FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: Similarly, he was not covered by Anstaltslast, since that provided only for the obligation of providing the institution with an economic basis and of making available the contributions required for maintaining normal business operation. This in no way excluded third-party participation in losses.
Italian: Non è neanche coperto dall'Anstaltslast, dato che quest'ultima fattispecie configura semplicemente l'obbligo di garantire all'ente creditizio una base economica e di mettergli a disposizione le risorse necessarie al proseguimento della normale attività commerciale, il che non esclude in alcun modo la partecipazione dei terzi alle perdite.
Estonian: Sarnaselt ei kuulunud ta ka Anstaltslast'i kohaldamisalasse, kuna see nägi ette üksnes kohustuse varustada asutust majandusbaasiga ja teha kättesaadavaks normaalseks äritegevuseks vajalikud panused.
Latvian: Tieši tāpat viņš negūst labumu no institūcijas sloga, jo no tā izriet tikai pienākums nodrošināt kredītiestādei ekonomisko bāzi un normālas saimnieciskās darbības uzturēšanai nepieciešamos ieguldījumus.
English: This, it was argued, was only slightly above the premium agreed here of 0,20 % a year (0,23 % a year with the trade tax effect). Another reason for the difference was that the Deutsche Bank perpetuals were rated lower by Moody's at A1 than the Dresdner Bank silent partnership contribution, rated Aa2, and consequently had a higher remuneration.
Estonian: Väidetavalt oli see siin kokkulepitud lisatasust 0,20 % aastas (kaubandusmaksu tagajärjel 0,23 % aastas) vaid veidi kõrgem Vahe teine põhjus oli see, et Deutsche Bank'i tähtajatud instrumendid said Moody'selt madalama reitingu A1, kui Dresdner Bank'i vaikiva seltsingu panuse reiting Aa2, ning tasu oli sellest tulenevalt kõrgem.
English: Chart: End-of-year figures
Finnish: Tilanne esitetään jäljempänä pankkivalvontalainsäädännön mukaisen jaottelun ja sopimuksen mukaisen porrastusmenetelmän perusteella eriteltynä. Taulukko: Arvo loppuvuonna
English: It could therefore be concluded, the BdB argues, that the capital injected could 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 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.
Finnish: BdB:n mukaan tästä voidaan päätellä, että pääomasijoitusta voidaan verrata ainoastaan sellaisiin oman pääoman ehtoisiin instrumentteihin, jotka hyväksyttiin ja jotka olivat käytettävissä Saksassa kyseisenä vuonna osana ydinpääomaa (ensisijaisina omina varoina, tier 1) Tästä syystä vertailun ulkopuolelle jäivät äänioikeudettomat etuoikeutetut osakkeet, voitto-osuustodistukset ja määräämättömäksi ajaksi annetut etuoikeutetut osakkeet (perpetual preferred shares).
English: Year-end values in EUR millions
Finnish: Loppuvuoden arvot milj. euroa
Slovak: v miliónoch eur
Hungarian: Évvégi értékek millió euróban
English: In September and October 2004, talks took place between the BdB, the Land of Hessen and Helaba on the question of an appropriate remuneration for the capital provided. No understanding was reached.
French: En septembre et octobre 2004, des entretiens entre le Bundesverband deutscher Banken, le Land de Hesse et la Helaba ont eu lieu à propos de la rémunération appropriée du capital mis à disposition; ils n'ont toutefois débouché sur aucun accord.
Italian: Nel settembre e nell'ottobre 2004 si sono tenuti colloqui tra BdB, il Land Assia e la Helaba sulla questione della remunerazione adeguata per il capitale messo a disposizione, senza giungere ad un accordo.
Portuguese: Em Setembro e Outubro de 2004, realizaram-se negociações entre a BdB, o Land de Hessen e o Helaba sobre a questão da remuneração adequada do capital disponibilizado, mas as partes não chegaram a acordo.
English: Nominal value in the balance sheet 1264,4
French: Valeur nominale au bilan
Lithuanian: Nominali vertė balanse
English: This immediately excluded from any comparison non-voting preference shares, profit participation rights and perpetual preferred shares. In Germany, these three equity instruments were recognised not as core capital, but as additional capital (‘tier 2 capital’).
French: Étaient donc a priori exclus de toute comparaison les actions privilégiées sans droit de vote, les titres participatifs et les «perpetual preferred shares», ces trois instruments de capitaux propres n'étant pas reconnus en Allemagne comme fonds propres de base, mais uniquement comme fonds propres complémentaires (capital de «deuxième catégorie»).
