natgillin/translations-raw huggingface dataset:
‘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.’
Izkrivljanje konkurence in vpliv na trgovino med pogodbenicami
The Authority will assess the following measures [45] below:
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.
The initial operating capital provided by the Icelandic State to the new bank;
Torej je treba vse ukrepe, ki se ocenjujejo, obravnavati, kot da izkrivljajo konkurenco in vplivajo na trgovino med pogodbenicami Sporazuma EGP [53].
The (initial) full state capitalisation of the new bank; and the retention of a majority shareholding by the State.
Sklep
The above measures are referred to collectively below as ‘the capitalisation measures’.
Nadzorni organ zato ugotavlja, da je v ukrepe, ki jih je sprejela Islandija za kapitalizacijo nove banke, jamstvo za vloge in transakcijo hranilnice SpKef, vključena državna pomoč v smislu člena 61(1) Sporazuma EGP.
In addition, the Authority will assess:
Nadzorni organ opozarja, da je ugotovil enako glede ukrepov za kapitalizacijo hranilnice SpSv v odločbah hranilnicah.
The Icelandic Government's guarantee to domestic deposits in all Icelandic banks and
POSTOPKOVNE ZAHTEVE
The transfer of operations from Spkef to Landsbankinn (‘the Spkef transaction’).
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 Authority also recalls that the temporarily approved rescue measures for SpSv, which will now be merged with Landsbankinn, constitute state aid, the final compatibility of which depends on the restructuring plan for the merged entity.
Zadevna država ne sme izvajati svojih predlaganih ukrepov, dokler v tem postopku ni sprejeta dokončna odločitev“.
Presence of state resources
Islandski organi Nadzornemu organu niso priglasili ukrepov pomoči, ki jih zajema odločba o začetku postopka, pred začetkom njihovega izvajanja.
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.
Enako velja tudi za transakcijo hranilnice SpKef.
As for the Spkef transaction, the State assumed the risk that the assets of Spkef would be insufficient to cover the transferred liabilities (deposits) of Spkef bank.
Nadzorni organ je zato sklenil, da islandski organi niso spoštovali svojih obveznosti iz člena 1(3) dela I Protokola 3.
In essence, it guaranteed to make up for the shortfall, which entailed a (potential) transfer of state resources.
Dodelitev teh ukrepov pomoči je bila torej nezakonita.
As indicated above, the arbitration committee decided recently that the State had to pay Landsbankinn 19,2 billion ISK.
ZDRUŽLJIVOST POMOČI
It is therefore evident that this measure entails a transfer of state resources.
Nadzorni organ uvodoma ugotavlja, da je banka Landsbankinn, čeprav gre za nov pravni subjekt, ustanovljen leta 2008, glede domačih dejavnosti očitno gospodarska naslednica banke Landsbanki, v smislu da med obema subjektoma obstaja gospodarska kontinuiteta.
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.
Islandski organi so pojasnili, da je podobnost med imenoma nekdanje in nove banke dejansko namerna, saj je banki Landsbankinn tako omogočeno, da izkoristi dobro ime, ki je na Islandiji še vedno povezano z imenom „Landsbanki“.
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.
Nadzorni organ meni, da je bila banka Landsbankinn 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.
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.
Poleg tega so ukrepi, ki se ocenjujejo, hkrati ukrepi za reševanje in prestrukturiranje.
The present decision is therefore not concerned with those measures.
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.
The Authority stated in the opening decision that it would investigate further whether the statements by the Icelandic Government described above are sufficiently precise, firm, unconditional and legally binding such as to involve a commitment of state resources [46].
Ker pa priglasitev ni bila pravočasna, je Nadzorni organ začel formalni postopek preiskave in zahteval predložitev načrta za prestrukturiranje.
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.
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.
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.
Pravna podlaga za oceno združljivosti: člen 61(3)(b) Sporazuma EGP in smernice Nadzornega organa o prestrukturiranju
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.
