natgillin/translations-raw huggingface dataset:
Italy observes that the FITD's action also avoided the negative impact on the reputation of the banking system which would have resulted from a failure to pay back subordinated loans in the event of a compulsory administrative winding up of Tercas.
Zato lahko FITD deluje samo kot zasebni subjekt.
Therefore, in Italy's view, the FITD's decision not to involve subordinated bondholders was reasonable, was in line with the market economy operator principle, and was such as to prevent the FITD and its member banks from being exposed to further costs.
Navedene tri zainteresirane strani so pregledale pretekle primere alternativnih ukrepov FITD [46] in njihovo ekonomsko podlago, vključno s primeri iz obdobja, ko je bilo sodelovanje v sistemu jamstva za vloge povsem prostovoljno.
Observations from the Banca d'Italia
Zasebna podjetja so se odločila, da se pridružijo sistemu jamstva za vloge tudi, če se to ni zahtevalo v skladu z zakonom.
The Commission received no comments from Banca d'Italia on the selective advantage of the measures taken.
Zainteresirane strani zavračajo domnevo, da udeleženec v tržnem gospodarstvu ne bi bil izpostavljen stroškom povračila vlagateljem in ne bi izdal nepovratnih prispevkov ali jamstev, za katera se ne plača premija, kot je Komisija navedla v sklepu o začetku postopka.
With regard to the economic soundness of the measures in terms of the market economy operator principle, the three other interested parties submit that the action taken was a rational and sound choice for private undertakings such as the FITD and its member banks.
Poleg tega tri zainteresirane strani poudarjajo, da se ravnanje FITD in njegovih bank članic ne bi smelo oceniti v abstraktnem smislu ter s sklicevanjem na hipotetičen nereguliran scenarij, temveč na podlagi regulativnega okvira, v katerem delujejo.
According to those parties the present case has obvious similarities to the Sicilcassa case, where the Commission concluded that the measures at issue did not constitute State aid in view of the decisive participation of private entities.
Če z regulativnim okvirom določena obveznost poplačila vlog do nekega praga pomeni, da je kritje negativnega lastniškega kapitala tisti ukrep, s katerim bodo banke članice imele najnižje stroške, kot to velja v zadevnem primeru, potem je kritje negativnega lastniškega kapitala s stališča zasebnega udeleženca v tržnem gospodarstvu najbolj razumna odločitev.
As in the Sicilcassa case, the FITD here acted as guarantor for the reimbursement of depositors in accordance with the legislation on deposit guarantee schemes; the FITD's actions were decided by the same governing bodies on the basis of the same criteria, and the Banca d'Italia performed the same functions.
Te tri zainteresirane strani izpodbijajo argument Komisije, da se stroški povračila vlagateljem v primeru prisilne likvidacije Tercas ne smejo upoštevati pri uporabi načela udeleženca v tržnem gospodarstvu, saj nastanejo zaradi obveznosti, ki jo ima FITD kot sistem jamstva za vloge, ki mora zaščititi vlagatelje v javnem interesu.
They observe that there are no longer any banks under public control in Italy, so that all of the FITD's members are private banks.
Po njihovih trditvah je Komisija v primeru reševanja banke Banco Espírito Santo na Portugalskem [47] menila, da bi bilo treba za uporabo načela udeleženca v tržnem gospodarstvu upoštevati stroške povračila vlagateljem v primeru likvidacije.
The FITD can consequently operate only as a private entity.
Poleg tega Komisija ne more primerjati zadevnega primera s sodbo Sodišča v zadevi Land Burgenland [48], saj je Sodišče v tistem primeru razlikovalo med ukrepi, pripisljivimi državi, ki ravna v vlogi delničarke, in ukrepi, pri katerih je država ravnala kot javna oblast.
The three interested parties have reviewed earlier cases of alternative measures taken by the FITD [46] and their economic rationale, including cases during the period when participation in a deposit guarantee scheme was purely voluntary.
