natgillin/translations-raw huggingface dataset:
Purely in the alternative, even if the capital required to support the expected growth of the business was a pertinent criterion for the present analysis (which the Commission contests), the Commission would make the following observations:
Komisija ugotavlja, da je takšna porazdelitev kapitala na podlagi neto obveznosti v skladu s pristopom, ki ga je uporabila družba ONDD leta 2004 [67].
First, the financial projections existing in 2004 covered only the period 2005-07.
Komisija ugotavlja tudi, da so belgijski organi in družbi ONDD/Ducroire/Delcredere med postopkom dosledno trdili, da je bil za netržna tveganja, zavarovana za določeno vsoto, potreben večji kapital kot za tržna tveganja.
Accordingly, even if the capital required to support the growth of business was a relevant criterion for the present analysis (which the Commission contests), it cannot be accepted that it be based on the expected level of activity in 2009 since this level of activity had not even been estimated in 2004.
Zato znesek [10–25] milijonov EUR predstavlja bolj zgornjo kot spodnjo mejo.
Secondly, the methodology of the Solvency II Directive accompanied by internal modelling for political risks, proposed by Belgium to estimate the capital required, cannot be accepted.
Komisija meni, da bi bilo smiselno to številko ohraniti, saj je v skladu s pristopom, ki ga je leta 2004 uporabila družba ONDD.
This method was absent from the 2004 internal memos which formed the basis for the decision taken by the ONDD Board of Directors on 20 April 2004 to establish Ducroire/Delcredere and endow it with a certain amount of capital since this method was non-existent at the time (it is not due to enter into force until 1 January 2014).
Na podlagi navedenega je Komisija sklenila, da se za znesek v višini [10–25] milijonov EUR od začetnega zneska kapitala v višini 150 milijonov EUR lahko šteje, da ne pomeni prednosti za posle s tržnim tveganjem, saj je to dejavnost že podpiral v družbi ONDD [68].
It was applied by the ONDD for the first time in 2011 and is still being developed.
V tem primeru je šlo samo za spremembo pravne oblike iste gospodarske dejavnosti in s tem povezanega kapitala.
Consequently, the internal modelling for political risks has not yet been validated by the Belgian insurance regulator, contrary to the requirements of the Solvency II Directive [61].
Prenos tega kapitala z zadevno dejavnostjo na družbo Ducroire/Delcredere torej ne more pomeniti državne pomoči.
To consider that the economic capital required by Ducroire/Delcredere when it was set up in 2005 to continue the activity pre-existing within the ONDD must be determined on the basis of the requirements of the Solvency II Directive which did not even exist at the time and for which the regulators would in any case have planned transitional arrangements, seems excessive.
Leta 2007 so bila netržna tveganja, povezana z dolžniki, registriranimi v Romuniji in Bolgariji, zaradi pristopa teh držav k Evropski uniji ponovno opredeljena kot tržna tveganja.
Moreover, to draw any other conclusion would be tantamount to contradicting the validation of the level of capital (solvency margin) [62] of the commercial account (EUR [45-70] million) by the regulator, who at the time had considered this capital sufficient in the light of the prudential rules in force.
Kapital, ki je že podpiral ta tveganja, ko so bila netržna, torej ne more pomeniti nove prednosti samo zaradi tega, ker so ta tveganja kasneje postala tržna.
The ONDD Board of Directors, meeting on 20 April 2004, used another method, i.e. the Cooke ratio, to determine Ducroire/Delcredere's capital requirement, while taking into account the need to provide Ducroire/Delcredere with sufficient credibility in the eyes of its competitors.
Zato tega kapitala ni mogoče šteti za državno pomoč.
The ratio used in the calculations is not 8 %, as prescribed by the Basel I rules, but 10 %.
Zato je kapital v zvezi z netržnimi tveganji, ki so postala tržna tveganja, izključen iz analize obstoja prednosti.
Hence, the calculations of capital requirements made in 2004 included a 2 % safety buffer.
