natgillin/translations-raw huggingface dataset:
In order to decide whether the borrower is to be seen as being in financial difficulty, reference should be made to the definition set out in the Chapter of these Guidelines on aid for rescuing and restructuring firms in difficulty [7].
Da se odloči, ali naj se posojilojemalec obravnava, kot da je v finančnih težavah, se uporablja opredelitev iz poglavja teh smernic Skupnosti o pomoči za reševanje in prestrukturiranje podjetij v težavah [7].
SMEs which have been incorporated for less than three years shall not be considered as being in difficulty for that period for the purposes of this Chapter.(b) The extent of the guarantee can be properly measured when it is granted.
MSP, registrirana manj kot tri leta, se za namene tega poglavja ne obravnavajo kot podjetja v težavah za to obdobje.(b) Obseg poroštva je mogoče pravilno določiti ob njegovi dodelitvi.
This means that the guarantee must be linked to a specific financial transaction, for a fixed maximum amount and limited in time.
To pomeni, da mora biti poroštvo povezano s specifično finančno transakcijo, imeti določen najvišji znesek in omejeno trajanje.
The guarantee does not cover more than 80 % of the outstanding loan or other financial obligation; this limitation does not apply to guarantees covering debt securities [8].
Poroštvo ne zajema več kot 80 % neodplačanega posojila ali druge finančne obveznosti; ta omejitev se ne uporablja za poroštva, ki zajemajo dolžniške vrednostne papirje [8].
The EFTA Surveillance Authority considers that if a financial obligation is wholly covered by a state guarantee, the lender has less incentive to properly assess, secure and minimise the risk arising from the lending operation, and in particular to properly assess the borrower’s creditworthiness.
Nadzorni organ Efte meni, da ima posojilodajalec manjši interes za pravilno oceno, zavarovanje in zmanjšanje tveganja, ki izhaja iz dajanja posojila, ter zlasti za pravilno oceno kreditne sposobnosti posojilojemalca, če državno poroštvo v celoti krije finančno obveznost.
Such risk assessment might, due to lack of means, not always be taken over by the state guarantor.
Zaradi pomanjkanja sredstev take ocene tveganja državni porok ne prevzame vedno.
This lack of incentive to minimise the risk of non-repayment of the loan might encourage lenders to contract loans with a greater than normal commercial risk and could thus increase the amount of higher-risk guarantees in the State’s portfolio.
Manjši interes za zmanjšanje tveganja neplačila dolga lahko posojilodajalce spodbudi k najemanju posojil z večjim komercialnim tveganjem od običajnega, zaradi česar bi se lahko povečal znesek poroštev z višjim tveganjem v državnem portfelju.
This limitation of 80 % does not apply to a public guarantee granted to finance a company whose activity is solely constituted by a properly entrusted Service of General Economic Interest (SGEI) [9] and when this guarantee has been provided by the public authority having put in place this entrustment.
Ta 80-odstotna omejitev se ne uporablja za javno poroštvo, dodeljeno za financiranje podjetja, katerega dejavnost je izključno pravilno poverjena storitev splošnega gospodarskega pomena (SSGP) [9], in kadar so to poroštvo zagotovili organi oblasti, ki so to poroštvo poverili.
The limitation of 80 % applies if the company concerned provides other SGEIs or other economic activities.In order to ensure that the lender effectively bears part of the risk, due attention must be given to the following two aspects:
Če zadevno podjetje opravlja druge SSGP ali druge gospodarske dejavnosti, se uporablja 80-odstotna omejitev.Za zagotovitev, da posojilodajalec dejansko prevzame del tveganja, je treba primerno pozornost posvetiti naslednjima vidikoma:
when the size of the loan or of the financial obligation decreases over time, for instance because the loan starts to be reimbursed, the guaranteed amount has to decrease proportionally, in such a way that at each moment in time the guarantee does not cover more than 80 % of the outstanding loan or financial obligation;
če se obseg posojila ali finančne obveznosti sčasoma zmanjša, npr. zaradi povračila posojila, se mora znesek, zavarovan s poroštvom, sorazmerno zmanjšati, tako da poroštvo v nobenem trenutku ne zajema več kot 80 % neodplačanega posojila ali finančne obveznosti;
losses have to be sustained proportionally and in the same way by the lender and the guarantor.
posojilodajalec in porok morata nositi izgube sorazmerno ter na enak način.
