natgillin/translations-raw huggingface dataset:
In the case of COSME equity product, the Commission intentionally designed the new EFSI SMEW equity product to cover part of the existing equity product pipeline, so as to enable the COSME financial instruments budget to refocus more on guarantees, for which the market demand was judged to exceed available budgetary resources. 
V primeru produkta lastniškega kapitala COSME je Komisija namensko zasnovala novi produkt lastniškega kapitala dela za MSP sklada EFSI tako, da zajema del obstoječih produktov lastniškega kapitala v pripravi, da bi omogočila ponovno usmeritev proračuna finančnih instrumentih COSME na jamstva, za katera je bilo ocenjeno, da povpraševanje po njih na trgu presega razpoložljiva proračunska sredstva.
34 The Commission has taken steps to increase complementarity between EFSI and existing centrally managed financial instruments and to address the overlaps between them. 
34 Komisija je sprejela ukrepe za povečanje medsebojnega dopolnjevanja med skladom EFSI in obstoječimi centralno upravljanimi finančnimi instrumenti in za odpravo prekrivanja med njimi.
For example, it is using the financial instruments to explore new products and markets which EFSI can then scale up, or to provide the riskier share of financing when co-investing with EFSI. 
Tako na primer uporablja finančne instrumente za preučitev novih produktov in trgov, ki jih sklad EFSI nato lahko okrepi, ali za zagotavljanje bolj tveganega deleža financiranja pri sonaložbah s skladom EFSI.
In addition, in June 2018, the Commission proposed to set up the InvestEU programme, an integrated investment model that will support critical investment priorities and allow synergies between EFSI and other EU financial instruments32. Based on the information available at the time of the audit, our preliminary analysis concluded that the InvestEU programme still had to clarify how it will address the issues related to the estimation of the investment mobilised, the additionality of projects and the geographical spread. 
Poleg tega je Komisija junija 2018 predlagala vzpostavitev programa InvestEU, tj. integriranega naložbenega modela, ki bo podpiral ključne prednostne naložbe in omogočal sinergije med skladom EFSI in drugimi finančnimi instrumenti EU.32 Na podlagi informacij, ki so bile na voljo v času revizije, je predhodna analiza Sodišča pokazala, da je bilo pri programu InvestEU treba še pojasniti, kako se bodo obravnavala vprašanja v zvezi z ocenjevanjem privabljenih naložb, dodatnosti projektov in geografske porazdelitve.
EFSI and financial instruments under shared management (European Structural and Investment Funds or “ESI Funds”) 35 In the 2014-2020 period, financial instruments under ESI Funds can be used for all 11 ESI Funds thematic objectives and can be combined with grants. 
Sklad EFSI in finančni instrumenti v okviru deljenega upravljanja (evropskih strukturni in investicijski skladi ali skladi ESI) 35 V obdobju 2014–2020 se lahko finančni instrumenti v okviru skladov ESI uporabijo za vseh 11 tematskih ciljev skladov ESI, mogoče pa jih je tudi kombinirati z 32 Glej spletno stran „The InvestEU programme – legal texts and factsheets“, https://ec.europa.eu/commission/publications/investeu-programme_en.
With the exception of thematic objective 11 (“Institutional capacity”), the areas covered by EFSI coincide with the thematic objectives of the ESI Funds. 
Z izjemo tematskega cilja 11 („institucionalne zmogljivosti“) področja, ki jih zajema sklad EFSI, sovpadajo s tematskimi cilji skladov ESI.
However, while EFSI is aimed at addressing the investment gap in general, financial instruments under the ESI Funds are intended to contribute to achieving cohesion objectives by covering specifically identified market gaps in a given region or country. 
Sklad EFSI je namenjen obravnavanju naložbene vrzeli v splošnem, finančni instrument v okviru skladov ESI pa naj bi prispevali k doseganju kohezijskih ciljev, in sicer z obravnavanjem izrecno opredeljenih tržnih vrzeli v določeni regiji ali državi.
Annex III summarises the last available data on the implementation of ESI Funds financial instruments as at the end of 2016. 
