natgillin/translations-raw huggingface dataset:
International Rating (S&P)
Recesije so del ekonomskega življenjskega cikla in pri analizi podatkov je treba upoštevati vse dele tega cikla, ne le dobra leta.
China Local Rating Sovereign rating
To velja tudi za izredno močne recesije, kot je bila gospodarska in finančna kriza 2008–2010.
Source: HSBC.
Glede pete točke je uporaba relativnih vrednosti razmika v OP dejansko prinesla rezultate, ki so se razlikovali od absolutnih vrednosti razmika, in sicer kadar se je nanašala na stopnjo različnih zapadlosti in ne na povprečno trajanje vseh posojil.
Inconsistent Local and International Ratings
Vendar te razlike niso nastale zato, ker bi bile relativne vrednosti razmika kot take napačne, pač pa zaradi velikih razlik v časovni strukturi tveganja med obrestnimi merami ZDA in LRK.
On this basis, even if the Jiangsu Shagang group is awarded a good credit rating by a Chinese rating agency, the Commission concluded that this rating is not reliable.
V ZDA je bila razlika v obrestnih merah enoletne in desetletne obveznice veliko večja (od 2,5-odstotna do 3,7-odstotna) kot razlika v obrestnih merah enoletnih obveznic in obveznic z rokom dospetja, daljšim od pet let, Ljudske banke Kitajske (0,8-odstotna razlika).
At the level of the individual companies involved in the production of HRF, losses were recorded in the accounts during the IP, but this was not a recurring situation, and other financial indicators, such as the debt to assets ratio or the interest coverage ratio did not indicate any significant structural problems regarding the companies' debt repayment abilities.
Razlika je torej posledica izhodiščne točke, na kateri se je uporabil relativni razmik.
However, on-spot, the Commission also found that this company received one revolving loan among the sampled loans.
Če bi LRK kot izhodišče uporabljala podobno časovno strukturo tveganja, bi posledične referenčne obrestne mere ponovno sledile logičnemu trendu pri vseh obdobjih posojil.
Moreover, in the loan tables, a significant number of short term loans was replaced with new loans for the same amount at expiry.
Na primer, 3-odstotna razlika med kratko- in dolgoročnimi obrestnimi merami Ljudske banke Kitajske bi povzročila referenčno obrestno mero v višini 15,81 % za dolgoročna posojila, kar je višje od 14,22 % referenčne obrestne mere za kratkoročna posojila.
Furthermore, one of the sampled companies in the group received a short term loan from a financial institution specialised in bad loans at a very high interest rate between 14 % and 16 %, which also indicates that it experienced liquidity issues in the IP.
Komisija je to vprašanje priznavala že od samega začetka.
This situation further confirmed the Commission's assessment to disregard the Chinese AAA rating of the Jiangsu Shagang Group as trustworthy.
Da bi čim bolj zmanjšala vpliv razlik v časovni strukturi tveganja med državama, se je Komisija odločila, da uporabi povprečje relativnega razmika za vsa obdobja trajanja posojil, s čimer se mednarodno merilo približa kitajskim pogojem in izogne kaznovanju kitajskih družb, ki imajo visok delež kratkoročnih posojil.
Finally, a commercial paper issued by the Jiangsu Shagang Group had received a Prime-1 rating from Moody's in 2013.
V vezi s šesto točko je Komisija nasprotovala trditvam kitajske vlade.
However, that rating was based on the rating of the Bank of China, New York Mellon branch, which had provided a guarantee, precisely because Jiangsu Shagang Group did not have a reliable and independent rating on its own.
Trditev, da je Komisija uporabila relativni razmik samo za dolgoročna posojila, ne drži.
The lending financial institutions had not carried out a creditworthiness assessment.
Metodologija relativnega razmika se je uporabila za dolgoročna in kratkoročna posojila.
Hence, in order to establish the benefit, the Commission had to assess whether the interest rates for the loans accorded to the Jiangsu Shagang Group were at market level.