Čeprav se državna pomoč podjetjem v težavah, kot je banka Landsbankinn, običajno ocenjuje v skladu s členom 61(3)(c) Sporazuma EGP, je lahko v skladu s členom 61(3)(b) Sporazuma dovoljena državna pomoč „za odpravljanje resne motnje v gospodarstvu države članice ES ali države Efte“.
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.
Islandski organi so pojasnili, kot je bilo podrobneje opisano zgoraj, da se je sistemska kriza v islandskem finančnem sistemu začela oktobra 2008 ter v roku nekaj dni povzročila zlom glavnih bank in glavnih hranilnic.
In the light of the above the Authority considers that there is a legally binding, precise, unconditional and firm measure in place.
V večini segmentov islandskega finančnega trga je skupni tržni delež propadlih finančnih institucij presegal 90 %.
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.
Tem težavam se je pridružilo še pomanjkanje zaupanja v državno valuto.
Favouring certain undertakings or the production of certain goods
Islandsko realno gospodarstvo je finančna kriza resno prizadela.
Advantage
Četudi so od nastopa finančne krize pretekla že tri leta, se razmere v islandskem finančnem sistemu še niso povsem normalizirale.
First, the aid measures must confer on the new bank advantages that relieve it of charges that are normally borne from its budget.
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.
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 Landsbankinn as the capital provided would not have been available to the bank without state intervention.
Zato se šteje, da se v tem primeru uporablja člen 61(3)(b) Sporazuma EGP.
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.
Uporaba Sporočila o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči
Since the onset of the financial crisis, the approach taken both by the European Commission (in numerous cases since the financial crisis began [48]) and by the Authority [49] has been that state recapitalisations of banks amount to state aid given the turmoil and uncertainty that have characterised financial markets since the autumn of 2008.
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 [55] (v nadaljnjem besedilu: smernice o prestrukturiranju) so določena pravila o državni pomoči, ki se uporabljajo za prestrukturiranje finančnih institucij v sedanji krizi.
This general consideration applies in particular to the Icelandic financial markets in 2008 and 2009, when the entire system collapsed.
Da se prestrukturiranje finančne institucije v sedanji finančni krizi šteje za združljivo s členom 61(3)(b) Sporazuma EGP, mora v skladu s smernicami o prestrukturiranju:
Thus the Authority considers the capitalisation measures to confer an advantage on Landsbankinn notwithstanding the eventual transfer of a minority shareholding to the (largely private sector) creditors.
omogočiti ponovno uspešno poslovanje banke;
The private sector involvement in the capitalisation of Landsbankinn is made up entirely of creditors of the old banks who are solely seeking to minimise their losses [50].
vključevati zadosten lastni prispevek upravičenca (porazdelitev bremena);
Moreover, given the contingent bond mechanism described above, they cannot be considered to have invested at the same terms as the State.
vključevati zadostne ukrepe za omejevanje izkrivljanja konkurence.
Regarding the Spkef transaction, the Authority notes that the transaction aimed at providing Landsbankinn with compensation equalling solely the difference between transferred assets and liabilities.
Nadzorni organ bo v nadaljevanju na podlagi predloženega načrta prestrukturiranja za banko Landsbankinn torej ocenil, ali so izpolnjena navedena merila in ali opisani ukrepi pomoči pomenijo združljivo pomoč za prestrukturiranje.
Moreover, the mechanism to determine this difference, with an independent arbitration committee as the final arbiter, ensured a high degree of objectivity in this process.
Ponovno uspešno poslovanje
However, the entire risk of the assets of Spkef being of less value than the transferred deposits, and the obligation to make up for any potential shortfall, was allocated to the State.
Najpomembnejši cilj take pomoči je ponovno vzpostaviti dolgoročno uspešno poslovanje upravičenca, ki prejema pomoč za prestrukturiranje, pri določanju njene združljivosti pa je pomembno oceniti, ali se bo s pomočjo za prestrukturiranje to doseglo.
