natgillin/translations-raw huggingface dataset:
The BNB has recognised that these operations have been undertaken in view of the systemic importance of Dexia Group …’ [116].
Banka BNB priznava, da so bile te transakcije začete zaradi sistemskega pomena skupine Dexia […]“ [116].
The conditions laid down in the Banking Communication in order for funding not to constitute aid are therefore not all satisfied as regards the BNB’s ELA for DBB/Belfius.
Torej glede izredne likvidnostne pomoči banke BNB za banko DBB/Belfius niso izpolnjeni vsi pogoji iz sporočila o bančništvu, da finančna sredstva ne bi pomenila državne pomoči.
The same applies for the half of the ELA which the BdF granted to DCL, for the reasons set out in recitals 414-429.
To velja tudi za polovico izredne likvidnostne pomoči, ki jo je banka BdF dodelila banki DCL, zaradi razlogov iz uvodnih izjav 414 do 429.
Since the agreement of 2 February 2012 [117] between the Belgian and French central banks became binding, the BNB has been required to provide compensation of 50 % for any losses which the BdF might sustain as a result of a possible default by DCL.
Banka BNB mora od pogodbe med belgijsko in francosko centralno banko z dne 2. februarja 2012 [117] zagotavljati 50-odstotno nadomestilo vsake izgube, ki bi jo morda utrpela banka BdF, če banka DCL ne bi izpolnjevala obveznosti.
This BNB guarantee for the BdF is itself covered by the Belgian State guarantee provided for in the Law of 22 February 1998 establishing the Statute of the BNB.
To jamstvo banke BNB za banko BdF je samo po sebi krito z jamstvom Belgije, kot je določeno v Zakonu z dne 22. februarja 1998 o uvedbi statuta banke BNB.
In the absence of adequate evidence that the provisional agreement between the two central banks which preceded the agreement of 2 February 2012 [118] was legally binding, the Commission regards 2 February 2012 as the date from which the BdF’s ELA for DCL may have begun to constitute aid.
Po mnenju Komisije je 2. februar 2012 datum, od katerega je ukrep izredne likvidnostne pomoči banke BdF za banko DCL začel pomeniti državno pomoč, ker ni dokaza, da je bila začasna pogodba med obema centralnima bankama, ki je bila sklenjena pred pogodbo z dne 2. februarja 2012 [118], pravno zavezujoča.
In conclusion, the condition which requires that, for ELA not to constitute aid under the Banking Communication, that ELA must not be backed by a counter guarantee of the State [119] is also not satisfied as regards the BdF’s ELA for DCL.
Kar zadeva izredno likvidnostno pomoč banke BdF za banko DCL, nazadnje tudi ni izpolnjen pogoj, po katerem izredne likvidnostne pomoči ne sme podpirati posredno jamstvo države [119], da ne bi pomenila pomoči v skladu s sporočilom o bančništvu.
The conditions laid down in the Banking Communication if funding is not to constitute aid are therefore not all satisfied either as regards the BNB’s ELA for DBB/Belfius or as regards the BdF’s ELA for DCL.
Torej niti glede izredne likvidnostne pomoči banke BNB za banko DBB/Belfius niti glede izredne likvidnostne pomoči banke BdF za banko DCL niso izpolnjeni vsi pogoji iz sporočila o bančništvu, da finančna sredstva ne bi pomenila državne pomoči.
Consequently, it must be ascertained whether the conditions constituting State aid are indeed met.
Zato je treba preveriti, ali so dejansko izpolnjeni pogoji, ki pomenijo državno pomoč.
The BNB is a public institution and the measures it takes involve State resources within the meaning of Article 107(1) of the Treaty.
Banka BNB je javna institucija in ukrepi, ki jih sprejema, vsebujejo državna sredstva v smislu člena 107(1) PDEU.
According to the BNB itself, ‘When the National Bank was established, the fact that the general interest takes priority in its management was given shape in a legal system that differs from the normal statutory provisions regarding public limited liability companies’ [120].
Banka BNB je navedla: „Ko je bila Nacionalna banka ustanovljena, se je dejstvo, da ima pri njenem upravljanju prednost splošni interes, izoblikovalo v pravnem sistemu, ki se razlikuje od običajnih zakonskih določb glede delniških družb“ [120].
