natgillin/translations-raw huggingface dataset:
The EUR 35 million guarantee intended to cover the credit risk associated with certain exposures of Tercas towards […], containing an aid component of EUR 0,14 million, can be assessed under the Impaired Assets Communication [103] and also under the 2013 Banking Communication and the Restructuring Communication as aid for the restructuring of Tercas.(3)
Komisija ugotavlja, da merila v zvezi s preglednostjo in razkritjem niso izpolnjena ter da nima dokazov, na podlagi katerih bi lahko sklepala, da so izpolnjena merila v zvezi z upravljanjem in vrednotenjem.
Because no decision had been taken by the Commission, the EUR 30 million guarantee will be assessed as additional support through a non-repayable contribution.
Porazdelitev bremena in plačilo
As a result, it must be treated as a recapitalisation, to be examined in the same way as Measure 1.
Glede plačila oddelek 5.2 sporočila o oslabljenih sredstvih ponovi splošno načelo, da bi morale banke kriti izgube, povezane z oslabljenimi sredstvi, v čim večjem obsegu ter določiti ustrezno plačilo, da bi zagotovile enako odgovornost delničarjev in porazdelitev bremena.
The Commission will first assess the compatibility of Measure 2 with the internal market in the light of the Impaired Assets Communication, and then make a combined assessment of all three measures under the 2013 Banking Communication and the Restructuring Communication.
Kot je opisano v uvodnih izjavah 195 do 212, ustrezni ukrepi za porazdelitev bremena niso bili sprejeti.
Compatibility of Measure 2 with the Impaired Assets Communication
Poleg tega Komisija ugotavlja, da za jamstvo, povezano z izpostavljenostjo do […], plačilo ni bilo določeno.
Measure 2 has to be assessed under the compatibility criteria listed in the Impaired Assets Communication, as its purpose is to ‘free the beneficiary bank from (or compensate for) the need to register either a loss or a reserve for a possible loss on its impaired assets’.
Na podlagi navedenega Komisija ugotavlja, da ukrep 2 ne izpolnjuje nobene od kumulativnih zahtev iz sporočila o oslabljenih sredstvih.
Those criteria are: (i) the eligibility of the assets; (ii) transparency and disclosure of impairments; (iii) the management of the assets; (iv) a correct and consistent approach to valuation; and (v) the appropriateness of remuneration and burden-sharing.
Zato ukrepa 2 ni mogoče šteti za združljivega z notranjim trgom.
Eligibility of assets
Združljivost ukrepov 1, 2 in 3 s sporočilom o bančništvu iz leta 2013 in sporočilom o prestrukturiranju
As regards the eligibility of the assets, Section 5.4 of the Impaired Assets Communication indicates that asset relief requires clear identification of impaired assets and that certain limits apply in relation to eligibility.
Ukrepa 1 in 3 imata pravno obliko nepovratnih sredstev, tj. gotovinskega prispevka brez nadomestila (v obliki lastniških pravic ali plačila).
Whilst the Impaired Assets Communication cites as eligible assets those that triggered the financial crisis, it also allows Member States ‘to extend eligibility to well-defined categories of assets corresponding to a systemic threat upon due justification, without quantitative restrictions’.
V okviru meril združljivosti iz sporočila o bančništvu iz leta 2013 nepovratna sredstva kot taka niso obravnavana.
Point 35 of the Impaired Assets Communication states that ‘assets that cannot presently be considered impaired should not be covered by a relief programme’.
V sporočilu o bančništvu iz leta 2013 je edina oblika pomoči, ki je podobna nepovratnim sredstvom, pomoč za dokapitalizacijo.
In the present case, an FITD report from July 2014 mentions that the exposures referred to in Measure 2 relate to performing but problematic loans.
