natgillin/translations-raw huggingface dataset:
Indicators such as, in particular, ‘[the] integration [of the undertaking] into the structures of the public administration, the nature of its activities and the exercise of the latter on the market in normal conditions of competition with private operators, the legal status of the undertaking (in the sense of its being subject to public law or ordinary company law), the intensity of the supervision exercised by the public authorities over the management of the undertaking, or any other indicator showing, in the particular case, an involvement by the public authorities in the adoption of a measure or the unlikelihood of their not being involved, having regard also to the compass of the measure, its content or the conditions which it contains’ may also be relevant to concluding that an aid measure taken by a public undertaking is imputable to the State [146].
Kazalniki, kot so zlasti: „vključitev [podjetja] v okvir javne uprave, narava njegovih dejavnosti in izvajanje dejavnosti na trgu pod običajnimi pogoji konkurence z zasebnimi gospodarskimi subjekti, pravni status podjetja (ki je pod nadzorom javnega prava ali skupnega prava gospodarskih družb), intenzivnost nadzora, ki ga izvajajo javni organi nad upravljanjem podjetja ali kateri koli drugi kazalnik, ki v posameznem primeru kaže na vključevanje javnih organov pri sprejemanju ukrepa ali majhno verjetnost, da niso vpleteni, pri čemer se upoštevajo tudi okoliščine ukrepa, njegova vsebina ali pogoji, ki jih vsebuje“, so lahko pomembni pri ugotavljanju, ali se ukrep pomoči, ki ga je sprejelo javno podjetje, lahko pripiše državi [146].
In the present case, it should be noted that the CDC is a public establishment placed by the French Finance Law of 28 April 1816 under the supervision and guarantee of the legislature, which performs tasks in the public interest (financing of public service bodies, in particular), is governed by statutory and regulatory rules, and its Director-General and other directors are appointed by the President of the French Republic and the French Government [147].
V obravnavani zadevi bi bilo treba navesti, da je hranilnica in posojilnica CDC javna ustanova, ki jo s francoskim Zakonom o financah z dne 28. aprila 1816 nadzoruje in zanjo jamči zakonodajni organ, ki izvaja naloge javnega interesa (zlasti financiranje ustanov javne službe), urejajo jo zakoni in drugi predpisi, njenega generalnega direktorja in vodstvo pa imenujeta predsednik Francoske republike in francoska vlada [147].
As for the argument of the Member States concerned that the Commission’s position, confirmed by the Court of First Instance in the Air France judgment of 1996, is no longer relevant in the light of subsequent case law (Stardust Marine) and changes to the CDC’s status, the Commission notes first of all that, according to Articles L.518-2 et seq. of the French Monetary and Financial Code as amended by the Law on the modernisation of the economy [148], the CDC still constitutes ‘a public group in the service of the country’s general interest’ which is ‘placed, in a most exceptional manner, under the supervision and guarantee of the legislative authorities’.
Kar zadeva trditev zadevnih držav članic, da stališče Komisije, ki ga je potrdilo Sodišče prve stopnje v sodbi Air France iz leta 1996, glede na nadaljnjo sodno prakso ni več primerno (sodba Stardust Marine) ter spremembe statusa hranilnice in posojilnice CDC, Komisija glede na člen L.518-2 in naslednje monetarnega in finančnega zakonika, kakor je bil spremenjen z Zakonom o posodobitvi gospodarstva [148], najprej navaja, da je hranilnica in posojilnica CDC še vedno „javna skupina v službi splošnih interesov države“, ki jo „izjemoma nadzorujejo in zanjo jamčijo zakonodajni organi“.
The Commission also notes that, in the light of the subsequent case law cited, these factors must nevertheless be taken into account when examining whether the measures concerned are imputable to the State, and that they are, moreover, corroborated by a set of additional indicators described in recitals 490-493.