Z uporabo enega samega povprečja relativnega razmika za posojila z različnimi zapadlostmi se posojilom s kratkoročno zapadlostjo ne daje prevelika teža, saj je Komisija v praksi ta razmik uporabila za posojila z različnimi zapadlostmi.
The Commission considered that the financial situation of the group corresponds to a BB rating, which is the highest rating that does no longer qualify as ‘investment grade’.
V zvezi s šesto točko je Komisija ugotovila, da je uporabila podatke iz dveh različnih časovnih obdobij (tj. relativni razmik, veljaven v OP, in obrestno mero Ljudske banke Kitajske, veljavno v trenutku, ko je bilo posojilo odobreno) in da bi časovno obdobje, upoštevano za vsako posojilo, moralo sovpadati.
‘Investment grade’ means that bonds issued by the company are judged by the rating agency as likely enough to meet payment obligations that banks are allowed to invest in them.
Vendar pa se Komisija ni strinjala s sklepom kitajske vlade, da bi bilo namesto tega treba vse podatke vzeti iz OP.
Non-investment grade bonds are regarded as having speculative characteristics.
V zvezi s tem je Komisija ugotovila, da bi se posebni pogoji za vsako posojilo, kot je na primer spremenljiva obrestna mera, morali upoštevati pri določitvi ustreznega časovnega obdobja, ki se uporablja za razmik, ter obrestno mero Ljudske banke Kitajske.
Obligors rated at non-investment grade will likely have some quality and protective characteristics, but these may be outweighed by large uncertainties or major exposure to adverse conditions.
Vendar v sedanji preiskavi ta informacija Komisiji ni bila na voljo za vsa posojila, odobrena vzorčenim družbam.
The BB rating is the highest grade in this category, which reflects the fact that an obligor is less vulnerable in the near-term than other lower-rated obligors.
Zaradi pomanjkanja informacij o posebnih pogojih posojil, odobrenih v preteklosti, in na zahtevo kitajske vlade se je Komisija odločila, da bo za vsa posojila, odobrena družbam, vključenim v vzorec v tej preiskavi, uporabila relativni razmik in obrestno mero Ljudske banke Kitajske, veljavno v OP.
However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments according to Standard and Poor's credit rating definitions.
Komisija je znesek ugodnosti, povezanimi s preferenčnimi posojili, ustrezno prilagodila navzdol.
The premium expected on bonds issued by firms with this rating (BB) was then applied to the standard lending rate of the People's Bank of China (‘PBoC’) in order to determine the market rate.
V zvezi z zadnjo točko se je Komisija strinjala, da so viri iz dokumenta z dodatnimi informacijami navedli uporabo relativnega razmika v zvezi z donosi in da noben vir ni navedel, da bi morala biti ta razlika izražena v relativnih vrednostih.
That mark-up was determined by calculating the relative spread between the indexes of US A rated corporate bonds to US BB rated corporate bonds based on Bloomberg data for industrial segments.
Komisija je opozorila na dejstvo, da je cilj glede relativnega razmika vzpostaviti premijo kreditnega tveganja, ki se uporablja za netvegano obrestno mero za izračun referenčne obrestne mere.
The relative spread thus calculated was then added to the benchmark interest rates as published by the PBoC at the date when the loan was granted, and for the same duration as the loan in question.
Dejansko so premije kreditnega tveganja povezane s tem, kako vlagatelji gledajo na vrednostne papirje in kakšen donos lahko pričakujejo v zameno za povečano tveganje.
This was done individually for each loan provided to the company.
Poleg tega, tudi če vsi viri niso temeljili na znanstvenih knjigah, pa so odražali navedbe iz drugih virov.
As for loans denominated in foreign currencies in the PRC, a similar situation in respect of market distortions and the absence of valid credit ratings applies, because these loans are granted by the same Chinese financial institutions.
Iz vseh teh razlogov je Komisija vse te vire še naprej obravnavala kot pomembne.
