natgillin/translations-raw huggingface dataset:
The Norwegian authorities are reminded of the obligation resulting from Article 21 of Part II of Protocol 3 to the Surveillance and Court Agreement in conjunction with Article 6 of Decision No 195/04/COL to provide annual reports on the implementation of the scheme.
Norveške organe je treba opozoriti na obveznosti, ki izhajajo iz člena 21 dela II Protokola 3 k Sporazumu o Nadzornem organu in sodišču v povezavi s členom 6 Odločbe 195/04/COL, da predložijo letna poročila o izvajanju sheme.
The Norwegian authorities are required to present to the Authority as soon as possible all legislative and administrative texts implementing the above alterations to the aid schemes, where this has not already been done.
Norveški organi morajo Nadzornemu organu čim prej poslati vse zakonodajna in upravna besedila, ki izvršujejo navedene spremembe sheme pomoči, če to še ni bilo storjeno.
Following the requirements of Section 12 of the Maritime Guidelines, the Norwegian authorities are reminded that for all aid schemes falling within the scope of the Maritime Guidelines, EFTA States are to communicate to the Authority an assessment of their effects during their sixth year of implementation.
Na podlagi zahtev iz oddelka 12 Smernic o pomorskem prometu je treba norveške organe opozoriti, da morajo države Efte za vse sheme pomoči, ki spadajo v področje uporabe Smernic o pomorskem prometu, sporočiti Nadzornemu organu oceno njihovega učinka med šestim letom izvajanja.
The Norwegian authorities are also reminded that any plans to modify this scheme must be notified to the Authority.
Norveške organe je treba tudi opozoriti, da je treba vse načrtovane spremembe sheme priglasiti Nadzornemu organu.
The tax refund scheme for seafarers as approved by Decisions No 280/06/COL and No 412/06/COL was notified until 1 January 2016.
Shema za vračilo davka za pomorščake, kakor je bila odobrena z odločbama št. 280/06/COL in št. 412/06/COL, je bila priglašena do 1. januarja 2016.
The current notification indicates that the tax refund scheme is in principle not fixed for a specific time period but if still in operation it will be re-notified in ten years.
V obstoječi priglasitvi je navedeno, da shema načeloma ni omejena na določeno obdobje, vendar pa bo, če bo še vedno veljala, ponovno priglašena čez deset let.
The Norwegian authorities have not justified why the notified amendment should outlive the scheme as originally notified and therefore the Authority concludes that it is appropriate that the latest alteration to the scheme expires on that same date.
Norveški organi niso utemeljevali, zakaj naj bi priglašena sprememba trajala dlje od prvotne priglašene sheme, zato Nadzorni organ ugotavlja, da je primerno, da veljavnost zadnje spremembe sheme poteče na isti datum.
The Authority draws the Norwegian authorities' attention to the fact that the Maritime Guidelines, under which the tax refund scheme has been approved, will be reviewed in 2011.
Nadzorni organ opozarja norveške organe, da bodo Smernice o pomorskem prometu, na podlagi katerih je bila shema za vračilo davka odobrena, ponovno pregledane leta 2011.
In case the rules of the Maritime Guidelines change, this may have an effect on all existing aid schemes falling under the Guidelines, including the alteration to the scheme authorised by this decision,
Če se pravila v Smernicah o pomorskem prometu spremenijo, lahko to vpliva na vse obstoječe sheme pomoči, ki spadajo v področje uporabe Smernic, vključno s spremembami sheme, odobrene s to odločbo –
The EFTA Surveillance Authority has decided not to raise objections to the notified alteration to the tax refund scheme for seafarers aboard vessels in the Norwegian Ordinary Shipping Registers (NOR), extending the reimbursement of seafarers' income tax and social security contributions paid by the employer to safety crew on board passenger ships covering the distance Bergen-Kirkenes exposed to competition and registered in the Norwegian Ordinary Shipping Register.
Nadzorni organ Efte se je odločil, da ne vloži ugovora glede priglašene spremembe sheme za vračilo davka za pomorščake na krovu ladij Norveškega navadnega ladijskega registra (NOR), ki razširja povračilo davka od dohodka in prispevkov za socialno varnost, ki jih plačuje delodajalec za varnostno osebje na krovu potniških ladij, ki plujejo na liniji Bergen–Kirkenes ter so izpostavljene konkurenci in registrirane v Norveškem navadnem ladijskem registru.
