natgillin/translations-raw huggingface dataset:
Trade credit and bank loans are imperfect substitutes:
Premija v višini 110 % premije, plačane za prvotno kritje, se lahko obravnava kot dejavnik, ki v ustreznem obsegu vpliva na povečanje verjetnosti neplačila in zmanjšanje stopnje vračila.
in particular, both can be used to expand the activity of the buyer/borrower.
Taka raven premije bi bila skladna z oblikovanjem cen na trgu.
Therefore, as in the case of bank loans, increased trade credit creates a risk of over-crediting, i.e. the buyer expands his activity beyond what is economically efficient.
Zvišanja premij od ene kategorije tveganja do druge so bila v okviru odobrenih shem izvoznih posojil 25- do 50-odstotna [1].
In the terms of the formulas presented, over-crediting can be expressed as:
Če velja IzpostavljenostS
ProbS
2 × Izpostavljenost0, se PRSsorazmerno zmanjšuje (vendar je vedno višja od PR0).
That situation would in particular arise in cases where the exporter is the main supplier of the buyer.
Da bi se upošteval ta dejavnik, je v uvodni izjavi 93 Sklepa količinska opredelitev zneska, ki se vrne v vsaki transakciji, predvidena kot znesek, ki ga zaračuna država in se pomnoži s 5/6 na podlagi naslednje obrazložitve.
In that case the economic activity of the buyer increases proportionately to the trade transaction concluded with the insurer exporter and thereby increases proportionately to the amount of credit cover granted.
Država pri vsaki transakciji zaračuna 60 % stopnje, ki jo zaračuna zasebni zavarovatelj, medtem ko bi tržna cena pomenila 110 % stopnje, ki jo zaračuna zasebni zavarovatelj.
Recovery ratio
Zato se tržna premija izračuna tako, da se premija, dejansko plačana državi, deli s 60 % in pomnoži s 110 %.
Owing to the increase in credit exposure, the amount to be recovered also increases.
Od te premije se odšteje znesek, ki je že bil plačan državi, da se dobi znesek, ki ga je treba vrniti.
However, given that the recoverable amount depends on the hypothetical liquidation proceeds, this theoretical recoverable amount is capped by the amount of the assets that the buyer (or the liquidation administrator) can sell to cover the trade credit liability and, as the amount of assets is finite, the recovery rate would increase less than proportionately to the increase of credit cover.
Glej na primer sklep Komisije v zvezi s finskim zavarovanjem kratkoročnih izvoznih posojil v zadevi N 258/09.
0,5 ≤ α ≤ 1 (α = 0,5, if the recovery amount does not increase at all where the exporter is granted the State's top-up for a transaction with a certain buyer; α = 1 in the theoretical case where the recovery amount increases at the same pace as the total credit limit received by the exporter for the transaction with a certain buyer.)
Portugalski organi so z dopisom z dne 29. novembra 2010 poslali svoje pripombe na dopis Komisije z dne 27. oktobra 2010.
Given the above, it can be concluded that PRS
Priložili so dva dopisa zavarovateljev kreditov (CESCE in COSEC) z dne 22. novembra 2010 oziroma 23. novembra 2010.
Therefore, the premium to be paid on the State cover is higher than the premium paid to the private insurer for the initial cover.
Sklep Komisije o začetku postopka je bil objavljen v Uradnem listu Evropske unije dne 9. aprila 2011 [3].
A premium of 110 % of the premium paid for the initial cover can be considered to factor in to an adequate extent the increase in the probability of default and the decrease in the recovery rate.
Komisija je pozvala vse zainteresirane strani, naj predložijo svoje pripombe o shemi.
Such level of premium would be consistent with the pricing in the market.
Do 30. septembra 2010 se je skupna vrednost zavarovanega portfelja med 31. decembrom 2008 in 31. decembrom 2009 zmanjšala za 32,84 %, med 31. decembrom 2009 in 30. septembrom 2010 pa za nadaljnjih 22,4 %.
Under approved export credit schemes, the increases in premia from one category of risk to another were in the range of 25-50 % [1].
