FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: In 1997 LSH, alongside FHH, became a shareholder in HLB. Each had a 49,5 % shareholding in HLB.
French: En 1997, LSH est devenue actionnaire de HLB à parts égales avec la ville de Hambourg, (49,5 % des parts chacune).
Portuguese: Em 1997, o LSH e a FHH tornaram-se accionistas do HLB, cada um com uma participação de 49,5%.
Dutch: Sinds 1997 is LSH naast de stad Hamburg mede-eigenaar van HLB, met ieder 49,5 % van de aandelen.
English: Germany has nevertheless stated that, up to 1997, FHH, as HLB's sole shareholder, received the maximum annual dividend of 6 % laid down in the latter's statutes. In addition, HLB has regularly converted reserves which it had generated itself into interest-bearing share capital (according to Germany, comparable to the issue of free shares), and this, according to the data submitted, resulted in an effective after-tax return of more than [...] % (and a corresponding inflow) on the capital actually paid in by the shareholder; HLB is thus the Landesbank with the highest effective yield.
French: L'Allemagne a cependant expliqué que la ville de Hambourg, en tant qu'actionnaire unique de HLB jusqu'en 1997, a perçu le dividende annuel maximum fixé par les statuts à 6 % En outre, il apparaît que HLB a régulièrement converti des réserves qu'elle a elle-même constituées en capital social rémunéré (ce qui, à en croire les autorités allemandes, équivaut à l'émission d'actions gratuites), ce qui donne, d'après les informations transmises, une rémunération effective de plus de [...] % après impôts (et un apport correspondant) sur le capital effectivement versé par l'actionnaire, la HLB devenant ainsi la banque régionale avec la rémunération effective la plus élevée.
English: As a market-economy investor, FHH should, therefore, have expected a normal market return from HLB. However, it had by no means been able to count on this.
French: Or, la ville de Hambourg, en tant qu'investisseur opérant dans une économie de marché, aurait dû s'attendre à recevoir de HLB une rémunération conforme au marché, ce qui n'a pourtant visiblement pas été le cas.
Italian: In quanto investitore operante in un’economia di mercato, FHH avrebbe pertanto dovuto attendersi un rendimento di mercato normale da HLB, il che non sarebbe assolutamente accaduto.
English: However, since it could be compared to share capital, the remuneration appeared to be too low. In addition, it had been paid to HGV, which, although it was a holding company of FHH, was, economically speaking, an independent unit, whereas nothing had accrued directly to FHH.
French: Cependant, il semblerait que cette rémunération soit trop basse, compte tenu du fait qu'elle est comparable à un capital social, sans compter qu'elle a été versée à HGV, qui est certes une holding de la ville de Hambourg, mais économiquement autonome, alors que la ville de Hambourg n'a pour sa part rien perçu directement.
English: The BdB apparently felt that the judgment had made it clear that the increase in value attributable to the capital contribution was not a normal market return. However, the Court had not commented in any material way on the decision.
French: En effet, le Bundesverband deutscher Banken semble apparemment affirmer que l'arrêt aurait précisé que la plus-value résultant d'une injection de capital ne constituait pas une rémunération conforme au marché, bien qu'à cet égard, le Tribunal ne se soit pas prononcé de manière déterminante pour la décision.
English: Article 295 lays down that the system of property ownership in the various Member States must not be affected. This does not, however, justify any infringement of the competition rules of the Treaty.
French: Le traité CE, en vertu de son article 295, ne se substitue pas au code de la propriété des divers États membres; cela ne justifie pas pour autant les infractions aux règles de concurrence de la Communauté.
Lithuanian: Sutarties 295 straipsniu nuosavybės tvarka įvairiose valstybėse narėse paliekama galioti, tačiau tuo nėra pateisinamas joks sutarties konkurencijos taisyklių pažeidimas.
English: In the Commission's view, there is no need for a further market investigation in connection with the state aid assessment of the market-like nature of the silent partnership contribution at issue. It is sufficient that the Commission should ensure, on the basis of trend forecasts, that the agreed remuneration falls within the normal market range.
