natgillin/translations-raw huggingface dataset:
The Commission and the EIB consider that, as a result of the introduction of the EFSI, the majority of the other financial instruments were in fact significantly reinforced, instead of being replaced. 
Komisija in EIB menita, da se je večina drugih finančnih instrumentov zaradi uvedbe sklada EFSI dejansko močno okrepila in da jih sklad ni nadomestil.
Furthermore, the scope of some of the existing financial instruments was refocused in order to reduce some of the observed overlaps with EFSI. 
Poleg tega se je preusmerilo tudi področje uporabe nekaterih obstoječih finančnih instrumentov, da bi se zmanjšala določena ugotovljena prekrivanja s skladom EFSI.
Therefore, if extended maturities or lower collateral requirements are sufficient to ensure financing to final recipients, according to the sound financial management principles, the Commission and EIB are not insisting on providing subordinated financing where it is not needed to trigger the investment. 
Če torej podaljšanje zapadlosti ali nižje zahteve glede zavarovanja zadostujejo za zagotovitev financiranja končnim prejemnikom v skladu z dobrim finančnim poslovodenjem, Komisija in EIB ne vztrajata pri zagotavljanju podrejenega financiranja, kadar ni treba spodbujati naložb.
Mitigation measures were put in place to address the overlap between the Connecting Europe Facility (CEF) Debt Instrument (DI) and the EFSI. 
Sprejeti so bili blažitveni ukrepi za obravnavanje prekrivanj med dolžniškim instrumentom instrumenta za povezovanje Evrope (IPE) in skladom EFSI.
In this context, the Commission and the EIB have put forward an amendment of the CEF DI Delegation Agreement, and repositioning of the CEF DI to increase its complementarity with other financial instruments and with EFSI, expected to be finalised by the year end. 
Komisija in EIB sta v zvezi s tem predložili spremembo sporazuma o prenosu pooblastil za dolžniški instrument IPE in predlagali prerazporeditev dolžniškega instrumenta IPE, da se poveča njegovo dopolnjevanje z drugimi finančnimi instrumenti in skladom EFSI, kar naj bi bilo dokončano do konca leta.
CEF DI was re-focussed on more innovative and pioneering projects. 
Dolžniški instrument IPE je bil preusmerjen v inovativnejše in pionirske projekte.
In transport, the focus was put in particular on projects contributing to the greening of transport. 
Na področju prometa je bil poudarek zlasti namenjen projektom, ki prispevajo k okolju prijaznejšemu prometu.
EIB Group considers that the financing provided under EFSI is not fully comparable with other sources of financing as it typically offers different terms and conditions and therefore cannot be seen as replacing them. 
Skupina EIB meni, da financiranja v okviru sklada EFSI ni mogoče v celoti primerjati z drugimi viri financiranja, saj običajno vključuje drugačne pogoje, zato se ne šteje za vir, ki bi nadomeščal druge vire.
Furthermore, under EFSI 2.0, additionality criteria have been further strengthened. 
Poleg tega se je merilo dodatnosti v okviru sklada EFSI 2.0 še bolj okrepilo.
The investment mobilised, as per the methodology, reflects the best estimate of the expected investment in the real economy with actual amounts revised at project completion. 
Privabljene naložbe v skladu z metodologijo pomenijo najboljšo oceno pričakovanih naložb v realnem gospodarstvu, pri čemer se dejanski zneski revidirajo ob zaključku projekta.
1 The Commission proposal for the InvestEU Regulation contains a wider set of performance and monitoring indicators. 
1 Predlog Komisije za uredbo o programu InvestEU vsebuje širši sklop kazalnikov uspešnosti in spremljanja.
Moreover, the new Financial Regulation (EU 2018/1046) defines and clarifies both the concepts of leverage and multiplier effect. 
Poleg tega nova finančna uredba ((EU, Euratom) 2018/1046) vsebuje opredelitev in pojasnilo pojmov vzvoda in multiplikacijskega učinka.
X. Geographic concentration cannot be calculated solely based on the volume of signed financing operations in each Member State. 
