natgillin/translations-raw huggingface dataset:
The origination, due diligence, documentation and servicing of the securitised portfolio, made of eligible SME loans, leases or guarantees to SME and companies with less than 500 employees, shall be performed by the Financial Intermediaries in accordance with their usual origination and servicing procedures.
Splošni pogoji
The Financial Intermediaries typically retain the direct client credit relationship with each SME.
Finančni posredniki z listinjenjem sredstev poskušajo sprostiti regulatorni in ekonomski kapital in/ali pridobiti nove vire financiranja, ki finančnemu posredniku omogočijo, da uredi novo dolžniško financiranje za upravičene končne prejemnike (za oblikovanje dodatnega portfelja).
The Financial Intermediaries will provide information about the securitised portfolio as well as the Additional Portfolio (newly originated SME financing) on a quarterly basis to the EIB and EIF respectively until termination of the securitisation transaction.
Finančni posrednik od EIS v zameno za plačilo provizije prejme jamstvo/naložbo za kritje listinjenega portfelja in se zaveže, da bo uredil portfelj novega dolžniškega financiranja (ob upoštevanju učinka minimalnega finančnega vzvoda).
Indicative Terms of the Securitisation
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 prevzame od EIB in morda od nacionalnih promocijskih bank.
General Terms
Struktura transakcije
By securitising assets, Financial Intermediaries aim at releasing regulatory and economic capital and/or obtain new funding sources allowing the Financial Intermediary to originate New Debt Finance to eligible Final Recipients (to build an Additional Portfolio).
Dovoljena so gotovinska (prava prodaja) ali sintetična (finančno nepokrita) listinjenja.
The Financial Intermediary will receive a guarantee/investment from the EIF to cover the Securitised Portfolio in exchange for the payment of a Fee and commit to originate a portfolio of New Debt Finance (subject to a minimum Leverage Effect).
Gotovinsko listinjenje je transakcija, v zvezi s katero originator (finančni posrednik) olistini sredstva, tako da jih združi v listinjeni portfelj, in ta listinjeni portfelj proda pravnemu subjektu s posebnim namenom (v nadaljnjem besedilu: SPE).
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 from the EIB and possibly national promotional banks.
SPE financira nakup listinjenega portfelja z izdajo zapisov, zavarovanih s temi sredstvi (finančni instrumenti, zavarovani z zastavo premoženja – ABS).
Transaction structure
SPE prihodke od izdaje teh zapisov porabi za plačilo nakupne cene listinjenega portfelja finančnemu posredniku.
Either cash (‘true sale’) or synthetic (‘unfunded’) securitisations are allowed.
Pri sintetičnem listinjenju finančni posrednik zadrži ustrezna sredstva v svoji bilanci stanja in EIS krije del tveganja na listinjenem portfelju.
A cash securitisation is a transaction in connection with which an originator (the Financial Intermediary) securitises assets by pooling them into the Securitised Portfolio and selling the Securitised Portfolio to a special purpose entity (the ‘SPE’).
To lahko privede do kapitalske olajšave za finančnega posrednika.
The SPE finances the purchase of the Securitised Portfolio through the issuance of notes secured by such assets (Asset-Backed Securities — ‘ABS’).
EIS tranšira listinjeni portfelj v skladu s tveganjem osnovnih transakcij.
The proceeds from the issuance of these notes are used by the SPE to pay the purchase price of the Securitised Portfolio to the Financial Intermediary.
Podrejena tranša zajema najbolj tvegani del listinjenega portfelja do vnaprej določenega deleža ob upoštevanju značilnosti portfelja, zahtev glede izboljšanja kreditne kvalitete in zahteve glede finančnega vzvoda za prispevek DČ.
In a synthetic securitisation, the Financial Intermediary retains the relevant assets on its balance sheet and the EIF covers part of the risk on the Securitised Portfolio.
Prispevek DČ krije največ 50 % podrejene tranše, preostali delež podrejene tranše pa zadrži finančni posrednik.
This potentially results into capital relief for the Financial Intermediary.
