natgillin/translations-raw huggingface dataset:
On the basis of the REX10 Performance Index of Deutsche Börse AG, the risk-free interest rate stood at 7,15 % at the end of 1991.
Na podlagi indeksa donosnosti REX 10 Deutsche Börse AG je netvegana obrestna mera ob koncu leta 1991 znašala 7,15 %.
Two 30-year German Government bonds issued in 1986 had secondary-market yields of 7,8 % and 7,6 % at the time.
Dve 30-letni obveznici zvezne vlade, izdani leta 1986, sta takrat prinašali donosa na sekundarnem trgu v višini 7,8 % in 7,6 %.
Germany stated that NordLB’s individual refinancing rate at 31 December 1991 was [...] %.
Nemčija je navedla, da je individualna obrestna mera refinanciranja NordLB 31. decembra 1991 znašala [...] %.
In the understanding the parties used a long-term risk-free rate of 7,15 %.
V dogovoru so stranke uporabile dolgoročno netvegano obrestno mero 7,15 %.
On this basis, they arrive at a net refinancing rate of 3,57 % and hence a corresponding deduction for liquidity.
Na podlagi tega so stranke določile neto obrestno mero refinanciranja 3,57 % in s tem primeren odbitek zaradi nelikvidnosti.
In view of that understanding and the fact that the amounts in question still fall below the range previously cited by Germany, the Commission sees no reason to regard 3,57 % as inappropriate and consequently uses this rate as a basis for determining the aid element.
Na podlagi tega dogovora in dejstva, da so navedeni zneski še vedno pod okvirom, ki ga je pred tem navedla Nemčija, Komisija ne vidi razloga, da bi vrednost 3,57 % spoznala za neprimerno, zato se na to vrednost sklicuje pri določanju elementa pomoči.
Return premium on account of the particularities of the transfer
Pribitek na donos zaradi posebnosti prenosa
In practice, when remuneration is determined, atypical circumstances which depart from a normal investment in the share capital of the company concerned generally give rise to discounts or premiums.
V praksi se pri določitvi nadomestila neznačilne okoliščine, ki odstopajo od običajne naložbe v osnovni kapital zadevnega podjetja, načeloma upoštevajo s primernimi pribitki ali odbitki.
It must therefore be examined whether the particularities, and especially the specific risk profile of the transfer of the LTS capital, constitute grounds for adjusting the determined minimum remuneration of 10,03 %, which a private investor would expect for a (hypothetical) investment in the capital of NordLB, and whether a methodically robust quantification of that adjustment can be produced.
Preveriti je torej treba, ali so posebnosti, zlasti konkretni profil tveganja prenosa LTS, razlog za prilagoditev zgoraj določenega najmanjšega nadomestila 10,03 %, ki bi ga zasebni vlagatelj pričakoval za (domnevno) naložbo v osnovni kapital NordLB, ter, ali se lahko zagotovi metodično zadostno obremenilna količinska opredelitev te prilagoditve.
In this connection, three aspects should be considered: first, the non-issuance of new shares in the company with the associated voting rights; second, the exceptional volume of the asset transfer; and, third, the non-marketability of the assets.
V tej zvezi je treba preveriti tri vidike: kot prvo neizdaja novih delnic v podjetju in s tem povezanih glasovalnih pravic, kot drugo izredno velik obseg prenesenih sredstev in kot tretje nezadostna tržnost vloge.
The transfer did not provide the Land with any additional voting rights. Nor was this disadvantage offset by a comparable investment by the other shareholder.
Dežela Spodnja Saška s prenosom ni pridobila dodatnih glasovalnih pravic, kar pa se ni izravnalo niti s primerljivo naložbo drugega delničarja.
By forgoing voting rights, an investor renounces a say in decisions taken by the bank's board.
Z odpovedjo glasovalnim pravicam se vlagatelj odpove možnosti sodelovanja pri odločitvah vodstva banke.
To compensate for this acceptance of a higher risk of loss without a corresponding increase in influence over the company, a market-economy investor would demand a higher remuneration (even if the potential risk were cushioned by internal agreements with the other shareholders).
