natgillin/translations-raw huggingface dataset:
The fairness opinion also states that ‘the value of NEC/DMA, as the progressive recovery of value adjustments has been taken into account, is indicatively EUR […] in a value run-off scenario’.
V nepristranskem mnenju je tudi navedeno, da „znaša vrednost nove kreditne institucije/družbe DMA okvirno […] EUR po scenariju zmanjšanja vrednosti, saj se je upoštevala postopna poravnava prilagoditve vrednosti“.
In their memorandum on the DMA sale operation (‘the memorandum on the DMA sale operation’), the Member States concerned also note that, initially, ‘it was agreed that the purchase price of DMA and the tools, personnel and resources transferred by DCL would be EUR 380 million’ [footnote: and that ‘the parties had planned for [Dexia] and DCL to grant a number of purchaser guarantees in connection with the disposal of DMA: a performance and litigation guarantee on […] of sensitive loans, a ‘stop-loss’ guarantee above an annual threshold of 10 basis points on mean outstanding loans, and other general and specific guarantees’ [43].
Zadevne države članice so v svojem memorandumu o transakciji prodaje družbe DMA (v nadaljnjem besedilu: memorandum o transakciji prodaje družbe DMA) ugotovile tudi, da „je bilo“ sprva „dogovorjeno, da naj bi nakupna cena družbe DMA ter orodij, osebja in sredstev, ki bi jih prenesla banka DCL, znašala 380 milijonov EUR“ [opomba: ter da „so strani načrtovale, da naj bi [skupina Dexia] in banka DCL odobrili številna jamstva o nakupu v zvezi s prodajo družbe DMA, med katerimi so: jamstvo za učinkovitost in jamstvo proti sodnim postopkom […] za občutljiva posojila, jamstvo za omejitev izgube nad letnim pragom 10 bazičnih točk na povprečna neodplačana posojila ter druga splošna in posebna jamstva“] [43].
They also indicated that they subsequently agreed to abandon the ‘stop-loss’ guarantee, and, then, ‘the synthetic transfer of sensitive loans to DCL’s balance sheet. France’s guarantee covering DCL’s commitments in this respect has also been abandoned’ [44].
Poleg tega so navedle, da so se naknadno dogovorile o opustitvi jamstva za omejitev izgube in nato: „o umetnem prenosu občutljivih posojil v bilanco stanja banke DCL. Opuščeno je bilo tudi jamstvo Francije, ki krije zaveze banke DCL v zvezi s tem“ [44].
According to the Member States concerned, it was ‘in order to take account of these two significant changes to the DMA disposal procedure and preserve its market character [that] the sale price was revised downwards and set at EUR 1. This new price (which no longer depends on DMA’s net situation) also takes account of the abandonment of the price adjustment clause’ [45].
Po navedbah zadevnih držav članic, se je: „tržna cena popravila navzdol in določila pri 1 EUR, da bi se upoštevali ti dve znatni spremembi v postopku prodaje družbe DMA in ohranil njen tržni značaj. Pri tej novi ceni (ki ni več odvisna od neto stanja družbe DMA) se upošteva tudi opustitev klavzule o prilagoditvi cen“ [45].
After noting that the fairness opinion states that the price of DMA and the tools, personnel and resources needed for DMA’s management would be EUR 380 million in the initial disposal procedure (which included the guarantees and the price adjustment clause), the Member States concerned specified that ‘as the guarantees and the price adjustment clause included in the procedure have been abandoned and in view of DMA’s balance sheet situation in the first three quarters of 2012, the adjusted price of EUR 1 fully preserves its market character’ [46].
Zadevne države članice so po omembi tega, da je v nepristranskem mnenju navedeno, da bi v prvotnem postopku prodaje cena družbe DMA ter orodij, osebja in sredstev, potrebnih za upravljanje družbe DMA, znašala 380 milijonov EUR (v kar so vključena jamstva in klavzula o prilagoditvi cene), pojasnile, da „zaradi opustitve jamstev in klavzule o prilagoditvi cene, vključenih v postopek, in ob upoštevanju stanja bilance stanja družbe DMA v prvih treh četrtletjih leta 2012 prilagojena cena 1 EUR v celoti ohranja svoj tržni značaj“ [46].