Navedene tri zainteresirane strani ugotavljajo, da so bili ukrepi načrtovani na podlagi merila najnižjih stroškov in da je bilo vključeno priznano podjetje za revizije in svetovanje, da bi pomagalo pri opredelitvi rešitve z najnižjimi stroški in najmanjšim tveganjem za banke članice.
Private undertakings have chosen to join the deposit guarantee scheme even when they were not legally bound to do so.
Na podlagi tega je FITD pripravil nabor ukrepov, s katerimi je lahko bistveno znižal stroške za banke članice ter preprečil tveganje likvidacije in morebitne negativne zunanje učinke, ki bi jih povzročila prisilna likvidacija Tercas.
The interested parties reject the thesis that a market economy operator would not be exposed to the costs of reimbursing depositors, and would not issue non-repayable contributions or guarantees not subject to a premium, as the Commission stated in the opening decision.
Kar zadeva presojo, ali so bili skupni stroški ukrepov podpore nižji za FITD od stroškov, ki bi nastali v primeru likvidacije Tercas, te tri zainteresirane strani trdijo, da Komisija pri oceni stroškov ukrepapodpore ne bi smela upoštevati stroškov jamstva za kritje kreditnega tveganja posojil z odplačilom v enkratnem znesku do […].
Furthermore, the three interested parties stress that the behaviour of the FITD and its member banks should be assessed not in abstract terms, by referring to a hypothetical non-regulated scenario, but rather on the basis of the regulatory framework in which they operate.
Ti niso bili vključeni v oceno stroškov, ki bi jih imel FITD v primeru likvidacije Tercas.
If, as in the present case, the obligation under the regulatory framework to repay deposits up to a certain threshold means that the least costly measure for member banks is to cover the negative equity, then covering the negative equity is the most rational choice from the point of view of a private operator in a market economy.
V skladu s tem je izračun Komisije, da je bil s sprejetim ukrepom zagotovljen prihranek v višini samo 3 milijonov EUR, napačen.
These three interested parties dispute the Commission's argument that the costs of reimbursing depositors in the event of a compulsory administrative winding up of Tercas are not to be taken into account in the application of the market economy operator principle, since they arise from obligations imposed on the FITD as a deposit guarantee scheme required to protect depositors in the public interest.
Na podlagi tega nastane primerjava med obveznostjo za reševanje, ki ne presega 295 milijonov EUR, in ocenjenimi stroški v primeru likvidacije v višini 333 milijonov EUR [50].
They argue that in the case of the resolution of Banco Espírito Santo in Portugal [47] the Commission considered that for the purpose of applying the market economy operator principle the costs of reimbursing depositors in the event of liquidation should be included.
FITD ni plačal ničesar v zvezi z jamstvom v vrednosti 35 milijonov EUR, Komisija pa ga je zmotno vključila v svoj izračun stroškov posredovanja.
Moreover, the Commission could not compare the case at issue with the Court of Justice's ruling in Land Burgenland [48], as the Court there distinguished between measures imputable to the State acting in its capacity as a shareholder and those where the State acted as a public authority.
Za oceno najnižjih stroškov se v stroške prav tako ne bi smelo vključiti celotnih 30 milijonov EUR zaradi oprostitve plačila davka.
The three interested parties observe that the measures were designed on the basis of the least-cost criterion, and that a reputable auditing and advisory firm was engaged to help to identify the least costly and risky solution for the member banks.
FITD bi imel navedene stroške samo, če Komisija ne bi odobrila davčnega ukrepa.
On that basis, the FITD designed a set of measures which enabled it to reduce costs for member banks significantly, to avoid the risks of a liquidation, and to prevent the possible negative externalities that would be generated by a compulsory administrative winding up of Tercas.
Navedene tri zainteresirane strani se sklicujejo na oceno odhodka v višini 1,9 milijarde EUR v primeru likvidacije, pri čemer bi bilo mogoče izterjati samo del zneska (v poročilu […] izračunan na 1,5 milijarde EUR).
