natgillin/translations-raw huggingface dataset:
The initial capital allocation granted by the ONDD to Ducroire/Delcredere amounting to EUR 36,6 million, implemented on 23 September 2004 in breach of Article 108(3) of the Treaty on the Functioning of the European Union, constitutes illegal aid incompatible with the internal market within the meaning of that Treaty.
Kapitalske zahteve za tržna in netržna tveganja niso seštete zaradi absolutne spodnje meje 3 milijonov EUR za obdobje 2004–2006 in 3,2 milijona EUR za obdobje 2007–2009.
Article 5
Glej dokumente, ki so jih belgijski organi predložili 14. novembra 2011 (Excelove datoteke, list „Capital“).
Belgium, through the ONDD, shall recover from Ducroire/Delcredere the aid referred to in Article 4.
Metoda QIS 2005 in metoda notranjega oblikovanja sta bili uporabljeni samo za določitev kapitala, dodeljenega za tržna in netržna tveganja leta 2005.
Belgium shall provide detailed evidence — including certification issued by an independent firm auditing these accounts — that the repayment has been financed exclusively by Ducroire/Delcredere's marketable risk activity.
Za leta po letu 2005 je bil kapital določen […].
The sums to be recovered shall include the interest which has accrued between the date on which they were made available to Ducroire/Delcredere (1 January 2005) and the date on which they are actually recovered.
Komisija je ugotovila, da se pri izračunih v finančnih napovedih pojavljajo napake.
The interest shall be calculated on a compound basis in accordance with Chapter V of Commission Regulation (EC) No 794/2004 [91].
Zlasti vsota rezultatov zavarovalnih poslov za različna področja poslovanja se razlikuje od skupnega rezultata zavarovalnih poslov družbe Ducroire/Delcredere.
Recovery of the aid shall be immediate and effective.
Napake pri vsotah so se pojavile pri izračunu rezultata zavarovalnih poslov družbe Ducroire/Delcredere kot celote.
Article 6
Te razlike nimajo bistvenega učinka na oceno donosnosti lastniškega kapitala.
A separate administration and separate accounts must be introduced without delay for the non-marketable risk activity and the marketable risk activity, and maintained for as long as the non-marketable risk activity receives state support.
Glej dokument „Observations by Belgium on the Decision by the European Commission of 24 February 2011“ (Ugotovitve Belgije glede sklepa Evropske komisije z dne 24. februarja 2011), ki so ga belgijski organi predložili 1. junija 2011, Priloga 10.
The separation of the accounts must take account of the financial data furnished by the Belgian authorities in May 2012.
Glej odgovor na vprašalnik Evropske komisije z dne 28. julija 2011, ki so ga belgijski organi predložili 5. decembra 2011, str. 33.
In particular, the resulting breakdown of the capital must be done in the same way as in May 2012.
Izračun Belgije za tržna tveganja je naslednji: 8 milijonov EUR + [(100 milijonov EUR – 82 milijonov EUR) × (8 milijonov EUR/82 milijonov EUR)].
Article 7
To velja tudi za netržna tveganja.
Within two months following notification of this Decision, Belgium shall communicate the following information to the Commission:
Glej ugotovitve, ki so jih belgijski organi predložili 14. novembra 2011 (Excelove datoteke „201105 P&L et Bilan Business Plan Scenario 1B“, lista „P&L_cessibles“ in „PL_non_cessibles“).
the total amount (principal and interest) of the aid to be recovered from Ducroire/Delcredere;
Glej dokument, ki so ga belgijski organi predložili 5. decembra 2011, „Reply to the questionnaire from the European Commission dated 28 July 2011“ (Odgovor na vprašalnik Evropske komisije z dne 28. julija 2011), str. 38 in 39.
a detailed description of the measures already taken and planned to comply with this Decision;
Glej dokument „Observations by Belgium on the Decision by the European Commission of 24 February 2011“ (Ugotovitve Belgije glede sklepa Evropske komisije z dne 24. februarja 2011), ki so ga belgijski organi predložili 1. junija 2011, str. 38.
the documents proving that Ducroire/Delcredere has been served with formal notice to repay the aid.
Model ocenjevanja dolgoročnih sredstev (CAPM).
Belgium shall keep the Commission informed of the progress of the national measures taken to implement this Decision until recovery of the aid referred to in Article 4 has been completed.
