natgillin/translations-raw huggingface dataset:
According to Germany, the costs for building this hangar fall also within the public policy remit, because it is currently used to store winter service equipment necessary for the safe operation of the airport during the winter time.
AKTSIONÄRIDE POOLT FLH-LE ANTUD LAENUDES SISALDUV VÕIMALIK ABI
As regards the construction of the multi-purpose hangar at Leipzig/Halle airport, the Commission observes that this building can be used for different purposes.
Aktsionäride antud laenude ja kapitalisüstide seos
Furthermore, as already stated in recital 215, the costs of winter service equipment (M9.3) necessary for the safe operation of the airport are normal costs of running a business and cannot be considered to fall within the public policy remit.
Enne hinnangu andmist sellele, kas aktsionäride poolt FLH-le antud laenud kujutasid endast riigiabi või mitte, tuleb kindlaks määrata, kas aktsionäride antud laene ja kapitalisüste tuleks käsitada eraldi meetmetena või üheainsa meetmena.
Consequently, the Commission considers that the construction costs of the multi-purpose hangar also do not fall within the scope of the public policy remit.
Tõendid näitavad, et mõlemad tehingud otsustati samal ajal, osana lennujaamataristu parandamise üldisemast investeerimiskavast, ja et FLH aktsionäridel oli kavatsus oma laenud kapitaliks ümber arvestada.
Nevertheless, this finding does not preclude Germany from entrusting the airport in emergency situations with specific tasks falling within Services of General Economy Interest.
Saksamaa on siiski teatanud, et kapitalisüstid ei ole antud pöördumatult ja et FLH-l ei ole otsest õigust kapitali suurendada.
M7 Additional de-icing areas
Komisjon on nende asjaoludega seoses seisukohal, et aktsionäride antud laene ja kapitalisüste võib käsitleda eraldi meetmetena.
Germany argues that additional de-icing areas are necessary for the safe and timely operation of aircraft at the airport.
Majanduslik eelis
According to Germany, the extension of the existing de-icing areas is necessary due to the increasing traffic at the airport in order to avoid delays of the scheduled flights.
Komisjon kohaldab nn turumajandusliku laenamise põhimõtet, et teha kindlaks, kas ettevõtja on saanud soodustingimustel antud laenu kaudu majanduslikke eeliseid.
In addition, Germany emphasises that revenues from the de-icing services provided by the airport do not cover the costs of the establishment of the infrastructure.
Selle põhimõtte kohaselt ei peeta riigiabiks laenukapitali, mille riik on andnud ettevõtja käsutusse, kas otseselt või kaudselt, tingimustel, mis vastavad tavapärastele turutingimustele [51].
First of all, the Commission notes that the fact whether an activity is profitable or not is not decisive for the notion of economic activity [50].
Kõnealusel juhul peab komisjon hindama, kas FLH-le aktsionäride antud laenude (vt tabel 3) tingimused annavad talle majandusliku eelise, mida tavalistes turutingimustes laenu saanud ettevõtja ei oleks saanud.
Second, the Commission notes that the de-icing services are rendered against remuneration to air carriers.
Saksamaa on seisukohal, et turumajandusliku laenamise põhimõttest on igati kinni peetud, kuna aktsionäride laenud anti turutingimustel.
They are essential services that any airport provides as part of its economic activity.
Õigustamaks kõnealuste laenude tingimusi, võrdleb Saksamaa aktsionäride antud laenude tingimusi teiste pankade antud tingimustega (vt punktides 3.3.1 ja 3.3.2 esitatud argumendid).
The more of those services are provided the more flights can depart from the airport, and thereby the airport can increase its revenues.
Selleks et teha kindlaks, kas hindamise all olev rahastamismeede anti eelistingimustel, võib komisjon otsuste tegemise tava kohaselt võrrelda muude indikaatorite puudumise korral kõnealuse laenu intressimäärasid komisjoni avaldatud viitemääraga.
Consequently, the Commission considers that de-icing services are intrinsically linked with the economic exploitation of an airport, and cannot be disassociated from this activity, and hence must be considered as economic activities.
