natgillin/translations-raw huggingface dataset:
provided that the beneficiary qualifies an undertaking in difficulty (and not only faces acute liquidity needs in the circumstances foreseen in point 29 above), a restructuring plan as set out in section 3.1.2; upon submission of a restructuring plan, the authorisation of the rescue aid will be automatically extended until the Authority reaches its final decision on the restructuring plan, unless the Authority decides that such extension is not justified or should be limited in time or scope; once a restructuring plan for which aid has been requested has been put in place and is being implemented, all further aid will be considered as restructuring aid; or
Pogodbenice prosto izberejo obliko pomoči za prestrukturiranje.
a liquidation plan setting out in a substantiated way the steps leading to the liquidation of the beneficiary within a reasonable time frame without further aid.
Pri tem pa morajo zagotoviti, da izbrani instrument ustreza želenim ciljem.
Rescue aid may not be used to finance structural measures, such as acquisition of significant businesses or assets, unless they are required during the rescue period for the survival of the beneficiary.
Pogodbenice morajo zlasti oceniti, ali so težave upravičencev povezane z likvidnostjo ali solventnostjo, ter izbrati ustrezne instrumente za rešitev ugotovljenih težav.
The level of remuneration that a beneficiary is required to pay for rescue aid should reflect the underlying creditworthiness of the beneficiary, discounting the temporary effects of both liquidity difficulties and State support, and should provide incentives for the beneficiary to repay the aid as soon as possible.
V primeru težav s solventnostjo bi bilo lahko na primer ustrezno povečanje sredstev z dokapitalizacijo, medtem ko bi v okoliščinah, v katerih gre zlasti za težave z likvidnostjo, utegnila zadostovati tudi pomoč v obliki posojil ali jamstev za posojila.
The Authority will therefore require remuneration to be set at a rate not less than the reference rate set out in the Reference Rate Guidelines [29] for weak undertakings offering normal levels of collateralisation (currently 1-year IBOR plus 400 basis points) [30] and to be increased by at least 50 basis points for rescue aid the authorisation of which is extended in accordance with point 55(d)ii.
Pogodbenice, ki nameravajo dodeliti pomoč za prestrukturiranje, morajo dokazati, da bi pri upravičencu v odsotnosti pomoči prišlo do prestrukturiranja, prodaje ali likvidacije na način, pri katerem cilj skupnega interesa, opredeljen v oddelku 3.1.1, ne bi bil dosežen.
Where there is evidence that the rate identified in point 56 does not represent an appropriate benchmark, for example where it differs substantially from the market pricing of similar instruments recently issued by the beneficiary, the Authority may adapt the required level of remuneration accordingly.
To dokazilo je lahko vključeno v analizo, predstavljeno v skladu s točko 53.
Contracting Parties are free to choose the form that restructuring aid takes.
Znesek in intenzivnost pomoči za prestrukturiranje je treba omejiti na minimum, ki bo glede na obstoječe finančne vire upravičenca, njegovih delničarjev ali poslovne skupine, ki ji upravičenec pripada, še omogočil prestrukturiranje.
However, in doing so, they should ensure that the instrument chosen is appropriate to the issue that it is intended to address.
Zlasti je treba zagotoviti zadostno stopnjo lastnega prispevka k stroškom prestrukturiranja in porazdelitve bremena, kot je podrobneje opredeljeno v tem oddelku (3.5.2).
In particular, Contracting Parties should assess whether beneficiaries' problems relate to liquidity or solvency and select appropriate instruments to address the problems identified.
Pri takšni oceni se upošteva morebitna že prej dodeljena pomoč za reševanje.
For instance, in the case of solvency problems, increasing assets through recapitalisation might be appropriate, whereas in a situation where the problems mainly relate to liquidity, assistance through loans or loan guarantees might be sufficient.
Lastni prispevek
This demonstration can form part of the analysis presented in accordance with point 53.
Tak lastni prispevek bi moral biti v smislu učinkov na stanje solventnosti ali likvidnosti upravičenca običajno primerljiv z dodeljeno pomočjo.
Rescue aid must be restricted to the amount needed to keep the beneficiary in business for 6 months.
Kadar na primer pomoč, ki se bo dodelila, izboljša položaj lastniškega kapitala upravičenca, bi moral podobno tudi lastni prispevek vključevati ukrepe za izboljšanje lastniškega kapitala, kot so zbiranje novega lastniškega kapitala od obstoječih delničarjev, odpis obstoječega dolga in kapitalski zapisi ali pretvorba obstoječih dolgov v lastniški kapital ali zbiranje novega zunanjega lastniškega kapitala pod tržnimi pogoji.