French: Aux fins de l'appréciation de la conformité au marché de l'apport tacite en cause, sous l'angle du droit des aides d'État, la Commission estime qu'une analyse du marché plus approfondie ne s'impose pas, dès lors qu'elle peut vérifier, sur la base de tendances, que la rémunération convenue correspond au taux habituel du marché.
English: 0,9 Paid
French: rémunération payée
English: [...] Total remuneration payable
French: totalité de la rémunération à payer
English: The overall tax rate fell to 46 % in 1993 before rising to 49,5 % in the period 1994-2000. It has been 30 % since 2001.
French: Le taux d'imposition total est revenu à 46 % en 1993, et il a été de 49,5 % pour la période 1994-2000; depuis 2001, il est de 30 %.
English: Please describe in detail what measures have been taken and what measures are planned to bring about the immediate and effective recovery of the aid. Please also explain which alternative measures are available in national legislation to bring about recovery of the aid.
French: Veuillez indiquer en détail quelles mesures sont prévues et quelles mesures ont déjà été prises afin d'obtenir un remboursement immédiat et effectif de l'aide.
English: As regards the time-bar, which, according to the BdB, had not been triggered because of the linkage between the two transactions, Germany repeated the objections it had raised previously and stated once again that the 1986 transfer had been a transaction that was de facto and de jure separate from the 1993 transfer as the documents produced at the outset and subsequently proved. For the rest, the legal concept of a continuous series of acts, cited by the BdB, had in the meantime been called into question by criminal court judges at the Federal Constitutional Court.
Hungarian: A két ügylet közötti kapcsolat miatt a BdB szerint nem meglévő elévülés kapcsán Németország megismételte a korábban állásfoglalásában felsorolt kifogásait, és ismét megállapította, hogy az 1986-os esemény jogilag és ténylegesen is egy az 1993-astól különálló ügylet volt, amint azt az eredetileg megküldött, és később pótolt dokumentumok is alátámasztották.
English: The value of the shares transferred and shown on the balance sheet remained constant after 1 January 1993 at DEM 659,4 million. However, that amount could not be used in full as capital prior to its recognition by BAKred.
Hungarian: Az átruházott és a mérlegbe épített részvények értéke 1993. január 1-je óta állandóan 659,4 millió DEM volt.
English: Until it was recognised as capital on 1 January 1997, its use was tolerated by BAKred only in so far as this was necessary to meet the relevant solvency rules. For instance, from 1993 to 1996 HLB covered parts of the reserve (DEM 182,5 million in 1993, over DEM435,6 million in 1994, DEM 255,1 million in 1995 and DEM 451,1 million in 1996).
Hungarian: Azonban a BAKred általi elismerés előtti összeg nem volt teljes egészében saját tőkeként hasznosítható.
English: The beta factor of 0,74 was estimated on the basis of a KPMG report on adjusted beta factors for all listed credit institutions in Germany that is available to the Commission. In the light of the report and of HLB's business profile, this beta factor is to be regarded as appropriate.
Hungarian: A béta tényező kialakítása 0,74-re a KPMG ajánlására történt, úgynevezett adjusted bétafaktorok alapján, minden Németországban a tőzsdén jegyzett hitelintézet számára, mely a Bizottság rendelkezésére áll. Ezen ajánlás alapján és a HLB üzleti irányultságának tekintetében ez a béta tényező megfelelőnek tekinthető.
English: Cf. Lehman Brothers, Analyse der Kapitalzuführung aus der Einbringung der Wohnungsbauförderungsanstalt des Landes Nordrhein-Westfalen of 8 July 1997, p. 4, and Annex II, p. 27. This basically lists the issues floated by the leading German private commercial banks (Deutsche Bank, Dresdner Bank, etc.), which at the time had a higher business risk than HLB.
