natgillin/translations-raw huggingface dataset:
According to Italy, for the purposes of determining the existence of State aid, it is necessary to establish a sufficiently direct link between, on the one hand, the advantage given to the beneficiary and, on the other, a reduction of the State budget or a sufficiently concrete economic risk of burdens on that budget.
Poleg tega je Sodišče v sodbi v zadevi Piaggio menilo, da morebitni vpliv na javne upnike ni bistveni vidik, temveč kazalnik, med drugimi, za ugotovitev obstoja selektivne prednosti, ki se financira iz državnih sredstev.
In this regard, the Commission's argument in the Opening Decision that, by investing the seized amounts in Ilva's bonds rather than in State bonds the State may forego possible revenues, is merely hypothetical and not founded.
Z navedeno sodbo se od Komisije tudi zahteva, naj dokaže, da so država ali javni organi med glavnimi upniki podjetja v težavah, kar po mnenju italijanskih organov v tem primeru ne velja.
First, there is no reason to believe that, in a counterfactual scenario, the seized amounts would have been invested in State bonds and not simply deposited on a bank account held by the Fondo Unico di Giustizia.
Nazadnje, Italija poudarja, da se s spornim ukrepom v tej zadevi samo izvaja splošno načelo italijanskega prava iz člena 111 zakona o insolventnosti (Legge Fallimentare, Regio decreto z dne 16. marca 1942, št. 267), ki je prisotno tudi v njegovih drugih določbah, na primer členih 182c in 182d, s katerimi je rednim sodnikom podeljena pravica, da za nekatera posojila odobrijo privilegij prednostnega poplačila, zlasti če so taka posojila nujna za nadaljnje opravljanje dejavnosti družbe in zagotovitev zadoščenja upnikov.
Second, the Commission has not demonstrated a sufficiently direct link between the decision not to invest the seized amounts in State bonds and a potential negative effect on the State budget.
Gospodarska prednost
Therefore, the Italian authorities conclude that measure 1 does not have any negative effect on the State budget.
Italijanski organi menijo, da so pogoji posojila v skladu z običajnimi tržnimi pogoji za posojilo, odobreno z nizko stopnjo kritja.
On the contrary, it may have a positive effect on it.
Obrestna mera za posojilo, ki so ga odobrile finančne institucije, je 3-mesečni Euribor + […] bazičnih točk na leto.
Selective advantage
Ker je medtem družba Ilva vstopila v postopek izredne uprave, med katerim upniki niso upravičeni uveljavljati svojih terjatev, posojilo ni bilo vrnjeno na datum zapadlosti.
Italy also argues that no selective advantage has been conferred to Ilva.
Med izredno upravo morajo biti vsi dolgovi poplačani v skladu z veljavnimi pravili.
The amounts at issue are intended to be placed in a separate account and dedicated to the Environmental Plan, including the works prescribed in the Reasoned Opinion.
V zvezi z vprašanjem, ali je bila dodelitev posojila omogočena z odobritvijo največje prednosti pri poplačilu, italijanski organi trdijo, da se največja prednost pri poplačilu prizna šele potem, ko pristojno nacionalno sodišče preveri, ali je posojilo v skladu z vsemi pogoji iz člena 12(5) zakonskega odloka št. 101/2013, po postopku za sestavo seznama upnikov (accertamento del passivo).
Therefore, the measure merely complies with the ‘polluter pays’ principle by striking the correct balance between constitutional interests of protection of health, employment and environment.
Zato je bila ob dodelitvi posojila opredelitev posojila kot posojila z največjo prednostjo pri poplačilu le hipotetična.
In fact, it aims at: (i) facilitating Ilva's extraordinary administration by putting at its disposal the funds necessary to comply with the works that the Commission itself imposed on Italy in the Reasoned Opinion; and (ii) preserving the legal rights of the individuals undergoing the criminal investigation.
Italijanski organi najprej opozarjajo, da je posojilo s poroštvom po zakonu namenjeno izključno naložbam, vključenim v okoljski načrt.