It performs State functions such as maintaining price stability for society as a whole.
Izvaja državne funkcije, kot je ohranjanje stabilnosti cen za celotno družbo.
It is governed by an organic law and its Statute is approved by royal decree.
Ureja jo sistemski zakon, njen statut pa je odobren s kraljevim odlokom.
The Governor and Directors are appointed by the King.
Guvernerja in direktorje imenuje kralj.
The ELA thus constitutes a measure of the State granted through State resources within the meaning of Article 107(1) TFEU.
Izredna likvidnostna pomoč torej pomeni državni ukrep, dodeljen z državnimi sredstvi v smislu člena 107(1) PDEU.
The BdF is an institution whose capital belongs to the State.
Banka BdF je institucija, katere kapital pripada državi.
Subject to the main objective of price stability, the BdF supports the government’s general economic policy and provides services requested by the State or carried out for third parties with the State’s agreement.
Ob upoštevanju glavnega cilja, ki je stabilnost cen, podpira splošno ekonomsko politiko vlade in zagotavlja storitve, ki jih zahteva država, ali jih izvaja za tretje strani s soglasjem države.
The ELA paid to DCL and that paid to DBB/Belfius until Dexia sold it to the Belgian State is a measure selectively granted to Dexia, which gives it an advantage in that it provides funding which Dexia is no longer able to obtain on the market because of the serious problems it faces, particularly as regards liquidity.
Izredna likvidnostna pomoč, izplačana bankama DCL in DBB/Belfius, dokler je ni skupina Dexia prodala Belgiji, je selektivno odobren ukrep za skupino Dexia, ki ji je dal prednost z zagotovitvijo finančnih sredstev, ki jih ta skupina ne more več pridobiti na trgu zaradi resnih težav, s katerimi se spoprijema, zlasti glede likvidnosti.
Similarly, the ELA paid to DBB/Belfius after Dexia sold it to the Belgian State is a measure selectively granted to DBB/Belfius, which has given it an advantage by providing it with funding no longer available to it on the market.
Podobno je izredna likvidnostna pomoč, izplačana banki DBB/Belfius, potem ko jo je skupina Dexia prodala Belgiji, selektivno odobren ukrep za banko DBB/Belfius, ki ji je dal prednost z zagotovitvijo finančnih sredstev, ki jih ta banka ne more več pridobiti na trgu.
Moreover, in the context of the Dexia Group’s serious liquidity problems, DBB/Belfius continued, after it was sold, to subscribe to the bonds issued by DCL.
Poleg tega je banka DBB/Belfius po prodaji v okviru resnih likvidnostih težav skupine Dexia še naprej vpisovala obveznice, ki jih je izdajala banka DCL.
The ELA enabled it to make this investment, whereas that facility was not available to its competitors.
To naložbo je lahko izvedla zaradi izredne likvidnostne pomoči, medtem ko ta ugodnost ni bila na voljo njenim konkurentom.
As Dexia is active in a number of Member States and in competition, for most of its activities, with other financial institutions operating across the European Union, the ELA granted to it distorted competition and affected trade between Member States.
Izredna likvidnostna pomoč, dodeljena skupini Dexia, je izkrivljala konkurenco in prizadela trgovino med državami članicami, saj je ta skupina dejavna v številnih državah članicah in je v večini dejavnosti v konkurenci z drugimi finančnimi institucijami, ki delujejo po Evropski uniji.
Similarly, the ELA gave DBB/Belfius, after it was sold, a source of funding without which it could not have continued its activities (particularly subscribing to financial instruments issued by DCL), and which thus gave it an advantage that distorted competition.
Podobno je banka DBB/Belfius po prodaji z izredno likvidnostno pomočjo prejela vir finančnih sredstev, brez katerih ne bi mogla nadaljevati svojih dejavnosti (zlasti vpisovanja finančnih instrumentov, ki jih je izdajala banka DCL) in s katerimi je torej dobila prednost, ki je izkrivljala konkurenco.
It is a major bank in Belgium and is in competition with other financial institutions operating across the European Union.
