natgillin/translations-raw huggingface dataset:
In that light also, the Mortgage Loan Scheme is liable to distort competition and affect trade between Contracting Parties.
Tudi glede tega lahko shema hipotekarnih posojil izkrivlja konkurenco in vpliva na trgovino med pogodbenicami.
Pursuant to Article 1(3) of Part I of Protocol 3, ‘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 (…). The State concerned shall not put its proposed measures into effect until the procedure has resulted in a final decision.’.
V skladu s členom 1(3) dela I Protokola 3 se „Nadzorni organ Efte pravočasno obvesti, kar mu omogoča, da lahko predloži pripombe na kakršne koli načrte izvedbe ali spremembe pomoči […]. Zadevna država ne sme izvajati svojih predlaganih ukrepov, dokler v tem postopku ni sprejeta dokončna odločitev“.
The Icelandic authorities notified the Mortgage Loan Scheme to the Authority by letter dated 27 May 2009 (Event No 519720).
Islandski organi so z dopisom z dne 27. maja 2009 (ev. št. 519720) Nadzornemu organu priglasili shemo hipotekarnih posojil.
However, the Supplementary Rules of the Board of HFF regarding the purchase of mortgage loans from financial undertakings entered into force on 15 January 2009, that is, before the Authority had taken a final decision in respect of the notification.
Vendar so dopolnilna pravila odbora sklada SFS v zvezi z nakupom hipotekarnih posojil od finančnih podjetij začela veljati 15. januarja 2009, torej preden je Nadzorni organ sprejel dokončno odločitev glede priglasitve.
In that light, the Icelandic authorities have not respected their obligations pursuant to Article 1(3) of Part I of Protocol 3.
Glede tega islandski organi niso izpolnili svojih obveznosti iz člena 1(3) dela I Protokola 3.
Support measures designated as State aid under Article 61(1) of the EEA Agreement are generally incompatible with the functioning of the EEA Agreement, unless one of the exemptions in Articles 61(2) or (3) of the EEA Agreement applies.
Podporni ukrepi, ki se v skladu s členom 61(1) Sporazuma EGP označijo kot državna pomoč, na splošno niso združljivi z delovanjem Sporazuma EGP, razen če se uporabi katera od izjem iz člena 61(2) ali (3) Sporazuma EGP.
The derogation in Article 61(2) is not applicable to the aid at issue in this case, which is not designed to achieve any of the aims listed in that Article.
Odstopanje iz člena 61(2) se ne uporablja za pomoč, ki je sporna v tej zadevi, saj ta ni namenjena doseganju ciljev iz navedenega člena.
Similarly, the derogations in Articles 61(3)(a) and (c) of the EEA Agreement do not apply to the aid measure under investigation.
Podobno se odstopanja iz člena 61(3)(a) in (c) Sporazuma EGP ne uporabljajo za ukrep pomoči, ki se preiskuje.
In particular, the aid measure is not granted with the aim of promoting or facilitating the economic development of certain areas or of certain economic activities.
To zlasti pomeni, da ukrep pomoči ni bil dodeljen za spodbujanje ali pospeševanje gospodarskega razvoja nekaterih območij ali nekaterih gospodarskih dejavnosti.
The aid at issue is not linked to any investment in production capital.
Sporna pomoč ni povezana z naložbo v proizvodni kapital.
It merely reduces the costs which companies would normally have to bear in the course of pursuing their day-to-day business activities, and must, therefore, be classified as operating aid.
Pomoč zgolj znižuje stroške, ki bi jih podjetja običajno morala nositi med opravljanjem vsakodnevnih poslovnih dejavnosti, zato se mora opredeliti kot pomoč za tekoče poslovanje.
Operating aid is normally not considered suitable to facilitate the development of certain economic activities or of certain regions as provided for in Article 61(3)(c) of the EEA Agreement.
Običajno se šteje, da pomoč za tekoče poslovanje ni primerna za pospeševanje razvoja nekaterih gospodarskih dejavnosti ali nekaterih območij, kakor je določeno v členu 61(3)(c) Sporazuma EGP.
