natgillin/translations-raw huggingface dataset:
The measures were in line with the goal of the government to move the domestic part of the old banks to the new banks.
Taka sprememba denominacije bi bila torej v korist upnika, ne dolžnika.
The restructuring and capitalisation of Arion was part of the overall restructuring of the financial sector.
Poleg tega je bila v začetku leta 2013 izdana pogojno zamenljiva obveznica v vrednosti 92 milijard ISK v tuji valuti.
The terms of the loan agreement, i.e. interest rates and security, were favourable to the CBI.
Ti nadrejeni zavarovani obveznici sta bili nadomestilo za sredstva in obveznosti, ki so se z odločitvijo organa za finančni nadzor o odtujitvi sredstev in odgovornosti banke LBI banki NBI 9. oktobra 2008 prenesle z banke LBI.
Since the Authority, in Decision No 208/15/COL, considered it difficult to determine the appropriate benchmarks for interest rates during the financial crisis, Arion has provided information on covered bond and senior unsecured bond issuances by banks in Europe during the period in question.
Obrestni meri sta EURIBOR/LIBOR + 175 bazičnih točk za prvih pet let in EURIBOR/LIBOR + 290 bazičnih točk za ostalih pet let.
Since the loan provided by the CBI is secured primarily with mortgages, Arion argues that it is comparable to covered bonds that were issued by European banks during 2009 using residential mortgages as security.
Zavarovani sta z nabori posojil strankam banke Landsbankinn [26].
According to Arion, the dataset it provided [25] demonstrates that funding spreads European banks were paying ranged between 0,1 % and 1,90 % over interbank rates, with a median spread of 0,72 %.
Po navedbah banke Arion se lahko pogoji dogovora z banko LBI štejejo za neposredno primerljive s pogoji iz posojilne pogodbe.
The highest rates for covered bonds were paid by the Bank of Ireland in September 2009 (1,9 % over interbank rates) and EBS Mortgage finance from Ireland (1,75 % overinterbank rates) in November 2009.
Povzetek razlik:
According to Arion, the change made in the loan agreement from the terms of the settlement agreement relating to the denomination of the principal in EUR, USD and CHF, instead of ISK, was favourable to the CBI.
skupina zavarovanih posojil strankam za zasebnega posojilodajalca v primerjavi z raznoliko skupino domačih izpostavljenosti, zavarovanih z državnimi, občinskimi in stanovanjskimi hipotekami centralni banki Islandije na podlagi posojilne pogodbe.
Arion notes that stringent limitations on cross-border movement of capital and related foreign exchange transactions were imposed in Iceland since the banking system collapsed in the autumn of 2008.
Vse navedene razlike med tema primeroma so po mnenju banke Arion ugodnejše za posojilno pogodbo in centralno banko Islandije, tj. višja obrestna mera, manjša glavnica in močnejša skupina zavarovanj s premoženjem, čeprav gre v tem primeru za zasebnega posojilodajalca.
Applying the private creditor test in these circumstances can only result in the conclusion that a private creditor would have preferred a denomination in foreign currencies rather than in ISK.
To pomeni, da so pogoji financiranja, ki je bilo banki Arion zagotovljeno na podlagi posojilne pogodbe, v skladu s takrat prevladujočimi pogoji na trgu.
Such a change in denomination would therefore be to the advantage of the creditor, not the debtor.
Na kratko, banka Arion trdi, da sklenitev posojilne pogodbe med centralno banko Islandije in banko Arion ne more pomeniti državne pomoči v smislu člena 61(1) Sporazuma EGP.
Arion also draws a comparison with a settlement agreement (‘the LBI agreement’) that was concluded between the ‘new’ Landsbankinn (‘NBI’), and the ‘old’ Landsbankinn (‘LBI’) in December 2009.
Če bi nadzorni organ kljub navedenim trditvam menil, da ukrepi pomenijo državno pomoč, banka Arion trdi, da so ti ukrepi združljivi s Sporazumom EGP na podlagi njegovega člena 61(3)(b).
