natgillin/translations-raw huggingface dataset:
WestLB er derfor stillet bedre end andre banker.
WestLB was therefore in a favourable position compared with other banks.
Fritagelsen for selskabsskat begunstiger indirekte WestLB.
The exemption from corporation tax was said to benefit WestLB indirectly.
Det forhold, at der er givet afkald på skatteindtægter, udgør statsstøtte som omhandlet i EF-traktatens artikel 87, stk. 1.
The waiver of tax income constituted state aid within the meaning of Article 87(1) of the EC Treaty.
EFTERGIVELSE AF GÆLD
WAIVER OF LIABILITY
Inden overdragelsen blev WfA fritaget for gæld på 7,3 mia. DEM (3,77 mia. EUR) til delstaten. Delstaten gav afkald på en hæftelsesforpligtelse fra WfA's side uden at kræve godtgørelse herfor af WfA eller WestLB.
Prior to the transfer, Wfa was released from liabilities of DEM 7300 million (EUR 3730 million) vis-à-vis the Land, which waived them without asking for any consideration for this either from Wfa or from WestLB.
En investor, der handler ud fra markedsøkonomiske betragtninger, ville kræve en godtgørelse for et sådant afkald.
A market-economy investor would have asked for a consideration for such a waiver.
Afkaldet på hæftelsesforpligtelsen var en afgørende betingelse for, at det tyske finanstilsyn (BAKred) godkendte de 4 mia. DEM (2,5 mia. EUR) som kerneegenkapital.
The waiver was also a decisive prerequisite for the acceptance by BAKred of DEM 4000 million (EUR 2050 million) of capital.
Dermed kommer denne eftergivelse af gæld direkte WestLB til gode.
WestLB therefore profited directly from the waiver.
BEMÆRKNINGER FRA ANDRE INTERESSEREDE PARTER
OBSERVATIONS FROM OTHER INTERESTED PARTIES
Foruden WestLB og BdB fremsatte to andre interesserede parter bemærkninger til Kommissionens beslutning om at indlede proceduren efter EF-traktatens artikel 88, stk. 2.
Besides WestLB and BdB, two other interested parties commented on the Commission decision to initiate the procedure laid down in Article 88(2) of the EC Treaty.
Den franske bankforening, Association Française des Banques, anførte, at overdragelsen af egenkapital til WestLB, som der kun forlangtes en minimal godtgørelse for, samt delstatens bestående garanti for banken medførte konkurrencefordrejninger til skade for franske kreditinstitutter.
The Association Française des Banques states that the transfer of own funds to WestLB, for which only an insignificant remuneration was sought, and the continuing guarantee for the bank from the Land lead to distortions of competition detrimental to French credit institutions.
Da WestLB's kapitalindskydere forlangte en forrentning af egenkapitalen, som klart ligger under det normale niveau, kan WestLB tilbyde sine tjenesteydelser til en pris, der ligger under omkostningerne (»dumping«).
Since WestLB's owners demanded a return on their capital that was clearly below the normal level, WestLB could offer its services at below cost (‘dumping’).
På grund af Gewährträgerhaftung er WestLB kreditvurderet til AAA, hvilket medfører, at banken kan opnå refinansiering på markederne på meget fordelagtige vilkår.
As it benefits from guarantor liability, WestLB has a triple-A rating which allows it to refinance on the markets on very favourable terms.
Disse fordele, som WestLB opnåede, skadede de franske banker, som driver virksomhed i Tyskland.
These advantages place French banks operating in Germany at a disadvantage.
På grund af disse særlige omstændigheder kunne WestLB samtidig udvide sine aktiviteter i Frankrig, navnlig inden for kommunal finansiering.
At the same time, WestLB can, under these special conditions, develop its business in France, especially in the sector of municipal finance.
Konkurrencevilkårene i banksektoren var blevet fordrejet i Tyskland, Frankrig og andre medlemsstater.
Competition within the banking sector is distorted in Germany, France and other Member States.
