natgillin/translations-raw huggingface dataset:
Nogle typer finansiering, de såkaldte Spezialfinanzierungen, er undtaget fra forpligtelsen til at beregne sandsynligheden for misligholdelse.
Finally, the Commission notes that, since it has never informed Germany of the closure of the case at hand, it is entitled to proceed to its formal investigation.
Ved sådanne typer finansiering foretages der i henhold til solvensforordningen i stedet en simpel risikovægtning.
Company in difficulty
Konsulenten baserede sit skøn af sandsynligheden for misligholdelse og af ratingen på denne forenklede metode.
In the opening decision, the Commission found that it could not be excluded that FN GmbH was a company in financial difficulty.
Metoden medtager følgende fem faktorer: Låntagers finansielle styrke, politisk og juridisk kontekst, virksomhedens karakter, ejerens styrke og sikkerhedsstillelse.
However, in view of the information provided by Germany, the Commission is of the opinion that the FN GmbH's financial situation has improved overtime:
Sandsynligheden for misligholdelse inden for et år skønnes for hvert af lånene at være på mellem [0,5-3] % og [1-5] %.
the company was able to generate positive cash-flows less than 5 years after the start of operations (see table 5) and made a profit until the end of 2010, year of the last measure under scrutiny,
Ifølge konsulenten svarer denne sandsynlighed til en rating på […].
the company always benefited from its private shareholders' support (see Recital 72) and could eventually access commercial bank credit (see Recital 73),
Det skal bemærkes, at denne skønnede vurdering hviler på et skøn af graden af sikkerhedsstillelse og dermed det tab givet misligholdelse (LGD), der er forbundet med de enkelte lån.
FN GmbH's management never envisaged to file for bankruptcy during that period.
Det betyder, at den rating, som konsulenten har beregnet, allerede omfatter en potentiel opjustering for sikkerhedsstillelsen og udgør udstedelsesratingen (i modsætning til udstederratingen).
Therefore the Commission takes the view that the company was never in the situation described in paragraph 9 of the Rescue and Restructuring Guidelines where the company would have been ‘unable, whether through its own resources or with the funds it is able to obtain from its owner/shareholders or creditors, to stem losses which, without outside intervention by the public authorities, will almost certainly condemn it to going out of business in the short or medium term’.
Konsulentens rapport indeholder imidlertid ikke oplysninger om værdien af de sikkerhedsstillelsen for de pågældende lån og indeholder heller ikke oplysninger om det faktiske LGD for hvert enkelt lån.
The Commission concludes that FN GmbH should not qualify as a company in difficulty.
Hvis man alene tager de første fire faktorer, som konsulenten vurderede, i betragtning (og ekskluderer »sikkerhedsstillelse«), bør konsulentens skøn give en rating, der ligger tættere på udstederratingen.
Existence of Aid Concerning the Loans Granted to FN GmbH (Measure 1)
F.eks. er gennemsnittet af de første fire faktorer [1-5], hvilket kan fortolkes som værende tæt på en rating på […].
Notion of Undertaking and Economic Activity
Denne udstederrating finder anvendelse på lån 1, 2 og 3.
Until recently, the development of airports was often determined by purely territorial considerations or, in some cases, military requirements.
For lån 4 er udstederratingen skønnet efter denne metode […].
The operation of airports was organised as part of the administration rather than like a commercial undertaking.
Kommissionen bemærker, at konsulentens rapport efterlader nogen tvivl om kvaliteten af den skønnede rating.
Competition between airports and airport operators was also limited and developed gradually.
Desuden skal den skønnede rating betragtes med en vis varsomhed, eftersom konsulenten ikke har udlån til låntager.
That situation has however changed in recent years.
Den skønnede rating ligger imidlertid forholdsvis lavt på kreditvurderingsbureauernes kreditvurderingsskala og synes ikke at være i strid med den skønnede kreditvurdering, som [bank] foretog for en senere periode.
Although those land-use planning considerations and administrative structures may still persist in some cases, the majority of airports have been incorporated under commercial law in order to allow their operation on market terms in an increasingly competitive environment.
Sikkerhedsstillelse og tab givet misligholdelse [50]
The process of transfer to the private sector has normally taken the form of privatisation or a progressive opening-up of capital.
Der blev stillet følgende sikkerhed for lån 1, da lånet blev ydet (11.4.2003):
In recent years, private-equity firms and investment and pension funds have shown a great interest in acquiring airports, as illustrated in the case at hand.
I 2002 købte FN GmbH jorden af den tyske stat til en pris af [5-20] mio. EUR.
However, the Union Courts have recognised the evolution in the nature of airport activities.
