natgillin/translations-raw huggingface dataset:
The Government has indicated that while it has no intention of reducing its holdings in Landsbankinn below two-thirds of the bank's share capital, the stakes in Arion Bank and Íslandsbanki could soon be offered for sale or sold with the banks in their entirety if their majority owners decide to sell, subject to certain prerequisites being resolved.
Nadzorni organ pri presoji, ali naložba v podjetje, na primer s kapitalsko injekcijo, zagotovi prednost, uporablja načelo vlagatelja pod tržnimi pogoji in oceni, ali bi zasebni vlagatelj, ki je po velikosti primerljiv z osebo javnega prava in deluje v običajnih pogojih tržnega gospodarstva, realiziral tako naložbo [72].
The special liquidity facility is only available until 31 December 2014, which coincides with the maturity of the SPRON bond.
Glede ukrepov za kapitalizacijo v korist bank v težavah sta Evropska komisija (v številnih primerih odkar se je finančna kriza začela) [73] in Nadzorni organ [74] od začetka finančne krize na splošno uporabila pristop, da državne dokapitalizacije bank zaradi nereda in negotovosti na finančnih trgih od jeseni 2008 pomenijo državno pomoč.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE
Ta splošni vidik velja zlasti za islandske finančne trge v letih 2008 in 2009, ko se je celotni sistem zrušil.
In the opening decision, the Authority preliminarily concluded that the measures by the Icelandic State to capitalise Arion Bank, as well as the liquidity facility, entail state aid pursuant to Article 61 EEA.
Zato Nadzorni organ meni, da so ukrepi za kapitalizacijo banki Arion Bank prinesli ugodnosti, ne glede na končni prenos 87 % kapitala nove banke na upnike (večinoma zasebni sektor).
Furthermore it could not exclude that state aid was present in the deposit guarantee.
Zasebni sektor, ki je bil vključen v kapitalizacijo banke Arion Bank, so sestavljali izključno upniki nekdanje banke, ki so samo poskušali čim bolj zmanjšati svoje izgube.
The Authority will take a final view on these measures, which continue to have a bearing on the assessment at hand, in the present decision.
[75]
As for the compatibility of the measures assessed in the opening decision, the Authority considered that a final view could only be taken on the basis of a restructuring plan, which had not been submitted when the Authority opened the formal investigation procedure on 15 December 2010.
Podoben vidik se uporablja za posebno likvidnostno posojilo, ki je bilo dogovorjeno s pogajanji kot del svežnja ukrepov pomoči države pri ponovni vzpostavitvi dejavnosti propadle banke v novoustanovljeni banki in spodbujanju upnikov propadle banke h kapitalski udeležbi v novi banki.
It was in particular due to the absence of a restructuring plan more than one year after the establishment of Arion Bank that the Authority expressed doubts about the compatibility of the aid.
Očitno je država posredovala zato, ker ni bilo jasno, ali bo banki Arion Bank uspelo na trgu pridobiti zadostno likvidnost.
Comments from interested parties
Tako država ni delovala kot zasebni vlagatelj, ampak je zamenjala vlogo zasebnih udeležencev na trgu, ki so se izogibali posojanju finančnih podjetjem.
The Authority received a statement on behalf of the creditors of the old bank, in which they emphasised that they were to be considered as interested parties, and indicated to possibly submit further comments at a later stage.
Zato Nadzorni organ potrjuje predhodno ugotovitev iz sklepa o začetku postopka in meni, da je posebno likvidnostno posojilo banki Arion Bank prineslo ugodnost.
Comments from the Icelandic authorities
Glede prenosa vlog iz hranilnice SPRON in plačila z obveznico, ki jo je izdala Drómi – posel zamenjave SPRON Nadzorni organ pozitivno ugotavlja, da je cilj celotne transakcije banki Arion Bank zagotoviti nadomestilo, enakovredno samo znesku prenesenih obveznosti.
The Icelandic authorities accept that measures undertaken in establishing New Kaupthing Bank, now Arion Bank, constitute state aid.
Vendar pa je celotno tveganje, da je vrednost obveznice Drómi nižja od prenesenih vlog in je treba morebitni primanjkljaj pokriti, preneseno na državo.
