FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Moreover, because the shareholder structure of WestLB is fixed and no new (private) shareholders are possible, a remuneration which was hypothetically too low would, in fact, have no influence on possible private investors. Even if the other shareholders received an advantage, any effect on the savings banks would be too small to be perceptible.
Spanish: Por lo demás, como está claramente establecido quiénes son los accionistas del WestLB y no pueden venir a sumarse nuevos accionistas (privados), una hipotética remuneración demasiado exigua tampoco incidiría en los posibles inversores privados, Aun en caso de que se otorgara una ventaja a los demás accionistas, la repercusión en las cajas de ahorros sería demasiado insignificante como para hacerse notar.
English: Since Wfa's assets are exempt regarding their primary use, i.e. the housing promotion business, they cannot be subject to taxation when put to an additional, secondary use. This would be contrary to the system underlying German tax law.
French: Or, dans le cadre de cette affectation directe, c'est-à-dire l'aide à la construction de logements, le capital de la Wfa est exonéré; il ne peut donc être intégré dans l'assiette fiscale, même s'il trouve une autre utilisation indirecte, ce qui est en contradiction avec le droit fiscal allemand.
Spanish: Como en este nivel de utilización directa, es decir, en el del fomento de la vivienda, la masa patrimonial del Wfa está exenta del pago de impuestos, no puede ser gravada si se destina a otro empleo secundario, ya que ello entraría en contradicción con el funcionamiento del Derecho fiscal alemán.
English: A deduction was then made to take account of the lack of liquidity of the special fund. For this, the risk-free interest rate of 7,15 % was applied generally as gross refinancing costs.
Spanish: A continuación, se aplicó una deducción por la ausencia de liquidez del fondo especial, tomándose como base global el tipo de interés exento de riesgo, del 7,15 %, en tanto que costes brutos de refinanciación.
English: The assessment under that principle will be made in Section 3 below. If state aid is involved, WestLB, i.e. an undertaking within the meaning of Article 87(1) of the EC Treaty, will clearly have been favoured.
Spanish: La evaluación conforme a este principio se realiza en el punto 3 de la sección V. En caso de que mediara una ayuda estatal, se estaría beneficiando claramente al WestLB, es decir, a una empresa según lo dispuesto en el apartado 1 del artículo 87 del Tratado CE..
English: This means that the bank's net result is not reduced by the amount of additional interest expenses incurred. These expenses are offset in part by reduced corporation tax.
Spanish: En consecuencia, el resultado neto del banco no se reduce en un importe equivalente al de los intereses adicionales pagados, ya que una parte de esos gastos se ve compensada mediante una reducción en el impuesto de sociedades.
English: He cannot withdraw the assets he originally brought in as these now form part of the net worth of the company and are no longer at his disposal. But by selling the shares he can realise their economic countervalue.
French: Cela ne lui permettra certes pas de retirer les capitaux qu'il avait apportés à l'origine, parce que ceux-ci font désormais partie des fonds propres de garantie de la société et ils ne sont plus à sa disposition, mais il peut en réaliser la contrepartie économique en revendant les actions.
Spanish: Aunque no puede recuperar sus activos aportados originalmente, ya que ahora forman parte del capital de garantía de la sociedad y no puede disponer de ellos, sí puede realizar su contravalor económico vendiendo las acciones según la cotización de la bolsa.
Dutch: Daarmee kan weliswaar niet het oorspronkelijk ingebrachte vermogen aan de onderneming worden onttrekken, want dit behoort thans tot het aansprakelijk vermogen van de vennootschap waarover niet meer kan worden beschikt, maar wel kan het aandeel worden verkocht tegen de geldende koers en aldus de economische tegenwaarde worden gerealiseerd.
English: In particular, it has been argued that not only the profits of Wfa and the areas assisted but also the entire business involving public bonds were transferred to the Landesbank on 1 January 2002 as part of the reorganisation, with the result that the losses of WestLB regarded as being linked directly to the solution for the future of Wfa have been considerably higher than the appropriate remuneration for Wfa's capital, and this should be recognised as appropriate compensation.