In the same manner, net recoveries (i.e. revenues excluding costs for claim handling) generated from the recuperation of the debt from the securities given by the borrower have to reduce proportionally the losses borne by the lender and the guarantor.
Neto povračila (tj. prihodki brez stroškov za obravnavanje odškodninskih zahtevkov), ki nastanejo zaradi poplačila dolgov iz zavarovanj, ki jih zagotovi posojilojemalec, morajo na enak način sorazmerno zmanjšati izgube posojilodajalca in poroka.
First-loss guarantees, where losses are first attributed to the guarantor and only then to the lender, will be regarded as possibly involving aid.
Za poroštva ob prvi izgubi, pri katerih se izgube najprej dodelijo poroku in šele nato posojilodajalcu, bo veljalo, da morebiti vključujejo pomoč.
If an EFTA State wishes to provide a guarantee above the 80 % threshold and claims that it does not constitute aid, it should duly substantiate the claim, for instance on the basis of the arrangement of the whole transaction, and notify it to the EFTA Surveillance Authority so that the guarantee can be properly assessed with regards to its possible state aid character.
Če želi država Efte zagotoviti poroštvo nad zgornjo mejo 80 %, za katerega trdi, da ne pomeni državne pomoči, mora svojo trditev ustrezno utemeljiti na primer na podlagi dogovora za celotno transakcijo in poroštvo priglasiti Nadzornemu organu Efte, da se poroštvo pravilno presodi glede morebitnega značaja državne pomoči.
A market-oriented price is paid for the guarantee.
Za poroštvo se plača tržno oblikovana cena.
As indicated under point 2.1, risk-carrying should normally be remunerated by an appropriate premium on the guaranteed or counter-guaranteed amount.
Kakor je navedeno v točki 2.1, se prevzem tveganja navadno plača z ustrezno premijo na znesek poroštva ali znesek, zavarovan s poroštvom.
When the price paid for the guarantee is at least as high as the corresponding guarantee premium benchmark that can be found on the financial markets, the guarantee does not contain aid.
Kadar je plačana cena za poroštvo vsaj tako visoka, da ustreza primerljivi poroštveni premiji, ki jo je mogoče najti na finančnih trgih, poroštvo ne zajema pomoči.
If no corresponding guarantee premium benchmark can be found on the financial markets, the total financial cost of the guaranteed loan, including the interest rate of the loan and the guarantee premium, has to be compared to the market price of a similar non-guaranteed loan.
Če na finančnih trgih ni mogoče najti ustrezno primerljive poroštvene premije, se skupni stroški financiranja posojila s poroštvom, skupaj z obrestmi posojila in poroštveno premijo, primerjajo s tržno ceno podobnega posojila brez poroštva.
In both cases, in order to determine the corresponding market price, the characteristics of the guarantee and of the underlying loan should be taken into consideration.
Za določitev ustrezne tržne cene se v obeh primerih upoštevajo značilnosti poroštva in posameznega posojila.
This includes: the amount and duration of the transaction; the security given by the borrower and other experience affecting the recovery rate evaluation; the probability of default of the borrower due to its financial position, its sector of activity and prospects; as well as other economic conditions.
Med te spadajo: znesek in trajanje transakcije, zavarovanje, ki ga da posojilojemalec, in druge vidike, ki vplivajo na oceno stopnje vračila, verjetnost neplačila zaradi finančnega položaja posojilojemalca, njegov sektor dejavnosti in obete ter druge gospodarske razmere.
This analysis should notably allow the borrower to be classified by means of a risk rating.
