natgillin/translations-raw huggingface dataset:
Considering that on 27 June 2013, when the maturity extension was granted, no buyer had been found for the Wealth Management Business, a private investor's conclusion would have been that it was not possible to sell the Wealth Management Business together with Citadele by the deadline of 30 June 2013 established by the Parex Final Decision, and therefore the two entities had to be sold separately.
Zato bi zasebni vlagatelj upošteval, da je bilo od junija 2013 malo verjetno, da bi lahko delničarji od banke Citadele pričakovali kakršno koli razdelitev dividend v bližnji prihodnosti.
Moreover, a private shareholder of the bank in a situation as close as possible to that of the Member State would have had no grounds to assume that the fulfilment of those commitments would be waived or postponed, since any such modifications were subject to the Commission's approval.
Kar zadeva kapitalsko vrednost naložbe Latvije v banko Citadele junija 2013, je študija iz uvodne izjave 61, ki so jo predložili latvijski organi in ki je bila pripravljena februarja 2013, pokazala, da bi ločena odprodaja dejavnosti upravljanja premoženja negativno vplivala na banko Citadele.
Therefore, when establishing the value of the investment in June 2013, there could be no expectation that those obligations would be irrelevant as it could not be assumed that the Commission would approve any modification of either obligation prior to the period within which Latvia had committed to execute them.
Zasebni vlagatelj bi v okoliščinah, ki so čim bolj podobne okoliščinam Latvije junija 2013, upošteval dejstvo, da je neodvisni strokovnjak pred približno štirimi meseci ugotovil, da bi bila prodajna vrednost banke Citadele brez dejavnosti upravljanja premoženja nižja od prodajne vrednosti obeh skupaj.
In consequence, for the purpose of deciding whether or not to grant the prolonged maturity, the parameters for assessing the value of Latvia's investment in Citadele in June 2013 must include the commitments that are recorded in the Parex Final Decision.
Zato bi ta zasebni vlagatelj potreboval prepričljive razloge v smislu tveganjem prilagojenega maksimalnega povečanja donosa, da bi se z odobritvijo podaljšanja roka zapadlosti podrejenih dolgov izpostavil dodatnim tveganjem.
For that reason also, the Commission considers that the Second Measure cannot be considered to be in line with the behaviour of a market economy operator finding itself in a comparable position to that of Latvia in June 2013.
Tako tudi v primeru podaljšanja roka zapadlosti ni bilo nobenih dokazov, da bi se lahko banka Citadele brez dejavnosti upravljanja premoženja prodala po ceni […], zaradi česar je Komisija sklenila, da Latvija junija 2013 ni imela vrednosti naložbe […], ki bi jo bilo treba ohraniti, kar je bilo […] za izvedbo drugega ukrepa.
In the third place, even if Latvia had carried out a sufficiently detailed analysis of the Second Measure as a means of preserving the value of its investment in Citadele as of June 2013 and even if it had factored into such an analysis the constraints which a market economy operator would have taken into account arising from the impending sale of Citadele and the separate divestment of the Wealth Management Business, the assertions of Latvia as to the costs of the Second Measure and the level of value of the investment in Citadele supposedly preserved by that measure are not plausible.
Tudi na podlagi teh dodatnih razlogov Komisija meni, da drugega ukrepa ni mogoče šteti za skladnega z ravnanjem udeleženca v tržnem gospodarstvu, ki bi se znašel v primerljivem položaju kot Latvija junija 2013.
Such an analysis of the opportunity costs and any other type of costs linked to the Second Measure would have been a prerequisite for a private investor seeking to make a rational decision on whether to extend the maturity of the subordinated loan.
To, da Latvija ni nikoli začela razprav o delitvi bremena stroškov drugega ukrepa, če naj bi se s tem ukrepom ohranila vrednost naložb v banko Citadele, dodatno dokazuje, da drugi ukrep ni bil v skladu z zahtevami načela vlagatelja pod tržnimi pogoji.
The absence of a cost evaluation leads the Commission to conclude that a private investor would not have been able to assess the desirability of the Second Measure in terms of profit maximisation.
Komisija v zvezi s tem najprej opozarja, da je imela banka Citadele glede na dopis Komisije za finančne in kapitalske trge za dosego novega količnika kapitalske ustreznosti na voljo deset mesecev (od 1. marca do 31. decembra 2013).
On the other hand, while Latvia submits that the Second Measure preserved the value of Latvia's investment in Citadele, that claim is not borne out by the characteristics of the investment in Citadele held by the Member State as of June 2013.
