natgillin/translations-raw huggingface dataset:
The MS Contribution will be used to cover the highest risk of the Portfolio, up to a percentage that will be a determined having regard to the multiplier effect for the MS contribution agreed in the Funding agreement.
Drugi najbolj tvegani del portfelja se krije s kombinacijo sredstev iz EIS, proračuna EU in organa upravljanja.
This may typically result in 100 % of such amount being absorbed for the coverage of net losses under the Portfolio.
Preostalo tveganje portfelja se krije s kombinacijo sredstev skupine EIB ter potencialno nacionalnih promocijskih bank in nacionalnih jamstvenih shem.
The second riskiest part of the Portfolio will be covered by a combination of resources from the EIF, the EU budget and the Managing Authority.
Sredstva, ki jih zagotovijo različni prevzemniki tveganja, se opredelijo na ravni, ki zagotavlja združljivost tveganja s toleranco tveganja skupine EIB in katerega koli drugega potencialnega prevzemnika tveganja.
The residual risk of the Portfolio shall be covered using a combination of resources from the EIB Group and potentially national promotional banks and national guarantee schemes.
Vsak portfelj mora biti dovolj homogen in imeti zadostno razpršenost vložka, da mu EIS lahko dodeli bonitetno oceno v skladu s svojo metodologijo ocenjevanja tveganja.
The resources provided by the different risk takers shall be defined at a level such that the risk shall be compatible with the risk tolerance of the EIB Group and any other potential risk taker.
Zneski neizpolnjenih obveznosti
Each Portfolio shall have sufficient homogeneity and sufficient pool diversification in order for the EIF to be able to assign a rating according to its risk assessment methodology.
Ti se nanašajo na neplačano glavnico in obresti, nastale finančnemu posredniku glede neizpolnjenih transakcij, vključenih v portfelj.
Defaulted Amounts
Portfelj
Relate to unpaid principal and interest incurred by the Financial Intermediary in respect of defaulted Transactions included in the Portfolio.
Obdobje razpoložljivosti
Portfolio
EIS in finančni posrednik se dogovorita o obdobju razpoložljivosti (običajno največ 3 leta), v katerem se lahko transakcije vključijo v portfelj.
Availability Period
Upravičeni končni prejemniki
The EIF and the Financial Intermediary will agree on an availability period (typically up to 3 years) during which Transactions may be included in the Portfolio.
Končni prejemniki morajo izpolnjevati zahteve za upravičenost v skladu s členoma 37(4) in 39 uredbe o skupnih določbah ter posebne zahteve za upravičenost, določene v uredbah o ESRR in EKSRP.
Eligible Final Recipients
Merila za upravičenost v okviru programa COSME
The Final Recipients have to fulfil the eligibility requirements as per CPR Articles 37(4) and 39 as well as the specific eligibility requirements set out in ERDF and EAFRD Regulations.
Glej Prilogo 2.
COSME Eligibility Criteria
Merila za upravičenost v okviru programa Obzorje 2020
See Annex 2.
Postopek izključitve
Horizon 2020 Eligibility Criteria
Če transakcija ne izpolnjuje meril za upravičenost, se izključi iz portfelja (in ni krita z jamstvom).
Exclusion Process
V nekaterih omejenih okoliščinah in ob uporabi zahtev iz člena 39(2)(a) uredbe o skupnih določbah lahko ugotovitev, ali je bilo to neizpolnjevanje skladnosti pod nadzorom finančnega posrednika, privede do nadaljnjega jamstvenega kritja.
If a Transaction does not comply with Eligibility Criteria it shall be excluded from the Portfolio (and shall not be covered by the Guarantee).
Zahteva glede učinka finančnega vzvoda za prispevek DČ
In certain limited circumstances and in implementation of the requirements of Article 39(2)(a) of the CPR, the determination of whether such non-compliance was within the control of the Financial Intermediary may result in continued guarantee cover.
Učinek finančnega vzvoda se izračuna kot skupno novo dolžniško financiranje za upravičene končne prejemnike, deljeno s prispevkom DČ.
Leverage Effect requirement for MS Contribution
Učinek finančnega vzvoda mora biti vsaj [X]-kratnik skupnega prispevka DČ.