Ločeni računi, ki jih je družba ONDD v okviru tega postopka oblikovala za nazaj (pripombe z dne 16. maja 2012), kažejo, da je bil znesek kapitala, dodeljen za netržna tveganja, leta 2007 v primerjavi z letom 2006 nižji za [0–5] milijonov EUR.
It should be noted that the capital thus determined for the end of 2004 amounted to EUR 66 million [63] and is therefore well below the EUR 150 million of subscribed capital.
To je mogoče pojasniti z novo opredelitvijo tveganj, povezanih z Romunijo in Bolgarijo (od leta 2007 so se štela za tržna tveganja), pa tudi drugimi dejavniki, na primer spremembo politike na področju pozavarovanja.
As for using the Cooke ratio to determine the capital required, the Commission criticised, in its opening decision, the appropriateness of applying banking rules (such as the Cooke ratio) to credit insurers, given the many differences between the risks assumed by credit insurers and by banks (see recital (90) of the opening decision).
Na podlagi vseh razpoložljivih informacij je mogoče razumno sklepati, da je kapital, ki je podpiral tveganja v zvezi z Bolgarijo in Romunijo, preden so postala tržna, znašal [0–5] milijonov EUR.
In this regard, Belgium has not proved that the Basel rules (Cooke ratio) — which, in law, apply exclusively to the banking sector — would in practice be applied by credit insurance bodies or be recommended by rating agencies or insurance supervisory bodies.
Ob upoštevanju navedenega je Komisija sklenila, da je znesek v višini [10–25] milijonov EUR že podpiral tržna tveganja pred 1. januarjem 2005 in da prenos tega kapitala z zadevnimi dejavnostmi zato ne more pomeniti prednosti.
Regarding the application of Article 8 of the 1939 Law on the ONDD, the Belgian authorities have confirmed that this law does not apply to Ducroire/Delcredere.
Podobno je znesek v višini [0–5] milijonov EUR podpiral tveganja, ki so postala tržna 1. januarja 2007 (Romunija in Bolgarija), že preden so postala tržna.
Moreover, this article concerns only the ONDD's own-account activities guaranteed by the State and activities for the account of the State.
Del kapitala, ki podpira dejavnost na področju netržnih tveganj (prvo izključitveno merilo, opisano v sklepu o začetku postopka)
Although Belgium refers to the Standard & Poor's method, which existed at the time to determine the capital requirements of credit insurers, it should be noted that the Belgian authorities have not submitted any capital estimate using this method.
Kot je bilo opisano, je [45–75] milijonov EUR kapitala podpiralo kratkoročna tveganja že pred njihovim prenosom na družbo ONDD (glej uvodno izjavo 120).
Nor was the method used by the ONDD in 2004.
Bilo je že ugotovljeno, da od teh [45–75] milijonov EUR razumno ocenjen delež tržnih tveganj znaša [10–25] milijonov EUR.
In conclusion, even supposing that the capital required to support the expected growth of Ducroire/Delcredere's business was a relevant criterion for the present analysis (a fact contested by the Commission), the Belgian authorities have not provided any fresh evidence to demonstrate conclusively that the capital requirement relating to short-term risks transferred to Ducroire/Delcredere had to be greater than the existing capital on the ONDD commercial account at the end of 2004.
Zato je delež netržnih tveganj mogoče razumno oceniti na [35–50] milijonov EUR (vključno z [0–5] milijona EUR za tveganja, povezana z Bolgarijo in Romunijo, ki so postala tržna leta 2007).
In this section, the Commission has demonstrated that it was necessary to reject the Belgian authorities' assertion that the allocation of an initial capital of EUR 150 million to Ducroire/Delcredere in 2004 constituted only the transfer of the capital which had already been provided to support the activity relating to short-term risks within the ONDD.
Ker prenos celotnega zneska v višini [45–75] milijonov EUR (vključno z deležem netržnih tveganj, ocenjenim na [35–50] milijonov EUR) ne pomeni prednosti, je slednji znesek, iz enakih razlogov kot so navedeni v uvodni izjavi 127, izključen iz analize obstoja pomoči.