Meni, da bi večinski delničar vseh deset mesecev porabil za iskanje ustrezne rešitve za dosego novega količnika kapitalske ustreznosti, s čimer bi znižal svoje stroške.
The Commission notes that for a profit-driven investor the current value of an investment is dependent on the prospect of future income streams from that investment (in the form of, for example, dividends) in combination with the capital value of that investment at that moment in time (which can be derived, for example, from the price which a purchaser would pay for the shareholder's investment at that moment or from the time-discounted value of the price which a purchaser would pay for the shareholder's investment in the future).
Trditev Latvije v zvezi z olajšanjem prodaje banke Citadele torej ne pojasnjuje, zakaj je bil drugi ukrep sprejet, ne da bi Latvija v štirih mesecih od dopisa Komisije za finančne in kapitalske trge stopila v stik z manjšinskim delničarjem banke Citadele in bolje izkoristila deset mesecev, ki jih je imela na voljo.
All of the indices available to the Commission point to the value of Latvia's investment in Citadele in June 2013 having been low, if it had a positive value at all.
Poleg tega Latvija, tudi če bi sodelovanje banke EBOR pri podaljšanju roka zapadlosti vključevalo ukrep, katerega značilnosti bi se razlikovale od značilnosti drugega ukrepa, ni predložila nobenih dokazov, da bi bil tak drugačen ukrep, ki bi vključeval banko EBOR, manj učinkovit od drugega ukrepa ali da bi večinskemu delničarju povzročil višje stroške v primerjavi s stroški drugega ukrepa.
As regards possible future income streams from Latvia's investment in Citadele, no evidence has been provided indicating that in June 2013 shareholders could expect any dividends from Citadele at any point in the foreseeable future.
Kar zadeva trditev Latvije, da bi banka EBOR s podaljšanjem roka zapadlosti svojega podrejenega dolga povzročila dodatne obremenitve ob prodaji banke Citadele, latvijski organi niso predložili nobenega dokaza, da bi takšno podaljšanje dejansko povzročilo te dodatne stroške.
Any assessment by a private shareholder of the bank in a situation as close as possible to that of the Member State of expected revenues from dividends distribution would have been linked to the obligation to divest Citadele by 31 December 2014.
Izvedena ni bila nobena posebna študija o stroških odprodaje banke Citadele po izvedbi drugega ukrepa v primerjavi s stroški domnevne prodaje banke Citadele po podaljšanju, v katerem bi sodelovala banka EBOR, ki bi utemeljila trditev Latvije o dodatnih obremenitvah.
Moreover, the study described in recital 61 established that Citadele without the Wealth Management Business would become loss making, a conclusion which further reduced the prospect of benefit from any dividends distribution given that as of 27 June 2013 a market economy operator would have had to assume that Citadele and the Wealth Management Business would be divested separately.
Komisija meni, da bi lahko kateri koli zasebni vlagatelj, ki bi proučeval, kako ohraniti vrednost svoje naložbe v banko Citadele, vsaj usmeril k sočasni oceni, kakšni so v zvezi z naknadno prodajo ti drugi stroški, ki bi nastali, če bi manjšinski delničar banke Citadele podaljšal trajanje svojih podrejenih dolgov, ki jih je odobril navedeni banki.
As such, when the maturity extension was provided, there was no evidence that Citadele would be able (considering its expected profits and capital ratio) to distribute dividends before 31 December 2014, since the 10,3 % capital ratio planned to be achieved for 31 December 2013 would only barely exceed the required minimum capital ratio of 10 % and would be far below the […] % capital ratio recommended by the FCMC to address existing and potential risks for Citadele.
Nazadnje, kot je navedeno v uvodni izjavi 48(c), Latvija pojasnjuje, da je bila prepričana, da bi bila banka EBOR pripravljena podaljšati rok zapadlosti dolgov, ki jih je odobrila banki Citadele.
Therefore, a private investor would have taken into consideration that as of June 2013 there was a low probability that shareholders could have expected any dividends distribution from Citadele in the foreseeable future.
Komisija se ob upoštevanju načela vlagatelja pod tržnimi pogoji ne more strinjati s tem, da bi večinski delničar družbe prevzel vse stroške zaščite vrednosti vseh naložb v družbo in tako zaščitil vrednost naložbe manjšinskega delničarja, ne da bi slednjega sploh zaprosil za prispevek.
As regards the capital value of Latvia's investment in Citadele in June 2013, the study submitted by the Latvian authorities which is described in recital 61 and which was drawn up in February 2013 shows that Citadele would have been negatively affected by the separate divestment of the Wealth Management Business.
