natgillin/translations-raw huggingface dataset:
In order to substantiate its claim that the interest rates were below market rates at the time, the complainant submitted credit default swap (‘CDS’) spreads of the Icelandic government in 2009 and interest rates in 2009 on bond issues HFF150224 and HFF150434 by the Icelandic Housing Financing Fund (‘HFF’).
Kar zadeva kratkoročna zavarovana posojila centralne banke Islandije bankam in drugim finančnim institucijam, je nadzorni organ ugotovil, da so bili pogoji iz smernic o bančništvu [19] glede likvidnostne pomoči in posojil centralne banke izpolnjeni.
The complaint maintains that the measures strengthened ISB and Arion on the banking market and therefore affected the position of other market participants.
V skladu s tem je ugotovil, da kratkoročni krediti, ki jih je centralna banka Islandije zagotovila bankama Glitnir in Kaupthing, ne pomenijo državne pomoči.
Finally, the complainant argues that the restructuring plans of ISB and Arion, implemented by the Icelandic government and which the Authority found compatible aid pursuant to Article 61(3)(b) of the EEA Agreement, were sufficient to remedy the disturbance in the Icelandic economy.
Vendar je nadzorni organ glede posojilnih pogodb med centralno banko Islandije ter bankama Arion in ISB pod domnevno ugodnejšimi pogoji predhodno ugotovil, da ni mogoče izključiti, da pomenita državno pomoč v smislu člena 61(1) Sporazuma EGP.
According to the complainant, the additional aid measures implemented by way of the abovementioned agreements were not necessary, appropriate or proportionate to restore the Icelandic banking system and therefore entail incompatible state aid.
V Odločbi 208/15/COL so bili opredeljeni naslednji vidiki:
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE
nadzorni organ je opozoril, da bi se za javno podporo, ki jo dodeli centralna banka, lahko štelo, da jo je mogoče pripisati državi, in zato pomeni prenos državnih sredstev;
In Decision No 208/15/COL, the Authority preliminarily assessed whether the short-term credit facilities provided by the CBI to Glitnir and Kaupthing, as well as the loan agreements concluded between the CBI and both Arion and ISB, could constitute state aid within the meaning of Article 61(1) of the EEA Agreement; and, if so, whether the state aid could be considered compatible with the functioning of the EEA Agreement.
nadzorni organ je izrazil pomisleke glede tega, ali so bili ukrepi, ki se ocenjujejo, skladni z ravnanjem zasebnega upnika v primerljivem pravnem in dejanskem položaju.
With regard to CBI's short-term collateral lending to banks and other financial institutions, the Authority found that the conditions set out in the Banking Guidelines [19] concerning liquidity assistance and central bank facilities were fulfilled.
Iz predhodne ocene nadzornega organa je zato razvidno, da gospodarske prednosti v korist bank ISB in Arion ni mogoče izključiti;
Accordingly, the Authority concluded that the short-term credit facilities provided by the CBI to Glitnir and Kaupthing did not involve state aid.
ker ni bil predložen noben dokaz, da sta bili domnevno ugodni posojilni pogodbi dani na voljo vsem podjetjem v dejanskem in pravnem položaju, ki je primerljiv s položajem bank ISB in Arion, je bilo predhodno mnenje nadzornega organa, da se ukrepi zdijo selektivni;
However, with respect to the loan agreements between the CBI and both Arion and ISB on allegedly favourable terms, the Authority came to the preliminary conclusion that it could not be excluded that these constitute state aid within the meaning of Article 61(1) of the EEA Agreement.
nazadnje, nadzorni organ je opozoril, da banki ISB in Arion sicer trenutno poslujeta zlasti na islandskem trgu, ne glede na to pa zagotavljata finančne storitve, ki so v celoti odprte za konkurenco in trgovino v EGP.
The following aspects were identified in Decision No 208/15/COL:
Zato je njegovo predhodno mnenje, da bi ukrep lahko izkrivljal konkurenco in vplival na trgovino v EGP.