In the view of the Icelandic authorities, the measures are however compatible with the functioning of the EEA Agreement on the basis of Article 61(3)(b) of the Agreement, as they are necessary, proportionate and appropriate to remedy a serious disturbance in the Icelandic economy.
Zato se zdi, da banka Arion Bank poleg tega, da prejema prihodek od plačila obresti na obveznico, lahko pridobi dobro ime in dodatne tržne deleže, ne da bi prevzela kakršnokoli tveganje.
In the view of the Icelandic authorities the measures taken are in all aspects in line with the principles set out in the Authority's state aid guidelines.
Nadzorni organ ugotavlja, da to pomeni prednost [76].
They also submit that the aid is necessary and limited to the minimum amount necessary.
Nadzorni organ mora tudi oceniti, ali dodatno jamstvo za hranilne vloge banki Arion Bank in islandskim bankam na splošno prinaša prednost.
Moreover, the Icelandic authorities emphasise that the former shareholders of Kaupthing Bank have lost all their shares and received no compensation from the state, that the aid is well designed to minimize negative spill-over effect on competitors and that the terms of the loans (the Tier II capital) are comparable to market rates.
V tej zvezi Nadzorni organ ugotavlja, da takrat, ko so islandski organi prvič dali izjavo, da bodo hranilne vloge zajamčene, ni bilo popolnoma jasno, kako bo to jamstvo delovalo v praksi, zlasti kakšen učinek bo tak poseg imel na banke, ki niso mogle več izpolnjevati svojih obveznosti v zvezi z vlagatelji.
The Icelandic authorities do not regard the deposit guarantee as entailing state aid.
Zdi se, da bi bil taki banki dovoljen propad, vendar bi islandska država zagotovila – na primer s prenosom vlog na drugo banko in nadomestitvijo primanjkljaja sredstev – da bi se vloge lahko v celoti izplačale in vlagatelji ne bi nikoli izgubili dostopa do celotnega zneska svojih vlog.
Commitments by the Icelandic authorities
Nadzorni organ meni, da je drugotnega pomena, kako natančno bi država delovala pri izpolnjevanju neomejenega jamstva za domače hranilne vloge.
The Icelandic authorities have submitted a number of commitments, most of which related to the distortions of competition caused by the aid under assessment.
Pomembno je, da je prevzela odgovornost posredovati v neomejenem obsegu, če banka ne bi izplačala vlog.
The commitments are set out in the Annex.
Nadzorni organ meni, da je neomejeno jamstvo dalo prednost banki Arion Bank: Prvič, zagotavlja dragoceno konkurenčno prednost – neomejeno državno jamstvo in s tem veliko varnostno mrežo – pred drugimi naložbenimi možnostmi in ponudniki.
ASSESSMENT
To ponazarja na primer nedavno poročilo ministra za gospodarske zadeve, ki navaja, da „Islandska finančna podjetja trenutno delujejo v zaščitenem okolju z nadzorom kapitalskih tokov in splošnim jamstvom za hranilne vloge.
THE PRESENCE OF STATE AID
V takih pogojih so bančne vloge praktično edina varna možnost za islandske varčevalce“ [77].
Article 61(1) of the EEA Agreement reads as follows:
Drugič, zdi se, da bi brez jamstva v banki Arion Bank bolj verjetno prišlo do dvigovanja vlog, tako kot se je zgodilo njeni predhodnici [78].
‘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.’
Če ne bi bilo dodatnega neomejenega jamstva za hranilne vloge, ki ga je prevzela islandska država, bi banka verjetno morala izplačevati višje obrestne mere (da nadomesti tveganje), da bi pridobila ali preprosto obdržala enak znesek vlog.
The Authority will assess the following measures [70] below:
Skladno s tem Nadzorni organ ugotavlja, da jamstvo za hranilne vloge pomeni prednost za banko.
The initial operating capital provided by the Icelandic State to the new bank;
Selektivnost
The (temporary) full state capitalisation of the new bank;
Drugič, ukrep pomoči mora biti selektiven, tako da daje prednost „posameznim podjetjem ali proizvodnji posameznega blaga“.