Ob upoštevanju vseh navedenih dejavnikov je to, da Latvija v obdobju od 1. marca 2013 do 27. junija 2013 ni stopila v stik z banko EBOR, dodaten dokaz, da drugi ukrep ni bil izveden v skladu z zahtevami načela vlagatelja pod tržnimi pogoji.
A private investor in a situation which is as close as possible to that of Latvia in June 2013 would have taken into account the fact that about four months earlier an independent expert had established that the sale value of Citadele without the Wealth Management Business would be lower than that of the two entities combined.
Zaradi vsakega od štirih razlogov iz uvodnih izjav 85 do 103 ni bilo nedvoumno in na podlagi objektivnih in preverljivih elementov dokazano, da je država članica drugi ukrep sprejela kot zasebni delničar.
As a result, such a private investor would have needed compelling reasons in terms of risk-adjusted return maximisation to take additional risks by granting the extension of the maturity of the subordinated loans.
Komisija se v teh okoliščinah ne more strinjati s tem, da bi lahko banka Citadele v okoliščinah, ki ustrezajo običajnim tržnim pogojem, pridobila enako prednost, kot ji je bila zagotovljena z državnimi sredstvi v obliki drugega ukrepa.
However, Latvia has provided no evidence of such compelling reasons for a market economy operator to assume those additional risks at that time.
Latvija je drugi ukrep izvedla za banko Citadele, ki posluje in bo poslovala na trgih, odprtih mednarodni konkurenci.
As such, even if the maturity extension was provided, there was no evidence that Citadele without the Wealth Management Business could be sold at […] which leads the Commission to conclude that in June 2013 Latvia did not have […] in its investment to be preserved which was […] for providing the Second Measure.
Zato bi kakršno koli dajanje prednosti z zagotovitvijo državnih sredstev oviralo konkurenco v bančnem sektorju in vplivalo na trgovino v Uniji.
Those further reasons also lead the Commission to consider that the Second Measure cannot be considered to be in line with the behaviour of a market economy operator finding itself in a comparable position to that of Latvia in June 2013.
Kot je Latvija pojasnila v uvodni izjavi 45, tretji udeleženec v tržnem gospodarstvu junija 2013 ne bi odobril ukrepa, podobnega drugemu ukrepu, pod primerljivimi pogoji.
In the fourth and final place, the Commission also notes that the EBRD, which in June 2013 was the only other shareholder of Citadele apart from the Latvian State, did not prolong the maturity of its outstanding subordinated loan to Citadele and that Latvia never approached the EBRD to discuss the latter's participation in the Second Measure, as explained in recitals 46 to 48.
Zato Komisija potrjuje svojo prej začasno oceno iz sklepa o začetku postopka, da drugi ukrep pomeni dodatno državno pomoč.
That absence of any attempt to discuss sharing the burden of the cost of the Second Measure if that measure was to be a means to preserve the value of investments in Citadele is an additional indication that the Second Measure was not in line with the requirements of the market economy operator principle.
Tretji ukrep
In that context, the Commission considers that a majority shareholder would have exploited the entire 10-month period in order identify an adequate solution to meet the new capital requirement which minimised its own costs.
Komisija je takrat ugotovila, da je banki Parex primanjkovalo likvidnega zavarovanja in da je Latvija pri banki položila sredstva ob upoštevanju njenih likvidnostnih potreb, ko banki Parex v nestabilnih razmerah noben tržni vlagatelj ni bil pripravljen zagotoviti likvidnostne podpore [29].
As such, Latvia's argument regarding the facilitation of the sale of Citadele does not explain why the Second Measure was adopted without any approach to the minority shareholder of Citadele within 4 months of the FCMC letter rather exploiting more of the period of up to 10 months that could have been taken.
Po sprejetju končnega sklepa o banki Parex (ter razdelitvi na dobro in slabo banko) je bila likvidnostna pomoč prenesena na banki Citadele in Reverta.
Furthermore, even if the participation of the EBRD in a maturity extension would have involved a measure with characteristics different from those of the Second Measure, Latvia does not provide any evidence that such a different measure including the EBRD would have been less effective than the Second Measure or that it would have been more costly to the majority shareholder compared with the costs of the Second Measure itself.
Banka Citadele je že v celoti odplačala svoj delež likvidnostne podpore.
As for Latvia's argument that an extension by the EBRD of the maturity of its subordinated loan would have led to additional burdens at the time of the sale of Citadele, the Latvian authorities have not produced any element to show that such an extension would in fact have created such additional costs.
Banka Reverta je morala omejiti prejete zneske likvidnostne podpore, kot so določeni v uvodni izjavi 19(c).