Skupna vrednost zavarovalnega portfelja se je s 30,6 milijarde EUR leta 2008 zmanjšala na 15,9 milijarde EUR leta 2010.
If, ExposureS
Število zavarovanih podjetij se je zmanjšalo, in sicer s 3709 konec leta 2008 na 2 290 septembra 2010.
2 × Exposure0, PRS decreases proportionally (but is always higher than PR0).
Dopisi zavarovateljev so bili predloženi tudi za utemeljitev potrebe po nadaljnjem izvajanju sheme do konca leta 2010, čeprav je v dopisih navedeno, da največji znesek kritja, dodeljen s shemo, ne bo dosežen.
In order to take that factor into account, recital 93 of the Decision envisages quantification of the amount to be recovered in each transaction as the amount charged by the State multiplied by 5/6, based on the following reasoning.
V teh dopisih je bila pojasnjena potreba po shemi, in sicer s sklicevanjem na povečano tveganje pri zavarovanju izvoznih posojil zaradi splošnih gospodarskih razmer v času okrevanja po krizi s posledičnim zvišanjem cen in zmanjšanjem kritja s strani zasebnih zavarovateljev v nekaterih sektorjih.
In each transaction the State charges 60 % of the rate charged by the private insurer, whereas the market price would have been 110 % of the rate charged by the private insurer.
Leta 2009 je povprečna stopnja, ki se je uporabljala v okviru sheme, pomenila 0,21 % prometa, medtem ko je tržna stopnja, ki so jo zaračunavali zasebni zavarovatelji, v povprečju pomenila 0,36 % prometa.
Therefore, the market premium is calculated by dividing the premium effectively paid to the State by 60 % and multiplying it by 110 %.
Tudi povprečni tržni stopnji (0,23-odstotna leta 2007 in 0,24-odstotna leta 2008) sta bili višji od povprečne stopnje, ki se je od leta 2009 naprej uporabljala v okviru sheme.
By letter of 29 November 2010, the Portuguese authorities sent their observations on the Commission's letter of 27 October 2010.
Da bi dokazali tržno nepopolnost, se portugalski organi sklicujejo na škodni količnik, ki je leta 2008 dosegel rekordna 102 % kljub dejstvu, da se je v primerjavi z letom 2008 konec leta 2009 število podjetij, kritih z zavarovanjem, zmanjšalo za 29,41 % in za nadaljnjih 12,53 % do konca septembra 2010.
They attached two letters from credit insurers (CESCE and COSEC) dated 22 November 2010 and 23 November 2010 respectively.
Vrednost zavarovanega portfelja se je v primerjavi z letom 2008 konec leta 2009 zmanjšala za 32,84 %, do septembra 2010 pa za nadaljnjih 22,36 %.
The Commission's decision to initiate the procedure was published in the Official Journal of the European Union of 9 April 2011 [3].
Portugalska prav tako trdi, da so take sheme sprejele tudi druge države članice.
The Commission invited interested parties to submit comments on the scheme.
Odsotnost diskriminacije se po navedbah Portugalske dokazuje z:
On 30 September 2010 the total value of the insured portfolio decreased by 32,84 % between 31 December 2009 and 31 December 2009 and by a further 22,4 % from 31 December 2009 to 30 September 2010.
uporabo sheme pri podjetjih iz drugih držav članic, ki so dejavna na Portugalskem;
The total value of the insurance portfolio was down to EUR 15,9 billion in 2010 from EUR 30,6 billion at the end of 2008.
Zato je Sodišče navedlo, da „[d]ejstvo, da pomoč ni namenjena enemu ali več vnaprej določenim posebnim prejemnikom, ampak je predmet številnih objektivnih meril, v skladu s katerimi se lahko v okviru predhodno določene celotne proračunske razdelitve dodeli neomejenemu številu upravičencev, ki niso prvotno posamezno določeni, ne zadostuje za dvom o selektivni naravi ukrepa in skladno s tem njegovi razvrstitvi kot državna pomoč v smislu člena 92 Pogodbe [107(1) PDEU].
