natgillin/translations-raw huggingface dataset:
Efter tysk banktilsynsret blev stille indskud allerede før 1998 anerkendt som kernekapital uden beløbsmæssig begrænsning, og også efter international banktilsynsret har permanente stille indskud siden »Sydney-eklæringen« fra oktober 1998 været anerkendt som kernekapital.
Under German banking supervision law, silent partnership contributions had been recognised even before 1998 as core capital without any limitation as to amount, and under international banking supervision law too, perpetual silent partnership contributions had been recognised as core capital since the ‘Sydney Declaration’ in October 1998.
I årene 1998-1999 anvendte kreditinstitutter i stigende grad stille indskud.
In 1998/99, credit institutions had made increasing use of silent partnership contributions.
Størrelsesordenen var på op til 1 mia. USD eller 1,2 mia. DEM (ca. 0,6 mia. EUR).
The amounts involved had ranged up to USD 1 billion or DEM 1,2 billion (around EUR 0,6 billion).
Mens stille indskud ikke var et særligt udbredt fænomen i begyndelsen af 1990’erne, var de i 1998-1999 på ingen måde længere et marginalt finansieringsinstrument.
Whereas they had not been very widespread at the beginning of the 1990s, silent partnership contributions were certainly no longer a marginal financing instrument in 1998/99.
Ved den juridiske udformning og aftalen om godtgørelse tog delstaten udgangspunkt i private kreditinstitutters tilsvarende transaktioner.
In working out the legal arrangements and in agreeing on the remuneration, the Land based itself on comparable transactions involving private credit institutions.
Ifølge oplysningerne fra Tyskland indgik således f.eks. SGZ-Bank i 1998 aftale om en hæftelsesgodtgørelse på 1,2 % p.a. og HypoVereinsbank Luxemburg om en hæftelsesgodtgørelse på 1,6 % p.a., og i 1999 indgik Dresdner Capital LLC aftale om en sådan godtgørelse på 1,65 % p.a., HypoVereinsbank Luxemburg om en godtgørelse på 1,25 % p.a. og Deutsche Bank for et såkaldt perpetual om en godtgørelse på 1,15 % p.a. over den aktuelle referencerentesats.
According to Germany, in 1998 SGZ Bank, for example, had agreed a liability remuneration of 1,2 % a year above the reference rate and HypoVereinsbank Luxemburg one of 1,6% a year, while in 1999 Dresdner Capital LLC had agreed a liability remuneration of 1,65 % above the relevant reference rate, HypoVereinsbank Luxemburg one of 1,25 % a year and Deutsche Bank one of 1,15 % a year for a so-called ‘perpetual’.
Godtgørelsestillæggene for kapital rejst af private institutter lå grundlæggende i et interval på mellem 0,80 % over 12-måneders Libor og 2,15 % over amerikanske statsobligationer.
The remuneration premiums for the funds taken up by private institutions were basically in a corridor between 0,80 % above twelve-month Libor and 2,15 % above US federal bonds .
Desuden havde sparekasserne i Hessen og Thüringen med virkning fra 5. december 1997 ydet Helaba et stille indskud med en godtgørelse på 1,2 % p.a. over referencerentesatsen.
Furthermore, the savings banks in Hessen and Thuringia had granted Helaba a silent partnership contribution with effect from 5 December 1997, for which the remuneration was 1,2 % a year above the reference interest rate.
Tyskland anfører endvidere, at referencerentesatserne ved variabel forrentning er baseret på pengemarkedsinstrumenter (Libor og Euribor) og ved fast forrentning på obligationsmarkedsinstrumenter (fastforrentede statsobligationer som US-Treasuries og tyske forbundsstatsobligationer) eller rentesatserne på swapmarkedet.
Germany further stated that, in the case of variable interest rates, the reference interest rates related to money market instruments (Libor and Euribor), while in the case of fixed interest rates they related to bond market instruments (fixed-interest government bonds such as US treasuries and German federal bonds) or the interest rates on the swap market.
På europengemarkedet foregår udlån på interbankmarkedet normalt uden yderligere tillæg på basis af Libor eller Euribor.
On the euro money market, lendings were usually carried out on the inter-bank market without any further premiums on the basis of Libor or Euribor.
Hvis disse referencerentesatser vælges for stille indskud, er tillæggene identiske med hæftelsesgodtgørelsen for stille indskud.
In so far as these reference interest rates were chosen for silent partnership contributions, the premiums were identical to the liability remuneration for silent partnership contributions.