I september 2002 udarbejdede en uafhængig vurderingsmand en rapport, hvoraf det fremgår, at grundens markedsværdi var ca. [5-20] mio. EUR.
In ‘Leipzig/Halle airport’ [40], the General Court held that, from the date on which the judgment in ‘Aéroports de Paris’ was rendered, the application of State aid rules to the financing of airport infrastructure could no longer be excluded.
Den bogførte værdi af lufthavnens langsigtede aktiver var ved udgangen af 2002 (inkl. investeringer i grund og bygninger) ca. [5-20] mio. EUR.
Consequently, from the date of the judgment in ‘Aéroports de Paris’ (12 December 2000), the operation and construction of airport infrastructure must be considered as falling within the ambit of State aid control.
Da lån 1 blev udstedt, var der allerede givet højtprioriteret pant i grunden for [1-6] mio. EUR til […]
With regard to the present case, the various loans granted to FN GmbH by EEL GmbH, subject to the formal investigation procedure, to finance the construction of Niederrhein-Weeze airport, were granted as of 2003, that is after the Aéroports de Paris judgment.
Hr. […]s personlige garanti; Tyskland har ikke fremlagt oplysninger om værdien af garantens personlige ejendom
As a result, the Commission concludes that it is entitled to examine all loans granted to FN GmbH by EEL GmbH.
Sikkerhed i Airport Network (AV) B.V.'s andele i Airport Niederrhein Holding (ANH) GmbH; Tyskland har ikke fremlagt oplysninger om værdien af disse andele.
State resources and imputability to the State
Sikkerhed i ANH GmbH's andele i FN GmbH; Tyskland har ikke fremlagt oplysninger om værdien af disse andele.
The concept of State aid applies to any advantage, granted directly or indirectly, financed out of State resources, granted by the State itself or by any intermediary body acting by virtue of powers conferred on it.
Hvis den bogførte værdi af lufthavnens langsigtede aktiver ([5-20] mio. EUR) tages i betragtning, og […]s prioritetspant trækkes fra ([1-6] mio. EUR), er der ca. [5-15] mio. EUR tilbage til at dække långivers fordringer ([5-15] mio. EUR).
In the present case, the grantor of the aid EEL GmbH is entirely owned by public bodies, i.e. by the district of Kleve on one part and by the municipality of Weeze on the other part.
LGD anslås således til ca. […] % [51].
For this reason, it is a public undertaking within the meaning of Article 2(b) of Commission Directive 2006/111/EC [41] on the transparency of financial relations between Member States and public undertakings as well as financial transparency within certain undertakings.
Det er sandsynligvis et forsigtigt skøn, da værdien af den personlige garanti og sikkerheden i andelene, som der mangler oplysninger om, kunne sættes højere.
The predominant influence of the district of Kleve and the municipality of Weeze at this time is clearly apparent in the shareholding structure since the district of Kleve (52 %) and the municipality of Weeze (48 %) are the sole shareholders of EEL GmbH.
Der blev stillet følgende sikkerhed for lån på det tidspunkt, hvor lånet blev ydet (17. juni 2004).
Moreover, the management board of EEL GmbH consists of two representatives of public bodies, namely the mayor of the municipality of Weeze and the Landrat of the district of Kleve.
Pant i lufthavnsgrunden og -bygningerne.
The decisive influence of the public authorities on EEL GmbH is also financial because of the above mentioned fact that during the years 2004-2005, EEL GmbH has received from its shareholders various subsidies (‘liquidity benefits’ and capital injections).
Sikkerhed i Airport Network (AV) B.V.s andele i Airport Niederrhein Holding (ANH) GmbH.
Thus, there has been a direct financial support to EEL GmbH granted by the public administration.
Tyskland har ikke fremlagt oplysninger om værdien af disse andele
Therefore, the Commission considers that EEL GmbH is a public undertaking and that its resources must be regarded as State resources.
Sikkerhed i ANH GmbH's andele i FN GmbH.
However, the Court has also ruled that, even if the State is in a position to control a public undertaking and to exercise a dominant influence over its operations, actual exercise of that control in a particular case cannot automatically be presumed.
Hvis den bogførte værdi af lufthavnens langsigtede aktiver tages i betragtning ([20-40] mio. EUR), og […]s og EEL GmbH's to prioriterede fordringer trækkes fra ([1-6] mio. EUR og [11-20] mio. EUR), resterer der ca. [10-25] mio. EUR til dækning af EEL GmbH's fordringer for lån 2 ([1-5] mio. EUR).
A public undertaking may act with more or less independence, according to the degree of autonomy left to it by the State.
