natgillin/translations-raw huggingface dataset:
If a divestiture trustee is appointed, Latvia and Citadele commit to receive binding and irrevocable for all parties bids by […]and enter into a binding and irrevocable agreement for the sale of the full stake of the Republic of Latvia in Citadele by […], to be closed by […]at the latest.
Latvija se zato zavezuje, da bo okrepila prejšnje zaveze delitvi bremena, tako da bo s sredstvi upnikov rešila nekdanje večinske delničarje banke Parex, z njimi povezane pravne ali fizične osebe in druge upnike (v nadaljnjem besedilu: podedovani podrejeni upniki), ki so odobrili podrejene dolgove (v nadaljnjem besedilu: podedovani podrejeni dolgovi).
Further Latvia and Citadele commit that as of […] Citadele will […] new business and the remaining business of Citadele will […], if the Republic of Latvia has not entered by […]into a binding and irrevocable agreement, providing for the closing of the sale by […] of the full stake of the Republic of Latvia in Citadele, or if the IPO does not allow for the Republic of Latvia to sell its entire stake in Citadele by […].
Banka Reverta je presegla zneske likvidnostne podpore, odobrene v končnem sklepu o banki Parex, delno zaradi plačila obresti za podedovane podrejene dolgove.
Latvia and Citadele commit to close the sale and purchase transaction for the sale of the full stake in Citadele of the Republic of Latvia by […].
Če banka Reverta ne bi plačala teh obresti ali če bi se podedovani podrejeni dolgovi odpisali takoj po sprejetju končnega sklepa o banki Parex, Latviji morda ne bi bilo treba izvesti prvega, drugega in tretjega ukrepa v obsegu, v katerem so bili dejansko izvedeni.
If the sale of that stake has not been completed by […], they commit that Citadele will […] new business and the remaining business of Citadele will be […].
Ob upoštevanju navedenega Latvija navaja naslednjo pojasnilo in okrepitev svojih zavez glede dolgovane glavnice in obresti v zvezi s podedovanimi podrejenimi dolgovi:
If Citadele is […] in any of the events mentioned in recitals 64 to 67, any parts of the business of Citadele, for which there is an interest of third parties, can be sold and transferred by the Republic of Latvia and/or Citadele to such a third party (without prejudice to the principles […] and no new State aid).
Banki Citadele in Reverta (nekdanja banka Parex) ter njuna povezana podjetja nobenim podrejenim imetnikom dolgov ali delničarjem, ki niso izrecno Latvija ali banka EBOR, ne plačajo obresti, dividend ali kuponov za obstoječe kapitalske instrumente (vključno s prednostnimi delnicami, delnicami razreda B ter instrumenti višjega in nižjega 2. reda) (dolgovane ali vnaprej vračunane) ali uveljavljali pravic do njihovega vpoklica, dokler in razen če državna pomoč za banko Reverta in/ali banko Citadele ne bo v celoti povrnjena in razen če ne bodo k temu zakonsko obvezani.
Further reduction of the amount of the authorized capital contributions
Če takšne pravne obveznosti obstajajo, se Latvija zavezuje, da jih bo čim prej odpravila (vsekakor najpozneje do 30. aprila 2015).
As regards Reverta, the Amendment Decision authorized the conversion into capital of State deposits and interest (the liquidity support) for the total amount of LVL 118,7 million.