The Commission has in fact concluded that the capital which already supported the activity relating to short-term risks within the ONDD before the transfer of this activity to Ducroire/Delcredere amounted to EUR [45-75] million and that therefore additional capital of EUR [75-100] million was allocated to this activity.
Od začetnega kapitala v višini 150 milijonov EUR, dodeljenih družbi Ducroire/Delcredere, samo [75–100] milijonov EUR pomeni dodatni, torej novi kapital.
It is now appropriate to examine the application of the two exclusion criteria described in the opening decision.
Zato bi lahko samo dodelitev teh [75–100] milijonov EUR pomenila prednost (glej uvodno izjavo 120).
Part of the capital already supporting the insurance of marketable risks within the ONDD and which was simply transferred to Ducroire/Delcredere with the corresponding insurance activities (second exclusion criterion detailed in the opening decision)
Zato ne more priti do izkrivljanja konkurence v zvezi z drugimi zavarovatelji.
In recital (111), the Commission concluded that, within the ONDD, EUR [45-75] million of capital was allocated to the activity relating to short-term risks as at 31 December 2004.
Vendar pa Komisija ugotavlja, da družba Ducroire/Delcredere ni vodila ločenih računov za dejavnosti na področju tržnega in netržnega tveganja.
To apply the second exclusion criterion, it is necessary, therefore, to estimate, of the EUR [45-75] million allocated to the short-term risk business at the end of 2004, the part of the capital relating to marketable risks [64].
Uradno za dejavnost na področju netržnih tveganj ni bil dodeljen noben kapital.
As described above, these marketable risks were composed exclusively of risks relating to debtors located in the ten States which acceded to the European Union in May 2004.
Jasno pa je, da se velik del dejavnosti družbe Ducroire/Delcredere nanaša na zavarovanje netržnih tveganj.
As also described above, the commercial account, which consisted of a capital of EUR [45-75] million at the end of 2004, did not contain separate accounts making it possible to identify precisely the capital supporting only the activity relating to marketable risks.
Zato Komisija poleg [45–75] milijonov EUR (vključno s [35–50] milijonov EUR za netržna tveganja) za državno pomoč ne more šteti tudi dela kapitala, za katerega je mogoče razumno dokazati, da je bil uporabljen za podporo dejavnosti zavarovanja netržnih tveganj.
It is therefore necessary to estimate the part of the EUR [45-75] million which can reasonably be regarded as supporting the activity relating to marketable risks.
V sklepu o začetku postopka je bila Belgija pozvana, naj razvije metodo za določitev tistega dela kapitala družbe Ducroire/Delcredere, za katerega se lahko šteje, da je podpiral dejavnost na področju tržnih tveganj, in tistega dela kapitala, ki je podpiral dejavnost na področju netržnih tveganj.
According to the data submitted to the regulator in 2004, the amounts of net commitments were EUR 141,6 million for risks relating to the ten new Member States and EUR 661,4 million for all short-term export policies at the end of 2004 [65].
Komisija se zato strinja, da zneska v višini [70–110] milijonov EUR ni mogoče šteti za državno pomoč, ker dejansko podpira dejavnost, za katero v skladu s sporočilom o zavarovanju izvoznih kreditov ne veljajo pravila konkurence.
On the basis of a pro rata breakdown of the EUR [45-75] million based on net commitments, EUR [10-25] million can therefore be regarded as constituting the capital linked to risks relating to the ten new Member States before their transfer from the ONDD's commercial account to Ducroire/Delcredere.
Zato se je kapital, ki je podpiral kratkoročna netržna tveganja, povečal s [35–50] milijonov EUR konec leta 2004 na [70–110] milijonov EUR konec decembra 2011, tj. za [35–60] milijonov EUR.
The Commission notes that such a distribution of the capital in accordance with net commitments is in line with the approach followed by the ONDD itself in 2004 [66].