English: In its view, it was to be assumed that the Land of Hessen was incurring a substantial business risk with the silent partnership contribution. This was evident not only from the size of the capital investment, but also from the fact that the participation was not withdrawable.
French: On peut penser qu'avec cet apport tacite, le Land de Hesse assume un risque considérable, tant par le niveau élevé des capitaux et que par l'impossibilité de résilier la participation.
Italian: Si può supporre che con il conferimento tacito il Land Assia si sia assunto un notevole rischio imprenditoriale, in ragione sia dell'importo elevato del capitale investito sia dell'impossibilità di recedere dalla partecipazione.
English: In order to be able to assume that there was an abuse of form, it would have to be beyond question that the competent German authority wrongly recognised the silent partnership of the Land of Hessen as such. However, there is no evidence of this.
French: Pour pourvoir considérer qu'il y a détournement de la forme juridique, il devrait être établi sans conteste que les autorités compétentes allemandes ont reconnu à tort l'apport tacite du Land de Hesse comme tel. Or, rien ne le laisse supposer.
English: However, the Land of Hessen is not subject to trade tax. Instead, Helaba had to pay the trade tax applicable to the remuneration of the silent partnership.
French: Le Land de Hesse n'est pas assujetti à la taxe professionnelle, mais la Helaba doit, quant à elle, s'acquitter de la taxe professionnelle due au titre de la rémunération de l'apport tacite.
English: By letter dated 13 November 2002, the Commission informed Germany that it had decided, with regard to the transfer of the special assets by the Land of Hessen as a silent partnership contribution to Helaba, to initiate formal proceedings under Article 88(2) of the EC Treaty. At the same time, the Commission also initiated proceedings in respect of similar transfers of assets to Norddeutsche Landesbank — Girozentrale (‘NordLB’), Landesbank Schleswig-Holstein — Girozentrale (‘LSH’), Hamburgische Landesbank — Girozentrale (‘HLB’) and Bayerische Landesbank-Girozentrale (‘Bayern LB’).
Hungarian: A Bizottság 2002. november 13-án kelt levelében értesítette Németországot határozatáról, miszerint Hessen tartomány saját tőkéjének titokban történt bevonását – a Helaba vállalkozásba – illetően szabályszerű eljárás indul ellene az EK Szerződés 88. cikk (2) bekezdése alapján.
English: The amounts taken up by private institutions were therefore at best to be compared with the amounts of individual tranches. It could therefore be said that the order of magnitude involved was in conformity with the market.
Hungarian: A magánintézmények által felvett összegeket ennél fogva minden esetben az egyes szeletek összegeivel kell összemérni, és már itt megállapítható, hogy az érintett összegek piaci nagyságrendet képviseltek.
English: The BdB doubts that the profit share of the Land of Hessen is tax deductible as operating expenditure. In its view, it was to be assumed that the Land of Hessen was incurring a substantial business risk with the silent partnership contribution.
Hungarian: A BdB megkérdőjelezi Hessen-tartomány nyereségrészesedésének, mint üzemi költségnek az elszámolhatóságát az adóval szemben, mivel feltételezhető volt, hogy Hessen-tartomány jelentős üzleti kockázatot vállal a csendestársi tőkebefektetéssel.
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.
Hungarian: Ezzel szemben állítják, hogy a csendestársi tőkebefektetéseket és az ún Perpetuals („végtelen futamidejű kötvények”) eszközeit már 1991 óta alaptőkeként ismerik el Németországban.
English: BAKred recognised these, as stated above, in full as basic own funds for supervisory purposes. They were to only a small extent required, on the basis of an amount which varied from year to year, to underpin promotion operations.
Hungarian: Mint fentebb kifejtettük, a BAKred teljes körűen elismerte ezeket, mint bankfelügyeleti szempontból alapvetően saját eszközöket, melyekre csak kis mértékben volt szükség, egy évente változó összeggel a támogatási tevékenység alátámasztásához.
English: If, in the case of a variable overall remuneration, the remuneration premium relates to the (variable) money market interest rate on the interbank market (Libor or Euribor), i.e. the refinancing rate for first-class banks, this corresponds to the liability remuneration for the silent partnership without any need for further adjustment. However, if, in the case of a fixed overall remuneration, the remuneration premium relates to the (fixed-interest) bond market rate (generally the yield on public bonds with a ten-year maturity), the remuneration premium consists of the (general) refinancing premium of the bank vis-à-vis the State for the procurement of liquidity and the specific liability remuneration for the silent partnership.
