natgillin/translations-raw huggingface dataset:
Therefore, if another market player had provided cover to the exporters for the entire requested credit limits even at a higher price, exporters would probably have moved their entire insurance policies to the alternative cover provider.
seznam upravičencev, ki so prejeli pomoč v okviru sheme iz člena 1, in skupni znesek pomoči, ki ga je prejel vsak izmed njih;
The advantage in monetary terms is the profit margin realised on the volume insured by each private insurer decreased by the costs associated to this volume.
skupni znesek (glavnica in obresti na terjatev), ki ga je treba izterjati od vsakega upravičenca;
These elements, translated into the profits realised by the private insurers participating in the scheme over the period over which top-up cover was provided by the State, would have been recorded by another market player in the absence of the scheme.
natančen opis ukrepov, ki so že sprejeti in načrtovani za uskladitev s tem sklepom;
The aid in favour of the insurers is therefore quantified as the profits realised by the insurers participating in the scheme over the period it was in place as a result of their cover of individual exporters and domestic trading companies subscribing to the scheme.
dokumente, ki dokazujejo, da je bilo upravičencem naročeno, naj vrnejo pomoč.
The advantage for the clients subscribing to the scheme should be calculated at the level of each individual insurer participating in the scheme and in case of profit exceeding the de minimis amount it should be recovered.
Portugalska Komisijo obvešča o napredku nacionalnih ukrepov, sprejetih za izvajanje tega sklepa, do dokončne izterjave pomoči iz člena 1.
In respect of the exporters, the beneficiaries should have paid remuneration for the State cover under market conditions.
Na zahtevo Komisije takoj predloži informacije o že sprejetih in načrtovanih ukrepih za uskladitev s tem sklepom.
The aid amount should therefore be calculated as the difference between that actual market rate, adapted for the change in the level of risk.
Zagotovi tudi podrobne informacije o zneskih pomoči in obrestnih merah za vračilo pomoči, ki so jih upravičenci že vrnili.
The Commission has developed a method for the calculation of the amount to be recovered (explained in the Annex to this Decision) based on reasonable assumptions and on common market practice.
Člen 6
Under that method, a theoretical market price for the cover granted by the State is equal to 110 % of the price (in terms of premium rate) charged by the private insurer in the case of each individual exporter.
Ta sklep je naslovljen na Portugalsko republiko.
As the price charged under the scheme is 60 % of the premiums charged by the private insurer, the amount to be recovered in each transaction is equal to the amount charged by the State under the scheme multiplied by 5/6.
V Bruslju, 23. novembra 2011
The amount referred to in recital 93 constitutes the amount to be recovered, plus the recovery interest effectively accrued on that amount from the date on which the aid was made available to the beneficiaries (date of the individual guarantees) until its actual recovery.
Za Komisijo
The recovery interest shall be calculated on a compound basis in accordance with Chapter V of Commission Regulation (EC) No 794/2004 [28] as amended by Regulation (EC) No 271/2008 [29].
Podpredsednik
The present decision shall be implemented immediately, in particular in respect of the recovery of all the individual aids granted under the scheme with the exception of the aids that fulfil the conditions laid down by Regulations adopted pursuant to Articles 1 and 2 of Council Regulation (EC) No 994/98 [30] or by any other approved aid scheme up to the maximum aid intensity or de minimis limits applicable to this type of aid.
UL C 111, 9.4.2011, str. 46.
HAS ADOPTED THIS DECISION:
UL C 16, 22.1.2009, str. 1.
Article 1
Komisija je od 17. decembra 2008 uporabljala začasni okvir, 19. januarja 2009 pa je na podlagi začasnega okvira odobrila shemo „Omejeni zneski pomoči“ (zadeva N 13/09) za Portugalsko.
The State aid involved in the short-term export-credit insurance scheme in application of Decree-Law No 175/2008 establishing the Finova of 26 August 2008 and Decree-Law No 211/1998 laying down the rules applicable to mutual guarantee societies of 16 July 1998 (as amended by Decree-Law No 19/2001 of 30 January 2001 and Decree-Law No 309-A/2007 of 7 September 2007), unlawfully granted by Portugal, in breach of Article 108(3) of the Treaty on the Functioning of the European Union, is incompatible with the internal market.
Glej opombo 1.
