natgillin/translations-raw huggingface dataset:
The Commission would like to point out that i) the economic effects and impact on employment (for instruments since 2007) are sufficiently covered in the reports produced by the EIF, and ii) naturally, the studies did not primarily analyse the impact on the venture capital industry as the audited facilities often did not have market development or impact on the industry as an objective at all, while others had it only as one of the ancillary objectives. 
Komisija bi rada opozorila, da (i) so gospodarski učinki in vpliv na zaposlovanje (za instrumente od leta 2007) ustrezno obravnavani v poročilih, ki jih je pripravil Evropski investicijski sklad, in da (ii) študije seveda niso bile osredotočene na analizo vpliva na industrijo tveganega kapitala, saj cilji revidiranih instrumentov pogosto sploh niso zajemali razvoja trga ali vpliva na industrijo, pri nekaterih pa sta bila ta vključena le med dodatne cilje.
The timing of ex-post reports and evaluations is clearly set out in the underlying legislation adopted by the Council and European Parliament. 
Čas predložitve naknadnih poročil in ocen je jasno določen v temeljni zakonodaji, ki sta jo sprejela Svet in Evropski parlament.
Even if the Commission could influence their timing, there is a clear trade-off between usefulness and availability of comprehensive data. 
Tudi če bi Komisija lahko vplivala na čas predložitve, je jasno, da gre za kompromis med uporabnostjo in razpoložljivostjo celovitih podatkov.
To be able to take into account the recommendations of an evaluation, the results need to be known before the design of the new programme. 
Da bi se lahko upoštevala priporočila iz ocene, morajo biti rezultati na voljo pred načrtovanjem novega programa.
A later evaluation may rely on more data, but will come too late to be taken into account in the next programme. 
Poznejša ocena bi lahko zajela več podatkov, vendar je ne bi bilo mogoče upoštevati pri naslednjem programu.
Second indent: High Growth and Innovative SME Facility (GIF) financial instruments were only one segment of the Competitiveness and Innovation Framework Programme. 
Druga alinea: Finančni instrumenti v okviru pomoči za hitro rastoča in inovativna MSP (GIF) so bili le en segment Okvirnega programa za konkurenčnost in inovativnost.
The timing for conducting evaluations was prescribed in the legal basis and therefore, the timing for evaluation could not have been changed. 
Čas izvedbe ocen je bil določen v pravni podlagi, zato ga ni bilo mogoče spremeniti.
Qualitative methods, interviews and surveys are a relevant source of information, especially in situations when extensive and detailed statistical data is not available. 
Kvalitativne metode, razgovori in ankete so pomemben vir informacij, zlasti kadar obsežni in podrobni statistični podatki niso na voljo.
Moreover, more recently, since 2015 the EIF has been performing economic impact assessments; these analyses include as well venture capital (including EU mandates) and the Commission analyses these closely. 
Poleg tega Evropski investicijski sklad v zadnjem času, tj. od leta 2015, opravlja ocene gospodarskega učinka; te analize, ki jih Komisija podrobno prouči, vključujejo tudi tvegani kapital (vključno z mandati EU).
A counterfactual analysis can only be carried out a few years after the financial end of the programme, which can sometimes come more than two decades after its launch. 
Hipotetično analizo je mogoče izvesti šele nekaj let po koncu financiranja v okviru programa, kar lahko včasih pomeni več kot dve desetletji po uvedbi programa.
Data on jobs created and maintained were reported regularly as part of standard reporting and can be easily compared with employment developments in the overall economy. 
V okviru standardnega poročanja so bili redno posredovani podatki o ustvarjenih in ohranjenih delovnih mestih, ki se lahko enostavno primerjajo z razvojem zaposlovanja v celotnem gospodarstvu.
The ECA reference to the VICO projects as examples of programme evaluation, in fact, confirms the Commission’s point on a stringent trade-off between timeliness and comprehensiveness of ex post evaluations. 