Komisija tudi navaja, da je treba glede na nadaljnjo navedeno sodno prakso te dejavnike vseeno upoštevati pri proučevanju, ali se zadevni ukrepi lahko pripišejo državi in ali so poleg tega podprti s sklopom dodatnih kazalnikov iz uvodnih izjav 490 do 493.
La Banque Postale is wholly owned by La Poste.
Banka LBP je v celoti v lasti družbe La Poste.
In addition to controlling La Banque Postale, La Poste acts as a service provider by providing it with staff who act ‘for and on behalf of’ La Banque Postale.
Družba La Poste poleg nadzora nad banko LBP deluje kot ponudnica storitev, tako da ji zagotavlja zaposlene, ki delujejo „za in v korist“ banke LBP.
The French State and the CDC [149] hold all the capital and voting rights for La Poste.
Francija ter hranilnica in posojilnica CDC [149] imata kapitalske in glasovalne pravice v družbi La Poste.
Under the law [150], the chairman of the Board of Directors of La Poste is appointed by decree from among the directors; eight members of the Board of Directors of La Poste are proposed by the State, three by the CDC, and one jointly by the State and the CDC; the Board of Directors of La Poste includes one local government representative.
Izmed članov upravnega odbora družbe La Poste se po zakonu [150] z odlokom imenuje predsednik upravnega odbora te družbe, od tega osem članov upravnega obora te družbe imenuje Francija, tri hranilnica in posojilnica CDC, enega pa skupaj Francija ter hranilnica in posojilnica CDC, v upravnem odboru družbe La Poste pa je tudi predstavnik lokalne uprave.
A government commissioner and the head of the State economic and financial supervisory task-force at La Poste attend meetings of the Board of Directors.
Sestankov upravnega odbora se udeležujeta vladni komisar ter vodja državne ekonomsko-finančne nadzorne skupine pri družbi La Poste.
One of the La Poste directors appointed on a proposal from the State is also a director of Dexia SA and has taken part (since the period before the adoption of the conditional decision of 26 February 2010 up to April 2012), as a member of a department representing the French authorities [151], in […] concerning Dexia.
Eden od direktorjev družbe La Poste, imenovan na predlog države, je tudi direktor družbe Dexia SA in je (od obdobja pred sprejetjem sklepa o pogojnem dovoljenju z dne 26. februarja 2010 do aprila 2012) sodeloval kot član oddelka, ki zastopa francoske organe [151], pri […] glede skupine Dexia.
The fact remains that the commitment to recapitalise the NEC and DMA if necessary happened at the same time as notification by the Member States concerned of the revised orderly resolution plan for Dexia, which includes measures which the Member States concerned themselves classify as aid, such as the new final refinancing guarantee and the recapitalisation of Dexia SA.
Dejstvo je, da se je zaveza glede dokapitalizacije nove kreditne institucije in družbe DMA, če bi bilo to potrebno, pojavila, ko so zadevne države članice priglasile spremenjeni načrt nadzorovanega reševanja skupine Dexia, v katerega so vključeni ukrepi, ki jih zadevne države članice same opredeljujejo kot pomoč, kot na primer novo končno jamstvo za refinanciranje in dokapitalizacija družbe Dexia SA.
The revised orderly resolution plan for Dexia is based in particular on the execution of the DMA sale operation, of which the commitment to recapitalise the NEC and DMA is a substantial component that enabled agreement to be reached on the operation.
Spremenjeni načrt nadzorovanega reševanja skupine Dexia temelji zlasti na izvajanju transakcije prodaje družbe DMA, pri kateri je zaveza glede dokapitalizacije nove kreditne institucije in družbe DMA bistvena sestavina, ki je omogočila, da se je glede transakcije dosegel dogovor.
On the subject of the orderly resolution of Dexia, the Member States concerned contend that without it (and without the aid it involves) DCL and/or Dexia would default and Dexia would immediately be wound up, ‘which would undoubtedly cause serious disruption to the Belgian, French and Luxembourg economies and the eurozone in general’ [152].
