natgillin/translations-raw huggingface dataset:
Having regard to the Agreement on the European Economic Area, and in particular Article 62(1)(a) thereof,
ob upoštevanju Sporazuma o Evropskem gospodarskem prostoru, zlasti člena 62(1)(a) Sporazuma,
Having invited interested parties to submit their comments in accordance with the said articles [1], and having regard to those comments,
po pozivu vsem zainteresiranim stranem, naj predložijo svoje pripombe v skladu z navedenima določbama [1], in ob upoštevanju teh pripomb,
On 5 November 2012, the Commission received a complaint from an enterprise which wished to remain anonymous (‘the anonymous complainant’).
Komisija je 5. novembra 2012 prejela pritožbo podjetja, ki želi ostati anonimno (v nadaljnjem besedilu: anonimni pritožnik).
By decision of 11 February 2013 (‘the rescue decision’), the Commission temporarily approved, for reasons of financial stability, the guarantee by France of bond issues by Banque PSA Finance SA (‘BPF’) of a nominal amount of EUR 1,2 billion.
S sklepom z dne 11. februarja 2013 (v nadaljnjem besedilu: sklep o reševanju) je Komisija zaradi finančne stabilnosti začasno odobrila jamstvo Francije za izdajo obveznic banke Banque PSA Finance SA (v nadaljnjem besedilu: BPF) v nominalnem znesku 1,2 milijarde EUR.
In that context, the French authorities undertook to notify a restructuring plan for the PSA Peugeot Citroën SA Group (‘PSA’ or ‘the Group’ or ‘the PSA Group’) and a viability plan for BPF in the six months following the rescue decision.
V okviru tega so se francoski organi zavezali, da bodo v šestih mesecih po sprejetju sklepa o reševanju priglasili načrt prestrukturiranja za skupino PSA Peugeot Citroën SA (v nadaljnjem besedilu: PSA ali skupina ali skupina PSA) in načrt za uspešno poslovanje BPF.
By letter dated 12 March 2013, France notified to the Commission restructuring aid in favour of the PSA Group.
Francija je z dopisom z dne 12. marca 2013 Komisiji priglasila pomoč za prestrukturiranje za skupino PSA.
The Commission's decision to open the procedure (‘the opening decision’) was published in the Official Journal of the European Union on 16 May 2013 [2].
Komisija je 3. junija 2013 poslala vprašalnik glavnim konkurentom PSA.
The Commission invited interested parties to submit their comments on the aid at issue.
Komisija je prejela pripombe petih zainteresiranih strani:
On 3 June 2013, the Commission sent a questionnaire to PSA's main competitors.
skupine PSA, ki je upravičenka pomoči in je predložila pripombe z dopisom z dne 13. junija 2013;
The Commission received comments from five interested parties, namely:
podjetja, ki je želelo ostati anonimno (v nadaljnjem besedilu: anonimna tretja stran) in je predložilo pripombe z dopisom z dne 14. junija 2013;
the PSA Group, as beneficiary of the aid, which submitted comments by letter dated 13 June 2013;
konkurenčnih družb Fiat, General Motors (v nadaljnjem besedilu: skupina GM) in Toyota, ki so svoje pripombe predložile z dopisi z dne 17., 18. in 21. junija 2013.
an enterprise which wished to remain anonymous (‘the anonymous third party’) which submitted comments by letter dated 14 June 2013;
Komisija je z dopisoma z dne 19. in 21. junija 2013 pripombe posredovala Franciji.
the competitors Fiat, General Motors (‘GM’) and Toyota, which submitted comments by letters dated 17, 18 and 21 June 2013.
Francoski organi so z dopisom z dne 3. junija 2013 posredovali svoje pripombe glede sklepa o začetku postopka, z dopisom z dne 28. junija 2013 pa svoje pripombe glede pripomb zainteresiranih tretjih strani.
The Commission forwarded these comments to France by letters dated 19 and 21 June 2013.
Francoski organi so 1. in 2. julija 2013 na zahtevo Komisije predložili dodatne informacije.
The French authorities transmitted their comments on the opening decision by letter dated 3 June 2013 and their comments on the comments of the interested third parties by letter dated 28 June 2013.
Službe Komisije, francoski organi in skupina PSA so se 4. julija 2013 udeležili telefonske konference.
There were two further meetings between the same parties on 11 and 12 July 2013, and a telephone conference on 15 July 2013.