Sklicevanje Evropskega računskega sodišča na projekte VICO kot na primere ocen programa dejansko potrjuje mnenje Komisije o strogem kompromisu med pravočasnostjo in celovitostjo naknadnih ocen.
Indeed, the VICO projects were carried out by a consortium of nine universities and research centres over three years, an undertaking which can hardly constitute a blueprint for timely and specific evaluations of individual programmes. 
Konzorcij devetih univerz in raziskovalnih središč je projekte VICO dejansko izvedel v triletnem obdobju, česar nikakor ni mogoče obravnavati kot načrt za pravočasne in specifične ocene posameznih programov.
More importantly, the VICO projects are not evaluations of specific programmes, deployed over time; rather, the VICO projects simply compare a cross section of venture capital-backed firms with non-venture capital-backed firms, and among the former they consider firms backed by governmental venture capital – whether national, EU central, EU structural or not, whether recently financed or not, whether financed by Growth and Employment Initiative (G&E), Multiannual Programme for Enterprise and Entrepreneurship, (MAP), High Growth and Innovative SME Facility (GIF) or not. 
Še pomembneje, projekti VICO niso ocene specifičnih programov, izvedenih v nekem obdobju; projekti VICO le primerjajo izbor podjetij s podporo tveganega kapitala s podjetji brez take podpore, pri čemer so v slednja vključena podjetja s podporo vladnega tveganega kapitala – bodisi na nacionalni ravni, centralni ravni EU, strukturni ravni EU ali ne, bodisi nedavno financirana ali ne, bodisi financirana v okviru pobude za rast in delovna mesta, večletnega programa za podjetja in podjetništvo (MAP), pomoči za hitro rastoča in inovativna MSP (GIF) ali ne.
In essence, this different perspective entailed the use of a methodology that cannot be carried over to the case of programme evaluations. 
Ta drugačen vidik je v bistvu pomenil uporabo metodologije, ki je ni mogoče prenesti v ocene programa. 5
While no target has been set for the number of employees of beneficiary companies, the impact of the intervention on jobs created and maintained is tracked and reported. 5 
Čeprav cilj glede števila zaposlenih v upravičenih podjetjih ni bil določen, se izvajata spremljanje vpliva ukrepa na ustvarjena in ohranjena delovna mesta ter poročanje o njem.
Commission’s reply to paragraph 47 and the heading above The Commission has put in place a rather comprehensive approach to supporting access to finance for SMEs through the venture capital market. 
Odgovor Komisije na odstavek 47 in predhodni naslov. Komisija je vzpostavila resnično celosten pristop k podpori dostopa MSP do financiranja prek trga tveganega kapitala.
It uses a set of measures that can contribute, directly or indirectly, to supporting venture financing: regulatory intervention, intervention through shared management as well as centrally-managed programmes. 
Temelji na sklopu ukrepov, ki lahko neposredno ali posredno prispevajo k podpori financiranja s tveganim kapitalom: regulativnem ukrepanju ter ukrepih programov v okviru deljenega upravljanja in centralnega upravljanja.
The primary objective of EU interventions was supporting jobs and growth as well as innovation, not creation of the venture capital markets. 
Glavni cilj ukrepov EU je bil podpreti delovna mesta in rast ter inovacije, ne pa vzpostaviti trge tveganega kapitala.
The Commission considers the fund domiciliation country of little relevance. 
Komisija meni, da država, v kateri ima sklad sedež, ni pomembna.
Not all EU Member States offer appropriate regulatory environments for venture capital funds. 
Vse države članice EU ne zagotavljajo ustreznega regulativnega okolja za sklade tveganega kapitala.
This is especially important for multi-country funds, which are usually established in only selected EU Member States, those with developed and tested legal frameworks. 
To je zlasti pomembno za večdržavne sklade, ki imajo običajno sedež le v izbranih državah članicah EU, in sicer tistih z razvitimi in preskušenimi pravnimi okviri.
Ultimately, the fund domiciliation country does not often provide a clear indication of the actual geographic coverage of the funds’ investments. 
