natgillin/translations-raw huggingface dataset:
A working group has however been established by the responsible ministers to explore possible ways of disposing of shareholdings in the commercial banks.
V to poseganje so zajeti ukrepi za kritje vlog finančnih podjetij, kot je ustanovitev treh komercialnih bank, prenos vlog s hranilnice Reykjavik na banko Arion, prenos vlog iz banke Straumur v banko Íslandsbanki, prevzem vlog iz petih hranilnic v banki Sparisjódabanki Íslands s strani Centralne banke Islandije, prenos vlog s hranilnice Byr na banko Byr hf, prenos vlog s hranilnice Keflavík na banko SpKef ter odgovornost države za vloge v banki SpKef po prisilni združitvi z banko Landsbankinn.
The government has indicated that while it has no intention of reducing its holdings in Landsbankinn below two-thirds of the bank's share capital, the stakes in Íslandsbanki and Arion Bank could soon be offered for sale or sold with the banks in their entirety if their majority owners decide to sell, subject to certain prerequisites being resolved [70].
Dejansko so islandski organi v več zadevah državne pomoči, ki jih Nadzorni organ trenutno preiskuje, od katerih so bile nekatere omenjene zgoraj, trdili, da je bil zadevni izbrani ukrep finančno najmanj obremenjujoča možnost za Islandijo, da izpolni svoje jamstvo po popolni zaščiti depozitarjev.
The special liquidity facility is only available until September 2012 and has never been used.
Nadzorni organ v skladu z navedenim meni, da je bil vzpostavljen pravno zavezujoč, natančen, nepogojen in trden ukrep.
The Icelandic authorities envisage to remove the government's declaration on a blanket deposit guarantee in the near future, before the capital controls are lifted.
Nadzorni organ na tej podlagi torej ugotavlja, da izjave države Islandije, v skladu s katerimi v celoti jamči za vloge, vsebujejo zavezo glede državnih sredstev v smislu člena 61 Sporazuma EGP.
As for the Straumur agreement, while the bond was to mature by the end of March 2013, it was actually paid up in full by Straumur in early 2012.
Dajanje prednosti posameznim podjetjem ali proizvodnji posameznega blaga
As from that time, the State's assumption of risk for the sufficiency of the underlying assets was terminated.
Prednost
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE AND THE MEASURES TEMPORARILY APPROVED IN THE BYR DECISIONS
Prvič, ukrep pomoči mora novi banki dajati prednost, na podlagi katere je oproščena dajatev, ki običajno bremenijo njen proračun.
In the opening decision, the Authority preliminarily concluded that the measures by the Icelandic State to capitalise Íslandsbanki, as well as the liquidity facility, entail state aid pursuant to Article 61 EEA.
Nadzorni organ v skladu s predhodno ugotovitvijo iz odločbe o začetku postopka vztraja pri stališču, da vsak od ukrepov za kapitalizacijo daje prednost novi banki, ker zagotovljeni kapital brez poseganja države banki ne bi bil na voljo.
Furthermore it could not exclude that state aid was present in the deposit guarantee and the Straumur agreement.
Nadzorni organ pri določanju, ali naložba v podjetje, na primer s kapitalskim vložkom, pomeni prednost, uporablja načelo vlagatelja v tržnem gospodarstvu in ocenjuje, ali bi se lahko zasebni vlagatelj v običajnih tržnih razmerah, ki bi se po velikosti lahko primerjal z javnimi organi, odločil za tako naložbo [73].
The opening decision did not cover the aid measures related to the acquisition of Byr, which were temporarily approved by the Authority in the Byr decisions.
Glede ukrepov za kapitalizacijo v korist bank v težavah sta Evropska komisija (v številnih primerih, odkar se je začela finančna kriza [74]) in Nadzorni organ [75] od nastopa finančne krize na splošno zavzela pristop, da državne ponovne kapitalizacije bank pomenijo državno pomoč, pri čemer se upoštevata pretres in negotovost, značilna za finančne trge od jeseni leta 2008.