As to the estimation of whether the total cost of the support measures for the FITD was lower than in the case of a liquidation of Tercas, these three interested parties submit that the cost of the guarantee to cover the credit risk of the bullet loans to […] should not have been included in the Commission's cost assessment for the support measure.
Trdijo, da bi znesek vlog v višini 1,9 milijarde EUR, ki ga v primeru likvidacije ne bi kril sistem izplačil vlog, ustvaril tveganje širjenja negativnih vplivov na banke članice in bančni sistem na splošno.
It was not included in the estimated cost to be borne by the FITD in the event of a liquidation of Tercas.
Takšno tveganje bi lahko imelo izjemno velike pravne posledice in posledice za ugled.
To compare correctly the two scenarios of depositor reimbursement and alternative action, ‘the comparison between the recovery measure and the liquidation scenario should be made after deducting the […] position, the risk of which was not evaluated in the estimate of the cost of liquidation’ [49].
Te druge zainteresirane strani zavračajo argument Komisije, da bi bilo mogoče domnevne stroške ukrepov podpore za FITD dodatno znižati z odpisom podrejenega dolga.
That position is confirmed in their view by the fact that the loans covered by the FITD guarantee were indeed repaid to Tercas [51].
Če bi se takšno reševanje s podrejenim dolgom poskušalo izvesti, bi članice FITD takoj imele zelo visoke stroške, njihovo vračilo pa bi bilo negotovo.
The FITD made no payment in respect of the EUR 35 million guarantee, which the Commission was wrong to include in its calculation of the cost of the intervention.
Zaradi sporov z imetniki podrejenih dolžniških instrumentov bi se povišali stroški postopkov likvidacije in stroški za članice FITD, saj bi se vrednost sredstev v likvidaciji zmanjšala.
For the purpose of evaluating the lowest cost, likewise, the amount of EUR 30 million accruing from the tax exemption should not be included in its entirety among the costs.
Posledični učinek prelivanja bi negativno vplival na zaupanje strank ter ugled in stabilnost samega bančnega sistema.
The FITD would incur that cost only if the Commission were not to authorise the tax measure.
Poleg tega tri zainteresirane strani trdijo, da so bili podrejeni upniki Tercas večinoma posamezni varčevalci in imetniki vlog ter da je posebni upravitelj že sprejel edini možni ukrep porazdelitve bremena v zvezi s podrejenimi upniki, ki je obsegal odlog izplačil kuponov na obveznice, ki jih je imela Banco Popolare Sc.
The three interested parties refer to an estimated EUR 1,9 billion expense in the event of liquidation, only part of which could have been recovered (calculated in the […] report at EUR 1,5 billion).
Nazadnje, te tri zainteresirane strani trdijo, da je bil v poročilu […] pri analizi najnižjih stroškov izbran scenarij vrednotenja, ki ni bil najbolj pesimističen.
They argue that the EUR 1,9 billion in deposits that in the event of liquidation would not have been covered by the deposit repayment scheme would have created a risk of contagion of the member banks and the banking system in general.
Ocenjeni stroški likvidacije so temeljili na (a) možnosti, da se poišče stranka, ki je pripravljena kupiti nekatere podružnice tudi v primeru likvidacije, in (b) odpuščanju osebja, ki se ne premesti drugam, pri čemer vsak zaposleni prejme odpravnino v višini 12 mesečnih plač.
Such a risk might have had ‘potentially enormous’ legal and reputation implications.
Poročilo […], na podlagi katerega se je FITD odločil za posredovanje, je temeljilo na srednjem scenariju, obravnavani pa so bili tudi drugi manj ugodni scenariji.
They also contend that if Tercas had been put into compulsory winding up the prospects of recovering some part of the initial cost, estimated at EUR 1,9 billion, could have been further compromised by compensation claims brought by subordinated creditors.