Ta analiza bi lahko predvsem omogočila, da se posojilojemalec razvrsti z bonitetno oceno tveganja.
This classification may be provided by an internationally recognised rating agency or, where available, by the internal rating used by the bank providing the underlying loan.
Bonitetno oceno lahko dodeli mednarodno priznana bonitetna agencija oziroma se določi, če je mogoče, po notranji bonitetni oceni banke, ki zagotovi zadevno posojilo.
The EFTA Surveillance Authority points to the link between rating and default rate made by international financial institutions, whose work is also publicly available [10].
Nadzorni organ Efte izpostavi povezavo med bonitetno oceno in stopnjo tveganja neplačila, ki so jo vzpostavile mednarodne finančne institucije, katerih delo je dostopno tudi za javnost [10].
To assess whether the premium is in line with the market prices an EFTA State can carry out a comparison of prices paid by similarly rated undertakings on the market.
Pri oceni ali premija ustreza tržnim cenam, lahko država Efte izvede primerjavo s cenami, ki so jih plačala podjetja na trgu, uvrščena v podoben razred tveganja.
The EFTA Surveillance Authority will therefore not accept that the guarantee premium is set at a single rate deemed to correspond to an overall industry standard.
Nadzorni organ Efte tako ne bo dopustil, da se določi enotna poroštvena premija, ki naj bi kazala splošni standard sektorja.
Valuation of individual guarantees for SMEs
Ocena posameznih poroštev za MSP
As an exception, if the borrower is an SME [11], the EFTA Surveillance Authority can by way of derogation from point 3.2(d) accept a simpler evaluation of whether or not a loan guarantee involves aid.
Če je posojilojemalec MSP [11], lahko Nadzorni organ Efte z odstopanjem od točke 3.2(d) sprejme preprostejšo metodo za ocenjevanje, ali poroštvo za posojilo vsebuje pomoč.
In that case, and provided all the other conditions laid down in points 3.2(a), (b) and (c) are met, a state guarantee would be deemed as not constituting aid if the minimum annual premium (‘safe harbour premium’ [12]) set out in the following table is charged on the amount effectively guaranteed by the State, based on the rating of the borrower [13]:
V tem primeru in če so izpolnjeni vsi drugi pogoji iz točk 3.2(a), (b) in (c), državno poroštvo ne bo štelo za pomoč, če se na znesek, ki ga država dejansko zavaruje s poroštvom, zaračuna v tabeli določena najnižja letna premija („premija varnega pristana“ [12]), ki temelji na bonitetni oceni posojilojemalca [13]:
Annual safe-harbour premium
Letna premija varnega pristana
Highest quality
Najvišja kakovost
Very strong payment capacity
Zelo dobra plačilna sposobnost
Strong payment capacity
Dobra plačilna sposobnost
Adequate payment capacity
Primerna plačilna sposobnost
Payment capacity is vulnerable to adverse conditions
Na plačilno sposobnost lahko vplivajo neugodne razmere
Payment capacity is likely to be impaired by adverse conditions
Na plačilno sposobnost bodo verjetno vplivale neugodne razmere
Payment capacity is dependent upon sustained favourable conditions
Plačilna sposobnost je odvisna od trajno ugodnih razmer
No safe-harbour annual premium can be provided
Letne premije varnega pristana ni mogoče zagotoviti
In or near default
Obveznosti se ne ali se skoraj ne izpolnjujejo
The safe-harbour premiums apply to the amount effectively guaranteed or counter-guaranteed by the State at the beginning of each year concerned.
Premije varnega pristana se uporabljajo za zneske poroštva ali zneske, ki so ob začetku vsakega leta dejansko zavarovani z državnim poroštvom.
They must be considered as the minimum to be applied with respect to a company whose credit rating is at least equal to those given in the table [14].
Pomenijo najnižje premije, ki se jih uporablja pri podjetju, katerega ocena kreditnega tveganja je najmanj enaka oceni iz tabele [14].