No specific study of the costs of divestment of Citadele after the Second Measure compared with the costs of a hypothetical sale of Citadele after an extension in which the EBRD participated has been carried out to justify Latvia's assertion that there would have been additional burdens.
Vendar znesek likvidnostne podpore, ki je bil dejansko dodeljen banki Reverta, presega celo ravni, predvidene za najslabši mogoči scenarij, odobren v končnem sklepu o banki Parex.
The Commission considers that any private operator considering how to preserve the value of its investment in Citadele would at least be able to point to a contemporaneous evaluation of what were in relation to a subsequent sale those alternate costs of having the minority shareholder in Citadele extend the duration of its subordinated loans to that bank.
Ta dodatna likvidnostna podpora banki Reverta zagotavlja dodatno prednost v primerjavi s pomočjo, odobreno v sklepih o reševanju in končnem sklepu o banki Parex.
Within the application of the market economy operator principle the Commission cannot accept that a majority shareholder of a company would have accepted all of the cost of protecting the value of all investments in that company and thereby have protected the value of the investment of a minority shareholder without even approaching the latter to seek a contribution from it.
Povečana likvidnostna podpora glede na uvodni izjavi 106 in 107 jasno zagotavlja dodatno prednost v primerjavi z odobrenimi ukrepi pomoči, zato pomeni dodatno pomoč (saj so še vedno izpolnjena vsa druga merila iz člena 107(1) Pogodbe).
In view of each of those factors, the absence of any approach to the EBRD in the period between 1 March 2013 and 27 June 2013 is a further indication that the Second Measure was not conducted in compliance with the requirements of the market economy operator principle.
Pravna podlaga za združljivost nove dodatne pomoči
For each of the four reasons set out in recitals 85 to 103, it has not been established unequivocally and on the basis of objective and verifiable evidence that the Second Measure is to be ascribed to the Member State acting as private shareholder.
V skladu s členom 107(3)(b) Pogodbe lahko Komisija odloči, da je pomoč združljiva z notranjim trgom, če se uporablja „za odpravljanje resne motnje v gospodarstvu države članice“.
In those circumstances, the Commission cannot accept that Citadele could, in circumstances which correspond to normal market conditions, obtain the same advantage as that which has been made available to it through State resources in the form of the Second Measure.
Komisija je ob upoštevanju sistemskega pomena banke Parex (ki je bila vodilna banka v Latviji) in pomembnosti njenih posojilnih dejavnosti za latvijsko gospodarstvo v času odobritve ukrepov pomoči potrdila, da bi imelo neobravnavanje težav banke resne posledice za latvijsko gospodarstvo.
Latvia has implemented the Second Measure for Citadele which is and will be active on markets open to international competition.
Zato so bili ukrepi pomoči, odobreni za banko Parex, v sklepih o reševanju in končnem sklepu o banki Parex ocenjeni v skladu s členom 107(3)(b) Pogodbe in na podlagi sporočil [30], ki so bila sprejeta v času finančne krize in so veljala ob dodelitvi pomoči.
Therefore any advantage from State resources would affect competition in the banking sector and have an impact on intra-Union trade.
Komisija meni, da se na podlagi časovne razporeditve izvajanja prvega in drugega ukrepa ter njunih podobnosti z odobrenimi ukrepi pomoči enaka pravna podlaga uporablja za dodatno pomoč, odobreno v okviru teh dveh ukrepov.
Furthermore, that measure is selective as it solely benefits Citadele.
Dejansko je treba vsako pomoč, ki je po objavi sporočila o bančništvu iz leta 2013 v Uradnem listu Evropske unije v celoti ali delno odobrena brez odobritve Komisije (torej v nasprotju s členom 108(3) Pogodbe), proučiti na podlagi navedenega sporočila.
It is financed through State resources.
Ker se je tretji ukrep neprekinjeno uporabljal od leta 2011 do zdaj, je mogoče skleniti, da je bila pomoč delno odobrena po 1. avgustu 2013, tj. datumu objave sporočila o bančništvu iz leta 2013 v Uradnem listu Evropske unije.
In June 2013 as explained by Latvia in recital 45 a third-party market economy operator would not have granted a measure similar to the Second Measure on comparable terms.
Združljivost pomoči z notranjim trgom
The Commission therefore confirms its previously provisional assessment from the Opening Decision that the Second Measure represents additional State aid.
O prvem ukrepu
The Third Measure
Podrejeni dolg, ki ga je Latvija odobrila banki Parex, je bil (22. maja 2009) izdan s sedemletnim rokom zapadlosti (tj. do 21. maja 2016) in je tako presegel najdaljši dovoljeni petletni rok zapadlosti, določen v prvem sklepu o reševanju in pozneje potrjen v končnem sklepu o banki Parex.