Therefore, as found before, BB rated corporate bonds with relevant denominations issued during the IP were used to determine a mark-up, which was applied to the USD LIBOR lending rate in order to determine an appropriate benchmark.
Komisija zato ohranja svoje stališče, da metoda relativnega razmika ustrezneje odraža premijo za tveganje, ki bi jo finančna institucija uporabila za kitajske proizvajalce izvoznike na neizkrivljenem trgu, zlasti ker sta se osnovni obrestni meri v LRK in v ZDA gibali drugače.
Furthermore, in order to take into account the increased risk highlighted by the revolving loan practices at the level of the individual companies involved in the HRF production, the Commission tried to identify another appropriate benchmark on the Chinese market.
Po razkritju so kitajska vlada in dve vzorčeni družbi poleg tega nasprotovale uporabi obrestne mere med 14 % in 16 % za vsa posojila z zapadlostjo dveh let ali manj, zagotovljena na ravni proizvodnih družb, ki so koristila posojila revolving.
In this respect, the Commission noted that one state-owned bank had provided a loan with a maturity of 16 months to one of the companies of the Jiangsu Shagang Group for an interest rate between 14 % and 16 %.
Predložene so bile naslednje pripombe:
According to the Jiangsu Shagang Group, the comparatively high interest rate was due to the fact that this specific financial institution specializes in loans to companies in financial distress, and the company called upon its services to alleviate a temporary liquidity problem.
Komisija je vsa posojila, ki trajajo dve leti in manj, razvrstila kot posojila revolving, in sicer brez zadostne razlage ali dodatnih dokazil.
Given that revolving loans are usually a sign of short term liquidity problems, the conditions and the maturity of that loan are considered to be appropriate to reflect the additional benefit derived from the use of revolving loans.
Vsa kratkoročna posojila, ki so jih prejele vzorčene družbe, niso bila posojila revolving.
The Commission thus found it appropriate to use this figure as the relevant benchmark for all loans with a maturity of 2 years or less provided at the level of the production companies which were making use of revolving loans.
Posojila revolving niso nujno znak težav z likvidnostjo.
It is highly unlikely that a revolving loan would be found for a maturity of more than two years, and the concrete evidence of the loans verified in the sampled companies supports this conclusion.
Ne ustvarjajo višjih obrestnih mer in se uporabljajo v jeklarski industriji EU.
In its disclosure comments, the GOC and the sampled cooperating companies took issue with the methodology related to the relative spread, as described in recital (169) above.
Skupina Shougang Group je trdila, da je Komisija posojila revolving ugotovila zlasti pri družbah Qian'an Coal, Xishan Coking in Shougang Corp., ki niso bile v finančnih težavah.
In view of these comments, the Commission sent subsequently an additional document to all interested parties, in which it further explained the methodology used.
Približek referenčne vrednosti, ki ga je uporabila Komisija, ni bil v skladu s členom 14 Sporazuma o subvencijah in izravnalnih ukrepih.
International banking practice works by a reference to a benchmark plus an additional premium, which is expressed as an absolute mark-up and not as a relative mark-up.
Poleg tega Komisija ni izvedla prilagoditev, da bi to posojilo približala primerljivim komercialnim posojilom.
As example, it could be IBOR or LIBOR or EURIBOR plus 1 %.
Glede prve točke Komisija ni vseh posojil z zapadlostjo dveh let ali manj opredelila kot posojil revolving.
The two elements of the interest rate reflect the country or currency risk (that is the part of the interest that corresponds to the central bank or risk-free company rate) and the company specific risk (that is the mark-up, expressed in absolute terms, for the BB-rated company).
Obstoj posojil revolving v dani družbi je bil le znak, da je bila družba v slabšem finančnem položaju, kot so na prvi pogled kazali računovodski izkazi, dodatno tveganje pa je bilo povezano s kratkoročnimi likvidnostnimi težavami.
