natgillin/translations-raw huggingface dataset:
På grund af disse risici kan godkendelsen af aktivstofferne desuden kun fornyes, hvis det påvises, at mindst én af betingelserne i artikel 5, stk. 2, første afsnit, i forordning (EU) nr. 528/2012 er opfyldt.
In addition, due to those risks, the approval of those active substances may be renewed only if it is shown that at least one of the conditions of the first subparagraph of Article 5(2) of Regulation (EU) No 528/2012 is fulfilled.
Kommissionen har iværksat en undersøgelse af, hvilke risikobegrænsende foranstaltninger der kan træffes for antikoagulansrodenticider, med henblik på at foreslå de foranstaltninger, der er bedst egnede til at begrænse de risici, som egenskaberne ved sådanne aktivstoffer indebærer.
The Commission has launched a study on the risk-mitigation measures that may be applied to anticoagulant rodenticides with a view to proposing the measures that are most suitable for mitigating the risks associated to the properties of those active substances.
De, der ansøger om fornyelse af godkendelsen af disse aktivstoffer, bør have mulighed for at henvise til undersøgelsens konklusioner i deres ansøgninger.
The possibility should be given to the applicants for the renewal of approval of those active substances to address the conclusions of the study in their application.
Endvidere bør undersøgelsens resultater tages i betragtning ved enhver afgørelse om fornyelse af en godkendelse af antikoagulansrodenticider.
Furthermore, the conclusions of that study should be taken into account when deciding on the renewal of the approval of all anticoagulant rodenticides.
For at gøre det lettere at gennemgå og sammenligne risici og fordele ved alle antikoagulansrodenticider og de risikobegrænsende foranstaltninger, der gælder for sådanne aktivstoffer, bør vurderingen af flocoumafen, brodifacoum og warfarin foregå sideløbende med vurderingen af de andre antikoagulansrodenticider.
In order to facilitate the review and comparison of the risks and benefits of all anticoagulant rodenticides as well as of the risk-mitigation measures applied to them, the assessment of flocoumafen, brodifacoum and warfarin should be performed in parallel to the assessment of the other anticoagulant rodenticides.
Under disse omstændigheder, hvorpå ansøgerne ikke har nogen indflydelse, vil godkendelsen af flocoumafen, brodifacoum og warfarin formodentlig udløbe, inden der er truffet afgørelse om deres mulige fornyelse.
Consequently, for reasons beyond the control of the applicants, the approval of flocoumafen, brodifacoum and warfarin is likely to expire before a decision has been taken on a possible renewal of their approval.
Derfor bør den gældende godkendelse af disse aktivstoffer forlænges i tilstrækkelig lang tid til, at ansøgningerne kan behandles.
It is, therefore, appropriate to postpone the expiry date of approval of those active substances for a period of time sufficient to enable the examination of the applications.
Uden hensyn til godkendelsens udløbsdato bør stofferne fortsat være godkendt, under forudsætning af at specifikationerne og betingelserne i bilag I til direktiv 98/8/EF overholdes.
Except for the expiry date of the approval, those substances should remain approved subject to the specifications and conditions set out in Annex I to Directive 98/8/EC.
Udløbsdatoen for godkendelsen af flocoumafen, brodifacoum og warfarin til anvendelse i biocidholdige produkter af produkttype 14 forlænges til 30. juni 2018.
The expiry date of approval of flocoumafen, brodifacoum and warfarin for use in biocidal products for product-type 14 is postponed to 30 June 2018.
Udfærdiget i Bruxelles, den 29. januar 2016.
Done at Brussels, 29 January 2016.
Kommissionens afgørelse (EU) 2016/151
Commission Decision (EU) 2016/151
om Tysklands statsstøtte SA.31550 (2012/C) (ex 2012/NN) til Nürburgring
on the State aid SA.31550 (2012/C) (ex 2012/NN) implemented by Germany for Nürburgring
(meddelt under nummer C(2014) 3634)
(notified under document C(2014) 3634)
efter at have opfordret interesserede parter til at fremsætte deres bemærkninger i henhold til ovennævnte bestemmelser [1], under hensyntagen til deres bemærkninger og
Having called on interested parties to submit their comments pursuant to the provisions cited above [1] and having regard to their comments,
FORMEL UNDERSØGELSESPROCEDURE
FORMAL INVESTIGATION
I perioden 2002-2012 gennemførte Tyskland en række støtteforanstaltninger til fordel for den tyske racerbane Nürburgring, herunder støtteforanstaltninger til opførelse af en forlystelsespark, hoteller og restauranter samt til afholdelse af Formel 1-løb.