På obligationsmarkedet anvendes sædvanligvis forrentningen af statsobligationer som referencerentesatser og siden slutningen af 1990'erne i stigende grad referencesatsen »mid-swaps« (= middelsats for bud/udbud-spændet på swapmarkedet).
On the bond market, the yields on government bonds were usually used as reference interest rates and, since the end of the 1990s, mid-swaps were increasingly used as the reference rate.
Selv for førsterangs bankobligationer må banker i forhold til statsobligationer med samme løbetid af soliditets- og/eller likviditetsgrunde betale et efter den aktuelle markedssituation varierende tillæg.
Even for first-rank bank bonds, banks had, on credit standing and/or liquidity grounds, to pay a different premium, varying with the state of the market, compared with government bonds having the same term.
Dette tillæg kaldes refinansieringstillæg.
This premium was described as the refinancing premium.
Ved vurderingen af fastforrentede stille kapitalindskud i kreditinstitutter skal disse refinansieringstillæg derfor trækkes fra godtgørelsestillæggene.
In assessing the fixed-interest silent partnership contributions of credit institutions, therefore, these refinancing premiums had to be deducted from the remuneration premiums.
Disse refinansieringstillæg for eurobanker (Senior Bonds, JP Morgan-Index) i forhold til forbundsstatsobligationer bevægede sig, ifølge oplysningerne fra Tyskland, i toårsperioden 1998-1999 inden for et felt på fra knap 20 til godt 40 basispoint.
These refinancing premiums for euro banks (senior bonds, JP Morgan-Index) compared with federal bonds had, according to Germany, ranged from just under 20 to over 40 basis points in the two-year period 1998-99.
Hen imod slutningen af 1998 beløb de sig til knap 40 basispoint.
At the end of 1998, they amounted to just under 40 basis points.
Hvis swapsatsen (»mid-swaps«) vælges som referencestørrelse, svarer rentetillægget for et stille indskud derimod i vid udstrækning til den særlige hæftelsesgodtgørelse for det stille indskud, da rentetillægget fra swapsats til forbundsstatsobligationer markedsmæssigt tilnærmelsesvis svarer til rentetillægget for »dækkede« bankobligationer i forhold til forbundsstatsobligationer og derfor også lader sig omdanne til rentetillæg i forhold til Euribor.
In so far as the swap rate (mid-swaps) was chosen as the reference figure, however, the interest rate premium of a silent partnership contribution corresponded largely to the specific liability remuneration of the silent partnership contribution, since the swap rate interest premium relative to federal bonds corresponded roughly in market terms to the interest premium of ‘covered’ bank bonds relative to federal bonds and could therefore also be converted into interest premiums compared with Euribor.
Delstaten og banken forhandlede om indskuddet og godtgørelsen som to af hinanden uafhængige partnere.
The negotiations on the contribution and remuneration were carried out between the Land and the bank as between two independent parties.
De orienterede sig med den sluttelig aftalte godtgørelse på 1,4 % p.a. (1,2 % plus tillæg på 0,2 % for indskuddets varige karakter og bankens ensidige opsigelsesret) efter nævnte interval med en hel række data fra markedet, som det dengang så ud.
They had based themselves, in determining the finally agreed remuneration of 1,4 % a year (1,2 % plus a 0,2 % premium for the perpetuity of the contribution and the unilateral right of notice of the bank), on the above-mentioned corridor, with a whole series of data from the market as it then stood.
Vedrørende tillægget for indskuddets varige karakter oplyser Tyskland nærmere, at der i sammenligningstransaktionerne forekom løbetider på 10 eller 12 år og ligeledes 32 år samt ubegrænset varighed.
With regard to the premium for the perpetuity of the contribution, Germany stated that the comparable transactions referred to had terms of ten or twelve years and also 32 years or were of unlimited duration.
Tillægget på 0,2 % p.a. for indskuddets permanente varighed er normalt på markedet i betragtning af, at Helabas kreditvurdering på det pågældende tidspunkt var AAA/Aaa, hvilket var højere end nogen af sammenligningsinstitutterne.
The premium of 0,2 % a year for the perpetuity of the contribution was in conformity with the market in view of Helaba's AAA/Aaa rating at the relevant time, a rating which none of the comparable institutions achieved.
De til sammenligningen anvendte transaktioner på kapitalmarkedet viste i øvrigt ikke, at godtgørelsens størrelse var afhængig af det rejste kapitalbeløb, hverken set fra institutternes side (den pågældende emissions samlede beløb) eller fra investorens side (beløbet for den pågældende tegnede kapitalandel).