To je ena od pomembnejših bank v Belgiji in je v konkurenci z drugimi finančnimi institucijami, ki poslujejo po EU.
This advantage has thus affected trade between Member States.
Ta prednost je torej prizadela trgovino med državami članicami.
Consequently, and notwithstanding the debt portfolios provided as security by DBB/Belfius and DCL, the Commission considers that the ELAs contain State aid.
Komisija zato in kljub portfeljem dolgov, ki sta jih kot jamstvo zagotovili banki DBB/Belfius in DCL, meni, da izredna likvidnostna pomoč vsebuje državno pomoč.
Aid from the sale of DBB/Belfius to the Belgian State
Pomoč od prodaje banke DBB/Belfius Belgiji
In its opening decision on the sale of DBB/Belfius, the Commission expressed its doubts that the sale of DBB/Belfius to the Belgian State did not involve aid.
Komisija je v sklepu o začetku postopka glede prodaje banke DBB/Belfius izrazila pomisleke glede tega, da v prodajo banke DBB/Belfius Belgiji ni bila vključena državna pomoč.
Any positive deviation between the price paid by the Belgian authorities and the market value of DBB/Belfius at the time of the transaction would be regarded as the equivalent amount of State aid to the vendor (Dexia SA).
Kakršno koli pozitivno odstopanje med ceno, ki so jo plačali belgijski organi, in tržno vrednostjo banke DBB/Belfius ob transakciji, bi se štelo kot znesek, ki je enak državni pomoči za prodajalca (družbo Dexia SA).
Furthermore, the transaction may also prove to involve aid for the entity sold (DBB/Belfius).
Poleg tega bi se lahko izkazalo, da transakcija vključuje pomoč za prodani subjekt (banko DBB/Belfius).
This aid is on top of the aid — in question here — which was the subject of the conditional authorisation decision and from which DBB/Belfius has already benefited as an entity of the Dexia Group (see Section 6.1.1, recitals 387-405), and the ELA received by DBB/Belfius (see point (b) in the current section).
Ta pomoč dopolnjuje zadevno pomoč, ki se je obravnavala v sklepu o pogojnem dovoljenju in do katere je že bila upravičena banka DBB/Belfius kot subjekt skupine Dexia (glej uvodne izjave 387 do 405 v oddelku 6.1.1), in izredno likvidnostno pomoč, ki jo je prejela banka DBB/Belfius (glej točko (b) v tem oddelku).
Aid for the vendor
Pomoč prodajalcu
The transaction by which the Belgian State acquired shares in DBB/Belfius was financed by State resources (from the SFPI).
Transakcija, s katero je Belgija pridobila delnice v banki DBB/Belfius, se je financirala z državnimi sredstvi (iz sklada SFPI).
The Belgian State intervened to help Dexia and/or its subsidiaries under terms and conditions which would not be acceptable to a private investor operating under normal market conditions.
Belgija je posredovala pri pomoči skupini Dexia in/ali njenim odvisnim družbam pod pogoji, ki ne bi bili sprejemljivi za zasebnega vlagatelja, ki deluje pod običajnimi tržnimi pogoji.
The vendor, Dexia, received State resources as a result of the excessively high price paid by Belgium to acquire DBB/Belfius.
Skupina Dexia, prodajalka, je zaradi izjemno visoke cene, ki jo je plačala Belgija za pripojitev banke DBB/Belfius, prejela državna sredstva.
The Commission further observes that the conditions for the DBB/Belfius transaction involved contractual obligations for DBB/Belfius and/or the Belgian State which were advantageous for Dexia/DCL and which, under normal market conditions, would have reduced the transaction price.
Komisija še ugotavlja, da so bile med pogoje za transakcijo prodaje banke DBB/Belfius vključene pogodbene obveznosti za to banko in/ali Belgijo, ki so pomenile prednost za banko Dexia/DCL in zaradi katerih bi se pod običajnimi tržnimi pogoji cena transakcije znižala.
These obligations are the price supplement mechanism, the finance agreement between DBB/Belfius and DCL/Dexia, and the Belgian State’s immunisation of the Dexia Group against any risk of loss associated with outstanding loans to Arco, Ethias and Holding Communal.
