natgillin/translations-raw huggingface dataset:
Den i Europa hidtil sædvanlig adskillelse af indlands- og udlandsforretninger kan ikke opretholdes, ind til en egentlig monetær union er realiseret.
But this does not stand in the way of the necessity for neutralizing conflicts of interest through intervention in the banks' participation policy. '
Etableringen af et fælles bankmarked skulle dog gå forud i tid for at forberede de øvrige integrationsmål. l).
The goal of profit maximization through stabilization of relations v/ith customers cannot justify the threat to the interests thereby affected.
De skal til en hver tid kunne udøve deres forretningsaktivitet på samme måde som indenlandske institutter gennem egne filialer eller på tværs af grænserne.
Limitation of participatory shareholding v/ould reduce the concentration of decisionmaking powers.
Videregående ind skrænkninger blev ikke ophævet. Begrænsninger og den forretningsmæssige aktivitet på grundlag af nationale retsregler berøres ikke.
The coming into being of economic power positions would be made more difficult and their dismantling v/ould be assisted.
De enkelte staters retsregler om erhvervelse af kapitalandele blev derfor ikke berørt af direktivet. 3).
3) Taking capital market functions into account
Direkte investeringer som en bestandel af kapitalbevægelserne blev liberaliseret ved direktivet af 11. maj I960.
Finally, the capital -narket functions of participation must be included in the assessment of the relative importance of the interests involved.
4), suppleret med et direktiv af l8. de cember 1962.
Basically, these functions have been described as beneficial.
5)· Men også her gælder en indskrænkning.
But here the banks only partially play an indispensable role.
I henhold til artikel 5, stk. 3 i direktivet af I960, sker der ingen ophævelse af sådanne indskrænkninger i kapitalbevægelserne, som beror på en medlemsstats retsregler. Opbygningen af kapitalinteresser er derfor fortsat undergivet national lovgivning.
The enlargement and elasticity of the capital market through the increase in supply and the fact of large-lot dealing can also be undertaken by other investors, although as a necessary precondition they would have to have sufficient liquid funds at their disposal.
I harmoni med den gradvise liberalisering af kapitalbevægelserne skal dog også de banktjenesteydelser, som er forbundet med kapitalbevægelserne, liberaliseres (EØF-traktatens art. 6l, stk. 2).
However, the acquisition of participatory holdings in the process of placing nev; issues can only be carried out by institutions carrying on share issue business.
Opgaverne for en fællesskabsretlig regulering af bankernes forretningsaktivitet er hermed stillet.
Reference has already been made to this participatory function in connexion with unplanned participatory investment.
Il) Forskelle i regler og et fælles bankmarked l) Bankernes konkurrencefordele?
The mobilization function on the capital market through the combining of credit and investment business has been similarly characterized.
Oversigten over medlemsstaternes regler har vist, at der består væsentlige for skelle. Spektret går fra uindskrænkede investeringsmuligheder under universal— banksystemet til forbud herimod for visse banktyper.
For the significance of these effects of participation in the context of the assessment of the relative importance of the interests involved, the conclusions already stated in connexion v/ith unplanned investment apply.
Kun med hensyn til problemet kapitalinteresser skal der under iøvrigt ensartede konkurrencevilkår være forskelle mellem de na tionale banksystemer.
A general modification of the judgment is not necessary, as limited situations, v/hich must be separately covered as individual cases in the regulations, are involved.
Betydningen af muligheden for investeringer i virksomheder som aktionsparameter på markedet for bankservice viser sig i forbindelse med spørgsmålet om, hvilke fordele der opstår for stillingen i konkurrencen.
By a "separation system" we mean a banking system v/hich differentiates between business departments and prohibits deposit and credit banks from carrying on share issue business and dealing in securities and vice versa.
Herom kan der henvises til redegørelsen for kapitalinteressernes stilling på bankområdet.
In a system of this kind the area relevant for the assessment of interests is appreciably reduced.
Ud fra rentábilitetssynspunkter må også større aktiebeholdninger anses for for delagtige for bankerne.
The security and liquidity risk associated with participation does not arise.
Der refereres her til stikordene kapacitetsudnyttelse, udligning af indtjeningsrisikoen og direkte gevinstinteresser (dividende og kursstigning).
An interest in profitability, associated v/ith the acquisition of shares, remains.
