FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: OJ L 150, 23.6.2000, p. 1; actions challenging that decision have been brought by Germany (Case C-376/99), by North Rhine-Westphalia (Case T-233/99) and by WestLB (Case T-228/99). The Commission has also brought proceedings for infringement of the Treaty (Case C-209/00).
German: ABl. L 150 vom 23.6.2000, S. 1; es wurden Rechtsmittel eingelegt durch Deutschland (Rs; C 376/99), durch Nordrhein-Westfalen (Rs. T 233/99) und durch die WestLB (Rs. T 228/99); durch die Kommission wurde ein Vertragsverletzungsverfahren eingeleitet (Rs. C 209/00).
Spanish: DO L 150 de 23.6.2000, p. 1; presentaron recursos Alemania (asunto C-376/99), el Estado federado de Renania del Norte-Westfalia (asunto T-233/99) y WestLB (asunto T-228/99); la Comisión interpuso un recurso por incumplimiento (asunto C-209/00).
Italian: GU L 150 del 23.6.2000, pag. 1; ricorso contro la decisione è stato presentato dalla Germania (causa C 376/99), dal Land Nordrhein-Westfalen (causa T 233/99) e dalla WestLB (causa T 228/99); la Commissione ha avviato una procedura di infrazione (causa C 209/00).
Portuguese: JO L 150 de 23.6.2000, p. 1; foram interpostos recursos pela Alemanha (C 376/99), pela Renânia do Norte-Vestefália (T 233/99) e pelo WestLB (T 228/99); a Comissão deu início a um procedimento por infracção (C 209/00).
Finnish: EYVL L 150, 23.6.2000, s. 1; Saksa (asia C 376/99), Nordrhein-Westfalenin osavaltio (asia T 233/99) ja WestLB (asia T 228/99) hakivat muutosta päätökseen; komissio aloitti asiassa rikkomisesta johtuvan menettelyn (asia C 209/00).
Slovak: Ú. v. ES L 150, 23.6.2000, s. 1; opravné prostriedky podali Nemecko (vec C 376/99), Severné Porýnie-Vestfálsko (vec T 233/99) a WestLB (vec T 228/99); Komisia začala konanie o porušení zmluvy (vec C 209/00).
Hungarian: HL L 150,, 2000.06.23., 1. o.; jogorvoslati kérelmet nyújtott be Németország (C 376/99 sz. ügy), Nordrhein-Westfalen (T 233/99 sz. ügy) és a WestLB (T 228/99 sz. ügy); a Bizottság szerződésszegési eljárást indított (C 209/00 sz. ügy).
Slovenian: UL L 150 23.6.2000, str. 1; pravna sredstva so vložili Nemčija (Sodišče Evropskih skupnosti, zadeva C 376/99), dežela Severno Porenje-Vestfalija (Sodišče prve stopnje, zadeva T 233/99) in WestLB (Sodišče prve stopnje, zadeva T 228/99); Komisija pa je začela postopek glede kršitev Pogodbe (Sodišče Evropskih skupnosti, C 209/00).
Estonian: EÜT L 150, 23.6.2000, lk 1; Saksamaa kaebas otsuse edasi (kohtuasi C 376/99), samuti kaebasid otsuse edasi Nordrhein-Westfalen (kohtuasi T 233/99) ja WestLB (kohtuasi T 228/99); komisjon algatas menetluse asutamislepingu rikkumise kohta (kohtuasi C 209/00).
Latvian: OV L 150; 23.6.2000., 1. lpp.; tiesiskus līdzekļus izmantoja Vācija (Lieta C 376/99), Ziemeļreina-Vestfālene (Lieta T 233/99) un WestLB (Lieta T 228/99); Komisija uzsāka procedūru sakarā ar Līguma noteikumu pārkāpumu (Lieta C 209/00).
English: There are various methods of determining an appropriate minimum return. They range from differing variants of the financing approach to the CAPM method.
Spanish: Hay distintos métodos para determinar la remuneración mínima adecuada, que van desde diversas variantes del planteamiento de financiación hasta el CAPM.
Italian: Per determinare la remunerazione minima adeguata esistono vari metodi, che spaziano dalle diverse varianti dell’approccio del costo di finanziamento al metodo CAPM.
Portuguese: Existem vários métodos para determinar a remuneração mínima adequada, desde as diferentes variantes da perspectiva do financiamento ao método CAPM.
Greek: Υπάρχουν διάφορες μέθοδοι για τον προσδιορισμό της κατάλληλης ελάχιστης αποζημίωσης, που περιλαμβάνουν από τις διάφορες παραλλαγές της εκτίμησης της χρηματοδότησης μέχρι τη μέθοδο CAPM.