The retention by the State of the 13 % share capital remaining after 87 % of the share capital in the new bank was transferred to the creditors of Kaupthing; and
Ukrepi za kapitalizacijo, likvidnostno posojilo in posel zamenjave SPRON so selektivni, ker ima od tega koristi samo banka Arion Bank.
The provision by the State of Tier-II capital to the new bank by way of subordinated debt.
Ker je državna podpora lahko selektivna tudi v primerih, ko ima eden ali več sektorjev gospodarstva koristi, drugi pa ne, Nadzorni organ meni, da je državno jamstvo za hranilne vloge, ki koristi samo islandskim bankam, v celoti selektivno.
The above measures are referred to collectively below as ‘the capitalisation measures’.
Ta ugotovitev izhaja tudi iz zgornjih navedb, da se bankam daje prednost pred drugimi podjetji, ki nudijo možnosti za varčevanje in vlaganje denarja.
In addition, the Authority will assess:
Izkrivljanje konkurence in vpliv na trgovino med pogodbenicami
The special liquidity facility agreement;
Ukrepi utrjujejo položaj banke Arion Bank v primerjavi s konkurenti (ali potencialnimi konkurenti) na Islandiji in v drugih državah EGP.
The SPRON swap agreement;
Kot je navedeno zgoraj, banka Arion Bank deluje na finančnih trgih, ki so odprti za mednarodno konkurenco v EGP.
The Icelandic Government's statement to guarantee domestic deposits in all Icelandic banks in full.
Čeprav so islandski finančni trgi zlasti zaradi nadzora kapitalskih tokov trenutno dokaj izolirani, čezmejna trgovina in možnosti zanjo še vedno obstajajo in ko bo nadzor kapitalskih tokov odpravljen, se bo trgovanje verjetno povečalo.
Presence of state resources
Zato za vse ocenjevane ukrepe velja, da izkrivljajo konkurenco in vplivajo na trgovino med pogodbenicami Sporazuma EGP [79].
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.
Sklepna ugotovitev
State resources are also evidently present in the liquidity facility available to Arion Bank.
Zato Nadzorni organ ugotavlja, da ukrepi, ki jih je islandska država sprejela za kapitalizacijo nove banke ter likvidnostno posojilo, jamstvo za hranilne vloge in posel zamenjave SPRON vključujejo državno pomoč v smislu člena 61(1) Sporazuma EGP.
As for the SPRON swap agreement, the State assumed the risk that the assets of SPRON/Drómi would be insufficient to cover the transferred liabilities (deposits) of SPRON.
POSTOPKOVNE ZAHTEVE
In essence it guaranteed to make up for the shortfall, which entails a (potential) transfer of state resources.
V skladu s členom 1(3) dela I Protokola 3 je „treba Nadzorni organ Efte o kakršnih koli načrtih za dodelitev ali spremembo pomoči obvestiti dovolj zgodaj, da lahko predloži svoje pripombe […].
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.
Zadevna država ne sme izvajati svojih predlaganih ukrepov, dokler v tem postopku ni sprejeta dokončna odločitev.“
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.
Islandski organi Nadzornega organa pred izvajanjem niso obvestili o ukrepih, ki so zajeti v sklepu o začetku postopka.
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.
Nadzorni organ zato zaključuje, da islandski organi niso spoštovali obveznosti iz člena 1(3) dela I Protokola 3.
The present decision is therefore not concerned with those measures.
Odobritev teh ukrepov pomoči je bila zato nezakonita.
The Authority stated in the opening decision that it would investigate further whether the statements by the Icelandic State described above are sufficiently precise, firm, unconditional and legally binding such as to involve a commitment of state resources [71].
Nadzorni organ glede prevzema hranilnice SPM s strani banke Arion Bank ni ugotovil vključenosti državne pomoči, je pa opozoril, da so v skladu z odstavkom 41 Smernic Nadzornega organa za prestrukturiranje, in da se prepreči protikonkurenčna uporaba državne pomoči, prevzemi konkurenčnih podjetij s strani bank dovoljeni samo v izjemnih okoliščinah in po priglasitvi Nadzornemu organu.
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.
ZDRUŽLJIVOST POMOČI
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.
