natgillin/translations-raw huggingface dataset:
Belgium argues that credit insurers' capital requirements depend more on exposure than on risk remuneration (premiums) and that the methodologies based on risks assumed (exposure-based approach) (such as Article 8 of the 1939 Law on the ONDD, the Standard & Poor's method, or the method of the Basel rules applied to the banking sector) are more appropriate than the Solvency I Directive, which is based on the remuneration of risk (premium-based approach).
Za določanje stopnje kapitala [25] bonitetna hiša Standard & Poor's uporablja model, ki temelji na prevzetih tveganjih (pristop, ki temelji na izpostavljenosti) in ki ga spremlja ocena pozavarovanja zavarovatelja.
The Belgian authorities maintain that the portfolio of risks insured by Ducroire/Delcredere is atypical in that, unlike most of its competitors, it covers for the most part non-marketable risks within the meaning of the Communication on export-credit insurance.
Zahtevani kapital se določi z metodologijo, ki primerja bruto zahtevke z bruto zavarovalnimi vsotami (metoda bruto izgube od bruto izpostavljenosti) za obdobje (običajno) 10 let.
The level of risk attached to such a portfolio is substantially higher than that associated with a portfolio composed exclusively or partially of marketable risks and, according to Belgium, justifies the use of more prudent rules.
Najvišja stopnja v tem obdobju se pomnoži s faktorjem 1,25 ter uporabi za napovedane zavarovalne vsote in prilagodi za pozavarovanje.
Exposure-based approach: (i) Application to Ducroire/Delcredere of Article 8 of the 1939 Law on the ONDD
Ta model temelji na predpostavki, da je portfelj zavarovatelja geografsko in po panogah precej raznolik.
The Belgian authorities consider the application of Article 8 of the 1939 Law on the ONDD [22] (hereinafter: ‘the 1939 Law’) to be appropriate in this case because it is based on the exposure-based approach.
Belgijski organi sicer navajajo metodo bonitetne hiše Standard & Poor's, vendar je niso uporabili za določitev zahtevanega kapitala družbe Ducroire/Delcredere.
It is important to note that Article 8 of the 1939 Law is not relevant in regulatory terms for Ducroire/Delcredere because it applies only to the ONDD.
Pristop, ki temelji na izpostavljenosti: (iii) uporaba pravil Basel II za zavarovatelje kreditov (Cookov količnik)
Furthermore, although Article 8 stipulates the maximum amount of commitments by the ONDD resulting from its insurance business for its own account and guaranteed by the State, as well as for its insurance business for the account of the State, the Belgian authorities take the view that Article 8 of the 1939 Law constitutes a minimum benchmark for Ducroire/Delcredere, which does not enjoy the guarantee of the State.
Belgijski organi trdijo, da so baselska pravila primernejša za ocenjevanje solventnosti zavarovateljev kreditov kot veljavna pravila varnega in skrbnega poslovanja, tj. direktiva Solventnost I. Uporabo baselskih pravil upravičujeta narava zavarovanja kreditov in previdnostno načelo.
By applying Article 8(1) of the 1939 Law [23], which states that commitments may not exceed 20 times the combined amount of the capital and the general reserve, the Belgian authorities estimate [24] Ducroire/Delcredere's capital requirement at approximately EUR 92 to 106 million between 2005 and 2007, on the basis of the business plan (see Table 2 below).
Po mnenju belgijskih organov je zavarovanje kreditov podobno kreditnim poslom bank na ravni tveganja nasprotne stranke (zlasti tveganja neplačila s strani dolžnika).
Exposure-based approach: (ii) model developed by Standard & Poor's
Poleg tega zavarovalni posli družbe Ducroire/Delcredere v nasprotju s posli drugih zasebnih zavarovateljev kreditov obsegajo v glavnem kreditna tveganja pri dolžnikih, registriranih v manj razvitih državah ali državah v razvoju (tveganja v območju 2 [26]).
In their observations, the Belgian authorities refer to the method developed by Standard & Poor's to determine the capital requirement of a credit insurer.
Po mnenju belgijskih organov je torej Cookov količnik v okviru pravil varnega in skrbnega poslovanja Basel I, ki zahtevajo kapitalizacijo najmanj v višini 8 % neto obveznosti, primernejši za oceno solventnosti zavarovateljev kreditov.