The relative spreads get larger when the risk free rate gets lower, even though the absolute spread stays the same.
Zato so morala vsa kratkoročna posojila imeti višjo premijo za tveganje, ne glede na to, ali je šlo za posojila revolving ali ne.
In addition, the methodology produces extremely high relative spreads for negative interest rates.
Glede druge točke se Komisija ni strinjala z oceno kitajske vlade in proizvajalcev izvoznikov.
According to historical data provided by the GOC (‘Historical Data on Relative Spread’), the absolute spread remains roughly stable over time, while the relative spread shows great variations.
Kitajski organi obravnavajo posojila revolving kot dodatni dejavnik kreditnega tveganja.
Furthermore, the average absolute spread over time is close to the absolute spread found in the IP.
Kakor je navedeno v smernicah komisije bančnih regulatorjev Kitajske o razvrščanju posojil na podlagi tveganja, bi bilo posojila revolving treba opredeliti vsaj kot posojila, „ki vzbujajo zaskrbljenost“ [29].
The Commission used the average relative spread during the IP for loans with different maturities, ranging from 1 to 10 years.
Ta kategorija posojil pomeni, da obstajajo nekateri dejavniki, ki lahko negativno vplivajo na sposobnost vračila posojilojemalca, čeprav je ta trenutno sposoben odplačevati glavnico in obresti posojila.
In fact, the application of the relative spread to bonds with different maturities shows big differences depending on the duration of the loans, and shows that absolute and relative spread move in different directions for different maturities.
Posojila revolving v Evropi sicer obstajajo in se uporabljajo v jeklarski industriji Unije, vendar se njihovi pogoji zelo razlikujejo od pogojev kitajskih posojil revolving.
Using a single average relative spread of bonds with different maturities instead of a weighted average assigns too much weight to short-term maturities, as bonds are typically issued with a long maturity.
Posojila revolving v Uniji so v bistvu kreditne linije z vnaprej določenim najvišjim zneskom, ki se lahko umakne in odplača v več obrokih v predhodno določenem roku.
This was especially relevant since the Commission only used the relative spread for long-term loans.
V nasprotju s trditvijo kitajske vlade takšna posojila ustvarjajo dodatne stroške, naj bodo to pogodbeni pribitki, ki se dodajo k običajnim kratkoročnim tržnim obrestnim meram [30], ali vnaprej določene provizije za upravljanje.
The relative spread has been applied to the wrong PBoC reference rate for loans granted before 2015 but which were still outstanding during (part of) 2015, as the Commission took into account the PBoC rate applicable at the time when the loan was granted.
V primeru banke BNP Paribas, ki ga je navedla kitajska vlada, je bila predvidena celo provizija za neizkoriščen kapital med trajanjem posojila.
The Commission should have used the 2015 PBoC rates instead.
Na drugi strani pa se pogoji posojil revolving, ki so bila ugotovljena med preveritvenimi obiski kitajskih vzorčenih družb, niso razlikovali od pogojev drugih kratkoročnih posojil.
The sources referred to in the additional disclosure document referred to the use of a relative spread with regards to yields and not to the difference between loan interest rates obtained from banks.
Niso bili označeni kot kreditne linije ali posojila revolving in zanje niso veljali ne pribitki ne dodatne provizije.
None of the sources stated that this difference needed to be expressed in a relative way, and not all of them were credible sources.
Na prvi pogled so bili običajna kratkoročna posojila.
On the first point, the Commission recognised that commercial banks usually use a mark-up expressed in absolute terms.
Vendar je pri preverjanju odplačil takšnih posojil med preveritvenim obiskom postalo jasno, da se je glavnica dejansko odplačevala z novimi posojili, prejetimi od iste banke za isti znesek v roku enega tedna pred datumom zapadlosti ali enega tedna po datumu zapadlosti prvotnega posojila.
It observed that this practice seems mainly based on practical considerations, because the interest rate is ultimately an absolute number.
