natgillin/translations-raw huggingface dataset:
The measure consists of a debt-for-equity conversion for the amount of EUR 21,7 million and a rescheduling for the amount of EUR 14,5 million of the State's claim against Cimos resulting from the rescue aid guarantee [22].
Poleg tega se tudi za pretvorbo dolga v lastniški delež banke NLB v zadevi Adria Airways ni štelo, da jo je mogoče pripisati državi [26].
In the opening decision the Commission concluded that the debt-for-equity conversion of the State's claim constitutes State aid.
Komisija zato meni, da odločitev bank NLB, Abanke, Banke Celje in NKBM glede sodelovanja v ukrepu 3 ni mogoče pripisati državi.
This conclusion remains valid and is not contested by Slovenia.
DUTB je družba v državni lasti, ki je bila ustanovljena leta 2013, da bi olajšala prestrukturiranje bank, ki imajo resne težave z likvidnostjo in plačilno sposobnostjo.
Slovenia argues that the rescheduling of the State's claim does not constitute aid because it is to be performed in line with the debt owed by Cimos to the other CS creditors.
Državno lastništvo ponovno kaže na možnost pripisa državi, vendar samo po sebi ne zadošča za ugotovitev, da se ukrep lahko pripiše državi.
The Commission considers that the rescue aid guarantee and the rescheduling of the State's claim resulting therefrom are part of a single operation even if they involve different financial instruments.
Komisija je našla dokaze, iz katerih je razvidno, da se je DUTB glede družbe Cimos odločala samostojno.
In this sense the rescheduling merely prolongs the advantage conferred on Cimos by the rescue aid.
Prvič, v skladu z ustanovitvenim pravnim aktom DUTB pri odločitvah, kot je bila odločitev v zvezi z družbo Cimos, ni potrebno dovoljenje vlade.
This is also confirmed by the fact that, on 3 November 2013, when Slovenia notified a conversion of its total claim resulting from the rescue aid to equity, the other current CS creditors did not agree to restructure Cimos's debt.
Drugič, upravna struktura DUTB je podobna operativni organizaciji banke, saj odločitve sprejema kreditni odbor.
In view of that, the Commission considers that the rescheduling of the State's claim provides Cimos with a selective advantage.
Odločitev o družbi Cimos je sprejel najvišji kolegij kreditnega odbora.
In addition, without prejudice to the conclusion reached in the previous recital, the Commission notes that neither the conversion nor the rescheduling of the State's claim would comply with the market economy operator principle, as explained in recitals 104-107 below.
Trije člani uprave od sedmih niso Slovenci, vsi razen enega pa so iz finančnega sektorja.
Finally, the measure is apt to improve the competitive position of Cimos on the automotive market that is open for competition from other Member States.
Edini član odbora, ki predstavlja javno upravo (nekdanji državni sekretar ministrstva za finance), je glasoval proti prestrukturiranju družbe Cimos, vendar so ga drugi člani odbora preglasovali.
Therefore, it distorts or threatens to distort competition and affects trade between Member States.
Slovenija je predložila interne dokumente, iz katerih je razvidno, da je tudi DUTB predlagane pogoje prestrukturiranja ocenila na podlagi gospodarskih premislekov.
In view of the assessment in recitals 97-101, the Commission considers that Measure 1 constitutes State aid.
Komisija zato meni, da odločitve DUTB glede sodelovanja v ukrepu 3 ni mogoče pripisati državi.
The measure is to be granted by the Republic of Slovenia, therefore it clearly involves State resources and is imputable to the State.
Na tej podlagi se ugotavlja tudi, brez poseganja v ugotovitve iz uvodnih izjav 110 in 112 zgoraj, da so vsi upniki iz uvodne izjave 111 in DUTB izvedli predhodno analizo, v kateri so primerjali različne ukrepe, in ugotovili, da bi dobili povrnjeno več s prestrukturiranjem družbe Cimos kot z njeno likvidacijo.
According to case law, economic transactions carried out by a public body or a public undertaking do not confer an advantage on its counterpart, and therefore do not constitute aid, if they are carried out in line with normal market conditions [23] (the market economy operator principle, or ‘MEOP’).