The amended scheme is compatible with Article 61(3)(c) EEA.
Priglašena shema je združljiva s členom 61(3)(c) Sporazuma EGP.
Hereinafter referred to as ‘the Authority’
V nadaljnjem besedilu: Nadzorni organ.
Hereinafter referred to as ‘the Surveillance and Court Agreement’.
V nadaljnjem besedilu: Sporazum o Nadzornem organu in sodišču.
Guidelines on the application and interpretation of Articles 61 and 62 EEA and Article 1 of Protocol 3 to the Surveillance and Court Agreement, adopted and issued by the EFTA Surveillance Authority on 19 January 1994, published in OJ L 231, 3.9.1994, p. 1 and EEA Supplement No 32, 3.9.1994, p. 1.
Smernice o uporabi in razlagi členov 61 in 62 Sporazuma EGP ter člena 1 Protokola 3 k Sporazumu o Nadzornem organu in sodišču, ki jih je Nadzorni organ Efte sprejel in izdal 19. januarja 1994, objavljene v UL L 231, 3.9.1994, str. 1. in v Dopolnilu EGP št. 32, 3.9.1994, str. 1.
The Guidelines were last amended on 19 December 2007.
Smernice so bile nazadnje spremenjene 19. decembra 2007.
Hereinafter referred to as ‘the State Aid Guidelines’.
V nadaljnjem besedilu: Smernice o državni pomoči.
EFTA Surveillance Authority Decision No 280/06/COL of 4 October 2006 on the alterations to the tax refund schemes to shipowners for seafarers aboard vessels in the Norwegian Ordinary Shipping Register (NOR) and the Norwegian International Shipping Register (NIS), published in OJ C 143, 28.6.2007, p. 5, and EEA Supplement No 30, 28.6.2007, p. 6.
Odločba Nadzornega organa Efte št. 280/06/COL z dne 4. oktobra 2006 o spremembah shem za vračilo davka lastnikom ladij za pomorščake na krovu ladij Norveškega navadnega ladijskega registra (NOR) in Norveškega mednarodnega ladijskega registra (NIS), objavljena v UL C 143, 28.6.2007, str. 5, in v Dopolnilu EGP št. 30, 28.6.2007, str. 6.
The full text of the decision can be found on the Authority’s webpage: http://www.eftasurv.int/fieldsofwork/fieldstateaid/stateaidregistry/
Celotno besedilo Odločbe je na voljo na spletni strani Nadzornega organa: http://www.eftasurv.int/fieldsofwork/fieldstateaid/stateaidregistry/
EFTA Surveillance Authority Decision No 412/06/COL of 19 December 2006 on the alterations to the tax refund schemes for seafarers aboard vessels in the Norwegian Ordinary Shipping Register (NOR), published in OJ C 111, 17.5.2007, p. 20, and EEA Supplement No 23, 17.5.2007, p. 2.
Odločba Nadzornega organa Efte št. 412/06/COL z dne 19. decembra 2006 o spremembah shem za vračilo davka lastnikom ladij za pomorščake na krovu ladij Norveškega navadnega ladijskega registra (NOR) in Norveškega mednarodnega ladijskega registra (NIS), objavljena v UL C 111, 17.5.2007, str. 20, in v Dopolnilu EGP št. 23, 17.5.2007, str. 2.
Hereinafter referred to as ‘the tax refund scheme for seafarers’.
V nadaljnjem besedilu: shema za vračilo davka za pomorščake.
See notes 6 and 7.
Glej opombi 6 in 7.
Companies eligible under the scheme have to submit an application every second month for the preceding two months period.
Podjetja, upravičena po shemi, morajo oddati vlogo vsak drugi mesec za predhodno dvomesečje.
Reimbursement will normally be made within two months.
Povračilo se bo običajno opravilo v dveh mesecih.
Exchange rate NOK/EUR is 8,2224 for 2007, as published on the Authority’s website.
Menjalni tečaj NOK/EUR je 8,2224 za leto 2007, kakor je bil objavljen na spletni strani Nadzornega organa.
Hereinafter referred to as ‘the Maritime Guidelines’.
V nadaljnjem besedilu: Smernice o pomorskem prometu.