The French authorities consider that there is a market shortfall as regards the financing of French public health establishments and local authorities.
Francoski organi menijo, da obstaja pri financiranju francoskih ustanov javnega zdravstva in lokalnih skupnostih tržni primanjkljaj.
The French authorities, and the CDC and La Banque Postale, were therefore planning to purchase DMA (by purchasing the NEC which was DMA’s 100 % shareholder) in order to convert it into a ‘development bank’.
Francoski organi, hranilnica in posojilnica CDC ter banka LBP so torej nameravali kupiti družbo DMA (z nakupom nove kreditne institucije, ki je bila 100-odstotna delničarka družbe DMA), da bi jo spremenili v „razvojno banko“.
The scope of action of this development bank would be limited to correcting the market shortfall for the financing of French public health establishments and local authorities, as that shortfall could not be corrected by the available market supply.
Obseg delovanja te razvojne banke bi bil omejen na odpravljanje tržnega primanjkljaja pri financiranju francoskih ustanov javnega zdravstva in lokalnih skupnosti, saj primanjkljaja ni bilo mogoče odpraviti z razpoložljivo ponudbo na trgu.
The French authorities adduced the following arguments in support of this market shortfall and the need to set up a development bank.
Francoski organi so navedli naslednje utemeljitve v podporo temu tržnemu primanjkljaju in potrebi po ustanovitvi razvojne banke.
Financing of public health establishments in France
Financiranje ustanov javnega zdravstva v Franciji
According to the French authorities, hospital investment totalled EUR 6,5 billion in 2010 (a 4,5 % drop in comparison with 2009) after continuing to rise since the beginning of the 2000s.
Francoski organi so navedli, da so naložbe v bolnišnice leta 2010 znašale skupaj 6,5 milijarde EUR (tj. 4,5 % manj kot leta 2009), potem ko so od začetka novega tisočletja nenehno naraščale.
Most of this investment was financed by self-financing and subsidies.
Večina teh naložb se je financirala v okviru samofinanciranja in iz subvencij.
The level of coverage of investment by medium- to long-term debt was 36 % in 2010.
V letu 2010 je bila stopnja pokritosti naložb s srednje- do dolgoročnim dolgom 36-odstotna.
Moreover, this financing need covers heavy, in particular property-related, investment projects, in a context in which the obsolescence rate (which relates accumulated depreciation to the gross value of property and which reached a historically high level in 2002) required major investment to preserve the building stock: the obsolescence rate increased from 50 % to 55 % between 1997 and 2002.
Poleg tega se s takim financiranjem pokrijejo visoki naložbeni projekti, povezani zlasti z nepremičninami, v okviru, v katerem je bila zaradi stopnje zastarelosti (ki povezuje znesek kumulativne amortizacije z bruto vrednostjo nepremičnine in ki je leta 2002 dosegla najvišjo raven v zgodovini) potrebna večja naložba za ohranitev stavbnega fonda, saj se je stopnja zastarelosti med leti 1997 in 2002 povečala s 50 % na 55 %.
Compared with the 2002 breakdown, the breakdown of direct investment by type in 2010 thus showed a shift towards property and away from ‘equipment’.
Iz razčlenitve neposrednih naložb po vrsti iz leta 2010 je v primerjavi z razčlenitvijo iz leta 2002 tako razviden premik stran od „opreme“ k nepremičninam.
In future years, investment needs will be at two main levels.
V prihodnjih letih bodo potrebe po naložbah na dveh glavnih stopnjah.
Essential safety issues will have to be tackled as a priority (compliance with earthquake-related standards, risks of flooding, asbestos removal, priority fire risks); investment projects in the quality of healthcare supply will also be needed.
Prednostno bo treba obravnavati bistvena varnostna vprašanja (kot so: skladnost s protipotresnimi standardi, nevarnost poplav, odstranjevanje azbesta, prednostna nevarnost požarov), potrebni pa bodo tudi naložbeni projekti v kakovost zdravstvene oskrbe.