Latvija se tudi zavezuje, da ne bo odplačala nobenega neporavnanega dolga (glavnice) v okviru podedovanih podrejenih dolgov (razen če in dokler ne bo v celoti odplačana vsa državna pomoč, dodeljena banki Reverta/Citadele), ki bo tako:
Because until now only LVL 49,5 million of liquidity support has been converted into capital, Latvia proposes to immediately and permanently reduce the maximum total amount of capital that can be provided to Reverta by Latvia to LVL 49,5 million, from LVL 118,7 million previously.
predmet zavezujoče odredbe, da nobena plačila v okviru podedovanih podrejenih dolgov ne zapadejo in postanejo plačljiva, ali
Commitment to enhance burden-sharing measures by preventing any cash outflows to Reverta's Legacy Subordinated Creditors
pretvorjen v neglasovalni kapital 1. reda ali
Latvia acknowledges that enhanced burden-sharing measures are necessary to ensure the compatibility of the First, Second and Third Measures with the internal market.
odpisan;
Such measures would ensure, inter alia, that no third parties unduly benefit from the additional State aid provided to Reverta and Citadele.
v potrebnem obsegu za kritje negativne čiste vrednosti premoženja banke Reverta in če obstaja pravna podlaga.
For that purpose Latvia commits to enhance previous burden-sharing commitments by bailing-in the former majority shareholders of Parex banka, their affiliates, and other creditors (the ‘Legacy Subordinated Creditors’) that had granted subordinated loans (the ‘Legacy Subordinated Loans’).
Latvija bo sprejela vse potrebne ukrepe za zagotovitev, da bodo kakršne koli pravne določbe, ki so potrebne za izpolnjevanje navedenih zavez, sprejete najpozneje do 30. aprila 2015.
Reverta has exceeded the liquidity amounts authorized by the Final Parex Decision in part due to the payment of interest on the Legacy Subordinated Loans.
Odgovor Latvije na pripombe tretje osebe
Had Reverta not paid such interest or had the Legacy Subordinated Loans been written down immediately following the Parex Final Decision, Latvia might not have had to implement the First, Second and Third Measures to the extent they were actually undertaken.
Latvija je 6. junija 2014 predložila odgovor na pripombe tretje osebe, ki jih je prejela od Komisije.
In light of the foregoing, Latvia offers to clarify and strengthen its commitments as regards the principal and interest due in respect of the Legacy Subordinated Loans as follows:
Trdi, da so domneve v pripombah neutemeljene in da niso nikakor povezane s sklepom o začetku postopka.
Citadele and Reverta (formerly Parex banka) as well as their affiliated undertakings shall not pay any interest, dividends or coupons on existing capital instruments (including preference shares, B shares, and upper and lower tier-2 instruments) (either due or accrued) or exercise any call rights in relation to the same, to any subordinated debtholders or shareholders, who are not strictly the Latvian State or the EBRD, until and unless the State aid to Reverta and/or Citadele has been fully repaid and unless there is a legal obligation to do so.
Latvija zavrača domneve tretje osebe in od Komisije zahteva, naj jih ne upošteva.
To the extent such legal obligations exist, Latvia undertakes to remove them as soon as possible (and in any event by 30 April 2015 at the latest).
OCENA
Latvia also commits not to repay any outstanding debt (principal) of the Legacy Subordinated Loans (unless and until all State aid to Reverta/Citadele is fully repaid), which will be either:
Obstoj državne pomoči po novih ukrepih
i. subject to a binding order that no payments under the Legacy Subordinated Loans shall become due and payable; or
V skladu s členom 107(1) Pogodbe je „vsaka pomoč, ki jo dodeli država članica, ali kakršna koli vrsta pomoči iz državnih sredstev, ki izkrivlja ali bi lahko izkrivljala konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga, nezdružljiva z notranjim trgom, kolikor prizadene trgovino med državami članicami“.
converted into non-voting Tier 1 capital; or
Da bi bil ukrep opredeljen kot državna pomoč, morajo biti izpolnjeni vsi naslednji pogoji: (a) financirati se mora iz državnih sredstev; (b) dajati mora prednost posameznim podjetjem ali proizvodnji posameznega blaga; (c) mora izkrivljati ali bi lahko izkrivljal konkurenco in lahko vpliva na trgovino med državami članicami.
written down;
Prvi ukrep
to the extent necessary to cover the negative net asset value of Reverta, and provided a legal base is available.