V Prilogi III so povzeti najnovejši razpoložljivi podatki o izvajanju finančnih instrumentov skladov ESI ob koncu leta 2016.
36 With respect to SMEs, the combination of EFSI with other financial instruments under indirect management could compete with ESI Funds financial instruments, as they all target the same beneficiaries in the same regions. 
36 Kar zadeva MSP, bi lahko kombiniranje sklada EFSI z drugimi finančnimi instrumenti v okviru posrednega upravljanja konkuriralo finančnimi instrumenti skladov ESI, saj so vsi namenjeni istim upravičencem v istih regijah.
22 independent evaluation of EFSI pointed to competition issues between the ESI Funds financial instruments and the COSME guarantee product33, which is topped up by EFSI. 
Na primer, nedavna neodvisna ocena sklada EFSI je odkrila probleme v zvezi s konkurenco med finančnimi instrumenti skladov ESI in jamstvenim produktom COSME33, ki se dopolnjuje s sredstvi iz sklada EFSI.
However, the experts we consulted considered that there was little replacement among the different funding sources targeting SMEs because of SMEs’ high financing needs overall. 
Vendar pa so strokovnjaki, s katerimi se je posvetovalo Sodišče, menili, da je bilo med različnimi viri financiranja, namenjenimi MSP, malo nadomestitev zaradi splošne velike potrebe MSP po financiranju.
37 For the IIW, there is currently little overlap between EFSI and ESI Funds financial instruments targeting the same thematic objective, especially because projects supported under shared management are usually of a smaller size and not necessary applicable for EFSI support. 
37 V delu za infrastrukturo in inovacije je trenutno malo prekrivanja med skladom EFSI in skladi ESI, ki sledijo istemu tematskemu cilju, zlasti ker so projekti, podprti v okviru deljenega upravljanja, običajno manjši in niso nujno upravičeni do podpore EFSI.
However, greater overlap and possibilities of combinations may appear once the managing authorities for the ESI Funds come under pressure to spend the committed funds. 
Vendar pa se lahko pojavijo večja prekrivanja in možnosti kombiniranja, ko bodo organi upravljanja skladov ESI pod pritiskom, da porabijo sredstva, za katera so bile prevzete obveznosti.
Our interviews with experts and NPBIs indicate that such an overlap is likely to occur. 
Pri razgovorih Sodišča s strokovnjaki in nacionalnimi spodbujevalnimi bankami in institucijami se je pokazalo, da bo verjetno prišlo do takega prekrivanja.
Nearly a third of projects signed under Infrastructure and Innovation Window could have been financed without EFSI support, but not on such favourable terms 38 At individual project level, one of the eligibility criteria34 for use of the EU guarantee is that projects should provide additionality35. 39 During project appraisal under the IIW, the EIB assesses projects’ eligibility for the EU guarantee. 
Skoraj tretjina projektov, sklenjenih v okviru dela za infrastrukturo in inovacije, bi lahko bila financirana brez podpore sklada EFSI, vendar ne pod tako ugodnimi pogoji 38 Na ravni posameznega projekta je eno od meril za upravičenost34 pri uporabi jamstva EU, da morajo projekti zagotavljati dodatnost.35 39 EIB med ocenjevanjem projektov v okviru dela za infrastrukturo in inovacije ocenjuje upravičenost projektov do jamstva EU.
The EFSI Investment Committee reviews these appraisals and decides whether to use the EU guarantee, based on the documentation36 prepared by the EIB. 
Naložbeni odbor sklada EFSI pregleda te ocene in na podlagi dokumentacije36, ki jo pripravi EIB, odloči, ali se bo uporabilo jamstvo EU.
The SMEW has different arrangements for determining eligibility. 
V delu za MSP za ugotavljanje upravičenosti velja drugačna ureditev.
Rather than the Investment Committee determining eligibility on a project-by-project basis, the EFSI Steering Board and the EFSI Managing Director, in consultation with the Investment Committee, determine eligibility on a product-by-product basis. 