In order to establish the level of capital [25], Standard & Poor's uses a model based on risks assumed (exposure-based approach), accompanied by an assessment of the insurer's reinsurance.
Iz zapisnika sestanka upravnega odbora družbe ONDD z dne 20. aprila 2004 je razvidno, da je družba ONDD zahtevani kapital družbe Ducroire/Delcredere določila s pomočjo Cookovega količnika, ob tem pa upoštevala potrebo po zagotavljanju zadostne verodostojnosti za konkurente.
The capital required is determined by a methodology which compares gross claims with gross sums insured (the gross loss over gross exposure method) over (usually) a ten-year period.
Količnik, ki so ga uporabili belgijski organi, ni 8 %, kot to določajo pravila Basel I, ampak 10 % zaradi varnostne rezerve.
The highest ratio during this period is multiplied by a factor of 1,25 and applied to the projected sums insured and adjusted for reinsurance.
Kapital, ki ga je družba ONDD določila za družbo Ducroire/Delcredere ter navedla v finančnih načrtih, ki jih je predložila regulatorju, in v obvestilu z dne 20. aprila 2004 [27], na podlagi katerega se je upravni odbor načeloma strinjal glede ustanovitve družbe Ducroire/Delcredere z vpisanim kapitalom v višini 150 milijonov EUR, je znašal približno 68 do 74 milijonov EUR za konec leta 2006 (glej preglednico 2 v nadaljevanju).
The model is based on the assumption that the insurer's portfolio is reasonably well diversified geographically and by line of business.
V temeljnih predpostavkah so bila zajeta samo tveganja v območju 2 in v 10 državah, ki so se Evropski uniji pridružile maja 2004.
Although the Belgian authorities refer to the Standard & Poor's method, they did not use it to determine the capital requirement for Ducroire/Delcredere.
V strateškem dokumentu z dne 28. septembra 2004 [28] je kapital, ki ga je družba ONDD ocenila s pomočjo Cookovega količnika (10 % neto obveznosti), v obdobju 2005–2007 znašal približno 74 do 101 milijon EUR.
Exposure-based approach: (iii) Application of the Basel I rules to credit insurers (Cooke ratio)
V nasprotju s finančnimi napovedmi v obvestilu iz aprila 2004 so finančne napovedi iz septembra 2004 obsegale kritje vseh kratkoročnih tveganj, s čimer so zajele celotni območji 1 in 2.
The Belgian authorities argue that the Basel rules are more suited to assessing the solvency of credit insurers than the current prudential rules, i.e. the Solvency I Directive.
V tem dokumentu je bil podan sklep, da je bil vplačani kapital v višini 100 milijonov EUR dovolj za nadaljevanje poslovanja na področju celotnega obsega kratkoročnih izvoznih poslov do leta 2007, vendar bi bilo ob koncu obdobja treba opraviti pregled.
The nature of credit insurance and the precautionary principle justify use of the Basel rules.
Belgijski organi menijo, da Cookov količnik ni primerna metoda za delitev zahtevanega kapitala med tržna in netržna zavarovanja, ker je po njihovem mnenju rezultat metode s Cookovim količnikom, ki se uporabi za znesek obveznosti, določena linearnost, ki ne upošteva ustrezno raznolike narave različnih temeljnih tveganj.
According to the Belgian authorities, credit insurance is similar to the credit business of banks at the level of counterparty risk (principally the risk of non-payment by the debtor).
Uporaba direktive Solventnost II z notranjim oblikovanjem za politična tveganja
Furthermore, Ducroire/Delcredere's insurance business, unlike that of other private credit insurers, comprises essentially credit risks on debtors established in less developed or emerging countries (risks in Zone 2 [26]).
Pravila Solventnost II sodijo na področje uporabe Direktive 2009/138/ES Evropskega Parlamenta in Sveta z dne 25. novembra 2009 o začetku opravljanja in opravljanju dejavnosti zavarovanja in pozavarovanja [29] (v nadaljnjem besedilu: direktiva Solventnost II).