Uvodoma je treba pripomniti, da Nadzorni organ ugotavlja, da je banka Arion Bank sedaj nova pravna oseba, ustanovljena leta 2008, vendar je – glede domačih dejavnosti – očitno gospodarska naslednica banke Kaupthing Bank v smislu, da obstaja gospodarska kontinuiteta med obema subjektoma.
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.
Ker se gospodarske dejavnosti, ki jih je banka Arion Bank opravljala od jeseni 2008 naprej brez pomoči ne bi mogle nadaljevati, Nadzorni organ banko šteje za podjetje v težavah.
Those interventions have included measures to cover deposits of financial undertakings, such as the foundation of the three commercial banks, the transfer of SPRON deposits to Arion Bank, the transfer of Straumur deposits to Íslandsbanki, the CBI takeover of the deposits of 5 savings banks in Sparisjódabanki Íslands, the transfer of deposits in Byr Savings Bank to Byr hf, the transfer of deposits from Keflavík Savings Bank to SpKef and the State's responsibility for deposits in SpKef following forced merger with Landsbankinn.
Poleg tega so ocenjevani ukrepi hkrati časovni sanacijski ukrepi in ukrepi prestrukturiranja.
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.
Kot je navedeno v sklepu o začetku postopka, bi Nadzorni organ verjetno začasno odobril ukrepe kot združljivo pomoč za reševanje, če bi bili priglašeni pred izvajanjem, preden je o ukrepih sprejel končno stališče na podlagi načrta prestrukturiranja.
In the light of the above the Authority considers that there is a legally binding, precise, unconditional and firm measure in place.
Ker pa ni bilo pravočasne priglasitve, je Nadzorni organ začel formalni postopek preiskave in zahteval predložitev načrta prestrukturiranja.
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.
Kot je navedeno zgoraj, je končna združljivost teh ukrepov odvisna od tega, ali načrt prestrukturiranja izpolnjuje merila veljavnih smernic Nadzornega organa o državni pomoči za podjetja v težavah.
Favouring certain undertakings or the production of certain goods
Pravna podlaga za oceno združljivosti: Člen 61(3) Sporazuma EGP in Smernic Nadzornega organa za prestrukturiranje
Advantage
Čeprav se državna pomoč podjetjem v težavah običajno obravnava v skladu s členom 61(3)(c) Sporazuma EGP, lahko Nadzorni organ v skladu s členom 61(3)(b) Sporazuma dovoli državno pomoč „za odpravljanje resne motnje v gospodarstvu države članice ES ali države Efte“.
First, the aid measures must confer on the new bank advantages that relieve it of charges that are normally borne from its budget.
Kot je navedeno v odstavku 8 Smernic o bančništvu [80], Nadzorni organ ponovno potrjuje, da člen 61(3)(b) Sporazuma EGP v skladu s sodno prakso in prakso odločanja Evropske komisije zahteva ožjo razlago pojma resna motnja v gospodarstvu države Efte.
In line with the preliminary conclusion it reached in the opening decision, the Authority remains of the view that each of the capitalisation measures confer an advantage on the new bank as the capital provided would not have been available to the bank without state intervention.
Kot je podrobno opisano zgoraj, so islandski organi pojasnili, da je oktobra 2008 finančni sistem Islandije prizadela sistemska kriza, ki je povzročila zlom največjih islandskih bank in hranilnic v nekaj dneh.
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 [72].
Skupni tržni delež propadlih finančnih ustanov je presegal 90 % v večini segmentov islandskega finančnega trga.
As regards capitalisation measures for the benefit of banks in difficulties, since the onset of the financial crisis, the approach taken both by the European Commission (in numerous cases since the financial crisis began [73] and by the Authority [74] has been in general that state recapitalisations of banks amount to state aid given the turmoil and uncertainty that have characterised financial markets since the autumn of 2008.
Težavam je sledila še izguba zaupanja v valuto države.
This general consideration applies in particular to the Icelandic financial markets in 2008 and 2009, when the entire system collapsed.
Islandsko realno gospodarstvo je finančna kriza močno prizadela.
Thus the Authority considers the capitalisation measures to confer an advantage on Arion Bank notwithstanding the eventual transfer of 87 % of the capital of the new bank to the (largely private sector) creditors.
Čeprav je od začetka krize že več kot tri leta, je islandski finančni sistem še vedno ranljiv.