Nazadnje, država, v kateri ima sklad sedež, pogosto ne določa jasno območja, ki ga dejansko pokrivajo naložbe iz sklada.
All audited instruments require a geographic diversification and encourage the EIF to operate in as many EU Member States as possible, clearly motivating the EIF to intervene also in Member States with underdeveloped markets. 
Vsi revidirani ukrepi morajo biti geografsko raznoliki in spodbujajo Evropski investicijski sklad k delovanju v čim več državah članicah EU, pri čemer ga jasno motivirajo tudi za ukrepanje v državah članicah s slabo razvitimi trgi.
Within the policy boundaries established for a given financial instrument, the uptake of the instrument is ‘market-driven’. 
Znotraj omejitev politike, ki so določene za dani finančni instrument, je uporaba instrumenta „tržno naravnana“.
As the ECA has pointed out throughout its analysis, absorption capacity plays a significant role in the implementation of the instruments. 
Kot je Evropsko računsko sodišče večkrat poudarilo v svoji analizi, ima absorpcijska sposobnost pomembno vlogo v izvajanju instrumentov.
If no quality applications (i.e. applications adhering to minimum standards) are received from underdeveloped markets, it is not possible to invest. 
Če slabo razviti trgi ne predložijo kakovostnih vlog (tj. vlog, ki izpolnjujejo minimalne standarde), naložbe niso mogoče.
Equal access to the instruments is ensured, as applications are received on the basis of open calls for expression of interest. 
Zagotovljen je enak dostop do instrumentov, saj so vloge prejete na podlagi javnih razpisov za prijavo interesa.
Please see the Commission’s reply to paragraph 48. 
Glej odgovor Komisije na odstavek 48.
The Commission has proposed a variety of measures to render the cross-border distribution of investment funds, including the European venture capital funds more efficient (simpler, quicker and cheaper). 
Komisija je predlagala različne ukrepe za učinkovitejšo (enostavnejšo, hitrejšo in cenejšo) čezmejno distribucijo investicijskih skladov, vključno z evropskimi skladi tveganega kapitala.
In line with the Capital Market Union Action plan, these initiatives aim to facilitate the penetration of private risk-capital investment funds in the Union, further mobilise and channel capital to innovative, small and medium-sized enterprises, harmonise diverging national requirements and render them more transparent and less burdensome. 
V skladu z akcijskim načrtom za unijo kapitalskih trgov je cilj teh pobud olajšati prodiranje zasebnih investicijskih skladov tveganega kapitala v Uniji, sprostiti dodaten kapital in ga usmeriti v inovativna, mala in srednja podjetja ter uskladiti raznolike nacionalne zahteve, tako da bodo preglednejše in manj obremenjujoče.
Targeted amendments of Regulation 345/2013 on European venture capital funds were introduced in 2017 and have applied since 1 March 2018 (Regulation 2017/1991, amending Regulation 345/2013). 
Ciljno usmerjene spremembe Uredbe(EU) št.345/2013 o evropskih skladih tveganega kapitala so bile uvedene leta2017 in se uporabljajo od 1.marca2018 (Uredba(EU) 2017/1991 o spremembi Uredbe(EU) št.345/2013).
Further specification of applicable rules for the European venture capital funds has been adopted by the Commission in February 2019 (Delegated Regulation 2019/820) and will apply as of 11 December 2019. 
Komisija je dodatne specifikacije veljavnih pravil za evropske sklade tveganega kapitala sprejela februarja 2019 (Delegirana uredba Komisije(EU) 2019/820) in se bodo začele uporabljati od 11.decembra2019.
Additional initiatives, facilitating cross-border distribution of European venture capital funds have been adopted by the co-legislators in April 2019 and will enter into force in July/August 2019. 
Sozakonodajalca sta aprila 2019 sprejela dodatne pobude, ki olajšujejo čezmejno distribucijo evropskih skladov tveganega kapitala in so začele veljati julija/avgusta 2019.
