natgillin/translations-raw huggingface dataset:
Competition takes place, on the one hand, between airports to attract airlines and the corresponding air traffic (passengers and freight), and, on the other hand, between airport managers, which may compete between themselves to be entrusted with the management of a given airport.
V skladu s sporočilom o referenčnih obrestnih merah bi se za družbo v bonitetni kategoriji šibka (B) in z običajnim zavarovanjem [57] uporabil dodatek za tveganje v višini 4 % na leto.
Moreover, in particular with respect to low-cost carriers and charter operators, airports that are not located in the same catchment areas and even in different Member States can also be in competition with each other to attract those airlines.
Razlika med dodatkom za tveganje, ki se uporabi v skladu s sporočilom o referenčnih obrestnih merah, in dodatkom za tveganje, zaračunanim za posojila banke ISB, skupaj s premijo za poroštvo, ki jo je zvezna dežela dejansko zaračunala, nakazuje prednost, ki jo je družba FFHG prejela zaradi 100-odstotnega državnega poroštva.
The size of Frankfurt Hahn airport (between 2,7 and 3,8 million passengers during the period under consideration, see Table 1) and its proximity to other Union airports, in particular Frankfurt Main airport, Luxembourg airport, Zweibrücken airport, Saarbrücken airport and Köln-Bonn airport [51], allows the conclusion that the financing is liable to distort competition and have an effect on trade between Member States.
Pri posojilih št. 2 in 5 ta razlika znaša [1,5–3,5 %] na leto [58] oziroma [1,5–3,5 %] na leto [59], pri posojilih št. 1, 3 in 4 pa [1,5–3,5 %] na leto [60].
There are international flights from Frankfurt Hahn airport to a number of international destinations as set out in recital 73.
Poleg tega družba FFHG ni plačala bančne provizije (običajno [5–30] bazičnih točk [61]).
The runway at Frankfurt Hahn airport is of sufficient length (3800 m) to be used by bigger aircraft and allows airlines to serve medium- to even long-haul international destinations.
Jasno je, da bi morala pod običajnimi tržnimi pogoji plačati tako poroštveno premijo (tj. [0,5–1,5 %] na leto), da bi dobila poroštvo za svoja posojila od tretje osebe.
In addition, Frankfurt Hahn airport serves as a freight airport, handling around 200000 tonnes of air freight per year and 500000 tonnes of freight, including freight trucking, in total (see Table 2).
Zato je očitno, da poroštvo vključuje prednost.
With regard to competition for air freight, the Commission notes that freight is usually more mobile than passenger transport [52].
Ker poroštvo, ki ga je izdala zvezna dežela, zajema 100 % neodplačanega posojila in družba FFHG plačuje premijo, ki je pod tržno ceno, je pridobila gospodarsko prednost, ki je sicer na trgu ne bi.
In general, the catchment area for freight airports is considered to have a radius of at least around 200 kilometres and 2 hours travelling time.
Znesek te prednosti je enak razliki med dodatkom za tveganje, ki se uporabi v skladu s sporočilom o referenčnih obrestnih merah, in dodatkom za tveganje, zaračunanim za posojila banke ISB, skupaj s premijo za poroštvo, ki jo je zvezna dežela dejansko zaračunala, in bančno provizijo.
Based on the Commission's information, industry players generally consider that the catchment area of a freight airport may be even larger as up to a half a day of trucking time (that is to say, up to 12 hours driving time by trucks) would in general be acceptable for freight forwarders to use the airport in order to transport freight [53].
Ker je bilo 100-odstotno državno poroštvo odobreno samo družbi FFHG, je treba ukrep opredeliti kot selektiven po naravi.
Hence, since freight airports are more fungible than passenger airports, because it is sufficient for the air freight to be delivered into a certain area and then forwarded by road and rail freight forwarders to its final destination, the Commission considers that there is a higher risk of distortion of competition and effect on trade between Member States.
Iz istih razlogov, kot so predstavljeni v uvodni izjavi 120, Komisija meni, da lahko selektivna gospodarska prednost, dodeljena družbi FFHG, izkrivlja konkurenco in vpliva na trgovino med državami članicami.
