natgillin/translations-raw huggingface dataset:
Where a Member State grants aid to an undertaking, internal activity may be maintained or increased as a result, so that the opportunities for undertakings established in other Member States to (further) penetrate the market are thereby reduced [80].
Zaradi tega statusa so posamezni delničarji finančnih zadrug v pravnem smislu izpostavljeni tveganju delne ali celotne izgube svojega začetnega vloženega kapitala.
As there are many international providers of investment products active on the Belgian market, the measure most definitely has an effect on Union-wide trade.
Komisija je v zvezi s tem seznanjena tudi z dejstvom, da guverner banke NBB ni potrdil, da so delnice finančnih zadrug podobne hranilnim vlogam v kreditni instituciji [87].
Conclusion
Komisija poleg tega ugotavlja, da imajo posamezni delničarji finančnih zadrug v primerjavi z imetniki hranilnih vlog v kreditni instituciji zelo drugačen položaj v kaskadni strukturi [88] v primeru likvidacije ali stečaja teh subjektov.
Based on the analysis made in recitals 91 to 109, the Commission, concludes that the cooperative guarantee scheme involves State resources, represents a selective advantage to ARCO, distorts competition and affects intra-Union trade and therefore meets all the State aid criteria.
Kreditne institucije so regulirani subjekti, za katere regulativni organi zagotovijo, da je za njih na voljo določen znesek kapitala.
The entire amount of the advantage must be taken into account in examining the compatibility of the aid and, if necessary, recovery from its beneficiaries.
Delničarji finančnih zadrug pa niso deležni take zaščite.
Compatibility of aid
V primeru likvidacije ali stečaja so prvi, ki utrpijo posledice.
After having established that the cooperative guarantee scheme is State aid within the meaning of Article 107(1) of the Treaty, the Commission must establish if that aid could be found compatible with the internal market.
Komisija na podlagi argumentov, razvitih v uvodnih izjavah od 121 to 123, ugotavlja, da zadružna jamstvena shema zgolj ščiti finančne zadruge in njihove posamezne delničarje pred posledicami njihovih preteklih naložb.
Article 107(1) of the Treaty provides that State aid shall be incompatible with the internal market and therefore be prohibited, save as otherwise provided in the Treaty.
Vendar ni primeren ukrep za preprečitev resne motnje v belgijskem gospodarstvu.
Paragraphs (2) and (3) of Article 107 of the Treaty subsequently define two categories of compatible aid.
Glede vprašanja, ali je ukrep potreben, Komisija opozarja, da je Belgija že sprejela obsežne ukrepe za preprečitev motenj v svojem gospodarstvu.
First, Article 107(2) of the Treaty lists categories of State aid that are automatically exempted from the prohibition principle, but the cooperative guarantee scheme does not fall within any of those categories.
Uvedla je že druge ukrepe za stabilizacijo belgijskega finančnega sistema, zlasti bank in drugih finančnih institucij, v katere so vlagale finančne zadruge.
Second, Article 107(3) of the Treaty covers several categories of aid that may be considered compatible with the internal market.
Belgijski sistem zajamčenih vlog je zagotavljal zaščito za vloge v višini do 100000 EUR in Belgija je družbam Fortis, KBC, Dexia in Ethias pomagala z ukrepi dokapitalizacije, ukrepi za likvidnost, ukrepi za oslabljena sredstva in začasnimi ukrepi.
In theory, subparagraphs (b) or (c) of Article 107(3) of the Treaty could apply.
Komisija ugotavlja, da v primeru finančnih zadrug, ki so v končni fazi družbe z omejeno odgovornostjo, ni bilo potrebe po zaščiti nekaj posameznih delničarjev.
With respect to Article 107(3)(c) of the Treaty, the Commission has explained in guidelines how it will apply the exemption laid down in that provision to certain types of aid.
Komisija v zvezi s pismom odbora za finančno stabilnost ugotavlja, da samo obravnava povečano kritje sistema zajamčenih vlog in uvedbo sistema jamstev za zavarovalniške produkte „kategorije 21“.