Ker kapital v višini [35–50] milijonov EUR, ki je povezan z dejavnostjo na področju netržnih tveganj, vključuje [0–5] milijona EUR za tveganja, povezana z Romunijo in Bolgarijo, ki so bila leta 2007 opredeljena kot tržna, bruto povečani kapital, ki podpira netržna tveganja, znaša [35–65] milijonov EUR.
The Commission also observes that the Belgian authorities and the ONDD/Ducroire/Delcredere consistently maintained during the procedure that non-marketable risks required, for a given sum insured, more capital than marketable risks.
Z drugimi besedami, od dodatnega kapitala v višini [75–100] milijonov EUR je torej [35–65] milijonov EUR dejansko podpiralo dejavnost na področju netržnih tveganj.
Therefore, the amount of EUR [10-25] million represents more of a ceiling than a floor.
Sklepna ugotovitev o uporabi izključitvenih meril in znesku dodatnega kapitala
The Commission considers, however, that it is reasonable to retain this figure as it is in line with the approach followed by the ONDD itself in 2004.
Znesek v višini [70–110] milijonov EUR ni bil opredeljen kot pomoč, ker se je za ta znesek lahko štelo, da je na dan 31. decembra 2011 podpiral dejavnost na področju netržnih tveganj (prvo izključitveno merilo).
The Commission concludes from this that, of the initial capital amount of EUR 150 million, the amount of EUR [10-25] million can be considered not to constitute an advantage for the marketable risk business as it already supported this activity within the ONDD [67].
Znesek v višini [10–25] milijonov EUR prav tako ni bil opredeljen kot pomoč, ker se je zanj lahko štelo, da ne pomeni prednosti, saj je tržna tveganja podpiral že pred njihovim prenosom na družbo Ducroire/Delcredere 31. decembra 2004 (drugo izključitveno merilo).
What was involved in this case was simply a change in the legal form of the same economic activity and of the related capital.
Poleg tega je treba izključiti tudi znesek v višini [0–5] milijonov EUR, saj je tveganja, povezana z Bolgarijo in Romunijo, podpiral že preden so le-ta 1. januarja 2007 postala tržna.
In 2007, non-marketable risks relating to debtors located in Romania and Bulgaria were recategorised as marketable risks owing to the accession of these States to the European Union.
Tako ostane znesek v višini 36,6 milijona EUR.
Therefore, the capital relating to non-marketable risks which became marketable is excluded from the analysis of the existence of an advantage.
Izključeni iz analize obstoja prednosti [45–75] milijonov EUR
In their comments of 16 May 2012, the Belgian authorities estimated the capital associated with risks relating to debtors located in Romania and Bulgaria at EUR [0-2] million, based on the assumption that these risks were marketable in 2005.
že obstoječi kapital
Since the risks in question were indeed not marketable in 2005, the Belgian authorities' estimate of the capital allocated to these risks is likely to be too low.
[36,6] milijona EUR
The separate accounts recreated retrospectively by the ONDD as part of this procedure (comments of 16 May 2012), show that the capital allocated to non-marketable risks was EUR [0-5] million less in 2007 than in 2006.
tržna tveganja
This decrease can be explained by the change in the categorisation of risks relating to Romania and Bulgaria (considered marketable risks from 2007), but also by other factors, such as the change in policy with regard to reinsurance.
„dopolnilni kapital“
On the basis of all of the information available, it can reasonably be considered that the capital supporting risks relating to Bulgaria and Romania before they became marketable amounted to EUR [0-5] million.
[35 – 65] milijonov EUR
In the light of the foregoing, the Commission concludes that an amount of EUR [10-25] million already supported marketable risks before 1 January 2005 and that the transfer of this capital with the activities in question cannot therefore constitute an advantage.
[10–25] milijonov EUR
Similarly, an amount of EUR [0-5] million already supported risks which became marketable on 1 January 2007 (Romania and Bulgaria) before they became marketable.
tržna tveganja
Part of the capital supporting the non-marketable risk activity (first exclusion criterion described in the opening decision)
[75–100] milijonov EUR
As described above, EUR [45-75] million of capital was already supporting short-term risks before their transfer to the ONDD (see recital (120)).