Den britiske bankforening, British Bankers' Association, anfører, at WestLB er en aktiv konkurrent til de ikke-tyske banker i Tyskland og på hele det europæiske marked.
The British Bankers' Association argues that WestLB is an active competitor against non-German banks within Germany and across the European market.
Støtte til fordel for WestLB fordrejer derfor samhandelen i Fællesskabet.
Therefore, any aid granted to WestLB has a distorting effect on trade within the Community.
Kommissionen opfordres til at sørge for, at principperne for det indre marked overholdes, og at offentligt ejede banker ikke fritages for traktatens konkurrenceregler.
The Commission is called upon to uphold the principles of the single market and not to exempt publicly owned banks from the competition rules of the Treaty.
BEMÆRKNINGER FRA WESTLB
OBSERVATIONS FROM WESTLB
Efter offentliggørelsen af Kommissionens beslutning om at indlede proceduren efter EF-traktatens artikel 88, stk. 2, fremsendte WestLB som bemærkninger en afskrift af Tysklands bemærkninger til sagen og erklærede sig fuldt ud enig heri.
Following publication of the Commission decision to initiate the procedure laid down in Article 88(2) of the EC Treaty, WestLB submitted as its position a copy of Germany's observations on the same question and declared itself fully in agreement with that statement.
Tysklands argumenter er derfor generelt også udtryk for WestLB's holdning, hvorfor denne kun refereres kort.
Thus, the arguments of Germany generally reflect the position of WestLB, which is therefore presented only briefly.
GENERELLE BEMÆRKNINGER VEDRØRENDE FORMUEOVERDRAGELSEN
GENERAL OBSERVATIONS ON THE TRANSFER
Efter WestLB's opfattelse finder den markedsøkonomiske investors princip ikke anvendelse på økonomisk sunde og rentable virksomheder.
According to WestLB, the market-economy investor principle is not applicable to investments in economically sound and profitable enterprises.
Dette skulle være bekræftet af Domstolen, som altid kun har anvendt princippet i forbindelse med virksomheder, der på tidspunktet for investeringsbeslutningen allerede i længere tid har lidt betydelige tab og opererer inden for en sektor med strukturel overkapacitet.
This is said to be confirmed by the Court, which had in the past applied this principle only in cases where, at the time of the investment decision, the enterprise in question had already been operating at a significant loss for a considerable time and was active in a sector characterised by structural overcapacity.
I retspraksis findes intet grundlag for at anvende princippet på sunde og rentable virksomheder.
It is claimed that there is no basis in case law for applying the principle to sound and profitable enterprises.
På grund af WfA's særlige opgave kan dens formue ikke sammenlignes med normal egenkapital.
WestLB submits that, given Wfa's special purpose, its assets are not comparable to normal funds.
Overdragelsen til WestLB af WfA's formue, som ikke kunne anvendes på anden vis, var den økonomisk mest hensigtsmæssige anvendelse af disse aktiver.
The transfer to WestLB of Wfa's otherwise unusable assets represents the most commercially sensible use of these assets.
Med formueoverdragelsen optimerede delstaten anvendelsen af de aktiver, der var formålsbestemt til støtte til boligbyggeri.
By means of the transfer the Land has optimised the use of funds earmarked for housing promotion.
En privat ejer havde handlet på samme måde.
A private owner would have acted in the same way.
En forhøjelse af delstatens andel i tilknytning til formueoverdragelsen ville efter WestLB's opfattelse ikke blot være unødvendig, men ville heller ikke være forenelig med WfA-formuens særlige risikoprofil.
According to WestLB, an increase in the Land's participation following the transfer would be not only unnecessary but also incompatible with the particular risk profile of Wfa's capital.
Da WfA's overdragelse ikke gav yderligere likviditet, kan den ikke sammenlignes med andre kapitaltilførsler.
Given the lack of liquidity, the transfer cannot be compared to other capital injections.
