natgillin/translations-raw huggingface dataset:
As for whether there is aid associated with the capital increase, the Commission refers to its decision of 13 March 2009 and its conditional authorisation decision, which established that the interventions of the Belgian and French States constitute State aid within the meaning of Article 107(1) TFEU.
Komisija se glede tega, ali je pomoč povezana z dokapitalizacijo, sklicuje na svojo odločitev z dne 13. marca 2009 in sklep o pogojnem dovoljenju, v katerih je bilo ugotovljeno, da posredovanje Belgije in Francije pomeni državno pomoč v smislu člena 107(1) PDEU.
The Commission considers it evident that the measure is selective and imputable to the two Member States given that it relates to one single enterprise, the Dexia Group, and that it was taken directly by the Belgian and French States.
Komisiji se zdi očitno, da je ukrep selektiven in da se lahko pripiše obema državama, saj se nanaša na eno samo družbo, tj. skupino Dexia, poleg tega sta ga neposredno sprejeli Belgija in Francija.
As explained earlier [127], the recapitalisation of Dexia SA is necessary in order to ensure that Dexia’s resolution is orderly in nature.
Kot je bilo že pojasnjeno [127], je dokapitalizacija družbe Dexia SA potrebna, da se zagotovi urejen likvidacijski postopek za skupino Dexia.
The undertaking thus derives an advantage from a recapitalisation which it would not have obtained from an informed private investor.
Dokapitalizacija za družbo tako pomeni prednost, ki je od poučenega zasebnega vlagatelja ne bi prejela.
The recapitalisation is helping to avoid the immediate and disorderly break-up of Dexia.
Z dokapitalizacijo se prepreči takojšnja in nenadzorovana razdelitev skupine Dexia.
Without the measure the bank would be placed in liquidation and would leave the banking industry sooner.
Brez ukrepa bi bil za banko uveden likvidacijski postopek in bi prej zapustila bančni sektor.
Its assets would be redistributed more rapidly.
Njena sredstva bi se hitreje porazdelila.
Because of the bank’s considerable size, therefore, the measure affects the structure of the banking market in the Union and thus affects trade between Member States and distorts competition.
Zato ukrep zaradi precejšnjega obsega banke vpliva na strukturo bančnega trga v Uniji, zaradi česar je prizadel trgovino med državami članicami in izkrivljal konkurenco.
The Commission consequently concludes that the recapitalisation of Dexia SA involves State aid for Dexia.
Komisija zato ugotavlja, da je v dokapitalizacijo družbe Dexia SA vključena pomoč za skupino Dexia.
Aid for the development bank
Pomoč za razvojno banko
The Commission considers that aid is being provided for the development bank through which DMA is to carry out its activities:
Komisija meni, da se pomoč zagotavlja razvojni banki, prek katere naj bi družba DMA izvajala svoje dejavnosti:
because of the capital which the shareholders have undertaken to inject; and
zaradi dokapitalizacije, h kateri so se zavezali delničarji, ter
because of the liquidity which those same shareholders have undertaken to provide for the NEC.
zaradi likvidnih sredstev, za katere so se ti isti delničarji zavezali, da jih zagotovijo novi kreditni instituciji.
This aid is on top of the aid — at issue here — which DMA has already received as an entity of the Dexia Group.
Ta pomoč dopolnjuje zadevno pomoč, ki jo je družba DMA že prejela kot subjekt skupine Dexia.
In its decision to extend the procedure, the Commission considered that the aid identified in the DMA sale operation was intended for the benefit of DMA’s activities and the ‘new mortgage lending structure’ [128], in other words the undertaking resulting from the DMA sale operation, which would also include the NEC and the JV as legal entities.
Komisija je v svojem sklepu o razširitvi postopka menila, da je bila pomoč, opredeljena v transakciji prodaje družbe DMA, namenjena v korist dejavnosti te družbe in „nove strukture hipotekarnega kreditiranja“ [128], povedano drugače, podjetju, ki izhaja iz transakcije prodaje družbe DMA, v katero bi bila kot pravna subjekta vključena tudi nova kreditna institucija in skupno podjetje.
In response, the Member States concerned [129] and Dexia [130] respectively stated in their comments in response to the opening decision, and the French authorities in their memorandum of 4 December 2012 on the DMA operation [131], that there was no ‘new mortgage lending structure’ as an economic entity and that in any event such a structure would not receive any aid.