The Leverage Effect is calculated as the total New Debt Finance to eligible Final Recipients divided by the MS Contribution.
Zahteva glede minimalnega finančnega vzvoda za prispevek v okviru programa COSME
The minimum Leverage Effect has to be at least [X] times the total MS Contribution.
V primeru prispevka na podlagi uredbe COSME, če se uporablja, mora obseg novega dolžniškega financiranja za upravičene končne prejemnike v skladu z zahtevami glede vzvoda iz pravne podlage za program COSME in sporazuma o prenosu pooblastil izpolnjevati tudi merila za upravičenost v okviru programa COSME.
Minimum leverage requirement for COSME contribution
Zahteva glede minimalnega finančnega vzvoda za prispevek v okviru programa Obzorje 2020
Given the contribution under the COSME Regulation, if applicable, a volume of New Debt Finance to eligible Final Recipients in line with the leverage requirements as set out in the COSME legal basis and Delegation Agreement has to fulfil also the COSME eligibility criteria.
V primeru prispevka na podlagi uredbe Obzorje 2020, če se uporablja, mora obseg novega dolžniškega financiranja za upravičene končne prejemnike v skladu z zahtevami glede vzvoda iz pravne podlage za program Obzorje 2020 in sporazuma o prenosu pooblastil izpolnjevati tudi merila za upravičenost v okviru Obzorje 2020.
Minimum leverage requirement for Horizon 2020 contribution
Oblikovanje cen
Given the contribution under the H2020 Regulation, if applicable, a volume of New Debt Finance to eligible Final Recipients in line with the leverage requirements as set out in the H2020 legal basis and Delegation Agreement has to fulfil also the Horizon 2020 eligibility criteria.
Provizija za jamstvo
Pricing
EIS finančnemu posredniku zaračuna provizijo za jamstvo v zvezi s transakcijami, vključenimi v portfelj.
Guarantee Fee
Provizija za jamstvo, izražena v [X] % na leto, se izračuna vsako četrtletje za neporavnani znesek portfelja.
The EIF shall charge to the Financial Intermediary the Guarantee Fee in relation to the Transactions included in the Portfolio.
Oblikovanje cene prispevka DČ
The Guarantee Fee, expressed as [X] % per annum, will be calculated quarterly on the outstanding amount of the Portfolio
Cena prispevka DČ se določi na ravni, ki je sorazmerna z ustreznim prevzetim tveganjem, razen za kritje najbolj tveganega dela portfelja, za katerega se določi cena nič (to pomeni, da se prispevek DČ zagotovi brezplačno).
Pricing of the MS Contribution
Razno
The MS Contribution shall be priced at a level which is commensurate with the relevant risk taken with the exception of the cover of the riskiest part of the Portfolio that shall be priced at zero (i.e. the MS Contribution will be provided free of charge).
Kazni
Miscellaneous
Glej člen 7.
Penalties
Poročanje
See Article 7.
Glej Prilogo 5.
Reporting
Nadzor in revizije
See Annex 5.
Glej člen 17.
Monitoring and Audit
Prenos ugodnosti
See Article 17.
EIS oceni mehanizem za prenos ugodnosti na končne prejemnike.
Transfer of benefit
Ta mehanizem se vključi v postopek izbire finančnih posrednikov in je del končne odločitve EIS o tem, ali naj sklene jamstveni sporazum ali ne in pod kakšnimi pogoji.
The EIF shall assess the mechanism of transfer of benefit to the Final Recipients.
Prenos ugodnosti se uporabi za del novega dolžniškega financiranja, kritega z jamstvom po standardni obrestni meri, zaračunani končnim prejemnikom, z zmanjšanjem premije za kreditno tveganje/jamstvo.
That mechanism shall be included in the process for the selection of Financial Intermediaries and it shall form part of the EIF final decision on whether or not entering into a guarantee agreement and at what conditions.
Prenos se ustrezno dokumentira.
The transfer of benefit shall be applied for the part of the New Debt Finance covered by the Guarantee to the standard interest rate charged to the Final Recipients through a reduction of the credit risk/guarantee premium.
Skupna ugodnost
It shall be documented accordingly.