Hungarian: Ha a változó összesített ellenszolgáltatás esetében, az ellenszolgáltatás a bankközi piacon fennálló pénzpiaci kamatlábra vonatkozik (LIBOR, EURIBOR), vagyis az első osztályú bankok refinanszírozási kamatlábára, ez megfelel a csendestársi tőkebefektetés jótállási ellenszolgáltatásának, minden további módosítás nélkül.
English: For the purposes of comparing the liability remuneration with money-market-related liability remunerations, therefore, the refinancing premium must in this case be deducted from the remuneration premium. With illiquid capital contributions, as in the case of the silent partnership contribution of the Land of Hessen, the remuneration premium is, however, as with variable-interest money-market-related instruments, usually identical to the liability remuneration.
Hungarian: Ugyanakkor, ha egy fix összesített ellenszolgáltatás esetében, az ellenszolgáltatási felár a fix kamatozású kötvénypiaci kamatlábra vonatkozik (ez általában a 10 éves lejáratú államkötvények hozama), az ellenszolgáltatási felár a bank (általános) refinanszírozási felárából – az állammal szemben a likviditás megteremtéséért – és a konkrét jótállási ellenszolgáltatásból áll – a csendestársi tőkebefektetés fejében.
English: 10-year US treasuries (adjustment through deduction of 65 bp [35]
Hungarian: 10 éves amerikai kincstárjegyek 65 bázispont levonásával [35]
English: 30-year US treasuries (adjustment through deduction of 65 bp [37]
Hungarian: 30 éves amerikai kincstárjegyek 65 bázispont levonásával [37]
English: 30-year US treasuries (adjustment through deduction of 65 bp [43]
Hungarian: 30 éves amerikai kincstárjegyek 65 bázispont levonásával bp [43]
English: These facts show clearly that Helaba offers its banking services in competition with other European banks outside Germany and, since banks from other European countries are active in Germany, inside Germany. It is clear, therefore, that aid given to Helaba distorts competition and affects trade between Member States.
Hungarian: E tények egyértelműen jelzik, hogy a Helaba banki szolgáltatásait más európai – Németországon kívüli – bankokkal versenyben nyújtja, és – mivel más európai országok bankjai szintúgy tevékenykednek Németországban – a Németországon belüli bankokkal is versenyben áll. Nyilvánvaló ennél fogva, hogy a Helabának nyújtott támogatás versenytorzító jellegű és érinti a tagállamok közötti kereskedelmet.
English: Germany's reply of 23 August 2004, pp. 11-12. In the case of the [...] private banks in Germany listed there, [...], [...] and [...], the relevant proportion rose from some 5 % in 1998 to around 20-30 % in 2003.
Hungarian: Németország válasza, 2004. augusztus 23, 11-12. o. Az ott megadott [...] német magánbankok [...], [...] és [...] esetében ez a részesedés az 1998. évi kb. 5 %-ról kb.20-30 %-ra emelkedett 2003-ra.
English: As regards the latter transaction, the Commission wrote to Germany on 31 July 1998 requesting information. Germany answered by letter dated 2 October 1998 that this was currently still only at the planning stage and that the Commission had no cause for concern either now or at a later stage.
Italian: In merito a quest'ultimo caso, con lettera del 31 luglio 1998 la Commissione ha chiesto informazioni alla Germania, la quale ha risposto con lettera del 2 ottobre 1998, affermando che al momento vi era solo un disegno di legge ministeriale e che quindi non vi erano, né vi sarebbero stati in futuro, fondati motivi di preoccupazioni da parte della Commissione.
English: The promotion-related loans transferred as a silent partnership contribution would have to be used for public promotion purposes in the same way as before the transfer. Consequently, Helaba could not use the transferred resources directly for its business.
Italian: I prestiti agevolati trasferiti come conferimento tacito avrebbero continuato ad essere utilizzati a fini di promozione pubblica, come prima del trasferimento, per cui la Helaba non avrebbe potuto utilizzare i fondi trasferiti direttamente per la sua attività.
English: A private investor would in such a situation not have insisted on immediate remuneration of the entire investment, unless it had found a credit institution which needed a capital injection on such a scale either because of explosive growth in its business activity or to offset massive losses. However, this had not been the case.