The above legislative initiatives were pending at the time of the preparatory works of the EIF survey (the survey was published in April 2018). 
Navedene zakonodajne pobude se med pripravljalnimi deli za raziskavo Evropskega investicijskega sklada še niso izvajale (raziskava je bila objavljena aprila 2018).
Furthermore, these initiatives aimed at facilitating cross-border distribution of European venture capital investment and further streamlining the applicable rules to address also the concerns raised by the EIF survey. 
Poleg tega je bil cilj teh pobud olajšati čezmejno distribucijo evropskih naložb tveganega kapitala in nadalje racionalizirati veljavna pravila, da bi se obravnavali tudi pomisleki, izraženi v okviru raziskave Evropskega investicijskega sklada.
As regards the tax systems though, currently the tax system is largely a preserve of Member States and any EU level approximation initiative would require a unanimous decision by the Council. 6 
Kar pa zadeva davčne sisteme, so trenutno večinoma v pristojnosti držav članic in bi bila za vsako pobudo za približevanje na ravni EU potrebna soglasna odločitev Sveta.
The largest concentration of investments is seen in the biggest EU economies. 
Naložbe so najbolj osredotočene na največja gospodarstva v EU.
France, Germany and the United Kingdom had the biggest economies based on their share in EU GDP in 2017 and together accounted for 51.4% of EU GDP. 
Gospodarstva Francije, Nemčije in Združenega kraljestva so bila največja glede na njihov delež BDP v EU leta 2017 in so skupaj predstavljala 51,4 % BDP v EU.
Therefore, this situation is perfectly natural and does not suggest an overconcentration in these Member States. 
Zato je ta situacija povsem normalna in ne pomeni prekomernega osredotočanja na navedene države članice.
It simply reflects economic reality. 
Izraža zgolj gospodarsko realnost.
The Commission would like to point out that development of underdeveloped markets is not the primary objective for the audited facilities, with the exception of GIF, which mentions it after the objective of contributing towards the establishment and financing of SMEs, while some mention it as an ancillary objective. 
Komisija bi rada opozorila, da razvoj slabo razvitih trgov ni glavni cilj revidiranih instrumentov, razen instrumenta GIF, ki ga navaja po cilju prispevanja k vzpostavljanju in financiranju MSP, nekateri pa ga navajajo kot dodatni cilj.
Both eligibility under the policy requirements of a given mandate and value added elements need to be warranted in order to justify the investment. 
Za utemeljitev naložbe morajo biti zajamčeni upravičenost v skladu z zahtevami politike danega mandata in elementi dodane vrednosti.
The Commission also uses other interventions that could contribute to “fostering a European venture capital market”, which were not the subject of this audit. 
Komisija uporablja tudi druge ukrepe, ki bi lahko prispevali k „podpiranju evropskega trga tveganega kapitala“ in ki niso bili predmet te revizije.
EU-backed venture capital funds invested in many Member States, also thanks to shared management instruments. 
Skladi tveganega kapitala, ki jih podpira EU, so vlagali v veliko držav članic, tudi na podlagi instrumentov deljenega upravljanja.
Member States may decide to invest their European Regional Development Fund (ERDF) allocations via loans, bank guarantees and equity / venture capital. 
Države članice se lahko odločijo, da bodo dodeljena sredstva iz Evropskega sklada za regionalni razvoj (ESRR) vložile v obliki posojil, bančnih jamstev in lastniškega/tveganega kapitala.
The Commission actively promotes the use of such instruments. 
Komisija dejavno spodbuja uporabo takih instrumentov.
In the 2014-2020 period, some Member States, in particular Poland, Hungary and Bulgaria, allocated substantial amounts of their ERDF allocations to equity / venture capital (approx. EUR 1.2 billion, 480 million and 340 million respectively). 