Vlagatelj v tržnem gospodarstvu bi za izravnavo za sprejetje večjega tveganja izgube brez ustreznega povečanja vpliva na podjetje zahteval večje nadomestilo (tudi če bi se tveganje zmanjšalo z notranjimi sporazumi z drugimi delničarji).
The parties to the understanding also regard a premium of 0,3 % as appropriate to take account of the failure to issue new voting rights.
Tudi strankam sporazuma se zdi pribitek 0,3 % zaradi neizdaje novih glasovalnih pravic primeren.
The size of the amount transferred and its effect on NordLB from the point of view of the Solvency Directive have already been mentioned (paragraph 40 et seq.).
Obseg prenesenega zneska in njegov vpliv na NordLB s stališča Direktive o solventnosti sta bila navedena že zgoraj (točka II.
Through the transfer of the LTS, NordLB's core capital was increased substantially without any acquisition or administration costs.
S prenosom LTS se je znatno povečal temeljni kapital NordLB in sicer brez stroškov pridobivanja in upravljanja.
A market-economy investor would probably have demanded a premium for an injection of capital as large in relative and absolute terms as the LTS assets.
Vlagatelj v tržnem gospodarstvu bi za vlogo kapitala, po obsegu relativno in absolutno gledano enakega sredstvom LTS, verjetno zahteval pribitek.
On the other hand, in the light of the exceptional capital requirements of credit institutions in the EU laid down by the Solvency Directive, a capital injection of some DEM 1500 million in one of the largest German all-purpose banks must not be regarded as completely alien to any normal business decision. Moreover, where an investment involves a large volume of assets, this suggests a similarity with share capital.
Po drugi strani pa se vloga v osnovni kapital ene izmed največjih nemških splošnih bank v višini 1,5 milijarde DEM ravno z ozirom na posebne kapitalske zahteve evropskih kreditnih institucij iz Direktive o solventnosti ne sme obravnavati kot odstopajoča od kakršnih koli običajnih poslovnih odločitev.
When the transfer took place at the end of 1991, large silent partnership contributions were atypical on the market.
Poleg tega vloga velikega obsega sredstev kaže na podobnost osnovnemu kapitalu, saj velike vloge tihega partnerstva ob koncu leta 1991, ko se je zgodil prenos, na trgu niso bile običajne.
So if the volume of assets transferred is used to justify a further premium in the case of an investment that is similar to share capital, this means that the volume is being unduly taken into account twice over.
Če bi se torej obseg prenesenih sredstev uporabil za upravičenje dodatnega pribitka v primeru naložbe, ki je podobna osnovnemu kapitalu, bi to pomenilo nedopustno dvakratno upoštevanje obsega.
Consequently, the Commission is not imposing a premium linked to the volume of the asset transfer, something which works in NordLB’s favour.
Komisija zato ne nalaga pribitka, povezanega z obsegom prenesenih sredstev, kar je v prid NordLB.
The understanding between the parties also assumes that no premium should be applied on account of the high volume of assets transferred.
Tudi stranke dogovora so mnenja, da se zaradi velikega obsega prenesenih sredstev pribitek ne sme izvesti.
Lastly, attention must be drawn to the lack of fungibility of the assets, i.e. the impossibility of withdrawing the invested capital at any time from the company.
Nazadnje je treba opozoriti tudi na nezadostno tržnost sredstev, t.j. nemožnosti, da bi se vložen kapital kadar koli dvignil iz podjetja.
Normally, an investor can sell an equity instrument on the market to third parties, thereby terminating his investment.
Ponavadi lahko vlagatelj instrument lastnega kapitala proda na trgu tretji stranki, s čimer zaključi svojo naložbo.
A normal transfer of capital takes place as follows: the investor brings in assets (either in cash or in kind), which are entered on the assets side of the balance sheet.
Običajen prenos osnovnega kapitala poteka na naslednji način: vlagateljeva sredstva (v denarju ali kot stvarni vložek) se vknjižijo na aktivno stran bilance stanja.
