natgillin/translations-raw huggingface dataset:
In line with the general principles set out above, taking into account the currently unpredictable duration of the fundamental shortcomings in the functioning of financial markets, the Authority considers it a necessary element for the compatibility of any general scheme for the EFTA State to carry out a review every six months, covering the justification for the continued application of the scheme and the potential for adjustments to deal with evolution in the situation of financial markets.
V skladu s splošnimi načeli, opredeljenimi zgoraj, ter ob upoštevanju trenutnega nepredvidljivega trajanja bistvenih primanjkljajev v delovanju finančnih trgov, Nadzorni organ meni, da je nujni del skladnosti katere koli splošne sheme, da država Efte vsaj na šest mesecev izvaja pregled sheme, ki zajema upravičenost nadaljnje uporabe sheme in možnosti prilagoditve, da se upošteva razvoj položaja na finančnih trgih.
The results of this review will have to be submitted to the Authority.
Rezultate tega pregleda je treba predložiti Nadzornemu organu.
Provided that such regular review is ensured, the approval of the scheme may cover a period longer than six months and up to two years in principle.
Če je tovrstni redni pregled zagotovljen, lahko odobritev sheme zajema obdobje, ki je daljše od šestih mesecev in lahko načeloma traja do dve leti.
It may be further extended, upon the Authority’s approval, as long as the crisis in the financial markets so requires.
Trajanje sheme je mogoče še dodatno podaljšati, če Nadzorni organ to odobri, za toliko časa, kot to zahteva kriza na finančnih trgih.
Should the scheme permit guarantees to continue to cover the relevant debt until a maturity date later than the expiry of the issuance period under the scheme, additional safeguards would be necessary in order to prevent excessive distortion of competition.
Če bi shema dovoljevala trajanje kritja jamstev za zadevne dolgove do datuma zapadlosti, ki je poznejši od zapadlosti obdobja trajanja sheme, bi bilo treba poskrbeti za dodatna varovala, da bi se preprečilo pretirano izkrivljanje konkurence.
Such safeguards may include a shorter issuance period than that allowed in principle under the present Chapter, deterrent pricing conditions and appropriate quantitative limits on the debt covered.
Tovrstna varovala lahko vključujejo krajše obdobje trajanja sheme kot to, ki je v skladu s tem poglavjem načeloma dovoljeno, odvračilne pogoje glede cen in ustrezne količinske omejitve glede kritega dolga.
Aid limited to the minimum—private sector contribution
Pomoč, omejena na najnižjo raven – prispevek zasebnega sektorja
In application of the general State aid principle that the amount and intensity of the aid must be limited to the strict minimum, EFTA States have to take appropriate steps to ensure a significant contribution from the beneficiaries and/or the sector to the cost of the guarantee and, where the need arises, the cost of state intervention if the guarantee has to be drawn upon.
Zaradi uporabe splošnega načela glede državne pomoči, da morata biti količina in intenzivnost pomoči omejeni na najnižjo potrebno, morajo države Efte ustrezno ukrepati za zagotovitev, da upravičenci in/ali sektor znatno prispevajo k stroškom jamstva in, kadar je potrebno, k stroškom državnega posredovanja, če se jamstvo uveljavlja.
The exact calculation and composition of such contribution depends on the particular circumstances.
Natančni izračun in sestava tovrstnega prispevka sta odvisna od posebnih okoliščin.
The Authority considers that an adequate combination of some or all of the following elements [8] would satisfy the requirement of aid being kept to the minimum:
Nadzorni organ meni, da bi bilo mogoče z ustrezno kombinacijo nekaterih od naslednjih elementov [8] ali pa vseh teh elementov izpolniti zahtevo po najnižji potrebni ravni pomoči:
the guarantee scheme must be based on an adequate remuneration by the beneficiary financial institutions individually and/or the financial sector at large [9].
jamstvena shema mora temeljiti na ustreznem plačilu, ki ga zagotovi finančna institucija upravičenka posamezno in/ali finančni sektor na splošno [9].
if the guarantee has to be activated, a further significant private sector contribution could consist in the coverage of at least a considerable part of the outstanding liabilities incurred by the beneficiary undertaking (if it continues to exist) or by the sector, the EFTA State’s intervention being limited to amounts exceeding this contribution;
če bo treba jamstvo uveljaviti, bi lahko nadaljnji znatni prispevek zasebnega sektorja sestavljalo kritje vsaj pomembnega dela neporavnanih obveznosti, ki jih je ima upravičeno podjetje (če še naprej obstaja) ali sektor, posredovanje države Efte pa bi bilo omejeno na zneske, ki bi presegali ta prispevek,
the Authority recognizes that beneficiaries may not immediately be able to pay an appropriate remuneration in its entirety.
