natgillin/translations-raw huggingface dataset:
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.
Seepärast on Saksamaa palunud konsultatsiooniettevõttel […] (edaspidi „konsultant”) hinnata FN GmbH reitingut iga aasta puhul, mil anti esimene kuni neljas laen.
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.
Konsultant hindas makseviivituse tõenäosust ühe aasta jooksul ja reitingut.
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.
Seejärel kontrollis ja kinnitas need hinnangud auditifirma […].
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.
Konsultandi hinnangud põhinevad 2006. aasta maksevõime määrusel [48], millega rakendatakse Saksamaal Basel II eeskirju.
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).
Maksevõime määruse kohaselt peavad pangad arvutama sisereitingute meetodi abil välja makseviivituse tõenäosuse ühe aasta jooksul.
Thus, there has been a direct financial support to EEL GmbH granted by the public administration.
Mõnele rahastamisviisile (nn Spezialfinanzierungen) makseviivituse tõenäosuse väljaarvutamise kohustus siiski ei laiene.
Therefore, the Commission considers that EEL GmbH is a public undertaking and that its resources must be regarded as State resources.
Selliste rahastamisviiside puhul on maksevõime määrusega ette nähtud riskide lihtkaalumine.
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.
Konsultant tugines makseviivituse tõenäosuse ja reitingu hindamisel eelnimetatud lihtsustatud hindamismeetodile.
A public undertaking may act with more or less independence, according to the degree of autonomy left to it by the State.
Selle meetodi põhjal hinnati järgmist viit tegurit: laenuvõtja finantsolukord, poliitiline ja õiguskeskkond, tegevuse iseloom, omaniku olukord ja tagatis.
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.
Kõikide laenude makseviivituse tõenäosus hinnati olevat [0,5–3] % kuni [1–5] %.
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.
Konsultandi sõnul vastab see makseviivituse tõenäosus reitingule […].
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.
Tuleb märkida, et reitingu hindamise käigus hinnati tagatise taset ja seega iga laenuga seonduvat makseviivitusest tingitud kahjumäära.
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.
See tähendab, et konsultandi antud reiting juba hõlmab võimalikku astme tõstmist tagatise andmise jaoks ja emissioonireitingut (erinevalt emitendi reitingust).
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.
Siiski ei sisalda konsultandi aruanne teavet kõnealuste laenude puhul esitatud tagatise väärtuse ega ka iga laenuga seonduva makseviivitusest tingitud kahjumäära tegeliku taseme kohta.
In the case at issue, the airport is actually operated by a private company.
Kui võtta arvesse vaid nelja esimest konsultandi hinnatud tegurit (ja jätta välja viimane, tagatise tegur), peaks konsultandi hinnang andma reitingu, mis on sarnane emitendi reitingule.
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.
Näiteks on esimese nelja teguri hindamistulemuste keskmine [1–5], mida võiks tõlgendada tulemusena, mis on lähedal reitingule […].
Moreover, the district of Kleve and the municipality of Weeze played a fundamental role in this conversion.
See emitendi reiting kehtib 1., 2. ja 3. laenu puhul.
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.
laenu puhul on sel meetodil hinnatud emitendi reiting […].
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.
Pealegi tuleb suhtuda sellesse reitinguhinnangusse teatava ettevaatlikkusega, kuna konsultandil puudub laenuvõtjaga laenusuhe.
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.
Samal ajal on reitinguhinnang reitinguagentuuride kasutataval reitinguskaalal võrdlemisi madal ega tundu olevat vastuolus krediidireitingu hindamisega, mille tegi hilisema ajavahemiku kohta [pank].
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.
Tagatis ja makseviivitusest tingitud kahjumäär [50]
Those are strong indication that the measures at issue are imputable to the district of Kleve and the municipality of Weeze.
Esimene laen tagati laenu andmise ajal (11. aprill 2003) järgmiste tagatistega:
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.
lennujaama alusele maale (ligikaudu 620 ha) ja hoonetele seatud koormatis.
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.
FN GmbH ostis maa Saksa riigilt 2002. aastal [5–20] miljoni euro eest.
Besides, all the loans granted from EEL GmbH to the airport operating company FN GmbH were refinanced by the district of Kleve [43].
2002. aasta septembris sõltumatu hindaja koostatud aruandes on öeldud, et maa turuväärtus oli ligikaudu [5–20] miljonit eurot.
This is a further indication that the decisions to grant loans and rollovers to FN GmbH originated in fact from the public authorities.