The LBI agreement entailed the issue of a senior secured bond, denominated in EUR, GBP and USD, in the amount of ISK 247 billion in foreign currency for a term of 10 years by NBI to LBI.
Ker so bili zadevni ukrepi neločljivi del končne kapitalizacije banke Arion in načrta prestrukturiranja banke Arion, ki je bil predložen nadzornemu organu, banka Arion trdi, da teh ukrepov ni mogoče ločiti od skupne ocene, ki jo je nadzorni organ podal v navedeni zadevi.
These senior secured bonds mature in October 2018 and do not have instalment payments during the first five years.
Ocena združljivosti zadevnih ukrepov, ki jo poda nadzorni organ, bi zato morala biti v skladu z oceno iz odločbe o pomoči za prestrukturiranje za banko Arion, in bi morala zlasti proučiti, ali so bila izpolnjena merila veljavnih smernic o državni pomoči.
The interest rates are EURIBOR/LIBOR + 175 bps for the first five years and EURIBOR/LIBOR + 290 bps for the remaining five years.
PRIPOMBE BANKE ISB
They are secured by pools of loans to customers of Landsbankinn [26].
Banka ISB je zagotovila informacije o pogojih podobnih obveznic, zavarovanih s premoženjem, ki so v Evropi veljali ob sklenitvi dogovora s centralno banko Islandije.
According to Arion, the terms of the LBI agreement can be viewed as directly comparable to the terms in the loan agreement.
Po njenih navedbah so takrat v Evropi podobne obveznice, zavarovane s premoženjem, pri trgovanju dosegale po 40–80 bazičnih točk več kot obveznice z državnim jamstvom.
The differences can be summarised as follows:
Banka ISB je predložila graf, ki za tri države, tj. Francijo, Nemčijo in Španijo, prikazuje podatke iz leta 2009 o razliki v razmikih za razmike med donosnostjo kritih obveznic in donosnostjo državnih vrednostnih papirjev.
A margin of 175 bps/290 bps from a private party lender compared to a 300 bps from the CBI under the loan agreement.
Razmiki med donosnostjo kritih obveznic na osnovi indeksov iBoxx [27] so tehtano povprečje vseh neporavnanih obveznosti iz naslova kritih obveznic iz zadevnih držav s povprečnim trajanjem indeksov v razponu od pet do sedem let.
A principal of close to the equivalent of ISK 350 billion from a private party lender compared to ISK […] billion from the CBI under the loan agreement.
Kot je razvidno z grafa, je razmik v tem obdobju precej nihal in je na primer pri Španiji trenutno negativen.
A collateral pool of loans to customers to a private party lender compared to a diversified pool of domestic exposures on sovereign, municipalities and residential mortgages to the CBI under the loan agreement.
Leta 2009 je bila razlika v razmikih za te tri države v razponu od 40 do 160 bazičnih točk.
The above differences between these two cases are, according to Arion, all favourable to the loan agreement and the CBI, i.e. higher interest rate, lower principal amount and stronger collateral pool, in spite of the fact that the lender in this case is a private party.
OCENA
This indicates that the terms of the funding provided to Arion under the loan agreement are in line with prevalent market terms at the time.
Nadzorni organ bo v naslednjih poglavjih ocenil, ali posojilni pogodbi, sklenjeni med centralno banko Islandije ter bankama ISB in Arion, vključujeta državno pomoč v smislu člena 61(1) Sporazuma EGP.
In summary, Arion thus argues that the conclusion of the loan agreement between the CBI and Arion cannot constitute state aid within the meaning of Article 61(1) of the EEA Agreement.
Ukrep pomeni državno pomoč v smislu člena 61(1) Sporazuma EGP, če so kumulativno izpolnjeni naslednji pogoji: ukrep (i) dodeli država ali je dodeljen iz državnih sredstev, (ii) podjetju zagotavlja gospodarsko prednost, (iii) je selektiven ter (iv) bi lahko izkrivljal konkurenco in vplival na trgovino med pogodbenicami.