Dejstvo, da je odobritev podrejenih dolgov banki Parex s strani Latvije pomenila državno pomoč, je bilo opredeljeno v prvem sklepu o reševanju, ko je Komisija izdajo podrejenega dolga s petletnim rokom zapadlosti odobrila kot združljiv ukrep pomoči.
Latvia will undertake all necessary measures to ensure that any legal provisions needed to comply with the commitments above are put in place by 30 April 2015 at the latest.
Komisija je takrat sklenila, da vlagatelj pod tržnimi pogoji ne bi odobril podrejenega dolga s petletnim rokom zapadlosti [26].
Reaction of Latvia to the third party comments
Podrejeni dolgovi, ki jih je Latvija dejansko odobrila v korist banke Parex, so bili popolnoma enaki ukrepu, ki ga je odobrila Komisija, le da so imeli dolgovi daljši rok zapadlosti, kar je pomenilo dodatno prednost za banko Parex.
On 6 June 2014, Latvia submitted its response in relation to the third party comments received by the Commission.
Podrejeni dolg s sedemletnim rokom zapadlosti bi posojilojemalcu zagotovil večjo prednost kot podrejeni dolg s petletnim rokom zapadlosti, saj se tveganje vlagatelja kakršne koli naložbe s podaljšanjem roka zapadlosti naložbe poveča.
Latvia asserts that the allegations brought forward by the comments are unsubstantiated and of no relevance in relation to the Opening Decision.
Ko je bil odobren podrejeni dolg s sedemletnim rokom zapadlosti, je bilo to, da bi vlagatelj pod tržnimi pogoji odobril podrejeni dolg s takšnim podaljšanim rokom zapadlosti, še manj verjetno, kot da bi odobril podrejeni dolg s petletnim rokom zapadlosti.
Latvia rejects the allegations of the third party and requests that they are disregarded by the Commission.
Zato je daljši rok zapadlosti podrejenega dolga v primerjavi z obliko podrejenega dolga, odobreno v okviru sklepov o reševanju in končnega sklepa o banki Parex, pomenil dodatno prednost za banko Parex.
ASSESSMENT
Ker so bile vse druge zahteve za obstoj državne pomoči že opredeljena v prvem sklepu o reševanju, prvi ukrep pomeni dodatno državno pomoč.
Existence of State aid following the new measures
Drugi ukrep
According to Article 107(1) of the Treaty, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market
Latvija je 27. junija 2013 banki Citadele odobrila dodatno 18-mesečno podaljšanje roka zapadlosti za podrejene dolgove v znesku 37 milijonov LVL (od skupaj 45 milijonov LVL dolgov v imetništvu Latvije na navedeni datum).
The qualification of a measure as State aid requires the following conditions to be met cumulatively: (a) the measure must be financed through State resources; (b) it must grant a selective advantage liable to favour certain undertakings or the production of certain goods; (c) the measure must distort or threaten to distort competition and have the potential to affect trade between Member States.
Ker niso bile predložene dodatne utemeljitve, je Komisija v sklepu o začetku postopka ocenila, da vlagatelj pod tržnimi pogoji ne bi odobril takega podaljšanja roka zapadlosti, saj je v primerjavi s prej obstoječo obliko podrejenih dolgov pomenilo dodatno tveganje.
The First Measure
Zato je po mnenju Komisije daljši rok zapadlosti podrejenega dolga v primerjavi z obliko podrejenega dolga, odobreno v okviru sklepov o reševanju in končnega sklepa o banki Parex, pomenil dodatno prednost, ki jo je banki Parex podelila država, in s tem dodatno pomoč.
The fact that the granting by Latvia of subordinated loans to Parex banka entailed State aid was established in the first rescue Decision, when the Commission approved the issuance of subordinated debt with a five-year maturity as a compatible aid measure.
Latvija je navedla, da bi se vlagatelj pod tržnimi pogoji razumno odločil sprejeti posebne ukrepe za vzdrževanje kapitalske ustreznosti banke za ohranitev vrednosti svoje naložbe.