The Authority will take a final view on these measures, which continue to have a bearing on the assessment at hand, in the present decision.
Ta splošni premislek se nanaša zlati na islandske finančne trge v letih 2008 in 2009, ko se je celotni sistem zrušil.
As for the compatibility of the measures assessed in the opening Decision, the Authority considered that a final view could only be taken on the basis of a restructuring plan, which had not been submitted when the Authority opened the formal investigation procedure on 15 December 2010.
Zato Nadzorni organ meni, da ukrepi za kapitalizacijo kljub morebitnemu prenosu 95 % kapitala nove banke upnikom (v glavnem iz zasebnega sektorja) dajejo prednost banki Íslandsbanki.
It was in particular due to the absence of a restructuring plan more than one year after the establishment of Íslandsbanki that the Authority expressed doubts about the compatibility of the aid.
Iz zasebnega sektorja so pri kapitalizaciji banke Íslandsbanki udeleženi večinoma upniki nekdanje banke, ki skušajo le čim bolj zmanjšati svoje izgube [76].
Comments from interested parties
Podobno presojanje se uporablja, kar zadeva posebno likvidnostno posojilo, doseženo s pogajanji kot del svežnja ukrepov državne pomoči, s katerimi naj bi se v novo oblikovani banki ponovno vzpostavile dejavnosti propadle banke, upnike propadle banke pa spodbujalo k soudeležbi v kapitalu v novi banki.
The Authority received a statement on behalf of the creditors of the old bank, in which they emphasised that they were to be considered as interested parties, and indicated to possibly submit further comments at a later stage.
Očitno je, da se je vmešala država, ker ni bilo jasno, ali lahko banka Íslandsbanki na trgu pridobi dovolj likvidnih sredstev.
Comments from the Icelandic authorities
Tako je država, namesto da bi delovala kot zasebni vlagatelj, nadomestila zasebne udeležence na trgu, ki niso želeli posojati finančnim podjetjem.
The Icelandic authorities accept that measures undertaken in establishing New Glitnir Bank, now Íslandsbanki, constitute state aid.
Zato Nadzorni organ potrjuje predhodno ugotovitev iz odločbe o začetku postopka in meni, da posebno likvidnostno posojilo banki Íslandsbanki daje prednost.
In the view of the Icelandic authorities, the measures are however compatible with the functioning of the EEA Agreement on the basis of Article 61(3)(b) of the Agreement, as they are necessary, proportionate and appropriate to remedy a serious disturbance in the Icelandic economy.
Nadzorni organ glede prenosa sredstev in obveznosti banke Straumur – sporazum o banki Straumur – pozitivno ugotavlja, da je celotna transakcija namenjena zagotavljanju nadomestila banki Íslandsbanki, ki je enako izključno znesku prenesenih obveznosti.
In the view of the Icelandic authorities the measures taken are in all aspects in line with the principles set out in the Authority's state aid guidelines, and submit that the aid is necessary and limited to the minimum amount necessary.
Vendar je državi dodeljeno celotno tveganje tega, da sredstva banke Straumur niso vredna toliko kot prenesene vloge, pa tudi zaveza, da bo nadomestila vsak možni primanjkljaj.
Moreover, the Icelandic authorities emphasise that the former shareholders of Glitnir Bank have lost all their shares and received no compensation from the state, that the aid is well designed to minimize negative spill-over effect on competitors and that the terms of the loans (the Tier II capital) are comparable to market rates.
Tako se zdi, da lahko banka Íslandsbanki poleg prejema določenega prihodka (s plačili obresti na obveznico) brez kakršnega koli tveganja pridobi dobro ime in dodatne tržne deleže.
The Icelandic authorities do not regard the deposit guarantee as entailing state aid.
Nadzorni organ ugotavlja, da to pomeni prednost.