On the basis of the arguments presented in recitals 120 to 123, the economic advantage which FFHG receives strengthens its position vis-à-vis its competitors on the Union market for the provision of airport services.
Glede na premisleke iz uvodnih izjav 127 do 138 Komisija meni, da državno poroštvo, ki ga je izdala zvezna dežela Porenje – Pfalška za zavarovanje 100 % neodplačanih posojil banke ISB, pomeni državno pomoč v smislu člena 107(1) Pogodbe.
Against this background, the advantage provided to FFHG through its participation in the cash-pool of the Land must be considered as being liable to distort competition and have an effect on trade between Member States.
Narava pomoči posojil, ki jih je banka ISB odobrila družbi FFHG
In the light of the considerations in recitals 99 to 124, the Commission considers that the credit line provided by the cash-pool of the Land to FFGH constitutes State aid within the meaning of Article 107(1) of the Treaty.
Državna sredstva in pripisljivost državi
Aid nature of the 100 % guarantee for the ISB loans provided by Land Rhineland-Palatinate to FFHG
Banka ISB je v 100-odstotni lasti zvezne dežele Porenje – Pfalška.
The ISB loans assessed in Section 6.3 are guaranteed by Land Rhineland-Palatinate (guarantor), which is at the same time the main shareholder (82,5 %) in FFHG.
Iz tega razloga je javno podjetje v smislu člena 2(b) Direktive 2006/111/ES, za posojila, ki jih odobri, pa se torej lahko šteje, da se financirajo iz državnih sredstev.
Each of the five ISB loans has been collateralized with a guarantee covering 100 % of the claims of the bank.
Jasno je, da je imela zvezna dežela obsežen nadzor nad poslovanjem banke ISB, zaradi česar je mogoče posojila, ki jih je odobrila, pripisati državi.
For the provision of the guarantees FFHG pays a guarantee premium of [0,5 % to 1,5 %] p. a. to the guarantor.
Banka ISB je razvojna banka zvezne dežele Porenje – Pfalška in ima pomembno vlogo v politiki regionalnega razvoja.
Applicability of State aid rules to the financing of airport infrastructure
V skladu s členom 3(1) njenega statuta je njena vloga podpirati zvezno deželo pri finančnih, gospodarskih, regionalnih, prometnih, okoljskih in zaposlitvenih politikah.
For the reasons outlined in recital 99 and following, FFHG must be considered to constitute an undertaking for the purposes of Article 107(1) of the Treaty.
V tej zadevi so se s posojili banke ISB refinancirala predhodna posojila, ki so bila družbi FFHG odobrena za financiranje infrastrukturnih ukrepov na letališču.
State resources and imputability
Poleg tega nadzorni odbor („Verwaltungsrat“) banke ISB poleg dveh predstavnikov obrtne zbornice in gospodarske zbornice vključuje pet predstavnikov javnih organov (vključno z dvema državnima sekretarjema z ministrstva za finance zvezne dežele Porenje – Pfalška oziroma ministrstva za gospodarstvo, promet, kmetijstvo in vinogradništvo zvezne dežele Porenje – Pfalška), ki zagotavljajo državni nadzor nad dejavnostmi banke ISB.
In order to constitute State aid, the measure in question must be financed from state resources and the decision to grant the measure must be imputable to the state.
Tudi v njenem svetovalnem odboru („Beirat“) so predstavniki javnih organov.
The concept of State aid applies to any advantage granted through state resources by the state itself or by any intermediary body acting by virtue of powers conferred on it [54].
Poleg tega so bila posojila banke ISB zavarovana s 100-odstotnim državnim poroštvom, ki ga je izdala zvezna dežela (glej oddelek 6.2).
Resources of local authorities are, for the application of Article 107 of the Treaty, state resources [55].
Komisija na podlagi teh elementov meni, da je država lahko nadzorovala dejavnosti banke ISB in da ni mogoče domnevati, da ne bi bila vključena v pomembno odločitev v zvezi s financiranjem letališke infrastrukture.
Any public guarantee involves a potential loss of resources by the state.