Komisjoni viitemäär on kehtestatud vastavalt 2008. aasta viitemäärade teatises sätestatud metoodikale.
M8 Heliport
2008. aasta viitemäärade teatises sätestati viite- ja diskontomäärade kindlaksmääramise meetod, mida kohaldatakse turumäära indikaatorina.
The measure covers the establishment of a helicopter parking space which will be used as a base for air rescue services only.
Kuna komisjoni viitemäär on siiski indikaator ja komisjonil on konkreetsel juhul teisi intressimäära indikaatoreid, mida laenuvõtja turul võib saada, siis võib ta oma hindamises tugineda neile.
The Commission considers that the creation of a heliport facilitates air rescue.
FLH krediidireiting
Therefore, the provision of a heliport for rescue services can be considered to fall within the public policy remit.
Aktsionäride antud laenude tingimuste hindamiseks peab komisjon kõigepealt hindama FLH krediidivõimelisust.
The compensation must be strictly linked to the costs of these services.
Reitinguagentuurid ei ole FLH-d hinnanud.
M9 Additional infrastructure measures
Saksamaa väidab siiski, et FLH ja MFAG kasumi ja kahjumi ülekandmise lepingu tõttu tuleb arvesse võtta emaettevõtja reitingut.
The additional infrastructure measures include the rebuilding of checkpoint I, the construction of a functional security building to meet the needs of the federal and regional police, customs, animal farm and the airport perimeter fence (including digital video surveillance system and movement detectors).
Komisjon märgib, et Saksa õiguse kohaselt jääb MFAG vastutavaks mis tahes laenu eest, mille FLH lepib kokku kasumi ja kahjumi ülekandmise lepingu kehtimisajal, seda isegi juhul, kui leping hiljem tühistatakse.
According to Germany these measures are necessary to safeguard civil aviation against acts of unlawful interference and fall therefore within the scope of §8 LuftSiG.
Selle põhjal asub komisjon seisukohale, et FLH reiting peaks olema vähemalt tema emaettevõtja MFAG reiting.
Hence, to the extent that public financing granted to FLH thus relieves this undertaking of costs it had to bear pursuant to §8(3) LuftSiG, that public financing is not exempted from scrutiny under Union State aid rules.
Ka MFAG-d ei ole reitinguagentuurid hinnanud.
With regard to the costs related to the use of the functional security building by German Meteorological Service, the Commission notes that §27(f) LuftVG regulates that the costs related to §27(c) LuftVG are covered by the State for a number of specific airports.
Saksamaa esitas siiski mõned MFAG pangasisesed reitingud, vt tabel 4.
Airports are eligible for cost coverage as ‘recognised airports’ pursuant to §27(f) LuftVG if the Federal Ministry for Transport has recognised a necessity due to safety reasons and transport policy related interests.
Komisjon on seoses põhjendustega 257–261 seisukohal, et FLH-l oli 2006. aastal vähemalt MFAG madalaim reiting ehk […] Standard & Poor’si reitinguskaalal ja ajavahemikus 2007–2012 […] Standard & Poor’si reitinguskaalal.
German airports which have not been recognised are not eligible for cost coverage pursuant to §27(f) LuftVG and have therefore, in principle, to bear the costs related to the measures foreseen in §27(c) LuftVG themselves.
Makseviivitusest tingitud kahjumäär (või laenude tagatiste tase)
Since some airports have to bear these costs themselves whereas other airports do not, the latter might be granted an advantage, even if the German Meteorological Service can be considered to be non-economic.
Kui kõnealuseid aktsionäride antud laenusid võib pidada tagatisvaraga kindlustatud laenudeks, siis tõstetakse turutava kohaselt niisugusel puhul võlainstrumendi krediidireitingut (emissioonireitingut) väärtpaberi väljalaskja krediidireitinguga võrreldes ühe astme võrra [52].
Leipzig/Halle airport has been recognised to be such an airport and is hence eligible for cost coverage pursuant to §27(f) LuftVG.