The number of insured firms decreased from 3709 at the end of 2008 to 2290 in September 2010.
Ta okoliščina kvečjemu pomeni, da zadevni ukrep ni individualna pomoč.
Letters from insurers were also provided to justify the need for continuation of the scheme until the end of 2010, despite allegations in the letters that the maximum cover amount granted by the scheme would not be reached.
Vendar temu ukrepu ne onemogoča, da bi se obravnaval kot sistem pomoči, ki pomeni selektiven in zato specifičen ukrep, če zaradi meril, ki urejajo njegovo uporabo, na škodo drugih daje prednost posameznim podjetjem ali proizvodnji posameznega blaga“ [14].
Those letters explained the need for the scheme by referring to the increased risk of export credit insurance due to the general economic situation in times of recovery from the crisis, with a subsequent increase in prices and reduction of coverage from private insurers in certain sectors.
Zato Sodišče meni, da se državno posredovanje ne sme ocenjevati glede na njegove vzroke ali cilje, ampak glede na njegove učinke [15].
The average rate applicable under the scheme represented 0,21 % of turnover, while the market rate charged by private insurers represented on average 0,36 % of turnover in 2009.
Te cene so tudi nižje od tržnih stopenj iz leta 2007 in leta 2008.
Even the average market rates — of 0,23 % and 0,24 % in 2007 and 2008 respectively — were higher than the average rate applicable under the scheme from 2009 onwards.
Zato tudi argument, ki so ga izpostavili portugalski organi in po katerem cene ustrezajo tržnim stopnjam pred krizo, ni potrjen.
The scheme was notified on 12 January 2009 for a duration from 1 January 2009 to 31 December 2010.
Verj
No prolongation has been notified to the Commission.
PričakovanaIzguba
To prove the market failure, the Portuguese authorities refer to the loss ratio, which had attained a record of 102 % in 2008, despite the fact that the number of firms covered by insurance had decreased by 29,41 % at the end of 2009 compared with the end of 2008 and by another 12,53 % by the end of September 2010.
IzpostavljenostPriNeplačilu
The value of the insured portfolio had decreased by 32,84 % at the end of 2009 compared to end 2008 and by another 22,36 % at September 2010.
ZnesekVračila
Portugal also argues that other Member States have also adopted such schemes.
IzpostavljenostS
According to Portugal, the absence of discrimination is proven by:
VrnjeniZnesekS
the application of the scheme also to companies from other Member States which are active in Portugal;
Verj0
Further, according to the Portuguese authorities the scheme does not give rise to a distortion of competition between Member States, because: (i) it also covers national operations;
Izpostavljenost0
Thus, according to the Court of Justice, State interventions should not be judged on their causes or aims, but on their effects [15].
StopnjaVračilaS
ExpectedLoss
obsega tudi nacionalne dejavnosti, (ii) se stroški zavarovanja v državah članicah razlikujejo, kot kaže različno oblikovanje cen zavarovanja, in (iii) ta vrsta storitve na trgu ni na voljo.
Decision No 534/2014/EU of the European Parliament and of the Council
Sklep št. 534/2014/EU Evropskega parlamenta in Sveta
providing macro-financial assistance to the Republic of Tunisia
o zagotavljanju makrofinančne pomoči Republiki Tuniziji
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 212 thereof,
ob upoštevanju Pogodbe o delovanju Evropske unije in zlasti člena 212 Pogodbe,
Having regard to the proposal from the European Commission,
ob upoštevanju predloga Evropske komisije,
Acting in accordance with the ordinary legislative procedure [1],
v skladu z rednim zakonodajnim postopkom [1],
Relations between the European Union and the Republic of Tunisia (‘Tunisia’) are developing within the framework of the European Neighbourhood Policy (ENP).
Odnosi med Evropsko unijo in Republiko Tunizijo (v nadaljnjem besedilu: Tunizija) se razvijajo v okviru evropske sosedske politike (ESP).
Under the EU-Tunisia Association Agreement, Tunisia finalised dismantling tariffs for industrial products in 2008, thereby making Tunisia the first Southern Mediterranean country to enter into a free trade area with the Union.