As a rule, these are matched on the liabilities side by a tradable interest registered in the name of the investor, taking the form, in the case of a limited company for example, of shares.
Praviloma tem sredstvom na pasivni strani ustreza tržni delež vlagatelja, na primer pri delniški družbi so to delnice.
The investor can sell these shares to a third party.
Vlagatelj lahko potem te delnice proda tretji stranki.
He cannot withdraw the assets he originally brought in since these now form part of the company’s liable equity capital and are no longer at his disposal.
Pri tem sicer ne more dvigniti svojih prvotno vloženih sredstev. Ta so zdaj del rizičnega lastnega kapitala podjetja in mu niso več na razpolago.
But by selling the shares — at the prevailing exchange price — he can realise their economic countervalue.
S prodajo delnic – po obstoječi borzni ceni – pa lahko doseže njihovo protivrednost.
His assets have thereby become fungible.
Njegova sredstva s tem postanejo tržna.
Because of the special circumstances surrounding the transfer of LTS assets, this option was not available to the Land.
Dežela Spodnja Saška zaradi posebnih okoliščin prenosa sredstev LTS te možnosti ni imela.
However, the Commission sees no reason for a further premium.
Vendar Komisija ne vidi razloga za dodaten pribitek.
Although the Land was unable to realise the economic countervalue by trading freely in the investment, it was and is able at any time to withdraw the special-purpose assets from NordLB by law and achieve possibly higher returns by reinvesting them in other institutions.
Spodnja Saška sicer ni imela možnosti s prosto tržnostjo vloge doseči gospodarske protivrednosti, po zakonu pa je imela in še ima možnost, da kadar koli dvigne sredstva za posebne namene z NordLB in morda doseže večje donose s ponovnimi naložbami v druge institucije.
Here too the understanding between the BdB, the Land and NordLB assumes that no premium should be applied on account of the lack of fungibility
Tudi tu so BdB, dežela Spodnja Saška in NordLB v dogovoru mnenja, da se zaradi nezadostne tržnosti pribitek ne sme izvesti.
Overall, the Commission therefore considers a premium of 0,3 % per annum (after corporation tax) to be appropriate for forgoing additional voting rights.
V celoti gledano torej Komisija spoznava pribitek na donos v višini 0,3 % letno (po davku od dobička) za odpoved dodatnim glasovalnim pravicam za primernega.
No reduction in remuneration for agreement on a fixed amount
Povračilo se ne zmanjša zaradi dogovora o njegovem pavšalu
In the case of shares, the remuneration depends directly on the performance of the company and is expressed mainly in the form of dividends and a share in the increased value of the company (expressed, for example, in share price increases).
Pri delnicah je nadomestilo neposredno odvisno od uspešnosti poslovanja podjetja in se izraža predvsem v obliki dividend in udeležbi pri povečani vrednosti podjetja (na primer s povečanjem cen delnic).
The Land receives a fixed remuneration which should reflect these two aspects of remuneration for ‘normal’ capital injections.
Dežela Spodnja Saška prejema pavšalno nadomestilo, ki bi moralo odražati ta dva vidika povračila za „običajno“ vlogo kapitala.
It could be argued that the fact that the Land receives a fixed remuneration instead of one directly linked to NordLB's performance constitutes an advantage which justifies a reduction in the rate of the remuneration.
Lahko bi se trdilo, da fiksno nadomestilo, ki ga Spodnja Saška prejema namesto nadomestila, neposredno povezanega z uspešnostjo poslovanja NordLB, predstavlja prednost, ki upravičuje zmanjšanje stopnje povračila.
If the performance declines, a fixed rate benefits the investor but, if it improves, it places him at a disadvantage.
Če se ta zmanjša, je pavšalna stopnja za vlagatelja prednost, če pa se poveča, je zanj neugodna.
However, the actual trend cannot be taken into account subsequently when it comes to assessing the investment decision.
Vendar pa se dejanski razvoj ne more upoštevati naknadno pri vrednotenju odločitve za vlogo.
Taking all these factors into consideration, the Commission believes that the rate of remuneration need not be reduced.