V nasprotju z ugotavljanjem upravičenosti za posamezne projekte, kot to počne naložbeni odbor, pa usmerjevalni odbor sklada EFSI in njegov izvršni direktor po posvetovanju z naložbenim odborom določita upravičenost za vsak produkt posebej.
33 ICF, “Independent Evaluation of the EFSI Regulation”, Final Report, June 2018, pp. 82-83. 34 According to Article 6 of the EFSI Regulation, projects supported by EFSI should be: (i) economically and technically viable; (ii) consistent with Union policies; (iii) provide additionality; (iv) maximise, where possible, the mobilisation of private capital; (v) contribute to the general objectives in Article 9(2); (vi) eligible counterpart, project type and financial instrument/product; (vii) provided for the financing of new operations. 
Glavni razlogi, da so se odločili za financiranje EIB, so bili (razvrščeni po 34 V skladu s členom 6 uredbe o skladu EFSI morajo projekti, ki prejmejo podporo sklada EFSI: (i) biti ekonomsko in tehnično izvedljivi; (ii) biti skladni s politikami Unije; (iii) zagotavljati dodatnost; (iv) zagotavljati čim večjo mobilizacijo kapitala iz zasebnega sektorja, kadar je to mogoče; (v) prispevati k splošnim ciljem iz člena 9(2; (vi) imeti upravičene nasprotne stranke, vrste projektov in finančne instrumente/produkte; (vii) biti odobreni za financiranje novih operacij.
35 Article 5 of the EFSI Regulation. 
35 Člen 5 uredbe o skladu EFSI.
36 The EFSI Guarantee Request Form and the EFSI Scoreboard. 23 
36 Obrazec vloge za jamstvo sklada EFSI in preglednica kazalnikov sklada EFSI. 24
The main reasons they opted for the EIB financing, in order of preference, were: (i) the EIB’s experience and non-financial contribution (62 %); and/or (ii) the cost of funding was lower than the alternatives (58 %); and/or (iii) the longer maturity (50 %); and/or (iv) it lowered the risk to other investors (25 %). 
pomembnosti): (i) izkušnje in nefinančni prispevek EIB (62 %); in/ali (ii) nižji stroški financiranja kot pri alternativnih rešitvah (58 %); in/ali (iii) daljša zapadlost (50 %); in/ali (iv) zmanjšanje tveganja za druge naložbenike (25 %).
43 However, 27 of the 86 respondents (31 %) stated that their project could have been fully financed from other sources. 
43 Kljub temu je 27 od 86 anketirancev (31 %) navedlo, da bi bilo njihov projekt mogoče v celoti financirati iz drugih virov.
The main reasons they opted for EIB EFSI financing, in order of preference, were: (i) the cost of funding was lower than the alternatives (88 %); and/or (ii) the longer maturity (52 %); and/or (iii) the EIB experience and non-financial contribution (30 %). 
Glavni razlogi, da so se anketiranci odločili za financiranje EIB v okviru sklada EFSI, so bili (razvrščeni po pomembnosti): (i) nižji stroški financiranja kot pri alternativnih rešitvah (88 %); in/ali (ii) daljša zapadlost (52 %); in/ali (iii) izkušnje in nefinančni prispevek EIB (30 %).
44 The survey results highlight that part of the IIW financed projects would have been undertaken even without EFSI support. 
44 Rezultati ankete kažejo, da bi bil del projektov, financiranih v okviru dela za infrastrukturo in inovacije, izveden tudi brez podpore sklada EFSI.
This risk is particularly high in relation to projects financed directly through investment loans. 
To tveganje je še posebej veliko v zvezi s projekti, ki so financirani neposredno z naložbenimi posojili.
This shows the importance of assessing whether projects lack sufficient financing because of market failures, in order to reduce the risk of replacing other available sources of finance. 
To kaže, kako pomembno je, da se za projekte oceni, ali obstaja pomanjkanje zadostnega financiranja zaradi nedelovanja trga, saj se tako zmanjša tveganje za nadomestitev drugih razpoložljivih virov financiranja.