Glej opombo 22.
It shall immediately submit, on simple request by the Commission, any information on the measures already taken and planned to comply with this Decision.
Izbrani so bili samo udeleženci z glavno dejavnostjo v sektorju tržnih tveganj (tj. glavna dejavnost glede na razpoložljive informacije obsega več kot 50 % premij ali skupne izpostavljenosti).
It shall also provide detailed information on the amounts of aid and interest already recovered from Ducroire/Delcredere.
Prilagojena za izravnalne rezervacije.
Article 8
Na podlagi sporočenih geografskih informacij, npr. izpostavljenosti, premij (se razlikuje od družbe do družbe).
Belgium shall take the measures necessary to implement this Decision within four months following the date of its notification.
Mednarodni združenji zavarovateljev kreditov.
Article 9
Neto premije.
This Decision is addressed to the Kingdom of Belgium.
Netehtano povprečje.
Done at Brussels, 20 March 2013.
Leta 2004 ali kmalu zatem.
For the Commission
Glej dokument „Observations by Belgium on the Decision by the European Commission of 24 February 2011“ (Ugotovitve Belgije glede sklepa Evropske komisije z dne 24. februarja 2011), ki so ga belgijski organi predložili 1. junija 2011, str.
Vice-President
13-14.
With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively, of the Treaty on the Functioning of the European Union (‘TFEU’).
Na podlagi člena 2(2)(d) Direktive Sveta 73/239/EGS (ki je bila takrat v veljavi) družba ONDD ni potrebovala dovoljenja regulatorja OCA, če je njene dejavnosti krilo belgijsko državno jamstvo.
The two sets of provisions are, in substance, identical.
Z nadaljevanjem izvajanja dejavnosti preko „poslovnega“ računa, za katere belgijska država ni jamčila, za družbo ONDD izjema iz člena 2(2)(d) ni več veljala, zato je morala pridobiti dovoljenje regulatorja OCA.
The TFEU also introduced certain changes in terminology, such as the replacement of ‘Community’ by ‘Union’, ‘common market’ by ‘internal market’ and ‘Court of First Instance’ by ‘General Court’.
Glej odločbo Komisije z dne 21. decembra 2005 v zadevi N 531/2005 „Ukrepi v zvezi z ustanovitvijo in delovanjem Banque Postale“ ( UL C 21, 28.1.2006, str. 2), na voljo na: http://ec.europa.eu/eu_law/state_aids/comp-2005/n531-05.pdf.
The terminology of the TFEU is used throughout this Decision.
Glej opombo 28.
OJ C 163, 1.6.2011, p.
Glej opombo 10.
1.
Glej Prilogo 4 k ugotovitvam belgijskih organov z dne 1. junija 2011.
Confidential information.
Glej strani 62 in 70 zadevnega obvestila (ki je bil predložen kot Priloga 8 k ugotovitvam belgijskih organov z dne 1. junija 2011).
OJ C 281, 17.9.1997, p.
Poročilo komisije CBFA o QIS 5 Solventnosti II (marec 2011) na strani 17 navaja, da je le nekaj udeležencev lahko zagotovilo informacije o uporabi notranjih modelov in njegovih značilnostih, saj so ti modeli še vedno v fazi razvoja.
4.
Komisija CBFA se je odločila, da zaenkrat ne bo podala nobenih sklepov.
With effect from 1 January 2013, the Commission has been applying the new Communication to the Member States on the application of Article 107 and 108 of the Treaty on the Functioning of the European Union to short-term export-credit insurance, which was published on 19 December 2012 (OJ C 392, 19.12.2012, p.
Iz tega je razvidno, da celo zasebne zavarovalnice še vedno težko oblikujejo notranje modele za izračun kapitala, potrebnega za kritje določenih tveganj.
1).
Glej strani 11 in 13–16 Priloge 4 k ugotovitvam belgijskih organov z dne 1. junija 2011.
See point 2.5 of the Communication on export-credit insurance.
Podatki, uporabljeni za izračun, so na strani 16 Priloge 13 k ugotovitvam belgijskih organov z dne 1. junija 2011.
See pages 60 and 69 of Annex 8 to the ‘Observations by Belgium on the Decision by the European Commission of 24 February 2011’, submitted by the Belgian authorities on 1 June 2011.
