natgillin/translations-raw huggingface dataset:
Austria undertakes to ensure that the commitments laid down in the Annex are complied with in full.
Na podlagi člena 107(3)(b) Pogodbe se lahko državna pomoč šteje za združljivo z notranjim trgom, če je njen namen „odpravljanje resne motnje v gospodarstvu države članice“.
ASSESSMENT
Komisija kljub počasnemu okrevanju gospodarstva po začetku leta 2010 še vedno meni, da so zahteve, ki morajo biti izpolnjene, da se lahko državna pomoč odobri v skladu s členom 107(3)(b) Pogodbe, še vedno izpolnjene, saj na finančnih trgih še vedno vlada negotovost.
The assessment of the restructuring aid has to consider all aid granted to HGAA since 2008.
Komisija je julija 2013 potrdila navedeno mnenje s sprejetjem Sporočila Komisije o uporabi pravil o državni pomoči za podporne ukrepe v korist bank v okviru finančne krize od 1. avgusta 2013 dalje [39].
EXISTENCE OF AID
Zaprtje banke, kot je HGAA, za katero država članica meni, da je sistemsko pomembna, bi pod takšnimi pogoji lahko neposredno vplivalo na finančne trge in s tem na celotno gospodarstvo države članice.
According to Article 107(1) of the Treaty, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market
Zato Komisija ob upoštevanju sedanjega ranljivega stanja finančnih trgov ukrepe državne pomoči v bančnem sektorju še naprej ocenjuje na podlagi člena 107(3)(b) Pogodbe.
The qualification of a measure as State aid requires the following conditions to be met: (i) the measure must be financed through State resources; (ii) it must grant an advantage liable to favour certain undertakings or the production of certain goods; (iii) that advantage must be selective; and (iv) the measure must distort or threaten to distort competition and have the potential to affect trade between Member States.
Združljivost ukrepov pomoči
Those conditions being cumulative, they must all be present before a measure is characterized as State aid.
Vsi ukrepi, opredeljeni kot državna pomoč, so bili zagotovljeni v okviru prestrukturiranja in likvidacije HGAA.
Recitals 51 to 56 of the decision approving the bank support scheme confirm that any measure granted under that scheme constitutes State aid.
Sporočilo o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči [40] (v nadaljnjem besedilu: sporočilo o prestrukturiranju) določa pravila, ki se uporabljajo za dodelitev pomoči za prestrukturiranje in likvidacijo finančnim institucijam v sedanji krizi.
The Commission furthermore recalls that it has already established in recitals 48 to 53 of the 2009 rescue decision, recital 25 of the July 2011 rescue decision and recital 16 of the December 2012 rescue decision that the conditions set out in Article 107(1) of the Treaty are met for the aid measures listed under a) and b) and that those measures therefore constitute aid.
Glede na sporočilo o prestrukturiranju mora prestrukturiranje finančne institucije v sedanji finančni krizi, da bi bilo združljivo z notranjim trgom v skladu s členom 107(3)(b) Pogodbe, (i) privesti do ponovne vzpostavitve uspešnega poslovanja banke, (ii) vključevati ustrezen lasten prispevek upravičenca (porazdelitev bremena) in zagotoviti, da se pomoč omeji na najmanjši potrebni znesek, ter (iii) zajemati ustrezne ukrepe za omejitev izkrivljanja konkurence.
The Commission maintains its view as it will explain below.
Ponovna vzpostavitev uspešnega poslovanja
The measures provided by Austria under the bank support scheme
Kot je Komisija navedla v sporočilu o prestrukturiranju, mora država članica predložiti obsežen načrt prestrukturiranja, iz katerega je razvidno, kako bo dolgoročno uspešno poslovanje subjekta ponovno vzpostavljeno brez uporabe državne pomoči v razumnem času in najpozneje v petih letih.
All measures granted under the bank support scheme, namely the EUR 900 million recapitalisation and the guarantees of EUR 1,35 billion received in 2008, constitute aid as set out in recitals 51 to 56 of the decision approving that scheme.