Should the Authority, despite the arguments presented above, consider that the measures constitute state aid, Arion argues that these measures are compatible with the EEA Agreement on the basis of its Article 61(3)(b).
Predhodno bi bilo treba opozoriti, da v denarni politiki ni vsesplošne izjeme od uporabe pravil o državni pomoči [28].
As the measures in question formed an inseparable part of the final capitalisation of Arion and the restructuring plan of Arion submitted to the Authority, Arion argues that these measures cannot be separated from the overall assessment made by the Authority in that case.
Nadzorni organ v tem primeru meni, da dolgoročnaposojila, ki jih je zagotavljala centralna banka Islandije, niso v skladu s pogoji iz navedenih točk smernic o bančništvu iz let 2008 in 2013, saj so bili ukrepi povezani z ukrepi za prestrukturiranje, zagotovljenimi zadevnima bankama.
They are therefore covered by the Authority's Arion restructuring aid decision.
Zato mora ukrepe oceniti na podlagi pogojev iz člena 61(1) Sporazuma EGP.
Arion is also of the opinion that, if the Authority considers it possible to revisit a specific part of a transaction that has already been reviewed and approved by the Authority in the Arion restructuring aid decision, then the Authority should take into consideration the full factual and legal situation.
OBSTOJ DRŽAVNIH SREDSTEV
The Authority's assessment on the compatibility of the measures in question should thus be in line with the assessment in the Arion restructuring aid decision, and in particular on whether the criteria of the applicable state aid guidelines were met.
V skladu s členom 61(1) Sporazuma EGP mora ukrep dodeliti država ali mora biti dodeljen iz državnih sredstev, da se lahko šteje za državno pomoč.
COMMENTS BY ISB
Za namen člena 61(1) Sporazuma EGP država zajema vse organe javne uprave, od centralne ravni države do mestne ravni ali najnižje upravne ravni, pa tudi javna podjetja in organe [30].
ISB provided information concerning the conditions of similar asset-backed bonds in Europe at the time of the conclusion of the agreement with the CBI.
Ukrepi, ki se preiskujejo, so v obliki posojilnih pogodb med centralno banko Islandije ter bankama Arion in ISB pod domnevno ugodnimi pogoji.
According to ISB, similar asset-backed bonds in Europe were trading at a 40–80 bps premium to state guaranteed papers at the time.
Da bi se ugotovilo, ali dolgoročna posojila, ki jih je zagotovila centralna banka Islandije, vključujejo državna sredstva, je treba oceniti, ali se lahko za ukrepe centralne banke šteje, da jih je mogoče pripisati državi.
ISB provided a graph which shows data from 2009 for three countries, i.e. France, Germany and Spain, on the spread difference between covered bond spreads and sovereign spreads.
Centralne banke so na splošno neodvisne od centralne vlade.
The iBoxx [27] covered spreads are a weighted average of all outstanding covered bonds from those respective countries with an average duration of the indices in the range of five to seven years.
Vendar ni pomembno, ali je institucija v javnem sektorju avtonomna ali ne [31].
In 2009, the spread difference for these three countries was in the range of 40–160 bps.
Nadzorni organ opozarja, da lahko v skladu z ustaljeno sodno prakso finančna podpora institucije, ki služi javnemu namenu, pomeni dodelitev državne pomoči [32].
ASSESSMENT
Za javno podporo, ki jo dodeli centralna banka, se torej prav tako lahko šteje, da jo je mogoče pripisati državi in zato pomeni državno pomoč [33].
In the following chapters, the Authority will assess whether the loan agreements concluded between the CBI and both ISB and Arion involve state aid within the meaning of Article 61(1) of the EEA Agreement.
Dejansko v skladu s smernicami o bančništvu iz leta 2013 sredstva, ki jih centralna banka zagotovi posameznim kreditnim institucijam, na splošno pomenijo prenos državnih sredstev [34].
