natgillin/translations-raw huggingface dataset:
Rentesatserne for realkreditlån, som Deutsche Bundesbank har oplyst, er kun fastlagt for 10 år (som uddybet ovenfor, er det ikke bekendt, for hvilken periode renterne er fastlagt for virksomheder.
As the residual value is often difficult to predict, especially in the case of long-term leases, it represents a risk factor for the lessor that is reflected in the leasing rate.
Det kan dog antages, at perioden ikke var på mere end 10 år).
No such risk is involved in traditional bank loans, and only to a certain degree in mortgages.
Det bedst egnede benchmark ville være rentesatser, som var fastsat i 30 år.
The consequence is that the leasing rates and the interest rates for loans/mortgages are not entirely comparable.
Sådanne oplysninger offentliggøres dog ikke af Deutsche Bundesbank.
By comparing the leasing rate for the transaction in question with the average interest rates on loans/mortgages available at the relevant time (1997/98), it is not possible to determine precisely whether the leasing rate charged was in line with the market conditions at the relevant time (1997/98).
Generelt bliver fastforrentede lån dyrere, jo længere løbetid.
It is, however, possible to say whether the leasing rate was so high that it appears that no MEO would reasonably have engaged in the transaction.
For eksempel viser tallene fra Deutsche Bundesbank for januar 1998, at den gennemsnitlige rentesats for fastforrentede lån med fast rente i 5 år lå på 5,85 %, mens rentesatsen for fastforrentede lån med en løbetid på 10 år lå på 6,40 %.
In the transaction in question, the leasing rate was initially set at […]% p.a. of the total investment volume.
Derfor er det berettiget af gå ud fra, at renterne for et fastforrentet lån med en løbetid på 30 år ville have været betydeligt højere end de gennemsnitlige rentesatser på 6,35 % og 6,40 %, som Deutsche Bundesbank oplyser.
Due to the indexation of the amount owed by […]% p.a., the leasing rate will rise to […]% at the end of the contract, resulting in an average leasing rate of […]% p.a.
Deutsche Bundesbank oplyser både en gennemsnitssats og en spredningsgrad, som er baseret på et stort antal lånekontrakter, der blev indgået i Tyskland i januar 1998.
For the sake of comparison, if NEUWOGES had chosen not to index the leasing rate, it would have been set at […]% p.a. over the entire duration of 30 years.
Den fastsatte leasingafgift for NEUWOGES afspejler implicit den risiko, som handelen er forbundet med for BAVARIA.
The ‘premium’ is then the cost of choosing lower leasing rates at the beginning, and higher leasing rates towards the end, of the contract, rather than stable rates throughout.
Virksomheden havde den største lånerisiko, dvs. risikoen for, at NEUWOGES skulle blive insolvent eller af en anden grund ikke længere kunne opfylde sine betalingsforpligtelser.
It must first be pointed out that Rostock Regional Court assessed the leasing rate against interest rates for other transactions.
Ligeledes ville en bank have vurderet NEUWOGES' kreditværdighed inden ydelsen af et lån.
It observed that the development of the interest rates on mortgages over a time span of 30 years was difficult to predict, but that interest rates of over 10 % could be expected in periods of high interest rates.
Kunder med en dårlig kreditværdighed (eller en høj lånerisiko for banken) skal som regel betale en højere rentesats som udligning for den højere risiko [117].
It observed that the average leasing rate charged to NEUWOGES could not, then, be seen as being out of line with market terms.
Som påvist i afsnit 7.3.1 havde NEUWOGES på baggrund af en forholdsvis høj gæld og det faktum, at egenkapitalen var bundet i andre investeringsprojekter, kun begrænsede muligheder for at indgå lånekontrakter.
Only fairly general data is available for comparison.
Ville en bank imidlertid have været villig til at give NEUWOGES et lån, ville den også have inddraget disse aspekter i fastsættelsen af rentesatsen.