Den hermed særligt tilstræbte spredning af aktiviteten kan ska— be bedre indtjeningsmuligheder og således medføre konkurrencefordele.
However, the need to make full use of capacity has less importance because the investment in shareholders' rights does not take place as a complement to credit business.
Den for øgede rentabilitet kan af kreditinstitutterne anvendes ved en udvidelse af aktiviteterne gennem gunstigere tilbud.
The same is true of the spreading of risk, v/hich in the main only takes place in the context of share investment.
Sådanne konkurrencefordele er til stede i det omfang, andre institutter ikke på denne måde kan sprede deres aktiviteter.Vi har dog set, at også andre in— vesteringer i værdipapirer netop ud fra synspunktet kapacitetsudnyttelse og ud ligning af risikoen kan føre til lignende indtægtsresultater. 7).
The positive effects for the capital market that are connected with participation business are also, and particularly, relevant in the case of investment banks.
Konkurrencefordelene for bankerne på grundlag af muligheden for investeringer i virksomheder må derfor for så vidt vurderes med forsigtighed.
Against this positive evaluation stands the possibility of an influence on the undertakings in v/hich the participatory interests are held.
De er til stede, men er ikke af håndgribelig art.
This chiefly means that business relations can be stabilized.
Nedsættelse af risiko en ved emissionsvirksomhed og sikring af nødlidende kreditter er her de vigtigste elementer.
The autonomous pursuit by undertakings of their own interests can only be prejudiced to a slight extent.
Redegørelsen for den retlige behandling af kapitalinteres serne i medlemsstaterne har dog vist, at der på dette område ikke findes afgørende forskelle.
The same is also true of possible adverse consequences for competition.
Selv i forbindelse med forbud mod kapitalinteresser er der gjort undtagelser for midlertidig aktiebesiddelse, som i reglen dækker sådanne tilfælde. løvrigt drejer det sig her om særlige forhold, som ligger uden for den målrettede investeringspolitik, og som i forhold til hele aktiviteten ikke spiller nogen virkelig væsentlig rolle.
It should further be noted that as a result of diminished possibilities of conflict v/hich are otherwise rooted in the link with credit business, the inducement of firms to act against their own interests is only conceivable in infrequent cases.
Selv om der for så vidt ikke kan til lægges muligheden for investering i virksomheder en afgørende betydning for et fælles bankmarked, bør det dog tages i betragtning, at indbyrdes forbundne tjenesteydelser kan modificere denne vurdering» Allerede muligheden for at ligge inde med større poster af selskabsandele udvider området for bankernes tjenesteydelser.
The danger of neglect to exercise proper supervision under company lav/ when there is representation on governing bodies still exists.
Dette gælder uafhængigt af, om der også udøves emissionsvirksomhed eller handel med værdipapirer.
Conditions that are unfavourable in comparison with those offered by competitors can also be imposed.
Et kreditinstitut, der har en sådan mulighed, vil i større omfang blive anvendt som rådgiver for virksomhederne, i— sær i forbindelse med saneringsforanstaltninger og omstrukturering af virksomheder ved koncerndannelser og fusioner.
The possibility, conferred by participation, of influencing decisions on the market for undertaltings is not affected by the organization of the banking system.
Med henblik herpå erhverves aktieposter ofte for en kortere tid.
The market mechanism can be made inoperative insofar as decision-malting by the other party in the market can be influenced.
2) Konkurrencefordele på grundlag af selskabsretlig indflydelse
The interests affected by participation are thus less pronounced in the
Følgen er en konsolidering af forretningsforbindelsen.
"separation system" than they are in the universal banking system.
Resultatet er derpå en udelukkelse af konkurrerende banker og en svækkelse af konkurrencen.
In particular, the sharp conflict between profitability interests and depositor protection disappears.
Denne mulighed giver sig i særlig grad udslag i den internationale konkurrence.
The potential for influence over undertakings, conferred by shareholding rights, has less scope for effect and its use is less determined by conflicts of interest.
I det omfang, kapitalinteresser medfører indflydelse, kan udenlandske_BAR_ banker hindres i at trænge ind på de indenlandske markeder.
Only a distortion of decisions on the market for undertakings is conceivable, as in the universal banking system.
De eksisterende forret ningsforbindelser kan næppe brydes. Bankservice landene imellem bliver ikke fremmet.