V obdobju 2014–2020 so nekatere države članice, zlasti Poljska, Madžarska in Bolgarija, znatne zneske svojih dodeljenih sredstev iz ESRR namenile za lastniški/tvegani kapital (približno 1,2 milijarde EUR, 480 milijonov EUR oziroma 340 milijonov EUR).
In addition, as an example of such investment initiatives which are managed by the EIF, the Central Europe Fund of Funds (fund-of-funds created in partnership with the national authorities of Austria, the Czech Republic, Slovakia, Hungary, and Slovenia) and the Baltic Innovation Fund can be mentioned. 
Poleg tega se lahko kot primeri takih pobud za naložbe, ki jih upravlja Evropski investicijski sklad, navedeta sklad skladov Srednje Evrope („Central Europe Fund of Funds“, tj. sklad skladov, ustanovljen v partnerstvu z avstrijskimi, češkimi, slovaškimi, madžarskimi in slovenskimi nacionalnimi organi) in baltski sklad za inovacije („Baltic Innovation Fund“).
Please see the Commission’s replies to paragraphs 30-36. 
Glej odgovore Komisije na odstavke od 30 do 36.
The EU-level intervention always targets all Member States and funds need to be accessible to applicants from all Member States on equal terms. 
Ukrep na ravni EU je vedno usmerjen v vse države članice in skladi morajo biti pod enakimi pogoji dostopni vlagateljem vlog iz vseh držav članic.
The Commission considers that subsidiarity or value added can be achieved when action at EU level can be more efficient or effective than action at the level of Member States. 
Komisija meni, da je mogoče subsidiarnost ali dodano vrednost doseči takrat, ko je lahko ukrepanje na ravni EU učinkovitejše ali uspešnejše kot na ravni držav članic.
In addition to the need to ensure consistency with state aid rules, the Commission aims to attract private investors to the venture capital industry. 
Poleg osredotočanja na potrebo po zagotovitvi usklajenosti s pravili o državni pomoči si Komisija prizadeva, da bi v industrijo tveganega kapitala pritegnila zasebne vlagatelje.
COSME (Programme for the Competitiveness of enterprises and Small and Medium-sized Enterprises), InnovFin (EU Finance for Innovators) and EFSI all have ambitious overall targets at portfolio level, as evidenced through target leverages, agreed multipliers or tracking of overall volume of mobilised investments. 
COSME (Program za konkurenčnost podjetij ter mala in srednja podjetja), InnovFin (finančna sredstva EU za inovatorje) in EFSI imajo na ravni portfelja ambiciozne splošne cilje, kot dokazujejo ciljni finančni vzvodi, dogovorjeni multiplikatorji ali sledenje celotnemu obsegu mobiliziranih naložb.
In reporting on these objectives, investments by EIF/EIB or promotional banks are not considered private. 
Pri poročanju o teh ciljih se naložbe Evropskega investicijskega sklada/EIB ali spodbujevalnih bank ne obravnavajo kot zasebne.
However, for individual investments, the Commission needs to allow also for investments of high policy value that require significant public intervention and cannot attract a large volume of private resources. 
Vendar mora Komisija na ravni posameznih naložb omogočiti tudi naložbe z visoko vrednostjo za posamezno področje politike, za katere je potrebno znatno javno posredovanje in ki ne morejo privabiti velike količine zasebnih sredstev.
For example, social impact funds or other impact funds, technology transfer funds, or funds focusing on the seed and start-up phase of the company lifecycle need more public intervention than large expansion-stage private equity funds. 
Skladi s socialnim učinkom ali drugi skladi z učinkom, skladi za prenos tehnologij ali skladi, osredotočeni na najzgodnejšo in zagonsko fazo v življenjskem ciklu podjetja, potrebujejo na primer obsežnejše javno posredovanje kot veliki skladi zasebnega kapitala v fazi širitve.
It is for this reason that other requirements for the participation of the private sector are not set for individual investments. 7 
Zato za posamezne naložbe niso določene druge zahteve glede sodelovanja zasebnega sektorja. 7
The Commission did not set profitability targets, as the instruments follow policy objectives rather than maximisation of profitability and are complementary to other instruments, which pursue financial return. 
