natgillin/translations-raw huggingface dataset:
A similar message was conveyed by Lanbokas/Agricaisse on page 6 of its 15 May 2009 prospectus where it stated that purchasers of cooperative shares should take into account the absence of protection from the deposit guarantee scheme.
ARCO na svoji spletni strani (http://www.groeparco.be/faq/be-fr/150/detail/item/789/) pojasnjuje, da je bila bonus rezerva v statut družbe uvedena leta 2004.
Moniteur Belge, 17.10.2008, Ed.2, N.2008 — 3690 [2008/03425].
Družba ARCOPAR je lahko do leta 2010 k bonus rezervi dodala znesek, če so njeni rezultati to dopuščali.
Moniteur Belge, 17.11.2008, Ed.2, N.2008 — 4088 [2008/03450].
Člen 35 statuta družbe ARCOPAR določa, da:
The Financial Stability Board concluded that the extension of the deposit guarantee scheme was indispensable for the stability of the Belgian financial system, stating its view that ‘the measures put forward are indispensable to maintain the stability of the Belgian financial system and must be brought into effect as quickly as possible’.
„razen če skupščina ne odloči drugače, se celotno premoženje podjetja unovči.
(Le Comité de Stabilité Financière ‘estime que les mesures proposées sont effectivement indispensables afin de préserver la stabilité du système financier belge et doivent pouvoir entrer en vigueur dans les plus brefs délais’).
V primeru, da niso vse delnice vplačane v enakem obsegu, likvidacijski upravitelji bodisi zahtevajo dodatna plačila ali omogočijo predhodnja plačila, da se zagotovi enotnost.
Moniteur Belge, 21.4.2009, Ed.1, N.2009 1426 [2009/03147].
Po plačilu dolga in socialnih stroškov se vsa preostala sredstva uporabijo za poplačilo kapitala, vplačanega za delnice.
Moniteur Belge, 12.10.2011, Ed.2, N.2011 2682 [2011/205241].
V vsakem primeru se izkupiček likvidacije uporabi v skladu s cilji družbe.“ ( „Sauf si lAssemblée générale en décide autrement, tous les actifs de la société sont réalisés.
After the introduction of the cooperative guarantee scheme, the Law on the organisation of the NBB was adjusted accordingly and Article 36/24 was introduced (http://www.nbb.be/doc/ts/Enterprise/juridisch/F/loi_organique.pdf).
Au cas où les parts ne sont pas toutes libérées dans la même mesure, les liquidateurs restaurent léquilibre, soit en demandant des versements supplémentaires, soit en effectuant des paiement préalables.
‘The current circumstances appear to correspond to these conditions, since the sovereign debt crisis, the ongoing disruption in the financial markets and the dysfunctionality of the interbank markets put our economy at the risk of a serious systemic crisis.
Après paiement des dettes et des charges sociales, le solde servira dabord au remboursement des sommes libérées sur les parts.
‘The official reasoning for this measure is based on an analogy between individual shares in certain recognised cooperatives and bank deposits.
Sporočilo Komisije – Uporaba pravil o državni pomoči za ukrepe v zvezi s finančnimi institucijami v okviru trenutne svetovne finančne krize, UL C 270, 25.10.2008, str. 8.
Since this opinion is limited to the draft Royal Decree, there is no reason to examine here the said analogy.’ ( ‘Le législateur justifie cette disposition sur la base d'une assimilation des parts de coopérateurs de certaines sociétés coopératives à des dépôts bancaires.
Odločba Komisije v zadevi N256/09, Pomoč za prestrukturiranje za družbo Ethias, UL C 252, 18.9.2010, str. 5.
Le présent avis étant limité à l'avant-projet d'Arrêté royal, il n'examine pas l'assimilation pratiquée par le législateur.’).
Uvodna izjava 99 navedene odločbe se glasi:
‘At first sight, we believe that convincing the Commission that the measure that the draft Royal Decree seeks to implement is open to all comparable market players in the market and therefore falls outside of the scope of the State aid rules will be no easy matter.’ ( ‘Prima facie, il ne nous semble pas évident de convaincre à coup sûr la Commission de ce que la mesure que l'avant-projet d'Arrêté royal vise à exécuter s'adresse bien à tous les acteurs comparables du marché et ne relève donc pas du champ d'application des règles sur les Aides d'Etat.’).