On the basis of these considerations it cannot be recommended that the freedom of action of securities banks or investment banks with regard to their investment policies should be limited.
Omvendt er det snarere muligt for banker, som investerer i virksomheder, at drive virksomhed på udenlandske markeder.
This only applies, of course, to the extent that these special banks are prevented from exercising any influence over deposit banks.
Forbindelser mellem bank og kunde, som ikke er sikret ved en selskabsretlig indflydelse, kan lettere
A development such as has been seen in the USA, with increasing links between banks in spite of the separation of departments, must be ruled out.
ændres.
Page 129
I det omfang der er etableret nye kundeforbindelser, kan en investe ring i form af en kapitalinteresse eventuelt anvendes til en fastlåsning af for bindelsen.
Particular value attaches to the development of the banking sector within the framework of European integration since its importance to many other fields of the Community's economy is obvious.
Som resultat må det derfor fastholdes, at konkurrencefordelene i forbindelse med bankernes adgang til investering i virksomheder er betragtelige.
Integration of the markets for banking services can play a leading role particularly in the attempt that is still being made to set up economic and monetary union.
Specielt fører den stemmeretsindflydelse, som per definition er knyttet til kapitalinteresser, til markedspositioner, som netop på et fælles bankmarked i EF kan resultere i en alvorlig forringelse af konkurrencen, såfremt der ikke findes fælles regler.
The usual distinction which has existed up to now in Europe between home and foreign business cannot be retained until true monetary union is effected.
III) Forskelle i regler og kapitalmarkedsintegration
The processes involved in developing the banking system and in moving towards monetary union are gradual and depend on market conditions and political factors.
Det kan forudsættes, at sammenknytningen af kapitalmarkederne er af væsentlig integrationspolitisk betydning. 8).
The creation of a common banking market, however, must come first in time so as to prepare the way for further integration
Ophævelsen af bevidst udformede, diskriminatorisk virkende kontrolforanstaltninger vedrørende kapitalbevægelser tjener for det første dette formål.
Within the existing institutional framework of the Treaty of Rome, the instruments for integrating the banking sector are contained in the provisions for the freedom of establishment and for thé free provision of services and movement of capital (Articles 52-73 of the Treaty).
EØF—traktatens artikel 67 afgiver et egnet restgrundlag herfor.
Action within this framework to date may be outlined as follows.
Herudover gælder der i hver medlemsstat love og administrative forskrifter, som uden at være diskriminerende afviger fra hverandre i henseende til formål og metoder og derfor besværliggør en integration af kapitalmarkedet.
28.6.1973 the Council issued a directive to remove restrictions on the freedom of establishment and on the free provision of services regarding the independent activities of banks and other financial establishments*" .
Disse investeringers betydning for markedet for anlægskapital er allerede pointeret. IO).
This directive is aimed at guaranteeing equal treatment for banks in the
Den ligger for det første i udvidelsen af markedet, når banken på denne måde investerer likvide midler.
These are in each case to be able to pursue their business activities in the same way as domestic organizations, through their own
Hertil kommer en øget fleksibilitet ved udligning af udbud og efterspørgsel gennem om sætning af større aktieposter.
branches or through international trading.
Overtagelsen af selskabsandele understøtter desuden placeringen af emissioner under mindskelse af den hermed forbundne risiko, når en gradvis afsætning således muliggøres. 12).
Restrictions on business activities based on national law are not covered.
En forbedring af de enkelte markeders funktionsduelighed er dog en væsentlig forudsætning for deres integration.
5 (3) of the i960 directive, restrictions on capital movement resulting from the regulations of a Member State remain intact.
Samtidig ville sammenknytningen af markederne blive fremmet.
The creation of participatory holdings therefore continues to remain subject to national law.
Hertil kunne netop kreditinstitutterne yde et særligt bidrag.
The requirement for Community legislation on banking activities therefore continues to exist.
I sammenligning med andre investorer er det lettere for dem at orientere sig om virksomheder og børsorganisation i andre medlemsstater.
In December 1974 a proposal for a directive was prepared for this purpose^"'.
En lige vægtig, uforstyrret udvikling af et fælles marked for investeringskapital kræver derfor en harmonisering af forskrifterne om bankernes adgang til at disponere over selskabsandele i andre virksomheder.
Harmonization of national laws with regard to the admissibility of the acquisition of participatory holdings in the non-banking sector presupposes a reply to the question to what extent differing laws affect the realization of a common banking and capital market.