Zato se za dogovor teh upnikov glede pretvorbe dolga v lastniški delež prav tako lahko šteje, da je v skladu z načelom udeleženca v tržnem gospodarstvu in torej družbi Cimos ni dodelil gospodarske prednosti.
This principle has been developed with regard to different economic transactions.
SID banka je slovenska izvozna in razvojna banka v 100-odstotni lasti države.
In particular, to identify the presence of State aid in cases of transactions related to debt claims, it is necessary to compare the behaviour of public creditors to that of hypothetical private creditors that find themselves in a similar situation (‘MEOP test’).
Vse člane nadzornega sveta SID banke, ki so odobrili odločitev glede družbe Cimos, je imenovala vlada, ki tudi zaposluje tri člane od sedmih.
Any prudent market economy creditor would normally carry out its own ex-ante analysis of the financial outcome of a debt restructuring, for example by comparing the expected recovery amount in the scenario of debt restructuring with the expected recovery amount in the alternative scenario, in the present case, the bankruptcy of Cimos.
V skladu s členom 8 Zakona o Slovenski izvozni in razvojni banki mora SID banka vse odločitve sprejeti ob upoštevanju učinka na razvoj Slovenije.
Therefore, if a Member State argues that the economic transaction is in line with the MEOP test, it must provide evidence showing that the decision to carry out the transaction was taken on the basis of an assessment that a rational private creditor would have carried out to determine the transaction's profitability.
Slovenija sama priznava, da je naloga SID banke kot razvojne banke drugačna od ciljev komercialnih bank (npr. čim večji dobiček).
In the present case Slovenia has not provided evidence to demonstrate that by accepting the debt restructuring terms the State acted as a rational market creditor.
SID banka se je strinjala z najmanj ugodnimi pogoji prestrukturiranja dolga med vsemi upniki v prisilni poravnavi, saj je odobrila 58-odstotni odpis dolga, medtem ko se noben od ostalih upnikov v prisilni poravnavi ni odločil za odpis, ampak raje za pretvorbo dolga v lastniški delež, pri kateri obstaja možnost prihodnjih kapitalskih dobičkov na podlagi pridobljenih deležev v družbi Cimos.
Slovenia refers to the report of an independent appraiser of the PFR, who found that all creditors in aggregate would recover more from the CS than from the bankruptcy of Cimos [24].
Slovenija ni pojasnila, zakaj je SID banka sprejela manj ugodne pogoje kot drugi upniki v prisilni poravnavi.
The report does not, however, indicate how much the State alone would recover if it chose the alternative scenario.
Komisija je že v prejšnjem sklepu menila, da so jamstva SID banke državna sredstva in pomenijo pomoč [27].
It cannot be excluded that, while the creditors as a whole might be better off by accepting the CS, the State could have recovered more from its individual claims if it had chosen the alternative scenario.
Ob upoštevanju navedenega meni, da se lahko odločitev SID banke glede sodelovanja v ukrepu 3 pripiše državi.
In any case the analysis performed at the level of all creditors would not be sufficient for an individual private creditor to decide on the course of action as there could be differences in relation to the collateral held, the ranking of the claims, etc.
Slovenija ni predložila nobenih zanesljivih dokazov, iz katerih bi bilo razvidno, da se je SID banka za sodelovanje pri ukrepu 3 odločila na podlagi tržnih premislekov.
Therefore, the Commission considers that the measure at hand conferred a selective economic advantage on Cimos.
Predložila je takšne analize drugih upnikov v prisilni poravnavi.
The assessment of the impact of Measure 1 on competition and trade, described in recital 101, is also valid for Measure 2.
Poleg tega so zneski vračila vprašljivi.
In view of the assessment in recitals 103-108, the Commission considers that Measure 2 constitutes State aid.
Glede na to, da tržna vrednost zavarovanja SID banke s premoženjem znaša 4,5 milijona EUR, ni jasno, zakaj bi imela SID banka v primeru likvidacije dodatne izgube.