Skupina PSA je družba, ki kotira na borzi Euronext Paris.
Following these meetings, the French authorities furnished information by letter dated 16 July 2013, amended by letter dated 23 July 2013.
Skupina je leta 2011 prodala več kot 3,5 milijona vozil in rezervnih delov po vsem svetu (42 % zunaj Evrope).
DESCRIPTION
Skupina PSA je poslovno navzoča v 160 državah, v katerih ima 11 „terminalskih“ obratov (devet v Evropski uniji), v katerih poteka sestava vozil, in 12 „mehaničnih“ obratov, specializiranih za proizvodnjo posebnih delov.
THE PSA GROUP
Dejavnosti skupine vključujejo tudi avtomobilsko financiranje (BPF) in avtomobilsko opremo (Faurecia).
The PSA Group is a company quoted on Euronext Paris.
Do decembra 2012 je bila del PSA tudi družba Gefco (logistika).
In 2011, the Group sold over 3,5 million vehicles and spare parts throughout the world (42 % outside Europe).
Skupina PSA je imela leta 2012 prihodke v višini 55,4 milijarde EUR.
With a commercial presence in 160 countries, the PSA Group has 11 ‘terminal’ plants (nine of which are in the European Union), in which vehicles are assembled, and 12 ‘mechanical’ plants specialising in the production of particular parts.
V spodnji tabeli 1 je prikazano gibanje prihodkov skupine v zadnjih petih letih.
The Group's activities also include automobile financing (BPF) and automotive equipment (Faurecia).
Tabela 1
Gefco (logistics) was also part of PSA until December 2012.
Prihodki skupine PSA v milijonih EUR
The PSA Group had a turnover of EUR 55,4 billion in 2012.
Pretekli prihodki
Table 1 below shows trends in the Group's turnover over the last five years.
BPF je interna banka pod 100-odstotnim nadzorom PSA, ki financira prodajo vozil znamk Peugeot in Citroën, zalog vozil in rezervnih delov za distribucijske mreže ter ponuja finančna sredstva strankam skupine.
Table 1
BPF posluje v 23 državah.
Turnover of the PSA Group in EUR million
Z 29,8-odstotno povprečno stopnjo prodora na trg [3] leta 2012 BPF financira velik delež povpraševanja po vozilih, ki jih proizvaja skupina, in ima ključno vlogo pri financiranju njenih tržnih dejavnosti.
Past turnover
Leta 2012 je njen neporavnani dolg znašal približno 23–24 milijard EUR.
BPF trades in 23 countries.
Leta 2012 so njeni prihodki znašali približno 17,4 milijarde EUR.
With an average penetration rate [3] of 29,8 % in 2012, BPF finances a large proportion of the demand for the vehicles produced by the Group and plays a crucial role in the financing of its trading activities.
TEŽAVE SKUPINE PSA
In 2012, its outstanding debt was approximately EUR 23 to 24 billion.
Prihodki skupine so se leta 2012 zmanjšali za 5,2 % predvsem zaradi slabše uspešnosti avtomobilskega oddelka (ki se je znižala za 10,3 % in padla na 38,3 milijarde EUR).
In 2011, its net result was EUR 354 million.
V zvezi z običajnimi poslovnimi prihodki je skupina v primerjavi s pozitivnim rezultatom v višini 1093 milijard EUR leta 2011 imela izgubo v višini 576 milijonov EUR.
Faurecia is an automotive equipment supplier in which PSA had a 57,18 % holding on 31 December 2012.
Zgolj v avtomobilskem oddelku je v primerjavi z izgubo v višini 92 milijonov EUR leta 2011 izguba iz poslovanja leta 2012 znašala 1,5 milijarde EUR.
In essence, it produces vehicle seats, interior systems, emission control technologies and vehicle exteriors.
Težave povzročajo dejavniki, ki so povezani z avtomobilskim trgom, učinki gospodarske in finančne recesije v evrskem območju ter strukturne pomanjkljivosti skupine PSA.
In 2012, its turnover was approximately EUR 17,4 billion.
ZMANJŠEVANJE EVROPSKEGA AVTOMOBILSKEGA TRGA OD LETA 2007
THE DIFFICULTIES EXPERIENCED BY THE PSA GROUP
Evropski trg se od leta 2007 nenehno zmanjšuje.
