FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: In other words, where the core-capital ratio is 4 %, 3,4 % must be made up of nominal capital and open reserves (e.g. the special-purpose reserve transferred to the Landesbanks). Furthermore, banks only ever took up subordinate equity instruments such as preference shares or profit participation rights in small volumes.
Hungarian: Ezen túlmenően alárendelt sajáttőke-eszközöket, mint például elsőbbségi jogot biztosító részvényeket vagy a nyereségrészesedést biztosító jogokat a bankok csak igen csekély körben vesznek fel.
Lithuanian: Be to, antraeiles nuosavo kapitalo priemoness, pvz., privilegijuotąsias akcijas arba teises gauti dalį pelno nebūnant akcininku (Genusssrechte), bankai priimtų tik mažos apimties.
English: It also operates as an international wholesale bank active in the area of investment and commercial banking. It also claims to be one of the largest German issuing houses.
Italian: Inoltre la BayernLB svolge attività bancarie all'ingrosso a livello internazionale nel settore commerciale e degli investimenti ed è, come essa stessa afferma, una delle maggiori banche di emissione tedesche.
English: Without such an increase, BayernLB's competitiveness might be harmed in the long term. In addition, its equity base was to be strengthened by transferring existing Land building loan claims to it.
Italian: Secondo la relazione della legge, la cessione alla BayernLB dei crediti corrispondenti a prestiti per l'edilizia appartenuti fino ad allora allo Stato doveva aumentare la base di fondi propri della BayernLB.
English: Germany also stated that, as a 50 % shareholder, the Land could assume that it would benefit from very favourable capital returns compared with other credit institutions. The Land would therefore not have been content with a limited return or no return at all.
Italian: Le autorità tedesche hanno inoltre affermato che, in qualità di proprietario al 50 %, lo Stato libero poteva sperare di beneficiare di rendimenti dei fondi propri particolarmente interessanti rispetto ad altri enti creditizi e che non era vero quindi che si accontentava di un rendimento limitato o addirittura pari a zero.
Portuguese: A Alemanha declarou também que o Freistaat, enquanto detentor de 50% do capital, podia esperar obter uma rendibilidade do capital próprio muito favorável em comparação com outras instituições de crédito, pelo que não se contentou com uma rendibilidade reduzida, ou mesmo inexistente.
English: The first step is therefore to compare the capital provided with other equity instruments. The second step is to determine the minimum remuneration which an investor would expect for a real equity-capital investment in the Landesbank.
Italian: Il primo passo consisteva pertanto nel comparare il capitale fornito con altri strumenti rappresentativi di capitale proprio, il secondo nel determinare la remunerazione minima che un investitore potrebbe aspettarsi per un investimento effettivo nei fondi propri della Landesbank.
English: The Commission would point out once again that the extent to which the capital provided was actually used cannot be a factor in determining the appropriate remuneration. All that matters is the possibility of using the capital to expand business.
Italian: La Commissione chiarisce ancora una volta che la remunerazione appropriata non può essere determinata in funzione del capitale messo a disposizione effettivamente utilizzato, ma unicamente in funzione della possibilità di utilizzazione del capitale ai fini dell'espansione dell'attività.
Portuguese: A Comissão deixa claro, uma vez mais, que a remuneração adequada não pode ser determinada em função do montante do capital disponibilizado que tenha sido efectivamente utilizado, mas sim unicamente em função da possibilidade de utilização desse capital para expansão do negócio.
English: The aid does not have a social character and is not granted to individual consumers. Nor does it make good the damage caused by natural disasters or exceptional occurrences or compensate for the economic disadvantages caused by the division of Germany.
Italian: L'aiuto non ha carattere sociale, non è concesso a singoli consumatori, non è destinato ad ovviare ad un danno arrecato da calamità naturali o eventi eccezionali, né è destinato a compensare svantaggi economici provocati dalla divisione della Germania.
Portuguese: O auxílio não é de natureza social, não foi atribuído a consumidores individuais nem se destina a remediar os danos causados por calamidades naturais ou por outros acontecimentos extraordinários, nem se destina a compensar desvantagens económicas causadas pela divisão da Alemanha.
English: On 10 September 2004, BdB, the Land of Bavaria and BayernLB also reached a provisional understanding on the appropriate remuneration for the special-purpose assets transferred. Several letters were subsequently sent to the Commission by these interested parties and by Germany. The definitive version of the understanding on the transfer of the special-purpose assets to BayernLB reached the Commission on 24 September 2004. Similar understandings relating to asset transfers to Landesbanks were also communicated to the Commission in the other cases, with the exception of Landesbank Hessen-Thüringen.