The Commission observes, however, that the measure does not correspond to any of the types of aid covered by those guidelines.
Kar zadeva sorazmernost ukrepa, Komisija ugotavlja, da struktura ukrepa ne zagotavlja zadostne zaščite pred napačno izbiro [90].
Moreover, neither Belgium nor ARCO have given any indication of an objective of common interest for the purposes of that provision.
Prostovoljna narava zadružne jamstvene sheme skupaj z očitno odsotnostjo preverjanja sposobnosti preživetja spodbuja k vstopu v shemo šele, ko je jasno, da bo jamstvo mogoče uveljaviti.
With respect to Article 107(3)(b) of the Treaty, the Commission observes that the Belgian State argues that, if the Commission concludes that the cooperative guarantee scheme involves State aid, the measure should be evaluated under Article 107(3)(b) of the Treaty.
Komisija meni tudi, da zadružna jamstvena shema povzroča neupravičeno izkrivljanje normalnega delovanja trga.
That provision allows aid to be declared compatible with the internal market if the aid is needed to remedy a serious disturbance of the economy of a Member State.
Ukrep je družbi ARCO omogočil, da zaščiti svoj položaj na trgu maloprodajnih finančnih produktov, kar je negativno vplivalo ali bi lahko negativno vplivalo na tržne deleže in dobičkonosnost konkurentov družbe, ki niso mogli računati na zadružno jamstveno shemo.
However, Article 107(3)(b) of the Treaty necessitates a restrictive interpretation of what can be considered a serious disturbance of a Member State's economy.
Ukrepa ni mogoče šteti za združljivega z notranjim trgom, saj ni primeren, potreben ali sorazmeren za namene člena 107(3)(b) Pogodbe in ne spada na področje uporabe nobene druge določbe o združljivosti državne pomoči.
The disturbance in question must affect the whole of the economy of a Member State and not merely the economy of one of its regions or areas of territory [81].
Izračun pomoči
When the financial crisis reached its first culmination point in the autumn of 2008, the Commission decided in the 2008 Banking Communication that Article 107(3)(b) of the Treaty would become available to evaluate State aid measures undertaken to address the problems of financial institutions [82].
Kar zadeva izračun pomoči, ki jo mora ARCO vrniti, Komisija upošteva naslednje parametre in dejstva [91]:
Outside the financial sector, the Commission also developed under Article 107(3)(b) of the Treaty the temporary Union framework for State aid measures to support access to finance in the current financial and economic crisis (‘Temporary Framework’) [83].
najvišjo raven odliva kapitala, ki je določena v statutu družbe ARCO in je omejena na 10 % celotnega kapitala ali 10 % delničarske baze družbe [92],
However, that framework does not apply to the measure.
dejstvo, da zadružna jamstvena shema zagotavlja jamstvo samo za posamezne delničarje,
Instead it aims at the real economy by enabling Member States to take suitable measures to improve access to finance for undertakings willing to invest during the financial crisis in a period when bank financing became scarcer.
posebno zasnovo zadružne jamstvene sheme, ki je po eni strani prostovoljna, torej so se lahko finančne zadruge same odločile, ali bodo v njej sodelovale, po drugi strani pa je celo finančnim zadrugam, pri katerih je bilo tveganje stečaja ali likvidacije visoko, omogočila, da zaprosijo za sodelovanje v shemi (kar se je zgodilo, ko so skupščine družb ARCOFIN, ARCOPAR in ARCOPLUS 8. decembra 2011, tj. kmalu po njihovem sprejetju v shemo, odobrile predloge svojih izvršilnih odborov za prostovoljno likvidacijo),
The problems of ARCO are not related to a lack of banking financing but to assets (i.e. Dexia shares) whose valuation had to be adjusted downward.