In determining that amount, regard will be had to the outcome of the formula set out in Annex I. Any aid exceeding the result of that calculation will only be authorised if it is duly justified by the provision of a liquidity plan setting out the beneficiary's liquidity needs for the coming 6 months.
Nadzorni organ bo pri ocenjevanju potrebnega obsega ukrepov za omejevanje izkrivljanja konkurence v skladu s točko 90 upošteval, v kolikšnem obsegu ima lastni prispevek primerljiv učinek kot dodeljena pomoč.
The amount and intensity of restructuring aid must be limited to the strict minimum necessary to enable restructuring to be undertaken, in the light of the existing financial resources of the beneficiary, its shareholders or the business group to which it belongs.
Prispevki morajo biti realni, tj. dejanski, izključevati morajo vse pričakovane prihodnje dobičke, kot je denarni tok, in biti morajo čim višji.
In particular, a sufficient level of own contribution to the costs of the restructuring and burden sharing must be ensured, as set out in more detail in this section (3.5.2).
Prispevek države ali javne družbe se lahko upošteva le, če ne vsebuje pomoči.
Such assessment will take account of any rescue aid granted beforehand.
To bi se lahko zlasti zgodilo, kadar prispeva subjekt, ki je neodvisen od organa, ki dodeljuje pomoč (kot je banka v lasti države ali javna holdinška družba), in se za vlaganje odloči iz lastnih poslovnih interesov [32].
Own contribution
Lastni prispevek se bo običajno štel za ustreznega, če znaša najmanj 50 % stroškov prestrukturiranja.
A significant contribution [31] to the restructuring costs is required from the own resources of the aid beneficiary, its shareholders or creditors or the business group to which it belongs, or from new investors.
V izjemnih okoliščinah in ob posebnih težavah, ki jih mora pogodbenica dokazati, lahko Nadzorni organ odobri prispevek, ki znaša manj kot 50 % stroškov prestrukturiranja, če je znesek navedenega prispevka še naprej znaten.
Such own contribution should normally be comparable to the aid granted in terms of effects on the solvency or liquidity position of the beneficiary.
Porazdelitev bremena
For example, where the aid to be granted enhances the beneficiary's equity position, the own contribution should similarly include measures that are equity-enhancing, such as raising fresh equity from incumbent shareholders, the write-down of existing debt and capital notes or the conversion of existing debt to equity, or the raising of new external equity on market terms.
Kadar se državna podpora dodeli v obliki, ki izboljša položaj lastniškega kapitala upravičenca, na primer če država zagotovi nepovratna sredstva, kapitalske injekcije ali odpis dolga, so lahko delničarji in podrejeni upniki posledično zaščiteni pred posledicami svoje odločitve o vlaganju v upravičenca.
The Authority will take account of the extent to which own contribution has a comparable effect to the aid granted when assessing the necessary extent of the measures to limit distortions of competition in accordance with point 90.
To lahko ustvari moralno tveganje in omaje tržno disciplino.
Contributions must be real, that is to say actual, excluding future expected profits such as cash flow, and must be as high as possible.
Zato se sme pomoč za pokritje izgub dodeliti samo pod pogoji, ki vključujejo ustrezno porazdelitev bremena med obstoječimi vlagatelji.
Contribution by the State or a public company may only be taken into account provided that it is free of aid.
Ustrezna porazdelitev bremena običajno pomeni, da morajo obstoječi delničarji in po potrebi tudi podrejeni upniki v celoti prevzeti izgube.
That could be the case, in particular, where the contribution is made by an entity which is independent from the aid-granting authority (such as a State-owned bank or public holding company) and that takes the decision to invest on the basis of its own commercial interests [32].
Podrejeni upniki bi morali k prevzemanju izgub prispevati bodisi s pretvorbo v lastniški kapital bodisi v obliki odpisa glavnice ustreznih instrumentov.
Own contribution will normally be considered to be adequate if it amounts to at least 50 % of the restructuring costs.
Zato bi moralo priti do državnega posredovanja šele potem, ko se izgube v celoti upoštevajo ter pripišejo obstoječim delničarjem in imetnikom podrejenih dolžniških instrumentov [33].
In exceptional circumstances and in cases of particular hardship, which must be demonstrated by the Contracting Party, the Authority may accept a contribution that does not reach 50 % of the restructuring costs, provided that the amount of that contribution remains significant.
Vsekakor je treba v obdobju prestrukturiranja v pravno sprejemljivem obsegu preprečiti denarne odlive upravičenca v korist imetnikov lastniškega kapitala ali podrejenih dolžniških instrumentov, razen če bi to nesorazmerno vplivalo na tiste, ki so zagotovili novi lastniški kapital.