Operating aid is only allowed under special circumstances (for example, for certain types of environmental or regional aid), when the relevant Guidelines of the Authority provide for such an exemption.
Pomoč za tekoče poslovanje je dovoljena samo v posebnih okoliščinah (na primer za nekatere vrste okoljevarstvene ali regionalne pomoči), če ustrezne smernice Nadzornega organa dovoljujejo tako izjemo.
Article 61(3)(b) of the EEA Agreement enables the Authority to declare aid compatible with the functioning of the EEA Agreement if it is designed ‘to remedy a serious disturbance in the economy of an EC Member State or an EFTA State’.
Člen 61(3)(b) Sporazuma EGP določa, da lahko Nadzorni organ razglasi pomoč za združljivo z delovanjem Sporazuma EGP, če je to potrebno „za odpravljanje resne motnje v gospodarstvu države članice ES ali države Efte“.
The Authority recalls that, in line with the case law of the European Court of Justice and the decision-making practice of the Authority and the European Commission (the ‘Commission’), Article 61(3)(b) is to be applied restrictively and the measures at issue must tackle a disturbance in the entire national economy [35].The Authority acknowledges that the Mortgage Loan Scheme was adopted during and in response to the current international financial crisis.
Nadzorni organ opozarja, da je treba v skladu s sodno prakso Evropskega sodišča ter prakso odločanja Nadzornega organa in Evropske komisije (v nadaljnjem besedilu: Komisija) člen 61(3)(b) uporabljati omejeno in da morajo sporni ukrepi obravnavati motnje v celotnem nacionalnem gospodarstvu [35].Nadzorni organ priznava, da je bila shema hipotekarnih posojil sprejeta med sedanjo mednarodno finančno krizo in kot odziv nanjo.
In Iceland, small saving banks in particular have faced liquidity problems as a result of the financial difficulties suffered by the larger banks, which have traditionally provided funding to small savings banks.
Na Islandiji so se zlasti majhne hranilnice srečevale z likvidnostnimi težavami kot posledico finančnih težav večjih bank, ki so običajno zagotavljale financiranje majhnim hranilnicam.
Unlike the larger financial undertakings, the savings banks do not have direct access to funding from the Icelandic Central Bank.
Za razliko od večjih finančnih podjetij hranilnice nimajo neposrednega dostopa do financiranja Islandske centralne banke.
As stated in its decision to open the formal investigation procedure, the Authority considers that the appropriate framework for assessing the compatibility of the Mortgage Loan Scheme is the Impaired Assets Guidelines (IAG), which are based on Article 61(3)(b) of the EEA Agreement.
Kot je navedeno v odločbi o začetku formalnega postopka preiskave, Nadzorni organ meni, da so smernice o oslabljenih sredstvih, ki temeljijo na členu 61(3)(b) Sporazuma EGP, ustrezen okvir za oceno združljivosti sheme hipotekarnih posojil.
The Mortgage Loan Scheme therefore qualifies as an aid scheme within the meaning of Article 1(d) of Part II of Protocol 3.
Torej se shema hipotekarnih posojil lahko šteje za shemo pomoči v smislu člena 1(d) dela II Protokola 3.
In that regard, the Authority recalls that in Case C-310/99, the European Court of Justice held that: ‘There was no need for the contested decision to include an analysis of the aid granted in individual cases on the basis of the scheme. It is only at the stage of recovery of the aid that it is necessary to look at the individual situation of each undertaking concerned.’ [36].In line with that case law, the Authority has assessed the Mortgage Loan Scheme on the basis of the characteristics of the Scheme (as opposed to the specifics of individual awards made under the Scheme).
V zvezi s tem Nadzorni organ želi spomniti, da je Sodišče v sodbi v zadevi C-310/99 izjavilo, da: „[n]i bilo potrebe, da bi izpodbijana odločitev vsebovala analizo pomoči, dane v posameznih primerih na podlagi sheme. Šele v fazi izterjave pomoči je treba pregledati posamezno stanje vsakega zadevnega podjetja.“ [36].V skladu z navedeno sodno prakso je Nadzorni organ ocenil shemo hipotekarnih posojil na podlagi značilnosti sheme (namesto z značilnostmi posameznih dodelitev pomoči v okviru sheme).