Lennujaama pikaajaliste varade arvestuslik väärtus (sh investeeringud maasse ja hoonetesse) oli 2002. aasta lõpus ligikaudu [5–20] miljonit eurot.
Furthermore, EEL GmbH has no board of directors.
1. laenu andmise ajal oli maa koormatud […] kasuks seatud [1–6] miljoni euro suuruse esimese järjekoha hüpoteegiga;
Both managing directors are representatives of the public shareholders.
[…] antud isiklik tagatis.
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.
Saksamaa ei esitanud teavet tagatise andja isikliku vara kohta;
Moreover, EEL GmbH has no permanent staff and is managed by a single public official from the district of Kleve.
Airport Network B.V.-le kuulunud ANH GmbH aktsiatele seatud pant.
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.
Saksamaa ei esitanud teavet nende aktsiate väärtuse kohta;
This confirms that the measures at issue are imputable to the public shareholders.
ANH GmbH-le kuulunud FN GmbH aktsiatele seatud pant.
In addition, despite having the legal form of a private company, EEL GmbH is subject to public accounting rules [44].
Saksamaa ei esitanud teavet nende aktsiate väärtuse kohta;
Finally, it is planned to dissolve EEL GmbH once FN GmbH has repaid all loans and interests due to it.
Kui lähtuda lennujaama pikaajaliste varade arvestuslikust väärtusest ([5–20] miljonit eurot) ja lahutada sellest […] eelisjärjekorras rahuldatav nõue ([1–6] miljonit eurot), jääb võlausaldaja nõuete ([5–15] miljonit eurot) katmiseks ligikaudu [5–15] miljonit eurot.
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.
Seega on makseviivitusest tingitud kahjumäär hinnangute kohaselt ligikaudu […] % [51].
This also confirms that the measures can be imputed to these public shareholders.
See on tõenäoliselt konservatiivne hinnang makseviivitusest tingitud kahjumäära kohta, sest isikliku tagatisega ja panditud aktsiatega, mille kohta teave puudub, võib kaasneda mõningane lisaväärtus.
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.
Teine laen tagati laenu andmise ajal (17. juunil 2004) järgmiste tagatistega:
Selective economic advantage — Market economy investor/creditor principle
lennujaama alusele maale ja hoonetele seatud koormatis.
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’.
Lennujaama pikaajaliste varade arvestuslik väärtus (sh investeeringud maasse ja hoonetesse) oli 2003. aasta lõpus ligikaudu [20–40] miljonit eurot.
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].
laenu andmise ajal oli seatud […] kasuks [1–6] miljoni euro suurune esimese järjekoha hüpoteek ja EEL GmbH kasuks seoses esimese laenuga [11–20] miljoni euro suurune esimese järjekoha hüpoteek (vt eespool 1. laen);
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.
Airport Network B.V.-le kuulunud ANH GmbH aktsiatele seatud pant.
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.
Saksamaa ei esitanud teavet nende aktsiate väärtuse kohta.
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’.
ANH Gmb-le kuulunud FN GmbH aktsiatele seatud pant.
The Commission proposes to examine the measures at issue in the light of that communication [47].
Makseviivitusest tingitud kahjumäär on seega hinnangute kohaselt […] %.
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.
Kolmas laen tagati laenu andmise ajal (28. juuli 2004) järgmiste tagatistega:
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.
Lennujaama pikaajaliste varade arvestuslik väärtus (sh investeeringud maasse ja hoonetesse) oli 2003. aasta lõpus ligikaudu [20–40] miljonit eurot.
The credit rating of FN GmbH
3. laenu andmise ajal oli seatud […] kasuks [1–6] miljoni euro suurune esimese järjekoha hüpoteek ning võlausaldaja kasuks seoses esimese ja teise laenuga esimese järjekoha hüpoteek kogusummas [10–20] miljonit eurot;
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.
FN GmbH-le seatud kommertspant.
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.
Teave selle tagatise väärtuse kohta puudub.
The Consultant provided an estimation of the one-year probability of default (PD) and the rating.
Kui lähtuda lennujaama pikaajaliste varade arvestuslikust väärtusest ([20–40] miljonit eurot) ning lahutada sellest […] ja EEL GmbH eelisjärjekorras rahuldatavad nõuded ([1–6] miljonit eurot ja [10–20] miljonit eurot), jääb võlausaldaja 3. laenust tulenevate nõuete ([2–5] miljonit eurot) katmiseks ligikaudu [10–20] miljonit eurot.