The private sector involvement in the capitalisation of Arion Bank was made up entirely of creditors of the old bank who were solely seeking to minimise their losses [75].
Čeprav se je stanje od leta 2008 znatno izboljšalo, je očitno, da so bili ukrepi v času sprejemanja namenjeni odpravljanju resne motnje v gospodarstvu Islandije.
Similar consideration apply in so far as the special liquidity facility is concerned, which was negotiated as part of a package of state assistance measures aiming to restore operations of a failed bank in a newly formed bank and to encourage equity participation in the new bank by the creditors of the failed bank.
Zato se šteje, da se v tem primeru uporabi člen 61(3)(b) Sporazuma EGP.
It is evident that the State stepped in as it was not clear if sufficient liquidity could be obtained by Arion Bank on the market.
Uporaba Smernic za prestrukturiranje
Thus, rather than acting as a private investor, the State replaced the role of private market participants who shied away from lending to financial undertakings.
Smernice 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 [81] („Smernice za prestrukturiranje“) določajo pravila o državni pomoči, ki se uporabljajo za prestrukturiranje finančnih ustanov v sedanji krizi.
Therefore the Authority confirms the preliminary conclusion that it reached in the opening decision and considers the special liquidity facility as conferring an advantage on Arion Bank.
V skladu s Smernicami za prestrukturiranje je prestrukturiranje finančne ustanove v okviru sedanje finančne krize združljivo s členom 61(3)(b) EGP, če:
Regarding the transfer of deposits from SPRON and the payment by the bond issued by Drómi — the SPRON swap agreement, the Authority notes positively that the overall transaction aims at providing Arion Bank with compensation equalling solely the amount of the transferred liabilities.
vodi do vnovične vzpostavitve poslovne uspešnosti banke;
However, the entire risk of the Drómi bond being of less value than the transferred deposits, and the obligation to make up for any potential shortfall, is allocated to the State.
vključuje zadosten lastni prispevek upravičenca (porazdelitev bremena);
It thus seems that Arion Bank, aside from receiving revenue through interest payments on the bond, is able to acquire goodwill and additional market shares, without taking on any risk.
vključuje zadostne ukrepe za omejevanje izkrivljanja konkurence.
The Authority concludes that this constitutes an advantage [76].
Nadzorni organ bo v nadaljevanju na podlagi načrta prestrukturiranja, ki je bil predložen za banko Arion Bank, ocenil, ali so ta merila izpolnjena in če so zgoraj opisani ukrepi pomoči zato pomenijo združljivo pomoč za prestrukturiranje.
Finally, the Authority also needs to assess whether the additional deposit guarantee conveys an advantage on Arion Bank and Icelandic banks in general.
Ponovna vzpostavitev uspešnega poslovanja
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 the bank that could not live up to its financial obligations vis-à-vis its depositors anymore.
Ponovna vzpostavitev dolgoročnega uspešnega poslovanja upravičenca, ki prejme pomoč za prestrukturiranje, je glavni cilj take pomoči, ocena, ali bo taka pomoč za prestrukturiranje to dosegla, pa je pomemben vidik pri določanju njene združljivosti.
In the meanwhile, 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.
Kot je navedeno zgoraj, je zaradi pretresa v islandskem gospodarstvu po jeseni 2008, prisotnosti izrednih ukrepov, kot so nadzor kapitalskih tokov, razvijajoče se zakonodajno okolje ter makroekonomski obeti, ki so kljub nedavni rahli stabilizaciji še vedno nekoliko negotovi, zlasti zaradi gospodarskih tegob, ki se nadaljujejo v euroobmočju, donosno delovanje banke in zagotavljanje dolgoročnega uspešnega poslovanja velik izziv.
The Authority considers that it is of secondary importance how exactly the State would act in complying with the unlimited guarantee on domestic deposits.
Nadzorni organ že na začetku poudarja, da je treba te ugotovitve upoštevati v oceni v nadaljevanju.
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.
Oddelek 2 Smernic za prestrukturiranje določa, da mora država EGP predložiti celovit in podroben načrt prestrukturiranja, v katerem morajo biti navedene popolne informacije o poslovnem modelu in ki ponovno vzpostavlja dolgoročno uspešno poslovanje banke.