Kot je pojasnjeno v uvodni izjavi 140, bi bil drugi pristop izključitev celotnega zneska v višini [45–75] milijonov EUR.
See section 4.1.2.2.1 of the opening decision.
Da bi lahko izračunali del kapitala, ki je znotraj dodatnega kapitala v višini [75–100] milijonov EUR podpiral dejavnost, povezano s tržnimi tveganji, pa je treba obstoječi kapital razdeliti med tržna in netržna tveganja.
This excluded capital, relating to non-marketable risks, includes the capital of Ducroire/Delcredere which, when the insurance of short-term risks was transferred to Ducroire/Delcredere, supported the insurance of risks on debtors established in Romania and Bulgaria because those risks were non-marketable at the time, those countries having joined the European Union on 1 January 2007, i.e. after the insurance business had been transferred to Ducroire/Delcredere.
To je zato, ker je treba ločitev kapitala, ki podpira dejavnost, povezano s tržnimi in netržnimi tveganji, izvesti na celotnem kapitalu (glej preglednico 2 in uvodno izjavo 135).
See the Commission Decision of 21 December 2005 in Case N 531/2005 ‘Measures relating to the creation and operation of the Banque Postale’, paragraph 54 ( OJ C 21, 28.1.2006, p. 2) available at: http://ec.europa.eu/eu_law/state_aids/comp-2005/n531-05.pdf.
Te številke so bile dobljene s pomnožitvijo obveznosti konec leta 2004 in stopnje zadržanja (ali 100 % minus stopnja prenosa pozavarovanja ).
According to the Belgian authorities, the ONDD covered the risks on debtors in Zone 1 until 1993 ([…], see footnote 24) and has since stopped offering this cover.
Številke so iz Priloge 13 (finančni načrt za leta 2005, 2006 in 2007, ki je bil predložen komisiji CBFA) k dokumentu, ki so ga belgijski organi predložili 1. junija 2011 (Observations by Belgium on the Decision by the European Commission of 24 February 2011 (Ugotovitve Belgije glede sklepa Evropske komisije z dne 24. februarja 2011)).
Even before 1993, the ONDD never had a large portfolio of marketable risks.
Kot je bilo že navedeno, je metoda, ki jo je družba ONDD leta 2004 uporabila za oceno potrebe družbe Ducroire/Delcredere po kapitalu, temeljila na znesku neto obveznosti, pomnoženim z določenim odstotkom (Cookov količnik).
See the example given on pages 13-14 of the ‘Observations by Belgium on the Decision by the European Commission of 24 February 2011’, submitted by the Belgian authorities on 1 June 2011.
Družba ONDD pri uporabi te metode ni razlikovala med neto obveznostmi, povezanimi s tveganji v zvezi z dolžniki, registriranimi v desetih državah, ki so se Uniji pridružile leta 2004, in neto obveznostmi, povezanimi z drugimi netržnimi tveganji.
The Banking, Finance and Insurance Commission (Commission bancaire, financière et des assurances — CBFA) was created by integrating the Insurance Inspectorate (Office de contrôle des assurances — OCA) into the Banking and Finance Commission (Commission bancaire et financière — CBF) on 1 January 2004.
Zato je uporaba metode za izračun odbitnega deleža na podlagi neto obveznosti (po prenosu) v skladu s pristopom, ki ga je uporabila družba ONDD.
Clarification by the Commission: the Belgian authorities are referring to the de minimis rule.
Kot je razvidno iz preglednice1 in uvodnih izjav 96–98, je ta kapital podpiral samo tveganja, povezana z dolžniki, registriranimi v desetih državah članicah, ki so se Evropski uniji pridružile 1. maja 2004, in druga tveganja, ki so se v praksi štela za netržna tveganja.
Article 108(3) TFEU lays down the obligation to notify state aid to the Commission to enable it determine whether the aid is compatible with the internal market, having regard to the criteria in Article 107(1) TFEU.
Sodba v zadevi C 261/89, Italija proti Komisiji, Recueil 1991, str. I-4437, točka 8; sodba v združenih zadevah C-278/92 do C-280/92, Španija proti Komisiji, Recueil 1994, str. I-4103, točka 21; sodba v zadevi C-42/93, Španija proti Komisiji, Recueil 1994, str. I-4175, točka 13.
Under the de minimis rule, aid granted over a period of three years and below a certain threshold is exempt from the obligation to notify.
