natgillin/translations-raw huggingface dataset:
Secondly, upon final settlement, financial institutions will receive HFF bonds corresponding to the book value of the mortgage loans less any realised and future expected impairment, and not corresponding to the actual economic value of the mortgage loans.
Drugič, ob dokončni poravnavi bodo finančne institucije prejele obveznice SFS, ki ustrezajo knjigovodski vrednosti hipotekarnih posojil z odbitkom vseh realiziranih in prihodnjih pričakovanih oslabitev vrednosti, in ne dejanski ekonomski vrednosti hipotekarnih posojil.
Therefore, on the basis of the available information, and in accordance with the principles set out in the IAG, the Authority cannot exclude that incompatible State aid is involved in the Mortgage Loan Scheme.
Torej na podlagi razpoložljivih informacij in v skladu z načeli iz smernic o oslabljenih sredstvih Nadzorni organ ne more izključiti dejstva, da v shemo hipotekarnih posojil ni vključena nezdružljiva državna pomoč.
As regards burden sharing, the IAG set out, in paragraphs 21 to 25, a general principle that financial institutions ought to bear the losses associated with impaired assets to the maximum extent possible.
V zvezi s porazdelitvijo bremena smernice o oslabljenih sredstvih v točkah od 21 do 25 določajo splošno načelo, da bi morale finančne institucije do največje mogoče mere nositi izgube, povezane z oslabljenimi sredstvi.
That implies that they should bear the loss resulting from the difference between the current market value and the real economic value of impaired assets.
To pomeni, da bi morale nositi izgubo, ki izhaja iz razlike med tekočo tržno vrednostjo in realno ekonomsko vrednostjo oslabljenih sredstev.
As HFF has not carried out a valuation in accordance with the IAG, it is not possible to assess to what extent eligible financial institutions bear a share of the burden as required by the IAG.
Ker sklad SFS ni opravil vrednotenja v skladu s smernicami o oslabljenih sredstvih, ni mogoče oceniti, do kolikšne mere upravičene finančne institucije nosijo breme, kakor določajo smernice o oslabljenih sredstvih.
The Authority notes that that the EFTA States must also ensure that ‘any pricing of asset relief must include remuneration for the State that adequately takes account of the risks of future losses exceeding those that are projected in determination of the ‘real economic value’ and any additional risk stemming from a transfer value above the real economic value’ [40].
Nadzorni organ želi spomniti, da morajo države Efte tudi zagotoviti, da mora „vsako določanje cene finančne pomoči za sredstva vključevati plačilo za državo, ki ustrezno upošteva tveganja prihodnjih izgub, ki presegajo te, napovedane v določitvi ‚realne ekonomske vrednosti‘, ter vsako dodatno tveganje, ki izhaja iz vrednosti sredstev ob prenosu, ki je višja od realne ekonomske vrednosti“ [40].
The IAG suggest that such remuneration may be provided by setting the transfer value of assets sufficiently below the ‘real economic value’ so as to provide for adequate compensation for the risk taken on by the State [41].
V skladu s smernicami o oslabljenih sredstvih se tako plačilo lahko zagotovi z določitvijo vrednosti prenosa sredstev dovolj pod „realno ekonomsko vrednostjo“, da se poskrbi za ustrezno nadomestilo za tveganje, ki ga prevzame država [41].
Any pricing system would have to ensure that the overall contribution of beneficiary financial institutions reduces the extent of net State intervention to the minimum necessary.
Vsak sistem določanja cen bi moral zagotoviti, da bi splošni prispevek finančnih institucij upravičenk zmanjšal obseg neto državnega poseganja na najmanjše potrebno.
However, as the Mortgage Loan Scheme does not meet the requirements of the IAG with regard to valuation, it is not possible to assess whether the Icelandic authorities have complied with the remuneration requirement.
Vendar ker shema hipotekarnih posojil ne izpolnjuje zahtev glede vrednotenja iz smernic o oslabljenih sredstvih, ni mogoče oceniti, ali so islandski organi izpolnili zahtevo za nadomestilo.
As already described, the Icelandic authorities have argued that beneficiary financial institutions are charged a fee of 95 basis points (bp), which is added to HFF’s cost of capital, when entering into an agreement pursuant to the Mortgage Loan Scheme.