Vendar morajo biti za dokapitalizacijo izpolnjena številna merila združljivosti: obstajati morajo (i) načrt za zbiranje kapitala, v katerem so opredeljene vse možnosti, ki jih ima zadevna banka na voljo za zbiranje kapitala od zasebnih virov, (ii) načrt prestrukturiranja, ki bo omogočil ponovno vzpostavitev uspešnega poslovanja finančne institucije, (iii) ustrezen prispevek upravičenca, pri čemer morajo delničarji in imetniki podrejenih dolžniških instrumentov prispevati čim več (porazdelitev bremena), ter (iv) ustrezni ukrepi za omejevanje izkrivljanja konkurence.
According to the criteria set out in Section 5.4 of the Impaired Assets Communication, performing loans are not eligible.
Čeprav je posebni upravitelj Tercas morda izvedel načrt za zbiranje kapitala (glej uvodno izjavo 15), Komisija ni prejela dokazov, da so izpolnjene opisane zahteve za združljivost.
On that basis, the Commission concludes that Measure 2 does not comply with the criteria for eligibility of assets set down in the Impaired Assets Communication.
V bistvu so bili nepovratni prispevki iz ukrepov 1 in 3 dodeljeni za izničenje negativnega lastniškega kapitala Tercas, preden je podjetje prevzela BPB.
Transparency and disclosure, management and valuation
Komisija je v preteklosti menila, da so podobni posli združljivi z notranjim trgom samo kot pomoč za reševanje ali podporo za pravilno likvidacijo banke [104].
According to Section 5.1 of the Impaired Assets Communication, the Commission requires full ex ante transparency and disclosure of impairments on assets which are to be covered by relief measures.
Ker je Italija dejala, da ukrepi za pomoč Tercas niso vključevali reševalnih ali likvidacijskih shem, Komisija v primeru Tercas ne more uporabiti istega razlogovanja.
However, the Commission has not received any information on the exposures in question or on the underlying company.
Zato mora ukrep oceniti kot pomoč za dokapitalizacijo.
Moreover, neither the Member State concerned nor any interested party provided any valuation of the impaired assets, as required by Section 5.5 of the Impaired Assets Communication, nor is there any information allowing the Commission to conclude that, as required by Section 5.6 of the Communication, the assets were properly separated functionally or organisationally.
Namen ukrepa 2 je bil, da se Tercas zaščiti pred morebitnimi izgubami zaradi izpostavljenosti do […].
The Commission concludes that the criteria regarding transparency and disclosure are not fulfilled, and that there is no evidence based on which the Commission could conclude that the criteria regarding management and valuation are fulfilled.
Zato je soroden pomoči za dokapitalizacijo za prestrukturiranje Tercas.
Burden-sharing and remuneration
Ne glede na skladnost s sporočilom o oslabljenih sredstvih bi moral biti ukrep 2 skladen tudi s sporočilom o bančništvu iz leta 2013 in sporočilom o prestrukturiranju, da bi se lahko opredelil kot združljiv.
As regards remuneration, Section 5.2 of the Impaired Assets Communication repeats the general principle that banks ought to bear the losses associated with impaired assets to the maximum extent and provide for correct remuneration so as to ensure equivalent shareholder responsibility and burden-sharing.
Poleg tega ukrepov 1 in 3 ne bi bilo mogoče oceniti na podlagi navedenih sporočil brez upoštevanja ukrepa 2.
As described in recitals 195 to 212, adequate burden-sharing measures have not been taken.
Ponovna vzpostavitev dolgoročnega uspešnega poslovanja
In addition, the Commission observes that for the guarantee related to the exposure to […] no remuneration was provided for.
V skladu s sporočilom o bančništvu iz leta 2013 se zahtevata načrt za zbiranje kapitala, da se izkoristijo vsi možni viri zasebnega kapitala, preden se zahteva državna pomoč, in načrt prestrukturiranja, da se dokaže ponovna vzpostavitev dolgoročnega uspešnega poslovanja.
Based on the above, the Commission concludes that measure 2 fulfils none of the cumulative requirements outlined in the Impaired Assets Communication.
Dolgoročno uspešno poslovanje je doseženo, ko je banka sposobna samostojno konkurirati za kapital na trgu v skladu z ustreznimi regulativnimi zahtevami.