Komisija zato meni, da je mogoče odločitev o refinanciranju predhodnih posojil družbe FFHG s posojili banke ISB pripisati javnim organom.
As the 100 % state guarantee was issued directly by the Land Rhineland-Palatinate, it was granted from state resources and is also imputable to the state.
Da bi Komisija preverila, ali je podjetje zaradi odobritve posojila pridobilo gospodarsko prednost, uporabi „načelo posojilodajalca v tržnem gospodarstvu“.
According to point 3.2 of the guarantee notice, an individual state guarantee is not aid when the following cumulative conditions are met: ‘(a) The borrower is not in financial difficulty […], (b) The extent of the guarantee can be properly measured when it is granted. […] (c) the guarantee does not cover more than 80 % of the outstanding loan or other financial obligation […], (d) A market-oriented price is paid for the guarantee […]’.
Po tem načelu se dolžniški kapital, ki ga družba prejme od države neposredno ali posredno in v okoliščinah, ki so enake običajnim tržnim pogojem, ne bi smel uvrščati v državno pomoč [62].
In this case the Land Rhineland-Palatinate provided a 100 % guarantee to collateralise the loans granted by ISB in favour of FFHG.
Načelo posojilodajalca v tržnem gospodarstvu določa, kaj bi v podobnem položaju storila podobno velika zasebna družba.
The guarantee thus exceeds the threshold of 80 % of the outstanding loan.
Njegov namen je opredeliti in ločiti tiste finančne ukrepe, ki jih je sprejela država in ki jih zasebni vlagatelj ne bi sprejel, od tistih, ki so finančno razumni in bi jih torej zasebni vlagatelj sprejel, ter tako ugotoviti, ali gospodarska prednost obstaja.
Germany submitted that even though the loans were collateralised through a 100 % state guarantee, FFHG pays a market price for the guarantee, and hence receives no advantage.
Da bi Komisija ugotovila, ali je bilo financiranje, ki se ocenjuje, odobreno po ugodnih pogojih, lahko v skladu s svojo prakso odločanja [63] in ob neobstoju drugih približkov primerja obrestno mero zadevnega posojila z obrestnimi merami, določenimi v sporočilu o referenčnih obrestnih merah.
To support this, Germany provided an assessment conducted by Deutsche Bank.
V sporočilu o referenčnih obrestnih merah je opredeljena metoda za določitev referenčnih obrestnih mer in diskontnih stopenj, ki se uporabljajo kot približek za tržno obrestno mero.
As stated in recital 153, Deutsche Bank assigned FFHG a [<BBB+] rating.
Ker pa so obrestne mere v sporočilu o referenčnih obrestnih merah samo približek, se Komisija v posameznem primeru, kadar ima na voljo druge kazalnike glede obrestne mere, ki bi jo posojilojemalec lahko pridobil na trgu, pri oceni opre na te kazalnike.
This assessment was confirmed by two other banks and the rating assigned by the Moody's credit-scoring model (see recitals 157 and 158).
V tej zadevi mora Komisija oceniti, ali je s pogoji posojil banke ISB (kot so povzeti v preglednici 5), zavarovanih s 100-odstotnim državnim poroštvom, družbi FFHG dodeljena dodatna gospodarska prednost, ki je upravičeno podjetje ne bi pridobilo pod običajnimi tržnimi pogoji.
However, Deutsche Bank estimated that the applicable risk margin for a 5-year loan would be between [1,30 % and 2,05 %] p. a.
Tržna skladnost pogojev 100-odstotnega državnega poroštva, ki ga je odobrila zvezna dežela Porenje – Pfalška, je ocenjena v oddelku 6.2.
As explained in Section 6.3.2, the applicable risk margin for a loan collateralised by a 100 % state guarantee would be between [0,25 % and 0,7 %] p.a.
Nemčija je trdila, da so bila posojila banke ISB najeta po tržnih pogojih, primerljivih s pogoji posojil, ki so jih refinancirala (glej uvodno izjavo 52 in naslednje).
According to Germany, the difference in the margins between the two situations provides an indication of the price of the 100 % state guarantee.