45 Our review of EFSI IIW operations showed that, in practice, the EIB assessed and, to some extent, documented some qualitative aspects of additionality related to 37 EIB survey result show that “roughly 33 % of IIW operations... could have gone ahead, unchanged and within the same timeframe without the EFSI-backed EIB participation” (EIB Evaluation Services, “Evaluation of the European Fund for Strategic Investments”, p. 
45 Pregled operacij dela za infrastrukturo in inovacije sklada EFSI, ki ga je opravilo Sodišče, je pokazal, da je EIB ocenjevala in do neke mere dokumentirala nekatere kvalitativne vidike dodatnosti v zvezi z nedelovanjem trga ali neoptimalnimi naložbenimi situacijami.
market failures or sub-optimal investment situations. Nevertheless, for some of the earlier IIW operations we reviewed, the market failures or sub-optimal investment situations were not clearly and consistently justified and documented. 
Kljub temu pa v primeru nekaterih predhodnih operacij dela za infrastrukturo in inovacije, ki jih je pregledalo Sodišče, nedelovanje trga ali neoptimalne naložbene situacije niso bile jasno in dosledno utemeljene in dokumentirane.
46 In certain cases, the more favourable financial conditions offered by the EIB were used to justify the additionality of an operation. 
46 V nekaterih primerih so bili ugodnejši finančni pogoji, ki jih je nudila EIB, uporabljeni za utemeljitev dodatnosti neke operacije.
Here the additionality is questionable, as EIB financing might be preferred simply because it is cheaper than the market, in which case there is the risk of displacing other sources of finance. 
V teh primerih je dodatnost vprašljiva, saj se lahko financiranju EIB daje prednost le zato, ker je cenejše kot tržno financiranje, pri tem pa obstaja tveganje izrivanja drugih virov financiranja.
This is particularly relevant for operations financing infrastructure and utility projects (Box 2), where we identified some projects that would have been financed by the market. 
To je še posebej relevantno za operacije financiranja infrastrukturnih projektov in projektov javnih storitev (okvir 2), pri katerih je Sodišče odkrilo nekaj projektov, ki bi se lahko financirali na trgu.
Similarly, a report covering the UK infrastructure market found that the “EIB can play an important role in providing confidence to other lenders to a project. 
25 pomembno vlogo pri zagotavljanju zaupanja drugim posojilodajalcem v projektu.
However, it can also provide cheaper credit than commercial debt providers, as such there can be questions about the extent to which EIB is truly catalytic or whether its role is largely one of reducing the cost of finance faced by projects”38. 25 Box 2 Example of an EFSI project that would have been financed by the market, although not on such favourable terms We reviewed a direct senior investment loan to a utility company operating in the energy sector (gas transmission and distribution). 
Vendar lahko zagotavlja tudi cenejša posojila kot komercialni ponudniki dolžniškega financiranja, pri tem pa se lahko zastavlja vprašanje, koliko EIB resnično deluje kot katalizator oziroma ali je njena vloga omejena le na nižanje stroškov financiranja za projekte.38 26 Okvir 2 Primer projekta sklada EFSI, ki bi ga bilo mogoče financirati na trgu, čeprav ne pod tako ugodnimi pogoji Sodišče je pregledalo neposredno nadrejeno naložbeno posojilo podjetju za javne storitve, ki deluje v energetskem sektorju (prenos in distribucija plina).
The EIB loan finances around half of the company’s investment programme for the period 2015-2018. 
Posojilo EIB financira približno polovico naložbenega programa podjetja za obdobje 2015–2018.
The EIB justified the additionality of this operation on the basis that it had a higher risk profile than projects supported by the EIB’s normal operations (i.e. it was a special activity), which was the result of the long maturity of the loan (20 years, resulting in subordination to the company’s existing debt) and the credit risk profile. 
EIB je dodatnost te operacije utemeljila s tem, da ima operacija višji profil tveganja kot projekti, podprti v okviru običajnih operacij EIB (tj. to je bila posebna dejavnost), kar pa je bila posledica dolge ročnosti posojila (20 let, kar vodi v podrejenost do obstoječega dolga družbe) in profila kreditnega tveganja.
It also cited the fact that the EIB loan would enable the company to maintain a significant level of capital expenditure, despite a highly leveraged capital structure. 