Srednja tranša zajema drugi najbolj tvegani del listinjenega portfelja in je sestavljena iz treh podtranš, ki uporabljajo kombinacijo sredstev EIS, proračuna EU in organa upravljanja.
The EIF shall tranche the Securitised Portfolio according to the risk of the underlying transactions.
Prispevek DČ krije zlasti tveganje nižje srednje tranše.
The Junior Tranche shall consist of the riskiest part of the Securitised Portfolio up to a predefined percentage, taking into consideration the characteristic of the portfolio, the credit enhancement requirements and the Leverage Effect requirement for MS Contribution.
Prispevek na podlagi [uredbe COSME] in/ali [uredbe Obzorje 2020] krije tveganje vmesne srednje tranše.
The MS Contribution will cover up to 50 % of the Junior Tranche, while the residual portion of the Junior Tranche shall be retained by the Financial Intermediary.
Prispevek EIS krije tveganje zgornje srednje tranše.
The Mezzanine Tranche shall consist of the second riskiest part of the Securitised Portfolio and comprise three sub-tranches using a combination of resources from the EIF, the EU budget and the Managing Authority.
Obseg srednje tranše določi EIS ob upoštevanju značilnosti portfelja, zahtev glede izboljšanja kreditne kvalitete in zahteve glede finančnega vzvoda za prispevek DČ.
In particular, the MS Contribution shall cover the risk of the Lower Mezzanine Tranche.
Spodnja srednja in vmesna srednja tranša znašata največ [vnaprej določena deleža listinjenega portfelja].
The contribution under [the COSME Regulation] and/or [the H2020 Regulation] shall cover the risk of the Middle Mezzanine Tranche.
Nadrejena tranša zajema preostalo tveganje listinjenega portfelja in se financira/zadrži z uporabo kombinacije sredstev skupine EIB do dogovorjenega najvišjega zneska in potencialno nacionalnih promocijskih bank ter nacionalnih jamstvenih shem in drugih vlagateljev.
The EIF Contribution shall cover the risk of the Upper Mezzanine Tranche.
Nadrejena in zgornja srednja tranša se opredelita na ravni, ki zagotavlja združljivost tveganja s toleranco tveganja skupine EIB in vseh drugih sodelujočih prevzemnikov tveganja.
The size of the Mezzanine will be determined by EIF taking into consideration the characteristics of the portfolio, the credit enhancement requirements and Leverage Effect requirement for MS Contribution.
Referenčni portfelj (listinjeni portfelj)
The Lower Mezzanine and the Middle Mezzanine Tranches shall be up to [predetermined percentages of the Securitised Portfolio.
Listinjeni portfelj
The Senior Tranche shall consist of the residual risk of the Securitised Portfolio and be funded/retained by using a combination of resources from the EIB Group up to an agreed maximum amount and potentially national promotional banks and national guarantee schemes and other investors.
Listinjeni portfelj lahko zajema obstoječa sredstva (dolžniško financiranje za MSP in druga podjetja z manj kot 500 zaposlenimi) in portfelje novega dolžniškega financiranja za MSP.
The Senior and the Upper Mezzanine Tranches shall be defined at a level such that the risk shall be compatible with the risk tolerance of the EIB Group and any other participating risk takers.
Vsak listinjeni portfelj mora biti dovolj homogen in imeti zadostno razpršenost vložka, da mu EIS lahko dodeli bonitetno oceno v skladu s svojo metodologijo ocenjevanja tveganja.
Reference Portfolio (Securitised Portfolio)
Obstoječih portfeljev se po obdobju prevzema obveznosti ne sme vključiti v listinjeni portfelj.
Securitised Portfolio
Dodatni portfelj
The Securitised Portfolio might include existing assets (debt finance to SMEs and other enterprises with less than 500 employees) as well as portfolios of new debt finance to SMEs.
Dodatni portfelj
Each Securitised 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.
Od vsakega finančnega posrednika se pogodbeno zahteva, da zagotovi novo dolžniško financiranje upravičenim končnim prejemnikom (dodatni portfelj).