Glede na točko 13 sporočila o prestrukturiranju je dolgoročno uspešno poslovanje doseženo, ko je banka sposobna samostojno konkurirati za kapital na trgu v skladu z ustreznimi regulativnimi zahtevami.
Both the capital injection and the guarantees are granted from State resources within the meaning of Article 107(1) of the Treaty.
Na podlagi načrtov za prestrukturiranje HGAA, ki so bili predloženi v preteklosti, ni bilo mogoče sklepati, da je ponovna vzpostavitev uspešnega poslovanja celotne skupine izvedljiva.
They are granted to a single undertaking and are therefore selective.
Komisija nadalje opozarja, da se bo ugodno financiranje, ki izhaja iz jamstev, ki jih ponuja Koroška, sčasoma končalo in da se je hitro dohitevanje gospodarstev jugovzhodne Evrope ustavilo.
They are granted under conditions which would not be available to HGAA on the markets, which is not disputed by Austria.
Zato banka ne more ustrezno nadomestiti svojega kapitala ali vrniti državnega kapitala, torej ne more ponovno vzpostaviti uspešnega poslovanja do konca obdobja prestrukturiranja.
Given that HGAA is an undertaking active in the financial sector, which is open to intense international competition, any advantage from State resources to HGAA has the potential to affect intra-Union trade and to distort competition.
Zato se zdi nemogoče, da bi HGAA lahko samostojno ponovno vzpostavila uspešno poslovanje.
Those findings were already set out in recital 16 of the December 2012 rescue decision and are confirmed in the present Decision.
Komisija zato ugotavlja, da njeni dvomi glede ponovne vzpostavitve uspešnega poslovanja niso odpravljeni.
The recapitalisation by BayernLB
Kot določa točka 9 sporočila o prestrukturiranju, mora vsak načrt prestrukturiranja vključevati primerjavo z drugimi možnostmi, vključno z razdelitvijo ali pripojitvijo k drugi banki.
BayernLB was itself recapitalised by the Free State of Bavaria in 2008 and used part of the funds to recapitalise its subsidiary HGAA.
Če ponovna vzpostavitev uspešnega poslovanja banke ni možna, je treba v načrtu prestrukturiranja pojasniti, kako bi bilo mogoče izvesti njeno pravilno likvidacijo.
As the amount of aid in one measure cannot be double-counted, the Commission concludes that the recapitalisation of HGAA by BayernLB does not constitute State aid to the benefit of HGAA.
Avstrijski organi so predložili načrt za likvidacijo, ki določa strategijo za takšno pravilno likvidacijo.
Moreover, it seems that at the time of the recapitalisation of HGAA BayernLB was acting in order to safeguard its investment in its subsidiary, in line with market economy considerations, and that its decision to recapitalise HGAA cannot be imputed to a Member State.
V zvezi s tem se Avstrija zavezuje, da italijanski subjekt HBI po 1. juliju 2013 ne bo izvajal novih poslov.
The contingent aid measures
Če operativnih enot v jugovzhodni Evropi ne bo mogoče prodati do 30. junija 2015, bodo prav tako ustavile nove posle in bodo likvidirane.
Austria seeks authorisation of aid measures to satisfy potentially arising capital and liquidity needs which in a stress scenario might amount up to EUR 5,4 billion for capital and up to EUR 3,3 billion for liquidity.
S tem bo HGAA najpozneje 30. junija 2015 prenehala delovati kot dejavno podjetje v finančnem sektorju.
Those potential future aid measures for the wind-down of HGAA will be granted from State resources within the meaning of Article 107(1) of the Treaty.
Prodaja operativnih subjektov bo izvedena na podlagi brezpogojnih, preglednih in odprtih postopkov, ki bodo vsem zainteresiranim udeležencem na trgu omogočili, da podajo ponudbo za subjekte.
As they are granted under conditions which would not be available to HGAA on the markets they constitute an advantage.
Takšni odprti postopki zagotavljajo, da je najboljša ponudba tržna cena, in s tem preprečijo, da bi kupec dobil pomoč [41].