The Authority noted that public support granted by a central bank could be regarded as attributable to the State and thus constitutes a transfer of state resources.
Po mnenju nadzornega organa je treba predložiti dodatne dokaze, da bi se lahko ugotovilo, ali bi se posojilni pogoji lahko šteli za združljive z delovanjem Sporazuma EGP.
The Authority expressed doubts as to whether the measures under assessment were consistent with the conduct of a private creditor finding himself in a comparable legal and factual situation.
Zato je imel nadzorni organ po predhodni oceni pomisleke, ali zadevni ukrepi in zlasti posojilni pogoji pomenijo državno pomoč, in če jo, ali bi se lahko šteli za združljive z delovanjem Sporazuma EGP.
Hence, the preliminary assessment of the Authority showed that an economic advantage in favour of ISB and Arion could not be excluded.
PRIPOMBE CENTRALNE BANKE ISLANDIJE
Since no evidence had been provided demonstrating that the allegedly favourable loan agreements were made available to all undertakings in a comparable factual and legal situation as ISB and Arion, it was the Authority's preliminary view that the measures appeared to be selective.
SPLOŠNO
Finally, the Authority noted that although ISB and Arion today operate mostly on the Icelandic market, they are nevertheless engaged in the provision of financial services, which are fully open to competition and trade within the EEA.
Centralna banka Islandije opozarja, da je nadzorni organ prestrukturiranje islandskega finančnega sistema in pravnih temeljev ter vladno izvedbo prestrukturiranja že predhodno obravnaval, med drugim v odločbah o pomoči za prestrukturiranje za banki ISB in Arion.
Therefore, in the preliminary view of the Authority, the measure was liable to distort competition and affect trade within the EEA.
Po njenem mnenju ni logično, da se ukrepi, ki se preiskujejo v tej zadevi, vzamejo iz konteksta in ocenijo kot samostojni instrumenti.
According to the Authority, further evidence needed to be provided in order to be able to determine whether the lending terms could be regarded as compatible with the functioning of the EEA Agreement.
Po navedbah centralne banke Islandije ni realno, da bi centralna banka izvršila zavarovanje, kot je tisto v primeru bank Kaupthing (Arion) in ISB.
Consequently, following its preliminary assessment, the Authority had doubts whether the measures in question and the lending terms in particular constituted state aid, and if so, whether they could be found to be compatible with the functioning of the EEA Agreement.
S prisvojitvijo takega zavarovanja bi centralna banka Islandije prevzela vlogo komercialne banke z enim največjih portfeljev stanovanjskih posojil na Islandiji.
COMMENTS FROM THE CBI
To ne bi bilo v skladu z vlogo, ki jo ima kot centralna banka.
GENERAL
Obstajalo je tudi veliko tveganje destabilizacije dejavnosti bank Arion in ISB, ki bi ogrozila finančno stabilnost.
The CBI notes that the restructuring of the Icelandic financial system, its legal foundation, and the government's execution of it, have been previously addressed by the Authority, inter alia, in the ISB and Arion restructuring aid decisions.
Nadzorni organ mora upoštevati pravno obveznost centralne banke Islandije, da spodbuja finančno stabilnost.
According to the CBI, it is not logical to take the measures under investigation in this case out of their context and to assess them as stand-alone instruments.
Če bi centralna banka Islandije izterjala terjatev do banke ISB, bi bila likvidnost banke ISB prešibka, da bi lahko delovala kot zdrava banka, zato centralna banka Islandije ne bi mogla izterjati celotne terjatve.
According to the CBI, it is unrealistic for a central bank to enforce collateral like the one in question in the case of Kaupthing (Arion) and ISB.
Centralna banka Islandije opozarja, da v smernicah o bančništvu na žalost ni obravnavano, kaj se zgodi, ko zapadejo terjatve, ki izhajajo iz operacij denarne politike, in mora centralna banka sprejeti ukrepe za izterjavo terjatev in prisvojitev premoženja, ki je predloženo kot zavarovanje.