Kot je že zgoraj navedeno, islandski organi trdijo, da finančnim institucijam upravičenkam zaračunavajo pristojbino v višini 95 bazičnih točk, ki se prišteje stroškom kapitala sklada SFS ob sklenitvi pogodbe na podlagi sheme hipotekarnih posojil.
However, according to the information available to the Authority, 95 bp is the current premium that HFF generally charges customers to cover operating costs (25 bp), prepayment risk (50 bp) and credit losses (20 bp) for regular mortgage loans.
Po informacijah, ki so na voljo Nadzornemu organu, je 95 bazičnih točk trenutna premija, ki jo sklad SFS običajno zaračuna strankam za pokritje stroškov poslovanja (25 bazičnih točk), tveganja predplačila (50 bazičnih točk) in kreditnih izgub (20 bazičnih točk) za običajna hipotekarna posojila.
Thus, while the Authority understands that this will affect the value of HFF bonds transferred to a beneficiary financial institution; however, HFF will incur such costs in connection with management of the transferred mortgages loans in the course of the term of the mortgages.
Čeprav Nadzorni organ razume, da bo to vplivalo na vrednost obveznic SFS, ki se prenesejo na finančno institucijo upravičenko, bo sklad SFS kljub temu imel take stroške v povezavi z upravljanjem prenesenih hipotekarnih posojil med hipotekarnim obdobjem.
To date, the Authority has not received any documentary evidence to the contrary [42].
Do danes Nadzorni organ ni prejel nobenih dokumentarnih dokazil, ki temu nasprotujejo [42].
In that light, the 95 bp charge cannot be considered as remuneration paid by beneficiary financial institutions to the State.
Glede na to se pristojbina 95 bazičnih točk ne more upoštevati kot plačilo, ki jo finančne institucije upravičenke plačajo državi.
Unlimited scope and duration
Neomejen obseg in trajanje
The Icelandic authorities have neither specified any time-limit for the Mortgage Loan Scheme, nor specified any time-limit within which the financial institutions can apply to enter the Mortgage Loan Scheme (the so-called ‘entrance window’) [43].The IAG require, in order for asset relief measures to be found compatible with the EEA Agreement, that their duration must not go beyond the period of the financial crisis [44].
Islandski organi niso opredelili niti časovnega roka za shemo hipotekarnih posojil niti niso opredelili časovnega obdobja, v okviru katerega se lahko finančne institucije prijavijo v shemo hipotekarnih posojil (tako imenovano „vstopno okno“) [43].Da bi se ukrepi finančne pomoči za oslabljena sredstva lahko šteli za združljive s Sporazumom EGP, smernice o oslabljenih sredstvih določajo, da njihovo trajanje ne sme biti daljše od obdobja finančne krize [44].
Asset relief measures are not approved for an unlimited period of time.
Ukrepi finančne pomoči za oslabljena sredstva se ne odobrijo za neomejeno obdobje.
Based on the decisional practice of the European Commission, the entrance window of asset relief measures is usually approved for a maximum of six months.
Glede na prakso odločitev Evropske komisije se vstopno okno ukrepov finančne pomoči običajno odobri za največ šest mesecev.
Any extensions to the duration of the entrance window (usually for an additional six months) must be re-notified well in advance and take account of the evolution of the situation on the relevant financial markets.
Vsa podaljšanja trajanja vstopnega okna (običajno za dodatnih šest mesecev) je treba ponovno priglasiti dovolj vnaprej ob upoštevanju razvoja dogodkov na zadevnih finančnih trgih.
Asset relief schemes may be approved for a period of up to two years, provided that biannual reports are submitted to the Authority [45].
Sheme finančne pomoči za oslabljena sredstva se lahko odobrijo za obdobje do največ dveh let, če se Nadzornemu organu predložijo polletna poročila [45].
Similarly, the Icelandic authorities have not specified a total budget for the Mortgage Loan Scheme, or estimated annual expenditure under the Scheme.
Islandski organi tudi niso opredelili skupnega proračuna za shemo hipotekarnih posojil ali ocenili letnih izdatkov v okviru sheme.
They have not submitted an estimated number of beneficiaries or a limit to the value of the assets potentially eligible for an asset swap pursuant to the Scheme.