Of all the data gathered by the German Bundesbank for January 1998 (when the transaction in question was concluded), two types of interest rates can be considered relevant.
Rentesatserne på lån til relativt højt forgældede virksomheder, som kun kan fremvise en lav egenkapital i deres investering, er højere.
First, the interest rates for ‘mortgage loans secured by residential real estate with interest rates fixed for 10 years’ are of interest, since NEUWOGES too would use residential real estate as collateral for a loan (regardless of whether or not such a loan would meet all the formal conditions of a mortgage).
Derfor skal der ved enhver sammenligning af den af NEUWOGES betalte leasingafgift med rentesatserne for lånemulighederne på markedet være fokus på de højeste satser i Deutsche Bundesbanks spredning [118].
Second, the interest rates for ‘long-term fixed-rate loans to enterprises and self-employed persons, EUR 500000 and over but less than EUR 5 million’ could also be suitable for a comparison, since NEUWOGES can be considered as an enterprise (while mortgages are usually taken out by private individuals who actually live in the property themselves rather than renting it out).
Som nævnt ovenfor skal et leasingselskab genfinansiere sin oprindelige investering (i dette tilfælde især købsprisen for bygningen og renoveringsudgifterne).
According to the Bundesbank, in January 1998 German mortgage loans with a 10-year fixed interest rate had an average interest rate of 6,40 % p.a.
Den rentesats, som de skal betale for deres egen genfinansiering, er afhængig af forskellige aspekter som f.eks. selskabets størrelse, gældsniveau og ejendommene i dets portefølje.
At that time, interest rates for this type of loan normally spanned a range of 6,17 % p.a. to 6,97 % p.a.
Denne rentesats er dog kun udgangspunktet, da leasingselskabet (BAVARIA) også skal kompenseres for den risiko, de bærer.
For long-term fixed-rate loans, the average interest rate in January 1998 was 6,35 % p.a. and spanned a range of 5,55 % p.a. to 7,73 % p.a.
Hertil hører også risikoen for renteændringer (risikoen, som er forbundet med, at de skal genfinansiere deres investering til en variabel rentesats, mens leasingbetalingerne har fast rente), lånerisikoen (den allerede nævnte mulighed for, at NEUWOGES bliver insolvent, og at BAVARIA ikke modtager de udestående leasingbetalinger) samt restværdirisikoen (uvisheden med hensyn til ejendommens værdi efter leasingkontraktens udløb).
The Bundesbank does not specify the average duration of a ‘long-term’ loan.
Leasingselskabet har sandsynligvis også bestemte omkostninger, som også afspejles i leasingafgiften [119].
However, it can be assumed that it would not be more than 10 years and would probably be shorter than that [114].
Derudover ønsker leasingselskabet også at skabe en fortjeneste og tager højde for dette ved fastsættelsen af leasingafgiften [120].
A comparison of the leasing rate paid by NEUWOGES with the available interest rates from the Bundesbank for loans that were concluded in the same time period (i.e. January 1998) must take the following elements into account:
Selv hvis BAVARIA havde været i stand til at genfinansiere deres investeringer til en lavere rentesats end den, som NEUWOGES havde betalt for et banklån, ville rentesatsen for genfinansieringen dog skulle forhøjes på grund af disse forskellige elementer (risikotillæg, udgifter og indtjening) for at kunne få den krævede leasingrate, som til sidst kunne ende med at være højere end rentesatsen for et almindeligt lån.
The average yearly leasing rate over the 30-year contract period is […]%.
Under hensyntagen til alle førnævnte faktorer synes en leasingafgift på […] % pr. år med en fast leasingafgift (eller selv ved […] % ved en leasingafgift med en indeksering på […] %, som dog synes mindre egnet til en sammenligning) i sammenligning med de af Deutsche Bundesbank oplyste rentesatser for lån, ret fornuftig.
However, as discussed above, this rate is the result of NEUWOGES’ choosing to pay a lower leasing rate at the beginning of the contract period, offset by a higher leasing rate later on.