It follows that Landsbankinn was able to acquire goodwill and additional market shares, without taking on any risk.
Kot je bilo navedeno, zaradi pretresa v islandskem gospodarstvu v začetku jeseni leta 2008, prisotnosti izrednih ukrepov, kot so kapitalske kontrole, razvijajočega se regulativnega okolja in makroekonomskih obetov, ki ostajajo nekoliko negotovi, postaja donosno poslovanje banke in zagotavljanje njenega dolgoročnega uspešnega poslovanja izziv.
The Authority concludes that this constitutes an advantage.
Nadzorni organ na začetku poudarja, da je treba pri spodnji oceni upoštevati ta premislek.
Finally, the Authority also needs to assess whether the additional deposit guarantee conveys an advantage on Landsbankinn and Icelandic banks in general.
V oddelku 2 smernic o prestrukturiranju je določeno, da mora država EGP predložiti celovit in podroben načrt prestrukturiranja, ki zagotavlja popolne informacije o poslovnem modelu ter ponovno vzpostavlja dolgoročno poslovno uspešnost.
In this regard, the Authority notes that when the statement that deposits would be guaranteed were first made by the Icelandic authorities, it was not entirely clear how this guarantee would work in practice, in particular what effect such intervention would have on a failing bank.
V točki 10 smernic o prestrukturiranju se zahteva, da je treba v načrtu prestrukturiranja opredeliti vzroke za težave banke in njene lastne pomanjkljivosti ter opisati, na kakšen način bodo predlagani ukrepi prestrukturiranja pripomogli k reševanju temeljnih problemov banke.
Today it appears that such a bank would be allowed to fail, but that the Icelandic state would ensure — for example by transferring deposits to another bank and making up for the shortfall in assets — that deposits could be paid in full, and the depositors would never lose access to the full amount of their deposits.
Vzroki za težave banke Landsbanki so, kot je bilo opisano, navedeni v načrtu prestrukturiranja, a tudi v poročilu posebne preiskovalne komisije.
The Authority considers that it is of secondary importance how the State would act in complying with the unlimited guarantee on domestic deposits.
V tem poročilu so med najpomembnejšimi vzroki na ravni banke opredeljeni naslednji dejavniki, ki so povzročili propad: slabo upravljanje tveganja, prevelik apetit po tveganju, neobičajno tesen odnos med lastniki in največjimi posojilojemalci, prevelika rast v prekratkem obdobju, pomanjkanje izkušenj na svetovnih trgih, popustljiva pravila pri izposojanju, pomanjkanje notranjih pregledov in notranjega nadzora ter pomanjkljiva poslovna kultura in strategija.
What matters is that it has assumed the obligation to step in if a bank would fail to pay out deposits, to an unlimited extent.
Banka se je tudi močno zanašala na kratkoročno financiranje iz velikih medbančnih poslov; da je lahko financirala svoje dejavnosti, pa je morala pridobiti velike količine vlog v tujini.
This unlimited guarantee has, in the Authority's view, favoured Landsbankinn: First, as it provides a valuable competitive advantage — an unlimited state guarantee, and hence a significant safety net — over alternative investment options and providers.
S tem so se še poslabšala že obstoječa neravnotežja valut.
This is illustrated for example by a recent report of the Minister of Economic Affairs which states that: ‘Icelandic financial undertakings are currently operating in a sheltered environment with capital controls and a blanket deposit guarantee.
Regulativni ukrepi za uspešno poslovanje
Under such conditions, bank deposits are practically the only secure option for Icelandic savers’.
Po mnenju Nadzornega organa so propad banke Landsbanki in zlom islandske finančne industrije povzročili tudi številni dejavniki, značilni za Islandijo, ki so se nanašali na njeno majhno površino ter regulativne pomanjkljivosti in pomanjkljivosti pri nadzoru, ki jih je osvetlila posebna preiskovalna komisija.