Brez omejenih stroškov ukinitve te dejavnosti, na primer […].
When Measure 1 and Measure 2 applied, the threshold was set at EUR 100000 by Commission Regulation (EC) No 69/2001 of 12 January 2001 on the application of Articles 87 and 88 of the EC Treaty to de minimis aid (OJ L 10, 13.1.2001, p.
Morebiten obseg teh stroškov ni tako velik, da bi vplival na sklep Komisije.
30).
Sodba v zadevi C-124/10 P, Komisija proti EDF, ZOdl.
See footnote 14.
2012, str.
See page 7 of the reply by Belgium to the letter from the European Commission dated 7 December 2007, submitted by the Belgian authorities on 12 February 2008 (the Belgian authorities refer to it on page 14 of their submission dated 1 June 2011).
I-0000, točke 82–86 in 105.
See the ‘Observations by Belgium on the Decision by the European Commission of 24 February 2011’, submitted by the Belgian authorities on 1 June 2011, pp. 22-24.
Glej, na primer, sodbo v zadevi West LB v združenih zadevah T-228/99 in T-223/99, Westdeutsche Landesbank Girozentrale proti Komisiji, Recueil 2003, str. II-435, točka 255.
The details of the items transferred were submitted by the Belgian authorities on 14 February 2007 on page 3 of their note in response to the Commission letter dated 17 January 2007 in Case CP 8/2007 (SA.22302) and are set out in recital 70 of the opening decision.
Glej, na primer, odločitev Komisije o prestrukturiranju družbe Dexia (sklep z dne 26. februarja 2010 v zadevi C 9/2009, UL L 274, 19.10.2010, str. 54, uvodna izjava 127), v kateri je Komisija zavrnila trditev zadevne države članice, da bi bilo treba načelo zasebnega vlagatelja v tržnem gospodarstvu uporabiti manj strogo, saj so bili organi, ki so dokapitalizirali družbo Dexia, „glavni“ delničarji banke.
OJ L 77, 20.3.2002, p.
Glej sodbo v zadevi T-16/96, Cityflyer Express proti Komisiji, Recueil 1998, str. II-757, točka 76.
17.
Glej stran 28 strateškega dokumenta z dne 28. septembra 2004, „Strategic guidelines for the ONDD and its SA“ (Strateške smernice za družbo ONDD in njeno podružnico) , ki je bil predložen upravnemu odboru družbe ONDD, v Prilogi 10 k dokumentu, ki so ga belgijski organi predložili 1. junija 2011: „Observations by Belgium on the Decision by the European Commission of 24 February 2011“ (Ugotovitve Belgije glede sklepa Evropske komisije z dne 24. februarja 2011).
See the reply to the questionnaire from the European Commission dated 28 July 2011, submitted by the Belgian authorities on 5 December 2011, pp. 9-11 (the detailed calculations were submitted on 14 November 2011).
Vir: Eurostat.
Belgian Official Gazette, 4 October 1939.
V svoji sodbi v združenih zadevah T-129/95, T-2/96 in T-97/96, Neue Maxhütte Stahlwerke GmbH in Lech-Stahlwerke GmbH proti Komisiji, Recueil 1999, str. II-17, točke 116 do 121, je Sodišče prve stopnje trdilo, da matična družba sicer res lahko krije izgube ene od svojih podružnic, vendar mora biti dovolj verjetno, da bo podružnica postala spet donosna.
In relation to the ONDD's business transacted for its own account with the guarantee of the State.
Zasebni vlagatelj si po letih nenehnih izgub ne bi mogel razumno dovoliti, da bi prispeval dodatni kapital, če bi bilo to stroškovno manj učinkovito od prodaje podružnice.Glej tudi odločitev v zgoraj navedeni zadevi Banco di Sicilia in Sicilcassa, uvodne izjave 63 do 66.
See the reply to the questionnaire from the European Commission dated 28 July 2011 submitted by the Belgian authorities on 5 December 2011, p. 16.
Glej opombo 24.
See Annex B14 to the reply to the questionnaire from the European Commission dated 28 July 2011, submitted by the Belgian authorities on 5 December 2011.