In appropriating such collateral, the CBI would have taken on the role of a commercial bank with one of the largest household loan portfolios in Iceland.
Trdi, da bi bilo treba preoblikovanje terjatev centralne banke Islandije v posojilni pogodbi šteti za običajno nadaljevanje ukrepov upnikov, s katerimi naj bi se kar najbolj izterjale terjatve, ki izhajajo iz kratkoročnih kreditov, ne pa za nova finančna sredstva, zagotovljena bankama Arion in ISB.
This would have been inconsistent with its role as a central bank.
OBSTOJ DRŽAVNE POMOČI
There was also an important risk of destabilising the operations of Arion and ISB, which would have jeopardised financial stability.
Centralna banka Islandije poudarja, da je pravno obvezana k ohranjanju finančne stabilnosti in nadzoru nad deviznimi bilancami kreditnih institucij.
The Authority must bear in mind that the CBI has a legal obligation to promote financial stability.
Zato je bila pravno obvezana reševati takratne resne razmere.
If the CBI had collected the claim on ISB, ISB's liquidity would have been rendered too weak to operate as a healthy bank and consequently the CBI would not have been in a position to collect all of its claim.
Sklenitev posojilnih pogodb je bila v teh okoliščinah najbolj razumna gospodarska odločitev.
The CBI notes that the Banking Guidelines unfortunately do not address what happens when claims stemming from monetary policy operations fall into default and a central bank is forced to take steps to collect claims and appropriate collateral assets.
Centralna banka Islandije poudarja, da prisvojitev zavarovanja ne bi bila le v nasprotju z njeno vlogo centralne banke, ampak bi zaradi nje na koncu tudi izterjala manj kratkoročnega dolga.
THE PRESENCE OF STATE AID
Navaja razpoložljive informacije o izdanih instrumentih po svetu in tudi pogoje pri drugih instrumentih, ki so jih takrat sklenile zadevne strani (banka Arion, banka ISB, centralna banka Islandije, druge nacionalne finančne institucije in država) [20].
With respect to whether the loan agreements conferred an advantage on the banks, the CBI first argues that the initial delay in payments did not involve state aid, given the exceptional circumstances prevailing in Iceland after the collapse of the banking system in October 2008.
Zato so bili po njenem mnenju pogoji posojilnih pogodb v obeh primerih v celoti usklajeni s takratnimi običajnimi pogoji na trgu in torej povsem v skladu z načelom vlagatelja v tržnem gospodarstvu.
The settlement of payments with ISB in September 2009 and with Kaupthing in November 2009 cannot be considered a delay, according to the CBI, as Iceland was undergoing a comprehensive bank restructuring with the assistance of the IMF and there was a high degree of uncertainty about the valuation of the banks' assets.
Glede vprašanja, ali sta bili ti posojilni pogodbi selektivni, centralna banka Islandije trdi, da so se vsa podjetja v primerljivem pravnem in dejanskem položaju obravnavala enako.
The CBI highlights that is has the legal obligation to preserve financial stability and to supervise credit institutions' foreign exchange balances.
V zvezi s tem ugotavlja, da je tudi Straumur, zasebna islandska investicijska banka, s centralno banko Islandije sklenila dogovor o poravnavi kratkoročnega dolga [21].
Therefore, the CBI had a legal obligation to address the severe situation prevailing at the time.
Poleg tega banka MP Bank po navedbah centralne banke Islandije ni bila v podobnem dejanskem ali pravnem položaju, saj njeni kratkoročni dolgovi niso bili zavarovani s sredstvi, ki so primerljiva s portfeljem stanovanjskih posojil, ampak z javnimi vrednostnimi papirji, kot so instrumenti zakladnice in podobni varni instrumenti, tj. s sredstvi z določeno vrednostjo, s katerimi je enostavno trgovati in s katerih prisvojitvijo ni nobenih stroškov.
Concluding the loan agreements was the best rational economic decision under these circumstances.
Zato centralna banka Islandije zavrača trditev, da drugim bankam na Islandiji ni bila dana možnost, da prejmejo tako financiranje od centralne banke Islandije ali drugih vladnih agencij.