The Commission observes that Gorenjska Banka is a private entity, while IFC belongs to the World Bank Group, therefore the actions of these two entities are not imputable to the State.
Po drugi strani pa se zdi, da se pri znesku vračila v primeru prestrukturiranja ni upoštevala izguba 27,5 milijona EUR zaradi odpisa.
The other banks participating in Measure 3, NLB, Abanka, Banka Celje and NKBM, are majority-owned by the State, which holds the majority of votes in the management and supervisory boards.
Vsak razumen udeleženec v tržnem gospodarstvu bi pred odločanjem o ukrepanju izvedel finančno analizo.
This is an indication of imputability.
Komisija na podlagi razpoložljivih dokazov meni, da SID banka ni izvedla takšne analize, preden se je strinjala z odpisom, torej ni ravnala kot razumen upnik v tržnem gospodarstvu.
However, the Commission has not found any evidence from the Articles of Association, the governance structure or from any other source indicating that the State influenced the decisions of the banks concerned on adopting the measure in question, in the sense of the Stardust-Marine case law [25].
Zato je ukrep, ki ga je dodelila SID banka, družbi Cimos dodelil selektivno gospodarsko prednost.
On the contrary, Slovenia submitted internal documents demonstrating that each of the banks assessed the proposed restructuring terms based on economic considerations and in line with their standard internal decision-making processes.
Ocena učinka ukrepa 1 na konkurenco in trgovino, opisana v uvodni izjavi 101 velja tudi za ukrep, ki ga je dodelila SID banka.
In addition, NLB's debt-to-equity conversion in the case Adria Airways was also not considered as imputable to the State [26].
Komisija ob upoštevanju ocene iz uvodnih izjav 110–116 meni, da del ukrepa 3, ki ga je odobrila SID banka, pomeni državno pomoč.
For these reasons the Commission considers that the decisions of NLB, Abanka, Banka Celje and NKBM to participate in Measure 3 are not imputable to the State.
Prestrukturiranje dolga v okviru ukrepa 3, ki so ga izvedle Gorenjska banka, Mednarodna finančna korporacija, NLB, Abanka, Banka Celje, NKBM in DUTB, ne vključuje državne pomoči.
DUTB is a State-owned company established in 2013 to facilitate the restructuring of banks that are facing severe liquidity and solvency problems.
Ukrep 4
Again, the State-ownership is an indication of imputability, however it is not per se sufficient to consider the measure imputable to the State.
Nobena od strank, ki so prispevale k shemi svežega kapitala, ni v državni lasti, zato njihovih odločitev ni mogoče pripisati državi.
The Commission has found evidence indicating that DUTB was independent in its decision-making in respect of Cimos.
Kar zadeva prispevek bank s svežim kapitalom, se je za njihove odločitve o družbi Cimos v uvodnih izjavah 110 in 112 zgoraj ocenilo, da jih ni mogoče pripisati državi, razen odločitev SID banke.
First, according to the founding legal act of DUTB, decisions such as the one on Cimos, do not require government authorisation.
Poleg tega so banke v javni lasti v shemi svežega kapitala sodelovale pod enakimi pogoji kot zasebna Gorenjska banka in Mednarodna finančna korporacija.
Three out of seven board members are non-Slovenian and all but one come from the financial sector.
Prispevek bank s svežim kapitalom je zavarovan z jamstvom super senior in ustvarja obresti po šestmesečnem EURIBOR + 5 % letno, tj. po višji meri, kot je za družbe v finančnih težavah z visokim zavarovanjem predvideno v sporočilu Komisije o referenčnih obrestnih merah [28], ki si prizadeva za približevanje tržni obrestni meri.
The only one member of board representing the public administration (an ex-State secretary in the Ministry of Finance) voted against the restructuring of Cimos, but was outvoted by the other board members.
Zagotavljanje sheme svežega kapitala je bistveno za obnovo sposobnosti preživetja družbe.
Finally, Slovenia submitted internal documents demonstrating that DUTB also assessed the proposed restructuring terms on the basis of economic considerations.