Lithuanian: Galutinę susitarimo dėl BayernLB tikslinio turto perkėlimo teksto redakciją Komisija gavo 2004 m. rugsėjo 24 d. Be šio, ir kitais atvejais, išskyrus banko Helaba atvejį, buvo priimti tam tikri susitarimai, kurie buvo perduoti Komisijai.
English: The agreed rate was 0,6 % — payable out of income from banking business — on that portion of the transferred funds actually used to underpin competitive business, and the remuneration would fall due when the balance sheet for the relevant business year was established . According to the information supplied by Germany, the rate was fixed taking into account the fact that the special-purpose reserve was being made available without liquidity, with the consequence that any actual business expansion would have to be refinanced entirely by borrowing liquid funds.
Lithuanian: Pagal Turto perkėlimo sutartį ši išmoka siekė 0,6 % perkeltų lėšų faktiškai panaudojamos dalies komercinei veiklai remti – būtent banko sektoriaus rezultato (pelno) sąskaita, ir atlygį reikėjo mokėti patvirtinus atitinkamų ūkinių metų balansą.. Nustatant tokią atlygio normą, remiantis Vokietijos pateikta informacija ir nurodytais duomenimis, buvo atsižvelgta į tai, kad suteiktas tikslinis rezervas buvo nelikvidus, todėl faktinę veiklos plėtrą reikėjo refinansuoti prisiimant likvidžias lėšas.
English: In Germany these three equity instruments are recognised not as core capital but as additional capital (‘tier II capital’). Moreover, perpetual preferred shares did not exist in Germany at the beginning of the 1990s.
Latvian: Šie trīs pašu kapitāla instrumenti Vācijā netiek atzīti par garantēto pašu kapitālu, bet gan par papildinošo kapitālu (“otrās klases” kapitālu).
Lithuanian: Šios trys nuosavo kapitalo priemonės Vokietijoje nelaikomos pripažintu pagrindiniu kapitalu, o tik papildomu kapitalu („2 klasės“ kapitalu). perpetual preferred shares dvidešimtojo amžiaus paskutiniojo dešimtmečio pradžioje Vokietijoje dar nebuvo.
English: With the transfer of assets described above, the Land of Bavaria opted for a form of capital increase based on the concept of transferring public building-loan claims to BayernLB in order to strengthen its equity-capital base . In spite of the fact that the returns from these claims were still available for housing construction and hence served a public-benefit purpose, the assets were recognised by the supervisory authority and could therefore be used to provide cover for the liabilities of BayernLB, which was in competition with other credit institutions.
Lithuanian: Perkeldama pirmiau aprašytąjį turtą, Bavarijos žemė pasirinko tokį kapitalo padidinimo metodą, kurio pagrindinė koncepcija buvo perkelti į BayernLB banką turtą – viešuosius statybos paskolų reikalavimus ir taip sustiprinti jo nuosavo kapitalo bazę.. Nepaisant to, kad grįžtančios iš šių reikalavimų (gautinų skolų) sumos ir toliau buvo skiriamos būsto statybai, taigi bendram visuomenės labui, turtas buvo pripažintas bankų priežiūros teisiniu požiūriu ir todėl jis galėjo būti panaudotas su kitomis kredito įstaigomis konkuruojančio BayernLB banko garantiniams tikslams.
English: The transfer of the special-purpose assets was decided in 1994 and 1995 by the relevant public bodies. 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: Sprendimus dėl tikslinio turto perkėlimo kompetentingos viešosios įstaigos priėmė 1994 ir 1995 metais Vadinasi, Komisija turi įvertinti transakciją, remdamasi tuo metu turėtais duomenimis ir atsižvelgdama į to meto ekonomines bei rinkos sąlygas.
English: Normally a private investor is not content to avoid losses or to obtain a limited return on his investment, but attempts to maximise the return on his assets according to the circumstances in question and his interests. So a private investor who already holds shares in the beneficiary undertaking will usually insist on either a change in ownership structure or an appropriate fixed remuneration.
Lithuanian: Rinkos ekonomikos sąlygomis veikiantis finansuotojas paprastai nesitenkina vien tuo, kad išvengtų nuostolių arba gautų tik ribotą kapitalo grąžą iš savo investicijos, bet, atsižvelgdamas į esamas aplinkybes ir savo interesus, bando padidinti iš savo turto gaunamas pajamas.. Todėl paprastai ir privatus investuotojas, kuris turi savo akcijų palaikymą gaunančioje įmonėje, reikalautų arba pakeisti turimų turto dalių (akcijų) santykį, arba tinkamo nuolatinio atlygio.