A measure constitutes state aid within the meaning of Article 61(1) of the EEA Agreement if the following conditions are cumulatively fulfilled: the measure (i) is granted by the State or through State resources; (ii) confers an economic advantage on an undertaking; (iii) is selective; and (iv) is liable to distort competition and affect trade between Contracting Parties.
Vendar se lahko ne glede na te pripombe vprašanje, ali je zadevni posojilni pogodbi dodelila država ali sta bili dodeljeni iz državnih sredstev, pusti odprto glede na ugotovitev iz naslednjega oddelka, da z zadevnimi ukrepi bankama ni bila zagotovljena gospodarska prednost.
As a preliminary point, it should be reminded that there is no blanket exemption of monetary policy from the application of the state aid rules [28].
PREDNOST
Indeed, the exclusion of liquidity assistance from the application of state aid law, as mentioned in paragraph 21 above, is limited to measures fulfilling the conditions enumerated in paragraph 51 of the Authority's 2008 Banking Guidelines and paragraph 62 of the Authority's 2013 Banking Guidelines [29].
Da bi ukrepi pomenili državno pomoč v smislu člena 61(1) Sporazuma EGP, morajo podjetju zagotavljati prednost.
This does not imply that all actions by central banks are excluded from the application of the stateaid rules.
Prednost v smislu člena 61(1) Sporazuma EGP je vsaka gospodarska korist, ki je podjetje ne bi pridobilo pod običajnimi tržnimi pogoji, s čimer je v ugodnejšem položaju kot njegovi konkurenti.
In the present case, the Authority considers that the provision of long-term loans by the CBI does not comply with the conditions set out in the aforementioned paragraphs of the 2008 and 2013 Banking Guidelines, since the measures were connected to the restructuring measures provided to the two banks.
Pomemben je le učinek ukrepa na podjetje, ne pa vzrok ali cilj posredovanja države [35].
Therefore, the Authority must assess the measures on the basis of the conditions set out in Article 61(1) of the EEA Agreement.
Da bi ukrep pomenil pomoč, je lahko v obliki pozitivne gospodarske prednosti, pa tudi razbremenitve gospodarskih bremen.
PRESENCE OF STATE RESOURCES
Slednje je obsežna kategorija, ki obsega vsak ukrep za znižanje stroškov, ki bi običajno bremenili proračun podjetja.
According to Article 61(1) of the EEA Agreement, a measure must be granted by the State or through State resources in order to constitute state aid.
Vprašanje, ali bi se za sklenitev posojilnih pogodb lahko štelo, da je bila z njo bankama ISB in Arion zagotovljena prednost, je nazadnje odvisno od tega, ali bi zasebni upnik, ki je primerljive velikosti kot javni organ in posluje pod enakimi tržnimi pogoji, dodelil podobno posojilo pod podobnimi pogoji.
The State, for the purpose of Article 61(1) of the EEA Agreement, covers all bodies of the public administration, from the central government to the city level or the lowest administrative level as well as public undertakings and bodies [30].
Da bi se ugotovilo, ali je javni organ ravnal kot kateri koli udeleženec v tržnem gospodarstvu v podobnem položaju, je treba upoštevati le koristi in obveznosti, povezane z vlogo države ali javnega organa kotgospodarskega subjekta, in ne tistih, ki so povezane z njeno javno oblastjo [36].
The measures under examination take the form of loan agreements between the CBI and Arion and ISB on allegedly favourable terms.
Poleg tega je treba za ugotovitev, ali je posredovanje države v skladu s tržnimi pogoji, to proučiti predhodno in pri tem upoštevati le informacije, ki so bile na voljo ob sprejetju odločitve o posredovanju.
In order to determine whether the provision of long-term loans by the CBI involves state resources, it needs to be assessed whether measures taken by a central bank can be regarded as imputable to the State.
Če posebne tržne informacije o dani dolžniški transakciji niso na voljo, se lahko poleg tega skladnost dolžniškega instrumenta s tržnimi pogoji ugotovi na podlagi primerjave s primerljivimi tržnimi transakcijami, tj. s primerjalno analizo.
Central banks are in general independent from the central government.