Italian: In un caso del genere un investitore privato non avrebbe preteso una remunerazione immediata dell'intero conferimento, se non nel caso in cui avesse trovato un ente creditizio che, o a seguito di un'espansione esplosiva della sua attività o per compensare perdite ingenti, avesse avuto bisogno di un apporto di capitale di tale entità, il che non è stato nel caso in oggetto.
English: If, in the case of Helaba, only the net refinancing costs were deducted from the notional remuneration for a liquid silent partnership contribution, the same process would have to be applied in the case of private credit institutions as regards the remuneration actually paid by them for liquid silent partnership contributions. Otherwise the comparison would be distorted.
Italian: Se nel caso della Helaba si detraggono dalla remunerazione fittizia per un conferimento tacito liquido solo i costi netti di rifinanziamento, altrettanto occorre fare per la remunerazione effettivamente pagata dagli enti creditizi privati per conferimenti taciti liquidi, altrimenti il confronto risulta falsato.
Portuguese: Se para o Helaba fossem deduzidos da remuneração virtual de uma participação passiva líquida apenas os custos de refinanciamento líquidos, teria de se aplicar o mesmo procedimento à remuneração efectivamente paga pelas instituições privadas por participações passivas líquidas, caso contrário a comparação estaria falseada.
Lithuanian: Jeigu Helaba banke iš fiktyvaus atlygio už likvidų neskelbiamąjį indėlį būtų išskaičiuojamos tik neto refinansavimo išlaidos, tai privačiose kredito įstaigose su jų faktiškai sumokėtu atlygiu už likvidžius neskelbiamuosius indėlius reikėtų elgtis lygiai taip pat. Priešingu atveju palyginimas būtų netikslus.
English: Since Helaba was the (sole) owner of the special fund, it was in reality paying itself. A private investor would not have accepted this as a return for his investment.
Italian: In sostanza, essendo proprietaria (unica) del patrimonio speciale, la Helaba paga a se stessa, cosa che però un investitore privato non avrebbe accettato come corrispettivo per il suo investimento.
English: A beta factor of more than one meant that a company's shares represented a higher risk than the market as a whole. Yet the risk of investing in a Landesbank was well below the overall market risk because of the institutional liability (Anstaltslast) and guarantor liability (Gewährträgerhaftung) which it enjoyed and which were not challenged at the time.
Italian: Tuttavia l'investimento in una Landesbank presentava un rischio nettamente inferiore al rischio generale di mercato, in forza dell'esistenza, all'epoca indiscussa, dell'Anstaltslast (obbligo dell'ente pubblico proprietario di un organismo avente funzioni pubbliche di fornirgli i mezzi finanziari necessari al suo funzionamento) e della Gewährträgerhaftung (l'obbligo dell'ente pubblico proprietario di un organismo avente funzioni pubbliche di far fronte ai creditori che questo non riuscisse a soddisfare tramite il proprio patrimonio).
English: Lastly, the fact that the assets' lack of liquidity did not pose a risk to the liquidity position should be seen as reducing the risk — and hence the remuneration. This should be taken into account by applying a corresponding deduction.
Italian: Infine, il fatto che la mancanza di liquidità dei patrimoni non metteva a rischio la posizione di liquidità aveva l'effetto di ridurre il rischio e di conseguenza la remunerazione, elemento questo di cui occorreva tenere conto tramite una corrispondente riduzione.
Latvian: No riska un līdz ar to atlīdzības samazinājuma viedokļa esot arī jāpatur prātā, ka ieguldīto kapitālu zemās likviditātes dēļ šī likviditāte arī nav pakļauta riskam, kam jāatspoguļojas atbilstošā atlaidē.
English: This too showed that the difference between contributions of limited and unlimited duration was by no means as great as the BdB was arguing. As far as the appropriate remuneration was concerned, there was no cause or justification on this account for reinterpreting silent partnership contributions as share capital.
Italian: Ciò dimostra che la differenza tra conferimento di durata limitata e di durata illimitata non è affatto così netta come sostiene BdB, il che non consente né giustifica in nessun modo il tentativo di reinterpretare i conferimenti taciti come capitale sociale ai fini del calcolo della remunerazione adeguata.
Portuguese: Também isto mostra que a diferença entre participações com e sem prazo não é, de modo algum, tão decisiva como pretendido pela BdB e não implicaria, nem justificaria nunca uma reinterpretação das participações passivas como capital social, para fins de cálculo da remuneração adequada.
English: The assertion that for very large volumes only share capital and not ‘normal’ silent partnerships could be used was contradicted by the size of the silent partnership contributions which private credit institutions had taken up on the capital market in 1998/99 and were also currently taking up. These ranged up into the area of around EUR 1 billion. In relative terms, any silent partnership contribution even over the 15 % limit was recognised as core capital if it met the requirements of the Basle Committee on Banking Supervision and was in line with the practice of the German supervisory authorities which was based on them.
Italian: L'affermazione che per volumi molto grandi si può ricorrere solo al capitale sociale e non alle partecipazioni tacite «normali» viene contraddetta dall'entità dei conferimenti taciti raccolti sul mercato dei capitali da enti creditizi privati sia negli anni 1998/1999 che al momento attuale, per importi fino a circa 1 miliardo di EUR. In termini relativi, ogni conferimento tacito, anche quelli che superano il limite del 15 %, viene riconosciuto come fondi propri di base se soddisfa i requisiti del Comitato di Basilea per la vigilanza bancaria e la prassi delle autorità di vigilanza tedesche che ne è derivata.
English: The expert had started from the assumption of a long-term market yield of 5,0 % and a long-term risk-free interest rate of 6,0 %. This gave, on 1 January 1999, an equity capital cost of [...] %.
Italian: Ipotizzando un rendimento di mercato a lungo termine del 5,0 % e un tasso di interesse a lungo termine privo di rischio del 6,0 %, l'esperto ha calcolato un costo del capitale proprio al 1o gennaio 1999 pari a […] %.
Portuguese: O perito partiu da hipótese de uma rendibilidade de mercado a longo prazo de 5,0% e uma taxa de juro sem risco a longo prazo de 6,0%, chegando a uma taxa de custos do capital próprio de [...]% a 1 de Janeiro de 1999.
English: The Land of Hessen contributed to Helaba up to 31 December 1998 as silent partnership reserves promotion-related assets with a nominal loan portfolio for the Land share of DEM 6,026 billion (EUR 3,081 billion) and a cash value assessed on the basis of an expert evaluation of DEM 2,473 billion (EUR 1,264 billion). BAKred recognised these, as stated above, in full as basic own funds for supervisory purposes. They were to only a small extent required, on the basis of an amount which varied from year to year, to underpin promotion operations. This part of the silent partnership reserves shown in the balance sheet served only a guarantee function for Helaba. Most of the remainder was available to Helaba to underpin and expand its competitive business.
Italian: Il 31 dicembre 1998 il Land Assia ha trasferito alla Helaba in forma di conferimento tacito un patrimonio di promozione costituito da uno stock nominale di prestiti del Land pari a 6,026 miliardi di DEM (3,081 miliardi di EUR) ed un valore attualizzato calcolato da un esperto in 2,473 miliardi di DEM (1,264 miliardi di EUR).
English: As stated above, the amount of the silent participation that could not be used to underpin competitive business was also entered in Heleba's balance sheet on 31 December 1998. It was in full a component part of the liable equity capital and was thus from the outset available as security to the bank's creditors.
Italian: Come già detto in precedenza, il 31 dicembre 1998 venne iscritto nel bilancio della Helaba anche l'importo del conferimento tacito non utilizzabile a copertura dell'attività esercitata in regime di concorrenza, che è confluito per intero nel patrimonio di vigilanza ed è stato quindi sin dall'inizio a disposizione dei creditori della banca come garanzia.
Polish: Jak przedstawiono powyżej, również ta kwota cichego udziału, której bank Helaba nie mógł wykorzystać do pokrycia działalności komercyjnej, została ujęta w bilansie banku na dzień 31 grudnia 1998 r. Został on zaliczony do kapitału podstawowego w pełnej wysokości i od początku stanowił zabezpieczenie wierzycieli banku.
English: In the first place, the amount of the silent partnership contribution (EUR 50 to 100 million) available in the long term to underpin the promotion-related business is much smaller than the corresponding amount of some EUR 1,7 billion in the case of WestLB. Secondly, the amount which, under the phased arrangement, was not usable to underpin competitive business was, as a result of the phased arrangement, limited in time and accordingly fell to zero by 2003.
Italian: Anzitutto l'importo del conferimento tacito (tra 50 e 100 milioni di EUR) disponibile a lungo termine per la copertura dell'attività di promozione è notevolmente inferiore al corrispondente importo nel caso WestLB pari a circa 1,7 miliardi di EUR. In secondo luogo, l'importo che conformemente al meccanismo progressivo non poteva essere utilizzato a copertura dell'attività esercitata in regime di concorrenza era, in forza dello stesso meccanismo, limitato nel tempo e si è ridotto a zero entro il 2003.