English: Already in the WestLB case, 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 reports relating to 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 WestLB procedūroje 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: 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 %. Against this background, the Commission has no reason to depart from the market-risk premium used in the understanding.
Lithuanian: Vienoje ekspertizėje, kuri buvo parengta BdB asociacijai, alternatyviai buvo apskaičiuotas 3,16 % ir 5 %, o kitoje, kuri buvo parengta WestLB bankui taikant tokią pačią metodiką, buvo apskaičiuota alternatyviai 4,5 % ir 5 %, o Lehman Brothers, kurie taip pat dirbo WestLB bankui, apskaičiavo 4 % normą.
English: However, the Commission does not see any reason for a further premium. Although the Land was unable to realise the economic counter value by trading freely in the investment, it was and is able at any time to withdraw the special-purpose assets from BayernLB by law and achieve possibly higher returns by reinvesting them in other institutions.
Lithuanian: Nors Žemė ir negalėjo realizuoti dabartinės ekonominės investicijos vertės laisvo susitarimo būdu, tačiau iš esmės galimybė teisiškai pagrįstai atsiimti iš BayernLB tikslinį turtą ir, atsižvelgiant į aplinkybes, iš naujo investuoti į kitas įstaigas ir gauti didesnę kapitalo grąžą vis tiktai buvo ir yra.
English: The fixed nature of the rate accordingly does not benefit the investor in a way that he would have agreed to a lowering of the remuneration. In aggregate, the Commission believes that the rate of remuneration should not be reduced for this reason.
Lithuanian: Tačiau suminės atlygio savybės nėra naudingos finansuotojui tuo požiūriu, jeigu jis su atlygio sumažinimu sutiktų Atsižvelgdama į visas aplinkybes, Komisija teigia, kad dėl šios priežasties atskirojo atlygio normos mažinti nereikia.
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.
Lithuanian: Todėl Komisija laiko maržą BayernLB banke, kitaip negu WestLB banke, nepagrįsta ir nustato 0,3 % metinę normą (iki mokesčių atskaitymo) tinkamu atlygiu už kapitalo garantinę funkciją nuo kapitalo balansinio perkėlimo atitinkamai 1994 m. gruodžio 31 d. bei 1995 m. gruodžio 31 d. iki tol, kol jį pripažino BAKred.. Atsižvelgiant į normą atskaičius mokesčius ir pagrindu paėmus to meto įmonės 50 % bendrą mokesčių normą, buvo gauta 0,15 % norma per metus.
English: This remuneration was paid in 1996 in a single instalment of DEM 7000. The Commission also accepts the guarantee fee (Bürgschaftsgebühr) paid by BayernLB as additional remuneration for the Land (see paragraph 131 above).
Lithuanian: Šis 7000 Vokietijos markių atlygis buvo vienintelį kartą sumokėtas 1996 m. Be to, Komisija taip pat laiko BayernLB banko sumokėtą laidavimo mokestį kaip papildomą atlygį Žemei (žr. 131 punktą).
English: It was incorrect to take account of long-term inflation expectations in setting the risk-free base rate. What mattered was only which rates could actually be obtained on the market.
Latvian: Neesot pareizi, nosakot bezriska bāzes procentu likmi, ņemt vērā ilgtermiņa inflācijas prognozi, jo vienīgais būtiskais rādītājs ir tas, kādas procentu likmes faktiski bija sasniedzamas tirgus situācijā.
English: Interest on intermediate investments: The interest payments on intermediate investments laid down in the fourth and fifth sentences of Section 2(1) of the transfer agreement cannot be regarded as remuneration for the business-expansion function of liable equity capital either. This is because any returns which accrue to the special-purpose reserve on the basis of their continuing social purpose are ploughed back as low-interest loans specifically for social-housing construction in accordance with the Land guidelines and requirements .
Dutch: Betaalde rente voor tijdelijke beleggingen: ook de rente op tijdelijke beleggingen die op grond van paragraaf 2, lid 1, zinnen 4 en 5, van de overdrachtsovereenkomst betaald dient te worden, kan niet als vergoeding voor de hefboomfunctie van het aansprakelijk vermogen worden beschouwd want de terugvloeiende middelen, die hun sociale bestemming blijven behouden en daarom in elk geval naar het doelvermogen gaan, worden opnieuw als zachte leningen volgens de richtlijnen en voorschriften van de deelstaat Beieren ingezet voor de sociale woningbouw.