Zadevne države članice [129] oziroma skupina Dexia [130] so v pripombah na sklep o začetku postopka, francoski organi pa v svojem memorandumu z dne 4. decembra 2012 o transakciji prodaje družbe DMA [131] v odgovor navedli, da „nova struktura hipotekarnega kreditiranja“ kot gospodarski subjekt ne obstaja in da taka struktura v vsakem primeru ne bi prejela pomoči.
On this point, in their memorandum of 4 December 2012 on the DMA operation of 4 December 2012, the French authorities allude to the existence of ‘ ‘different economic activities’ carried out by the NEC and DMA on the one hand, and by the JV on the other’ [133].
Francoski organi v svojem memorandumu z dne 4. decembra 2012 o transakciji družbe DMA z dne 4. decembra 2012 o tej točki namigujejo na obstoj „t. i. različnih gospodarskih dejavnosti, ki sta jih po eni strani izvajali nova kreditna institucija in družba DMA, po drugi pa skupno podjetje“ [133].
As a preliminary point, the Commission would recall that the competition rules set out in the Treaty on the Functioning of the European Union, particularly those relating to State aid, concern undertakings and not companies or other legal entities in the form of natural or legal persons.
Komisija bi predhodno opozorila, da pravila o konkurenci, določena v Pogodbi o delovanju Evropske unije, zlasti tista, ki se nanašajo na državno pomoč, zadevajo podjetja, ne pa družb ali drugih pravnih subjektov v obliki fizičnih ali pravnih oseb.
It is clear from the case law of the Court of Justice that the rules of competition law in the European Union apply to undertakings and that an undertaking corresponds, for the purpose of those rules, to a coherent, unified economic entity incorporating different personal, tangible and intangible elements, and pursuing the same given long-term economic objective, regardless of the legal status of that economic unit [134].
Iz sodne prakse Sodišča je jasno, da se pravila konkurenčnega prava v Evropski uniji nanašajo na podjetja in da podjetje za ta pravila ustreza skladnemu, enotnemu gospodarskemu subjektu, ki vključuje različne osebne, opredmetene in neopredmetene elemente ter uresničuje enak določen dolgoročni gospodarski cilj, ne glede na pravni status te gospodarske enote [134].
Two or more separate legal entities may be regarded as forming a single economic unit for the purpose of applying the rules on State aid.
Za uporabo pravil o državni pomoči se lahko obravnava, da dva ali več ločena pravna subjekta tvorita posamezno gospodarsko enoto.
That economic unit is then deemed to be the undertaking at issue.
Ta gospodarska enota se nato šteje za zadevno podjetje.
In order to do this, the Court of Justice looks at whether one of the entities has a controlling shareholding in the other and whether there are functional, economic and organic links between them [135].
Sodišče je v ta namen proučilo, ali ima eden od subjektov nadzorni delež v drugem ter ali med obema obstajajo funkcionalne, gospodarske in organizacijske povezave [135].
The Commission believes, for the reasons set out below, that DMA, the NEC and the JV constitute one and the same undertaking.
Komisija je zaradi razlogov, navedenih v nadaljevanju, prepričana, da so družba DMA, nova kreditna institucija ter skupno podjetje eno in isto podjetje.
They are pursuing the same given long-term economic objective (remedying a market shortfall identified in the financing of French local authorities and public hospitals), even though each company plays an individual and complementary role in the pursuit of that shared objective.
Čeprav ima vsaka od teh družb individualno in dopolnilno vlogo pri izpolnjevanju skupnega cilja, pa izpolnjujejo enak določen dolgoročni gospodarski cilj (tj. odprava tržnega primanjkljaja, ugotovljena pri financiranju francoskih lokalnih skupnosti in javnih bolnišnic).
Under French law (Article L.515-22 of the Monetary and Financial Code), the administration and recovery of loans and similar receivables, securities and bonds held by a mortgage lending company, together with bonds or other resources which it receives, must be carried out by a separate credit institution bound to the mortgage lending company by contract.
Upravljanje in izterjavo posojil ter podobnih terjatev, vrednostnih papirjev in obveznic v lasti družbe za hipotekarno kreditiranje, skupaj z obveznicami in drugimi viri sredstev, ki jih dobiva, mora v skladu s francoskim zakonom (člen L.515-22 monetarnega in finančnega zakonika) izvajati ločena kreditna institucija, ki je z družbo za hipotekarno kreditiranje povezana s pogodbo.
The justification for making this distinction between legal persons is not economic, but essentially legal.
Za to razlikovanje med pravnimi osebami ni mogoče navesti gospodarske utemeljitve, ampak v bistvu pravno.
In French law, employees are given preferred status if their company is put into administration or wound up.