With regard to the liquidity support granted to Reverta, it was initially approved as part of the compatible State aid measures approved in the first rescue Decision, in the form of State deposits.
Ukrep Komisiji ni bil priglašen.
At that time, the Commission noted that Parex banka lacked liquid collateral and that Latvia had deposited the funds, taking into account the bank's liquidity needs, when no market investor was willing to provide liquidity in view of the fragile situation of Parex banka [29].
Zato je Komisija v sklepu o začetku postopka opozorila, da je bil podrejeni dolg s petletnim rokom zapadlosti, ki je bil odobren banki Parex, v sklepih o reševanju ocenjen kot omejen na najnižji potrebni znesek in rok zapadlosti.
Following the Parex Final Decision (and the split into a good and a bad bank) the liquidity aid was subsequently transferred to Citadele and Reverta.
Na podlagi tega sklepa je bil v okviru sklepov o reševanju in končnega sklepa o banki Parex kot združljiv opredeljen podrejeni dolg s petletnim rokom zapadlosti.
The former has already repaid in full its share of the liquidity support.
Komisija je na podlagi utemeljitev iz sklepov o reševanju in končnega sklepa o banki Parex ter zaradi neobstoja novih utemeljitev izrazila pomisleke glede združljivosti podaljšanega roka zapadlosti podrejenih dolgov, ki so bili namesto s prvotno odobrenim petletnim rokom zapadlosti izdani s sedemletnim rokom zapadlosti.
Reverta was required to limit the amounts of liquidity support it received, as set out in recital 19(c).
Komisija bo ob upoštevanju novih utemeljitev, ki jih je Latvija predložila po sprejetju sklepa o začetku postopka in so navedene v oddelku 5.1, znova ocenila, ali podrejeni dolgovi s sedemletnim rokom zapadlosti, ki jih je Latvija odobrila banki Parex, izpolnjujejo zahtevo po združljivosti, v skladu s katero je državna pomoč omejena na najmanjšo potrebno.
However, the amount of liquidity support actually granted to Reverta exceeds even the levels foreseen for the worst case scenario which was approved in the Parex Final Decision.
V skladu s sporočilom o bančništvu iz leta 2008 mora biti ukrep pomoči glede na višino in obliko nujen za doseganje zadevnega cilja.
That additional liquidity support provides a supplementary advantage for Reverta compared to the aid approved by the Rescue Decisions and Parex Final Decision.
To pomeni, da mora biti znesek kapitalske injekcije najnižji potreben za doseganje cilja.
None of the other features of the liquidity support apart from its quantity have been altered and so the Commission concludes that the measure constitutes State aid.
Minimalne zahteve, v skladu s katerimi se lahko podrejeni dolgovi razvrstijo kot kapital 2. reda banke Parex in ki jih je Komisija upoštevala v prvem sklepu o reševanju, so temeljile na veljavni latvijski zakonodaji, ki jo je predložila Latvija [32].
On the basis of recitals 106 and 107, as the increased liquidity support clearly represents an additional advantage compared to the approved aid measures, it therefore represents additional aid (as all of the other criteria under Article 107(1) of the Treaty are still in place).
V skladu s tem je bilo določeno, da je najkrajši rok zapadlosti, v skladu s katerim se lahko podrejeni dolg razvrsti kot kapital 2. reda, pet let.
Legal basis for the compatibility of the new additional aid
Ta ocena ni bila spremenjena v poznejših sklepih.
Article 107(3)(b) of the Treaty empowers the Commission to find that aid is compatible with the internal market if it serves ‘to remedy a serious disturbance in the economy of a Member State’.
Komisija po pregledu dodatnih informacij, ki jih je predložila Latvija in so izražene v uvodnih izjavah 30 do 39, priznava, da so se na podlagi dodatnih omejitev do leta 2010 spremenile značilnosti podrejenih dolgov, v skladu s katerimi ti dolgovi v celoti izpolnjujejo pogoje za razvrstitev kot kapital 2. reda.
Given the systemic importance of Parex banka (which was a leading bank in Latvia) and the significance of its lending activities for the Latvian economy at the time of the approval of the aid measures, the Commission accepted that the failure to address the bank's difficulties would have entailed serious consequences for the Latvian economy.
Komisija zlasti ugotavlja, da je bil učinek meril okvira Basel II na znesek podrejenih dolgov, ki jih je leta 2009 banka Parex prejela kot kapital 2. reda, temeljni element pri določitvi minimalnega začetnega roka zapadlosti podrejenih dolgov.