natgillin/translations-raw huggingface dataset:
The Belgian State's alleged guarantee to the ONDD in relation to its marketable risks (hereinafter: ‘Measure 1’);
del kapitala družbe Ducroire/Delcredere, ki je že podpiral zavarovanje tržnih tveganj v družbi ONDD in je bil na družbo Ducroire/Delcredere samo prenesen skupaj z ustreznimi zavarovalnimi posli, ne pomeni pomoči.
Possible internal transfers of resources (within the ONDD) from its insurance of non-marketable risks to its insurance of marketable risks (before the transfer of its insurance of short-term risks to Ducroire/Delcredere) (hereinafter: ‘Measure 2’);
Šlo je samo za spremembo pravne oblike obstoječe gospodarske dejavnosti skupaj s povezanim kapitalom [11].
When the ONDD insured marketable risks, it had no separate management and accounts for (short-term) marketable and non-marketable risk insurance, contrary to the requirement in point 4.3 of the Communication on export-credit insurance.
Zadevna morebitna nova pomoč (ukrep 3) se torej nanaša samo na tisti del kapitala družbe Ducroire/Delcredere, ki ne podpira zavarovanja izvoznih kreditov za netržna tveganja in presega del kapitala, ki je dne 31. decembra 2004 (tik pred prenosom zavarovanja pred kratkoročnimi tveganji na družbo Ducroire/Delcredere) že podpiral zavarovanje tržnih tveganj v družbi ONDD.
However, that point states that publicly supported export-credit insurers ‘have to keep a separate administration and separate accounts for their insurance of marketable risks and non-marketable risks for the account or with the guarantee of the State, demonstrating that they do not enjoy State aid in their insurance of marketable risks’.
V tem sklepu se uporabljajo naslednje opredelitve pojmov:
The capital allocation (EUR 150 million of subscribed capital) by the ONDD in 2004 to its subsidiary, Ducroire/Delcredere (hereinafter: ‘Measure 3’).
„dodatni kapital“: del kapitala, dodeljenega družbi Ducroire/Delcredere, ki presega tisti del kapitala, ki je dne 31. decembra 2004 (tik pred prenosom zavarovanja pred kratkoročnimi tveganji na družbo Ducroire/Delcredere) že podpiral zavarovanje pred kratkoročnimi tveganji (vključno s tržnimi in netržnimi) v družbi ONDD;
With regard to Measure 3, the opening decision came to the conclusion that the following parts of the capital allocation to Ducroire/Delcredere do not constitute aid [9]:
„dopolnilni kapital“: del zgoraj opredeljenega dodatnega kapitala, ki podpira zavarovanje kreditov za tržna tveganja (tj. kapital, dodeljen družbi Ducroire/Delcredere, ki podpira zavarovanje kreditov za tržna tveganja in presega del kapitala, ki je dne 31. decembra 2004 že podpiral zavarovanje pred kratkoročnimi tveganji v družbi ONDD).
the part of Ducroire/Delcredere's initial capital that can be regarded as supporting the insurance of non-marketable risks [10] does not constitute aid.
Dodatni kapital torej med drugim obsega dopolnilni kapital (glej diagram v uvodni izjavi 141).
Under the Communication on export-credit insurance, Member States are free to support export-credit insurance in the non-marketable risks sector.
V sklepu o začetku postopka je Komisija domnevala, da je glede na nesorazmerje med kapitalom v višini 150 milijonov EUR, ki ga je družba Ducroire/Delcredere prejela ob ustanovitvi, in zneskom v višini [45–70] milijonov EUR, ki je bil v družbi ONDD dodeljen za uporabljeni poslovni račun od 1. septembra 2003 do 31. decembra 2004 za zavarovanje pred kratkoročnimi tveganji, vključno s tržnimi tveganji, znesek dodatnega in dopolnilnega kapitala precejšen.
Since this activity is not supposed to be provided by market operators, state support is not likely to distort competition and cannot, therefore, constitute state aid within the meaning of Article 107(1) TFEU.
Komisija je zato navedla, da očitno obstajata dodatni in dopolnilni kapital, pričakovana donosnost pa se zdi prenizka.