Polish: Aby obliczyć odpowiednie najniższe wynagrodzenie, można użyć różnych metod, począwszy od najróżniejszych wariantów metody finansowej do metody CAPM.
English: The size of the amount transferred and its effect on LSH from the point of view of the Solvency Directive has already been mentioned. Through the transfer of IB's capital, LSH's core capital was increased substantially without any acquisition or administration costs. A market-economy investor would probably have demanded a premium for an injection of capital as large in relative and absolute terms as the IB assets. On the other hand, in the light of the exceptional capital requirements of credit institutions in the EU laid down by the Solvency Directive, a capital injection of some DEM 1300 million in one of the largest German all-purpose banks must not be regarded as completely alien to any normal business decision. Moreover, where an investment involves a large volume of assets, this suggests a similarity with share capital.
Finnish: Noin 1,3 miljardin Saksan markan osakepääomasijoitusta Saksan suurimpiin yleispankkeihin kuuluvaan pankkiin ei toisaalta voida pitää täysin tavanomaisten liiketoimintatapojen vastaisena menettelynä, sillä eurooppalaisten luottolaitosten pääomantarve on vakavaraisuusdirektiivin vuoksi poikkeuksellisen suuri.
Greek: Από την άλλη πλευρά, μια εισφορά εταιρικού κεφαλαίου περίπου 1,3 δισ. DEM σε μια από τις μεγαλύτερες γερμανικές τράπεζες γενικών εργασιών δεν θα πρέπει να θεωρηθεί ως εξαιρετική σε σχέση με τη συνήθη επιχειρηματική δραστηριότητά της, ακριβώς λαμβάνοντας υπόψη την εξαιρετική κεφαλαιουχική ανάγκη των ευρωπαϊκών χρηματοπιστωτικών ιδρυμάτων λόγω της οδηγίας φερεγγυότητας.
Estonian: Teisest küljest ei tule põhikapitalieraldist ligikaudu 1,3 mld Saksa marka ühte suuremasse Saksa universaalpanka just arvestades Euroopa krediidiasutuste erakordset kapitalivajadust maksevõime suhtarvu direktiivi tõttu pidada selliseks, mis jääb väljapoole tavalise äritegevuse raame.
Latvian: No otras puses, tieši tāpēc, ka Maksātspējas direktīvas prasību kontekstā Eiropas kredītiestādēm ir radies milzīgs kapitāla deficīts, apmēram 1,3 miljardu DEM liela pamatkapitāla ieguldīšana vienā no lielākajām Vācijas universālajām bankām nav uzskatāma par ārkārtas gadījumu, kas neiekļaujas nekādās komerciālo dimensiju normās.
English: In LSH's annual report for 1990, values of between 8,8 % and over 9 % are mentioned (p. 28). In the annual report for 1991, values for that year of between 8,4 % and 9,17 % are mentioned (page 27).
French: Dans le rapport d'activité de LSH pour l'année 1990, à la page 28, il est fait référence à un taux situé entre 8,8 % et plus de 9 %; dans le rapport 1991, à la page 27, il est fait référence à un taux situé entre 8,4 % et 9,17 %.
Greek: Στην ετήσια έκθεση επιχειρηματικών δραστηριοτήτων της LSH για το 1990 αναφέρονται στη σελίδα 28 αξίες μεταξύ 8,8 % και άνω του 9 %.
English: The special-purpose real-estate reserve was therefore hived off to LVSH on 1 June 2003. At the same time, all assets and liabilities were transferred to Investitionsbank Schleswig-Holstein by means of universal succession.
Spanish: Así pues, el patrimonio especial de bienes inmuebles fue separado y transferido a Liegenschaftsverwaltung Schleswig-Holstein el 1 de junio de 2003 con todos los elementos del activo y del pasivo en el marco de la sucesión universal.
English: This involved IB becoming the legal and economic owner of the real estate in question. According to Germany, IB may not, however, freely dispose of the real estate transferred to it.
Spanish: Con la venta, IB pasó a ser propietario de los bienes inmuebles transferidos a efectos legales y económicos, aunque, según indicó Alemania, no podía disponer libremente de ellos.
English: Under Section 20(2), proceeds from these assets had to be used to maintain, acquire and construct real estate. However, they could also be used — subject to a decision by the Land Government — for the tasks of the Investitionsbank or be returned to the Land.
Spanish: En virtud del artículo 20.2, las rentas de dicho patrimonio debían utilizarse para el mantenimiento, la adquisición y la nueva construcción de bienes inmuebles, aunque, previa decisión del Gobierno del Estado federado, también podían emplearse en el ejercicio de las funciones de Investitionsbank o restituirse al Estado federado.