In the case of a single upfront guarantee premium, the loan guarantee is deemed to be free of aid if it is at least equal to the present value of the future guarantee premiums as indicated above, the discount rate used being the corresponding reference rate [15].
V primeru takojšnjega plačila v obliki ene same poroštvene premije velja, da poroštvo za posojilo ne vsebuje elementa pomoči, če je ta premija vsaj enaka trenutni vrednosti poroštvenih premij v prihodnosti, kot je navedeno zgoraj, ustrezna referenčna stopnja pa je osnova za diskontno stopnjo [15].
As outlined in the table above, companies with a rating corresponding to CCC/Caa or worse cannot benefit from this simplified methodology.
Kot izhaja iz zgornje tabele za podjetja z bonitetno oceno CCC/Caa ali slabše, ni mogoče uporabljati te poenostavljene metode ocenjevanja.
For SMEs which do not have a credit history or a rating based on a balance sheet approach, such as certain special purpose companies or start-up companies, the safe-harbour premium is set at 3,8 % but this can never be lower than the premium which would be applicable to the parent company or companies.
Za MSP, ki nimajo zgodovine kreditne sposobnosti ali bonitetne ocene, ki bi temeljila na metodi izračuna iz računovodskih izkazov, kot so nekatera podjetja za posebne namene ali novoustanovljena podjetja, je treba premijo varnega pristana določiti na 3,8 %, ta premija pa nikoli ne more biti nižja od tiste, ki bi se uporabila za matična podjetja.
These margins may be revised from time to time to take account of the market situation.
Te mere se lahko občasno spremenijo glede na tržne razmere.
Guarantee schemes
Poroštvene sheme
For a state guarantee scheme, the EFTA Surveillance Authority considers that the fulfilment of all the following conditions will rule out the presence of state aid:
Kar zadeva državno poroštveno shemo, Nadzorni organ Efte meni, da izpolnjevanje vseh naslednjih pogojev izključuje obstoj državne pomoči:
The scheme is closed to borrowers in financial difficulty (see details in point 3.2(a)).
Shema je zaprta za posojilojemalce v težavah (glej podrobnosti v točki 3.2(a));
The extent of the guarantees can be properly measured when they are granted.
Obseg poroštev je mogoče pravilno določiti ob njegovi dodelitvi.
This means that the guarantees must be linked to specific financial transactions, for a fixed maximum amount and limited in time.
To pomeni, da morajo biti poroštva povezana s specifičnimi finančnimi transakcijami, imeti določen najvišji znesek in omejeno trajanje;
The guarantees do not cover more than 80 % of each outstanding loan or other financial obligation (see details and exceptions in point 3.2(c)).
Poroštva ne zajemajo več kot 80 % neodplačanega posojila ali druge finančne obveznosti (glej podrobnosti in izjeme v točki 3.2(c));
The terms of the scheme are based on a realistic assessment of the risk so that the premiums paid by the beneficiaries make it, in all probability, self-financing.
Pogoji sheme temeljijo na realistični oceni tveganja, tako da se iz premij, ki jih plačujejo upravičenci, po vsej verjetnosti financira sama.
The self-financing nature of the scheme and the proper risk orientation are viewed by the EFTA Surveillance Authority as indications that the guarantee premiums charged under the scheme are in line with market prices.
Narava sheme, da se sama financira, in primerna orientacija tveganja sta za Nadzorni organ Efte pokazatelja, da so poroštvene premije, ki se financirajo iz shem, skladne s tržnimi cenami.
This entails that the risk of each new guarantee has to be assessed, on the basis of all the relevant factors (quality of the borrower, securities, duration of the guarantee, etc).
To pomeni, da je treba pri vsakem novem poroštvu oceniti tveganje na podlagi vseh pomembnih dejavnikov (boniteta posojilojemalca, zavarovanja, trajanje poroštva itd.).
On the basis of this risk analysis, risk classes [16] have to be defined, the guarantee has to be classified in one of these risk classes and the corresponding guarantee premium has to be charged on the guaranteed or counter-guaranteed amount.