„Komisija ugotavlja, da je sistem jamstev, čeprav je njegova razširitev koristila družbi Ethias, na voljo vsem udeležencem na trgu pod enakimi pogoji.
‘The non-mandatory character of the scheme could give rise to “adverse selection” problems, in that the only cooperative societies actually contributing to the Special Protection Fund may be those with significant exposure to the risk of losses. ’ ( ‘Ce caractère facultatif donne lieu à un risque de sélection adverse par lequel seules les sociétés coopératives fortement exposées à des risques de perte contribueraient effectivement au Fonds Spécial de Protection.’).
Komisija ob upoštevanju navedenega meni, da prednost, ki jo daje ukrep, ni selektivna in zato ne pomeni državne pomoči v smislu člena 107(1) PDEU“.
Moniteur Belge, 18.11.2011 Ed.2, N.2011 2974 [2011/03368].
Glej uvodno izjavo 26 in opombo 36.
ARCOPAR paid in total EUR 1794102, ARCOFIN EUR 193391 and ARCOPLUS EUR 63265.
Glej uvodno izjavo 23.
OJ L 135, 31.5.1994, p. 5.
Glej združene zadeve od C-78/08 do C-80/08, Paint Graphos in drugi, ZOdl.
Article 1(4) of the DGS Directive defines a ‘credit institution’ as ‘an undertaking the business of which is to receive deposits or other repayable funds from the public and to grant credits for its own accounts.’.
2011, str.
Article 1(1) of the DGS Directive defines a ‘deposit’ as ‘any credit balance which results from funds left in an account or from temporary situations deriving from normal banking transactions and which a credit institution must repay under the legal and contractual conditions applicable, and any debt evidenced by a certificate issued by a credit institution’.
I-7611, točka 61.
The deposit tranche between EUR 50000 and EUR 100000 and the coverage — up to EUR 100000 — of branch 21 life insurance products and individual shares of financial cooperatives.
Belgija se sklicuje na primer na irski sistem zajamčenih vlog, ki krije tudi vloge, ki presegajo prag 100000 EUR, na danski jamstveni sklad za deponente in vlagatelje, ki po navedbah Belgije v celoti krije pokojninske račune, račune strank odvetnikov in depozite za kupnino za nepremičnine do devet mesecev po vložitvi, ter na ciprsko upravo za nadzor in razvoj zadrug, ki po navedbah Belgije ščiti trajne vloge članov zadružnih hranilnic.
http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressData/en/ecofin/103250.pdf
Belgija je pojasnila, da ima ARCO 800000 posameznih delničarjev, Cera jih ima več kot 400000, Lanbokas/Agricaisse 150000 in ArgenCo skoraj 70000.
Article 2 of the DGS Directive reads as follows:
Glej tudi uvodno izjavo 11.
‘The following shall be excluded from any repayment by guarantee schemes: …all instruments which would fall within the definition of “own funds” in Article 2 of Council Directive 89/299/EEC of 17 April 1989 on the own funds of credit institutions’.
Glej tudi uvodno izjavo 13.
OJ L 68, 13.3.2009, p. 3.
Glej predvsem navedbe takratnega ministra za finance na zaslišanju pred komisijo za Dexio, ki so opisane v uvodni izjavi 8 in opombi 6.
OJ L 84, 26.3.1997, p. 22.
Glej tudi izjave sedanjega ministra za finance, objavljene v reviji Trends in citirane v opombi 7.
Moniteur Belge, 6.8.1999, Ed 2, N.99-2630 [99/09646].
Kar potrjujejo tudi navedbe, ki jih je takratni minister za finance predložil komisiji za Dexio ter so opisane v uvodni izjavi 8 in opombi 6.
http://www.ejustice.just.fgov.be/cgi_loi/loi_a.pl?language=nl&caller=list&cn=1962010830&la=n&fromtab=wet&sql=dt='koninklijk%20besluit'&tri=dd+as+rank&rech=1&numero=1.
„En même temps“ v izjavah takratnega ministra za finance pred komisijo za Dexio, ki so citirane v opombi 6.
The National Council of Cooperatives — set up by the Law of 20 July 1955 — plays an important role in the recognition process of recognised cooperatives.
Glej združeni zadevi C-399/10 P in C-401/10 P, Bouygues SA in Bouygues Télécom SA proti Evropski komisiji in drugim, ZOdl.