In 2012, the Group's turnover fell by 5,2 %, largely because of the poor performance of its automotive division (which fell by 10,3 % to EUR 38,3 billion).
Pred letom 2007 je evropski avtomobilski trg zajemal približno 18 milijonov vozil letno, leta 2012 pa je bilo prodanih 14 milijonov vozil, kar pomeni 15-odstotno zmanjšanje.
In terms of ordinary operating income, the Group posted a loss of EUR 576 million, in comparison with a positive result of EUR 1,093 billion in 2011.
Na podlagi tega in glede na usmerjenost Evrope (zlasti južne Evrope) se je prodaja PSA na tem trgu znižala za 6,1 %, kar pomeni 58 % njihove prodaje.
In the automotive division alone, the operating loss was EUR 1,5 billion in 2012, in comparison with a loss of EUR 92 million in 2011.
Tržni delež skupine PSA se je v primerjavi s 14,2 % leta 2010 zmanjšal na 13,3 %.
The difficulties encountered are due to factors specific to the automotive market, the effects of the economic and financial recession in the Eurozone and the structural handicaps of the PSA Group.
Skupina PSA zmanjševanja evropskega trga ne more nadomestiti s prodajo zunaj Evrope.
ONGOING CONTRACTION OF THE EUROPEAN AUTOMOTIVE MARKET SINCE 2007
Leta 2012 zgolj prodaja avtomobilov in gospodarskih vozil drugje po svetu ni mogla nadomestiti nizke uspešnosti skupine na evropskem trgu.
The European market has continued to contract since 2007.
KONKURENČNA STRUKTURA, KI NI NAKLONJENA NESPECIALIZIRANIM PROIZVAJALCEM
Prior to 2007, the European automotive market represented some 18 million vehicles per year, against 14 million units sold in 2012, i.e. a decline of 15 %.
Po navedbah francoskih organov so konkurenti PSA:
Against this backdrop and in view of its European (and in particular southern European) focus, PSA's sales have fallen by 6,1 % in this market which accounts for 58 % of its sales.
vsa druga nespecializirana podjetja: vrhunska nespecializirana podjetja (Renault, Nissan, Opel, Toyota, Volkswagen) in druga nespecializirana podjetja, kot so Ford, Fiat, Škoda, Seat in Honda;
The PSA Group's market share has fallen to 13,3 %, in comparison with 14,2 % in 2010.
vsa specializirana podjetja (Audi, BMW, Mercedes itd.), ki si vse bolj prizadevajo za razvoj vrhunskih izdelkov v vseh segmentih in s tem posegajo na glavni trg nespecializiranih podjetij;
The PSA Group is not offsetting the contraction of the European market by its sales outside Europe.
novejši proizvajalci, ki so vse uspešnejši zlasti v segmentih srednjega cenovnega razreda (Hyundai, Kia itd.).
In 2012, sales of cars and commercial vehicles in the rest of the world were not enough on their own to make up for the Group's poorer performance in the European market.
Po navedbah francoskih organov naravni trg nespecializiranih podjetij torej „od zgoraj“ napadajo specializirani vrhunski proizvajalci, ki so usmerjeni v nove segmente (na primer Audi A1 itd.), „od spodaj“ pa proizvajalci nižjega in srednjega cenovnega razreda, zlasti korejski proizvajalci, na primer Hyundai-Kia, ki bi radi izboljšali svoj razpon.
A COMPETITION STRUCTURE THAT DOES NOT FAVOUR GENERAL MANUFACTURERS
STRUKTURNE POMANJKLJIVOSTI SKUPINE PSA
According to the French authorities, PSA is in competition with:
Več kot polovica avtomobilske proizvodnje skupine PSA (53 % v letu 2011) je v zahodni Evropi, kjer so stroški dela višji kot drugje po svetu.
all the other generalists: premium generalists (Renault, Nissan, Opel, Toyota, Volkswagen) and other generalists such as Ford, Fiat, Skoda, Seat and Honda;
Dejavnik stroškov dela znaša skupno več kot [20–30]* [4] % maloprodajne cene PSA.
all the specialists (Audi, BMW, Mercedes, etc.), which are increasingly tending to develop premium products in all segments, thereby encroaching on the core market of the generalists;
Poleg tega je večina zaposlenih na področju raziskav in razvoja (v nadaljnjem besedilu: R in R) ter večina objektov skupine v Franciji, zaradi česar so stroški zaposlenih visoki.
recent manufacturers, performing increasingly well in the mid-range segments in particular (Hyundai, Kia, etc.).