Seega peab komisjon kindlaks määrama kõnealuste aktsionäride antud laenude makseviivitusest tingitud kahjumimäära [53].
Therefore, covering the costs of Leipzig/Halle airport related to meteorological services pursuant to §27(f) LuftVG gives an advantage to Leipzig/Halle airport..
Kuna laenud pidid endast kujutama vaid lühiajalist üleminekurahastamise vahendit, siis need ei olnud tagatud.
Conclusion
Siiski väitis Saksamaa, et makseviivitusest tingitud kahjumäär peaks olema vähemalt alla 30 %, kuna FLH varade väärtus ([…] miljonit eurot 2010. aastal), mis ei ole tagatiseks antud, ületab kohustuste väärtuse ([…] miljonit eurot 2010. aastal).
In the light of the finding in section 6.1.1, FLH is an undertaking within the meaning of Article 107(1) of the Treaty.
Sellega seoses märgib komisjon, et likvideerimisväärtuse hindamiseks lennujaama maksejõuetuse või pankroti puhul ei piisa varade arvestuslikust väärtusest.
With regard to the finding in section 6.1.2, the financing of the following measures cannot be considered as falling within the public policy remit: M1 acquisition of land, relocation, noise abatement and accompanying landscape conservation planning, M2 engine testing structure, M3 taxiway and traversing bridge ‘E7’, M4 extension of northern runway (planning costs), M5 site clearance in readiness for construction of taxiway ‘Victor’, M5 multi-purpose hangar, M6 parallel taxiway ‘Victor’, M7 additional de-icing areas, M9.3 winter service equipment, M10 additional noise abatement, M11 land side development of south eastern zone phase I, M12 planning approval procedure for southern extension (runway and apron), M13 northern apron expansion, M14 eastern apron expansion, M15 infrastructure adaptation, and M16 additional infrastructure measures regarding the northern hangar extension and the construction of the new aviation terminal and small aircraft shed.
Juunis 2006 Baseli pangajärelevalve komitee avaldatud dokumendis soovitati käsitada esimese nõudeõiguse järguga äriühingute makseviivitusest tingitud kahjumäära, mis ei ole kindlustatud tunnustatud tagatisvaraga, 45 % lähedal olevaks [54].
The financing of these activities allows an airport manager to exercise its primary economic activity and cannot be dissociated from this activity.
Seega on 2008. aasta viitemäärade teatise kohaselt kõnealused aktsionäride antud laenud nn tavatasemel tagatud ja keskmisest makseviivitusest tingitud kahjumääraga (30 % < LGD < 60 %).
With regard to M5 new fire station building, M9 firefighting equipment and M8 heliport, the Commission considers that these measures can be regarded as falling within the public policy remit (see section 6.1.2).
Komisjon on seega seisukohal, et tagatise tase ei ole piisav selleks, et ettevõtja reitingut võiks ühe taseme võrra tõsta.
With regard to M9 additional infrastructure measures regarding the rebuilding of checkpoint I, the construction of a functional security building to meet the needs of the federal and regional police, customs, animal farm and the airport perimeter fence (including digital video surveillance system and movement detectors), the Commission considers that these activities may fall within the public policy remit.
FLH-le aktsionäride antud laenude tingimuste turuindikaatoritega võrdlemine krediidiriski vahetustehingute vahede alusel
However, to the extent that these measures fall within §8(3) LuftSiG, according to this provision of the German law only the costs related to the provision and maintenance of spaces and premises necessary for the performance of the listed activities pursuant to §5 LuftSiG may be reimbursed.
FLH-le aktsionäride antud laenude turutingimustele vastavuse hindamiseks esitas komisjon turuindikaatorite võrdlusaluse, mis põhineb krediidiriski vahetustehingute vahedel.
With regard to the costs related to the use of the functional security building by German Meteorological Service (related to M9), the Commission considers for the reasons in recital 243 that covering the costs of Leipzig/Halle airport related to meteorological services pursuant to §27(f) LuftVG gives an advantage to Leipzig/Halle airport, even if meteorological services can be considered to be non-economic.