Med te obveznosti spadajo mehanizem dodatka k ceni, finančni sporazum med bankama DBB/Belfius in DCL/Dexia ter zaščita pred kakršnim koli tveganjem, povezanim z neodplačanimi posojili za družbe Arco, Ethias in Holding Communal, ki jo je skupini Dexia zagotovila Belgija.
First of all, as regards the price supplement mechanism, the Commission recognises that it is usual in bank sales for there to be price adjustment mechanisms depending on the future performance of the activity sold.
Komisija glede mehanizma dodatka k ceni priznava, da so v bančne prodaje običajno zajeti mehanizmi o prilagoditvi cene, ki so odvisni od prihodnje uspešnosti prodane dejavnosti.
The Commission points out, however, that in this particular case the mechanism is disproportionate.
Vendar Komisija v tej posebni zadevi opozarja, da je mehanizem nesorazmeren.
In particular, the fact that the Belgian State undertook to repay 100 % of the capital gains means that it agreed to take a very large risk (acquisition for EUR 4 billion) while waiving any remuneration for that risk (and without reimbursement of its financing costs).
Zlasti dejstvo, da se je Belgija zavezala, da bo izplačala 100 % kapitalskega dobička pomeni, da se je strinjala s prevzemom zelo velikega tveganja (pridobitev za 4 milijarde EUR), odrekla pa se je kakršnemu koli nadomestilu za to tveganje (povrnjeni ji niso bili niti stroški financiranja).
A private investor would never have agreed to repay the capital gains without a significant reduction in the sale price.
Zasebni vlagatelj se ne bi nikoli strinjal, da bi brez znatnega znižanja prodajne cene izplačal kapitalske dobičke.
According to the information provided by Belgium and its consultant bank, and on the basis of market figures, the price supplement mechanism can be valued at between EUR 40 million and EUR 150 million.
Mehanizem dodatka k ceni se lahko glede na informacije Belgije in njene svetovalne banke ter na podlagi tržnih podatkov oceni med 40 milijonov EUR in 150 milijonov EUR.
Second, the bid formulated by the Belgian State to the Dexia Group includes a gradual reduction in the funding provided by DBB/Belfius for the rest of the Group, particularly Dexia SA and DCL.
Ponudba, ki jo je za skupino Dexia izoblikovala Belgija, zajema postopno zmanjšanje finančnih sredstev, ki jih je za ostalo skupino in še zlasti za družbo Dexia SA in banko DCL zagotovila banka DBB/Belfius.
However, no clear and binding timetable is given for this reduction.
Vendar za to zmanjšanje ni nobenega jasnega in zavezujočega časovnega razporeda.
The Commission considers that no private investor would have agreed to buy under these conditions a bank that retained such a substantial exposure to Dexia and its subsidiaries, a group in major difficulties, without a reduction in the sale price.
Komisija meni, da se noben zasebni vlagatelj ne bi strinjal, da bi pod temi pogoji brez znatnega znižanja prodajne cene kupil banko, ki je ohranjala tako bistveno izpostavljenost do skupine Dexia in njenih odvisnih družb, ki so skupina v večjih težavah.
Third, the Belgian State’s immunisation of the Dexia Group against any risk of loss associated with outstanding loans to Arco, Ethias and Holding Communal, as shown in the Belgian State’s bid to Dexia published on 10 October 2011, would not have been acceptable to an informed investor.
Za poučenega vlagatelja ne bi bil sprejemljiva zaščita, ki jo je Belgija zagotovila skupini Dexia pred kakršnim koli tveganjem, povezanim z neodplačanimi posojili za družbe Arco, Ethias in Holding Communal, kot je razvidno iz ponudbe Belgije za skupino Dexia, objavljene 10. oktobra 2011.
As stated in the opening decision on the sale of DBB/Belfius [123] and confirmed by the temporary approval decision [124] and the decision to extend the procedure [125], the sale of DBB/Belfius to the Belgian State under conditions that were advantageous to Dexia is an aid measure which forms part of the introduction by the Member States concerned of a serious of additional structural measures to help Dexia (about which the Commission did not yet have enough accurate information when it adopted the opening decision on the sale of DBB/Belfius, but which subsequently turned out to be the refinancing guarantee, the ELA and the measures provided for in the revised orderly resolution plan for Dexia), which would not have been acceptable to an informed investor.
