natgillin/translations-raw huggingface dataset:
The combined share of IIW signed amounts in any three Member States should not exceed 45 % of the total volume of the EFSI portfolio at the end of the investment period. 
Skupni delež sklenjenih zneskov v delu za infrastrukturo in inovacije v katerih koli treh državah članicah ne sme presegati 45 % celotnega obsega portfelja sklada EFSI ob koncu naložbenega obdobja.
55 Annex II to the EFSI Regulation, Section 8. 
Poleg tega 55 Priloga II k uredbi o skladu EFSI, oddelek 8.
56 EFSI Strategic Orientation of 15 December 2015. 
56 Strateške usmeritve sklada EFSI, 15. december 2015.
66 We therefore analysed the distribution of EFSI portfolio per sector and Member State. 
66 Sodišče je zato analiziralo porazdelitev portfelja sklada EFSI po sektorju in državi članici.
We further examined the role of NPBIs, and investment platforms in addressing the issue of geographical concentration. 
Nadalje je preučilo vlogo nacionalnih spodbujevalnih bank in institucij in naložbenih platform pri obravnavanju problema geografske koncentracije.
Furthermore, cooperation and coordination between the EIB and NPBIs, including at the level of Investment Platforms, should reinforce EFSI project pipeline by supporting the identification and development of projects and thus contribute to a better geographic reach. 
Poleg tega naj bi sodelovanje in usklajevanje med EIB in nacionalnimi spodbujevalnimi bankami in institucijami, tudi na ravni naložbenih platform, s podpiranjem prepoznavanja in razvojem projektov okrepila nabor projektov sklada EFSI ter tako prispevala k boljšemu geografskemu dosegu.
Sectoral and geographical distribution of EFSI 67 Regarding the distribution per sector as at 30 June 2018, the different sectors covered by EFSI under the IIW were within the threshold of 30 %, with the energy sector accounting for 27 %, research, development and innovation for 22 %, financial support to SMEs and mid-caps for 19 % and transport for 15 %. 
Sektorska in geografska porazdelitev sklada EFSI 67 Kar zadeva porazdelitev po sektorjih na dan 30. junija 2018, so bili različni sektorji, ki jih zajema sklad EFSI v okviru dela za infrastrukturo in inovacije, pod mejo 30 %, pri čemer je energetski sektor predstavljal 27 %, raziskave, razvoj in inovacije 22 %, finančna podpora za MSP ter podjetja s srednje veliko tržno kapitalizacijo 19 % in promet 15 %.
ICT, environment and resource efficiency, and human capital account for the rest57. 68 As at 30 June 2018, financing under the IIW was concentrated (47 %) in three Member States58, thus exceeding the IIW geographical concentration limit of 45 % in any three Member States as set in EFSI’s Strategic Orientation. 
Informacijsko-komunikacijske tehnologije, okolje in učinkovita raba virov ter človeški kapital so predstavljali ostali delež.57 68 Na dan 30. junija 2018 je bilo financiranje v sklopu tega dela skoncentrirano (47 %) v treh državah članicah58, kar je nad mejo za geografsko koncentracijo, ki znaša 45 % v katerih koli treh državah članicah, kot je določeno v strateški usmeritvi sklada EFSI.
There are no concentration limits set for the SMEW, but the same three Member States accounted for 30 % of the financing. 
Za del za MSP ni določenih mej za koncentracijo, a so kljub temu iste tri države članice predstavljale 30 % financiranja.
70 EFSI financing mostly ended up in the EU 15 countries, both in absolute amounts and per capita. EFSI financing was addressing investment needs of some of the most crisis-hit countries: Italy, Spain, Greece and Portugal. Although the average GDP per capita in EU 13 is significantly lower than the EU 15 average, the EU 13 received less 57 i.e. for 9 %, 5 % and 3 % respectively. 
69 V več študijah je bilo opozorjeno na neuravnoteženo geografsko porazdelitev sklada EFSI ob koncu leta 2016.59 Zadnja neodvisna ocena uredbe o skladu EFSI, objavljena junija 2018, prav tako ugotavlja, da je financiranje sklada EFSI ob koncu leta 2017 še vedno zelo skoncentrirano.60 Opozorjeno je bilo zlasti na to, da je bilo 82 % 57 Tj.9%,5%oziroma3%.