Existing portfolios shall not be included in the Securitised Portfolio after the Commitment Period.
Če finančni posrednik krši katero od zahtev, določenih v ustreznem operativnem sporazumu, to ne vpliva na jamstvo, izdano v povezavi z listinjenim portfeljem.
Additional Portfolio
EIS in finančni posrednik se dogovorita o obdobju razpoložljivosti (običajno največ [3] leta), v katerem se transakcije vključijo v dodatni portfelj.
The Additional Portfolio
Glej uredbo COSME.
Each Financial Intermediary will be contractually required to provide New Debt Finance to eligible Final Recipients (Additional Portfolio).
Glej uredbo Obzorje 2020.
The breach by the Financial Intermediary of any of the requirements specified in the relevant Operational Agreement shall not affect the guarantee issued in relation to the Securitised Portfolio.
Provizija
The EIF and the Financial Intermediary will agree on an availability period (typically up to [3] years) during which Transactions shall be included in the Additional Portfolio.
Provizija se določi na podlagi oblikovanja cen prevzemnikov tveganja finančnega instrumenta za njihove tranše (glej oblikovanje cen v nadaljevanju).
See the COSME Regulation.
EIS finančnemu posredniku v zvezi s kritim delom listinjenega portfelja zaračuna [X] % na leto.
See the H2020 Regulation.
Oblikovanje cen nadrejene tranše
Fee
Cene določijo EIB in drugi potencialni prevzemniki tveganj v obliki vnaprej opredeljenega deleža na leto v skladu s svojo politiko oblikovanja cen.
The Fee shall be established on the basis of the pricing by each of the Financial Instrument risk takers for their respective tranches (see pricing below).
Oblikovanje cen srednje tranše
The EIF shall charge to the Financial Intermediary [X] % per annum in relation to the covered part of the Securitised Portfolio.
Ceno srednje tranše določi EIS kot [X] % na leto v skladu s svojo politiko oblikovanja cen.
Pricing of the Senior Tranche
Cene vmesne in nižje srednje tranše se oblikujejo tako, da se omeji tveganje v zvezi s pričakovanimi izgubami zadevnih tranš.
It shall be set to a predefined percentage per annum by the EIB and other potential risk takers in accordance with their pricing policy.
V utemeljenih primerih se lahko cene nadalje znižajo, da se pritegnejo finančni posredniki.
Pricing of the Mezzanine Tranche
Oblikovanje cen podrejene tranše
The Mezzanine Tranche shall be set to [X] % per annum by the EIF in accordance with its pricing policy.
Cena podrejene tranše je nič (to pomeni, da se podrejena tranša, razen tranše, ki jo zadrži originator, zagotovi brezplačno).
The Middle and Lower Mezzanine Tranches shall be priced to sustain the risk in relation to the expected losses of the respective tranches.
EIS oceni mehanizem za prenos ugodnosti s finančnega posrednika na končne prejemnike v dodatnem portfelju.
In duly justified cases, the pricing can also be further reduced to attract Financial Intermediaries.
Ta mehanizem se vključi v sistem točkovanja za namen izbire finančnih posrednikov in je del končne odločitve EIS o tem, ali naj sklene jamstveni ali naložbeni sporazum ali ne in pod kakšnimi pogoji.
Pricing of the Junior Tranche
Prenos ugodnosti se uporabi za standardno obrestno mero, ki se zaračuna končnim prejemnikom v okviru novega dolžniškega financiranja v dodatnem portfelju z zmanjšanjem premije za kreditno tveganje.
It shall be equal to zero (i.e. the Junior Tranche other than the tranche retained by the originator will be provided free of charge).
Mehanizem prenosa ugodnosti se ustrezno dokumentira.
The EIF shall assess the mechanism of transfer of benefit from the Financial Intermediary to the Final Recipients in the Additional Portfolio.
V skupni ugodnosti se upošteva ugodnost, zagotovljena finančnemu posredniku v vsaki tranši listinjenega portfelja.