‘Entreprendre avec du capital coopératif: Le Groupe ARCO 1935-2005’;
Glej na primer uvodno izjavo 48 Odločbe Komisije z dne 30. marca 2010 v zadevi NN 11/10 o podpornih ukrepih v obliki kapitala v zvezi z Irish Nationwide Building Society, UL C 60, 25.2.2011, str. 6:
Maarten Van Dijck, Kadoc, Lannoo, pages 176-177.
„Komisija nadalje ugotavlja, da je bila pomoč dejansko dodeljena 22. decembra 2009 na podlagi izjave ministra za finance o nameri dokapitalizacije družbe INBS“, uvodno izjavo 41 Odločbe Komisije z dne 10. avgusta 2010 v zadevi NN 35/10 o tretji dokapitalizaciji v korist banke Anglo Irish Bank, UL C 290, 27.10.2010, str. 4:
It should be noted that ARCOFIN immediately after the Dexia transaction in 2001 temporarily gave up its status of recognised cooperative.
„Komisija nadalje ugotavlja, da je bila dokapitalizacija dejansko odobrena 30. junija 2010 na podlagi izjave ministra za finance glede dokapitalizacije družbe Anglo“, ter uvodni izjavi 49 in 50 Odločbe Komisije z dne 27. julija 2012 v zadevi SA.34824 o zavezi sklada HFSF za dokapitalizacijo Narodne banke Grčije, UL C 359, 21.11.2012, str. 18:
In 'Entreprendre avec du capital coopératif' that period is described in the following manner (own translation):
„S premostitveno dokapitalizacijo, ki je bila dokončana 28. maja 2012, so se izvedle obveznosti iz pisma o zavezi, torej predstavlja podaljšanje iste pomoči“.Podobne obrazložitve so bile podane tudi v drugih zadevah v zvezi z grškimi bankami, in sicer v zadevah o zavezi sklada HFSF za dokapitalizacijo banke Alpha Bank, SA.34823, UL C 357, 20.11.2012, str. 36, o zavezi HFSF za dokapitalizacijo banke Eurobank, SA.34825, UL C 359, 21.11.2012, str. 31, in o zavezi HFSF za dokapitalizacijo banke Piraeus Bank, SA.34826, UL C 359, 21.11.2012, str. 43.
'ARCO changed a few months after the Dexia transaction the Articles of Association of its cooperative entities to allow those shareholders, who were already shareholders before the Dexia transaction, to participate in the improved profit prospects for Dexia Group and the ARCO entities.
Glej opombo 7.
The new Articles of Association provided that the minimum pay-out ratio and maximum pay-out ratio to shareholders would from then on amount to 80 % and 90 % of the ordinary annual profit.
Kot je opisano v uvodnih izjavah 56 in 63.
As a result, the ARCOFIN dividend in March could be increased from 6 % net to 8 % gross.
Glej zadevo C-262/12, Vent de Colère, ZOdl.
Because that increase resulted in a breach of the foreseen maximum dividend (6 %) for recognised cooperatives, ARCOFIN lost its status as a recognised cooperative for the National Council for Cooperatives.
2013, str.
This implied that the withholding tax exemption was no longer applicable.
I-0000, točka 21, in zadevo T-358/94, Air France proti Komisiji, Recueil 1996, str.
After withholding tax, the majority of cooperative shareholders still earned a net dividend of 6,8 %.
II-2109, točke od 63 do 69.
In March 2005, the gross dividend was increased to 8,5 %.'.
Glej zadevo C-279/08 P, Komisija proti Nizozemski, ZOdl.
http://www.groeparco.be/website/groeparco/assets/files/arcopar/ARCOPAR_20100629_FR.pdf
2011, str.
The Articles of Association specify that ‘… such withdrawals may be refused if, as a result of the withdrawal, more than one tenth of the shareholders or more than one tenth of the paid up capital were to be removed in the course of a single financial year…’ ( ‘…cette démission peut être refusée si à la suite de la démission, plus d'1/10 des actionnaires ou plus d'1/10 du capital placé devrait disparaître au cours du même exercice…’).
I-7671, točka 111.
They are shares which predate the Dexia merger.
V zvezi s tem glej zadevo C-460/07, Puffer, ZOdl.
ARCO explains on its website (http://www.groeparco.be/faq/be-fr/150/detail/item/789/) that the bonus reserve was introduced in 2004 in the company's Articles of Association.
2009, str.
Insofar as the results of ARCOPAR allowed, the entity could add until 2010 an amount to the bonus reserve.
