natgillin/translations-raw huggingface dataset:
In most cases, the goods were delivered direct to final customer B. The payment of the invoice of the insured party X by the intermediary A was linked, de facto, to the payment of the invoice of intermediary A by the final customer B. The insured parties could not usually obtain cover from another credit insurer because the operations in question were exposed to political risks in the country where the final customer B was located.’
Šlo je zgolj za spremembo pravne oblike obstoječe gospodarske dejavnosti skupaj z zadevnim kapitalom.
The Belgian authorities reaffirmed that cover for these risks were not available from other private credit insurers.
Na podlagi pristopa, upoštevanega v sklepu o ustanovitvi Banque Postale [57], takšen prenos ne daje nove prednosti zadevni gospodarski dejavnosti, zato ga kot takšnega ni mogoče šteti za pomoč (drugo izključitveno merilo).
Regarding the elements set out in recitals (93) to (95), it is estimated that these risks, though theoretically classed as marketable (given the principal relation between the insured exporter X and the intermediary A), are to be considered in practice non-marketable in view of the market conditions at the time.
V skladu s pristopom, razvitim v sklepu o začetku postopka, bi morala Komisija začeti z uporabo teh dveh izključitvenih meril.
Moreover, before May 2004, these risks were covered by the ONDD quite exceptionally since they represented less than [0-2 %] of the premiums (from 2000 to 2004) of the ONDD's short-term portfolio (see recital (34)).
Belgija je podala mnenje na podlagi drugega izključitvenega merila, s katerim bi bilo mogoče, če bi bilo pravilno, takoj izključiti morebitno opredelitev celotnega ukrepa 3 kot pomoči.
The Belgian authorities also provided proof that the state guarantee granted to the ONDD for its marketable risk business expired on 1 September 2003.
Komisija bo zato pred uporabo izključitvenih meril iz sklepa o začetku postopka najprej dokazala, da ta utemeljitev ni pravilna.
This guarantee expired the moment the marketable risks were transferred to the commercial account; the ONDD obtained authorisation from the OCA [54] for this account precisely because it was not covered by the state guarantee.
Zavrnitev trditve Belgije, da je bil skupni znesek v višini 150 milijonov EUR povezan s posli, prenesenimi leta 2004
The Royal Decree defining the activities carried on by the ONDD for its own account without the state guarantee, published on 1 September 2003 (the date on which it entered into force), details the operations to be entered in this account.
V svojem odgovoru na sklep o začetku postopka je Belgija obravnavala in se v svojo korist sklicevala na drugo izključitveno merilo, v skladu s katerim kapital, ki je v družbi ONDD že podpiral obstoječe tržne posle tik pred njihovim prenosom na družbo Ducroire/Delcredere 1. januarja 2005, ne pomeni pomoči.
Following the entry into force of the Royal Decree [55], any coverage of risks by an export policy of less than two years' duration is governed by Article 3(2) of the 1939 Law (business for the account of the ONDD without the state guarantee).
Natančneje, Belgija meni, da je bil ves začetni kapital v višini 150 milijonov EUR, ki ga je prejela družba Ducroire/Delcredere, ekonomski kapital, povezan s prenesenimi posli kratkoročnega zavarovanja (tržnimi in netržnimi).
In conclusion, the doubts raised by the Commission in its opening decision concerning the existence of an advantage for the marketable risk insurance activity due to the state guarantee are dispelled.
Meni, da je bila ustanovitev družbe Ducroire/Delcredere z začetnim kapitalom v višini 150 milijonov EUR samo sprememba pravne oblike obstoječe dejavnosti in zadevnega kapitala.
The state guarantee accorded to the ONDD until August 2003 for its activity relating to marketable risks is considered not to have conferred on this activity a competitive advantage over competitors since no actual marketable risk activity existed.
To bi pomenilo, da nobena od dodelitev začetnega kapitala ni pomenila pomoči.
Moreover, no attempt was made to develop an actual marketable risk activity on the strength of the state guarantee.