Zadevne države članice glede nadzorovanega reševanja skupine Dexia trdijo, da družba DCL in/ali skupina Dexia brez tega načrta (in brez pomoči, ki jo vsebuje,) ne bi izpolnili svojih obveznosti, za skupino Dexia pa bi se takoj začel postopek likvidacije: „kar bi nedvomno povzročilo resne motnje v belgijskem, francoskem in luksemburškem gospodarstvu ter euroobmočju na splošno“ [152].
Lastly, the Commission notes that the CDC, La Banque Postale and the French State have decided to create a development bank whose main purpose is not to maximise profitability, but to correct a market shortfall.
Komisija še navaja, da so se Francija, hranilnica in posojilnica CDC ter banka LBP odločile ustanoviti razvojno banko, katere glavni namen ni ustvarjati čim večjo donosnost, ampak odpraviti tržni primanjkljaj.
The development bank aims to grant funding to French local authorities and public hospitals in order to serve the public interest.
Razvojna banka naj bi zagotavljala finančna sredstva za francoske lokalne skupnosti in javne bolnišnice, da bi služile javnemu interesu.
Furthermore, the CDC and La Banque Postale, as well as the French State, will have to meet their commitments concerning the range of products (vanilla loans) to be offered.
Poleg tega bodo morale hranilnica in posojilnica CDC in banka LBP ter Francija izpolniti svoje zaveze glede vrste ponujenih produktov (osnovne oblike posojila).
These factors make it unlikely that the French public authorities have had no decisive influence on the CDC and La Banque Postale in their agreement to participate in the operation to dispose of DMA and set up a development bank, including the commitment to recapitalise the NEC and DMA if necessary.
Zaradi navedenih dejavnikov ni verjetno, da francoski javni organi niso imeli odločilnega vpliva pri tem, da sta se hranilnica in posojilnica CDC ter banka LBP odločili sodelovati pri transakciji prodaje družbe DMA in ustanovitvi razvojne banke, vključno z zavezo za dokapitalizacijo nove kreditne institucije in družbe DMA, če bi bilo to potrebno.
The measure in question is thus imputable to the French State and grants public resources.
Zadevni ukrep se torej lahko pripiše Franciji, z njim pa so se dodelila javna sredstva.
The commitment to provide capital for the NEC and DMA is clearly selective.
Zaveza, da se novi kreditni instituciji in družbi DMA zagotovi kapital, je očitno selektivna.
This commitment confers an advantage on the NEC and DMA.
S to zavezo sta dobili nova kreditna institucija in družba DMA prednost.
First of all, it covers potential losses from the sensitive loans portfolio.
Prvič, ta zaveza krije morebitne izgube iz portfelja občutljivih posojil.
Third, financial projections for the global business plan of the development bank (DMA, the NEC and the JV) indicate a return on equity such that an informed market economy investor would not commit himself to going ahead with such a capital increase.
Tretjič, iz finančnih projekcij za globalni poslovni načrt razvojne banke (družba DMA, nova kreditna institucija in skupno podjetje) je razviden donos iz lastniških instrumentov, tako da se poučeni vlagatelj v tržnem gospodarstvu ne bi zavezal k izvedbi take dokapitalizacije.
The commitment distorts competition because, although the supply of finance for French local authorities and French public health establishments is inadequate as a result of the market shortfall, the fact remains that some institutions are already operating on or may enter this market and will be affected by the arrival of a public development bank receiving State support and State aid.
Čeprav financiranje francoskih lokalnih skupnosti in francoskih ustanov javnega zdravstva zaradi tržnega primanjkljaja ni zadostno, se z zavezami izkrivlja konkurenca, ker nekatere institucije na tem trgu že delujejo ali bi lahko vstopile nanj, zato bi vstop javne razvojne banke, ki prejema državno podporo in državno pomoč, nanje negativno vplival.
Trade between Member States is affected because the finance markets for French local authorities and French health establishments are open to operators established in the European Union.