X. Geografske koncentracije ni mogoče izračunati samo na podlagi obsega operacij financiranja, sklenjenih v vsaki državi članici.
When looking at geographic concentration, the size of economies and population of individual Member States has to be taken into account. 
Pri preučitvi geografske koncentracije je treba upoštevati velikost gospodarstev in prebivalstva posameznih držav članic.
The Commission recognises the importance of the geographical diversification of EFSI. 
Komisija priznava pomen geografske razpršenosti sklada EFSI.
In this respect, the Commission and the EIB have been implementing several measures to increase the geographical balance. 
Zato skupaj z EIB izvaja več ukrepov za povečanje geografske uravnoteženosti.
This includes enhanced cooperation with National promotional banks (NPB) including through setting up of investment platforms and enhanced cooperation models (e.g. European Investment Fund-National Promotional Institutions Equity platform), facilitation of combination of European Structural Investment Funds and EFSI, and more targeted local outreach, in particular through the Advisory Hub. 
To vključuje okrepljeno sodelovanje z nacionalnimi spodbujevalnimi bankami, tudi z vzpostavljanjem naložbenih platform in modelov okrepljenega sodelovanja (npr. platforme za lastniško financiranje za olajšanje sodelovanja med Evropskim investicijskim skladom in nacionalnimi spodbujevalnimi institucijami), ukrepe za lažje povezovanje evropskih strukturnih in investicijskih skladov in sklada EFSI ter bolj ciljno usmerjeno lokalno pokritost, zlasti prek svetovalnega vozlišča.
The Commission and the EIB accept their respective recommendations and refer to their replies in the recommendations section. 
Komisija in EIB sprejemata priporočila, ki so bila naslovljena nanju, in se sklicujeta na odgovore v oddelku s priporočili.
The EFSI Investment Guidelines provide that best efforts shall be made to ensure that a wide range of sectors and regions will be covered. 
Naložbene smernice sklada EFSI določajo, da je treba storiti vse za zagotovitev, da bodo zajeti najrazličnejši sektorji in regije.
Under the Small Medium Enterprise Window (SMEW) individual products use incentives to reach broad coverage and to avoid concentration. 
Znotraj dela za mala in srednja podjetja (dela za MSP) posamezni projekti uporabljajo spodbude, da bi dosegli veliko pokritost in se izognili koncentraciji.
OBSERVATIONS Box 1 – Special Activities and EFSI Second indent, first alinea: The risk profile of operations under the SMEW is comparable or riskier to the risk profile of the EIB Special Activities. 
OPAŽANJA Okvir 1 – Posebne dejavnosti in sklad EFSI Druga alinea, prvi odstavek: Profil tveganja za operacije v delu za MSP je primerljiv ali bolj tvegan od profila tveganja posebnih dejavnosti EIB.
They constitute either equity or guarantee exposures of sub-investment grade quality and would not be possible to be financed by European Investment Fund (EIF) own resources. 
Te vsebujejo izpostavljanje lastniškega kapitala ali jamstev z bonitetno oceno tvegane kakovosti, zato se ne bi mogle financirati z lastnimi sredstvi Evropskega investicijskega sklada (EIF).
The rules on operations with investment platforms and National promotional banks and institutions (NPBI) mention that subordination is to be considered a preferred option if viable and if the structure brings added value in view of the promoters financing needs and overall financing costs. 
V pravilih o operacijah z naložbenimi platformami ter nacionalnimi spodbujevalnimi bankami in institucijami je navedeno, da je podrejenost najprimernejša možnost, če je izvedljiva in če struktura ustvarja dodano vrednost z vidika potreb nosilcev projektov po financiranju in splošnih stroškov financiranja.
The EIB’s main goal under EFSI has always been to catalyse and attract new investors. 
Glavni cilj EIB v okviru sklada EFSI je vedno bil spodbuditi in pritegniti nove vlagatelje.
This was achieved by the EIB positioning itself in a more junior credit structural position in favour of other crowded-in investors. 
EIB je to dosegla tako, da se je postavila v strukturni položaj z več podrejenimi posojili v korist drugih privabljenih vlagateljev.