Article 2
Skupni znesek dodeljenega posojilnega limita znaša 211,6 milijona EUR, medtem ko je posojilni limit, ki se je učinkovito porabil za kritje trgovinskih dejavnosti, znašal 187,3 milijona EUR.
Individual aid granted under the scheme referred to in Article 1 which, at the time the aid is granted, fulfils the conditions laid down by a Regulation adopted pursuant to Article 1 of Regulation (EC) No 994/98 or by any other approved aid scheme is compatible with the internal market, up to the maximum aid intensities or de minimis limits applicable to this type of aid.
Glede na priglasitev z dne 12. januarja 2009.
Article 3
UL C 281, 17.9.1997, str. 4.
Portugal shall recover the incompatible aid referred to in Article 1 from the beneficiaries.
Glej zlasti odločitev Komisije Avstrijsko zavarovanje kratkoročnih izvoznih posojil v zadevi N 434/09 (UL C 25, 2.2.2010, str.
The sums to be recovered shall bear interest from the date on which they were made available to the beneficiary until their actual recovery.
4), odločitev Komisije Izvozna posojila Danske v zadevi N 198/09 (UL C 179, 1.8.2009, str.
The interest shall be calculated on a compound basis in accordance with Chapter V of Regulation (EC) No 794/2004, as amended by Regulation (EC) No 271/2008.
2), odločitev Komisije Belgijsko zavarovanje kratkoročnih izvoznih posojil v zadevi N 532/09 (UL C 19, 26.1.2010, str.
Portugal shall immediately abolish the scheme referred to in Article 1 and cancel all outstanding payments of aid under the scheme referred to in Article 1 with effect from the date of notification of this Decision.
7), odločitev Komisije Finsko zavarovanje kratkoročnih izvoznih posojil v zadevi N 258/09 (UL C 227, 22.9.2009, str.
Article 4
1), odločitev Komisije Nemško zavarovanje kratkoročnih izvoznih posojil v zadevi N 384/09 (UL C 212, 5.9.2009, str.
Recovery of the aid grated under the scheme referred to in Article 1 shall be immediate and effective.
11), odločitev Komisije Madžarsko zavarovanje kratkoročnih izvoznih posojil v zadevi N 187/10 (UL C 259, 15.9.2010, str.
Portugal shall ensure that this decision is implemented within four months following the date of notification of this Decision.
6), odločitev Komisije Luksemburško zavarovanje kratkoročnih izvoznih posojil v zadevi N 50/09 (UL C 143, 24.6.2009, str.
Article 5
6), odločitev Komisije Litovsko zavarovanje kratkoročnih izvoznih posojil v zadevi N 659/09 (UL C 33, 10.2.2010, str.
Within two months following notification of this Decision, Portugal shall submit the following information to the Commission:
5), odločitev Komisije Latvijsko zavarovanje kratkoročnih izvoznih posojil v zadevi N 84/10 (UL C 213, 6.8.2010, str.
The list of beneficiaries that have received aid under the scheme referred to in Article 1 and the total amount of aid received by each of them;
11), odločitev Komisije Nizozemsko zavarovanje kratkoročnih izvoznih posojil – pozavarovalna shema v zadevi N 409/09 (UL C 270, 11.11.2009, str.
The total amount (principal and recovery interest) to be recovered from each beneficiary;
11), odločitev Komisije Slovensko zavarovanje kratkoročnih izvoznih posojil v zadevi N 713/09 (UL C 108, 28.4.2010, str.
A detailed description of the measures already taken and planned to comply with this Decision;
3).
Documents demonstrating that the beneficiaries have been ordered to repay the aid.
Glej zlasti odločitev Komisije Belgijsko zavarovanje kratkoročnih izvoznih posojil v zadevi N 532/09, odločitev Komisije Finsko zavarovanje kratkoročnih izvoznih posojil v zadevi N 258/09, odločitev Komisije Nemško zavarovanje kratkoročnih izvoznih posojil v zadevi N 384/09, odločitev Komisije Luksemburško zavarovanje kratkoročnih izvoznih posojil v zadevi N 50/09, odločitev Komisije Latvijsko zavarovanje kratkoročnih izvoznih posojil v zadevi N 84/10, odločitev Komisije Dansko zavarovanje kratkoročnih izvoznih posojil – pozavarovalna shema v zadevi N 409/09, odločitev Komisije Slovensko zavarovanje kratkoročnih izvoznih posojil v zadevi N 713/09.