The CBI points out that not only would it have been inconsistent with the role as a central bank to appropriate the collateral, but it would also ultimately have resulted in the CBI recovering less of the short-term debt.
Nazadnje centralna banka Islandije opozarja, da mora nadzorni organ upoštevati, da v obdobju, v katerem sta bili sklenjeni posojilni pogodbi, ni bilo dejansko nobene konkurence med islandskimi finančnimi podjetji in drugimi finančnimi podjetji v EGP.
In addition, according to the CBI, the terms of the loan agreements, i.e. the interest rates and collateral, were favourable to the CBI.
Islandski parlament je novembra 2008 sprejel zakon št. 134/2008 o spremembi zakona št. 87/1992 o tujih valutah, s katerim so bile uvedene omejitve čezmejnih kapitalskih tokov in s tem povezanih menjalniških poslov, zaradi česar tuji finančni subjekti niso mogli konkurirati na islandskem trgu [22].
The CBI refers to available information on issued instruments worldwide and also to the terms of other instruments entered into by the parties at that time (Arion, ISB, the CBI, other domestic financial institutions, and the State) [20].
Zato centralna banka Islandije trdi, da ukrepi niso mogli izkrivljati konkurence in vplivati na trgovino med pogodbenicami Sporazuma EGP.
Therefore, according to the CBI, the terms of the loan agreements were in both cases fully consistent with normal market terms at the time, and therefore fully in line with the market economy investor principle.
Centralna banka Islandije na podlagi navedenega trdi, da sklenitev posojilnih pogodb ne more pomeniti državne pomoči v smislu člena 61(1) Sporazuma EGP.
With respect to whether these loan agreements were selective, the CBI argues that all undertakings in a comparable legal and factual situation were treated equally.
ZDRUŽLJIVOST
In this regard, the CBI notes that Straumur, a private Icelandic investment bank, also concluded an agreement with the CBI on the settlement of its short-term debt [21].
Če bi nadzorni organ kljub temu menil, da ukrepi pomenijo državno pomoč, centralna banka Islandije trdi, da jih je treba šteti za združljive s Sporazumom EGP na podlagi njegovega člena 61(3)(b), saj so bili sestavni deli ukrepov, ki so bili potrebni, sorazmerni in primerni za odpravo resne motnje v islandskem gospodarstvu ter so bili torej neposredno povezani z ukrepi pomoči za prestrukturiranje, ki jih je nadzorni organ odobril v odločbah o pomoči za prestrukturiranje za banki Arion in ISB.
Moreover, according to the CBI, MP Bank was not in a similar factual or legal situation as its short-term debts were not secured with assets comparable to the housing loan portfolio but with public securities such as Treasury instruments and similar secure instruments, i.e. easily tradable assets with a set value and no costs involved or associated with appropriation.
PRIPOMBE BANKE ARION
Therefore, the CBI rejects the assertion that other banks in Iceland were not given the opportunity to receive such financing from the CBI or other government agencies.
Tudi banka Arion trdi, da se ukrepi, ki se preiskujejo v tej zadevi, ne morejo vzeti iz konteksta in oceniti kot samostojni instrumenti.
Finally, the CBI notes that the Authority must consider that during the period when the loan agreements were concluded, there was de facto no competition between Icelandic financial undertakings and other financial undertakings in the EEA.
Navaja, da je nadzorni organ prestrukturiranje in kapitalizacijo banke Arion preiskal in odobril že v odločbi o pomoči za prestrukturiranje za banko Arion.
In November 2008, the Icelandic Parliament adopted Act No 134/2008, amending the Foreign Exchange Act No 87/1992, which imposed restrictions on cross-border capital movements and foreign exchange transactions related thereto, thus making it impossible for foreign financial entities to compete on the Icelandic market [22].