Po francoskem pravu dobijo zaposleni prednostni status, če se za njihovo podjetje uvede stečajni ali likvidacijski postopek.
Under Article L.515-19 of the Monetary and Financial Code, bonds issued by the mortgage lending company also have preferred status.
Po členu L.515-19 monetarnega in finančnega zakonika imajo prednostni status tudi obveznice, ki jih izdaja družba za hipotekarno kreditiranje.
Under the terms of that preferred status, all of the mortgage lending company’s assets must be allocated first to the payment of its mortgage bonds.
Vsa sredstva družbe za hipotekarno kreditiranje morajo biti v skladu s pogoji prednostnega statusa najprej dodeljena za izplačilo hipotekarnih obveznic.
There would be a conflict of privileged statuses if there were no legislation requiring a credit institution (with employees) to manage a mortgage lending company (with no staff).
Do navzkrižja prednostnih statusov bi prihajalo, če se z zakonodajo ne bi zahtevalo, da družbo za hipotekarno kreditiranje (brez zaposlenih) upravlja kreditna institucija (z zaposlenimi).
Thus, DMA, as a mortgage lending company, could not function without the NEC.
Torej družba DMA, ki je družba za hipotekarno kreditiranje, brez nove kreditne institucije ne bi mogla delovati.
DMA does not in itself constitute an undertaking because French law does not allow it to manage itself.
Družba DMA sama po sebi ni podjetje, saj se po francoskem pravu ne more sama upravljati.
Furthermore, under Article L.515-13-I of the Monetary and Financial Code, the sole objective of mortgage lending companies is to grant or acquire guaranteed loans, exposures on public legal entities and securities and bonds with preferred status, and to issue mortgage bonds with preferred status under Article L.515-19 to finance those assets.
Poleg tega je po členu L.515-13-I monetarnega in finančnega zakonika edini cilj družb za hipotekarno kreditiranje, da odobrijo ali pridobivajo zajamčena posojila, izpostavljenosti do javnih pravnih subjektov ter vrednostne papirje in obveznice s prednostnim statusom, pa tudi da za financiranje teh sredstev izdajajo hipotekarne obveznice s prednostnim statusom po členu L.515-19.
According to the notification of the DMA sale operation by the French authorities, it is the JV which is to market the eligible loans in DMA’s cover pool, refinanced by the mortgage bonds issued by DMA.
V skladu s priglasitvijo transakcije prodaje družbe DMA s strani francoskih organov, naj bi upravičena posojila v kritem skladu družbe DMA tržilo skupno podjetje, refinancirale pa bi se s hipotekarnimi obveznicami, ki jih izdaja ta družba.
The JV will merely have the status of banking transaction intermediary and will not be able to enter in its balance sheet loans which it will ‘originate’ and will then be ‘charged’ to DMA’s balance sheet.
Skupno podjetje bo zgolj posrednik pri bančni transakciji ter v bilanco stanja ne bo moglo vpisovati posojil, ki jih bo „ustvarilo“ in bodo nato „bremenila“ bilanco stanja družbe DMA.
The JV will thus act simply as an intermediary enabling DMA, as a mortgage lending company, to satisfy the legal definition laid down in Article L.515-13-I of the Monetary and Financial Code.
Skupno podjetje bo torej le posrednik, da bo lahko družba DMA, kot družba za hipotekarno kreditiranje, izpolnila pravno opredelitev iz člena L.515-13-I monetarnega in finančnega zakonika.
Without the JV, DMA would not meet its objective of ‘granting or acquiring loans’ in line with the conditions laid down in that article.
Družba DMA brez skupnega podjetja ne bi izpolnila cilja „odobritve in pridobivanja posojil“ v skladu s pogoji iz navedenega člena.
The Commission would also point out that the NEC is to act as a service provider for the JV for the production of loans to the local public sector, including loans for public health establishments.
Komisija bi tudi poudarila, da naj bi nova kreditna institucija delovala kot ponudnik storitev za skupno podjetje pri ustvarjanju posojil za javni sektor na lokalni ravni, vključno s posojili za ustanove javnega zdravstva.
These services will cover, in particular, loan marketing and management assistance, assistance with the active management of non-sensitive loans, and financial and risk services.
Te storitve bodo obsegale zlasti trženje posojil in pomoč pri upravljanju, pomoč pri dejavnem upravljanju neobčutljivih posojil ter finančne in tvegane storitve.
Furthermore, the way in which the French authorities worded their commitments suggests that they regard the NEC and DMA as belonging to the same undertaking.
Poleg tega način, na katerega so francoski organi ubesedili svoje zaveze, namiguje na to, da novo kreditno institucijo in družbo DMA obravnavajo kot del istega podjetja.