That mechanism shall be included in the scoring system for the purpose of selecting Financial Intermediaries and it shall form part of the EIF final decision on whether or not entering into a guarantee or investment agreement and at what conditions.
Skupna ugodnost se izračuna kot razlika med tržno ceno in ceno, ki jo zaračuna EIS v vsaki tranši z isto stopnjo tveganja.
The transfer of benefit shall be applied to the standard interest rate charged to the Final Recipients under New Debt Finance in the Additional Portfolio through a reduction of the credit risk premium.
Stopnja tveganja posamezne tranše se določi z notranjo metodologijo ocenjevanja EIS.
The mechanism of transfer of benefit shall be documented accordingly.
Če tržne cene ni, EIS uporabi premijo varnega pristana za enakovredno stopnjo tveganja za jamstva, določena v Obvestilu Komisije o uporabi členov 87 in 88 Pogodbe ES za državno pomoč v obliki poroštev (UL C 155, 20.6.2008, str. 25).
The Total Benefit shall take into account the benefit provided to the Financial Intermediary, in each tranche of the Securitised Portfolio.
Premija varnega pristana za podrejeno tranšo znaša do 10 % na leto.
The Total Benefit shall be calculated as the difference between the market price and the price charged by the EIF on each tranche with the same level of risk.
skupna ugodnost = vsota ugodnosti posameznih tranš.
The risk level of each tranche shall be defined by the internal rating methodology of the EIF.
Ugodnost posamezne tranše se izračuna:
In the absence of a market price, the EIF shall apply the safe-harbour premium for an equivalent risk level for guarantees laid down in the Commission notice on the application of Articles 87 and 88 of the EC Treaty to state of aid in the form of guarantees (OJ C 155, 20.6.2008, p. 25).
ugodnost posamezne tranše = (tržna cena tranše – provizija) × skupni znesek tranše v eurih × zapadlost tranše (tehtano povprečno trajanje).
The safe-harbour premium for the Junior tranche amounts to up to 10 % per annum.
Skupna ugodnost državne pomoči je delež skupne ugodnosti, sorazmeren s prispevkom DČ [21]v listinjenem portfelju.
Total Benefit = Sum of Benefits of Individual Tranches
Skupna ugodnost državne pomoči, ki se zagotovi finančnemu posredniku, se izračuna po naslednji formuli:
The Benefit of Individual Tranche is calculated as follows:
skupna ugodnost državne pomoči (v eurih) = vsota (ugodnost posamezne tranše × % prispevka DČ v tranši).
Benefit of Individual Tranche = (market price of the tranche – Fee) * Total EUR amount of tranche * maturity of the tranche (weighted average life)
Skupno ugodnost državne pomoči finančni posrednik v celoti prenese na vse končne prejemnike, zajete v dodatnem portfelju.
The Total State Aid Benefit is a portion of the Total Benefit, proportional to the MS Contribution [21]in the Securitised Portfolio.
Ugodnost državne pomoči za posameznega končnega prejemnika se izračuna po naslednji formuli:
The Total State Aid Benefit provided to a Financial Intermediary shall be calculated according to the following formula:
ugodnost državne pomoči (subvencija obrestne mere v bazičnih točkah) = (skupna ugodnost državne pomoči: novo dolžniško financiranje v dodatnem portfelju): zapadlost dodatnega portfelja (tehtano povprečno trajanje).
Total State Aid Benefit (in EUR) = Sum of (Benefit of Individual Tranche * the % of the MS Contribution in the tranche).
Ugodnost državne pomoči, zagotovljena končnim prejemnikom v dodatnem portfelju, se upošteva kot subvencionirana obrestna mera v smislu člena 4(2) uredbe de minimis.
The Total State Aid Benefit shall be fully transferred by the Financial Intermediary to all the Final Recipients included in the Additional Portfolio.
bruto ekvivalent nepovratnih sredstev = znesek nominalnega posojila × zapadlost (tehtano povprečno trajanje) posojila × ugodnost državne pomoči.