Between 2002 and 2012, Germany undertook a number of support measures regarding the German race track Nürburgring, including support measures relating to the construction of a leisure park, hotels and restaurants as well as the organisation of Formula 1 races.
Nürburgring-kompleksets ejere var de statsejede virksomheder Nürburgring GmbH (»NG«), Motorsport Resort Nürburgring GmbH (»MSR«) og Congress- und Motorsport Hotel Nürburgring GmbH (»CMHN«).
The Nürburgring complex was owned by State-owned companies Nürburgring GmbH (‘NG’), Motorsport Resort Nürburgring GmbH (‘MSR’) and Congress- und Motorsport Hotel Nürburgring GmbH (‘CMHN’).
Kommissionens beslutning om at udvide proceduren blev offentliggjort i Den Europæiske Unions Tidende [5].
By letter dated 21 March 2012 (‘the decision of 21 March 2012’), the Commission informed Germany that it had decided to initiate the procedure laid down in Article 108(2) of the Treaty on the Functioning of the European Union (‘TFEU’) in respect of the aid measures 1-17 described in Section 2 of the present decision (‘the formal investigation procedure’) [2].
Kommissionen opfordrede interesserede parter til at fremsætte bemærkninger til foranstaltningerne.
The Commission decision to initiate the procedure was published in the Official Journal of the European Union [3].
Den 23. april 2012, 15. juni 2012, 18. juli 2012, 20. juli 2012, 17. august 2012, 7. september 2012 og 18. januar 2013 modtog Kommissionen kommentarer fra Tyskland.
The Commission invited interested parties to submit their comments on the measures.
INSOLVENSBEHANDLING OG SALG AF AKTIVER
By letter dated 7 August 2012 (‘the decision of 7 August 2012’), the Commission informed Germany that it had decided to extend the formal investigation procedure in respect of the new aid measures [4].
Den 24. juli 2012 traf Amtsgericht Bad Neuenahr-Ahrweiler bestemmelse om foreløbig bevarelse af rådighed over aktiverne (vorläufige Eigenverwaltung des Vermögens) i Nürburgrings ejerselskaber (NR, MSR og CMHN).
The Commission decision to extend the procedure was published in the Official Journal of the European Union [5].
Insolvensbehandlingen i form af bevarelse af rådighed over aktiverne (Eigenverwaltung des Vermögens) blev efterfølgende indledt af Amtsgericht den 1. november 2012.
The Commission invited interested parties to submit their comments on the new measures.
Siden den 1. november 2012 er hele komplekset blevet drevet af Nürburgring Betriebsgesellschaft mbH (»NBG«), et helejet datterselskab af NG, der blev oprettet af kuratorerne.
Concerning the decision of 21 March 2012, nine interested parties provided the Commission with comments between 9 August 2012 and 18 October 2012.
NBG erstattede det tidligere driftsselskab Nürburgring Automotive GmbH (»NAG«) [6].
On 18 October 2012 and 23 October 2012, the Commission forwarded the comments of the interested parties to Germany.
På baggrund af NG's, MSR's og CMHN's insolvens påbegyndte kuratorerne fra maj 2013 salget af disses aktiver.
Germany replied on 15 November 2012.
Den 15. maj 2013 blev der iværksat en budprocedure med henblik på salget af aktiverne.
In relation to the decision of 7 August 2012, comments from three interested parties were received by the Commission between 5 November 2012 and 30 November 2012.
Den 23. december 2013 fremsendte »Ja zum Nürburgring e.V.« (»klager 1«) [8] og den 2. januar 2014 den tyske automobilklub ADAC e.V., der havde deltaget i budproceduren (»klager 2«), breve, hvori de gjorde gældende, at kuratorernes igangværende salg af Nürburgrings aktiver var i strid med statsstøttereglerne.
The Commission requested further information from Germany on 29 January 2013, 4 June 2014 and 5 June 2014, to which Germany replied on 15 April 2013, 4 June 2014 and 6 June 2014, respectively.
Den 4. februar 2014 opfordrede klager 1 Kommissionen til at suspendere salgsproceduren og fremlagde nye oplysninger.