Commitments by the Icelandic authorities
Nadzorni organ mora nadalje še oceniti, ali dodatno jamstvo za vloge prinaša prednost banki Íslandsbanki in islandskim bankam na splošno.
The Icelandic authorities have submitted a number of commitments, most of which related to the distortions of competition caused by the aid under assessment, and which are set out in the Annex.
Nadzorni organ v tem pogledu ugotavlja, da ob prvi izjavi islandskih organov, da bodo vloge zajamčene, ni bilo povsem jasno, kako bo to jamstvo delovalo v praksi, zlasti kakšen učinek bo imelo tako poseganje na banko, ki ni mogla več uresničevati finančnih obveznosti do svojih depozitarjev.
ASSESSMENT
Zdi se, da bi moralo bili taki banki medtem omogočeno, da propade, Islandija pa bi zagotovila – na primer s prenosom vlog na drugo banko in nadomestitvijo primanjkljajev v sredstvih – da bi se lahko vloge v celoti izplačale ter da depozitarji ne bi nikoli izgubili dostopa do celotnega zneska svojih vlog.
THE PRESENCE OF STATE AID
Nadzorni organ meni, da je to, kako bi država pravzaprav ukrepala pri izpolnjevanju neomejenega jamstva za domače vloge, drugotnega pomena.
Article 61(1) of the EEA Agreement reads as follows:
Pomembno je, da se je država zavezala, da bo v primeru, če banka ne bo mogla izplačati vlog, to storila sama, in sicer za celotno vrednost neizplačanih vlog.
‘Save as otherwise provided in this Agreement, any aid granted by EC Member States, EFTA States or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Contracting Parties, be incompatible with the functioning of this Agreement.’
To neomejeno jamstvo je po mnenju Nadzornega organa dajalo prednost banki Íslandsbanki, saj zagotavlja dragoceno konkurenčno prednost – neomejeno državno jamstvo, in torej precejšnjo varnostno mrežo – pred drugimi možnostmi in ponudniki naložb.
The Authority will assess the following measures [71] below:
To je prikazano na primer v nedavnem poročilu ministra za gospodarske zadeve, v katerem je navedeno, da „islandska finančna podjetja trenutno poslujejo v varovanem okolju s kapitalskimi kontrolami in splošnim jamstvom za vloge.
The initial operating capital provided by the Icelandic State to the new bank;
Pod takimi pogoji so bančne vloge praktično edina varna možnost za islandske varčevalce“ [77].
The (temporary) full state capitalisation of the new bank;
Zdi se jasno, da bi banka Íslandsbanki brez jamstva verjetneje utrpela škodo zaradi navala na banko tako kot njena predhodnica [78].
The retention by the State of the 5 % share capital remaining after 95 % of the share capital in the new bank was transferred to the creditors of Glitnir; and
Torej bi morala banka verjetno plačevati višje obrestne mere (za izravnavo tveganja), da bi privabila ali celo samo obdržala enako količino vlog, če ne bi bilo dodatnega neomejenega jamstva za vloge, ki ga je prevzela Islandija.
The provision by the State of Tier-II capital to the new bank by way of subordinated debt.
Skladno s tem Nadzorni organ ugotavlja, da jamstvo za vloge banki daje prednost.
The above measures are referred to collectively below as ‘the capitalisation measures’.
Selektivnost
In addition, the Authority will assess:
Poleg tega mora biti ukrep pomoči selektiven, s tem da daje prednost „posameznim podjetjem ali proizvodnji posameznega blaga“.
The special liquidity facility agreement;
Ukrepi za kapitalizacijo, likvidnostno posojilo in sporazum o banki Straumur so selektivni, saj dajejo prednost le banki Íslandsbanki.
The Icelandic Government's statement to guarantee domestic deposits in all Icelandic banks in full; and
Poleg tega je po mnenju Nadzornega organa selektivno tudi državno jamstvo za vloge, od katerega ima koristi islandski bančni sektor kot celota, saj je lahko državna podpora selektivna celo v primerih, ko ima koristi eden ali več sektorjev, drugi pa ne.