V zvezi s tem je navedla, da so bili pogoji posojil banke ISB primerljivi s posojili, ki jih je leta 2005 odobrila Nassauische Sparkasse in ki so bila zavarovana podobno kot posojila banke ISB.
This difference is thus estimated by Deutsche Bank as being in the range of [0,6 % to 1,8 %] p.a.
Nemčija je torej trdila, da ne more obstajati prednost v korist družbe FFHG, ker so bile obresti, ki jih je bilo treba plačati za posojila banke ISB, na enaki ravni kot obresti za posojila, refinancirana s posojili banke ISB.
[56].
Nemčija je poleg tega pojasnila, da je družba FFHG leta 2009 v pripravah na novo financiranje Deutsche Bank naročila, naj zagotovi oceno dodatka za tveganje za refinanciranje njenih obstoječih posojil ob upoštevanju 100-odstotnega poroštva, ki ga je odobrila zvezna dežela Porenje – Pfalška.
According to point 4.2, second subparagraph, of the guarantee notice, the advantage can be calculated as the difference between the specific market interest rate FFHG would have borne without the guarantee and the interest rate obtained by means of the state guarantee after any premium paid has been taken into account.
Komisija v skladu z metodo iz sporočila o referenčnih obrestnih merah meni, da se lahko obrestne mere za posojila štejejo za skladne s tržnimi pogoji, kadar so posojila dana po obrestni meri, ki je enaka ali višja od referenčne obrestne mere, izračunane na podlagi naslednje formule:
According to the Reference Rate Communication, for a company in the rating category of weak (B) and with normal collateralisation [57] a risk margin of 4 % p.a. would apply.
referenčna obrestna mera = izhodiščna obrestna mera + dodatek za tveganje + provizija
The difference between the risk margin applicable according to the Reference Rate Communication and the risk margin charged for the ISB loans together with the guarantee rate actually charged by the Land gives an indication of the advantage FFHG received due to the 100 % state guarantee.
Izhodiščna obrestna mera pomeni stroške, ki jih imajo banke z zagotavljanjem likvidnosti (stroški financiranja).
This difference amounts, for loans numbers 2 and 5, to [1,5 % to 3,5 %] p.a.
V primeru financiranja z nespremenljivo obrestno mero (tj. obrestna mera se med trajanjem posojila ne spreminja) je primerno, da se izhodiščna obrestna mera določi na podlagi cen zamenjav obrestnih mer [64] z dospelostjo in valuto, ki ustrezata dospelosti in valuti dolga.
[58] and [1,5 % to 3,5 %] p.a.
Dodatek za tveganje predstavlja nadomestilo za posojilodajalca za tveganja, povezana s posebnim dolžniškim financiranjem, zlasti kreditnim tveganjem.
[59] respectively and for loans numbers 1, 3 and 4, to [1,5 % to 3,5 %] p.a.
Dodatek za tveganje se lahko določi na podlagi ustreznega vzorca razmikov zamenjave kreditnega tveganja [65] v zvezi z referenčnimi subjekti s podobno bonitetno oceno.
Moreover, FFHG has not paid any bank fee (typically between [5 to 30] basis points [61]).
Nazadnje se zdi primerno dodati 10–20 bazičnih točk kot približek za bančne provizije, ki jih običajno plačajo družbe [66].
It is clear that under normal market conditions, FFHG would have had to pay such a guarantee premium (that is [0,5 % to 1,5 %] p.a.) in order to obtain a guarantee on its loans from a third party.
Ustreznost dodatkov za tveganje glede na bonitetno oceno
Therefore the guarantee clearly involves an advantage.
Za ugotovitev, ali je bila izhodiščni obrestni meri prišteta ustrezna premija za tveganje, je treba določiti bonitetno oceno podjetja.
As the guarantee issued by the Land covers 100 % of the outstanding loan and FFHG pays a premium below the market price, it obtained an economic advantage not otherwise available on the market.
Družbe FFHG ni ocenila nobena bonitetna agencija.
The amount of this advantage is equivalent to the difference between the risk margin applicable according to the Reference Rate Communication and the risk margin charged for the ISB loans together with the guarantee rate actually charged by the Land and a bank fee.