Trgovina med državami članicami je prizadeta, ker so finančni trgi francoskih lokalnih skupnosti in ustanov javnega zdravstva odprti za gospodarske subjekte s sedežem v Evropski uniji.
The commitment to provide capital for the NEC and DMA thus constitutes State aid.
Zaveza, da se novi kreditni instituciji in družbi DMA zagotovi kapital, torej pomeni državno pomoč.
Commitment to provide liquidity
Zaveza glede zagotavljanja likvidnih sredstev
According to point 16 of France’s commitments concerning the DMA sale operation, the French State, the CDC and La Banque Postale, as shareholders in DMA, undertake to supply the liquidity which the NEC and DMA need.
V skladu s točko 13 zavez Francije glede transakcije prodaje družbe DMA se Francija, hranilnica in posojilnica CDC ter banka LBP, kot delničarke družbe DMA, zavezujejo, da bodo novi kreditni instituciji in družbi DMA zagotovile potrebna likvidna sredstva.
Under point 16 of the commitments relating to DMA, the liquidity will be provided under the conditions set out in the memorandum sent to the Commission on 8 October 2012, which is attached to this Decision (Annex IV(a)) and annexed to those commitments.
V skladu s točko 13 zavez glede družbe DMA se bodo likvidna sredstva zagotovila pod pogoji iz memoranduma, ki je bil Komisiji poslan 8. oktobra 2012 ter je priložen temu sklepu (Priloga IV(a)) in navedenim zavezam.
According to the memorandum, for each issue, the cost of the long-term financing provided for the NEC by its shareholders at market price will be calculated from the financing costs, for the same maturities and currencies, recorded for a panel of credit institutions agreed by the NEC and its shareholders.
Pri vsaki izdaji se bo glede na ta memorandum stroški dolgoročnega financiranja, ki ga bodo novi kreditni instituciji njeni delničarji zagotovili po tržni ceni, izračunali iz stroškov financiranja na enake datume zapadlosti in za enake valute, kar se evidentira za odbor kreditnih ustanov, o katerem so se dogovorili nova kreditna institucija in njeni delničarji.
The cost of financing the NEC and DMA will be equal to the mean costs of financing the institutions forming the panel.
Stroški financiranja nove kreditne institucije in družbe DMA bodo enaki povprečnim stroškom financiranja institucij, ki sestavljajo odbor.
In the light of the commitment to comply with the conditions laid down in the memorandum of 8 October 2012 attached to this Decision (Annex IV(a)), the Commission concludes that the liquidity which the NEC is to provide for the development bank will be supplied under market conditions.
Komisija ob upoštevanju zaveze glede izpolnjevanja pogojev iz memoranduma z dne 8. oktobra 2012, priloženega temu sklepu (Priloga IV(a)), ugotavlja, da bodo likvidna sredstva nove kreditne institucije za razvojno banko zagotovljena pod tržnimi pogoji.
Consequently, the provision of liquidity under the conditions described to the Commission (and the commitment to provide that liquidity) do not bring any competitive advantage.
Zato zagotavljanje likvidnih sredstev pod pogoji, kot so opisani Komisiji (in zaveza glede zagotavljanja navedenih likvidnih sredstev), ne prinaša nobene konkurenčne prednosti.
This measure thus does not constitute aid.
Ta ukrep torej ne pomeni pomoči.
Aid to Dexia resulting from the DMA sale price
Pomoč skupini DMA, ki izhaja iz prodajne cene družbe DMA
In the decision to extend the procedure, the Commission described its doubts as to whether the purchase price of EUR 380 million (with a price adjustment mechanism) for DMA corresponded to a market price [153].
Komisija je v sklepu o razširitvi postopka opisala svoje pomisleke glede tega, ali je nakupna cena za družbo DMA v višini 380 milijonov EUR (z mehanizmom o prilagoditvi cene) ustrezala tržni ceni [153].
