natgillin/translations-raw huggingface dataset:
(c) The streamlined governance arrangements enabled the EIB to include new operations quickly in the EFSI portfolio, especially those that had already undergone the EIB’s appraisal and approval process. 
proces odobritve v okviru sklada EFSI hitrejši in fleksibilnejši od postopkov odobritve pri finančnih instrumentih EU v okviru deljenega upravljanja. (c) Racionalizirane ureditve upravljanja so omogočile, da je lahko EIB v portfelj sklada EFSI hitro vključila nove operacije EIB, zlasti tiste, ki so že prestale proces odločanja o odobritvi in samo odobritev EIB.
18 In addition, unlike with the other EU financial instruments, the EFSI Regulation recognised the important role the National Promotional Banks and Institutions (NPBIs) can play in the implementation of EFSI by identifying and developing projects, and attracting potential investors18. Figure 3 below illustrates the share of NPBIs operations in the different EFSI sub-windows. 
18 Poleg tega je v nasprotju z drugimi finančnimi instrumenti EU v uredbi o skladu EFSI priznana pomembna vloga nacionalnih spodbujevalnih bank in institucij pri izvajanju sklada EFSI, saj opredeljujejo in pripravljajo projekte ter privabljajo potencialne vlagatelje.18 Slika 3 prikazuje delež operacij nacionalnih spodbujevalnih bank in institucij v različnih poddelih sklada EFSI.
Cooperation between the EIB and NPBIs was enhanced by setting up working groups and collaborative investment platforms. 
Sodelovanje med EIB in nacionalnimi spodbujevalnimi bankami in institucijami je bilo okrepljeno z ustanovitvijo delovnih skupin in naložbenih platform za sodelovanje.
Our NPBI survey and interviews showed that the majority of NPBIs appreciated the increased cooperation with the EIB group. 
Anketa Sodišča med nacionalnimi spodbujevalnimi bankami in institucijami ter razgovori z njimi so pokazali, da je večina nacionalnih spodbujevalnih bank in institucij pozitivno ocenila okrepljeno sodelovanje s skupino EIB.
EFSI increased the EIB’s higher-risk financing less than expected 19 The EIB refers to its higher-risk financing operations as Special Activities – Box 1, and these are mentioned in Article 5 of the EFSI Regulation in the context of defining the additionality of EFSI operations. 
S skladom EFSI se je financiranje EIB z višjim tveganjem povečalo manj, kot je bilo pričakovano 19 EIB svoje operacije financiranja z višjim tveganjem imenuje posebne dejavnosti – okvir 1, te pa so navedene v členu 5 uredbe o skladu EFSI v besedilu o opredelitvi dodatnosti operacij sklada EFSI.
16 Box 1 Special Activities and EFSI Special Activities entail a greater risk than the risk generally accepted by the EIB and are defined as follows: — Debt operations with a risk profile of D-or below (i.e. with an expected loss above 2 %); — All equity and equity-type operations (e.g. infrastructure funds and other fund participations, venture capital activities, equity operations and other operations with an equivalent risk profile). 
16 Okvir 1 Posebne dejavnosti in sklad EFSI Posebne dejavnosti imajo višje tveganje, kot ga v splošnem sprejema EIB, in so opredeljene tako: — dolžniške operacije s profilom tveganja Dali manj (tj. pričakovana izguba nad 2 %), — vse operacije lastniškega kapitala in operacije v zvezi z lastniškim kapitalom (npr. infrastrukturni skladi in druge udeležbe v skladih, dejavnosti v zvezi s tveganim kapitalom, operacije lastniškega kapitala in druge operacije s podobnim profilom tveganja).
All EIF operations under the SMEW are deemed to be equivalent to the risk profile of the EIB Special Activities. This is because investment in SMEs is considered to be sub-investment grade (i.e. with an expected loss greater than 2 %). 
Vse operacije Evropskega investicijskega sklada v delu za MSP se štejejo za enakovredne profilu tveganja posebnih dejavnosti EIB, saj se naložbe v MSP štejejo za instrumente z bonitetno oceno tvegane kakovosti (tj. pričakovana izguba nad 2 %).