Poleg tega bi bilo treba domnevati, da Tercas zaradi posredovanja FITD ni prejela nobene prednosti, saj je bilo izvedeno poleg dokapitalizacije, ki jo je Trecas zagotovila skupina BPB ter ki je bila sočasna, pomembna in primerljiva z ukrepom FITD.
The difference between it and the estimate in the report based on the situation at 31 December 2013 is due to the reclassification of accounting positions recorded as ‘performing’ at 31 December 2013 and ‘non-performing’ at 31 July 2014, and to the increased volume of deposits which the FITD would have been required to repay.
Komisija od Italije ni prejela pripomb v zvezi z združljivostjo ukrepov.
These other interested parties reject the Commission's argument that the purported cost of the support measures to the FITD could have been further reduced by writing down the subordinated debt.
Komisija od Banca d'Italia ni prejela pripomb v zvezi z združljivostjo ukrepov.
At the date on which the FITD decided to intervene, the option of bailing in the subordinated debt was not legally feasible.
Druge tri zainteresirane strani trdijo, da bi bili ukrepi združljivi z notranjim trgom tudi, če bi pomenili državno pomoč.
The Italian legislation provided for debt to be written down only in the case of compulsory administrative winding up.
Po njihovem mnenju bo načrt prestrukturiranja Tercas omogočil, da ponovno vzpostavi svoje dolgoročno uspešno poslovanje, da je ukrep FITD omejen na najmanjšo potrebno raven ter da se z ukrepi omejuje morebitni učinek na konkurenčno strukturo trga.
Had such a bail-in been attempted, the FITD's members would have incurred huge expense immediately, with no certainty of recovery.
Kar zadeva ponovno vzpostavitev dolgoročnega uspešnega poslovanja, te tri zainteresirane strani trdijo, da je posebni upravitelj ravnal, da bi odpravil pomanjkljivosti pri organizaciji in sistemu notranjih kontrol Tercas.
Disputes with subordinated debt holders would have increased the cost of the liquidation proceedings and the costs for the FITD's members due to the decrease in the value of the assets being liquidated.
Osredotočil se je na nepravilnosti pri upravljanju (kredit, naložbe v lastniški kapital, spori) in pravilno vrednotenje povezanih tveganj (dvomljivi rezultati, odpisi, rezervacije).
The subsequent spill-over effect would have a negative impact on customers' confidence, and on the reputation and stability of the banking system itself.
Postopno je zmanjšal finančni vzvod, da bi izravnal pomembno zmanjšanje financiranja zaradi zmanjšanja kroga strank.
Moreover, the three interested parties contend that the majority of Tercas's subordinated creditors was made up of individual savers and deposit holders, and that the special administrator had already adopted the only possible burden-sharing measure vis-à-vis subordinated creditors, which consisted in postponing coupon payments on the bonds held by Banco Popolare Sc.
Racionaliziral je strukture (revizija poslovnega modela z zaprtjem nekaterih podružnic, načrt zmanjšanja števila zaposlenih, poenostavitev organizacijskih struktur, zmanjšanje upravnih odhodkov), da bi znatno omejil stroške na strukturni ravni.
Finally, these other interested parties argue that the […] report, in its analysis of the least cost, chose a valuation scenario which was not the most pessimistic.
Dokapitalizacija Tercas, ki sta jo izvedla FITD in BPB, je bila najboljši način za hitro odpravo pomanjkanja likvidnosti.
The estimated cost of liquidation was based on (a) the possibility of finding a party willing to purchase some of the branches even in the event of a liquidation, and (b) the dismissal of staff not transferred elsewhere with a severance payment of 12 months' salary to each employee.
Skupina BPB je prevzela poslovno tveganje, povezano s sanacijo Tercas, ter zagotovila znaten kapital in druga sredstva, da bi zagotovila uspeh svojega poslovnega načrta.
The […] report, used by the FITD as the basis for its decision to intervene, was based on an intermediate scenario, but other worse-case scenarios had also been considered.