The price of EUR 380 million was subsequently confirmed as ‘acceptable for an informed investor’ by a financial analysis consultancy commissioned by the French authorities and the CDC, but taking account of ‘stop-loss’ guarantees and a ‘synthetic selling mechanism for sensitive loans’ with an equivalent effect to the sensitive loans guarantee.
Svetovalec na področju finančne analize, ki so ga naročili francoski organi ter hranilnica in posojilnica CDC, je naknadno potrdil ceno v višini 380 milijonov EUR kot „sprejemljivo za poučenega vlagatelja“, pri čemer so se upoštevala jamstva za omejitev izgube in „umetni prodajni mehanizem za občutljiva posojila“ z enakim učinkom na jamstvo za občutljiva posojila.
In a run-off management scenario (with no new production), according to this consultancy, the value of the NEC/DMA would be EUR […] million.
Glede na oceno svetovalca bi vrednost nove kreditne institucije / družbe DMA po scenariju upravljanja likvidacijske mase (brez ustvarjanja novih produktov) znašala […] milijonov EUR.
According to the memorandum on the DMA sale operation, the sale price of EUR 1 corresponds to a market price taking account of the abandonment of the guarantees and the price adjustment clause, and the development of DMA’s balance sheet in the first three quarters of 2012.
Prodajna cena v višini 1 EUR glede na memorandum o transakciji prodaje družbe DMA ustreza tržni ceni, pri kateri se upošteva opustitev jamstev in klavzula o prilagoditvi cen ter razvoj bilance stanje te družbe v prvih treh četrtletjih leta 2012.
On the basis of the analysis produced for the Commission by an independent trustee, DMA’s total losses arising from unpaid amounts and litigation-related losses were EUR [1,5-4,5] billion in a baseline scenario and EUR [3-8] billion in a stress scenario.
Na podlagi analize, ki jo je za Komisijo izdelal neodvisni skrbnik, so skupne izgube zaradi neplačanih zneskov in zaradi tveganja sodnega postopka za družbo DMA po osnovnem scenariju znašale [1,5–4,5] milijarde EUR, po scenariju izjemnih situacij pa [3–8] milijard EUR.
Even if, as the Member States concerned contend and in the view of the financial analysis consultancy commissioned by the French authorities and the CDC, the market price for DMA with guarantees is EUR 380 million, it is mathematically impossible, in the Commission’s view, for the market price for the NEC (which owns 100 % of DMA, plus the equipment and resources transferred by DCL or made available to the NEC), without guarantees and with a risk of losses of between EUR [1,5-4,5] and [3-8] billion, to be EUR 1.
Po mnenju Komisije matematično ni mogoče, da bi tržna cena za novo kreditno institucijo (ki ima v lasti 100-odstotni delež družbe DMA ter opremo in sredstva, ki jih je novi kreditni instituciji prenesla družba DCL ali jih dala na razpolago) brez jamstev in s tveganjem izgub v razponu od [1,5–4,5] milijarde EUR do [3–8] milijard EUR znašala 1 EUR, četudi tržna cena za družbo DMA z jamstvi znaša 380 milijonov EUR, kot trdijo zadevne države članice in svetovalec na področju finančne analize, ki so ga naročili francoski organi ter hranilnica in posojilnica CDC.
The abandonment of the price adjustment clause cannot account for this positive price, which is excessive in the light of DMA’s loss risk.
Te pozitivne cene ni mogoče utemeljiti z opustitvijo klavzule o prilagoditvi cen, ki je glede na tveganje izgube družbe DMA previsoka.
The reasons why the capital provided for the NEC and DMA by the French State, the CDC and La Banque Postale is imputable to the State and constitutes public resources, as explained in recitals 484-495 above, also apply as regards payment of the purchase price for the NEC by the same parties.
Razlogi, zaradi katerih se lahko kapital, ki ga novi kreditni instituciji in družbi DMA zagotavljajo Francija, hranilnica in posojilnica CDC ter banka LBP, pripiše državi in pomeni javna sredstva, kot je pojasnjeno v uvodnih izjavah 484 do 495, se nanašajo tudi na nakupno ceno za novo kreditno institucijo, ki so jo plačale iste stranke.