Brez njega družba Cimos ne bi mogla kratkoročno plačati svojim dobaviteljem in torej nadaljevati s poslovanjem.
Therefore, the Commission considers that the decision of DUTB to participate in Measure 3 is not imputable to the State.
V tem smislu je prav tako z gospodarskega vidika razumno, da upniki, ki so sprejeli prestrukturiranje dolga, svojo izpostavljenost nekoliko povečajo ter s tem povečajo verjetnost, da bo družba obnovila sposobnost preživetja in da bo preostanek njihovega dolga povrnjen v celoti.
In this context it is also noted that, without prejudice to the conclusions reached in recitals 110 and 112 above, all the creditors mentioned in recital 111 as well as DUTB performed ex-ante analyses comparing different courses of action and finding that they would recover more from Cimos's restructuring than from its liquidation.
Komisija glede SID banke ugotavlja, da prispeva k shemi svežega kapitala pod enakimi pogoji kot druge banke, poleg tega pa dodeljuje tudi državno pomoč (glej ukrep 3 zgoraj).
Therefore, the agreement of these creditors to the debt-to-equity conversion can also be considered in line with MEOP and thus no to involve economic advantage to Cimos.
Ker ima pravni položaj javne razvojne banke, se lahko vsi njeni ukrepi pripišejo državi.
SID Banka is a 100 % State-owned Slovenian export and development bank.
Ukrepa 3 in 4 sta bila dodeljena ob istem času in imata isti cilj, tj. prestrukturiranje družbe Cimos.
All members of SID's Supervisory Board, which authorised the decision on Cimos, were appointed by the government and, moreover, three out of seven of them are employed by the State.
V skladu s sodno prakso je treba njuno skladnost s preskusom načela udeleženca v tržnem gospodarstvu torej oceniti skupaj [29].
According to Article 8 of the Slovene Export and Development Bank Act, all decisions by SID have to be taken with the vision of the development of Slovenia in mind.
Tudi brez podrobnega izračuna je jasno, da splošni pogoji za SID banko niso enakovredni.
Slovenia itself acknowledges that the mission of SID as a development bank differs from the goals of commercial banks (e.g. maximizing profits).
Zato je treba za prispevek SID banke k shemi svežega kapitala šteti, da pomeni državno pomoč.
SID agreed on the least favourable conditions of the debt restructuring among all CS creditors, in that it approved a 58 % haircut of debt, while none of the remaining CS creditors approved any haircut but rather opted for a debt-to-equity conversion offering a possibility of future capital gains from the acquired shareholding in Cimos.
Komisija ob upoštevanju ocene v uvodnih izjavah 118–120 meni, da ukrep 4 razen prispevka SID banke ne pomeni državne pomoči.
Slovenia has not substantiated why SID accepted more unfavourable terms than other CS creditors.
Ukrep 5
The Commission has already held in previous decision that the guarantees provided by SID amounted to State resources and constituted aid [27].
Noben dobavitelj, ki sodeluje pri prostovoljnem prestrukturiranju dolga družbe Cimos, ni v lasti ali pod nadzorom države, zato njihovih odločitev o sodelovanju v ukrepu 5 ni mogoče pripisati državi in ukrep 5 ne pomeni državne pomoči.
In view of this, the Commission considers that SID's decision to participate in Measure 3 is imputable to the State.
Ukrep 6
Slovenia has not provided any reliable evidence to demonstrate that the decision of SID to participate in Measure 3 was taken on the basis of market considerations.
Zakupodajalec, Hypo Leasing d.o.o., je del skupine Hypo Group Alpe Adria, ki je v lasti avstrijske države.
Slovenia claims that SID would recover EUR 9,9 million from the CS and would have to pay an extra EUR 6,7 million in case of Cimos's liquidation, that is to say that the difference between the two scenarios is EUR 16,6 million.
Komisija ni našla nobenega dokaza, iz katerega bi bilo razvidno, da je zakupodajalec upošteval katere koli interese razen poslovnih interesov ali da je Avstrija vplivala na njegovo odločitev o prestrukturiranju obveznosti družbe Cimos iz naslova zakupa.