Burden sharing
Ustrezna porazdelitev bremena pomeni tudi, da je treba vsako državno pomoč, ki izboljša položaj lastniškega kapitala upravičenca, dodeliti pod pogoji, ki državi zagotavljajo razumen delež prihodnjih povečanj vrednosti upravičenca, ob upoštevanju zneska državne injekcije lastniškega kapitala v primerjavi s preostalim lastniškim kapitalom družbe po upoštevanju izgub.
Where State support is given in a form that enhances the beneficiary's equity position, for example where the State provides grants, injects capital or writes off debt, this can have the effect of protecting shareholders and subordinated creditors from the consequences of their choice to invest in the beneficiary.
Nadzorni organ lahko v zvezi s celovitim izvajanjem ukrepov iz točke 66 dovoli izjeme, če bi navedeni ukrepi ustvarili nesorazmerne rezultate.
That can create moral hazard and undermine market discipline.
Takšne okoliščine lahko vključujejo primere, v katerih je znesek pomoči majhen v primerjavi z lastnim prispevkom, ali če zadevna pogodbenica dokaže, da bi podrejeni upniki v ekonomskem smislu prejeli manj kot pri običajnem postopku zaradi insolventnosti in brez dodeljene državne pomoči.
Consequently, aid to cover losses should only be granted on terms which involve adequate burden sharing by existing investors.
Nadzorni organ ne bo sistematično zahteval prispevka imetnikov nadrejenih dolžniških instrumentov k obnovi položaja lastniškega kapitala upravičenca.
Adequate burden sharing will normally mean that incumbent shareholders and, where necessary, subordinated creditors must absorb losses in full.
Vendar pa lahko vsak tak prispevek upošteva kot osnovo za zmanjšanje potrebne ravni ukrepov za omejevanje izkrivljanja konkurence v skladu s točko 90.
Subordinated creditors should contribute to the absorption of losses either via conversion into equity or write-down of the principal of the relevant instruments.
Za zmanjšanje moralnega tveganja, spodbud za čezmerno tveganje in potencialnega izkrivljanja konkurence je treba pomoč podjetjem v težavah dodeliti za en sam postopek prestrukturiranja.
Therefore, State intervention should only take place after losses have been fully accounted for and attributed to the existing shareholders and subordinated debt holders [33].
To je tako imenovano načelo enkratnosti pomoči.
In any case, cash outflows from the beneficiary to holders of equity or subordinated debt should be prevented during the restructuring period to the extent legally possible, unless that would disproportionately affect those that have injected fresh equity.
To, da podjetje, ki je že prejelo pomoč v skladu s temi smernicami, potrebuje dodatno tovrstno podporo, pomeni, bodisi da se težave podjetja ponavljajo bodisi da niso bile ustrezno obravnavane v času dodelitve prve pomoči.
Adequate burden sharing will also mean that any State aid that enhances the beneficiary's equity position should be granted on terms that afford the State a reasonable share of future gains in value of the beneficiary, in view of the amount of State equity injected in comparison with the remaining equity of the company after losses have been accounted for.
Večkratno posredovanje države bo verjetno povzročilo težave zaradi moralnega tveganja in izkrivljanja konkurence, ki sta v nasprotju s skupnim interesom.
The Authority may allow exceptions from full implementation of the measures set out in point 66 where those measures would otherwise lead to disproportionate results.
Ko pogodbenica načrtovano pomoč za reševanje ali prestrukturiranje priglasi Nadzornemu organu, mora navesti, ali je zadevno podjetje v preteklosti že prejelo pomoč za reševanje, pomoč za prestrukturiranje ali začasno podporo za prestrukturiranje, vključno z vsako tovrstno pomočjo, dodeljeno pred začetkom veljavnosti teh smernic, in vsako nepriglašeno pomočjo [34].
Such situations could include cases where the aid amount is small in comparison with the own contribution, or the Contracting Party concerned demonstrates that subordinated creditors would receive less in economic terms than under normal insolvency proceedings and if no State aid were granted.
V tem primeru, in če je preteklo manj kot 10 let od dodelitve pomoči ali od konca obdobja prestrukturiranja ali od prenehanja izvajanja načrta prestrukturiranja (upošteva se tisto, kar je bilo pozneje), Nadzorni organ ne dovoli nadaljnje pomoči v skladu s temi smernicami.
The Authority will not systematically require a contribution by senior debt holders to restoring a beneficiary's equity position.
Izjeme od tega pravila so dovoljene v naslednjih primerih:
However, it may treat any such contribution as grounds for a reduction in the necessary extent of measures to limit distortions of competition in accordance with point 90.