Portugal shall keep the Commission informed of the progress of the national measures taken to implement this Decision until recovery of the aid referred to in Article 1 has been completed.
Glej Zavarovanje posojila v podporo mednarodne trgovine (Credit insurance in support of international trade), Fabrice Morel, Bernska unija, 2010, http://www.berneunion.org.uk/pdf/Credit %20insurance %20in %20support %20of %20international %20trade.pdf.
It shall immediately submit, on simple request by the Commission, information on the measures already taken and planned to comply with this Decision.
Glej Poročilo o tržnih trendih zasebnega pozavarovanja na področju zavarovanja izvoznega posojila (The Report on Market Trends of Private Reinsurance in the Field of Export Credit Insurance), Evropska komisija, http://ec.europa.eu/competition/state_aid/studies_reports/export_credit_insurance_report.pdf.
It shall also provide detailed information concerning the amounts of aid and recovery interest already recovered from the beneficiaries.
Glej sodbo Sodišča (tretji senat) z dne 8. septembra 2011 v zadevi C-279/08 P, Komisija proti Nizozemski, še neobjavljena.
Article 6
Sodba Sodišča prve stopnje z dne 10. aprila 2008 v zadevi T-233/04, Kraljevina Nizozemska proti Komisiji Evropskih skupnosti, ZOdl., str.
This Decision is addressed to the Portuguese Republic.
II-591, točka 88.
Done at Brussels, 23 November 2011.
Sodba v zadevi C-143/99, Adria-Wien Pipeline GmbH in Wietersdorfer & Peggauer Zementwerke GmbH proti Finanzlandesdirektion für Kärnten, Recueil 2001, str.
For the Commission,
I-8365, točka 41.
Vice-President
Sodba Sodišča prve stopnje (tretji razširjeni senat) z dne 29. septembra 2000 v zadevi T-55/99, Confederación Española de Transporte de Mercancias proti Komisiji, Recueil, str.
OJ C 111, 9.4.2011, p. 46.
II-3207, točka 40.
OJ C 16, 22.1.2009, p. 1.
Sodba v zadevi C-173/73, Italijanska republika proti Komisiji Evropskih skupnosti, Recueil 1974, str. 709, točka 13.
The Commission has applied the Temporary Framework since 17 December 2008 and authorised the Portuguese ‘Limited amounts of aid’ scheme (case N 13/09) on 19 January 2009 on the basis of the Temporary Framework.
Sodba Sodišča prve stopnje (peti razširjeni senat) z dne 10. aprila 2008 v zadevi T-233/04, Kraljevina Nizozemska proti Komisiji Evropskih skupnosti, ZOdl., str.
See footnote 1.
II-591, točka 88.
The total amount of credit limit granted is EUR 211,6 million, while the credit limit effectively used to cover trade operations was EUR 187,3 million.
Glej sodbo v zadevi 730/79, Philip Morris Holland BV proti Komisiji, Recueil 1980, str. 2671, točka 11.
According to the notification of 12 January 2009.
Glej zlasti zadevo C-222/04, Cassa di Risparmio di Firenze, ZOdl.
OJ C 281, 17.9.1997, p. 4.
2006,str.
See, in particular, Commission decision Austrian short term export credit insurance in case N 434/09, (OJ C 25, 2.2.2010, p.
I-289, točke 141–143 in prav tu citirano sodno prakso.
4), Commission decision Export credits Denmark in case N 198/09 (OJ C 179, 1.8.2009, p.
Glej popravek, objavljen v UL C 217, 2.8.2001, str. 2.
2), Commission decision Belgian short term export credit insurance in case N 532/09 (OJ C 19, 26.1.2010, p.
Seznam vključuje države EU in države OECD.
7), in Commission decision Finnish short term export credit insurance in case N 258/09 (OJ C 227, 22.9.2009, p.
UL C 6, 11.1.2011, str. 5.