Slovak: Úročenie dočasných investícií: Ani úročenie dočasných investícií ustanovené v článku 2 ods. 1 vety 4 a 5 zmluvy o vklade nie je možné chápať ako odmenu za funkciu rozšírenia obchodu ručiaceho vlastného imania, pretože splátky, ktoré na základe pretrvávajúcej viazanosti na sociálne účely naďalej plynú do účelového majetku, sa obratom vydávajú podľa smerníc a požiadaviek slobodného štátu Bavorsko účelovo na sociálnu bytovú výstavbu vo forme pôžičiek s výhodným úročením.
Latvian: Procenti no vidutāju ieguldījumiem: arī ieguldījuma līguma 2. paragrāfa 1. panta 4. un 5. daļā paredzētā vidutāju ieguldījumu aplikšana ar procentiem nav uzskatāma par atlīdzību par garantētā pašu kapitāla darījumu paplašināšanas funkciju, jo ienākošie līdzekļi, kas joprojām pastāvošās sociālās saistības dēļ tāpat ir piekritīgi mērķa kapitālam, uz Bavārijas federālās zemes direktīvu un prasību pamata ir jāizmanto atpakaļejoši – sociālās dzīvokļu celtniecības programmas aizdevumu mērķiem.
English: Moreover, the arrangement between the shareholders did not reduce the use which BayernLB could make of the capital, so that this circumstance cannot diminish the overall remuneration payable by BayernLB. It was inconceivable that BayernLB would have paid no more at all if the Bavarian Sparkassenverband had, for example, committed itself vis-à-vis the Land of Bavaria to bear the entire loss.
Latvian: Pie tam šī daļu īpašnieku vienošanās nesamazina kapitāla lietderību (izmantojamību) bankai BayernLB, tāpēc šis apstāklis nevar samazināt bankas BayernLB maksājamo atlīdzību.
English: The investor can sell these shares to a third party. He cannot withdraw the assets he originally brought in, as these now form part of the company's liable equity capital and are no longer at his disposal.
Polish: W ten sposób inwestor nie może wprawdzie odzyskać początkowo wniesionych aktywów, ponieważ zaliczają się one obecnie do obowiązkowego kapitału własnego spółki i nie ma on do nich dostępu.
Latvian: Šīs akcijas investors var piedāvāt kādam trešajam, taču līdz ar to viņš nevar no uzņēmuma izņemt sākotnēji ieguldīto kapitāla vērtību, jo tā tagad attiecas uz sabiedrības garantēto pašu kapitālu un tiek atskaitīta no šī investora pozīcijas.
English: (DEM)
Latvian: (Vācijas markas)
English: Lastly, the BdB argued that, in calculating the appropriate remuneration in BayernLB's case, the entire amount recognised as core capital should be taken into account, and not just the part which was actually used. It backed up this argument by stating that a market-economy investor would never agree to limit his remuneration to the portion of funds actually used.
Dutch: Ten slotte wees BdB erop dat bij de berekening van een passende vergoeding bij BayernLB moest worden uitgegaan van het gehele bedrag dat als basisvermogen was erkend, en niet alleen van het deel waarop daadwerkelijk een beroep werd gedaan, dit omdat investeerders in een markteconomie ook niet zouden accepteren dat hun vergoeding beperkt bleef tot het deel dat daadwerkelijk als buffer werd gebruikt.
English: The CAPM is the predominant method of calculating investment returns in the case of large listed companies. However, since BayernLB is not a listed company, it is not possible directly to infer its beta value.
Dutch: Het CAPM is de methode waarmee het investeringsrendement van grote beursgenoteerde ondernemingen meestal wordt berekend Aangezien BayernLB echter geen beursgenoteerde onderneming is, is het niet mogelijk haar bètawaarde rechtstreeks af te leiden.
English: The German authorities replied by letters dated 16 March and 17 September 1993. The Commission requested further information by letters of 10 November and 13 December 1993, to which Germany replied by letter of 8 March 1994.
Polish: Władze niemieckie udzieliły odpowiedzi w dniu 16 marca 1993 r. oraz w dniu 17 września 1993 r. Komisja zwróciła się z zapytaniem o dalsze informacje w pismach z dnia 10 listopada 1993 r. oraz z dnia 13 grudnia 1993 r., na które uzyskała odpowiedź Niemiec w dniu 8 marca 1994 r.