More generally, in light of its peculiar nature, the measure at issue cannot be considered as conferring a selective advantage for at least two reasons.
Z njim naj bi se torej odpravili pomisleki Komisije, navedeni v obrazloženem mnenju.
First, Member States are free to decide how they manage the situation pending the conclusion of criminal proceedings (res controversa), this issue being outside the Commission's scrutiny under State aid rules.
Državna sredstva in gospodarska prednost
Second, the anticipation on the provisional basis of the outcome of the pending criminal proceedings is a general principle shared by a large part of the European legal systems and cannot as such confer a selective advantage on the undertaking that benefits from this anticipation.
Po mnenju italijanskih organov uporaba državnih sredstev ne izhaja iz dejstva, da državna poroštva ogrožajo državna sredstva, če se unovčijo.
Last, as to the financial conditions of the bonds issued by Ilva, the Italian authorities explain that the bonds would be issued at the average interest rate applied to accounts in the name of the Fondo Unico di Giustizia, for instance […] in the year 2015.
Vpliv na državna sredstva obstaja samo, če morebitna izguba za državo ni ustrezno poplačana.
They also stress that it is not unusual for undertakings in difficulty or placed under extraordinary administration to issue bonds to cover their financial needs.
V zvezi s tem italijanski organi menijo, da je 3,12-odstotna poroštvena premija tržno usmerjena, in sicer iz več razlogov.
Selectivity
Prvič, italijanski organi so za določitev te premije naročili strokovno študijo (v nadaljnjem besedilu: mnenje […]).
According to Italy, the legislative provision in question merely implements a general principle of law that allows for the pre-deductibility status of credits if this is necessary to preserve the value of an undertaking and the management of its assets.
Mnenje […] temelji na metodologiji, določeni v skladu s točko 3.2(d) Obvestila Komisije o uporabi členov 87 in 88 Pogodbe ES za državno pomoč v obliki poroštev (v nadaljnjem besedilu: obvestilo o poroštvih):
No other undertaking has benefitted from this provision yet only because this legislative provision was introduced recently.
ob upoštevanju te bonitetne ocene je bila opravljena primerjalna analiza za izbiro razumnega razpona tržnih vrednosti za poroštveno premijo na podlagi različnih metodologij, ki se uporabljajo v mednarodni praksi;
State resources and impact on State budget
dobljeni rezultati se bili nadalje potrjeni z dodatnimi ocenjevalnimi merili;
According to Italy, measure 2 does not involve State resources.
rezultat je bil 6-mesečni Euribor z razponom od 2,5 % do 3,12 %;
The legal provision in question did not grant to the competent authority ‘the power to direct or influence the administration of the funds’.
izbran je bil najvišji odstotek.
In this case, the Italian authorities were not involved in the relationship between the financing institutions and Ilva.
Drugič, poroštvena premija in obrestna mera za posojilo, ki ju je plačala družba Ilva, sta na splošno v razponu, navedenem v uvodni izjavi 90 sklepa o začetku postopka (tj. da bi bila marža za posojilo tehnično insolvenčni družbi z bonitetno oceno pod CCC od 400 do 1000 bazičnih točk).
In addition, the measure has no negative impact on the State budget also with respect to State credits vis-à-vis Ilva.
V zvezi s tem bi bilo treba pri oceni kreditnega tveganja upoštevati to, da ima posojilo s poroštvom največjo prednost pri poplačilu.
Apart from fiscal measures, the Commission has to demonstrate a sufficiently direct link between the advantage given to the beneficiary and a concrete economic risk of burden on the State budget.
Tretjič, tveganje, ki ga prevzame država, je treba oceniti glede na njene splošne cilje dobičkonosnosti.
In this case, the link is inexistent.
V zvezi s tem je treba poudariti, da je bil ukrep namenjen financiranju izdatkov, potrebnih za izpolnjevanje okoljskih obveznosti italijanske države, ki izhajajo iz obrazloženega mnenja Komisije.
First, the State does not waive any resources, from whatever source (taxes, contributions or others), which should be paid by Ilva to the State.