Vendar je Nemčija trdila, da je Deutsche Bank pri oceni dodatka za tveganje ocenila tudi kreditno sposobnost družbe FFHG.
As the 100 % state guarantee was granted only to FFHG, the measure has to be qualified as being selective in nature.
Na podlagi analize finančnih poročil družbe FFHG iz let 2006–2008 jo uvršča v bonitetno kategorijo [< BBB+].
For the same reasons as outlined in recital 120 and following, the Commission considers that any selective economic advantage granted to FFHG is liable to distort competition and affect trade between Member States.
Vendar pa ne navaja natančne bonitetne ocene za družbo.
In the light of the considerations in recitals 127 to 138, the Commission considers that the state guarantee issued by Land Rhineland-Palatinate securing 100 % of the outstanding ISB loans constitutes State aid within the meaning of Article 107(1) of the Treaty.
Komisija ugotavlja, da bonitetna kategorija [< BBB+] vključuje vse ocene, ki so pod [BBB+].
Aid nature of the loans provided by ISB to FFHG
Oceno [< BBB+] družbe FFHG, ki jo je navedla Deutsche Bank, bi bilo torej mogoče razlagati kot katero koli oceno pod [BBB+] na bonitetni lestvici agencije Standard & Poor's.
Applicability of State aid rules to financing of airport infrastructure
Nemčija je poleg analize Deutsche Bank predložila oceni bonitetne ocene za družbo FFHG, ki sta ju opravili dve drugi banki.
State resources and imputablity to the state
Komisija ugotavlja, da sta tudi ti banki družbo FFHG uvrstili v bonitetno kategorijo [< BBB+].
ISB is 100 % owned by Land Rhineland-Palatinate.
Leta 2010 je Volksbank v skladu s svojo interno bonitetno lestvico družbi FFHG dodelila oceno […] (navedena ocena ustreza oceni [B do BB] na bonitetni lestvici agencije Standard & Poor's).
For this reason it constitutes a public undertaking within the meaning of Article 2(b) of Directive 2006/111/EC and loans provided by it may therefore be considered as financed by state resources.
Leta 2011 je Kreissparkasse Birkenfeld v skladu s svojo interno bonitetno lestvico družbi FFHG dodelila oceno […] (navedena ocena ustreza oceni [B – do BB–] na bonitetni lestvici agencije Standard & Poor's).
It is clear that the Land had far-reaching control over the operation of ISB, with the consequence that the loans provided by it are imputable to the state.
Nazadnje, Nemčija je predložila bonitetne ocene družbe FFHG, izdelane v skladu z modelom kreditnega točkovanja agencije Moody's na podlagi podatkov, ki so bili na voljo, ko so bila odobrena posojila banke ISB (glej preglednico 8).
ISB is the development bank of Land Rhineland-Palatinate and plays a fundamental role in regional development policy.
Te bonitetne ocene potrjujejo oceno [< BBB+], ki jo je dodelila Deutsche Bank, in segajo od [B2] na bonitetni lestvici agencije Moody's (to je [B] na bonitetni lestvici agencije Standard & Poor's) do [Baa3] na bonitetni lestvici agencije Moody's (to je [BBB–] na bonitetni lestvici agencije Standard & Poor's).
According to §3(1) of the statute of the bank, ISB's role is to support the Land in its financial, economic, regional, transport, environmental and employment policies.
Glede na premisleke v uvodnih izjavah 153 do 158 Komisija meni, da bonitetna ocena družbe FFHG ustreza največ [BBB–] na bonitetni lestvici agencije Standard & Poor's.
This case, the ISB loans refinanced earlier loans granted to FFHG for financing infrastructure measures at the airport.
Vendar je treba za ugotovitev, ali je bila poleg morebitne prednosti, dodeljene s 100-odstotnim državnim poroštvom (glej oddelek 6.2), družbi FFHG prednost dodeljena s posojili banke ISB, upoštevati bonitetno oceno izdajatelja 100-odstotnega državnega poroštva (tj. bonitetno oceno zvezne dežele Porenje – Pfalška), saj bi se sicer prednost, ki izhaja iz državnega poroštva, upoštevala dvakrat.