The State Aid Benefit for each Final Recipient shall be calculated according to the following formula:
Finančni posrednik izračuna bruto ekvivalent nepovratnih sredstev za vsako posojilo v dodatnem portfelju in ga sporoči EIS.
State Aid Benefit (interest rate subsidy in bps) = (Total State Aid Benefit/New Debt Finance in the Additional Portfolio)/Maturity of Additional Portfolio (weighted average life)
Brez dodatnih ugodnosti na kapitalsko olajšavo
The State Aid Benefit provided to Final Recipients in the Additional Portfolio, shall be considered as an interest rate subsidy within the meaning of Article 4(2) of the de minimis Regulation.
Pri uporabi ustreznih nacionalnih pravil o kapitalskih zahtevah se ne sme določiti ravni obsega novega dolžniškega financiranja, ki je nižja od obsega dolžniškega financiranja za MSP, za katerega bi se lahko pričakovalo, da ga bodo ustvarili finančni posredniki z uporabo kapitala, sproščenega zaradi prispevka DČ.
GGE = nominal loan amount * maturity (weighted average life) of the loan * State Aid Benefit
PRILOGA 2
The Financial Intermediary shall calculate the GGE for each and every loan in the Additional Portfolio and shall communicate it to the EIF.
Merila za izključitev finančnih posrednikov ter končnih prejemnikov in merila za upravičenost do prispevka EU
No additional benefit on capital relief
MERILA ZA IZKLJUČITEV FINANČNIH POSREDNIKOV
In application of the relevant national rules on capital requirements, the volume of New Debt Finance shall not be set at a level lower than the volume of debt finance to SMEs which could be expected to be generated by the Financial Intermediaries using the capital freed up as a result of the MS Contribution.
Finančni posredniki, ki so v enem od naslednjih položajev, se ne izberejo, če bi takšen položaj po strokovnem mnenju EIS vplival na njihovo sposobnost izvajanja finančnega instrumenta:
ANNEX 2
so v stečaju ali likvidaciji, so pod upravo sodišča, so v postopku glede navedenih zadev ali so v enakem položaju, ki izhaja iz podobnega postopka po nacionalni zakonodaji ali predpisih;
Exclusion criteria for Financial Intermediaries and Final Recipients and eligibility Criteria for the EU contribution
so bili s sodbo, ki je res judicata, obsojeni za kaznivo dejanje zaradi neprofesionalnega obnašanja, kar bi lahko vplivalo na njihovo sposobnost izvajanja transakcije;
EXCLUSION CRITERIA FOR FINANCIAL INTERMEDIARIES
so bili s sodbo, ki je res judicata, obsojeni zaradi goljufije, korupcije, sodelovanja v kriminalni združbi ali druge nezakonite dejavnosti, ki škodi finančnim interesom Unije;
Financial Intermediaries that are in one of the situations below, provided that such situation would, in the professional opinion of EIF, affect their ability to implement a Financial Instrument, shall not be selected:
so bili spoznani za krive zaradi stvarnega napačnega prikazovanja predloženih informacij, zahtevanih za izbiro finančnih posrednikov;
they are bankrupt or being wound up, are having their affairs administered by the courts, are the subject of proceedings concerning those matters, or are in any analogous situation arising from a similar procedure provided for in national legislation or regulations;
so vpisani v centralno podatkovno zbirko o izključitvah iz člena 9.5(e);
they have been convicted of an offence concerning their professional conduct by a judgment which has the force of res judicata, which would affect their ability to implement a Transaction;
so ustanovljeni na ozemljih, katerih jurisdikcije ne sodelujejo z Unijo glede uporabe mednarodno dogovorjenega davčnega standarda, ali njihove davčne prakse ne upoštevajo načel Priporočila Komisije z dne 6. decembra 2012 glede ukrepov, namenjenih spodbujanju tretjih držav k uporabi minimalnih standardov dobrega upravljanja v davčnih zadevah (C(2012) 8805);
they have been the subject of a judgment which has force of res judicata for fraud, corruption, involvement in a criminal organisation or any other illegal activity, in each case where detrimental to the Union's financial interests;
njihova poslovna dejavnost ni v skladu s politiko EIS v zvezi z omejenimi sektorji.