Skupina ob tem zaostaja za svojimi konkurenti na področju R in R, zlasti glede standardizacije komponent.
To summarise, according to the French authorities, the generalists' natural market is being attacked from ‘above’, i.e. by specialist high-end manufacturers targeting new segments (for instance, the Audi A1, etc.) and from ‘below’, i.e. by low/mid-range manufacturers, (in particular Korean manufacturers such as Hyundai-Kia), keen to improve their range.
PSA pa tudi nima istega imena in ugleda kot vrhunski nemški proizvajalci.
THE STRUCTURAL HANDICAPS OF THE PSA GROUP
Težave skupine, zlasti njenega avtomobilskega oddelka, neposredno vplivajo na BPF (in obratno).
Over half (53 % in 2011) of the PSA Group's automotive production is located in western Europe where labour costs are higher than in the rest of the world.
Težave interne banke je mogoče v veliki meri pripisati težavam skupine, saj sta njuni bonitetni oceni povezani.
In total, the labour cost factor accounts for over [20-30] [4] % of PSA's retail price.
Ob znižanju bonitetne ocene PSA se zniža tudi ocena BPF, zaradi česar BPF težje dostopa do trgov, ki bi ji omogočili refinanciranje.
Moreover, most research and development (‘R&D’) staff and most of the Group's facilities are in France, entailing high staff costs.
BPF ima kljub temu izjemno pomembno podporno vlogo pri avtomobilskih dejavnostih skupine PSA.
The Group is also lagging behind its competitors in the R&D field, especially as regards component standardisation.
Leta 2012 je na primer financirala 29,8 % prodaje proizvajalca in 100 % prodaje njegovih evropskih trgovcev.
Lastly, PSA does not have the same image and reputation as the German premium manufacturers.
Znatno zmanjšanje sposobnosti financiranja BPF (in posledično zmanjšanje števila posojil) zato zelo slabo vpliva na dejavnosti avtomobilskega oddelka.
The difficulties faced by the Group, especially by its automotive division, have immediate repercussions on BPF (and vice versa).
Mehanizem bonitetnih ocen lahko tako vzpostavi začarani krog z nadaljnjim zmanjševanjem finančnih sredstev BPF, ki vpliva na prodajo skupine PSA z omejevanjem kreditov in tako dalje.
The captive bank's difficulties can be largely attributed to the Group's problems because of the link between their financial ratings.
UKREPI POMOČI
If PSA's rating is downgraded, so is BPF's rating, making it difficult for BPF to access the markets to refinance itself.
DRŽAVNO JAMSTVO ZA IZDAJO OBVEZNIC BPF
BPF nevertheless plays an extremely important supporting role as regards the PSA Group's automotive activities.
Da bi skupina PSA lahko izvedla svoj načrt prestrukturiranja, se je francoska vlada odločila, da odobri jamstvo, ki zajema dolgoročne obveznice BPF na trgu, izdane od datuma sklenitve sporazuma o jamstvu ali odobritve Evropske komisije in najpozneje do 31. decembra 2016 (v nadaljnjem besedilu: jamstvo).
In 2012, for instance, it financed 29,8 % of the manufacturer's sales and 100 % of its European dealers.
V zvezi s tem bosta Francija in skupina PSA podpisali neodvisni sporazum o jamstvu, ki ga bo Evropska komisija potrdila v skladu s členoma 107 in 108 PDEU.
THE AID MEASURES
šteje se, da je skupni neporavnani dolg bolj ali manj stalen in znaša približno 24–25 milijard EUR, zaradi česar lahko skupina PSA še naprej financira prodajo avtomobilov;
THE STATE GUARANTEE OF BPF'S BOND ISSUES
povečano listinjenje pri financiranju BPF, ki delno nadomešča zmanjšanje komercialnih zapisov/potrdil o vlogi (ocena učinka A-3/P-3);
To enable it to implement its restructuring plan, the French Government has decided to grant the PSA Group a guarantee covering BPF's long-term bond market issues made at the earliest on the date of the guarantee agreement or the European Commission's approval and at the latest on 31 December 2016 (‘the guarantee’).