Point inserted by EEA Joint Committee Decision No 70/97 (OJ L 30, 5.2.1998, p. 42 and EEA Supplement No 5, 5.2.1998, p. 175), with entry into force 1.8.1998.
Točka, vključena s Sklepom Skupnega odbora EGP št. 70/97 (UL L 30, 5.2.1998, str. 42, in Dopolnilo EGP št. 5, 5.2.1998, str. 175), z začetkom veljavnosti 1.8.1998.
National legal basis for the aid measure The legal basis for the amended scheme is the fiscal budget Budsjett-innst.S.nr.
Nacionalna pravna podlaga ukrepa pomoči
8 (2006-2007) and budgetary Decision No 197 taken by the Norwegian Parliament on 12 December 2006, Budgsjett-innst. S. nr. 13 (2006-2007), jf St.prp.nr. 1 (2006-2007) Bevilgninger på statsbudsjettet 2007.
Pravna podlaga spremenjene sheme je davčni proračun (Budsjett-innst.S.nr. 8 (2006–2007)) in proračunska Odločba št. 197, ki jo je 12. decembra 2006 sprejel norveški parlament (Budgsjett-innst. S. nr. 13 (2006–2007), jf St.prp.nr. 1 (2006–2007) Bevilgninger på statsbudsjettet 2007).
No 405/08/COL
št. 405/08/COL
to close the formal investigation procedure with regard to the Icelandic Housing Financing Fund
o zaključku formalnega postopka preiskave v zvezi s skladom Icelandic Housing Financing Fund
Having regard to the Agreement between the EFTA States on the establishment of a Surveillance Authority and a Court of Justice [3], in particular to Article 24 thereof,
ob upoštevanju Sporazuma med državami Efte o ustanovitvi Nadzornega organa in sodišča [3] ter zlasti člena 24 Sporazuma,
Having regard to Article 1(2) of Part I and Articles 4(4) and 6 of Part II of Protocol 3 to the Surveillance and Court Agreement [4],
ob upoštevanju člena 1(2) dela I in člena 4(4) ter člena 6 dela II Protokola 3 k Sporazumu o nadzornem organu in sodišču [4],
Having regard to the Authority’s Guidelines [5] on the application and interpretation of Articles 61 and 62 of the EEA Agreement,
ob upoštevanju Smernic Organa [5] o uporabi in razlagi členov 61 in 62 Sporazuma EGP,
Having regard to the Authority’s Decision No 195/04/COL on the implementing provisions referred to under Article 27 of Part II of Protocol 3 [6],
ob upoštevanju Sklepa Nadzornega organa št. 195/04/COL o izvedbenih določbah iz člena 27 dela II Protokola 3 [6],
Having regard to the judgment of the EFTA Court in Case E-9/04 concerning an application for annulment of Decision No 213/04/COL regarding the Icelandic Housing Financing Fund [7],
ob upoštevanju sodbe Sodišča Efte v zadevi E-9/04 v zvezi z zahtevo za razglasitev ničnosti Odločbe št. 213/04/COL glede sklada Icelandic Housing Financing Fund [7],
Having regard to the Authority’s Decision No 185/06/COL to initiate the formal investigation procedure with regard to the Icelandic Housing Financing Fund [8],
ob upoštevanju Odločbe Nadzornega organa št. 185/06/COL o sprožitvi formalnega postopka preiskave v zvezi s skladom Icelandic Housing Financing Fund [8],
Having called on interested parties to submit their comments pursuant to those provisions and having regard to their comments,
po pozivu vsem zainteresiranim strankam, naj predložijo svoje pripombe v skladu z navedenimi členi, in ob upoštevanju teh pripomb,
By letter of 20 November 2003 from the Icelandic Mission to the European Union, forwarding a letter from the Icelandic Ministry of Finance of the same date, both received and registered by the Authority on 25 November 2003 (Doc No 03-8227 A, now Event No 255584), the Icelandic authorities notified, pursuant to Article 1(3) in Part I of Protocol 3, an increase of the maximum level of lending by the Icelandic Housing Financing Fund (hereinafter referred to as the HFF) up to 90 % of the purchase price of housing.