Spanish: En especial, se ha afirmado que el 1 de enero de 2002 se cedieron al banco regional como parte de la reorganización no sólo los beneficios de Wfa y las áreas asistidas, sino también toda la actividad de obligaciones públicas, con lo que las pérdidas de WestLB que se consideraban relacionadas directamente con la solución para el futuro de Wfa han sido mucho más elevadas que la remuneración adecuada para el capital de Wfa, y esto debe reconocerse como una compensación adecuada.
Italian: A prescindere dagli effetti retroattivi a livello di bilancio, il capitale di Wfa era tuttavia effettivamente a disposizione di WestLB fino al 1o agosto 2002 a sostegno delle attività svolte in regime di concorrenza.
Finnish: Huolimatta kirjanpidollisista vaikutuksista Wfa:n pääoma oli kuitenkin WestLB:n käytettävissä kilpailun alaisiin toimintoihin 1 päivään elokuuta 2002 asti.
Estonian: Eelkõige on väidetud, et mitte ainult Wfa kasumid ja abistatud valdkonnad, vaid ka kogu äritegevus, mis on seotud riigi võlakirjadega anti 1. jaanuaril 2002. aastal osana ümberorganiseerimisest üle liidumaa pangale, mille tulemusena peeti WestLB kahjumeid, mis olid vahetult seotud Wfa tulevikku reguleeriva lahendusega, märkimisväärselt suuremaks kui kohane tasu Wfa kapitali eest ning seda tuleb pidada kohaseks kompensatsiooniks.
English: However, this argument is unconvincing.
Spanish: Sin embargo, este argumento es poco convincente.
Italian: Per la questione da esaminare in questa sede questo è l’aspetto decisivo.
Finnish: Tämä on ratkaiseva seikka arvioitavana olevan kysymyksen osalta.
Estonian: Kuid see argument ei ole veenev.
English: The study from First Consulting quoted in footnote 49 of the first WestLB decision had taken a flat-rate top-up of 1 %-2 % for the various above-mentioned aspects.
Spanish: El dictamen de First Consulting citado en la nota a pie de página 49 de la primera Decisión WestLB reconocía un recargo fijo del 1 %-2 % para los distintos aspectos mencionados.
Portuguese: É certo que o estudo de First Consulting, citado na nota de pé de página 49 da primeira decisão sobre o WestLB, previa um prémio fixo de 1-2% para os vários aspectos mencionados supra.
Estonian: First Consulting uuring, millele on viidatud esimese WestLB otsuse joonealuses märkuses 49, arvestas mitmete eelmainitud aspektide tõttu kindlaks lisatasuks 1 %-2 %.
English: It had, however, not acknowledged that the volume should have been taken into consideration when determining what was akin to share capital.
Spanish: Sin embargo, no se reconocía que el volumen debía haberse tenido en cuenta al determinar qué era semejante al capital social.
Portuguese: Mas não considerou que o volume devia ter ser tido em conta ao determinar o que era similar a capital social.
Estonian: Kuid uuringus ei ole tunnistatud, et aktsiakapitalile sarnase instrumendi otsimisel oleks tulnud mahtu arvesse võtta.
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.
Spanish: Describa detalladamente qué medidas se han adoptado ya y cuáles se han previsto para la recuperación inmediata y efectiva de la ayuda.
English: On 30 June 1993, when the German credit institutions had to comply with the new capital requirements set by the Own Funds Directive and the Solvency Ratio Directive, the group's solvency ratio (including Wfa's capital requirements), calculated on the basis of the new provisions, was 9 %, i.e. 1 percentage point above the minimum level.
Estonian: aasta 30. juunil, kui Saksamaa krediidiasutused pidid järgima omavahendite direktiivis ja maksejõulisuse määra direktiivis sätestatud uusi kapitalinõudeid, oli uute sätete põhjal arvutatud kontserni maksejõulisuse määraks (sealhulgas Wfa kapitalinõuded) 9,0 %, s.t 1 protsendipunkt üle alammäära.
