FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: To arrive at this figure, the parties used the long-term risk-free interest rates calculated on the basis of the REX10 Performance Index of Deutsche Börse AG and beta factors estimated on the basis of a study by […] of 26 May 2004 commissioned by the Landesbanks. In practical terms, this resulted for BayernLB in a risk-free basic interest rate of 7,5 % on 31 December 1994 and 6,1 % on 31 December 1995 (the dates when the transfers took place). On the basis of the study by […], the beta factor was calculated at 0,593 on 31 December 1994 and 0,475 on 31 December 1995.
Polish: Przy obliczeniu minimalnego wynagrodzenia uwzględniono stopy procentowe długoterminowych, bezpiecznych papierów wartościowych obliczone przez banki krajowe przy zastosowaniu REX10 performance index niemieckiej giełdy (Deutsche Börse AG) oraz współczynniki beta wyliczone na podstawie zleconej przez banki krajowe ekspertyzy [...] z dnia 26 maja 2004 r. BayernLB uzyskał podstawową stopę procentową bezpiecznych papierów wartościowych w wysokości 7,5 % w momencie wniesienia dnia 31 grudnia 1994 r. oraz 6,1 % na dzień 31 grudnia 1995 r. Za współczynnik beta przyjęto na podstawie stanowiska [...] wartość 0,593 (31 grudnia 1994 r.) oraz 0,475 (31 grudnia 1995 r.).
English: The index series used in the present case contains the relevant end-of-year results of the REX10 Performance Index since 1970. The parties thus calculated the return per annum that reflects the trend as tracked by the REX10 Performance Index in the period 1970-94/1970-95 and, in this way, arrived at the risk-free basic interest rates of 7,50 % and 6,10 % referred to above.
Polish: Zastosowany w niniejszym przypadku indeks uwzględnia stan indeksu REX10 performance index na koniec każdego roku, począwszy od 1970 r. Strony oszacowały zatem zysk roczny, który odzwierciedla tendencję przyjętego indeksu REX10 performance index w okresie od 1970 do 1994 roku lub od 1970 do 1995 roku, i w ten sposób uzyskały wyżej wymienioną bezpieczną podstawową stopę procentową w wysokości 7,50 % (31 grudnia 1994 r.) i 6,10 % (31 grudnia 1995 r.).
English: The overall tax rate came down to 47,5 % in 1998. Only as of 2001 did it fall to 30,5 %.
Polish: W roku 1998 łączne obciążenie podatkowe uległo zmniejszeniu do 47,5 %, a od 2001 roku wynosiło już tylko 30,5 %.
English: The cash value of the first instalment made on 31 December 1994 stood at DEM 655 million, and that of the second instalment made on 31 December 1995 at DEM 542 million. This constituted a special-purpose reserve totalling DEM 1197 million.
Portuguese: O valor actual da primeira tranche, transferida em 31 de Dezembro de 1994, ascendeu a 655 milhões de DEM e o da segunda tranche, de 31 de Dezembro de 1995, a 542 milhões de DEM, o que permitiu constituir uma reserva especial no montante total de 1197 milhões de DEM.
English: In Germany's view, the fee (Bürgschaftsgebühr) of 0,05 % per annum for the loan claims guaranteed by the Land can also be viewed as remuneration for the transfer of the special-purpose assets, as provision of the guarantee was directly linked to the aim of increasing the Landesbank's equity capital. According to the explanatory memorandum to the Act, the guarantee was necessary to ensure the desired strengthening of the Landesbank's equity capital by preventing the special-purpose assets from being reduced by defaults on loans .
Portuguese: A taxa de 0,05% ao ano a pagar ao Freistaat da Baviera tendo em vista a garantia dos empréstimos assumida por este último deveria também, na opinião da Alemanha, ser considerada como contrapartida pela transferência do património com afectação específica, dado que a assunção da garantia estava directamente relacionada com o objectivo de aumentar o capital próprio do Landesbank.
English: Contrary to Germany's claims, the Court has specifically confirmed this view in its judgment in WestLB. The Court found that it is not consistent with the conduct of a market-economy investor if an increase in capital generates profits for the other shareholders of an undertaking without their contributing in any way to them.
Portuguese: Contrariamente ao que a Alemanha alega, o Tribunal de Primeira Instância confirmou expressamente esta posição no seu acórdão relativo ao WestLB, no qual afirma que o facto de o aumento de capital também gerar benefícios para os outros accionistas, não tendo eles contribuído em nada para tal, não está de acordo com o comportamento de um investidor numa economia de mercado.