58 France (18 % or €6.2 billion), Italy (17 % or €6 billion) and Spain (12 % or €4.3 billion). 
58 Francija (18 % ali 6,2 milijarde EUR), Italija (17 % ali 6 milijard EUR) in Španija (12 % ali 4,3 milijarde EUR).
59 EIB, “Evaluation of the functioning of the European Fund of Strategic Investments (EFSI)”, September 2016, Section 2.2, p. 
59 EIB, Evaluation of the functioning of the European Fund of Strategic Investments (EFSI), september 2016, oddelek 2.2, str.
6 and 7, and Ernst & Young, “Ad-hoc audit of the application of the Regulation 2015/1017”, 14 November 2016. 
6 in 7, in Ernst & Young, Ad-hoc audit of the application of the Regulation 2015/1017, 14. november 2016.
60 “Independent Evaluation of the EFSI Regulation” of June 2018, p. 
60 Independent Evaluation of the EFSI Regulation, junij 2018, str.
We note, however, that EFSI is not an instrument of cohesion policy and operates in a demand driven manner. 
Kljub temu Sodišče opozarja, da sklad EFSI ni instrument kohezijske politike in da deluje po načelu povpraševanja.
Figure 11 – Geographical distribution of EFSI signed financing as at 31 December 2017 37 EFSI signed financing as at 31.12.2017 (million euro) FR IT ES DE UK PL EL SE PT BE FI NL AT DK SK CZ IE BG RO LT HR LV EE LU HU SI CY MT 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 EU15 Member States EFSI signed amount (euro per capita) FI EL SE PT LU IT FR SK DK ES LT BE IE LV AT EE CY BG PL DE CZ HR NL UK SI MT RO HU 0 20 40 60 80 100 120 140 160 180 EU13 Member States Note: Multi-country operations corresponding to the SMEW are not represented. 
Slika 11 – Geografska porazdelitev sklenjenega financiranja sklada EFSI na dan 31. decembra 2017 38 FR IT ES DE UK PL EL SE PT BE FI NL AT DK SK CZ IE BG RO LT HR LV EE LU HU SI CY MT Sklenjeno financiranje sklada EFSI na dan 31.
Source: ECA, based on 2017 EFSI operational reports and Eurostat data. NPBIs’ contribution to geographical diversification 71 As at 31 December 2017, NPBIs’ total participation in EFSI projects amounted to €20.4 billion of signed operations, spread between 140 EFSI operations. This is still far from the indicative amount of up to €34 billion that NPBIs originally pledged to provide at the launch of EFSI in 2015. 
Vir: Evropsko računsko sodišče na podlagi operativnih poročil sklada EFSI za leto 2017 in podatkov Eurostata Prispevek nacionalnih spodbujevalnih bank in institucij h geografski razpršenosti 71 Na dan 31. decembra 2017 je skupna udeležba nacionalnih spodbujevalnih bank in institucij v projektih sklada EFSI znašala 20,4 milijarde EUR sklenjenih operacij, razdeljena pa je bila na 140 operacij sklada EFSI. To je še vedno veliko manj od okvirnega zneska 34 milijard EUR, katerega so se nacionalne spodbujevalne banke in institucije prvotno zavezale zagotoviti ob vzpostavitvi sklada EFSI leta 2015.
Figure 12 shows their involvement in the different EFSI sub-windows. 
Slika 12 prikazuje njihovo vključenost v različne poddele sklada EFSI.
These accounted for 27 out of the 39 signed operations with NPBIs (69 %) as at 31 December 2017, and €3.6 billion out of the total EFSI signed amount of €4.7 billion (77 %). 
To je predstavljalo 27 od 39 sklenjenih operacij z nacionalnimi spodbujevalnimi bankami in institucijami (69 %) 31. decembra 2017 in 3,6 milijarde EUR od skupnega sklenjenega zneska sklada EFSI v višini 4,7 milijarde EUR (77 %).
Under the SMEW, operations co-financed with NPBIs were also concentrated mainly in Italy, France and Germany (debt portfolio), and had as an investment focus (when excluding the multi-country operations) Spain, France and Germany (equity portfolio). 
