natgillin/translations-raw huggingface dataset:
WKA blev ved lov af 31. marts 1950 oprettet som offentligretligt selskab (Körperschaft des öffentlichen Rechts) under navnet »Landestreuhandstelle für Wohnungs- und Kleinsiedlungswesen in Schleswig-Holstein«.
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’.
WKA skulle hjælpe delstaten med at sikre egnede boliger til borgerne, særlig ved at støtte offentligt og skattebegunstiget boligbyggeri.
Its purpose was to support the Land, particularly by financing public and low-tax residential construction and in providing the public with suitable housing.
WKA-formuen bestod af særlige aktiver (Sondervermögen) og egne aktiver (Eigenvermögen).
Its assets were made up of so-called special assets and own funds.
De særlige aktiver var efter loven øremærket til løbende støtte til foranstaltninger til socialt boligbyggeri.
By law, the special assets had to be used for the specific purpose of financing social-housing operations.
Denne øremærkning omfattede ikke WAK's egne aktiver.
WAK's own funds were not subject to this requirement.
WKA brugte bl.a. sine egne aktiver til at yde lavt forrentede byggelån.
WKA used its own funds to grant building loans at particularly low interest rates.
WKA, inkl. formue, blev efter fradrag af afviklingsomkostninger overdraget til LSH med virkning fra den 1. januar 1991, jf. IBG's § 2, stk. 1.
Under Section 2(1) of the IBG, WKA and its entire assets were transferred, minus the costs of the liquidation, to LSH with effect from 1 January 1991.
Fusionen mellem WKA og LSH er således reguleret ved IBG's § 2, stk. 1.
Section 2(1) of the IBG thus provided for the merger of WKA and LSH.
Ifølge IBG's § 14, stk. 1, overgik alle WKA's opgaver og beføjelser, der er opregnet i bilag 1 til IBG, til IB den 1. januar.
Under Section 14(1) of the IBG, all of the tasks and responsibilities of WKA referred to in Annex 1 to the IBG were transferred to IB with effect from 1 January.
OVERDRAGELSEN TIL LSH AF WAK
TRANSFER OF WAK TO LSH
WAK var et særligt kreditinstitut, der var blevet oprettet som aktieselskab af delstaten, og som havde til opgave at yde finansiel bistand til projekter, der gennemføres af handelsvirksomheder, og andre foranstaltninger til styrkelse af erhvervs- og transportstrukturen.
WAK was a special credit institution set up by the Land as a public limited company (Aktiengesellschaft) with the task of providing financial assistance to the projects of commercial businesses and other measures designed to strengthen the economic and communications structure.
Ved IBG's § 3 bemyndiges finansministeren til at overtage WAK's samlede formue, inkl. rettigheder og pligter.
Section 3 of the IBG authorises the Minister for Finance to take over all of WAK's assets, including all of its rights and obligations.
En sådan bemyndigelse var nødvendig, da WAK som aktieselskab ikke — i lighed med WKA — kunne fusioneres med LSH.
This was necessary because, as a public limited company, WAK could not be merged with LSH in the same way that WKA was.
WAK-formuen blev derfor først overdraget til delstaten ved universalsuccession efter § 359 i Aktiengesetz, så aktiverne efterfølgende kunne overføres til LSH.
WAK's assets were therefore initially transferred to the Land by means of universal succession under Section 359 of the Public Limited Company Act (Aktiengesetz) so that they could subsequently be transferred to LSH.
Økonomisk set svarede det til, at WAK blev overdraget til LSH.
In financial terms, this was the same as WAK being incorporated into LSH.
Finansministeriet gjorde brug af denne bemyndigelse og accepterede tilbuddet af 19. november 1990 fra WAK's bestyrelse om at overdrage formuen pr. 2. januar 1991.
The Ministry of Finance made use of this authorisation and accepted the offer made by WAK's executive board on 19 November 1990 to transfer the assets on 2 January 1991.
WAK's samlede formue, inkl. rettigheder og pligter, blev overdraget pr. 2. januar 1991 ved en overdragelsesaftale af 2. januar 1991 mellem delstaten og LSH.