Nadzorni organ priznava, da upravičenci morda ne bodo sposobni takoj v celoti poravnati ustreznega plačila.
Therefore, in order to complement or partially substitute the preceding elements, EFTA States could consider a claw back/better fortunes clause that would require beneficiaries to pay either an additional remuneration for the provision of the guarantee as such (in case it does not have to be activated) or to reimburse at least a part of any amounts paid by the EFTA State under the guarantee (in case it needs to be drawn upon) as soon as they are in a position to do so.
Zato bi lahko države Efte za dopolnitev ali delno nadomestitev predhodnih elementov razmislile o klavzuli o vračilu sredstev/izboljšanju stanja, ki bi od upravičencev zahtevala bodisi dodatno plačilo za zagotovitev jamstva kot takega (če ga ni treba uveljaviti) ali povrnitev vsaj dela vsakršnih zneskov, ki jih je država Efte izplačala na podlagi jamstva (če je treba jamstvo uveljaviti), takoj ko bi bili to sposobni storiti.
Avoidance of undue distortions of competition
Izogibanje nepotrebnemu izkrivljanju konkurence
Given the inherent risks that any guarantee scheme will entail negative effects on non-beneficiary banks, including those in other EEA States, the system must include appropriate mechanisms to minimize such distortions and the potential abuse of the preferential situations of beneficiaries brought about by a state guarantee.
Glede na to, da vedno obstaja tveganje negativnega vpliva jamstvene sheme na banke, ki niso upravičenke, vključno s tistimi v drugih državah EGP, mora sistem vsebovati ustrezne mehanizme za čim učinkovitejše zmanjševanje takega izkrivljanja in morebitnih zlorab ugodnejšega položaja upravičenk, ki jim ga zagotavlja državno jamstvo.
Such safeguards, which are also important to avoid moral hazard, should include an adequate combination of some or all of the following elements [10]:
Taka varovala, ki so pomembna tudi za preprečevanje moralnega tveganja, bi morala vključevati primerno kombinacijo nekaterih naslednjih elementov ali vse te elemente [10]:
Behavioural constraints ensuring that beneficiary financial institutions do not engage in aggressive expansion against the background of the guarantee to the detriment of competitors not covered by such protection.
omejevanje ravnanja, ki zagotavlja, da finančne institucije upravičenke ne sodelujejo v nasilni širitvi, ki bi jim jo omogočalo jamstvo, v škodo konkurentov, ki ne uživajo tovrstne zaščite.
This can be done, for example by:
To je mogoče doseči na primer z:
i. restrictions on commercial conduct, such as advertising invoking the guaranteed status of the beneficiary bank, on pricing or on business expansion, e.g. through the introduction of a market share ceiling [11],
i. omejitvami gospodarskih dejavnosti, kot so oglaševanje, ki se sklicuje na zajamčeni položaj banke upravičenke, oblikovanje cen ali širjenje poslovanja, na primer z uvedbo zgornje meje za tržni delež [11];
limitations to the size of the balance-sheet of the beneficiary institutions in relation to an appropriate benchmark (e.g. gross domestic product or money market growth [12]),
omejitvami bilance stanja institucij upravičenk glede na ustrezno merilo (na primer bruto domači proizvod ali rast denarnega trga [12];
the prohibition of conduct that would be irreconcilable with the purpose of the guarantee such as, for example, share repurchases by beneficiary financial institutions or the issuance of new stock options for management,
prepovedjo ravnanja, ki bi bilo nezdružljivo z namenom jamstva, kot sta na primer odkup delnic s strani finančnih institucij upravičenk ali izdajanje novih možnosti ugodnega nakupa dodanih delnic upravi;
Appropriate provisions that enable the EFTA State concerned to enforce these behavioural constraints including the sanction of removing the guarantee protection from a beneficiary financial institution in case of non-compliance.
ustrezne določbe, ki zadevnim državam Efte omogočajo, da uveljavijo te omejitve ravnanja, vključno s sankcijo umika jamstvene zaščite finančni instituciji upravičenki v primeru neupoštevanja teh določb.
Follow-up by adjustment measures
Dopolnitev s prilagoditvenimi ukrepi
The Authority considers that, in order to avoid distortions of competition to the maximum extent possible, a general guarantee scheme needs to be seen as a temporary emergency measure to address the acute symptoms of the current crisis in financial markets.
Nadzorni organ meni, da je za čim učinkovitejše preprečevanje izkrivljanja konkurence nujno, da je splošna jamstvena shema začasen izreden ukrep za obravnavanje akutnih simptomov sedanje krize na finančnih trgih.