Hungarian: Ld.: Lehman Brothers, Észak-Rajna-Vesztfália tartomány lakásépítést támogató intézménye tőkefinanszírozási átruházásának elemzése 1997.07.08-án, 4. o., valamint II. függelék, 27. o. Itt azonban főleg a nagy német kereskedelmi magánbankok kibocsátásai vannak felsorolva (Deutsche Bank, Dresdner Bank stb.), amelyek a Hamburgische Landesbankhoz képest akkor magasabb üzleti kockázatot mutattak.
English: In such a situation, however, a private investor would presumably prefer fixed interest payments. There is also the fact that FHH had not been entitled to reassign the WK shares without any consideration (compensatory payment at book value).
Italian: In una situazione simile, però, un investitore privato avrebbe probabilmente preferito interessi fissi, considerato anche che a FHH non sarebbe stato concesso il diritto di ritrasferire le quote di WK senza alcuna compensazione (pagamento di compensazione al valore contabile).
English: In their understanding, the parties similarly base their calculation on the net refinancing costs. They applied a long-term, risk-free interest rate of 7,23 % for the total refinancing costs.
Italian: Nel loro accordo anche le parti basano il loro calcolo sui costi di rifinanziamento netti, applicando un tasso d’interesse privo di rischio a lungo termine del 7,23 % sull’importo integrale di tali costi.
English: As in the other procedures, the Commission takes the view that premiums in connection with the last two aspects mentioned above are not justified. No premium is possible either for the decision not to issue any new company shares and the associated voting rights since FHH already owns all the voting shares.
Italian: Come negli altri procedimenti la Commissione non ritiene giustificate maggiorazioni per le ultime due caratteristiche, né per la decisione di non emettere nuove quote societarie con i diritti di voto connessi, in quanto FHH già possiede il 100 % delle quote con diritto di voto.
English: However, Germany disputes this similarity to share capital. In its view, the capital is instead a silent partnership contribution, with this being reflected in the level of the remuneration.
Italian: La Germania contesta invece l’analogia con il capitale sociale e sostiene invece che si tratti di un conferimento tacito, il che influirebbe sul livello della remunerazione.
Polish: Niemcy natomiast zaprzeczają, że inwestycja ta jest podobna do inwestycji w kapitał zakładowy, utrzymując że kapitał jest raczej cichym udziałem, co ma wpływ na wysokość wynagrodzenia.
English: By letter of 7 April 2004, the Commission requested further information from Germany on all the Landesbank transfers, receiving replies on 1, 2 and 28 June 2004. On 1 October 2004 Germany provided updated figures and additional information.
Polish: W piśmie z dnia 7 kwietnia 2004 r. Komisja poprosiła Niemcy o dodatkowe informacje odnośnie do wszystkich postępowań dotyczących banków krajów związkowych i otrzymała odpowiedzi w pismach z dnia 1 oraz 2 czerwca 2004 r. oraz z dnia 28 czerwca 2004 r. W dniu 1 października 2004 r. Niemcy przekazały zaktualizowane dane oraz informacje uzupełniające.
Latvian: 2004. gada 7. aprīļa vēstulē Komisija pieprasīja sīkāku informāciju no Vācijas par visiem federālo zemju banku nodošanas gadījumiem, saņemot atbildes 2004. gada 1. un 2. jūnijā.2004. gada 1. oktobrī Vācija iesniedza precīzus skaitļus un papildu informāciju.
Lithuanian: Komisija 2004 m. balandžio 7 d. raštu paprašė Vokietijos pateikti daugiau informacijos apie visas žemių procedūras, ir Vokietija savo 2004 m. birželio1 d. ir 2 d. bei 2004 m. birželio 28 d. raštais pateikė atnaujintus duomenis ir papildomą informaciją.
English: The definitive version of the understanding reached the Commission on 13 October 2004. On 29 September 2004 BdB, FHH and HSH Nordbank, which resulted from the merger of HLB and Landesbank Schleswig-Holstein in 2003, also reached a provisional understanding on the appropriate remuneration for the special-purpose assets transferred.