dejstvo, da je bila družba ARCO pred likvidacijo dolgo časa v slabem finančnem položaju, ker je, kot je opisano v uvodnih izjavah 38, 44 in 82, veliko sredstev vložila v delnice Dexie, ki so jo morale belgijska, francoska in luksemburška vlada jeseni 2008 rešiti pred stečajem, posledica tega pa je bila, da je vsak večji padec vrednosti delnic Dexie še vedno negativno vplival na finančni položaj družbe ARCO, zlasti zato, ker je družba okrepila svoje sodelovanje pri reševanju Dexie s prevzemom dolga, ter
Moreover, the cooperative guarantee scheme — which guarantees 100 % of a liability instrument — is not covered by any of the aid categories discussed in that framework under heading 4.3.
dejstvo, da je družba ARCO leta 2011 plačala vstopno pristojbino in letno jamstveno premijo.
As financial cooperatives are not financial institutions for the purposes of the 2008 Banking Communication [84], the aid will have to be evaluated directly under the Treaty.
Prednost, ki jo je pridobila družba ARCO, je bila zaščita pred odlivom kapitala, ki bi ga družba sicer lahko ustavila le z uporabo določb svojega statuta, ko bi izgubila 10 % [93] svojega kapitala ali 10 % svoje delničarske baze.
To comply with the general criteria for compatibility under Article 107(3) of the Treaty, the measure has to comply with the following conditions [85]:
Tako obsežen odliv bi se verjetno začel takoj, ko bi družba ARCO objektivno postala prezadolžena ali bi se v zvezi z njo začel stečajni ali likvidacijski postopek, v bolj subjektivnem smislu, na primer v nekaterih drugih primerih množičnega dvigovanja bančnih vlog [94], pa takoj, ko bi njeni delničarji opazili, da ARCO ni več varna naložba, na primer zaradi njene močne izpostavljenosti finančnemu položaju Dexie in njeni tržni vrednosti.
Appropriateness
Komisija je pri izračunu pomoči, ki jo je prejela družba ARCO, uporabila previden [95] pristop in upoštevala morebitni odliv za obdobje enega leta namesto več obdobij.
The aid has to be well targeted in order to be able to effectively achieve the objective of remedying a serious disturbance in the economy.
Na tej podlagi bi moral izračun zajeti najmanjše učinke zadružne jamstvene sheme, čeprav bi se lahko v resnici družba ARCO zaradi jamstva tudi večkrat izognila največjemu odlivu delničarjev in kapitala.
It would not be the case if the measure were not appropriate to remedy the disturbance.
V skladu s statutom bi lahko družba ARCO ustavila odliv kapitala, če bi izgubila 10 % kapitala ali 10 % delničarske baze.
Necessity
Komisija pri izračunu zneska pomoči domneva, da bi družba ARCO izmed navedenih možnosti izbrala tisto, ki je učinkovitejša, in sicer možnost, ki bi ohranila več kapitala.
The aid measure must, in its amount and form, be necessary to achieve the objective.
Pri možnosti, ki je povezana z odlivom delničarske baze, bo Komisija upoštevala najmanjše število posameznih delničarjev v obdobju, ko je nastala prednost (ki se začne 10. oktobra 2008), kar je še ena previdna predpostavka, navedenim delničarjem pa bo pripisala povprečni delež kapitala v ustreznem letu.
Thus, it must be of the minimum amount necessary to reach the objective, and take the most appropriate form to remedy the disturbance.
Pri možnosti, povezani z odlivom kapitala, bo Komisija upoštevala tudi leto, ko je bil znesek kapitala najnižji.
Proportionality
Komisija upošteva tudi, da je bila prednost, pridobljena z ukrepom, delno zmanjšana zaradi dejstva, da je morala skupina ARCO, ki so jo sestavljale pravne osebe ARCOPAR, ARCOFIN in ARCOPLUS, plačati enkratno vstopno pristojbino in provizijo za jamstvo za eno leto, čeprav jih je plačala samo jeseni 2011, tik pred začetkom njene likvidacije.
The positive effects of the measure must be properly balanced against the distortions of competition, in order for the distortions to be limited to the minimum necessary to reach the measure's objectives.