An ‘incorporation agreement’ of 2 January 1991 between the Land and LSH regulated the transfer of WAK's assets, including all rights and obligations, with effect from 1 January 1991.
Ifølge IBG's § 14, stk. 1, varetog IB fortsat alle WAK's opgaver, der er opregnet i bilag 2 til IBG.
Under Section 14(1) of the IBG, IB continued to perform all of WAK's tasks, which are listed in Annex 2 to the IBG.
OVERDRAGELSEN TIL LSH AF DEN SÆRLIGE RESERVE I FORM AF FAST EJENDOM
TRANSFER OF THE SPECIAL-PURPOSE REAL-ESTATE RESERVE TO LSH
Ved IBG's § 17, stk. 2, blev Slesvig-Holstens Finans- og Energiministerium bemyndiget til at overdrage fast ejendom til IB.
Under Section 17(2) of the IBG, the Schleswig-Holstein Ministry of Finance and Energy was authorised to transfer real estate to IB.
IB blev med salget retlig og økonomisk ejer af de overdragne faste ejendomme.
This involved IB becoming the legal and economic owner of the real estate in question.
Ifølge Tyskland kunne IB dog ikke disponere frit over de overdragne ejendomme.
According to Germany, IB may not, however, freely dispose of the real estate transferred to it.
Alle aktiverne i form af fast ejendom, herunder også eventuelle overskud, var derimod øremærket til særlige formål.
Instead, the real-estate assets as a whole, including any gains made on them, had to be used for a specific purpose.
Ifølge IBG's § 20, stk. 1, blev de overdragne aktiver i form af fast ejendom således opført som særlig reserve i form af fast ejendom.
Under Section 20(1) of the IBG, the transferred real-estate assets were accordingly designated as a special-purpose real-estate reserve.
Ifølge § 20, stk. 2, skulle indtægter fra aktiverne i form af fast ejendom bruges til at vedligeholde, erhverve og opføre fast ejendom.
Under Section 20(2), proceeds from these assets had to be used to maintain, acquire and construct real estate.
De kunne dog også — efter delstatsregeringens beslutning — bruges til at varetage IB's opgaver eller udloddes til delstaten.
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.
Delstaten Slesvig-Holsten solgte i alt [...] faste ejendomme til IB i flere trancher.
The Land of Schleswig-Holstein has sold a total of […] properties to IB in several lots.
Prisen for de enkelte ejendomme blev baseret på handelsværdien, som forinden var fastsat ved individuelle ekspertvurderinger.
The purchase price for each property was based on the market value, as determined beforehand by an expert evaluation.
Delstaten Slesvig-Holsten overdrog en del af den opnåede pris til LSH via den særlige reserve i form af fast ejendom.
In each case the Land of Schleswig-Holstein transferred part of the price it received to LSH via the ‘special-purpose real-estate reserve’.
Overdragelsen af delstatens faste ejendomme havde følgende virkning på LSH's regnskabsmæssige egenkapital: IB's køb af første tranche af ejendomme betød på balancetidspunktet den 31. december 1999, at LSH's regnskabsmæssige egenkapital blev øget med [...] mio. DEM.
The effect of these transfers on LSH's own funds as shown in the balance sheet was as follows: the purchase of the first lot of properties by IB increased LSH's own funds as shown in the balance sheet at 31 December 1999 by DEM […] million.
Med købet af anden tranche steg den særlige reserve i form af fast ejendom til i alt [...] mio. DEM på balancetidspunktet den 31. december 2000.
On 31 December 2000 the special-purpose real-estate reserve had increased to a total of DEM […] million following the purchase of a second lot of properties.
Efter købet af tredje tranche nåede den op på i alt [...] mio. DEM på balancetidspunktet den 31. december 2001 og holdt sig på samme niveau frem til den 31. december 2002.
Following the purchase of the third lot, it reached a total of DEM […] million on 31 December 2001 and remained at the same level on 31 December 2002.
Den særlige reserve i form af fast ejendom havde ifølge Tyskland for LSH hverken en finansieringsfunktion eller en forretningsudvidende funktion.