The Commission therefore called on Belgium to clarify which part of Ducroire/Delcredere's capital supported its insurance of non-marketable risks.
Ker družbi ONDD in Ducroire/Delcredere nista izpolnili zahteve iz točke 4.3 sporočila o zavarovanju izvoznih kreditov (glej uvodni izjavi 17 in 19), tj. nista vodili ločene uprave in ločenih računov za tržna in netržna tveganja, Komisija ob začetku formalnega postopka preiskave ni mogla jasno določiti zneska „dopolnilnega kapitala“.
the part of Ducroire/Delcredere's capital that was already supporting the insurance of marketable risks within the ONDD and which was simply transferred to Ducroire/Delcredere with the corresponding insurance business does not constitute aid.
V sklepu o začetku postopka je zato Komisija od belgijskih organov zahtevala, naj izpolnijo zahteve iz točke 4.3 sporočila o zavarovanju izvoznih kreditov in ji sporočijo, kateri deli kapitala so podpirali kratkoročno zavarovanje netržnih tveganj oziroma zavarovanje tržnih tveganj pred prenosom na družbo Ducroire/Delcredere in po njem.
It was solely a change in the legal form of an existing economic activity with the associated capital [11].
PRIPOMBE ZAINTERESIRANIH TRETJIH STRANI
The possible new aid in question (Measure 3) therefore concerns only that part of the capital allocated to Ducroire/Delcredere that does not support export-credit insurance of non-marketable risks and that exceeds the part of the capital that was already supporting the insurance of marketable risks within the ONDD on 31 December 2004 (just before the insurance of short-term risks was transferred to Ducroire/Delcredere).
Komisija v predpisanem roku ni prejela nobenih pripomb zainteresiranih tretjih strani v zvezi s sklepom o začetku postopka.
For the purposes of this Decision, the following definitions apply:
PRIPOMBE BELGIJE
‘additional capital’: the part of the capital allocated to Ducroire/Delcredere that exceeds the part of the capital that was already supporting the insurance of short-term risks (including marketable and non-marketable risks) within the ONDD on 31 December 2004 (just before the insurance of short-term risks was transferred to Ducroire/Delcredere);
O ukrepih 1 in 2: Državno jamstvo za tržna tveganja v družbi ONDD in notranji prenosi sredstev za tržna tveganja družbe ONDD
‘supplementary capital’: the part of the additional capital, as defined above, that supports the credit insurance of marketable risks (i.e. the capital allocated to Ducroire/Delcredere that supports the credit insurance of marketable risks and that exceeds the part of the capital that was already supporting the insurance of short-term risks within the ONDD on 31 December 2004).
Belgija je trdila, da je bila družba ONDD vedno osredotočena na netržna tveganja in da so bila ta tveganja vedno prevladujoča postavka v portfelju družbe.
The additional capital therefore includes, inter alia, the supplementary capital (see the diagram in recital (141)).
Po letu 1993 [12] in pred pristopom desetih novih držav članic Evropske unije maja 2004 so bili zavarovalni posli družbe ONDD, povezani s tržnimi tveganji, zanemarljivi.
In the opening decision, the Commission assumed that there was substantial additional and supplementary capital, given the disproportion between the capital of EUR 150 million granted to Ducroire/Delcredere when it was set up and the EUR [45-70] million allocated within the ONDD to the commercial account used, from 1 September 2003 to 31 December 2004, for the insurance of short-term risks, including marketable risks.
Konec leta 2003 so premije za te zavarovalne posle predstavljale samo približno [0–1 %] portfelja kratkoročnih tveganj, zavarovalne vsote pa so znašale le nekaj […] milijonov EUR (glej preglednico 1 v nadaljevanju).
The Commission therefore stated that there appeared to be additional and supplementary capital and that the expected profitability seemed insufficient.
Poudarila je, da je bil odstotek takrat kritih tržnih tveganj zelo nizek zaradi povezave teh tveganj z netržnimi tveganji [13].