Z dopisom Islandske misije pri Evropski uniji z dne 20. novembra 2003, s katerim je bil posredovan dopis islandskega Ministrstva za finance z istega dne, oba pa je Nadzorni organ prejel in evidentiral 25. novembra 2003 (št. dok.: 03-8227 A, zdaj dogodek št. 255584), so islandski organi v skladu s členom 1(3) dela I Protokola 3 priglasili zvišanje najvišje ravni posojil sklada Icelandic Housing Financing Fund (v nadaljnjem besedilu: sklad HFF) do 90 % nakupne cene stanovanj.
On 11 August 2004, the Authority adopted Decision No 213/04/COL.
Nadzorni organ je 11. avgusta 2004 sprejel Odločbo št. 213/04/COL.
In this Decision the Authority found, without initiating the formal investigation procedure, that the Icelandic legislation pertaining to HFF entailed aid to HFF, but that this aid was compatible with the state aid rules read in conjunction with Article 59(2) of the EEA Agreement.
V tej odločbi je Nadzorni organ brez sprožitve formalnega postopka preiskave ugotovil, da je islandska zakonodaja o skladu HFF vključevala pomoč skladu HFF, vendar je bila ta združljiva s pravili o državni pomoči, ki se razlagajo v povezavi s členom 59(2) Sporazuma EGP.
This Decision was challenged before the EFTA Court by an application of the Bankers’ and Securities’ Dealers Association of Iceland; an association which has since merged with other financial and insurance associations, and which is now active under the name Icelandic Financial Services Association (hereinafter referred to as SFF).
Proti tej odločbi je združenje The Bankers‘ and Securities‘ Dealers Association of Iceland pri Sodišču Efte vložilo pritožbo; združenje se je medtem združilo z drugimi finančnimi in zavarovalnimi združenji ter zdaj deluje pod imenom Icelandic Financial Services Association (v nadaljnjem besedilu: združenje SFF).
By the judgment of 7 April 2006 in case E-9/04, the EFTA Court sustained the application and annulled the Authority’s Decision No 213/04/COL.
Sodišče Efte je v sodbi z dne 7. aprila 2006 v zadevi E-9/04 pritožbi ugodilo in razveljavilo Odločbo Nadzornega organa št. 213/04/COL.
As the Authority, on the basis of the information available to it, came to the preliminary conclusion that the contested aid measures constituted new aid, it adopted, on 21 June 2006, Decision No 185/06/COL to initiate the formal investigation procedure with regard to the HFF system.
Ker je Nadzorni organ na podlagi informacij, ki jih je imel na voljo, sprejel predhodni sklep, da so sporni ukrepi pomoči pomenili novo pomoč, je 21. junija 2006 sprejel Odločbo št. 185/06/COL o sprožitvi formalnega postopka preiskave v zvezi s sistemom HFF.
The Authority sent this Decision to the Icelandic authorities by letter dated 21 June 2006 (Event No 377864).
Nadzorni organ je to odločbo poslal islandskim organom z dopisom z dne 21. junija 2006 (dogodek št. 377864).
Decision No 185/06/COL was published in the Official Journal of the European Union and the EEA Supplement thereto [9].
Odločba št. 185/06/COL je bila objavljena v Uradnem listu Evropske unije in Dopolnilu EGP k Uradnemu listu [9].
The Authority called on interested parties to submit their comments on this Decision.
Nadzorni organ je pozval zainteresirane stranke, naj predložijo svoje pripombe o tej odločbi.
By letter from the Icelandic Mission to the European Union dated 20 November 2006, received and registered by the Authority on 21 November 2006, the Authority received comments on the Decision from the Icelandic authorities (Event No 399173).
Nadzorni organ je z dopisom Islandske misije pri Evropski uniji z dne 20. novembra 2006, ki ga je prejel in evidentiral 21. novembra 2006, prejel pripombe islandskih organov o Odločbi (dogodek št. 399173).
By way of a letter dated 24 November 2006 (Event No 399801), the Authority forwarded the comments made by Icelandic authorities to the SFF and invited SFF to make observations on the forwarded submission.
Z dopisom z dne 24. novembra 2006 (dogodek št. 399801) je Nadzorni organ poslal pripombe islandskih organov združenju SFF in ga pozval, naj predloži pripombe na prejeto.
The Authority received further comments from the Icelandic authorities in a letter from the Icelandic Mission to the European Union dated 3 January 2007, received and registered by the Authority on 4 January 2007 (Event No 405009).
Nadzorni organ je prejel dodatne pripombe islandskih organov z dopisom Islandske misije pri Evropski uniji z dne 3. januarja 2007, ki ga je prejel in evidentiral 4. januarja 2007 (dogodek št. 405009).