Prednost, pridobljena zaradi ukrepa, je torej nižji znesek, ki izhaja iz naslednjih dveh izračunov:
As to whether the measure is appropriate, the Commission observes that the impact of financial cooperatives on the broader economy is fundamentally different from that of traditional banks, which are exposed to ‘bank runs’.
V absolutnem smislu se verjetnost, da bodo vlagatelji dvignili kapital, sčasoma povečuje, kar otežuje izračun obresti, ki jih je treba plačati za prejeto prednost.
If all holders of bank deposits were to decide to withdraw their money at the same time, a bank would be obliged to divest all its illiquid assets over a short period of time (thus triggering ‘fire sales’), which would have grave consequences for lending to the real economy and might also create a downward spiral of asset prices.
Da bi se omogočila popolna odprava prednosti, ki jo je pridobila družba ARCO, in se državi članici hkrati zagotovila učinkovita metoda za izračun obresti za vračilo [96], Komisija meni, da je bila prednost v celoti na voljo vsaj od 8. decembra 2011, in zahteva, da se na zneske, ki jih je treba vrniti, od 8. decembra 2011 do datuma njihovega dejanskega vračila zaračunavajo obresti.
Financial cooperatives however do not lend to the real economy.
Da bi Komisija lahko preverila izračune pomoči, od Belgije zahteva, da ji predloži seznam, ki vsebuje podatke o številu delničarjev družb ARCOPAR, ARCOFIN in ARCOPLUS za obdobje od 10. oktobra 2008 do 8. decembra 2011, kot so bili evidentirani na koncu vsakega leta.
They also have a statutory right to limit exits [86] so that any unorderly divestment of assets can in principle be avoided.
Belgijski organi v svojih dodatnih pripombah, ki so jih predložili več kot eno leto in pol po roku za predložitev pripomb o sklepu o začetku postopka, niso zagotovili nobenih novih informacij o vsebini zadeve.
It is also clear that from a legal standpoint shareholders of financial cooperatives are shareholders of a limited liability company.
Belgijski organi so v podporo svojim trditvam opozorili, da posamezni delničarji niso podjetja v smislu člena 107(1) Pogodbe, in menili, da izplačilo jamstva posameznim delničarjem ne bi vplivalo na ARCO ali na verjetnost, da bo Belgija izterjala pomoč.
As a consequence of that status individual shareholders of financial cooperatives are legally exposed to the possibility of losing part or all of their initial capital outlay.
Komisija je v odgovor poudarila, da so bili zneski, ki jih je treba izterjati v skladu s tem sklepom, dejansko pomoč za družbo ARCO.
In that regard, the Commission also takes note of the fact that the Governor of the NBB did not confirm that shares of financial cooperatives were similar to savings deposits in a credit institution [87].
Komisija je dodala, da ugotovitev, da je pomoč, ki jo je dodelila država, na podlagi člena 108(2) Pogodbe nezdružljiva s skupnim trgom, zadostuje za upravičeno zahtevo, da država ukine to pomoč [97].
The Commission also observes that individual shareholders of financial cooperatives have a very different position in the ‘waterfall structure’ [88] in the event of liquidation or bankruptcy of those entities than is occupied by a holder of a savings deposit in a credit institution.
Belgijski organi torej ne morejo trditi, da je prepoved izplačila jamstva, ki se šteje za nezdružljivo pomoč, v nasprotju z zakonodajo Unije.
Credit institutions are regulated entities for which the regulator ensures that there is a certain amount of capital available.
Zato so morali upoštevati odredbo iz sklepa o začetku postopka, da morajo prekiniti izvajanje zadevnega ukrepa in ustaviti plačila v okviru sheme.
That capital constitutes a first cushion in case of liquidation or bankruptcy.
Zato je upravičena tudi zahteva, da se mora Belgija še naprej vzdržati kakršnih koli plačil v okviru ukrepa pomoči.
Shareholders of financial cooperatives however enjoy no such protection.