Banka Arion opozarja, da je bila denominacija posojila v tujih valutah namesto v islandskih kronah v skladu s pogoji dogovora o poravnavi, ki je določal, da bi morala banka Arion plačati obresti in obroke v tujih valutah v obsegu, v katerem to zmore, in da sme v islandskih kronah plačati le v izrednih okoliščinah.
Therefore, the CBI argues that the measures were not liable to distort competition and affect trade between the Contracting Parties to the EEA Agreement.
Banka Arion poudarja, da je nadzorni organ pogoje dogovora o poravnavi pregledal in odobril že v odločbi o pomoči za prestrukturiranje za banko Arion [23].
On the basis of the above, the CBI argues that the conclusion of the loan agreements cannot constitute state aid within the meaning of Article 61(1) of the EEA Agreement.
Po navedbah banke Arion trditev nadzornega organa v Odločbi št. 208/15/COL, da bi brez portfelja stanovanjskih posojil banka Arion imela majhno možnost preživetja, ne drži.
COMPATIBILITY
Po navedbah banke Arion je bil portfelj stanovanjskih posojil res koristna pridobitev, saj je vključeval posojila nekaterih ključnih strank banke Arion, banka pa ga je tudi servisirala.
Should the Authority nevertheless consider the measures to constitute state aid, the CBI argues that the measures must be considered compatible with the EEA Agreement on the basis of its Article 61(3)(b), as they formed an integral part of the measures that were necessary, proportionate and appropriate to remedy a serious disturbance in the Icelandic economy and thus were directly linked to the restructuring aid measures approved by the Authority in its Arion and ISB restructuring aid decisions.
Banka Kaupthing je v skladu z dogovorom o poravnavi (in ne odločitvijo organa za finančni nadzor) portfelj stanovanjskih posojil lahko prenesla na banko Arion v okviru njene kapitalizacije.
COMMENTS BY ARION
Če člena 3 dogovora o poravnavi ne bi bilo (in torej ne bi bilo prenosa portfelja stanovanjskih posojil), bi portfelj stanovanjskih posojil zamenjala druga sredstva, da bi se izpolnile zahteve glede kapitalizacije in prestrukturiranja banke Arion.
Arion suggests that the Authority has already investigated and approved the restructuring and capitalisation of Arion in its Arion restructuring aid decision.
Dodelitev portfelja stanovanjskih posojil v skladu z dogovorom o poravnavi in sklenitev posojilne pogodbe sta bili izvedeni pod pogoji, ki so bili v celoti skladni s takratnimi običajnimi pogoji na trgu.
Arion notes that denominating the loan in foreign currencies instead of ISK was in line with the terms of the settlement agreement, which provided that Arion should pay interest and instalments in foreign currencies to the extent the bank was able to and that it was only allowed to pay in ISK in exceptional circumstances.
Zato je ravnanje centralne banke Islandije v skladu z zahtevami merila zasebnega upnika.
Arion also notes that Article 4 of the settlement agreement provided that the borrower may, with the permission of thelender, change the denomination of the debt in part or full.
Centralna banka Islandije torej banki Arion ni zagotovila prednosti, ki bi jo bilo mogoče kakor koli šteti za državno pomoč.
The terms of the loan agreement are therefore fully in accordance with the terms of the settlement agreement.
Po mnenju banke Arion je mogoče glavne točke, ki bi jih bilo treba upoštevati pri oceni, ali bi hipotetični zasebni upnik sklenil dogovor o poravnavi in posojilno pogodbo, povzeti, kot sledi:
Arion highlights that the Authority already reviewed and approved the terms of the settlement agreement in its Arion restructuring aid decision [23].
za centralno banko Islandije je bila to ekonomsko in funkcionalno edina smiselna možnost.
According to Arion, the Authority's description in Decision No 208/15/COL that without the housing loan portfolio Arion's position would have been ‘slim’, is incorrect.