Komisija ni določila ciljev dobičkonosnosti, saj instrumenti temeljijo na ciljih politike in ne na doseganju čim večje dobičkonosnosti ter dopolnjujejo druge instrumente, ki si prizadevajo za finančni donos.
But even while focusing on policy returns the audited instruments are also set to generate a financial profit, according to EIF reporting, and do invest in funds that attract private investors. 
Kljub temu da so revidirani instrumenti osredotočeni na rezultate politike, pa je njihov cilj glede na poročanje Evropskega investicijskega sklada tudi ustvariti finančni dobiček in vlagati v sklade, ki privabljajo zasebne vlagatelje.
While, according to the Commission’s assessment, the pari-passu principle has been adequate for most of the investment activity, the Commission also already does allow for non pari-passu investments, in the specific case of social investment. 
Čeprav je po oceni Komisije načelo pari-passu ustrezno za večino naložbenih dejavnosti, Komisija v posebnem primeru socialnih naložb že omogoča tudi naložbe, ki ne temeljijo na načelu pari-passu.
The Commission does not share the opinion that attraction of private investors is possible only with generation of high returns. 
Komisija se ne strinja, da je mogoče zasebne vlagatelje privabiti le z ustvarjanjem visoke donosnosti.
While private investors will seek positive returns, they may be driven by factors other than the pursuit of ‘high returns’, e.g. geographic diversification within the asset class, scouting for the latest technology developments, venture philanthropy, social investments, etc. 67. 
Čeprav bodo zasebni vlagatelji iskali pozitivno donosnost, jih bodo morda poleg visoke donosnosti pritegnili tudi drugi dejavniki, kot so na primer geografska raznolikost znotraj skupine sredstev, odkrivanje najnovejšega tehnološkega razvoja, tvegani kapital človekoljubnih ustanov, socialne naložbe itd. 67.
It is too early to provide meaningful data for more recent EU interventions. 
Prezgodaj je še, da bi lahko zagotovili smiselne podatke o novejših ukrepih EU smiselno.
Nonetheless, EIF data indicates that, as of end-December 2018, the EU equity financial instruments and EFSI SME Window equity product are set to generate a profit of 3.6% per annum. 
Kljub temu podatki Evropskega investicijskega sklada kažejo, da bodo lastniški finančni instrumenti EU in lastniški produkt dela za MSP v okviru EFSI s koncem decembra 2018 letno ustvarili 3,6-odstotni dobiček.
This means that overall, the investments could even deliver a profit to the EU budget, while at the same time delivering on the policy objectives, supporting jobs in innovative companies and mobilising private investment. 
To pomeni, da bi lahko naložbe na splošno celo zagotovile dobiček proračunu EU, hkrati pa uresničevale cilje politike, podpirale delovna mesta v inovativnih podjetjih in mobilizirale zasebne naložbe.
The Commission has assessed the possibility to deviate from the pari-passu principle. 
Komisija je ocenila možnost odstopanja od načela pari-passu.
This possibility was introduced in the EFSI Agreement on the basis of a Commission Decision. 
Ta možnost je bila na podlagi sklepa Komisije uvedena s sporazumom o EFSI.
See reply to paragraph 68. 
Glej odgovor na odstavek 68.
Opinions vary as to how the self-sustainability of the market can be fostered by public investors exiting funds earlier. 
Mnenja v zvezi s tem, kako bi lahko zgodnejši izstop javnih vlagateljev iz skladov spodbudil samozadostnost trga, se razlikujejo.
Limited partnership agreements signed for the operations generally do allow for early exits of individual investors, e.g. through secondary sales. 
Sporazumi o omejenem partnerstvu, sklenjeni za operacije, na splošno omogočajo zgodnji izstop posameznih vlagateljev, na primer prek sekundarne prodaje.
This is standard practice accepted by the market. 
To je standardna praksa, ki je sprejeta na trgu.