Conclusion as to the total aid amount
Če Komisija ugotovi, da je kupec dobil pomoč, združljivost te pomoči oceni v ločenem postopku.
The total amount of aid granted to HGAA by Austria through the reinforcement of capital is EUR 3,15 billion (including the EUR 300 million of asset guarantees having the same effect as a capital injection).
Glede vprašanja, ali bi subjekti, ki bodo prodani, lahko pomenili gospodarsko kontinuiteto družbe HGAA in ali bi ukrepi pomoči zato pomenili pomoč za navedene subjekte, Komisija najprej ugotavlja, da še ni jasno, ali bo mreža v jugovzhodni Evropi prodana enemu kupcu kot celota ali pa bo več različnih kupcev kupilo dele sedanje mreže.
That amount represents around 9,6 % of HGAA’s RWA in 2008.
Pri ugotavljanju obstoja gospodarske kontinuitete bi se lahko med drugim upoštevali naslednji dejavniki: predmet prenosa, cena prenosa, identiteta delničarjev ali lastnikov podjetja, ki bo subjekt prevzelo, in prvotnega podjetja ter gospodarska logika transakcije [42].
In addition, HGAA has received a total amount of EUR 1,35 billion in guarantees.
Komisija najprej ugotavlja, da odobrena pomoč ni bila dodeljena za odpravo težav posameznih operativnih subjektov v Avstriji ali državah jugovzhodne Evrope, temveč za odpravo težav HGAA kot skupine.
Furthermore, Austria has requested the authorisation of potential aid measures which might become necessary to cover future capital needs within the wind-down of HGAA which in a stress case might go up to EUR 5,4 billion, leading to a total aid amount in terms of capital and asset guarantees of EUR 8,55 billion which equal 26 % of RWA.
Nobena od hčerinskih družb v državah jugovzhodne Evrope ali HBA ni osrednji subjekt skupine HGAA, poleg tega pa so subjekti, ki bodo prodani, le del sredstev HGAA.
In addition, Austria requested the authorisation of liquidity measures amounting to EUR 3,3 billion.
Poleg tega se poslovni model subjektov, ki bodo prodani, razlikuje od poslovnega modela družbe HGAA, ki je bila mednarodna bančna skupina, ki se je zanašala na ugodno financiranje, zlasti na podlagi državnih jamstev Koroške, in se osredotočala na hitro širitev, pri čemer je izkoristila možnost nastajajočih trgov za dohitevanje.
COMPATIBILITY OF THE AID
Financiranje hčerinskih družb v državah jugovzhodne Evrope v prihodnosti ne bo več odvisno od državnih jamstev, temveč bo temeljilo na lokalnih (in zato dražjih) sredstvih, kar bo zahtevalo bolj preudaren pristop glede marž in obvladovanja tveganj.
Application of Article 107(3)(b) TFEU
Medtem ko se je HGAA osredotočala na večje posle in ključne stranke, se bodo subjekti, ki bodo prodani, osredotočali na posle z MSP.
Article 107(3)(b) of the Treaty sets out that State aid may be considered to be compatible with the internal market where it is granted ‘to remedy a serious disturbance in the economy of a Member State’.
V praksi bodo subjekti, ki bodo prodani, usmerjeni v drugačno ciljno skupino strank.
On the basis of Article 107(3)(b) of the Treaty State aid can be found compatible with the internal market if it serves to ‘remedy a serious disturbance in the economy of a Member State’.
Komisija nadalje ugotavlja, da je namen prodaje operativnih subjektov čim bolj povečati vrednost sredstev HGAA pred njeno likvidacijo, kar je v interesu njenih upnikov.
Despite a slow economic recovery that has taken hold since the beginning of 2010, the Commission still considers that the requirements for State aid to be approved pursuant to Article 107(3)(b) of the Treaty continue to be fulfilled in view of the persisting stress in financial markets.