1), Commission decision German short term export credit insurance in case N384/09 (OJ C 212, 5.9.2009), Commission decision Hungarian short term export credit insurance in case N187/10 (OJ C 259, 15.9.2010), Commission decision Luxembourg short term export credit insurance in case N50/09 (OJ C 143, 24.6.2009), Commission decision Lithuanian short term export credit insurance in case N659/09 (OJ C 33, 10.2.2010), Commission decision Latvian short term export credit insurance in case N84/10 (OJ C 213, 6.8.2010), Commission decision Dutch export credit insurance — reinsurance scheme in case N 409/09 (OJ C 270, 11.11.2009), Commission decision Slovenian short term export credit insurance in case N 713/09 (OJ C 108, 28.4.2010).
Glej na primer sodbo Sodišča prve stopnje v združenih zadevah T-132/96 in T-143/96, Freistaat Sachsen, Volkswagen AG in Volkswagen Sachsen GmbH proti Komisiji Evropskih skupnosti, Recueil 1999, str.
See in particular Commission decision Belgian short term export credit insurance in case N 532/09, Commission decision Finnish short term export credit insurance in case N 258/09, Commission decision German short term export credit insurance in case N 384/09, Commission decision Luxembourg short term export credit insurance in case N 50/09, Commission decision Latvian short term export credit insurance in case N 84/10, Commission decision Danish export credit insurance — reinsurance scheme in case N 409/09, Commission decision Slovenian short term export credit insurance in case N 713/09.
II-3663, točka 167.
See Credit insurance in support of international trade, Fabrice Morel, Berne Union, 2010, http://www.berneunion.org.uk/pdf/Credit%20insurance%20in%20support%20of%20international%20trade.pdf.
Glej sodbo v zadevi 730/79, Philip Morris Holland BV proti Komisiji, Recueil 1980, str. 2671, točka 17.
See The Report on Market Trends of Private Reinsurance in the Field of Export Credit Insurance, European Commission, http://ec.europa.eu/competition/state_aid/studies_reports/export_credit_insurance_report.pdf.
To načelo je bilo pred nedavnim ponovno potrjeno s sodbo v zadevi C-390/06, Nuova Agricast Srl proti Ministero delle Attività Produttive, ZOdl.
See judgment of the Court (Third Chamber) of 8 September 2011 in Case C-279/08 P, Commission v. Netherlands, not yet published.
2008, str.
Judgment of the Court of First Instance of 10 April 2008 in case T-233/04 Kingdom of the Netherlands v Commission of the European Communities [2008] ECR II-00591, point 88.
I-2577, točka 68.
Judgment in case C-143/99 Adria-Wien Pipeline GmbH and Wietersdorfer & Peggauer Zementwerke GmbH v Finanzlandesdirektion für Kärnten[2001] ECR I-08365, point 41.
Glej na primer sodbo Sodišča prve stopnje (drugi razširjeni senat) v združenih zadevah T-132/96 in T-143/96, Freistaat Sachsen, Volkswagen AG in Volkswagen Sachsen GmbH proti Komisiji Evropskih skupnosti, Recueil 1999, str.
Judgment of the Court of First Instance (Third Chamber, Extended Composition) of 29 September 2000 in case T55/99, Confederación Española de Transporte de Mercancias v. Commission, ECR II-3207, point 40.
II-3663, točka 167.
Judgment in case C-173/73 Italian Republic v Commission of the European Communities [1974] ECR 00709, point 13.
Uredba Sveta (ES) št. 659/1999 z dne 22. marca 1999 o določitvi podrobnih pravil za uporabo člena 93 Pogodbe ES (UL L 83, 27.3.1999, str. 1).
Judgment of the Court of First Instance (Fifth Section, Extended Composition) of 10 April 2008 in case T233/04 Kingdom of the Netherlands v Commission of the European Communities [2008] ECR II-00591, point 88.
Obvestilo Komisije o uporabi členov 87 in 88 Pogodbe ES za državno pomoč v obliki poroštev (UL C 155, 20.6.2008, str. 10).
See judgment in Case 730/79 Philip Morris Holland BV v Commission [1980] ECR 2671, point 11.
Ta tržna praksa temelji na prevladujoči uporabi celotnih izdelkov iz prometa namesto posameznih tveganih izdelkov.
See, in particular, Case C-222/04 Cassa di Risparmio di Firenze, ECR2006, p.
Uredba Komisije (ES) št. 794/2004 z dne 21. aprila 2004 o izvajanju Uredbe Sveta (ES) št. 659/1999 o določitvi podrobnih pravil za uporabo člena 93 Pogodbe ES (UL L 140, 30.4.2004, str. 1).