These will also chiefly involve property operations (construction, reconstruction, refitting, etc.) which generally represent heavy investment and for which at least some borrowing is unavoidable.
V njih bodo v glavnem vključene tudi nepremičninske dejavnosti (gradnja, obnova, popravila itd.), pri katerih so naložbe na splošno visoke in je neizogibna vsaj določena mera izposojanja.
In parallel, public health establishments have a major short-term financing need of some EUR 3 billion per annum (with a mean drawdown of 50 %), because of their need for substantial working capital.
Obenem pa imajo ustanove javnega zdravstva zaradi svoje potrebe po znatnem obratnem kapitalu večjo kratkoročno potrebo po financiranju, ki letno znaša približno 3 milijarde EUR (s povprečnim 50-odstotnim črpanjem sredstev).
This need is chiefly explained by the time lag between payments by sickness insurance to public health establishments and their tight expenditure timetable.
To potrebo je mogoče v glavnem pojasniti z zakasnitvijo, s katero zdravstveno zavarovanje povrne plačila ustanovam javnega zdravstva, in z njihovo tesno časovno razporeditvijo odhodkov.
On the supply side, French banks are not in a position to take up Dexia’s market share.
Kar zadeva področje ponudbe, francoske banke ne morejo prevzeti tržnega deleža skupine Dexia.
Unbrokered financing is in practice marginal (only 5,7 % of outstanding debt is in the form of bond issues), largely because there are so many small establishments: France had 1034 public health establishments on 31 December 2010.
Financiranje brez denarnega posredovanja je v praksi majhno (le 5,7 % neporavnanega dolga je v obliki izdanih obveznic), predvsem zaradi tako velikega števila majhnih ustanov, saj je bilo 31. decembra 2010 v Franciji 1034 ustanov javnega zdravstva.
The university hospital centres, which are the largest establishments, account for 99,1 % of all bond issues.
Univerzitetni bolniški centri, ki so največje ustanove, so izdali 99,1 % vseh obveznic.
Dexia held by far the largest market share: in recent years the bank covered some [40-45] % of medium- to long-term financing needs and provided around one third of cash flow lines.
Skupina Dexia je imela v lasti zdaleč največji tržni delež, saj so v zadnjih letih banke krile [40–45] % srednje- do dolgoročnih potreb po financiranju in zagotovile približno tretjino linij denarnega toka.
As stock, Dexia continued to hold [30-35] % of total outstanding debt at the end of 2010 (see graph below).
Ob koncu leta 2010 je imela skupina Dexia v smislu kapitala še naprej v lasti [30–35] % skupnega neporavnanega dolga (glej spodnjo razpredelnico).
According to the French authorities, the other French banks would also not be in a position to take up the market shares left by Dexia for various reasons:
Francoski organi so navedli, da tudi druge francoske banke ne bi mogle prevzeti tržnih deležev, ki jih je zapustila skupina Dexia, in sicer iz naslednjih razlogov:
knowledge of this market continues to be limited, largely because of the small volumes in play, whereas Dexia had a very good knowledge of the market;
poznavanje tega trga je še vedno omejeno, predvsem zaradi majhnih zneskov v igri, medtem ko je skupina Dexia zelo dobro poznala trg;
the forthcoming application of the new Basel III prudential ratios, especially the liquidity ratios and the leverage ratio, is deterring banks from pursuing activities involving the grant of long-term loans, especially when these loans are not being offset by the collection of deposits through which banks can stabilise their financing sources.
prihodnja uporaba bonitetnih razmerij iz novega sporazuma Basel III, zlasti likvidnostnih količnikov in stopnje finančnega vzvoda, odvrača banke od opravljanja dejavnosti, ki vključujejo odobritev dolgoročnih posojil, zlasti kadar se ta posojila ne izravnajo z zbiranjem vlog, prek katerih lahko banke stabilizirajo svoje vire financiranja.
Like local authorities, it is mandatory for public health establishments to deposit their available funds in a treasury account.