Komisija je ob upoštevanju vsega navedenega mnenja, da stopnje povračila ni potrebno zmanjšati.
On the basis of all these considerations, the Commission concludes that an appropriate remuneration for the investment in question would be 6,76 % per annum (after corporation tax), namely, a 10,03 % normal return on equity plus a premium of 0,3 % for the particularities of the transaction minus 3,57 % on account of the financing costs resulting from the transferred assets' lack of liquidity for NordLB.
Komisija na podlagi vseh ugotovitev prihaja do zaključka, da bi bilo primerno nadomestilo za zadevni kapital 6,76 % letno (po davku od dobička), torej 10,03 % običajni donos na zadevno naložbo plus 0,3 % zaradi posebnosti transakcije, minus 3,57 % zaradi stroškov financiranja NordLB, nastalih zaradi nelikvidnosti prenesenih sredstev.
As already mentioned, the equity share of around DEM 100 million each year is also of material value to NordLB and its economic function may be compared to that of a guarantee.
Kot je bilo že navedeno, delež lastnega kapitala v višini približno 100 milijonov DEM letno NordLB predstavlja tudi materialno vrednost in njegova gospodarska funkcija je primerljiva z vrednostjo poroštva ali jamstva.
This question is not addressed in the understanding between the BdB, the Land and NordLB.
V dogovoru BdB, dežele Spodnje Saške in NordLB to vprašanje ni obravnavano.
In its decision to initiate the procedure laid down in Article 88(2) of the EC Treaty, the Commission quoted a rate of 0,3 % per annum (after tax) as having been indicated by Germany as the appropriate commission on a bank guarantee (Avalprovision) for a bank like NordLB.
Komisija je v sklepu o začetku postopka iz člena 88(2) Pogodbe ES navedla stopnjo 0,3 % letno (po obdavčitvi), ki jo je Nemčija določila za primerno provizijo za jamstvo za banko kot je NordLB.
It seems inappropriate to increase this remuneration on account of a particularly large ‘guarantee’, given that the amount involved is around DEM 100 million.
Povečanje tega nadomestila zaradi posebej velikega obsega „jamstva“ se za znesek v višini približno 100 milijonov DEM ne zdi primerno.
Even for the two years in which a much higher amount was available (1992 and 1993), the Commission feels there is no justification for a premium.
Komisija meni, da tudi za leti 1992 in 1993, ko je bil na razpolago znatno večji znesek od 100 milijonov DEM, pribitek ni upravičen.
For the same reasons that no premium was applied on the remuneration of the capital available for competitive business, it is also doubtful whether this rate can be increased on the grounds that the LTS promotion-related assets were, in principle, available to NordLB without restriction.
Razlogi, zaradi katerih se pribitek pri nadomestilu za kapital, ki je na razpolago za konkurenčne dejavnosti, ni izvedel, so tudi podlaga za dvom, ali se ta stopnja lahko poveča zaradi dejstva, da so sredstva LTS za pospeševanje načeloma NordLB na razpolago neomejeno.
The guarantee premium counts as operating expenses for NordLB and hence reduces the taxable profit.
Premija jamstva za NordLB predstavlja stroške poslovanja in torej zmanjšuje obdavčljiv dobiček.
The remuneration payable to the Land of Lower Saxony for the LTS assets comes out of after-tax profits.
Nadomestilo, ki se mora izplačevati deželi Spodnja Saška za sredstva LTS, se izplačuje iz čistega dobička.
The rate of 0,3 % must therefore be adjusted for the tax rate.
Stopnjo 0,3 % je treba načeloma prilagoditi zaradi davčne stopnje.
As with the refinancing costs, the Commission assumes a single overall tax rate of 50 %, in this case in NordLB’s favour.
Komisija pri stroških refinanciranja – v tem primeru v prid NordLB – dopušča enotno skupno davčno stopnjo v višini 50 %.