The transactions on the capital market referred to for comparison purposes did not moreover reveal any dependence of the level of the remuneration on the amount of the funds taken up, either from the point of view of the institutions (total amount of the issue) or from the point of view of the investors (amount of the subscribed tranche).
Af godtgørelsen på 1,4 % skal Helaba desuden betale en erhvervsskat, som ikke pålægges delstaten Hessen, således at den samlede byrde (før skat) bliver på 1,66 %.
In addition, Helaba had to pay trade tax, to which the Land of Hessen was not liable, on the remuneration of 1,4 %, so that the total charge was 1,66 % (before tax).
Ifølge Tyskland skal der ved sammenligningen af godtgørelserne følgelig tages hensyn til erhvervsskatteeffekten på 0,26 % p.a. for det stille indskud i Helaba.
According to Germany, therefore, in comparing the remunerations, the trade tax effect of 0,26 % a year in relation to Helaba's silent partnership contribution had to be taken into account.
I Tyskland betaler erhvervsinvestorer erhvervsskat af udbytteandele fra stille kapitalindskud.
Commercial investors in Germany pay trade tax on profit shares from silent participations.
Delstaten Hessen er imidlertid ikke omfattet af erhvervsskatten.
However, the Land of Hessen is not subject to trade tax.
I stedet skal Helaba betale den erhvervsskat, der pålægges godtgørelsen for det stille indskud.
In its place, Helaba had to pay the trade tax applicable to the remuneration of the silent partnership contribution.
En markedsøkonomisk institutionel investor ville derfor have forlangt en højere godtgørelse end delstaten for at få den pålagte erhvervsskat udlignet.
A market-economy institutional investor would therefore have required a higher remuneration than the Land in order to offset the charge he had to pay in the form of trade tax.
Omvendt ville Helaba uden videre have været parat til at betale en sådan investor godtgørelsestillægget, da det for Helaba er uden betydning, om den betaler tillægget som godtgørelse til investoren eller som erhvervsskat til skattevæsenet.
Conversely, Helaba would have been immediately prepared to pay a remuneration premium to such an investor, since it made no difference to it whether it paid the premium as a remuneration to the investor or as trade tax to the tax office.
Inklusive erhvervsskatteeffekten på 0,26 % p.a. skal Helaba med godtgørelsen på 1,40 % p.a. for det stille indskud i alt betale 1,66 % p.a., hvilket klart ligger inden for markedsintervallet og svarer til resultatet af forhandlingerne mellem Helaba og delstaten Hessen.
Inclusive of the trade tax effect of 0,26 % a year, Helaba's charge resulting from the remuneration it had to pay of 1,40 % a year for the silent partnership contribution amounted in total to 1,66 % a year, which was clearly in the market corridor and represented the result of negotiations between Helaba and the Land of Hessen.
Ifølge oplysningerne fra Tyskland kan Helaba skattemæssigt fradrage den betalte godtgørelse som driftsudgifter.
According to Germany, the remuneration paid was tax deductible by Helaba as operating expenditure.
Stille indskud betragtes kun som egenkapital ved beregning af solvensprocenten i tilsynsmæssig henseende, hvorimod de i selskabs- og skatteretlig henseende behandles som fremmedkapital.
Silent partnership contributions represented equity capital only in the calculation of solvability for banking supervisory purposes, whereas in company and tax law terms they were treated as outside capital.
Desuden havde banken til sin planlagte årlige vækst kun behov for en egenkapital på […] mio. DEM, mens investeringsfremmeformuen som ansvarlig egenkapital ud fra et tilsynsmæssigt synspunkt havde en værdi på over […] mia. DEM.
According to Germany, the bank needed only DEM [...] million in equity capital for its planned annual growth, whereas the value of the promotion-related assets as liable equity capital for banking supervisory purposes amounted to over DEM [...] billion.
Helaba ville ifølge oplysningerne fra Tyskland ikke have søgt at få et stille indskud på ca. 2,5 mia. DEM på én gang, da dette beløb dækkede dens egenkapitalbehov i en årrække; den ville snarere være gået ud på kapitalmarkedet i flere omgange.
Helaba would, according to Germany, not have taken up a silent partnership contribution amounting to some DEM 2,5 billion in a single step, since this amount covered its equity capital requirements for several years; rather, it would have made repeated calls on the capital market.
Trods disse bebyrdende virkninger for Helaba blev der ikke aftalt noget nedslag i godtgørelsessatsen på 1,4 %.