Den tilsynsmæssige karakter af en harmonisering af de afvigende regler
Legal differences and a common banking market
I bankøkonomisk litteratur fremsættes mod en harmonisering af bestemmelserne om erhvervelse af kapitalinteresser den indvending, at et vigtigt spørgsmål i for bindelse med ordensforskrifterne inden for bankvæsenet dermed tages op.
The survey of regulations in Member States has shown that substantial differences exist.
En standardisering i forbindelse med en indbyrdes tilpasning af aktiviteterne inden for EF er derfor ikke på sin plads.
The spectrum ranges from unrestricted opportunity for participation within the universal banking system to prohibition in the case of specific types of banks.
I3)· Bag dette står den tanke, at kun en fælles opfattelse af principperne for ordningen af bankvæsenet ville kunne ind drage problemet kapitalinteresser.
The resultant effects for any common banking market that might be set up can only be determined by proceeding from an equal basis.
En tilpasning mellem de forskellige nationale opfattelser vedrørende struktur problemer inden for barikerhvervet kan endnu ikke forudses. En sådan ville for—
Only in the matter of participation should differences exist between the national banking systems under competitive conditions that are otherwise equal.
udsætte enighed om, hvilket system der skulle lægges til grund for et europæisk bankvæsen. En sådan afgørelse er dog ikke påkrævet for fællesskabsretlige be stemmelser om erhvervelse af kapitalinteresser.
The importance of the opportunity for participation as a parameter of activity on the market for banking services depends on the question of what advantages arise with regard to the competitive position.
Desuden motiverer de foreliggende risici for tab af sikkerhedspolitiske krav.
On this point, reference may be made to the comments on the status of participation within the banking field.
Likviditet og sikkerhed hører til de klassiske områder for be stemmelserne om banktilsyn.
From profitability aspects, major shareholdings may be regarded as advantageous for banks.
Det viser sig ved reglerne om forholdet mellem kapitalinteresserne og bankernes egne midler og de pågældende selskabers aktie kapital.
Reference may be made to the doctrine of utilization of capacity, stabilization of the income risk, and direct profit-making interests (dividends and share price rises).
Desuden taler den mulige indflydelse i selskaberne, som kan opnås gennem kapitalinteresser, for et indgreb i kreditinstitutternes dispositionsfrihed på in vesteringsområdet.
The opportunities for diversification, in particular, offered thereby may lead to more favourable profit levels and consequently to competitive advantage.
Noget andet kunne gælde, hvis muligheden for investering i virksomheder helt skulle udelukkes.
Increased profitability can be utilized by the banks to expand business through more favourable offers.
Forslag herom kan dog ikke fremsættes, således som det vil fremgå af det forslag til en ordning, som er indeholdt i det følgende kapitel.
Such competitive advantages exist as long as other institutions cannot diversify in this way.
Forslag til en ordning i) Mulighederne for etablering af en ordning og deres relevans for de foreliggende problemer l) Forbud mod kapitalinteresser
And opportunity for profit through dividends and increases in share values are hardly assessable.
Et forbud mod kapitalinteresser kan realiseres ved en udskillelse af kapitalinteresserne fra barikens aktivmasse og overdragelse til et særligt selskab, l).
Banks' competitive advantages on the basis of participation opportunities must therefore, to this extent, be judged cautiously.
Heri ville der ligge en tilnærmelse til et system, som sondrer mellem indlånsbanker og investeringsbanker.
They exist, but are not specific in nature.
En sådan løsning, ligesom også indførelse af et opdelingssystem, skal dog allerede på dette sted udelukkes fra overvejelserne.
In the field of participation as unplanned investment, too, a preferential position may be gained in international competition.
På denne måde ville de vigtige opgaver, som bankernes besiddelse af kapitalandele har for aktiemarkedernes funktionsevne, ikke blive tilgodeset.
The chief elements here are the reduction of risk in issue business and the security of credit.
Desuden måtte sådanne vidtgående løsninger anses for et ordenspolitisk indgreb i en række banksystemer inden for EF. Disse forholdsregler kunne ikke dækkes
Even in the case of prohibitions on participation, exceptions apply to temporary stockholdings which as a rule cover such cases.
af en enighed om bestemmelser vedrørende tilsyn med bankvirksomhed.