I-3251, točke od 69 do 71, in zadevo T-351/02, Deutsche Bahn proti Komisiji, ZOdl.
Cooperative shareholders which were already shareholders before 3 July 2001 (i.e. the holders of A, B and C shares) are entitled to a proportional part of the bonus reserve.
2006, str.
That bonus reserve comes on top of the capital value of their shares.
II-1047, točke od 99 do 104.
Example: Shareholder X exits with a capital value of EUR 100 and the total capital amount of shares A, B and C amounts to EUR 10000.
Glej tudi zadevo T-445/05, Associazione italiana del risparmio gestito in Fineco Asset Management proti Komisiji, ZOdl.
As a result, shareholder X owns 1/100 of the total capital of the company.
2009, str.
The total bonus reserve amounts to EUR 500.
II-289, točka 131.
Applying the ratio 1/100 leads to an amount of EUR 5.
Glej tudi izjave sedanjega belgijskega ministra za finance, objavljene v reviji Trends in citirane v opombi 7.
Shareholder X will receive at the time of his exit EUR 100 capital + EUR 5 from the bonus reserve.
Glej opombo 39.
Article 35 of the Articles of Association of ARCOPAR lays down that:
Glej uvodno izjavo 44.
‘Unless the General Meeting decides otherwise, all the company's assets are to be liquidated.
Poleg tega je ukrep skupini ARCO dal prednost v smislu, da bi lahko zadružno jamstveno shemo uporabila za privabljanje novega kapitala, čeprav Komisija priznava, da ARCO od 10. oktobra 2008 ni izkoristila te možnosti.
In the event that not all shares are paid up to the same extent, the liquidators shall either request additional payments be made or make prior payments in order to ensure uniformity.
Nasprotno so druge finančne zadruge, kot sta ArgenCo in Lanbokas/Agricaisse, izrecno izrazile odklonilno stališče do zadružne jamstvene sheme, kot je opisano v opombi 12, čeprav so pridobile nov kapital.
After the payment of debt and social costs, all residual monies shall be used to repay the capital paid in on the shares.
Glej uvodno izjavo 60, v kateri so opisane lastnosti, ki so po mnenju Belgije ključne značilnosti posameznih delnic finančnih zadrug.
In any event, the proceeds of the liquidation shall be used in accordance with the company's objects’ ( ‘Sauf si l'Assemblée générale en décide autrement, tous les actifs de la société sont réalisés.
Zlasti iz uvodne izjave 44 je razvidno, da imajo delničarji družbe ARCO v lasti naložbo, ki temelji na sposojenem kapitalu, vloženem v sredstva, za katera je značilno tveganje za eno samo izpostavljenost (tj. Dexia).
Au cas où les parts ne sont pas toutes libérées dans la même mesure, les liquidateurs restaurent l'équilibre, soit en demandant des versements supplémentaires, soit en effectuant des paiement préalables.
Glej točke od 48 do 76 navedene sodbe.
Après paiement des dettes et des charges sociales, le solde servira d'abord au remboursement des sommes libérées sur les parts.
Točke od 67 do 73 navedene sodbe.
En tout cas, le solde éventuel de la liquidation doit être affecté en tenant compte des objectifs de la société’).
Točka 74 navedene sodbe.
ARCOPAR's debt ratio (i.e. debt/total liabilities) amounted to 19,1 % (31 March 2011), while the debt ratios of ARCOPLUS and ARCOFIN amounted to 6,5 % (31 March 2011) and 25,9 % (31 December 2010) respectively.
Točki 75 in 76 navedene sodbe.
Communication from the Commission — The application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis (OJ C 270, 25.10.2008, p. 8).
Glej uvodno izjavo 26.
Commission Decision in case N256/09 Restructuring aid Ethias (OJ C 252, 18.9.2010, p. 5).
Glej povzetek v uvodni izjavi 44, kjer so dejavniki tveganja opisani na podlagi prospekta za delnice družbe ARCOPAR, izdane poleti 2008.
Recital 99 of that Decision reads as follows:
Ker analiza v uvodni izjavi 107 zadostuje za dokaz, da zadružna jamstvena shema ne izpolnjuje meril, opisanih v zadevi Paint Graphos, Komisiji v tem sklepu ni treba odločiti glede vprašanja, ali se uporabljajo ustrezni postopki nadzora in spremljanja za preprečitev, da gospodarski subjekti izbirajo in spreminjajo svojo posebno pravno obliko samo zato, da bi lahko izkoristili določene koristi, ki jih uživa zadevna vrsta podjetja (del (ii) analize iz zadeve Paint Graphos).