English: (The original own funds accounted for 6,3 percentage points, additional own funds for 2,7 percentage points.)
Estonian: (Esmased omavahendid moodustasid 6,3 protsendipunkti, täiendavad omavahendid 2,7 protsendipunkti.)
English: The value of DEM 4000 million (EUR 2050 million) therefore reflects the situation without liabilities. Since the remuneration is based on this value, WestLB does not receive any advantage from the waiver.
Estonian: 4000 miljoni Saksa marka (2050 miljonit eurot) ei kajasta kohustusi.. Kuna tasu põhineb nimetatud summal, ei saa WestLB loobumisest mingit kasu.
English: Germany notes that the Land was in no way obliged to consider privatisation as an alternative to the transfer.
Estonian: Saksamaa märgib, et liidumaa ei olnud mingil juhul kohustatud pidama erastamist üleandmise alternatiiviks.
English: Privatisation would have allowed WestLB to approach the capital markets in order to raise the necessary equity.
Estonian: Erastamine oleks võimaldanud WestLB-l vajaliku omakapitali täiendamiseks tulla kapitaliturule.
English: The studies state that the return on an equity instrument is determined by its risk profile.
Dutch: In de rapporten werd geconstateerd dat het rendement van een kapitaalinstrument afhankelijk was van het risicoprofiel van dat kapitaalinstrument.
Estonian: Uuringud näitavad, et omakapitali instrumendi tasuvuse määrab selle riskiprofiil.
English: The higher the risk, the higher the risk premium, i.e. the interest spread that has to be paid over secure government bonds.
Dutch: Hoe hoger het risico, des te hoger de risico-opslag ofwel het renteverschil met veilige staatsleningen.
Estonian: Mida suurem on risk, seda suurem on riskipreemia, s.t intressid, mida tuleb maksta turvalistes riigi võlakirjades.
English: Unlike with a cash injection, WestLB cannot reinvest the liquidity but has to raise liquidity on the capital market to achieve the same result. This results in additional interest expenses.
Estonian: Erinevalt sularahasüstist ei saa WestLB likviidset vara reinvesteerida, vaid peab likviidset vara hankima kapitaliturgudelt, et saavutada sama tulemust See tähendab täiendavat intressikulu.
Latvian: Atšķirībā no skaidras naudas kapitālieguldījuma, WestLB nevar no jauna investēt nevienu likvīdu līdzekli, bet, lai sasniegtu to pašu rezultātu, tai nepieciešams sagādāt likviditāti kapitāla tirgū.
English: Because of the tax savings, the State has to provide fewer funds for Wfa's activities. WestLB is fully taxed on its income (and thus also on the commercial activities underpinned by Wfa's capital) and does not receive any financial advantage from Wfa's exemptions because the amount accepted as original own funds is not increased as a result.
Swedish: WestLB betalar full skatt för alla sina intäkter (således även för de intäkter som uppkommer på de konkurrensutsatta affärsområden som täcks av det egna kapital som hänför sig till Wfa) och får inga ekonomiska fördelar av Wfa:s skattebefrielse, eftersom den inte medför en ökning av det belopp som godkänts som primärt kapital.
Estonian: Maksusäästude tõttu peab riik andma Wfa tegevuste jaoks vähem vahendeid. tulu on täielikult maksustatud (ja seega ka äritegevus, mida Wfa kapital toetab) ja WestLB ei saa Wfa maksuvabastusest mingit rahalist kasu, sest selle tulemusena esmaste omavahenditena heaks kiidetud summa ei suurene.
English: In the first two years Wfa's staff of 588 (personnel within the ‘old’ Wfa as well as in the housing promotion division of WestLB, the costs of which had to be borne by Wfa before the transfer) was reduced by 53. In the early years the transfer led to annual savings of DEM 13 million (EUR 7 million) for Wfa as a result of synergies.