English: However, the Commission does not believe that the entire refinancing interest rate has to be taken into account. Refinancing costs constitute operating expenses and therefore reduce taxable income.
Portuguese: Contudo, segundo a Comissão não é necessário tomar em consideração a totalidade da taxa de juro de refinanciamento Os custos de refinanciamento constituem despesas de exploração e reduzem, por conseguinte, o rendimento colectável.
English: Moreover, a risk or liability premium was paid primarily because of the risk of loss in the event of insolvency. If this were to happen, the capital would be irretrievably lost.
Portuguese: De resto, era pago um prémio de risco ou de garantia, principalmente devido ao risco de perdas em caso de insolvência, situação em que o capital estaria irremediavelmente perdido.
English: According to Germany, the main concern of the Land, as owner of half of the shares, was to maintain the long-term competitiveness of its affiliated state bank and, by injecting new funds, to ensure that ‘its’ bank could carry on serving its existing customers in future. Lastly, the investment was also said to be guided by considerations relating to brand image.
Slovak: Ako polovičnému podielovému vlastníkovi BayernLB slobodnému štátu Bavorsko išlo predovšetkým o udržanie dlhodobej konkurencieschopnosti svojej centrálnej a štátnej banky a prísunom nových dodatočných prostriedkov chcel zaistiť, aby „jeho banka“ mohla aj v budúcnosti poskytovať služby svojim doterajším zákazníkom.
English: The remuneration for the guarantee function was part of the remuneration for the business-expansion function. The fact of the sole guarantee function was, therefore, restricted from the outset, and this distinguishes the BayernLB case from the WestLB case.
Slovak: Komisia preto na rozdiel od prípadu WestLB nepovažuje prirážku za odôvodnenú a preto stanovila za základ sadzbu vo výške 0,3 % p. a. (pred zdanením) ako primeranú odmenu za funkciu ručenia kapitálu od momentu vloženia kapitálu a jeho zaradenia do súvahy k 31. decembru 1994, resp. k 31. decembru 1995 až do uznania zo strany BAKred.
English: Accordingly, the Commission considers that, in the case of BayernLB as opposed to WestLB, a premium is not justified and so sets a rate of 0,3 % per annum (before tax) as an appropriate remuneration for the guarantee function of the capital from the time of its inclusion in the balance sheet on 31 December 1994 and 31 December 1995 until its recognition by BAKred . Assuming a corporation tax rate of some 50 % at that time , an after-tax assessment gives a rate of 0,15 % per annum. This after-tax rate of 0,15 % was applied by the parties in calculating the aid element in the table attached to the understanding.
Slovak: Po zdanení za predpokladu sadzby podnikovej dane vo výške cca 50 % k danému momentu vyvstáva sadzba vo výške 0,15 % p. a. Sadzbu 0,15 % p. a. po zdanení použili aj strany dohody za základ výpočtu prvku pomoci v tabuľke, ktorá tvorí prílohu dohody.
English: Since 1 January 1999, marks have been converted into euros at a rate of EUR1 = DEM 1,95583. The figures in DEM must be converted accordingly.
Slovenian: Od 1. januarja 1999 se DEM po tečaju 1,95583 preračuna v EUR. Podatke je v skladu s tem treba preračunati v EUR.
English: For example, there was no agreement to the effect that the savings banks must always maintain the total volume of their investment at a constant level . Nor is it otherwise apparent that the Land took the savings banks' contribution into account in determining the remuneration for its capital injection.
Swedish: Det framgår inte heller av något annat att delstaten skulle ha tagit bidraget från sparkassorna med i beräkningen då den fastställde ersättningen för sitt kapitaltillskott.
English: Moreover, applying the WestLB method, a premium of at least 0,15 % per annum before tax is justified, if only because the capital is at BayernLB's disposal for guarantee purposes for an unlimited period . However, account must also be taken of the fact that corporate tax rates in 2004 are much lower than in the 1990s .
Swedish: Dessutom är det åtminstone på grundval av den omständigheten att kapitalet varaktigt och på obegränsad tid står till BayernLB:s förfogande rimligt med ett tillägg på minst 0,15 % per år före skatt i överensstämmelse med den metod som tillämpades i WestLB-beslutet.Det skall dock beaktas att bolagsskattesatsen år 2004 är betydligt lägre än på 1990-talet.