Komisija je svojo analizo nato razširila tudi na druga posojila in preglednice s posojili ter v večini primerov ugotovila druge primere s popolnoma enakimi značilnostmi.
The absolute number is however the translation of a risk assessment that is based on a relative evaluation.
Zaradi vsega tega je Komisija ohranila svoje stališče o posojilih revolving.
The risk of default of a BB-rated company is X % more likely than default of the government or the risk-free company.
Komisija se ni strinjala glede dejstev posebne trditve skupine ShougangaGroup, da je Komisija ugotovila posojila revolving predvsem za družbe Qian'an Coal, Xishan Coking in Shougang Corp.
This is a relative evaluation, which is illustrated by data submitted by the GOC on the historical development of spreads (see analysis below).
Komisija je posojila revolving ugotovila pri vseh preverjenih družbah skupine Shouganga Group, vključno s proizvodnima družbama Shougang Mining in Qian'an, pri katerih so se vsa kratkoročna posojila, dodeljena v OP, štela za posojila revolving.
The relative spread captures changes in the underlying market conditions which are not expressed when following an absolute spread.
Gled tretje točke je bila Komisija mnenja, da je posojilo, ki ga prejela družba iz skupine Jiangsu Shagang Group, primerljivo komercialno posojilo, saj pogoji za njegovo dodelitev, opisani v uvodni izjavi (162), ustrezajo finančnemu položaju, za katerega so značilne težave s kratkoročno likvidnostjo.
On the second and third point, the Commission agreed with the starting point that interest rates reflect not only company risk profiles, but also country- and currency specific risks.
Poleg tega se je zapadlost nadomestnega posojila (16 mesecev) na splošno ujemala s kratkoročno naravo posojil, na podlagi katerih se je ta približek referenčne vrednosti uporabil za izračun ugodnosti.
Often, as in the present case, the country- and currency-specific risk varies over time, and the variations are different for different countries.
Kljub temu se je približek referenčne obrestne mere prilagodil tako, da so se upoštevale razlike med obrestno mero za posojila z zapadlostjo manj kot eno leto v primerjavi s posojili z zapadlostjo od enega do dveh let, in sicer na podlagi ustreznih razlik med obrestnimi merami Ljudske banke Kitajske v okviru obeh zapadlosti.
As a result, the risk-free rates vary significantly over time, and are sometimes lower in the US, sometimes in China.
Podroben izračun te prilagoditve je bil predložen zadevnim družbam.
These differences relate to factors such as observed and expected GDP growth, economic sentiment, and inflation levels.
Zato je Komisija zavrnila vse trditve, povezane z uporabo obrestne mere med 14 % in 16 % za vsa posojila z zapadlostjo dveh let ali manj, zagotovljena na ravni družb, ki so koristila posojila revolving.
Because the risk-free rate varies over time, the same nominal absolute spread can signify a very different assessment of the risk.
Poleg tega je skupina Jiangsu Shagang Komisiji očitala, da je pri svojem izračunu ugodnosti dvakrat knjižila posojila, ki so si jih izposodile njene hčerinske družbe od Shagang Finance in matične družbe.
For example, where the bank estimates the company-specific risk of default at 10 % higher than the risk-free rate (relative estimation), the resulting absolute spread can be between 0,1 % (at a risk-free rate of 1 %) and 1 % (at a risk-free rate of 10 %).
Družba Shagang je trdila tudi, da bi Komisija morala odšteti „negativno ugodnost“, tj. ugodnost posojil, pri katerih so bila dejanska plačila obresti višja od referenčnih obrestnih mer, ki jih je izračunala Komisija.
From an investor perspective, the relative spread is hence a better measure as it reflects the magnitude of the yield spread and the way it is affected by the base interest-rate level.
Komisija je obe trditvi zavrnila.
The method is country-neutral.
Kar zadeva domnevno dvojno knjiženje, je Komisija ugotovila, da se je družba Shagang navezovala predvsem na posojila med podjetji, in sicer med družbo Shagang Finance in povezanimi družbami za proizvodnjo jekla.