Skupna ugodnost se opredeli za del posojila, kritega z jamstvom, kot zmanjšanje obrestne mere ali provizije za jamstvo, ki jo zaračuna finančni posrednik končnim prejemnikom, ob upoštevanju osnovnega prevzetega kreditnega tveganja in učinka ter stroškov jamstva.
Total Benefit
Ker finančni posrednik ne prejme nobenega nadomestila/financiranja od EIS, je ocena skupne ugodnosti osredotočena zgolj na premijo za kreditno tveganje.
The Total Benefit shall be defined for the part of the loan covered by the Guarantee as the reduction in the interest rate or the guarantee fee as the case may be as charged by the Financial Intermediary to the Final Recipients, taking into account the underlying credit risk undertaken and the effect and the cost of the Guarantee.
Finančni posrednik pri izračunu nove premije za kreditno tveganje/jamstvo za posamezno posojilo ali jamstvo upošteva stroške jamstva (provizijo za jamstvo).
As the Financial Intermediary receives no remuneration/funding from the EIF, the assessment of the Total Benefit shall focus only on the credit risk premium.
Skupna ugodnost se izračuna po naslednji formuli:
The Financial Intermediary shall take into account the cost of the guarantee (the Guarantee Fee) in the calculation of the new credit risk/guarantee premium for each loan or guarantee.
skupna ugodnost = standardna premija za kreditno tveganje/jamstvo – provizija za jamstvo.
The Total Benefit is given by the following formula:
Državna pomoč
Total Benefit = standard credit/guarantee risk premium — Guarantee Fee
Ugodnost državne pomoči
State Aid
Ugodnost državne pomoči za del posojila, ki ga krije jamstvo, je delež skupne ugodnosti, sorazmeren s prispevkom DČ [18] v portfelju novega dolžniškega financiranja, ki se izračuna po naslednji formuli:
State Aid Benefit
ugodnost državne pomoči = skupna ugodnost × % prispevka DČ v jamstvu (zajamčeni del portfelja novega dolžniškega financiranja).
The State Aid Benefit for the part of the loan covered by the Guarantee is a portion of the Total Benefit, proportional to the MS Contribution [18] in the New Debt Finance portfolio, given by the following formula:
Finančni posrednik ugodnost državne pomoči v celoti prenese na končnega prejemnika.
State Aid Benefit = Total Benefit * % of the MS Contribution in the Guarantee (the guaranteed part of the New Debt Finance portfolio).
Izračun bruto ekvivalenta nepovratnih sredstev
The State Aid Benefit shall be fully transferred by the Financial Intermediary to the Final Recipient.
Na ravni končnega prejemnika se za ugodnost državne pomoči šteje subvencionirana obrestna mera v smislu člena 4(2) uredbe de minimis.
Calculation of the GGE
Bruto ekvivalent nepovratnih sredstev se izračuna po naslednji formuli:
At Final Recipient level, the State Aid Benefit shall be considered as an interest rate subsidy within the meaning of Article 4(2) of the de minimis Regulation.
bruto ekvivalent nepovratnih sredstev = znesek zajamčenega posojila [19] × zapadlost (tehtano povprečno trajanje) posojila (jamstva) [20] × ugodnost državne pomoči.
The Gross Grant Equivalent (GGE) shall be calculated according to the following formula:
Finančni posrednik izračuna bruto ekvivalent nepovratnih sredstev za vsako posojilo (jamstvo) [20] v portfelju novega dolžniškega financiranja in ga sporoči EIS.
GGE = Guaranteed loan amount [19] * maturity (weighted average life) of the loan (guarantee) [20] * State Aid Benefit
Bruto ekvivalent nepovratnih sredstev v nobenem primeru ne sme biti nad pragom, določenim v uredbi de minimis.
The Financial Intermediary shall calculate the GGE for each and every loan (guarantee) [20] in the New Debt Finance portfolio and shall communicate it to the EIF.
Kazni iz naslova državne pomoči
In all cases the GGE cannot be above the threshold set out in the de minimis Regulation.
EIS finančnemu posredniku zaračuna kazen iz naslova državne pomoči, če ugodnost državne pomoči ni bila v celoti prenesena na končnega upravičenca.