English: Altogether this produced an appropriate remuneration for the special-purpose reserve of 6,28 % per annum after taxes for the portion of the promotion-related assets available for use in LSH's competitive business. This remuneration was payable as of the end of the month when the assets were recognised as core capital (31 August 1991).
Spanish: En total, la remuneración adecuada del patrimonio especial quedó fijada en el 6,28 % anual después de impuestos en lo que respecta a la parte que LSH podía utilizar para sus actividades comerciales, y debía abonarse a partir del final del mes de su reconocimiento como capital básico (31 de agosto de 1991).
English: Its availability to the bank's creditors at least for the purposes of covering liabilities (‘guarantee function’) means that its economic function can still be compared to that of a surety or guarantee. The amount of equity shown in the balance sheet is an indication for the bank's lenders of its soundness and thus influences the conditions under which the bank is able to raise outside funds.
Spanish: En efecto, como está a disposición de los acreedores de la entidad de crédito, por lo menos a efectos de garantía (la denominada función de garantía), su función económica sí puede compararse a la de una garantía o un aval, ya que el importe del capital propio consignado en el balance proporciona a los prestamistas del banco información sobre su solvencia y, por tanto, repercute sobre las condiciones en las cuales el banco puede recurrir a financiación externa.
Estonian: Kuna see on krediidiasutuse võlausaldajate käsutuses vähemalt vastutuse seisukohast (niinimetatud vastutusfunktsioon), võib selle majanduslikku funktsiooni ikkagi võrrelda käenduse või garantiiga, sest bilansis näidatud omakapitali suurus annab panga rahastajatele informatsiooni selle maksejõulisuse kohta ja mõjutab seega tingimusi, millistel pank saab kasutada võõrkapitali.
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: Por tanto, el resultado neto del banco no se reduce por el importe de los intereses adicionales abonados, ya que estos gastos se compensan, en parte, con un impuesto sobre sociedades más reducido.
English: When the transfer took place at the end of 1990, large silent partnership contributions were atypical on the market. So if the volume of assets transferred is used to justify a further premium in the case of an investment that is similar to share capital, this means that the volume is being unduly taken into account twice over.
Spanish: A ello se añade que una aportación de gran volumen puede considerarse un indicio de la similitud de una inyección patrimonial con una inversión en capital social, ya que en la fecha de la aportación, finales de 1990, la aportación de participaciones sin voto de gran volumen era una práctica poco habitual en el mercado.
Estonian: Sellele lisandub asjaolu, et suurt mahtu saab kasutada indikaatorina põhikapitali sarnasuse kohta varainvesteeringuga, sest investeerimise ajal 1990. aasta lõpus ei olnud suuremahulised hääleõiguseta osalused turul tüüpilised.
English: He cannot withdraw the assets he originally brought in since these now form part of the company's liable equity capital and are no longer at his disposal. But by selling the shares — at the prevailing exchange price — he can realise their economic countervalue.
French: En effet, s'il ne peut retirer son capital initial, car il fait désormais partie du capital de garantie et n'est donc plus à sa disposition, il peut en revanche en réaliser la contrepartie économique en revendant les actions.
Spanish: De este modo, si bien el inversor no puede recuperar los activos aportados inicialmente —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.
Italian: L’investitore non può quindi ritirare il patrimonio apportato in origine, in quanto facendo parte del patrimonio di vigilanza della società esso non è più a sua disposizione, ma può, vendendo le azioni, realizzarne il controvalore economico.
Estonian: Nii ei saa ta küll oma algselt investeeritud varalist väärtust jälle välja võtta, sest see kuulub nüüd äriühingu vastutava omakapitali hulka ja seda ei saa vabalt investeerida, kuid ta saab aktsiate võõrandamise kaudu realiseerida selle majandusliku väärtuse.
English: […] Remuneration of 0,3 % (after tax) on point 3
Spanish: Remuneración del 0,3 % (después de impuestos) por 3.
English: Given that the aid has no regional objective — it is designed neither to promote the economic development of areas where the standard of living is abnormally low or where there is serious underemployment nor to facilitate the development of certain economic areas — neither Article 87(3)(a) nor (c) of the EC Treaty, as regards the latter's regional aspects, is applicable. Nor does the aid promote the execution of an important project of common European interest.