Komisija ugotavlja, da je zadružna jamstvena shema državna pomoč v korist družb ARCOPAR, ARCOFIN in ARCOPLUS, ki jo je Belgija nezakonito izvedla v nasprotju s členom 108(3) Pogodbe o delovanju Evropske unije.
In case of a liquidation or bankruptcy they are first in line to take a hit.
Belgija bi morala razveljaviti zakonodajo, na kateri temelji zadružna jamstvena shema (zlasti zakon z dne 14. aprila 2009 in kraljevi odlok z dne 10. oktobra 2011), ter od družb ARCOPAR, ARCOFIN in ARCOPLUS zahtevati vračilo pomoči –
Based on the arguments developed in recitals 121 to 123 the Commission concludes that the cooperative guarantee scheme merely protects financial cooperatives and their individual shareholders from the consequences of their past investments.
SPREJELA NASLEDNJI SKLEP:
However, it is not an appropriate measure to avoid a serious disturbance of the Belgian economy.
Člen 1
As to whether the measure is necessary, the Commission recalls that the Belgian State had already taken significant measures to prevent a disturbance in its economy.
Jamstvena shema, ki jo je Belgija nezakonito in v nasprotju s členom 108(3) Pogodbe o delovanju Evropske unije sprejela za finančne zadruge v skupini ARCO, zlasti za družbe ARCOFIN, ARCOPLUS in ARCOPAR, je nezdružljiva z notranjim trgom.
It had already put in place other measures to stabilise the Belgian financial system and in particular the banks and other financial institutions in which financial cooperatives were investing.
Člen 2
The Belgian Deposit Guarantee Scheme protected deposits up to a limit of EUR 100000 and the Belgian State helped Fortis, KBC, Dexia and Ethias with recapitalisation, liquidity measures, impaired asset measures and ad hoc measures.
Belgija od upravičencev izterja nezdružljivo pomoč iz člena 1 v višini nižjega zneska, ki izhaja iz naslednjih izračunov:
The Commission concludes that it was not necessary to protect some individual shareholders in the case of financial cooperatives, which ultimately are limited liability companies.
10 % najmanjšega števila delničarjev v obdobju od 10. oktobra 2008 do 8. decembra 2011, pomnoženih s povprečnim deležem kapitala na delničarja v istem letu, minus skupni znesek že plačanih pristojbin.
As regards the letter of the Governor of the NBB to which the Belgian State referred, the Commission notes that it dates back to October 2011, long after 10 October 2008 when the measure was announced.
Za zneske, ki jih je treba vrniti, se od 8. decembra 2011 do datuma njihovega dejanskega vračila zaračunavajo obresti.
Moreover the language of the letter does not say that the measure is necessary to avoid a serious disturbance of the Belgian economy.
Obresti se izračunajo z obrestnoobrestnim računom v skladu s poglavjem V Uredbe Komisije (ES) št. 794/2004 z dne 21. aprila 2004 o izvajanju Uredbe Sveta (ES) št. 659/1999 o določitvi podrobnih pravil za uporabo člena 93 Pogodbe ES [98].
It merely says that the measure would allow [89] the negative effects of the (systemic) crisis to be limited.
Belgija se od datuma uradnega obvestila o tem sklepu še naprej vzdrži kakršnih koli plačil v okviru sheme iz člena 1.
As regards the letter of the Financial Stability Board, the Commission observes that it merely discusses the increased coverage of the deposit guarantee scheme and the introduction of the guarantee scheme of ‘branch 21’ insurance products.
Člen 3
As to whether the measure is proportionate, the Commission observes that the design of the measure does not sufficiently guard against adverse selection [90].
Belgija ukine ukrep pomoči iz člena 1, saj je ukrep nezdružljiv z notranjim trgom.
The voluntary nature of the cooperative guarantee scheme in combination with the apparent lack of a viability test creates an incentive to enter only once it is clear that the guarantee will be triggered.
Vračilo pomoči iz člena 1 se izvede takoj in učinkovito.
In such a scenario, the beneficiary can use the guarantee while avoiding to a large extent a payment of guarantee fees until the very last moment before liquidation.