Der skal her huskes på, at tallene fra Deutsche Bundesbank eksempelvis skal fremskrives til en løbetid på 30 år ved faste renter.
This choice comes at a cost, because if NEUWOGES had opted for a flat leasing rate from the start it would have had to pay a rate of only […]% per year [115].
Selv om den nødvendige justering til opnåelse af et egnet benchmark ikke kan kvantificeres, antages forskellen mellem de gennemsnitlige rentesatser for lån/realkreditlån og leasingafgiften at være tilstrækkeligt begrundet til at kunne drage den konklusion, at der ikke foreligger nogen beviser for, at BAVARIA havde forlangt en leasingafgift, som var for høj.
The figures from the Bundesbank are for fixed-rate loans, meaning that the interest rate is equal in each of the years.
Derfor konkluderer Kommissionen, at BAVARIAs leasingafgift på det relevante tidspunkt (ultimo 1997/primo 1998) var i overensstemmelse med praksis på markedet.
If it is assumed that NEUWOGES would have been in a position to negotiate a loan with similar payment conditions (i.e. lower interest payments at the start and higher payments towards the end), this would also have come at a cost (for the same reasons as for BAVARIA) [116].
De tilgængelige oplysninger peger i retning af, at handelen mellem NEUWOGES og BAVARIA også ville være blevet gennemført af en markedsøkonomisk aktør.
The Bundesbank interest rates should therefore be compared with the flat leasing rate of […]%.The leasing rate has been fixed for a period of 30 years.
Eksempelkontrakterne, udbudsproceduren og sammenligningen med andre finansieringsinstrumenter tyder samlet på, at handelen blev indgået på de dengang herskende markedsbetingelser, og at BAVARIA-modellen ikke var for dyr.
Although it is indexed each year, it was perfectly possible, as early as at the start of the contract, to calculate the average leasing rate for the duration of the contract.
SUPPLERENDE VURDERING: ØVRIGE STØTTEELEMENTER OG FORENELIGHED MED DET INDRE MARKED
The Bundesbank interest rates for mortgages are fixed for only 10 years (as explained above, it is not known for which period the interest rates for enterprises are fixed, but it can be assumed that the period is of no more than 10 years).
Kommissionens primære undersøgelse viser dermed, at NEUWOGES' beslutning om at indgå salg og tilbagelejningshandelen var i overensstemmelse med princippet om den markedsøkonomisk aktør, dvs. handelen havde ikke indrømmet BAVARIA nogen fordel, og dermed blev der ikke ydet støtte til virksomheden.
The most suitable benchmark would be interest rates fixed for 30 years, but these figures are not published by the Bundesbank.
Alligevel har Kommissionen også undersøgt, om et andet resultat — nemlig hvis BAVARIA gennem NEUWOGES var blevet indrømmet en fordel — automatisk ville have ført til den konklusion, at handelen udgjorde statsstøtte, som var uforenelig med det indre marked.
In general, fixed-interest rate loans become more expensive the longer their duration.
Med udgangspunkt i den hypotetiske antagelse, at NEUWOGES ikke havde overholdt princippet om den markedsøkonomisk aktør, og BAVARIA dermed var blevet indrømmet en fordel, har Kommissionen derfor undersøgt, om der for foranstaltningerne ville have været tale om statsstøtte til fordel for BAVARIA, og om denne eventuelle støtte ville kunne erklæres for forenelig med det indre marked.
For example, the Bundesbank figures for January 1998 show that a mortgage with a 5-year fixed rate had an average interest rate of 5,85 %, compared to 6,40 % for a loan with a 10-year fixed rate.
Øvrige støtteelementer
Therefore, it can be safely assumed that the interest on a fixed-interest loan of 30 years’ duration would have been considerably higher than the Bundesbank averages of 6,35 % and 6,40 %.
Virksomhed
The Bundesbank figures provide both an average rate and a range of interest rates based on a large number of German loan contracts concluded in January 1998.