The EFSI Regulation provides that the EU guarantee under the EFSI is complementary to existing instruments. 
Uredba o EFSI določa, da jamstvo EU v okviru sklada EFSI dopolnjuje obstoječe instrumente.
As regards the CEF Debt Instrument (DI): The launch of EFSI in 2015 had a substitution effect on CEF DI. 
Glede dolžniškega instrumenta IPE: Uvedba sklada EFSI leta 2015 je imela učinek nadomestitve na dolžniški instrument IPE.
This is evidenced in the EIB’s Internal Evaluation of EFSI, the Commission’s Independent Evaluation of EFSI and the Commission’s Mid-Term Evaluation of CEF. 
To je razvidno iz notranje ocene EIB o skladu EFSI, neodvisne ocene Komisije o skladu EFSI in vmesne ocene Komisije o IPE.
Consequently the following mitigation measures were put in place: 2 
Na podlagi tega sta bila sprejeta naslednja blažitvena ukrepa: 2
• the CEF DI Steering Committee provided in September 2015 and July 2017 revised policy guidance to ensure the complementarity between the instruments. 
• usmerjevalni odbor dolžniškega instrumenta IPE je septembra 2015 in julija 2017 zagotovil revidirane smernice politike za zagotovitev dopolnjevanja med instrumentoma.
It was decided to focus the CEF DI on the more innovative and pioneering projects in terms of financial structure, sector segment or country. 
Sprejeta je bila odločitev, da se dolžniški instrument IPE usmeri v inovativnejše in pionirske projekte v smislu finančne strukture, segmenta sektorja ali države.
In transport, the focus was put in particular on projects contributing to the greening of transport. • the Commission and the EIB have put forward an amendment of the CEF DI Delegation Agreement, and repositioning of the CEF DI to increase its complementarity with other financial instruments and with EFSI, expected to be finalised by the year end. 
Na področju prometa je bil poudarek zlasti namenjen projektom, ki prispevajo k okolju prijaznejšemu prometu; • Komisija in EIB sta predložili spremembo sporazuma o prenosu pooblastil za dolžniški instrument IPE in predlagali prerazporeditev dolžniškega instrumenta IPE, da se poveča njegovo dopolnjevanje z drugimi finančnimi instrumenti in skladom EFSI, kar naj bi bilo dokončano do konca leta.
A similar assessment and repositioning was undertaken for InnovFin in June 2017. 
Junija 2017 sta bili podobna ocena in prerazporeditev opravljeni za InnovFin.
In addition, the Commission would like to point out that the EFSI frontloading allowed to reach more quickly the objectives of each specific EU programme and helped to exceed initial targets when frontloading has been transformed into actual top ups. 
Poleg tega želi Komisija tudi poudariti, da je predfinanciranje iz sklada EFSI omogočilo hitrejše doseganje ciljev vsakega posebnega programa EU in pomagalo preseči prvotno zastavljene cilje, ko se je predfinanciranje preoblikovalo v dejanska dodatna financiranja.
The size of the investment gap in the EU means that there is room and need for intervention from ESIF, centrally managed and national financial instruments. 
Obseg naložbene vrzeli v EU pomeni, da obstajata prostor in potreba za intervencije skladov ESI, centralno upravljanih in nacionalnih finančnih instrumentov.
Assessment of the added value of the financial instruments and consistency with other forms of public intervention, which includes EFSI where relevant, are essential requirements before ESI Funds are committed to financial instruments, minimising the risk of overlaps. 
Ocena dodane vrednosti finančnih instrumentov in skladnost z drugimi oblikami javne intervencije, ki po potrebi vključuje sklad EFSI, sta bistveni zahtevi, ki ju je treba izpolniti pred razporeditvijo sredstev iz skladov ESI v finančne instrumente, s čimer se zmanjša tveganje prekrivanja.
EFSI could be complementary to ESI Funds and increase leverage and effectiveness of the interventions, as presented in the brochure “European Structural and Investment Fund and European Fund for Strategic Investments complementarities -Ensuring coordination, synergies and complementarity” prepared by the Commission in February 2016. 