Belgija zagotovi, da se ta sklep izvede v štirih mesecih od datuma uradnega obvestila o tem sklepu.
The Commission also believes that the cooperative guarantee scheme creates undue distortions of the normal functioning of the market.
Člen 4
The measure has allowed ARCO to protect its market position on the market for retail financial products and as a result competitors which could not rely on the cooperative guarantee scheme have or could have experienced a negative impact on their market share and profitability.
Belgija v dveh mesecih od datuma uradnega obvestila o tem sklepu Komisiji predloži naslednje informacije:
In conclusion, the measure cannot be considered compatible with the internal market because it is neither appropriate nor necessary nor proportionate for the purposes of Article 107(3)(b) of the Treaty and it does not come within the scope of any other provision governing compatibility of State aid.
podroben opis že sprejetih in načrtovanih ukrepov za uskladitev s tem sklepom;
the maximum amount of capital outflow as per ARCO's articles of association, which is limited to 10 % of the total capital or to 10 % of its shareholders' base [92],
Na zahtevo Komisije takoj predloži vse informacije o že sprejetih in načrtovanih ukrepih za uskladitev s tem sklepom.
the fact that only individual shareholders are covered by the cooperative guarantee scheme,
Zagotovi tudi podrobne informacije o zneskih pomoči in obrestih za vračilo pomoči, ki so bili od upravičenca že izterjani.
the specific design of the cooperative guarantee scheme, which on the one hand was voluntary, leaving to the financial cooperatives the choice to participate or not, while on the other hand allowing even financial cooperatives in high risk of bankruptcy or liquidation to apply for the scheme (as happened when, on 8 December 2011, shortly after they were admitted to the scheme, the General Meetings of ARCOFIN, ARCOPAR and ARCOPLUS approved the proposals of their executive boards to go into voluntary liquidation,
Člen 5
the fact that, long before it went into liquidation, ARCO was already in an unsound financial situation, as it had — as described in recitals 38, 44 and 82 — heavily invested in shares of Dexia, a bank that in the autumn of 2008 had to be rescued from bankruptcy by the Belgian, French and Luxembourg governments, with the result that any significant drop in the value of Dexia shares was still detrimental to the financial position of ARCO, in particular because ARCO had leveraged its participation in the rescue of Dexia by taking on debt,
Ta sklep je naslovljen na Kraljevino Belgijo.
and the fact that in 2011 ARCO paid the entry fee and the annual guarantee premium.
V Bruslju, 3. julija 2014
The advantage that ARCO obtained was a protection from capital outflows which ARCO could otherwise only have stopped by applying the provisions of its Articles of Association once it had either lost 10 % [93] of its capital or 10 % of its shareholder base.
Za Komisijo
Outflows of such magnitude were likely to happen as soon as ARCO would have either objectively entered into a situation of over-indebtedness, bankruptcy proceedings, or liquidation proceedings, or — more subjectively as in some other cases of bank-runs [94] — as soon as its shareholders would have perceived ARCO to be no longer a safe investment, for example because of its heavy exposure to the financial situation and market value of Dexia.
Podpredsednik
The Commission takes a conservative [95] approach in calculating the advantage that ARCO obtained, taking into account the potential outflow of just one annual period instead of multiple periods.
UL C 213, 19.7.2012, str. 64.
By proceeding on that basis, the calculation should capture the minimum effect of the cooperative guarantee scheme, although in reality the guarantee may also have prevented ARCO from having had to cope several times with the maximum outflow of shareholders and capital.
Belgijski Državni svet je prav tako opozoril, da bi lahko imel ukrep značaj državne pomoči.
The Articles of Association allowed ARCO to stop an outflow of capital if either 10 % of capital or 10 % of the shareholder base had gone.
Glej Avis du Conseil dEtat No46.131/2 z dne 4. marca 2009.
For the purpose of calculating the aid amount, the Commission assumes that ARCO would have chosen the more effective alternative among those two options, namely the alternative which would have preserved the higher level of capital.
UL L 83, 27.3.1999, str. 1.