V okviru dela za MSP so bile operacije, ki so jih sofinancirale nacionalne spodbujevalne banke in institucije, prav tako skoncentrirane predvsem v Italiji, Franciji in Nemčiji (dolžniški portfelj), njihova naložbena osredotočenost (brez upoštevanja operacij, pri katerih sodeluje več držav) pa je bila usmerjena v Španijo, Francijo in Nemčijo (portfelj lastniških instrumentov).
Annex V presents detailed information on NPBIs involvement per Member State. 
Priloga V vsebuje podrobne informacije o sodelovanju nacionalnih spodbujevalnih bank in institucij po državah članicah.
73 Due to the wide variety of NPBIs in the EU and their differing levels of experience, scope of activities and involvement in financial instruments, their contribution to EFSI varies considerably, resulting in geographical concentration in Member States with well-established NPBIs. 
73 Zaradi velike raznovrstnosti nacionalnih spodbujevalnih bank in institucij v EU, različnih ravni njihovih izkušenj, obsega dejavnosti in vključenosti v finančne instrumente se je njihov prispevek k skladu EFSI močno razlikoval, kar je vodilo v geografsko koncentracijo v državah članicah z dobro uveljavljenimi nacionalnimi spodbujevalnimi bankami in institucijami.
In fact, a number of Member States did not have their own national promotional banks, and started setting up one only recently. 
Dejansko več držav članic ni imelo lastnih nacionalnih spodbujevalnih bank in so jih začele ustanavljati šele pred kratkim.
The role of the Advisory Hub was to support less developed NPBI’s with Technical Assistance on various areas. 
Vloga svetovalnega vozlišča je bila podpirati manj razvite nacionalne spodbujevalne banke in institucije s tehnično pomočjo na različnih področjih.
Contribution of Investment Platforms to geographical diversification 74 NPBIs generally consider Investment Platforms to be suitable for helping to finance smaller or riskier projects, combining financing from several sources and optimising the allocation of risk between various investors. 
Prispevek naložbenih platform h geografski razpršenosti 74 Nacionalne spodbujevalne banke in institucije v glavnem menijo, da so naložbene platforme primerne za pomoč pri financiranju manjših ali bolj tveganih projektov, pri katerih je financiranje združeno iz različnih virov, delitev tveganja med različne naložbenike pa optimizirana.
75 However, the emergence of Investment Platforms has been slow, especially in EFSI’s first year and a half of operation. This was due, firstly, to the time taken to establish the rules and operational procedures for these platforms (one year) and, secondly, to the complexity of negotiating co-financing agreements. 
75 Vendar so naložbene platforme nastajale počasi, zlasti v prvem letu in pol delovanja sklada EFSI, prvič zaradi časa, ki je bil potreben za določitev pravil in operativnih postopkov za te platforme (eno leto), in drugič zaradi zapletenosti pogajanj o sporazumih o sofinanciranju.
76 Under the SMEW, the EFSI Steering Board approved three Investment Platforms in 201661. All platforms were set up with the Cassa Depositi e Prestiti , the Italian NPBI, though one of the Investment Platforms is also opened to other NPBIs. 
76 V okviru dela za MSP je usmerjevalni odbor sklada EFSI v letu 2016 odobril tri naložbene platforme.61 Vse platforme so bile ustanovljene z italijansko nacionalno spodbujevalno banko in institucijo Cassa Depositi e Prestiti, čeprav je ena od naložbenih platform odprta tudi za druge nacionalne spodbujevalne banke in institucije.
No new Investment Platforms were approved and/or signed in 2017 under the SMEW. 
V okviru dela za MSP leta 2017 ni bila odobrena in/ali sklenjena nobena nova naložbena platforma.
At the end of 2017, the Investment Committee had approved 35 Investment Platforms under the IIW62, for an EFSI financing of €4.2 billion, representing 11 % of the overall EFSI IIW approved financing. 
Ob koncu leta 2017 je naložbeni odbor v okviru dela za infrastrukturo in inovacije62 odobril 35 naložbenih platform za financiranje sklada EFSI v višini 4,2 milijarde EUR, kar je predstavljalo 11 % skupnega odobrenega financiranja sklada EFSI za del za infrastrukturo in inovacije.