Na podlagi predmeta prenosa, dejstva, da delničarji HGAA in subjekti, ki bodo prodani, ne bodo isti, ter gospodarske logike prodajne transakcije Komisija meni, da se gospodarska dejavnost HGAA po tem, ko bodo operativni subjekti prodani in bo HGAA prenehala obstajati, ne bo nadaljevala.
In July 2013 the Commission confirmed that view by adopting the Communication from the Commission on the application, from 1 August 2013, of State aid rules to support measures in favour of banks in the context of the financial crisis [39].
Načrt za likvidacijo določa, da bodo nekatera sredstva izločena iz operativnih subjektov, ki bodo prodani.
The Austrian Central Bank has already on an earlier occasion confirmed that HGAA was a bank with systemic importance for the financial market in Austria and in South-Eastern Europe and reiterated that view by letter of 3 December 2012.
Navedena izločitev bo izboljšala sposobnost subjektov za financiranje in povprečno kakovost preostalih sredstev v bilanci stanja, s tem pa bo prispevala k tržnosti zadevnih subjektov.
Without the aid measures the supervisory authorities might have closed HGAA due to the latter’s breach of capital requirements.
V točki 21 sporočila o prestrukturiranju je navedeno, da je tudi ustanovitev avtonomne „dobre banke“ iz kombinacije „dobrih“ sredstev in obveznosti obstoječe banke lahko sprejemljiva pot do ponovne vzpostavitve uspešnega poslovanja, pod pogojem, da takšen novonastali subjekt ne more neupravičeno izkrivljati konkurence.
In the light of the current fragile situation of the financial markets, the Commission therefore continues to base its assessment of State aid measures in the banking sector on Article 107(3)(b) of the Treaty.
Ker so stroški tveganja in oslabitve naraščali, težave glede kakovosti sredstev, ki izvira iz preostanka portfelja in novejših tveganih poslov, ni bilo mogoče rešiti ob predpostavki delujočega podjetja.
Compatibility of the aid measures
Zato Komisija meni, da je načrt za likvidacijo, ki ga je predložila Avstrija in vključuje obsežen prenos problematičnih sredstev v enoto za likvidacijo, ustrezna strategija.
All measures identified as State aid have been provided in the context of the restructuring and liquidation of HGAA.
V zvezi s financiranjem je v načrtu za likvidacijo predvideno, da se bodo subjekti, ki bodo prodani, vse bolj osredotočali na lokalno financiranje in si prizadevali zmanjšati svojo odvisnost od financiranja podjetij, ki ga zagotavlja HGAA.
The Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules [40] (‘Restructuring Communication’) sets out the rules applicable to the granting of restructuring and liquidation aid to financial institutions in the current crisis.
Komisija pozdravlja navedeno spremembo v strategiji financiranja.
According to the Restructuring Communication, in order to be compatible with the internal market under Article 107(3)(b) of the Treaty, the restructuring of a financial institution in the context of the current financial crisis has to (i) lead to the restoration of the viability of the bank, (ii) include sufficient own contribution by the beneficiary (burden-sharing) and ensure that the aid is limited to the minimum necessary and (iii) contain sufficient measures limiting the distortion of competition.
Ugotavlja, da bo HGAA še naprej zavezana k financiranju subjektov, ki bodo prodani.
Restoration of viability
Poleg tega načrt za likvidacijo predvideva občutno zmanjšanje dejavnosti lizinga banke HGAA, ki so bile v preteklosti pomemben vir težav HGAA, saj imajo dejavnosti lizinga relativno nizko donosnost glede na njihove zahteve v zvezi s tveganjem in financiranjem.
As the Commission has indicated in the Restructuring Communication, the Member State needs to provide a comprehensive restructuring plan which shows how the long-term viability of the entity will be restored without State aid within a reasonable period of time and within a maximum of five years.
Navedeno zmanjšanje bo tudi pozitivno vplivalo na tržnost operativnih subjektov.
According to point 13 of the Restructuring Communication long-term viability is achieved when a bank is able to compete in the marketplace for capital on its own merits in compliance with the relevant regulatory requirements.