Finnish: Kahtena ensimmäisenä vuotena Wfa:n henkilöstömäärää (aikaisemmin 588 henkilöä: ”entisen” Wfa:n henkilöstö ja WestLB:n asuntorakentamisosaston työntekijät, joiden kustannuksista Wfa:n oli vastattava ennen omaisuuden siirtoa) voitiin supistaa 53 henkilöllä.
Slovenian: V prvih dveh letih se je osebje Wfa (prej 588 oseb: zaposleni v „stari Wfa“ ter sodelavci oddelka za pospeševanje gradnje stanovanj WestLB, katerih stroške je pred prenosom nosila Wfa) zmanjšalo za 53 zaposlenih.
English: The complainant originally claimed that the transaction at issue constituted a state guarantee by the Land of North Rhine-Westphalia for WestLB's debt. But WestLB shows the assets transferred as equity capital in their accounts and BAKred accepted an amount of DEM 4000 million (EUR 2050 million) as original own funds within the meaning of the Own Funds Directive, of which DEM 2500 million (EUR 1280 million) can be used by WestLB to underpin its commercial business.
Finnish: Alun perin kantelija väitti, että kyseinen toimenpide merkitsi Nordrhein-Westfalenin osavaltion myöntämää valtion takausta WestLB:n sitoumuksille.
English: Consequently, a coherent appraisal of the financial measure in the light of Article 87(1) of the EC Treaty calls for its principal classification as a capital injection and for payment of an appropriate remuneration. The very same financial measure cannot be regarded as a capital injection under banking supervisory rules and as a guarantee under the EC Treaty's state aid rules.
Finnish: WestLB on kuitenkin kirjannut siirretyn pääoman taseeseensa omana pääomana, ja BAKred hyväksyi omia varoja koskevan direktiivin mukaiseksi peruspääomaksi 4,0 miljardin Saksan markan (2,05 miljardin euron) määrän, josta WestLB voi käyttää kilpailun alaisen liiketoimintansa tukemiseen 2,5 miljardia Saksan markkaa (1,28 miljardia euroa). perustamissopimuksen 87 artiklan 1 kohdan mukainen johdonmukainen arviointi pääoman siirrosta edellyttää, että se luokitellaan periaatteessa pääoman lisäykseksi ja että siitä vaaditaan tällaista toimenpidettä vastaava korvaus.
English: Germany, it is true, has stated repeatedly that, because of the retroactive accounting effect of the merger on 1 January 2002 of Wfa and Landesbank Nordrhein-Westfalen, which was ordered by law, the state aid element was to be regarded as having ceased to exist on that date. However, irrespective of the accounting effect, Wfa's capital was at the disposal of WestLB for underpinning its competitive business until 1 August 2002. This is the decisive point as regards the question to be addressed here.
Italian: La Germania ha ripetutamente sostenuto che, a causa degli effetti retroattivi sul bilancio e sul conto profitti e perdite della fusione di Wfa con Landesbank Nordrhein-Westfalen, fissata per legge al 1o gennaio 2002, la situazione relativa agli aiuti di Stato è da ritenersi cessata il 1o gennaio 2002.
Finnish: Saksa on tosin toistuvasti väittänyt, että tuen olemassaolo päättyi 1 päivänä tammikuuta 2002, koska Wfa:n liittäminen Landesbank Nordrhein-Westfaleniin vaikutti tase- ja tuloslaskelman kannalta takautuvasti 1 päivästä tammikuuta 2002 alkaen.
English: The Commission has thus come to the conclusion that the disadvantage stemming from the separation of the areas assisted as well as of the business involving public bonds does not represent remuneration for the use of Wfa's capital up to 1 August 2002. It is precisely not only the areas assisted and the business involving public bonds that are underpinned by Wfa's capital but also the full range of WestLB's competitive activities.
Italian: In particolare non è convincente l’obiezione secondo la quale non soltanto i redditi di Wfa e dei settori oggetto di promozione, ma anche quelli di tutte le operazioni pubbliche relative ai Pfandbriefe sarebbero stati trasferiti, nell’ambito della riorganizzazione, al 1o gennaio 2002 alla Landesbank e dunque tutte le perdite di WestLB da considerarsi direttamente connesse alla soluzione per il futuro di Wfa siano state sensibilmente superiori alla retribuzione adeguata per il capitale di Wfa, il che andrebbe riconosciuto come compensazione adeguata.