Germany submits that the special-purpose real-estate reserve did not perform either a financing or a business-expansion function for LSH.
Den kunne ikke bruges til at dække forretninger, da den ikke var blevet godkendt som lovbestemt kernekapital af det tyske finanstilsyn, Bundesaufsichtsamt für das Kreditwesen ( »BAKred«).
It could not be used for business activities as it had not been recognised by the Federal Banking Supervisory Office (Bundesaufsichtsamt für das Kreditwesen — ‘BAKred’) as core capital for supervisory purposes.
Ifølge Rådets direktiv 89/647/EØF af 18. december 1989 om solvensnøgletal for kreditinstitutter (herefter »solvensdirektivet«) og Rådets direktiv 89/299/EØF af 17. april 1989 om kreditinstitutters egenkapital (herefter »egenkapitaldirektivet«), ved hvilke Kreditwesengesetz (»KWG«) blev ændret, skal banker råde over ansvarlig kapital på mindst 8 % af deres risikovægtede aktiver.
Pursuant to Council Directive 89/647/EEC of 18 December 1989 on a solvency ratio for credit institutions (the ‘Solvency Directive’) and Council Directive 89/299/EEC of 17 April 1989 on the own funds of credit institutions (the ‘Own Funds Directive’), which amended the German Banking Act (Kreditwesengesetz, or KWG), banks must have a level of own funds equal to 8 % of their risk-adjusted assets.
Heraf skal mindst 4 procentpoint være såkaldt kernekapital (tier 1-kapital), hvad der omfatter kapitalkomponenter, som kreditinstituttet straks og uden begrænsning skal kunne anvende som sikkerhed for risici eller tab på det tidspunkt, hvor sådanne indtræder.
At least 4 percentage points of this amount must consist of what is termed core capital, or ‘tier 1’ capital, meaning items of capital which are at the credit institution's disposal without restriction and immediately to cover risks or losses as soon as they arise.
Kernekapitalen er af afgørende betydning for en banks samlede egenkapitalgrundlag i tilsynsøjemed, da den supplerende kapital (tier 2-kapital) kun godkendes som sikkerhed for en banks risikobetonede forretninger med indtil 100 % af den disponible kernekapital.
In determining the total own funds available to a bank for supervisory purposes, the core capital is of decisive importance because additional capital, or ‘tier 2’ capital, is accepted as underpinning for risk-bearing transactions only up to the amount of the available core capital.
Pr. 30. juni 1993 skulle de tyske banker tilpasse deres ansvarlige kapital til de nye krav i solvensdirektivet og egenkapitaldirektivet.
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.
Det blev derfor besluttet at gennemføre formue- og kapitaloverdragelser, f.eks. i WestLB's tilfælde ved at tilføre formuen tilhørende delstaten Nordrhein-Westfalens Wohnungsbauförderungsanstalt (»WfA«), i LSH's tilfælde de nævnte WKA- og WAK-formuer og senere hen også de faste ejendomme.
It was therefore decided to undertake transfers of assets and capital: in WestLB's case, for example, there was a transfer of the assets of the housing organisation Wohnungsbauförderungsanstalt des Landes Nordrhein-Westfalen (‘WfA’), and in LSH's case there was a transfer of the assets of WKA and WAK, followed later by the real estate.
VIRKNINGERNE AF OVERDRAGELSERNE TIL LSH
EFFECTS OF THE TRANSFERS ON LSH
OVERDRAGELSEN TIL LSH AF WKA- OG WAK-FORMUERNE
TRANSFER OF WKA'S AND WAK'S ASSETS TO LSH
WKA's egne aktiver og WAK-formuen blev ifølge Tyskland indskudt i IB's særlige reserve.
According to Germany, WKA's own assets and WAK's assets were placed in IB's special-purpose reserve.
IB's kapital nåede dermed op på i alt 1306,05 mio. DEM (IB's særlige reserve på [...] mio. DEM — bestående af WKA's kapital ([...] mio. DEM) og WAK's kapital ([...] mio. DEM) — og den særlige reserve til boligbyggeri på [...] mio. DEM).
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).
Egenkapitalen beløb sig ifølge den foreløbige åbningsbalance til i alt 1558 mio. DEM pr. 1. januar 1991.