Načelo vlagatelja v tržnem gospodarstvu bi bilo torej treba presojati globalno, ob upoštevanju vseh ustreznih preudarkov za državo, vključno z dejstvom, da bi bilo končno breme za državna sredstva manjše zaradi okoljskih naložb, izvedenih na podlagi ukrepa 3.
Second, the measure does not reduce the possibility for the State to collect its credits and it does not disadvantage State credits more than other credits.
Skratka, Italija meni, da: (i) je plačilo za poroštvo v skladu s tržnimi pogoji ter (ii) je tveganje, ki ga je država prevzela kot porok, ekonomsko racionalno in v skladu s splošnimi cilji dobičkonosnosti države.
On the contrary, by safeguarding Ilva's assets the measure had positive effects on all creditors, including the State, who will satisfy their claims from those assets.
Nazadnje, Italija poudarja, da ni nenavadno, da kreditne institucije, ki so že izpostavljene družbi, ki je v postopku zaradi insolventnosti, tej družbi zagotovijo dodatno začasno financiranje z največjo prednostjo pri poplačilu, tudi kadar tako financiranje ni podprto z državnim poroštvom.
Moreover, in the Piaggio judgement the Court considered that the potential impact on public creditors is not an essential aspect, but rather an indicator among others, to establish the existence of a selective advantage financed through State resources.
Zato ravnanje bank Intesa Sanpaolo in Banco Popolare v zvezi z ukrepom 3 ni nenavadno.
That judgement also requires the Commission to prove that the State or public entities are among the chief creditors of the undertaking in difficulty, which according to Italy is not the case here.
Navedeni banki in druge banke, ki so že bile izpostavljene družbi Ilva, so ohranile odprte kreditne linije v korist družbe Ilva kljub odsotnosti državnih poroštev na teh kreditnih linijah.
Finally, Italy stresses that the contested measure merely implements in the present case a general principle of Italian law enshrined in Article 111 of the Insolvency law (‘Legge Fallimentare’, Regio decreto 16 March 1942, No 267), which is also present in other provisions thereof such as Article 182-quarter and quinquies, which give competence to ordinary judges to grant privilege of pre-deductibility to certain loans, notably if such loans are indispensable for the continuation of the activities of the company and ensure that creditors are better served.
Italijanski organi poudarjajo, da s pravno določbo iz člena 3(5) zakonskega odloka št. 1/2015 podjetjem ni bila naložena obveznost, da dosežejo sporazum, ampak je bila povsem postopkovna in je izrednim upraviteljem družbe Ilva omogočila, da sredstva iz poravnave uporabijo v okviru postopka izredne uprave.
Economic advantage
Družbi Ilva in Fintecna sta poravnavo sklenili svobodno in prostovoljno.
The Italian authorities are of the opinion that the conditions of the loan are normal market conditions for a loan granted with low collateral.
Načelo udeleženca v tržnem gospodarstvu
The loan granted by the financing institutions has an interest rate of Euribor 3 months + […] basis points per year.
Italijanski organi ponavljajo, da po njihovem mnenju družba Fintecna, ki je v lasti države, na splošno deluje kot kateri koli drug udeleženec v tržnem gospodarstvu.
The duration of the loan is from 11 September 2014 to 28 February 2015.
To je bilo potrjeno v samem sklepu o začetku postopka, v katerem je po navedbah italijanskih organov navedeno, da je bila pogodbena klavzula iz leta 1996 zaveza, ki bi jo prevzel zasebni prodajalec, in da je bil znesek, ki ga je plačala družba Fintecna, skladen z razumno odločitvijo, ki bi jo sprejel zasebni vlagatelj.
The contract has all the usual conditions.
Vendar se zdi, da se v sklepu o začetku postopka postavlja vprašanje, ali ne bi zasebni udeleženec pred izpolnitvijo svoje obveznosti počakal na naprednejšo fazo prestrukturiranja družbe Ilva.