In consequence, measure 2 cannot be considered compatible with the internal market.
Zato mora biti banka sposobna kriti vse svoje stroške in zagotoviti ustrezno donosnost lastnega kapitala ob upoštevanju svojega profila tveganja.
Compatibility of Measures 1, 2 and 3 with the 2013 Banking Communication and the Restructuring Communication
V skladu s točko 17 sporočila o prestrukturiranju je mogoče ponovno vzpostavitev uspešnega poslovanja doseči tudi s prodajo banke.
Regarding measures 1 and 3, the form of the measures is legally that of a non-repayable grant, i.e. a cash contribution with no consideration in exchange (in the form of rights of ownership or remuneration).
Zainteresirane strani trdijo, da je posebni upravitelj sprejel korake, da bi „odpravil pomanjkljivosti pri organizaciji in sistemu notranjih kontrol Tercas“.
The compatibility criteria set out in the 2013 Banking Communication do not contemplate grants as such.
BPB trdi tudi, da so bili strukturni elementi načrta sanacije izdelani v poslovnem načrtu BPB za obdobje 2015–2019.
The only form of aid similar to a grant in the 2013 Banking Communication is aid for recapitalisation.
Komisija ugotavlja, da ni prejela načrta prestrukturiranja ali načrta sanacije, ki bi dokazovala ponovno vzpostavitev dolgoročnega uspešnega poslovanja, čeprav je Italiji poslala uradno zahtevo za ta načrt.
However, recapitalisation requires a number of compatibility criteria to be fulfilled: there must be: (i) a capital raising plan, outlining all possibilities available for the bank in question to raise capital from private sources, (ii) a restructuring plan that will lead to the restoration of the viability of the financial institution, (iii) a sufficient contribution on the part of the beneficiary itself, with holders of capital and subordinated debt instruments contributing as much as possible (burden-sharing), and (iv) measures sufficient to limit the distortion of competition.
Komisija priznava, da lahko preuči načrt prestrukturiranja, ki je bil predložen po izvedbi ukrepa dokapitalizacije.
While a capital raising plan may have been implemented by Tercas's special administrator (see recital 15), the Commission has not been provided with evidence that the compatibility requirements described here have been met.
To možnost daje sporočilo o bančništvu iz leta 2013, predvsem če je bila pomoč priglašena in izvedena kot pomoč za reševanje pod strogimi pogoji.
In essence, the non-repayable contributions under measures 1 and 3 were provided in order to bring the negative equity of Tercas up to zero before the business was taken over by BPB.
Ker pa ukrep reševanja ni bil priglašen in ob upoštevanju razpoložljivih informacij, zlasti neobstoja načrta prestrukturiranja, Komisija ne more ugotoviti, da je zahteva po dolgoročnem uspešnem poslovanju, dokazanem s podrobnim načrtom prestrukturiranja, izpolnjena.
The Commission has in the past found similar transactions to be compatible with the internal market, but only as aid to facilitate resolution or to support the orderly wind-down of a bank [104].
Omejitev pomoči na najmanjšo potrebno in porazdelitev bremena
As Italy has that the measures to assist Tercas did not apply resolution or liquidation schemes, the Commission cannot follow the same reasoning in the case of Tercas.
Sporočilo o prestrukturiranju, dopolnjeno s sporočilom o bančništvu iz leta 2013, navaja, da je ustrezen prispevek upravičenca potreben za omejitev pomoči na najmanjšo potrebno ter obravnavo izkrivljanja konkurence in moralnega tveganja.
It therefore has to assess the measure as recapitalisation aid.
Zato določa, da (i) je treba omejiti stroške prestrukturiranja in znesek pomoči ter (ii) da bi bilo treba breme v največji možni meri porazdeliti med obstoječe delničarje in podrejene upnike.
Measure 2 was intended to shield Tercas from possible losses as a result of its exposure to […].