The price of EUR 1 benefits Dexia, the vendor, because it is overvalued, given that it means that it no longer has to bear the risks attached to the asset portfolio of its subsidiary DMA.
Od cene v višini 1 EUR ima koristi skupina Dexia, prodajalka, pri čemer je treba upoštevati, da je previsoka, saj to pomeni, da ji ni treba več nositi tveganj, povezanih s portfeljem sredstev njene podružnice DMA.
This competitive advantage is clearly selective given that it benefits Dexia alone.
Ta konkurenčna prednost je očitno selektivna, saj ima od nje koristi le skupina Dexia.
Dexia is in competition with foreign groups, so that trade between Member States is affected by the acquisition, which also threatens to distort competition.
Skupina je v konkurenci s tujimi skupinami, tako da s to pripojitvijo ni le prizadeta trgovina med državami članicami, ampak bi se lahko tudi izkrivljala konkurenca.
It may therefore be concluded that the acquisition of the NEC and DMA by the French State, the CDC and la Banque Postale under the terms described earlier was at a higher price than their real value and thus clearly constitutes an advantage for the vendor.
Zato je mogoče ugotoviti, da so si Francija, hranilnica in posojilnica CDC ter banka LBP novo kreditno institucijo in družbo DMA v skladu z opisanimi pogoji pripojile po višji ceni od njune dejanske vrednosti, kar očitno pomeni prednost za prodajalca.
This over-payment thus constitutes further aid for Dexia.
To preplačilo torej pomeni dodatno pomoč za skupino Dexia.
Aid for DMA
Pomoč za skupino DMA
The Commission also considers that the sale of the NEC/DMA constitutes an advantage for the entity sold.
Komisija prav tako meni, da prodaja nove kreditne institucije / družbe DMA pomeni prednost za prodani subjekt.
The Commission considers that it has been established that the French State, the CDC and La Banque Postale did not behave as informed market economy investors when they acquired the NEC/DMA because 1) the sale price was higher than the market value, and 2) the purchase was made in order to remedy a market shortfall and not to make a profitable investment.
Francija, hranilnica in posojilnica CDC in banka LBP ob pripojitvi nove kreditne institucije / družbe DMA po mnenju Komisije niso ravnale kot poučeni vlagatelj v tržnem gospodarstvu, ker 1) je bila prodajna cena višja od tržne vrednosti, 2) nakup pa je bil opravljen za odpravo tržnega primanjkljaja in ne zaradi izvedbe donosne naložbe.
The Commission also notes that DMA directly benefits from being separated from the Dexia Group, which constitutes an advantage in itself.
Komisija tudi navaja, da ima družba DMA neposredne koristi od ločitve od družbe Dexia, kar je prednost sama po sebi.
The advantages conferred on DMA by the measure distort competition by enabling DMA to present a better picture to its creditors and depositors.
Zaradi prednosti, ki jih ukrep daje družbi DMA, se izkrivlja konkurenca, saj se lahko ta družba svojim upnikom in vlagateljem predstavi v boljši luči.
DMA is in competition with foreign groups, so that trade between Member States is affected.
Trgovina med državami članicami je prizadeta, ker je družba DMA v konkurenci s tujimi skupinami.
Consequently, the Commission concludes that the acquisition of shares in the NEC/DMA by the French State, the CDC and La Banque Postale under the conditions described above constitutes State aid for DMA.
Zato Komisija ugotavlja, da pridobitev deležev v novi kreditni instituciji / družbi DMA, ki so jo v skladu z opisanimi pogoji izvedle Francija, hranilnica in posojilnica CDC ter banka LBP, pomeni državno pomoč za družbo DMA.
Abandoned guarantees (no aid)
Opuščena jamstva (nobene pomoči)