As calculated above, the Commission considers the following remuneration to be in line with market conditions: 6,76 % per annum after tax for the part of the capital which could be used by NordLB to underpin its commercial business, i.e. around DEM 1400 million, and 0,15 % per annum after tax for the difference between this part and the DEM 1500 million shown as equity in NordLB’s balance sheet, i.e. around DEM 100 million.
Na podlagi zgornjih izračunov Komisija spoznava, da je povračilo v višini 6,76 % letno po obdavčitvi za tisti del kapitala, ki ga NordLB lahko uporablja za širjenje dejavnosti, torej približno 1,4 milijarde DEM, in v višini 0,15 % letno po obdavčitvi za razliko med tem delom in zneskom 1,5 milijarde DEM, vknjiženim v bilanci stanja NordLB kot lastni kapital, torej približno 100 milijonov DEM, skladno s tržnimi pogoji.
Currently, NordLB pays a remuneration of 0,5 % per annum after tax on the amount which it can actually use for underpinning its competitive business.
NordLB trenutno izplačuje povračilo v višini 0,5 % letno po obdavčitvi na znesek, ki ga dejansko uporablja za širjenje konkurenčnih dejavnosti.
This remuneration was first paid for 1992.
To povračilo se je prvič izplačalo za leto 1992.
In addition to the remuneration of 0,5 % per annum after tax, Germany argues that there is a further remuneration component, namely the Land’s right to withdraw interest payments and amortisations that flow back to the LTS promotion-related assets, in so far as the market value of the assets exceeds DEM 1500 million.
Nemčija trdi, da gre poleg povračila v višini 0,5 % letno po obdavčitvi še za drugi del nadomestila, namreč pravico Spodnje Saške za pridobitev izplačila obresti in amortizacij, ki se iztekajo nazaj v sredstva za pospeševanje, če tržna vrednost sredstev preseže 1,5 milijarde DEM.
The Commission believes that a market-economy investor would not have consented to receive remuneration from income that depended on the behaviour of the bank administering the promotion-related assets.
Komisija meni, da se vlagatelj v tržnem gospodarstvu ne bi strinjal s prejemanjem nadomestila iz dohodkov, ki temeljijo na ravnanju banke, ki upravlja sredstva za pospeševanje.
Furthermore, NordLB derived no economic advantage from the part of the assets exceeding DEM 1500 million (consequently, no remuneration is payable for that part).
Poleg tega NordLB ni imela gospodarske koristi od tistega dela sredstev, ki je presegal 1,5 milijarde DEM (za ta del se nadomestilo zato ne izplačuje).
Nor can amounts withdrawn from that portion of the LTS assets be viewed as additional remuneration since, as in economic terms, they belong not to NordLB but a priori to the Land.
Zneski, pridobljeni iz tega dela sredstev LTS za pospeševanje, se torej ne štejejo za dodatno nadomestilo, saj v gospodarskem smislu ne pripadajo NordLB, temveč že od vsega začetka deželi Spodnja Saška.
Germany also claims that one reason for the transfer was to achieve potential synergies rather than to increase NordLB's equity.
Nemčija tudi trdi, da so bile med razlogi za prenos morebitne sinergije in ne povečanje lastnega kapitala NordLB.
Yet, at least part of the purpose of transferring the promotion-related assets was to satisfy the requirements of the Solvency Directive.
Vendar je bila med nameni prenosa sredstev za pospeševanje vsaj tudi izpolnitev zahtev iz Direktive o solventnosti.
If the LTS benefit from such synergies and cost savings, this will help them by reducing costs but cannot be regarded as a consideration paid by NordLB for the provision of the original own funds.
Če se za LTS oblikujejo sinergije in prihranki, jim to pomaga z zmanjšanjem stroškov, ne more pa se obravnavati kot povračilo NordLB za zagotovljen temeljni kapital.
Since these synergies neither reduce the usability of the transferred capital for NordLB nor increase the costs to NordLB arising from the transfer, they should also not influence the level of remuneration which a market-economy investor can demand from the bank for the equity provided.
Ker te sinergije ne zmanjšajo uporabnosti prenesenega kapitala za NordLB in tudi ne povečajo stroškov NordLB, nastalih zaradi prenosa, naj tudi ne bi vplivale na višino povračila, ki bi ga lahko od banke zahteval vlagatelj v tržnem gospodarstvu za zagotovljen lastni kapital.