Point 16 of the commitments relating to DMA states that the level of liquidity which the shareholders (the State, the CDC and La Banque Postale) undertake to supply to the NEC is what is necessary ‘for the NEC and DMA’.
V točki 13 zavez, ki se nanaša na družbo DMA, je navedeno, da je stopnja likvidnosti, ki so se jo delničarke (Francija, hranilnica in posojilnica CDC ter banka LBP) zavezale zagotavljati novi kreditni instituciji, takšna, kot je potrebna „za novo kreditno institucijo in družbo DMA“.
DMA, the NEC and the JV have the same ultimate shareholders (the State, the CDC and La Banque Postale), albeit with different sizes of holdings.
Družba DMA, nova kreditna institucija in skupno podjetje imajo iste končne delničarke (Francijo, hranilnico in posojilnico CDC ter banko LBP), čeprav se obsegi njihovih deležev razlikujejo.
Furthermore, although the French authorities stated in their notification of the DMA sale operation that ‘they will use the term ‘development bank’ to refer to the various economic activities carried out by the NEC and DMA on the one hand and by the JV on the other’ [137], the Commission notes that they claim that the operation — and particularly the reduced profitability of the financing activities for French local authorities — complies with the rules on State aid because ‘DMA, the NEC and the JV … will together constitute a development bank’ [138], and they endorse their ‘classification’ as a development bank [139].
Nadalje, čeprav so francoski organi v priglasitvi transakcije prodaje družbe DMA navedli, da „bodo izraz ‚razvojna banka‘ uporabljali pri sklicevanju na različne gospodarske dejavnosti, ki jih izvajata družba DMA in nova kreditna institucija na eni strani ter skupno podjetje na drugi“ [137], Komisija ugotavlja, da trdijo, da je transakcija in zlasti manjša donosnost dejavnosti financiranja za francoske lokalne skupnosti skladna s pravili o državni pomoči: „Družba DMA, nova kreditna institucija in skupno podjetje […] bodo skupaj tvorile razvojno banko“ [138], in podpirajo svojo „opredelitev“ kot razvojna banka [139].
In the Commission’s view, the Member States concerned cannot try to dispute that aid is being provided for DMA’s activities and the new ‘mortgage lending structure’ (referred to as ‘development bank’ in this Decision and the notifications) by claiming that such an undertaking will not exist, while at the same time [140] using the term new mortgage lending structure or development bank, which corresponds to an undertaking, in order to persuade the Commission that the operation relating to DMA complies with the rules on State aid.
Zadevne države članice po mnenju Komisije ne morejo poskušati oporekati, da se pomoč zagotavlja za dejavnosti družbe DMA in „strukture hipotekarnega kreditiranja“ (na katero se v tem sklepu in priglasitvah sklicuje kot na „razvojno banko“), saj trdijo, da tako podjetje ne bo obstajalo, obenem [140] pa uporabljajo izraz nova struktura hipotekarnega kreditiranja ali razvojna banka, ki ustreza podjetju, da bi Komisijo prepričale, da je transakcija prodaje družbe DMA skladna s pravili o državni pomoči.
In the Commission’s view, the numerous references to the term ‘development bank’ [141] — covering DMA, the NEC and the JV — in the French authorities’ notification of the DMA sale operation show that these three legal entities represent three sides of the same economic unit or undertaking.
Po mnenju Komisije je iz priglasitve transakcije prodaje družbe DMA, ki so jo zagotovili francoski organi, s številnimi sklicevanji na izraz „razvojna banka“ [141], ki vključuje družbo DMA, novo kreditno institucijo in skupno podjetje, razvidno, da ti trije pravni subjekti pomenijo tri strani iste gospodarske enote ali podjetja.
If that were not the case, the Member States concerned could have described and explained the reasons for the DMA sale operation without having to use an umbrella term covering three separate legal entities.
V nasprotnem primeru bi lahko zadevne države članice opisale in pojasnile razloge za transakcijo prodaje družbe DMA, ne da bi morale uporabiti krovni pojem, ki zajema tri ločene pravne subjekte.
Likewise, the French authorities’ notification of the DMA sale operation frequently uses the expression ‘DMA, the NEC and the JV’, which suggests involvement in a common undertaking and economic activity [142].
Podobno se v priglasitvi transakcije prodaje družbe DMA, ki so jo zagotovili francoski organi, pogosto pojavlja besedna zveza „družba DMA, nova kreditna institucija in skupno podjetje“, ki kaže na udeležbo v skupnem podjetju in gospodarski dejavnosti [142].