Ydelsen af offentlige midler kan kun kategoriseres som statsstøtte, hvis modtageren er en »virksomhed« i overensstemmelse med artikel 107, stk. 1, i TEUF.
The leasing rate that applied to NEUWOGES implicitly reflects the inherent risk of the transaction for BAVARIA.
I henhold til domstolens faste retspraksis omfatter begrebet virksomhed enhver enhed, som udøver en økonomisk virksomhed [121].
BAVARIA’s greatest exposure was to credit risk, i.e. the risk that NEUWOGES would go bankrupt or otherwise not fulfil the obligation to make the required leasing payments.
Enhver virksomhed, der består i at udbyde varer og tjenesteydelser på markedet, er økonomisk virksomhed [122].
Similarly, a bank would have made an assessment of NEUWOGES’ creditworthiness before granting a loan.
BAVARIA udøver en række økonomiske virksomheder såsom kommercielle investeringer i ejendomme og udlejning af disse ejendomme til erhvervs- og privatkunder.
Clients with a lower creditworthiness (or a higher credit risk for the bank) are usually charged a higher interest rate to compensate for the additional risk [117].
BAVARIA er dermed en virksomhed i overensstemmelse med artikel 107, stk. 1, i TEUF.
As discussed above (see section 7.3.1), NEUWOGES had a limited ability to obtain new loans because of its relatively high degree of indebtedness and the fact that its own capital was tied up in other investment projects.
Brug af statsmidler og tilregnelse til staten
If, however, a bank had been prepared to grant a loan to NEUWOGES, it would have taken these elements into account when setting the interest rate.
Foranstaltningerne skal kunne tilregnes staten og være finansieret gennem statsmidler.
Loans to companies with a relatively high level of debt and a low own-capital contribution to the investment have higher interest rates.
Ifølge Domstolens retspraksis i retssagen Stardust Marine [123] kan statsstøtte, som ikke finansieres direkte via statens budget, opfylde dette kriterie, såfremt kontrollen med midlerne hører under staten og afgørelsen om overdragelsen af disse midler kan tilregnes staten.
Because of this, any comparison of the leasing rate paid by NEUWOGES and the interest rates on loans available on the market should focus on the higher end of the Bundesbank interest-rate range [118].
NEUWOGES ejes 100 % af byen Neubrandenburg og er dermed en offentlig virksomhed, i henhold til artikel 2, litra b), i Kommissionens direktiv 2006/111/EF, som domstolen henviser til i Stardust Marine-dommen [124].
As mentioned above, a leasing company has to refinance its initial investment (in this case mainly the purchase price for the apartment blocks and the costs of modernisation).
Byen Neubrandenburg ejer samtlige andele i NEUWOGES og kan som eneejer udøve en væsentlig kontrol med bestyrelsen og generalforsamlingen.
The interest rate it has to pay for its own refinancing will depend on several factors, such as its size, its level of debt, the property in its portfolio, etc.
Derfor når Kommissionen til den konklusion, at byen havde mulighed for at styre NEUWOGES' anvendelse af midlerne.
In any event, this interest rate is just the starting point, as the leasing company (BAVARIA) also needs to be compensated for the risks it bears.
Dermed indeholdt salg og tilbagelejningshandelen statslige midler.
These can include interest-rate risk (the risk that it will have to refinance its investment on the basis of a variable interest rate, while the lease payments have a fixed rate), credit risk (the possibility, as discussed above, that NEUWOGES will go bankrupt and that BAVARIA will not be able to recover the lease payments still due), and residual value risk (the uncertainty about the value of the property after the lease contract has expired).
Med hensyn til spørgsmålet om tilregnelsen til staten slår Kommissionen fast, at byen Neubrandenburg ifølge de foreliggende oplysninger havde en væsentlig del i beslutningen om indgåelsen af salg og tilbagelejningshandelen.
The leasing company is also likely to have certain overhead costs which would also be reflected in the leasing rate [119].