„dodatni kapital“
Of this EUR [45-75] million, it has been concluded above that one can reasonably estimate the share of marketable risks at EUR [10-25] million.
Komisija podredno podaja naslednje ugotovitve.
Consequently, one can reasonably estimate the share of non-marketable risks at EUR [35-50] million (including EUR [0-5] million for risks relating to Bulgaria and Romania which became marketable in 2007).
Belgijski organi trdijo, da je bil razen zneska v višini približno 7–13 milijonov EUR (glej preglednico 2) celotni kapital v višini 150 milijonov EUR leta 2004 posredno dodeljen za tržna tveganja.
For the same reasons as those set out in recital (127), since the transfer of the whole of the EUR [45-75] million (including the share of non-marketable risks estimated at EUR [35-50] million) does not constitute an advantage, the latter is excluded from the analysis of the existence of aid.
Na podlagi te prve trditve Belgija navaja, da je bil šele kasneje (leta 2007 in 2008) del kapitala, prvotno dodeljenega za netržna tveganja, prenesen na tržna tveganja.
Only the granting of this EUR [75-100] million could therefore constitute an advantage (see recital (120)).
Ta kapital je lahko družba Ducroire/Delcredere prosto uporabljala za podporo dejavnosti, povezani s tržnimi tveganji, ali dejavnosti, povezani z netržnimi tveganji (v nedoločenem razmerju), odvisno od priložnosti na trgu in strateških odločitev družbe.
As was pointed out in recital (65) of the opening decision, Member States are free to support the non-marketable risk insurance business, since the Commission considers that there is no market for these risks.
Razdelitev kapitala med dejavnost, povezano s tržnimi tveganji, in dejavnost, povezano z netržnimi tveganji, je bila izvedena samo za nazaj v okviru tega postopka.
There can therefore be no distortion of competition vis-à-vis other insurers.
Iz dokumentov iz leta 2004, ki so jih predložili belgijski organi, ni bila razvidna nobena delitev kapitala med različne dejavnosti.
However, the Commission notes that Ducroire/Delcredere did not keep separate accounts for marketable and non-marketable risk activities.
Komisija zato iz analize obstoja pomoči ne more izključiti dela dodatnega kapitala v višini [75–100] milijonov EUR družbe Ducroire/Delcredere samo na podlagi trditve, da je bil takrat ta znesek morda uporabljen za podporo dejavnosti na področju netržnih tveganj.
Formally, no capital was allocated to the non-marketable risk activity.
Kot je bilo že navedeno, je iz analize obstoja pomoči mogoče izključiti samo tisti del dodatnega kapitala v višini [75–100] milijonov EUR, za katerega se lahko dokaže, da je dejansko podpiral dejavnost na področju netržnih tveganj.
No part of the EUR 150 million of capital was earmarked for the financing of non-marketable risks.
Uporaba načela zasebnega vlagatelja v tržnem gospodarstvu
Accordingly, a purely formal approach could result in none of the additional capital of EUR [75-100] million being excluded.
Da bi lahko ugotovili, ali ukrep dodeljuje gospodarsko prednost, je treba v skladu z ustaljeno sodno prakso proučiti, ali bi v podobnih okoliščinah vlagatelj v tržnem gospodarstvu, ki je podobne velikosti kot zadevna družba, vložil kapital v enakem znesku [69], zlasti ob upoštevanju razpoložljivih informacij in predvidenega razvoja v času naložbe.
Such an approach would be all the more justified as the obligation to introduce separate accounts is expressly provided for in point 4.3 of the Communication on export-credit insurance which has been in force since 1998.
V tem primeru je treba opraviti analizo glede tega, ali bi bil dopolnilni kapital v višini 36,6 milijona EUR, odobren leta 2004, dovolj donosen, da bi prepričal zasebnega vlagatelja v tržnem gospodarstvu.