As described above, the Icelandic authorities have argued that the Authority should consider the Mortgage Loan Scheme as part of the ongoing restructuring of the Icelandic savings banks sector and that it should be assessed under the Authority’s restructuring guidelines applicable to financial institutions under the financial crisis (the ‘banking restructuring guidelines’) [37].
Kot je navedeno zgoraj, islandski organi trdijo, da bi moral Nadzorni organ shemo hipotekarnih posojil obravnavati kot del tekočega prestrukturiranja islandskega sektorja hranilnic in da bi jo bilo treba oceniti na podlagi smernic Nadzornega organa za prestrukturiranje, ki se uporabljajo za finančne institucije v finančni krizi (v nadaljnjem besedilu: smernice za prestrukturiranje bančništva) [37].
However, the swap under the Mortgage Loan Scheme does not require any general restructuring of the financial institutions benefiting from the Scheme.
Kljub temu zamenjava v okviru sheme hipotekarnih posojil ne zahteva nobenega splošnega prestrukturiranja finančnih institucij, ki imajo korist od sheme.
The Mortgage Loan Scheme may be applied to any financial institution irrespectively of whether such financial institutions are being restructured.
Shema hipotekarnih posojil se lahko uporablja za vse finančne institucije ne glede na to, ali so take finančne institucije v fazi prestrukturiranja ali ne.
In such circumstances the Authority considers that the appropriate guidelines applicable to the measure are not the banking restructuring guidelines.
V tem primeru Nadzorni organ meni, da smernice za prestrukturiranje bančništva niso ustrezne smernice za ta ukrep.
As established above, the characteristics of the Mortgage Loan Scheme are such that the conditions are in place for applying the IAG.
Kot je navedeno zgoraj, so značilnosti sheme hipotekarnih posojil take, da so izpolnjeni pogoji za uporabo smernic o oslabljenih sredstvih.
Application of the IAG — eligibility of assets
Uporaba smernic o oslabljenih sredstvih – upravičenost sredstev
As already mentioned, the Icelandic authorities have questioned the applicability of the IAG to the asset swap provided for under the Mortgage Loan Scheme on the basis that the mortgage loans subject to the swap agreements are not impaired assets.
Kot je že navedeno, so islandski organi izrazili pomisleke glede možnosti uporabe smernic o oslabljenih sredstvih za zamenjavo sredstev v okviru sheme hipotekarnih posojil, in sicer so navedli, da hipotekarna posojila, ki so predmet pogodb o zamenjavi, niso oslabljena sredstva.
The Icelandic authorities argue that the mortgage loans represent the most financially attractive assets possessed by the banks and are not therefore impaired.
Islandski organi trdijo, da hipotekarna posojila predstavljajo finančno najprivlačnejša sredstva, ki jih imajo banke, in torej niso oslabljena.
The IAG define impaired assets as: ‘assets commonly referred to as ‘toxic assets’ (e.g. US mortgage backed securities and associated hedges and derivatives), which have triggered the financial crisis and have largely become illiquid or subject to severe downward value adjustments…’.
V skladu s smernicami o oslabljenih sredstvih so oslabljena sredstva opredeljena kot: „tako imenovana ‚slaba aktiva‘ (npr. hipotekarno zavarovani vrednostni papirji v ZDA ter z njimi povezani posli zavarovanja pred tveganji in izvedeni finančni instrumenti), zaradi katere je nastala finančna kriza in ki je postala v veliki meri nelikvidna ali se je njena vrednost močno zmanjšala …“.
The IAG also provide that when determining whether assets are impaired it is necessary to take a pragmatic approach and allow for some flexibility [38].
Smernice o oslabljenih sredstvih tudi določajo, da je pri ugotavljanju, ali so sredstva oslabljena, treba ravnati pragmatično in dopustiti določeno prožnost [38].
As already noted, the savings banks currently taking part in the Mortgage Loan Scheme normally finance their activities through customer deposits and taking loans from the principal Icelandic banks.