Estonian: Kuna abi ei ole suunatud teatud piirkonnale – see ei ole ette nähtud majandusarengu edendamiseks piirkondades, kus elatustase on erakordselt madal või kus valitseb tõsine tööpuudus ega ka teatud majanduspiirkondade arengu soodustamiseks –, siis ei kehti asutamislepingu artikli 87 lõike 3 punkt a ega artikli 87 lõike 3 punkt c. Abi ei anta ka üleeuroopalist huvi pakkuva tähtsa projekti elluviimiseks.
English: Consequently, the transfer represented the commercially most sensible use of those assets. It is therefore argued that any remuneration for the transfer, i.e. any additional return on the assets transferred, would be sufficient to justify the transfer in the light of the market-economy investor principle.
Finnish: Siirto oli liiketaloudellisesti katsoen järkevin tapa käyttää tätä omaisuutta, Niinpä mikä tahansa siirrosta maksettu korvaus eli mikä tahansa siirretystä omaisuudesta saatava lisätuotto olisi riittävä osoittamaan siirron markkinataloussijoittajaa koskevan periaatteen mukaiseksi.
English: The Commission therefore considers that a premium is justified in the case of LSH and lays down a rate of 0,3 % per annum as appropriate remuneration for the guarantee function of the capital from the time when the transferred amount appeared on the balance sheet (1 January 1991) up to its recognition by BAKred. The parties used a rate of 0,3 % per annum after tax as a basis in the table calculating the aid element annexed to the text of their understanding.
Finnish: Myös osapuolet käyttivät 0,3 prosentin vuosikorkoa (verojen jälkeen) sopimuksensa liitteenä olevassa taulukossa tukiosuuden laskentaperusteena.
English: On 1 September 1999 the Commission sent Germany a request for information on the transfers of assets to the other Landesbanks. By letter of 8 December 1999, Germany supplied information on the transfer of WKA and WAK to LSH, supplementing that information in a letter of 22 January 2001.
French: En réponse à la demande de renseignements de la Commission du 1er septembre 1999 concernant les cessions en faveur des autres banques régionales, l'Allemagne a ensuite fourni, par lettre du 8 décembre 1999, des informations sur les cessions de WKA et de WAK en faveur de LSH, qu'elle a complétées par lettre du 22 janvier 2001.
English: According to Germany, IB may not, however, freely dispose of the real estate transferred to it. Instead, the real-estate assets as a whole, including any gains made on them, had to be used for a specific purpose.
French: Selon les indications du gouvernement allemand, IB ne pouvait cependant pas disposer librement des biens immobiliers cédés, car l'ensemble du patrimoine immobilier, y compris les excédents éventuels, était soumis à une affectation spéciale.
Portuguese: Segundo indicações da Alemanha, o IB não podia, no entanto, dispor livremente dos bens imóveis transferidos, uma vez que a totalidade dos activos imobiliários, incluindo eventuais excedentes, estava vinculada a uma finalidade específica.
English: According to Germany, WKA's own assets and WAK's assets were placed in IB's special-purpose reserve. This took IB's capital up to a total of DEM 1306,05 million (IB special-purpose reserve of DEM […] million made up of WKA's capital (DEM […] million) and WAK's capital (DEM […] million), plus the special housing reserve of DEM […] million).
French: D'après les autorités allemandes, le capital propre de WKA et le capital de WAK ont été intégrés à la réserve spéciale d'IB, ce qui a porté le total du capital d'IB à 1306,05 millions de DEM ([...] millions de DEM pour la réserve spéciale d'IB — constituée du capital de WKA, soit [...] millions de DEM, et du capital de WAK, soit [...] millions de DEM — et [...] millions de DEM pour la réserve spéciale destinée à la construction de logements).
English: Article 295 lays down that the system of property ownership in the various Member States must not be affected. But this cannot justify any infringement of the Treaty's competition rules.
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: Pagal Sutarties 295 straipsnį nuosavybės tvarka įvairiose valstybėse narėse paliekama galioti, tačiau tuo nėra pateisinamas joks Sutarties konkurencijos taisyklių pažeidimas.
English: (‘BdB’), an association representing private banks established in Germany, informed the Commission that, among other things, WKA and WAK, together with their entire assets, had been transferred to LSH with effect from 1 January 1991. At the same time, WKA's and WAK's tasks had been transferred to the recently set-up Investitionsbank Schleswig-Holstein (‘IB’).
Italian: (di seguito «BdB»), l’associazione che rappresenta le banche private aventi sede in Germania, ha tra l’altro comunicato alla Commissione che a decorrere dal 1o gennaio 1991 il WKA e la WAK, con il relativo patrimonio, erano stati ceduti in toto alla LSH, e le loro funzioni trasferite alla Investitionsbank Schleswig-Holstein (di seguito «IB»), precedentemente costituita.