Furthermore, in addition to two representatives of the Chamber of Crafts as well as the Chamber of Industry and Commerce, ISB's supervisory board (‘Verwaltungsrat’) consists of five representatives of public authorities (including two state secretaries in the Ministry of Finance of the Land Rhineland-Palatinate and the Ministry of Economy, Transport, Agriculture and Viticulture of Land Rhineland-Palatinate, respectively) which ensures the supervision of ISB's activities by the state.
Kot je navedeno v uvodni izjavi 117, je bonitetna ocena zvezne dežele Porenje – Pfalška AAA.
Also, its advisory board (‘Beirat’) consists of representatives of public authorities.
Ker so bila posojila banke ISB odobrena na podlagi državnega poroštva, Komisija meni, da je primerno določiti dodatek za tveganje na podlagi petletnih obveznic nemških zveznih dežel v evrih (v višini [5–25] bazičnih točk).
Moreover, the ISB loans were secured by a 100 % state guarantee issued by the Land (see Section 6.2).
Komisija nadalje navaja, da je Deutsche Bank v svoji analizi prištela premijo za tveganje v višini [5–25] bazičnih točk zaradi dejstva, da posojila niso bila odobrena neposredno zvezni deželi, ampak so bila samo zavarovana s 100-odstotnim državnim poroštvom, in dodatno premijo v višini [5–25] bazičnih točk za omejeno tržljivost dolga.
Based on these elements, the Commission considers that the State was able to control the activities of ISB and it cannot be assumed that it would not have been involved in an important decision concerning the financing of the airport infrastructure.
Komisija meni, da so to razumne domneve in da je posledični dodatek za tveganje med [20 in 70] bazičnimi točkami ustrezen glede na kreditno sposobnost izdajatelja poroštva.
Therefore, the Commission takes the view that the decision to refinance FFHG's prior loans by way of the ISB loans is imputable to the public authorities.
Tržna skladnost posojil banke ISB št. 2 in 5
In order to verify whether an undertaking has benefited from an economic advantage induced by the granting of a loan, the Commission applies the criterion of the market economy lender principle.
V zvezi s posojiloma banke ISB št. 2 in 5, ki imata spremenljive obrestne mere, je dejanska obrestna mera EURIBOR plus dodatek z tveganje v višini [0,35–0,55 %] na leto oziroma [0,25–0,45 %] na leto.
According to that principle, debt capital put at the disposal of a company by the state, directly or indirectly, in circumstances which correspond to the normal conditions of the market, should not be qualified as State aid [62].
Dodatek za tveganje za posojilo banke ISB št. 2 je bil v razponu, ki ga je določila Deutsche Bank, medtem ko je bil dodatek za tveganje za posojilo banke ISB št. 5 4 bazične točke pod premijo za tveganje, ki jo je določila Deutsche Bank.
The principle of a lender in a market economy determines what a private company of a comparable size would do in a comparable situation.
Za nobeno od teh posojil banke ISB se bančna provizija ni zaračunala.
It aims to identify and separate those financial measures taken by the State that would not have been taken by a private investor from those which are financially reasonable, and would therefore have been taken by a private investor, in order to determine if there is an economic advantage.
Komisija zato meni, da obrestna mera, zaračunana za odobritev teh dveh posojil, zagotavlja (sicer majhen) element prednosti (obrestna mera, plačana za posojilo št. 2, se zdi [10–30] bazičnih točk pod referenčno obrestno mero, za posojilo št. 5 pa [5–25] bazičnih točk pod njo).
According to its decisional practice [63], in order to determine whether the financing under assessment was granted at favourable conditions, the Commission may — in the absence of other proxies — compare the interest rate on the loan in question with those set out in the Reference Rate Communication.
Tržna skladnost posojil banke ISB št. 1, 3 in 4
The Reference Rate Communication establishes a method for setting reference and discount rates that are applied as a proxy for the market rate.
Komisija ugotavlja, da je obrestna mera posojil banke ISB št. 1, 3 in 4 nespremenljiva.