Lithuanian: Galutinę šio susitarimo redakciją Komisija gavo 2004 m. spalio 13 d. Lygiai taip 2004 m. rugsėjo 29 d. perdavė BdB, Šlėzvigo-Holšteino žemė ir iš LSH ir banko Hamburgische Landesbank 2003 m. susikūręs bankas HSH Nordbank laikinąjį tarpusavio susitarimą dėl tinkamo atlygio už perkeltą tikslinį turtą.
English: The transfer at issue here was decided by the competent authorities at the end of 1992 and became effective on 1 January 1993. The Commission must, therefore, assess the transaction on the basis of the information available and the economic and market circumstances obtaining at the time.
Lithuanian: Šiuo atveju sprendimus dėl turto dalių perkėlimo, kurį reikia įvertinti, kompetentingos viešosios įstaigos priėmė 1992 m. pabaigoje ir jie įsigaliojo 1993 m. sausio 1 d. Vadinasi, Komisija turi įvertinti transakciją, remdamasi tuo metu turėtais duomenimis ir atsižvelgdama į to meto ekonomines ir rinkos sąlygas.
English: The Commission considers that the comparison with silent partnership contributions made by Germany and HLB is not suitable as a basis for determining the appropriate remuneration for the capital reserve. Instead, the transfer of the shares is comparable to an investment of share capital in HLB.
Lithuanian: Komisijos požiūriu, Vokietijos ir HLB taikomas palyginimas su neskelbiamaisiais indėliais nėra tinkamas pagrindas tinkamam atlygiui už kapitalo rezervą nustatyti Turto dalių perkėlimą veikiau reikėtų palyginti su įstatinio kapitalo investicija į HLB.
English: They opted, therefore, for the REX10 Performance Index of Deutsche Börse AG, which tracks the performance of an investment in Federal loans over a period of ten years. The index series used in the present case contains the relevant end-of-year results of the REX10 Performance Index after 1970.
Lithuanian: Todėl šalys rėmėsi Vokietijos biržos Deutsche Börse AG nustatytu indeksu REX10 Performance Index, kuris atspindi Vokietijos Federacinės Respublikos dešimties metų trukmės paskolų investicijos procesus.
English: Previously in the procedure, the so-called general long-term market-risk premium, i.e. the difference between the long-term average return on a normal share portfolio and that on government bonds, was applied on several occasions. In the corresponding report on the procedure, a range of some 3 % to 5 % was applied, depending on the method, the period under examination and the basic relevant data.
Lithuanian: Jau ne kartą ir Sprendime 2000/392/EB buvo nagrinėjama vadinamoji ilgalaikė rinkos rizikos premija, taigi skirtumas tarp ilgalaikės vidutinės kapitalo grąžos už įprastinį akcijų portfelį ir kapitalo grąžos už valstybės paskolas.
English: A report prepared for BdB calculated figures of 3,16 % and 5 %.
Latvian: BdB vajadzībām sagatavotajā ziņojumā aprēķinātie skaitļi bija 3,16 % un 5 %.
Lithuanian: Atitinkamose metodikų ekspertizėse, priklausomai nuo metodikos, laikotarpio ir duomenų bazės buvo nustatytos vidutinis premijų dydis maždaug nuo 3 iki 5 %.
English: Accordingly, it sets as the appropriate minimum remuneration a figure of 10,19 % per annum (after corporation tax and before investor tax). Abolition of the return premium on account of sole ownership
Lithuanian: Komisija neturi jokio pagrindo manyti, kad šalių apskaičiuotas mažiausias atlygis už hipotetinę įstatinio kapitalo investiciją testuojant rinką būtų nepagrįstas.
English: It concluded first that all beta values for all Landesbanks and for all the periods under consideration were greater then one.
Latvian: Tā secināja, ka federālo zemju banku beta vērtība visos aplūkotajos laika posmos bija lielāka par vienu.
English: In other words, it considered that the risk premium for investments in Landesbanks was higher than the market risk premium.
Latvian: Citiem vārdiem, tā uzskatīja, ka riska prēmija investīcijām federālo zemju bankās bija augstāka par tirgus riska prēmiju.