English: By the Act of 31 March 1950, WKA was set up as a public institution under the name ‘Landestreuhandstelle für Wohnungs- und Kleinsiedlungswesen in Schleswig-Holstein’. Its purpose was to support the Land, particularly by financing public and low-tax residential construction and in providing the public with suitable housing.
Italian: Il WKA era stato istituito dalla legge del 31 marzo 1950 come istituto di diritto pubblico, con la denominazione «Landestreuhandstelle für Wohnungs- und Kleinsiedlungswesen in Schleswig-Holstein», con il compito di assistere il Land nella fornitura alla popolazione di abitazioni adeguate, soprattutto tramite la promozione dell’edilizia pubblica e dell’edilizia agevolata.
English: WAK's own funds were not subject to this requirement. WKA used its own funds to grant building loans at particularly low interest rates.
Italian: Il patrimonio proprio del WKA non era invece sottoposto a destinazione vincolata e tramite esso il WKA concedeva in particolare mutui edilizi a tasso agevolato.
English: By 30 June 1993 German banks had to adapt their own funds to the new requirements of the Solvency Directive and the Own Funds Directive. Even before the Solvency Directive was transposed into German law, many Landesbanks had relatively weak own-funds positions.
Italian: Entro il 30 giugno 1993 le banche tedesche dovevano adeguare la loro dotazione di fondi propri ai nuovi requisiti introdotti dalla direttiva sul coefficiente di solvibilità e dalla direttiva sui fondi propri.
English: It can therefore be concluded, the BdB argues, that the capital injected can be compared only with equity instruments that were recognised as core capital (‘tier 1 capital’) and available in Germany in the year of the transfer. This immediately excluded from any comparison non-voting preference shares, profit participation rights and perpetual preferred shares.
Italian: Se ne deduce, secondo il BdB, che il capitale conferito può essere messo a confronto solo con gli strumenti di capitale proprio che nell’anno del conferimento erano riconosciuti come fondi propri di base (capitale di classe 1) e disponibili in Germania.
English: In all cases the transferred capital made up a significant proportion of the total core capital, sometimes even more than 50 %. This made it extremely likely that the injected capital could be drawn on — at least in part — in the event of losses.
Italian: In tutti i casi, il capitale conferito rappresentava una quota rilevante, a volte addirittura superiore al 50 %, del totale dei fondi propri di base, per cui la probabilità che venisse utilizzato, almeno in parte, in caso di perdita era estremamente elevata.
English: This arrangement served to respect the budgetary sovereignty of the Land Parliament, as it should be the parliament, not the executive arm that had decision-making power over these funds. In economic terms, this was a ‘pay out and claw back’ arrangement which did not prevent the amounts being counted as dividend payments.
Italian: In termini economici si è trattato di una procedura di distribuzione e recupero (la cosiddetta «Schütt-Aus-Hol-Zurück-Verfahren»: procedura consistente nella distribuzione di dividendi che rifluiscono in seguito nell’impresa tramite un aumento di capitale) che non impedisce però di riconoscere gli importi in questione come distribuzione di dividendi.
English: As in the WestLB case, part of the special-purpose reserve was also used for promotion-related tasks by IB itself. Accordingly, this part of the special-purpose reserve was not at LSH's disposal for expanding competitive areas of its business, although it did have a guarantee function.
Italian: Come nel caso WestLB, una parte della riserva speciale veniva utilizzata per le attività di promozione della IB, e non era quindi disponibile per l’espansione dell’attività esercitata dalla banca in regime di concorrenza, pur avendo, tuttavia, per la LSH una funzione di copertura.
English: In their understanding the parties apply a long-term risk-free rate of 6,61 %. They also agree to adopt a flat 50 % tax rate.
Italian: Nell’accordo le parti si sono basate su un tasso privo di rischio a lungo termine del 6,61 %, nonché su un’aliquota fiscale forfetaria del 50 %.
English: As a rule, these are matched on the liabilities side by a tradable interest registered in the name of the investor, taking the form, in the case of a limited company for example, of shares. The investor can sell these shares to a third party.
Italian: Di norma, ad esso corrisponde al passivo una quota di partecipazione negoziabile a favore dell’investitore, ad esempio azioni, nel caso di una società per azioni, che egli può vendere a terzi.
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 da eventi eccezionali, né 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, ou a compensar desvantagens económicas causadas pela divisão da Alemanha.
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.
Italian: Del resto un premio di rischio o un premio per la funzione di copertura viene pagato in primo luogo a causa del rischio di perdita in caso di insolvenza, una situazione in cui il capitale andrebbe irrimediabilmente perso.
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.