‘The Commission notes that although the extension of the scheme has benefited Ethias, the scheme is available to all market participants on equal terms.
Za podobno analizo glej ugotovitve Sodišča v zadevi C-156/98, Nemčija proti Komisiji, Recueil 2000, str.
In view of the above, the Commission considers that the advantage conferred by the measure is not selective and therefore does not constitute State aid in the meaning of Article 107(1) TFEU’.
I-6857, točke od 29 do 31.
See recital 26 and footnote 36.
Glej zadevo C-197/11, Libert in drugi, ZOdl.
See recital 23.
2013, str.
Case N428/09:
I-0000, točke od 76 do 79.
Restructuring of Lloyds Banking Group (OJ C 46, 24.2.2010, p. 2), recital 124.
Glej združeni zadevi T-132/96 in T-143/96, Freistaat Sachsen, Volkswagen AG in Volkswagen Sachen GmbH proti Komisiji, Recueil 1999, str.
See Joined Cases C-78/08 to C-80/08 Paint Graphos and others [2011] ECR I-7611, paragraph 61.
II-3663, točka 167.
The Belgian State refers for instance to the Irish Deposit Guarantee Scheme, which also covers deposits beyond the EUR 100000 threshold, to the Danish Guarantee Fund for Depositors and Investors, which according to the Belgian State fully covers pensions accounts, lawyers' clients' accounts and deposits of the purchase price for real property up to nine months after the deposit has been made, and to the Cypriot Cooperative Societies' Supervision and Development Authority, which — according to the Belgian State — protects permanent deposits for the members of the Cooperative Savings Societies.
Hkrati je Komisija v točki (11) sporočila o bančništvu iz leta 2008 dodala, da se člen 107(3)(b) Pogodbe takrat ne bi smel na splošno uporabljati zunaj finančnega sektorja.
The Belgian State explained that ARCO has 800000 individual shareholders, Cera over 400000, Lanbokas/Agricaisse 150000 and ArgenCo almost 70000.
UL C 83, 7.4.2009, str. 1.
See also recital 11.
Dejavnosti finančnih institucij vključujejo na primer tiste iz Priloge I Direktive 2006/48/ES Evropskega parlamenta in Sveta, UL L 177, 30.6.2006, str. 1.
See also recital 13.
Glej zadevo 730/79, Philip Morris, Recueil 1980, str. 2671.
See in particular the account given by the then Minister of Finance to the Dexia Commission described in recital 8 and footnote 6.
Glej uvodno izjavo 41.
See also the current Finance Minister's statements published in the magazine Trends and quoted in footnote 7.
Kot je navedeno v uvodni izjavi 13.
As was also confirmed by the account given by the then Minister of Finance to the Dexia Commission described in recital 8 and in footnote 6.
Ko gre družba v stečaj, imetniki obveznosti izgubijo svojo izpostavljenost glede na njihovo prednost pri poplačilu v strukturi obveznosti.
‘En même temps’ in the declarations of the then Minister of Finance to the Dexia Commission quoted in footnote 6.
Ta postopek se imenuje kaskadna struktura.
See Joined Cases C-399/10 P and C-401/10 P Bouygues SA and Bouygues Télécom SA v European Commission and Others [2013] ECR I-0000.
Komisija ugotavlja, da je v pismu res uporabljen pogojnik „permettrait“ in ne odločnejši prihodnjik „permettra“.
See for instance recital 48 of Commission Decision of 30 March 2010 in case NN11/10 on Capital support measures in relation to Irish Nationwide Building Society (OJ C 60, 25.2.2011, p. 6), ‘The Commission furthermore observes that the aid was effectively granted on 22 December 2009 on the basis of the indication by the Minister for Finance of his intention to recapitalise INBS’;
Glej tudi pripombe iz pisma guvernerja banke NBB v uvodni izjavi 13.
recital 41 of Commission Decision of 10 August 2010 in case NN 35/10 on Third recapitalisation in favour of Anglo Irish Bank (OJ C 290, 27.10.2010, p. 4):
Komisija je zaradi poenostavitve razvila model za eno obdobje, ki predpostavlja, da lahko delničarji izstopijo samo v tem enem obdobju.