Prodaja banke DBB/Belfius Belgiji pod pogoji, ki so za skupino Dexia pomenili prednost, je ukrep pomoči, s katerim so zadevne države članice uvedle resne dodatne strukturne ukrepe v pomoč skupini Dexia (o katerih Komisija ob sprejetju sklepa o začetku postopka glede prodaje banke DBB/Belfius še ni imela dovolj točnih informacij, a za katere se je pozneje izkazalo, da so jamstvo za refinanciranje, izredna likvidnostna pomoč in ukrepi iz spremenjenega načrta nadzorovanega reševanja skupine Dexia), ki poučenemu vlagatelju ne bi bil sprejemljiv, kot je navedeno v sklepu o začetku postopka glede prodaje banke DBB/Belfius [123] ter potrjeno v sklepu o začasni odobritvi [124] in sklepu o razširitvi postopka [125].
It follows that the purchase of DBB/Belfius cannot be seen in isolation from the other support measures provided for Dexia [126].
Iz tega izhaja, da nakupa banke DBB/Belfius ni mogoče gledati neodvisno od drugih podpornih ukrepov za skupino Dexia [126].
The price of DBB should therefore have been adjusted downwards to take account of the obligations described in recitals 441-445 which benefited Dexia/DCL.
Ceno družbe DBB bi bilo torej treba popraviti navzdol, da bi se upoštevale obveznosti iz uvodnih izjav 441 do 445, ki so koristile banki Dexia/DCL.
The Commission thus considers that the sale price of DBB/Belfius was overvalued and higher than a private investor would have accepted.
Komisija torej meni, da je bila tržna cena za banko DBB/Belfius ocenjena previsoko in višja od cene, ki bi jo sprejel zasebni vlagatelj.
The aid for DCL/Dexia can thus be estimated at somewhere between EUR 1 billion and EUR 2 billion.
Tako se lahko pomoč za družbo DCL/Dexia oceni med približno 1 milijardo EUR in 2 milijardama EUR.
Dexia is in competition with foreign groups, so that trade between Member States has been affected and the sale at too high a price has distorted competition.
Skupina Dexia je v konkurenci s tujimi skupinami, tako da je bila prizadeta trgovina med državami članicami, zaradi previsoke prodajne cene pa se je izkrivljala konkurenca.
Aid for DBB/Belfius
Pomoč za banko DBB/Belfius
The Commission considers that it has been established that the Belgian State did not behave like an informed market economy investor when it acquired DBB/Belfius since the sale price was higher than the market value and the Belgian State acquired DBB/Belfius to prevent the financial situation of the Group and therefore of the Belgian financial system from deteriorating.
Po mnenju Komisije je bilo ugotovljeno, da Belgija ob pripojitvi banke DBB/Belfius ni ravnala kot poučeni vlagatelj v tržnem gospodarstvu, prodajna cena je bila namreč višja od tržne vrednosti, Belgija pa si je pripojila to banko, da se finančno stanje skupine Dexia in s tem belgijski finančni sistem ne bi poslabšala.
The Commission already noted in its opening decision that it was highly unlikely that a private investor would take the banking group over because of the asking price and because of its exposure to DCL/Dexia, which would be only gradually reduced.
Komisija je v sklepu o začetku postopka že navedla, da je zelo malo verjetno, da bi zasebni vlagatelj prevzel bančno skupino zaradi zahtevane cene in njene izpostavljenosti do družbe DCL/Dexia, ki bi se le postopoma zmanjševala.
The Commission also notes that DBB/Belfius directly benefits from the fact of being separate from the Dexia Group, which is an advantage in itself.
Po navedbah Komisije ima banka DBB/Belfius neposredne koristi od dejstva, da je ločena od skupine Dexia, kar pomeni prednost samo po sebi.
Membership of the Dexia Group led to a substantial run on deposits from DBB/Belfius and jeopardised its viability.