English: Another report on WestLB drawn up in the first procedure produced figures of 4,5 % and 5 %, while Lehman Brothers, also for WestLB, calculated a figure of 4 %.
Latvian: Citā ziņojumā par WestLB, kas tika sastādīts pirmajā procedūrā, ieguva skaitļus 4,5 % un 5 %, savukārt Lehman Brothers, arī WestLB vajadzībām veiktajā ziņojumā aprēķināja 4 % rādītāju.
English: If these deteriorate, the flat-rate remuneration is beneficial for the investor but, if they improve, the opposite is true. The actual trend cannot though be taken into account subsequently when it comes to assessing the investment decision.
Latvian: Ja tie pasliktinās, investoram ir izdevīga pamatlikmes atlīdzība, bet, ja tie uzlabojas, situācija ir pretēja. tādēļ nevar ņemt vērā faktisko tendenci, kad ir jānovērtē investēšanas lēmums.
English: Since the silent partnership contribution to HLB in question did not provide any liquidity initially, HLB incurred additional financing costs up to the amount of the capital when it borrowed on the financial markets the resources needed to exploit the business opportunities to the full. On account of these additional costs, a corresponding deduction must be made in order to determine the appropriate remuneration.
Latvian: Ievērojot to, ka sākumā tās kapitālam nebija likviditātes, HLB radās papildus finansēšanas izmaksas, kas sasniedza tāda kapitāla apjomu, ja tā būtu aizņēmusies finanšu tirgū nepieciešamos fondus, lai pilnībā izmantotu uzņēmējdarbības iespējas, ko pavēra papildus pašu kapitāls, Ņemot vērā papildus izmaksas, kas nerodas gadījumā, ja pamatkapitāls ir piešķirts likvīdā formā, atbilstošā atlīdzība ir attiecīgi jāsamazina.
English: At the time of the capital injection, however, HLB was in no way unable to continue orderly operations. The capital injection was not, therefore, necessary to maintain the orderly functioning of LBB, which could therefore, on the basis of a conscious economic calculation by the Land as part-owner, also see future market opportunities under conditions of competition.
Latvian: Tomēr kapitāla iepludināšanas laikā HLB nekādā veidā nevarēja raksturot kā nespējīgu turpināt HLB kārtīgu darbību, kas tādēļ varēja, izmantojot apzinātus federālo zemju kā daļas īpašnieka ekonomiskos aprēķinus, arī saskatīt nākotnes tirgus iespējas konkurences apstākļos.
English: LSH is an independent public-law institution.
Latvian: LSH ir neatkarīga publisko tiesību institūcija.
English: In 1998 it had a balance-sheet total of €100 billion and some 2000 employees.
Latvian: 1998. gadā tās bilance bija 100 miljardi euro, un tai bija aptuveni 2000 darbinieku.
English: In the present case, the Commission, with its requests for information of 12 January, 10 November and 13 December 1993, which were mentioned by it in the decision to initiate the procedure and were addressed to Germany, fell far short of these requirements. These letters had referred simply to Westdeutsche Landesbank and to a general request regarding possible similar transfers to other Landesbanks.
Dutch: In casu voldeed de Commissie met de in haar besluit tot inleiding van de procedure vermelde, aan Duitsland gerichte verzoeken om inlichtingen van 12 januari, 10 november en 13 december 1993 in de verste verte niet aan deze eisen; deze brieven bevatten slechts een verzoek om inlichtingen omtrent eventuele soortgelijke overdrachten aan andere deelstaatbanken.
English: It was only after 1 January 1997 and until the divestment of WK at the time of the merger with LSH to form HSH on 2 June 2003 that the amount of DEM 659,4 million had been available. The silent partnership contribution of DEM 300 million had also been available in full as liable core capital until that date.
Dutch: Pas vanaf 1 januari 1997 tot 2 juni 2003, toen WK na de fusie met LSH, waaruit HSH Nordbank ontstond, was afgestoten, beschikte HLB doorlopend over een bedrag van 659,4 miljoen DEM.