Navedla je tudi, da bi posojilo EIB podjetju omogočilo ohraniti pomembno raven naložb v osnovna sredstva kljub kapitalski strukturi z visoko zadolžitvijo.
In addition, the EIB also claimed that its financing would have a “strong signalling effect for future crowding-in of further bank lenders and institutional investors”. 
Poleg tega je EIB navedla tudi, da bo njeno financiranje imelo pomembno sporočilno vrednot za privabljanje nadaljnjih bančnih posojilodajalcev in institucionalnih vlagateljev v prihodnosti.
The borrower, a new EIB client, was a utility company , with access to bank and capital market financing. 
Posojilojemalec, nova stranka EIB, je bilo podjetje za javne dobrine z dostopom do bančnega financiranja in financiranja na kapitalskih trgih.
For example, in recent years (including shortly before signing the loan agreement with the EIB), the company had finalised two senior unsecured bonds issues (totalling €0.9 billion with maturities up to 12 years) and had secured a revolving credit facility with commercial banks. 
Na primer, nedavno (tudi malo pred sklenitvijo posojilne pogodbe z EIB) je družba izvedla dve izdaji nadrejenih nezavarovanih obveznic (v skupnem znesku 0,9 milijarde EUR z zapadlostmi do 12 let) in si zagotovila obnovljivo obliko posojila pri komercialnih bankah.
38 National Infrastructure Commission, “Review of the UK Infrastructure Financing Market – Final report”, CEPA, 10 February 2017, p. 
38 National Infrastructure Commission, Review of the UK Infrastructure Financing Market – Final report, CEPA, 10. februar 2017, str.
47 The EIB assessment focuses on whether EFSI support attracts other sources of finance rather than whether it avoids displacing available sources of finance from commercial banks, capital markets, NPBIs, or even EIB-managed EU financial instruments or the EIB’s own-risk financing (Box 3). 
47 Ocena EIB se osredotoča na to, ali podpora sklada EFSI privablja druge vire financiranja, in ne na to, ali se izogiba izrivanju drugih razpoložljivih virov financiranja, ki jih zagotavljajo komercialne banke, kapitalski trgi, nacionalne spodbujevalne banke in institucije ali celo finančni instrumenti EU, ki jih upravlja sama, ali financiranje, pri katerem tveganje prevzema sama (okvir 3).
Box 3 Example of an EFSI operation replacing traditional EIB financing One of the projects examined was for financing the investment programme of a large listed company in the energy sector. 
27 Okvir 3 Primer operacije sklada EFSI, ki je nadomestila tradicionalno financiranje EIB Eden izmed projektov, ki jih je preučilo Sodišče, je bil namenjen financiranju naložbenega programa velikega podjetja v energetskem sektorju, ki kotira na borzi.
The borrower was a utilities company operating both on the regulated and non-regulated market and a recurring EIB client, having signed several financing agreements with the Bank in the past. 
Posojilojemalec je bilo podjetje za javne storitve, ki posluje tako na reguliranih kot na nereguliranih trgih in je večkratna stranka EIB, saj je z banko v preteklosti podpisalo že več sporazumov o financiranju.
For this project, the EIB’s Board of Directors had initially approved a senior loan for the same amount as the subsequent EFSI-supported financing. 
Za ta projekt je svet direktorjev EIB prvotno odobril prednostno posojilo za enak znesek, kot je znašalo kasnejše financiranje s podporo sklada EFSI.
The loan had been approved as an EIB normal operation (i.e. outside the Special Activity category). 
Posojilo je bilo odobreno kot običajna operacije EIB (tj. ni spadalo v kategorijo posebnih dejavnosti).
The initially approved loan was never signed, as the EIB instead offered the borrower a pilot hybrid bond backed up by the EFSI guarantee, a new product that the EIB was developing at the time (the Corporate Hybrid Debt). 
Prvotno odobreno posojilo ni bilo nikoli sklenjeno, saj je EIB namesto tega posojilojemalcu ponudila pilotno hibridno obveznico z jamstvom sklada EFSI, kar je bil nov proizvod, ki ga je EIB takrat razvijala (podjetniški hibridni dolg).