V skladu s točko 29 sporočila o bančništvu lahko Komisija odobri ukrepe pomoči šele, ko zadevne države članice dokažejo, da so se v največji možni meri uporabili vsi ukrepi za omejitev pomoči na najmanjši potrebni znesek.
It is thus akin to recapitalisation aid for the restructuring of Tercas.
V ta namen so države članice pozvane, naj predložijo načrt za zbiranje kapitala pred načrtom prestrukturiranja ali v njegovem okviru.
Independently of its compliance with the Impaired Assets Communication, if measure 2 is to be declared compatible it would also need to be in line with the 2013 Banking Communication and the Restructuring Communication.
V skladu s točko 44 sporočila „je treba podrejene dolžniške instrumente načeloma pretvoriti ali odpisati še pred dodelitvijo državne pomoči.
Moreover, it would not be possible to assess measures 1 and 3 under those Communications without having regard to measure 2.
Državna pomoč ne sme biti dodeljena, dokler lastniški kapital, hibridni kapital in podrejeni dolžniški instrumenti ne prispevajo v celoti k izravnavi morebitnih izgub“.
Restoration of long-term viability
V skladu s točko 47 sporočila je treba za omejitev pomoči na najmanjši potrebni znesek čim prej preprečiti odlive sredstev.
The 2013 Banking Communication requires both a capital raising plan, to ensure that all possible sources of private capital have been tapped before requiring State aid, and a restructuring plan, to demonstrate the return to long-term viability.
V skladu s točko 52 sporočila Komisija odobri pomoč za reševanje v obliki ukrepov dokapitalizacije (in dovoli predložitev načrta prestrukturiranja po izvedbi ukrepa) samo, če pomoč za reševanje ne preprečuje izpolnjevanja zahtev glede porazdelitve bremena iz sporočila.
Long-term viability is achieved when a bank is able to compete in the marketplace for capital on its own merits in compliance with the relevant regulatory requirements.
Komisija ugotavlja, da je bil za Tercas odpisan celoten lastniški kapital delničarjev.
For a bank to do so, it must be able to cover all its costs and provide an appropriate return on equity, taking into account the risk profile of the bank.
Komisija meni, da odliv sredstev, povezan z zapadlostjo navedenih podrejenih dolžniških instrumentov in poznejšim izplačilom, načeloma pomeni kršitev pogojev, pod katerimi se lahko pomoč za dokapitalizacijo opredeli kot združljiva na podlagi sporočila o bančništvu iz leta 2013.
According to point 17 of the Restructuring Communication, viability can also be achieved through the sale of the bank.
Zainteresirane strani trdijo, da možnost reševanja s podrejenimi dolžniškimi instrumenti ni bila pravno izvedljiva v skladu z veljavno italijansko zakonodajo in da se lahko dolg odpiše samo v primeru prisilne likvidacije.
The interested parties argue that the special administrator took steps ‘to remedy deficiencies in Tercas's organisation and internal control system.
V sporočilu o bančništvu iz leta 2013 so navedeni dejavniki, ki jih Komisija upošteva pri ugotavljanju, ali je ukrep državne pomoči združljiv z notranjim trgom, med njimi tudi zahteva za reševanje s sredstvi upnikov.
BPB also claims that the structural elements of the recovery plan were developed within the BPB's business plan 2015-2019.
Taka porazdelitev bremena je možna v primeru likvidacije, kot je razvidno iz sklepa, sprejetega v zadevi Banca Romagna [105], v kateri je bila pomoč, ki jo je dodelila Italija, odobrena, zahteve glede porazdelitve bremena v zvezi s podrejenimi dolžniškimi instrumenti pa so bile izpolnjene.
The Commission observes that it has not received a restructuring or recovery plan showing a return to long-term viability, despite making a formal request for such a plan to Italy.
Zainteresirane strani se sklicujejo na točko 42 sporočila o bančništvu iz leta 2013, Komisija pa ugotavlja, da se ta nanaša na imetnike nadrejenih dolžniških instrumentov, ne podrejenih.
The Commission recognises that it may examine a restructuring plan submitted after the implementation of a recapitalisation measure.