Den anslåede inddrivelsesrate ligger i dette tilfælde tæt på […] %.
Therefore, the mere fact that a public undertaking is under State control is not sufficient for measures taken by that undertaking, such as the loans in question, to be imputable to the State.
LGD anslås således til […].
The Court indicated that the imputability to the State of an aid measure taken by a public undertaking may be inferred from a set of indicators.
Der blev stillet følgende sikkerhed for lån 3 på det tidspunkt, hvor lånet blev ydet (28.7.2004):
Such indicators may include the integration of the undertaking into the structures of the public administration, the nature of its activities and the exercise of the latter on the market in normal conditions of competition with private operators, the legal status of the undertaking (in the sense of its being subject to public law or ordinary company law), the intensity of the supervision exercised by the public authorities over the management of the undertaking, or any other indicator showing, in the particular case, an involvement by the public authorities in the adoption of a measure or the unlikelihood of their not being involved, having regard also to the scope of the measure, its content or the conditions which it contains.
Ved udgangen af 2003 var den bogførte værdi af lufthavnens langsigtede aktiver (inkl. investeringer i grund og bygninger) ca. [20-40] mio. EUR.
It must first be noted that significant investment projects affecting an airport are of interest to local authorities, which are often involved to some degree in such projects.
Da lån 3 blev udstedt, var der allerede givet højtprioriteret pant til […] for [1-6] mio. EUR og højprioriteret pant til långiver for lån 1 og lån 2 på samlet [10-20] mio. EUR
This is because an airport can play a fundamental role in several policies: transport policy, regional or national economic development policy or town and country planning policy.
Sikkerhed i FN GmbH.
In the case at issue, the airport is actually operated by a private company.
Der foreligger ingen oplysninger om værdien af denne sikkerhed.
Nevertheless, the decision to convert the former military airport into a civil airport and to sell it to a private investor was a political decision.
Hvis den bogførte værdi af lufthavnens langsigtede aktiver tages i betragtning ([20-40] mio. EUR), og […]s og EEL GmbH's to prioriterede fordringer trækkes fra ([1-6] mio. EUR og [10-20] mio. EUR), resterer der ca. [10-20] mio. EUR til dækning af långivers fordringer for lån 3 ([2-5] mio. EUR).
Moreover, the district of Kleve and the municipality of Weeze played a fundamental role in this conversion.
Den anslåede inddrivelsesrate ligger i dette tilfælde tæt på […] %.
The Commission notes that EEL GmbH was founded by the two regional public bodies in order to prepare the airport real estate for further commercial use as civilian airport and to manage the real estate until the takeover by a private investor, as laid down in Article 2 of its founding act (Gesellschaftsvertrag) [42] of 16 December 1999.
Det samlede lånebeløb udgjorde [20-30] mio. EUR plus [0,5-3] mio. EUR for ubetalte renter.
Ever since, the nature of EEL GmbH's activities is limited to channelling new investments into the Niederrhein-Weeze airport, which is still consistent with its original mission.
Den aftale sikkerhedsstillelse for EEL GmbH's fordringer var følgende:
Moreover, between 1999 and 2001, the airport was operated by the district of Kleve and the municipality of Weeze (through the then publicly owned FN GmbH) and EEL GmbH was especially created in order to assure the future functioning of the civilian airport.
Pant i lufthavnsgrunden og -bygningerne.
It follows from the above that EEL GmbH ought to be regarded as a vehicle set up already defined at Recital 109 by the district of Kleve and the municipality of Weeze to achieve their public policy objectives vis-à-vis the Niederrhein-Weeze airport and in particular, its conversion from a military into a civil use, which the measures at issue were intended to finance and accompany.
Ved udgangen af 2004 var den bogførte værdi af lufthavnens langsigtede aktiver (inkl. investeringer i grund og bygninger) ca. [20-40] mio. EUR.
Those are strong indication that the measures at issue are imputable to the district of Kleve and the municipality of Weeze.
Da lån 4 blev udstedt, havde långiver allerede en højtprioriteret fordring for lån 1, 2 og 3 for et samlet beløb på [10-25] mio. EUR.
Moreover, the decision to grant loans and extensions of these loans to FN GmbH via EEL GmbH was taken by the shareholders of EEL GmbH, which represent the public authorities.
Der fandtes ikke højt prioriterede fordringer for lånet ydet af […] [52].
The Commission also notes that the two public shareholders have determined the scope, the content and the conditions for each of loans granted by EEL GmbH in favour of FN GmbH, as highlighted in the minutes of EEL GmbH's general assembly.