English: The transfer in 1997 of 49,5 % of the shares to LSH had not removed the aid element. The sale had taken place after the time of the investment and had, therefore, been quite immaterial as regards the remuneration expectation.
Dutch: De verkoop in 1997 van 49,5 % van de aandelen aan LSH heeft het steunelement niet uit de weg geruimd, want deze verkoop vond na de inbreng plaats en was derhalve van geen enkel belang voor de te verwachten vergoeding.
Polish: Pomoc nie została zakończona w związku ze sprzedażą 49,5 % udziałów bankowi LSH, która nastąpiła w 1997 r. Sprzedaż nastąpiła po inwestycji i w związku z tym nie ma żadnego znaczenia dla oczekiwanego wynagrodzenia.
English: As regards the capital reserve, the comparison should preferably be made with a silent partnership contribution of unlimited duration in view of the risk profile, e.g. the guarantee, if any, afforded by institutional liability in the event of insolvency, the irrelevance of voting rights given that FHH was the sole owner, the participation in losses, the ranking of the dividend claim and the period to maturity. On this basis, Germany, in its reply to the BdB's comments, combined the two instruments when calculating the remuneration but weighted their shares of the overall contribution according to whether they were of limited or unlimited duration.
Dutch: De kapitaalreserve kon, gezien het risicoprofiel zoals bijvoorbeeld de als gevolg van de institutionele-aansprakelijkheidsregeling nauwelijks bestaande garantie bij insolventie, de irrelevantie van de stemrechten aangezien de stad Hamburg de enige eigenaar was, de verliesparticipatie en de rangorde van het recht op dividend alsook de looptijd, het best worden vergeleken met een derdenbelang van onbepaalde duur.
English: In the light of the 1993 transfer of 38 % of WK shares to the capital reserve amounting to some DEM959,4 million, they agreed on the amount of appropriate remuneration. As regards the indirect contribution to a silent partnership reserve that also took place on 1 January 1993 of 19,86 % of WK shares amounting to DEM 300 million, although agreement could be reached on the basic approach of a fixed remuneration criterion, no agreement was reached on the exact calculation method, especially regarding the deduction for lack of liquidity (see paragraphs 81 to 203).
Dutch: Daarbij kwamen de partijen, ten aanzien van overdracht van 1993 van 38 % van de WK-aandelen aan de kapitaalreserve ter waarde van circa 959,4 miljoen DEM, een passende vergoeding overeen; wat de indirecte inbreng van 1 januari 1993 betreft van 19,86 % van de WK-aandelen in een derdenbelang van 300 miljoen DEM kwamen de partijen weliswaar een vaste vergoedingsnorm overeen, maar konden zij het niet eens worden over de precieze berekening, en met name niet over de aftrek wegens gebrek aan liquiditeit (zie overwegingen 81 t.e.m 203).
English: This was confirmed by the Commission in its report on services of general economic interest in the banking sector. The formal conditions for this are not met in the present case and were not referred to by Germany.
Dutch: De Commissie heeft dit in haar verslag over „diensten van algemeen economisch belang in de banksector” bevestigd.. Aan de formele voorwaarden ter zake is in dit geval echter niet voldaan, en Duitsland heeft ook geen beroep op deze uitzonderingsbepaling gedaan.
English: Germany replied in March and September 1993 and, in response to further Commission requests dated 10 November and 13 December 1993, provided additional information in March 1994. In addition to information concerning WfA's transfer to WestLB, the German replies referred to similar transfers in Lower Saxony, Berlin and Schleswig-Holstein.
Polish: Niemcy przekazały odpowiedź w pismach z marca i września 1993 r., a na dalsze zapytania Komisji z dnia 10. listopada i 13. grudnia 1993 r. przekazały kolejne informacje w marcu 1994 r. W odpowiedziach Niemiec, oprócz informacji odnośnie do przeniesienia WfA do WestLB, wspomniano podobne przeniesienia, które miały miejsce w Dolnej Saksonii, Berlinie i Szlezwiku-Holsztynie.