Handelen skulle godkendes af NEUWOGES' bestyrelse, hvis medlemmer repræsenterede byen.
Finally, the leasing company also intends to make a profit and will take account of this factor in setting the leasing rate [120].
Dokumenterne beviser også, at bestyrelsen var aktivt involveret i forhandlingen af kontrakterne.
Even if BAVARIA had been in a position to refinance its investment at an interest rate lower than that which NEUWOGES would have been charged for a bank loan, the refinancing interest rate would have had to be increased in the light of these different elements (risk premium, costs and profit) in order to obtain the applicable leasing rate, which could have ended up being higher than the interest rate on a traditional loan.
Kommissionen mener derfor, at indgåelsen af salg og tilbagelejningskontrakten kan tilregnes staten.
Taking into account all of the above elements, a leasing rate of […]% p.a. for a fixed leasing payment (or even of […]% for a leasing payment indexed at […]%, although this figure appears less suitable for comparison purposes) appears rather reasonable when compared to the Bundesbank figures for loans.
Selektivitet
The Bundesbank figures should be adjusted to reflect, for example, a fixed-rate duration of 30 years.
Det skal i denne forbindelse nævnes, at det i henhold til artikel 107, stk. 1, i TEUF kræves, at en foranstaltning for at kunne betegnes som statsstøtte skal begunstige visse virksomheder eller visse produktioner.
While the correction required to arrive at a suitable benchmark cannot be precisely quantified, the difference between the average interest rates for loans and mortgages and the leasing rate seems sufficient to conclude that there are no indications that the BAVARIA leasing rate was too high.
Afledt heraf er det kun de foranstaltninger til begunstigelse af virksomheder, som giver disse virksomheder en selektiv fordel, der hører ind under begrebet statsstøtte.
Accordingly, the Commission concludes that the leasing rate applied by BAVARIA was in line with market conditions at the relevant time (late 1997/early 1998).
Da der ved de omtalte foranstaltninger er tale om en bilateral handel mellem NEUWOGES og BAVARIA, ville enhver fordel, som NEUWOGES har indrømmet BAVARIA, være selektiv, da ingen anden virksomhed ville have haft adgang til den.
The available information indicates that the NEUWOGES/BAVARIA deal was within the range of transactions that a MEO would reasonably have engaged in.
Fordrejning af konkurrencen og indvirkning på samhandelen
The comparison contracts, the bidding process, and the comparison with other financing instruments all suggest that the transaction conformed to market conditions at the time and that the BAVARIA model was not overpriced.
Ved offentlige gaver til virksomheder er der tale om statsstøtte i henhold til artikel 107, stk. 1, i TEUF, når den fordrejer eller truer med at fordreje konkurrencevilkårene og påvirker samhandelen mellem medlemsstaterne.
SUPPLEMENTARY ASSESSMENT: REMAINING STATE AID ELEMENTS AND COMPATIBILITY WITH THE INTERNAL MARKET
En foranstaltning, der ydes af en medlemsstat, anses for at fordreje eller true med at fordreje konkurrencevilkårene, hvis det er sandsynligt, at den vil forbedre modtagerens konkurrencemæssige stilling i forhold til andre virksomheder, som den konkurrerer imod [125].
The Commission’s primary analysis thus demonstrates that NEUWOGES’ decision to enter into the sale-and-lease-back transaction was in line with the MEO principle, which means that the transaction did not confer an advantage on BAVARIA and that no aid was therefore granted to BAVARIA.
Det anses derfor for en fordrejning af konkurrencevilkårene, så snart en virksomhed i en liberaliseret branche, hvor der hersker eller kunne herske konkurrence, indrømmes en fordel.
Nevertheless, the Commission has also examined whether a different result — namely that an advantage had in fact been granted to BAVARIA by NEUWOGES — would have necessarily resulted in finding that the transaction amounted to state aid incompatible with the internal market.