Such measures cannot, by definition, represent a fully-fledged response to the root causes of this crisis linked to structural shortcomings in the functioning of the organization of financial markets or to specific problems of individual financial institutions or to a combination of both.
Tovrstni ukrepi po definiciji ne morejo pomeniti popolnega odziva na temeljne razloge krize, ki so povezani s strukturnimi primanjkljaji v delovanju organizacije finančnih trgov ali s posebnimi težavami posameznih finančnih institucij ali s kombinacijo obeh.
Therefore, a guarantee scheme needs to be accompanied, in due course, by necessary adjustment measures for the sector as a whole and/or by the restructuring or liquidation of individual beneficiaries, in particular for those for which the guarantee has to be drawn upon.
Zato morajo jamstveno shemo v ustreznem času dopolniti prilagoditveni ukrepi, ki zajemajo celotni sektor, in/ali prestrukturiranje ali likvidacija posameznih upravičencev, zlasti tistih, za katere je treba jamstvo uveljaviti.
Application of the scheme to individual cases
Uporaba sheme za posamezne primere
Where the guarantee scheme has to be called upon for the benefit of individual financial institutions it is indispensable that this emergency rescue measure aimed to keep the insolvent institution afloat, which gives rise to an additional distortion of competition over and above that resulting from the general introduction of the scheme, is followed up as soon as the situation of the financial markets so permits, by adequate steps leading to a restructuring or liquidation of the beneficiary.
Kadar je treba jamstveno shemo uporabiti v korist posamezne finančne institucije, je nujno, da temu izrednemu reševalnemu ukrepu, katerega namen je ohranitev plačilno nesposobne institucije, kar povzroči še dodatno izkrivljanje konkurence poleg tistega, ki ga povzroči že sama uvedba sheme, takoj ko položaj na finančnih trgih to omogoča, nemudoma sledijo ustrezni ukrepi, ki privedejo do prestrukturiranja ali likvidacije upravičenca.
This triggers the requirement of the notification of a restructuring or liquidation plan for recipients of payments under the guarantee which will be separately assessed by the Authority as to its compliance with the State aid rules [13].
To prejemnikom plačil iz jamstva nalaga obveznost priglasitve načrta prestrukturiranja ali likvidacije, ki ga Nadzorni organ posebej oceni glede njegove skladnosti s pravili o državni pomoči [13].
In the assessment of a restructuring plan, the Authority will be guided by the requirements:
Nadzorni organ bo v oceni načrta prestrukturiranja upošteval naslednje zahteve:
to ensure the restoration of long-term viability of the financial institution in question,
zagotoviti obnovo dolgoročne sposobnosti preživetja zadevne finančne institucije,
to ensure that aid is kept to the minimum and that there is substantial private participation to the costs of the restructuring,
zagotoviti, da je dodeljena pomoč najmanjša potrebna in da je pri kritju stroškov prestrukturiranja obsežno udeležen zasebni sektor,
to safeguard that there is no undue distortion of competition and no unjustified benefits deriving from the activation of the guarantee.
poskrbeti, da ni nepotrebnega izkrivljanja konkurence ter da uporaba jamstva ne povzroči neupravičenih koristi.
In this assessment, the Authority can build on the experience gathered in the application of State aid rules to financial institutions in the past, having regard to the particular features of a crisis that has reached a dimension to qualify as a serious disturbance of the economy of EEA States.
Nadzorni organ se lahko pri tej oceni zanaša na pretekle izkušnje pri uporabi pravil o državni pomoči za finančne institucije, pri tem pa upošteva posebne značilnosti krize, ki je dosegla tak obseg, da se lahko označi kot resna motnja gospodarstva držav EGP.
The Authority will also take into account the distinction between aid measures necessitated exclusively by the current bottleneck in access to liquidity in relation to an otherwise fundamentally sound financial institution, as opposed to assistance provided to beneficiaries that are additionally suffering from structural solvency problems linked for instance to their particular business model or investment strategy.
Nadzorni organ bo prav tako upošteval razliko med ukrepi pomoči, ki so potrebni izključno zaradi trenutne blokade dostopa do likvidnosti v zvezi s sicer načeloma trdno finančno institucijo, v nasprotju s pomočjo upravičencem, ki se poleg tega spopadajo še s strukturnimi težavami plačilne nesposobnosti, povezanimi, na primer, z njihovim lastnim poslovnim modelom ali strategijo vlaganja.
In principle, assistance to the latter category of beneficiaries is likely to raise greater concerns.