These estimations were then verified and confirmed by the audit company […].
Sissenõudmismäär on sel juhul ligikaudu […] %.
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.
Neljanda laenu andmise ajal (1. juuli 2005) pikendati ühtmoodi kõikide varasemate laenude ning tasumata ja tasutavate intresside (ligikaudu [0,5–3] miljonit eurot) tähtaega (kuni 31. detsembrini 2010).
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).
Laenude kogusumma oli [20–30] miljonit eurot, millele lisandus [0,5–3] miljonit eurot tasumata intresse.
However, some types of financing, called Spezialfinanzierungen, are excluded from the obligation to calculate a PD.
Tagatised, milles lepiti kokku nende EEL GmbH nõuete tagamiseks, oli järgmised:
For such types of financing the Solvability Regulation foresees a simple risk weighing instead.
lennujaama alusele maale ja hoonetele seatud koormatis.
The Consultant based its estimation of the PD and the rating on this simplified method of assessment.
Lennujaama pikaajaliste varade arvestuslik väärtus (sh investeeringud maasse ja hoonetesse) oli 2004. aasta lõpus ligikaudu [20–40] miljonit eurot.
According to that method, the following five factors are assessed: financial strength of the Borrower; political and legal environment; characteristics of the business; strength of the owner; collateralisation.
4. laenu andmise ajal kehtis võlausaldaja 1., 2. ja 3. laenust tulenev eelisjärjekorras rahuldatav nõue kogusummas [10–25] miljonit eurot. […] antud laenu puhul eelisjärjekorras rahuldatavaid nõudeid enam ei esinenud [52];
The PD for each of the loans is assessed to be between [0,5-3] % and [1-5] %.
lisaks esitas […] 1. juulil 2005 kõikidest laenudest tulenevate EEL GmbH nõuete tagamiseks isikliku tagatise.
According to the Consultant this PD corresponds to a rating of […].
Sellega pikendati eelmist tagatist, mille oli andnud […] 8. juunil 2003 seoses 1. laenuga.
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.
Saksamaa esitas hinnangu […] isikliku vara kohta, jättes arvestamata talle kuuluvate ANH GmbH ja FN GmbH aktsiate väärtuse, et vältida tagatise topeltarvestamist.
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).
Tagatise andja isikliku vara väärtus oli 2004. aasta lõpus hinnangute kohaselt ligikaudu [20–40] miljonit eurot [53].
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.
Lennujaama pikaajaliste varade arvestuslik väärtus ([20–40] miljonit eurot) ja […] isiklik tagatis ([20–40] miljonit eurot) katavad enam kui 100 % kogu laenusummast ja tasutavast intressist ([20–30] miljonit eurot pluss [0,5–3] miljonit eurot).
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.
Seega on sissenõudmismäär […] % ja makseviivitusest tingitud kahjumäär […] %.
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 […].
Lennujaama pikaajaliste varade arvestuslik väärtus (sh investeeringud maasse ja hoonetesse) 2009. aasta lõpus ei ole komisjonile teada.
This issuer rating applies to loans 1, 2 and 3.
Kuna sellest arvestuslikust väärtusest anti teada üsna pea pärast teist tagasimaksetähtaja pikendamist, võib seda käsitada olemasoleva tagatise väärtusena.
For Loan 4 the issuer rating estimated according to this approach is […].
Maale ja hoonetele oli seatud tollal esimese järjekoha hüpoteek, et tagada [0,5–3] miljoni euro ulatuses [panga] nõuded;
The Commission notes that the report made by the Consultant leaves some doubts as regards the quality of the rating assessment.
Airport Network B.V.-le kuulunud ANH GmbH aktsiatele seatud pant.
Furthermore, this rating estimation has to be taken with some caution given the fact that the Consultant has no credit relation with the Borrower.
Saksamaa ei esitanud 2. pikendamise ajal teavet nende aktsiate väärtuse kohta;
However, the rating estimation is fairly low on the rating scale used by credit rating agencies and does not appear inconsistent with the credit rating estimation made by [bank] for a later period.
ANH GmbH-le kuulunud FN GmbH aktsiatele seatud pant.
In addition, Germany provided the estimation of the one-year probability of default (PD) of FN GmbH used by [bank] for 2009 and 2010. [bank] has provided a two-year loan of EUR [4-10] million to FN GmbH in 2009.
Saksamaa ei esitanud 2. pikendamise ajal teavet nende aktsiate väärtuse kohta;
[bank] estimated the one-year PD to be [1-5] % in 2009 as well as in 2010.