Of these, 21 were signed63, and €88.5 million or 3.3 % was disbursed to operations classified as Investment Platforms. 
Od teh je bilo sklenjenih 2163 in 88,5 milijona EUR (ali 3,3 %) je bilo izplačanih za dejavnosti, ki so klasificirane kot naložbene platforme.
77 17 out of the 21 Investment Platforms signed under the IIW involved NPBIs, in some cases with the same NPBIs participating in several Investment Platforms. 
40 primerih pa so iste nacionalne spodbujevalne banke in institucije sodelovale v več naložbenih platformah.
The establishment of Investment Platforms depends highly on the participation of public entities (NPBIs, International Financial Intitutions or managing authorities). 
Vzpostavljanje naložbenih platform je zelo odvisno od sodelovanja javnih subjektov (nacionalnih spodbujevalnih bank in institucij, mednarodnih finančnih institucij ali organov upravljanja).
The Investment Platforms are predominantly in those Member States (e.g. France, Italy, Germany and Spain) with highly active and well-established NPBIs (Figure 13). 
Naložbene platforme so večinoma v tistih državah članicah, ki imajo zelo dejavne in dobro uveljavljene nacionalne spodbujevalne banke in institucije (npr. Francija, Italija, Nemčija in Španija) (slika 13).
Those are the countries which also account for the biggest volume of EFSI financing and the highest number of operations. 
To so tudi države z največjim obsegom financiranja sklada EFSI in največjim številom operacij.
Figure 13 – EFSI financing for Investment Platforms as at 31 December 2017 (million euro) 40 Source: ECA, based on EIB data. 78 In the first three years of EFSI’s operation, Investment Platforms have made a relatively limited contribution to geographically diversifying the EFSI portfolio, including in favour of smaller and less developed markets and/or Member States with less experienced NPBIs or none at all. 
Slika 13 – Financiranje sklada EFSI za naložbene platforme na dan 31. decembra 2017 (v milijonih EUR) 41 Vir: Evropsko računsko sodišče na podlagi podatkov EIB 78 V prvih treh letih delovanja sklada EFSI so naložbene platforme relativno malo prispevale h geografski razpršenosti portfelja sklada EFSI, tudi v korist manjših in manj razvitih trgov in/ali držav članic z manj izkušenimi nacionalnimi spodbujevalnimi bankami in institucijami ali brez njih.
79 The EFSI 2.0 Regulation reinforces the role of Investment Platforms by offering more possibilities to bundle projects and making it possible to use the full delegation model for these platforms and NPBIs in the case of sub-projects with an EFSI contribution of below €3 million. 
79 Uredba o skladu EFSI 2.0 krepi vlogo naložbenih platform, saj ponuja več možnosti za združevanje projektov in tem platformam in nacionalnim spodbujevalnim bankam in institucijam omogoča uporabo modela polnega prenosa pooblastil pri podprojektih s prispevkom sklada EFSI, ki ne presega 3 milijonov EUR.
The extent to which such new possibilities will improve the take-up of investment platforms in Member States without developed NPBIs will depend, among other things, on providing those NPBIs with support, including technical assistance. 
Koliko bodo te nove možnosti bo izboljšale uporabo naložbenih platform v državah članicah brez razvitih nacionalnih spodbujevalnih bank in institucij, bo med drugim odvisno od zagotovitve podpore tem bankam in institucijam, vključno s tehnično pomočjo.
Conclusions and recommendations 80 EFSI was initially set up to use a €16 billion EU budget guarantee and €5 billion of EIB own resources to enable the EIB Group to provide around €61 billion of EIB Group financing with the goal of mobilising by July 2018 an additional €315 billion of strategic investments in infrastructure and SMEs, covering most EU policy areas and all Member States. 
Zaključki in priporočila 80 Sklad EFSI je bil prvotno ustanovljen za to, da bi skupina EIB s 16 milijardami EUR proračunskega jamstva EU in 5 milijardami EUR lastnih sredstev zagotovila okoli 61 milijard EUR financiranja skupine EIB s ciljem do julija 2018 privabiti dodatnih 315 milijard EUR strateških naložb v infrastrukturo in MSP, ki bi zajemale večino področij EU in vse države članice.