Despite these effects and the charges they imposed on Helaba, no deduction from the remuneration rate of 1,4 % was agreed.
Delstaten og Helaba nåede i stedet som en overgangsløsning til enighed om en trinvis udnyttelse og godtgørelse af det stille indskud (den såkaldte trinmodel).
The Land and Helaba had instead agreed, as a transitional solution, on a gradual use and remuneration of the silent partnership contribution (the phased arrangement).
Banken tilstræbte dermed en sådan ordning, at den kun kom til at yde godtgørelse for indskuddet efter den faktiske udnyttelse på grundlag af risikovægtede aktiver i overensstemmelse med de med ejeren aftalte vækstmål.
The bank had endeavoured here to reach an arrangement under which it would remunerate the silent partnership contribution only in accordance with the growth targets agreed with its owner to the tune of its actual use to cover risk assets.
Dette ville dog have været for ugunstigt og derfor uacceptabelt for delstaten Hessen.
However, this had been too unfavourable for the Land of Hessen and had therefore not been acceptable to it.
Efter forhandlinger, hvor man søgte at forlige de modstridende interesser, blev der aftalt en ordning med årligt stigende trancher, som der skulle betales godtgørelse for (1999: […] mio. DEM, 2000: […] mia. DEM, 2001: […] mia. DEM, 2002: […] mia. DEM, 2003: […] mia. DEM eller overgrænsen for den disponible kernekapital).
Following negotiations to offset the conflicting interests, an arrangement had been agreed involving annually increasing remunerated tranches (DEM [...] million in 1999, DEM [...] billion in 2000, DEM [...] billion in 2001, DEM [...] billion in 2002, DEM [...] billion in 2003, i.e. the upper limit for usable core capital).
Denne såkaldte trinmodel påregnede for de første år en klart hurtigere stigning, end det var påkrævet for bankens planlagte vækst.
These phased arrangements had provided for a significantly faster increase for the first few years than was necessary for the bank's planned growth.
Direktionen anmodede derpå bestyrelsen om tilslutning til et yderligere særkontingent på […] mio. DEM til udnyttelse af ansvarlig egenkapital, hvorfra indtægterne skulle anvendes til at finansiere godtgørelsen for differencen for at opnå en resultatneutral forrentning af indskuddet.
The managing board had then asked the board of directors to approve an additional special quota of DEM [...] million to cover liable equity capital, from whose yields the remuneration of the difference was to be financed so as to ensure that the contribution was used in a way that was neutral in terms of operating result.
Dette viser efter Tysklands opfattelse, at bankens »overkapitalisering« ikke alene ikke medførte nogen yderligere fordel, men uden særkontingentet også ville have belastet bankens indtjeningssituation, fordi der ikke ville have været indtægter til at udligne godtgørelsen for de dele af det trinvis stigende beregningsgrundlag, der ikke var anvendt til ekstra forretningsvirksomhed.
In Germany's view, this showed that the ‘over-endowment’ of the bank had not only not conferred any additional advantage, but that, without the special quota, it would rather have burdened the profit situation of the bank, because the remuneration for those parts of the gradually increasing assessment basis not covered by additional business would not have been matched by any income.
Det resulterede i årligt stigende betalingsforpligtelser op til et beløb på ca. 33 mio. DEM fra 2003.
This would have produced annually increasing payment obligations up to an amount of some DEM 33 million as from 2003.
Ud over godtgørelsen for det stille indskud skulle banken også bære refinansieringsomkostningerne for långivningen.
In addition to the remuneration of the silent partnership contribution, the bank had to bear the refinancing costs of lending.
Tyskland fremsatte yderligere bemærkninger vedrørende den markedsøkonomiske investors princip.
Germany also made comments on the market-economy investor principle.
Ifølge gældende retspraksis skal vurderingen af, om en ydelse og modydelse kan anses for markedsmæssigt normal, ske ud fra investorens synspunkt.
It followed from case law that an assessment must be made of the market nature of the transaction from the investor's point of view.
Det er derfor betænkeligt, når Kommissionen som anført i beslutningen om at indlede proceduren først og fremmest ud fra et modtagersynspunkt vil undersøge, om Helaba har fået en økonomisk fordel, som det ikke ville være muligt at få på normale markedsvilkår.
It therefore had misgivings if the Commission, as made clear in the decision to initiate proceedings, set out to examine primarily from the recipient's point of view whether Helaba had received an economic concession which it would not receive under normal economic conditions.