Načeloma je verjetno, da bo pomoč slednji kategoriji upravičencev vzbudila večjo zaskrbljenost.
RECAPITALISATION OF FINANCIAL INSTITUTIONS
DOKAPITALIZACIJA FINANČNIH INSTITUCIJ
A second systemic measure in response to the ongoing financial crisis would be the establishment of a recapitalisation scheme which would be used to support financial institutions that are fundamentally sound but may experience distress because of extreme conditions in financial markets.
Drugi sistemski ukrep kot odziv na trenutno finančno krizo bi bil vzpostavitev sheme dokapitalizacije, ki se bo uporabljala za podporo načeloma trdnih finančnih institucij, ki pa se bodo lahko znašle v stiski zaradi skrajnih pogojev na finančnih trgih.
The objective would be to provide public funds so as to strengthen the capital base of the financial institutions directly or to facilitate the injection of private capital by other means, so as to prevent negative systemic spill overs.
Cilj je zagotovitev javnih sredstev za neposredno okrepitev lastnega kapitala finančnih institucij ali omogočanje zasebnih kapitalskih vložkov na druge načine, da bi se preprečili negativni sistemski vplivi.
In principle, the above considerations in relation to general guarantee schemes apply, mutatis mutandis, also to recapitalisation schemes.
Načeloma se zgoraj navedene zahteve v zvezi s splošnimi jamstvenimi shemami z ustreznimi prilagoditvami uporabljajo tudi za sheme dokapitalizacije.
This holds true for:
To velja za:
objective and non-discriminatory criteria for eligibility,
objektivna in nediskriminatorna merila upravičenosti,
the temporal scope of the scheme,
časovni okvir sheme,
limitation of the aid to the strict necessary,
strogo omejitev pomoči na najnujnejšo,
the need for safeguards against possible abuses and undue distortions of competition, bearing in mind that the irreversible nature of capital injections entails the need for provisions in the scheme which allow the EFTA State to monitor and enforce the observance of these safeguards and to take steps avoiding undue distortions of competition, where appropriate, at a later stage [14], and
potrebo po varovalih pred morebitnimi zlorabami in nepotrebnim izkrivljanjem konkurence ob upoštevanju, da trajen značaj kapitalskih vložkov vključuje potrebo po določbah v shemi, ki državam Efte omogočajo, da spremljajo in uveljavljajo upoštevanje teh varoval ter po potrebi pozneje naredijo vse, da se prepreči nepotrebno izkrivljanje konkurence [14] ter
the requirement for recapitalisation as an emergency measure to support the financial institution through the crisis to be followed up by a restructuring plan for the beneficiary to be separately examined by the Authority, taking into account both the distinction between fundamentally sound financial institutions solely affected by the current restrictions on access to liquidity and beneficiaries that are additionally suffering from more structural solvency problems linked for instance to their particular business model or investment strategy and the impact of that distinction on the extent of the need for restructuring.
zahtevo po dokapitalizaciji kot izrednem ukrepu v podporo finančnim institucijam med krizo, ki mu sledi načrt prestrukturiranja za upravičenca, ki ga posebej pregleda Nadzorni organ, ob upoštevanju tako razlikovanja med načeloma trdnimi finančnimi institucijami, na katere vplivajo samo trenutne omejitve dostopa do likvidnosti, ter upravičenci, ki so jih poleg tega prizadele strukturne težave plačilne sposobnosti, povezane, na primer, z njihovim lastnim poslovnim modelom ali strategijo vlaganja, kot vpliva, ki ga ima tako razlikovanje na obseg potrebe po prestrukturiranju.
The particular nature of a recapitalisation measure gives rise to the following considerations.
Zaradi posebnega značaja ukrepa dokapitalizacije je treba upoštevati naslednje.
Eligibility should be based on objective criteria, such as the need to ensure a sufficient level of capitalisation with respect to the solvency requirements that do not lead to unjustified discriminatory treatment.
Upravičenost mora temeljiti na objektivnih merilih, kot je potreba po zagotovitvi zadostne ravni kapitalizacije v zvezi z zahtevami po plačilni sposobnosti, ki ne povzročajo neutemeljenega diskriminatornega obravnavanja.
Evaluation of the need for support by the financial supervisory authorities would be a positive element.
Ocena potrebe po podpori s strani finančnih nadzornih organov bi bil pozitiven element.
The capital injection must be limited to the minimum necessary and should not allow the beneficiary to engage in aggressive commercial strategies or expansion of its activities or other purposes that would imply undue distortions of competition.