If the opportunity for participation cannot accordingly be considered as of decisive importance to a common banking market, it should nevertheless be noted that associated services may affect the assessment.
2) Begrænsning i forhold til egenkapitalen
2) Competitive advantages as a result of influence based on company law
Den sammenlignende fremstilling af retstilstanden i medlemsstaterne har påvist en række muligheder for reguleringer.
The relevance of participation opportunities to international competitive status is further increased if influence based on the exercise of voting rights is included.
Her bør først nævnes begrænsninger af kapitalinteresserne for at sikre et bestemt forhold til bankens egne midler.
This leads to trading from a monopolistic position and to a restriction of independent action by market rivals.
Her er to veje mulige.
The consequence is stabilization of business relations.
Begrænsningen kan angå forholdet mellem andelene i et enkelt selskab og egne midler.
Competing banks are thereby eliminated and competition is reduced.
Desuden kan den samlede besiddelse af andele sættes i relation til egne midler.
This capability is particularly noticeable in international competition.
En begrænsning af kapitalinteresserne ud fra dette synspunkt formindsker lik— viditetsrisikoen.
Where participation allows influence, foreign banks can be prevented from penetrating the home market.
Denne opstår, især når kortfristede indlån anvendes til in vestering i aktier, som hyppigt ikke kan realiseres uden videre.
International banking services are not encouraged.
Den således involverede fristforskydning bringer tilbagebetalingen af indlånene i fare.
Conversely, banks with participation business are in a better position to operate in other foreign markets.
Dette problem opstår ikke alene i forbindelse med enkelte kapitalinteresser, men gælder generelt for aktiebesiddelse, da denne jo ikke forfalder.
Market relations not secured through company law are easier to alter.
Det er derfor sagligt rigtigere at begrænse den samlede aktiebesiddelse i forhold til egne midler.
Where new sales opportunities are created, in certain circumstances a participatory investment can in turn be made in order to consolidate them.
På denne måde tilgodeses samtidig hensynet til sikkerheden.
The result may therefore be taken to be that competitive advantages based on banks' opportunities for participation are appreciable.
For hindres anvendelsen af kundemidler til investering i aktier, bortfalder værdi— forringelsesrisikoen for indlånenes vedkommende.
Influence through voting rights linked by definition to participation, in particular, leads to market positions that, especially in a common banking market within the EEC, could produce serious competitive disadvantages in the absence of uniform regulations.
3) Begrænsning af størrelsen af investeringer i de enkelte virksomheder
Legal differences and integration of the capital market
En yderligere mulighed for regulering består i en forpligtelse for bankerne om kun at ligge inde med selskabsandele uden for banksektoren af en nærmere angivet størrelse.
It may be accepted that the importance to integration policy of the inter-relationship of capital markets is substantial^ '. (81
Et sådant indgreb i dispositionsfriheden virker på to måder: En begrænsning af investeringens størrelse beskytter indlånene.
This aim is pursued in the first place by the removal of selective controls on capital movements which are discriminatory in effect.
Med en for øgelse af kapitalinteresserne i en virksomhed stiger risikoen på udlånssiden.
Article 67 of the Treaty of Rome provides a suitable legal basis for this.
Virksomhedens økonomiske tab rammer banken i forhold til kapitalsammenlægnin— gens intensivitet.
The importance of such investment to the market for participation capital has already been outlined^ '.
Desuden påvirker en begrænsning af investeringens størrelse bankernes mulighed for indflydelse i virksomhederne.
It lies in the first instance in an expansion of the market, when the bank invests liquid funds in this way.
Stemmeretsindflydel— sen bliver umiddelbart formindsket.
The EEC investigation into the setting up of a European capital market
Dette betyder en mindskelse af den uheldige påvirkning af de markedsinteresser, på hvilke virksomheden kan influere.
(Segré Report) lays great stress on this function, especially where other institutional investors are less in evidence^ (111 '.
Samtidig modvirkes koncentrationen af økonomiske dispositionsbeføjelser.
To this should be added an increased elasticity in setting off supply against demand through dealing in large parcels of shares.
Be grænses investeringernes størrelse, kan dette få virkninger for aktiemarkedernes funktions dygtighed.
The acquisition of shares, moreover, assists the placement of issues with a reduction of the associated risk, (1^1 when gradual selling is made possible in this way*·'-'.