Sklad EFSI bi lahko dopolnjeval sklade ESI ter povečal vzvod in učinkovitost intervencij, kot je predstavljeno v brošuri „Dopolnjevanje evropskih strukturnih in investicijskih skladov ter Evropskega sklada za strateške naložbe – Zagotavljanje usklajevanja, sinergij in dopolnjevanja“, ki jo je Komisija pripravila februarja 2016.
A new, dedicated option to use EFSI and ESI Funds in a complementary manner has been introduced by Regulation 2018/1046. 
Nova posebna možnost uporabe sklada EFSI in skladov ESI v smislu dopolnjevanja je predstavljena v Uredbi (EU, Euratom) 2018/1046.
Additionality under EFSI “means the support by the EFSI of operations which address market failures or sub-optimal investment situations and which could not have been carried out in the period during which the EU guarantee can be used, or not to the same extent, by the EIB, the EIF or under existing Union financial instruments without EFSI support”. 
Dodatnost v okviru sklada EFSI „pomeni podporo s strani EFSI operacijam, ki odpravljajo nedelovanje trga ali neoptimalne naložbene situacije in ki jih v obdobju, v katerem se lahko uporabi jamstvo EU, ne bi bilo mogoče izvesti v okviru EIB, EI ali drugih obstoječih finančnih instrumentov Unije brez podpore EFSI, ali ne v enaki meri“.
The additionality assessment always takes into account market failures and sub-optimal investment situations, irrespective of whether the operation is a Special Activity or not. 
Pri oceni dodatnosti se vedno upoštevajo nedelovanje trga in neoptimalne naložbene situacije, ne glede na to, ali je operacija posebna dejavnost ali ne.
EFSI 2.0 Regulation further improved the definition of additionality by more clearly defining the Special Activity status and other elements that constitute strong indications of additionality. 
Uredba o EFSI 2.0 je še izboljšala opredelitev dodatnosti z jasnejšo opredelitvijo statusa posebne dejavnosti in drugih elementov, ki so jasen kazalnik dodatnosti.
In this context, the EIB assesses the crowding-in potential of every operation. 
EIB v tem okviru oceni možnost vsake operacije za privabljanje.
The sample of Infrastructure and Innovation Window (IIW) operations consisted of 15 projects signed during the first year of the EFSI implementation. 
Vzorec operacij v okviru dela za infrastrukturo in inovacije je vključeval 15 projektov, sklenjenih v prvem letu izvajanja sklada EFSI.
The EIB’s appraisal process for projects was reinforced over time for the projects supported from 2017, which is not fully reflected in the ECA’s findings. 
Postopek ocenjevanja projektov, ki ga izvaja EIB, se je sčasoma okrepil za projekte, ki so prejemali podporo od leta 2017, kar ni v celoti prikazano v ugotovitvah Evropskega računskega sodišča.
EFSI 1.0 Regulation established a link between additionality and Special Activity status. 
Uredba o EFSI 1.0 je vzpostavila povezavo med dodatnostjo in statusom posebne dejavnosti.
EIB notes that they have provided a qualitative assessment of additionality in the documentation submitted to the Investment Committee since the launch of EFSI. 
EIB ugotavlja, da je kvalitativno oceno dodatnosti zagotovila v dokumentaciji, ki je bila predložena naložbenemu odboru vse od vzpostavitve sklada EFSI.
The amended EFSI Regulation further clarifies the definition of additionality and the documentation submitted to the Investment Committee therefore includes a broader assessment of additionality aspects (including on market failures and suboptimal investment situations). 
Spremenjena uredba o EFSI dodatno pojasnjuje opredelitev dodatnosti, zato dokumentacija, ki je bila predložena naložbenemu odboru, vključuje širšo oceno vidikov dodatnosti (vključno z nedelovanjem trga in neoptimalnimi naložbenimi okoliščinami).
EFSI 2.0 Regulation improved the definition of additionality by more clearly defining the Special Activity status and other elements that constitute strong indications of additionality. 