According to the Belgian authorities, therefore, the Cooke ratio under the Basel I prudential rules, which requires minimum capitalisation of 8 % of net commitments, is more appropriate for assessing the solvency of credit insurers.
Družba ONDD je leta 2011 razvila metodologijo, ki je po njenem mnenju ustreznejša za delitev zahtevanega kapitala med tržna in netržna zavarovanja.
The minutes of the meeting of the ONDD Board of Directors held on 20 April 2004 show that the ONDD used the Cooke ratio to determine Ducroire/Delcredere's capital requirement, while taking into account the need to provide the company with enough credibility in the eyes of its competitors.
Sestavljena je iz standardne formule na podlagi direktive Solventnost II [30], ki je bila razvita v okviru pete študije o kvantitativnih posledicah (QIS5); spremlja jo notranje oblikovanje zahtevanega kapitala za kritje političnega tveganja, kalibrirana je bila tako, da izpolnjuje stopnjo solventnosti, ki ustreza oceni A, uporabljena pa je s parametri za leto 2004.
The ratio used by the Belgian authorities in the calculations is not 8 %, as laid down by the Basel I rules, but 10 % in order to provide a safety buffer.
Po mnenju belgijskih organov je mogoče razumno predpostaviti, da bi skrben zasebni vlagatelj leta 2004 uporabil to metodo.
The capital thus determined by the ONDD for Ducroire/Delcredere and stated in the financial plans submitted to the regulator and in the information memo dated 20 April 2004 [27], on the basis of which the Board of Directors agreed in principle to set up Ducroire/Delcredere with a subscribed capital of EUR 150 million, was approximately EUR 68 to 74 million for the end of 2006 (see Table 2 below).
Družba ONDD je standardno formulo QIS5 iz direktive Solventnost II uporabila za vsa tveganja, razen za politična.
The underlying assumptions included solely cover of the risks located in Zone 2 and in the 10 countries that joined the European Union in May 2004.
Belgijski organi menijo, da je politično tveganje na področju zavarovanja kreditov povezano s tveganjem naravnih nesreč.
However, in the strategy paper dated 28 September 2004 [28], the capital estimated by the ONDD using the Cooke ratio (10 % of net commitments) between 2005 and 2007 was approximately EUR 74 to 101 million.
Menijo, da je tveganje naravnih nesreč za zavarovanje kreditov v standardni formuli QIS5 iz direktive Solventnost II trenutno slabo pokrito.
Contrary to the financial projections in the information memo of April 2004, the financial projections of September 2004 included the cover of all short-term risks, thereby encompassing all of Zones 1 and 2.
Zato naj bi bila upravičena uporaba notranjega modela za oceno zahtevanega kapitala v zvezi s političnimi tveganji.
The conclusion in this paper was that paid-up capital of EUR 100 million was enough to carry on the business of short-term whole turnover export policies until 2007, but would have to be reviewed at the end of the period.
S to metodo je zahtevani kapital družbe Ducroire/Delcredere ocenjen [31] na približno 80 do 99 milijonov EUR v obdobju 2005–2007 in približno [125–150] milijonov EUR leta 2009 na podlagi poslovnega načrta (glej preglednico 2 v nadaljevanju).
The Belgian authorities take the view that the application of the Cooke ratio is not an appropriate method for dividing the capital requirements between the marketable and the non-marketable insurance business because the method using the Cooke ratio, which is applied to the amount of commitments, results, they believe, in a certain linearity in that it does not take adequate account of the varied nature of the different underlying risks.
Večina tega zahtevanega kapitala izhaja iz kritja političnega tveganja.
Application of the Solvency II Directive methodology with internal modelling for political risks
Na zahtevo Komisije so belgijski organi zahtevani kapital družbe Ducroire/Delcredere ocenili s standardno formulo QIS5 iz direktive Solventnost II za vse vrste tveganj (tudi politično tveganje).
The Solvency II rules fall within the scope of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and reinsurance [29] (hereinafter: ‘the Solvency II Directive’).
V tem primeru naj bi zahtevani kapital družbe Ducroire/Delcredere [32] znašal manj kot 23 do 25 milijonov EUR v obdobju 2005–2007 in manj kot [25–50] milijonov EUR za leto 2009 (glej preglednico 2 v nadaljevanju).