Zainteresirane strani se sklicujejo tudi na točko 45 sporočila, v kateri je določena izjema od načela pretvorbe ali odpisa podrejenih upnikov, kadar bi izvajanje takih ukrepov ogrozilo finančno stabilnost ali povzročilo nesorazmerne rezultate.
The 2013 Banking Communication provides for such a possibility in particular when the aid has been notified and implemented as rescue aid under strict conditions.
Komisija ugotavlja, da se je v skladu s sporočilom o bančništvu iz leta 2013 porazdelitev bremena med imetniki podrejenih dolžniških instrumentov uporabila za velik del celotnega bančnega sistema v Sloveniji [106] in tretjo največjo banko na Portugalskem [107].
Nonetheless, as no rescue measure has been notified, and given the information available, in particular the absence of a restructuring plan, the Commission cannot take the view that the requirement of long-term viability demonstrated by a detailed restructuring plan is fulfilled.
Še pred sprejetjem sporočila o bančništvu iz leta 2013 se je uporabila tudi za velik del bančnega sistema v Španiji, ne da bi bila ogrožena finančna stabilnost ali bi to povzročilo nesorazmerne rezultate.
Aid limited to the minimum and burden-sharing
Glede na majhnost Tercas Komisija ne more sprejeti, da je v tem primeru to tveganje obstajalo.
The Restructuring Communication, supplemented by the 2013 Banking Communication, indicates that an appropriate contribution by the beneficiary is necessary in order to limit the aid to a minimum and to address distortions of competition and moral hazard.
Edini primeri, v katerih je Komisija sprejela odstopanje od običajne porazdelitve bremena zaradi nesorazmernih rezultatov, v zadevnem primeru niso pomembni [108].
To that end, it provides (i) that both the restructuring costs and the amount of aid should be limited and (ii) that there should be maximum burden-sharing by existing shareholders and subordinated creditors.
Komisija ugotavlja, da imetniki podrejenih dolžniških instrumentov niso prispevali v največji možni meri ter da ukrep FITD ni v skladu s temeljnim vidikom sporočila o bančništvu iz leta 2013.
According to point 29 of the Communication, the Commission can authorise aid measures only once the Member State concerned demonstrates that all measures to limit such aid to the minimum necessary have been exploited to the maximum extent.
FITD v pripombah trdi, da je prestrukturiranje vključevalo popolno dokapitalizacijo Tercas, izvedeno s posredovanjem BPB, ki je prispevala k povečanju kapitala z zbiranjem kapitala na trgu.
To that end, Member States are invited to submit a capital raising plan, before or as part of the restructuring plan.
Po drugi strani je v točki 34 sporočila o bančništvu iz leta 2013 določeno, da mora država članica po predložitvi načrta za zbiranje kapitala določiti preostali kapitalski primanjkljaj, ki ga je treba pokriti z državno pomočjo.
According to point 44 of the Communication, ‘subordinated debt must be converted or written down, in principle before State aid is granted.
Kot pa v pripombah priznavata BPB in Tercas, je bila dokapitalizacija, ki jo je izvedla BPB, odvisna od predhodnega pokritja negativnega lastniškega kapitala, ki ga je moral zagotoviti FITD.
According to point 47 of the Communication, outflows of funds must be prevented at the earliest stage possible in order to limit the amount of aid to the minimum necessary.
Navajata naslednje razloge: (1) prispevek FITD izpolnjuje merilo „najnižjih stroškov“ iz statuta FITD; (2) glede na poslabšanje položaja Tercas in potrebo po iskanju kupca je bila to edina izvedljiva možnost ter (3) FITD je samo deloma prispeval k reševanju negativnega lastniškega kapitala in ponovni vzpostavitvi minimalnih količnikov kapitala: natančneje, prispeval je 265 milijonov EUR od potrebnih 495 milijonov EUR.
According to point 52 of the Communication, the Commission will authorise rescue aid in the form of recapitalisation measures (and allow a restructuring plan to be submitted after the implementation of the measure) only if the rescue aid does not prevent compliance with the burden-sharing requirements set out in the Communication.