Prav tako niso predložili ocene števila upravičencev ali omejitve vrednosti sredstev, ki so potencialno upravičena do zamenjave sredstev na podlagi sheme.
Thus, the Mortgage Loan Scheme appears to be unlimited in scope, and, therefore, is not proportionate, as required pursuant to the IAG.
Zato se zdi, da je področje uporabe sheme hipotekarnih posojil neomejeno in torej ni sorazmerno, kakor določajo smernice o oslabljenih sredstvih.
Based on the information submitted by the Icelandic authorities, the Authority concludes that the Mortgage Loan Scheme involves the grant of State aid within the meaning of Article 61(1) of the EEA Agreement which is not compatible with the functioning of the EEA Agreement for the reasons set out above.
Na podlagi informacij, ki so jih predložili islandski organi, Nadzorni organ ugotavlja, da shema hipotekarnih posojil vključuje dodelitev državne pomoči v smislu člena 61(1) Sporazuma EGP, ki iz zgoraj navedenih razlogov ni združljiva z delovanjem Sporazuma EGP.
However, individual aid grants awarded under the Mortgage Loan Scheme which fulfil the criteria laid down in the State Aid Guidelines on impaired assets, are compatible with the functioning of the EEA Agreement [46].The Mortgage Loan Scheme was notified to the Authority after it entered into force and before the Authority had taken a final decision in respect of the notification.
Kljub temu so posamezne dodelitve pomoči v okviru sheme hipotekarnih posojil, ki izpolnjujejo merila iz smernic o državni pomoči v zvezi z oslabljenimi sredstvi, združljive z delovanjem Sporazuma EGP [46].Shema hipotekarnih posojil je bila priglašena Nadzornemu organu po tem, ko je že začela veljati, in preden je Nadzorni organ sprejel dokončno odločitev v zvezi s priglasitvijo.
Thus, the Icelandic authorities have unlawfully implemented the aid at issue in breach of Article 1(3) of Part I of Protocol 3.
Torej so islandski organi nezakonito izvedli zadevno pomoč in s tem kršili člen 1(3) dela I Protokola 3.
It follows from Article 14 of Part II of Protocol 3 that unlawful aid which is incompatible with the State aid rules under the EEA Agreement must be recovered from the beneficiaries,
Iz člena 14 dela II Protokola 3 izhaja, da morajo upravičenci vrniti nezakonito pomoč, ki je nezdružljiva s pravili o državni pomoči iz Sporazuma EGP –
The Mortgage Loan Scheme constitutes State aid which is incompatible with the functioning of the EEA Agreement within the meaning of Article 61(1) of the EEA Agreement.
Shema hipotekarnih posojil pomeni državno pomoč, ki ni združljiva z delovanjem Sporazuma EGP v smislu člena 61(1) Sporazuma EGP.
In view of the failure by the Icelandic authorities to comply with the requirement to notify the EFTA Surveillance Authority before implementing the Mortgage Loan Scheme, in accordance with Article 1(3) of Part I of Protocol 3, the Mortgage Loan Scheme involves unlawful State aid.
Ker islandski organi pred izvajanjem sheme hipotekarnih posojil niso izpolnili zahteve po priglasitvi sheme Nadzornemu organu Efte v skladu s členom 1(3) dela I Protokola 3, shema hipotekarnih posojil vključuje nezakonito državno pomoč.
The Icelandic authorities shall abolish the Mortgage Loan Scheme with immediate effect and take all necessary measures to recover any incompatible and unlawful aid granted under the Mortgage Loan Scheme, as referred to in Article 1 and Article 2.
Islandski organi morajo razveljaviti shemo hipotekarnih posojil s takojšnjim učinkom in sprejeti potrebne ukrepe za vračilo nezdružljive in nezakonito dodeljene pomoči v okviru sheme hipotekarnih posojil, kot je navedeno v členu 1 in členu 2.
By 30 August 2011, the Icelandic authorities shall inform the EFTA Surveillance Authority of the measures taken to comply with this decision.
Islandski organi do 30. avgusta 2011 obvestijo Nadzorni organ Efte o ukrepih, sprejetih za uskladitev s to odločbo.
The aid to be recovered shall include interest (including compound interest) from the date on which it was at the disposal of the beneficiaries until the date of its recovery.