Finnish: Komissio ei ole vakuuttunut varsinkaan Saksan väitteestä, että Wfa:n tulojen ja tukitoiminnan lisäksi myös julkinen panttikirjaliiketoiminta siirtyi uudelleenjärjestelyn myötä jo 1 päivänä tammikuuta 2002 kokonaisuudessaan osavaltiopankille ja siten WestLB:n tappiot, jotka ovat välittömässä yhteydessä Wfa:ta koskevaan tulevaan ratkaisuun, ovat olleet paljon suuremmat kuin kohtuullinen korvaus Wfa:n pääomasta, mikä olisi katsottava asianmukaiseksi vastasuoritteeksi.
Polish: Komisja doszła do wniosku, że strata wynikająca z oddzielenia działalności wspierającej oraz transakcji publicznymi hipotecznymi listami zastawnymi nie stanowi wynagrodzenia za wykorzystanie kapitału Wfa trwające do 1 sierpnia 2002 r. Nie tylko działalność wspierająca oraz transakcje publicznymi hipotecznymi listami zastawnymi były pokrywane kapitałem Wfa, ale całość działalności komercyjnej banku WestLB.
English: WESTDEUTSCHE LANDESBANK GIROZENTRALE (WESTLB)
French: WESTDEUTSCHE LANDESBANK — GIROZENTRALE (WESTLB)
Italian: WESTDEUTSCHE LANDESBANK GIROZENTRALE (WESTLB AG)
Swedish: WESTDEUTSCHE LANDESBANK – GIROZENTRALE (WESTLB)
Polish: WESTDEUTSCHE LANDESBANK GIROZENTRALE (WESTLB)/ZACHODNIONIEMIECKI BANK KRAJU ZWIĄZKOWEGO CENTRALA ŻYROWA
English: At the end of 1993 the WestLB group's risk-adjusted assets (including Wfa's business) amounted to DEM 148600 million (EUR 76000 million). The balance-sheet total came to DEM 332600 million (EUR 170100 million). This indicates an average risk weighting of 45 %.
French: Fin 1993, les actifs à risques pondérés du groupe WestLB (Wfa comprise) s'élevaient à 148,6 milliards de DEM (76 milliards d'euros), alors que le total du bilan s'élevait à 332,6 milliards de DEM (170,1 milliards d'euros), ce qui donne une pondération moyenne des risques de 45 %.
English: As regards the supervisory restrictions on individual large loans, the 50 % threshold stipulated by the former German Banking Law was equivalent to about DEM 2500 million (EUR 1280 million) before the acceptance of Wfa's capital. After acceptance of Wfa's capital and a DEM 100 million (EUR 50 million) allocation to reserves from profits, the threshold rose to nearly DEM 4600 million (EUR 2350 million).
French: En ce qui concerne la limitation des grands risques imposée par les règles prudentielles, le seuil de 50 % prévu par l'ancienne loi sur le crédit correspondait à environ 2,5 milliards de DEM (1,28 milliard d'euros) avant la reconnaissance du capital de la Wfa, et à presque 4,6 milliards de DEM (2,35 milliards d'euros) ensuite, après incorporation aux réserves de 100 millions de DEM (50 millions d'euros) tirés des bénéfices.
English: Firstly, BdB applied a higher risk premium for equity (3,16 % and 5 % respectively). Secondly, it applied a higher beta factor for credit institutions (1,25).
French: Deux facteurs expliquent cette différence: premièrement, le Bundesverband deutscher Banken applique un taux d'augmentation des risques plus élevé pour le capital propre (3,16 % et 5 %); deuxièmement, le Bundesverband deutscher Banken utilise un facteur bêta supérieur pour les établissements de crédit (1,25 %).