The EIB’s Special Activities can be classified into three categories: (i) operations at EIB’s own risk, (ii) operations under the EFSI IIW, (iii) operations other than EFSI, where the EIB shares part of the underlying risk with third parties, notably with the EU budget under agreements with the Commission, e.g. InnovFin, CEF or similar EU programmes. 
Posebne dejavnosti EIB se delijo v tri kategorije: (i) operacije, pri katerih tveganja prevzema EIB, (ii) operacije v okviru dela za infrastrukturo in inovacije sklada EFSI, (iii) operacije, ki ne spadajo pod sklad EFSI in pri katerih si EIB deli del prisotnih tveganj s tretjimi stranmi, zlasti s proračunom EU v skladu s sporazumi s Komisijo, npr. program InnovFin, Instrument za povezovanje Evrope ali drugi podobni programi EU.
20 We reviewed whether EFSI increased the EIB’s higher-risk lending activities and we compared the risk profile of the EFSI portfolio of operations with the EIB’s non-EFSI portfolio. 
20 Sodišče je pregledalo, ali so se s skladom EFSI povečale posojilne dejavnosti EIB z višjim tveganjem, in primerjalo profil tveganja portfelja operacij sklada EFSI s portfeljem EIB, ki ne sodi v okvir sklada EFSI.
21 With the deployment of EFSI, the EIB initially expected its overall level of Special Activities to increase from the 2014 baseline of €4.5 billion (or around 6 % of all signatures), to €8.6 billion in 2015 (12 %), and up to €21 billion (30 %) in 2016 and 201719. 
21 EIB je sprva pričakovala, da se bo z vzpostavitvijo sklada EFSI njen skupen obseg posebnih dejavnosti glede na izhodiščno raven leta 2014 v višini 4,5 milijarde EUR (ali okoli 6 % vseh sklenjenih operacij) povečal na 8,6 milijarde EUR (12 %) leta 2015 in do 21 milijard EUR (30 %) v letih 2016 in 2017.19 Na sliki 4 je prikazana primerjava med 19 Poslovni načrt EIB za obdobje 2015–2017, Uvod, str.
Figure 4 compares the actual and planned values of the EIB’s Special Activities over the period 2014-2017, broken down by their category. 
dejanskimi in načrtovanimi vrednostmi posebnih dejavnosti EIB v obdobju 2014–2017, razčlenjena po kategorijah.
Figure 4 – EIB Special Activities signatures for the period 2014-2017 17 20 18 16 14 12 10 8 6 4 2 0 2014 2015 2016 2017 YEAR Own risk SA Other Risk Sharing Instruments SA EIB Target 2015-2017 EFSI SA Note: COP signature targets have a 10 % upward/downward flexibility limit. 
Slika 4 – Sklenitve posebnih dejavnosti EIB za obdobje 2014–2017 17 20 18 16 14 12 10 8 6 4 2 0 2014 2015 2016 2017 LETO Posebnedejavnosti–skladEFSI Posebnedejavnosti–lastnotveganje Posebnedejavnosti–drugiinstrumentizadelitevtveganja CiljnevrednostiEIBzaobdobje2015–2017 Opomba: Za splošne cilje iz poslovnega načrta EIB sta določeni fleksibilnostni meji v višini 10 % navzgor in navzdol.
Source: ECA, based on analysis of data from various EIB's financial reports and corporate operational plans (COPs) covering the period 2014-2017. 
Vir: Evropsko računsko sodišče na podlagi analize podatkov iz različnih računovodskih poročil in operativnih načrtov EIB za obdobje 2014–2017.
22 The volume of EIB Special Activities signatures increased from €4.5 billion in 2014 to €18 billion in 2017. 
22 Obseg sklenitev posebnih dejavnosti EIB se je povečal s 4,5 milijarde EUR leta 2014 na 18 milijard EUR leta 2017.
Despite this fourfold increase, we calculated the cumulative shortfall over the period 2015-2017 compared to the planned levels to be around €13 billion, i.e. 26 % of the cumulative target of €50.6 billion20. This shortfall comprised around €7 billion of EFSI Special Activities, €1.5 billion of EIB’s own risk Special Activities, and €4.5 billion of Special Activities under other risk-sharing mandates. 