Det kan således ikke være rigtigt, når Kommissionen uafhængigt af, om en markedsøkonomisk investor ville have accepteret et trinvis stigende beregningsgrundlag for godtgørelsen, vil undersøge, om Helaba opnåede yderligere fordele af den godtgørelsesfri del af det stille indskud (forbedring af den generelle kreditværdighed).
It could not therefore be right for the Commission, irrespective of whether a market-economy investor would have accepted a gradually increasing assessment basis for the remuneration, to set out to examine whether Helaba gained further advantages (improvement in general credit rating) from the non-remunerated part of the silent partnership contribution.
Der bør ifølge præmis 327 i WestLB-dommen ikke kun tages udgangspunkt i den virksomhed, der begunstiges ved investeringen.
In accordance with paragraph 327 of the WestLB judgment, reference could not be made only to the single undertaking benefiting from the investment.
En yderligere fordel for modtageren er uden betydning, når en markedsøkonomisk investor — uanset af hvilken grund — ikke ville kræve yderligere godtgørelse herfor.
Any additional advantage to the recipient was irrelevant if, for whatever reason, a market-economy investor would not have required additional remuneration for such advantage.
Intet institut ville have været parat til straks at yde godtgørelse for det samlede indskudsvolumen, når det kun kunne lægge beslag på langsomt stigende delbeløb til en forretningsudvidelse og heller ikke kunne udnytte de overskydende beløb.
No institution would have been prepared to pay immediate remuneration on the total volume if it could use only slowly increasing partial amounts for business expansion purposes and also had no use whatsoever for the surplus amounts.
Delstaten Hessen ønskede imidlertid trods størrelsen at investere sin særformue til fremme af boligbyggeri udelt i et enkelt kreditinstitut.
However, the Land of Hessen wanted to invest its special housing fund, despite its size, en bloc with a single credit institution.
En privat investor ville i et sådant tilfælde ikke have fordret, at der straks blev ydet godtgørelse for det samlede indskud, medmindre han havde fundet et kreditinstitut, der enten på grund af en eksplosiv udvidelse af sin forretningsvirksomhed eller til udligning af indtrådte massive tab havde brug for en kapitaltilførsel i den pågældende størrelsesorden.
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.
Det var imidlertid ikke tilfældet.
However, this had not been the case.
Helaba har ikke haft nogen fordel af de dele af det stille indskud, som den de første år tilsynsretligt slet ikke kunne udnytte, og som den efter sin ejers ønske heller ikke skulle udnytte.
Helaba had derived no advantage from those parts of the silent partnership contribution which in the first few years it could not use for banking supervisory reasons and was also not supposed to use because of the wishes of its owners.
På grundlag af den med delstaten Hessen aftalte trinmodel har Helaba kun anvendt trancher på ca. […] mio. DEM p.a. plus det nævnte særkontingent på ca. […] mio. DEM til udvidelse af sin forretningsvirksomhed.
On the basis of the phased arrangements agreed with the Land of Hessen, Helaba made use for business expansion purposes only of tranches of some DEM [...] million a year plus the abovementioned special quota of some DEM [...] million.
Økonomisk set har trinmodellen svaret til tidsmæssigt forskudte optagelser af flere stille indskud.
In economic terms, the phased arrangements corresponded to the taking up of several silent partnership contributions spread over time.
De af de private institutter optagne beløb skal derfor i givet fald sammenlignes med de enkelte trancher.
The amounts taken up by private institutions were therefore at best to be compared with the amounts of individual tranches.
Kun da er det muligt at tale om en markedsmæssigt normal størrelsesorden.
It could therefore be said that the order of magnitude involved was in conformity with the market.
Delstaten har ikke kunnet forlange et godtgørelsestillæg for optagelsen af den udelte særformue — hvilket i øvrigt kun Helaba var parat til — men måtte som resultat af forhandlingerne acceptere, at der kun blev ydet godtgørelse for trinvis stigende delbeløb af denne investering.
The Land could not demand a remuneration premium for the taking up of the special fund en bloc, which only Helaba was prepared to do, but had rather, as a result of the negotiations, to accept that a remuneration would be paid only on gradually increasing partial amounts of the investment.
Indskuddet er med rette ikke blevet godtgjort med en garantiprovision for den yderligere hæftelsesfunktion, for så vidt som banken ikke tilsynsretligt allerede har anvendt det til en forretningsudvidelse.
The investment had quite properly not received any remuneration for its additional liability function through payment of a guarantee commission, since it had not been used by the bank in banking supervisory terms for business expansion.