Ustanove javnega zdravstva morajo tako kot lokalne skupnosti svoja razpoložljiva sredstva vložiti na račun državne blagajne.
There is also an issue specific to public health establishments since they have a structural need not just for medium- to long-term bank loans, but also for cash flow lines.
Poleg tega obstaja tudi vprašanje, ki se nanaša posebej na ustanove javnega zdravstva, saj nimajo le strukturne potrebe po srednje- do dolgoročnih bančnih posojilih, ampak tudi po linijah denarnega toka.
The new Basel III regulations penalise cash flow lines as a counterpart for which banks will have to create more own funds as well as a substantial liquidity buffer.
Po novih pravilih sporazuma Basel III se linije denarnega toka kaznujejo kot protivrednost, za katero bodo morale banke ustvariti več lastnih sredstev ter znatnejše likvidnostne rezerve.
In this context, French banks have undertaken to maintain their outstanding loans to the local public sector (including both local authorities and public health establishments) in 2012 (i.e. loan production of the order of EUR 9 to 10 billion).
Francoske banke so se v tem okviru leta 2012 zavezale k ohranitvi svojih neodplačanih posojil javnega sektorja na lokalni ravni (vključno z lokalnimi skupnostmi in ustanovami javnega zdravstva) (tj. ustvarjanje posojil v vrednosti 9 do 10 milijard EUR).
In France’s view, this rules out any take up of the market shares left by Dexia.
Po mnenju Francije se s temi pravili izvzame kakršno koli pobiranje tržnega deleža, ki ga je pustila skupina Dexia.
The general balance-sheet size objective of French banks is thus affecting not just the financing of local authorities, but also the financing of public health establishments.
Cilj obsega splošne bilance stanja francoskih bank torej ne vpliva le na financiranje lokalnih skupnosti, ampak tudi na financiranje ustanov javnega zdravstva.
For these various short-term and long-term reasons, the French authorities fear that it is unlikely that the margin improvements and the small volumes in play will be enough to bring about a natural rise in the private supply that is able to make up for Dexia and satisfy the demand from French public health establishments.
Francoski organi se zaradi teh različnih kratko- in dolgoročnih razlogov bojijo, da ni verjetno, da bodo majhne izboljšave in nizki zneski v igri zadostovali za naravno povečanje zasebne ponudbe, ki bi lahko nadomestila skupino Dexia in zadostila potrebam francoskih ustanov javnega zdravstva.
Financing of local authorities
Financiranje lokalnih skupnosti
The local public sector in France is made up primarily of local authorities, i.e. municipalities and their groupings, regions and départements.
V Franciji je javni sektor na lokalni ravni sestavljen v glavnem iz lokalnih skupnosti, tj. občin in njihovih združenj, regij in departmajev.
The economic scale of these entities corresponds to an annual expenditure flow of the order of EUR 220 billion (total management and investment expenses).
Gospodarski obseg teh subjektov ustreza letnemu toku odhodkov v vrednosti 220 milijard EUR (skupni stroški upravljanja in naložb).
Investment expenses were EUR 50,4 billion in 2010 and EUR 52 billion in 2011, i.e. three quarters of public investment in France.
Stroški naložb so v letu 2010 znašali 50,4 milijard EUR, v letu 2011 pa 52 milijard EUR, tj. tri četrtine javnih naložb v Franciji.
Local authorities are therefore the main players in maintaining and developing infrastructure in France.
Lokalne skupnosti so torej najpomembnejši udeleženci pri ohranjanju in razvoju infrastrukture v Franciji.
To finance these expenses, local authorities have various resources:
Lokalne skupnosti te odhodke financirajo iz različnih virov, ki so:
savings from the current expenditure surplus left after paying management expenses and debt interest: self-financing, although this finance has to be channelled as a priority into the repayment of debt reaching maturity in the budget year;
prihranki iz trenutnega presežka odhodkov, ki ostanejo po plačilu stroškov upravljanja in obresti posojil: samofinanciranje, čeprav je treba to financiranje prednostno usmeriti v povračilo dolga, ki zapade v proračunskem letu;
investment funds chiefly from other public sector entities (State, European funds);
naložbeni sklad, v glavnem iz drugih subjektov javnega sektorja (država, skladi EU);
borrowing (EUR 18,6 billion in 2010 and EUR 16,7 billion in 2011).
izposojanje (18,6 milijarde EUR v letu 2010 in 16,7 milijarde EUR v letu 2011).