In 2011 the ONDD developed a methodology that it considers more appropriate for dividing the capital requirements between the marketable and the non-marketable insurance business.
Preglednica 2
It consists of the standard formula under Solvency II [30], developed as part of Quantitative Impact Study 5 (QIS5), accompanied by internal modelling of the capital requirement to cover political risk and calibrated to meet a degree of solvency corresponding to an A rating and applied using the parameters for 2004.
Določanje kapitala družbe Ducroire/Delcredere s strani družbe ONDD/belgijskih organov za leta 2005, 2007 in 2009 na podlagi dveh scenarijev rasti in z uporabo različnih metod
The Belgian authorities argue that it can reasonably be supposed that a prudent private investor would have used this methodology in 2004.
(v mio EUR)
The Solvency II standard formula QIS5 was applied by the ONDD for all risks except political risks.
Metodologija
The Belgian authorities consider that political risk in credit insurance may be likened to catastrophe risk.
Scenarij [33]
They believe that catastrophe risk for credit insurance is currently poorly covered by the Solvency II standard formula QIS5.
Obravnavano obdobje
They take the view that it is therefore justified to use an internal model to estimate the capital requirement in relation to political risks.
Kapital, zahtevan za tržna tveganja
Using this method, Ducroire/Delcredere's capital requirement is estimated [31] at approximately EUR 80 to 99 million between 2005 and 2007 and approximately EUR [125-150] million in 2009 on the basis of the business plan (see Table 2 below).
Kapital, zahtevan za netržna tveganja
The majority of this capital requirement arises from the cover of political risk.
Skupaj
Following a request by the Commission, the Belgian authorities estimated Ducroire/Delcredere's capital requirement by applying the Solvency II standard formula QIS5 for all types of risk (including political risk).
Na podlagi poslovnega načrta
In that case, Ducroire/Delcredere's capital requirement is said [32] to be below EUR 23 to 25 million between 2005 and 2007 and below EUR [25-50] million for 2009 (see Table 2 below).
Solventnost I
Table 2
v skladu s pripombami iz decembra 2011
Determination of Ducroire/Delcredere's capital by the ONDD/Belgian authorities for 2005, 2007 and 2009 under two growth scenarios and using different methods
Konec leta 2005
(EUR million)
Konec leta 2007
Methodology
Člen 8 zakona iz leta 1939
Scenario [33]
Konec leta 2009
Period considered
Cookov količnik/Basel I
Capital require-ment for marketable risks
(10 % neto obveznosti)
Capital requirement for non-marketable risks
v skladu z zapisnikom sestanka upravnega odbora z dne 20.
Total
4.
On the basis of the business plan
2004 in kot je bilo predloženo regulatorju
Solvency I
Konec leta 2006
in line with the comments in December 2011
v skladu s strateškim dokumentom z dne 28.
End 2005
9.
End 2007
2004
Article 8 of 1939 Law
Solventnost II, standardna metoda (iz leta 2011)
End 2009
v skladu s pripombami iz decembra 2011, Priloga B10
Cooke ratio/Basel I
Solventnost II z notranjim oblikovanjem za politična tveganja
(10 % of net commitments)
Prilagojeni kapital (QIS5 + notranji model)(glej uvodno izjavo (76)), vključno z akumuliranim dobičkom [35]
in line with the minutes of the board meeting on 20.4.2004 and as submitted to the regulator
Na podlagi dejanskih številk
End 2006
Dodeljeni vplačani kapital
in line with the strategy paper dated 28.9.2004
v skladu s pripombami z dne 31. maja 2012
Solvency II, standard method (from 2011)
Konec leta 2011
in line with the comments in December 2011, Annex B10
Družba ONDD je v svojih pripombah z dne 16. in 31. maja 2012 poudarila, da so bili na podlagi strateških odločitev v obdobju 2007–2009 (na primer spremembe strategije pozavarovanja, sprememba parametrov tveganja v portfelju netržnih tveganj), ki niso bile vključene v strateški načrt od leta 2004, opravljeni notranji prenosi kapitala iz netržnih zavarovanj za tržna zavarovanja.