English: Therefore, if any costs at all are taken into account, then it should only be a small margin of 2,7 percentage points in order to offset the fact that the Wfa assets are locked up in unprofitable business. BdB submitted an outside expert's opinion on this point.
French: Seul peut être pris en compte, à titre d'inconvénient, un abattement réduit de 2,7 % pour compenser le fait que le capital de la Wfa n'est pas lié à des activités constituant des sources de profit.
English: According to BdB, the claimed synergy effects did not constitute the real reason for the transfer. This was said to be apparent from the fact that the law on the transfer justified the measure on the grounds of the need to strengthen WestLB's competitive position and from the agreement that a remuneration should be paid for the act in money's worth.
French: Selon le Bundesverband deutscher Banken, les prétendus effets de synergie ne constituent pas la véritable raison du transfert de capitaux, ainsi qu'il ressort d'ailleurs du fait que, dans la loi sur le transfert, la mesure est motivée par la nécessité de renforcer la position concurrentielle de la WestLB, et qu'il aurait été convenu de verser une rémunération en numéraire pour l'opération.
English: WestLB was therefore in a favourable position compared with other banks. The exemption from corporation tax was said to benefit WestLB indirectly.
French: Dans ces conditions, la WestLB bénéficie d'un traitement de faveur, puisque l'exonération de l'impôt sur les sociétés la favorise indirectement.
English: WestLB also submits that the figures presented by BdB on the return on equity of German banks are not correct for several reasons. On account of specific stock exchange developments, the investment period used by BdB for the calculation led to particularly high returns.
French: La WestLB affirme également que les chiffres avancés par le Bundesverband deutscher Banken sur le rendement des capitaux propres de plusieurs banques allemandes seraient inexacts pour diverses raisons: la période d'investissement retenue pour les calculs a donné des rendements particulièrement élevés en raison de l'évolution des cours de la bourse.
English: For the purpose of establishing an appropriate remuneration, a distinction should be made between the different parts of Wfa's special reserve according to their use to WestLB. An amount of DEM 5900 million (EUR 3020 million) was entered as equity on WestLB's balance sheet.
French: Pour fixer une rémunération appropriée, il était nécessaire de faire la distinction entre les différents éléments des réserves spéciales de la Wfa, en fonction de leur utilisation par la WestLB.
English: An amount of DEM 4000 million (EUR 2050 million) was accepted by BAKred as original own funds. Of these amounts only DEM 2500 million (EUR 1280 million) allows WestLB to expand its activities and should be the primary basis of a remuneration for the Land.
French: Un montant de 5,9 milliards de DEM (3,02 milliards d'euros) a été inscrit au bilan de la WestLB en tant que capitaux propres.
English: The amount of DEM 4000 million (EUR 2050 million) accepted by BAKred reflects the supervisory body's very cautious approach to its valuation. It should be borne in mind that the valuation made for BAKred also gives a spread of between DEM 4000 million (EUR 2050 million) and DEM 5400 million (EUR 2760 million).
French: Les 4 milliards de DEM (2,05 milliards d'euros) reconnus par l'Office fédéral de contrôle du crédit sont le résultat de l'évaluation très prudente réalisée par cet organisme [une fourchette comprise entre 4 milliards de DEM (2,05 milliards d'euros) et 5,4 milliards de DEM (2,76 milliards d'euros)].
English: The studies and opinions submitted come to the conclusion that a minimum return for a (hypothetical) investment in the share capital of WestLB at the relevant time ranges from 10 % to 13 %. Only two studies arrive at a much higher figure.
French: Les experts et avis disponibles permettent de conclure que le rendement minimum d'un investissement (hypothétique) dans le capital social de la WestLB à la période en cause se situe entre 10 et 13 %.
English: In the discussions between the complainant BdB, the Land of North Rhine-Westphalia and WestLB in July 2004, the parties agreed on a rate of 10,19 % as the appropriate remuneration. This figure falls within the market range just identified.
French: Seuls deux rapports d'experts parviennent à un rendement minimum sensiblement supérieur.