Derudover stillede […] en personlig garanti den 1. juli 2005 som sikkerhed for alle EEL GmbH's fordringer.
Besides, all the loans granted from EEL GmbH to the airport operating company FN GmbH were refinanced by the district of Kleve [43].
Med denne garanti blev en garanti, som tidligere var blevet stillet af […] i forbindelse med lån 1 den 8. juni 2003, forlænget.
This is a further indication that the decisions to grant loans and rollovers to FN GmbH originated in fact from the public authorities.
Tyskland har skønnet værdien af […]s personlige formue eksklusive værdien af hans anparter i Airport Niederrhein Holding GmbH og FN GmbH for at undgå at tælle sikkerhedsstillelsen med to gange.
Furthermore, EEL GmbH has no board of directors.
Garantens personlige formue blev skønnet til [20-40] mio. EUR ved udgangen af 2004 [53].
Both managing directors are representatives of the public shareholders.
Den bogførte værdi af lufthavnens langsigtede aktiver ([20-40] mio. EUR) og […]s personlige garanti ([20-40] mio. EUR) dækker mere end 100 % af det samlede lånebeløb plus renter ([20-30] mio. EUR plus [0,5-3] mio. EUR).
One managing director of the company is the Landrat, that is the head of the district of Kleve and the other managing director is the mayor of the municipality of Weeze.
Inddrivelsesraten er således […] % og LGD […] %.
Moreover, EEL GmbH has no permanent staff and is managed by a single public official from the district of Kleve.
Den bogførte værdi af lufthavnens langsigtede aktiver (inkl. investeringer i grund og bygninger) ved udgangen af 2009 er ikke Kommissionen bekendt.
It is apparent from these elements that any decision taken by EEL GmbH is in fact adopted by representatives from the public shareholders, who run it on a day-to-day basis in addition to sitting in its governing bodies.
Da denne værdi blev bogført kort efter den anden forlængelse af lånene, kan den benyttes som værdien af den sikkerhed, der var til rådighed.
This confirms that the measures at issue are imputable to the public shareholders.
Der var på daværende tidspunkt givet førsteprioritetssikkerhed i grunden og bygningerne for [bank]s fordring på [0,5-3] mio. EUR.
In addition, despite having the legal form of a private company, EEL GmbH is subject to public accounting rules [44].
Sikkerhed i Airport Network B.V.'s andele i Airport Niederrhein Holding (ANH) GmbH; Tyskland har ikke fremlagt oplysninger om værdien af disse andele på tidspunktet for forlængelse 2.
Finally, it is planned to dissolve EEL GmbH once FN GmbH has repaid all loans and interests due to it.
Sikkerhed i ANH GmbH's andele i FN GmbH; Tyskland har ikke fremlagt oplysninger om værdien af disse andele på tidspunktet for forlængelse 2.
Therefore, as argued by Germany, EEL GmbH should be seen as a vehicle created by its two public shareholders, the sole function of which is to pool resources to be channelled out to FN GmbH for investments purposes.
Sikkerhed i FN GmbH's andele i FN Gewerbe GmbH og FN Grundbesitzgesellschaft; Tyskland har ikke fremlagt oplysninger om værdien af disse andele på tidspunktet for forlængelse 2.
This also confirms that the measures can be imputed to these public shareholders.
Personlig garanti stillet af […] med en skønnet værdi på ca. [30-70] mio. EUR [55].
Therefore, the Commission takes the view that the decisions by EEL GmbH to grant the loans and repayment deadline extensions that form Measure 1 to FN GmbH constitute a transfer of State resources and are imputable to the State.
Den bogførte værdi af lufthavnens langsigtede aktiver ([30-70] mio. EUR) og den personlige garanti med en skønnet værdi på ca. [30-70] mio. EUR) minus [bank]s førsteprioritetssikkerhed ([0,5-3 mio. EUR]) dækker ca. […] % af det samlede lånebeløb og skyldige renter ([20-30] mio. EUR plus [5-10] mio. EUR), hvilket giver et LGD på […].
Selective economic advantage — Market economy investor/creditor principle
I nedenstående tabel sammenfattes oplysningerne om rating og sikkerhedsstillelse for hvert lån:
In order to verify whether an undertaking has benefited from an economic advantage induced by granting of a loan at privileged terms, the Commission applies the criterion of the ‘market economy operator principle’.
Tabel 6
According to this principle, capital put at the disposal of a company by the State, directly or indirectly, in circumstances, which correspond to the normal conditions of the market, should not be qualified as State aid [45].