Kljub temu štirikratnemu povečanju je Sodišče izračunalo, da je skupni primanjkljaj v obdobju 2015–2017 glede na načrtovane ravni znašal približno 13 milijard EUR oziroma 26 % skupnega cilja v višini 50,6 milijarde EUR.20 Ta primanjkljaj je obsegal okoli 7 milijard EUR posebnih dejavnosti iz sklada EFSI, 1,5 milijarde EUR posebnih dejavnosti, pri katerih tveganje prevzema EIB, in 4,5 milijarde EUR posebnih dejavnosti, za katere velja delitev tveganj.
23 As regards the risk profile of the EFSI portfolio of operations, as at 30 June 2018, 98.5 % of the EFSI portfolio was made up of operations in the Special Activities category21. Our analysis confirmed that the aggregated risk profile of the EFSI portfolio was higher than the risk profile of the EIB’s non-EFSI portfolio. 
23 Kar zadeva profil tveganja portfelja operacij sklada EFSI, so 30. junija 2018 98,5 % portfelja sklada EFSI predstavljale operacije iz kategorije posebnih dejavnosti.21 Analiza Sodišča je potrdila, da je bil profil skupnih tveganj portfelja sklada EFSI višji od profila tveganja portfelja EIB, ki ni del sklada EFSI.
20 ECA calculation, based on the reported levels of total and Special Activities signatures in the EIB’s Financial Reports for the years 2015, 2016 and 2017. 21 EFSI IIW SMEW Operational Reports as at 31 December 2017. Lendingvolume(millioneuro) 
20 Izračun Evropskega računskega sodišča na podlagi podatkov o ravneh vseh sklenjenih dejavnosti in sklenjenih posebnih dejavnosti, o katerih je EIB poročala v svojih računovodskih poročilih za leta 2015,2016 in 2017. 21 Operativni poročili o delu za infrastrukturo in inovacije ter delu za MSP sklada EFSI z dne 31. decembra 2017.
The EIB has scope to further promote the use of higher-risk financial products for EFSI 24 The EFSI investment guidelines provide that EFSI can be deployed through a wide range of products to finance, directly or indirectly, new operations22. 
EIB ima možnost nadalje spodbujati uporabo finančnih produktov z višjim tveganjem za sklad EFSI 24 Naložbene smernice sklada EFSI določajo, da se lahko sklad EFSI izvaja s široko paleto produktov za posredno ali neposredno financiranje novih operacij.22 Operativna strategija sklada EFSI pa podrobno določa različne produkte, ki jih lahko skupina EIB uporabi za izvajanje sklada EFSI.23 Ti obsegajo prednostna in podrejena posojila, instrumente z delitvijo tveganja, instrumente kapitalskega trga (npr. podjetniške hibridne obveznice), naložbe v lastniški kapital ali navidezni lastniški kapital.
The EFSI operational strategy further specifies the different products that the EIB Group can use to deploy EFSI23. These include senior and junior loans, risk-sharing instruments, capital market instruments (e.g. corporate hybrid bonds), equity or quasi-equity participations. Furthermore, the rules on operations with investment platforms and NPBIs24 mention subordination as one of the key principles for EFSI operations with NPBIs (i.e. EFSI support should preferably be subordinated to other forms of financing, where justified)25. 
Poleg tega pravila o operacijah z naložbenimi platformami in nacionalnimi spodbujevalnimi bankami in institucijami24 določajo, da je podrejenost eno ključnih načel za operacije sklada EFSI z nacionalnimi spodbujevalnimi bankami in institucijami (tj. podpora sklada EFSI mora biti po možnosti podrejena drugim oblikam financiranja, če je to utemeljeno).25 25 V okviru dela za MSP se je Evropski investicijski sklad prvenstveno opiral na obstoječe produkte, namenjene malim in srednje velikim podjetjem, ki so se že uporabljali v programih COSME, InnovFin, jamstveni shemi Ustvarjalna Evropa, programu Evropske unije za zaposlovanje in socialne inovacije ter mandatu EIB-EIF v zvezi z viri tveganega kapitala.
Under the IIW, the EIB, in addition to relying on its classic long-term senior loans for corporate and project finance, expanded the use of existing higher-risk products and developed new ones, including equity, risk-sharing, Asset Backed Securities mezzanine (“ABS mezzanine”26) and corporate hybrid bonds. 