Pomoč, ki jo je treba vrniti, vključuje obresti (vključno z obrestnimi obrestmi) od datuma, ko je bila dana na voljo upravičencem, do datuma njenega vračila.
Interest shall be calculated on the basis of Article 9 of Decision No 195/04/COL.
Obresti se izračunajo na podlagi člena 9 Odločbe št. 195/04/COL.
Decision 195/04/COL of 14.7.2004, published in OJ L 139, 25.5.2006, p. 37, and EEA Supplement No 26, 25.5.2006, p. 1, as amended.
Odločba 195/04/COL z dne 14. julija 2004, objavljena v UL L 139, 25.5.2006, str. 37, in v Dopolnilu EGP št. 26, 25.5.2006, str. 1, kakor je bila spremenjena.
A consolidated version of the Decision can be found on www.eftasurv.int
Prečiščeno besedilo Odločbe je na spletni strani www.eftasurv.int
OJ C 277, 14.10.2010, p. 4, and EEA Supplement No 57, 14.10.2010, p. 4.
UL C 277, 14.10.2010, str. 4, in Dopolnilo EGP št. 57, 14.10.2010, str. 4.
The Icelandic authorities have explained that it was not possible for financial institutions to raise liquid funds on the open market as, at the time, there was no functioning inter-bank market in Iceland due to the financial crisis, and that the smaller saving banks did not have assets which would qualify as collateral with the central bank.
Islandski organi pojasnjujejo, da finančne institucije niso mogle pridobiti likvidnih sredstev na odprtem trgu, saj takrat medbančni trg na Islandiji zaradi finančne krize ni deloval, in da majhne hranilnice niso imele sredstev, ki bi bila primerna za zavarovanje pri centralni banki.
OJ C 241, 8.10.2009, p. 16, and EEA Supplement No 52, 8.10.2009, p. 1.
UL C 241, 8.10.2009, str. 16, in Dopolnilo EGP št. 52, 8.10.2009, str. 1.
The Decision is also available on the Authority’s website: http://www.eftasurv.int/fieldsofwork/fieldstateaid/stateaidregistry/sadecice09/168_09_col.pdf
Odločba je na voljo tudi na spletni strani Nadzornega organa: http://www.eftasurv.int/fieldsofwork/fieldstateaid/stateaidregistry/sadecice09/168_09_col.pdf
Before the financial crisis, the Icelandic banking sector essentially consisted of two segments, the first comprising the three former major banks Glitnir, Landsbanki and Kaupthing, which had relatively large international exposure; and the second comprising small savings banks, which relied on financing from the bigger banks.
Pred finančno krizo je bil islandski bančni sektor večinoma razdeljen na dva segmenta, prvi je zajemal tri nekdanje velike banke Glitnir, Landsbanki in Kaupthing, ki so bile precej mednarodno izpostavljene, drugi pa majhne hranilnice, ki so bile odvisne od financiranja večjih bank.
See Decision No 168/09/COL, p. 3.
Glej Odločbo št. 168/09/COL, str. 3.
Act No 125/2008 entered into force upon publication, i.e. on 7.10.2008.
Zakon št. 125/2008 je začel veljati na dan objave, tj. 7. oktobra 2008.
The amended Housing Act and the Regulation authorise HFF to purchase (or refinance) bonds secured by mortgages in residential housing.
Spremenjeni stanovanjski zakon in Uredba pooblaščata sklad SFS za nakup (ali refinanciranje) obveznic, ki so zavarovane s hipotekami na stanovanjske nepremičnine.
However, the Supplementary Rules concern the purchase of mortgage loans themselves.
Dopolnilna pravila se nanašajo na nakup samih hipotekarnih posojil.
The Icelandic Authorities have explained that this was meant to refer to the same thing.
Islandski organi pojasnjujejo, da naj bi bilo to isto.
There were two agreements between HFF and Bolungarvik Savings Bank.
Med skladom SFS in Bolungarvik Savings Bank sta bili sklenjeni dve pogodbi.
According to the agreement between the parties to the swap, the final price was to be settled on 15.4.2009.
V skladu s pogodbo med strankama v zamenjavi naj bi se poravnava končne cene opravila 15. aprila 2009.