Der findes også andre egenkapitalinstrumenter på markedet, der ikke giver stemmeret.
Other equity instruments on the market do not carry voting rights either.
Da den godtgørelse, som delstaten modtager, er af en passende størrelse, er det ikke nødvendigt at kræve en forhøjelse af WestLB's rentabilitet.
It is claimed that, since the remuneration received by the Land was a reasonable price, there was no need to ask for any increase in WestLB's profitability.
Det står heller ikke klart, hvorfor en investor, der handler ud fra markedsøkonomiske betragtninger, skulle kræve et overskud af en vis størrelse, hvis vedkommende investerer i en rentabel virksomhed.
Furthermore, it was not apparent why a market-economy investor would require a certain target profit if he invested in a profitable company.
Da WestLB hidtil har givet overskud, er der heller ikke behov for en omstruktureringsplan.
Since WestLB had made a profit in the past, there was also no need to establish any restructuring plan.
Domstolen kræver kun en sådan plan i forbindelse med omstruktureringsstøtte til tabsgivende virksomheder.
Such a plan was required by the Court only in cases of restructuring aid for loss-making enterprises.
Efter WestLB's opfattelse er godtgørelsen for WfA-kapitalen af en passende størrelse.
According to WestLB, the remuneration paid for the capital in question is appropriate.
Til støtte for denne opfattelse fremlagde WestLB en undersøgelse fra en investeringsbank, som WestLB havde anmodet om at beregne godtgørelsen.
In support of this opinion, WestLB submitted a report from an investment bank which had been commissioned by WestLB to assess the remuneration.
I ekspertundersøgelsen sammenlignes WfA-formuens risikoprofil med risikoprofilen for andre egenkapitalinstrumenter på kapitalmarkederne; det fremgår heraf, at der er ydet en passende godtgørelse for WfA's særlige reserve med en margen på 0,9 — 1,4 %.
The expert report compares the risk profile of Wfa's capital with that of other equity instruments on the capital markets and, on the basis of this comparison, identifies a rate within the range of 0,9 % to 1,4 % as appropriate remuneration for Wfa's capital.
Dette svarer til, at der for WestLB opstod udgifter på 1,1 % (inden skat) for anvendelsen af WfA-formuen.
This compared with costs of about 1,1 % (before tax) for WestLB for the use of Wfa's capital.
WestLB understreger, at den fuldstændige udnyttelse af WfA-formuen er forbundet med yderligere refinansieringsudgifter; disse angives i de forskellige dokumenter til 7,5 — 9,3 %.
WestLB stresses that, in order to be used in full, the capital requires additional refinancing costs, which are given in different documents in the range of 7,5 % to 9,3 %.
WestLB hævder endvidere, at de tal over tyske bankers egenkapitalforrentning, som BdB har forelagt, af forskellige grunde ikke er korrekte.
WestLB also submits that the figures presented by BdB on the return on equity of German banks are not correct for several reasons.
Den investeringsperiode, som BdB har anvendt til beregningen, resulterer i særligt høje forrentningsværdier på grund af børskursernes særlige udvikling.
On account of specific stock exchange developments, the investment period used by BdB for the calculation led to particularly high returns.
Det aritmetiske gennemsnit, som BdB lægger til grund, giver ukorrekte resultater; man bør derimod lægge det geometriske gennemsnit (»compound annual growth rate«) til grund.
The arithmetic average used by BdB did not provide correct results as the compound annual growth rate method should be used for such calculations.
BdB henholder sig i sin beregning til investeringsperioder, som er irrelevante for en investeringsbeslutning i 1992, og tæller enkelte år med flere gange som følge af, at der tages højde for en lang række ihændehaverperioder.
BdB included in its calculations investment periods which were not relevant for an investment decision in 1992 and, because it took into account all possible holding periods, it counted individual years several times over.
De kreditinstitutter, som BdB har anvendt til beregning af en gennemsnitlig egenkapitalforrentning for tyske storbanker, kan ikke sammenlignes med WestLB på grund af den forskellige kernevirksomhed.