Na tunizijsko gospodarstvo so močno vplivali domači dogodki, povezani z dogodki v južnem Sredozemlju od konca leta 2010, znani kot „arabska pomlad“, in nemiri v regiji, ki so sledili, zlasti v sosednji Libiji.
Bilateral political dialogue and economic cooperation have been further developed within the framework of ENP Action Plans, of which the most recent under discussion would cover the period 2013-2017.
Ti dogodki in slabe gospodarske razmere na svetovni ravni, zlasti recesija v euroobmočju, ki je glavni trgovski in finančni partner Tunizije, izrazito negativno vplivajo na tunizijsko gospodarstvo; rast se upočasnjuje, nastajajo pa tudi velike vrzeli v zunanjem in proračunskem financiranju.
Tunisia's economy has been significantly affected by domestic events related to the events in the Southern Mediterranean since the end of 2010, known as the ‘Arab Spring’, and by the regional unrest that followed, particularly in neighbouring Libya.
Potem ko je bil predsednik Ben Ali 14. januarja 2011 prisiljen zapustiti državo, je Tunizija 23. oktobra 2011 izvedla prve svobodne in demokratične volitve.
Those events and the weak global economic environment, in particular the recession in the euro area, which is Tunisia's main trading and financial partner, have had a very negative impact on the Tunisian economy, leading to a slowdown in growth and generating large external and budgetary financing gaps.
Od takrat deluje nacionalna ustavodajna skupščina in čeprav politična tranzicija ni bila brez težav, si glavni politični akterji skupaj prizadevajo za nadaljnje reforme za vzpostavitev povsem demokratičnega sistema.
Following the ousting of President Ben Ali on 14 January 2011, Tunisia's first free and democratic elections took place on 23 October 2011.
Ustava, ki jo je sprejela Nacionalna ustavodajna skupščina Tunizije, vsebuje določen napredek na področju osebnih pravic in svoboščin ter enakosti spolov, ki Tunizijo usmerja na pot k demokraciji in pravni državi.
A National Constituent Assembly has been in place since then, and although the political transition has not been without difficulties, there have been concerted efforts by the main political actors to proceed with reforms towards a fully-fledged democratic system.
Unija je od začetka arabske pomladi ob različnih priložnostih poudarila svojo zavezanost podpiranju Tunizije pri njenem procesu gospodarskih in političnih reform.
The Constitution adopted by the National Constituent Assembly of Tunisia includes some advances in the field of individual rights and freedoms and gender equality, which set Tunisia on the path towards democracy and the rule of law.
Ta zavezanost je bila ponovno potrjena novembra 2012 v sklepih seje pridružitvenega sveta med Unijo in Tunizijo.
Since the Arab Spring began, the Union has, on various occasions, declared its commitment to supporting Tunisia in its economic and political reform process.
Politična in gospodarska podpora Unije tunizijskemu reformnemu procesu je skladna s politiko Unije do regije južnega Sredozemlja, kakor je določena v okviru ESP.
That commitment was reaffirmed in November 2012, in the conclusions of the meeting of the Association Council between the Union and Tunisia.
V skladu s skupno izjavo Evropskega parlamenta in Sveta, sprejeto skupaj s Sklepom št. 778/2013/EU Evropskega parlamenta in Sveta [3], bi morala biti makrofinančna pomoč Unije izreden finančni instrument nevezane in nenamenske plačilnobilančne pomoči, namenjene ponovni vzpostavitvi vzdržnega stanja upravičenke na področju zunanjega financiranja in podpori pri izvajanju programa politik, ki vsebuje odločne prilagoditvene ukrepe in strukturne reforme, katerih cilj je, zlasti v programskem obdobju, izboljšati plačilnobilančno stanje ter okrepiti izvajanje zadevnih sporazumov in programov z Unijo.
The Union's political and economic support for Tunisia's reform process is consistent with the Union's policy towards the Southern Mediterranean region, as set out in the context of the ENP.