Merilo zasebnega upnika, ki so ga razvila in izpopolnila sodišča Evropske unije [37], se uporablja za ugotavljanje, ali pogoji, pod katerimi se bo poplačala terjatev javnega upnika, po možnosti z reprogramiranjem plačil, pomenijo državno pomoč.
However, it is irrelevant whether or not an institution within the public sector is autonomous [31].
Kadar je država v takem položaju, ne kot vlagatelj ali nosilec projekta, ampak kot upnik, ki si prizadeva kar najbolj izterjati neporavnan dolg, prizanesljiva obravnava sama po sebi v obliki odloga plačila morda ne bo zadoščala za predpostavko o ugodni obravnavi v smislu državne pomoči.
Moreover, it is generally accepted that central banks do perform a public task.
V takih okoliščinah se ravnanje javnega upnika primerja z ravnanjem hipotetičnega zasebnega upnika v primerljivem dejanskem in pravnem položaju.
The Authority notes that there is well-established case law that financial support provided by an institution serving a public purpose can result in the granting of state aid [32].
Ključno vprašanje je, ali bi zasebni upnik dolžniku v podobnih okoliščinah zagotovil podobno obravnavo.
The public support granted by a central bank can thus also be regarded as being imputable to the State and thus qualify as state aid [33].
Preden se posojilni pogodbi ocenita, se postavlja vprašanje, ali bi lahko prvotna zamuda pri poravnavi plačil, za katero se šteje, da je trajala od približno oktobra 2008 do konca leta 2009, vključevala državno pomoč.
Indeed, according to the 2013 Banking Guidelines, funds provided by a central bank to specific credit institutions generally imply the transfer of State resources [34].
Na splošno lahko odločitve javnih organov, da dopustijo zamude pri plačilu posojila, dolžniku zagotovijo prednost in vključujejo državno pomoč.
However, beyond these remarks, the question of whether the loan agreements in question were granted by the State or through state resources can be left open, given the conclusion reached in the following section that the measures did not confer an economic advantage on the banks.
Začasni odlog plačila bi verjetno ustrezal ravnanju zasebnega upnika in zato ne bi pomenil državne pomoči, vendar bi se lahko tako ravnanje, ki je sprva skladno s tržnimi pogoji, spremenilo v državno pomoč v primerih dolgotrajnih zamud pri plačilu [38].
ADVANTAGE
Z vidika zasebnega upnika je izterjava zapadle terjatve samoumevna.
In order to constitute state aid within the meaning of Article 61(1) of the EEA Agreement, the measures must confer an advantage upon an undertaking.
To velja tudi, če je podjetje dolžnik v finančnih težavah, in v primeru insolventnosti.
An advantage, within the meaning of Article 61(1) of the EEA Agreement, is any economic benefit which an undertaking would not have obtained under normal market conditions, thus placing it in a more favourable position than its competitors.
Zasebni upniki v takih okoliščinah običajno niso pripravljeni sprejeti dodatnega odloga plačila, če od tega nimajo nobene jasne koristi.
Only the effect of the measure on the undertaking is relevant, and not the cause or objective of the State intervention [35].
Nasprotno, ko dolžnik zaide v finančne težave, bi se mu dodatna posojila dodelila le pod strožjimi pogoji, npr. z višjo obrestno mero ali obsežnejšim zavarovanjem, saj je odplačilo ogroženo.
For it to constitute aid, the measure can take the form of a positive economic advantage as well as a relief of economic burdens.
Izjeme so lahko upravičene v posameznih primerih, kadar se zdi neizterjava ekonomsko razumnejša možnost.
The latter is a broad category comprising any measure mitigating the charges that would normally be borne from the undertaking's budget.
Tak primer bi bil, ko se z neizterjavo zagotovijo bistveno boljše možnosti za izterjavo precej večjega deleža terjatev v primerjavi z drugimi možnimi alternativami ali če se je tako mogoče izogniti še večjim posledičnim izgubam.