S prisvojitvijo portfelja stanovanjskih posojil bi centralna banka Islandije na koncu izterjala manjši znesek kratkoročnega dolga;
According to Arion, the housing loan portfolio was indeed a valued asset as it included loans of some of Arion's core clientele and had also been serviced by Arion.
centralna banka Islandije kot zavarovani upnik je izčrpala vse druge možnosti, ki so bile takrat na voljo;
Pursuant to the settlement agreement (and not the FME's decision), Kaupthing was able to transfer the housing loan portfolio to Arion as part of Arion's capitalisation.
dolžnica, banka Kaupthing, je bila v likvidacijskem postopku, zato je bilo treba kratkoročni dolg zaključiti v skladu z zakonom št. 21/1991 o stečajnem postopku;
In the absence of Article 3 of the settlement agreement (and thus in the absence of the transfer of the housing loan portfolio), however, other assets would have replaced the housing loan portfolio in order to fulfil the requirements of capitalisation and restructuring of Arion.
ukrepi so bili v skladu s ciljem vlade, da domači del starih bank preseli na nove banke;
According to Arion, the position of the CBI could be qualified as that of a private creditor enforcing claims against Kaupthing, as detailed in the settlement agreement, in accordance with the applicable rules governing winding-up procedures [24].
prestrukturiranje in kapitalizacija banke Arion sta bila del splošnega prestrukturiranja finančnega sektorja;
The assignment of the housing portfolio pursuant to the settlement agreement and the conclusion of the loan agreement were carried out on terms fully consistent with normal market terms at the time.
pogoji posojilne pogodbe, tj. obrestne mere in zavarovanje, so bili za centralno banko Islandije ugodni.
Consequently, the conduct of the CBI meets the requirements of the private creditor test.
To je razvidno iz razpoložljivih informacij o izdanih instrumentih po svetu in tudi pogojev pri drugih instrumentih, ki so jih takrat sklenile zadevne strani (tj. banka Arion, centralna banka Islandije, druge nacionalne finančne institucije in država).
The CBI therefore did not confer upon Arion any advantage that could in any way be considered state aid.
Ker je nadzorni organ v Odločbi št. 208/15/COL menil, da je težko določiti ustrezna referenčna merila za obrestne mere med finančno krizo, je banka Arion predložila informacije o kritih obveznicah in nadrejenih nezavarovanih obveznicah, ki so jih v zadevnem obdobju izdale banke v Evropi.
According to Arion, the main points that should be taken into consideration when assessing whether a hypothetical private creditor would have entered into the settlement agreement and the loan agreement can be summarised as follows:
Posojilo, ki ga je zagotovila centralna banka Islandije, je zavarovano zlasti s hipotekami, zato banka Arion trdi, da je primerljivo s kritimi obveznicami, ki so jih leta 2009 izdale evropske banke in so bile zavarovane s stanovanjskimi hipotekami.
It was economically and functionally the only sensible option for the CBI.
Po navedbah banke Arion je iz nabora podatkov, ki ga je predložila [25], razvidno, da so bili razmiki pri financiranju, ki so jih plačevale evropske banke, od 0,1 % do 1,90 % nad medbančnimi obrestnimi merami, pri čemer je bil srednji razmik 0,72 %.
Appropriating the housing loan portfolio would have resulted in the CBI recovering a lower amount of the short-term debt in the end.
Po navedbah banke Arion je bila sprememba pogojev v posojilni pogodbi v primerjavi s pogoji dogovora o poravnavi, ki so se nanašali na denominacijo glavnice v eurih, ameriških dolarjih in švicarskih frankih namesto v islandskih kronah, za centralno banko Islandije ugodna.
The CBI as a secured creditor had exhausted all other available options at the time.
Banka Arion opozarja, da so bile na Islandiji od zloma bančnega sistema jeseni 2008 uvedene stroge omejitve čezmejnega pretoka kapitala in povezanih menjalniških poslov.
The debtor, Kaupthing, had been put in winding-up proceedings and the short-term debt therefore had to be concluded in accordance with Act No 21/1991 on Bankruptcy Proceedings.
Z uporabo merila zasebnega upnika v teh okoliščinah je mogoča le ugotovitev, da bi zasebni upnik dal prednost denominaciji v tujih valutah namesto v islandskih kronah.