Aprila 2013 so se tunizijski organi in Mednarodni denarni sklad (MDS) dogovorili o nepreventivnem triletnem aranžmaju „stand-by“ (v nadaljnjem besedilu: program MDS) v višini 1146 milijonov SDR (posebne pravice črpanja) v podporo Tuniziji za program gospodarskih prilagoditev in reform.
In line with the Joint Declaration by the European Parliament and the Council adopted together with Decision No 778/2013/EU of the European Parliament and of the Council [3], Union macro-financial assistance should be an exceptional financial instrument of untied and undesignated balance-of-payments support, which aims at restoring a beneficiary's sustainable external finance situation and should underpin the implementation of a policy programme containing strong adjustment and structural reform measures designed to improve the balance of payment position, in particular over the programme period, and reinforce the implementation of relevant agreements and programmes with the Union.
Cilji programa MDS so skladni z namenom makrofinančne pomoči Unije, tj. odpravo kratkoročnih težav s plačilno bilanco, izvajanje odločnih prilagoditvenih ukrepov pa je skladno s ciljem makrofinančne pomoči Unije.
In April 2013, the Tunisian authorities and the International Monetary Fund (IMF) agreed on a non-precautionary three-year Stand-By-Arrangement (‘IMF programme’) of SDR 1146 million (Special Drawing Rights) in support of Tunisia's economic adjustment and reform programme.
Unija je dala na voljo 290 milijonov EUR v obliki nepovratnih sredstev za obdobje 2011–2013 na podlagi svojega rednega programa sodelovanja v podporo Tuniziji za program gospodarskih in političnih reform.
The objectives of the IMF programme are consistent with the purpose of the Union macro-financial assistance, namely to alleviate short-term balance of payment difficulties, and the implementation of strong adjustment measures is consistent with the aim of Union macro-financial assistance.
Poleg tega je bilo Tuniziji za obdobje 2011–2013 dodeljenih 155 milijonov EUR v okviru programa za podporo partnerstvu, reformam in vključujoči rasti (SPRING).
The Union has made available EUR 290 million in grants for the period 2011-2013 under its regular cooperation programme in support of Tunisia's economic and political reform agenda.
Tunizija je avgusta 2013 zaradi slabšanja gospodarskih razmer in obetov zaprosila za makrofinančno pomoč Unije.
In addition, EUR 155 million has been allocated to Tunisia for the period 2011-2013 under the ‘Support for partnership, reforms and inclusive growth’ (SPRING) programme.
Ker je Tunizija država, ki jo zajema ESP, bi jo bilo treba šteti za upravičenko do makrofinančne pomoči Unije.
In August 2013, in view of the worsening economic situation and outlook, Tunisia requested Union macro-financial assistance.
Ker je v plačilni bilanci Tunizije še vedno znatna preostala vrzel v zunanjem financiranju, ki presega sredstva, ki jih zagotavljajo MDS in druge večstranske institucije, ter čeprav Tunizija izvaja odločne programe gospodarske stabilizacije in reform, je makrofinančna pomoč Unije Tuniziji (v nadaljnjem besedilu: makrofinančna pomoč Unije) v trenutnih izrednih okoliščinah ustrezen odziv na prošnjo Tunizije za podporo gospodarski stabilizaciji v povezavi s programom MDS.
Given that Tunisia is a country covered by the ENP, it should be considered to be eligible to receive Union macro-financial assistance.
Program makrofinančne pomoči Unije bi z dopolnjevanjem sredstev iz finančnega aranžmaja MDS podpiral gospodarsko stabilizacijo in program strukturnih reform Tunizije.
Given that there is still a significant residual external financing gap in Tunisia's balance of payments over and above the resources provided by the IMF and other multilateral institutions, and despite the implementation of strong economic stabilisation and reform programmes by Tunisia, the Union macro-financial assistance to be provided to Tunisia (‘the Union's macro-financial assistance’) is, under the current exceptional circumstances, considered to be an appropriate response to Tunisia's request to support economic stabilisation in conjunction with the IMF programme.