Uredba o EFSI 2.0 vključuje boljšo opredelitev dodatnosti z jasnejšo opredelitvijo statusa posebne dejavnosti in drugih elementov, ki so jasen kazalnik dodatnosti.
Box 2 – Example of an EFSI project that would have been financed by the market, although not on such favourable terms 3 The EIB considers that the project represented a sub-optimal investment situation (low gas penetration in that Member State and replacement of more polluting energy sources), which would not have been financed without EFSI support. 
3 Okvir 2 – Primer projekta sklada EFSI, ki bi se lahko financiral na trgu, vendar ne pod tako ugodnimi pogoji EIB meni, da je projekt predstavljal primer neoptimalne naložbene situacije (majhen tržni delež plina v navedeni državi članici in nadomestitev bolj onesnažujočih virov energije), ki se ne bi financiral brez podpore sklada EFSI.
The financing terms offered by the EIB were more suitable for the type of investment than those offered by the market. 
Pogoji financiranja, ki jih je ponudila EIB, so bili za to vrsto naložbe ustreznejši od pogojev, ki jih je ponudil trg.
Box 3 – Example of an EFSI operation replacing traditional EIB financing In EIB’s view, the hybrid bond has not displaced the traditional EIB financing as it has features, such as equity content and exclusion from leverage ratios, which allow the creation of a much more “additional” product than the classic EIB loan. 
Okvir 3 – Primer operacije EFSI, ki je nadomestila tradicionalno financiranje EIB Po mnenju EIB hibridna obveznica ni zamenjala tradicionalnega financiranja EIB, saj njene lastnosti, kot sta vključenost lastniškega kapitala in izključitev iz stopenj finančnega vzvoda, omogočajo oblikovanje produkta, ki zagotavlja veliko več „dodatnosti“ kot klasično posojilo EIB.
Indeed, the hybrid bond, as a subordinated instrument, brings not only liquidity (as a normal EIB senior loan would do), but has additional impact by increasing the financial headroom of the borrower for additional investments. 
Hibridna obveznica kot podrejeni instrument dejansko ne prinaša samo likvidnosti (kot običajna prednostna posojila EIB), temveč ima dodaten vpliv, saj povečuje možnosti posojilojemalca za financiranje dodatnih naložb.
Once EFSI support is deemed additional and approved by the EFSI Investment Committee, EFSI eligible investment costs related to the approved operation count towards the investment target under EFSI. 
Ko se podpora sklada EFSI šteje za dodatno in jo odobri naložbeni odbor EFSI, se upravičeni naložbeni stroški sklada EFSI, povezani z odobreno operacijo, prištejejo k naložbenemu cilju v okviru sklada EFSI.
Box 4 – Financing of an infrastructure project The amount of investment mobilized was calculated following the approved methodology. 
Okvir 4 – Financiranje infrastrukturnega projekta Znesek privabljenih naložb je bil izračunan na podlagi odobrene metodologije.
The reduction of the loan amount was a consequence of the crowding-in of private investors yet the EIB loan was instrumental to closing the financing gap within the time foreseen for closing. 
Znižanje zneska posojila je bila posledica privabljanja zasebnih vlagateljev, vendar je bilo posojilo EIB ključno za odpravljanje finančne vrzeli v času, ki je bil za to predviden.
Without EIB the other funders would not have been able to bridge the gap increasing their loan amounts. The relationship between EIB EFSI Financing Volume and EFSI Eligible Investment Mobilised provides a project specific estimate of the extent to which EFSI support can be linked to new investment. 
Na podlagi razmerja med obsegom financiranja EIB v okviru sklada EFSI ter upravičenimi privabljenimi naložbami sklada EFSI je mogoče za vsak posamezen projekt oceniti, v kolikšnem obsegu je mogoče podporo sklada EFSI povezati z novo naložbo.
The exact cause and effect relationship in inducing financing is generally difficult to demonstrate and cannot be conclusively proven, especially ex-ante or during the design or implementation phase. 