The failure of the ONDD and Ducroire/Delcredere to comply with point 4.3 of the Communication on export-credit insurance (see recitals (17) and (19)), i.e. the failure to set up a separate administration and separate accounts for marketable and non-marketable risks, meant that it was impossible for the Commission to clearly determine the amount of ‘supplementary capital’ when it opened the formal investigation procedure.
Šele 1. maja 2004, ko se je deset novih držav članic pridružilo Evropski uniji, se je razmerje med kratkoročnimi tržnimi in netržnimi tveganji v portfelju družbe ONDD spremenilo; delež tržnih tveganj v portfelju družbe ONDD se je z [0–1 %] (glede na premije) leta 2003 povečal na [15–20 %] leta 2004 (glej preglednico 1 v nadaljevanju).
In its opening decision, the Commission therefore asked the Belgian authorities to comply with point 4.3 of the Communication on export-credit insurance and to notify to it the parts of the capital that supported, respectively, the insurance of short-term non-marketable risks and the insurance of marketable risks, before and after the transfer to Ducroire/Delcredere.
Do te spremembe je prišlo zaradi samodejne spremembe netržnih tveganj v tržna tveganja pri dolžnikih, registriranih v desetih novih članicah Evropske unije.
COMMENTS BY INTERESTED THIRD PARTIES
Glede ukrepa 1 so belgijski organi navedli tudi, da Belgija od 1. septembra 2003 za tržna tveganja ni več zagotavljala jamstva, saj so bila ta tveganja prenesena na poslovni račun, za katerega je družba ONDD pridobila dovoljenje regulatorja OCA [14] ravno zato, ker država za ta račun ni zagotavljala jamstva (regulator OCA ne ureja zavarovalnih poslov, za katere jamči država).
No comments by interested third parties were received with regard to the opening decision within the prescribed time limits.
V zvezi z morebitnimi notranjimi prenosi sredstev za tržna tveganja v družbi ONDD belgijski organi trdijo, da glede na zanemarljiv delež zavarovanj tržnih tveganj kakršen koli prenos sredstev ni bil mogoč in bi bil v vsakem primeru de minimis [15].
COMMENTS BY BELGIUM
Belgijski organi so menili, da so bili zadevni zneski za ukrep 1 in ukrep 2 vsekakor de minimis [16].
On Measures 1 and 2: State guarantee for marketable risks within the ONDD and internal transfers of resources for the benefit of the ONDD's marketable risks
Preglednica1
Belgium stated that the ONDD has always focused on non-marketable risks and that the predominance of these risks in its portfolio was a constant.
Gibanje premij in zavarovalnih vsot pri kratkoročnih tržnih in netržnih tveganjih (celoten obseg izvoznih poslov – kratkoročnih )
After 1993 [12] and before the accession of the ten new Member States of the European Union in May 2004, the insurance business relating to marketable risks within the ONDD was insignificant.
(v tisoč EUR) [17]
At the end of 2003, the premiums relating to this insurance business accounted for only approximately [0-1 %] of the portfolio of short-term risks and the sums insured amounted to only some EUR […] million (see Table 1 below).
tržna tveganja
It was pointed out that the percentage of marketable risks covered at that time was very low because of the link between these risks and a non-marketable risk [13].
tržna od leta 2004 (10 novih držav članic)
It was not until 1 May 2004, when the ten new Member States joined the European Union, that the balance between short-term marketable and non-marketable risks in the ONDD's portfolio was changed, the proportion of marketable risks in the ONDD's portfolio shifting from [0-1 %] (in terms of premiums) in 2003 to [15-20 %] in 2004 (see Table 1 below).
tržna od leta 2007 (2 novi državi članici)
This change was the result of an automatic shift from the class of non-marketable risks to the class of short-term marketable risks on debtors established in the ten new Member States of the European Union.
netržna tveganja
With regard to Measure 1, the Belgian authorities also added that the guarantee by the Belgian State was terminated on 1 September 2003 in relation to marketable risks as these were transferred to the commercial account for which the ONDD had obtained authorisation from the OCA [14], precisely because this account was not guaranteed by the State (insurance business guaranteed by the State is not regulated by the OCA).