Kot je bilo že ugotovljeno, hranilnice, ki trenutno sodelujejo v shemi hipotekarnih posojil, običajno financirajo svoje dejavnosti skozi depozite strank in z najemanjem posojil od večjih islandskih bank.
If that does not prove sufficient, in order to continue operations, the normal course of business for a savings bank would be to sell some of its assets (for example, mortgage loans).
Če se izkaže, da to ni dovolj za nadaljevanje dejavnosti, je običajni potek poslovanja tak, da hranilnice prodajo nekaj svojih sredstev (na primer hipotekarnih posojil).
However, the Icelandic authorities have explained that the principal Icelandic banks are bankrupt and undergoing restructuring, which rules out loans from those banks.
Vendar islandski organi pojasnjujejo, da so glavne islandske banke v stečaju in v postopku prestrukturiranja, kar izključuje posojila od teh bank.
In addition, customer deposits alone are not sufficient to cover the financing needs of the savings banks.
Poleg tega samo depoziti strank ne zadostujejo za pokritje finančnih potreb hranilnic.
The Icelandic authorities have informed the Authority that the third possibility — of selling assets — has not been possible due to the financial crisis.
Islandski organi so Nadzorni organ obvestili, da tretja možnost, namreč odprodaja sredstev, zaradi finančne krize ni bila mogoča.
It was against this background that the Mortgage Loan Scheme was introduced.
Shema hipotekarnih posojil je bila uvedena ob upoštevanju teh okoliščin.
The Authority considers that the fact that the savings banks have been unable to sell their mortgage loans on the market implies that those assets are illiquid and, therefore, impaired.
Po mnenju Nadzornega organa dejstvo, da hranilnice niso bile sposobne prodati svojih hipotekarnih posojil na trgu, pomeni, da so ta sredstva nelikvidna in torej oslabljena.
Annex 3 of the IAG contains a list of categories of impaired assets which are considered eligible for asset relief measures.
Priloga 3 k smernicam o oslabljenih sredstvih vsebuje seznam kategorij oslabljenih sredstev, ki so upravičena do ukrepov finančne pomoči za oslabljena sredstva.
The list includes housing mortgages.
Na seznamu so tudi stanovanjske hipoteke.
In that light, in order to be found compatible with the EEA Agreement, the Mortgage Loan Scheme must fulfil the conditions for the compatibility of asset relief as set out in the IAG.
S tega vidika mora shema hipotekarnih posojil, da bi se lahko štela za združljivo s Sporazumom EGP, izpolnjevati pogoje za združljivost s finančno pomočjo za oslabljena sredstva, kakor so določeni v smernicah o oslabljenih sredstvih.
The relevant conditions are considered in sections 3.2-3.6 below.
Ustrezni pogoji so obravnavani v razdelkih od 3.2 do 3.6 spodaj.
Valuation of the mortgage loan — independent expert
Ovrednotenje hipotekarnega posojila – neodvisni strokovnjak
Paragraph 20, 1st bullet point, of the IAG provides that: ‘Applications for aid should be […] based on adequate valuation, certified by recognised independent experts […].’
Prva alinea točke 20 smernic o oslabljenih sredstvih določa: „Prošnje za pomoč morajo […] na podlagi ustreznega vrednotenja, ki ga potrdijo priznani neodvisni strokovnjaki […].“
Article 3 of the Regulation provides that HFF must perform an assessment of the value of the mortgage loans assets offered to the Fund.
Člen 3 Uredbe določa, da mora sklad SFS opraviti oceno vrednosti sredstev iz hipotekarnih posojil, ki se ponujajo Skladu.
This is also what happens in practice: the assets swapped under the Mortgage Loan Scheme are valued by HFF.
To se v praksi tudi dejansko izvaja: sredstva, ki se zamenjajo v okviru sheme hipotekarnih posojil, ovrednoti sklad SFS.
Thus, the assets swapped under the Mortgage Loan Scheme are not valued by an independent expert, contrary to the requirements of the IAG.