če dodelitev pomoči za prestrukturiranje sledi dodelitvi pomoči za reševanje v okviru enega samega postopka prestrukturiranja;
In order to reduce moral hazard, excessive risk-taking incentives and potential competitive distortions, aid should be granted to undertakings in difficulty in respect of only one restructuring operation.
če je bila pomoč za reševanje ali začasna podpora za prestrukturiranje dodeljena v skladu s temi smernicami in ji ni sledila pomoč za prestrukturiranje ter:
This is referred to as the “one time, last time” principle.
je bilo ob dodelitvi pomoči v skladu s temi smernicami smiselno pričakovati, da bo upravičenec dolgoročno sposoben preživeti, in
The need for an undertaking that has already received aid pursuant to these guidelines to obtain further such aid demonstrates that the undertaking's difficulties are either of a recurrent nature or were not dealt with adequately when the earlier aid was granted.
je zaradi nepredvidljivih okoliščin [35], za katere upravičenec ni odgovoren, po najmanj petih letih potrebna nova pomoč za reševanje ali prestrukturiranje;
Repeated State interventions are likely to lead to problems of moral hazard and distortions of competition that are contrary to the common interest.
v izjemnih in nepredvidljivih okoliščinah, za katere upravičenec ni odgovoren.
When planned rescue or restructuring aid is notified to the Authority, the Contracting Party must specify whether the undertaking concerned has already received rescue aid, restructuring aid or temporary restructuring support in the past, including any such aid granted before the entry into force of these guidelines and any non-notified aid [34].
Spremembe v lastniški strukturi upravičenca po dodelitvi pomoči ali morebitni sodni ali upravni postopek, na podlagi katerega se sanira bilanca, zmanjšajo obveznosti podjetja ali poravnajo njegovi prejšnji dolgovi, ne vplivajo na uporabo načela enkratnosti pomoči, kadar gre za isto podjetje, ki nadaljuje poslovanje.
If so, and where less than 10 years have elapsed since the aid was granted or the restructuring period came to an end or implementation of the restructuring plan was halted (whichever occurred the latest), the Authority will not allow further aid pursuant to these guidelines.
Pogodbenice morajo dokazati, da nobena pomoč ne bo prešla od skupine ali drugih subjektov skupine na predhodnega upravičenca pomoči.
Exceptions to that rule are permitted in the following cases:
Če podjetje prevzame sredstva drugega podjetja, zlasti podjetja, ki je bilo predmet enega od postopkov iz točke 73 ali kolektivnega postopka zaradi insolventnosti, sproženega na podlagi nacionalne zakonodaje, ter ki je že prejelo pomoč za reševanje, pomoč za prestrukturiranje ali začasno podporo za prestrukturiranje, za kupca ne velja zahteva o enkratnosti pomoči, če med starim podjetjem in kupcem ni gospodarske kontinuitete [36].
where restructuring aid follows the granting of rescue aid as part of a single restructuring operation;
Ko se dodeli pomoč za prestrukturiranje, je treba sprejeti ukrepe za omejevanje izkrivljanja konkurence, da se čim bolj zmanjšajo škodljivi učinki na pogoje trgovanja in da pozitivni učinki prevladajo nad negativnimi.
where rescue aid or temporary restructuring support has been granted in accordance with these guidelines and that aid was not followed by restructuring aid, if:
Nadzorni organ bo ocenil ustrezno obliko in obseg takšnih ukrepov v skladu s tem oddelkom (3.6.2).
i. it could reasonably have been believed that the beneficiary would be viable in the long term when the aid pursuant to these guidelines was granted, and
Narava in oblika ukrepov za omejevanje izkrivljanja konkurence
in exceptional and unforeseeable circumstances for which the beneficiary is not responsible.
Nadzorni organ lahko odobri tudi ukrepe v zvezi z ravnanjem, razen ukrepov iz točke 84, ali ukrepe za odprtje trga namesto nekaterih ali vseh strukturnih ukrepov, ki bi jih sicer bilo treba sprejeti, kadar je v posameznih primerih to potrebno za obravnavo izkrivljanja konkurence.
The application of the one time, last time principle will in no way be affected by any changes in ownership of the beneficiary following the grant of aid or by any judicial or administrative procedure which has the effect of putting its balance sheet on a sounder footing, reducing its liabilities or wiping out its previous debts where it is the same undertaking that is continuing in business.