Komisija ugotavlja, da ni mogoče ponovno vzpostaviti uspešnega poslovanja HGAA in da je strategija za pravilno likvidacijo HGAA, kot jo je predlagala Avstrija, ustrezen način obravnavanja HGAA glede na to, da uspešnega poslovanja banke kot take ni mogoče ponovno vzpostaviti.
For a bank to do so, it must be able to cover all its costs and provide an appropriate return on equity, taking into account the risk profile of the bank.
Lastni prispevek in porazdelitev bremena
Point 14 of the Restructuring Communication stipulates that long-term viability requires that any State aid received is either redeemed over time or is remunerated according to normal market conditions, thereby ensuring that any form of additional State aid is terminated.
V sporočilu o prestrukturiranju je navedeno, da mora upravičenec zagotoviti ustrezen lastni prispevek, da se pomoč omeji na najmanjši potrebni znesek ter zmanjšata izkrivljanje konkurence in moralno tveganje.
Previously submitted restructuring plans for HGAA did not allow for the conclusion that a return to viability of the whole group is feasible.
V ta namen določa, da (i) morajo biti omejeni tako stroški za prestrukturiranje kot tudi znesek pomoči ter (ii) da je potreben znaten lastni prispevek.
The Commission furthermore notes that the cheap funding stemming from the guarantees offered by Carinthia will come to an end over time and that the rapid catch-up process of the SEE economies has stopped.
Da bi se višina pomoči omejila na najnižjo potrebno, sporočilo o prestrukturiranju nadalje določa, da mora banka za financiranje prestrukturiranja najprej uporabiti svoje lastne vire.
As a result, the bank is unable to adequately remunerate its capital or to repay the State capital and thus achieve a return to viability by the end of the restructuring period.
Stroškov, povezanih s prestrukturiranjem, ne bi smela kriti le država, temveč tudi tisti, ki so vlagali v banko.
Thus, it does not seem possible to restore viability for HGAA on a stand-alone basis.
Navedeni cilj se doseže predvsem tako, da se izgube absorbirajo z razpoložljivim kapitalom.
The Commission therefore concludes that its doubts as regards the restoration of viability have not been allayed.
Vsi prejšnji delničarji HGAA so svoje delnice prodali Republiki Avstriji po simbolični ceni 1 EUR, kar je zmanjšalo tveganje, da bodo ukrepi pomoči koristili nekdanjim delničarjem.
As set out in point 9 of the Restructuring Communication any restructuring plan should include a comparison with alternative options, including a break-up or absorption by another bank.
Nekdanji lastniki so skupini HGAA zagotovili tudi kapital ali likvidna sredstva, ki so se uporabila za kritje izgub in izboljšanje likvidnosti.
In case a bank cannot be restored to viability, the restructuring plan should indicate how it can be wound up in an orderly fashion.
Večinski delničar HGAA v času navedene prodaje je bil BayernLB.
Point 21 stipulates that an orderly winding-up or the auctioning off of a failed bank should always be considered where a bank cannot credibly return to long-term viability.
BayernLB je skupaj prispeval približno 1,5 milijarde EUR v obliki kapitala, hkrati pa se je odpovedal nadaljnjim lastninskim pravicam in tudi morebitnim nadaljnjim nadomestilom.
The Austrian authorities have submitted a liquidation plan which provides for such an orderly wind-down strategy.
BayernLB je skupini HGAA zagotovil tudi približno 4,3 milijarde EUR likvidnih sredstev.
The submitted plan sets out the sale of the operational entities, the Austrian HBA (for which a sales contract is already signed) and the SEE network, via an open procedure by end June 2015 at the latest.
Poleg tega je imel BayernLB znatno izgubo zaradi odpisov, ko je prodal svoje delnice v HGAA, kar prispeva k odpravi moralnega tveganja v skladu s točko 22 sporočila o prestrukturiranju.
All the remaining parts are put into a controlled and orderly wind-down process.
Komisija zato meni, da je stopnja porazdelitve bremena na nekdanjega lastnika BayernLB znatna in ustrezna.