The Straumur agreement.
Ta ugotovitev izhaja tudi iz zgornjega presojanja, v skladu s katerim imajo banke prednost pred drugimi podjetji, ki ponujajo možnosti za varčevanje in vlaganje denarja.
The Authority also recalls that it has identified Íslandsbanki as a potential beneficiary of aid granted to Byr in the second Byr decision, in particular of the subordinated loan facility that was kept available until Byr could be merged with Íslandsbanki.
Izkrivljanje konkurence in vpliv na trgovino med pogodbenicami
Moreover, the Authority reiterates that the temporarily approved rescue measures for Byr, which has now been merged with Íslandsbanki, constitute state aid, the final compatibility of which depends on the restructuring plan for the merged entity.
Z ukrepi se krepi položaj banke Íslandsbanki v primerjavi s konkurenti (ali možnimi konkurenti) na Islandiji in v drugih državah EGP.
Presence of state resources
Kot je opisano zgoraj, je banka Íslandsbanki podjetje, dejavno na finančnih trgih, odprtih za mednarodno konkurenco v EGP.
As the Authority already preliminarily concluded in the opening decision, it is clear that the capitalisation measures are financed through state resources provided by the Icelandic Treasury.
Čeprav so islandski finančni trgi trenutno dokaj osamljeni, zlasti zaradi kapitalskih kontrol, še vedno obstaja čezmejna trgovina (možnost zanjo), ki se bo povečala, kakor hitro bodo odpravljene kapitalske kontrole.
State resources are also evidently present in the liquidity facility available to Íslandsbanki.
Torej je treba vse ukrepe, ki se ocenjujejo, obravnavati, kot da izkrivljajo konkurenco in vplivajo na trgovino med pogodbenicami Sporazuma EGP [79].
As for the Straumur agreement, the State assumed the risk that the assets of Straumur would be insufficient to cover the transferred liabilities (deposits) of Straumur bank.
Sklep
In essence it guaranteed to make up for the shortfall, which entails a (potential) transfer of state resources.
Nadzorni organ zato ugotavlja, da ukrepi, ki jih je sprejela Islandija za kapitalizacijo nove banke, ter likvidnostno posojilo, jamstvo za vloge in sporazum o banki Straumur vključujejo državno pomoč v smislu člena 61(1) Sporazuma EGP.
Regarding the deposit guarantee, the Authority emphasises at the outset that its assessment is limited to the additional deposit guarantee described above, consisting in essence of the statements made by the Icelandic government that deposits in domestic commercial and savings banks and their branches in Iceland will be fully covered.
Nadzorni organ opozarja, da je ugotovil enako glede ukrepov za kapitalizacijo banke Byr v odločbah o banki Byr.
This assessment is without prejudice to the Authority's view on the compatibility of Act No 98/1999 and the actions of the Icelandic Government and the TIF during the financial crisis with EEA law, in particular Directive 94/19/EC.
POSTOPKOVNE ZAHTEVE
As regards the implementation of Directives 97/9/EC and 94/19/EC the Authority is of the view that to the extent such measures constitute state aid, the use of state resources to comply with obligations under EEA law would generally not raise concerns under Article 61 EEA.
V skladu s členom 1(3) dela I Protokola 3 Sporazuma o nadzornem organu in sodišču je „treba Nadzorni organ Efte o kakršnih koli načrtih za dodelitev ali spremembo pomoči obvestiti dovolj zgodaj, da lahko predloži svoje pripombe […].
The present decision is therefore not concerned with those measures.
Zadevna država ne sme izvajati svojih predlaganih ukrepov, dokler v tem postopku ni sprejeta dokončna odločitev“.
The Authority stated in the opening decision that it would investigate further whether the statements by the Icelandic State described above are sufficiently precise, firm, unconditional and legally binding such as to involve a commitment of state resources [72].