The Commission decided at that time that a market economy investor would not have granted subordinated debt with a five-year maturity [26].
Zato v bistvu trdi, da drugi ukrep ni zagotovil prednosti banki Citadele, ker je bila zagotovitev dodatne podpore v skladu z načelom vlagatelja pod tržnimi pogoji.
The subordinated loans which were in fact granted by Latvia in favour of Parex banka were identical to the measure which had been approved by the Commission except for the fact that they had a longer maturity, which generated an additional advantage for Parex banka.
Komisija ne ugovarja, da se načelo vlagatelja pod tržnimi pogoji uporablja za transakcijo, kot je drugi ukrep.
Subordinated debt with a seven-year maturity would give the borrower a greater advantage than subordinated debt with five-year maturity since the risk for an investor of any given investment increases as the maturity of the investment is extended.
Vendar opozarja, da so sodišča Unije poudarila, da mora država članica, če se v upravnem postopku sklicuje na to merilo, v primeru dvoma nedvoumno in na podlagi objektivnih in preverljivih elementov dokazati, da je država izvedeni ukrep sprejela kot delničarka, in da je morda treba v zvezi s tem dokazati, da odločitev temelji na ekonomskih ocenah, primerljivih z ocenami, ki bi jih v danih okoliščinah izvedel razumni zasebni vlagatelj v položaju, ki je čim bolj enak položaju države članice, preden bi se odločil za naložbo, da bi ugotovil prihodnjo dobičkonosnost naložbe [27].
When the subordinated debt with a seven-year maturity was granted, it would have been even less likely for a market economy investor to grant the subordinated debt under those extended terms than it would have been for it to have done so for five years.
Komisija na podlagi navedenega meni, da trditev Latvije, da je ravnala v skladu z načelom vlagatelja pod tržnimi pogoji, ni bila utemeljena z osnovnimi argumenti in podrobno analizo.
For that reason, the longer maturity of the subordinated debt represented an additional advantage for Parex banka compared to the form of the subordinated debt that was approved in the Rescue Decisions and the Parex Final Decision.
Prvič, Komisija ni prejela nobenih dokazov, da je Latvija hkrati z odločitvijo o izvedbi drugega ukrepa izvedla oceno svoje naložbe v banko Citadele.
Since all the other requirements for State aid to be present had already been established in the first rescue Decision, the First Measure represents additional State aid.
Vlagatelj pod tržnimi pogoji v vlogi delničarja bi ocenil vrednost banke Citadele, da bi določil sedanjo vrednost svoje naložbe v navedeno banko pred izvedbo drugega ukrepa (torej brez izvedbe ukrepa) in po njej ter primerjal ti dve vrednosti.
The Second Measure
Komisija meni, da bi v dobiček usmerjen vlagatelj pod tržnimi pogoji najprej določil sedanjo vrednost svoje naložbe v banko, nato pa bi se prepričal, ali bi dodatno podaljšanje roka zapadlosti podrejenih dolgov zaščitilo sedanjo vrednost te naložbe.
On 27 June 2013 Latvia granted an additional 18-month extension of the maturity of LVL 37 million of subordinated loans to Citadele (out of the total of LVL 45 million held by Latvia at that time).
Če bi Latvija izvedla to analizo, bi morala dokazati, da je bila odobritev podaljšanega roka zapadlosti učinkovit ukrep, ki je vsaj zaščitil vrednost naložbe, ter da so bili oportunitetni stroški izvedbe tega ukrepa nižji od zvišanja vrednosti.
In the Opening Decision, in absence of further arguments, the Commission assessed that such a maturity extension would not have been granted by a market economy investor, as it presented additional risks compared to the previously existing form of the subordinated loans.
Komisija se lahko s tem, da je Latvija ravnala v skladu z načelom vlagatelja pod tržnimi pogoji, strinja le, če so bili oportunitetni stroški zagotovitve podaljšanja roka zapadlosti nižji od ohranitve vrednosti na podlagi drugega ukrepa.