V okviru dela za infrastrukturo in inovacije je EIB, poleg tega da se je opirala na klasična dolgoročnih prednostna posojila za financiranje podjetij in projektov, razširila uporabo obstoječih produktov z višjim tveganjem in razvila nove, vključno z lastniškim kapitalom, delitvijo tveganja, mezzaninski kapital v obliki s premoženjem zavarovanih vrednostnih papirjev26 in podjetniške hibridne obveznice.
Figure 5 below illustrates the use of EIB products under the EFSI IIW as at 31 December 2017. 
Slika 5 prikazuje uporabo produktov EIB v okviru EFSI dela za infrastrukturo in inovacije sklada EFSI 31. decembra 2017.
22 Annex II to the EFSI Regulation, Section 2. 
22 Priloga II k uredbi o skladu EFSI, oddelek 2.
23 EFSI strategic orientation, updated in June 2017. 
23 EFSI strategic orientation, dokument posodobljen junija 2017.
24 Rules applicable to operations with Investment Platforms and National Promotional Banks and Institutions, SB/10/2016, Section 3.2 25 Subordination used in this context means lending under conditions that are less favourable to the lender (in this case the EIB) than they are for other forms of support, for example: longer maturity, order of repayment, access to security as well as ranking in case of default and allocation of losses. 
24 Rules applicable to operations with Investment Platforms and National Promotional Banks and Institutions, SB/10/2016, oddelek 3.2. 25 Podrejenost v tem kontekstu pomeni dajanje posojil pod pogoji, ki so manj ugodni za upnika (v tem primeru EIB) kot pri drugih oblikah podpore, na primer: daljša zapadlost, vrstni red odplačila, dostop do zavarovanja in razvrstitev v primeru neizpolnitve obveznosti ter porazdelitev izgub.
26 Asset-Backed Security is a class of investments whose cash flow is backed by a pool of assets. 
26 S premoženjem zavarovani vrednostni papirji so vrsta naložb, katerih denarni tok je zavarovan s skupino sredstev.
Mezzanine means that it is a part of the pool of securities that is subordinated only to the senior debt. 18 
Mezzaninski pomeni, da je del skupine vrednostnih papirjev, ki je podrejen samo prednostnemu dolgu. 18
Figure 5 – Overview of the use of the EIB’s products under EFSI IIW ▪ Extended EIB Product (with EFSI) ▪ New EIB Product (with EFSI) ▪ ClassicEIBProduct 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 Source: ECA, based on the available data on the EIB IIW signed operations as at 31.12.2017. 
Slika 5 – Pregled uporabe produktov EIB v okviru dela za infrastrukturo in inovacije sklada EFSI Vir: Evropsko računsko sodišče na podlagi razpoložljivih podatkov o operacijah EIB, sklenjenih v delu za infrastrukturo in inovacije, na dan 31. decembra 2017 26 19 Večina portfelja operacij dela za infrastrukturo in inovacije so predstavljala klasična dolgoročna prednostna posojila za podjetniško ali projektno financiranje (okoli 17 milijard EUR ali okoli 62 % skupnega sklenjenega zneska v delu za infrastrukturo in inovacije.
26 27 Under EFSI, the EIB significantly increased its equity-type financing, amounting to €3.3 billion as of 31 December 2017. 
27 V okviru EFSI je EIB občutno povečala financiranje v zvezi z lastniškim kapitalom, ki je 31. decembra 2017 znašalo 3,3 milijarde EUR.
It also started targeting SMEs and mid-cap equity funds within the EU, through investments in SMEs and mid-cap equity funds alongside NPBIs or the EIF. 
Poleg tega se je začela usmerjati na MSP in delniške sklade s srednje veliko tržno kapitalizacijo v EU, in sicer prek naložb v MSP in delniške sklade s srednje veliko tržno kapitalizacijo skupaj z nacionalnimi spodbujevalnimi bankami in institucijami ali Evropskim investicijskim skladom.
This area, is also under the remit of the EIF. 
To področje je prav tako v pristojnosti Evropskega investicijskega sklada.