Strukturni ukrepi – odprodaja in zmanjšanje poslovnih dejavnosti
Where a business group has received rescue aid, restructuring aid or temporary restructuring support, the Authority will normally not allow further rescue or restructuring aid to the group itself or any of the entities belonging to the group unless 10 years have elapsed since the aid was granted or the restructuring period came to an end or implementation of the restructuring plan was halted, whichever occurred the latest.
Na podlagi ocene v skladu z merili za umerjanje ukrepov za omejevanje izkrivljanja konkurence (ki so določeni v oddelku 3.6.2.2) se lahko od podjetij, ki so prejela pomoč za prestrukturiranje, zahteva odprodaja sredstev ali pa zmanjšanje zmogljivosti ali prisotnosti na trgu.
Where an entity belonging to a business group has received rescue aid, restructuring aid or temporary restructuring support, the group as a whole as well as the other entities of the group remain eligible for rescue or restructuring aid (subject to compliance with the other provisions of these guidelines), with the exception of the earlier beneficiary of the aid.
Takšni ukrepi se morajo izvajati zlasti na tistem trgu ali trgih, kjer bo imelo podjetje po prestrukturiranju pomemben tržni položaj, zlasti kadar gre za visoke presežke zmogljivosti.
Contracting Parties must demonstrate that no aid will be passed on from the group or other group entities to the earlier beneficiary of the aid.
Odprodaja zaradi omejevanja izkrivljanja konkurence se mora opraviti nemudoma oz. še pred koncem izvajanja načrta prestrukturiranja, pri tem pa se morajo upoštevati vrste sredstev, ki se jih odprodaja [37], in morebitne ovire pri njihovi odprodaji.
Where an undertaking takes over assets of another undertaking, and in particular one that has been the subject of one of the procedures referred to in point 73 or of collective insolvency proceedings brought under national law and has already received rescue or restructuring aid or temporary restructuring support, the purchaser is not subject to the “one time, last time” principle, provided that there is no economic continuity between the old undertaking and the purchaser [36].
Odprodaje, odpisi dolgov in opustitev dejavnosti, ki prinašajo izgubo in bi jih bilo treba v vsakem primeru izvesti zato, da se obnovi dolgoročna sposobnost preživetja, se z vidika načel iz oddelka 3.6.2.2 na splošno ne bodo štela za zadostna za odpravo izkrivljanja konkurence.
When restructuring aid is granted, measures must be taken to limit distortions of competition, so that adverse effects on trading conditions are minimised as much as possible and positive effects outweigh any adverse ones.
Da bi takšni ukrepi okrepili konkurenco in koristili notranjemu trgu, morajo podpreti vstop novih konkurentov, širjenje obstoječih malih konkurentov ali čezmejno dejavnost.
The Authority will assess the appropriate form and scope of such measures in accordance with this section (3.6.2).
Preprečiti je treba umik na nacionalne trge in fragmentacijo notranjega trga.
Nature and form of measures to limit distortions of competition
Ukrepi za omejevanje izkrivljanja konkurence ne smejo povzročiti poslabšanja strukture trga.
Without prejudice to point 84, measures to limit distortions of competition will usually take the form of structural measures.
Strukturni ukrepi bi se torej morali običajno izvajati v obliki odprodaj v okviru rednega poslovanja samostojnega podjetja, ki je sposobno preživeti in ki, če bi ga vodil ustrezen kupec, lahko dolgoročno uspešno konkurira.
Where appropriate to address the distortions of competition in particular cases, the Authority may accept behavioural measures other than those set out in point 84 or market opening measures in place of some or all of the structural measures that would otherwise be required.
Če takšen subjekt ni na voljo, lahko upravičenec izloči in nato odproda obstoječo in ustrezno financirano dejavnost ter ustvari nov uspešen subjekt, ki bi moral biti zmožen konkurirati na trgu.
Structural measures — divestments and reduction of business activities
Strukturni ukrepi, ki se izvajajo zgolj v obliki odprodaje sredstev in ne vključujejo oblikovanja uspešnega subjekta, ki lahko konkurira na trgu, so manj učinkoviti za ohranjanje konkurence, zato bodo odobreni samo v izjemnih primerih, kadar zadevna pogodbenica dokaže, da nobena druga oblika strukturnih ukrepov ne bi bila izvedljiva ali da bi drugi strukturni ukrepi resno ogrozili gospodarsko uspešnost podjetja.
On the basis of an assessment in accordance with the criteria for calibration of measures to limit distortions of competition (set out in section 3.6.2.2), undertakings benefiting from restructuring aid may be required to divest assets or reduce capacity or market presence.
Upravičenec mora olajšati odprodajo, na primer z izolacijo dejavnosti in soglasjem, da ne bo pridobival strank odprodanega dela podjetja.