This claim is not, however, supported by any analysis showing how these amounts were determined.
Ne zdi se verjetno, da bi Avstrija pritiskala na skupino Hypo Alpe Adria, naj dodeli državno pomoč družbi v težavah v drugi državi članici.
Slovenia has submitted such analyses made by the other CS creditors.
Komisija ugotavlja tudi, da skupino Hypo Group Alpe Adria glede pogojev, pod katerimi lahko posluje, omejujejo zaveze iz sklepa Komisije o državni pomoči [30].
In addition, the recovery amounts raise doubts.
Poleg tega se je Avstrija v navedenem sklepu zavezala, da družbam v skupini Hypo Group Alpe Adria ne bo več dodeljevala pomoči.
It is not clear why SID would incur additional losses in case of liquidation, given that the market value of SID's collateral amounts to EUR 4,5 million.
Komisija zato meni, da odločitve zakupodajalca, da prestrukturira svojo izpostavljenost do družbe Cimos, ni mogoče pripisati državi in zato ukrep 6 ne pomeni državne pomoči.
On the other hand, the recovery amount in case of restructuring does not seem to take into account the loss of EUR 27,5 million due to the haircut.
Ukrep 7
Any rational market creditor would perform financial analysis before deciding on the course of action.
Banke, ki sodelujejo v prostovoljnem prestrukturiranju dolga, niso pod nadzorom države, zato njihovih odločitev, da sodelujejo pri prestrukturiranju družbe Cimos, ni mogoče pripisati državi.
On the basis of the available evidence the Commission considers that SID did not perform such analysis before agreeing on the haircut, that is to say that it did not behave as a rational market creditor.
Ukrep 7 zato ne vključuje državne pomoči.
Consequently, the measure granted by SID conferred a selective economic advantage upon Cimos.
Ukrep 8
The assessment of the impact of Measure 1 on competition and trade, described in recital 101, is also valid for the measure granted by SID.
Nobena od strank, ki so se zavezale, da bodo zagotovile sredstva za naložbe v osnovna sredstva, ni v državni lasti, zato njihovega ravnanja ni mogoče pripisati državi.
In view of the assessment in recitals 110-116, the Commission considers, on the one hand, that Measure 3 constitutes State aid to the extent that it was granted by SID.
Ukrep 8 zato ne vključuje državne pomoči.
On the other hand, debt restructuring under Measure 3 by Gorenjska Banka, IFC, NLB, Abanka, Banka Celje, NKBM and DUTB does not involve State aid.
Sklepna ugotovitev glede obstoja državne pomoči
Measure 4
Komisija ugotavlja, da ukrepa 1 in 2 ter del ukrepov 3 in 4 (ki ga je dodelila SID banka) pomenijo državno pomoč.
None of the customers contributing to the New Money Facility is State-controlled, therefore their decisions are not imputable to the State.
Državna pomoč znaša 80,3 milijona EUR in ustreza pretvorbi dolga v lastniški delež, ki jo je izvedla država, ter pretvorbi dolga v lastniški delež, odpisu in prispevku k shemi svežega kapitala, ki jih je izvedla SID banka [31].
As regards the contribution of the New Money Banks, their decisions on Cimos have been assessed as not imputable to the State in recitals 110 and 112 above, with the exception of SID.
Poleg tega državna pomoč vključuje do 16,6 milijona EUR iz reprogramiranja dolga.
In addition, the publicly-owned banks participated in the New Money Facility on the same terms as the private bank Gorenjska Banka and IFC.
Element pomoči iz reprogramiranja dolga se je določil kot razlika med nominalno vrednostjo terjatev države in posojili SID banke na dan začetka prisilne poravnave in neto sedanjo vrednostjo teh terjatev in posojil, ki se je izračunala v skladu z načrtom odplačevanja, s katerim so se strinjali upniki v prisilni poravnavi, tj. ob predpostavki, da gre za desetletno obdobje odplačevanja z dveletnim obdobjem odloga in po obrestni meri EURIBOR + 2,5 %, diskontirani po ustrezni diskontni stopnji [32].