Natančno vzročno-posledično povezavo pri spodbujanju financiranja je na splošno težko prikazati in je ni mogoče dokončno dokazati, zlasti ne vnaprej ali v fazi načrtovanja ali izvajanja.
Depending on the data availability, statistical analysis may be conducted ex-post to provide an estimate of causality. 
Da bi se zagotovila ocena vzročnosti, se lahko naknadno opravi statistična analiza, odvisno od razpoložljivosti podatkov.
The EIB EFSI multiplier calculation methodology adopted in 2015 already explained in general terms how to estimate investment mobilised when more than one EIB EFSI financing is provided for one project. 
Metodologija za izračun multiplikatorja EIB za sklad EFSI, ki je bila sprejeta leta 2015, je na splošno že pojasnila, kako oceniti privabljene naložbe, ko je za en projekt na voljo več oblik financiranja EIB v okviru sklada EFSI.
In October 2018, the EFSI Steering Board approved an updated EIB EFSI multiplier calculation methodology. 
Usmerjevalni odbor sklada EFSI je oktobra 2018 odobril posodobljeno metodologijo za izračun multiplikatorja EIB za sklad EFSI.
In addition, the EIF EFSI Multiplier Methodology was updated in March 2018. Those methodologies are applied at approval stage. 
Marca 2018 je bila posodobljena tudi metodologija za izračun multiplikatorja Evropskega investicijskega sklada za sklad EFSI.
See Commission reply to paragraph 59. 
Glejte odgovor Komisije na odstavek 59.
The EIF and EIB can confirm that, for the referred case, amounts have been updated for the identified overlap with SMEW and have been revised in the EFSI official reports and website as soon as the overlap has been identified. 
Evropski investicijski sklad in EIB lahko potrdita, da so bili zneski v zadevnem primeru posodobljeni zaradi ugotovljenega prekrivanja z delom za MSP in da so bili v uradnih poročilih in na spletišču sklada EFSI revidirani takoj, ko je bilo ugotovljeno prekrivanje.
The new Financial Regulation (EU 2018/1046) defines and clarifies both concepts; the leverage and a multiplier effect. 
Nova finančna uredba ((EU, Euratom) 2018/1046) vsebuje opredelitev in pojasnilo obeh pojmov, tj. vzvoda in multiplikacijskega učinka.
The two indicators - leverage effect and multiplier effect - measure different but related effect of the EU intervention. 
Dva kazalnika, tj. vzvod in multiplikacijski učinek, merita različne, vendar povezane učinke intervencije EU.
The use of the two concepts is a direct result of the different basic acts. 
Uporaba obeh pojmov je neposreden rezultat različnih temeljnih aktov.
See, in addition, the reply to paragraph 63. 
Glejte tudi odgovor na odstavek 63. 4
Geographic concentration cannot be calculated solely based on investment mobilised in each Member State. 
Geografske koncentracije ni mogoče izračunati samo na podlagi privabljenih naložb v vsaki državi članici.
This includes enhanced cooperation with NPBs including through setting up 4 of investment platforms and enhanced cooperation models (e.g. EIF-NPI Equity platform) and more targeted local outreach, in particular through the Advisory Hub. 
To vključuje okrepljeno sodelovanje z nacionalnimi spodbujevalnimi bankami, tudi z vzpostavljanjem naložbenih platform in modelov okrepljenega sodelovanja (npr. platforme za lastniško financiranje za olajšanje sodelovanja med Evropskim investicijskim skladom in nacionalnimi spodbujevalnimi institucijami), in bolj ciljno usmerjeno lokalno pokritost, zlasti prek svetovalnega vozlišča.
To understand the relative benefit and impact of EFSI for individual Member States, it is important to assess and present it relative to macroeconomic indicators. 
Za razumevanje relativne koristi in vpliva sklada EFSI v posameznih državah članicah ju je treba oceniti in predstaviti na podlagi makroekonomskih kazalnikov.
The national Gross Domestic Product (GDP) also provides a relevant dimension. 
Ustrezno razsežnost zagotavlja tudi nacionalni bruto domači proizvod (BDP).