Zavarovalne vsote
With regard to the possible internal transfers of resources to marketable risks within the ONDD, the Belgian authorities argue that, given the insignificance of the insurance of marketable risks, any transfer of resources was inconceivable and would, in any event, be de minimis [15].
Premije
The Belgian authorities conclude that the amounts at stake for Measure 1 and Measure 2 are, in any event, de minimis [16].
Da bi dokazali, da je bil kapital, ki ga je družba ONDD dodelila družbi Ducroire/Delcredere, potreben in je izpolnjeval merilo zasebnega vlagatelja v tržnem gospodarstvu, so belgijski organi podali naslednje utemeljitve: (1) prenos sredstev je treba obravnavati v lastnem okviru, tj. prenosu obstoječe dejavnosti na novo podružnico; (2) kapitalski vložek je bil upravičen na podlagi pravil o solventnosti; (3) pričakovana donosnost družbe Ducroire/Delcredere na področju zavarovanja tržnih tveganj je bila dovolj visoka, da bi zasebnega vlagatelja v tržnem gospodarstvu prepričala v naložbo.
Table 1
Prenos sredstev je prenos obstoječe dejavnosti [18]
Trend in premiums and sums insured for short-term marketable and non-marketable risks (whole turnover exporters policies — short-term)
Belgijski organi menijo, da je treba kapitalski vložek obravnavati v lastnem okviru, tj. v okviru prenosa obstoječe dejavnosti.
(EUR thousand) [17]
Vsi zavarovalni posli družbe Ducroire/Delcredere ob njeni ustanovitvi so bili le prenesen portfelj poslov kratkoročnega zavarovanja družbe ONDD.
marketable risks
Glede tega belgijski organi trdijo, da so bile vse bilančne postavke poslovnega računa, ki so bile povezane s poslovno dejavnostjo, prenesene na začetno bilanco stanja družbe Ducroire/Delcredere.
marketable since 2004 (10 new Member States)
V zvezi s sredstvi so bili preneseni samo zahtevki, ki so bili neposredno povezani z zavarovalnimi policami in so že bili v portfelju (naložbe niso bile prenesene).
marketable since 2007 (2 new Member States)
V zvezi z obveznostmi so bile prenesene samo postavke, ki so bile povezane z obstoječim portfeljem zavarovanj, zato kapital, rezervacije in izravnalne rezervacije ter rezervacije za naravne nesreče niso bili vključeni [19].
non-marketable risks
Belgijski organi poudarjajo, da [45–70] milijonov EUR, dodeljenih za poslovni račun, ni bilo prenesenih na družbo Ducroire/Delcredere, ker je bil znesek kapitala določen na podlagi posebne ocene.
Sums insured
Belgijski organi trdijo, da kapital, dodeljen za poslovni račun, ni primerna osnova za ocenjevanje kapitalskih zahtev družbe Ducroire/Delcredere.
Premiums
Zahtevani kapital za poslovni račun je bil ocenjen z mehansko uporabo pravil iz Direktive 2002/13/ES Evropskega parlamenta in Sveta z dne 5. marca 2002 o spremembi Direktive Sveta 73/239/EGS o zahtevani kapitalski ustreznosti zavarovalnic, ki opravljajo posle neživljenjskega zavarovanja [20] (v nadaljnjem besedilu: direktiva Solventnost I), ki ustrezajo pravilom varnega in skrbnega poslovanja, da bi pridobili dovoljenje regulatorja OCA za posle kratkoročnega zavarovanja, saj zanje ni več jamčila država, ta kapital pa ni enakovreden ekonomskemu kapitalu, potrebnemu za kritje profila tveganja teh zavarovalnih poslov.
In order to establish that the capital allocated to Ducroire/Delcredere by the ONDD was necessary and fulfilled the criterion of the private market economy investor, the Belgian authorities put forward the following arguments: (1) the transaction must be seen in its context, namely the transfer of an existing activity to a new subsidiary; (2) the capital injection is justified under the solvency rules; (3) the expected profitability of Ducroire/Delcredere's insurance of marketable risks was sufficient to convince a private market economy investor to make this investment.