English: The Commission sent further requests for information on 7 April, 27 April and 23 June, to which Germany replied on 1 June and 6 July. The Commission's last request, dated 27 July, was answered by Germany on 18 August.
Polish: Na pozostałe zapytania Komisji z dnia 7 kwietnia, 27. kwietnia i 23. czerwca 2004 r. Niemcy odpowiedziały pismami z dnia 1 czerwca 2004 r. oraz 6 lipca 2004 r. Na ostatnie zapytanie Komisji z dnia 27 lipca 2004 r. Niemcy udzieliły odpowiedzi pismem z dnia 18 sierpnia 2004 r.
English: The definitive version of the understanding reached the Commission on 13 October 2004. On 10 September 2004, BdB, the Land of Bavaria and BayernLB also reached a provisional understanding on the appropriate remuneration for the special-purpose assets transferred.
Polish: Ostateczna wersja porozumienia wpłynęła do Komisji dnia 13 października 2004 r. Także BdB, Wolny kraj związkowy Bawaria oraz bank BayernLB przekazały w dniu 10 września 2004 r. tymczasowe porozumienie o odpowiednim wynagrodzeniu za przeniesiony fundusz celowy.
English: The definitive version of the understanding on the transfer of the special-purpose assets to BayernLB reached the Commission on 24 September 2004. Similar understandings relating to asset transfers to Landesbanks were also communicated to the Commission in the other cases, with the exception of Landesbank Hessen-Thüringen.
Polish: Ostateczna wersja porozumienia dotyczącego przeniesienia funduszu celowego do banku BayernLB wpłynęła do Komisji dnia 24 września 2004 r. Odpowiednie porozumienia zawarto i przekazano Komisji także w pozostałych przypadkach przeniesienia funduszy na banki krajów związkowych, z wyjątkiem banku Helaba.
English: The first instalment of outstanding claims on promotion loans totalling some DEM 3811 million was transferred to BayernLB on 31 December 1994 in accordance with the transfer agreement of 15 December 1994 . A second instalment of outstanding claims on promotion loans totalling DEM 1216 million was transferred to BayernLB with effect from 31 December 1995 in accordance with the transfer agreement of 28 December 1995 . A total of DEM 5027 million in housing-promotion assets was thus transferred to BayernLB.
Polish: Pierwszą transzę otwartych należności z tytułu kredytów preferencyjnych w wysokości około 3811 mln DEM przeniesiono do banku BayernLB z dniem 31 grudnia 1994 r. na mocy umowy o przeniesieniu z dnia 15 grudnia 1994 r. Drugą transzę otwartych należności z tytułu kredytów preferencyjnych w wysokości 1216 mln DEM przeniesiono do BayernLB z dniem 31 grudnia 1995 r. na mocy umowy o przeniesieniu z dnia 28 grudnia 1995 r. Fundusz celowy przeniesiony do banku BayernLB wyniósł łącznie 5027 mln DEM.
English: According to this definition, silent partnership contributions must be recognised for supervisory purposes as no more than lower tier I capital, which may account for no more than 15 % of the requisite core-capital ratio. In other words, where the core-capital ratio is 4 %, 3,4 % must be made up of nominal capital and open reserves (e.g. the special-purpose reserve transferred to the Landesbanks). Furthermore, banks only ever took up subordinate equity instruments such as preference shares or profit participation rights in small volumes.
Polish: Ten składnik kapitału może stanowić tylko 15 % wymaganego wskaźnika kapitału podstawowego, tzn. przy wskaźniku kapitału podstawowego w wysokości 4 % kapitał nominalny oraz otwarte rezerwy (np. wniesione rezerwy celowe w bankach krajów związkowych). powinny stanowić 3,4 %.Ponadto podrzędne instrumenty kapitału własnego, np. akcje uprzywilejowane lub prawo do udziału w zyskach, są wykorzystywane przez banki tylko w ograniczonym zakresie.
English: They argued that silent partnership contributions and ‘perpetuals’ had in fact been recognised as core capital in Germany since 1991. They added that remuneration for an investment depended not on how it was classified by the banking supervisory authorities, but on its risk profile.
Polish: Tym bardziej, że ciche udziały oraz obligacje bezterminowe (perpetuals) uznano w Niemczech za kapitał podstawowy już w 1991 r. Ponadto wynagrodzenie nie zależy od przepisów o nadzorze bankowym, ale od profilu ryzyka danej inwestycji.