When structured as a hybrid bond, the risk rating of the operation was downgraded to Special Activity level. This was due to the weaker contractual protection of the deeply subordinated hybrid bond and the longer grace period for interest payments as compared to the senior loan. 
Zaradi strukture hibridne obveznice je bila ocena tveganja operacije znižana na raven posebnih dejavnosti, in sicer zaradi šibkejšega pogodbenega varstva močno podrejene hibridne obveznice in daljšega moratorija za plačila obresti v primerjavi s prednostnim posojilom.
This pilot hybrid bond enabled the EIB to develop and test an innovative higher-risk product. 
Pilotna hibridna obveznica je EIB omogočila, da razvije in preskusi inovativni produkt z višjim tveganjem.
The company appreciated the financial conditions of the new product, which would have been difficult to match via the market. 
Podjetje je bilo zadovoljno s finančnimi pogoji novega produkta, ki bi jih bilo težko doseči na trgu.
In addition, the 50 % recognition as equity was important to avoid increasing an already high leverage ratio and thus reducing the re-financing risk. 
Poleg tega je bilo pomembno tudi 50-odstotno priznanje kot lastniški kapital, da bi se preprečilo povečanje že tako velike stopnje zadolženosti in tako zmanjšalo tveganje refinanciranja.
Without diminishing the merits of the EIB’s new hybrid bond product and its benefits to the company, EFSI support was not necessary to carry out this project. 
Sodišče sicer priznava prednosti novega produkta hibridne obveznice EIB in njene koristi za podjetje, vendar meni, da podpora sklada EFSI za izvedbo tega projekta ni bila nujna.
Indeed, the project could have been supported by a normal EIB operation. 
Dejansko bi se projekt lahko financiral z običajno operacijo EIB.
The reported “investment mobilised” and “multiplier effect” are overstated 48 The original target for EFSI was to mobilise €315 billion in new investments over three years (i.e. by July 2018)39. The target for new investments was based on an expected multiplier effect of 15x the EFSI contribution (i.e. €21 billion) – Figure 7. 
„Privabljene naložbe“ in „multiplikacijski učinek“, o katerih se je poročalo, so precenjeni 48 Prvotni cilj sklada EFSI je bil privabiti 315 milijard EUR novih naložb v treh letih (tj. do julija 2018).39 Cilj za nove naložbe je temeljil na pričakovanem multiplikacijskem učinku v višini 15-kratnika prispevka sklada EFSI (tj. 21 milijard EUR) – slika 7.
27 Figure 7 – The multiplier effect of EFSI THIS RISK-BEARING CAPACITY ALLOWS TO FINANCE EUR 3 THIS ALLOWS OTHER INVESTORS TO JOIN AND MULTIPLY EFFECT BY 5 TOTAL INVESTMENT IN PROJECT PUBLIC MONEY IN THE FUND EUR 1 FINANCING CAPACITY EUR 3 X3 X5 X 15 EUR 15 Source: COM(2014) 903 of 26.11.2014, p. 8. 
28 Slika 7 – Multiplikacijski učinek sklada EFSI ZARADI SPOSOBNOST PREVZEMANJA TVEGANJ JE MOŽNO FINANCIRANJE V VIŠINI 3 EUR ZARADI TEGA SE PRIDRUŽIJO DRUGI NALOŽBENIKI IN NASTANE MULTIPLIKACIJSKI UČINEK X 3 SKUPNA NALOŽBA V PROJEKT JAVNA SREDSTVA V SKLADU 1 EUR SPOSOBNOST FINANCIRANJA 3 EUR X3 X5 X 15 15 EUR Vir: COM(2014) 903 final z dne 23. novembra 2014, str.
49 We therefore assessed whether the achievement of EFSI’s objectives is measured using reliable and relevant indicators calculated on the basis of a sound methodology. 
8 49 Sodišče je zato ocenilo, ali se doseganje ciljev sklada EFSI meri z uporabo zanesljivih in ustreznih kazalnikov, izračunanih na podlagi trdne metodologije.