obnova kreditnih linij banke, ki je BPF januarja 2013 omogočila potrditev srednjeročnega bančnega kredita v višini 11,6 milijarde EUR, zlasti z vzpostavitvijo novega sindiciranega kredita v višini 4,1 milijarde EUR s petletnim dospetjem, obnovitvijo večine njenih dvostranskih bančnih kreditnih linij, razširitvijo obnovljivih kreditnih linij v višini 1,2 milijarde EUR z dospetjem, ki je bilo podaljšano do januarja 2016, in hkratno razširitvijo kreditne linije v višini 1,8 milijarde EUR do decembra 2015 (za podrobnosti glej uvodno izjavo 31 spodaj);
In this respect, an independent guarantee agreement is to be signed by the French State and the PSA Group, subject to approval by the European Commission pursuant to Articles 107 and 108 TFEU.
uporaba depozitov iz leta 2013.
After concluding an initial temporary guarantee agreement corresponding to a tranche of EUR 1,2 billion in principal pursuant to the Commission's decision of 11 February 2013 approving rescue aid, the French authorities are planning to conclude a second guarantee agreement with the PSA Group covering the remaining amount of financing capped at EUR 5,8 billion in principal.
Po mnenju francoskih organov je bilo plačilo jamstva izračunano po tržni ceni v skladu z merili iz Smernic Skupnosti o državni pomoči za reševanje in prestrukturiranje podjetij v težavah [5] (v nadaljnjem besedilu: smernice za reševanje in prestrukturiranje) ter Obvestila Komisije o uporabi členov 87 in 88 Pogodbe ES (zdaj člena 107 in 108 PDEU) za državno pomoč v obliki poroštev [6].
Under Article 85 of the 2012 Amending Finance Law No 2012-1510 of 29 December 2012, the Minister for the Economy may authorise, against remuneration, a State guarantee for the securities issued by BPF between 1 January 2013 and 31 December 2016.
V obvestilu o poroštvih je navedeno, da če na finančnih trgih ni mogoče najti ustrezno primerljive poroštvene premije, se skupni stroški financiranja posojila s poroštvom, skupaj z obrestmi posojila in poroštveno premijo, primerjajo s tržno ceno podobnega posojila brez poroštva.
The guarantee covers BPF's new long-term bond market issues.
Francoski organi trdijo, da je morala država pri izračunu stopnje plačila državi delovati tako kot banke, ki so članice novega bančnega konzorcija za odobravanje dolgoročnih posojil, tj. sporazuma med BPF in njenimi bankami upnicami.
It will therefore benefit the unsecured debt instruments issued by BPF after the date on which the Commission approves the implementation of the guarantee and at the latest on 31 December 2016.
Zato je bil strošek tveganja, ki so ga ocenile banke, izračunan na podlagi celotnega plačila bančnih kreditnih linij novega bančnega konzorcija za odobravanje dolgoročnih posojil, ki je bilo preračunano tako, da upošteva zlasti razlike med dotokom likvidnih sredstev in jamstvom.
These instruments will have a contractual term of a maximum of 36 months from their issue date.
Plačilo državnega jamstva je bilo tako določeno na 260 bazičnih točk.
The French authorities point out that the ceiling of the guarantee required by the PSA Group has been determined by analysing the current structure of BPF's balance sheet (and in particular BPF's financing structure) and 2013-16 forecasts of future financing needs which the French authorities have drawn up on the basis of the following assumptions:
BPF je na svoje ime izdala obveznice, za katere obstaja sekundarni trg.
a total outstanding debt assumed to be more or less constant at some EUR 24/25 billion, making it possible to continue to finance automotive sales by the PSA Group;
V tabeli 2 spodaj so prikazani povprečni donosi obstoječih obveznic BPF s približno triletnim dospetjem v enomesečnem obdobju, preden je bil ukrep pomoči skupini objavljen v tiskanih medijih [7].
increased securitisation in BPF's financing, partially offsetting the reduction of commercial paper/deposit certificates (impact rating A-3/P-3);
Donos hipotetične obveznice z natančno triletnim dospetjem je bil interpoliran na podlagi donosov obveznic BPF, katerih dospetje je bilo na določen datum najbližje trem letom.
the renewal of bank financing lines enabling BPF to confirm EUR 11,6 billion of medium-term bank credit in January 2013, in particular through the establishment of a new syndicated credit facility of EUR 4,1 billion maturing in five years, the renewal of most of its bilateral banking lines, the extension of a revolving credit line of EUR 1,2 billion with a maturity extended to January 2016 and the simultaneous extension of a credit line of EUR 1,8 billion to December 2015 (see the details given in recital 31 below);
V tabeli 2 so poleg tega prikazane stopnje donosa državnih obveznic s triletnim dospetjem.
recourse to deposits from 2013.