‘The Commission furthermore observes that the recapitalisation was effectively granted on 30 June 2010, on the basis of the indication by the Minister for Finance to recapitalise Anglo’, recitals 49 and 50 of the Commission Decision of 27 July 2012 in case SA.34824 on HFSF Recapitalisation commitment to National Bank of Greece (OJ C 359, 21.11.2012, p. 18) ‘The bridge recapitalisation finalised on 28 May 2012 is the implementation of the obligation undertaken in the commitment letter and thus a continuation of the same aid’.Similar reasoning was also made in other Greek bank cases, HFSF Recapitalisation commitment to Alpha Bank SA.34823 ( OJ C 357, 20.11.2012, p. 36);
To je previdna predpostavka.
See footnote 7.
Komisija ugotavlja, da bi lahko posamezni delničarji dvignili večji delež sredstev, če drugi delničarji družbe ARCO ne bi dvignili svojega denarja.
As described in recitals 56 and 63.
Vendar je Komisija zaradi uporabe previdnega pristopa pri teh izračunih uporabila podatek 10 %.
See Case C-262/12 Vent de Colère [2013] ECR I-0000, paragraph 21, and Case T-358/94 Air France v Commission [1996] ECR II-2109, paragraphs 63 to 69.
Primerjaj z zadevo Northern Rock, UL C 149, 1.7.2009, str. 16, ki se nanaša na tipičen primer banke, ki je v nedavni finančni krizi utrpela množično dvigovanje bančnih vlog.
See Case C-279/08 P Commission v Netherlands [2011] ECR I-7671, paragraph 111.
Tj. lahko podcenjuje pomoč.
and Case C-382/99 Netherlands v Commission [2002] ECR I-5163, paragraphs 38 and 60 to 66.
I-117*, objavljen povzetek, točki 126 in 127 ter tam navedena sodna praksa.
See also Case T-445/05 Associazione italiana del risparmio gestito and Fineco Asset Management v Commission [2009] ECR II-289, paragraph 131.
Glej sodbo Sodišča Evropskih skupnosti z dne 11. novembra 2011 v zadevi T-384/08, Elliniki Nafpigokataskevastiki in drugi proti Komisiji (ZOdl.
Additionally, ARCO derived an advantage from the measure inasmuch as it could have used the cooperative guarantee scheme to attract new capital, even though the Commission acknowledges that ARCO since 10 October 2008 has not made use of that possibility.
Belgijski organi so s kraljevim odlokom z dne 10. oktobra 2011 [17] spremenili kraljevi odlok z dne 14. novembra 2008.
By contrast, while other financial cooperatives like ArgenCo and Lanbokas/Agricaisse did raise new capital, they explicitly distanced themselves from the cooperative guarantee scheme as described in footnote 12.
Kraljevi odlok z dne 10. oktobra 2011 vsebuje dodatne podrobnosti o zadružni jamstveni shemi.
See recital 60, describing what the Belgian State considers to be the key characteristics of individual shares of financial cooperatives.
Belgijska vlada je s kraljevim odlokom z dne 7. novembra 2011 [23] ugodila njihovi prošnji.
Recital 44 in particular shows that ARCO shareholders own a leveraged investment in assets, which are characterised by a high single-name risk (i.e. Dexia).
Skupina ARCO je v okviru vložitve vloge plačala pristojbine v skupnem znesku 2,05 milijona EUR [24].
Paragraph 74 of the judgment.
Komisija se je spraševala, ali bi se lahko finančne zadruge štele za finančne institucije in ali bi ta dejavnik vplival na veljavnost sporočila o bančništvu iz leta 2008 [45].
Paragraphs 75 to 76 of the judgment.
Sklenila je, da bi bilo treba pomoč oceniti neposredno na podlagi Pogodbe, saj se zdi, da finančne zadruge niso finančne institucije v smislu sporočila o bančništvu iz leta 2008.
See the summary in recital 44 of the risk factors described in relation to the prospectus for ARCOPAR shares issued in the summer of 2008.
Pripomnila je, da finančne zadruge po navedenem datumu niso mogle uporabljati zadružne jamstvene sheme, da bi se uveljavile na katerem koli trgu.
See also the comments in the letter of the Governor of the NBB in recital 13.
V zvezi s členom 107(3)(b) Pogodbe Komisija ugotavlja, da Belgija trdi, da bi morala Komisija, če bo ugotovila, da zadružna jamstvena shema vključuje državno pomoč, ta ukrep oceniti na podlagi člena 107(3)(b) Pogodbe.