Solvency II with internal modelling for political risks
Načelo zasebnega vlagatelja v tržnem gospodarstvu
Adjusted capital (QIS5 + internal model) (see recital 76), including accumulated profit [35]
Belgijski organi menijo, da začetni kapitalski vložek družbe ONDD ob ustanovitvi družbe Ducroire/Delcredere izpolnjuje merilo zasebnega vlagatelja v tržnem gospodarstvu.
On the basis of actual figures
Donosnost glede na napovedi iz leta 2004
Allocated paid-up capital
V obvestilu iz aprila 2004 je družba ONDD na podlagi scenarija 1B, ki je predvideval 6-odstotno rast poslovanja, predvidela donosnost lastniškega kapitala (ROE) v višini 1,3–1,5 % za prva tri leta delovanja družbe Ducroire/Delcredere (leta 2005, 2006 in 2007) z upoštevanimi izravnalnimi rezervacijami in v višini 2,2–2,9 % za ista leta brez izravnalnih rezervacij.
in line with the comments of 31 May 2012
Preglednica 3
End 2011
Finančne napovedi iz aprila 2004 (obseg: območje 1 „10 držav pristopnic“ + območje 2) Vir: Družba ONDD.
In its comments dated 16 and 31 May 2012, the ONDD pointed out that, following strategic decisions taken between 2007 et 2009 (for example, change in the reinsurance strategy, shift in the risk parameters of the portfolio of non-marketable risks) that were not included in its strategic plan from 2004, internal transfers of capital took place from the non-marketable to the marketable insurance business.
To so finančne napovedi iz Priloge 8, str. 70 (dokument z naslovom „Setting up a limited company“ (Ustanovitev družbe z omejeno odgovornostjo) – Création d'une société anonyme – ki je bil upravnemu odboru družbe ONDD predložen 20. aprila 2004), k ugotovitvam belgijskih organov z dne 1. junija 2011.
Principle of a private investor in a market economy
(v tisoč EUR)
The Belgian authorities take the view that the initial capital injection by the ONDD when Ducroire/Delcredere was set up satisfies the criterion of the private investor in a market economy.
Scenarij 1A:
Profitability according to the projections of 2004
dstotna rast
In the memo of April 2004, under scenario 1B, which assumed 6 % growth in business, the ONDD was anticipating a return on equity (ROE) of 1,3 % to 1,5 % for Ducroire/Delcredere's first three years of activity (2005, 2006 and 2007) by including the equalisation provisions, and of 2,2 % to 2,9 % for the same years by excluding the equalisation provisions.
Scenarij 1B:
Table 3
dstotna rast
Financial projections of April 2004 (scope: Zone 1 '10 accession countries' + Zone 2)
Proračun za leto 2005
Source: the ONDD: These are the financial projections set out in Annex 8, p. 70 (paper entitled 'Setting up a limited company' — Création d'une société anonyme — presented to the ONDD Board of Directors on 20 April 2004) to the observations by the Belgian authorities dated 1 June 2011.
Proračun za leto 2006
(EUR thousand)
Proračun za leto 2007
Scenario 1A:
Rezultat zavarovalnih poslov
growth 3 %
Rezultat upravljanja poslov
Scenario 1B:
Zavarovalni rezultat
growth 6 %
Prenos na izravnalne rezervacije
Budget 2005
Zavarovalni rezultat po izravnalnih rezervacijah
Budget 2006
Finančni rezultat
Budget 2007
Davek
Result from insurance business
Rezultat
Result from management business
Kapital
Technical result
Donosnost lastniškega kapitala(rezultat/kapital)
Transfer to equalisation provision
Rezultat + izravnalne rezervacije
Technical result after equal. provision
Donosnost lastniškega kapitala pred izravnalnimi rezervacijami
Financial result
(rezultat + izravnalne rezervacije)/kapital
Tax
Denarni tok
Result
Kapital, potreben za poslovanje
Capital
V dokumentu, ki ga je družba ONDD predložila svojemu upravnemu odboru 28. septembra 2004 – po ustanovitvi družbe Ducroire/Delcredere 23. septembra 2004 – je bila na podlagi „dinamičnega scenarija, tj. 6-odstotna rast“, predvidena donosnost lastniškega kapitala v višini 1,3–1,9 % za leta 2005, 2006 in 2007 z vključenimi izravnalnimi rezervacijami in v višini 2,8– 4,3 % za ta ista leta brez izravnalnih rezervacij.