Islandski organi ukrepov pomoči, ki jih zajema odločba o začetku postopka, Nadzornemu organu niso priglasili pred začetkom njihovega izvajanja.
In assessing whether these criteria are met, the Authority notes that the declarations entailed an irrevocable commitment of public resources as shown by the fact that the Icelandic state has done its utmost to protect depositors: Not only has it changed the priority of deposit holders in insolvent estates (which would not entail the use of state resources), but it has also made it clear that it would not allow depositors to suffer any losses.
Nadzorni organ je zato sklenil, da islandski organi niso spoštovali svojih obveznosti iz člena 1(3) dela I Protokola 3.
The Government's blanket guarantee of all deposits in domestic commercial and savings banks is furthermore distinct from any deposit guarantee scheme based on EEA acts due to the fact that the protection is unlimited in amount and no financial contribution is made by the banks benefitting from the measure.
Dodelitev teh ukrepov pomoči je bila torej nezakonita.
The Icelandic government's understanding of its declaration is illustrated by the state interventions in the financial sector that have occurred sector since October 2008 which have been motivated by the intention to honour this declaration.
ZDRUŽLJIVOST POMOČI
Those interventions have included measures to cover deposits of financial undertakings, such as the foundation of the three commercial banks, the transfer of SPRON deposits to Arion Bank, the transfer of Straumur deposits to Íslandsbanki, the CBI takeover of the deposits of 5 savings banks in Sparisjódabanki Íslands, the transfer of deposits in Byr Savings Bank to Byr hf, the transfer of deposits from Keflavík Savings Bank to SpKef and the State's responsibility for deposits in SpKef following the forced merger with Landsbankinn.
Nadzorni organ uvodoma ugotavlja, da je banka Íslandsbanki, čeprav gre za nov pravni subjekt, ustanovljen leta 2008, glede domačih dejavnosti očitno gospodarska naslednica banke Glitnir, v smislu da med obema subjektoma obstaja gospodarska kontinuiteta.
In fact, the Icelandic authorities have argued in several state aid cases that the Authority is currently investigating, some of which were mentioned above, that the respective chosen measure was the financially least burdensome option for the Icelandic state to comply with its pledge to protect depositors in full.
Nadzorni organ meni, da je bila banka Íslandsbanki podjetje v težavah, kajti banka brez pomoči ne bi mogla še naprej izvajati tistih gospodarskih dejavnosti, ki jih je izvajala od jeseni leta 2008 dalje.
In the light of the above the Authority considers that there is a legally binding, precise, unconditional and firm measure in place.
Poleg tega so ukrepi, ki se ocenjujejo, hkrati ukrepi za reševanje in prestrukturiranje.
On this basis, the Authority therefore concludes that the statements by the Icelandic state according to which deposits are fully guaranteed entail a commitment of state resources in the meaning of Article 61 EEA
Preden bi Nadzorni organ o ukrepih sprejel končno stališče na podlagi načrta prestrukturiranja, bi jih, kot je navedel v odločbi o začetku postopka, verjetno začasno odobril kot združljivo pomoč za reševanje, če bi bili priglašeni pred začetkom njihovega izvajanja.
Favouring certain undertakings or the production of certain goods
Ker pa priglasitev ni bila pravočasna, je Nadzorni organ začel formalni postopek preiskave in zahteval predložitev načrta za prestrukturiranje.
Advantage
Kot je navedeno zgoraj, je končna združljivost teh ukrepov odvisna od tega, ali načrt za prestrukturiranje izpolnjuje merila iz smernic o državni pomoči za podjetja v težavah, ki jih uporablja Nadzorni organ.
First, the aid measures must confer on the new bank advantages that relieve it of charges that are normally borne from its budget.