Torej sredstev, ki se zamenjajo v okviru sheme hipotekarnih posojil, v nasprotju z zahtevami iz smernic o oslabljenih sredstvih ne ovrednoti neodvisni strokovnjak.
The fact that one element of the valuation assessment — the credit risk method — has been prepared by an independent expert (KPMG Iceland) does not automatically mean that the entire assessment must be deemed to be carried out by an independent expert.
Dejstvo, da je en element ocene vrednosti – metodo kreditnega tveganja – pripravil neodvisni strokovnjak (KPMG Islandija), še ne pomeni, da je treba šteti, da je neodvisni strokovnjak opravil celotno oceno.
Other important element of the assessment, namely determining the basis for the assessment (i.e. the choice of eligible mortgage loans, the basis for the value (book value), the performance of the credit risk assessment, and the decision on how to calculate the credit buffer and determine the corresponding amount due in HFF bonds) is determined by regulation or by HFF alone.
Drug pomemben element ocene, namreč določitev osnove za oceno (to so izbira upravičenih hipotekarnih posojil, osnova za vrednost (knjigovodska vrednost), ocena kreditnega tveganja ter odločitev o načinu izračuna kreditnega varovala in določitev pripadajočega zneska v obliki obveznic SFS), se določi na podlagi Uredbe ali ga določi samo sklad SFS.
The fact that an independent expert has provided a method for assessing the credit risk does not alter the fact that HFF itself actually applies that method; in other words, it performs the valuation itself.
Čeprav je neodvisni strokovnjak predložil metodo za oceno kreditnega tveganja, to ne spremeni dejstva, da metodo dejansko uporablja sklad SFS oziroma z drugimi besedami da sklad sam opravlja vrednotenje.
There is no scrutiny over whether, and if so, how HFF applies the method.
Nihče ne nadzira, ali sklad SFS uporablja navedeno metodo in kako.
In such circumstances, the Authority concludes that the asset valuation carried out under the Mortgage Loan Scheme is not in accordance with paragraph 20 of the IAG.
V takih okoliščinah Nadzorni organ ugotavlja, da vrednotenje sredstev, ki je bilo opravljeno v okviru sheme hipotekarnih posojil, ni skladno s točko 20 smernic o oslabljenih sredstvih.
As already described, during the formal investigation, the Icelandic authorities put forward an asset valuation report carried out by independent financial expert, ALM, in respect of mortgage loans already subject to swaps under the Mortgage Loan Scheme.
Kot je bilo med formalno preiskavo že navedeno, so islandski organi predložili poročilo o vrednotenju sredstev, ki ga je pripravil neodvisni finančni strokovnjak, ALM, v zvezi s hipotekarnimi posojili, ki so že predmet zamenjave v okviru sheme hipotekarnih posojil.
However, that does not change the fact that under the Mortgage Loan Scheme itself, as well as pursuant to the relevant legal provisions, HFF itself must carry out the valuation of mortgage loans taken over by it under the Scheme.
Vendar to ne spremeni dejstva, da mora v okviru sheme hipotekarnih posojil in v skladu z veljavnimi zakonskimi določbami sklad SFS sam opraviti vrednotenje hipotekarnih posojil, ki jih je prevzel v okviru sheme.
As stated in Part II, Section 3 above, the Authority will only consider the Mortgage Loan Scheme as an ‘aid scheme’ within the meaning of Article 1(d) of Part II of Protocol 3.
Kot je navedeno v delu II (glej razdelek 3), bo Nadzorni organ obravnaval shemo hipotekarnih posojil samo kot „shemo pomoči“ v smislu člena 1(d) dela II Protokola 3.
Thus, without prejudice to the valuation carried out in individual cases under the Scheme, the Mortgage Loan Scheme itself does not fulfil the conditions laid down in the IAG.
Ne glede na vrednotenje, ki se v posameznih primerih opravi v okviru sheme, shema hipotekarnih posojil torej sama po sebi ne izpolnjuje pogojev iz smernic o oslabljenih sredstvih.
On the basis of the above, the Authority concludes that the system for valuing the mortgage loans does not satisfy the conditions laid down in the IAG.