Regarding the pricing of bonds, Article 3 of the Regulation provides that: ‘[t]he Housing Financing Fund shall perform an independent assessment of the value of the bonds offered to the Fund. When assessing the value of bonds, the Fund shall, among other things, take account of the payment status of the debtor, the mortgage proportion of that residential housing when the bond is taken over, defaults of the bond and its terms so that the pricing of the bond reflects its market value. The contract terms and purchase price, moreover, shall be designed to minimise the credit risks of the Fund.’.
V zvezi z določanjem cen obveznic člen 3 Uredbe določa, da: „[s]tanovanjski finančni sklad opravi neodvisno oceno vrednosti obveznic, ki se ponujajo Skladu. Pri oceni vrednosti obveznic mora Sklad med drugim upoštevati plačilni status dolžnika, hipotekarni delež zadevne stanovanjske nepremičnine ob prevzemu obveznic ter stopnjo neplačil obveznic in njihovih pogojev, tako da bo določitev cene obveznice izražala njeno tržno vrednost. Poleg tega se pogodbeni pogoji in nakupna cena oblikujejo tako, da je kreditno tveganje za Sklad čim manjše.“
Article 6 of the Supplementary Rules, concerning the ‘[p]urchase price’, provides that: ‘[t]he purchase price of mortgage loans shall be based on their market value. In mortgage loan purchase agreements the book value of the loan shall as a rule be the basis for their price allowing for prepayment risk, operation costs and other factors. The final price of the mortgage pool is determined by its performance and the expected loss at the final settlement of the purchase price.The purchase price amount paid at the time of signing the agreement shall never exceed 80 % of the pool’s market price. This percentage shall decrease in proportion to an increased estimated loss, (EL) pursuant to Art.5. The retained portion of the purchase price shall always be higher than the estimated loss (EL).Mortgage loan purchase agreements shall specify the final settlement of the purchase price. As a rule, such a settlement shall take place 8 to 10 years after the purchase date. At the time of final settlement, HFF shall pay the seller the remainder of the purchase price less depreciation of the mortgage pool that has already taken place and the estimated loss (EL), of the pool throughout its duration pursuant to Art. 5.’.
Člen 6 dopolnilnih pravil v zvezi z „[n]akupno ceno“ določa, da: „[m]ora nakupna cena hipotekarnih posojil temeljiti na njihovi tržni vrednosti. V pogodbah za nakup hipotekarnih posojil je knjigovodska vrednost posojila praviloma osnova za njihovo ceno ob pridržku tveganja predplačila, stroškov poslovanja in drugih dejavnikov. Končna cena hipotekarnega skupka se določi glede na njegovo uspešnost in pričakovano izgubo ob končni poravnavi nakupne cene.Znesek nakupne cene, plačan ob podpisu pogodbe, nikoli ne sme preseči 80 % tržne cene skupka. Ta odstotek se bo zmanjšal sorazmerno s povečano ocenjeno izgubo v skladu s členom 5. Zadržani delež nakupne cene bo vedno višji od ocenjene izgube.V pogodbah o nakupu hipotekarnih posojil je podrobno opredeljena končna poravnava nakupne cene. Praviloma se takšna poravnava opravi od 8 do 10 let po datumu nakupa. Ob končni poravnavi sklad SFS prodajalcu izplača preostanek nakupne cene z odbitkom amortizacije hipotekarnega skupka, ki je bila že opravljena, in ocenjene izgube skupka med njegovim trajanjem v skladu s členom 5.“
Article 4 of the Supplementary Rules.
Člen 4 dopolnilnih pravil.
Letter from the Icelandic authorities to the Authority dated 27.8.2009.
Dopis islandskih organov Nadzornemu organu z dne 27. avgusta 2009.
The Authority understands this to mean the outstanding principal amount lent to the borrower (without write-downs).
Po razumevanju Nadzornega organa naj bi to pomenilo neodplačani znesek glavnice, ki je bila dana na voljo posojilojemalcu (brez zmanjšanja).
According to Article 3 of the Supplementary Rules, ‘[t]he financial firm shall submit computer-readable information that HFF considers essential in order to assess the value and the credit risk of mortgage pools to be sold to HFF.’.