Kooskõlas metoodikaga, mis põhineb 2008. aasta viitemäärade teatisel, on komisjon arvamusel, et laenu intressimäärasid võib lugeda turutingimustele vastavaks, kui laene hinnatakse intressimäära alusel, mis on võrdne või kõrgem kui järgmise valemi abil väljendatud võrdlusmäär:
AID NATURE OF THE SHAREHOLDER LOANS IN FAVOUR OF FLH
Võrdlusmäär = baasmäär + riskimarginaal + tasu
Relation between the shareholder loans and the capital injections
Baasmäär on pankadele likviidsuse tagamise eest makstav tasu (rahastamiskulu).
Before assessing whether the shareholder loans in favour of FLH constitute State aid, it is necessary to determine whether the shareholder loans and the capital injections should be considered as separate measures or as a single measure.
Püsiva intressimääraga rahastamise puhul (st intressimäär on kogu laenu kestuse ajal fikseeritud) on asjakohane määrata baasmäär kindlaks vahetustehingute intressimäärade [55] alusel, mille maksetähtaeg ja vääring vastavad võla tähtajale ja vääringule.
The evidence shows that both operations were decided at the same time, as part of a wider plan to finance the improvements of the infrastructure of the airport, and that the shareholders of FLH had the intention to convert their loans into equity.
Riskimarginaal hüvitab laenuandjale konkreetse laenurahaga seotud riskid, eelkõige krediidiriski.
However, Germany has declared that the capital injections have not been irrevocably granted and that FLH has no direct entitlement to the capital increase.
Riskimäära saab tuletada krediidiriski vahetustehingute vahede [56] asjakohasest valimist referentsühikute (nt ettevõtte võlakirjad) suhtes, millel on FLH laenudega sarnane reiting.
Under these circumstances, the Commission considers that the shareholder loans and the capital injections can be considered as separate measures.
Pangatasude ühtlustamiseks, mida ettevõtjad tavaliselt maksma peavad, oleks kohane lisada 10–20 baaspunkti [57].
Economic advantage
Komisjon on seisukohal, et hindamise all olevad rahastamismeetmed ei kujuta endast tüüpilist laenu.
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 lender principle’.
Käesoleva hindamise raames eeldatakse, et laenud on antud automaatlaenuna, mida uuendati igal aastal uute intressitingimustega.
According to that principle, debt 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 [51].
Sellest lähtuvalt oli laenu tähtaeg üks aasta.
In the present case, the Commission has to assess whether the conditions of shareholder loans (see Table 3) provided to FLH confer an economic advantage to it, which the recipient undertaking would not have obtained under normal market conditions.
Laenud anti ujuvate intressimääradega, võttes viitemääraks 1 aasta Euribor.
Germany is of the opinion that the ‘market economy lender principle’ was fully respected as the shareholder loans were provided at market conditions.
Riskimarginaali saab hinnata krediidiriski vahetustehingute vahede alusel igal asjakohasel ajahetkel.
In order to justify the conditions of the loans at issue, Germany compares the conditions of the shareholder loans with the conditions provided from other banks (see the arguments given in sections 3.3.1 and 3.3.2).
Tabelis 7 võetakse kokku märkuste arv (FLH reitinguga ettevõtjad kõigilt tegevusaladelt, jättes välja finantsasutused ja valitsuse) ja vastavad krediidiriski vahetustehingute vahed.
According to its decision-practice, in order to determine whether the financing under assessment was granted at favourable conditions, the Commission may — in the absence of other proxies — compare the interest rate on the loan in question with the Commission reference rate.
Tabel 7
The Commission’s reference rate is established pursuant to the methodology laid down in the 2008 Reference Rate Communication.
FLH reitinguga ettevõtjate märkuste ülevaade
The 2008 Reference Rate Communication establishes a method for setting reference and discount rates that are applied as a proxy for the market rate.