Zato Belgija trdi, da ni treba preverjati, kako je družba Ducroire/Delcredere ta kapital uporabila (tj. ali je bil uporabljen za tržna ali netržna tveganja – prvo izključitveno merilo), saj ni pomenil pomoči.
The conclusion can also be drawn that the entire business relating to short-term risks ceased to benefit from the state guarantee from 1 September 2003.
Komisija ugotavlja, da je koncept „kapitala, povezanega s prenesenimi dejavnostmi“, opredeljen v odločbi Komisije z dne 21. decembra 2005 z naslovom „Ukrepi v zvezi z ustanovitvijo in delovanjem Banque Postale“ [59].
There were no internal transfers of resources in favour of marketable risks within the ONDD, given that there was no actual business activity in this area.
V tem primeru je bilo ugotovljeno, da prenos ni obsegal nobenega novega kapitala, saj so bila na novoustanovljeni pravni subjekt, „La Banque Postale“, prenesena samo lastna sredstva, povezana z dejavnostmi finančnih storitev La Poste.
There was no attempt to develop an actual marketable risk activity on the basis of a transfer of resources from the non-marketable risk business (see recital (98)).
To so bila izključno lastna sredstva, ki so že obstajala in so bila prej jasno dodeljena za prenesena sredstva, pravice in obveznosti.
In conclusion, there is no evidence to support the existence of transfers of resources to the marketable risk sector within the ONDD or of any advantage conferred on the ONDD as a result of such transfers.
Zato je bila analiza povezana s kapitalom, ki je bil že uradno povezan s prenesenimi poslovnimi dejavnostmi in ne z oceno kapitala, ki ga bi bilo primerno dodeliti novemu subjektu za podporo njegovega prihodnjega razvoja.
In conclusion, Measure 1 and Measure 2 do not confer an advantage within the meaning of Article 107 of the TFEU.
Pravila in nadzor regulatorja OCA so se med drugim nanašali na skladnost s pravili o solventnosti (minimalni zajamčeni kapital, potrebni minimalni kapital) [60].
Consequently, they do not constitute state aid.
V skladu s tem so bile na podlagi takrat veljavnih pravil varnega in skrbnega poslovanja te kratkoročne dejavnosti, prenesene na poslovni račun, ustrezno kapitalizirane.
This being the case, an analysis of the other criteria which constitute aid (state resources, selectivity, distortion of competition) will not be carried out for Measures 1 and 2 in the sections below.
Glede tega Komisija ugotavlja, da je bil v skladu z internim dopisom z dne 20. aprila 2004 [61], na podlagi katerega je bila sprejeta odločitev o ustanovitvi družbe Ducroire/Delcredere in dodelitvi kapitala v višini 150 milijonov EUR, kapital, ki je bil izrecno dodeljen dejavnosti, povezani s kratkoročnimi tveganji, tisti kapital, ki je bil registriran na poslovnem računu skupaj z dobičkom za obdobje 16 mesecev (od 1. septembra 2003 do 31. decembra 2004), ocenjenim na [0–5] milijonov EUR.
Existence of an advantage deriving from the allocation of capital to Ducroire/Delcredere (Measure 3)
V obvestilu je navedeno, da „je [45–70] milijonov EUR od kapitala družbe v višini 150 milijonov EUR izviralo iz prenosa lastnih sredstev s poslovnega računa“.
Scope of the assessment to determine whether the allocation of capital to Ducroire/Delcredere constitutes aid
Zato Komisija meni, da je v času sprejetja odločitve za ustanovitev družbe Ducroire/Delcredere kapital, ki ga je mogoče šteti za uradno dodeljenega za kratkoročne dejavnosti dne 31. decembra 2004, znašal samo [45–75] milijonov EUR ([45–70] milijonov EUR plus ocenjeni dobiček v višini [0–5] milijonov EUR).
According to the opening decision (see recitals (27) and (28) of this Decision), the following two amounts must be deducted from the initial capital allocation to Ducroire/Delcredere as they do not constitute aid:
Torej je samo prenos tega kapitala v višini [45–75] milijonov EUR pomenil del kapitala, ki je bil v družbi ONDD že dodeljen za dejavnosti s kratkoročnim tveganjem in samo prenesen na družbo Ducroire/Delcredere.
the part of the capital that was already supporting the insurance of marketable risks within the ONDD and which was simply transferred to Ducroire/Delcredere with the corresponding insurance business.
Komisija zato zavrača trditev Belgije, da je bil ves začetni kapital v višini 150 milijonov EUR kapital, ki je bil samo prenesen in je bil v družbi ONDD že dodeljen za preneseno dejavnost ter zato ne more pomeniti prednosti.
This was solely a change in the legal form of a pre-existing economic activity together with the relevant capital.
Komisija torej meni, da je razlika med [45–75] milijoni EUR in dejansko dodeljenim kapitalom v višini do 150 milijonov EUR, dodatni kapital, ki pomeni novo prednost za to dejavnost.
Based on the approach followed in the decision on the creation of the Banque Postale [56], such a transfer of capital does not confer a new advantage on the economic activity in question and cannot therefore be considered aid as such (second exclusion criterion).
Komisija podredno ugotavlja, da interni dopisi iz leta 2004, na podlagi katerih je družba ONDD družbi Ducroire/Delcredere dodelila 150 milijonov EUR kapitala (ki precej presega [45–75] milijonov EUR, dodeljenih za poslovni račun), kažejo, da je družba ONDD proučila različne scenarije za rast poslovanja v prihodnji družbi Ducroire/Delcredere.
In line with the approach developed in the opening decision, the Commission ought to begin by applying these two exclusion criteria.
Potreba po 150 milijonih EUR kapitala je bila torej določena na podlagi hipotez glede prihodnje rasti dejavnosti družbe Ducroire/Delcredere.
The Commission will therefore demonstrate in the first instance that this argument is invalid, before applying the two exclusion criteria set out in the opening decision.
Tega pristopa ni mogoče sprejeti.
Rejection of Belgium's claim that the total amount of EUR 150 million was linked to the business transferred in 2004
Samo kapital, od katerega so dejavnosti, prenesene v obstoječem pravnem subjektu, uradno že imele korist (dejavnosti kratkoročnega zavarovanja v družbi ONDD), ne pomeni nove prednosti, saj so imele zadevne dejavnosti od njega že korist.
In response to the opening decision, Belgium invoked to its advantage and expanded on the second exclusion criterion according to which the capital which, within the ONDD, already supported the existing marketable business just before its transfer to Ducroire/Delcredere on 1 January 2005 does not constitute aid.
Nasprotno pa ves dodatni kapital pomeni novo prednost, saj zadevna dejavnost od tega kapitala pred prenosom ni imela koristi.
More precisely, Belgium considers that all of the initial capital of EUR 150 million allocated to Ducroire/Delcredere constituted the economic capital associated with the short-term insurance business (marketable and non-marketable) transferred.
Odločitve o ustanovitvi družbe Ducroire/Delcredere in dodelitvi kapitala v višini 150 milijonov EUR torej ni mogoče šteti le za spremembo pravne oblike obstoječe dejavnosti s prenosom kapitala, dodeljenega za preneseno dejavnost.
It considers that the creation of Ducroire/Delcredere with its initial capital of EUR 150 million was simply a change in the legal form of an existing business and of the relevant capital.
Zato trditev Belgije, da je bilo mogoče na podlagi pričakovane rasti poslovanja leta 2004 predvideti potrebo družbe Ducroire/Delcredere leta 2009 po kapitalu v višini 150 milijonov EUR, ni pomembna.
This meant that none of initial capital allocation constituted aid.
Belgijski organi niso na noben način dokazali, da je bil ta kapital v višini 150 milijonov EUR že dodeljen za kratkoročne dejavnosti v družbi ONDD pred njihovim prenosom na družbo Ducroire/Delcredere in da ta kapital v višini 150 milijonov EUR torej ne pomeni nove prednosti za te dejavnosti.