FN GmbH-le kuulunud FN Gewerbe GmbH ja FN Grundbesitzgesellschafti aktsiatele seatud pant.
According to estimations of the average probabilities of default published by rating agencies [49], a one-year PD of [1-5] % corresponds to a rating between […] and […].
Saksamaa ei esitanud 2. pikendamise ajal teavet nende aktsiate väärtuse kohta;
Collateral and Loss Given Default (LGD) [50]
[…] esitatud isiklik tagatis hinnangulise väärusega ligikaudu [30–70] miljonit eurot [55].
The first loan is secured by the following collateral at the time when the loan was granted (11 April 2003):
Lennujaama pikaajaliste varade arvestuslik väärtus ([30–70] miljonit eurot) ja isiklik tagatis hinnangulise väärtusega ligikaudu [30–70] miljonit eurot, millest on lahutatud [panga] esimese rahuldamisjärgu nõue ([0,5–3] miljonit eurot), katavad ligikaudu […] % kogu laenusummast ja tasutavast intressist ([20–30] miljonit eurot pluss [5–10] miljonit eurot), mistõttu on makseviivitusest tingitud kahjumäär […] %.
Charge on the land and the buildings of the airport (about 6,2 million sq.m.).
Järgmises tabelis on esitatud laenude kaupa kokkuvõtlik teave reitingu ja tagatiste kohta.
FN GmbH bought the land from the German state in 2002 for the price of EUR [5-20] M. A report of an independent evaluator made in September 2002 indicates that the market value of the land is about EUR [5-20] M. The book value of the long-term assets of the Airport at the end of 2002 (including the investments in the land and the buildings) was about EUR [5-20] M. At the time Loan 1 was granted a priority mortgage in favour of […] for the amount of EUR [1-6] M existed on the land.
Tabel 6
Personal guarantee of Mr […]; Germany did not provide information about the value of the personal property of the guarantor.
Reiting ja tagatised laenude kaupa
Pledge of the shares of Airport Network (AV) B.V. in Airport Niederrhein Holding (ANH) GmbH; Germany did not provide information on the value of these shares.
Laen
Pledge of the shares of ANH GmbH in FN GmbH; Germany did not provide information on the value of these shares.
Kuupäev
If the book value of the long-term assets of the Airport is taken into account (EUR [5-20] M) and the priority claim of […] is subtracted (EUR [1-6] M) about EUR [5-15] M are left to cover the claims of the Lender (EUR [5-15] M).
Summa miljonites eurodes (laen + tasutav intress)
This is most probably a conservative estimation of the LGD as some additional value could be also attributed to the personal guarantee and the pledge of shares for which the information is missing.
Tagatise väärtus (maa ja hooned ning isiklik tagatis)
Pledge on the land and the buildings of the airport.
[Panga] eelisjärjekorras rahuldatav nõue
The book value of the long-term assets of the Airport at the end of 2003 (including the investments in the land and the buildings) was about EUR [20-40] million.
Sissenõudmismäär
At the time Loan 2 was granted a priority mortgage in favour of […] for the amount of EUR [1-6] million and a priority mortgage in favour of EEL GmbH for the first loan of EUR [11-20] M (see Loan 1 above) existed.
laen
Pledge of the shares of Airport Network (AV) B.V. in Airport Niederrhein Holding (ANH) GmbH.
laen
Germany did not provide information on the value of these shares.
laen
Pledge of the shares of ANH GmbH in FN GmbH.
laen ja 1. pikendamine
If the book value of the long-term assets of the airport is taken into account (EUR [20-40] million) and the two priority claims of […] and EEL GmbH are subtracted (EUR [1-6] M and EUR [11-20] M) about EUR [10-25] M are left to cover the claims of EEL GmbH from Loan 2 (EUR [1-5] million).
pikendamine
The estimated recovery rate in this case is close to […] %.
Vastavalt 2008. aasta viitemäärade teatisele lisatakse viitemäärade kindlaksmääramisel aastasele baasmäärale asjakohane riskipreemia.
The LGD is thus estimated to be […].
Asjakohased riskipreemiad on sätestatud 2008. aasta viitemäärade teatises esitatud skaalal ning nende puhul võetakse arvesse laenuvõtja reitingut ja laenu tagatise taset.
The third loan is secured by the following collateral at the time when the loan was granted (28 July 2004).
Näiteks laenu 2. pikendamise puhul oli tagatise tase kõrge ning FN GmbH reiting jäi vahemikku […] kuni […].