Even if there were an actual benefit accruing to the Land as a result of synergies, any competitor would have been forced by competition to pay to the Land for the financial instrument (the LTS) not only the appropriate consideration for the equity provided but also a ‘remuneration’ in the form of such benefits.
Tudi če bi dežela Spodnja Saška dejansko pridobila s sinergijami, bi ji bil vsak konkurent zaradi konkurence za finančni instrument (LTS) prisiljen „izplačati“ ne le primerno povračilo za zagotovljen lastni kapital, temveč tudi „nadomestilo“ v obliki takih koristi.
Moreover, following a merger operation, synergy effects normally arise in both merged entities.
Poleg tega pa se sinergije po združitvi običajno oblikujejo v obeh podjetjih, udeleženih pri združitvi.
It is difficult to understand why NordLB should not profit at all from such advantages.
Težko je razumeti, zakaj NordLB sploh ne bi pridobila s temi prednostmi.
The Commission therefore takes the view that any synergy effects do not constitute remuneration paid by NordLB for the transfer of the LTS.
Komisija je zato mnenja, da pri morebitnih sinergijskih učinkih ne gre za nadomestilo, ki ga NordLB izplača za prenos LTS.
Lastly, the ‘owner effect’ is not a reason to assume a remuneration of more than 0,5 % per annum.
Nazadnje pa tudi tako imenovani lastniški učinek ni razlog za nadomestilo v višini več kot 0,5 % letno.
As pointed out above, a market-economy investor who already holds shares in a company will not forgo full direct remuneration if one or more shareholders profit from the capital injection without themselves having made a corresponding contribution.
Kot je navedeno zgoraj, se vlagatelj v tržnem gospodarstvu, ki že ima delež v podjetju, ne bi odrekel celotnemu neposrednemu nadomestilu, če bi eden ali več drugih delničarjev pridobil z vlogo kapitala, ne da bi sam poskrbel za ustrezen prispevek.
Since NSGV has not made a corresponding capital contribution, the Land should therefore have insisted on comprehensive direct remuneration.
Ker združenje NSGV ni poskrbelo za ustrezen kapital, bi morala Spodnja Saška vztrajati pri celotnem neposrednem nadomestilu.
The aid element can be calculated as the difference between the actual payments and the payments which would correspond to market conditions.
Element pomoči se lahko izračuna kot razlika med dejanskimi izplačili in izplačili, ki bi ustrezali tržnim pogojem.
Calculation of the aid element (DEM million)
Izračun elementa pomoči (v milijonih DEM)
Aug
Avg
Amount available for competitive business
Delež, na razpolago za konkurenčne dejavnosti
Remainder (difference vis-à-vis DEM 1500 million)
Preostali znesek (razlika do 1500 milijonov DEM)
Remuneration of 6,76 % per annum (after tax) on point 1
Povračilo 6,76 % letno (po obdavčitvi) za točko 1
Remuneration of 0,15 % per annum (after tax) on point 2
Povračilo 0,15 % letno (po obdavčitvi) za točko 2
Total remuneration in line with market conditions
Celotno povračilo v skladu s tržnimi pogoji
Actual remuneration (after tax) (0,5 %) for the whole of 1992
Dejansko povracilo (po obdavcitvi) (0,5 %) za celo leto 1992
Actual remuneration (after tax) (0,5 %) for the whole of 1993
Dejansko povracilo (po obdavcitvi) (0,5 %) za celo leto 1993
Since 1 January 1999, marks have been converted into euros at a rate of EUR1 = DEM 1,95583.
Po 1. januarju 1999 se nemške marke preračunavajo v eure po tečaju 1EUR = 1,95583 DEM.
The figures in DEM must be converted accordingly.
Podatki v DEM se morajo ustrezno preračunati v EUR.
Actual remuneration (after tax) (0,5 %)
Dejansko povračilo (po obdavčitvi) (0,5 %)