V skladu s členom 3 dopolnilnih pravil, „[f]inančno podjetje predloži računalniško berljive podatke, ki so po mnenju sklada SFS bistveni za oceno vrednosti in kreditnega tveganja skupkov hipotekarnih posojil, ki naj bi se prodali skladu SFS.“
Article 7 of the Supplementary Rules, concerning the ‘[p]ayment for mortgage bonds’, provides that: ‘HFF shall pay for the mortgage loans by handing over HFF bonds in exchange. The yield of HFF bonds shall be based on the duration and terms of the mortgage loans. Prepayment risk and operating costs shall be considered as well, in addition to other factors.’.
Člen 7 dopolnilnih pravil v zvezi s „[p]lačilom za hipotekarne obveznice“ določa, da: „sklad SFS hipotekarna posojila poplača s tem, ko v zamenjavo izroči obveznice SFS. Donos obveznic SFS je odvisen od trajanja in pogojev hipotekarnih posojil. Upoštevajo se tudi tveganje predplačila in stroški poslovanja poleg drugih dejavnikov.“
Article 5 of the Regulation provides that: ‘[c]ompensation for bonds purchased by the Housing Financing Fund shall generally be in the form of HFF bonds.’ On this basis, the Regulation allows, in principle, for other forms of compensation, such as cash payments.
Člen 5 Uredbe določa, da je: „[n]adomestilo za obveznice, ki jih je kupil Stanovanjski finančni sklad, običajno v obliki obveznic SFS.“ Na tej podlagi Uredba načeloma dovoljuje druge oblike nadomestila, kot so gotovinska plačila.
However, to date, only compensation in the form of HFF bonds has been used.
Vendar se je do danes uporabljalo samo nadomestilo v obliki obveznic SFS.
The actual time of final settlement is normally specified in the agreement.
Dejanski čas končne poravnave je običajno opredeljen v pogodbi.
Article 3 of the Regulation and Article 6 of the Supplementary Rules.
Člen 3 Uredbe in člen 6 dopolnilnih pravil.
See http://www.fme.is/lisalib/getfile.aspx?itemid=7199
Glej http://www.fme.is/lisalib/getfile.aspx?itemid=7199
See http://www.fme.is/lisalib/getfile.aspx?itemid=7997
Glej http://www.fme.is/lisalib/getfile.aspx?itemid=7997
See ESA decision No 126/11/COL of 13.4.2011 regarding State aid for the establishment and capitalisation of Byr hf., not yet published, available on the Authority’s website: http://www.eftasurv.int/media/decisions/126-11-COL.pdf
Glej Odločbo Nadzornega organa Efte št. 126/11/COL z dne 13. aprila 2011 v zvezi z državno pomočjo za ustanovitev in kapitalizacijo Byr hf., še neobjavljena, na spletni strani Nadzornega organa: http://www.eftasurv.int/media/decisions/126-11-COL.pdf
The Authority notes that this is in contrast to the notification of the Mortgage Loan Scheme to the Authority on 27.5.2009 (Event No 519720), where the Icelandic authorities argue that the IAG would be the correct guidelines under which to assess the Scheme (in the event that the Authority were to come to the conclusion that the Scheme involved aid).
Nadzorni organ ugotavlja, da je to v nasprotju s priglasitvijo sheme hipotekarnih posojil Nadzornemu organu 27. maja 2009 (ev. št. 519720), pri čemer islandski organi trdijo, da bi bile smernice o oslabljenih sredstvih ustrezne smernice za oceno sheme (če bi Nadzorni organ ugotovil, da shema vključuje pomoč).
As regards compatibility of the Mortgage Loan Scheme, the Icelandic authorities also refer to previous arguments made to the Authority regarding the systemic importance of the savings banks in Iceland – see, for example, a letter from the Central Bank of Iceland dated 19.5.2009, confirming the necessity of the measures (Annex 5 to the notification).
Kar zadeva združljivost sheme hipotekarnih posojil, se islandski organi sklicujejo tudi na prejšnje argumente, ki so bili predloženi Nadzornemu organu v zvezi s sistemsko pomembnostjo hranilnic na Islandiji – glej na primer dopis Centralne banke Islandije z dne 19. maja 2009, ki potrjuje nujnost ukrepov (Priloga 5 k priglasitvi).