INSOLVENCY PROCEEDINGS AND SALE OF ASSETS
Den 10. april 2014 indgav [bydende 3], Inc. (»klager 3« eller »[bydende 3]«), der havde deltaget i budproceduren, klage over salgsproceduren til Kommissionen.
On 24 July 2012, the local court in Bad Neuenahr-Ahrweiler ordered a preliminary own administration of the assets (‘vorläufige Eigenverwaltung des Vermögens’) of the companies owning the Nürburgring, i.e. NG, MSR and CMHN.
Den 17. april 2014 indgav Meyrick Cox (»klager 4«), som indgik i det bydende konsortium [bydende 2] (»[bydende 2]«), bestående af [bydende 2] European Capital Partners LLP, Meyrick Cox, Marcus Graf von Oeynhausen-Sierstorpff og Wadell & Reed, Inc.), klage over salgsproceduren til Kommissionen.
Insolvency proceedings in the form of own administration of the assets (‘Eigenverwaltung des Vermögens’) were eventually launched by the local court on 1 November 2012.
Den 5. maj 2014 fremsendte Tyskland sine bemærkninger til den klage, som klager 3 havde indgivet.
The business of NG, MSR and CMHN has been managed since by the managing director under insolvency law (‘Eigenverwalter’ or ‘Sanierunsgeschäftsführer’) and the insolvency administrator (‘Sachwalter’) (hereunder both referred to as ‘the insolvency administrators’) that are both not bound by instructions of the shareholders.
Den 19. maj 2014 fremsendte klager 3 yderligere argumenter.
NG, MSR and CMHN retained KPMG AG (‘KPMG’) to act on their behalf as the exclusive financial advisor to the sale of their assets in the insolvency proceedings, and to handle all contacts with the interested bidders.
Klager 3 fremsendte den 23. maj 2014 yderligere oplysninger, som Tyskland fremsatte bemærkninger til den 10. juli 2014; klager 3 fremsendte yderligere bemærkninger den 16. juni 2014 og 7. juli 2014, som Tyskland fremsatte bemærkninger til den 11. juli 2014.
Since 1 November 2012, the whole complex has been operated by Nürburgring Betriebsgesellschaft mbH (‘NBG’), a 100 % subsidiary of NG, established by the insolvency administrators.
Da den formelle undersøgelsesprocedure i givet fald kunne afsluttes med en negativ afgørelse fra Kommissionen med krav om tilbagebetaling af uforenelig støtte har Tyskland anmodet Kommissionen om at bekræfte, at en tilbagebetalingsforpligtelse, der er pålagt NG, MSR og CMHN, ikke ville være gældende for køberen af aktiverne eller dennes datterselskab, der optræder som driftsselskab, og at tilbagebetalingsforpligtelsen ikke ville være til hinder for NBG's drift af Nürburgring i 2014-sæsonen, hvorefter der skulle ske likvidation af dette selskab.
NBG replaced the previous operator Nürburgring Automotive GmbH (‘NAG’) [6].
BESKRIVELSE AF STØTTEFORANSTALTNINGERNE
In the context of the insolvency of NG, MSR and CMHN, the insolvency administrators have undertaken a sale of their assets since May 2013.
Der er fem støttegivere:
By two letters dated 23 May 2013, the Commission services provided to Germany and the insolvency administrator an opinion on the various options for selling the assets that would be compliant with the State aid rules [7].
delstaten Rheinland-Pfalz [9] ( »delstaten«), 2) den offentligt ejede bank Investitions- und Strukturbank Rheinland-Pfalz GmbH (»ISB«), 3) Rheinland-Pfälzische Gesellschaft für Immobilien und Projektmanagement GmbH (»RIM«), et helejet datterselskab af ISB, 4) Landkreis Ahrweiler og 5) NG [10].
As regards the sale of assets of NG, MSR and CMHN, Germany provided information by submissions of 10 April 2013, 15 April 2013, 30 April 2013, 9 October 2013, 27 February 2014 and — following Commission's requests for information of 13 March 2014, 23 May 2014, 4 July 2014 and 7 July 2014 — on 23 April 2014, 26 May 2014 and 10 July 2014, respectively.
Indtil den 30. april 2010 ejede og drev NG Nürburgring-komplekset [11].
The Commission also received further submissions from interested parties.
Den 1. maj 2010 fandt der en omstrukturering sted af Nürburgring-kompleksets ejerforhold og drift.