V zapisniku sestanka upravnega odbora družbe ONDD z dne 20. aprila 2004 je navedeno, da je odbor zahteval podatke o zadevnih prispevkih vsakega sektorja dejavnosti k splošnemu rezultatu (glej str. 4 Priloge 9 k dokumentu, predloženemu 1. junija 2011).
See the document submitted by the Belgian authorities on 1 June 2011‘Observations by Belgium on the Decision by the European Commission of 24 February 2011’, p. 10: ‘Selon les catégories utilisées par l'ONDD, […]’.
Zlasti tveganja, povezana z desetimi državami pristopnicami.
See Annexes 8 (p. 70) and 13 to the ‘Observations by Belgium on the Decision by the European Commission of 24 February 2011’, submitted by the Belgian authorities on 1 June 2011.
Za tržna tveganja je bila stopnja premij popravljena navzgor (s prvotnih 0,2 % na 0,3 % zavarovalnih vsot), kar je prihodek družbe od zavarovanj povečalo za tretjino.
See page 28 of the strategy paper dated 28 September 2004 entitled ‘Strategy guidelines for the ONDD and its subsidiary’ ( Lignes directrices stratégiques pour l'ONDD et sa SA) presented to the ONDD Board of Directors and set out in Annex 10 to the ‘Observations by Belgium on the Decision by the European Commission of 24 February 2011’, submitted by the Belgian authorities on 1 June 2011.
Napovedi glede škod so bile popravljene navzdol.
OJ L 335, 17.12.2009, p.
Podobna razdelitev nadomestil je na voljo v drugih odločitvah Komisije v zvezi z državno pomočjo.
1.
Glej, na primer, odločitev Komisije z dne 11. februarja 2009 v zadevi NN 3/2009, „Modifications to the Public support measures to JSC Parex Banka“ (Spremembe ukrepov javne podpore za banko JSC Parex Banka), uvodne izjave 36–40 ( UL C 147, 27.6.2009, str. 2).
The Solvency II Directive entered into force on 6 January 2010.
Premija za tveganje je odvisna od naložbenega tveganja.
Solvency II is a European regulatory reform of the insurance sector.
Po prilagoditvi finančnega rezultata navzgor, ker je ocenjeni vplačani kapital, povezan s tržnimi tveganji, nekoliko višji od vplačanega kapitala, kakor so ga ocenili belgijski organi ([10–25] milijonov EUR v primerjavi z 9,8 milijona EUR).
Like Basel II, its objective is to better adapt the own funds required of insurance and reinsurance companies to the risks they are subject to in their business.
Šteje se, da je bila takratna donosnost za srednjeročne likvidnostne naložbe brez tveganja enaka povprečni donosnosti vladnih obveznic s štirimi do šestimi leti do zapadlosti na sekundarnem trgu leta 2004, tj. 3,5 %.
After Solvency I, which provided for a solvency margin determined according to percentages of premiums and claims, insurance regulation moved to more complex rules that incorporate risk, either by applying a standard formula, or by taking account of an internal model.
Glej:http://www.nbb.be/belgostat/GlobalDispatcher?TARGET=/TreeviewLinker&rowID=2685&prop=treeview&action=open&Lang=F#2685.
The standard formula approach is currently being designed and calibrated through Quantitative Impact Studies (hereinafter: ‘QIS’).
Regije Bruselj – glavno mesto, Flandrija in Valonija.
These consultations will enable the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) to test the proposed formulae and calibrations.
Sodba Sodišča v zadevi C-730/79, Philip Morris, Recueil 1980, str. 2671, točki 11 in 12.
Companies wishing to opt for an internal model must obtain validation from the supervisory authority before the solvency capital requirement (SCR) is actually determined using their internal model.
Sodba Sodišča v zadevi C-102/87, Francija proti Komisiji, Recueil 1988, str. I-4067, točka 19.
In brackets: expected annual growth rate of the business under the scenario in question.
Glej tudi točko 4.1 sporočila o zavarovanju izvoznih kreditov, ki navaja, da „Vrste državne pomoči, naštete v odstavku 3.1, … torej ne morejo biti upravičene do izjem po pravilih Pogodbe o državni pomoči“.
The capital requirements for marketable and non-marketable risks are not added to produce the total because there is an absolute minimum threshold of EUR 3 million for 2004 to 2006 and EUR 3,2 million for 2007 to 2009.
UL C 244, 1.10.2004, str. 2.
See the documents submitted by the Belgian authorities on 14 November 2011 (Excel files, 'Capital' sheet) The QIS5 plus internal modelling method was used solely to determine the capital allocated to marketable and non-marketable risks in 2005.
Tudi če se upošteva samo dejavnost na področju netržnega tveganja, je stopnja donosa še vedno precej nižja od stroškov kapitala, ki so jih ocenili belgijski organi.
For the years after 2005, the capital was determined in […].
UL L 140, 30.4.2004, str. 1.
It should be noted that […], which is why the results are identical for scenarios 1A and 1B for 2005.
PRILOGA
The Belgian authorities did not take into account the unpaid capital of EUR 50 million until 2009.
PODATKI O IZPLAČANIH ZNESKIH POMOČI, KI JIH JE TREBA VRNITI IN KI SO ŽE BILI POVRNJENI
It is these figures that were used in the calculations of the return on equity in the following section.
Upravičenec
The Commission has identified calculation errors in the financial projections.
Skupni znesek pomoči, prejete v okviru sheme [1]
In particular, the sum of the results from the insurance business for the different business scopes differs from the total result from the insurance business for Ducroire/Delcredere.
Skupni znesek pomoči, ki ga je treba vrniti [1](glavnica)
Errors in the sums were made in the calculation of the result from the insurance business for Ducroire/Delcredere as a whole.
Skupni že povrnjeni znesek pomoči [1]
However, these differences do not have a material effect on the estimate of the ROE.
glavnica
See the ‘Observations by Belgium on the Decision by the European Commission of 24 February 2011’, submitted by the Belgian authorities on 1 June 2011, Annex 10.
obresti
See the reply to the questionnaire from the European Commission dated 28 July 2011, submitted by the Belgian authorities on 5 December 2011, p. 33.
V milijonih nacionalne valute.
Belgium's calculation for the marketable risks is as follows: EUR 8 million + [(EUR 100 million — EUR 82 million) × (EUR 8 million/EUR 82 million)].
Da bi belgijski organi pripravili svoj odgovor na vprašanja Komisije, so 26. septembra in 18. oktobra 2011 organizirali strokovni srečanji s Komisijo in upravičencem do pomoči.
The same applies to the non-marketable risks.
Belgija je 14. novembra 2011 predložila dodatne informacije glede zadev, obravnavanih na teh srečanjih.
See the observations submitted by the Belgian authorities on 14 November 2011 (Excel files ‘201105 P&L et Bilan Business Plan Scenario 1B’, sheets ‘P&L_cessibles’ and ‘PL_non_cessibles’).
Družba ONDD je 1. januarja 2005 svoj portfelj kratkoročnih tveganj prenesla na družbo Ducroire/Delcredere, ki je na ta datum začela z delovanjem.
The QIS 2005 plus internal modelling method was used solely to determine the capital allocated to marketable and non-marketable risks in 2005.
Dolgoročna tveganja še naprej upravlja družba ONDD.
The capital for 2006 and 2007 was determined on the basis of the capital for 2005 plus the forecast accumulated profit for the period.
Družba Ducroire/Delcredere je celoten delež kapitala, ki ga je imela družba SACE BT v družbi KUP, leta 2009 odkupila za [0–20] milijonov EUR.
See the document submitted by the Belgian authorities on 5 December 2011, ‘Reply to the questionnaire from the European Commission dated 28 July 2011’, pp. 38 and 39.
Družba Ducroire/Delcredere je torej pridobila 66-odstotni delež kapitala v družbi KUP za skupni znesek v višini [10–35] milijonov EUR.
See the ‘Observations by Belgium on the Decision by the European Commission of 24 February 2011’, submitted by the Belgian authorities on 1 June 2011, p. 38.
Od tega zneska je bilo 12 milijonov EUR odpisanih kot izguba pri deležu (negativna prilagoditev vrednosti naložbe).
Capital asset pricing model (CAPM).
2 PRITOŽBA
Only those players whose key activity is deemed to be in the marketable risk sector (i.e. is above 50 % in terms of premiums or total exposure according to the available information) were selected.
Ko je družba ONDD zavarovala tržna tveganja, ni vodila ločene uprave in ločenih računov za (kratkoročna) zavarovanja tržnih in netržnih tveganj, kar je v nasprotju z zahtevo iz točke 4.3 sporočila o zavarovanju izvoznih kreditov.