I henhold til EU-domstolenes faste retspraksis er støtte, som begunstiger virksomheder, der er aktive på det indre marked, egnet til at påvirke samhandelen mellem medlemsstater [126].
On the hypothetical assumption that NEUWOGES had not complied with the MEO principle and that an advantage had thus been granted to BAVARIA, the Commission therefore examined whether the measures amounted to state aid in favour of BAVARIA and whether this aid could be declared compatible with the internal market.
BAVARIA konkurrerer med andre ejendomsfonde og virksomhedsinvestorer i Tyskland og andre medlemsstater i EU om investorer og investeringsmuligheder.
Remaining state aid elements
En finansiel fordel indrømmet til BAVARIA ville styrke denne virksomheds konkurrencemæssige position og derfor være egnet til at fordreje konkurrencevilkårene.
Undertaking
Da markedet for ejendomsinvesteringer er et marked, der dækker hele EU, ville enhver finansiel fordel til BAVARIA styrke virksomhedens markedsposition i forhold til dens konkurrenter fra andre medlemsstater og dermed påvirke samhandelen mellem medlemsstaterne.
Public funding granted to an entity can be classified as state aid only if that entity is an ‘undertaking’ within the meaning of Article 107(1) TFEU.
Hvis det antages, at salg og tilbagelejningshandelen — i modsætning til ovennævnte primære konklusion fra Kommissionen — ikke havde været i overensstemmelse med princippet om den markedsøkonomisk aktør, og BAVARIA dermed var blevet indrømmet en fordel, så måtte der drages den konklusion, at salg og tilbagelejningshandelen havde udgjort statsstøtte.
The Court of Justice has consistently defined an undertaking as any entity engaged in an economic activity [121].
Derfor skulle det som en del af denne hypotese undersøges, om denne eventuelle statsstøtte ville kunne anses som forenelig med det indre marked.
An economic activity is any activity that consists in offering goods and services on the market [122].
Forenelighed med det indre marked i henhold til artikel 107, stk. 3, litra c), i TEUF
BAVARIA is involved in a series of economic activities, such as commercial investment in real estate and the leasing of such real estate to commercial and private customers.
I henhold til artikel 107, stk. 3, litra c, i TEUF »kan støtte [anses for at være forenelig med det indre marked], hvis den fremmer udviklingen af visse erhvervsgrene eller økonomiske regioner, når den ikke ændrer samhandelsvilkårene på en måde, der strider mod den fælles interesse«.
BAVARIA is thus an undertaking within the meaning of Article 107(1) TFEU.
Ved anvendelsen af artikel 107, stk. 3, litra c), skal Kommissionen afveje de positive og ønskede konsekvenser af en støtteforanstaltning overfor dens negative påvirkning af samhandelsbetingelserne, som opstår ved dens udførelse.
Use of state resources and imputability
For at en støtteforanstaltning kan bestå denne afvejning, skal fem forudsætninger være opfyldt.
The measure must be imputable to the State and be financed from state resources.
For det første skal støtteforanstaltningen have et veldefineret mål af fælles interesse.
According to the case law of the Court of Justice in Stardust Marine [123], state aid that is not financed directly from the national budget can fulfil this criterion if funds are subject to the control of the State and the decision to transfer these funds is imputable to the State.
For det andet skal støtteforanstaltningen være et egnet instrument til at opnå dette mål.
NEUWOGES is 100 % owned by the City of Neubrandenburg and is thus a public undertaking within the meaning of Article 2(b) of Commission Directive 2006/111/EC [124], as referred to by the Court in the Stardust Marine judgment.
For det tredje skal støtteforanstaltningen være nødvendig og have en tilskyndelsesvirkning.
The City of Neubrandenburg holds all the shares in NEUWOGES and, being the sole shareholder, can exercise significant control over the Supervisory Board and in the general meeting of shareholders.
For det fjerde skal støtteforanstaltningen være passende.
Therefore, the Commission concludes that the City is able to control the use of NEUWOGES’ funds.