Glede na zgoraj navedeno Nadzorni organ ugotavlja, da sistem vrednotenja hipotekarnih posojil ne izpolnjuje pogojev iz smernic o oslabljenih sredstvih.
Valuation of the mortgage loan — basis for valuation
Vrednotenje hipotekarnega posojila – osnova za vrednotenje
The IAG also sets out a method for the valuation of impaired assets in the context of an asset-relief measure.
Smernice o oslabljenih sredstvih določajo tudi metodo za vrednotenje oslabljenih sredstev na podlagi ukrepa finančne pomoči.
Paragraphs 39 and 40 of the IAG and annex 3 introduce the concepts of ‘cost’, ‘current market value’, ‘real economic value’ and ‘transfer value’.
Točki 39 in 40 smernic o oslabljenih sredstvih in Priloga 3 uvajajo pojme „stroški“, „tekoča tržna vrednost“, „realna ekonomska vrednost“ in „vrednost ob prenosu“.
Those concepts are defined in the IAG as follows [39]: Cost means the carrying amount or nominal value of the loans minus impairment.
Ti pojmi so opredeljeni v smernicah o oslabljenih sredstvih [39]: Stroški pomenijo knjigovodsko ali nominalno vrednost posojil, zmanjšano za oslabitev.
Current market value is the value the impaired assets could have obtained in the market.
Tekoča tržna vrednost je vrednost, ki bi jo oslabljena sredstva lahko dosegla na trgu.
The real economic value is the underlying long-term economic value of the assets on the basis of underlying cash flows and broader time horizons.
Realna ekonomska vrednost je osnovna dolgoročna ekonomska vrednost sredstev na podlagi osnovnih denarnih tokov in širšega časovnega okvira.
This should be calculated both for a base case scenario and a stress case scenario.
Ta se mora izračunati za osnovni in izjemni scenarij.
The transfer value is the value attributed to impaired assets in the context of an asset-relief programme.
Vrednost ob prenosu je vrednost, ki se pripiše oslabljenim sredstvom v okviru programa finančne pomoči.
Normally, the IAG provide that if the transfer value is higher than the current market value, State aid is involved.
Glede na smernice o oslabljenih sredstvih je takrat, ko je vrednost ob prenosu višja od tekoče tržne vrednosti, običajno vključena državna pomoč.
In order for the aid to be declared compatible, the transfer value must be less than or equal to the real economic value.
Da bi se pomoč lahko štela za združljivo, mora biti vrednost ob prenosu nižja ali enaka realni ekonomski vrednosti.
Article 6 of the Supplementary Rules states that the value of the mortgage loan pools is based on the book value of each individual mortgage.
Člen 6 dopolnilnih pravil določa, da vrednost skupkov hipotekarnih posojil temelji na knjigovodski vrednosti vsake posamezne hipoteke.
The book value is normally not the same as the real economic value of the assets, which is based on underlying cash flows and broader time horizons.
Knjigovodska vrednost običajno ni enaka realni ekonomski vrednosti sredstev, ki temelji na osnovnih denarnih tokovih in širšem časovnem okviru.
In the light of the above, the Authority considers that the Icelandic Government has failed to show (or calculate) that the transfer value is based on the real economic value.
Glede na zgoraj navedeno Nadzorni organ ugotavlja, da islandski vladi ni uspelo prikazati (ali izračunati), da vrednost ob prenosu temelji na realni ekonomski vrednosti.
The arguments of the Icelandic authorities to the effect that the inclusion of a ‘credit buffer’ ensures that the book value is adjusted to a market value cannot be accepted.
Argumenti islandskih organov, da naj bi vključitev „kreditnega varovala“ zagotavljala izravnavo knjigovodske vrednosti s tržno vrednostjo, niso sprejemljivi.
First, the ‘credit buffer’ is only designed to protect HFF against a credit risk (by postponing part of the consideration for the mortgage loans), and not to establish a market value.
Prvič, namen „kreditnega varovala“ je samo zaščita sklada SFS pred kreditnim tveganjem (z odlogom dela plačila za hipotekarna posojila), in ne določitev tržne vrednosti.