As the amount of new borrowing to finance investment has been higher than the repayment of loans reaching maturity, local authorities have thus amassed, over time, an outstanding debt totalling EUR 152 billion in 2011.
Ker je znesek novega izposojanja za financiranje naložb presegal odplačilo zapadlih posojil, so lokalne skupnosti tako postopoma nakopičile neporavnani dolg, ki je leta 2011 znašal 152 milijard EUR.
Outstanding debt of French local authorities as at 1 January 2011 (in EUR billions)
Neporavnani dolg francoskih lokalnih skupnosti z dne 1. januarja 2011 (v milijardah EUR)
Outstanding debt as at 1 January
Neporavnani dolg z dne 1. januarja
Municipalities + separately taxed groupings ***
Občine + ločeno obdavčena združenja***
The French authorities consider that forecasts of new borrowing volumes in future years have to take account of a number of parameters such as: (i) trends in the revenue and management expenditure of local authorities likely to determine self-financing; (ii) the investment needs of local authorities which are to some extent linked to the electoral cycle.
Francoski organi menijo, da bi bilo treba pri napovedih novega obsega izposojanja v prihodnjih letih upoštevati številne parametre, kot so: (i) gibanja v prihodkih in odhodkih za upravljanje lokalnih skupnosti, ki prispevajo k določitvi samofinanciranja, (ii) potrebe po naložbah lokalnih skupnosti, ki so do neke mere povezane z volilnim ciklom.
The time needed to examine and implement projects and the desire to finalise them before the end of the French municipal elections tends to be reflected by a drop in investment at the beginning of terms of office and an increase at the end of these terms.
Čas, potreben za proučitev in izvedbo projektov, ter želja po njihovem dokončanju pred koncem francoskih občinskih volitev se kažeta z upadom naložb ob začetku mandatov in povečanjem ob koncu mandatov.
Moreover, a simulation was conducted on the basis of the data available at the end of 2011 to try to anticipate the public-sector borrowing need according to two different scenarios of the capacity of local authorities to release self-financing margins in their operational section [47].
Poleg tega je bila na podlagi podatkov, ki so bili na voljo ob koncu leta 2011, opravljena simulacija, da bi se skušala predvideti potreba po izposojanju javnega sektorja v skladu z dvema različnima scenarijema zmogljivosti lokalnih skupnosti, da sprostijo rezerve pri samofinanciranju v svojih operativnih oddelkih [47].
These problems may have many causes: low fiscal revenue, freezes by a central State itself facing grant cuts or increases in certain expenditure lines such as social welfare.
Vzroki za te težave so lahko številni, recimo nizek fiskalni prihodek, zamrznitve s strani osrednje države, ki se sama spoprijema z zmanjšanji ali povečanji nepovratnih sredstev v nekaterih proračunskih vrsticah, kot je socialna varnost.
Capacity of local authorities to release self-financing margins in their operational section
Zmogljivost lokalnih skupnosti, da v svojih operativnih oddelkih sprostijo rezerve pri samofinanciranju
Scenarios:
Scenariji:
Scenario 1-a
Scenarij 1-a
Scenario 1-b
Scenarij 1-b
Investment levels
Stopnje naložb
No constraint — linked to electoral cycle
brez omejitev – povezava z volilnim ciklom
Management revenue
Prihodki za upravljanje
+ 2,6 % due to:
+ 2,6 % zaradi:
taxation bases: + 3 %
davčnih osnov: + 3 %
stable property sale taxes
davkov od prodaje nepremičnin,
freeze on State contributions
zamrznitve državnih prispevkov;
Scenario 1-a with the following changes:
scenarij 1-a z naslednjimi spremembami:
property sale taxes 5 % lower
5 % nižji davki od prodaje nepremičnin,
drop of 1 % per annum in State contributions
dstotno zmanjšanje državnih prispevkov na leto
Management expenses
Odhodki za upravljanje
+ 3 % due to
+ 3 % zaradi:
increased financial costs
višjih finančnih stroškov,
increased welfare benefits
višjih socialnih ugodnosti,
personnel expenditure growing by 2,5 %.
za 2,5 % višjih odhodkov za zaposlene.