[51]
Dolgoročno uspešno poslovanje banke Landsbankinn ter katere koli druge islandske banke je torej odvisno od tega, ali so bile te pomanjkljivosti pri nadzoru in regulativne pomanjkljivosti odpravljene.
Second, it seems clear that in the absence of the guarantee Landsbankinn could have more easily suffered from a run on its deposits like its predecessor [52].
Nadzorni organ v zvezi s tem odobrava spremembe regulativnega in nadzornega okvira, ki so jih storili islandski organi, kot je pojasnjeno v Prilogi.
Thus the bank would likely have had to pay higher interest rates (to compensate for the risk) in order to attract or even simply retain the same amount of deposits.
Prvič, povečana so bila pooblastila in pristojnosti Organa za finančni nadzor, med drugim z novimi odgovornostmi glede velikih posameznih izpostavljenosti in tveganj v zvezi s tem, s čimer pa se po mnenju Nadzornega organa obravnava eden od dejavnikov, ki so povzročili finančni zlom.
Accordingly, the Authority concludes that the deposit guarantee entails an advantage for the bank.
Drugič, z začasno visokimi zahtevami glede stopnje kapitalske ustreznosti in s številnimi določbami v zvezi z zavarovanjem s premoženjem, zlasti s prepovedjo podaljšanja kredita v zameno za jamstva za lastne delnice, naj bi se zagotovilo, da islandske banke ne morejo še enkrat delovati s šibkim kapitalskim položajem.
Selectivity
Po mnenju Nadzornega organa bodo ti ukrepi prispevali k odpornosti islandskih bank.
Second, the aid measure must be selective in that it favours ‘certain undertakings or the production of certain goods’.
Tretjič, izveden je bil sklop ukrepov v zvezi z upravičenostjo direktorjev in članov upravnega odbora ter njihovimi prejemki.
The capitalisation measures and the Spkef transaction are selective as they only benefit Landsbankinn.
Za posojanje povezanim strankam (kot so lastniki) so bila vzpostavljena strožja pravila, tako lahko Organ za finančni nadzor zdaj banki prepove opravljanje posebnih dejavnosti.
Moreover, as state support can be selective even in situations where one or more sectors of the economy benefit and others do not, the Authority also considers the state guarantee on deposits which benefits the Icelandic banking sector as a whole as selective.
Spremenjena so bila tudi pravila za zunanje in notranje računovodstvo.
This conclusion also follows from the considerations set out above according to which banks are favoured over other undertakings that offer possibilities to save and invest money.
Skrajšalo se je, na primer, obdobje, v katerem lahko zunanji računovodja dela za isto banko.
Distortion of competition and affection of trade between Contracting Parties
Nadzorni organ odobrava dejstvo, da naj bi ti ukrepi preprečili ponovitev dogodkov, kar zadeva lastnike in visoke menedžerje.
The measures strengthen the position of Landsbankinn in comparison to competitors (or potential competitors) in Iceland and other EEA States.
Z ukrepi se je tudi povečalo zunanje spremljanje tveganja, ti ukrepi pa zmanjšujejo grožnje za uspešno poslovanje banke.
Landsbankinn is an undertaking which is active, as described above, on financial markets, which are open for international competition in the EEA.
Četrtič, po mnenju islandskih organov obsežno sprejemanje vlog v islandskih komercialnih bankah pred krizo prav tako spodbuja že omenjeno možnost, da bi Organ za finančni nadzor omejil dejavnosti banke.
Whilst the Icelandic financial markets are currently, particularly due to the capital controls, rather isolated, (a potential for) cross-border trade still exists, which will increase as soon as the capital controls are lifted.
Poleg tega se po mnenju Nadzornega organa zdi, da so novi prepisi o likvidnih sredstvih in uravnoteženosti tujih valut [56] povzročili določene omejitve v zvezi s tem, da bi imele banke možnost privabiti nesorazmerno velike količine tujih vlog, če bi zaradi tega postalo poslovanje banke šibkejše in ranljivejše glede menjalnih tečajev in likvidnostnih tveganj.