Kapitalski vložek mora biti omejen na najnižji potrebni znesek in ne sme dovoljevati upravičencu, da sodeluje v nasilnih tržnih strategijah, širi svoje dejavnosti ali se udejstvuje na druge načine, ki bi pomenili nepotrebno izkrivljanje konkurence.
In that context the maintenance of enhanced minimum solvency requirement levels, and/or limitation to the total size of the balance sheet of the financial institution will be evaluated positively.
V tem okviru bo ohranjanje povečanih zahtev po najnižjih ravneh plačilne sposobnosti in/ali omejitev skupne bilance stanja finančnih institucij ocenjeno pozitivno.
The beneficiaries should contribute as much as possible in the light of the current crisis through their own means including private participation [15].
Upravičenci morajo glede na trenutno krizo prispevati, kolikor je mogoče, svoja lastna sredstva, vključno z zasebno udeležbo [15].
Capital interventions in financial institutions must be done on terms that minimise the amount of the aid.
Kapitalske intervencije v finančnih institucijah je treba opraviti pod pogoji, ki znižujejo znesek pomoči.
According to the instrument chosen (e.g. shares, warrants, subordinated capital, …) the EFTA State concerned should, in principle, receive rights, the value of which corresponds to their contribution to the recapitalisation.
Glede na izbrani instrument (npr. delnice, nakupni boni, podrejena sredstva itd.) mora zadevna država Efte načeloma pridobiti pravice, katerih vrednost ustreza njenim prispevkom k dokapitalizaciji.
The issue price of new shares must be fixed on the basis of a market-oriented valuation.
Vrednost novih delnic ob izdaji je treba določiti na podlagi tržno usmerjene ocene.
In order to ensure that the public support is only given in return for an appropriate counterpart, instruments such as preferred shares with adequate remuneration, will be regarded positively.
Za zagotovitev, da se javna podpora omogoči samo v zameno za ustrezno protivrednost, bodo instrumenti, kot so prednostne delnice z ustreznim nadomestilom, obravnavane pozitivno.
Alternatively the introduction of claw back mechanisms or better fortunes clauses will have to be considered.
V nasprotnem primeru bo treba upoštevati mehanizme za vračilo sredstev ali klavzulo o izboljšanju stanja.
Similar considerations will apply to other measures and schemes aimed at tackling the problem from the financial institutions’ asset side, that would contribute to the strengthening of the institutions’ capital requirements.
Podobne zahteve se bodo uporabljale za druge ukrepe in sheme, ki so namenjeni reševanju problema z vidika sredstev finančnih institucij, ki bi pripomogla h krepitvi kapitalskih zahtev institucij.
In particular, where an EFTA State buys or swaps assets this will have to be done at a valuation which reflects their underlying risks, with no undue discrimination as to the sellers.
Država Efte bo zlasti morala kupiti ali zamenjati sredstva ob oceni, ki izraža s tem povezana tveganja, brez neupravičene diskriminacije prodajalcev.
The approval of the aid scheme does not exempt EFTA States from submitting a report to the Authority on the use of the scheme every six months and individual plans for the beneficiary undertakings within 6 months from the date of the intervention [16].
Odobritev sheme pomoči ne pomeni, da je država Efte oproščena predložitve poročila o uporabi sheme Nadzornemu organu vsakih šest mesecev in posameznih načrtov za upravičena podjetja v šestih mesecih od datuma posredovanja [16].
As in the case of guarantee schemes but having regard to the inherently irreversible nature of recapitalisation measures, the Authority will carry out its assessment of such plans in such a way as to ensure the coherence of the overall results of recapitalisation under the scheme with those of a recapitalisation measure taken outside such a scheme according to the principles of the R&R guidelines, taking into consideration the particular features of a systemic crisis in the financial markets.
Kot v primeru jamstvenih shem, vendar z upoštevanjem trajnega značaja ukrepov dokapitalizacije, bo Nadzorni organ izvedel svojo oceno tovrstnih načrtov tako, da bo zagotovila skladnost skupnih rezultatov dokapitalizacije v okviru sheme z rezultati ukrepa dokapitalizacije, ki je bil izveden zunaj tovrstne sheme v skladu z načeli smernic za reševanje in prestrukturiranje, ob upoštevanju posebnosti sistemske krize na finančnih trgih.
CONTROLLED WINDING-UP OF FINANCIAL INSTITUTIONS
NADZOROVANA LIKVIDACIJA FINANČNIH INSTITUCIJ
In the context of the current financial crisis an EFTA State may also wish to carry out a controlled winding-up of certain financial institutions in its jurisdiction.
V okviru trenutne finančne krize želijo države Efte morda izpeljati tudi nadzorovano likvidacijo nekaterih finančnih institucij pod njihovo pristojnostjo.