There may be a further scenario: a cap on the debt capacity of authorities due: (i) either to a resolve on the part of the public authorities to limit debt, (ii) or an inadequate supply of financing.
Obstaja pa lahko še en scenarij, in sicer omejitev zmogljivosti zadolževanja skupnosti bodisi zaradi (i) namena javnih organov, da omejijo dolg, (ii) bodisi zaradi nezadostne ponudbe financiranja.
Whatever the cause, investment would be substantially slowed down if borrowing capacity were to be limited.
Naložbe bi bile ne glede na razlog znatno upočasnjene, če bi se zmogljivost izposojanja omejila.
In this case, investment would fall by EUR 51,9 billion in 2011 to EUR 43,2 billion on average between 2012 and 2016, i.e. a level comparable to that of 2004/05 and a reduction of the investment levels in the previous two scenarios by an average of 16 %.
V tem primeru bi se naložbe z 51,9 milijarde EUR v letu 2011 povprečno zmanjšale na 43,2 milijarde EUR med leti 2012 in 2016, tj. na raven, ki se lahko primerja s tisto iz obdobja 2004–2005, ravni naložb po obeh prejšnjih scenarijih pa bi se v povprečju znižale za 16 %.
Such a reduction would have an adverse impact on the development and maintenance of public service infrastructure (transport, education, environment, energy) and on the level of activity of the construction and public works sector (as a reminder, local investment accounts for close on 75 % of construction and public works activity).
Tako znižanje bi imelo negativen učinek na razvoj in vzdrževanje javne infrastrukture (za promet, izobraževanje, okolje, energetiko) ter na obseg dejavnosti v sektorju gradbeništva in javnih del (treba je opomniti, da se z lokalnimi naložbami pokrije skoraj 75 % dejavnosti v sektorju gradbeništva in javnih del).
In summary, the borrowing need of local authorities is forecast to be constant or even to grow in future years.
Če povzamemo, naj bi imele lokalne skupnosti v prihodnjih letih po pričakovanjih stalno ali celo vedno večjo potrebo po izposojanju.
Only external constraints could limit this need and would entail a substantial reduction of public investment as local authorities have few alternative sources of financing.
To potrebo lahko omejijo le zunanje omejitve, ki bi povzročile bistveno zmanjšanje javnih naložb, saj imajo lokalne skupnosti le malo drugih virov financiranja.
Moreover, other public sector entities may also have borrowing needs and be financed by mortgage lending companies: (i) public hospital centres whose outstanding debt is estimated at EUR 24 billion and whose annual borrowing need is estimated at EUR 3 billion; (ii) social housing bodies whose outstanding debt is estimated at EUR 100 billion (a large proportion of which is guaranteed by local authorities) and whose annual borrowing need is estimated at approximately EUR 15 billion; (iii) other public establishments run by the State and local authorities.
Poleg tega imajo lahko potrebe po financiranju tudi drugi subjekti javnega sektorja, ki jih lahko financirajo družbe za hipotekarno kreditiranje: (i) javni bolniški centri, katerih neporavnani dolg je ocenjen na 24 milijard EUR in katerih letna potreba po izposojanju je ocenjena na 3 milijarde EUR, (ii) organi za socialna stanovanja, katerih neporavnani dolg je ocenjen na 100 milijard EUR (pri čemer za velik delež tega dolga jamčijo lokalne skupnosti) in katerih letna potreba po izposojanju je ocenjena na približno 15 milijard EUR, ter (iii) druge javne ustanove, ki jih upravljajo država ali lokalne skupnosti.