By letter dated 31 January 2007, received and registered by the Authority on 2 February 2007 (Event No 408361), the SFF responded to the Authority’s letter dated 24 November 2006, and this response was forwarded to the Icelandic authorities on 5 February 2007 (Event No 408509).
Z dopisom z dne 31. januarja 2007, ki ga je Nadzorni organ prejel in evidentiral 2. februarja 2007 (dogodek št. 408361), je združenje SFF odgovorilo na dopis Nadzornega organa z dne 24. novembra 2006, ta odgovor pa je bil islandskim organom poslan 5. februarja 2007 (dogodek št. 408509).
By letter dated 28 February 2007, received and registered by the Authority on 1 March 2007 (Event No 411962), the SFF commented on the Authority’s Decision No 185/06/COL.
Z dopisom z dne 28. februarja 2007, ki ga je Nadzorni organ prejel in evidentiral 1. marca 2007 (dogodek št. 411962), je združenje SFF predložilo pripombe o Odločbi Nadzornega organa št. 185/06/COL.
The Authority forwarded this submission to the Icelandic authorities for comments by a letter dated 5 March 2007 (Event No 412290).
Nadzorni organ je z dopisom z dne 5. marca 2007 (dogodek št. 412290) ta stališča posredoval islandskim organom, da bi ti predložili svoje pripombe.
By letter from the Icelandic Mission to the European Union dated 5 March 2007, received and registered by the Authority on 9 March 2007 (Event No 412950), the Icelandic authorities responded to the comments made by the SFF on 31 January 2007.
Z dopisom Islandske misije pri Evropski uniji z dne 5. marca 2007, ki ga je Nadzorni organ prejel in evidentiral 9. marca 2007 (dogodek št. 412950), so islandski organi odgovorili na pripombe združenja SFF z dne 31. januarja 2007.
By letter dated 4 April 2007 (Event No 415881), the Authority requested certain clarifications from the Icelandic authorities.
Z dopisom z dne 4. aprila 2007 (dogodek št. 415881) je Nadzorni organ islandske organe zaprosil za pojasnila.
By letter from the Icelandic Mission to the European Union dated 30 April 2007, received and registered by the Authority 30 April 2007 (Event No 419451), the Icelandic authorities responded to the Authority’s letter dated 5 March 2007.
Z dopisom Islandske misije pri Evropski uniji z dne 30. aprila 2007, ki ga je Nadzorni organ prejel in evidentiral 30. aprila 2007 (dogodek št. 419451), so islandski organi odgovorili na dopis Nadzornega organa z dne 5. marca 2007.
By letter from the Icelandic Mission to the European Union dated 14 June 2007, received and registered by the Authority 14 June 2007 (Event No 425255), the Icelandic authorities replied to the letter from the Authority dated 4 April 2007.
Z dopisom Islandske misije pri Evropski uniji z dne 14. junija 2007, ki ga je Nadzorni organ prejel in evidentiral 14. junija 2007 (dogodek št. 425255), so islandski organi odgovorili na dopis Nadzornega organa z dne 4. aprila 2007.
Further information was provided by the representatives of the Icelandic authorities by means of an e-mail on 21 August 2007 (Event No 435379).
Predstavniki islandskih organov so dne 21. avgusta 2007 predložili dodatne informacije po elektronski pošti (dogodek št. 435379).
By letter dated 28 September 2007 (Event No 442805), the Authority requested additional information from the Icelandic authorities regarding state guarantees under Icelandic law.
Z dopisom z dne 28. septembra 2007 (dogodek št. 442805) je Nadzorni organ islandske organe zaprosil za dodatne informacije o državnih jamstvih po islandski zakonodaji.
By letter from the Icelandic Mission to the European Union dated 24 October 2007, received and registered by the Authority 25 October 2007 (Event No 448739), the Icelandic authorities responded to this request.
Islandski organi so odgovorili na to prošnjo z dopisom Islandske misije pri Evropski uniji z dne 24. oktobra 2007, ki ga je Nadzorni organ prejel in evidentiral 25. oktobra 2007 (dogodek št. 448739).
The case was further subject to discussions between the representatives of the Authority and the Icelandic Government in several meetings, the last one being the package meeting on 29 October 2007 in Reykjavik.