Therefore, the Commission considered that the longer maturity of the subordinated debt represented an additional advantage granted by the State to Citadele compared to the form of the subordinated debt that was approved in the Rescue Decisions and the Parex Final Decision, and thus additional aid.
Zato Komisija meni, da drugega ukrepa ni mogoče šteti za skladnega z ravnanjem udeleženca v tržnem gospodarstvu, ki bi se znašel v primerljivem položaju kot Latvija junija 2013.
Latvia has submitted that a market investor would have rationally opted to take specific measures to maintain the capital adequacy of the bank to preserve the value of its investment.
Drugič in vsekakor, ustaljena načela za uporabo načela udeleženca v tržnem gospodarstvu zahtevajo primerjavo z ravnanjem razumnega zasebnega vlagatelja v okoliščinah, ki so čim bolj podobne okoliščinam države članice [28].
It therefore contends in essence that the Second Measure conferred no advantage on Citadele because the provision of additional support was in line with the market economy operator principle.
Zato bi morala Latvija pri oceni vrednosti svoje naložbe v banko Citadele upoštevati zaveze iz končnega sklepa o banki Parex v zvezi s prodajo banke Citadele.
However, it recalls that the Union Courts have underlined that if a Member State relies on that test during the administrative procedure, it must, where there is doubt, establish unequivocally and on the basis of objective and verifiable evidence that the measure implemented falls to be ascribed to the State acting as shareholder and that, in that regard, it may be necessary to produce evidence showing that the decision is based on economic evaluations comparable to those which, in the circumstances, a rational private investor in a situation as close as possible to that of the Member State would have had carried out, before making the investment, in order to determine its future profitability [27].
Ob predpostavki, da 27. junija 2013, ko je bilo odobreno podaljšanje roka zapadlosti, ni bilo kupca za dejavnost upravljanja premoženja, bi zasebni vlagatelj sklenil, da prodaja dejavnosti upravljanja premoženja skupaj z banko Citadele do roka 30. junija 2013, ki je določen v končnem sklepu o banki Parex, ni mogoča in je treba zato ta subjekta prodati ločeno.
Against that background, the Commission considers that the claim of Latvia to have acted in line with the market economy operator principle has not been substantiated with underlying arguments and with a detailed analysis.
Poleg tega zasebni delničar banke v okoliščinah, ki so čim bolj podobne okoliščinam države članice, ne bi imel razloga predvidevati, da bo izpolnjevanje navedenih zavez odpravljeno ali odloženo, saj bi morala kakršne koli takšne spremembe odobriti Komisija.
A market investor acting as a shareholder would have assessed the value of Citadele to establish the present value of its investment in that bank before (and so without) and after the implementation of the Second Measure and would have compared those two values.
Zato morajo parametri za oceno vrednosti naložbe Latvije v banko Citadele junija 2013 zaradi odločitve glede odobritve podaljšanega roka zapadlosti vključevati zaveze iz končnega sklepa o banki Parex.
The Commission considers that a profit-guided market investor would have started by establishing the present value of its investment in the bank and then would have ascertained if the current value of that investment would be protected by the additional maturity extension of the subordinated loans.
Latvija ni predložila dokazov, da je upoštevala vse te parametre ali da je bila takratna vrednost njenih naložb ob upoštevanju navedenih parametrov višja od oportunitetnih stroškov podaljšanja roka zapadlosti.
If the result of that examination showed that the value could have been protected or even increased, then, as a second step, a profit-driven market i nvestor would have compared the opportunity cost of safeguarding (or even increasing) the value and the difference in value.
Komisija tudi zato meni, da drugega ukrepa ni mogoče šteti za skladnega z ravnanjem udeleženca v tržnem gospodarstvu, ki bi se znašel v primerljivem položaju kot Latvija junija 2013.