All measures under assessment must therefore be regarded as distorting competition and affecting trade between the Contracting Parties to the EEA Agreement.
Nadzorni organ z odobravanjem sprejema dejstvo, da so se islandski organi odzvali na ta vidik regulativne pomanjkljivosti.
[53]
Načrt presturkturiranja banke Landsbankinn
Conclusion
Banka Landsbankinn se je glede načrta prestrukturiranja in ukrepov na ravni banke v bistvu obrnila k bolj tradicionalnemu modelu bančništva, usmerjenem na njeno osnovno moč, tj. v domače poslovanje s posamezniki in podjetji, ki se bo večinoma financiralo z domačimi vlogami strank.
The Authority, therefore, comes to the conclusion that the measures taken by the Icelandic State to capitalise the new bank, the deposit guarantee and the Spkef transaction involve state aid within the meaning of Article 61(1) of the EEA Agreement.
Kot je bilo že navedeno, je bila banka Landsbankinn v primerjavi s svojo predhodnico od trenutka ustanovitve bistveno manj zadolžena.
The Authority recalls that it reached the same conclusion regarding the capitalisation measures granted to SpSv in the Savings banks decisions.
Ker je večina dolga iz velikih medbančnih poslov ostala v stečajnem premoženju banke Landsbanki, se ji glede na načrt prestrukturiranja ne bo treba zanašati na refinanciranje z izdajanjem nezavarovanih obveznic na mednarodnih trgih, kar bi bila glede na sedanje razmere verjetno tvegana možnost.
PROCEDURAL REQUIREMENTS
Dejansko se je izkazalo, da je bil eden od glavnih razlogov za zlom banke Landsbanki zanašanje na refinanciranje na trgih velikih medbančnih poslov in pozneje na tuje vloge.
Pursuant to Article 1(3) of Part I of Protocol 3 SCA, ‘the EFTA Surveillance Authority shall be informed, in sufficient time to enable it to submit its comments, of any plans to grant or alter aid (…).
Po drugi strani je financiranje banke Landsbankinn do zdaj v veliki meri temeljilo na vlogah in lastniškem kapitalu (nad 70 %), v načrtu prestrukturiranja je predvideno rahlo povišanje deleža vlog glede na vse obveznosti.
The State concerned shall not put its proposed measures into effect until the procedure has resulted in a final decision’.
Iz načrta prestrukturiranja je razvidno, da med obdobjem prestrukturiranja […] ni pričakovati nobene večje potrebe po refinanciranju, Nadzorni organ pa odobrava dejstvo, da niti uspešna vrnitev na mednarodne trge za nezavarovan dolg niti manj tvegano izdajanje zavarovanih obveznic nista del predpostavk, na katerih temelji napoved o financiranju.
The Icelandic authorities did not notify the aid measures covered by the opening decision to the Authority in advance of their implementation.
Glede omenjene možnosti uspešnega izdajanja nezavarovanih obveznic bi se lahko trenutno omejen apetit vlagateljev po takih dolgovih po trditvah te banke povečal, ko bo odpravljeno neomejeno jamstvo za vloge, zlasti prednostni položaj vlog, zaradi katerega je privlačnost drugih oblik dolga trenutno manjša.
The same applies to the Spkef transaction The Authority therefore concludes that the Icelandic authorities have not respected their obligations pursuant to Article 1(3) of Part I of Protocol 3.
Nadzorni organ na podlagi dejstev, ki so jih predložili islandski organi, meni, da je finančno stanje banke do konca obdobja prestrukturiranja videti dobro.
The granting of those aid measures was therefore unlawful.
Vendar ob upoštevanju negotovosti, ki zadevajo jamstva za vloge in kapitalske kontrole, ter nejasnega prihodnjega razvoja trgov (državnih) dolžniških vrednostnih papirjev ne more ugotoviti, ali se bo dolgoročna strategija financiranja banke Landsbankinn dolgoročno uresničila v skladu s predvidevanji.