However, as at 31 December 27 Risk sharing instruments are classified as linked (the EIB or the financial intermediary select loans on predefined criteria) and de-linked (the EIB takes the risk on a set of pre-approved existing loans while the financial intermediaries commit to generate a new portfolio of eligible loans). 
28 EIB je razvila tudi instrumente delitve tveganja27 z nacionalnimi spodbujevalnimi bankami in institucijami in komercialne banke, namenjene MSP in podjetjem s srednje 27 Instrumenti delitve tveganja so klasificirani kot povezani (EIB ali finančni posrednik izbereta posojila glede na vnaprej določena merila) in nepovezani (EIB prevzame tveganje za sklop
Low Medium High LOAN RISK 2017 the EIB had signed only 14 EFSI RSI operations totalling €2.9 billion28 (around one third of the business target for this product), of which only four of these operations were signed with NPBIs, for a volume of €0.7 billion29. 
Vendar je EIB do 31. decembra 2017 sklenila samo 14 operacij instrumenta za delitve tveganj v okviru EFSI v skupni vrednosti 2,9 milijarde EUR28 (okoli eno tretjino cilja iz poslovnega načrta za ta produkt), od katerih so bile le štiri sklenjene z nacionalnimi spodbujevalnimi bankami in institucijami v znesku 0,7 milijarde EUR29.
This was due to EIB’s complex due diligence needed for delegation and regulatory requirements. 
Razlog za to je bil zapleten skrbni pregled, ki ga mora opraviti EIB v zvezi z zahtevami za prenos in regulativnimi zahtevami.
29 In addition, very few RSI operations where EIB took a higher proportion of risk than NPBIs were signed, despite the fact that our interviews and analysis of NPBIs associations’ position papers30 indicate that the NPBIs would welcome such operations. 
29 Poleg tega je bilo sklenjenih zelo malo operacij instrumenta za delitev tveganja, pri katerih je EIB prevzela večji delež tveganja kot nacionalne spodbujevalne banke in institucije, čeprav je Sodišče pri razgovorih in z analizo dokumentov o stališčih30 združenj nacionalnih spodbujevalnih bank in institucij ugotovilo, da bi si te želele takih operacij.
EFSI partly replaced funding from other financial instruments supported by the EU budget 30 EFSI should complement and avoid replacing the use of other EU financial instruments31, namely financial instruments under indirect management and financial instruments under shared management (i.e. financial instruments under the European Structural and Investment Funds). 
Sklad EFSI je delno nadomestil financiranje iz drugih finančnih instrumentov, ki jih podpira proračun EU 30 Sklad EFSI bi moral dopolnjevati in se izogibati nadomeščanju uporabe drugih finančnih instrumentov EU31, in sicer finančnih instrumentov v okviru posrednega upravljanja in finančnih instrumentov v okviru deljenega upravljanja (tj. finančnih instrumentov v okviru evropskih strukturnih in investicijskih skladov).
We examined the impact of EFSI on other risk-sharing mandates implemented by the EIB (financial instruments under indirect management) and on financial instruments under shared management. 
Sodišče je preučilo učinek sklada EFSI na druge mandate delitve tveganj, ki jih izvaja EIB (finančni vnaprej odobrenih obstoječih posojil, finančni posredniki pa se zavežejo, da bodo ustvarili nov portfelj upravičenih posojil).
29 HBOR Risk-Sharing for MidCaps & Other priorities – de-linked guarantee; CDC France Efficacite Energetique Logement Social (Investment Platform) – funded linked risk-sharing loan with full delegation; KFW MidCap Investment Platform (Investment Platform) – linked risk-sharing guarantee with full delegation; AFD French Overseas Territories Economic Development (Investment Platform) – linked risk sharing guarantee with partial delegation. 
29 HBOR Risk-Sharing for MidCaps & Other priorities – nepovezano jamstvo; CDC France Efficacite Energetique Logement Social (naložbena platforma) – financirano povezano posojilo z delitvijo tveganja in polnim prenosom pooblastil; KFW MidCap Investment Platform (naložbena platforma) – povezano jamstvo z delitvijo tveganja in popolnim prenosom pooblastil; AFD French Overseas Territories Economic Development (naložbena platforma) – povezano jamstvo z delitvijo tveganja in delnim prenosom pooblastil.