State Aid Penalties
INSTRUMENT LISTINJENJA
The EIF shall charge to the Financial Intermediary a State Aid Penalty in case the State Aid Benefit is not fully transferred to the final beneficiary.
Pobuda za MSP – možnost 2
SECURITISATION INSTRUMENT
INSTRUMENT LISTINJENJA POBUDE ZA MSP
SME initiative — option 2
Instrument predvideva uporabo transakcij listinjenja, podprtih s posojili, zakupi ali jamstvi za MSP, pri čemer bi sredstva EU (COSME in/ali Obzorje 2020) in ESRR/EKSRP skupaj s sredstvi skupine EIB in potencialno nacionalnih promocijskih bank, nacionalnih jamstvenih shem in drugih institucionalnih vlagateljev, vpisali določene zneske ali jamčili zanje na različnih ravneh tveganja.
SME INITIATIVE SECURITISATION INSTRUMENT
V okviru instrumenta listinjenja se portfelj finančnih instrumentov, upravičenih za MSP, uporabi kot zavarovanje za zamenljive vrednostne papirje (tranše), razpršene glede na stopnjo tveganja.
This instrument foresees the utilisation of securitisation transactions backed by SME loans, leases or guarantees where EU resources (COSME and/or Horizon 2020), ERDF/EAFRD, together with resources from the EIB Group and potentially alongside national promotional banks, national guarantee schemes and other institutional investors, would subscribe or guarantee certain amounts at different levels of risks.
Možne bi bile tudi ureditve nekrite oblike prenosa tveganja (sintetično listinjenje), ki omogočajo prenos kreditnega tveganja na tretje osebe, ne da bi se dejansko odstranil portfelj sredstev iz bilance stanja banke, s čimer se banki izvora omogoči pridobitev regulatorne kapitalske olajšave.
Under a securitisation instrument, a portfolio of SME eligible financing instruments is used as collateral for tradable securities (tranches), diversified by level of risk.
Take operacije bi morale upoštevati regulativne zadevne ustrezne države.
Unfunded risk transfer arrangements (synthetic securitisation) would also be possible, allowing for the transfer of credit risk to third parties without actually removing the portfolio of assets from the balance sheet of the bank and therefore providing the opportunity for the originating bank to obtain regulatory capital relief.
Instrument listinjenja bo jamčil za znaten del osnovnega upravičenega portfelja dolžniškega financiranja, potem ko se ustrezni finančni posrednik zaveže, da bo oblikoval dodatni portfelj, tudi z uporabo sredstev, sproščenih zaradi transakcije listinjenja za financiranje novih MSP.
Such operations would have to take into consideration the relevant country's regulatory requirements.
V okviru instrumenta listinjenja pobude za MSP bi EIS in EIB (potencialno skupaj z nacionalnimi promocijskimi bankami, nacionalnimi jamstvenimi shemami in drugimi institucionalnimi vlagatelji) vpisala določene tranše ali jamčila zanje do dogovorjenih najvišjih zneskov.
The securitisation instrument will guarantee a significant part of the underlying eligible debt financing portfolio upon an undertaking by the relevant Financial Intermediary to create an additional portfolio also by using resources mobilised as a result of the securitisation transaction for new SME financing.
Finančne institucije izvora zadržijo materialni interes na transakcijah, kot sta na primer ustrezni delež (najmanj 50 %) podrejene tranše in ustrezna izpostavljenost v vsaki tranši, dani vlagateljem, oziroma podobne ureditve, da se zagotovi potrebna uskladitev interesa (lasten interes) in izpolnijo zahteve za zadržanje tveganja iz Direktive 2013/36/EU in Uredbe (EU) št. 575/2013.
Under the SME Initiative Securitisation Instrument, the EIF and the EIB (potentially alongside national promotional banks, national guarantee schemes and other institutional investors) would subscribe or guarantee certain tranches up to agreed maximum amounts.
Bonitetna ocena nadrejenih in srednjih tranš mora biti združljiva s toleranco tveganja skupine EIB in potencialno nacionalnih promocijskih bank, nacionalnih jamstvenih shem in tretjih institucionalnih vlagateljev, ki bi lahko prav tako investirali v nadrejene tranše takih listinjenj in s tem povečali finančni vzvod dodeljenih proračunskih sredstev.