In that context Austria commits that as from 1 July 2013 the Italian entity HBI will not undertake new business.
Končni izid sedanje pravde v zvezi z odplačilom neporavnanih posojil družbi BayernLB ne bo vplival na navedeno ugotovitev.
Should a sale of the operational SEE units not be feasible by 30 June 2015, they will also stop new business and be wound down.
Če bo BayernLB v pravdi izgubil, bo njegova stopnja porazdelitve bremena še višja.
As a result, by 30 June 2015 at the latest HGAA will cease to be an active undertaking in the financial sector.
Če pa bo BayernLB v pravdi zmagal, bo njegova stopnja porazdelitve bremena ostala taka, kot je ocenjena v tem sklepu.
The sale of the operational entities will be done through unconditional, transparent and open procedures, which will allow all interested market participants to make an offer for the entities.
Prispevek družbe GRAWE vključuje kapital in ukrepe v zvezi z likvidnostjo.
Such competitive procedures ensure that the best bid constitutes the market price, thus excluding aid to the buyer [41].
Prvotni kapitalski vložek družbe GRAWE v HGAA, ki je znašal 30 milijonov EUR, je bil zmanjšan na približno 9 milijonov EUR na podlagi odločitve Republike Avstrije kot edinega delničarja banke, da dodeli kapital za absorpcijo izgub (Kapitalschnitt).
Where the Commission finds that there is aid to a buyer, the Commission will assess the compatibility of that aid separately.
GRAWE je skupini HGAA zagotovila tudi likvidna sredstva.
As regards the issue of whether the entities to be sold might constitute an economic continuity of HGAA and the aid measures might therefore constitute aid to those entities, the Commission first notes that it is not yet clear whether the SEE network will be sold as a whole to a single buyer or whether various buyers will acquire parts of the current network.
Na podlagi zgornjih ugotovitev Komisija meni, da je porazdelitev bremena na GRAWE zadostna.
For a finding of economic continuity, inter alia, the following factors may be taken into consideration: the subject-matter of the transfer, the price of the transfer, the identity of the shareholders or the owners of the undertaking which takes over and of the initial undertaking or the economic logic of the operation [42].
V zvezi s Koroško Komisija meni, da je zvezna dežela Koroška prispevala k porazdelitvi bremena z vlaganjem kapitala, ki se je pozneje občutno zmanjšal zaradi zmanjšanja kapitala (Kapitalschnitt).
The Commission observes firstly that the aid granted was not assigned to tackle the problems of the individual operational entities in Austria or SEE countries but of HGAA as a group.
Na podlagi zgornjih ugotovitev Komisija meni, da je porazdelitev bremena na zvezno deželo Koroško zadostna.
None of the subsidiaries in the SEE countries or HBA represents the core of HGAA’s business and the entities to be sold only represent a part of HGAA’s assets.
Dejstvo, da je nadomestilo za Partizipationskapital za GRAWE in zvezno deželo Koroško višje kot nadomestilo za kapital, ki ga je vložil BayernLB, je upravičeno, saj je BayernLB zagotovil drugačen instrument kapitala.
Furthermore, the business model of the entities to be sold is different from the business model of HGAA, which was an international banking group reliant on cheap financing largely based on State guarantees from Carinthia and focussing on rapid expansion benefitting from the catch-up potential of emerging markets.
V nasprotju z GRAWE in zvezno deželo Koroško ni zagotovil kapitala Partizipationskapital, temveč se je enostavno odpovedal vsem pravicam, ki izhajajo iz instrumentov kapitala, in nekaj likvidnostnim sredstvom.
In the future, the funding of the subsidiaries in the SEE countries will no longer be dependent on State guarantees but will be based on local (and thus more expensive) funding, which will require a more prudent approach as regards margins and risk management.
Zato je BayernLB prevzel višjo stopnjo porazdelitve bremena, kar se zdi primerno, saj je bil prevladujoči lastnik banke HGAA, preden jo je kupila Avstrija.