Reiting
However, because the Commission reference rate is a proxy, where the Commission has other indicators in a specific case of the interest rate that the borrower could obtain on the market, it may base its assessment on those indicators.
Märkuste arv
The credit rating of FLH
Kvartiil 1 (baas-punktid)
In order to be able to assess the conditions of the shareholder loans, the Commission has first to assess the credit-worthiness of FLH.
Kvartiil 2 (baas-punktid)
FLH is not rated by a credit rating agency.
Kvartiil 3 (baas-punktid)
Germany however argues that due to the profit-and-loss transfer agreements concluded between FLH and MFAG, the rating of the mother companies should be taken into account.
Võrdlusmäära riskimarginaal on kehtestatud 2. kvartiili krediidiriski vahetustehingute vahede kaalutud keskmise alusel (vt tabel 7).
The Commission observes that according to German law, MFAG remains liable for any loan contracted by the FLH during the time at which the profit-and-loss transfer agreement existed, even if the agreement is subsequently revoked.
Tabelis 8 võrreldakse võrdlusmääraga tegelikku intressimäära, mida kõnealuste aktsionäride antud laenude eest makstakse.
On that basis, the Commission takes the view that the rating of FLH should be considered to be at least the rating of its parent company, MFAG.
Tabel 8
Also MFAG has not been rated by credit rating agencies.
FLH tegelike ja võrdlusmäärade võrdlev ülevaade
Nevertheless Germany has provided some bank internal ratings for MFAG, as summarised in Table 4.
Tegelik intressimäär (%)
In view of recitals 257 to 261, the Commission considers that FLH has at least the lowest rating of MFAG, that is to say […] on the Standard & Poor’s rating scale in 2006 and […] on the Standard & Poor’s rating scale from 2007 to 2012.
Võrdlusmäär (%)
The loss given default (or the level of collateralisation):
Baasmäär
If the shareholder loans at stake could be considered as highly collateralised, the market practice in such cases would suggest increasing the rating of the debt instrument (the ‘issue rating’) in question by one notch compared to the issuer rating [52].
Tasu
Therefore, the Commission has to establish the loss given default [53] (‘LGD’) of the shareholder loans at stake.
Summa
As the loans were intended to be only a short-term bridge financing facility, they were not collateralised.
Turutava kohaselt tuleb krediidiriski vahetustehingute vahede alusel kehtestatud võrdlusmäära puhul võtta arvesse umbes […] baaspunkti suurust pangatasu [58].
Nevertheless, Germany argued that the LGD should be at least lower than 30 %, because the value of the assets of FLH (EUR […] million in 2010), which are not pledged, exceeds the value of the liabilities (EUR […] million in 2010).
Konservatiivse hinnangu saamiseks lisati käesoleval juhul […] baaspunkti suurune pangatasu.
In this regard, the Commission notes that the book value of the assets is not sufficient to estimate the liquidation value in case of insolvency or bankruptcy of the airport.
Komisjon on seisukohal, et tabelis 8 toodud tulemused viitavad sellele, et laenud olid tõesti turutingimustega kooskõlas.
In the paper published by the Basel Committee on Banking Supervision in June 2006 it is recommended to consider the LGD for senior claims on corporates not secured by recognised collateral to be around 45 % [54].
Sellega seoses märgib komisjon, et kõigil aastatel – välja arvatud 2009. aastal – oli FLH tegelik määr võrdlusmäärast kõrgem.
Hence according to the 2008 Reference Rate Communication the shareholder loans at stake have a ‘normal’ level of collateralisation with a LGD in the middle category (30 % < LGD < 60 %).
2009. aasta madalaimat tegelikku intressi korvavad kõrgemad määrad aastatel 2010–2012, mil aktsionäride laenude mahud olid suuremad.
Hence the Commission considers that the level of collateralisation is not sufficient in order to allow increasing the rating of the undertaking by one notch.
Komisjon täheldab lisaks, et neid tulemusi kinnitasid ka Saksamaa punktides 3.3.1 ja 3.3.2 loetletud võrdluslaenud.