Predstavniki Nadzornega organa in islandske vlade so o zadevi dodatno razpravljali na več sestankih, nazadnje na paketnem sestanku 29. oktobra 2007 v Reykjaviku.
By e-mail dated 27 November 2007, the legal representatives of the SFF submitted additional information regarding the HFF investigation (Event No 454226).
Pravni zastopniki združenja SFF so 27. novembra 2007 po elektronski pošti predložili dodatne informacije o preiskavi sklada HFF (dogodek št. 454226).
The case was discussed with the complainant in a meeting on 6 March 2008 following which the complainant made a further submission dated 28 March 2008 (Event No 471552).
Razprava o zadevi je s pritožnikom potekala 6. marca 2008 na sestanku, po katerem je pritožnik 28. marca 2008 predložil dodatna stališča (dogodek št. 471552).
The Icelandic Government submitted its observations on this latest submission of the complainant by a letter of 15 April 2008 (Event No 473576).
Islandska vlada je svoje pripombe o teh zadnjih predloženih pritožnikovih stališčih predložila z dopisom z dne 15. aprila 2008 (dogodek št. 473576).
BACKGROUND FOR THE ICELANDIC RULES RELATING TO HOUSING SECTOR
OBRAZLOŽITEV ISLANDSKIH PRAVIL V STANOVANJSKEM SEKTORJU
In the following section the Authority will describe the situation under Icelandic law as regards the housing system.
Nadzorni organ v naslednjem oddelku opisuje položaj v skladu z islandsko zakonodajo o stanovanjskem sistemu.
The description will cover the law as it stood at the time of the entry into force of the EEA Agreement and outline legislative changes where those have been enacted at a later point in time.
Opis zajema zakonodajo, ki se je uporabljala ob začetku veljavnosti Sporazuma EGP, in zakonodajne spremembe, ki so bile sprejete pozneje.
In Section 3 there will be a description of the legal basis under Icelandic law for each of the potential state aid elements identified in Decision No 185/06/COL opening the formal investigation procedure.
V oddelku 3 je opis pravne podlage po islandski zakonodaji za vsak morebitni element državne pomoči, opredeljen v Odločbi 185/06/COL o sprožitvi formalnega postopka preiskave.
The legal provisions in force at the time of the entry into force of the EEA Agreement, as well as legislative changes will be discussed.
Obravnavni so predpisi, ki so se uporabljali ob začetku veljavnosti Sporazuma EGP, in zakonodajne spremembe.
THE HOUSING SYSTEM
STANOVANJSKI SISTEM
For the past 50 years, public intervention in the Icelandic housing market has been aimed at encouraging private home ownership.
Javna intervencija na islandskem stanovanjskem trgu je zadnjih 50 let usmerjena v spodbujanje zasebnega lastništva stanovanj.
In 1955, a basis for a systematic State involvement was laid, both as regards policy-making in the field of housing affairs and the provision of loans for private housing.
Leta 1955 je bila ustvarjena podlaga za sistematično udeležbo države v zvezi z oblikovanjem politike na področju stanovanjskih zadev in zagotavljanjem posojil za zasebna stanovanja.
The State Housing Agency (Húsnæðisstofnun ríkisins) was established by Act No 51/1980 and provided, inter alia, loans on preferential terms to private home buyers.
Državna stanovanjska agencija (Húsnæðisstofnun ríkisins) je bila ustanovljena z Zakonom št. 51/1980 in je med drugim kupcem zasebnih stanovanj zagotavljala posojila pod ugodnejšimi pogoji.
In 1986 the housing loan system underwent certain changes entailing, inter alia, that pension funds provided partial funding of the system.
Leta 1986 se je sistem stanovanjskih posojil nekoliko spremenil, zaradi česar so, med drugim, delno financiranje sistema zagotavljali pokojninski skladi.
The Icelandic banks did not generally provide funding for private housing.
Islandske banke na splošno niso zagotavljale finančnih sredstev za zasebna stanovanja.
As the State Housing Agency issued housing loans below market rates, the result was a substantial increase in demand, which in turn stretched the resources of the pension funds beyond their limits.
Ker je Državna stanovanjska agencija dajala posojila po pogojih, ugodnejših od tržnih, se je precej povečalo povpraševanje, zaradi česar so se prekomerno obremenila sredstva pokojninskih skladov.