Moreover, the participation of the banks is matched by the private customers who have agreed to provide funding to Cimos for the same amount but at significantly less favourable terms.
Točnega zneska pomoči iz reprogramiranja dolga ni mogoče določiti, saj npr. prihodnja mera EURIBOR ni znana.
The customers' contribution is unsecured and does not bear interest.
ZAKONITOST DRŽAVNE POMOČI
The contribution by the New Money Banks, on the other hand, is secured by super senior collateral and bears an interest of 6-month EURIBOR + 5 % p.a., that is to say higher than a rate envisaged for the companies in financial difficulties with high collateral in the Commission's reference rate communication [28], which seeks to approximate the market rate.
V skladu s členom 3 Uredbe Sveta (ES) št. 659/1999 [33] se pomoč ne izvaja, preden Komisija sprejme ali se šteje, da je sprejela, odločbo o odobritvi takšne pomoči (v nadaljnjem besedilu: obveznost mirovanja).
The provision of the New Money Facility is crucial for the Company's return to viability.
Zato se zdi, da je Slovenija doslej spoštovala obveznost mirovanja.
Without it, Cimos would not be able to pay its suppliers in the short term and thereby to continue operations.
ZDRUŽLJIVOST DRŽAVNE POMOČI
In this sense, it is also economically rational for the creditors, which have accepted the debt restructuring, to increase marginally their exposure, in order to increase the likelihood of the Company's return to viability and the ultimate recovery of their remaining debt.
Člen 107(3)(c) Pogodbe določa, da se lahko državna pomoč odobri, če je dodeljena za pospeševanje razvoja nekaterih gospodarskih sektorjev, kadar takšna pomoč ne spreminja trgovinskih pogojev v obsegu, ki bi bil v nasprotju s skupnimi interesi.
As regards SID, however, the Commission notes that in addition to contributing to the New Money Facility on the same terms as the other banks, it also grants State aid (see above Measure 3).
Slovenija je ukrepe priglasila kot pomoč za prestrukturiranje na podlagi smernic.
Furthermore, due to its legal status as public development bank, all its actions are imputable to the State.
Komisija se ob upoštevanju svojega prejšnjega sklepa o pomoči za reševanje za družbo Cimos in finančnih težav družbe Cimos, opisanih v nadaljevanju, strinja, da ta primer vključuje pomoč za prestrukturiranje, ki jo je treba oceniti ob upoštevanju meril na podlagi smernic, da bi se lahko ugotovilo, ali je pomoč lahko združljiva z notranjim trgom v skladu s členom 107(3)(c) Pogodbe.
Measures 3 and 4 are granted at the same point in time and pursue the same objective, i.e. restructuring of Cimos.
PODJETJE V TEŽAVAH
According to the case law, their compliance with the MEOP test therefore has to be assessed together [29].
V skladu s točkama 12(a) in 14 smernic [34] so do pomoči za prestrukturiranje upravičena samo podjetja v težavah.
Without it being necessary to perform a detailed calculation, it is clear that the overall terms for SID are not pari passu.
Da bi družba izpolnjevala pogoje za podjetje v težavah, mora izpolnjevati merila iz točke 10 ali 11 smernic.
Therefore, the contribution of SID to the New Money Facility has to be considered as State aid.
V skladu s točko 10 je podjetje v težavah, kadar:
In view of the assessment in recitals 118-120, the Commission considers that Measure 4, with the exception of the contribution of SID, does not constitute State aid.
je v primeru družbe z omejeno odgovornostjo ta izgubila več kot polovico svojega osnovnega kapitala in je bila več kot četrtina tega kapitala izgubljena v preteklih 12 mesecih;
Measure 5
je v primeru družbe, v kateri imajo vsaj nekateri člani neomejeno odgovornost za dolg družbe, ta izgubila več kot polovico kapitala, prikazanega v računovodskih izkazih družbe, in je bila več kot četrtina tega kapitala izgubljena v preteklih 12 mesecih;