On 23 December 2013, ‘Ja zum Nürburgring e.V.’ (‘complainant 1’) [8] and on 2 January 2014, the German automotive club ADAC e.V. (‘complainant 2’), the latter automotive club participating in the sale process, submitted letters claiming that the ongoing sale of the Nürburgring assets was carried out by the insolvency administrators in breach of the State aid rules.
NG havde fortsat ejerskabet til racerbanen og forlystelsesparken og erhvervede via en kapitalinteresse på 93,3 % i MSR [12] indirekte ejerskab til hotellerne og restauranterne og erhvervede indirekte 93,3 % af ejerskabet til CMHN [13] (MSR og CMHN var fortsat de direkte ejere af hotellerne og restauranterne).
On 4 February 2014, complainant 1 asked the Commission to suspend the sales process and provided new information.
Driften af racerbanen, forlystelsesparken samt hotellerne og restauranterne blev overdraget til NAG på grundlag af en driftsforpagtningskontrakt [14], se foranstaltning 10 [15].
Following a letter from the Commission of 13 January 2014, Germany sent its comments on the claims raised by the two complainants by letter dated 10 February 2014.
Andre støttemodtagere, som der er indledt insolvensbehandling over for, er IPC Gesellschaft für internationale Projektcoordination mbH (»IPC«) [16], Weber Projektierungs- und Realisierungs GmbH (»Weber«) [17] og Cash Settlement and Ticketing GmbH (»CST«) [18].
On 10 April 2014, [Bidder 3], Inc. (‘complainant 3’ or ‘[Bidder 3]’), participating in the sale process, lodged a complaint on that process with the Commission.
De støttemodtagere, som viderefører deres aktiviteter og ikke er under insolvensbehandling, er Mediinvest GmbH, i mellemtiden omdøbt til Return Projektmanagement GmbH (»Mediinvest«) [19], Geisler & Trimmel General Contractor GmbH (»Geisler & Trimmel«) [20], NAG og Fahrsicherheitszentrum am Nürburgring GmbH & Co. KG (»FSZ«) [21].
On 17 April 2014, Mr Meyrick Cox (‘complainant 4’), a member of the consortium [Bidder 2], participating in the sale process and consisting of [Bidder 2] European Capital Partners LLP, Mr Meyrick Cox, Mr Marcus Graf von Oeynhausen-Sierstorpff and Wadell & Reed, Inc.
De støttemodtagere, der ikke længere eksisterer, er Erlebnispark Nürburgring GmbH & Co. KG (»EWN«) [22], Motorsport Akademie Nürburgring GmbH & Co. KG (»MAN«) [23], Test & Training International GmbH (»TTI«) [24], Bike World Nürburgring GmbH (»BWN1«) [25], BikeWorld Nürburgring Besitz (»BWNB«), BikeWorld Nürburgring GmbH (»BWN2«), Camp 4 Fun GmbH & Co. KG (»Camp4Fun«) [26] og MI-Beteiligungs- und Verwaltungs GmbH (»MIB«) [27].
(‘[Bidder 2]’), filed a complaint on that process with the Commission.
BESKRIVELSE AF FORANSTALTNINGERNE
These complaints were forwarded to Germany on 16 April 2014 and 17 April 2014, respectively.
Foranstaltninger omfattet af afgørelsen af 21. marts 2012
As for the complaint filed by complainant 4, Germany sent its comments on 25 April 2014.
Foranstaltning 1 (delstatens og Landkreis Ahrweilers tilvejebringelse af kapital til NG i form af overførsler til kapitalreserven og kapitalforhøjelser):
As for the complaint filed by complainant 3, Germany sent its comments on 5 May 2014.
Delstaten stillede kapital til rådighed for NG i form af overførsler til kapitalreserven [29] på 2179000 EUR [30] den 1. maj 2002 og på 22839241 EUR [31] den 21. december 2004.
Complainant 3 sent additional arguments on 19 May 2014.
Foranstaltning 2 (kapitalejerlån fra NG til dets datterselskaber inden påbegyndelsen af »Nürburgring 2009«-projektet):
Germany sent its comments to these additional arguments on 22 May 2014.
Tabel 1
Complainant 3 submitted a further piece of information on 23 May 2014, on which Germany submitted its answer on 10 July 2014, and sent further comments on 16 June 2014 and 7 July 2014, on which Germany sent its comments on 11 July 2014.