The banks used by BdB for computing an average rate of return on equity for large German banks could not be compared to WestLB because of differing core businesses.
Justerer man den gennemsnitlige forrentning på 16,6 %, som BdB har nævnt, for alle disse faktorer, når man frem til en værdi på 5,8 %.
According to WestLB, the average return on equity of 16,6 % presented by BdB falls to 5,8 % after adjustment for all these factors.
SYNERGIVIRKNINGER
SYNERGY EFFECTS
Ifølge WestLB var WfA's overdragelse til WestLB forbundet med betydelige omkostningsbesparelser for WfA.
According to WestLB, the integration of Wfa into WestLB led to considerable cost savings for Wfa.
WfA's personale (tidligere 588 personer: de ansatte i »det tidligere WfA« samt medarbejderne i WestLB's afdeling for boligbyggeri, hvis omkostninger WfA skulle dække inden overførslen) kunne i de to første år nedskæres med 53 personer.
In the first two years Wfa's staff of 588 (personnel within the ‘old’ Wfa as well as in the housing promotion division of WestLB, the costs of which had to be borne by Wfa before the transfer) was reduced by 53.
I de første år havde WfA's overdragelse årligt haft synergivirkninger på 13 mio. DEM (7 mio. EUR).
In the early years the transfer led to annual savings of DEM 13 million (EUR 7 million) for Wfa as a result of synergies.
Personalenedskæringen vil fortsætte, således at de årlige besparelser fra og med 1997 formentlig vil stige til ca. 25 mio. DEM (13 mio. EUR).
The reduction in staff numbers should continue and annual savings were expected to increase to around DEM 25 million (EUR 13 million) from 1997 onwards.
Disse beløb kommer udelukkende delstatens støtte til boligbyggeri til gode.
These amounts were said to benefit exclusively the housing promotion business of the Land.
I et andet dokument tales der om årlige synergivirkninger på mindst 35 mio. DEM (18 mio. EUR).
Another document refers to a synergy effect of at least DEM 35 million (EUR 18 million) annually.
Som led i overdragelsen accepterede WestLB udgifter på 33 mio. DEM (17 mio. EUR) til ændring af pensionsordningen for WfA-medarbejderne og indbetalte et tilsvarende beløb til forbundsstatens og delstaternes pensionsforsikringsanstalt (Versorgungsanstalt des Bundes und der Länder).
Furthermore, in the course of the merger, changing the pension scheme for Wfa employees cost WestLB DEM 33 million (EUR 17 million) in payments to the pension institution of the Federation and the Länder.
Denne indbetaling vil nedsætte WfA's senere udgifter.
The payments would reduce Wfa's subsequent expenses.
SKATTEFRITAGELSER
TAX EXEMPTIONS
Ifølge WestLB er WfA's fritagelse for visse skatter i overensstemmelse med systematikken i den tyske skattelovgivning, hvorefter de pågældende skatter ikke gælder for institutioner, der tjener offentlige formål og ikke konkurrerer med institutioner, der betaler skat.
According to WestLB, the exemption of Wfa from certain taxes is in line with the system of German tax law, under which the taxes in question do not apply to institutions that serve public purposes and do not compete with other, tax-paying institutions.
WestLB er selv ubegrænset undergivet alle disse skatter og opnår ingen fordel ved de fritagelser, der gælder for WfA.
WestLB itself is liable in full to all these taxes and does not derive any benefit from the exemption of Wfa.
Der er ikke opkrævet formueskat efter den 1. januar 1997 og ikke virksomhedskapitalskat efter den 1. januar 1998.
It is also pointed out that property tax has not been levied since 1 January 1997 and tax on business capital not since 1 January 1998.
Eftergivelsen af den pågældende gæld skete inden overdragelsen og vurderingen af WfA-formuen i tilslutning hertil.