Since in the meantime Ilva entered into extraordinary administration, during which creditors are not entitled to enforce their claims, the loan was not reimbursed at its expiry.
Italijanski organi menijo, da transakcija pomeni zgolj izpolnjevanje pogodbenih obveznosti za okoljsko škodo.
During the extraordinary administration all debts have to be reimbursed according to the applicable rules.
Zato s finančnim bremenom za družbo Fintecna ni dodeljena posebna prednost zadevnim podjetjem, kot je opredeljeno v sodbah Sodišča v zadevah Sloman Neptun in Ecotrade.
As to the question whether the granting of the loan was made possible through the granting of a pre-deductibility, the Italian authorities claim that the recognition of the pre-deductible nature will only occur after the competent national court verifies that the loan complies with all the conditions required by Article 12, paragraph 5, of Law Decree No 101/2013, following the procedure to complete the list of creditors (accertamento del passivo).
Drugačno ravnanje, navedeno v uvodni izjavi 96 sklepa o začetku postopka (tj. neplačilo ali odlog plačila v času vodstvenih sprememb družbe Ilva), bi pomenilo oportunistično in tvegano ravnanje, ki ne bi bilo združljivo z ravnanjem udeleženca v tržnem gospodarstvu, kot ga je opredelilo Sodišče.
Therefore, at the time of granting the qualification of the credit as pre-deductible was merely hypothetical.
Selektivna gospodarska prednost
The Italian authorities first note that the guaranteed loan is by law exclusively earmarked for the investments included in the Environmental Plan.
Italijanski organi menijo, da so pogoji posojila v skladu z običajnimi tržnimi pogoji.
Therefore, it is meant to address the Commission's concerns included in the Reasoned Opinion.
Posojilo, ki ga je odobrila država, se obrestuje po letni obrestni meri 6-mesečni Euribor + 300 bazičnih točk.
State resources and economic advantage
En delovni dan pred odobritvijo posojila je 6-mesečni Euribor znašal – 0,04 %.
According to the Italian authorities, the use of State resources does not derive from the fact that State guarantees put State resources at risk in case they are called.
Obrestna mera je bila torej določena na 2,96 %.
Instead, State resources are only impacted if the potential loss for the State is not properly remunerated.
Italija trdi, da je ta obrestna mera v skladu z mnenjem […], pripravljenim za odobritev ukrepa 3 (glej uvodno izjavo 98).
In this respect, the Italian authorities consider that the 3,12 % guarantee premium is a market oriented one, for several reasons.
V mnenju […] je navedeno, da bi bila obrestna mera med 2,50 % in 3,12 % v skladu z običajnimi tržnimi pogoji.
First, the Italian authorities commissioned an expert study (hereafter, ‘the […] opinion’) to determine this premium.
Ker se med odobritvijo ukrepa 3 in odobritvijo ukrepa 5 (aprilom 2015 in decembrom 2015) položaj družbe Ilva ni bistveno spremenil, italijanski organi menijo, da se lahko mnenje […] uporabi za oceno skladnosti ukrepa 5 s trgom.
The […] opinion relies on a methodology established in line with point 3.2(d) of the Commission Notice on the application of Articles 87 and 88 of the EC Treaty to State aid in the form of guarantees (‘the Guarantee Notice’):
Poleg tega Italija poudarja, da je posojilo z največjo prednostjo pri poplačilu, kar je pomembno dodatno dejstvo, ki bi ga Komisija morala upoštevati pri oceni povezanega kreditnega tveganja.
the credit risk of the borrower was analysed through a model allowing the assignment of a credit score on the basis of the available information;
Italija prav tako trdi, da je namen ukrepa 5 olajšati postopek prodaje družbe Ilva, hkrati pa zagotoviti njeno delovanje na način, skladen z zahtevami glede varovanja okolja, zdravja in zaposlovanja.
considering that credit score, a benchmarking analysis was carried out to select a reasonable range of market values for the guarantee premium on the basis of the various methodologies used by the international practice;
Nazadnje, Italija opozarja, da je bila 9. junija 2016 z zakonskim odlokom št. 98/2016 spremenjena obveznost odplačila posojila, tako da je bila prenesena s kupca sredstev družbe Ilva na samo družbo Ilva.