Kapitalejerlån ydet af NG til EWN, FSZ, MAN, TTI og Camp4Fun
The German authorities submitted further information on 29 July 2014, 20 August 2014, 8 September 2014 and 12 September 2014, which also covered comments submitted by complainants 3 and 4 on 3 September 2014, 21 August 2014 and 12 September 2014.
Modtager
Finally, two meetings between the Commission services and the German authorities, the insolvency administrators and KPMG took place on 22 July and 5 September 2014 in Brussels.
Indgåelse af kontrakt
In view of a potential conclusion of the formal investigation procedure by a negative Commission decision requesting the recovery of incompatible aid, Germany has requested the Commission to confirm that a recovery obligation imposed on NG, MSR and CMHN would not concern the buyer of the assets sold or its subsidiary being an operating company, and that that recovery obligation would not hinder the operation of the Nürburgring by NBG during the season of 2014, following which a liquidation of the latter company is foreseen.
Beløb (i EUR)
DESCRIPTION OF THE AID MEASURES
Rentesats (%)
THE AID DONORS
I ALT
Five entities have granted funding:
I alt
On 1 May 2010, a restructuring of the ownership and management of the Nürburgring complex took place.
Tabel 3
NG remained the owner of the race track and the leisure park and acquired indirect ownership of the hotels and restaurants via the 93,3 % ownership of MSR [12] and the indirect 93,3 % ownership of CMHN [13] (MSR and CMHN remained the direct owners of the hotels and restaurants).
Lån ydet af NG til BWN1 inden dets fusion med BWNB
The operation of the race track, the leisure park, hotels and restaurants was granted to NAG [14] on the basis of a business lease contract (‘Betriebspachtvertrag’), see measure 10 [15].
Lån ydet af NG til BWN2 after dets fusion med BWNB og BWNB's navneændring
Further beneficiaries for which a liquidation procedure has been launched are IPC Gesellschaft für internationale Projektcoordination mbH (‘IPC’) [16], Weber Projektierungs- und Realisierungs GmbH (‘Weber’) [17] and Cash Settlement and Ticketing GmbH (‘CST’) [18].
Denne foranstaltning omfatter lån, som delstaten har ydet NG fra sin såkaldte likviditetspulje [38].
KG (‘FSZ’) [21].
Nærmere oplysninger findes i tabel 5.
The beneficiaries which do not exist any longer are Erlebnispark Nürburgring GmbH & Co.
Tabel 5
KG (‘EWN’) [22], Motorsport Akademie Nürburgring GmbH & Co.
Lån udbetalt til NG fra delstatens likviditetspulje [42]Dato
KG (‘MAN’) [23], Test & Training International GmbH (‘TTI’) [24], Bike World Nürburgring GmbH (‘BWN1’) [25], BikeWorld Nürburgring Besitz (‘BWNB’), BikeWorld Nürburgring GmbH (‘BWN2’), Camp 4 Fun GmbH & Co.
Udbetalt beløb (EUR)
KG (‘Camp4Fun’) [26] and MI-Beteiligungs- und Verwaltungs GmbH (‘MIB’) [27].
Formål
DESCRIPTION OF THE MEASURES
Tilbagebet. af lån (EUR)
The current investigation concerns the financing of the construction and operation of the facilities linked to the race track and the facilities for tourism before the ‘Nürburgring 2009’ project, of the construction of all such facilities under the ‘Nürburgring 2009’ project and of the organisation of Formula 1 races.
gennemsnitlig rentesats/år (%)
The project ‘Nürburgring 2009’ intended to provide the race track with various attractions in order to increase its attractiveness over the whole year.
Formel 1-gebyr
The ‘Nürburgring 2009’ project consisted of part I (mainly tribune and entertainment facilities) and part II (mainly accommodation facilities) [28].
Renter for kapitalejerlån
Measures covered by the decision of 21 March 2012
»Nürburgring 2009«-projekt
Measure 1 (provision of capital by the Land and the district of Ahrweiler to NG in the form of transfers to the capital reserve and increases of own capital):
Oprettelse af »Bardepot«
Capital in the form of transfers to the capital reserve (‘Einstellungen in die Kapitalrücklage’) [29] was granted by the Land to NG in the amounts of EUR 2179000 [30] on 1 May 2002 and EUR 22839241 [31] on 21 December 2004.