BPB trdi še, da je pripravila strategijo posredovanja na podlagi izboljšav pri maržah za posojila in vloge [52], racionalizacije stroškov [53], razvoja sinergij skupine, pozornega spremljanja kreditne kakovosti, optimizacije upravljanja oslabljenih terjatev s prodajo nedonosnih posojil, krepitve profilov likvidnosti [54] in uporabe sredstev za upravljanje.
Moreover, it should be presumed that the FITD's intervention did not confer any advantage on Tercas, as it occurred alongside the injection of capital into Tercas by BPB, which was concurrent, significant and comparable to the FITD's action.
Posredovanje je bilo omejeno na najmanjše potrebno (1) iz razlogov, navedenih v uvodnih izjavah 90 do 93; (2) ker je bila to edina izvedljiva možnost ter (3) ker je FITD k reševanju negativnega lastniškega kapitala in ponovni vzpostavitvi minimalnih količnikov kapitala prispeval samo deloma.
In light of those considerations, the action taken should be considered to be the less costly and risky solution for the FITD's member banks.
Navedene tri zainteresirane strani trdijo, da ob upoštevanju obsega izgub Tercas cenejših alternativ prevzemu Tercas s strani BPB ni bilo, čeprav si je posebni upravitelj prizadeval najti druge kupce [56].
Compatibility
Prizadevanja, da bi se stroški omejili na najnižje potrebne, potrjuje tudi dejstvo, da sta se stranki za dosego sporazuma o dejanskem znesku negativnega lastniškega kapitala Tercas zatekli k arbitraži, zaradi katere se je skupni znesek, ki ga je zahtevala BPB, zmanjšal s [300–800] milijonov EUR na 265 milijonov EUR.
The Commission received no comments from Italy on the compatibility of the measures.
Stroški posredovanja so bili dodatno omejeni z ukrepi za porazdelitev bremena.
The Commission received no comments from the Banca d'Italia on the compatibility of the measures.
Osnovni kapital se je zmanjšal na nič, zato so delničarji izgubili celotno naložbo.
The three other interested parties submit that even if the measures did constitute State aid, they would be compatible with the internal market.
Poleg tega je bilo začasno ustavljeno izplačevanje kuponov na podrejene obveznice, kjer je bilo mogoče.
They take the view that Tercas's restructuring plan will allow it to restore its long-term viability, that the FITD's action is limited to the minimum necessary, and that the measures limit any potential impact on the competitive structure of the market.
Te druge zainteresirane strani trdijo, da druge oblike odrekanja pri imetnikih podrejenih dolžniških instrumentov niso bile pravno izvedljive, saj se lahko v skladu z veljavnim zakonom od njih zahteva, naj prevzamejo del izgub, samo v primeru prisilne likvidacije.
As regards the restoration of long-term viability, these three interested parties submit that the special administrator acted to remedy deficiencies in Tercas's organisation and internal control system.
Dejstvo, da dodatno obremenjevanje imetnikov podrejenih dolžniških instrumentov ni bilo mogoče, vseeno ni povzročilo višjih stroškov za javne finance, saj so vsa sredstva za posredovanje zagotovili zasebni subjekti.
He focused his attention on management anomalies (credit, equity investments, disputes) and on the correct valuation of the associated risks (doubtful outcomes, write-downs, provisions).
Poleg tega bi lahko žrtvovanje imetnikov podrejenih dolžniških instrumentov ustvarilo dodatne stroške in pomembna tveganja za banke članice FITD.
He carried out a gradual deleveraging in order to offset the substantial decrease in funding due to the reduction in the customer base.
Navedene negativne posledice bi nastale zaradi razdelitve Tercas, tveganj tožb, ki bi jih vložile stranke Tercas, ter negativnega vpliva na njen ugled in splošno stabilnost bančnega sistema.
He rationalised structures (review of the business model with closure of certain branches, staff downsizing plan, simplification of organisational structures, reduction of administrative expenses) to achieve significant cost containment on a structural basis.