V zvezi s tem Komisija opozarja, da je merilo najnižjih stroškov iz statuta FITD nepomembno za oceno združljivosti ukrepov.
The Commission observes that a complete write-down of shareholders' equity was performed in Tercas.
Pri presoji združljivosti je pomembno zgolj, ali dodeljena državna pomoč zadostuje za ponovno vzpostavitev dolgoročnega uspešnega poslovanja zadevne finančne ustanove in ali je omejena na najmanjšo potrebno, pri čemer je izkrivljanje konkurence ustrezno omejeno.
In line with the requirements set out in the 2013 Banking Commission, however, EUR 189 million (at 31 March 2014) of Tercas's subordinated debt on a consolidated basis (including its subsidiary Caripe) should have been converted or written down in line with the requirements set out in the 2013 Banking Commission in order to reduce the capital shortfall and minimise the amount of aid.
Trditev, da je bila dodeljena pomoč manjša od zneska, potrebnega za izpolnitev kapitalskih zahtev, ne dokazuje, da je bila pomoč omejena na najmanjšo potrebno.
No such conversion or write-down took place, and according to information provided by Tercas subordinated debt issued by the holding company, amounting to EUR 36 million, expired and was repaid in December 2014.
Kot je navedeno v uvodni izjavi 194, Komisiji iz predloženih podatkov ni jasno razvidno, da je pomoč dejansko zadostovala za ponovno vzpostavitev uspešnega poslovanja.
The Commission has no information on whether any subordinated debt issued by Caripe expired and was repaid.
Ker ni bilo reševanja s podrejenimi dolžniškimi instrumenti, je poleg tega jasno, da pomoč ni bila omejena na najmanjšo potrebno.
The Commission considers that the outflow of funds related to the expiry of that subordinated debt, and the pay-out made subsequently, in principle violate the conditions under which recapitalisation aid can be found compatible under the 2013 Banking Communication.
Dodati bi bilo treba, da bi se lahko stroški za FITD dodatno znižali s celotnim odpisom podrejenega dolga v višini 169 milijonov EUR (88 milijonov EUR za Tercas — Cassa di Risparmio della Provincia di Teramo SpA in 81 milijonov EUR za Caripe), če bi FITD ravnal v skladu s pristopom iz sporočila o bančništvu iz leta 2013, s tem pa bi se bistveno zmanjšalo breme za državo članico.
The interested parties claim that the option of bailing in the subordinated debt was not legally feasible under the Italian legislation in force, and that debt can be written down only in the event of compulsory administrative winding up.
Tak odpis bi bil pravno možen v primeru likvidacije [109].
The 2013 Banking Communication outlines the factors which the Commission will consider in order to establish whether a State aid measure is compatible with the internal market, amongst which is the bail-in requirement.
Ukrepi za omejevanje izkrivljanja konkurence
Such burden-sharing is possible in a liquidation, as is clear from the context of the decision adopted in the case of Banca Romagna [105], in which aid granted by Italy was approved and the burden-sharing requirements with regard to subordinated debt were met.
Nazadnje, v skladu z oddelkom 4 sporočila o prestrukturiranju bi moralo prestrukturiranje finančne institucije vključevati ukrepe za omejevanje izkrivljanja konkurence.
The interested parties refer to point 42 of the 2013 Banking Communication, but the Commission observes that point 42 speaks of senior debt holders and not subordinated debt holders.
Taki ukrepi bi morali biti prilagojeni razmeram na trgih, na katerih banka upravičenka posluje po prestrukturiranju.
The interested parties also make reference to point 45 of the Communication, which allows an exception to the principle of conversion or writing-down of subordinated creditors where implementing such measures would endanger financial stability or lead to disproportionate results.
V točki 34 sporočila o prestrukturiranju je določeno, da je primerno plačilo za javni kapital eden od najustreznejših načinov za omejevanje izkrivljanja konkurence, saj omeji višino pomoči.