As WestLB points out, the waiver of the liabilities in question was made before the transfer and subsequent valuation of Wfa's assets.
Beløbet på 4 mia. DEM (2,05 mia. EUR) udgør således situationen uden gældsforpligtelserne.
The value of DEM 4000 million (EUR 2050 million) therefore reflects the situation without liabilities.
Da godtgørelsen er beregnet på grundlag af dette beløb, opnår WestLB ingen fordel som følge af eftergivelsen.
Since the remuneration is based on this value, WestLB does not receive any advantage from the waiver.
Tyskland er af den opfattelse, at overdragelsen ikke omfattede elementer af statsstøtte som omhandlet i EF-traktaten til fordel for WestLB.
Germany submitted that the transaction does not include any elements of state aid for WestLB within the meaning of the EC Treaty.
Delstaten Nordrhein-Westfalen modtog en passende godtgørelse, der svarede til forholdene på markedet.
The Land of North Rhine-Westphalia received an appropriate remuneration which corresponded to the terms of the market.
For WestLB's øvrige kapitalindskydere udgør overdragelsen heller ikke statsstøtte, da det som følge af den passende godtgørelse, som WestLB betaler, er berettiget, at ejendomsstrukturen bibeholdes efter WfA's overdragelse.
Nor did the transaction constitute state aid for the other shareholders of WestLB as the preservation of the shareholder structure after Wfa's transfer was justified by the appropriate remuneration paid by WestLB.
De skattefritagelser, som gjaldt for WfA, indeholdt heller ingen stattsstøtteelementer til fordel for WestLB, da de ikke berørte bankens kommercielle aktiviteter.
Furthermore, the tax exemptions for Wfa do not include elements of state aid for WestLB because they did not affect the commercial business of the bank.
Tyskland er af den opfattelse, at Kommissionen kun må undersøge sagen på grundlag af de omstændigheder, der var gældende på tidspunktet for investeringsbeslutningen, dvs. i slutningen af 1991.
In Germany's opinion, the Commission may examine the case only on the basis of the circumstances obtaining at the time of the investment, i.e. at the end of 1991.
Kun disse omstændigheder kunne ligge til grund for delstatens investeringsbeslutning.
Only these circumstances could have been the basis for the Land's investment decision.
Senere spørgsmål og begivenheder, såsom BAKred's godkendelse af ansvarlig kapital og den årlige vurdering af WfA's aktiver og passiver samt opførelsen heraf på WestLB's balance, skal ikke omfattes af Kommissionens undersøgelse.
Subsequent questions and developments such as the acceptance of own funds by BAKred or the annual valuation and integration of Wfa's assets and liabilities into WestLB's accounts fell outside the scope of the Commission's investigation.
Ifølge Tyskland overvejede man allerede i 1970'erne og 1980'erne at overdrage WfA til WestLB. Motivet hertil var at gøre støtten til boligbyggeri mere effektiv.
According to Germany, the ideas on integrating Wfa into WestLB dated back to the 1970s and the 1980s and were prompted by the view that housing promotion could be made more efficient.
Inden overdragelsen var proceduren for opnåelse af et lån til boligbyggeri temmelig kompliceret, da både WfA og WestLB skulle medvirke foruden de kompetente offentlige myndigheder.
Before the transfer, the procedure for receiving a housing loan was very complicated as both Wfa and WestLB were involved alongside the relevant public authorities.
Inden for WestLB fandtes der en selvstændig afdeling for »støtte til boligbyggeri«, hvis omkostninger blev dækket af WfA.
Within WestLB, a special housing promotion department was set up, with the costs being borne by Wfa.
Denne struktur var forbundet med dobbeltbemanding, dobbelt administration og andre forhold, der mindskede effektiviteten.
This structure led to duplication of posts and files and other inefficiencies.
Efter overdragelsen har låntagerne kun skullet henvende sig et enkelt sted i stedet for to steder.
Since the transfer, the beneficiaries of housing loans have had to deal with only one party and not two.