the results obtained were further corroborated with additional evaluation criteria;
Poleg tega je bil zaradi sprememb v postopku prodaje in da bi se izognili preložitvi končnega datuma odplačila posojila po dokončni odprodaji sredstev družbe Ilva, s členom 1(1)(a) zakonskega odloka št. 243/2016 datum odplačila posojila spremenjen na 60 dni po dokončni odprodaji sredstev družbe Ilva, s čimer se je prekinila njegova povezava s sklepom o prenehanju dejavnosti družbe Ilva.
the highest percentage was selected.
Pripombe družbe Ilva
Second, the guarantee premium and the loan interest rate paid by Ilva overall fall within the range indicated at recital 90 of the Opening Decision (i.e. that the margin for a loan to a technically insolvent company with a rating below CCC would be between 400 and 1000 basis points).
Družba Ilva je Komisijo obvestila, da se v celoti strinja s pripombami italijanskih organov, povzetimi v oddelku 3 tega sklepa.
In this respect, the pre-deductible nature of the guaranteed loan should be taken into account when assessing the credit risk attached to it.
Pripombe organizacije Peacelink
Third, the risk taken by the State has to be assessed against the State's overall profitability objectives.
Peacelink je italijanska nevladna organizacija, katere namen je državljanom zagotavljati pregledne informacije o različnih temah, vključno z vojaškimi konflikti ali okoljskimi spori.
In this respect, it should be stressed that the measure was earmarked for the expenditures needed to comply with the environmental obligations of the Italian State deriving from the Commission Reasoned Opinion.
Organizacija Peacelink meni, da so pomisleki, ki jih je Komisija izrazila v sklepu o začetku postopka, popolnoma utemeljeni.
The market economy investor principle should therefore be assessed globally against all relevant considerations for the State, including the fact that the final burden on State resources would be lower if the environmental investments are performed thanks to measure 3.
V zvezi z ukrepom 1 trdi, da bi predčasno plačilo zneskov, ki so predmet sodnega zasega, privedlo do tega, da bi morala država nositi tveganje, povezano z izidom sodnega postopka.
In summary, Italy believes that: (i) the guarantee is remunerated at market conditions; and (ii) the risk taken by the State as guarantor is economically rational and coherent with the overall profitability objectives of the State.
Takega tveganja ne bi sprejel noben zasebni subjekt.
Last, Italy stresses that it is not uncommon that credit institutions already exposed to a company undergoing insolvency proceedings provide additional pre-deductible interim financing to this company, even in cases where such financing is not backed by any State guarantee.
V zvezi z ukrepom 2 meni, da ne bi noben udeleženec na trgu družbi Ilva odobril posojila brez posredovanja države.
Therefore, the behaviour of the banks Intesa Sanpaolo and Banco Popolare with respect to measure 3 is not unusual.
Poleg tega to posredovanje vključuje tveganje za državna sredstva, ker vpliva na vrstni red odplačila javnih posojil.
These banks as well as other banks already exposed to Ilva have been keeping credit lines open for the benefit of Ilva, despite the lack of State guarantees on these credit lines.
V zvezi z ukrepom 3 meni, da ne bi noben upnik v tržnem gospodarstvu odobril posojila pod pogoji, ki so bili ponujeni družbi Ilva.
The Italian authorities stress that the legal provision in Article 3, paragraph 5, of Law Decree No 1/2015 did not impose on the undertakings any obligation to find an agreement but was merely procedural, allowing Ilva's Extraordinary Commissioners to use the funds from the settlement in the context of the extraordinary administration procedure.
In v zvezi z ukrepom 4 meni, da obstaja državna pomoč, ker je družba Fintecna privolila v poravnavo svoje terjatve le zaradi določb zakonskega odloka št. 1/2015.
The settlement was freely and voluntarily concluded by Ilva and Fintecna.