Na podlagi te ocene tveganja, je treba opredeliti razrede tveganja [16], uvrstiti poroštvo v enega od teh razredov tveganja in zaračunati ustrezno poroštveno premijo na znesek poroštva ali znesek, zavarovan s poroštvom;
In order to have a proper and progressive evaluation of the self-financing aspect of the scheme, the adequacy of the level of the premiums has to be reviewed at least once a year on the basis of the effective loss rate of the scheme over an economically reasonable time horizon, and premiums adjusted accordingly if there is a risk that the scheme may no longer be self-financing.
Za pravilno in postopno oceno, ali se shema lahko financira sama, je treba na podlagi dejanskega izpada odplačil sheme v ekonomsko sprejemljivem časovnem razponu najmanj enkrat letno preveriti, ali je višina premij ustrezna, premije pa je treba ustrezno prilagoditi, če obstaja tveganje, da se shema morda ne bo mogla več financirati sama.
This adjustment may concern all issued and future guarantees or only the latter.
Ta prilagoditev zadeva vsa že prevzeta in bodoča poroštva oziroma samo slednja;
In order to be viewed as being in line with market prices, the premiums charged have to cover the normal risks associated with granting the guarantee, the administrative costs of the scheme, and a yearly remuneration of an adequate capital, even if the latter is not at all or only partially constituted.
Da bi veljale za skladne s tržnimi cenami, morajo zaračunane premije pokrivati običajna tveganja, povezana z dodelitvijo poroštva, administrativne stroške sheme in letno odškodnino za ustrezen kapital, tudi če slednji še sploh ni položen ali je položen le delno.
As regards administrative costs, these should include at least the specific initial risk assessment as well as the risk monitoring and risk management costs linked to the granting and administration of the guarantee.
Kar zadeva upravne stroške, morajo ti vključevati vsaj stroške posebne začetne ocene tveganja ter stroške spremljanja in upravljanja tveganja, povezane z dodeljevanjem in upravljanjem poroštev.
As regards the remuneration of the capital, the EFTA Surveillance Authority observes that usual guarantors are subject to capital requirement rules and, in accordance with these rules, are forced to constitute equity in order not to go bankrupt when there are variations in the yearly losses related to the guarantees.
V zvezi z odškodnino za kapital Nadzorni organ Efte ugotavlja, da za običajne poroke veljajo pravila o kapitalskih zahtevah in so v skladu s temi pravili prisiljeni ustvarjati lastniški kapital, da v primeru nihanj pri letnih izgubah, povezanih s poroštvi, ne postanejo plačilno nesposobni.
State guarantee schemes are normally not subject to these rules and thus do not need to constitute such reserves.
Ta pravila navadno ne veljajo za državne poroštvene sheme in jim torej ni treba ustvarjati takih rezerv.
In other words, each time the losses stemming from the guarantees exceed the revenues from the guarantee premiums, the deficit is simply covered by the state budget.
Z drugimi besedami, kadar izgube, ki izhajajo iz poroštev, presežejo prihodke iz poroštvenih premij, se primanjkljaj preprosto krije iz državnega proračuna.
This state guarantee to the scheme puts the latter in a more favourable situation than a usual guarantor.
To državno poroštvo za sheme prinaša shemi ugodnejši položaj kot običajni porok.
In order to avoid this disparity and to remunerate the State for the risk it is taking, the EFTA Surveillance Authority considers that the guarantee premiums have to cover the remuneration of an adequate capital.
Da ne bi prihajalo do razlik in da država prejme odškodnino za prevzeto tveganje, Nadzorni organ Efte meni, da morajo poroštvene premije kriti odškodnino za ustrezen kapital.
The EFTA Surveillance Authority considers that this capital has to correspond to 8 % [17] of the outstanding guarantees.
Po mnenju Nadzornega organa Efte mora ta kapital znašati 8 % [17] neodplačanih poroštev.
For guarantees granted to undertakings whose rating is equivalent to AAA/AA- (Aaa/Aa3), the amount of capital to be remunerated can be reduced to 2 % of the outstanding guarantees.