WestLB havde ifølge Tyskland også kunnet opfylde de nye solvenskriterier ved at fremskaffe supplerende egenkapital. For at sikre bankens funktionsdygtighed på længere sigt var det imidlertid hensigtsmæssigt at forhøje kerneegenkapitalen.
Germany states further that WestLB could also have met the new solvency criteria by raising additional own funds but that, with a view to securing the long-term functioning of the bank, it seemed reasonable to increase the original own funds.
Alt dette viser, at det primære motiv til overdragelsen ikke var forhøjelsen af WestLB's egenkapital, men derimod mulige synergivirkninger og en forbedring af proceduren i forbindelse med støtten til boligbyggeri.
All this shows that the prime reason for the transfer was not to increase WestLB's equity but to achieve potential synergy effects and improve housing promotion procedures.
Ændringen af solvenskravene var blot den udløsende faktor.
The change in solvency rules merely triggered the process.
Det var allerede i det pågældende lovforslag fastsat, at øremærkningen af delstatens formue til boligbyggeri skulle opretholdes, at formuens omfang skulle sikres, og at mekanismerne inden for boligpolitikken skulle bibeholdes.
The legislative initiative in question already laid down that the resources of the Land Housing Promotion Fund would have to remain earmarked, that its substance would have to be secured and that the instruments for housing promotion would have to be maintained.
Derfor skal WestLB drive WfA som en organisatorisk og økonomisk selvstændig institution, som udarbejder sit eget årsregnskab.
In accordance with these principles, Wfa must be managed by WestLB as an organisationally and economically independent entity which draws up its own annual accounts.
I tilfælde af, at WestLB opløses, har delstaten et fortrinsberettiget krav på WfA's nettoformue.
In the event of WestLB being wound up, the Land has a preferential claim on Wfa's net assets.
Alle WfA's indtægter skal til enhver tid anvendes til støtte til boligbyggeri.
All of Wfa's income is still given over to housing promotion.
Kun den del af WfA's egenkapital, som WfA ikke selv har behov for som sikkerhed for sine aktiver, kan udnyttes af WestLB i tilsynsmæssig henseende.
Only that part of Wfa's own funds which it does not itself need to underpin its assets can be used by WestLB for solvency purposes.
Delstaten har fortsat en særlig indflydelse på WfA gennem særlige tilsyns-, informations- og samarbejdsrettigheder.
The Land retains a special influence over Wfa by way of specific supervisory, information and cooperation rights.
I forholdet udadtil hæfter den særlige reserve ubegrænset.
Externally, liability in respect of the special reserve is unlimited.
I tilfælde af WestLB's konkurs eller likvidation ville kreditorerne direkte kunne søge fyldestgørelse i WfA's særlige reserve.
In the event of WestLB's liquidation or bankruptcy, creditors would have direct access to it.
Også i tilfælde af tab ville det være muligt at modregne sådanne fuldt ud i den særlige reserve.
Losses could also be offset against the special reserve without limitations.
I forholdet indadtil havde WestLB's kapitalindskydere derimod fastsat en anden rækkefølge for, hvordan der kunne gøres brug af WfA's ansvarlige kapital. Her hæfter WfA-formuen først efter WestLB's øvrige egenkapital.
Internally, however, WestLB's owners have laid down other arrangements regarding the order in which liable capital is called on, with Wfa's capital being ranked after the remaining equity capital of WestLB.
Da denne interne aftale ikke berører den lovbestemte hæftelse i forholdet udadtil, godkendte BAKred den 30. december 1992 den særlige reserve på 4,0 mia. DEM (2,05 mia. EUR) som kerneegenkapital.
Since this internal agreement does not affect external legal liability, BAKred accepted the special reserve as original own funds amounting to DEM 4000 million (EUR 2050 million) on 30 December 1992.
DEN MARKEDSØKONOMISKE INVESTORS PRINCIP
MARKET-ECONOMY INVESTOR PRINCIPLE