Consequently, Belgium maintains that there is no need to verify how this capital was used subsequently by Ducroire/Delcredere (i.e. whether it was used for marketable or non-marketable risks — first exclusion criterion) given that it could not constitute aid.
Tudi če je bil kapital, potreben za podporo pričakovane rasti poslovanja, primerno merilo za to analizo (kar Komisija izpodbija), Komisija zgolj podredno podaja naslednje ugotovitve:
In support of their assertion, the Belgian authorities emphasised that the Ducroire/Delcredere capital subscription of EUR 150 million was necessary from the beginning of 2005.
drugič, metodologije direktive Solventnost II skupaj z notranjim oblikovanjem zahtevanega kapitala za kritje političnega tveganja, ki jo je Belgija predlagala za izračun zahtevanega kapitala, ni mogoče sprejeti.
The Belgian authorities justified this level of capitalisation on the basis of the ‘current standards’ developed within the framework of the adoption of the Solvency II Directive [57] (the so-called ‘standard’ method in accordance with technical parameters such as those established in an impact study — ‘QIS 5’ for Belgium — dating from March 2011) for all the risks to which Ducroire/Delcredere was exposed, except for political risks for which internal modelling was used to determine the capital required to cover these risks.
Ta metoda ni bila omenjena v internih dopisih iz leta 2004, na podlagi katerih je upravni odbor družbe ONDD 20. aprila 2004 sprejel odločitev o ustanovitvi družbe Ducroire/Delcredere in ji dodelil določen znesek kapitala, saj ta metoda takrat še ni obstajala (veljati bo začela šele 1. januarja 2014).
As indicated in the section ‘Solvency II with internal modelling for political risks’ of Table 2, EUR [125-150] million of capital was required to cover the expected level of activity in 2009.
Družba ONDD jo je prvič uporabila leta 2011 in je še vedno v fazi razvoja.
The Commission observes that the concept of ‘capital connected with transferred activities’ is defined in the Commission decision of 21 December 2005, ‘Measures relating to the creation and operation of the Banque Postale’ [58].
Zato belgijski regulator zavarovalništva, v nasprotju z zahtevami direktive Solventnost II, še ni potrdil notranjega oblikovanja za politična tveganja [62].
In that case, it was found that the transfer did not involve any new capital as only the own funds attached to the financial service activities of La Poste were transferred to the newly created legal entity, ‘La Banque Postale’.
Uporaba metodologije, ki leta 2004 še ni obstajala, kot je Solventnost II, za katero še niso bili dokončani številni parametri za izračun in časovni razpored izvajanja (še vedno so v fazi QIS), ni primerna.
In other words, these were exclusively own funds which already existed and which had clearly been allocated previously to the assets, rights and obligations transferred.
Mnenje, da je treba ekonomski kapital, ki ga je družba Ducroire/Delcredere ob ustanovitvi leta 2005 potrebovala za nadaljevanje dejavnosti družbe ONDD, določiti na podlagi zahtev direktive Solventnost II, ki takrat še sploh ni obstajala in za katero bi regulatorji v vsakem primeru načrtovali prehodne ureditve, se zdi pretirano.
Thus, the analysis related to the capital which was already formally attached to the business activities transferred and not to a prospective estimation of the capital which it would have been appropriate to assign to the new entity to support its future development.
Vsak drugačen sklep bi pomenil nasprotovanje stopnji kapitala (minimalni kapital) [63] poslovnega računa ([45–70] milijonov EUR), potrjeni s strani regulatorja, ki je ob upoštevanju takrat veljavnih pravil varnega in skrbnega poslovanja menil, da je ta znesek kapitala ustrezen.
As explained previously, the activity relating to short-term (marketable and non-marketable) risks transferred to Ducroire/Delcredere had been managed within the ONDD through the commercial account since 1 September 2003.
Upravni odbor družbe ONDD, ki se je sestal 20. aprila 2004, je za določitev zahtevanega kapitala družbe Ducroire/Delcredere uporabil drugo metodo, t. i.
Capital of EUR [45-70] million had been assigned to this account.