Zaradi udeležbe v skupini Dexia je prišlo do navala na banko DBB/Belfius, kar je ogrozilo njeno uspešno poslovanje.
The Belgian authorities placed great emphasis on this aspect of the transaction in order to reassure depositors.
Belgijski organi so zelo poudarjali ta vidik transakcije, da bi pomirili vlagatelje.
The advantages conferred on DBB/Belfius by the measure distort competition by allowing DBB/Belfius to present a better picture to its creditors and depositors.
Zaradi prednosti, ki jih ukrep daje banki DBB/Belfius, se izkrivlja konkurenca, saj se lahko banka DBB/Belfius svojim upnikom in vlagateljem predstavi v boljši luči.
DBB/Belfius is in competition with foreign groups, so that trade between Member States is affected.
Trgovina med državami članicami je prizadeta, ker je banka DBB/Belfius v konkurenci s tujimi skupinami.
The Commission consequently concludes that the purchase of shares in DBB/Belfius by the Belgian State under the conditions described above constitutes State aid for DBB/Belfius.
Komisija posledično ugotavlja, da nakup delnic v banki DBB/Belfius, ki ga je pod opisanimi pogoji opravila Belgija, pomeni državno pomoč za to banko.
However, in the case of DBB/Belfius’ subscription to bonds guaranteed by the Member States concerned and issued by Dexia SA and/or DCL, the Commission has not found sufficiently conclusive evidence proving satisfactorily that DBB/Belfius derived a specific competitive advantage from subscribing to these bonds, in other words a benefit which other subscribers to DCL bonds placed in a similar position would not have derived.
Toda Komisija ni našla dovolj trdnih dokazov, kar zadeva vpis obveznic s strani banke DBB/Belfius, za katere jamčijo zadevne države članice, izdali pa sta jih družba Dexia SA in/ali banka DCL, s katerimi bi se zadovoljivo dokazovalo, da je imela ta banka posebno konkurenčno prednost od vpisa teh obveznic, z drugimi besedami, ugodnost, ki je drugi vpisniki obveznic banke DCL v podobnem položaju ne bi imeli.
On the basis of the evidence available to it, therefore, the Commission cannot conclude that this constitutes aid.
Komisija na podlagi razpoložljivih dokazov ne more sklepati, da to pomeni pomoč.
Supplementary aid to be paid in connection with the revised orderly resolution plan and the sale of DMA (with the introduction of a development bank)
Dodatna pomoč, ki jo je treba plačati v zvezi s spremenjenim načrtom nadzorovanega reševanja in prodaje družbe DMA (z ustanovitvijo razvojne banke)
Definitive refinancing guarantee for Dexia SA, DCL and their subsidiaries
Dokončno jamstvo za refinanciranje za družbo Dexia in banko DCL ter njune odvisne družbe
Without a State guarantee Dexia would not have been able to raise any finance on the markets, so the guarantee gives Dexia an advantage.
Skupina Dexia brez državnega jamstva ne bi mogla zbrati kakršnih koli finančnih sredstev na trgih, zato ji daje jamstvo prednost.
There is nothing to suggest that this measure, taken in order to preserve financial stability, would meet the requirements of a private market economy investor.
Nič ne kaže na to, da bi se s tem ukrepom, sprejetim za ohranitev finančne stabilnosti, izpolnile zahteve zasebnega vlagatelja v tržnem gospodarstvu.
It relates selectively to Dexia alone.
Selektivno se nanaša samo na skupino Dexia.
It is designed to avoid an immediate and disorderly resolution of Dexia, which, because of the bank’s considerable size, would affect the structure of the banking market in the Union.
Zasnovan je, da ne bi se preprečil takojšnji in nenadzorovan likvidacijski postopek za skupino Dexia, ki bi zaradi precejšnjega obsega te banke vplival na strukturo bančnega trga Unije.
The Commission therefore considers that this measure affects trade between Member States and distorts or threatens to distort competition.
Komisija zato meni, da ta ukrep prizadene trgovino med državami članicami in izkrivlja ali bi lahko izkrivljal konkurenco.
EUR 5,5 billion recapitalisation of Dexia SA
Dokapitalizacija družbe Dexia SA v višini 5,5 milijarde EUR