Za poroštva, dodeljena podjetjem z bonitetno oceno enako AAA/AA- (Aaa/Aa3), se lahko znesek kapitala, ki ga je treba poplačati, zmanjša na 2 % neodplačanih poroštev.
Meanwhile, with regard to guarantees granted to undertakings whose rating is equivalent to A+/A- (A1/A3), the amount of capital to be remunerated can be reduced to 4 % of the outstanding guarantees.The normal remuneration of this capital is made up of a risk premium, possibly increased by the risk-free interest rate.
Medtem, ko se za poroštva, dodeljena podjetjem z bonitetno oceno enako A+/A- (A1/A3) lahko znesek kapitala, ki ga je treba poplačati, zmanjša na 4 % neodplačanih poroštev.Običajna odškodnina za ta kapital zajema premijo za tveganje, ki se verjetno zviša za obrestno mero brez tveganja.
The risk premium must be paid to the State on the adequate amount of capital in all cases.
Premija za tveganje se plača državi za ustrezni znesek kapitala v vseh primerih.
Based on its practice and the practice of the European Commission, the EFTA Surveillance Authority considers that a normal risk premium for equity amounts to at least 400 basis points and that such risk premium should be included in the guarantee premium charged to the beneficiaries [18].
Na podlagi svoje prakse in prakse Evropske komisije, Nadzorni organ Efte meni, da znaša običajna premija za tveganje za lastniški kapital najmanj 400 bazičnih točk in tako premijo za tveganje je treba vključiti v poroštveno premijo, ki se zaračuna upravičencem [18].
If, as in most state guarantee schemes, the capital is not provided to the scheme and therefore there is no cash contribution by the State, the risk-free interest rate does not have to be taken into account.
Kadar kapital, kot v večini državnih poroštvenih shem, za shemo ni zagotovljen in država tako ne prispeva gotovinskega zneska, obrestne mere brez tveganja ni treba upoštevati.
Alternatively, if the underlying capital is effectively provided by the State, the State has to incur borrowing costs and the scheme benefits from this cash by possibly investing it.
Toda, če zadevni kapital država dejansko zagotovi, mora nositi stroške posojila, shemi pa ta kapital prinaša ugodnosti, morebiti prek naložb.
Therefore the risk-free interest rate has to be paid to the State on the amount provided.
Zato je treba državi plačati obrestno mero brez tveganja na zagotovljeni znesek.
Moreover, this charge should be taken from the financial income of the scheme and does not necessarily have to impact the guarantee premiums [19].
Poleg tega je ta strošek treba vzeti iz finančnega prihodka sheme in ne vpliva nujno na poroštvene premije [19].
The EFTA Surveillance Authority considers that the yield of the 10-year government bond may be used as a suitable proxy for the risk-free rate taken as normal return on capital.
Nadzorni organ Efte meni, da bi se donos desetletnih državnih obveznic lahko uporabil kot primeren približek za obrestno mero brez tveganja, obravnavanega kot običajen donos kapitala.
In order to ensure transparency, the scheme must provide for the terms on which future guarantees will be granted, such as eligible companies in terms of rating and, when applicable, sector and size, maximum amount and duration of the guarantees.
Da se zagotovi preglednost, mora shema zagotoviti pogoje, pod katerimi se bodo dodeljevala poroštva v prihodnosti, kot na primer upravičenost podjetij glede na bonitetno oceno in po potrebi glede na gospodarsko dejavnost in velikost ter najvišji znesek in trajanje poroštva.
Valuation of guarantee schemes for SMEs
Ocena poroštvenih shem za MSP
In view of the specific situation of SMEs and in order to facilitate their access to finance, especially through the use of guarantee schemes, two specific possibilities exist for such companies:
Glede na posebno stanje MSP in da bi olajšali njihov dostop do financiranja, zlasti preko uporabe poroštvenih shem, za taka podjetja obstajata dve posebni možnosti: