natgillin/translations-raw huggingface dataset:
Til fastlæggelse af den langsigtede risikofri basisrentesats skal der så til den »reale basisrentesats« på betragtningstidspunktet lægges et skøn over den langsigtede gennemsnitlige forventede inflation på 3,60 %.
Then, to estimate the long-term risk-free base rate, the estimated figure for average long-term inflation expectations (3,60 %) is added to the ‘real base rate’ at the time in question.
BdB anfører til sammenligning også de teoretiske betaværdier efter Capital Asset Pricing Model (CAPM) og fastslår, at de stort set ikke afviger fra de empirisk bestemte værdier.
For the purposes of comparison, the BdB also gives the theoretical beta values calculated using the Capital Asset Pricing Model (CAPM), which, as it indicates, differ very little from the empirically determined values.
[…] lyder således: »[…]«
[...] states: ‘[...]’
Se Börsenzeitung af 7. november 2003 og International Financial Review af 22. november 2003.
See Börsenzeitung of 7 November 2003 and International Financial Review of 22 November 2003.
+) Navnene på de anførte private storbanker er fortrolige oplysninger, og bankerne kaldes derfor i tabellen Bank A, Bank B og Bank C.
+) The names of the listed banks in the private sector are confidential information and are referred to as Bank A, Bank B and Bank C.
baseret på fuldstændig henregning til kernekapitalen
On the basis of full appropriation to core capital.
inkl. kumulative præferenceaktier efter afkonsolidering af Treuhand-selskaber
Including cumulative preference shares after deconsolidation of trust companies.
Dom i de forenede sager T-228/99 og T-233/99.
Judgment in Joined Cases T-228/99 and T-233/99.
Meddelelse til medlemsstaterne fra Kommissionen: Anvendelse af EF-traktatens artikel 92 og 93 og af artikel 5 i Kommissionens direktiv 80/723/EØF på offentlige virksomheder i fremstillingssektoren (EFT C 307 af 13.11.1993, s. 3, punkt 11).
Commission communication to the Member States on the application of Articles 92 and 93 of the EEC Treaty and of Article 5 of Commission Directive 80/723/EEC to public undertakings in the manufacturing sector (OJ C 307, 13.11.1993, p. 3, point 11).
Selv om det i denne meddelelse udtrykkeligt drejer sig om fremstillingssektoren, gælder princippet utvivlsomt tilsvarende for alle andre erhvervsgrene.
While this communication deals explicitly with the manufacturing sector, the principle can undoubtedly be applied in the same way to all other sectors.
Hvad angår finansielle tjenesteydelser, er dette blevet bekræftet ved en række kommissionsbeslutninger, f.eks. vedrørende Crédit Lyonnais (EFT L 221 af 8.8.1998, s. 28) og GAN (EFT L 78 af 16.3.1998, s. 1).
As regards financial services, this has been confirmed by a number of Commission decisions, e.g. Crédit Lyonnais (OJ L 221, 8.8.1998, p. 28) and GAN (OJ L 78, 16.3.1998, p. 1).
Dom WestLB, præmis 206 ff.
WestLB judgment paragraph 206 et seq.
Fortrolige oplysninger, her omtalt som bank I.
Confidential information, designated here as bank I.
Fortrolige oplysninger, her omtalt som bank II.
Confidential information, designated here as bank II.
Fortrolige oplysninger, her omtalt som bank III.
Confidential information, designated here as bank III.
Fortrolige oplysninger, her omtalt som bank IV.
Confidential information, designated here as bank IV.
Fortrolige oplysninger, her omtalt som bank V.
Confidential information, designated here as bank V.
Forbundsstatsregeringens meddelelse af 1. oktober 2004, s. 16.
Communication from the Federal Government of 1 October 2004, p. 16.
Tysklands svar af 23. juni 2004, s. 12.
Germany's reply of 23 June 2004, p. 12.
Tysklands svar af 23. juni 2004, s. 12, bilag 29/2004, Fitch Ratings: Bank Rating Methodology: May 2004, s. 12: »Principal considerations are profitability, balance sheet integrity (including capitalisation), franchise, management, operating environment, consistency, as well as size (in terms of a bank s equity capital)«.
Germany's reply of 23 June 2004, p. 12, Annex 29/2004, Fitch Ratings: Bank Rating Methodology: May 2004, p. 12: ‘Principal considerations are profitability, balance sheet integrity (including capitalisation), franchise, management, operating environment, consistency, as well as size (in terms of a bank's equity capital)’.
Grunden er, som allerede påpeget, den klare overopfyldelse af de tilsynsmæssige mindstenormer for kapitalandele (kernekapitalandel på 4,0 %, samlet nøgletal eller egenkapitalandel på 8,0 %) i den relevante periode, hvilket vel må siges at være en betydelig forskel i forhold til WestLB-situationen.
Germany states that the reason for this, as already mentioned, was the fact that the minimum supervisory standards for capital ratios (core capital ratio of 4,0 %, overall ratio or equity ratio of 8,0 %) were more than met during the relevant period, which was a significant difference compared to the situation with WestLB.
I 1997, dvs. før tilførslen, lå ifølge Grundsatz I til § 10a i KWG kernekapitalnøgletallet for Helaba-koncernen på 4,8 % og for Helaba som enkeltinstitut på 5,0 %.
In 1997, for example, i.e. before the contribution, in accordance with Principle I to Section 10a of the German Banking Act, the core capital ratio was 4,8 % for the Helaba group and 5,0 % for the Helaba institution on its own.
Ifølge Den Internationale Betalingsbanks principper lå kernekapitalandelen (Tier I) i 1997 på 5,4 %.
In accordance with the principles of the Bank for International Settlements, the core capital ratio (tier 1) was 5,4 % in 1997.
Det samlede nøgletal eller egenkapitalandelen lå i 1997 på 8,9 % hhv. 9,6 % for koncernen og 9,2 % for enkeltinstituttet.
The overall ratio and equity ratio in 1997 were 8,9 % and 9,6 % for the group and 9,2 % for the institution on its own.
Heller ikke på baggrund af den forretningsvækst, Helaba planlagde for de følgende år, var det umiddelbart nødvendigt at få tilført en kernekapital på 1264,4 mio. EUR.
Even against the background of the business growth planned by Helaba for the following financial years, there was no direct need for the taking-up of core capital amounting to EUR 1 264.4 million.
Se Tysklands bemærkninger af 9. april 2003, bilag 15-16.
See Germany's reply of 9 April 2003, Annex 15-16.
Oplysningerne vedrører refinansieringstillægget for eurobanker i forhold til forbundsstatsobligationer og refinansieringstillægget for bankobligationer (10-årige realkreditobligationer) i forhold til forbundsstatsobligationer.
The figures relate to the refinancing premium for euro banks as opposed to federal loans and the refinancing premium on bank bonds (10-year mortgage bonds) as opposed to federal loans.
I mangel af oplysninger om det tilsvarende refinansieringstillæg i forhold til US-Treasuries og i betragtning af den principielle forretningsmæssige sammenlignelighed anvender Kommissionen også det nævnte interval for refinansieringstillæg for US-Treasuries, da det ikke kommer an på nøjagtige tal, men på størrelsesordenen til beregning af intervallet for den normgivende hæftelsesgodtgørelse.
In the absence of figures for the corresponding refinancing premium as compared with US treasuries and on the basis of their fundamental economic comparability, the Commission is using the above-mentioned corridor for refinancing premiums for US treasuries as well, since it is not precise figures, but the order of magnitude that matters in determining the corridor for the relevant liability remuneration..
Se navnlig Tysklands bemærkninger af 9. april 2003, bilag 2-4, 8-12, 17-18.
See in particular Germany's reply of 9 April 2003, Annexes 2-4, 8-12, 17-18.
Korrektion ved fradrag foretaget af Kommissionen på grundlag af oplysninger fra Tyskland.
Downward adjustment carried out by the Commission on the basis of the data provided by Germany.
Refinansieringstillæg i forhold til US-Treasuries med samme løbetid, jf. Tysklands bemærkninger af 9. april 2003, s. 27.
Refinancing premium as compared with US treasuries having the same term, see letter from Germany of 9 April 2003, p. 27.
tranche med fast forrentning, men tilsvarende betingelser.
Second tranche fixed-interest, but equivalent terms.
Tysklands svar af 23. august 2004, bilag 6.
Germany's reply of 23 August 2004, Annex 6.
Tysklands svar af 23. august 2004, s. 11-12.
Germany's reply of 23 August 2004, pp. 11-12.
Hos de deri anførte […] tyske private banker, […], […] og […], forhøjedes denne andel fra ca. 5 % i 1998 til ca. 20-30 % i 2003.
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.
Ifølge oplysningerne fra Tyskland ligger andelen for Helaba imidlertid inden for det felt på fra 33 % til 72 %, der kan iagttages hos delstatsbankerne.
According to the information provided by Germany, the relevant proportion in the case of Helaba lies within the 33 % to 72 % range typical of Landesbanks.
Det betyder ikke automatisk, at delstaten har bundet sig »for evigt« over for Helaba eller aldrig mere kan disponere over de midler, der indgår i det stille indskud.
This does not automatically mean that the Land has committed itself to Helaba ‘forever’ or can never again have at its disposal the funds comprised in the silent partnership.
Delstaten kan — i det mindste med Helabas samtykke — overdrage sine rettigheder i forbindelse med det stille indskud til tredjemand mod vederlag.
The Land can assign its rights from the silent partnership (at least with Helaba's agreement) to a third party against payment.
Det stille indskud er således ikke nødvendigvis totalt infungibelt.
The fungibility of the silent partnership is not thus necessarily reduced to zero.
Tysklands bemærkninger af 9. april 2004, s. 28.
Letter from Germany of 9 April 2004, p. 28.
Godtgørelsestillægget for Deutsche Banks perpetuals (aftalt fast godtgørelse på 6,60 %) ansættes her til 1,94 % p.a. i forhold til den 10-årige forbundsstatsobligation, så det bedre kan sammenlignes med godtgørelsestillægget for det stille indskud med en løbetid på 12 år i Dresdner Bank (1,65 % over 10-årige forbundsstatsobligationer) for at få en idé om varighedstillæggets størrelse.
The remuneration premium of the Deutsche Bank perpetual (agreed fixed-interest remuneration of 6,60 %) is put here at 1,94 % a year in relation to 10-year federal loans in order to make it more comparable with the 12-year silent partnership contribution to Dresdner Bank (1,65 % above 10-year federal loans) and thus to get some idea of the level of the perpetuity premium.
I ovenstående tabel anføres godtgørelsestillægget for samme perpetuals derimod som 1,15 % p.a. i forhold til 30-årige forbundsstatsobligationer, da disse repræsenterer det relevante betragtningstidsrum (30 år regnes på markedet som »næsten permanent«).
In the above table, the remuneration premium for the same perpetual is put at 1,15 % a year in relation to 30-year federal loans, since these are equivalent to the relevant period (30 years are regarded on the market as being ‘quasi-permanent’).
Godtgørelsestillægget i forhold til 30-årige forbundsstatsobligationer er lavere, da obligationer med en længere løbetid (30 år) ved en normal rentekurve som i det foreliggende tilfælde giver en højere rente end de mere kortfristede (10-årige) og dermed et højere fradrag fra den aftalte faste godtgørelse på 6,60 % p.a.
The remuneration premium in relation to 30-year federal loans is lower, since with a normal interest rate curve, as is the case here, longer-term (30-year) loans yield a higher return than shorter-term (10-year) loans and thus represent a higher deduction item from the agreed fixed-interest remuneration of 6,60 % a year.
I realiteten er situationen naturligvis langt mere kompliceret, bl.a. på grund af poster uden for balancen, forskellige risikovægte for aktiver og poster med nulrisiko. Det berører dog ikke selve kernen i disse overvejelser.
Of course, in reality the situation is much more complex because of off-balance-sheet items, different risk weightings of assets or zero-risk items, etc. However, the principal reasoning holds.
Situationen er den samme, hvis man ser på muligheden af at fremskaffe supplerende egenkapital i et omfang svarende til basisegenkapitalen (faktor på 25 i stedet for 12,5 for basisegenkapitalen).
The situation does not change if one takes into account the possibility of raising additional own funds up to the same amount of original own funds (a factor of 25 instead of 12,5 for original own funds).
Se Tysklands svar af 23. august 2004, s. 6-7.
See Germany's reply of 23. August 2004, p. 6-7.
Denne rapport blev forelagt Rådet (økonomi og finans) den 23. november 1998, men er ikke offentliggjort.
This report was presented to the Ecofin Council on 23 November 1998 but has not been published.
Den kan rekvireres fra Kommissionens Generaldirektorat for Konkurrence samt på Kommissionens netsted.
It can be obtained from the Competition Directorate-General of the Commission and can also be found on the Commission's website.
(BdB), der repræsenterer private banker med hjemsted i Tyskland, bl.a. Kommissionen, at lån til fremme af boligbyggeri var blevet eller ville blive overført til den ansvarlige egenkapital i delstatsbankerne i Nordrhein-Westfalen, Niedersachsen, Schleswig-Holstein, Bayern, Hamburg og Berlin, dvs. Westdeutsche Landesbank, Norddeutsche Landesbank, Landesbank Schleswig-Holstein, Hamburger Landesbank og Landesbank Berlin.
(‘BdB’), an association representing private banks established in Germany, informed the Commission among other things that housing-promotion loans had been or would be transferred to the liable equity capital of the Landesbanks in North Rhine-Westphalia, Lower Saxony, Schleswig-Holstein, Bavaria, Hamburg and Berlin, i.e. the Westdeutsche Landesbank, the Norddeutsche Landesbank, the Landesbank Schleswig-Holstein, the Hamburger Landesbank and the Landesbank Berlin.
BdB anså den deraf følgende forhøjelse af de berørte delstatsbankers egenkapital for en konkurrencefordrejning til deres fordel, da der ikke var aftalt en godtgørelse, som var i overensstemmelse med den markedsøkonomiske investors princip.
The BdB considered the resulting increase in the equity capital of the relevant Landesbanks distorted competition in their favour, since the parties had not agreed remuneration consistent with the market-economy investor principle.
I 2003 udgjorde koncernens egenkapital ifølge årsberetningen 4,1 mia. EUR. Pr. 31. december 2003 var kernekapitalandelen på 7,8 % og egenkapitalandelen på 11,3 %.
According to its annual report for 2003, the group had equity capital of EUR 4,1 billion. As at 31 December 2003, the group's core capital ratio was 7,8 % and its equity ratio 11,3 %.
Præferenceaktier
Preferred shares
Men ifølge […] er der alligevel efter § 10, stk. 4, i KWG udtrykkeligt fastsat den for stille indskud typiske efterstillede efterbetalingspligt i tilfælde af tab. Som et foranstillet krav skal indskuddet ved fremtidige overskud igen bringes op på det oprindelige beløb.
However, under [...] pursuant to Section 10(4) of the German Banking Act, specific provision had been made, in the event of losses, for the junior-ranking retrospective payment requirement typical of silent partnership contributions. The prior-ranking requirement was to replenish the contribution again to the original amount from future profits.
De beløber sig helt op til ca. 1 mia. EUR. Relativt set anerkendes ethvert stille indskud også ud over 15 %-grænsen som kernekapital, såfremt det er i overensstemmelse med normerne fastsat af Baselkomitéen for Banktilsyn og de tyske tilsynsmyndigheders deraf følgende praksis.
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.
Udgangspunktet for godtgørelsen for det kapitalinstrument, det her drejer sig om, er derfor godtgørelsen for »normale«, dvs. tidsbegrænsede, stille indskud af en på markedet typisk forekommende størrelse, eventuelt med et tillæg.
The basis for the remuneration of the relevant capital instrument is, therefore, ‘normal’, i.e. time-limited silent partnership assets typical in size of those observable on the market, on whose remuneration a premium may possibly have to be charged.
BdB’s bemærkninger om en passende godtgørelse for indskudskapital skønnes derfor ikke længere relevante.
The comments of the BdB on the appropriate remuneration of share capital are therefore not relevant.
Det udelukker på ingen måde tredjemands deltagelse i tab. Tab kan i princippet forekomme, indtil den ansvarlige egenkapital er opbrugt.
This in no way excluded third-party participation in losses. Losses were in principle possible up to the point where the liable own funds had been used up.
Ifølge oplysningerne fra Tyskland handlede Helaba og delstaten Hessen ved udformningen af transaktionen på sin vis som markedspionerer for i forståelse med de kompetente banktilsyns- og finansmyndigheder fuldt ud at opnå anerkendelse som kernekapital ud over 15 %-grænsen.
According to the information provided by Germany, Helaba and the Land of Hessen were to some extent market pioneers in arranging the transaction in such a way that, in coordination with the relevant banking supervisory and financial authorities, recognition in full as core capital above the 15 % limit was achieved. According to Germany, the transaction was evidently the first of this kind.
Tilbagesøgningen skal ske straks og i overensstemmelse med national lovgivning, hvis denne giver mulighed for at efterkomme denne beslutning hurtigt og effektivt.
Recovery shall be effected without delay and in accordance with the procedures of national law provided that they allow the immediate and effective execution of this Decision. The amount to be recovered shall include interest from the date on which the unlawful aid was at the disposal of the beneficiary until the date of its recovery.
Det beløb, der skal tilbagebetales, pålægges renter fra det tidspunkt, hvor den ulovlige støtte blev stillet til rådighed for modtageren, og indtil det tidspunkt, hvor den faktisk tilbagebetales.
Interest shall be calculated in accordance with the provisions of Chapter V of Commission Regulation (EC) No 794/2004Article 4 Germany shall, using the form set out in the Annex, inform the Commission, within two months of notification of this Decision, of the measures which it has taken in order to comply with it.
af 25. januar 2006
of 25 January 2006
om Nederlandenes statsstøtte til AZ og AZ Vastgoed BV
on the State Aid implemented by the Netherlands for AZ and AZ Vastgoed BV
(meddelt under nummer K(2006) 80)
(notified under document number C(2006) 80)
(Kun den nederlandske tekst er autentisk)
(Only the Dutch version is authentic)
efter at have opfordret interesserede parter til at fremsætte deres bemærkninger i overensstemmelse med ovennævnte artikler, og under hensyn til disse bemærkninger, og
Having called on interested parties to submit their comments pursuant to the provisions cited above and having regard to their comments,
Ved breve registreret den 26. juni 2002 og 6. februar 2003 modtog Kommissionen klager over Nederlandenes statsstøtte til fodboldklubben AZ Alkmaar.
By letters registered as received on 26 June 2002 and 6 February 2003, the Commission received complaints regarding the state aid granted by the Netherlands to the football club AZ Alkmaar.
Under den indledende undersøgelse af klagerne modtog Kommissionen supplerende oplysninger fra klagerne og fra de nederlandske myndigheder.
In the course of the preliminary investigation of the complaints, it received additional information from the complainants and from the Dutch authorities.
Ved brev af 23. juli 2003 meddelte Kommissionen Nederlandene, at den havde besluttet at indlede proceduren efter EF-traktatens artikel 88, stk. 2, over for disse foranstaltninger.
By letter dated 23 July 2003, the Commission informed the Netherlands that it had decided to initiate the procedure laid down in Article 88(2) of the EC Treaty in respect of the measures.
Kommissionens beslutning om at indlede proceduren er offentliggjort i Den Europæiske Unions Tidende.
The Commission decision to initiate the procedure was published in the Official Journal of the European Union.
Kommissionen har opfordret interesserede parter til at fremsætte deres bemærkninger.
The Commission invited interested parties to submit their comments.
Nederlandene bad om en forlængelse af fristen for indsendelse af bemærkninger, hvilket blev indrømmet.
The Netherlands requested an extension of the deadline for submitting comments; its request was granted.
Nederlandene svarede på beslutningen om at indlede proceduren ved breve registreret den 29. oktober og 5. november 2003.
It responded to the decision to initiate the procedure by letters registered as received on 29 October and 5 November 2003.
I december 2003 modtog Kommissionen forskellige breve med bemærkninger fra interesserede parter.
In December 2003 the Commission received several letters containing comments from interested parties.
De interesserede parter indsendte yderligere bemærkninger ved breve registreret den 9. februar, 6. april og 6. oktober 2004.
The interested parties sent additional comments by letters registered as received on 9 February, 6 April and 6 October 2004.
I foråret 2004 modtog Kommissionen oplysninger om, at kommunen havde til hensigt at genforhandle aftalen med AZ og AZ Vastgoed.
In the spring of 2004 the Commission received information that the municipality intended to renegotiate the agreement with AZ and AZ Vastgoed.
Kommissionen bad derfor de nederlandske myndigheder om yderligere oplysninger ved brev af 3. juni 2004, som de nederlandske myndigheder besvarede ved brev af 5. juli 2004. Myndighederne svarede, at kommunen, AZ og AZ Vastgoed rent faktisk overvejede at indgå en ny aftale.
It therefore asked the Dutch authorities for additional information by letter of 3 June 2004, to which they replied by letter of 5 July 2004, stating that the municipality, AZ and AZ Vastgoed were indeed considering whether to conclude a new agreement.
De gentog endvidere, at aftalen ikke kunne gennemføres som følge af den afgørelse om at suspendere den, der var truffet af domstolen i Amsterdam.
They reiterated that, on account of the suspension injunction imposed by the Court of Appeal in Amsterdam, the agreement could not be implemented.
Ved brev registreret den 5. november 2004 indsendte de nederlandske myndigheder yderligere oplysninger, hvori det blev bekræftet, at der var indgået en ny aftale mellem parterne, og at den forrige aftale var ophævet.
They provided additional information by letter registered as received on 5 November 2004, in which they confirmed that a new agreement had been concluded between the parties and that the previous agreement had been dissolved.
Den 7. december 2001 indgik Alkmaar kommune en aftale med Stichting AZ og AZ Vastgoed BV (i det følgende benævnt henholdsvis »AZ« og »AZ Vastgoed«) om en ny placering af fodboldstadionet.
On 7 December 2001 the municipality of Alkmaar reached an agreement with Stichting AZ and AZ Vastgoed BV (hereafter referred to as ‘AZ’ and ‘AZ Vastgoed’ respectively) concerning a new location for the football stadium.
Denne aftale mellem Alkmaar på den ene side og AZ og AZ Vastgoed på den anden side angik fire transaktioner i forbindelse med salget af forskellige grunde.
The agreement between the municipality of Alkmaar, on the one hand, and AZ and AZ Vastgoed, on the other, concerned four transactions connected to the sale of several plots of land.
Ifølge de nederlandske myndigheder blev der solgt to grunde til AZ og AZ Vastgoed til opførelse af et nyt stadion, erhvervslokaler og parkeringspladser.
According to the Dutch authorities, two plots of land were sold to AZ and AZ Vastgoed for the construction of a new stadium, business premises and a car park.
Alkmaar kommune solgte den grund, hvor det nuværende stadion er bygget, til AZ.
The municipality of Alkmaar sold the land on which the existing stadium was built to AZ.