Benchmarking of the conditions of FLH’s shareholder loans with market proxies based on credit default swap (CDS) spreads:
Punktides 6.2.1 ja 6.2.2 esitatud kaalutluste valguses on komisjon seisukohal, et aktsionäride laenud anti FLH-le turutingimustel ja seega ei ole tegemist riigiabiga ELi toimimise lepingu artikli 107 lõike 1 tähenduses.
In order to assess whether FLH’s shareholder loans were in line with market conditions, the Commission has performed a benchmarking with market proxies based on credit default swap (CDS) spreads.
FLH KASUKS TEHTUD KAPITALISÜSTIDES SISALDUV VÕIMALIK ABI
In line with the methodology underlying the 2008 Reference Rate Communication, the Commission is of the opinion that loan interest rates can be deemed in line with market conditions when the loans are priced at a rate equal or higher than a benchmark rate defined by the following formula:
Riigi vahendid ja riigiga seostatavus
Benchmark rate = base rate + risk margin + fee
Selleks et kõnealused meetmed kujutaksid endast riigiabi, tuleb neid rahastada riigi vahenditest ja meetmete toetamise otsus peab olema seostatav riigiga.
The base rate represents the cost for banks of providing liquidity (funding cost).
Riigiabi mõiste laieneb igale otsesele või kaudsele soodustusele, mida rahastatakse riigi vahenditest ja mille annab kas riik ise või mis tahes vahendav asutus talle riigi antud volituste alusel [59].
In the case of fixed-rate funding (that is to say when the interest rate is fixed for the duration of the loan), it is appropriate to determine the base rate on the basis of swap rates [55] with a maturity and currency corresponding to the maturity and the currency of the debt.
ELi toimimise lepingu artikli 107 lõike 1 kohaselt on kohalike omavalitsuste vahendid riigi vahendid [60].
The risk margin compensates the lender for the risks associated with the specific debt financing, in particular the credit risk.
Kohus on ka otsustanud, et meetme määratlemisel riigiabina ei ole oluline see, kas meetme võtab otse riik või tema poolt abi haldamiseks loodud või nimetatud avalik-õiguslik või eraõiguslik asutus [61].
The risk margin can be derived from an appropriate sample of CDS spreads [56] relating to reference entities (such as company bonds) with a similar rating as the loans for FLH.
Käesoleval juhul eraldati vahendid asjaomastele meetmetele, st FLH kasuks tehtud kapitalisüstid osaliselt otse kohalike omavalitsuste (Sachsen-Anhalti, Freistaat Sachseni liidumaad ja asjakohased linnad ja omavalitsused) eelarvest ja osaliselt kohalike omavalitsuste eelarvest toetuse eraldamise kaudu, mis suunatakse MFAG kui vaheorgani kaudu FLH-sse.
Finally, it appears appropriate to add 10-20 basis points as an approximation for the bank fees companies usually have to pay [57].
Sellega seoses märgib komisjon, et kohalikud omavalitsused reserveerisid MFAG kaudu suunatud vahendid FLH-sse ülekandmiseks.
The Commission considers that the financing measures under assessment do not represent a typical loan.
Seega oli riigil kogu asjassepuutuval perioodil otsene või kaudne kontroll kõnealuste vahendite üle.
For the purpose of the current assessment it is assumed that the loans are provided as a revolving credit facility, which is renewed each year with new interest rate conditions.
Komisjon on seega seisukohal, et asjakohaseid meetmeid rahastati riigi vahenditest.
Consequently, the maturity is assumed to be 1 year.
Otsuse nimetatud riigivahendid eraldada tegid riigiasutused, kuna FLH avalik-õiguslikud aktsionärid nõustusid kapitalisüstide võimaldamisega.
The loans are granted with a floating base rate taking the 1-year EURIBOR as a reference rate.
Eelis ELi toimimise lepingu artikli 107 lõike 1 tähenduses on igasugune majanduslik kasu, mida ettevõtja ei oleks saanud tavalistes turutingimustes, st riigi sekkumiseta [62].