Poleg tega dejstvo, da je družba Fintecna javni organ, vzbuja pomisleke o njeni zmožnosti, da deluje kot zasebni udeleženec.
Market economy operator principle
Organizacija Peacelink je tudi prosila Komisijo, naj obseg svoje poglobljene preiskave razširi na javno podporo, zagotovljeno z zakonskim odlokom št. 191/2015 v obliki posojila v višini 300 milijonov EUR in drugega posojila v višini 800 milijonov EUR.
The Italian authorities repeat that in their view Fintecna, a State owned corporation, generally operates as any other market economy operator.
Nazadnje je organizacija Peacelink predložila pripombe o nekaterih okoljskih vidikih dejavnosti družbe Ilva, ki za ta postopek v zvezi z državno pomočjo niso pomembne.
This was confirmed by the Opening Decision itself which, according to the Italian authorities, states that the 1996 contract clause was a commitment that a private vendor would have undertaken and that the amount paid by Fintecna was coherent with a rational decision taken by a private investor.
Pripombe združenja WV Stahl
However, the Opening Decision seemed to question whether a private operator would have waited a more advanced phase of Ilva's restructuring before fulfilling its obligation.
WV Stahl je trgovinsko združenje nemške jeklarske industrije.
The Italian authorities are of the opinion that the transaction represents the mere fulfilment of a contractual obligation for environmental damages.
Sedež ima v Düsseldorfu.
Therefore, the financial burden for Fintecna does not confer a particular advantage on the undertakings concerned, as defined by the Court judgments in Sloman Neptun and Ecotrade.
WV Stahl se strinja s pomisleki, ki jih je Komisija izrazila v sklepu o začetku postopka.
The Italian authorities recall the thorough preliminary procedure, including expert opinions and reports, followed by Fintecna before taking the final decision to settle on 4 March 2015.
V zvezi z ukrepom 1 meni, da bi bila s predčasnim plačilom zneskov, ki so predmet sodnega zasega, družbi Ilva dodeljena gospodarska prednost.
By concluding the settlement, Fintecna put an end to any legal responsibility that could have triggered even higher costs for damages in the future.
V zvezi z ukrepom 2 meni, da možnost največje prednosti pri poplačilu deluje kot oblika jamstva in je torej nosilec nezakonite pomoči.
The alternative behaviour mentioned at recital 96 of the Opening Decision (i.e. non-payment or less immediate payment in the perspective of Ilva's management changes) would have represented an opportunistic and risky attitude that would not have been compatible with that of a market economy operator as defined by the Court.
Prisotnost državne pomoči v ukrepu 3 je po mnenju združenja očitna.
Selective economic advantage
Kar zadeva ukrep 4, WV Stahl pojasnjuje, da udeleženec v tržnem gospodarstvu ne bi sprejel takega posla.
The Italian authorities are of the opinion that the conditions of the loan are normal market conditions.
Združenje WV Stahl je Komisijo opozorilo na morebitno dodelitev dodatne državne pomoči v obliki dveh posojil v višini 300 milijonov EUR oziroma 800 milijonov EUR.
The loan granted by the State bears interest at the annual rate of Euribor 6 months + 300 basis points.
Komisijo je pozvalo, naj zagotovi, da družbi Ilva ne bo dodeljena nobena dodatna javna podpora.
One working day before the granting of the loan, Euribor 6 month was at – 0,04 %.
Zlasti bi morali vsi državni izdatki za ukrepe, ki so nujno potrebni za obvladovanje sedanjega stanja onesnaženja in varovanje javnega zdravja v Tarantu, ostati v skladu z načelom „onesnaževalec plača“ in ne bi smeli biti pretveza za prestrukturiranje jeklarne družbe Ilva.
Therefore, the interest rate was set at 2,96 %.
Nazadnje, združenje WV Stahl poziva Komisijo, naj zagotovi takojšnjo izterjavo kakršne koli pomoči, ki bi lahko bila na podlagi poglobljene preiskave razglašena za nezdružljivo.