81 We conclude that EFSI has been effective in raising finance to support substantial additional investment in the EU. 
81 Sodišče je prišlo do zaključka, da je bil sklad EFSI uspešen pri zbiranju finančnih sredstev za podporo znatnim dodatnim naložbam v EU.
However, the reported estimate of investment mobilised does not take account of the fact that some EFSI operations replaced other EIB operations and EU financial instruments or the fact that a part of the EFSI support went to projects that could have been financed from other sources, albeit on different terms. 
Vendar pri sporočeni oceni privabljenih naložb ni bilo upoštevano to, da so nekatere operacije sklada EFSI nadomestile druge operacije EIB in finančne instrumente EU ali da je bil del podpore iz sklada EFSI porabljen za projekte, ki bi lahko bili financirani iz drugih virov, čeprav pod drugimi pogoji.
In addition, action needs to be taken to improve the geographic spread of EFSI supported investment. 
Prav tako je treba ukrepati, da bi se izboljšala geografska porazdelitev naložb s podporo sklada EFSI.
82 We found that the EIB Group had approved €59.3 billion of EFSI financial operations as at 30 June 2018. 
82 Sodišče je ugotovilo, da je skupina EIB do 30. junija 2018 odobrila 59,3 milijarde EUR finančnih operacij sklada EFSI.
A number of factors contributed to this achievement, including the inherent flexibility of the instrument and streamlined governance arrangements. 
K temu dosežku so prispevali številni dejavniki, vključno z inherentno fleksibilnostjo instrumenta in racionaliziranimi ureditvami upravljanja.
83 EFSI support has enabled the EIB to more than quadruple its volume of higher-risk lending activities compared to 2014. 
83 Podpora sklada EFSI je omogočila, da je EIB več kot štirikratno povečala svoj obseg dejavnosti dajanja posojil z višjim tveganjem v primerjavi z letom 2014.
However, the EIB has signed fewer EFSI-related Special Activities operations than planned (paragraphs 15 to 23). 
Vendar je EIB sklenila manj operacij posebnih dejavnosti v zvezi s skladom EFSI, kot je bilo načrtovano (odstavki 15 do 23).
84 In order to deploy the EFSI IIW, the EIB relied mainly on its classic long-term senior investment loans, but made little use of the subordinated debt product for corporate or project finance. 
84 Za izvajanje dela za infrastrukturo in inovacije sklada EFSI se je EIB v glavnem opirala na svoja klasična dolgoročna prednostna naložbena posojila, le malo pa je uporabljala produkt podrejenega dolga za podjetniško ali projektno financiranje.
The EIB also developed new intermediated equity and debt products targeting SMEs and mid-caps. 
Poleg tega je EIB razvila nove produkte lastniškega kapitala in dolžniške produkte za posredno financiranja, namenjene MSP in podjetjem s srednje veliko tržno kapitalizacijo.
However, the EIB signed fewer risk-sharing agreements with financial intermediaries than expected, due to lengthy and complex ex-ante due diligence and delegation arrangements (paragraphs 24 to 29). 
Vendar je EIB zaradi dolgotrajnih in zapletenih predhodnih postopkov potrebne skrbnosti in ureditev prenosa pooblastil sklenila manj sporazumov o delitvi tveganja s finančnimi posredniki, kot je bilo pričakovano (odstavki 24 do 29). 42
Recommendation 1 – Promoting the justified use of higher-risk EIB products under EFSI For EFSI operations with NPBIs, the EIB should look for opportunities to increase the use of wider variety of subordinated debt finance, where duly justified. This would 41 
Priporočilo 1 – Spodbuja naj se upravičena uporaba produktov EIB z višjim tveganjem v okviru sklada EFSI EIB naj v zvezi z operacijami sklada EFSI z nacionalnimi spodbujevalnimi bankami in institucijami preuči možnosti, kako povečati uporabo širšega nabora financiranja s podrejenim dolgom, kadar je to utemeljeno.
help ensure that EFSI financing is complementary to the financing provided by the NPBIs. 
S tem bi se zagotovilo, da financiranje sklada EFSI dopolnjuje financiranje, ki ga zagotavljajo nacionalne spodbujevalne banke in institucije.