Pravna podlaga za oceno združljivosti: člen 61(3) Sporazuma EGP in smernice Nadzornega organa o prestrukturiranju
In line with the preliminary conclusion it reached in the opening decision, the Authority remains of the view that each of the capitalisation measures confers an advantage on the new bank as the capital provided would not have been available to the bank without state intervention.
Čeprav se državna pomoč podjetjem v težavah, kot je banka Íslandsbanki, običajno ocenjuje v skladu s členom 61(3)(c) Sporazuma EGP, lahko Nadzorni organ v skladu s členom 61(3)(b) Sporazuma dovoli državno pomoč „za odpravljanje resne motnje v gospodarstvu države članice ES ali države Efte“.
In determining whether an investment in an undertaking, for example by means of a capital injection, entails an advantage, the Authority applies the market economy investor principle, and assesses whether a private investor of a comparable size to that of the public body operating in normal market conditions would have made such an investment [73].
Kot je navedeno v odstavku 8 smernic o bančništvu [80], Nadzorni organ potrjuje, da člen 61(3)(b) Sporazuma EGP v skladu s sodno prakso in prakso odločanja Evropske komisije zahteva strožjo razlago resne motnje v gospodarstvu države Efte.
As regards capitalisation measures for the benefit of banks in difficulties, since the onset of the financial crisis, the approach taken both by the European Commission (in numerous cases since the financial crisis began [74] and by the Authority [75] has been in general that state recapitalisations of banks amount to state aid given the turmoil and uncertainty that have characterised financial markets since the autumn of 2008.
Islandski organi so pojasnili, kot je bilo podrobneje opisano, da se je sistemska kriza v islandskem finančnem sistemu začela oktobra 2008 ter v roku nekaj dni povzročila zlom glavnih bank in glavnih hranilnic.
This general consideration applies in particular to the Icelandic financial markets in 2008 and 2009, when the entire system collapsed.
V večini segmentov islandskega finančnega trga je skupni tržni delež propadlih finančnih institucij presegal 90 %.
Thus the Authority considers the capitalisation measures to confer an advantage on Íslandsbanki notwithstanding the eventual transfer of 95 % of the capital of the new bank to the (largely private sector) creditors.
Tem težavam se je pridružilo še pomanjkanje zaupanja v državno valuto.
The private sector involvement in the capitalisation of Íslandsbanki is made up entirely of creditors of the old bank who are solely seeking to minimise their losses [76].
Islandsko realno gospodarstvo je finančna kriza resno prizadela.
Similar consideration apply in so far as the special liquidity facility is concerned, which was negotiated as part of a package of state assistance measures aiming to restore operations of a failed bank in a newly formed bank and to encourage equity participation in the new bank by the creditors of the failed bank.
Četudi so od nastopa finančne krize pretekla že tri leta, se razmere v islandskem finančnem sistemu še niso povsem normalizirale.
It is evident that the State stepped in as it was not clear if sufficient liquidity could be obtained by Íslandsbanki on the market.
Čeprav so se razmere od leta 2008 precej umirile, je očitno, da so bili ukrepi takrat, ko so bili sprejeti, namenjeni za odpravljanje resne motnje v islandskem gospodarstvu.
Thus, rather than acting as a private investor, the State replaced the role of private market participants who shied away from lending to financial undertakings.
Zato se šteje, da se v tem primeru uporablja člen 61(3)(b) Sporazuma EGP.
Therefore the Authority confirms the preliminary conclusion that it reached in the opening decision and considers the special liquidity facility as conferring an advantage on Íslandsbanki.
Uporaba Sporočila o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči
Regarding the transfer of assets and liabilities of Straumur Bank — the Straumur agreement, the Authority notes positively that the overall transaction aims at providing Íslandsbanki with compensation equalling solely the amount of the transferred liabilities.
V Smernicah Nadzornega organa o državni pomoči o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči [81] (v nadaljnjem besedilu: smernice o prestrukturiranju) so določena pravila o državni pomoči, ki se uporabljajo za prestrukturiranje finančnih institucij v sedanji krizi.