Po navedbah belgijskih organov obstaja razlika med odnosom zasebnega vlagatelja, ki ga zanima donosnost nove naložbe, in matično družbo, ki svoje obstoječe dejavnosti prenaša na podružnico.
The transaction is a transfer of an existing activity [18]
Belgijski organi trdijo, da bi nasprotna presoja javno družbo lahko prisilila, da prenese ali ukine ekonomsko dejavnost, ki ni dovolj donosna za zasebnega vlagatelja v tržnem gospodarstvu, s tem pa bi bilo kršeno načelo nevtralnosti javnega kapitala iz člena 345 PDEU.
The Belgian authorities take the view that the capital injection must be seen in its context, which is that of a transfer of an existing activity.
Metode, uporabljene za upravičenje zneska kapitala v družbi Ducroire/Delcredere
All the insurance business housed in Ducroire/Delcredere when it was established merely corresponded to a transfer of the ONDD's portfolio of short-term insurance business.
Belgijski organi trdijo, da sta bili leta 2004 za določanje kapitalskih zahtev družb na področju zavarovanja kreditov na voljo dve metodi: (a) klasična metoda za zavarovalniški sektor na splošno iz direktive Solventnost I, ki temelji na povračilu tveganja (pristop, ki temelji na premijah), in (b) metoda, ki temelji na prevzetih tveganjih (pristop, ki temelji na izpostavljenosti), na primer metoda baselskih pravil, ki se uporablja za bančni sektor, in metoda bonitetne hiše Standard & Poor's za določanje zahtevanega kapitala družbe za zavarovanje kreditov.
To this end, the Belgian authorities state that all the balance-sheet items in the commercial account relating to commercial activity were transferred to Ducroire/Delcredere's opening balance sheet.
Veljavna pravila varnega in skrbnega poslovanja: Solventnost I
On the asset side, only the claims directly related to insurance policies already in the portfolio were transferred (investments were not transferred).
Glede družbe Ducroire/Delcredere belgijski organi menijo, da metoda, določena v direktivi Solventnost I, ne upošteva dovolj splošnega finančnega profila zavarovatelja.
On the liabilities side, the only items transferred were those relating to the existing insurance portfolio and therefore excluded capital, reserves and equalisation and catastrophe provisions [19].
Na podlagi direktive Solventnost I je zahtevani minimalni kapital enak višjemu od obeh zneskov, pri čemer en znesek temelji na letnem prihodku od premij ali prispevkov, drugi pa na povprečnih terjatvah na izplačilo odškodnin za pretekla tri finančna leta.
The Belgian authorities stress that the EUR [45-70] million allocated to the commercial account was not transferred to Ducroire/Delcredere since the identification of the amount of capital had been subject to a specific assessment.
Absolutna spodnja meja za obdobje 2004–2006 je 3 milijone EUR, za obdobje 2007–2009 pa 3,2 milijona EUR.
The Belgian authorities maintain that the capital allocated to the commercial account is not a relevant comparator for assessing Ducroire/Delcredere's capital requirements.
Z upoštevanjem teh pravil naj bi družba ONDD družbi Ducroire/Delcredere v obdobju 2005–2007 na podlagi poslovnega načrta dodelila minimalni znesek kapitala v višini približno 3 do 3,3 milijona EUR [21] (glej preglednico 2 v nadaljevanju).
The capital requirement for the commercial account was estimated by the mechanical application of the rules set out in Directive 2002/13/EC of the European Parliament and of the Council of 5 March 2002 amending Council Directive 73/239/EEC as regards the solvency margin requirements for non-life insurance undertakings [20] (hereinafter: ‘the Solvency I Directive’) corresponding to the prudential rules in order to obtain OCA authorisation for the short-term insurance business since it was no longer guaranteed by the State, but this capital does not correspond to the economic capital required to cover the risk profile of this insurance business.
Belgija trdi, da so kapitalske zahteve zavarovateljev kreditov odvisne bolj od izpostavljenosti kot povračila tveganja (premije) in da so metodologije, ki temeljijo na prevzetih tveganjih (pristop, ki temelji na izpostavljenosti) (na primer člen 8 zakona o družbi ONDD iz leta 1939, metoda bonitetne hiše Standard & Poor's ali metoda baselskih pravil, ki se uporablja za bančni sektor), primernejše kot direktiva Solventnost I, ki temelji na povračilu tveganja (pristop, ki temelji na premijah).
According to the Belgian authorities, there is a difference between the attitude of a private investor looking to the profitability of a new investment and a parent company that is transferring its existing activities to a subsidiary.
Belgijski organi trdijo, da portfelj tveganj, ki jih zavaruje družba Ducroire/Delcredere, ni običajen, saj v nasprotju z večino konkurentov družba krije večinoma netržna tveganja v smislu sporočila o zavarovanju izvoznih kreditov.
The Belgian authorities maintain that to judge otherwise could force a public undertaking to transfer or cease an economic activity if it was not profitable enough for a private market economy investor, which would breach the principle of the neutrality of public capital laid down in Article 345 TFEU.
Stopnja tveganja pri takšnem portfelju je precej višja kot pri portfelju, sestavljenem izključno ali delno iz tržnih tveganj, kar po mnenju Belgije upravičuje uporabo pravil bolj varnega in skrbnega poslovanja.
The methods used to justify the amount of capital in Ducroire/Delcredere
Pristop, ki temelji na izpostavljenosti: (i) uporaba člena 8 zakona o družbi ONDD iz leta 1939 za družbo Ducroire/Delcredere
The Belgian authorities maintain that in 2004 two methods could be envisaged for determining the capital requirements of credit insurance companies: (a) the classical method for the insurance sector in general, laid down by the Solvency I Directive and based on the remuneration of risk (premium-based approach) and (b) the method based on risks assumed (exposure-based approach), for example the method of the Basel rules applied to the banking sector and the Standard & Poor's method for determining the capital requirement of a credit insurance company.
Belgijski organi menijo, da je uporaba člena 8 zakona o družbi ONDD z dne 31. avgusta leta 1939 [22] (v nadaljnjem besedilu: zakon iz leta 1939) v tem primeru ustrezna, ker izhaja iz pristopa, ki temelji na izpostavljenosti.
Prudential rules in force: Solvency I
Opozoriti je treba, da člen 8 zakona iz leta 1939 z regulativnega vidika za družbo Ducroire/Delcredere ni pomemben, saj velja samo za družbo ONDD.
In the case of Ducroire/Delcredere, the Belgian authorities take the view that the method laid down by the Solvency I Directive does not sufficiently reflect the overall financial profile of an insurer.
Kljub temu, da člen 8 določa najvišji znesek obveznosti za družbo ONDD iz njenih zavarovalnih poslov za lastni račun, za katere jamči država, in za njene zavarovalne posle za račun države, belgijski organi menijo, da člen 8 zakona iz leta 1939 določa najnižjo spodnjo mejo za družbo Ducroire/Delcredere, ki nima državnega jamstva.
Under the Solvency I Directive, the solvency margin requirement is equal to the higher of two amounts, one based on the annual amount of premiums or contribution income, the other on the average claims burden for the past three financial years.
Z uporabo člena 8(1) zakona iz leta 1939 [23], ki navaja, da obveznosti ne smejo preseči 20-kratnika skupnega zneska kapitala in splošne rezerve, belgijski organi zahtevani kapital družbe [24] Ducroire/Delcredere ocenjujejo na približno 92 do 106 milijonov EUR v obdobju 2005–2007, na podlagi poslovnega načrta (glej preglednico 2 v nadaljevanju).
However, the absolute minimum threshold is EUR 3 million for 2004 to 2006 and EUR 3,2 million for 2007 to 2009.
Pristop, ki temelji na izpostavljenosti: (ii) model, ki ga je razvila bonitetna hiša Standard & Poor's
The application of these rules by the ONDD results in a minimum level of capital for Ducroire/Delcredere of approximately EUR 3 to 3,3 million [21] between 2005 and 2007, on the basis of the business plan (see Table 2 below).
Belgijski organi v svojih ugotovitvah navajajo metodo, ki jo je bonitetna hiša Standard & Poor's razvila za določanje zahtevanega kapitala zavarovatelja kreditov.