The EIB should also promote the use of appropriate risk-sharing products for all NPBIs, especially those that are currently under-represented in EFSI operations. 
EIB naj spodbuja uporabo ustreznih produktov delitve tveganja za vse nacionalne spodbujevalne banke in institucije, zlasti tiste, ki so sedaj premalo zastopane v operacijah sklada EFSI.
Timeframe: during the remaining implementation period of EFSI (by end 2020). 
Časovni okvir: v preostalem obdobju izvajanja sklada EFSI (do sredine leta 2020).
85 To a certain extent, some of the EFSI supported projects could have been financed through other centrally managed EU financial instruments. 
85 Do neke mere bi bilo nekatere projekte, podprte iz sklada EFSI, mogoče financirati z drugimi centralno upravljanimi finančnimi instrumenti EU.
In addition, we noted a need to consider potential overlaps between EFSI operations under the IIW and financial instruments under shared management (paragraphs 30 to 37). 
Sodišče je ugotovilo tudi, da bi bilo treba razmisliti o morebitnem prekrivanju med operacijami sklada EFSI v delu za infrastrukturo in inovacije in finančnimi instrumenti v okviru deljenega upravljanja (odstavki 30 do 37).
Recommendation 2 – Encouraging complementarity between EU financial instruments and EU budgetary guarantees In the context of the new Multiannual Financial Framework programmes, the Commission should propose that the EU financial instruments are coherent and complementary in terms of the respective policy objectives to be achieved, the market failures to be addressed and the eligibility criteria for the projects to be funded, so as to avoid competition between instruments. 
Priporočilo 2 – Spodbuja naj se dopolnjevanje med finančnimi instrumenti EU in proračunskimi jamstvi EU Komisija naj v okviru novih programov večletnega finančnega okvira predlaga, naj bodo finančni instrumenti EU usklajeni in dopolnjujoči se, kar zadeva ustrezne cilje politik, ki jih je treba doseči, primere nedelovanje trga, ki jih je treba rešiti, in merila za upravičenost za projekte, ki se financirajo, da bi se tako izognili konkurenci med instrumenti.
Timeframe: at the adoption of the proposals for the spending programmes under the Multiannual financial framework 2021-2027. 
Časovni okvir: pri sprejetju predlogov za programe porabe v okviru večletnega finančnega okvira za obdobje 2021–2027.
86 The EIB assessment carried out to apply the EFSI regulation’s definition of additionality and to classify operations as Special Activities does not necessarily mean that the project financed could not have taken place without EFSI support. 
86 Ocena, ki jo opravi EIB, da bi uporabila opredelitev dodatnosti iz uredbe o skladu EFSI in operacije razvrstila kot posebne dejavnosti, ne pomeni nujno, da se financirani projekt ne bi mogel izvesti brez podpore EFSI.
Our survey results highlight that a portion of the IIW-financed projects would have been undertaken even without EFSI support, and that the EIB financing was preferred mainly because it was cheaper and/or the EIB offered longer maturity. 
Rezultati ankete Sodišča so pokazali, da bi bil del projektov, ki so bili financirani iz dela za infrastrukturo in inovacije, izveden tudi brez podpore sklada EFSI in da se je financiranju EIB namenjala prednost predvsem zato, ker je bilo cenejše in/ali ker je EIB ponujala daljšo zapadlost.
We found specific cases where the EFSI projects could have been financed by private and other public sources, or by the EIB as a normal operation albeit under different terms (paragraphs 38 to 47). 
Sodišče je odkrilo specifične primere, v katerih bi se lahko projekti sklada EFSI financirali iz zasebnih in drugih javnih virov ali prek EIB kot običajne operacije, četudi pod drugimi pogoji (odstavki 38 do 47).
Recommendation 3 – Improving the assessment of whether potential EFSI projects could have been financed from other sources The EIB should assess at the appraisal stage of the project the likely replacement of other sources of finance. 
43 Priporočilo 3 – Izboljša naj se ocena tega, ali bi bilo potencialne projekte sklada EFSI mogoče financirati iz drugih virov EIB naj v fazi ocenjevanja projektov oceni verjetno nadomestitev drugih virov financiranja.