Makrofinančna pomoč Unije bi morala biti namenjena podpori ponovne vzpostavitve vzdržnega stanja v zunanjem financiranju Tunizije, kar bi podprlo njen gospodarski in socialni razvoj.
The Union's macro-financial assistance would support the economic stabilisation and the structural reform agenda of Tunisia, supplementing resources made available under the IMF financial arrangement.
Določitev zneska makrofinančne pomoči Unije temelji na celoviti kvantitativni oceni preostalih potreb Tunizije po zunanjem financiranju in upošteva zmožnost države, da se financira z lastnimi sredstvi, zlasti mednarodnimi rezervami, ki so ji na voljo.
The Union's macro-financial assistance should aim to support the restoration of a sustainable external financing situation for Tunisia thereby supporting its economic and social development.
Makrofinančna pomoč Unije bi morala dopolnjevati programe in sredstva, ki jih zagotavljata MDS in Svetovna banka.
The determination of the amount of the Union's macro-financial assistance is based on a complete quantitative assessment of Tunisia's residual external financing needs, and takes into account its capacity to finance itself with its own resources, in particular the international reserves at its disposal.
Pri določanju zneska pomoči se upoštevajo tudi pričakovani finančni prispevki večstranskih donatorjev, potreba po zagotavljanju pravične porazdelitve bremena med Unijo in drugimi donatorji, drugi instrumenti Unije za zunanje financiranje, ki se v Tuniziji že uporabljajo, in dodana vrednost splošnega ukrepanja Unije.
The Union's macro-financial assistance should complement the programmes and resources provided by the IMF and the World Bank.
Komisija bi morala zagotoviti pravno in vsebinsko skladnost makrofinančne pomoči Unije s ključnimi načeli, cilji in ukrepi, sprejetimi na različnih področjih zunanjega delovanja, ter drugimi ustreznimi politikami Unije.
The determination of the amount of the assistance also takes into account expected financial contributions from multilateral donors and the need to ensure fair burden sharing between the Union and other donors, as well as the pre-existing deployment of the Union's other external financing instruments in Tunisia and the added value of the overall Union involvement.
Makrofinančna pomoč Unije bi morala podpirati zunanjo politiko Unije do Tunizije.
The Commission should ensure that the Union's macro-financial assistance is legally and substantially in line with the key principles, objectives and measures taken within the different areas of external action and other relevant Union policies.
Službe Komisije in Evropska služba za zunanje delovanje bi morale v celotnem obdobju zagotavljanja makrofinančne pomoči tesno sodelovati, da bi usklajevale zunanjo politiko Unije in zagotavljale njeno doslednost.
The Union's macro-financial assistance should support the Union's external policy towards Tunisia.
Makrofinančna pomoč Unije bi morala podpirati zavezanost Tunizije vrednotam, ki jih deli z Unijo, vključno z demokracijo, pravno državo, dobrim upravljanjem, spoštovanjem človekovih pravic, trajnostnim razvojem in zmanjševanjem revščine, pa tudi njeno zavezanost načelom odprte in pravične trgovine, ki temelji na pravilih.
Commission services and the European External Action Service should work closely together throughout the macro-financial assistance operation in order to coordinate, and to ensure the consistency of, Union external policy.
Predpogoj za dodelitev makrofinančne pomoči Unije bi moral biti, da Tunizija spoštuje učinkovite demokratične mehanizme, vključno z večstrankarskim parlamentarnim sistemom in pravno državo, ter zagotavlja spoštovanje človekovih pravic.
The Union's macro-financial assistance should support Tunisia's commitment to values shared with the Union, including democracy, the rule of law, good governance, respect for human rights, sustainable development and poverty reduction, as well as its commitment to the principles of open, rule-based and fair trade.
Poleg tega bi morala biti posebna cilja makrofinančne pomoči Unije povečanje učinkovitosti, preglednosti in odgovornosti sistemov za upravljanje javnih financ v Tuniziji ter spodbujanje strukturnih reform, katerih cilj je podpiranje trajnostne in vključujoče rasti, ustvarjanja novih delovnih mest in fiskalne konsolidacije.