For instance, where the risk-free rate in the US is lower than the risk-free rate in China, the method will lead to higher absolute mark-ups.
V zvezi s tem je opozorila, da družba Shagang Finance Komisiji ni predložila nobenih podatkov o posojilih, ki bi jih najela sama.
On the other hand, where the risk-free rate in China is lower than in the US the method will lead to lower absolute mark-ups.
Glede preostalih nekaj posojil med podjetji med skupino Shagang Group in družbami za proizvodnjo jekla je Komisija preverila, ali je prišlo do dvojnega knjiženja.
To further illustrate this point, the data provided by the GOC show that the relative spread was low before the bust of the dotcom-bubble in 2002.
Vendar sta bili že pred razkritjem na seznamu posojil, ki ga je poslala skupina Shagang Group, navedeni le dve posojili med podjetji, medtem ko je seznam posojil družbe Hongchang Plate navajal le eno takšno posojilo.
It returned to low levels until the financial and economic crisis caused by subprime and sovereign debt.
Poleg tega primerjava teh posojil kaže, da se ta niso ujemala glede izposojenega zneska, trajanja in veljavnih obresti.
Following that financial and economic crisis, the relative spreads remained at a higher level compared to before that crisis.
Družba po razkritju ni predložila nobenih novih informacij za utemeljitev svoje trditve, da je šlo pri navedenih posojilih dejansko za isto posojilo.
This higher level of the relative spread reflects well worsened macro-economic fundamentals and suppressed aggregate demand, which also caused the inflation rate in the US (and other advanced economies) to fall to very low levels.
Zato je Komisija menila, da je bilo vsako od teh posojil navedeno samo enkrat, in sicer na seznamu posojil skupine ali seznamu posojil proizvodne družbe.
The data provided by the GOC shows that the absolute spread fails to reflect the worsened underlying fundamentals.
Glede trditve v zvezi z „negativno ugodnostjo“, navedene v uvodni izjavi (196), je Komisija ugotovila, da se ne postavlja vprašanje poštene primerjave.
For instance, there is a relatively small difference in the absolute yield spread in the US – 2,46 p.p. in 2003 and 2,35 p.p in the IP, even if there is a large difference in the average inflation rate – 2,27 % in 2003 and only 0,12 % 2015.
Prejetje posojila z nepreferencialno obrestno mero ne more izravnati ugodnosti, ki jo družba prejme od drugega posojila s preferenčno obrestno mero.
The relative spread better captures the divergences in the economic situation between the two, namely 48,86 % in 2003 against 71,57 % in 2015.
Komisija je upoštevala le posojila, za katera je bila pri izračunu ugodnosti izračunana referenčna vrednost višja od obrestne mere, ki jo plačajo družbe.
Similarly, in 2006 (before the crisis) the absolute spread was at 1,55 %, which is almost the same as in 2017 (1,56 %), even though the underlying market conditions have significantly changed.
Tudi skupina Hesteel Group je bila glede na svoja finančna poročila na splošno v dobičkonosnem finančnem položaju.
That change in market conditions is expressed in the relative spread, which was 27 % in 2006 and 46 % in 2017.
Izgub ni imela, vendar so bile stopnje dobičkonosnosti na splošno nizke, zaradi česar je skupina izpostavljena negativnim spremembam poslovnih, finančnih ali gospodarskih razmer.
Finally the Commission acknowledged that using the relative spread methodology in cases of negative interest rates would produce unreasonable results.
Skupina ima tudi visoko razmerje med dolgom in sredstvi.
However, that scenario is not at issue in the present case.
Na ravni družb, ki sodelujejo pri proizvodnji vroče valjanih ploščatih izdelkov, je bil splošni finančni položaj predstavljen podobno kot na ravni skupine, tj. z nizkimi stopnjami dobičkonosnosti, vendar brez izgub.