30 European Association of Public Banks (EAPB), “Position paper on the extension of the Investment Plan for Europe”, November 2016; European Association of Long-Term Investors (ELTI), “Investment Plan for Europe – Experience of National Promotional Banks and Institutions and possible improvements”, November 2016. 
30 European Association of Public Banks (EAPB), Position paper on the extension of the Investment Plan for Europe, november 2016; European Association of Long-Term Investors (ELTI), Investment Plan for Europe – Experience of National Promotional Banks and Institutions and possible improvements, november 2016.
31 Annex II to the EFSI Regulation, Section 3. 
31 Priloga II k uredbi o skladu EFSI, oddelek 3.
20 1 6 7 
20 31 1 3 6 7
The amounts allocated to financial instruments remained within the expected levels for COSME and InnovFin programmes. 
Zneski, dodeljeni finančnim instrumentom, so bili še vedno znotraj pričakovanega obsega za programa COSME in InnovFin.
However, the amounts for the CEF Debt instrument have lagged behind due to low level of actual signatures of operations. 
Hkrati pa so bili zneski za dolžniški instrument IPE nižji zaradi nizke ravni dejansko sklenjenih operacij.
Figure 6 – Initial budgeted amounts for InnovFin, COSME and CEF financial instruments and budget allocations as at 31 December 2017 3 000 2 557 * 2 500 2 000 1 500 1 000 500 0 1 263 COSME guarantee and equity Initial budget 1 060 966 1 060 388 787 460 322 740 CEF Debt instrument InnovFin EIB Amounts allocated from EU budget at 31.12.2017 InnovFin guarantee Innovfin equity * Amount for CEF Debt instrument represents a ceiling set by the legislator and not the initial budget Source: ECA, based on the Draft general budget of the European Union for the financial year 2019 (Working document part X) and Operational reports for the selected financial instruments. 
Slika 6 – Začetni predvideni zneski za finančne instrumente programov InnovFin, COSME in IPE ter dodeljena proračunska sredstva na dan 31. decembra 2017 21 3 000 2 557 * 2 500 2 000 1 500 1 000 500 0 1 263 COSME – jamstvo in lastniški kapital Prvotni proračun Zneski, dodeljeni iz proračuna EU, na dan 31.
33 Our analysis and other evaluations confirmed that EFSI partially replaced the CEF Debt instrument. This was mainly due to its overlap in terms of objectives, eligibility criteria, target sectors and types of beneficiaries. 
33 Analiza Sodišča in druge ocene so potrdile, da je sklad EFSI delno nadomestil dolžniški instrument IPE, v glavnem ker so se prekrivali njuni cilji, merila za upravičenost, ciljni sektorji in vrste upravičencev.
EFSI operations are not bound to the specific eligibility criteria set for other EU Financial instruments. 
Za operacije sklada EFSI ne veljajo posebna merila o upravičenosti, ki so določena za druge finančne instrumente EU.
The scope of projects to be financed under energy and transport sector can therefore be much larger than for the CEF Debt instrument, for example. 
Obseg projektov, ki naj bi se financirali v okviru energetskega in prometnega sektorja, je lahko tako veliko večji kot pri dolžniškem instrumentu IPE, na primer.
The COSME and InnovFin guarantees and Innovfin Equity were an exception in this regard: in the case of guarantees, EFSI complemented these by initially making it possible to frontload them above the initially planned annual volumes, while keeping the underlying requirements of the programmes. 
Jamstva COSME in InnovFin ter kapitalski instrument InnovFin so bili v tem pogledu izjema: v primeru jamstev jih je sklad EFSI dopolnjeval, saj je prvotno omogočal, da so se predfinancirali v večji meri, kot je znašal prvotno načrtovani letni obseg, hkrati pa je ohranil osnovne zahteve programov.
In the case of InnovFin Equity EFSI participated in a new a risk sharing structure alongside Horizon 2020 and EIF resources resulting in enhanced product offer to the market. 
V primeru kapitalskega instrumenta InnovFin je bil sklad EFSI poleg programa Obzorje 2020 in sredstev Evropskega investicijskega sklada del nove strukture delitve tveganja, kar je prineslo boljšo ponudbo produktov na trgu.