I-289, paragraphs 141-143, and the case-law cited therein.
Uredba Komisije (ES) št. 271/2008 z dne 30. januarja 2008 o spremembi Uredbe (ES) št. 794/2004 o izvajanju Uredbe Sveta (ES) št. 659/1999 o določitvi podrobnih pravil za uporabo člena 93 Pogodbe ES (UL L 82, 25.3.2008, str.
See corrigendum published in OJ C 217, 2.8.2001, p. 2.
1).
The list includes EU and OECD countries.
Uredba Sveta (ES) št. 994/98 z dne 7. maja 1998 o uporabi členov 92 in 93 Pogodbe o ustanovitvi Evropske skupnosti za določene vrste horizontalne državne pomoči (UL L 142, 14.5.1998, str.
OJ C 6, 11.1.2011, p. 5.
1).
See for instance judgment of the Court of First Instance in joined cases T-132/96 and T-143/96 Freistaat Sachsen, Volkswagen AG and Volkswagen Sachsen GmbH v Commission of the European Communities [1999] ECR II-3663, paragraph 167.
PRILOGA
See judgment in Case 730/79 Philip Morris Holland BV v Commission [1980] ECR 2671, point 17.
OBLIKOVANJE CEN KRITJA MODELA „TOP-UP“ TRGOVINSKEGA ZAVAROVANJA
This principle was recently reaffirmed by the judgment in case C-390/06 Nuova Agricast Srl v Ministero delle Attività Produttive [2008] ECR I-02577, point 68.
Premije za zavarovalno kritje so določene tako, da krijejo vsaj pričakovano izgubo in upravne stroške.
See for instance judgment of the Court of First Instance (Second Chamber, extended composition) in joined cases T-132/96 and T-143/96 Freistaat Sachsen, Volkswagen AG and Volkswagen Sachsen GmbH v Commission of the European Communities [1999] ECR II-3663, point 167.
Zato se lahko najnižja premija, sprejemljiva za učinkovitega gospodarskega operaterja, izrazi kot:
Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 93 of the EC Treaty (OJ L 83, 27.3.1999, p. 1).
, pri čemer je:
Commission Notice on the application of Articles 87 and 88 of the EC Treaty to State aid in the form of guarantees, OJ C 155, 20.6.2008, p. 10.
PR premija, ki jo samostojno zaračunajo zasebni zavarovatelji;
This market practice is based on the predominant use of whole turnover products instead of single risk products.
Verj verjetnost zavarovanega dogodka;
Commission Regulation (EC) No 794/2004 of 21 April 2004 implementing Council Regulation (EC)No 659/1999 laying down detailed rules for the application of Article 93 of the EC Treaty (OJ L 140, 30.4.2004, p. 1).
VrnjeniZnesek znesek vračila, ki se pričakuje na podlagi predhodnih tržnih podatkov;
Commission Regulation (EC) No 271/2008 of 30 January 2008 amending Regulation (EC) No 794/2004 implementing Council Regulation (EC) No 659/1999 laying down detailed rules for the application of Article 93 of the EC Treaty (OJ L 82, 25.3.2008, p.
upr upravni stroški.
1).
Upravni stroški so v tej analizi zaradi poenostavitve enaki nič ().
Council Regulation (EC) No 994/98 of 7 May 1998 on the application of Articles 92 and 93 of the Treaty establishing the European Community to certain categories of horizontal State aid (OJ L 142, 14.5.1998, p.
Ta predpostavka ne vpliva na izid analize, ker upravni stroški niso odločilna komponenta pri določanju ravni premije.
1).
Če so dostopni zanesljivi podatki o upravnih stroških, se lahko spremenljivka enostavno vključi v analizo.
PRICING OF TOP-UP TRADE INSURANCE COVER
V nadaljevanju podpisana oznaka „0“ označuje spremenljivko brez državnega posredovanja (ali pred njim), podpisana oznaka „S“ pa označuje spremenljivko z državnim posredovanjem.
Premiums for insurance cover are set in such a way as to cover at least the expected loss and the administrative costs.