they are guilty of material misrepresentation in supplying information required for selection as a Financial Intermediary;
Točki 2 in 3 se ne uporabljata, če lahko finančni posredniki EIS na zadovoljiv način dokažejo, da so bili sprejeti ustrezni ukrepi zoper osebe, ki imajo pooblastila za zastopanje, odločanje ali nadzor nad njimi in so predmet sodbe, navedene v točkah 2 in 3.
they are listed in the central exclusion database referred to in Article 9.5(e);
MERILA ZA IZKLJUČITEV KONČNIH PREJEMNIKOV
they are incorporated in territories whose jurisdictions do not cooperate with the Union in relation to the application of the internationally agreed tax standard, or their tax practices do not follow the principles of the Commission Recommendation of 6 December 2012 regarding measures intended to encourage third countries to apply minimum standards of good governance in tax matters (C(2012) 8805);
Finančni posredniki ne smejo izbrati končnih prejemnikov, ki izpolnjujejo eno ali več naslednjih zahtev:
their business activity does not comply with the EIF policy in relation to restricted sectors.
niso sposobni doseči potencialnega ekonomsko uspešnega poslovanja;
Points 2 and 3 shall not apply, where the Financial Intermediaries can demonstrate to EIF's satisfaction that adequate measures have been adopted against the persons having power of representation, decision-making or control over them, who are subject to a judgement as referred to in Points 2 and 3.
so ustanovljeni na ozemljih, katerih jurisdikcije ne sodelujejo z Unijo glede uporabe mednarodno dogovorjenega davčnega standarda, ali njihove davčne prakse ne upoštevajo Priporočila Komisije z dne 6. decembra 2012 glede ukrepov, namenjenih spodbujanju tretjih držav k uporabi minimalnih standardov dobrega upravljanja v davčnih zadevah (C(2012) 8805);
EXCLUSION CRITERIA FOR FINAL RECIPIENTS
so bili s sodbo, ki je res judicata, obsojeni za kaznivo dejanje zaradi neprofesionalnega obnašanja, kar bi lahko vplivalo na njihovo sposobnost izvajanja njihove poslovne dejavnosti;
Final Recipients may not be selected by Financial Intermediaries if they meet one or more of the requirements set out below:
so bili spoznani za krive zaradi napačnega prikazovanja predloženih informacij, zahtevanih za izbiro končnih prejemnikov;
they are not potentially economically viable;
so vpisani v centralno podatkovno zbirko o izključitvah, ki jo je vzpostavila in jo upravlja Komisija v skladu z Uredbo (ES, Euratom) št. 1302/2008;
they are incorporated in territories whose jurisdictions do not cooperate with the Union in relation to the application of the internationally agreed tax standard, or their tax practices do not follow the Commission Recommendation of 6.12.2012 regarding measures intended to encourage third countries to apply minimum standards of good governance in tax matters (C(2012)8805);
njihova poslovna dejavnost zajema eno ali več naslednjih dejavnosti:
they have been convicted of an offence concerning their professional conduct by a judgment which has the force of res judicata, which would affect their ability to pursue their business activity;
nezakonito gospodarsko dejavnost (tj. kakršno koli proizvodnjo, trgovino ali drugo dejavnost, ki je nezakonita po zakonih ali predpisih, ki se uporabljajo za finančnega posrednika ali ustreznega končnega prejemnika, kar med drugim vključuje kloniranje človeških bitij v reproduktivne namene);
they are guilty of misrepresentation in supplying information required for selection as a Final Recipient;
proizvodnjo in trgovino s tobakom in destiliranimi alkoholnimi pijačami ter s tem povezanimi proizvodi;
they are listed in the central exclusion database set up and operated by the Commission under Regulation (EC, Euratom) No 1302/2008;
financiranje proizvodnje kakršnega koli orožja in streliva ter trgovine z njima ali kakršnih koli vojaških operacij;
their business activity consists of one or more of the following:
igralnice in enakovredna podjetja;