The originating financial institutions shall retain a material interest in the transaction, such as an adequate portion (minimum 50 %) of the junior tranche and an adequate exposure to each tranche placed with investors, or similar arrangements, in order to ensure the necessary alignment of interest ‘skin in the game’) and to comply with the risk retention requirement set out in Directive 2013/36/EU and Regulation (EU) No 575/2013.
Podrejene in srednje tranše, ki jih originator ne zadrži, se vpišejo kot kombinacija sredstev ESRR/EKSRP, COSME/Obzorje 2020 in lastnih sredstev EIS.
The rating of the senior and the mezzanine tranches shall be compatible with the risk tolerance of the EIB Group and potentially national promotional banks, national guarantee schemes and third party institutional investors who may also invest in the senior tranches of such securitisations thus increasing the leverage of committed budgetary resources.
Organi upravljanja, ki so pripravljeni sodelovati v jamstveni shemi (prek EIS, vendar na tveganje prispevka skladov ESI), jamčijo za/vložijo do 50 % podrejene tranše.
Junior and mezzanine tranches not retained by the originator are subscribed by a combination of ERDF/EAFRD, COSME/Horizon 2020 and EIF's own resources.
Urejanje, ustrezno skrbnost, dokumentiranje in upravljanje listinjenega portfelja, sestavljenega iz upravičenih posojil, zakupov ali jamstev za MSP in podjetja z manj kot 500 zaposlenimi, izvajajo finančni posredniki v skladu s svojimi običajnimi postopki urejanja in upravljanja.
Managing Authorities who are willing to participate in the guarantee scheme (via the EIF, but at the risk of the ESI Funds contribution) guarantee/invest up to 50 % of the Junior tranche.
Finančni posredniki običajno ohranijo neposredno posojilno razmerje do stranke z vsakim MSP.
The origination, due diligence, documentation and servicing of the securitised portfolio, made of eligible SME loans, leases or guarantees to SME and companies with less than 500 employees, shall be performed by the Financial Intermediaries in accordance with their usual origination and servicing procedures.
Finančni posredniki EIB in EIS predložijo informacije o listinjenem portfelju in dodatnem portfelju (na novo urejenem financiranju MSP) vsako četrtletje do zaključka transakcije listinjenja.
The Financial Intermediaries typically retain the direct client credit relationship with each SME.
Okvirni pogoji listinjenja
The Financial Intermediaries will provide information about the securitised portfolio as well as the Additional Portfolio (newly originated SME financing) on a quarterly basis to the EIB and EIF respectively until termination of the securitisation transaction.
Splošni pogoji
Indicative Terms of the Securitisation
Finančni posredniki z listinjenjem sredstev poskušajo sprostiti regulatorni in ekonomski kapital in/ali pridobiti nove vire financiranja, ki finančnemu posredniku omogočijo, da uredi novo dolžniško financiranje za upravičene končne prejemnike (za oblikovanje dodatnega portfelja).
General Terms
Finančni posrednik od EIS v zameno za plačilo provizije prejme jamstvo/naložbo za kritje listinjenega portfelja in se zaveže, da bo uredil portfelj novega dolžniškega financiranja (ob upoštevanju učinka minimalnega finančnega vzvoda).
By securitising assets, Financial Intermediaries aim at releasing regulatory and economic capital and/or obtain new funding sources allowing the Financial Intermediary to originate New Debt Finance to eligible Final Recipients (to build an Additional Portfolio).
EIS nastopa kot vsakodnevni upravljavec finančnega instrumenta, ki upravlja prispevek DČ, prispevek EU (tj. prispevke na podlagi [uredbe COSME] IN/ALI [uredbe Obzorje 2020], prispevek EIS in kreditno tveganje, ki ga prevzame od EIB in morda od nacionalnih promocijskih bank.
The Financial Intermediary will receive a guarantee/investment from the EIF to cover the Securitised Portfolio in exchange for the payment of a Fee and commit to originate a portfolio of New Debt Finance (subject to a minimum Leverage Effect).