Cookov količnik, ob tem pa upošteval potrebo po zagotavljanju zadostne verodostojnosti družbe Ducroire/Delcredere za konkurente.
Moreover, as set out in recital (99), the ONDD obtained authorisation from the national insurance regulator (the OCA) specifically and solely for the commercial account (and the related capital of EUR [45-70] million).
Količnik, uporabljen pri izračunih, ni 8 %, kot to določajo pravila Basel I, ampak 10 %.
The rules and oversight of the OCA concerned, inter alia, compliance with the solvency rules (minimum guarantee fund, solvency margin to be constituted) [59].
Torej sta bila v izračunih kapitalske zahteve iz leta 2004 zajeta 2 % varnostne rezerve.
In this regard, the Commission observes that, according to the internal memo of 20 April 2004 [60] on the basis of which the decision was taken to set up Ducroire/Delcredere and allocate to it a capital of EUR 150 million, the capital strictly allocated to the activity relating to short-term risks was the capital registered in the commercial account plus the profit for a period of 16 months (from 1 September 2003 to 31 December 2004) estimated at EUR [0-5] million.
Glede uporabe Cookovega količnika za določitev zahtevanega kapitala je Komisija v svojem sklepu o začetku postopka oporekala primernosti uporabe bančnih pravil (kot je Cookov količnik) za zavarovatelje kreditov zaradi številnih razlik med tveganji, ki jih prevzamejo zavarovatelji kreditov, in tveganji, ki jih prevzamejo banke (glej uvodno izjavo (90) sklepa o začetku postopka).
The memo states that ‘of the company's EUR 150 million capital, EUR [45-70] million originated from the transfer of own funds from the commercial account’.
Belgija ni dokazala, da bi baselska pravila (Cookov količnik), ki po zakonu veljajo izključno za bančni sektor, v praksi uporabili organi za zavarovanje kreditov oziroma jih priporočile bonitetne agencije ali organi za nadzor zavarovalnic.
The Commission concludes, therefore, that, when the decision was taken to set up Ducroire/Delcredere, the capital that could be considered to be formally allocated to short-term activities on 31 December 2004 amounted to only EUR [45-75] million (EUR [45-70] million plus the estimated profit of EUR [0-5] million).
Glede uporabe člena 8 zakona iz leta 1939 o družbi ONDD so belgijski organi potrdili, da ta zakon ne velja za družbo Ducroire/Delcredere.
Therefore, only the transfer of this capital for an amount of EUR [45-75] million constituted the part of the capital already allocated to the short-term risk activity within the ONDD and simply transferred to Ducroire/Delcredere.
Ta člen se nanaša samo na dejavnosti družbe ONDD za lastni račun, za katere jamči država, in na dejavnosti za račun države.
This transfer cannot therefore constitute a new advantage for this activity and cannot therefore constitute aid.
Čeprav se Belgija sklicuje na metodo bonitetne hiše Standard & Poor's za določanje kapitalskih zahtev zavarovateljev kreditov, ki je takrat že obstajala, je treba opozoriti, da belgijski organi niso predložili ocene kapitala, opravljene s to metodo.
The Commission therefore rejects Belgium's assertion that all of the initial capital of an amount of EUR 150 million constitutes the capital which was simply transferred and which was already allocated within the ONDD to the activity transferred and therefore cannot be considered an advantage.
Tudi družba ONDD leta 2004 ni uporabila te metode.
The Commission considers that the difference between the EUR [45-75] million and the capital actually subscribed to the tune of EUR 150 million therefore constitutes additional capital representing a new advantage for this activity.
Tudi če je bil kapital, potreben za podporo pričakovane rasti poslovanja družbe Ducroire/Delcredere, ustrezno merilo za to analizo (kar Komisija izpodbija), belgijski organi niso predložili nobenih novih dokazov, ki bi nedvoumno dokazali, da je moral biti zahtevani kapital, povezan s kratkoročnimi tveganji, ki so bila prenesena na družbo Ducroire/Delcredere, višji od kapitala na poslovnem računu družbe ONDD konec leta 2004.