Iz zgoraj navedene formule je razvidno, da:
Therefore the minimum premium acceptable for a sound economic operator can be expressed as follows:
Po definiciji:
, where:
aliStopnjaVračila
PR premium charged by the private insurers on the stand-alone basis;
Izraz se preoblikuje:
Prob probability of the insured event;
Značilnost zadevnega ukrepa je, da je kritje v okviru sheme največ enako ali manjše od kritja, ki ga zagotovi zasebni (osnovni) zavarovatelj, če ni državne pomoči (tj. da je državno podprto kritje največ enako kritju, ki ga zagotovi zasebni zavarovatelj).
Recovery Amount expected amount of recovery, based on historical market data;
Ob predpostavki, da je državno podprto kritje popolnoma enako kritju, ki ga zagotovi zasebni zavarovatelj, je rezultat tega razmerja:ExposiçãoS
adm administrative costs.
V tem primeru se izraz preoblikuje:
For the sake of simplicity, in this analysis administrative costs are assumed to be equal to zero ().
V nadaljevanju so razložene posledice tega, kar je v industriji znano kot „prekreditiranje“ ustreznega oblikovanja cen kritja zavarovanja na področju trgovine.
This assumption does not affect the outcome of the analysis because administrative costs are not a decisive component for setting the premium level.
Prekreditiranje je opazno tako na ravni verjetnosti neplačila kot na ravni stopnje vračila.
If reliable data on administrative costs are available, the variable can easily be included in the analysis.
Verjetnost neplačila
(ExposureAtDefault — the maximum loss amount to which an institution would be exposed in case of the default of its counterpart.)
Verjetnost neplačila se povečuje s trgovinsko dejavnostjo kupca.
In the following, the subscript ‘0’ designates a variable in the absence of (or prior to) the State intervention, and the subscript ‘S’ designates a variable with the State intervention.
Komercialni krediti in bančna posojila so nepopolna nadomestila:
From the formula above, it can be seen that:
zlasti se oboje lahko uporablja za širitev dejavnosti kupca/posojilojemalca.
By definition:
Zato povečan komercialni kredit, tako kot bančna posojila, ustvarja tveganje za prekreditiranje, tj. kupec svojo dejavnost razširi bolj, kot je to gospodarsko učinkovito.
orRecoveryRate
Glede na predstavljene formule se lahko prekreditiranje izrazi kot:
The expression is transformed as follows:
VerjS
A feature of the measure under scrutiny is that the cover under the scheme is at most equal to or lower than the cover provided by the private (base) insurer in the absence of State aid (that is, that the State supported cover is at most equal to the cover provided by the private insurer).
Tak položaj bi lahko nastal zlasti v primerih, ko je izvoznik glavni dobavitelj kupca.
Assuming for the moment that the State supported cover is exactly equal to the cover provided by the private insurer, the following relation results:ExposiçãoS
V tem primeru se gospodarska dejavnost kupca povečuje sorazmerno s trgovinsko transakcijo, sklenjeno z zavarovateljem izvoznikom, in s tem sorazmerno z zneskom dodeljenega kritja posojila.
Exposição0
Razmerje vračila
In that case the expression is transformed as follows:
Zaradi povečanja kreditne izpostavljenosti se poveča tudi znesek, ki ga je treba vrniti.
The consequences of what is known in the industry as ‘over-crediting’ on the correct pricing of a trade insurance cover are explained below.
Vendar se glede na to, da je vračljivi znesek odvisen od hipotetičnega likvidacijskega dohodka, ta teoretični vračljivi znesek pokrije z zneskom premoženja, ki ga lahko kupec (ali likvidacijski upravni uslužbenec) proda, da krije odgovornost iz komercialnega kredita, in ker je znesek iz premoženja omejen, bi se stopnja vračila povečala manj, kot je to sorazmerno s povečanjem kritja posojila.
Over-crediting is observed both at the level of the probability of default and at the level of the recovery rate.
0,5 ≤ α ≤ 1 (α = 0,5, če se znesek vračila ne poveča, kadar država izvozniku dodeli „top-up“ za transakcije z določenim kupcem; v teoretičnem primeru velja α = 1, če se znesek vračila povečuje z enako hitrostjo kot skupni posojilni limit, ki ga izvoznik prejme za transakcijo z določenim kupcem).
Probability of default
Glede na zgoraj navedeno je mogoče sklepati, da PRS
The probability of default increases with the trading activity of the buyer.
Zato je premija, ki se plača za državno kritje, višja od premije, ki se za prvotno kritje plača zasebnemu zavarovatelju.