of interest ‘skin in the game’) and to comply with the risk retention requirement set out in Directive 2013/36/EU and Regulation (EU) No 575/2013.
Urejanje, ustrezno skrbnost, dokumentiranje in upravljanje listinjenega portfelja, sestavljenega iz upravičenih posojil, zakupov ali jamstev za MSP in podjetja z manj kot 500 zaposlenimi, izvajajo finančni posredniki v skladu s svojimi običajnimi postopki urejanja in upravljanja.
The rating of the senior and the mezzanine tranches shall be compatible with the risk tolerance of the EIB Group and potentially national promotional banks, national guarantee schemes and third party institutional investors who may also invest in the senior tranches of such securitisations thus increasing the leverage of committed budgetary resources.
Finančni posredniki običajno ohranijo neposredno posojilno razmerje do stranke z vsakim MSP.
Junior and mezzanine tranches not retained by the originator are subscribed by a combination of ERDF/EAFRD, COSME/Horizon 2020 and EIF's own resources.
Finančni posredniki EIB in EIS predložijo informacije o listinjenem portfelju in dodatnem portfelju (na novo urejenem financiranju MSP) vsako četrtletje do zaključka transakcije listinjenja.
Managing Authorities who are willing to participate in the guarantee scheme (via the EIF, but at the risk of the ESI Funds contribution) guarantee/invest up to 50 % of the Junior tranche.
Okvirni pogoji listinjenja