The question of whether the conclusion of the loan agreements could be regarded as granting ISB and Arion an advantage will ultimately depend on whether a private creditor of a comparable size to that of the public body, operating in the same market conditions, would have granted a similar loan on similar conditions.
V interesu zasebnega upnika je lahko, da ohranja poslovanje podjetja dolžnika, namesto da likvidira njegova sredstva, in tako v določenih okoliščinah izterja le del dolga.
In order to determine whether a public body has acted like any market economy operator in a similar situation, only the benefits and obligations linked to the role of the State or public body as an economic operator — to theexclusion of those linked to its role as a public authority — are to be taken into account [36].
Kadar se zasebni upnik strinja, da svoje terjatve ne izterja v celoti, od dolžnika običajno zahteva, naj zagotovi dodatno zavarovanje.
Moreover, in order to determine whether a state intervention is in line with market conditions, it must be examined on an ex ante basis, only taking into account the information available at the time the intervention was decided upon.
Kadar to ni mogoče, kot v primeru dolžnikov v finančnih težavah, zasebni upnik zahteva zagotovilo, da bo prejel najvišje nadomestilo, če se bo finančni položaj dolžnika pozneje izboljšal.
In addition, in the absence of specific market information on a given debt transaction, the debt instrument's compliance with market conditions may be established on the basis of a comparison with comparable market transactions, that is to say through benchmarking.
Če dolžnik ne zagotovi zadostnega zavarovanja ali obvez, se zasebni upnik na splošno ne bi strinjal s sklenitvijo dogovorov o reprogramiranju dolga ali dolžniku zagotovil dodatnih posojil.
The private creditor test, developed and refined by the courts of the European Union [37], serves to establish whether the conditions under which a public creditor's claim is to be repaid, possibly by rescheduling payments, constitutes state aid.
Kar zadeva prvotno zamudo pri poravnavi plačil, po mnenju centralne banke Islandije tega, da je banka ISB plačila poravnala septembra 2009, banka Kaupthing pa novembra 2009, glede na izredne okoliščine, ki so bile na Islandiji po zlomu bančnega sistema oktobra 2008, ni mogoče šteti za zamudo.
When the State is in the position, not as an investor or a promoter of a project, but as a creditor trying to maximise the recovery of an outstanding debt, lenient treatment alone, in the form of deferral of payment, may not be sufficient to presume favourable treatment in the sense of state aid.
V obdobju od zloma do poravnave terjatev je na Islandiji potekalo celovito prestrukturiranje bank s pomočjo Mednarodnega denarnega sklada, bilo pa je tudi precej negotovosti glede poštenega vrednotenja sredstev bank.
In such circumstances the conduct of the public creditor is to be compared with that of a hypothetical private creditor in a comparable factual and legal situation.
Zato je centralna bankaIslandije kot upnica bank potrebovala čas, da ustrezno ovrednoti sredstva, uporabljena za zavarovanje.
The crucial question is whether a private creditor would have granted similar treatment to a debtor in similar circumstances.
Nadzorni organ je ocenil te trditve in meni, da je centralna banka Islandije v zvezi s prvotno zamudo ravnala v skladu z merilom zasebnega upnika.
Prior to assessing the loan agreements, the question arises as to whether the initial delay in settling payments, which is understood to have lasted from around October 2008 until late 2009, may involve state aid.
Nadzorni organ mora oceniti tudi, ali bi se zasebni upnik s podobnimi kratkoročnimi terjatvami do bank, ki nista poravnali obveznosti, strinjal s prenosom portfelja stanovanjskih posojil pod navedenimi pogoji in posledično sklenitvijo posojilnih pogodb z novimi bankami pod enakimi pogoji.
In general, decisions by public bodies to tolerate late payments on a loan may entail an advantage to the debtor and involve state aid.
Nadzorni organ opozarja, da se je centralna banka Islandije po zlomu bank Glitnir in Kaupthing jeseni 2008 znašla v položaju, v katerem je bilo nerealno pričakovati, da bo izvršila zavarovanje, kot je tisto v primeru bank Kaupthing (Arion) in ISB.