If Latvia had engaged in such analysis, Latvia should have demonstrated that the granting of the prolonged maturity was an effective measure to at least safeguard the value of the investment and then should have demonstrated that the opportunity cost of providing such measure was less than the increase of value.
Tretjič, tudi če bi Latvija izvedla dovolj podrobno analizo drugega ukrepa, da bi ohranila vrednost svoje naložbe v banko Citadele od junija 2013, in tudi če bi pri tej analizi upoštevala omejitve, ki bi jih upošteval udeleženec v tržnem gospodarstvu ter ki izhajajo iz neizbežne prodaje banke Citadele in ločene odprodaje dejavnosti upravljanja premoženja, trditve Latvije v zvezi s stroški drugega ukrepa in ravnjo vrednosti naložbe v banko Citadele, ki naj bi se s tem ukrepom predvidoma ohranila, niso verjetne.
Only if the opportunity costs of providing the additional maturity were less than the value preservation resulting from the Second Measure could the Commission can accept that Latvia has acted in line with the market economy operator principle.
Po eni strani trditev Latvije, da drugi ukrep ni vključeval nobenih stroškov za državo, ni podprta z nobenimi dodatnimi podrobnostmi ali dokazi v zvezi z oceno stroškov, ki jo je Latvija izvedla ob sprejetju drugega ukrepa.
However, Latvia has provided neither a contemporaneous assessment of the value of the investment nor an analysis demonstrating that the opportunity costs of providing the additional maturity were less than the value preservation resulting from the implementation of the Second Measure.
Zasebni vlagatelj bi takšno analizo oportunitetnih in kakršnih koli drugih vrst stroškov, povezanih z drugim ukrepom, izvedel, preden bi sprejel razumno odločitev glede podaljšanja roka zapadlosti podrejenega dolga.
For that reason, the Commission considers that the Second Measure cannot be considered to be in line with the behaviour of a market economy operator finding itself in a comparable position to that of Latvia in June 2013.
Ker ocena stroškov ni bila izvedena, je Komisija sklenila, da zasebni vlagatelj ne bi mogel oceniti zaželenosti drugega ukrepa z vidika povečanja dobička.
In the second place and in any event, established principles for the application of the market economy operator principle require the comparison with the behaviour of a rational private investor to be made in a situation which is as close as possible to that of the Member State [28].
Vsi kazalniki, ki so na voljo Komisiji, kažejo, da je bila vrednost naložbe Latvije v banko Citadele junija 2013 nizka, mogoče celo negativna.
In consequence, when assessing the value of its investment in Citadele, Latvia should have taken into consideration the commitments recorded in the Parex Final Decision relating to the sale of Citadele.
Kar zadeva morebitni prihodnji pritok dohodkov iz naložbe Latvije v banko Citadele, niso bili predloženi nobeni dokazi, da bi lahko delničarji junija 2013 od banke Citadele pričakovali kakršne koli dividende v bližnji prihodnosti.
In June 2013, at the time the Second Measure was implemented, those commitments included obligations to divest Citadele by 31 December 2014 and also to divest Citadele without the Wealth Management Business (since the Wealth Management Business had to be divested separately if it had not been sold by 30 June 2013).
Ob odobritvi podaljšanja roka zapadlosti torej niso bili predloženi nobeni dokazi, da bo lahko banka Citadele (glede na njen pričakovani dobiček in količnik kapitalske ustreznosti) razdelila dividende pred 31. decembrom 2014, saj bo 10,3-odstotni količnik kapitalske ustreznosti, ki bo predvidoma dosežen do 31. decembra 2013, komaj presegel zahtevani minimalni 10-odstotni količnik kapitalske ustreznosti in bo veliko nižji od […]-odstotnega količnika kapitalske ustreznosti, ki ga Komisija za finančne in kapitalske trge priporoča za obravnavanje obstoječih in morebitnih tveganj banke Citadele.