The commitments linked to the DMA sale operation also refer to ‘DMA, the NEC and the JV’ [143], particularly ‘NEC, DMA and JV’s global business plan’ [144].
Zaveze, povezane s transakcijo prodaje družbe DMA, se nanašajo tudi na „družbo DMA, novo kreditno institucijo in skupno podjetje“ [143], zlasti na „globalni poslovni načrt družbe DMA, nove kreditne institucije in skupnega podjetja“ [144].
Alternatively, even if there were no ‘development bank’ undertaking to which DMA, the NEC and the JV belonged, the Commission considers that DMA will benefit from the aid described below (commitment to provide capital) because it will gain an advantage from these measures involving State resources, in that it will not be able to operate without this aid or independently from the NEC (see recitals 470-471).
Čeprav podjetje „razvojna banka“, katerega del bi bile družba DMA, nova kreditna institucija in skupno podjetje, ne bi obstajalo, pa Komisija vseeno meni, da bi imela družba DMA ugodnosti od opisane pomoči (zaveza po zagotavljanju kapitala), saj bi prednost od ukrepov, v katera so vključena državna sredstva, pridobila s tem, da ne bi mogla delovati brez te pomoči ali neodvisno od nove kreditne institucije (glej uvodne izjavi 470 in 471).
This selective advantage would distort competition at European level for the same reasons as the development bank.
S to selektivno prednostjo bi se izkrivljala konkurenca na evropski ravni zaradi istih razlogov kot pri razvojni banki.
Commitment to provide capital for the NEC and DMA
Zaveza k zagotavljanju kapitala za novo kreditno institucijo in družbo DMA
The State, the CDC and La Banque Postale, as DMA’s shareholders, undertake to maintain the NEC’s and DMA’s capital at the level needed to cover any losses that take place in respect of DMA’s existing portfolio (the legacy portfolio), which includes around EUR 10 billion in ‘sensitive loans’.
Francija, hranilnica in posojilnica CDC ter banka LBP se kot delničarke družbe DMA zavezujejo, da bodo ohranjale kapital nove kreditne institucije in družbe DMA na stopnji, ki je potrebna za kritje kakršnih koli izgub, ki bi nastale glede sedanjega portfelja družbe DMA (preostali portfelj), v katerega je vključenih za približno 10 milijard EUR občutljivih posojil.
In that respect, the French authorities have undertaken to notify any future DMA capital increase, which will then be assessed by the Commission on the basis of the European Union rules on State aid.
Francoski organi so se v tem pogledu zavezali k priglasitvi vsake prihodnje dokapitalizacije v družbi DMA, ki jo bo nato na podlagi pravil Evropske unije o državni pomoči ocenila Komisija.
Recapitalisation by the French State clearly entails the allocation of public resources.
Dokapitalizacija, ki jo izvede Francija, jasno vsebuje dodelitev javnih sredstev.
The same is true of injections of capital by the CDC or La Banque Postale.
Enako velja za kapitalske injekcije hranilnice in posojilnice CDC ali banke LBP.
In accordance with the case law [145], the mere fact that an economic operator is under State control is not sufficient for measures taken by that operator to be imputed to the State.
Zgolj dejstvo, da je gospodarski subjekt pod državnim nadzorom, v skladu s sodno prakso [145] ne zadošča, da bi se ukrepi, ki jih sprejme navedeni subjekt, pripisali državi.
However, it also follows from the case law that, since it is very difficult for the Commission, because of the privileged relationship that exists between the CDC and La Banque Postale on the one hand and the French State on the other, to prove that in the present case the decisions to acquire DMA under the conditions notified (measure 1) and to cover the financing requirements of the new credit institution and DMA (measure 4) were indeed taken on the instructions of the public authorities, the imputability to the State of these measures may be inferred from a set of indicators arising from the circumstances in which the measures were taken.
Toda iz sodne prakse tudi izhaja, da se o možnosti pripisovanja teh ukrepov državi lahko sklepa na podlagi sklopa kazalnikov, ki izhajajo iz okoliščin, v katerih so bili ukrepi sprejeti, ker Komisija zaradi privilegiranega odnosa, ki obstaja med hranilnico in posojilnico CDC in banko LBP na eni strani ter državo Francijo na drugi, zelo težko dokaže, da so bile v tej zadevi odločitve o pripojitvi DMA pod priglašenimi pogoji (ukrep 1) in o kritju potreb po financiranju nove kreditne institucije in družbe DMA (ukrep 4) dejansko sprejete po navodilih javnih organov.