Rating og sikkerhedsstillelse for hvert lån
Therefore, the Commission has to assess first whether the conditions of the four loans and the two loan extensions provided by EEL GmbH to FN GmbH confer an economic advantage to the latter, which would not have obtained under normal market conditions.
Lån
In the present case, Germany explained, concerning the four loans that loan commitments in favour of FN GmbH from commercial banks were very unlikely at that time (2003-2005), as explained above.
Dato
The determination of the aid element of the measures refers to the concept of State aid and, as the Court of Justice has consistently held, ‘the concept of State aid must be applied to an objective situation, which falls to be appraised on the date on which the Commission takes its decision’.
Værdi af sikkerhed (grund og bygninger og personlig garanti)
The Commission proposes to examine the measures at issue in the light of that communication [47].
Prioriteret fordring […]
According to the 2008 Reference Rate communication, the interest rate margin of a loan is dependent on the level of collateralisation and the credit rating of the borrower.
Prioriteret fordring [bank]
Consequently, in order to determine the appropriate market conform interest rate, the Commission needs to take into account the credit rating of FN GmbH and the value of the collateral with which the loan was secured.
Inddrivelsesrate
The credit rating of FN GmbH
Lån 1
During the period when the first four loans were granted FN GmbH has not been rated by a credit rating agency and a bank internal rating was also not available.
Lån 2
For that reason Germany have commissioned the consultant company […] (‘the Consultant’) to estimate a rating of FN GmbH for each of the years in which loans 1 to 4 were granted.
Lån 3
The Consultant provided an estimation of the one-year probability of default (PD) and the rating.
Lån 4 og forlængelse 1
These estimations were then verified and confirmed by the audit company […].
Forlængelse 2
The estimations of the Consultant are made on the basis of the Solvability Regulation of 2006 [48] which implements the rules of Basel II in Germany.
I henhold til referencesatsmeddelelsen fra 2008 fastsættes referencerentesatserne ved at lægge en passende risikopræmie til den etårige basissats.
According to the Solvability Regulation the banks are supposed to calculate the one-year probability of default in the frame of the so called Internal Ratings Based Approach (IRBA).
De passende risikopræmier er fastsat i tabellen i referencesatsmeddelelsen fra 2008 og tager hensyn til låntagers rating og sikkerhedsstillelsen for lånet.
However, some types of financing, called Spezialfinanzierungen, are excluded from the obligation to calculate a PD.
Forlængelse 2 blev f.eks. indrømmet med en høj grad af sikkerhedsstillelse, og FN GmbH's rating er mellem […] og […].
For such types of financing the Solvability Regulation foresees a simple risk weighing instead.
I nedenstående tabel sammenfattes oplysningerne om de faktiske rentesatser og de relevante referencesatser, der gjaldt, da lånet blev ydet i henhold til referencesatsmeddelelsen fra 2008:
The PD for each of the loans is assessed to be between [0,5-3] % and [1-5] %.
Tabel 7
According to the Consultant this PD corresponds to a rating of […].
Relevante rentesatser versus opkrævet rentesats
It has to be noted that this rating evaluation includes an estimation of the level of collateral and hence the loss given default (LGD) associated with each of the loans.
Varighed
This means that the rating provided by the Consultant already includes a potential notch up for the provision of collateral and represents the issue rating (as opposed to an issuer rating).
1-årig EURIBOR basisrente (3 måneders gennemsnit) (%)
However the report of the Consultant does not include information about the value of the provided collateral for the loans in question and does not provide information about the actual level of LGD associated with each loan.
Risikotillæg i henhold til referencesatsmeddelelsen
If only the first four factors, which the Consultant assessed, are taken into consideration (and the last one ‘Collateralisation’ is excluded) then the estimations of the Consultant should provide a rating close to the issuer rating.
Referencerentesats i alt
For example the average of the scores of the first four factors is [1-5] which could be interpreted as close to a rating of […].
Opkrævet rentesats
This issuer rating applies to loans 1, 2 and 3.
Ifølge ovennævnte skøn blev lån 1, 2 og 3 ydet til satser et godt stykke over referencesatserne.
For Loan 4 the issuer rating estimated according to this approach is […].
Kommissionen konkluderer derfor, at FN GmbH ikke har haft nogen økonomisk fordel af disse foranstaltninger.
The Commission notes that the report made by the Consultant leaves some doubts as regards the quality of the rating assessment.
Ovennævnte oplysninger tyder også på, at forlængelse 2 blev givet på markedsvilkår, idet rentesatsen for denne forlængelse er højere end den skønnede referencerentesats.
Furthermore, this rating estimation has to be taken with some caution given the fact that the Consultant has no credit relation with the Borrower.