In the alternative, the Commission would observe that the internal memos of 2004 which underpinned the ONDD's decision to grant Ducroire/Delcredere EUR 150 million of capital (greatly exceeding the EUR [45-75] million allocated to the commercial account) show that the ONDD considered different scenarios for the growth of business within the future Ducroire/Delcredere.
V tem delu je Komisija dokazala, da je treba zavrniti trditev belgijskih organov, da je dodeljeni začetni kapital v višini 150 milijonov EUR za družbo Ducroire/Delcredere leta 2004 obsegal samo prenos kapitala, ki je bil za podporo dejavnosti, povezanih s kratkoročnimi tveganji, že dodeljen družbi ONDD.
The need for EUR 150 million of capital was therefore determined on the basis of hypotheses regarding the future growth of the activities of Ducroire/Delcredere.
Komisija je dejansko sklenila, da je kapital, ki je že podpiral dejavnost, povezano s kratkoročnimi tveganji v družbi ONDD pred prenosom te dejavnosti na družbo Ducroire/Delcredere, znašal [45–75] milijonov EUR in da je bil zato tej dejavnosti dodeljen dodatni kapital v višini [75–100] milijonov EUR.
It can therefore be concluded that the approach of the Belgian authorities is akin to excluding from the scope of the analysis to determine the existence of an overall advantage the entirety of the capital which the new entity could be assumed to require in order to support its future development.
Sledi pregled uporabe dveh izključitvenih meril, opisanih v sklepu o začetku postopka.
This approach cannot be accepted.
Najprej bo obravnavano drugo izključitveno merilo.
Only the capital from which the activities transferred within the existing legal entity already formally benefited (short-term insurance activities within the ONDD) does not constitute a new advantage since the activities in question already benefited therefrom.
Del kapitala, ki je že podpiral zavarovanje tržnih tveganj v družbi ONDD in je bil na družbo Ducroire/Delcredere samo prenesen skupaj z ustreznimi zavarovalniškimi dejavnostmi (drugo izključitveno merilo, podrobno opisano v sklepu o začetku postopka)
Conversely, any additional capital constitutes a new advantage since the activity in question did not benefit from this capital before the transfer.
Kot je bilo prav tako že opisano, v okviru poslovnega računa, na katerem je bilo konec leta 2004 [45–75] milijonov EUR kapitala, ni bilo ločenih računov, s pomočjo katerih bi lahko natančno določili kapital, ki je podpiral le dejavnost, povezano s tržnimi tveganji.
The decision to create Ducroire/Delcredere and allocate to it a capital of EUR 150 million cannot therefore be considered a simple change of legal form of an existing activity with a simple transfer of capital allocated to the activity transferred.
Zato je treba oceniti tisti del [45–75] milijonov EUR, ki ga je mogoče upravičeno šteti za kapital, ki je podpiral dejavnost, povezano s tržnimi tveganji.
Therefore, the Belgian authorities' assertion that from 2004 it could be anticipated that Ducroire/Delcredere would need a capital of EUR 150 million in 2009 on the basis of the expected growth of its business is irrelevant.
V skladu s podatki, ki jih je regulator prejel leta 2004, je znesek neto obveznosti znašal 141,6 milijona EUR za tveganja, povezana z desetimi novimi državami članicami, in 661,4 milijona EUR za vse kratkoročne izvozne posle konec leta 2004 [66].
The Belgian authorities do not in any way demonstrate that this capital of EUR 150 million was already allocated to short-term activities within the ONDD before their transfer to Ducroire/Delcredere and that this capital of EUR 150 million does not therefore constitute a new advantage for these activities.
Na podlagi sorazmerne razčlenitve zneska v višini [45–75] milijonov EUR na podlagi neto obveznosti se lahko za [10–25] milijonov EUR šteje, da predstavljajo kapital, ki je bil pred njihovim prenosom s poslovnega računa družbe ONDD na družbo Ducroire/Delcredere povezan s tveganji v zvezi z novimi desetimi državami članicami.