However, it is clear that a large part of the activities of Ducroire/Delcredere concerns the insurance of non-marketable risks.
Komisija zato meni, da bi bilo treba zaradi pravilne uporabe merila zasebnega vlagatelja preveriti pričakovano donosnost celotnega kapitala v višini 150 milijonov EUR, da bi se prepričali, ali je bila zadostna.
Ducroire/Delcredere could not have insured these risks without adequate capital.
Če ni bila zadostna, bo treba skleniti, da znesek v višini 36,6 milijona EUR pomeni prednost.
Therefore, in addition to the EUR [45-75] million (including EUR [35-50] million for non-marketable risks), the Commission can agree to exclude also from categorisation as state aid that part of the capital which can reasonably be demonstrated to have been used to support the activity of insuring non-marketable risks.
Zgolj podredno bi bila druga možnost uporaba metode odbitnega deleža za celoten ustvarjeni dobiček, s čimer bi dobili enak rezultat.
In the opening decision, Belgium was invited to develop a method for determining the part of the capital of Ducroire/Delcredere which can be regarded as supporting the marketable risk activity and that supporting the non-marketable risk activity.
Komisija prav tako ne meni, da bi bilo treba proučiti donosnost samo dodatnega kapitala v višini [75–100] milijonov EUR, brez zneska v višini [45–75] milijonov EUR, dodeljenega za dejavnost na področju kratkoročnih tveganj pred njegovim prenosom na družbo Ducroire/Delcredere.
Following this request from the Commission, the Belgian authorities submitted, for the period 2005-2011, a separate balance sheet and profit and loss account for the marketable risk and the non-marketable risk activity.
Družba ONDD bi se dejansko lahko odločila za ukinitev dejavnosti na področju kratkoročnih tveganj in si povrnila znesek kapitala, ki je bil takrat dodeljen za to dejavnost, tj. [45–75] milijonov EUR54.
The balance sheet for non-marketable risks at 31 December 2011 included EUR [70-110] million of capital and that for marketable risks EUR [40-80] million of capital.
Teh [45–75] milijonov EUR torej ni mogoče šteti za nepovratni strošek.
The Commission agrees, therefore, to exclude from categorisation as state aid EUR [70-110] million because it supports, de facto, an activity which, according to the Communication on export-credit insurance, is not subject to competition.
Podredno bo dokazala, da pričakovana donosnost dejavnosti na področju tržnih tveganj ni bila dovolj visoka niti ob upoštevanju, da je imela ta dejavnost dejansko korist od kapitala v višini [45–65] milijonov EUR (36,6 milijona EUR plus [10–25] milijonov EUR) in pričakovanega dobička te dejavnosti.
Thus, the capital supporting short-term non-marketable risks rose from EUR [35-50] million at the end of 2004 to EUR [70-110] million at the end of December 2011, i.e. an increase of EUR [35-60] million.
Merilo zasebnega vlagatelja v tržnem gospodarstvu je treba uporabiti predhodno.
Since the amount of EUR [35-50] million of capital linked to the non-marketable risk activity includes the EUR [0-5] million for risks relating to Romania and Bulgaria, recategorised as marketable in 2007, the gross increase in capital supporting non-marketable risks is EUR [35-65] million.
Ustrezen čas za oceno, ali bi zasebni vlagatelj izvedel takšno naložbo, je čas, ko je bil kapital dodeljen.
In other words, of the additional capital of EUR [75-100] million, EUR [35-65] million supported, de facto, the non-marketable risk activity.
Pri ocenjevanju merila zasebnega vlagatelja se ne sme upoštevati razvoja, ki je sledil dodelitvi kapitala.
Conclusion on the application of the two exclusion criteria and on the amount of additional capital
Skladnost z načelom zasebnega vlagatelja v tržnem gospodarstvu je mogoče dokazati s predhodnim poslovnim načrtom, na podlagi katerega je bila sprejeta odločitev o naložbi [70].