Tabela 2
According to the French authorities, the remuneration of the guarantee has been calculated at market price in accordance with the criteria laid down in the Community guidelines on State aid for rescuing and restructuring firms in difficulty [5] (‘the Rescue and Restructuring Guidelines’) and the Commission Notice on the application of Articles 87 and 88 of the EC Treaty (now Articles 107 and 108 TFEU) to State aid in the form of guarantees [6].
Donosi na sekundarnem trgu
The Guarantee Notice states that, if no corresponding guarantee premium benchmark can be found on the financial markets, the total financial cost of the guaranteed loan, including the interest rate of the loan and the guarantee premium, has to be compared with the market price of a similar non-guaranteed loan.
Povprečje med 16.9. in 16.10.
For that purpose, the cost of the risk estimated by the banks was calculated from the total remuneration of the liquidity lines of the New Club Deal, reprocessed to take account in particular of the differences between a liquidity injection and a guarantee.
Obveznica z dospetjem 24.6.2015
The remuneration of the State guarantee has therefore been set at 260 basis points.
Obveznica z dospetjem 25.2.2016
BPF has issued bond securities in its own name, for which there is a secondary market.
Hipotetična triletna obveznica (interpolirani donosi)
Table 2 below shows the median yields of BPF's existing bonds having a maturity of close to three years for a one-month period before the Group's aid measure was announced in the press [7].
Triletna zamenljiva državna obveznica
The yield of a hypothetical bond having a maturity of exactly three years was interpolated on the basis of the yields of BPF's bonds having the maturity closest to three years at each given date.
Konec decembra 2012 se je BPF dogovorila o novih kreditih s številnimi bankami, ki so privolile, da bodo BPF omogočile:
Lastly, Table 2 also shows the yield levels of State bonds maturing in three years.
likvidnost prek dolgoročnih posojil v višini 4 milijarde EUR („novi bančni konzorcij za odobravanje dolgoročnih posojil“);
Table 2
dvostranske kreditne linije v višini do 4,6 milijarde EUR;
Yields on the secondary market
razširitev dveh „varnostnih“ linij (ki naj se ne bi črpali) v višini 3 milijard EUR.
At 16.10.2012
Skupna zaveza teh bank je tako znašala 11,6 milijarde EUR.
Median 16.9-16.10
V skladu z informacijami, ki jih je predložila Francija, bi bilo črpanje kreditnih linij novega bančnega konzorcija za odobravanje dolgoročnih posojil odvisno od izvajanja ukrepa državne podpore [8].(32) BPF se je 25. marca 2013 zavezala za izdajo obveznice, zajete z državnim jamstvom v višini 1,2 milijarde EUR.
Bond maturing on 25.9.2015
Ta obveznica z 0,625-odstotnim kuponom je imela 0,664-odstotni donos, kar pomeni, da se je v primerjavi s triletno zamenljivo državno obveznico (OAT) povečala za 24 bazičnih točk.
Bond maturing on 24.6.2015
V uvodni izjavi 51 sklepa o reševanju je Komisija opredelila element pomoči med 91,8 milijona EUR in nominalnim zneskom izdanih obveznic v višini 1,2 milijarde EUR.
Bond maturing on 25.2.2016
Francoski organi ugotavljajo, da so bili na podlagi metod iz sklepa o reševanju pridobljeni naslednji rezultati v zvezi z elementom pomoči v ukrepu:
Hypothetical three-year bond (interpolated yields)
Tabela 3
Three-year fungible Treasury bond
Izračun elementa pomoči v zajamčenih obveznicah
In late December 2012, BPF negotiated new credit facilities with a number of banks, which agreed to grant BPF:
Vir: BNP Paribas Global Markets, Datastream.
liquidity through long-term loans of EUR 4 billion (‘the New Club Deal’);
Interpolirani podatki za triletno obdobje
bilateral credit lines of up to EUR 4,6 billion;
Razširitev za 24 bazičnih točk na državni ravni
an extension of two ‘back-up’ lines (not intended to be drawn down) of EUR 3 billion.
Promptno trgovanje