The provisional opening balance sheet at 1 January 1991 showed total equity capital of DEM 1558 million.
Ved den endelige revision den 1. januar 1991 blev beløbet korrigeret til 1306,05 mio. DEM.
The final audit at 1 January 1991 corrected this amount to DEM 1306,05 million.
Ved brev af 15. august 1991 havde BAKred anerkendt, at LSH's ansvarlige egenkapital var steget med 1559,44 mio. DEM som følge af IB's kapitalreserve.
BAKred had acknowledged by letter of 15 August 1991 that LSH's liable equity capital had increased by DEM 1559,44 million as a result of IB's capital reserve.
Tyskland påpegede, at den endelige revision viste, at den godkendte egenkapital rent faktisk kun var på 1306,05 mio. DEM, og at LSH derfor fra den 15. august 1991 kun havde supplerende ansvarlig kapital til rådighed i dette omfang.
Germany pointed out that the final audit indicated that the recognised equity capital was only DEM 1306,05 million and that, from 15 August 1991, LSH had only that amount of additional liable capital at its disposal.
LSH disponerede imidlertid ikke ubegrænset over de overdragne midler, eftersom den særlige reserve var øremærket til støtteprojekter, selv om der var tale om egenkapital.
Because the special-purpose reserve was earmarked for promotion-related tasks, even though it constituted own funds, it was not, however, at LSH's unrestricted disposal.
Af IB's særlige reserve på 1306 mio. DEM blev 288 mio. DEM anvendt til IB's støtteaktiviteter i 1991.
Of the IB special-purpose reserve of DEM 1306 million, DEM 288 million was assigned in 1991 to IB's promotion-related tasks.
I perioden 1991-2003 disponerede LSH ifølge Tyskland over følgende beløb, der kunne anvendes til konkurrenceudsatte aktiviteter, eller følgende beløb blev rent faktisk anvendt af LSH som ansvarsgrundlag:
Germany states that, for the period 1991-2003, the following amounts were available to LSH for use in competitive business or were actually used by LSH as a liability basis.
Figur 1
Figure 1:
Indskudt IB-kapital og kapitalbeløb, der kan anvendes til konkurrenceudsatte aktiviteter, og faktisk anvendte kapitalbeløb (gennemsnit pr. år)
Transferred IB capital and capital amounts available for and actually used in competitive business (annual average values)
mio. DEM
DEM million
(4 mdr.)
(4 months)
(5 mdr.)
(5 months
IB-kapital i alt
Total IB capital
Godkendt af banktilsynet
Recognised for supervisory purposes
Anvendt af IB
Used by IB
LSH's rådighedsbeløb
Amount available to LSH
Faktisk anvendt af LSH
Actually used by LSH
LSH havde ifølge Tyskland en kernekapital på 581 mio. DEM og en supplerende kapital på 100 mio. DEM pr. 31. december 1990.
Germany states that, at 31 December 1990, LSH had core capital of DEM 581 million and additional capital of DEM 100 million.
Det samlede egenkapitalgrundlag udgjorde dermed 681 mio. DEM, og aktiverne på 1306 mio. DEM øgede dermed egenkapitalgrundlaget med ca. 190 %.
The promotion-related assets of DEM 1306 million therefore increased the total equity capital base of DEM 681 million by around 190 %.
Antager man, at LSH i 1992 havde 1013 mio. DEM til rådighed til sine konkurrenceudsatte aktiviteter, steg dens kapacitet til at yde lån, der risikovægtes med 100 %, med mindst 18000 mio. DEM, når man går ud fra det daværende solvensnøgletal på 5,6 % ifølge den dagældende Kreditwesengesetz.
Assuming that DEM 1013 million was available for LSH's competitive business in 1992, its 100 % risk-lending capacity, based on the then applicable solvency ratio of 5,6 % laid down in the Banking Act, was enhanced by at least DEM 18000 million.
Antager man, at LSH, siden solvensnøgletallet på 8 % blev indført i EU, havde mellem 1024 mio. DEM (1994) og [...] mio. DEM (2002) til rådighed til sine konkurrenceudsatte aktiviteter, steg dens kapacitet til at yde lån, der risikovægtes med 100 %, med hhv. 12800 mio. DEM (1994) og over [...] mio. DEM (2002).
Assuming also that, since the Community solvency ratio of 8 % has been applicable, between DEM 1024 million (1994) and DEM […] million (2002) has been available for LSH's competitive business, its 100 % risk-lending capacity has been enhanced by DEM 12800 million (1994) and by over DEM […] million (2002) respectively.
I 1999 disponerede LSH over hele [...] mio. DEM, så dens udlånsmasse steg med mindst [...] mio. DEM.
In 1999 it had as much as DEM […] million available, representing an increase in capacity of at least DEM […] million.
I realiteten kunne den tilladte udlånsmasse dog være blevet øget mere, da en banks risikobetonede aktiver i reglen ikke skal risikovægtes med 100 %.
In reality, the permissible credit volume could have been expanded even more because the risk-adjusted assets of a bank are not normally deemed to bear a 100 % risk.
Det gælder også for LSH, som bl.a. arbejder med refinansiering sammen med sparekasser og med långivning sammen med kommunerne.
This is also true for LSH since inter alia it conducts its refinancing business with savings banks and its lending business with municipalities.
Går man ud fra en realistisk risikovægtning, som for LSH's vedkommende formentlig er på under 50 %, skulle det være muligt at fordoble forretningsvolumenet til over 30 mia. DEM.
On the basis of a realistic risk adjustment, which in LSH's case is probably below 50 %, it should be possible to double the above-mentioned business expansion to over DEM 30000 million.
OVERDRAGELSEN TIL LSH AF DELSTATENS FASTE EJENDOMME
TRANSFER OF LAND-OWNED REAL ESTATE TO LSH
Ifølge Tyskland afviste BAKred ved brev af 25. maj 1999 at godkende den særlige reserve i form af fast ejendom som lovbestemt kernekapital. BAKred bedømte i brevet af 25. maj 1999 ganske vist den særlige reserve i form af fast ejendom som kapitalreserve, men ikke som egenkapital.
According to Germany, BAKred refused, by letter of 25 May 1999, to recognise the special-purpose real-estate reserve as core capital for supervisory purposes, deeming it to constitute a capital reserve but not equity capital.
De overdragne faste ejendomme og dermed også den særlige reserve, der var blevet oprettet til fordel for LSH efter købet, kunne efter BAKred's opfattelse trækkes ud til enhver tid.
In its view, the transferred property and the special-purpose reserve formed immediately after its acquisition by LSH were ‘deductible’ at any time.
Efter dette afslag henvendte LSH sig ifølge Tyskland ikke på ny til BAKred for at få godkendt den særlige reserve som kernekapital, heller ikke angående den foreliggende sag om godtgørelsens størrelse.
Following this refusal, LSH did not, according to Germany, again seek BAKred's recognition of this reserve as core capital, not even in view of the current proceedings concerning the amount of remuneration.
Den særlige reserve i form af fast ejendom kan derfor efter Tysklands opfattelse hverken anvendes af LSH til konkurrenceudsatte aktiviteter eller af IB til dennes egne aktiviteter.
The consequence of this is, in Germany's view, that the special-purpose real-estate reserve cannot be used by LSH for its commercial business or by IB in its own business.
GODTGØRELSE FOR WKA- OG WAK-FORMUERNE
REMUNERATION FOR WKA'S AND WAK'S ASSETS
LSH betalte en godtgørelse for IB's overdragne kapital, men kun for så vidt angik det faktisk anvendte dækningsbeløb.
LSH paid remuneration for the transferred IB capital, but only to the extent of the liable amount actually used.
Ifølge de foreliggende oplysninger blev der aftalt en fast godtgørelse på 900000 DEM for 1993.
According to available information, a flat-rate remuneration of DEM 900000 was agreed for 1993.
For 1994-1996 blev der betalt en avance (Gewinnvorab) på 0,5 % af de dele af den særlige reserve, der faktisk blev anvendt til konkurrenceudsatte aktiviteter, og en fast godtgørelse på 750000 DEM (1994) og 200000 DEM (1995).
For 1994 and 1995 a so-called ‘profits advance’ (Gewinnvorab) of 0,5 % was charged on those portions of the special-purpose reserve used for competitive business, in addition to a flat-rate remuneration of DEM 750000 (1994) and DEM 200000 (1995).
For 1997-2002 var avancen på [...] % af de dele af IB's kapital, der faktisk blev anvendt til konkurrenceudsatte aktiviteter.
For 1997 to 2002, the profits advance was set at […] % of the portion of IB's capital used for competitive business.
Der blev hverken betalt godtgørelse for 1991 eller 1992.
No remuneration was paid for 1991 or 1992.
LSH har betalt følgende godtgørelser:
LSH has paid the following remuneration:
Figur 2
Figure 2:
Betalt godtgørelse for indskudt IB-kapital efter skat
Remuneration paid on transferred IB capital (after tax)
Betalt godtgørelse efter skat
Remuneration paid (after tax)
Ifølge Tyskland var det nye solvensdirektiv imidlertid ikke det eneste afgørende for LSH ved overdragelsen af WKA- og WAK-formuerne.
According to Germany, however, the new Solvency Directive was not the only reason for the transfer of WKA's and WAK's assets.
Formålet med at indskyde den formue, der var øremærket til boligbyggeri, og som ikke kunne anvendes som likvid kapital, var at sikre, at aktiverne blev anvendt så effektivt som muligt, dels for at øge kapitalgrundlaget til yderligere støtteaktiviteter, dels for at anvende formuerne på en økonomisk hensigtsmæssig måde.
The purpose of transferring the special-purpose residential property assets without allowing them to be used as liquid capital was to enable the assets to be used as efficiently as possible by, on the one hand, broadening the capital base or further promotion-related activities and, on the other, putting the assets to a commercial use.
WKA's og WAK's fusion med LSH havde vist sig at være den økonomisk mest hensigtsmæssige løsning for delstaten, også sammenlignet med et retligt uafhængigt støtteorgan.
The Land felt that merging WKA and WAK with LSH was the appropriate financial solution, even compared with the option of setting up a legally independent promotion institution.
Desuden gjorde overdragelsen af WKA- og WAK-formuerne ifølge Tyskland det muligt at øge LSH's økonomiske styrke, hvis der blev solgt kapitalandele i LSH.
It also enabled LSH's financial strength to be enhanced in the event of a sale of its shares.
Samtidig ville fusionen sikre LSH's egenkapitalgrundlag på lang sigt i lyset af de skærpede fællesskabsregler.
At the same time, the merger secured LSH's long-term equity-capital base in the face of more stringent Community requirements.
Muligheden for at øge den ansvarlige egenkapital spillede ifølge Tyskland dermed også en afgørende rolle ved overdragelsen til LSH af WKA- og WAK-formuerne.
The prospect of increasing its liable equity capital was, according to Germany, a major factor in the decision to transfer WKA's and WAK's assets to LSH.
GODTGØRELSE FOR DE FASTE EJENDOMME
REMUNERATION FOR THE REAL ESTATE
Ifølge Tyskland betalte LSH ikke delstaten Slesvig-Holsten nogen godtgørelse for de aktiver, der blev overdraget som særlig reserve i form af fast ejendom.
Germany states that LSH paid no remuneration to the Land of Schleswig-Holstein for the assets transferred in the form of the special-purpose real-estate reserve.
Kommissionen kom i sin beslutning af 13. november 2002 om at indlede proceduren frem til, at overdragelsen af WKA og WAK og overdragelsen af [...] mio. EUR til en særlig reserve i form af fast ejendom for delstaten Slesvig-Holsten formentlig var statsstøtte i henhold til EF-traktatens artikel 87, stk. 1, til fordel for LSH.
In its decision of 13 November 2002 initiating the procedure, the Commission concluded that the transfer of WKA and WAK and the placing of EUR […] million in a special-purpose real-estate reserve of the Land of Schleswig-Holstein probably constituted state aid to LSH within the meaning of Article 87(1) of the EC Treaty.