Return on equity(result/capital)
Rezultati finančnih napovedi iz septembra 2004 so nekoliko drugačni od rezultatov iz aprila 2004, ker napovedi iz septembra 2004 temeljijo na obsežnejšem področju poslovanja (celotno območje 1).
Result + equal. provision
Poleg tega so bila septembra 2004 nekatere predpostavke prilagojene.
Return on equity before equal. provision
Preglednica 4
(result + equal. provision)/capital
Finančne napovedi – september 2004 (obseg: celotno območje 1 in območje 2) Vir: Družba ONDD.
Cash flow
To so finančne napovedi s strani 28 in iz Priloge 9 k dokumentu z naslovom „Strategic guidelines for the ONDD and its subsidiary“ (Strateške smernice za družbo ONDD in njeno podružnico; Lignes directrices stratégiques pour l'ONDD et sa SA), ki so bile upravnemu odboru družbe ONDD predložene 28. septembra 2004, belgijski organi pa so jih predložili 1. junija 2011 v Prilogi 10 k njihovim ugotovitvam.
Capital required by the business
Rezultat zavarovalnih poslov [36]
In the paper presented to its Board of Directors on 28 September 2004 — after Ducroire/Delcredere was set up on 23 September 2004 — the ONDD anticipated, under the ‘dynamic scenario — 6 % growth’, an ROE of 1,3 % to 1,9 % for the three years 2005, 2006 and 2007 by including the equalisation provisions, and of 2,8 % to 4,3 % for the same years by excluding the equalisation provisions.
netržna tveganja (območje 2)
The financial projections of September 2004 present slightly different results to those of April 2004 because the September 2004 projections are based on a more extensive business scope (all of Zone 1).
tržna tveganja (območje 1 „10 držav pristopnic“)
Furthermore, certain assumptions were revised in September 2004.
druga tržna tveganja (območje 1 „druge države“)
Table 4
Donosnost lastniškega kapitala (rezultat/kapital)
Financial projections — September 2004 (scope: all of Zone 1 and Zone 2)
(rezultat + izravnalne rezervacije/kapital)
Source: the ONDD: These are the financial projections set out on page 28 and in Annex 9 to the paper entitled ‘Strategic guidelines for the ONDD and its subsidiary’ (Lignes directrices stratégiques pour l'ONDD et sa SA) presented to the ONDD Board of Directors on 28 September 2004, submitted by the Belgian authorities on 1 June 2011 in Annex 10 to their observations.
V nasprotju z izračunom v obvestilu iz aprila 2004 je donosnost lastniškega kapitala izračunana na podlagi vplačanega kapitala v višini 100 milijonov EUR, pri čemer ni bilo upoštevanih 50 milijonov EUR, ki so bili vloženi, vendar niso bili vplačani.
Result from insurance business [36]
Glede donosnosti lastniškega kapitala, predvidenega za zavarovanje tržnih tveganj, so belgijski organi pojasnili, da se razčlenitev iz strateškega dokumenta, ki je bil upravnemu odboru predložen 28. septembra 2004 [37], ne bi smela upoštevati pri analizi donosnosti zavarovanj tržnih in netržnih tveganj.
non-marketable risks (Zone 2)
Pojasnili so [38], da so te napovedi nesmiselne, saj je bila stopnja zahtevkov občutno precenjena za tveganja, ki so postala tržna leta 2004, obenem pa ni bila upoštevana možnost, da zavarovatelj v primeru dejanskega visokega deleža škod prilagodi premije.
marketable risks (Zone 1 '10 accession countries')
Poudarili so, da upravni odbor družbe ONDD svoje odločitve glede stopnje kapitalizacije družbe Ducroire/Delcredere ni sprejel na podlagi razdelitve iz Priloge 9 k strateškemu dokumentu.
Return on equity (result/capital)
Belgija meni, da pristop, uporabljen v ugotovitvah iz junija 2011, najbolje odraža argumente, ki bi jih leta 2004 upošteval zasebni vlagatelj, obenem pa ostaja skladen s konsolidiranim rezultatom.