Nazadnje, dejstvo, da imetniki podrejenih dolžniških instrumentov niso bili dodatno obremenjeni, ni vključevalo moralnega tveganja, saj je stroške kritja negativnega lastniškega kapitala v celoti pokril bančni sistem, davkoplačevalci pa niso imeli dodatnih stroškov.
Tercas's recapitalisation by the FITD and BPB was the best way to remedy the liquidity shortage rapidly.
Navedene tri zainteresirane strani trdijo, da je bila neuporaba pretvorbe ali odpisa podrejenih dolžniških instrumentov v skladu s točko 42 sporočila o bančništvu, iz katerega je jasno, da prispevki vlagateljev v okviru porazdelitve bremena niso obvezni.
BPB took upon itself the business risk associated with the recovery of Tercas, injecting significant financial and other resources to ensure the success of its business plan.
Usklajena je bila tudi s točko 45 sporočila, ki omogoča izvzetje iz načelne pretvorbe ali odpisa podrejenih dolžniških instrumentov, „kadar bi izvajanje takih ukrepov ogrozilo finančno stabilnost ali povzročilo nesorazmerne rezultate“.
The structural elements of the recovery plan were developed within BPB's business plan for 2015-2019.
Poleg tega posredovanje ne izkrivlja notranjega trga iz naslednjih razlogov:
Those elements show a coherent sequence of actions directed at restoring Tercas's profitability; the absence of a detailed restructuring plan should not prevent the Commission from making a positive assessment of ‘general programmes’ that follow a ‘coherent direction’ [55].
dejavnosti Tercas so bile majhne po obsegu in geografsko omejene;
The intervention was limited to the minimum necessary (1) for the reasons set out in recitals 90 to 93 above; (2) because it was the only feasible option; and (3) because the FITD contributed only partly to resolving the negative equity and restoring minimum capital ratios.
BPB je bila edina, ki je izrazila dejanski interes za dokapitalizacijo Tercas, Komisija pa je odločila, da prodaja propadajoče banke, katere dejavnost je prejemnik domnevne pomoči, zasebnemu subjektu na trgu v okviru odprtega postopka prodaje pomeni obliko zmanjševanja morebitnega izkrivljanja konkurence [57];
The three interested parties submit that given the size of Tercas's losses, there were no less costly alternatives to the takeover of Tercas by BPB, despite the special administrator's efforts to find other purchasers [56].
načrt prestrukturiranja Tercas je bil dovolj daljnosežen, v njem pa je bila predvidena vključitev Tercas v skupino BPB.
The effort to keep the cost to the minimum necessary is also confirmed by the fact that in order to reach an agreement as to the actual amount of Tercas's negative equity the parties resorted to arbitration, which resulted in a reduction of the total sum demanded by BPB from EUR [300-800] million to EUR 265 million.
Prenos Tercas na BPB je bila edina izvedljiva možnost za odpravo težav, ki jih je obravnaval italijanski nadzorni organ, in preprečitev morebitnega izkrivljanja konkurence.
The costs of intervention were further limited by means of burden-sharing measures.
Poleg tega sta bila za to transakcijo za prestrukturiranje potrebna popolna dokapitalizacija Tercas in znatno povečanje kapitala BPB.
The share capital was reduced to zero, and as a result the shareholders lost the entirety of their investment.
Nazadnje, te druge zainteresirane strani ob sklicevanju na prejšnje sklepe Komisije [58] trdijo, da se lahko dokapitalizacija Tercas in njena vključitev v BPB, izvedena po pokritju negativnega lastniškega kapitala, ki ga je brez plačila zagotovil FITD, štejeta za upravičeno, ker sta bili potrebni za to, da se zagotovi prenos sredstev podjetja ter izvede temeljito in obsežno prestrukturiranje banke.
In addition, where possible, the payment of the coupons of subordinated bonds was suspended.
V zadevnem primeru ne bi nobena možnost, s katero bi se lahko premagala huda kriza Tercas, zagotovila donosa.