Foranstaltning 4 (lån fra NG til MSR):
In addition, the Land and the district of Ahrweiler carried out the increases of own capital (‘Kapitalerhöhung’) of NG of EUR 4887000 [32] on 31 August 2004 and EUR 10000000 on 4 September 2007.
I forbindelse med »Nürburgring 2009«-projektet ydede NG den 27. december 2007 et lån på 300000 EUR til MSR til en rentesats på 7 %.
In total, the Land and the district of Ahrweiler provided to NG capital amounting to EUR 39905241 between 2002 and 2007.
Der blev ikke stillet sikkerhed.
Measure 2 (shareholder loans of NG to its subsidiaries before the ‘Nürburgring 2009’ project):
Foranstaltning 5 (lån, hensigtserklæring og efterstilling af fordringer fra NG til fordel for CST):
Independently from the ‘Nürburgring 2009’ project, NG granted to its subsidiaries the shareholder loans in the total amount of EUR 11176953,14, listed in Tables 1-4.
I perioden fra 27. august 2008 til 18. april 2011 ydede NG lån på i alt 11032060 EUR til CST til en rentesats på 6 % [43].
The interest rate was agreed at 6 % and no collaterals were provided.
Foranstaltning 6 (betaling af vederlag fra NG til IPC og lån til MSR via PNG):
Table 2
I perioden 2006-2008 modtog IPC fra NG i alt 640000 EUR som vederlag for selskabets tjenester, da der skulle findes private investorer.
Loans granted by NG to BWNB before its renaming
Desuden ydede NG den 15. oktober 2008 et lån på 3 mio. EUR til Pinebeck Nürburgring GmbH (»PNG«) til en rentesats på 6 %.
Amount of loan (EUR)
Den 15. oktober 2008 udnyttede PNG dette lån til at yde et lån på 3 mio. EUR til MSR til en rentesats på 6 %, idet PNG dog kun udbetalte et lån på 2941000 EUR [44].
Total
Der var stillet sikkerhed for begge lån for 3 mio. EUR til fordel for NG.
Table 3
Foranstaltning 7 (overdragelse af fordringer fra MIB til NG):
Loans granted by NG to BWN1 before its merger with BWNB
Den 17. april 2009 overdrog MIB sine lånefordringer mod CST på 1476830,88 EUR [45] til NG.
Table 4
Foranstaltning 8 (ISB-lån til NG, MSR og CMHN):
Loans granted by NG to BWN2 after its merger with BWNB and BWNB's renaming
For at spare finansieringsomkostninger og sikre finansieringen på lang sigt blev der den 28. juli 2010 foretaget en fuldstændig omstrukturering af finansieringsaftalerne.
Measure 3 (loans provided by the Land to NG via the liquidity pool):
Forpligtelserne over for delstatens likviditetspulje (foranstaltning 3), et lån på […] EUR fra Bank für Tirol und Vorarlberg AG til CMHN [47], et lån på […] EUR fra Kreissparkasse Ahrweiler til MSR [48] og de lån på 85512000 EUR, som RIM ydede til MSR via RIM's passive kapitalindskud i Mediinvest, samt Mediinvests efterfølgende lån til MSR (foranstaltning 11) blev omstruktureret til et enkelt lån på 325265000 EUR, som ISB ydede til NG, MSR og CMHN inden for rammerne af det af delstaten udstedte kreditmandat [49].
This measure consists of loans from a so-called liquidity pool [38] of the Land provided by the latter to NG.
Omstruktureringen af de pågældende finansieringsaftaler er en selvstændig foranstaltning ved siden af de underliggende lån.
In connection with the Formula 1 races and the ‘Nürburgring 2009’ project [39], NG had been included in the cash pooling of the Land since 2003 and 2008, respectively [40].
Dette resulterer i et nyt lån til fordel for NG, MSR og CMHN.
ISB is also included in that liquidity pool.
Lånet er opdelt i fire trancher:
The aim of the cash pooling is to optimise the use of liquidity within the different holdings, foundations and public undertakings of the Land.
tranche 1 på 96574200 EUR til fordel for NG til infrastruktur, tranche 2 på 113590800 EUR til fordel for NG til øvrige investeringer [50], tranche 3 på 92000000 EUR til fordel for MSR til øvrige investeringer og tranche 4 på 23100000 EUR til CMHN til øvrige investeringer.
The participation of the different undertakings and foundations in the cash pooling is based on a memorandum of understanding between the undertaking/foundation concerned and the Ministry of Finance of the Land.