Struktura transakcije
The EIF acts as day-to-day manager of the Financial Instrument managing the MS contribution, the EU Contribution (i.e. contributions under [the COSME Regulation] AND/OR [the H2020 Regulation], the EIF Contribution and the credit risk taken from the EIB and possibly national promotional banks.
Dovoljena so gotovinska (prava prodaja) ali sintetična (finančno nepokrita) listinjenja.
Transaction structure
Gotovinsko listinjenje je transakcija, v zvezi s katero originator (finančni posrednik) olistini sredstva, tako da jih združi v listinjeni portfelj, in ta listinjeni portfelj proda pravnemu subjektu s posebnim namenom (v nadaljnjem besedilu: SPE).
Either cash (‘true sale’) or synthetic (‘unfunded’) securitisations are allowed.
SPE financira nakup listinjenega portfelja z izdajo zapisov, zavarovanih s temi sredstvi (finančni instrumenti, zavarovani z zastavo premoženja – ABS).
A cash securitisation is a transaction in connection with which an originator (the Financial Intermediary) securitises assets by pooling them into the Securitised Portfolio and selling the Securitised Portfolio to a special purpose entity (the ‘SPE’).
SPE prihodke od izdaje teh zapisov porabi za plačilo nakupne cene listinjenega portfelja finančnemu posredniku.
The SPE finances the purchase of the Securitised Portfolio through the issuance of notes secured by such assets (Asset-Backed Securities — ‘ABS’).
Pri sintetičnem listinjenju finančni posrednik zadrži ustrezna sredstva v svoji bilanci stanja in EIS krije del tveganja na listinjenem portfelju.
The proceeds from the issuance of these notes are used by the SPE to pay the purchase price of the Securitised Portfolio to the Financial Intermediary.
To lahko privede do kapitalske olajšave za finančnega posrednika.
In a synthetic securitisation, the Financial Intermediary retains the relevant assets on its balance sheet and the EIF covers part of the risk on the Securitised Portfolio.
EIS tranšira listinjeni portfelj v skladu s tveganjem osnovnih transakcij.
This potentially results into capital relief for the Financial Intermediary.
Podrejena tranša zajema najbolj tvegani del listinjenega portfelja do vnaprej določenega deleža ob upoštevanju značilnosti portfelja, zahtev glede izboljšanja kreditne kvalitete in zahteve glede finančnega vzvoda za prispevek DČ.
The EIF shall tranche the Securitised Portfolio according to the risk of the underlying transactions.
Prispevek DČ krije največ 50 % podrejene tranše, preostali delež podrejene tranše pa zadrži finančni posrednik.
The Junior Tranche shall consist of the riskiest part of the Securitised Portfolio up to a predefined percentage, taking into consideration the characteristic of the portfolio, the credit enhancement requirements and the Leverage Effect requirement for MS Contribution.
Srednja tranša zajema drugi najbolj tvegani del listinjenega portfelja in je sestavljena iz treh podtranš, ki uporabljajo kombinacijo sredstev EIS, proračuna EU in organa upravljanja.
The MS Contribution will cover up to 50 % of the Junior Tranche, while the residual portion of the Junior Tranche shall be retained by the Financial Intermediary.
Prispevek DČ krije zlasti tveganje nižje srednje tranše.
The Mezzanine Tranche shall consist of the second riskiest part of the Securitised Portfolio and comprise three sub-tranches using a combination of resources from the EIF, the EU budget and the Managing Authority.
Prispevek na podlagi [uredbe COSME] in/ali [uredbe Obzorje 2020] krije tveganje vmesne srednje tranše.
In particular, the MS Contribution shall cover the risk of the Lower Mezzanine Tranche.
Prispevek EIS krije tveganje zgornje srednje tranše.
The contribution under [the COSME Regulation] and/or [the H2020 Regulation] shall cover the risk of the Middle Mezzanine Tranche.
Obseg srednje tranše določi EIS ob upoštevanju značilnosti portfelja, zahtev glede izboljšanja kreditne kvalitete in zahteve glede finančnega vzvoda za prispevek DČ.
The EIF Contribution shall cover the risk of the Upper Mezzanine Tranche.
Spodnja srednja in vmesna srednja tranša znašata največ [vnaprej določena deleža listinjenega portfelja].